Arista Networks, Inc.

And as a reminder, this conference is being recorded and will be available for replay from the Investor Relations section at the Arista website following this call. Ms. Liz Stein, Arista's Director of Investor Relations, you may begin.

Thank you, Operator. Good afternoon, everyone, and thank you for joining us. With me on today's call are Jay Shriulal, Arista Network's Chairperson and Chief Executive Officer, and Chantel Brideups, Arista's Chief Financial Officer. This afternoon, Arista Networks issued a press release announcing the results for its fiscal first quarter ending March 31st, 2024. If you would like a copy of this release, you can access it online at our website. During the course of this conference call, Arista Networks management will make forward-looking statements, including those relating to our financial outlook for the second quarter of the 2024 fiscal year, longer-term financial outlooks for 2024 and beyond, our total addressable market and strategy for addressing these market opportunities, including AI, customer demand trends, supply chain constraints, component costs, manufacturing output, inventory management, and inflationary pressures on our business, lead time, product innovation, working capital optimization, and the benefits of acquisitions, which are subject to the risks and uncertainties that we discuss in detail in our documents filed with the SEC. specifically in our most recent Form 10Q and Form 10K, and which could cause actual results to differ materially from those anticipated by these statements. These forward-looking statements apply as of today, and you should not rely on them as representing our views in the future. We undertake no obligation to update these statements after this call. Also, please note that certain financial measures we use on this call are expressed on a non-GAAP basis and have been adjusted to exclude certain charges. We have provided reconciliations of these non-GAAP financial measures to GAAP financial measures in our earnings press release. With that, I will turn the call over to Jay Shreve.

Thank you, Liz. Thank you, everyone, for joining us this afternoon for our first quarter 2024 earnings call. Amidst all the network consolidation, Arista is looking to establish ourselves as the pure play networking innovator for the next era, addressing at least a $60 billion TAM in data-driven client-to-cloud AI networking. In terms of Q1 specifics, we delivered revenue of $1.57 billion for the quarter with a non-GAAP earnings per share of $1.99. Services and software support renewals contributed strongly at approximately 16.9% of revenue. Our non-GAAP gross margins of 64.2% was influenced by improved supply chain and inventory management as well as favorable mix of the enterprise. International contributions for the quarter registered at 20%, with the Americas strong at 80%. As we kick off 2024, I'm so proud of the Arista teamwork and our consistent execution. We have been fortunate to build a seasoned management team for the past 10 to 15 years. Our co-founders are very engaged in the company for the past 20 years. Ken is still actively programming and writing code, while Andy is our full-time chief architect for Next Generation AI, Silicon, and Optics initiatives. Hugh Holbrook, our recently promoted chief development officer, is driving our major platform initiatives in tandem with John McCool and Alex on the hardware side. This engineering team is one of the best in tech and networking that I have ever had the pleasure of working with. On behalf of Arista, though, I would like to express our sincere gratitude for Anshul Sardana's 16 plus wonderful years of instrumental service to the company in a diverse set of roles. I know he will always remain a well-wisher and supporter of the company, but Anshul, I'd like to invite you to say a few words.