Tal Liani
BofA Securities, Research Division

Welcome to the second day of our conference. Hopefully, you had a great breakfast. Today, I'm very pleased to host -- and I'm not saying it's just to say, but I'm -- really mean it, I'm -- the most favorite CEO in my universe. And she -- we sometimes argue, but it's always coming with a lot of respect to one another. So thank you, Jayshree.

So Jayshree Ullal, CEO of Arista; and Todd Nightingale, COO of Arista. And I've known Todd for many years from his days at Cisco and then Fastly that I took public and now at Arista.

So we're going to have a discussion for about 45 minutes. I'll try to keep it tight for about 40 minutes or 35 minutes and let you ask questions if you have any questions. And the discussion, it's -- as you know me, I'm not a quarter guy. It's not about the quarter. The discussion is really the value of Arista, the sustainability of trends. We do have a spending cycle in the industry with hyperscalers. And through the spending cycle, there are changes to the architecture. There are changes to the network. Customers are deploying certain technologies, and we want to go into it. So the purpose of this session is really to understand the core value of Arista.

And with that, so, last quarter, you raised the full year guidance from 25% to 28%. And I remember when we looked at your guidance, I'm talking about like a year ago, when you look at your guidance, and