Welcome to the Juniper Fireside Chat at the Goldman Sachs Communicopia and Technology Conference. I have the privilege of introducing Ken Miller, CFO of Juniper Networks, and Chris Kaddaras, Chief Revenue Officer of Juniper Networks. Ken joined Juniper in 1999 and has served as CFO since 2016. Chris joined Juniper last year from Transmit Security. He previously served as the Chief Revenue Officer at Nutanix and was a senior member of the sales organization at EMC. My name is Mike Ng, and I cover Juniper and CommTech here at Goldman. We have about 35 minutes for today's presentation, inclusive of audience Q&A. If any of you have questions during the session, just raise your hand and we'll get a mic runner over to you. First, Ken, Chris, thank you so much for joining us on stage here today. It's a privilege to be able to host you. Thank you. Our pleasure. Great. To start things off, I was wondering if you could talk through Juniper's transformation from, you know, primarily a service provider business to now having enterprise as your largest customer segment. What's been the primary driver of that mix shift, and where do you see the relative contribution of enterprise cloud and service provider going forward? What are the biggest opportunities over the next few years? Yeah, great. Good question. Before I get to the question, I will highlight that we will be making or likely making some forward-looking comments today, and those do carry some risks, so please take a look at our SEC filings for a complete list of those risk factors. But you're absolutely right, we have transformed the company. I would say about, you know, 2015, give or take, we really, you know, recognized as a leadership team, we needed to diversify, right? Juniper historically has been highly concentrated in the service provider, routing use case domain, and really diversifying the business was necessary for us to get to the sustained growth and margin expansion that we're really striving for, and really, quite honestly, shareholder value. So we were on this lumpy service provider revenue, you know, road, and we wanted to diversify the enterprise. So what, what did we do? Really, it started with product differentiation, and I really point to the Mist acquisition of 2019 as one of the key milestones, where, you know, we now deliver a campus and branch solution, which is very differentiated. It's hard to grow into the enterprise if you have a me-too solution. There is a dominant market player in that space, Cisco, and breaking in is, is not easy, but if you break in with product differentiation, you have a good chance, and that's exactly what we've done, and we've seen that really be very successful. So product was a, was an initial thrust, and then I would say shortly followed by go-to-market, making sure we had the right sales organization, the right sales processes, the right sales leadership. And I would argue Juniper has done a lot to transform our sales organization, but Chris coming on board, you know, about a year ago, as you mentioned, is the next step into that go-to-market transformation. So right product, right sales, big market opportunity, we think will deliver sustained revenue growth for us, which is really a big strategic focus of ours. Great. Yeah, I don't think anybody would deny the progress and the investments that you have made in those areas. And it's a good segue to bring Chris into the conversation. With your one-year anniversary at Juniper approaching, I believe, next month, I just wanted to ask, you know, why you chose to join Juniper, what's your first year postmortem, and, you know, what initiatives are you pursuing to help accelerate Juniper's success? Yep, great. Good question. Thank you. Thanks for having me. I would say that the biggest reason why I joined is, years ago, when I was at a storage company, a big storage company, one of the things that we were doing is we were chasing disruption, and we were being disrupted. If any of you know the storage industry, the hardware industry, I mean, a highly disruptive industry, very similar to the compute industry. And at one point, we stopped being disruptive, so I left and I went to a disruptive company, and I chased disruption throughout my career. So I looked for places where we're just ripe for the next stage of technology evolution. And Juniper was that place that I could see that we were in a position to do that. A lot of times, if you're big in a sector, you don't disrupt yourself. You have that innovative dilemma, and a lot of our competition is in that state. Juniper is not. Juniper is in a state where we actually have both the technology, the vision, and the appetite to disrupt the networking industry, and I could see it in what they were doing, especially within the campus and branch environment, and then moving towards the data center environment. So, from my perspective, it was a great place to come to. Now, my postmortem is that a lot of those things are true, right, when I got here. So it's easy, you know, I get sold by these guys, and I come in the company by Rami and such. But all those things that I could see, the technology, the appetite, was all there. The one thing, and I'll tell you, that we, we did a good job of, but have the ability to do even better, is to have higher aspirations around scale in the enterprise space. What does true scale look like to an enterprise company? I'm a believer that until you see it and you walk in the shoes of true scale of like a VMware, a ServiceNow, like these big scaling companies, you don't quite know exactly how it looks and feels and what you need to do. So, that's why I think it's a good place for me. I've seen that scale, and I've brought in some team members that know that scale, and I think we have the ability to really take it to the next level here, which I'm excited about. It's really exciting. Yeah. I'm looking forward to seeing you guys execute on that. Right. You know, before we touch on some of the secular drivers of growth by product and customer vertical, I just wanted to ask a little bit about the current operating environment. You know, last quarter, Juniper called out some weakness in cloud orders that led to a downward revision in the full-year guidance. You know, how would you characterize the current demand environment and IT spending environment relative to earnings? You know, how are you managing through this down cycle? ... Yeah, so I, I think the macro environment, generally speaking, has been uncertain for the last several quarters, if not couple of years, right? I mean, COVID obviously put a big shock in the system, and I think ever since then, there's been some uncertainty in overall macro, you know, economy. Juniper has persevered, you know, extremely well, particularly on the enterprise side, and I think we'll continue to persevere. And a lot of that is, you know, again, the product differentiation, but the fact that we are a relatively small market player at 3% of a massive market. So market conditions are important to us, but they aren't really what drives our success. We believe we could outperform the market, you know, materially, just in, in any market condition, and, and take share and grow even if the market's not growing. And I'll point to 2020 as a good example, where the market wasn't growing. Our biggest competitors did not grow their enterprise business in 2020. Juniper did, right? Because we are, you know, a bit of a challenger here. You know, we have a better product, and we're relatively small, and we have a high win rate. So we're able to grow in this massive opportunity. So although market, I would describe as, you know, uncertain, perhaps choppy over the last, you know, couple years, and who knows about the future, I don't see a worsening market. I see a continuation of kind of what we see now, and I think our ability to succeed will be similar to how it's been in the past. On the cloud comment, I really wouldn't call that market driven. I don't believe that's a demand-driven comment as much as it is a supply chain-related dynamic, right? Where customers really were buying ahead because of supply constraints. We posted 13% and 14% growth in our cloud business in 2021, 2022. You're starting to see that normalize a bit. They're digesting some of those purchases. So I think we're seeing a kind of a unique situation where it's a digestion period. The market for cloud, I believe, is still a very strong place to be. There's obviously been some, you know, a lot of momentum in the AI space and maybe some prioritization that shifted towards AI that might have some short-term, you know, impacts on us. But over the midterm, long term, I feel very good about the cloud market. And then from a service provider perspective, just to complete the market thought, that's a, you know, that's a stable, somewhat choppy market, right? It's not a growth market when you focus on core and edge routing. It's kind of cyclical. You'll have some growth years, you'll have some, you know, modest decline years. Our opportunity there is to continue to diversify the customer set, so get more, more, more logos, if you will, within service provider, and also go after different parts of the market. Metro is one that we're really focused on. It's kind of net new for us. It is a growth market within service provider routing, as opposed to cloud, and core and edge, which are not growing. Metro is. So we think we can, with the right execution, you know, even eke out some modest growth within service provider. Great. And I think those are all fair characterizations. I was just wondering if you might be able to expand on some of those comments a little bit. You know, on the cloud side, you know, when might we see the end of this inventory digestion period and, you know- Yep ... some of the crowding out, you know, from AI? You know, when can we see, you know, some of the investments in Metro kind of play out? Yeah, so cloud, you know, we do believe it'll recover. I think next year, 2024, bookings are going to be up in cloud. I think bookings will be up in all verticals in 2024. From a revenue perspective, you know, staying on cloud, the question is the timing. Does the bookings come in earlier in the year, and we, therefore allows us, a better revenue year, or is it going to come in later in the year? And although bookings will be up, difficult off of 2023 from a comparison perspective. We are dealing with a backlog, erosion this year. Backlog's coming down. That's keeping revenue higher than bookings. Next year, I think the opposite will happen. Bookings will accelerate, but revenue will lag bookings as we no longer have the backlog, and the comparisons are challenged by that. So I do expect, you know, momentum in bookings to happen next year in all verticals. Revenue is less certain. We're not providing guidance yet for 2024 on a revenue perspective. I will say I think, you know, enterprise will continue to grow, like I said before, and cloud bookings and service provider bookings will also recover next year. Great. And, you know, speaking to next year, you know, Juniper has been able to commit to EPS growth in 2024, in large part driven by margin expansion, you know, cost initiatives, and there's guidance to expand margins by at least 100 basis points this year in 2023. Could you just talk a little bit about some of your costs and OpEx initiatives? You know, what are you seeing as the biggest opportunities in terms of cost pools and how you're progressing against those initiatives here? Yeah, so we are very committed to delivering margin and profit expansion. Profit expansion is really, to us, it's sustainable revenue growth. It starts with sustainable revenue growth, and then, you know, gross margin expansion and prudence on OpEx to deliver operating margin expansion. So that's really the ingredients, if you will, and the recipe to deliver consistent earnings expansion. On the OpEx front, in particular, I'll tell you this, the areas that we're not going to disinvest or we're going to continue to invest more than its fair share is enterprise sales, enterprise go-to-market, to take advantage of the products that we have. We have been investing in enterprise sales for the last few years. We'll continue for the next few years because we still have a low market share. I would argue we have less coverage, a lot less coverage than our biggest competitors. So as we add sellers, we could generate more and more bookings, more and more revenue. So we're not near saturated in that space, so we'll continue to invest there. And we'll continue to invest in our software stack, our AI cloud-delivered software, in particular, to make sure we maintain and extend our competitive advantage that we're enjoying right now. So we are going to make sure we don't starve or we don't disinvest in kind of the crown jewels, if you will, of what's going to make us successful. That said, we will be prudent, and we will try to find efficiencies elsewhere. So whether it's other parts of R&D, whereas we're shifting investment from one part of R&D to the other, whether it's G&A, making sure that we, you know, eke out more efficiencies there as we continue to grow revenue and grow OpEx at a slower pace. So we are. It's about prioritization. You know, I, I think we do have an opportunity. We, we spend enough in absolute dollars. It's about focusing that spend in the right areas and taking some costs out in some other areas. Great. And I would, I would like to spend some time talking about enterprise for sure, which has been a bright spot. It's the largest and fastest-growing, you know, customer segment this year. You know, to your point from earlier, Mist has been a material contributor to that success and strength. Could you talk a little bit about, you know, what's driving the competitive advantage in enterprise at Mist? You know, from a product perspective, how has the enterprise portfolio evolved since acquiring Mist? You want to jump on this? Yeah, sure, I'll take that. So we believe today that the cloud-delivered wireless product that we have in Mist is the only product in the marketplace that's doing what it's doing, okay? So it is a truly SaaS-based, DevOps-oriented, cloud-delivered operating model for wireless networks today that has an AI component on it that's been maturing itself for five years, okay? That is a significant difference than what anybody is doing in the market today and providing customers with a huge amount of benefit as to how they set up their networks very quickly and operate them, bringing down tremendous amount of cost. So that's a huge differentiator in the market. When we actually show customers this technology, we win over 90% of the time when we POC the tech. Okay, so massive differentiation in the market. Now, like, how we're doing well there, you've seen the growth numbers in that business, and that's why it's growing, right? Customers see really quickly, this is a true SaaS delivery model. Everybody else is not that today, for the most part, right? They've, they're not a true SaaS. They may be delivered off-site, but they're not delivered in a SaaS, DevOps-oriented, microservices way, okay, which is very different. People have kind of tricked out what a cloud-delivered model is in some cases, right? So customers see that operating model very quickly. The extension of that is really important. So one, we have the ability within that model to both upsell into the model, so we have multiple subscriptions on top, right, that customers can allude to. And then two, is we can cross-sell. So we cross-sell into the switching environment very quickly in our model. And we see about two, two times kind of the opportunity within the switching environment, so campus-based switching. We had additionally cross-sell into the SD-WAN environment. This is something that's relatively new for us, okay, over the last couple of years, but our ability to extend the Mist operating model and the Marvis AI operating model into SD-WAN as well, to provide customers full stack, has been, you know, helpful for our customers to look at that entirely into one operating system. Additionally, we're going to take that to the data center environment. So that's how we extend that model and sell more. Now, today, we're doing really well in cross-sell, or let's call it upselling, right? Mist upselling subscriptions. We're starting to do really well cross-selling into switching. SD-WAN, we're starting to see really great wins in SD-WAN as well today. Then in the future, I'd say near future, I'd say, you know, second half of this year and first half of next year, we're going to start to see a lot more data center wins because of that kind of AIOps model over the data center piece. That's how we extend. Really interesting. And, you know, it sounds like the product has been doing really well. Could you also talk about the go-to-market with enterprise customers? Yeah. You know, this probably looks very different relative to serving a service provider or a cloud customer. You know, what are you doing in terms of investing in your own enterprise sales force and also through channel partnerships? Yeah, I'd say, you know, from somebody who's come from 30 years of enterprise selling at companies like EMC and Nutanix, I'll tell you, they did a really good job, okay, of establishing the foundations of a great enterprise go-to-market. How they segmented their business, what type of accounts and verticals they were going after, how they created productivity within their segmentation model and territory building model, how Juniper's built out its channel strategy as well, has been pretty good. We have ability to improve there. I'd say on the channel side, we have the ability to improve mostly, and I would say, SI and alliance go-to-market. I'd say we're nowhere, particularly on OEM, which is a real big opportunity for us, right? If we could untap some OEM models that we'll look at. So I think for the most part, really good, with the ability to extend in our indirect model. From a, let's call it segmentation perspective, it's what you typically would see, okay? We have a, you know, public sector Fed go-to-market that's giving us great returns. We have a named account enterprise, top of the pyramid model that's giving us good returns, a mid-market model that's giving us pretty good returns, but we have the ability to invest more there, in I would call mid-market. I would tell you, we're not particularly an SMB play, like way down market, like, you know, sub $20K. It's not particularly our, you know, our thing today. It's not something we're going to focus on in the near future, but it could be a, you know, model in the, you know, in the, coming future. I'd say some vertical markets, we have huge opportunities. So if you look at some of the biggest vertical markets in the world, public sector kind of rings as one of the biggest ones, fed and public. Second is financial services. Haven't done a great job there, but we're starting to see some big wins now. That's the kind of the biggest TAM model in that space. Really great in, in what I would call manufacturing and retail today. Really good in SLED and higher ed today, and we're going to kind of double down on that moving forward. So, in regards to investments, we're pretty much adding between 15%-20% growth on quota-carrying heads every year. Okay, we did it in 2021, we did it in 2022, we're doing it in 2023, we're going to do it in 2024, right? So, with that, we have a ramp model, productivity ramp model, that'll continually pay dividends as we, as we add those reps. As long as we hire great people and put them in a great system and train them well, and that's why I'm here. ... That's great. And I did want to follow up on something that you said earlier, which was about the, you know, campus-based switching cross-sell. Mm-hmm. You know, how much of the success in campus to date has really been driven by that cross-sell? You know, what's the typical motion? Like, what's the first product? What's the second product? Yeah. What's the, what's the third product? And, you know, anything you could share around, like, the revenue offload sale, would be great. Yeah. So, for the most part, in the campus environment, our first landing spot is going to be with wireless, with Mist. Okay, so that's our first landing spot. And typically, when you buy an AP, you're buying the subscription. 100% of the time, when you buy an AP, you're buying the subscription-based level subscription for wireless with the AP, right? Then we start to upsell, you know, advanced services on top of that. One of the key advanced services that we sell on top of that is to encapsulate the switching environment, okay? And with that, we get the switches, right? So we get to actually, we cross-sell into the switching environment, and we bring the switching environment into the management orchestration layer for the environment, today for campus. So that's, that's like move number one, wireless. Move number two, wired. Move number, next move, SD-WAN. And then our third move is going to be, for the most part, data center, as I mentioned. Now, we have, we have other opportunities in enterprise, right? We have the ability to sell, and we are selling routing in enterprise today. It's, you know, some cases, depending on the size of the customer, it's the second or third move, right? But for the most part, we're landing with wireless today. In regards to the multiples, we, we for the most part, see that after we land with wireless, we get a 2x multiple on wired. We get a 2x multiple on data center, 2x multiple on SD-WAN, right? That's for the most part, what we expect and what we see in, in a lot of cases. Great. Yeah. I would like to follow up around data center, right? Mm-hmm. And we can talk about the selling motion and CRDC, and it seems like you've seen a lot of impressed momentum- Mm-hmm. -with Apstra, you know, new logos and data center doubled in the last quarter. So maybe if you just talk a little bit about how Apstra plays into data center customer wins, you know, what's the value proposition there, and how do you see, you know, the success there playing out over time? So, you know, it was interesting that when I got to kind of the networking space, there was a lot of views from the networking space that data centers were moving away and moving to the public cloud at an accelerated rate, okay? And yes, there's some truth to that, but remember, I was on the data center side at Nutanix. I was selling, you know, data center prem equipment. I was there at EMC as well. There's a significant amount of data center opportunity in the market today. Significant. In fact, we see customers repatriating workloads from the public cloud back into their own data centers today, okay, for a number of reasons, right? Data sovereignty is one reason, data gravity is another reason, right? Key reasons why customers bring, you know, workloads back or don't move workloads at all to the public cloud. So we are seeing that play true. So we see a significant opportunity. Now, the challenge is, and the reason why customers move their data centers to, as you all probably know, to public cloud, is agility, right? It wasn't cost, let's be clear, okay? It had everything to do with agility. And if we can give customers agility in how they build and run their data centers, then private cloud will win the day. And that's what Apstra does, okay, to be really clear. So it gives. Instead of taking, you know, months and months and months to stand up a data center network, right, or storage or compute, we can do it in minutes to hours with Apstra. So it's the ability to actually deploy a data center network very, very quickly and then manage it very easily. And Apstra is the, really the reason why customers are moving towards Juniper Data Center products, right? A lot of vendors haven't done this before. We're not really competing in that space with a lot of people now. The other thing that Apstra does for us, which I think is really interesting for us, let's call it kind of the Trojan horse methodology, is Apstra is a multi-vendor solution, right? So we don't have to sell Juniper switching to enter a data center. Okay, we can go in and say: Let's manage your existing data centers, whether it's, you know, Cisco, Arista, you name it, right? We can manage data center switching, allow them to very quickly deploy and very easily operationalize their environment. That gives us the ability to actually enter through the side door as well, right? If we, you know, customer wants to look at a third vendor, second vendor, you know, for their switching environment. So that's what it does for us. Yeah, and I would just add, I mean, it's not unlike what we've done in campus and branch, right? The actual appliance, the switches, need to be high, high quality, high performance, no doubt about that. We've had that for a while, but to really differentiate, it's about that operation layer. In the campus or branch, it's about Mist, in the data center, it's Apstra, and over time, with some Mist over the top of Apstra, with some of the AI features. So really, it's about operating the network, whether you're in the campus or branch or your data center, that's where we see we could add tremendous value and really change the game. Right. You know, generative AI infrastructure has obviously been a big theme this year. So I was just wondering if you could talk about, you know, Juniper's opportunity in AI. You know, where in AI clusters can Juniper's products most competitively be inserted? You know, is this an opportunity that's incremental with your cloud customers or your enterprise customers, for that matter? Yeah, I think I'll, I'll take this one, but feel free to add, Chris. Sure. First thing, when I hear AI, the first thing I think of, quite honestly, is Mist. I know you... I'll get to AI clusters, but AI has been the secret sauce for our success in the enterprise, and we have been enabling AI for five-plus years, and we have a significant advantage. Others claim AI. If you looked at the marketing material, you might not see the advantage, but if you see the product, there's a significant advantage. So AI, to us, is something we've been embedding in products and will continue to do for quite some time. Now, when it gets into the AI kind of use case- ... as, you know, from a cloud perspective, I really view it as a two-pronged opportunity for us. The first one is, AI has become and is becoming kind of the killer app, if you will. The next big networking bandwidth hog, where everybody's going to want a piece, everyone's going to want to have the applications, and all the customers are going to want to buy applications that have AI embedded, and that's going to drive demand and traffic, and that's good for Juniper, right? We move traffic, right? And so legacy networks are going to have more traffic required, and that's going to help us kind of grow our business. The more pointed opportunity is actually getting in the AI data center cluster, which I think is where you're headed. And as you know, today, it's, you know, predominantly InfiniBand. It's predominantly a kind of a locked-in approach from NVIDIA, which sells a complete solution. We do not sell InfiniBand. We're an Ethernet provider. We do believe that that networking is going to turn to Ethernet over the next, you know, couple years. And not just us, I think most industry believe that's going to happen. It's somewhat inevitable. It's just a matter of when. You know, in our view, it's probably a couple of years out, and we will be ready, and we are ready to capture some of that opportunity as it migrates. So we have some wins today that you could point to, data centers we built that are generating AI clusters that are enabling AI clusters. I think for the bigger market, it's probably a couple of years out and, you know, we'll be ready for that opportunity. I'll just add on to answer your question. I... The AI clusters opportunity is all upside. Yeah. Okay, so it's all, it's all upside for us, right? Right. So the AI bandwidth opportunity is also all upside, right? So with a killer app, so that we're going to get more routing, faster ports, like all that's going to come to, you know, to the networking vendors for sure. But especially the AI clusters is something that we—it's a whole new application set, so it's infrastructure we haven't sold before, so it's all upside for us. Okay, great. That's really helpful. We have about eight minutes left, and I do want to leave some time for audience Q&A, so maybe I'll sneak one more in before I see if there are any questions. But Ken, I would love to talk a little bit about the trajectory of orders. Yeah. You know, orders have declined year -to -date, though that's due to supply chain issues and digestion and things like that, and the clients have been moderating. And Juniper has said that, you know, they should grow again, order growth in 2024. So maybe you could just talk through some of the underlying dynamics that's affecting orders, you know, in terms of inventory digestion, how you're thinking about the trajectory of orders going forward. Yeah, the biggest factor that's driving kind of unusual ordering patterns is supply chain lead times, right? So in 2021, 2022, lead times got extremely extended, not just into us, they clearly did. Our components, to get components were, was difficult, and we were chasing parts. But our lead times to our customers extended from, say, 30 days to sometimes 12 months, right? So customers were buying, their buying cycles changed. They were buying stuff 12 months in advance because they knew we couldn't ship it, for 12 months because of the lead time. So 2020 to 2021, bookings outpaced revenue, right? They were putting in the orders, but we weren't able to fulfill them all. This year, it's flipped, right? So this year, since they've already placed a lot of orders in the past couple of years, they've placed most of what they needed for 2023, they placed in 2022, and then lead times start to come down dramatically this year. The supply chain is basically rectified and fixed itself. You're seeing a negative bookings compared to revenues. So revenue is outpacing bookings this year for the first time in the last three years. Next year, you're going to see bookings outpace revenue again because they're coming off a, an unfair comp. You know, this year, bookings, I would argue, is artificially too low. Next year will be normal bookings, but year-on-year basis, you're going to see, you know, meaningful growth. It's never happened before, since I've been at Juniper, where we've seen this kind of dynamic, and you're seeing revenue and bookings not correlated like they should be. Next year is going to be bookings are higher than revenue, I would say relatively materially. The year after, 2025, is the first year where you're going to see a normal correlation, I think, where you'll see bookings and revenue kind of at a more correlated fashion. Great. Any questions from the audience? We've got one over here, and then we'll go over to the side in a second. Thank you for the opportunity. I have a follow-up question on the order dynamic. I think it's helpful to note, but it's obviously comp issue. But if we were to look at it from versus a compound growth rate versus 2019 level, is there any reason why the compound growth rate would deviate from your long-term growth rate that you guys have been talking about? Yeah. Yeah. It's a good question. I would say, I believe our enterprise compound growth rate is going to blow away our long-term model, right? Our enterprise model is 5%-9%. We've been beating that in pretty much all years, revenue and bookings, right? So that I would take you over if you did a compound growth. I think service provider, you're going to find pretty consistent. We've been on the higher end of that model, but I think if you were to average out, you would see, you know, in line to kind of the higher end of that model. On the cloud side, if you go back a long enough period, you're going to, I think you'll find us within that model as well. You know, so last year we had, last couple of years, we had double-digit, you know, significant double-digit growth. This year is obviously taking a step back, but I do think it normalizes along the lines of that model. I would say the high end of that model as well. We have a question over there. The 90% win rate that you talked about for Mist, who are you typically displacing or coming up against when you win? Typically, it's Cisco, HP Aruba, or Extreme. I mean, those are the typical ones in the market. I'd say predominantly, if there was a winner in that race, winner in the loser race, it would be Cisco. Yeah. Great. I want to ask a question about service provider and automated WAN solutions for a little bit, specifically the opportunity around metro and edge. Could you just kind of level set, you know, what are those opportunities in metro? How do you think about it relative to edge? You know, what are some of the competitive dynamics and things like metro and edge routing? ...Yeah, so the competitive dynamics, this is really, you know, Nokia, Cisco, and Huawei. Those are really the incumbents in that space, and Juniper is kind of the challenger there. You know, it's a $2-$4 billion market, depending on, you know, analysts and how they kind of bifurcate the market. So it's a, you know, it's a multi-billion-dollar market. But what we like about it, a couple things. One is, it's technology that is not easy. It's not difficult for us to enter into, right? I mean, we have the edge routing, so it's really about, you know, modifying some of the software, you know, changing some of the footprint, the actual device size, and using, a lot of times, merchant silicon, in many cases. It's relatively easy for us to break into that market from a technology perspective. And why we chose to break into it is the growth opportunity. So it is the one market within service provider routing that has sustained growth predicted for the next several years. You know, mid-single digits, some cases, high single digits, depending on, again, what analysts you follow, you know, growth. Whereas core and edge routing is flattish, or has been flattish, and is projected to continue to be flattish over a long period of time, with some ups and downs. So it's an attractive market because of the growth opportunity there and our starting place of effectively zero, right? That's 5G and IoT. 5G, IoT, you know, the 5G build-out is gonna put a lot of pressure on the metro. It's. That's the reason why it's growing, right, and for us. So the reason why we want to be in there is the metro opportunity is an attractive one due to today's dominant kind of technologies. Great. Juniper has also been investing a lot into security products like Firewall and SASE. I think total security revenue was about 13% of revenue last quarter. So could you just help talk about how security fits into the broader strategy? Anything that you feel like you would need to continue to supplement and build out that security portfolio? Yeah, I can- Sure. Sure. So, today, you know, when customers buy, you know, the solutions from Juniper, and they're buying networking solutions, they're almost always looking for security solutions to secure that environment. So today we see that as an, as effectively an add-on, you know, sale. So when we're positioning data center or positioning campus and branch, and we have, you know, really good solutions around firewalls, virtual firewalls, you know, that entire package of securing those environments, SD-WAN. So today we see it as an add-on sale, currently. Yeah, in the future, we see that, you know, customers are gonna wanna secure both the access and the edge, you know, with one solution. So, we're investigating, you know, how we actually, you know, address that market today. Do we do something organically? Today, we have some organic solutions. Do we do more partnering in the market? What do we do here to make sure that we can round out that solution for customers? But today, we're pretty successful at, you know, helping customers secure their environments, and that's a sale that my teams are pretty comfortable with. At the same time, you-- we have discrete motions in security in some of the larger accounts. Higher end of enterprise, SP, cloud, where we're selling high-end, you know, secure firewall today, that the business is going pretty well for us today, where customers are looking for unique point-based solutions. That's great. Yeah. Maybe in the last minute, you know, I'd love to hear about, you know, what you guys are most focused on, you know, your vision for Juniper over the next several years. Obviously, tremendous opportunities in enterprise and the sales force. Yeah, I'll definitely take a financial slant there. I I mean, to me, it's about driving sustained revenue growth. That's been the mantra. I think we've delivered that for the last couple of years, and our goal is to deliver that sustainably. So the revenue growth is really the primary factor. How we get there is predominantly enterprise, where we see the biggest vertical, also our fastest-growing vertical, and we see a lot of headroom to continue that momentum. Once you get sustained revenue growth, you then get margin expansion, right? We are very committed to bottom-line expansion, and I'm excited about the opportunity over the next, you know, three or four years to deliver just that. If I were here five years from now, looking back, I think I'll be able to proudly look at those two metrics, revenue growth and earnings expansion. Great. Yeah, I'd say everything kind of centers around two things: cross-sell and scale my resource and enterprise, right? So, we can take share in every market that we're in, right? Let's be clear, right? So we can take share in cloud. We have the solutions to do that. We can take share in SP. Those segments for me aren't gonna get a tremendous amount more quota-carrying heads per se, but we can still take a lot, a lot of share. I'd take cloud a little bit more than SP. Enterprise, you know, we're adding a lot. There's not many enterprise companies that scale and add 20% more quota-carrying heads every year at this size. It's very difficult to do that. So it's really focused on how do we actually make those heads productive, and I think the biggest way to make those heads productive is our ability to cross-sell. We have great solutions across multiple areas, and if you are one-dimensional and you're only selling one particular product, it would be difficult. Most companies have to face that truth. We don't have that problem. We have the ability to actually cross-sell. Now, sometimes when you have riches, it's difficult to consume them all and to execute on them all, but I think we can do that. It's a great way to cap off the session. Thank you so much for all your time and thoughts. It's been such a privilege to be able to host you guys here. Great.