Arista Networks, Inc. (ANET) Presents at Citi's 2026 Global TMT Conference Transcript

Atif Malik Citigroup Inc., Research Division Everyone, welcome to Day 3 and the final session of Citi Global TMT Conference. We have definitely saved the best for the last. My name is Atif Malik. I cover U.S. semiconductors and networking equipment names. It's my pleasure to welcome Chantelle Breithaupt, Chief Financial Officer; as well as Tyson Lamoreaux, Senior Vice President, Cloud and AI Networking at Arista. Welcome, guys.

Chantelle Breithaupt Senior VP & CFO Thanks so much. Thanks for having us. Tyson Lamoreaux Senior Vice President of Cloud & AI Networking Thanks.

Atif Malik Citigroup Inc., Research Division I'll kick it off with my questions first. If you have a question, save it towards the end, we'll send the mic and you ask your question. Chantelle, deferred revenue has been a hot topic this year on Arista. Arista consistently achieves strong revenue growth and has guided to 40% growth this year and yet the complexities of AI use cases have resulted in strong growth in Arista's product deferred revenue. What is the right way for investors to think about Arista's growth? Is it the growth in the revenues plus the change in deferred revenues?

Chantelle Breithaupt Senior VP & CFO Yes. I think it's a great question. We're super excited to, in the last earnings call, raised our revenue guidance to be 40% growth, $12.6 billion. So we're very excited to be able to deliver that kind of guidance. And so if we think about it, deferred revenue is a topic. I think that if we just level set what deferred revenue is, its if