Great. Thanks everyone for joining, day two of the UBS Tech Conference. I'm David Vogt, I'm the UBS, Enterprise Hardware Networking Analyst here, and we're really excited to have with us today, Juniper Networks. From the company, we have Ken Miller, EVP and Chief Financial Officer, and Sujai Hajela, EVP of AI-Driven Enterprise of Mist fame. So any questions on Mist, we'll direct that direction. Before we get started, just quickly as a disclosure, we may make forward-looking comments. I might make reference to any companies. Please find our disclosures at the UBS website or the Juniper website, and I think we're pretty much good there. Sounds good? Great. So I think what we've seen this week, maybe I wanted to start with enterprise demand, right? It's been the crown jewel. I think most of the conversations we've had this week with investors and with companies that have been at the conference, and even up to the conference, is that there seems to be a little bit of a macro headwind still in enterprise, and you guys just had a really strong quarter in enterprise. I think you were up 38%. Maybe let's just start there. What are you seeing in enterprise? You know, maybe we can touch on Mist along those lines as well, and kind of what are your expectations as we go into the end of this year, into 2024? Yeah. So enterprise, I mean, for the first time in the history of the company, was greater than 50% of our revenue in Q3. Right. Nearly 51% of our revenue in Q3, which is great. So it's now our biggest vertical and our fastest growing vertical, which is obviously a good, good dynamic for us. You know, we see, you know, continued success in enterprise. We are in market share taking mode. We're 3%-4% of the enterprise, depending on what analyst you follow, and that includes campus and branch, as well as data center and- Right ... routing. So all of our portfolio, we're about 3%-4% of the enterprise market. A lot of headroom, a tremendous amount of product differentiation, which I'm sure we'll get into, particularly on the Mist side, but more and more moving into the data center as well. So we're very confident with the products. What we've seen this year is significant revenue growth, to your point. I think 37% revenue growth. Our campus and branch business was 43% revenue growth on the quarter, last quarter. And we're also seeing, though, we're seeing solid bookings as well. So we expect bookings growth in Q4 for the enterprise business. We expect full year 2023 bookings growth as well. That's different than our largest competitor, right? Which has seen a bookings decline, you know, double-digit decline- Right ... for several quarters. So our business, I believe, is holding up much better. Yes, we are getting some benefit from the backlog. There's no doubt about it. Book-to-bill is less than one. We're shipping more than we're booking, and we are depleting backlog, but we are still expecting bookings growth. And so next year, I expect bookings growth to be, you know, meaningful in our enterprise business for 2024, and I also expect revenue to grow next year, which is a bit different than some of our competition. Again, it has to do with our differentiation, our market share. Last thing I'll point out is the enterprise market, campus and branch, is a $30 billion market, but you really need to bifurcate that into the on-premise devices and the cloud-connected devices. Cloud connected is the minority. It's less than half of that business or that overall market, but it's growing. Even next year, it's expected to grow. That's where we participate. So we participate in the growth side of the enterprise networking market, which gives me more confidence in our ability to continue to grow. So then maybe if we can dig in a little bit there. So if we go back and look at the trajectory of the enterprise business, maybe it's a strong statement to make, but, you know, obviously, since the acquisition of Mist, you know, obviously, that's had tremendous pull forward of other products within the Juniper portfolio. It's been sort of a masterful stroke in terms of bringing that on board. Can you kinda help us understand, you know, what the go-to-market looks like? Like, what's the... How does the sales motion look like with Mist within the rest of the portfolio? Is it Mist led, or is it routing with Mist thrown on top effectively? And how has that enabled you to continue to take market share and grow faster than not just the largest player in the industry, but generally the market overall? Yeah. Do you want to take that one, Sujai? Yeah. So I think you led the question right. Fundamentally, we feel there are two key sustainable aspects of the growth, which Ken has mentioned. Number one is, you know, clear differentiation on what we focus on, which is user experience, and number two is go to market, kind of, to the question which you were getting to. So if you think about how we engage in a sale, I mean, I'll just do a quick, literally a two-minute role play, which would answer a lot of questions. When we get into a discussion, I'm talking to a customer such as you, you know, my take is, you know, they are there looking for a network refresh, Wi-Fi, switching, routing, you name it. Cisco goes in, you know, HPE Aruba goes in, the standard players go in, and they talk about speeds and feeds, and they talk about how they can manage this network. "I can show you switches, access points, and routers." When Juniper Mist goes into that same conversation, we see customers get really surprised. It's like, literally, awe. When they say... We show our first slide, which shows how the users are doing on the network. Of course, you know, you, you separate yourself from the pack because we say we focus on how you are doing on the network- Right ... versus Cisco saying whether the access point, switch, or the router is up or down. Then it's a question of, you know, talking to the customer, and literally, we have this mantra inside the company that once you see Juniper Mist, you cannot unsee it. What that means is, I have to get into a proof of concept with the customer. But to get to these discussions, how do you even get there? Our fundamental entry point could be Wi-Fi, switching, or routing. Wi-Fi changes the most because of the standards. You had Wi-Fi 5, then Wi-Fi 6, then Wi-Fi 6E, and then Wi-Fi 7 is coming, which means we get the ability to go and have a discussion with the customer. When we get that insertion point with Wi-Fi for the discussion, we fundamentally lead with that selling motion and show the customer what we are able to do. And I kid you not, once they see the huge reduction in network operations cost, for example, ServiceNow has publicly stated 90% reduction in trouble tickets once they deployed the Juniper Mist network. Dartmouth College, similar sentiments on reduction on trouble tickets. As soon as they see it, then when the switching refresh comes up, we have the pole position to win that. So fundamentally, our whole thought process starts with an insertion with switching wireless or routing. Wireless happens the most just because of the change. Once you get into wireless, switching becomes the cross sell, and once you get switching, routing becomes the cross sell. So maybe I can ask you a question as a follow-up. So routing goes in multi-year cycles in many cases, so it's a little bit longer in terms of duration, and you had a pretty big tailwind on the routing side over the last couple of years with SP. How is Mist maybe a possibility or a driver of maybe compressing that cycle, meaning making it a shorter refresh or maybe making it less, more shallow, effectively, going forward? I'm just trying to think about how Mist, you know, obviously, the Wi-Fi access points, you know, there's significantly higher frequency in terms of replacement, but does that change maybe the dynamic in SP a little bit? Could it? I think it changes the dynamic in enterprise routing- In enterprise routing ... for sure. Right. But I would say SP core routing, you know, the PTX and MX, the core and the edge routing, Mist is not- You don't hear that, right? But on enterprise routing- On enterprise routing, absolutely. I think, you know, winning with Mist, which has the most refresh cycles, and Wi-Fi allows us to pull in routing, which probably still has less refresh cycles, but our ability to win is much greater because it's all under that Mist umbrella. It all has that AIOps advantage, that cloud-delivered advantage that you saw with wireless. You want that, too, in your routing stack. Got it. That's really the differentiator. So to the point about the proof of concept, you're taking share. You know, if we rewind the clock a couple of years ago before Mist, how would your, I guess, maybe win rate is maybe not the right way to frame it, but I'll just use that phrase anyway: how has that changed over time as Mist has become a little bit more well-known, you've gotten more proof of concept, you've gotten more seats at the table effectively? Anything you can share with, like, how the win rates have been trending? I will say this, I mean, our enterprise business was effectively flattish, right, for the last decade prior to Mist. We've had an enterprise business for quite some time. Our EX Switch came out in 2007 timeframe, so we've been in the enterprise, but it was kind of a derivative product, to be honest. It was a bit of a me-too solution. It didn't have a lot of differentiation. To win in the enterprise against a large, you know, incumbent with very strong go-to-market, we felt you needed to have differentiation. You can't show up with a me-too switch, and that's basically what we had prior to Mist. So when Mist came in, and to Sujai's point, it's not about box per box, it's not about speeds or even functions- Right ... it's about operations, and that's the differentiation that Mist brings. And since we bought Mist, the business has absolutely taken off. I mean, you've seen the growth rates, you know, 20%, 30%, 40%, depending on the quarter. You know, we were a stagnant, you know, low single-digit grower prior to Mist, so it's been massively different in our, in our revenue trajectory. So I'm not going to ask for, you know, guidance here, but when you think about the enterprise market, it is not particularly a robust, robust market today, you are benefiting a little bit from backlog conversion. Mist is obviously a key driver. If we can kind of fast-forward the clock and look at a normalized market, what would be your expectations in terms of how you could outgrow the market, given the portfolio, given Mist, given the proof of concept, given everything that you've shown to potential customers going forward? Yeah, so the last model we put out there for enterprise was 5%-9%. Right. For the Mist business, the campus to branch business, we call AIDE internally, was 9%-13%. We've been growing faster- Faster than that. ... than that for the last several quarters. I haven't updated the number, but I see there's no reason why we can't beat that model on a long-term basis. I do think 2024 is going to have some headwinds to the growth percentage. We're calling growth, but I think it's going to be a, a lower growth than normal because we're coming off of this robust- Right ... 2023 backlog year. But when you get to normal, I think the first normal year is going to be 2025, really. And I think there's no reason to go backwards on our long-term model, perhaps probably the ability to grow going forward. Right. And, and when you say the new normal is 2025, that's really just the reflection that 2024 has a difficult compare- Correct ... because of backlog conversion in 2023. Correct. Right. So that's just backfilling that backlog conversion. In 2024, I expect bookings to be artificially higher than normal because it's coming off a lower- Right ... than normal 23, and revenue to be the opposite, a little bit below normal. So 25 is the first year where you have a year-on-year comparison- Right. Got it. ... that is normal. Does Mist have any impact on sort of the traditional book and ship nature of the business? Right, are the lead times different, or does that... Or is it we just get back to pre-COVID, and it's sort of a book and ship type dynamic? Yeah, lead times are a little shorter on enterprise-class products, typically 15 days, give or take, on the enterprise class, but they're only 30 days on our service provider, a high, high, high-end router. So, I think the book-to-ship phenomenon is pretty similar. I think obviously, the enterprise, we have more of a distribution strategy where we get, you know, stuff on site, with, you know, large distributors. So there's more of a distribution model versus a direct ship model- Right ... on the high-end routers. But for the most part, the book-to-bill business is relatively similar. and I would imagine, given that dynamic you mentioned about orders being above, given the easier comps and revenue being a bit below, I mean, is it fair to say that 2025 is kind of... You mentioned normal, but that's where book ship normal trends are? That's right. Okay, got it. That's exactly right. So, and maybe just sticking on Mist for a second, since we have the leader here for Mist, when you look at what, you mentioned Aruba, you mentioned other players in the industry, what are they doing to compete? Right, like, they've seen the success. I'm sure they're not standing still. What are you doing to invest in the business to remain competitive or to maybe widen the gap and increase the competitive mode? ... That's a great question. I'll just take a step back on, you know, why Mist is different, and then it, then it'll be easier to answer the question that you asked. So if you think about Mist, when we talk about, you know, our focus as end user experience, we fundamentally manifest that philosophy through a cloud native microservices architecture and then AI-driven, you know, capabilities. When you look at the cloud native architecture, we manifest that by saying, we, for Juniper Mist customers, Christmas comes every Thursday. Every Wednesday night, the cloud gets new features, fixes if required, and new services which get added. You compare that with, you know, the other competitors out there, forget days, forget weeks, forget months, it's months to years is when they look at upgrading things. The second part of it is AI-driven. When a customer calls into Juniper support, Marvis, which is our AI engine, actually answers the question. So now you compare that with Aruba and Cisco. Cisco and Aruba are not able to upgrade their networks that frequently, and you would say, "Well, who cares? Why do you need it?" Well, you need to upgrade the networks for agility, for resiliency, because software or new feature, or new patches are coming up, and they're just not able to do it. The second thing is AI-driven. You should ask them, if they have an AI engine, why don't they use it to support their own customers? And you can expect the answer for that. So now you can say, "Okay, they clearly know the market is, you know, voting towards Juniper because of these two differentiators." So guess what they're gonna do? They're gonna go right after these two differentiation. And for us, for example, you know, if I was just to break it down, Cisco has two architectures to sell. It is the old heritage Airespace architecture, which was a controller-based architecture on-prem, and then the Meraki architecture, you know, which I, I was at Cisco at that time when it acquired it in 2012. They go to a customer and say, "Okay, what do you want? Which one do you want? Right. And the customer's like: "I just need a network," right? So they... Cisco, of course, a reputable company, strong leaders, they made the decision that, hey, we are going to-- they call it Meraki is everything. Which means, you know, they're gonna go to the customer and say, "Hey, you're gonna get this Meraki system from Cisco." And just recently they made the announcement, and to do that, they will adopt a microservices architecture. The same architecture which Mist spearheaded in networking in 2014, is what they are planning to adopt after nine years. So you can imagine the lead, which has already been created, because it's gonna take them time to reflect and figure out how to do it. But they are definitely looking at it. The second thing is when you start looking at, Aruba and others, they fundamentally have to build a Mist before they can catch up with us. But your question was, you know, in different terms, like, what am I paranoid about? I'm paranoid about, you know, they trying to copy us and then try to outmarket us, and I think they're gonna go after these two, vectors, cloud and AI-driven. And from my perspective, the way we have architected the platform, the velocity of innovation will continue to keep us way ahead of both of them. Can I follow up on that, too? I didn't hear you mention Arista, so you know, obviously they have a, a story, and not to get into specific competitive positionings, but they have a story that's, you know, in addition to the titans of hyperscaler focus, enterprise is a key focus. You know, both data center, campus, and much smaller business. Do you see them more and more in bake-offs or not really? I say I see them more compared to two years back, but mostly, they don't make it to the bake-offs. So basically, when you get down selected, they don't. Definitely cannot the same thing about you cannot say the same thing about them in data center and more on the hyperscaler side. So if I was to look at not necessarily competitive positioning, but the way I look at Arista, you've got the hyperscaler business. I mean, we know the two M's, which are critical for them. Then you've got the standard enterprise data center, very similar to what we have. And then they have the campus and branch, right? So they try to go from data center, we call it core to edge, from data center to the edge. We are going from edge to core. And the reason, you know, Arista is I, I feel, is not able to make the traction, you know, you've seen they've actually— they've spoken about, I think, $1 billion or something sometime back, and it was reduced to $750 million. But if you look at this thing, the fact of the matter is that when they try to get into campus, Juniper Mist has already changed their discussion to it's about network operations, right? They are still going in with, "Hey, I have this Wi-Fi access point, which is cognitive in nature," and the customer is like: "I really don't care. Right. The thing has changed. So the value add, which helps them in the data center, is not helping them in the campus. Got it. Since you mentioned you're going from edge to core, can we talk about data center? Sure. DCI. So obviously, cloud's been a bit lumpy, a little bit uneven. What are you seeing there that's kind of impacting kind of the spending patterns with your customers? Obviously, you know, DCI is very different than intra data center. Yep. Is it spending priority by customers, focus more on intra data center priorities like AI and other? Maybe just kind of get us up to speed on kind of what's going on there. Yeah. So the cloud vertical, we'll talk about the cloud vertical all up. So as you know, we have a pretty strong routing business within the hyperscalers, and we have a data center business in what we call cloud majors- Right ... as well as the enterprise. We've seen good growth in our data center business on the enterprise side and the cloud major side, and that's really led by Apstra, which is somewhat of our analogous to how we're winning with Mist. It's about the operational layer within the data center. You know, we have a great system, the right speeds and feeds, the right features on box, but it's how you manage your data center that's becoming more and more the differentiation for us, and that's where Apstra is really starting to take off. But if you talk about the cloud vertical all up-... they're going through a digestion period. I mean, when they were buying products, when lead times were 12 months and sometimes greater, they were looking out, looking at their demand, let's assume it was X demand, they were probably buying X plus 20%. They were buying more than what they actually thought they were gonna need. The reality is, they're probably deploying X minus a certain percentage. They're actually deploying a little slower than they probably anticipated a year, a year and a half ago when they placed those orders. There has been a bit of a slowdown. They're still building, they're still deploying, it's just at a slower rate, and they've already pre-ordered all the equipment. So they're really burning through either our backlog and/or their inventory levels, and we're seeing that digestion period last a little longer. You ask about why, why is it maybe X minus versus X plus? I would say there is a level of financial scrutiny in the, even in the cloud space, that probably has never existed before, where they're just being more cost conscious in, in all of their spend, whether it's headcount or CapEx, et cetera. And I do think, prioritization. I mean, AI clusters is obviously a big focus of theirs and the AI opportunity. So as they're prioritizing their deployments, their build-out cycles, their timelines, I do think some of our deployments have shifted a bit in time to the right. Still going to happen, still solid demand. They're still very healthy businesses that we feel very good. It's a matter of, of when, not if, they will start spending again, and it'll recover and turn to growth, but we're going through this elongated kind of digestion period. Do you... And I wouldn't have asked you this question had I not listened to Cisco a couple of weeks ago. But do you have—I mean, it was surprising to us that there was all this inventory sitting at the customer premise across the board, and was just basically sitting there waiting to get installed and deployed. Yep. I mean, do you have any, like, how would you know that? And, and, like, how does that happen, to be honest? Like, it struck me as a little bit odd. And is there a risk that there's still multiple quarters of inventory sitting at customer premises, whether it's hyperscaler, enterprise, tier two cloud, whatever the case may be? Yeah, so the way we know that is, quite honestly, rep, talking to customers- Mm-hmm. and just literally feedback we're getting directly from customers. We don't have the ability to track it per se. Right ... but we have conversations with customers. We are definitely seeing that in the cloud and SP side. I mean, that's this digestion I'm talking about. So effectively, our sellers are trying to sell more. The customer is saying, "Hey, I don't need to buy any. I already, I still have extra. But are they not buying because it's deployed or it's waiting to be deployed? Waiting to be deployed. Waiting to be deployed. Got it. Got it. Waiting to be deployed. And so once they deploy it, they'll buy more, right? And now that our lead times are down to 30 days or less, there's no need to place the order until they really need it. It's almost like just-in-time ordering. So in 2021 and 2022, they were buying 12 months of demand. Now they're bleeding through that demand right now. Right. So it's really about customer insight, you know, engagement. Got it. Okay. But on the enterprise, I mean, that's why Cisco made the comment- Yeah ... and specifically on the wireless access points. If you think about it, right, one of the key things is we manage the life cycle of the product since the day it is born. So when an access point is, let's say, manufactured at one of our factories, guess what? It's upgraded and updated into the Juniper Mist cloud right away. We are the only ones, I think, who do that. Now, if the access point has been bought by the customer and not deployed, we would know it, like- Immediately ... right away as to what's going on. Frankly, we haven't seen any change from that perspective. Got it. So. Great. No, that's helpful. And then maybe just finally on, on SP, any thoughts in terms of where or how, you know, SP comes back? You know, obviously, these are multi-year cycles. There was, you know, considerable spending above maybe trend. I know your long-term model is, you know, plus or minus around flat. Is that still the right way to think about it once we get through this digestion period or this trough in the cycle, or anything sort of change on the margin there? Yeah. So actually, if you look at a CAGR from 2020 to 2024 for SP, even if you take a down 2024, take, you know, your model- Right ... for SP, and that's gonna be down to 24. If you look at that four-year CAGR, you're flat to maybe +1%. That's not that out of the ordinary for SP. Core and edge routing is a flattish market. Right. That's why our model is flat to ±2. Where I think we could outperform that market going forward is with our metro, right? A metro routing, which is a net new use case for us. Right. It's actually the only routing market within the service provider landscape that is growing. You know, core and edge are flat to down. Metro is growing. That's net new for us. We're seeing good traction there. So does that take- could that give our service provider, you know, maybe instead of 0 ± 2, maybe it's, you know, more on the 0 to +2 side of the equation because of the metro entry? I think that's reasonable to presume. I still believe it's gonna be our slowest growing vertical, even- Right ... with the entry of metro. Enterprise is gonna lead the way, followed by cloud, and then SP would be- But over time, you know, obviously becomes less relevant because it's no longer- Absolutely. 50% of revenue, less than 40%, now in the 30s, and so as enterprise continues to scale, becomes less relevant going forward. Absolutely. So now that our biggest vertical, 50% of the company, is also our fastest growing vertical, that's a very different dynamic. We've been growing enterprise for six years. Right. But it's now starting to really matter because of its size. Gotcha. So maybe in the interest of time, can we talk financials, margins? You know, you talked about keeping margins robust despite the challenges in 2024, the macro headwinds. Can you give us sort of guardrails or maybe puts and takes on, you know, what could go wrong potentially, like, if, if 2024, to your point earlier, bookings maybe don't continue at the pace that you and Rami think? You know, can you hold margin in 2024 relative to 2023, or, or what's sort of the dynamic there? Yeah, so I expect gross margin expansion in 2024, predominantly because I expect continuation of some of these transitory costs to ease over time. Right. Some of these expedite fees we've been paying, some are still on our balance sheet, some are still on our purchase orders. That has to flow through the model. Our logistics costs are starting to flow through. I expect service margin, services business to grow next year and to be margin accretive for us. Software business will grow faster than our, the rest of our business, so that'll be accretive for us. The one headwind to margin is hardware mix. We're growing our, our smaller enterprise class hardware products faster than our larger service provider class routers. Right. The hardware elements is. That's actually a headwinds, right? Like margin mix. That margin mix is a negative, but all up, I expect us to be able to grow gross margin next year, really, in almost, I would say, you know, almost any revenue scenario, right? You don't need revenue growth to grow gross margin. On the operating margin side, revenue growth matters, right? We will control OpEx. We'll be very prudent. We will take costs out if we're negatively surprised on the top line. But there is a scenario where top line misses greater than we're able to take costs out. So that's why to me- Right ... operating margin expansion is absolutely the target, and I expect us to grow operating margin next year based on my base case revenue assumption. But I can't guarantee or can't commit- Right -under any scenario. Right. But, I mean, you've done a structurally good job of maintaining costs over the last couple of years. Yeah. And you have these... You mentioned these natural sort of headwinds that are kinda- Yep Abate and at ease. So, you know, absent sort of material shock to the business, you know, margins should be sort of on path to sort of the longer term trajectory. That's right. I absolutely. We are committed to growing operating margin over the long term. 2024, because of the revenue pressure, could be a difficult year to grow operating margin, but even that year, we're targeting some growth. But once you get to normal, I fully expect sustained revenue growth because enterprise is our biggest vertical, growing the fastest, and growing OpEx or operating expenses less than revenue growth, therefore expanding operating margin. Got it. And post your earnings quarter last month, we got a lot of questions on cash flow priorities, capital allocation. You bought stock, right? You had some tax payments over the last several quarters that kind of impacted cash flow generation. That goes away. How do we think about sort of priorities as we go into 2024, from a capital allocation perspective? Yeah. So from a capital return perspective, both, you know, we remain committed to our dividend program. We'll be opportunistic with our share buyback. Our public commitment is greater than 50% of free cash flow will return to shareholders in the form of dividends or buybacks. We've been well beyond that. Right. We've been, you know, over 100% in most years, from, you know, doing more buybacks than our stated commitment. We will continue to look at our share count, make sure we offset any sort of employee dilution that happens with stock, and so buying back enough shares to keep share count flat to down. We'll continue to be opportunistic. I think you could expect more of the same when it comes to capital return. You know, on the rest of the capital deployment, obviously, you know, organic investment is our number one priority, making sure we're funding the growth areas, we're funding our differentiation in AIOps, we're making sure we're relevant and ready for the AI data center cluster opportunity, big focus. We're, you know, we're harvesting some other areas where we can afford to, to try not to overspend, but we are spending in the growth areas and, and reducing in the non-growth areas. And then having the ability and the flexibility, a strong balance sheet, investment-grade rating, gives me confidence that if we need to do M&A, some inorganic moves, that we have the capacity and the ability to do so. I'll be honest with you, I don't feel the need to do any. We have what it takes to win, but we're always gonna keep our eyes open. Right. If we find something that could help us accelerate the strategies that we're on, we would be open to that. Would it be fair to say that, you know, Mist has been successful in enterprise, Apstra has been successful? Anything that did come to the market that maybe would interest you would be more enterprise-centric? Is that a fair- I think enterprise-centric, I think software-centric, I think cloud-delivered software, you know, really adding to our differentiation on the operations that Mist, that Sujai's been talking about. We don't need any more systems or you know, app appliances. It would be more on that software operations- Right -layer that makes the most sense. Anything in security? I mean, I know you have a security business, but- Yep ... you know, it's still relatively small in the context of your total revenue base. You know, obviously, that's a pretty important market. So we have an organic security strategy. Obviously, we talked... I don't know if we talked about it here, but the NAC, network access control, we just integrated under Mist. We acquired a company called WiteS and a couple of years ago. That was the start of that- Right Integration. So we are continuing to add to our security capabilities, particularly on the enterprise side, and really under the Mist umbrella. So that's an opportunity. You know, security is a broad market. You know, we're not gonna... You know, I don't anticipate us anytime soon going big after such a large, you know, ecosystem. I mean, we, we have what it takes to win in our campus, a secure campus and branch Right ... our secure data center, and our automated WAN routing business. Got it. Maybe just in the interest of time, I'd like to give, you know, the companies a chance to kind of touch on maybe something that we didn't touch on, that you're getting a lot of sort of feedback on, or maybe that we missed, that maybe is a little bit misunderstood. So, you know, Ken, oh. Sujai, do you have anything you want to discuss? Well, just 15, 20 seconds. I sincerely feel, you know, if you see the success, and I still call it early innings, in the market, I owe it to the ability that Juniper has fundamentally changed the way people look at networks. I mean, it's the most uncool thing. No one cares about it, even though it's a lifeline for everything we do in business, right? But if you think about it, you know, years back, everybody spoke about speeds and feeds, the new switch, the shiny object, the new access point. With Juniper, fundamentally, now the discussion is: How much can you save me in operating the network? And I sincerely feel this change in the networking thought process, I owe it to what Juniper and Mist have gotten to the industry. So I would just want you to know that if you think about why the success, we can talk about differentiation a lot, but fundamentally, if I'm able to reduce the cost of a network operations for a customer, it's huge value. I don't think we've covered go-to-market much, but I think, I mean, our, our biggest success is absolutely the product differentiation that Mist and some of our other products like Apstra bring to the table. But we are investing in sales, we're investing in the channel. You know, we're only 3%-4% in the enterprise market. There's a lot of headroom, and we're making the investments to take advantage of the great solution set that we have, what, you know, strike while the iron is hot, if you will. Right. We're adding that investment. I think that's gonna pay off for us. Great. I think we'll end it there. Thank you, Ken. Thank you, Sujai. Thank you everyone for joining, and look forward to seeing you guys again here next year. Great. Great. Thank you, David. Appreciate it.