All right, if everybody can go ahead and please take their seats, we're going to go ahead and get started with our next session. We are very pleased to have Arista's VP of Cloud and Platform Product Management, Martin Hull, joining us. We also have Liz Stine, who runs IR, here with us as well. And for those of you who don't know me, I'm Matt Niknam, the networking analyst here at Deutsche Bank. So thanks, Martin, thanks, Liz, for joining us. You're welcome. So maybe just to start, Martin, maybe for the benefit of everyone here in the room, can you tell us a bit about your history at Arista and what you're responsible for in your current role? Absolutely. So, I've got an interesting role at Arista. I'll come to that in just a moment. I've been at Arista for a little bit over 12 years, and before that, I spent a similar amount of time at the other place, Cisco. But before that, I got started in networking back when mainframes walked the earth. So I've been doing networking for a while. At Arista, I currently run the platform product management team. So, everything that comes out of Arista in a gray metal box is basically my responsibility. I also have responsibility for the Cloud Titan sales quota and the systems engineering team that works for those same customers. So I've got a broad role. Why don't we, why don't we jump right into that? Yeah. Let's, let's start with Cloud Titans. Obviously very, very topical. Maybe just to start, if you could talk about what you're seeing from your Cloud Titan customers right now in terms of underlying demand and whether maybe a sharpened focus. We hear so much about AI-related spend. Has that largely been neutralized by deferred spend elsewhere? Okay, there's a lot to unpack there. Yeah. So, you know, we have multi-year relationships with the Cloud Titans, two of whom are our biggest customers. But we, you know, we sell to the cloud sector. Not everybody's in the Cloud Titan group, but we have a broad set of customers in that cloud market. So is there a sharpened focus on AI? Absolutely. I mean, we wouldn't be sitting in this room asking me AI questions if there wasn't. But we've been working with these customers, as I say, for many years. So the deployments that we're going through at the moment are largely in what we call the front end network, the IP and Ethernet space, but it also extends out to the data center interconnect, the wide area networks, and many other parts, their colo, their transport networks. Those deployments have to continue. They can't hit the brakes. They can potentially choose to increase CapEx on the AI back end, and that might have a change in focus, but over the long run, they have to continue spending on all the other parts of their IP network, right? The IP network is how they deliver the services to their customers, whoever they are. Whether it's a, you know, software as a service cloud, whether it's a media and entertainment cloud, whether it's a, you know, productivity cloud, everybody has to deliver that service. The AI part of it is how they're going to underpin their next generation solutions. They still have to have delivery, transport, customer connections, and that's all the part that we're interested in. Was there a part I didn't answer there? You did not. There's a lot of subparts- Okay. to that question. Okay, I think I got there. But I started with the Cloud Titans. But maybe just to stay with Cloud Titans for a sec, are you seeing any impacts from a lower macro backdrop, elevated interest rates? Is that weighing on sales cycles or customer decision-making processes? In the Cloud Titans? Yeah. I don't think that they are necessarily exposed to increased interest rates, parts of their business that we get involved in. We're... You know, networking is a relatively small part of these companies' CapExes, so I'm not seeing any change based on the macro there. We saw, gosh, we're in August now, nearly September, you know, earlier in the year, we clearly saw a couple of those large companies doing, you know, cutbacks in terms of headcount, right? That's in response to maybe them making overcorrections earlier in the pandemic. Those sorts of things we've got no control over. Absolutely, right? But when they want network infrastructure, when they want to build out next generation solutions, then they're going to be having conversations with us about that. You know, macro, I'm sure that plays a lot into their thinking long-term, but we don't see that short-term affecting us. Just maybe while we're on the topic of macro- Mm-hmm. as it relates to enterprise, obviously you've been a pretty meaningful- Yeah Share gainer. Is there maybe a tougher macro broadly, or even the topic of rates, maybe as you think about enterprise-based, has that impacted the pace at which maybe you're able to take share from incumbents? Yeah. So there's possibly two or three aspects to that, and that is, you know, as you say, we are a net share gainer, and so it'll always be difficult to look in the rearview mirror and say: Could we have done more or less, and was that shaped by an economic backdrop? Difficult to say. We continue to be that net share gainer. If you then go into those conversations with the customers, if the customer on the left is saying, "Not this year," well, the customer on the right is opening the door to you. So we've still got those opportunities ahead of us. When we get deeper into the engagements, you do then tend to find that, you know, to make sure that you can move that deal to completion, you've got to make sure you have all your signatures signed off all the way up. As long as we're doing our piece to make sure that we can get all the technical sign-offs, all the business sign-offs, and then finance and legal will get in the way, you know, contracts perhaps taking a bit longer to get closed out, but we're not seeing a slowdown in our ability to do, to grow our business there. But that's... It's difficult to say, could it have been more? You can't ever tell. And just maybe to close out on the topic of Cloud Titans, and by the way, just for everybody in the room, I will pause maybe with 15 minutes left for any audience Q&A as well. You obviously have two very large Cloud Titan customers. Yes. M&M, Microsoft and Meta, for those who don't know. Meta and Microsoft. Meta. As Ita says. I was going by market cap, but yes, maybe. Is there any discernible difference in terms of their spending patterns, the priorities that you see from them? Yeah. So if you, if you even walk outside the, the M&Ms to our other markets, what we find interesting is every one of them is trying to solve the same problem, and they all come up with a completely different way of solving that problem. Okay, we've got a product portfolio that can fit into whatever use case they have for it. So yeah, they, they definitely deploy the technology in different ways. You've also got to think about what it is that they are as a fundamental business, right? I think we all understand what Meta is and what Meta does. Is Microsoft their competitor? Not really. It's a completely different set of business services. So they have fundamental different businesses. They just happen to be very, very large deployers of cloud infrastructure. So that's, yeah. We sell similar products to them, and they use them in different ways. Maybe let's hit supply chain. That's obviously been very topical over the better part of the last four, six, eight quarters. What's the latest you are seeing on the supply chain front now? So it's been going on for more than eight quarters. I still live with supply chain challenges, effectively day in, day out. But not to say that most of the problems aren't in the rearview mirror, but we are by no means back to normal. The standard lead time for components that used to be easy to get hold of are still extended, so we have to plan in longer cycles. We then ask our customers to work with us to plan in those longer cycles. We do expect by the end of this calendar year that we'll get back to more of a normal period, but in some ways I don't think we're ever getting back to normal. Some of these lead times are just going to stay long for I don't know how long. You know, we've never seen this in the 30 years I've been doing it, and Jayshree's been doing it even longer. None of us in this industry have seen this kind of scenario play out. I think it's going to take certainly a few more years to get back to normal, if we ever get there. But most of the challenges are behind us, and we understand where we are now. We just have to have better business planning, short term, medium term, and long term. Is there, is there maybe easing or moderation relative to peak supply chain headwinds we may have seen not too long ago? Is that impacting customer decision-making behavior across the base? It has to impact the customer decision when they... You know, we have these multi-year relationships, so we're talking to our customers about not what they want this week or next week or next month. We're talking to them about their decisions that they're going to make in a year's time. If the components that they need to have inside the systems we're going to deliver in the next generation product are on a 52-week lead time, you better tell us tomorrow. And realistically, some of these components are. Now we work with them. Are those orders? No, these are strategic directions that we're all walking together in hand in hand. So those relationships allow us to partner. So that has to change how they think about working with us. They can't keep their decisions hidden behind the table. They have to help us so that we can help them. Just relative to this, if we, if we think about lead times, I know in the past I've heard Jayshree and Ita maybe quantify some of the lead times across different customer sets, where they peaked, where they expect to normalize. If we can maybe refresh us on that as well. For products? Yeah. We have managed to reduce the lead times on a subset of products, so that, you know, the typical enterprise customer is more able to get hold of what they need because they can't plan in those year and multi-year cycles. Yeah. Their build outs don't last as long. So we reduce the lead times on a number of those products that are key to them, and then we continue to work with the larger customers on trying to get visibility into longer term planning. So not, not committed orders necessarily, but just trends and directions. So we're still working on the business as a one-year-plus horizon. Gonna go back to AI, obviously. I can't let you go. I asked one question, but I got to go back to it because obviously it's a huge focus. From a very, very high level, how big of an opportunity can this be for Arista? Maybe from an addressable market or addressable opportunity perspective. So it's not really for us to necessarily try and sum all of that up. I know a lot of the industry analysts have looked at it, and they come up with a number of- Yeah. Two to- 2 to 7. 2-3. Yeah, 2-7, 2-3. Yeah. Depends on what horizon you look at. Depends on what you want to group into there and what you don't want to group into there. You know, a lot of the Ethernet technology that we'll sell into a cloud could be deployed in an AI environment and not an AI environment. You try and work out where it got put. So it's challenging at best. It's definitely an incremental TAM in that there's more CapEx going into that area. And then there's the debate of how much of that is going to be an Ethernet-based technology, a multi-vendor, and how much of it is going to be a proprietary InfiniBand technology, what that ratio is, how fast it changes, and then you've still got to come back to the underlying, how fast will this go? Jayshree said it. We're still in some very early phases here. I know that the hype cycle's pretty high at the moment, hence all these questions on AI, and totally understand that. But we're still waiting for next-generation silicon on the GPU side. We're waiting for next-generation silicon on the, the networking side. And as each one of those iterations happen, I think there's going to be a, a functional step in terms of how much you can deploy... and we've barely scratched the surface, right? AI getting deployed in some of these high-profile environments and the, the stories we see about what they can do. You know, if you're trying to take an SAT, you're going to get a perfect score from now on. But you think about how you can apply AI to healthcare, fintech, pharmaceutical research, all these areas where AI can be deployed for the good. Not saying that getting a perfect score on an SAT isn't good, it's not maybe quite as helpful. So there's many, many areas where AI can be deployed to all of our lives, and I think that's the thing that we haven't started yet, right? And I see plenty of people out there saying, "This is the start of the internet boom, like it was in the nineties." Sure. Okay. We'll see. 20 years from now, we'll all look back and we'll know what the answer is. But AI, we're very, very early into this. Got it. So I'm going to ask, this is going to be a very high level, simplistic question, but, at what point do you think, obviously, you mentioned significant investments being made in GPUs? Mm-hmm. Obviously broader internal corporate focus that's pivoted to AI. At what point, if we're trying to sort of track that trail, when does that start translating into more material, needle-moving contribution for Arista? So we're keen to say it early. It's Ethernet, so it's challenging for us to say, "This is AI,"- Yeah This isn't," because the front-end network is kind of still part of their AI infrastructure. It's just, well, we're going to buy that anyway. So it's difficult to know when it starts and when it finishes. It's difficult to quantify it, but here we are, back end of 2023, we're still in the early trials. 2024, I think we'll get into meaningful deployments, and then 2025, I think, is when you'll start to see that kick through into what you choose to call needle moving. The revenue base is bigger, so it's gotta be- Yeah. It's gotta be needle moving. Yeah. Okay. Ethernet versus InfiniBand. Interesting topic. Mm-hmm. I know it's becoming more and more topical. What are the relative advantages of Ethernet relative to InfiniBand? And I say this as a maybe less technical person asking more of an expert in the space. What are the relative advantages of Ethernet relative to InfiniBand as it relates to AI networking infrastructure? So there's probably two or three points, and they're not all technical. Okay, good. Ethernet is a multi-vendor technology. You can buy it from a number of vendors. I'd always like the customers to buy it from Arista, but they have choices, a multi-vendor market out there. Ethernet is the primary technology deployed in data centers today for all network functions. InfiniBand is a single supplier technology that gets deployed in the back-end network, effectively a niche, a corner case. As you want to try and expand your AI scenarios to be ubiquitous in every location around the world, are you going to repurpose every single data center from Ethernet to InfiniBand? No. So how much does InfiniBand grow in those ubiquitous deployments, and how much does it get contained within a, a niche? That's going to be a decision each customer chooses to make. When you look at the collective, you look at the broader picture. Ethernet inevitably becomes the significant technology for AI deployments. That's kind of the business side of it. You know, if you want to go out to the market and you want to hire a networking expert, and you challenge them on all their questions, they're all going to be Ethernet questions. You're not going to be asking InfiniBand questions. So where do you find the smarts? Customers don't necessarily want to go to InfiniBand, but that's where they are now. Then you look at the technology. Scale out, Ethernet, multi set, multi-tenant segmentation, multi-clients, hosting, giving you a slice of an AI and a different customer, a different slice of an AI. Ethernet has the tools and the technologies. Ethernet has the troubleshooting, Ethernet has the monitoring. And then, by the way, did I mention multi-vendor? Yeah. I think it's inevitable, but I'm not going to call the score in the first innings. Okay. Okay, great. And just, and you mentioned customer, like, effectively just using sort of multi-vendor and maybe customer, propensity or desire to do that. Mm-hmm. Mm-hmm. Any initial reactions here from customers just in relation to the Ultra Ethernet Consortium that you're part of alongside some other partners? So the Ultra Ethernet Consortium, the key is in the third word, consortium. Yeah. It's multi-vendor. So it's systems vendors, it's silicon vendors, and it's some very large-scale customers. Recognizing jointly that there are some areas within the existing technology that can be improved and enhanced to be more suited to the challenges that AI is bringing. You form a consortium, you work collectively on it, you bring the best brains in the industry together, and you enhance the existing Ethernet protocols. You do that so that you now have a solution that has the best of breed from multiple suppliers, silicon systems and customers. Customers look at things like flow control, monitoring, troubleshooting, and saying, "You know, it'd be nice if we had this technology, this capability, this new header in a field. If we could all just agree what the header looks like and what we're going to call it and how we're going to use it, let's implement that in silicon, then in systems, so the end customers get that advantage." That's what the Ultra Ethernet Consortium is trying to do. There's some initial work. There's a draft going to come out soon of some of the first works of that. It's now been opened up that other people can apply to join the UEC. It's an open consortium, and, you know, I look forward to seeing, you know, what comes out of that in the next few years that helps customers take Ethernet to the next level. Yeah, you obviously, you mentioned responsibilities tied to Arista's broader- Mm-hmm. -uh, platform. Yeah. So maybe from a high level, if you could talk about some of the key differentiators that have enabled Arista to win the type of market share that it has, and we can maybe spread this both across Cloud Titans as well as enterprise? Yeah. Largely getting to what's the secret sauce? Well, I'm the hardware guy. Secret sauce is software. It pains me to say it. I joined Arista, say, a little bit over 12 years ago, and I joined as a systems engineer, so bottom of the rung. We used to go out on customer calls, and I would talk about latency and packets per second and how bright the LEDs were, and the customer's eyes would roll in the back of their head. So we pivoted and started to talk about software: open, programmable, scalable, resilient, reliable. And said, "By the way, you can buy the software to run on this really cool hardware if you want." So software is the secret sauce. Software differentiates everything we do from an architecture perspective up, extends into a high-quality product. It, again, it pains me to say it, software is the differentiator in this industry, and the EOS software quality speaks for itself, right? If we didn't have a quality product, we wouldn't have got our first customer, we wouldn't have got our 7,000? 9,000. 9,000th customer, right. That's how we have those conversations with customers. "Give us a chance. You've got to lose." But we get them into what we call a proof of concept. They test it, they try it, they put it into a production environment, and the proof is there. Are there other... You know, obviously, we think about sort of adjacencies, maybe broadening the platform. Are there areas, opportunities you see where Arista may be able to bolster the platform, either organically or inorganically? And are there things that customers may be asking you or want to see more of in terms of platform enhancements over time? Yeah. So let's not speak to the future, but if we look to the past, we've done both internal development and we've done bolt-on acquisitions. So if you look at, you know, excuse me, if you look at, you know, a typical campus network, and here we are in a conference room, we're all using Wi-Fi on our phones and laptops. Wi-Fi was clearly an area where we needed something to be able to talk to the enterprises. We did an acquisition a few years ago. Then you start thinking about how an enterprise runs a network. It has to be secured from the inside out. So we, you know, had an Awake acquisition. We've also done an internal development of an identity solution, and we recently announced our first foray into enterprise-wide area networks. So you kind of circle that core enterprise, and you look at the technologies that are laid on top of it. I think those are the obvious areas for identity, security, connectivity, Wi-Fi, and then the external connectivity. I think those are the areas where we're going to see us doing that. You know, big, bold moves, I don't think that's in our DNA. I'm going to pause and just open it up to anybody with a question. I see there's one here. Hi, Martin, just to follow up on the enterprise side, can you talk about has the pace at which you guys can gain share, is it seeing a step change? Is it something different from the past? And the reason why I'm saying this is that I understand the point you made about the portfolio being fuller, about what you- Mm-hmm. Can offer to the enterprise now, but also part of it is just replacing existing equipment from the incumbent. I always thought there was only a certain pace at which you can gain share. I'm trying to understand, is this recent accelerated growth, something that's really changed in your mind, or will it be steadier share gains as we've seen in the past? If there's any difference. Thanks. There's probably a couple of dynamics playing out in that one. Clearly, a lot of people hit pause 3 years ago, and so there's a, an attacks, that they had to be paid down. There's some infrastructure that's aging, and it didn't get refreshed for a while, so it's due. It's coming up for renewal. There's also the 800-pound gorilla in there, had their first generation of their licensing subscription model. That's also coming up for renewal on their first rounds of re-ups. Both of those create opportunities, at bats, if you will. As I say, as you commented, our portfolio has expanded, so the conversations with the customers now are more full. If the customer isn't necessarily interested in an infrastructure refresh, maybe there's a security conversation, maybe there's a WAN conversation. We're able to have more conversations with the same customers. You can keep engaged, and that then leads to being in the right place at the right time. So multiples of those factors kind of come together, but you still have to execute, right? The 800-pound gorilla is not going anywhere, and why would they? So we still have to be at the top of our game, right? We can't assume anything. We don't walk into these opportunities. But you do develop them over years, you develop the relationships. And the other thing we're starting to see now is key customers advocating for us and turning around to their peers in the industry and going, "Why wouldn't you use Arista?" So you start to get that name recognition, the brand recognition, the referrals, and again, sometimes that's an accelerator to our business model there. All the verticals. But within, you know, if you think about the financial services in New York, right, it's a fairly closed shop up there. There's a whole bunch of technical guys who talk to each other. They change firms over years. They know each other. You can say the same thing about, you know, where I'm from, the Bay Area, NorCal. Customers know each other. There's an undercurrent and a grapevine of, "Have you used it? What do you think? How was your experience?" So that peer review, that peer recognition, nobody necessarily wants to be first, but nobody wants to be last either. ... So let's pivot a little bit and talk about 2024. And Liz, I apologize in advance. You can jump in and stop me whenever you'd like. So on the last call, there was talk of some optimism around maintaining double-digit growth next year. And it, you know, again, as I sort of look at your two largest customers at least, they intend on accelerating their CapEx spend, just based on what's out there in consensus, for next year. How does what you see from them, from these larger customers and broader customer base, align with sort of your current visibility and align with that view around maintaining double-digit growth? Definitely going to punt that one to Liz. No, I mean, we'll definitely get into kind of a little bit more of the details around 2024 at our Analyst Day in November. So shameless plug for November, right? But I think, you know, as we go through the year, obviously, we upped our guidance for 2023 to, you know, 30%. You know, when we get into November, we'll have a little bit more of that visibility, and we'll kind of break out what the business looks like, going into 2024. But this internal goal of kind of that double-digit growth, that low double-digit growth, you know, this has been something that's been around for a while. You know, Jayshree even mentioned it kind of last November when we were talking around that kind of five-year CAGR that we put out there from 2020 to 2025 of, you know, 20%, and that implied some deceleration. And so the internal goal has always been: Can we grow the business double digits, even, you know, if cloud could be somewhat cyclical? And we've always said that cloud could be somewhat cyclical. What that cycle actually looks like is kind of the hard part to put together and the timing of that cycle, but that's always been the internal goal. Okay. We'll stay tuned. Yeah, stay tuned. Just one of— We talked a lot about cloud science, and obviously, we focused on the two bigger ones who were sort of named. What about the use cases and opportunity you have with other potential? I think there's about 5% of that 46% last year; there's about 41 from M&M. There's about another 5% that are the other. Where do you see potential for Arista to maybe address opportunities with maybe other cloud or scaled customers that are not being met today? So as you call out, that clearly we have some business with them already. Would we like it to be larger? Absolutely. We have a role to play in their network infrastructure today, but it's not at what you like to think of as the heart, not at the center. Opportunities within those areas are not necessarily technically based. These are strategic organizational decisions they've taken many years ago, and their selection to go in a different strategic direction are kind of the triggers that it will take for us to be able to move in that direction. We engage with them deeply. Same engineering teams that report for the other hyperscalers, same engineering teams. Their criteria, their requirements aren't fundamentally different. They just have a different sensitivity in terms of build versus buy. So we remain ready. What will it take? I don't think that's in our control. Has the change in supply chain dynamic, the worsening dynamics the last couple of years, has that, you know, changed the thought process from some of these other customers? No, they've got deep supply chain organizations. You know, we're not just talking about networking, we're talking about building facilities and compute and storage. They effectively build everything themselves. They have deep supply chain organizations, and they have got just as many professionals in those organizations as we do in ours. Sometimes come together as more. So they're just as able to address the problems. I don't think anybody solved it, but address the problems when we did in, in the same way as we did. We have conversations, supply chain to supply chain. What are we seeing collectively? What do we think is going to happen a year from now? So those, you know, conversations are not just engineering. We're talking supply chains to supply chain to make sure that, you know, we're all, everybody, everybody leans left at the same time, everybody leans right at the same time. We all act as humans, right? We all kind of go in the same way. So sometimes it's good to make sure that we are all leaning in the same direction, we're all seeing the same thing from supply chain. So we have a deep engagement with them, engineering level, supply chain, software to software. Yeah. What will it take? Difficult to say. Okay. We've woven in a couple of questions on enterprise- Mm-hmm. If we can maybe talk a little bit more around how demand within enterprise has been trending, what the growth profile looks like, within enterprise. Maybe I'll pause there and then throw in a question about backlog afterwards, but maybe we'll start. I'm going to put this one to you. Yeah. I think when you look at our enterprise business, it's all about new logos. It's all about expanding the portfolio or the presence and footprint within our current customers, right? You know, we are still the share gainers. If you look at, you know, financials as our oldest vertical, we'd still probably say that we're under-penetrated there, and there's still a long runway of opportunity in that. Now we've broadened out our verticals. You hear Jayshree talk on all the earnings calls, trying to give some examples of some of these enterprise customers that we're dealing, and then obviously, we've expanded our portfolio. You know, as Martin was saying earlier, that gives us more opportunities at the table. You know, we're no longer sitting around waiting for a data center opportunity, which could be, you know, 5 or 7 years in the making. You know, we have opportunities at campus, at routing, network monitoring, detection. Like, all of those are opportunities to prove out the quality of EOS, to prove out the operational efficiencies of CloudVision. And so we're now looking for that, you know, corner case, that use case that we can kind of prove out those, because really experiencing the difference of EOS is what makes the decision, right? You know, everybody's selling a quality product. You want them to experience it. So looking for that corner use case. Having more opportunities, you know, at the table to prove that out than doing a natural land and expand. So it's really around new logos and then expanding those logos. Is there still—I mean, maybe what is the growth profile, if you can help us just ballpark think about how fast enterprise is growing and how sizable, if it still is, you know, in terms of backlog burn and contribution to that growth? I mean, you look at kind of the data center side, and you look at the campus side. I think the campus is a good metric to watch. Obviously, we've been making traction in the campus. We had the $400 million goal for 2022. We talked about meeting that from a demand perspective and obviously, from a shipment perspective, maybe fell a little short. We've put out kind of that longer term, 2025, goal of $750 million, and we continue to execute well against that goal in campus. And obviously, you know, that's still a very small portion of that overall market. You know, we're really targeting those large enterprise customers. If you look at the campus market overall, it's maybe $20 billion, and half of that is $10 billion, you know, those large enterprise customers, and those are the ones that, you know, we engage with in the direct sales model that we have at Arista. Okay. Okay. And then just maybe one final question in the time that we have to maybe tie this all together, and maybe I'll throw it out to both of you. What do you think is the most underappreciated aspect of the Arista story, from your seat internally, and then maybe, Liz, from your, from your seat as well? I'm still going to say software. Mm-hmm. I used to say it. No, so seriously, software, EOS, is the biggest difference, right? I came into Arista 12 years ago, excited about the silicon and the low latency switches and the high performance. But at some level, anybody can build those. The software is the biggest differentiator. And I think, you know, it lasted us this long and lots of conversations with customers over the years about our quality is better. Everybody says that. We have a single source tree. Everybody says that. Everybody says it, nobody means it. And there's been a number of, you know, aha moments over the last 10 years, where we've been able to deliver a feature to a customer that was game-changing for them, right? And the features are in software. The ability to use software to leverage our capabilities. We are a software company who happened to run it on top of merchant silicon on dedicated hardware appliances, basically. But that's the biggest thing that, you know, we keep saying it, but we still get underappreciated for the fact that software, EOS, and CloudVision are what make us unique. Yeah, I mean, I think that I would always say kind of the enterprise piece of the business, just because I joined 11 years ago, also as an SE, kind of targeting those enterprise customers, right? And seeing our product expansion, obviously, being able to offer kind of that end-to-end enterprise network, I think that's somewhat underappreciated. And if everybody wants to talk about cloud, everybody wants to talk about AI, they forget that the enterprise is a good portion of our business, both in the data center and the campus, and the routing, and the network monitoring and detection. And we continue to build new products and features and functionalities that are really targeting these enterprise customers and helping them operate much like the cloud. Great. Great place to end it. Martin, Liz, thank you both.