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Arista Networks(ANET -2.85%)

Q2 2024 Earnings Call

Jul 30, 2024, 4:30 p.m. ET

Arista Networks(ANET -2.85%)

2024 年第二季度財報電話會議

2024年7月30日，美東時間下午 4:30

Prepared Remarks:

主要發言:

Operator

操作員

Welcome to the second quarter 2024 Arista Networks financial results earnings conference call. During the call, all participants will be in a listen-only mode. After the presentation, we will conduct a question-and-answer session. [Operator instructions] As a reminder, this conference is being recorded and will be available for replay from the investor relations section at the Arista website following this call.

歡迎參加 2024 年第二季度 Arista Networks 財務業績電話會議。在通話期間，所有與會者將處於聽取模式。演示結束後，我們將進行問答環節。 [操作員指示] 請注意，本次電話會議正在錄音，將在本次通話結束後通過 Arista 網站的投資者關係部門提供回放。

Ms. Liz Stine, Arista's director of investor relations, you may begin.

Arista 的投資者關係總監 Liz Stine，您可以開始了。

Liz Stine -- Director, Investor Relations

Liz Stine -- 投資者關係總監

Thank you, operator. Good afternoon, everyone, and thank you for joining us. With me on today's call are Jayshree Ullal, Arista Networks chairperson and chief executive officer; and Chantelle Breithaupt, Arista's chief financial officer. This afternoon, Arista Networks issued a press release announcing the results for its fiscal second quarter ending June 30th, 2024.

謝謝，操作員。大家下午好，感謝大家的參與。今天與我一起參加通話的是 Arista Networks 主席兼首席執行官 Jayshree Ullal，以及 Arista 的首席財務官 Chantelle Breithaupt。今天下午，Arista Networks 發佈了一份新聞稿，宣佈截至2024年6月30日的財務第二季度結果。

If you would like a copy of this release, you can access it online at our website. During the course of this conference call, Arista Networks management will make forward-looking statements, including those relating to our financial outlook for the third quarter of the 2024 fiscal year, longer-term financial outlooks for 2024 and beyond, our total addressable market and strategy for addressing these market opportunities, including AI, customer demand trends, supply chain constraints, component costs, manufacturing output, inventory management, and inflationary pressures on our business, lead times, product innovation, working capital optimization, and the benefits of acquisitions, which are subject to the risks and uncertainties that we discuss in detail in our documents filed with the SEC, specifically in our most recent Form 10-Q and Form 10-K and which could cause actual results to differ materially from those anticipated by these statements. These forward-looking statements apply as of today, and you should not rely on them as representing our views in the future. We undertake no obligation to update these statements after this call.

如果您想獲取這份新聞稿的副本，可以在我們的網站上在線獲取。在本次電話會議過程中，Arista Networks 管理層將發表前瞻性聲明，包括與 2024 財年第三季度財務展望、2024 年及以後的長期財務展望、我們的總地址市場以及應對這些市場機遇的戰略，包括人工智能、客户需求趨勢、供應鏈限制、零部件成本、製造產出、庫存管理以及對我們業務的通貨膨脹壓力、交貨時間、產品創新、營運資本優化以及收購的好處等。這些前瞻性聲明受到我們在與 SEC 提交的文件中詳細討論的風險和不確定性的影響，具體在我們最近的 10-Q 表和 10-K 表中，這可能導致實際結果與這些聲明所預期的有重大差異。這些前瞻性聲明適用於今天，並且您不應依賴它們代表我們未來的觀點。在本次通話結束後，我們將不再更新這些聲明。

Also, please note that certain financial measures we use on the call are expressed on a non-GAAP basis and have been adjusted to exclude certain charges. We have provided reconciliations of these non-GAAP financial measures to GAAP financial measures in our earnings press release. With that, I will turn the call over to Jayshree.

另請注意，我們在通話中使用的某些財務指標是以非 GAAP 基礎表達的，並已經進行了調整以排除某些費用。我們在財報新聞稿中提供了這些非 GAAP 財務指標與 GAAP 財務指標的調和。現在，我將把通話交給 Jayshree。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼主席

Thank you, Liz, and thank you, everyone, for joining us this afternoon for our second quarter 2024 earnings call. As a pure-play networking innovator with greater than $70 billion TAM ahead of us, we are pleased with our superior execution this quarter. We delivered revenues of $1.69 billion for the quarter, with a non-GAAP earnings per share of $2.10. Services and software support renewals contributed strongly at approximately 17.6% of revenue.

謝謝，Liz，也感謝大家於今天下午參加我們的 2024 年第二季度財報電話會議。作為一個專注於網絡創新的公司，我們面臨着超過 700 億美元的市場機會，我們對本季度的出色執行感到滿意。我們本季度的營收為 16.9 億美元，非 GAAP 每股收益為 2.10 美元。服務和軟件支持續約貢獻了約 17.6% 的營收。

Our non-GAAP gross margin of 65.4% was influenced by outstanding manufacturing discipline realizing cost reductions. International contribution for the quarter registered at 19%, with the Americas strong at 81%. As we celebrated our 10th anniversary at the New York Stock Exchange with our near and dear investors and customers, we are now supporting over 10,000 customers with a cumulative of 100 million ports deployed worldwide. In June 2024, we launched Arista's Etherlink AI platforms that are ultra-Ethernet consortium compatible, validating the migration from InfiniBand to Ethernet.

我們的非 GAAP 毛利率為 65.4%，受到出色的製造紀律影響，實現了成本降低。本季度國際貢獻佔比為 19%，美洲市場佔比為 81%。在紐約證券交易所慶祝我們的上市十週年之際，我們現在為超過 1 萬家客户提供支持，全球部署端口累計達 1 億個。2024 年 6 月，我們推出了 Arista 的 Etherlink 人工智能平台，與超以太網聯盟兼容，驗證了從 InfiniBand 到以太網的遷移。

This is a rich portfolio of 800-gig products, not just a point product, but in fact, a complete portfolio that is both NIC and GPU agnostic. The AI portfolio consists of the 7060X6 AI switch that supports 64 800-gig or 128 400-gig Ethernet ports with a capacity of 51 terabits per second. The 7800 R4-AI Spine is our fourth generation of Arista's flagship 7800, offering 100% nonblocking throughput with a proven virtual output queuing architecture. The 7800 R4 supports up to 460 terabits in a single chassis, corresponding to 576 800-gigabit Ethernet ports or 1,152 400-gigabit port density.

這是一個豐富的 800G 產品組合，不僅僅是一個單一產品，實際上是一個完整的組合，既支持網卡又支持 GPU。人工智能產品組合包括支持 64 個 800G 或 128 個 400G 以太網端口，容量達 51TB/s 的 7060X6 AI 交換機。7800 R4-AI Spine 是 Arista 旗艦 7800 的第四代產品，提供 100% 的非阻塞吞吐量，採用經過驗證的虛擬輸出排隊架構。7800 R4 在單個機箱中支持高達 460TB，相當於 576 個 800G 以太網端口或 1152 個 400G 端口密度。

The 7700 R4-AI distributed Etherlink switch is a unique product offering with a massively parallel distributed scheduling and congestion-free traffic spraying fabric. The 7700 represents the first in a new series of ultra-scalable intelligent distributed systems that can deliver the highest consistent throughput for very large AI clusters. Let's just say once again, Arista is making Ethernet great. First, we began this journey with low latency in 2009 time frame.

7700 R4-AI 分佈式 Etherlink 交換機是一款獨特的產品，具有大規模並行分佈式調度和無阻塞流量噴灑結構。7700 代表了一系列新型超可擴展智能分佈式系統的第一款產品，可以為非常大的人工智能集羣提供最高一致的吞吐量。可以説，Arista 再次讓以太網變得偉大。首先，我們在 2009 年開始了低延遲之旅。

And then there was cloud and routing in the 2015 era, followed by WAN and Campus in the 2020 era, and now AI in our fifth generation in 2025 era. Our Etherlink portfolio is in the midst of trials and can support up to 100,000 XTUs in a two-tier design built on our proven and differentiated extensible OS. We are quite pleased with our progress across cloud, AI, campus, and enterprise customers. I would like to invite Ashwin Kohli, our newly appointed Chief Customer Officer, to describe our diverse set of customer wins in 2024.

然後是 2015 年雲和路由，2020 年 WAN 和校園，現在是 2025 年的第五代人工智能。我們的 Etherlink 產品組合正在試用中，可以在基於我們成熟和獨特的可擴展操作系統構建的兩層設計中支持高達 10 萬個 XTU。我們對在雲端、人工智能、校園和企業客户方面的進展感到非常滿意。我想邀請我們新任命的首席客户官 Ashwin Kohli，描述我們在 2024 年取得的多樣化客户勝利。

Ashwin, over to you.

Ashwin，請您發言。

Ashwin Kohli -- Senior Vice President-Customer Engineering

Ashwin Kohli -- 高級副總裁 - 客户工程

Many thanks, Jayshree. Thank you for inviting me to my first earnings call. Let me walk everybody through the four global customer wins. The first example is an AI enterprise win with a large Tier 2 cloud provider, which has been heavily investing in GPUs to increase their revenue and penetrate new markets.

非常感謝，Jayshree。感謝您邀請我參加我的第一個財報電話會議。讓我向大家介紹四個全球客户成功案例。第一個例子是與一家大型二線雲服務提供商的人工智能企業合作，該企業一直在大力投資 GPU 以增加其收入並拓展新市場。

Their senior leadership wanted to be less reliant on traditional core services and work with Arista on new, reliable, and scalable Ethernet fabrics. Their environment consisted of new NVIDIA A100s. However, it was being connected to their legacy networking vendor, which resulted in them having significant performance and scale issues with their AI applications. The goal of our customer engagement was to refresh the front-end network to alleviate these issues.

他們的高級領導希望減少對傳統核心服務的依賴，並與 Arista 合作開發新的、可靠且可擴展的以太網結構。他們的環境包括新的 NVIDIA A100。然而，它與他們傳統的網絡供應商連接，導致他們在 AI 應用中出現了顯著的性能和規模問題。我們客户參與的目標是更新前端網絡以緩解這些問題。

Our technical partnership resulted in deploying a two-step migration path to alleviate the current issues using 400-gig 7080s, eventually migrating them to an 800-gig AI Ethernet link in the future. The second next win highlights our adjacencies in both campus and routing. This customer is a large data center customer, which has deployed us for almost a decade. The team was able to leverage that success to help them demonstrate our value for their global campus network, which spans across hundreds and thousands of square feet globally.

我們的技術合作導致部署了一個兩步遷移路徑，使用 400G 的 7080，最終將它們遷移到未來的 800G AI 以太網鏈路。第二個勝利突顯了我們在校園和路由方面的鄰接性。這個客户是一個大型數據中心客户，已經使用我們近十年。團隊能夠利用這一成功幫助他們展示我們在全球校園網絡中的價值，該網絡橫跨全球數百萬平方英尺。

The customer had considerable dissatisfaction with their current vendor, which led them to a last-minute request to create a design for their new corporate headquarters. Given only three months' window, Arista leveraged the existing data center design and adapted this to the campus topology with a digital twin of the design in minimal time. CloudVision was used for visibility and life cycle management. The same customer once again was struggling with extreme complexity in their routing environment, as well with multiple parallel backbones and numerous technical complexities.

客户對當前供應商非常不滿意，這促使他們在最後一刻請求為他們的新公司總部設計。在僅有三個月的時間內，Arista 利用現有的數據中心設計，並將其調整為校園拓撲結構，以最短的時間創建了設計的數字孿生。CloudVision 用於可見性和生命週期管理。同一客户再次在他們的路由環境中遇到極端複雜性問題，以及多個並行骨幹和眾多技術複雜性。

Arista simplified their routing network by removing legacy routers, increasing bandwidth and moving to a simple fixed form factor platform router. The core spine leverages the same U.S. software, streamlining their certification procedures and instilling confidence in the stability of the products. Once again, CloudVision came to the rescue.

Arista 簡化了他們的路由網絡，去除了傳統路由器，增加了帶寬，並轉向了簡單的固定形式因子平台路由器。核心骨幹利用相同的 U.S.軟件，簡化了他們的認證程序，並增強了產品的穩定性。CloudVision 再次挺身而出。

The third example is the next win in the international arena of a large automotive manufacturer that due to its size and scale, previously had more than three different vendors in the data center, which created a very high level of complexity both from a technical and also from an operational perspective. The customer's key priority was to achieve a higher level of consistency across their infrastructure, which is now being delivered via a single EOS binary image and CloudVision solution from Arista. Their next top priority was to use automation, consistent end-to-end provisioning and visibility, which can be delivered by our CloudVision platform. This simplification has led the customer to adopt Arista beyond the data center and extend the Arista solution into the routing component of the infrastructure, which included our 7500 R3 spine platforms.

第三個例子是一個大型汽車製造商在國際舞台上的下一個勝利，由於其規模和規模，以前在數據中心中使用了三種不同的供應商，這在技術和運營角度都帶來了非常高的複雜性。客户的主要優先事項是在基礎設施各個方面實現更高水平的一致性，現在通過單一的 EOS 二進制鏡像和 Arista 的 CloudVision 解決方案實現。他們的下一個最重要的優先事項是使用自動化、一致的端到端配置和可見性，這可以通過我們的 CloudVision 平台實現。這種簡化導致客户將 Arista 應用於數據中心之外，並將 Arista 解決方案擴展到基礎設施的路由組件，其中包括我們的 7500 R3 骨幹平台。

This once again shows a very clear example of the same Arista One EOS and One CloudVision solution delivering multiple use cases. And Jayshree, this last win demonstrates our strength in service provider routing space. We have been at the forefront of providing innovative solutions for service provider customers for many years. As we all know, we are in the midst of an optical and packet integration.

這再次清楚地展示了相同的 Arista One EOS 和 One CloudVision 解決方案提供多個用例。而這最後的勝利展示了我們在服務提供商路由領域的實力。多年來，我們一直致力於為服務提供商客户提供創新解決方案。眾所周知，我們正處於光學和數據包集成的最前沿。

As a result, our routers support industry-leading dense 400-gig ZR Plus coherent pluggable optics. In this service provider customer example, we provided a full turnkey solution, including our popular 7280 R3 routers and our newly announced AWE 7250 WAN router as a BGP route reflector along with CloudVision and professional services. We showcased our strength in supporting a wide variety of these pluggable coherent optics, along with our SRX and EVPN solutions, which allowed this middle mine service provider customer to build out a 400-gig statewide backbone at cloud-scale economics. Thanks, Jayshree, and back over to you.

因此，我們的路由器支持業界領先的密集 400G ZR Plus 相干插入光學器件。在這個服務提供商客户的例子中，我們提供了一個全面的一攬子解決方案，包括我們廣受歡迎的 7280 R3 路由器和我們新宣佈的 AWE 7250 廣域網路由器作為 BGP 路由反射器，以及 CloudVision 和專業服務。我們展示了我們在支持各種這些可插拔相干光學器件方面的實力，以及我們的 SRX 和 EVPN 解決方案，這使得這家中型服務提供商客户能夠以雲規模經濟建立 400G 州級骨幹網。謝謝，Jayshree，現在回到你。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼主席

Well, thank you, Ashwin, and congratulations. Hot off the press is our new and highest Net Promoter Score of 87, which translates to 95%. Hats off to your team for achieving that. It's so exciting to see the momentum of our enterprise sector.

謝謝你，Ashwin，恭喜。我們剛剛獲得了 87 分的最高淨推薦分，相當於 95%。向你的團隊致敬，為實現這一目標而努力。看到我們企業部門的勢頭如此強勁，真是令人興奮。

As a matter of fact, as we speak, we are powering the broadcasters of the Olympics, symbolic of our commitment to the media and entertainment vertical. And so, it's fair to say that so far in 2024, it's proving to be better than we expected because of our position in the marketplace and because of our best-of-breed platform for mission-critical networking. I am reminded of the 1980s when San was famous for declaring the network is the computer. Well, 40 years later, we're seeing the same cycle come true again with the collective nature of AI training models mandating a lossless highly available network to seamlessly connect every AI accelerator in the cluster to one another for peak job completion times.

事實上，就在我們説話的時候，我們正在為奧運會的廣播公司提供支持，這象徵着我們對媒體和娛樂行業的承諾。因此，可以説，到目前為止，在 2024 年，由於我們在市場上的地位以及我們為關鍵任務網絡提供的最佳平台，情況正在好於我們的預期。我想起了上世紀 80 年代，當時 San 因宣稱網絡即計算機而聞名。40 年後，我們看到同樣的循環再次成真，AI 訓練模型的集體性質要求一個無損高可用網絡，以將集羣中的每個 AI 加速器無縫連接到彼此，以實現最佳作業完成時間。

Our AI networks also connect trained models to end users and other multi-tenant systems in the front-end data center, such as storage, enabling the AI system to become more than the sum of its parts. We believe data centers are evolving to holistic AI centers, where the network is the epicenter of AI management for acceleration of applications, compute, storage, and the wide area network. AI centers need a foundational data architecture to deal with the multimodal AI datasets that run on our differentiated EOS network data link systems. Arista showcased a technology demonstration of our EOS-based AI agent that can be on the NIC itself or alternatively, inside the host.

我們的 AI 網絡還將訓練模型連接到最終用户和前端數據中心中的其他多租户系統，如存儲，使 AI 系統成為超越其各部分之和的整體。我們相信數據中心正在演變為整體 AI 中心，其中網絡是加速應用程序、計算、存儲和廣域網的 AI 管理的中心。AI 中心需要一個基礎數據架構來處理在我們區別化的 EOS 網絡數據鏈系統上運行的多模 AI 數據集。Arista 展示了基於我們的 EOS 的 AI 代理的技術演示，它可以在 NIC 本身上，或者在主機內部。

By connecting to adjacent Arista switches to continuously keep up with the current state, send telemetry or receive configuration updates, we have demonstrated the network working holistically with network interface cards such as NVIDIA BlueField, and we expect to add more NICs in the future. Well, I think the Arista purpose and vision is clearly driving our customer traction. Our networking platforms are becoming the epicenter of all digital transactions, be they campus center, data center, WAN centers, or AI centers. And with that, I'd like to turn it over to Chantelle, our chief financial officer, to review the financial specifics and tell us more.

通過與相鄰的 Arista 交換機連接，持續跟蹤當前狀態，發送遙測或接收配置更新，我們已經展示了網絡與諸如 NVIDIA BlueField 等網絡接口卡完整地運作，我們預計未來將增加更多網卡。我認為 Arista 的目標和願景明顯推動了我們的客户吸引力。我們的網絡平台正在成為所有數字交易的中心，無論是校園中心、數據中心、WAN 中心還是 AI 中心。現在，我想把話題轉給我們的首席財務官 Chantelle，讓她審查財務細節並告訴我們更多。

Over to you, Chantelle.

Chantelle，請您發言。

Chantelle Breithaupt -- Chief Financial Officer

Chantelle Breithaupt -- 首席財務官

Thanks, Jayshree. It really was great to see everyone at the New York Stock Exchange IPO celebration event. Now turning to the numbers. This analysis of our Q2 results and our guidance for Q3 is based on non-GAAP and excludes all noncash stock-based compensation impacts, certain acquisition-related charges, and other nonrecurring items.

謝謝，Jayshree。在紐約證券交易所 IPO 慶祝活動上見到大家真是太棒了。現在轉向數字。我們對 Q2 業績的分析以及對 Q3 的指導是基於非 GAAP，排除所有非現金股權激勵影響、某些與收購相關的費用以及其他非經常性項目。

A full reconciliation of our selected GAAP to non-GAAP results is provided in our earnings release. Total revenues in Q2 were $1.69 billion, up 15.9% year over year, significantly above the upper end of our guidance of $1.62 billion to $1.65 billion. Growth was delivered across all three sectors of cloud, enterprise, and provider. Services and subscription software contributed approximately 17.6% of revenue in the quarter, up from 16.9% in Q1.

我們的財報中提供了我們選擇的 GAAP 與非 GAAP 結果的完整調解。Q2 總收入為 16.9 億美元，同比增長 15.9%，遠超我們的 16.2 億美元至 16.5 億美元的指導範圍的上限。增長主要來自雲端、企業和服務提供商三個領域。服務和訂閲軟件在本季度貢獻了約 17.6% 的收入，較 Q1 的 16.9% 有所增加。

International revenues for the quarter came in at $316 million or 18.7% of total revenue, down from 20.1% in the prior quarter. This quarter-over-quarter decrease was driven by a relatively weaker performance in our APJ region. The overall gross margin in Q2 was 65.4%, above our guidance of 64%, up from 64.2% last quarter and up from 61.3% in the prior-year quarter. The year-over-year gross margin improvement was primarily driven by a reduction in inventory-related reserves.

本季度國際收入為 3.16 億美元，佔總收入的 18.7%，低於上一季度的 20.1%。這種季度對季度的下降主要是由於我們亞太地區表現相對較弱所致。Q2 整體毛利率為 65.4%，高於我們的 64% 指導，較上季度的 64.2% 和去年同期的 61.3% 有所提高。毛利率的年度增長主要是由於庫存相關減值的減少。

Operating expenses for the quarter were $319.8 million or 18.9% of revenue, up from last quarter at $265 million. R&D spending came in at $216.7 million or 12.8% of revenue, up from $164.6 million in the last quarter. This primarily reflected increased headcount and higher new product introduction costs in the period. Sales and marketing expense was $85.1 million or 5% of revenue compared to $83.7 million last quarter, with a double-digit percentage increase of headcount in the quarter versus the prior year.

本季度運營費用為 3.198 億美元，佔收入的 18.9%，高於上季度的 2.65 億美元。研發支出為 2.167 億美元，佔收入的 12.8%，高於上季度的 1.646 億美元。這主要反映了期間內人員增加和新產品推出成本的增加。銷售和營銷費用為 0.851 億美元，佔收入的 5%，而上季度為 0.837 億美元，本季度與去年同期相比，人員增加了兩位數百分比。

Our G&A costs came in at $18 million or 1.1% of revenue, up from last quarter at $16.7 million. Our operating income for the quarter was $785.6 million or 46.5% of revenue. Other income and expense for the quarter was a favorable $70.9 million, and our effective tax rate was 21.5%. This resulted in net income for the quarter of $672.6 million or 39.8% of revenue.

我們的管理費用為 1,800 萬美元，佔收入的 1.1%，高於上季度的 1,670 萬美元。本季度我們的營業收入為 7.856 億美元，佔收入的 46.5%。本季度的其他收入和支出為有利的 7090 萬美元，我們的有效税率為 21.5%。這導致本季度淨收入為 6.726 億美元，佔收入的 39.8%。

Our diluted share number was 319.9 million shares, resulting in a diluted earnings per share number for the quarter of $2.10, up 32.9% from the prior year. Turning to the balance sheet. Cash, cash equivalents, and investments ended the quarter at $6.3 billion. In the quarter, we repurchased $172 million of our common stock at an average price of $282.20 per share.

我們的攤薄股份數為 3.199 億股，導致本季度每股攤薄收益為 2.10 美元，比去年同期增長 32.9%。轉向資產負債表。現金、現金等價物和投資在本季度結束時為 63 億美元。在本季度，我們以每股 282.20 美元的平均價格回購了 1.72 億美元的普通股。

Of the $172 million, $82 million was repurchased under our prior $1 billion authorization, which is now complete, and the remaining $90 million was purchased under the new program of $1.2 billion approved in May 2024. The actual timing and amount of future repurchases will depend upon market and business conditions, stock price, and other factors. Now turning to operating cash performance for the second quarter. We generated $989 million of cash from operations in the period, reflecting strong earnings performance with a favorable contribution from working capital.

其中 1.72 億美元中，有 8200 萬美元是在我們之前的 10 億美元授權下回購的，該授權現已完成，剩下的 9000 萬美元是在 2024 年 5 月批准的 12 億美元新計劃下購買的。未來回購的實際時間和金額將取決於市場和業務狀況、股價和其他因素。現在轉向第二季度的經營現金表現。我們在本期從運營中獲得了 9.89 億美元的現金，反映了強勁的盈利表現，以及來自營運資本的有利貢獻。

DSOs came in at 66 days, up from 62 days in Q1, impacted by large service renewals at the end of the quarter. Inventory turns were 1.1x, up from one turn last quarter. Inventory decreased to $1.9 billion in the quarter, down from $2 billion in second half prior period, reflecting a reduction in our raw materials inventory. Our purchase commitments and inventory at the end of the quarter totaled $4 billion, up from $3.5 billion at the end of Q1.

DSO 為 66 天，高於 Q1 的 62 天，受季末大型服務續約的影響。存貨週轉率為 1.1 倍，高於上季度的 1 倍。本季度存貨減少至 19 億美元，低於上一期的 20 億美元，反映了我們原材料庫存的減少。本季末的採購承諾和存貨總額為 40 億美元，高於 Q1 末的 35 億美元。

We expect this number to stabilize as supplier lead times improve, but we'll continue to have some variability in future quarters as a reflection of demand for our new product introductions. Our total deferred revenue balance was $2.1 billion, up from $1.7 billion in Q1. The majority of the deferred revenue balance is services-related and directly linked to the timing and term of service contracts, which can vary on a quarter-by-quarter basis. Our product deferred revenue increased approximately $253 million versus last quarter.

我們預計隨着供應商交貨時間的改善，這一數字將穩定，但我們將繼續在未來季度保持一定的變動，以反映對我們新產品推出的需求。我們的總遞延收入餘額為 21 億美元，高於 Q1 的 17 億美元。遞延收入餘額的大部分與服務相關，直接與服務合同的時間和期限相關，這可能會在季度之間變化。我們的產品遞延收入與上一季度相比增加了約 2.53 億美元。

As a reminder, we expect 2024 to be a year of new product introductions, new customers, and expanded use cases. These trends may result in increased customer trials and contracts with customer-specific acceptance clauses and increase the variability and magnitude of our product deferred revenue balances. Accounts payable days was 46 days, up from 36 days in Q1, reflecting the timing of inventory receipts and payments. Capital expenditures for the quarter were $3.2 million.

作為提醒，我們預計 2024 年將是新產品推出、新客户和擴大使用案例的一年。這些趨勢可能導致客户試用增加，以及帶有特定客户驗收條款的合同增加，從而增加我們產品遞延收入餘額的變動和幅度。應付賬款天數為 46 天，高於 Q1 的 36 天，反映了庫存收款和付款的時間。本季度的資本支出為 320 萬美元。

As we enter the second half of fiscal year 2024, we are encouraged by the momentum that we see in the market. Our existing innovative product portfolio, along with our new product introductions, are well suited for our cloud, AI enterprise, and providers customers. We will continue to invest in our R&D and go-to-market through both people and processes. With all of this as a backdrop for fiscal year '24, our revenue growth guidance is now at least 14%.

隨着我們進入 2024 財年下半年，我們對市場上看到的勢頭感到鼓舞。我們現有的創新產品組合，以及我們的新產品推出，非常適合我們的雲端、人工智能企業和服務提供商客户。我們將繼續通過人員和流程投資於我們的研發和市場推廣。在 2024 財年的背景下，我們的收入增長指導現在至少為 14%。

Gross margin outlook remains at 62% to 64%, and operating margin is now raised to approximately 44%. Our guidance for the third quarter based on non-GAAP results and excluding any noncash stock-based compensation impacts and other nonrecurring items is as follows: revenues of approximately $1.72 billion to $1.75 billion, gross margin of approximately 63% to 64%, and operating margin at approximately 44%. Our effective tax rate is expected to be approximately 21.5%, with diluted shares of approximately 321 million shares. With that, I now turn the call back to Liz.

毛利率預期仍維持在 62% 至 64%，而營運利潤率現在提高至約 44%。我們基於非通用會計準則結果，排除任何非現金股權激勵影響和其他非經常性項目，對第三季度的指導如下：預計營收約為 17.2 億至 17.5 億美元，毛利率約為 63% 至 64%，營運利潤率約為 44%。我們預計有效税率約為 21.5%，稀釋後股數約為 3.21 億股。現在我將電話交回給莉茲。

Liz?

莉茲？

Liz Stine -- Director, Investor Relations

莉茲·斯坦 -- 投資者關係總監

Thank you, Chantelle. We will now move to the Q&A portion of the Arista earnings call. To allow for greater participation, I'd like to request that everyone please limit themselves to a single question. Thank you for your understanding.

謝謝，尚泰爾。我們現在將進入 Arista 收益電話會議的問答環節。為了更多人蔘與，請大家限制提問次數。感謝您的理解。

Operator, take it away.

接下來請操作員發言。

Questions & Answers:

問題與回答：

Operator

操作員

We will now begin the Q&A portion of the Arista earnings call. [Operator instructions] Our first question comes from the line of Michael Ng with Goldman Sachs. Please go ahead.

我們現在開始 Arista 收益電話會議的問答環節。[操作員指示] 我們首位提問者是高盛的邁克爾·吳先生。請發言。

Michael Ng -- Goldman Sachs -- Analyst

邁克爾·吳 -- 高盛分析師

Hi, good afternoon. Thank you for the question. As we head into next-generation GPUs with Blackwell and the NVL72, there's been some discussion about whether these systems may be less modular in some of its components, particularly for back-end networking. I was just wondering if you could share your views and provide some clarity on the vendor modularity of Blackwell, particularly as it relates to networking.

嗨，下午好。感謝提問。隨着 Blackwell 和 NVL72 等下一代 GPU 的推出，關於這些系統在某些組件上可能不那麼模塊化的討論，特別是後端網絡。我想知道您對 Blackwell 供應商模塊化的看法，並提供一些關於網絡的清晰度，特別是與 Arista 未來幾年的定位有關的部分。

And how that might affect Arista's positioning over the next couple of years, if at all? Thank you very much.

這是否會在未來幾年影響 Arista 的定位？非常感謝。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

傑伊希瑞·烏拉爾 -- 首席執行官兼主席

Sure. Michael, I think as the GPUs get faster and faster, obviously, the dependency on the network for higher throughput is clearly related. And therefore, our timely introduction of these 800-gig products will be required, especially more for Blackwell. In terms of its connection and modularity with NVLink and 72 port, there's always been a market for what I call scale up, where you're connecting the GPUs internally in a server and the density of those GPUs connecting in the past has been more PCIe and XL and now NVLink, and there's a new consortium now for called UAL that's going to specify that, I believe, eventually, by the way, even there, Ethernet will win.

當然。邁克爾，我認為隨着 GPU 速度越來越快，顯然，對於更高吞吐量的網絡依賴性是明顯相關的。因此，我們及時推出這些 800G 產品將是必要的，尤其是對於 Blackwell。就其與 NVLInk 和 72 端口的連接和模塊化而言，過去一直存在着我所説的擴展市場，您在服務器內部連接 GPU，過去連接這些 GPU 的密度更多地是 PCIe 和 XL，現在是 NVLink，現在有一個新的聯盟稱為 UAL，將規定這一點，我相信，最終，即使在那裏，以太網也會獲勝。

And so, that density depends more on the AI accelerator and how they choose to connect. As I've often said, it's more a bus technology. So eventually, where Arista plays strongly both on the front end and back end is on the scale out, not on the scale up. So, independent of the modularity, whether it's a wrap-based design, a chassis, or multiple RU, the ports have to come out Ethernet and those Ethernet ports will connect into scale-out switches from Arista.

因此，該密度更多取決於 AI 加速器以及他們選擇如何連接。正如我經常説的，這更多是一種總線技術。因此，無論模塊化是基於封裝設計、機箱還是多個 RU，端口都必須是以太網端口，這些以太網端口將連接到 Arista 的擴展交換機上。

Michael Ng -- Goldman Sachs -- Analyst

邁克爾·吳 -- 高盛分析師

Great. Thank you, Jayshree.

好的。謝謝，傑伊希瑞。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

傑伊希瑞·烏拉爾 -- 首席執行官兼主席

Thank you, Michael.

謝謝，邁克爾。

Operator

操作員

Our next question comes from the line of Aaron Rakers with Wells Fargo. Please go ahead.

我們的下一個問題來自富國銀行的艾倫·雷克斯先生。請發言。

Aaron Rakers -- Analyst

艾倫·雷克斯 -- 分析師

Yeah, thank you for taking the question. The metric that stands out to me the most is the deferred revenue balance up. Looks like 95% in total year on year. Based on what you disclosed, it looks like you're now at about $520 million of product deferred.

是的，感謝您回答問題。對我來説最引人注目的指標是遞延收入餘額的增加。看起來總體年度增長了 95%。根據您披露的信息，您現在的產品遞延約為 5.2 億美元。

On the product deferred line, can you help us appreciate --how do we think about that number? Is that related to these AI opportunities? Just the cadence of how we should expect the revenue recognition from that again being -- it looks like almost 60% above what was previously the peak level of product deferred.

關於產品遞延項，您能幫助我們理解嗎？這個數字與這些 AI 機會有關嗎？我們應該如何預期從中獲得的收入確認的節奏？看起來幾乎比先前的產品遞延峯值水平高出 60%。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

傑伊希瑞·烏拉爾 -- 首席執行官兼主席

Yes. No, good question, Aaron. Let me start generically and of course, I'll hand it to my CFO, Chantelle, here. Product deferred sort of ebbs and flows.

是的。不錯的問題，艾倫。讓我從一般方面開始，當然，我會把話題交給我的首席財務官尚泰爾。產品遞延有起有落。

It goes in, it comes out. And it's particularly high when we have a lot of new product and new use cases. But it's not extraordinary to see us running a higher product deferred in one quarter or in one year and then dipping down. So, the long term is consistent, the short term can ebb and flow.

它進來了，又出去了。特別是當我們有很多新產品和新用例時，它會很高。但在一個季度或一年內看到我們運行更高的產品遞延並不是特別罕見，然後下降。

Do you want to say a few words on that?

你想對此説幾句嗎？

Chantelle Breithaupt -- Chief Financial Officer

尚泰爾·布賴特豪普特 -- 首席財務官

Yes, thank you, Jayshree. The only thing I would add to that is that the deferred balance is always a mix of customers and use cases. So, I wouldn't rotate on any one particular intersection of those. It really is a mix of those combined.

是的，謝謝，傑伊希瑞。我要補充的是，遞延餘額始終是客户和用例的混合。因此，我不會圍繞這些中的任何一個特定交集旋轉。它確實是這些的綜合。

Aaron Rakers -- Analyst

艾倫·雷克斯 -- 分析師

OK, thank you.

好的，謝謝。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

傑伊希瑞·烏拉爾 -- 首席執行官兼主席

Thanks, Aaron.

謝謝，艾倫。

Operator

操作員

Our next question comes from the line of Meta Marshall with Morgan Stanley. Please go ahead.

我們的下一個問題來自摩根士丹利的梅塔·馬歇爾女士。請發言。

Meta Marshall -- Analyst

梅塔·馬歇爾 -- 分析師

Great, thanks. Jayshree, last quarter, you had mentioned kind of four major AI trials that you guys were a part of. Obviously, you guys -- or Ashwin listed off the list of kind of the four wins that you had during the quarter. Just trying to get a sense of maybe if that Tier 2 win was a part of those AI trials.

好的，謝謝。傑伊希瑞，上一季度，您提到了四個主要的 AI 試驗，您們參與了其中。顯然，您們或者阿什温列出了您在季度內取得的四個勝利清單。只是想了解一下，那個第二梯隊的勝利是否是這些 AI 試驗的一部分。

Or just any update on where those four AI trials stand or what the current count of AI trials is currently? Thank you.

或者對這四個 AI 試驗的進展有任何更新，或者當前 AI 試驗的數量是多少？謝謝。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

傑伊希瑞·烏拉爾 -- 首席執行官兼主席

Yeah. No, I'm going to speak to it, and I want to turn it over to Ashwin since he's here with us. First of all, all four trials are largely in what I call cloud and AI titans. A couple of them could be classified as specialty providers as well, depending on how they end up.

是的。不，我會談一下，並且我想把話題交給與我們在一起的阿什温。首先，所有四個試驗主要是在我所説的雲和 AI 巨頭中進行的。其中一些可能也可以歸類為專業提供商，具體取決於最終如何發展。

But those four are going very well. They started out as large trials. They're now moving into pilots this year, most of them. And with any luck next year, maybe we won't be seeing four to five, and we could say five out of five.

但這四個試驗進展順利。它們最初是大型試驗，現在大多數正在今年轉入試點階段。希望明年，也許我們不會看到四到五個，而是可以説五個中的五個。

That's my hope, anyway. But in addition to that, we have tens of smaller customers who are starting to do AI pilots. And Ashwin, you've been smack in the middle of a lot of those, maybe you want to speak to that a little bit?

這是我的希望，不過除此之外，我們還有數十家開始進行人工智能試點項目的較小客户。Ashwin，你參與了很多這樣的項目，也許你想稍微談談？

Ashwin Kohli -- Senior Vice President-Customer Engineering

Ashwin Kohli -- 高級副總裁 - 客户工程

Yeah. Absolutely, Jayshree. Meta, so I just wanted to clarify the example that I shared with you was more around a Tier 2 cloud provider. And if I take a step back, the types of conversations my team is having with customers is either around general-purpose enterprise customers or it's around Tier 2 cloud providers, right, which are different to the ones Jayshree's referring to.

是的。絕對，Jayshree。Meta，我只是想澄清一下我與你分享的例子更多地圍繞着一個二線雲服務提供商。如果我退一步，我的團隊與客户進行的對話類型要麼是關於通用企業客户，要麼是關於二線雲服務提供商，這與 Jayshree 所指的不同。

Yeah, I hope that clarifies --

是的，希望這樣澄清了一些--

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼董事長

And they tend to be early adopters.

他們往往是早期採用者。

Ashwin Kohli -- Senior Vice President-Customer Engineering

Ashwin Kohli -- 高級副總裁 - 客户工程

Yeah, absolutely.

是的，絕對。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼董事長

They're about to build an AI cluster. It's a reasonably small size, not classified in thousands or 10,000, but you've got to start somewhere. So, they started about a few hundred GPUs, would you say?

他們即將建立一個人工智能集羣。規模相當小，不是以千計或萬計來分類，但你得從某個地方開始。所以，他們開始了大約幾百個 GPU，你會這麼説嗎？

Ashwin Kohli -- Senior Vice President-Customer Engineering

Ashwin Kohli -- 高級副總裁 - 客户工程

Absolutely, yes.

絕對是的。

Meta Marshall -- Analyst

Meta Marshall -- 分析師

Great. Thank you.

好的。謝謝。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼董事長

Thank you, Meta.

謝謝你，Meta。

Operator

運營人員

Our next question comes from the line of Atif Malik with Citi. Please go ahead.

我們下一個問題來自花旗的 Atif Malik。請發言。

Atif Malik -- Citi -- Analyst

Atif Malik -- 花旗 -- 分析師

Hi, thank you for taking my question. Jayshree, you mentioned a $70 billion TAM number in your prepared remarks. Can you help us understand what is in that TAM? And how does that relate to the $750 million AI networking revenue number you have provided for next year?

嗨，謝謝您回答我的問題。Jayshree，您在報告中提到了 700 億美元的總地址 able 市場（TAM）數字。您能幫助我們理解這個 TAM 中包含了什麼嗎？這與您提供的明年 7.5 億美元的人工智能網絡收入數字有何關聯？

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼董事長

Yes, I get asked that question a lot. First of all, the TAM is far greater than the $750 million we've signed up for. And remember, that's early years. But TAM consists of our data center TAM.

是的，我經常被問到這個問題。首先，TAM 遠遠大於我們簽約的 7.5 億美元。請記住，這還只是初期。但 TAM 包括我們的數據中心 TAM。

Our AI TAM, which we count in a more narrow fashion as how much of InfiniBand will move to Ethernet on the back end. We don't count the AI TAM that's already in the front end, which is part and parcel of our data center. And then obviously, there's a campus TAM, which is very, very big. It's north of $10 billion.

我們的人工智能 TAM，我們更狹義地計算為 InfiniBand 有多少會轉移到以太網在後端。我們不計算已經在前端的人工智能 TAM，這是我們數據中心的一部分。然後顯然還有校園 TAM，非常非常大。它超過 100 億美元。

And then there's the wide area in routing. So, these four are the building blocks that I call the campus center, data center, AI center, and WAN center. And then laid upon that is some very nice software. If you saw, we had a nice bump in software and service renewals this quarter, which would be largely centered around CloudVision observability and security.

然後還有廣域路由。所以，這四個是我稱之為校園中心、數據中心、人工智能中心和廣域網中心的基石。然後在其上是一些非常好的軟件。如果你注意到，我們在本季度的軟件和服務續約方面有了一個不錯的增長，這主要集中在 CloudVision 的可觀察性和安全性周圍。

So, I would say these are the four building blocks, and then the three software components on top of it. Of course, not to forget the services and support that are part of these TAMs as well.

所以，我會説這些是四個基石，然後是三個軟件組件。當然，別忘了這些 TAM 中也包括服務和支持。

Atif Malik -- Citi -- Analyst

Atif Malik -- 花旗 -- 分析師

Thank you.

謝謝。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼董事長

Thank you, Atif.

謝謝你，Atif。

Operator

運營人員

Our next question comes from the line of Antoine Chkaiban with New Street Research. Please go ahead.

我們下一個問題來自新街研究的 Antoine Chkaiban。請發言。

Antoine Chkaiban -- New Street Research -- Analyst

Antoine Chkaiban -- 新街研究 -- 分析師

I'd like actually to ask about the non-AI component of your Cloud and AI segment. What can you tell us about how investments in traditional infrastructure are trending? Because we heard from other vendors that inventory digestion is now easing. So, are you seeing that too?

我想問一下關於您的雲和人工智能部門非人工智能組成部分的問題。您能告訴我們傳統基礎設施投資的趨勢如何嗎？因為我們聽到其他供應商説庫存消化現在正在減緩。您是否也看到了這一點？

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼董事長

We saw that last year. We saw that there was a lot of pivot going on from the classic cloud, as I like to call it, to the AI in terms of spend. And we continue to see favorable preferences to AI spend in many of our large cloud customers. Having said that, at the same time, simultaneously, we are going through a refresh cycle where many of these customers are moving from 100 to 200 or 200 to 400 gig.

我們去年看到了這一點。我們看到從經典雲，我喜歡稱之為經典雲，向人工智能的支出方面發生了很多轉變。我們繼續看到許多大型雲客户對人工智能支出持有偏好。話雖如此，同時，我們正在經歷一個刷新週期，許多客户正在從 100 到 200 或從 200 到 400 升級。

So, while we think AI will grow faster than cloud, we're betting on classic cloud continuing to be an important aspect of our contributions. Thanks.

因此，雖然我們認為人工智能增長速度將快於雲，但我們仍押注於經典雲繼續是我們貢獻的重要方面。謝謝。

Operator

運營人員

Our next question will come from the line of Amit Daryanani with Evercore. Please go ahead.

我們下一個問題將來自億孚的 Amit Daryanani。請發言。

Amit Daryanani -- Analyst

Amit Daryanani -- 分析師

Yep. Good afternoon and thanks for taking my question. I guess just a question related to the updated '24 guide, and I realize it's at least 14% growth for the year. But your compares actually get much easier in the back half of the year versus what you've had in the first half.

是的。下午好，感謝您回答我的問題。我想就更新的'24 指南提出一個問題，我意識到至少是年增長 14%。但實際上，與上半年相比，您的比較在下半年將變得更容易。

So, just from an H2 versus H1 basis, is it reasonable to think that growth can actually accelerate for you in the back half of the year? And if it doesn't, why do you think it does not accelerate in the back half? Thank you.

因此，僅從下半年與上半年的基礎來看，您認為增長在下半年實際上可以加速嗎？如果不是，為什麼您認為在下半年不會加速？謝謝。

Chantelle Breithaupt -- Chief Financial Officer

Chantelle Breithaupt -- 首席財務官

Yeah. I think that Jayshree and I came to this guide of at least 14% because we do see multiple scenarios as we go through the second half of the year. We do expect to continue to see some acceleration in growth, but I would say that from the perspective of the forward scenarios, we are comfortable with at least 14%, and we'll come back in Q3 and see where we were able to guide for the rest of the year.

是的。我認為 Jayshree 和我制定了至少 14% 的指南，因為當我們進入下半年時，我們看到了多種情景。我們預計增長將繼續加速，但我想説從前瞻情景的角度來看，我們對至少 14% 感到滿意，我們將在第三季度回來看看我們能為今年餘下時間提供的指導。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼董事長

Look at us. We're known to be traditionally conservative. We went from 10 to 12, 12 to 14. And now my CFO says at least 14.

看看我們。我們一向以保守著稱。我們從 10 到 12，12 到 14。現在我的首席財務官説至少 14。

So, let's see how the second half goes. But I think at this point, you should think we are confident about second half, and we're getting increasingly confident about 2025.

所以，讓我們看看下半年會怎樣。但我認為此時，你應該認為我們對下半年有信心，而且我們對 2025 年越來越有信心。

Amit Daryanani -- Analyst

Amit Daryanani -- 分析師

Perfect. Thank you.

好的。謝謝。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼董事長

Thank you.

謝謝。

Operator

運營人員

Our next question comes from the line of Tal Liani with Bank of America. Please go ahead.

我們下一個問題來自美銀的 Tal Liani。請發言。

Tal Liani -- Analyst

Tal Liani -- 分析師

Was it your line, by the way? Thank you.

順便問一下，這是你的問題嗎？謝謝。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼董事長

Tal, you there?

Tal，你在嗎？

Tal Liani -- Analyst

Tal Liani -- 分析師

Yes. Can you hear me?

是的。你能聽到我説話嗎？

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼主席

Yes, yes.

是的，是的。

Tal Liani -- Analyst

Tal Liani -- 分析師

OK. My question is more in line with kind of the previous question. I calculated the implied growth in the fourth quarter. And I'm getting a much lower growth in the fourth quarter than what we've seen this quarter or next quarter.

好的。我的問題更接近之前的問題。我計算了第四季度的隱含增長率。我發現第四季度的增長率要低得多，低於我們在本季度或下一季度看到的增長率。

And I'm wondering if it's -- you said conservatism in the last answer. And the question is, is it just conservatism? Or is there anything special with the fourth quarter that the implied growth is only 9% year over year? And it goes across everything. The implied growth, revenue growth is lower, the gross margin is lower. So, some of it is conservatism, but is there anything special with 4Q timing of recognition or seasonality or anything that drives a lower implied guidance?

我想知道這是因為 -- 你在上一個回答中提到了保守態度。問題是，這只是保守態度嗎？還是第四季度有什麼特別之處，導致隱含增長率僅為去年同期的 9%？這涉及到所有方面。隱含增長率、營收增長率都較低，毛利率也較低。一部分是保守態度，但第四季度的時間點、確認時間或季節性等是否有任何特殊因素導致了較低的隱含指引？

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼主席

So, Tal, if you go back to November Analyst Day, to call out gross margin lower, I would disagree because I think we're just blowing it off our guide. Our guide was 63 to 64. And we have now shown two quarters of amazing gross margin. Hats off to my Mike Kappus and John McCool, Alex, and the entire team for really working on disciplined cost reductions.

所以，Tal，如果你回顧一下去年 11 月的分析師日，要説毛利率較低，我不同意，因為我認為我們只是按照我們的指引在運作。我們的指引是 63% 至 64%。我們已經展示了兩個季度驚人的毛利率。向我的 Mike Kappus、John McCool、Alex 和整個團隊致敬，因為他們真的在努力進行成本的紀律性削減。

But yet, if you look at mix, in general, the costs, etc., I would say you should plan on our gross margins being as we projected. They're not lower. I think we just did exceptionally well the last two quarters, so it's relatively lower. That's the first thing. Second, in terms of growth, I would say we always aim for double-digit growth.

但是，如果你看看產品組合、成本等方面，我會説你應該按照我們預期的毛利率進行規劃。它們並沒有降低。我認為我們在過去的兩個季度表現得非常出色，所以相對較低。這是第一點。其次，在增長方面，我會説我們總是以兩位數的增長率為目標。

We came in with 10% to 12%. And again, Q2 is just an outstanding quarter. I don't want to use it as a benchmark for how Q3, Q4 will be. But of course, we're operating off large numbers.

我們的目標是 10% 至 12%。而且，Q2 季度只是一個出色的季度。我不想將其作為評估 Q3、Q4 的基準。但當然，我們正在處理龐大的數字。

We'll aim to do better, but we'll have more visibility as we go into Q3, and we'll be able to give you a good sense of the year.

我們的目標是做得更好，但隨着我們進入 Q3，我們將有更多的可見性，我們將能夠為你提供對本年度的良好預期。

Tal Liani -- Analyst

Tal Liani -- 分析師

Got it. Thank you.

明白了。謝謝。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼主席

Thank you.

謝謝。

Operator

操作員

Our next question comes from the line of George Notter with Jefferies. Please go ahead.

我們下一個問題來自 Jefferies 的 George Notter。請發言。

George Notter -- Jefferies -- Analyst

George Notter -- Jefferies -- 分析師

Hi, guys. Thank you very much. I guess I was just curious about what your expectations were coming into the quarter for product deferred revenue. I guess I'm curious how much you thought would be added to that product deferred category in Q2.

嗨，各位。非常感謝。我只是好奇你們對本季度產品遞延收入的預期是什麼。我想知道你們認為 Q2 會有多少產品遞延收入被歸類到該類別中。

And then also, do you have a view on product deferred revenue for Q3? Thanks.

而且，你們對 Q3 的產品遞延收入有何看法？謝謝。

Chantelle Breithaupt -- Chief Financial Officer

Chantelle Breithaupt -- 首席財務官

Yeah, hi. Yeah, nothing's changed in our philosophy that we don't guide product deferred revenue. So, there's nothing new there to report. I would say in the sense of coming to this quarter, we don't guide the product deferred revenue.

是的，嗨。是的，我們的理念沒有改變，我們不指導產品遞延收入。因此，在這方面沒有新的報告。我會説在這個季度到來的意義上，我們不指導產品遞延收入。

We have an idea in the sense of where we're going to land as we go through the quarter. But I would say that it met expectations from what we were having in our planning forecast process.

在我們的規劃預測過程中，我們對我們將在季度中達到的目標有一個想法。但我會説，它符合我們在規劃預測過程中的預期。

George Notter -- Jefferies -- Analyst

George Notter -- Jefferies -- 分析師

Got it. And I assume these are new products you've shipped to customers, you're waiting for customer acceptance. Any sense for when those customer acceptances might start to flow through? Is that a 2024 event? Is that a 2025 event? How do you think about it?

明白了。我猜這些是你們向客户交付的新產品，你們正在等待客户接受。你們有沒有對客户接受何時開始產生影響的看法？這是 2024 年的事件嗎？還是 2025 年的事件？你們如何看待這個問題？

Chantelle Breithaupt -- Chief Financial Officer

Chantelle Breithaupt -- 首席財務官

Yeah. They all have different timings because they're unique to the customer, the use case, AI, classic cloud, etc.. So, they're all unique and bespoke that way. So, there's no set trending on that.

是的。它們都有不同的時間安排，因為它們是獨特的，根據客户、用例、人工智能、經典雲等。因此，它們都是獨特的和定製的。因此，在我們逐步推進的過程中，它們將被部署，然後從預測的角度來看，它們將落地。

And so, as we roll through the quarters, they'll come off as they get deployed and then that's where it will land from a forecasting perspective.

Jayshree V. Ullal -- 首席執行官兼主席

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

And I think it's fair to say if it's AI, it takes longer, if it's classic cloud, it's shorter.

我認為可以這樣説，如果是人工智能，需要更長時間，如果是經典雲，時間會更短。

George Notter -- Jefferies -- Analyst

George Notter -- Jefferies -- 分析師

OK, thank you.

好的，謝謝。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼主席

Thanks, George.

謝謝，George。

Chantelle Breithaupt -- Chief Financial Officer

Chantelle Breithaupt -- 首席財務官

Thank you.

謝謝。

Operator

操作員

Our next question comes from the line of Samik Chatterjee with JPMorgan. Please go ahead.

我們下一個問題來自摩根大通的 Samik Chatterjee。請發言。

Samik Chatterjee -- Analyst

Samik Chatterjee -- 分析師

Hi, thanks for taking my question, and strong results here. But if I can just ask a question on the commentary that Ashwin had in the prepared remarks. Ashwin, you mentioned the Tier 2 customer, where you're refreshing the front end, as I sort of interpreted it to alleviate some of the bandwidth sort of concerns from the back end. How do you think about that opportunity across your customer base? Particularly, how should we think about sort of that as being attached to the $750 million target for back-end revenues that you have for next year? Just help us think about the opportunity that you're seeing with your customers on that side.

嗨，感謝回答我的問題，業績強勁。但我想問一下阿什温在準備好的講話中提到的評論。阿什温，你提到了第二層客户，你正在更新前端，我理解為緩解一些後端帶寬方面的問題。你如何看待你們客户羣體中的這一機會？特別是，我們應該如何看待這一機會與你們明年為後端收入設定的 750 億美元目標之間的關係？幫助我們思考一下你們在這方面看到的機會。

Ashwin Kohli -- Senior Vice President-Customer Engineering

Ashwin Kohli -- 高級副總裁 - 客户工程

Yeah, Samik, it's hard to say, right? I mean, I don't want to attach the $750 million back to this one customer, right? The goal around this one customer was to demonstrate our wins in enterprise and in the non-cloud space. But outside that, it would be very hard to go translate that to what's happening within the $750 million, right? I don't know, Jayshree, if you've got any comments around that at all.

是的，Samik，很難説，對吧？我的意思不是將這 750 億美元與這一客户聯繫起來，對吧？這一客户的目標是展示我們在企業和非雲領域的勝利。但除此之外，很難將其轉化為發生在 750 億美元內部的情況，對吧？我不知道，Jayshree，你對此有什麼評論嗎？

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼主席

Yeah. I was just going to add that there are four things Ashwin and the team are seeing in the enterprise and provider sector. I think the migration to 100 gig data center is pretty solidly going on. If anybody is still on a 10 and 40, they're definitely not an early adopter of technology.

是的。我只想補充説，阿什温和團隊在企業和供應商領域看到了四個方面。我認為向 100 吉比特數據中心的遷移正在穩步進行。如果還有人在使用 10 和 40，他們絕對不是技術的早期採用者。有些人甚至正在轉向 400 吉比特。

And some of them are even moving to 400 gig, I would say.

我會這樣説。

Ashwin Kohli -- Senior Vice President-Customer Engineering

Ashwin Kohli -- 高級副總裁 - 客户工程

Absolutely, Jayshree.

絕對正確，Jayshree。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼主席

So, that's on the data center. Campus, I know, in general, is a slow market. But for Arista, we are still seeing a lot of desire. And you heard Ashwin talk about a campus win, but they're really frustrated and they're struggling with existing campus deployments.

關於數據中心的情況。總體而言，校園市場增長緩慢。但對於 Arista 來説，我們仍然看到很強的需求。你聽到 Ashwin 談到了一次校園勝利，但他們真的感到沮喪，他們正在努力應對現有的校園部署問題。

So, we feel really good about our $750 million target for next year. The routed ran, again, we're both in Tier 2 and service providers and even in enterprise, there's a lot of activity going on there. And finally, the AI trials you talked about, they tend to be smaller, but it's a representation of the confidence the customer has. They may be using other GPUs, servers, etc..

因此，我們對明年的 7.5 億美元目標感到非常滿意。再次提到路由器，我們在第二層和服務提供商中，甚至在企業中，都有很多活動。最後，你提到的人工智能試驗，它們往往規模較小，但代表了客户的信心。他們可能正在使用其他 GPU、服務器等設備。

But when it comes to the mission-critical networks, they've recognized the importance of best-of-breed reliability, availability, performance, no loss, and familiarity with the data center is naturally leading to pilots and trials on the AI side with us.

但是當涉及到關鍵網絡時，他們認識到最可靠、可用、性能最佳、無丟包的重要性，對數據中心的熟悉自然而然地導致了與我們在人工智能方面的試點和試驗。

Samik Chatterjee -- Analyst

Samik Chatterjee -- 分析師

Thank you.

謝謝。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼主席

Thank you, Samik.

謝謝，Samik。

Operator

運營商

Our next question comes from the line of Karl Ackerman with BNP Paribas. Please go ahead.

下一個問題來自於法國巴黎銀行的 Karl Ackerman。請發言。

Karl Ackerman -- Analyst

Karl Ackerman -- 分析師

Yes, thank you. So, there are several data points across the supply chain that indicate enterprise networking and traditional server units are beginning to recover. I was hoping you might discuss what you are hearing from your enterprise and service provider customers on their commitment to upgrade their services and networking gear over the next couple of quarters. And as you address that, perhaps you could discuss the number of new customers being added in these verticals over the last couple of quarters out of the 10,000 or so that you have today? Thank you.

是的，謝謝。供應鏈中有幾個數據點表明企業網絡和傳統服務器單位開始復甦。我希望您能討論一下您從企業和服務提供商客户那裏聽到的關於未來幾個季度升級服務和網絡設備承諾的情況。在回答這個問題的同時，也許您可以討論一下過去幾個季度在這些垂直領域中新增的新客户數量，這些客户在您今天擁有的大約 1 萬個客户中佔多少？謝謝。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼主席

Yeah. Let me take the second question. I think we are adding systematically. We celebrated the 10,000.

好的。讓我回答第二個問題。我認為我們正在系統地增加客户。我們慶祝了 1 萬個客户。

And so, because in the past, we used to add large numbers of customers. Now we're adding many small customers who are pleased with the systematic add of hundreds of customers every quarter, and that's going very, very well. What was your former question?

因此，過去我們曾大量增加客户。現在我們正在增加讈多小客户，他們對每個季度系統性地增加數百個客户感到滿意，這進展非常順利。您之前的問題是什麼？

Karl Ackerman -- Analyst

Karl Ackerman -- 分析師

How to think about the adoption or the growth of server and networking gear on for campus environments and what you're seeing there.

您如何看待校園環境中服務器和網絡設備的採用或增長，以及您在那裏看到的情況。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼主席

OK. So, perhaps it may come as a surprise to you, but servers aren't always related to campus. Devices and users are much more related to campus, right? Service tend to be dealing with more data center upgrades. So, in the campus, we're tending to see two things right now.

好的。也許這會讓您感到驚訝，但服務器並不總是與校園相關。設備和用户更多地與校園相關，對吧？服務往往涉及更多數據中心的升級。因此，在校園中，我們目前看到兩件事。

Greenfield buildings, they're planning for '25, '26 and they're smack in the middle of those RFPs. Or they're trying to create a little oasis in the desert and prove that our post-pandemic campus is much better with a leaf/spine topology, wired/wireless connecting to it at leaf, and then enabling things like zero-touch automation, method segmentation, capabilities, analytics, etc.. So, the campus is really turning out to in a somewhat sluggish overall market. We are finding that our customers are very interested in modernizing their campus.

綠地建築，他們正在規劃'25 年、'26 年，他們正處於這些請求的中心。或者他們正在嘗試在沙漠中創造一個小綠洲，並證明我們的疫情後校園通過葉/脊拓撲結構、有線/無線連接到葉子，然後實現零觸碰自動化、方法分割、能力、分析等方面的改進。因此，校園實際上正在變成一個在總體市場中略顯遲緩的地方。我們發現我們的客户對現代化校園非常感興趣。

And again, it has a lot to do with the familiarity with us in the data center, and that's translating to more success in the campus.

而且，這與他們在數據中心對我們的熟悉程度有很大關係，這導致在校園取得更多成功。

Karl Ackerman -- Analyst

Karl Ackerman -- 分析師

Thanks.

謝謝。

Operator

運營商

Our next question comes from the line of Ben Bollin with Cleveland Research. Please go ahead.

下一個問題來自於克利夫蘭研究的 Ben Bollin。請發言。

Benjamin Bollin -- Analyst

Benjamin Bollin -- 分析師

Good evening, everyone. Thanks for taking the question. Jayshree, I mean just the bigger picture as you think about back-end network architectures gradually capturing more of the traditional front end. What do you think that looks like over the next several years? How quickly could that become a more realistic opportunity to capture more of that true fabric of overall compute resources?

大家晚上好。感謝您提問。Jayshree，我想談談您認為後端網絡架構逐漸佔據傳統前端的更大畫面。在未來幾年內，您認為這會是什麼樣子？當所有設備都轉向以太網時，這個過程會有多快變得更具現實意義？

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼主席

Well, I think there are a lot of market studies that point to today is still largely InfiniBand. You remember me, Ben, saying we were outside looking in just a year ago. So, step one is we're feeling very gratified that the whole world, even InfiniBand players have acknowledged that we are making Ethernet great again. And so, I expect more and more of that back end to be Ethernet.

我認為有很多市場研究表明今天仍然主要是 InfiniBand。你還記得，Ben，就在一年前，我們還在外面看着。因此，第一步是我們感到非常滿意，即使是 InfiniBand 的參與者也承認我們正在讓以太網再次強大。因此，我預計後端的更多部分將採用以太網。

One thing I do expect, even though we're very signed up to the $750 million number -- at least $750 million, I should say, next year, is it's going to become difficult to distinguish the back end from the front end when they all move to Ethernet. For this AI center, as we call it, is going to be a conglomeration of both the front and the back. So, if I were to fast forward three, four years from now, I think the AI center is a supercenter of both the front end and the back end. So, we'll be able to track it as long as there's GPUs and strictly training use cases.

有一件事我期待，即使我們非常確定明年至少會達到 7.5 億美元，那就是當所有設備都轉向以太網時，將很難區分後端和前端。對於這個我們稱之為人工智能中心的設施，將成為前端和後端的綜合體。因此，如果我往後快進三四年，我認為人工智能中心將成為前端和後端的超級中心。因此，只要有 GPU 和嚴格的培訓用例，我們將能夠跟蹤它。

But if I were to fast forward, I think there may be many more edge use cases, many more inference use cases and many more small-scale training use cases which will make that distinction difficult to make. Thank you, Ben.

但是如果我往後快進，我認為可能會有更多的邊緣用例、更多的推理用例和更多的小規模培訓用例，這將使區分變得困難。謝謝，Ben。

Operator

運營商

Our next question will come from the line of Alex Henderson with Needham. Please go ahead.

下一個問題來自 Needham 的 Alex Henderson。請發言。

Alex Henderson -- Analyst

Alex Henderson -- 分析師

Great, thank you very much. I was hoping we could talk a little bit about the spending biases in the cloud titans. Clearly, there's an enormous amount of spending going into the AI front end, back end networking elements, as well as the GPUs. But there is a rebounding growth rate of application that is ultimately driving the traditional business that has historically been called the CPU side of the data center.

非常感謝。我希望我們可以談一下雲巨頭的支出偏好。顯然，大量支出投入到人工智能前端、後端網絡元素以及 GPU 中。但應用程序的增長率正在反彈，最終推動了傳統業務的增長，這一直被稱為數據中心 CPU 方面。

And I'm wondering if they're underinvesting in there and whether there's a potential for a catch-up in the spending in that area at some juncture because of the over bias to or whether that investment is ongoing at a reasonable rate, consistent with a moderate acceleration in the application growth?

我想知道他們是否在這方面投資不足，以及是否存在在某個時刻由於過度偏向而在這一領域的支出出現追趕的可能性，或者這種投資是否以與應用程序增長適度加速一致的合理速度持續進行中？

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼主席

Alex, it's a very thought-provoking question. I would say there's such a heavy bias in the cloud titans toward training and super training and the bigger and better the GPUs, the billion parameters, the OpenAI, ChatGPT, and Llamas that you're absolutely right that at some level, the classic cloud, what you call traditional, I'm still calling classic, is a little bit neglected last year and this year. Having said that, I think once the training models are established, I believe this will come back, and it will sort of be a vicious cycle that feeds on each other. But at the moment, we're seeing more activity on the AI and more moderate activity on the cloud.

Alex，這是一個非常發人深省的問題。我會説，在雲巨頭中存在着對訓練和超級訓練的嚴重偏向，GPU 越大越好，十億參數，OpenAI，ChatGPT 和 Llamas。你完全正確，在某種程度上，經典雲，你所説的傳統，我仍然稱之為經典，去年和今年有點被忽視。話雖如此，我認為一旦訓練模型建立起來，我相信這種情況會回來，這將形成一種互相促進的惡性循環。但目前，我們看到在人工智能方面的活動更多，雲方面的活動較為温和。

Alex Henderson -- Analyst

Alex Henderson -- 分析師

Does the reacceleration of application growth excluding the AI play into that? I mean clearly that --

應用增長的重新加速是否排除了人工智能的因素？我的意思顯然是 --

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼主席

I think it does. I don't know how to measure it, but I think the more AI back end we put in, we expect that to have a pressure on the front end of x percent. We're still trying to assess whether that's 10%, 20%, 30%. And so, we do not count that in our $750 million number, to be accurate, to the only GPU native connections.

我認為是的。我不知道如何衡量，但我認為我們在後端投入更多人工智能，我們預計這會對前端產生 x% 的壓力。我們仍在努力評估這是否為 10%，20%，30%。因此，我們沒有將這一點計入我們的 7.5 億美元數字，以保持對僅 GPU 本機連接的準確性。

But absolutely, as the two holistically come together to form this AI center, I believe the front end will have pressure.

但絕對可以肯定的是，當這兩者整體結合形成這個人工智能中心時，我相信前端將受到壓力。

Alex Henderson -- Analyst

Alex Henderson -- 分析師

Great. Thank you so much and thanks for the great quarter.

非常感謝。非常感謝您過去一個季度的出色表現。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼主席

Thank you, Alex. Appreciate your support.

謝謝你，Alex。感謝您的支持。

Operator

運營商

Our next question comes from the line of Ben Reitzes with Melius Research. Please go ahead.

我們下一個問題來自 Melius Research 的 Ben Reitzes。請發言。

Jack Adair -- Melius Research -- Analyst

Jack Adair -- Melius Research -- 分析師

This is Jack Adair for Ben. Wondering if you could comment on the competitive environment. And if you're seeing Spectrum X from NVIDIA? And if so, how you're doing against it?

我是 Jack Adair 代表 Ben。想知道您對競爭環境有何評論。您是否看到了 NVIDIA 的 Spectrum X？如果看到了，您對抗爭的情況如何？

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼主席

Yeah. Well, first, I just want to say, when you say competitive environment, it's complicated with NVIDIA because we really consider them a friend on the GPUs, as well as the mix, so not quite a competitor. But absolutely, we will compete with them on the Spectrum switch. We have not seen the Spectrum except in one customer where it was bundled.

是的。首先，我想説，當您提到競爭環境時，與 NVIDIA 相關是很複雜的，因為我們在 GPU 方面真的認為他們是朋友，以及混合，所以並非完全競爭對手。但絕對地，在 Spectrum 開關上我們將與他們競爭。除了在一個客户那裏捆綁銷售的情況，我們並沒有看到 Spectrum。

But otherwise, we feel pretty good about our win rate and our success. For a number of reasons, great software, portfolio of products, and architecture has proven performance, visibility features, management capabilities, high availability. And so, I think it's fair to say that if a customer were bundling with their GPUs, then we wouldn't see it. If a customer were looking for best of breed, we absolutely see it and win it.

但除此之外，我們對我們的獲勝率和成功感到非常滿意。出於許多原因，出色的軟件，產品組合，架構已經證明了性能，可見性功能，管理能力，高可用性。因此，我認為可以説，如果客户將他們的 GPU 與其他產品捆綁銷售，那麼我們就看不到。如果客户正在尋找最佳產品，我們絕對看到並贏得了。

Jack Adair -- Melius Research -- Analyst

Jack Adair -- Melius Research -- 分析師

Thank you for that.

謝謝您。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼主席

Thanks, Jack.

謝謝，Jack。

Operator

運營商

Our next question will come from the line of James Fish with Piper Sandler. Please go ahead.

我們下一個問題將來自 Piper Sandler 的 James Fish。請發言。

James Fish -- Analyst

James Fish -- 分析師

Thanks for taking the question. Just wanted to circle back on the enterprise side of things. Is there a way to think about how many replacements you're seeing relative to prior periods? And really, I'm trying to understand if we're starting to see that core enterprise data center network refresh actually pick up versus kind of the share gains that you guys have historically seen. And is there an underlying change in enterprise customer behavior, whether it's for the data center or Jayshree, I know you were talking about the campus earlier.

感謝您回答問題。只是想回到企業方面。是否有一種方式可以思考您看到的替換數量相對於以往時期的情況？我真的想了解我們是否開始看到核心企業數據中心網絡更新實際加速，而不僅僅是您們過去一直看到的市場份額增長。企業客户行為是否發生了根本性變化，無論是針對數據中心還是 Jayshree，我知道您之前談到了校園。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼主席

Yeah, James, let me talk and Ashwin, I'm sure you have more to add since you're closer to the problem. I believe we have three classes of enterprise customers. The early adopters. And I think in that category, Ashwin's team is seeing a lot of refresh going.

是的，James，讓我談談，Ashwin，我相信你有更多要補充，因為你更接近這個問題。我認為我們有三類企業客户。早期採用者。我認為在這一類別中，Ashwin 的團隊看到了很多更新。

They already have 100 gig and they're potentially planning their 400 gig, right? Then the fast followers. And those guys, I think, are still looking at 100-gig migrations, right? And then the real risk averse, and we're still getting to know them because this is an untapped opportunity for us, right? And probably a fourth category where some of them are disillusioned with the public cloud and want to repatriate some of their workloads back into the data center. So, I would say there's activity in all four. No saturation, still a lot of opportunity for us largely in the speed upgrades and also in the class of customers and what stage they are.

他們已經有了 100G，並且可能正在計劃他們的 400G，對吧？然後是快速跟隨者。這些人，我認為，仍在考慮 100G 的遷移，對吧？然後是真正風險規避者，我們仍在瞭解他們，因為這對我們來説是一個未開發的機會，對吧？可能還有第四類客户，其中一些人對公共雲感到失望，希望將一些工作負載重新遷移到數據中心。因此，我會説這四類客户中都存在活動。沒有飽和，對我們來説仍然有很多機會，主要是在速度升級和客户類別方面，以及他們所處的階段。

Ashwin, do you want to add anything to that?

Ashwin，你想補充些什麼嗎？

Ashwin Kohli -- Senior Vice President-Customer Engineering

Ashwin Kohli -- 高級副總裁 - 客户工程

Yes. Sure, Jayshree, right? And so, to answer your question, from what I'm seeing from customers, they're kind of fed up with being deployed in the data center, specifically, something which is proprietary lock-in, right? Something which does not give them the flexibility to join multiple use cases such as data center, campus, routing, and they want something that just works. They want something that is just simple. They want to make sure that when they wake up in the morning, the network is not down.

是的。當然，Jayshree，對吧？那麼，回答您的問題，從客户那裏看到的情況是，他們對部署在數據中心中感到厭倦，特別是一些具有專有鎖定的東西，對吧？一些不能讓他們靈活應對多種用例，如數據中心，校園，路由，他們希望得到一些簡單的東西。他們希望確保早上醒來時，網絡不會宕機。

And so, Arista today actually has a brand. It has a value for their -- and we've actually been delivering this for the last 10-plus years. So, James, I would say the message is echoing successfully in our existing customers who are taking a risk not only in the single use case of data center, but expanding that across data center, campus, routing, WAN. And then the team is eagerly working with a new set of Global 2000 and Fortune 500 customers to go evangelize a message to them as well.

因此，Arista 今天實際上已經為他們的品牌樹立了價值 -- 我們過去 10 多年一直在提供這一點。因此，James，我會説這個信息在我們現有客户中成功地傳達，他們正在冒險不僅僅在數據中心的單一用例中，而是將其擴展到數據中心，校園，路由，廣域網。然後團隊正急切地與一批新的全球 2000 和財富 500 客户合作，向他們傳遞這一信息。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼主席

Thanks, James.

謝謝，James。

Operator

運營商

Our next question will come from the line of Ittai Kidron with Oppenheimer. Please go ahead.

我們下一個問題將來自 Oppenheimer 的 Ittai Kidron。請發言。

Ittai Kidron -- Analyst

Ittai Kidron -- 分析師

Thanks, nice numbers, ladies. I wanted to go back to gross margin. Jayshree, Chantelle, if you don't mind, in your prepared remarks, you talked about manufacturing efficiencies, cost reduction. I guess I'm wondering why is that not something that carries forward to the next quarter as well? I understand you're trying to be conservative, but I'm sure these are not changes that have a very short lifespan that they can carry forward.

謝謝，很好的數字，女士們。我想回到毛利率這個話題。Jayshree、Chantelle，如果你們不介意，在你們的發言中，你們談到了製造效率、成本削減。我想知道為什麼這些措施不能延續到下一個季度呢？我明白你們試圖保守，但我相信這些變化不會是短期內就消失的。

So, why not be a bit more optimistic on what the gross margin outlook should be?

那為什麼不對毛利率展望更加樂觀呢？

Chantelle Breithaupt -- Chief Financial Officer

Chantelle Breithaupt -- 首席財務官

Yes. No, it's a great question. And so, our goal is always to try to do better than our guide. But within that guide, the question is there's -- mostly what's influencing the second half consideration is the expected mix of customers.

是的。不，這是一個很好的問題。我們的目標始終是努力超過我們的指引。但在這個指引中，問題在於 -- 大部分影響下半年考慮的是預期客户組合。

As you can appreciate, we do have different mixes depending on the demographics of who we're selling to. So, I think that's a big part of our second half, why we kept the guide as it is. We will keep looking for variable cost productivity in cost management as we go through and hope to deliver more. But at this point in time, what's mostly built into it is the mix assumption in the second half.

正如你所理解的，我們的客户組合因銷售對象的人口統計數據而異。所以，我認為這是我們保持指引不變的下半年的重要原因。在繼續進行可變成本生產率和成本管理方面，我們將繼續尋找更多機會。但在目前階段，大部分已經考慮進去的是下半年的客户組合假設。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼董事長

And if you look at -- this isn't just this quarter. John and the team have done a fantastic job for the last year. So, yes, I'm going to go back to them and ask for more, but I think they will say they've done so much and might be squeezing blood out of a stone. So, we'll see if they respond to more cost reductions.

如果你看一下 -- 這不僅僅是本季度。John 和團隊在過去一年裏做得非常出色。所以，是的，我會再次向他們要求更多，但我認為他們會説他們已經做了很多，可能已經使出了渾身解數。所以，我們將看看他們是否會對更多的成本削減做出回應。

But I absolutely agree with Chantelle. It's largely driven by mix. And I think we've taken a lot of the cost reductions out in the last year.

但我絕對同意 Chantelle。這在很大程度上是由客户組合驅動的。我認為在過去一年裏我們已經做了很多成本削減。

Ittai Kidron -- Analyst

Ittai Kidron -- 分析師

I appreciate it.

我感激不盡。

Operator

運營商

Thank you. Our next question will come from the line of Simon Leopold with Raymond James. Please go ahead.

謝謝。下一個問題來自 Raymond James 的 Simon Leopold。請發言。

Simon Leopold -- Analyst

Simon Leopold -- 分析師

Thank you very much. I know that you typically hold off on the 10% customer disclosures until the end of the fiscal year. But what I'm hoping to gather is how customer concentration may be evolving from comparison to last year, do you expect with your past customers growing their spending so much that it stays similar or with the diversity of the new opportunities, the concentration you've had historically declined. Any kind of indication you could offer? I'd appreciate it.

非常感謝。我知道你們通常會等到財年結束才披露佔比 10% 的客户。但我希望瞭解的是，客户集中度可能會從去年到現在有何變化，你們是否預計隨着過去客户的支出增長，集中度會保持相似，還是隨着新機會的多樣性，你們歷史上的集中度會下降。你能提供任何線索嗎？我會感激的。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼董事長

I mean, I'll try, but you're right to say that we don't know. It's only half the year. I expect both Microsoft and Meta to be greater than 10% customers for us. I don't expect any other 10% concentration.

我的意思是，我會嘗試，但你説得對，我們不知道。現在只是一年的一半。我預計微軟和 Meta 將成為我們超過 10% 的客户。我不指望其他任何 10% 的集中度。

Now in Microsoft and Meta, how they will pivot to AI and how they will reduce the spend and all that things, that movie will play out in the next six months. So, we'll know better. But at this point, I think you can assume they won't be exactly the same. Some may go up, some may go down.

現在在微軟和 Meta，他們將如何轉向人工智能，以及他們如何減少支出等等，這部電影將在接下來的六個月內上映。所以，我們會更清楚。但在目前階段，我認為你可以假設它們不會完全相同。有些可能會增加，有些可能會減少。

But these are two extremely vital customers, strategic customers, we co-develop with them. We partner with them very, very well. And we expect to do well with them, both in cloud and AI, depending on their priorities, of course.

但這兩個極其重要的客户，戰略性客户，我們與他們合作得非常好。我們期待在雲計算和人工智能方面與他們合作順利，當然這取決於他們的優先事項。

Simon Leopold -- Analyst

Simon Leopold -- 分析師

And does the pipeline suggest you can have new 10% customers next year? Or do you expect sort of a similar concentration next year?

那麼，你們的業務前景是否表明明年會有新的 10% 客户？還是你們預計明年的集中度會類似？

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼董事長

Yeah, we're not aware of any customers that will approach 10% this year or next year.

是的，我們不知道今年或明年會有任何接近 10% 的客户。

Simon Leopold -- Analyst

Simon Leopold -- 分析師

Thank you very much.

非常感謝。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼董事長

Sure, Simon.

當然，Simon。

Operator

運營商

Our next question comes from the line of Tim Long with Barclays. Please go ahead.

我們的下一個問題來自巴克萊的 Tim Long。請發言。

Tim Long -- Analyst

Tim Long -- 分析師

Thank you, maybe we'll go over to the software services, the AI stuff has been beaten up a little bit here. In a good way. You talked a lot about some of the software capabilities. It seems like Arista might be leaning in a little bit more to this revenue line.

謝謝，也許我們可以轉向軟件服務，人工智能方面已經受到了一些打擊。以一種好的方式。你們談到了一些軟件能力。看起來 Arista 可能會更加傾向於這一收入線。

It's been growing faster than the hardware product the last multiple quarters. So, could you talk about kind of sustainability of that strength focus that you guys have on this service software area and what that would mean to growth rate going forward? Thank you.

在過去幾個季度，軟件產品的增長速度比硬件產品更快。所以，你能談談關於這種服務軟件領域的強勁重點的可持續性，以及這對未來增長率意味着什麼嗎？謝謝。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼董事長

Yes. Thank you. Thank you for the change in question. I appreciate that.

是的。謝謝。感謝你改變了問題。我很感激。

I think we will be in the teens for some time because there are three building blocks, and a lot of this, Ashwin, you know very well. There's the services building block that as product goes up, there's a lot of pressure on us on a percentage of service to be lower, right? So, that, while it may -- historically has been in the teens, can be lower. Then, the second one is our perpetual software which, again, is a strong function of use cases, particularly things like routing, etc., where we've done very, very well. The stronger we do there, the better we do there.

我認為我們將在十幾個百分點上保持一段時間，因為有三個基石，而其中很多，Ashwin，你非常瞭解。有服務基石，隨着產品增長，我們在服務佔比方面承受了很大壓力，對吧？因此，儘管歷史上一直在十幾個百分點，但可能會更低。然後，第二個是我們的永久軟件，再次，這主要取決於用例，特別是像路由等方面，我們做得非常好。我們在那裏做得越好，我們就越好。

An extension of that is CloudVision, which is more a subscription service with CloudVision as a service, either Network as a Service or on the premise. So, that's the second building block for us that's going strong. The one I want to point to a little more which could help us is the security and observability. You may know in May, we introduced the micro and macro segmentation.

這方面的延伸是 CloudVision，這更多是一個訂閲服務，具有 CloudVision 作為服務，無論是作為網絡服務還是在現場。所以，這是我們的第二個正在壯大的基石。我想更多地指出的是安全性和可觀察性。你可能知道，五月份，我們推出了微觀和宏觀分割。

We also announced UNO, our Unified Network Observability. And while this is new, Ashwin and I have great plans for that, and I think this could be a swing factor. As the services components may reduce over time, these new product components may increase. So, 17 points, whatever percent it was, is a great number.

我們還宣佈了 UNO，我們的統一網絡可觀察性。雖然這是新的，Ashwin 和我對此有很好的計劃，我認為這可能是一個轉折因素。隨着時間的推移，服務組件可能會減少，而這些新的產品組件可能會增加。所以，17 個百分點，無論是什麼百分比，都是一個很好的數字。

And if we can consistently stay there, I'd be very proud, particularly as our numbers get larger.

如果我們能夠保持在這個水平，我會感到非常自豪，特別是當我們的數字變得更大時。

Tim Long -- Analyst

Tim Long -- 分析師

OK. Thank you.

好的。謝謝。

Operator

運營商

Our next question comes from the line of Sebastien Naji with William Blair. Please go ahead.

我們的下一個問題來自 William Blair 的 Sebastien Naji。請發言。

Sebastien Naji -- William Blair -- Analyst

Sebastien Naji -- William Blair -- 分析師

Hey, thanks for taking the question and sorry to bring you guys back to the AI conversation, but this one is a little bit more high level. I guess, we keep hearing about bigger and bigger API clusters that are being built. And as Arista is working on connecting these larger and larger clusters as they scale, I'm just wondering, does that impact your ability to capture more revenue? You've talked about 15% of capex. Does that maybe change or go up or go down as these clusters that you're having to connect get bigger and bigger?

嘿，感謝您回答問題，抱歉讓大家再次回到人工智能討論，但這個問題有點更高層次。我想，我們一直聽説正在建設越來越大的 API 集羣。由於 Arista 正在努力連接這些越來越大的集羣，我只是想知道，這是否會影響您捕獲更多收入的能力？您提到了資本支出的 15%。隨着您需要連接的這些集羣變得越來越大，這個比例可能會改變，增加還是減少嗎？

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼主席

Yes, so if you look at an AI network design, you can look at it through two lenses, just through the compute, in which case you look at scale up and you look at it strictly through how many processes there are. But when we look at an AI network design, it's a number of GPUs or XTUs per workload. Distribution and location of these GPUs are important. And whether the cluster has multiple tenants and how it's divvied up between the host, the memory, the storage, and the wide-area plays a role, and the optimization to make on the applications for the collective communication libraries for specific workloads, levels of resilience, how much redundancy you want to put in, active, link base, load balancing, types of visibility.

是的，所以如果您從兩個角度看 AI 網絡設計，您可以通過計算來看，然後您可以嚴格看待有多少個進程。但當我們看 AI 網絡設計時，這是每個工作負載的 GPU 或 XTU 數量。這些 GPU 的分佈和位置很重要。集羣是否有多個租户以及如何在主機、內存、存儲和廣域網之間分配，以及為特定工作負載的集體通信庫進行優化的應用程序扮演的角色，以及對特定工作負載的通信庫進行優化的應用程序的優化程度、彈性級別、您想要投入多少冗餘度、主動、基於鏈路的負載平衡、可見性類型。

So, the metrics are just getting more and more. There are many more commutations in combination. But it all starts with number of GPUs, performance, and billions of parameters. Because the training models are definitely centered around job completion time.

因此，指標越來越多。有許多組合的通信。但一切都始於 GPU 的數量、性能和數十億個參數。因為訓練模型絕對是圍繞作業完成時間的。

But then there's multiple concentric circles of additional things we have to add to that network design. All this to say, a network design-centric approach has to be taken for these GPU clusters. Otherwise, you end up being very siloed, and that's really what we're working on. So, it goes beyond scale and performance to some of these other metrics I mentioned.

但是，還有許多額外的事情我們必須添加到網絡設計中。所有這些都是為了説，必須採取以網絡設計為中心的方法來處理這些 GPU 集羣。否則，您最終會變得非常孤立，這確實是我們正在努力的方向。因此，它超越了規模和性能，涉及到我提到的一些其他指標。

Liz Stine -- Director, Investor Relations

Liz Stine -- 投資者關係總監

Thanks, Sebastien. Operator, we have time for one last question, please.

謝謝，Sebastien。操作員，請您提出最後一個問題。

Operator

操作員

Our final question comes from the line of David Vogt with UBS. Please go ahead.

我們的最後一個問題來自 UBS 的 David Vogt。請發言。

David Vogt -- UBS -- Analyst

David Vogt -- UBS -- 分析師

Great, thanks, guys. Maybe just to bring it back together and maybe both for Jayshree and Chantelle. I guess what I'm trying to think through is this is your product introduction. You have a pretty strong ramp of AI likely next year.

謝謝，各位。也許簡單地把問題整合一下，也許 Jayshree 和 Chantelle 都可以回答。我想我正在思考的是這是您的產品介紹。明年您可能會看到 AI 的增長勢頭很強勁。

But does the guide imply that we're going to start to see a much bigger contribution in Q4 driven by the comments around mix earlier and the gross margin discussion? Because I would imagine early in the stage of their life cycle plus the fact that they're hyperscalers, they're going to be a relatively more modest gross margin profile at the beginning of the glide path versus the end of the glide path. So, just any color there in terms of what Q4 might look like from an AI perspective relative to your expectations from a glide path perspective? Thank you.

但是，指引是否意味着由於之前關於混合的評論和毛利討論，我們將開始看到由於產品組合的增加而推動的 Q4 的貢獻更大？因為我想，在它們的生命週期早期以及它們是超大規模運算的事實，它們在滑行路徑的開始階段與滑行路徑的結束階段相比，可能會有一個相對較為適度的毛利率配置。因此，關於 Q4 從 AI 視角看可能會如何，相對於您對滑行路徑的預期有什麼看法？謝謝。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼主席

Yeah. Let me just remind you of how we are approaching 2024, including Q4, right? Last year, trials. So, small, it was not material. This year, we're definitely going into pilots.

是的。讓我提醒您我們如何看待 2024 年，包括 Q4，對吧？去年，試驗。所以，規模很小，不重要。今年，我們肯定會進行試點。

Some of the GPUs, and you've seen this in public blogs published by some of our customers have already gone from tens of thousands to 24,000 and are heading toward 50,000 GPUs. Next year, I think there will be many of them heading into tens of thousands aiming for 100,000 GPUs. So, I see next year as more promising. Some of them might happen this year.

一些 GPU，您已經在一些客户發佈的公開博客中看到了這一點，已經從數萬個增加到 24,000 個，並且正朝着 50,000 個 GPU 前進。明年，我認為會有很多 GPU 前進到數萬個，目標是 100,000 個 GPU。因此，我認為明年更有希望。其中一些可能會在今年發生。

But I think we're very much in -- going from trials to pilots, trials being hundreds. And this year, we're in the thousands. But I wouldn't focus on Q4. I'd focus on the entire year and say, yes, we've gone into the thousands.

但我認為我們非常注重從試驗轉向試點，試驗是數百個。今年，我們已經達到了數千個。但我不會把重點放在 Q4 上。我會關注整個年度，並且會説，是的，我們已經達到了數千個。

And I'll let Chantelle turn for this glide path, right? So, we expect to be single-digit small percentages of our total revenue in AI this year. But we are really, really expecting next year to be the $750 million a year or more.

我會讓 Chantelle 談談這個滑行路徑，對吧？因此，我們預計今年 AI 在我們總收入中僅佔個位數的百分比。但我們真的非常期待明年能達到每年 7.5 億美元或更多。

Chantelle Breithaupt -- Chief Financial Officer

Chantelle Breithaupt -- 首席財務官

Yes. Yes. I think so. I completely agree, Jayshree.

是的。是的。我完全同意，Jayshree。

The only thing I would add to it is you have to think of the kind of matrix we're working within. So, we have cloud and enterprise customers and we have very, very different scopes of readiness at those customers. So, Q3, Q4, Q1, Q2 next year, they're all eligible for timing for types, etc.. So, we just want to make sure that the variability that I spoke to in my prepared remarks is understood in that context.

我要補充的唯一一點是您必須考慮我們正在工作的矩陣類型。因此，我們有云和企業客户，這些客户的準備程度非常不同。因此，Q3、Q4、明年的 Q1、Q2，它們都適用於時間和類型等。因此，我們只是希望確保我在準備好的發言中提到的變化在這種情況下得到理解。

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼主席

Yeah. I think simple things like power and cooling are affecting the ability to deploy in a massive scale. So, there's nothing magic about Q4. There's plenty of magic about the year in its entirety and next year.

是的。我認為像電力和冷卻這樣簡單的事情正在影響大規模部署的能力。因此，Q4 並沒有什麼神奇之處。整個年度和明年有很多神奇之處。

David Vogt -- UBS -- Analyst

David Vogt -- UBS -- 分析師

Great. Thanks. Thanks, Chantelle. Thanks, Liz.

好的。謝謝。謝謝，Chantelle。謝謝，Liz。

Liz Stine -- Director, Investor Relations

Liz Stine -- 投資者關係總監

Thanks, Davide. This concludes the Arista Networks second quarter 2024 earnings call. We have posted a presentation, which provides additional information on our results, which you can access on the Investors section of our website. Thank you for joining us today, and thank you for your interest in Arista.

謝謝，Davide。這就結束了 Arista Networks 2024 年第二季度收益電話會議。我們已經發布了一份演示文稿，其中提供了有關我們業績的更多信息，您可以在我們網站的投資者部分查看。感謝您今天加入我們，並感謝您對 Arista 的關注。

Operator

操作員

[Operator signoff]

[操作員簽退]

Duration: 0 minutes

持續時間：0 分鐘

Call participants:

與會者：

Liz Stine -- Director, Investor Relations

Liz Stine -- 投資者關係總監

Jayshree V. Ullal -- Chief Executive Officer and Chairperson

Jayshree V. Ullal -- 首席執行官兼主席

Ashwin Kohli -- Senior Vice President-Customer Engineering

Ashwin Kohli -- 高級副總裁 - 客户工程

Jayshree Ullal -- Chief Executive Officer and Chairperson

Jayshree Ullal -- 首席執行官兼主席

Chantelle Breithaupt -- Chief Financial Officer

Chantelle Breithaupt -- 首席財務官

Michael Ng -- Goldman Sachs -- Analyst

Michael Ng -- 高盛 -- 分析師

Aaron Rakers -- Analyst

Aaron Rakers -- 分析師

Meta Marshall -- Analyst

Meta Marshall -- 分析師

Atif Malik -- Citi -- Analyst

Atif Malik -- 花旗 -- 分析師

Antoine Chkaiban -- New Street Research -- Analyst

Antoine Chkaiban -- 新街研究 -- 分析師

Amit Daryanani -- Analyst

Amit Daryanani -- 分析師

Tal Liani -- Analyst

Tal Liani -- 分析師

George Notter -- Jefferies -- Analyst

George Notter -- 傑富瑞 -- 分析師

Samik Chatterjee -- Analyst

Samik Chatterjee -- 分析師

Karl Ackerman -- Analyst

Karl Ackerman -- 分析師

Benjamin Bollin -- Analyst

Benjamin Bollin -- 分析師

Alex Henderson -- Analyst

Alex Henderson -- 分析師

Jack Adair -- Melius Research -- Analyst

Jack Adair -- Melius Research -- 分析師

James Fish -- Analyst

James Fish -- 分析師

Ittai Kidron -- Analyst

Ittai Kidron -- 分析師

Simon Leopold -- Analyst

Simon Leopold -- 分析師

Tim Long -- Analyst

Tim Long -- 分析師

Sebastien Naji -- William Blair -- Analyst

Sebastien Naji -- William Blair -- 分析師

David Vogt -- UBS -- Analyst

David Vogt -- 瑞銀 -- 分析師

More ANET analysis

更多關於 ANET 的分析

All earnings call transcripts

所有收益電話會議記錄

Contents:

目錄:

Prepared Remarks:

主要發言:

Questions & Answers:

問題與回答：

Call participants:

與會者：

Arista Networks (ANET) 2024 年第二季度財報電話會議實錄