“We believe that we will begin to see the benefits of these actions in the first half of next fiscal year.”

In context

“at the levels we originally anticipated heading into Q3. Our Q4 guidance incorporates a wider than usual range, taking into account the revenue impact of the war in Ukraine and the continuing uncertainty related to the China COVID lockdowns. Given this uncertainty, we're being practical about the current environment and erring on the side of caution in terms of our outlook, taking it one quarter at a time. We believe that our revenue performance in the upcoming quarters is less dependent on demand and more dependent on the supply availability in this increasingly complex environment. While certain aspects of the current situation are largely out of our control, our teams have been working on several mitigation actions to help alleviate many of the component issues that we've been facing. We believe that we will begin to see the benefits of these actions in the first half of next fiscal year. Now let me talk more specifically about our third quarter performance. As I just mentioned, many of the positives we've discussed over the past few quarters remain, resulting in continued solid demand for our solutions. Total product orders grew 8% year-over-year leading to yet another record backlog of well over $15 billion, up 10% sequentially and up 130% year-over-year. This momentum reaffirms the critical role we play in our customers' futures. Our business transformation also progressed nicely. In Q3, we saw ARR growth of 11%, ending the quarter at over $22 billion, and product ARR growth of 18%. We also exited the quarter with over $30 billion in remaining performance obligations or RPO. We also delivered non-GAAP EPS at the high end of our guidance range. This was driven by effecti”