Ryan Koontz
Needham & Company, LLC, Research Division

Hello, and welcome to Needham's 21st Annual Technology, Media & Consumer Conference. I'm Ryan Koontz. I'm Really excited to host Arista Networks here today joined by CFO, Chantelle Breithaupt; and John McCool, SVP as well as Rudy Araujo, VP of IR. So welcome guys. How are you going?

Chantelle Breithaupt
Senior VP & CFO

Great. Thank you. Thanks for having us again.

Ryan Koontz
Needham & Company, LLC, Research Division

Excellent. Super Well, Chantelle, let's start with your excellent quarter you guys had. Can you maybe walk us through how you felt about the results, obviously, beating expectations, and what's some of the kind of key demand drivers in your first quarter were?

Chantelle Breithaupt
Senior VP & CFO

Yes. Thank you. We were very excited as a company to report our results. I'm very proud of them as a team. We're very pleased with the 35% revenue growth. And if you take that, Ryan, with the change in deferred revenue, it's actually 54% of revenue forward-looking kind of growth, so we're very excited by that, right? We raised FY '26 again to the $11.5 billion, twice in the last two sessions with you guys raised the year, which is great. And if you guys go look, I encourage you all on the call to go look at our latest earnings deck where we actually also raised our 3-year CAGR outlook to be 20-plus percent. So a lot of great news, a lot of great momentum. So super excited. As Jayshree said, we've never seen