Allot Ltd (ALLT) 2024 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by.

女士們先生們，謝謝你們的支持。

Welcome to Allot's third-quarter 2024 results conference call.

歡迎參加 Allot 2024 年第三季業績電話會議。

(Operator Instructions) As a reminder, this conference is being recorded.

（操作員指示）謹此提醒，本次會議正在錄製中。

You should have all received by now the company's press release.

現在你們應該已經收到公司的新聞稿了。

If you have not received it, please contact Allot's Investor Relations team at EK Global Investor Relations at 1-212-378-8040, or view it in the news section of the company's website at www.allot.com.

如果您尚未收到，請致電 1-212-378-8040 聯絡 EK Global 投資者關係部的 Allot 投資者關係團隊，或在公司網站 www.allot.com 的新聞部分查看。

I would now like to hand over the call to Mr. Kenny Green of EK Global Investor Relations.

現在我想將電話轉交給 EK 全球投資者關係部的 Kenny Green 先生。

Mr. Green, would you like to begin, please?

格林先生，您願意開始嗎？

Thank you.

謝謝。

Good day to all of you, and welcome to Allot's conference call to discuss its financial results for the quarter.

祝大家美好的一天，歡迎參加 Allot 的電話會議，討論本季的財務表現。

I would like to thank the Allot's management for hosting this conference call.

我要感謝 Allot 管理階層主辦這場電話會議。

With me today on the call are Mr. Eyal Harari, CEO; and Mrs. Liat Nahum, CFO.

今天與我一起參加電話會議的是執行長 Eyal Harari 先生；以及財務長 Liat Nahum 女士。

Following Eyal's prepared remarks, we will open the call for the question-and-answer session, and both Eyal and Liat will be available to answer those questions.

在 Eyal 準備好的演講之後，我們將開始問答環節，Eyal 和 Liat 都將可以回答這些問題。

You can all find the highlights of the quarter, including financial highlights and metrics, including those we typically discuss on the conference call in today's earnings release.

您都可以找到本季的亮點，包括財務亮點和指標，包括我們通常在今天的財報電話會議上討論的內容。

Before we start, I'd like to point out the following safe harbor statements.

在開始之前，我想指出以下安全港聲明。

This conference call may contain projections or other forward-looking statements regarding future events or the future performance of the company.

本次電話會議可能包含有關未來事件或公司未來績效的預測或其他前瞻性陳述。

Those statements are early predictions and Allot cannot guarantee that they will, in fact, occur.

這些陳述是早期預測，Allot 無法保證它們實際上會發生。

Allot does not assume any obligation to update that information.

Allot 不承擔更新資訊的任何義務。

Actual events or results may differ materially from those projected, including as a result of changing market trends, delays in the launch of services by Allot customers, reduced demand and the competitive nature of securities services industry as well as other risks identified in the documents filed by the company with the Securities and Exchange Commission.

實際事件或結果可能與預測有重大差異，包括由於市場趨勢變化、Allot 客戶延遲推出服務、需求減少和證券服務行業的競爭性質以及提交文件中確定的其他風險由公司與證券交易委員會合作。

Also, the financial results in this call will be presented mainly on a non-GAAP basis.

此外，本次電話會議的財務表現將主要依據非公認會計準則（Non-GAAP）公佈。

Allot believes that these non-GAAP financial measures provide more consistent and comparable measures to help investors understand Allot's operating performance in the quarter.

Allot 認為，這些非 GAAP 財務指標提供了更一致且可比較的指標，有助於投資者了解 Allot 本季的營運表現。

For all the data, please refer to the financial tables published in the results press release issued earlier today, which also includes the GAAP to non-GAAP financial reconciliation tables.

有關所有數據，請參閱今天早些時候發布的業績新聞稿中發布的財務表格，其中還包括 GAAP 與非 GAAP 財務調節表。

And with that, I would now like to hand the call over to Eyal Harari, CEO.

現在，我想將電話轉交給執行長 Eral Harari。

Eyal, please go ahead.

埃亞爾，請繼續。

Thank you, Kenny.

謝謝你，肯尼。

I would like to welcome all of you to our results conference call, and thank you for joining us today.

我歡迎大家參加我們的業績電話會議，並感謝您今天加入我們。

I'm very pleased with the third-quarter results, which show the strong progress we have made.

我對第三季的業績感到非常滿意，這表明我們取得了巨大的進步。

These results demonstrate a return to financial stability and renewed revenue growth at Allot.

這些結果表明 Allot 已恢復財務穩定並重新實現收入成長。

We achieved our first non-GAAP operating net profit in three years, a positive operating cash flow and importantly, our net cash level has increased for two quarters.

我們三年來首次實現非公認會計原則營運淨利潤，營運現金流為正，重要的是，我們的淨現金水準連續兩季增加。

Building and refining our long-term strategy is an ongoing process, which is aimed at leading us into an era of profitable growth for years to come, and I will address this in a few minutes.

制定和完善我們的長期策略是一個持續的過程，旨在引領我們進入未來幾年獲利成長的時代，我將在幾分鐘內解決這個問題。

We are especially excited about the continued momentum in our growth engine, the security business, where we see strong opportunities and revenues, which are rapidly expanding to become larger part of the mix as each quarter passes.

我們對我們的成長引擎——安全業務的持續成長勢頭感到特別興奮，我們看到了巨大的機會和收入，隨著每個季度的過去，這些機會和收入正在迅速擴大，成為業務組合的更大組成部分。

Our third-quarter Security-as-a-Service revenues increased by 69% year-over-year, in line with our expectations.

我們第三季的安全即服務收入年增 69%，符合我們的預期。

This growth is largely driven by our extensive and growing list of top-tier customers as well as increased traction of our security solution among the subscriber base of those customers.

這一增長主要是由我們廣泛且不斷增長的頂級客戶名單以及我們的安全解決方案在這些客戶的用戶群中日益增長的吸引力所推動的。

I want to highlight a few examples of recent new service launches.

我想重點介紹最近推出的新服務的幾個例子。

Just recently, we announced that Vodafone UK expanded its cybersecurity services to protect fixed broadband customers by launching security net home powered by Allot SECaaS solution.

就在最近，我們宣布英國沃達豐推出由 Allot SECaaS 解決方案支援的安全網路家庭，擴大了其網路安全服務，以保護固定寬頻客戶。

Vodafone's new offering to its customers will be part of their mobile security services, enhancing threat protection across both mobile and broadband networks and across all customer devices on the home network.

沃達豐向客戶提供的新產品將成為其行動安全服務的一部分，增強跨行動和寬頻網路以及家庭網路上所有客戶設備的威脅防護。

We also announced that MEO, a leading telecommunication service provider in Portugal, introduced a new cybersecurity service built on our security solution for their fixed broadband customers.

我們也宣布，葡萄牙領先的電信服務供應商 MEO 為其固定寬頻客戶推出了基於我們的安全解決方案的新網路安全服務。

Our solution complements their existing mobile cybersecurity service brings customers a unified converged solution for both their mobile and home networks.

我們的解決方案補充了他們現有的行動網路安全服務，為客戶的行動和家庭網路提供了統一的整合解決方案。

These new security deployments build on our SECaaS solution will allow us to continue to accelerate subscriber growth and further bring us long-term recurring revenue and growth.

這些新的安全部署建立在我們的 SECaaS 解決方案之上，將使我們能夠繼續加速用戶成長，並進一步為我們帶來長期經常性收入和成長。

We continue developing our strategic plan, aiming to leverage our core strength in security and network intelligence to drive long-term profitable growth.

我們繼續制定策略性計劃，旨在利用我們在安全和網路智慧方面的核心優勢來推動長期獲利成長。

We are positioning Allot as a security-first company, consolidating our focus around the unified business unit that builds on our unique security offering.

我們將 Allot 定位為一家安全第一的公司，將我們的重點集中在以我們獨特的安全產品為基礎的統一業務部門。

This strategy is designed to maximize synergies between our existing network intelligence assets and our security offerings, allowing us to deliver a differentiated and fully integrated solution for customers.

該策略旨在最大限度地發揮我們現有網路情報資產和安全產品之間的協同作用，使我們能夠為客戶提供差異化且完全整合的解決方案。

This combination creates a compelling value proposition and only a handful of companies are as uniquely positioned as Allot to offer such an integrated approach.

這種組合創造了令人信服的價值主張，只有少數公司擁有像 Allot 這樣獨特的定位來提供這種整合方法。

We believe it will strengthen our market position, enhance our customer offerings, and make us a more agile and innovative company.

我們相信，這將鞏固我們的市場地位，增強我們的客戶服務，並使我們成為一家更敏捷和創新的公司。

We are reorganizing ourselves to be more customer-centric and a more efficient organization structured to better support evolving customer needs.

我們正在重組自己，以更加以客戶為中心，建立一個更有效率的組織結構，以更好地支援不斷變化的客戶需求。

Our business units will have a regional focus on sales and customer success empowering them to function more effectively, while enabling a more personalized approach.

我們的業務部門將專注於區域銷售和客戶成功，使他們能夠更有效地運作，同時實現更個人化的方法。

We believe this will allow us to open new opportunities for expansions within our installed base as well as gain new customers.

我們相信，這將使我們能夠為我們的安裝基礎提供新的擴展機會並贏得新客戶。

We are exploring the potential of our products to provide additional value to customers focused around cloud and 5G markets, including the enterprise customers.

我們正在探索我們產品的潛力，為專注於雲端和 5G 市場的客戶（包括企業客戶）提供額外價值。

In particular, we see the potential demand for our traffic management and cybersecurity solutions, which can be implemented in the cloud.

特別是，我們看到了對我們的流量管理和網路安全解決方案的潛在需求，這些解決方案可以在雲端中實施。

The process of refining and finalizing our strategic plan remains ongoing.

我們的策略計劃的完善和最終確定過程仍在繼續。

I look forward to providing more insights and detailed discussion on our strategy and progress during our full year results that we will report early next year.

我期待在明年初報告的全年業績中就我們的策略和進展提供更多見解和詳細討論。

In summary, Allot is entering a new chapter as we approach 2025.

總而言之，隨著 2025 年的臨近，Allot 正在進入新的篇章。

We are on a positive trend towards financial stability and renewed growth.

我們正處於金融穩定和恢復成長的正面趨勢。

We are very excited, we improved this quarter, both our profitability and cash position.

我們非常興奮，本季我們的獲利能力和現金狀況都有所改善。

The core security business continued to gain strong momentum as demonstrated by the expansion of our partnership with major telecom providers like Vodafone and MEO, which significantly expand our potential recurring revenue base.

我們與沃達豐和 MEO 等主要電信供應商的合作夥伴關係的擴大證明了核心安全業務繼續獲得強勁動力，這顯著擴大了我們潛在的經常性收入基礎。

Looking ahead, we continue to refine the strategy for long-term growth and profitability.

展望未來，我們將繼續完善長期成長和獲利策略。

I'm increasingly optimistic with the direction that Allot is headed and excited about the growing opportunities before us.

我對 Allot 的發展方向越來越樂觀，並對我們面前不斷增長的機會感到興奮。

As I have said, our target is a sustainable and profitable growth for Allot over the long term.

正如我所說，我們的目標是 Allot 實現長期可持續且有利可圖的成長。

And now I would like to hand it over to our CFO, Liat Nahum, for the financial summary.

現在我想將財務摘要交給我們的財務長 Liat Nahum。

Liat, please go ahead.

莉亞特，請繼續。

Thanks, Eyal.

謝謝，埃亞爾。

We reported revenue of $23.2 million in the quarter, representing a year-over-year increase of 3% and up 5% versus the prior quarter.

我們報告本季營收為 2,320 萬美元，年增 3%，季增 5%。

Revenue from our growth engine SECaaS were $4.7 million in the quarter, in line with our expectations and up 69% year over year, comprising 20.1% of our revenue in the quarter.

本季我們的成長引擎 SECaaS 的營收為 470 萬美元，符合我們的預期，年增 69%，占我們本季營收的 20.1%。

Our SECaaS annual recurring revenue as of September 2024 was $17.2 million.

截至 2024 年 9 月，我們的 SECaaS 年度經常性收入為 1,720 萬美元。

As we discussed in our press release, we expect a double-digit growth year over year for full-year SECaaS revenue and SECaaS ARR.

正如我們在新聞稿中討論的那樣，我們預計全年 SECaaS 收入和 SECaaS ARR 將實現兩位數的同比增長。

I will now discuss the non-GAAP financial measure.

我現在將討論非公認會計準則財務指標。

For all our financial results, including the GAAP financial measures and the various other breakdowns of our revenue, please refer to the table in our press release.

有關我們所有的財務業績，包括 GAAP 財務指標和我們收入的各種其他細目，請參閱我們新聞稿中的表格。

Our non-GAAP gross margin in the quarter was 71.7%.

我們本季的非 GAAP 毛利率為 71.7%。

In the third quarter of last year, our non-GAAP gross margin was 47.9%, and in the prior quarter, it was 70.6%.

去年第三季度，我們的非 GAAP 毛利率為 47.9%，上一季為 70.6%。

While the non-GAAP gross margin depends on the specific product mix sold in the quarter, the long-term target for our gross margin is expected to be at the range of 70%.

雖然非 GAAP 毛利率取決於本季銷售的特定產品組合，但我們毛利率的長期目標預計在 70% 的範圍內。

We reduced expenses considerably over the past year with a non-GAAP OpEx at $15.6 million similar to that of last quarter and down by over 29% from the third quarter of last year.

去年我們大幅削減了開支，非 GAAP 營運支出為 1,560 萬美元，與上季持平，比去年第三季下降了 29% 以上。

Allot has 508 full-time employees as of September 2024.

截至 2024 年 9 月，Allot 擁有 508 名全職員工。

As part of our strategic process of reorganization as a unified business unit and realign the business around customer success, we intend to improve efficiencies and moderately reduce our headcount in specific areas, potentially also reporting other areas.

作為我們重組為統一業務部門並圍繞客戶成功重新調整業務的策略流程的一部分，我們打算提高效率並適度減少特定領域的員工人數，也可能報告其他領域。

We reported a non-GAAP operating income of $1.1 million, which is a significant improvement compared with the operating loss of $11.1 million in Q3 last year, an operating loss of $1 million in the prior quarter.

我們公佈的非 GAAP 營業收入為 110 萬美元，與去年第三季 1,110 萬美元的營業虧損（上一季營業虧損 100 萬美元）相比有了顯著改善。

This is the highest quarterly operating income reported in the past seven years.

這是過去七年來報告的最高季度營業收入。

In terms of non-GAAP net profit, we reported $1.3 million in the quarter, or a profit of $0.033 per diluted share compared with a non-GAAP net loss of $10.8 million, or a loss of $0.28 per basic share in the third quarter of last year and compared to a net loss of $0.8 million, or a loss of $0.017 per basic share in the previous quarter.

就非 GAAP 淨利潤而言，我們本季報告為 130 萬美元，即每股攤薄利潤 0.033 美元，而非 GAAP 淨虧損為 1,080 萬美元，即每股基本股虧損 0.28 美元。虧損80 萬美元，即每股基本股虧損0.017 美元。

We reported positive operating cash flow in the third quarter of $1.9 million.

我們報告第三季營運現金流為 190 萬美元。

Cash, short-term bank deposits, and investments as of September 30, 2024, totaled $54.5 million, an increase compared to the $53.2 million at the end of prior quarter, demonstrating stability in cash levels.

截至 2024 年 9 月 30 日，現金、短期銀行存款和投資總額為 5,450 萬美元，較上季末的 5,320 萬美元有所增加，顯示現金水準穩定。

Cash, short-term bank deposits, and investment as of year-end 2023 were $54.8 million.

截至 2023 年底，現金、短期銀行存款和投資為 5,480 萬美元。

In terms of guidance, for the fourth quarter of 2024, we expect to remain around the breakeven on a non-GAAP operating profit basis and to generate positive operating cash flow, contributing to a further improvement in the balance sheet net cash position.

在指導方面，我們預計 2024 年第四季的非 GAAP 營業利潤將保持在損益兩平點附近，並產生正的營業現金流，有助於進一步改善資產負債表淨現金狀況。

Management reiterate double-digit growth year over year for full-year SECaaS revenue and SECaaS ARR.

管理層重申全年 SECaaS 收入和 SECaaS ARR 年成長兩位數。

That ends my summary.

我的總結到此結束。

Eyal and myself would now be happy to take your questions.

埃亞爾和我本人現在很樂意回答您的問題。

(Operator Instructions) Nehal Chokshi, Northland Capital Markets.

（操作員指示）Nehal Chokshi，Northland 資本市場。

Congratulations on the strong profitability results.

祝賀強勁的獲利結果。

Got a bunch of questions.

有一堆問題。

Let's start with the ARR growth guidance.

讓我們從 ARR 成長指導開始。

I think the press release says double-digit SECaaS ARR growth, I believe that you're saying that on a year-to-year basis, yes.

我認為新聞稿中提到了兩位數的 SECaaS ARR 增長，我相信您所說的是逐年增長，是的。

And so technically, that could mean a Q-over-Q decline in SECaaS ARR.

因此從技術上講，這可能意味著 SECaaS ARR 環比下降。

Just mathematically, I don't believe that's viewed as a possibility given ARR was up 62% year over year in the September quarter.

僅從數學角度來看，鑑於 9 月所在季度的 ARR 年增 62%，我認為這種可能性不大。

So can you first verify as not the expectation, I mean do you indeed expect ARR to be up Q-over-Q?

那麼您能否先驗證一下這不是預期，我的意思是您確實期望 ARR 比 Q 更高嗎？

Yes.

是的。

We are definitely excited from the good results in first quarter of generating operating profitability for a while and our strong cash increase this quarter.

我們對第一季暫時產生營業利潤的良好業績以及本季強勁的現金成長感到興奮。

As for the SECaaS ARR, we continue to see growth, and we expect to see growth also next quarter.

至於 SECaaS ARR，我們繼續看到成長，並且預計下個季度也會出現成長。

And we are still projecting double-digit growth on the numbers.

我們仍然預計數字將實現兩位數成長。

As you could see, this quarter, we had higher revenue for the SECaaS compared to the ARR.

如您所看到的，本季我們的 SECaaS 收入高於 ARR。

And this is due to some catch-up revenue we had with one of the customers that paid us some services that are not recurring for the future.

這是由於我們從一位客戶那裡獲得了一些追趕收入，該客戶向我們支付了一些未來不會重複的服務。

This is why our ARR is a bit lower than the revenue that is higher this quarter due to this catch up.

這就是為什麼我們的 ARR 略低於本季度由於這種追趕而較高的收入。

We are expecting to further grow the ARR next quarter as we see further increase of yields by our existing customers as well as some additional customers in the forecast that we are expecting to be launched over the quarters.

我們預計下季度的 ARR 將進一步成長，因為我們看到現有客戶以及我們預計在本季推出的一些其他客戶的收益率將進一步增加。

All right.

好的。

Okay.

好的。

Great.

偉大的。

That's super helpful.

這非常有幫助。

And then why are you expecting any flattish to slight decline in operating profit on a Q-over-Q basis?

那麼，為什麼您預計營業利潤將季比會出現持平或小幅下降？

I guess it probably is related to the non-recurring SECaaS revenue that was recognized in the September quarter.

我想這可能與 9 月季度確認的非經常性 SECaaS 收入有關。

Exactly.

確切地。

So I think most importantly, we are now focused on our strategic plan to drive the company into a long-term strategic, sustainable profitable growth.

所以我認為最重要的是，我們現在專注於我們的策略計劃，以推動公司實現長期策略性、可持續的獲利成長。

As you know, we are still heavily relied on CapEx deals and nonrecurring revenue, which is harder to predict.

如您所知，我們仍然嚴重依賴資本支出交易和非經常性收入，這是很難預測的。

While we are improving and transforming the company into more recurring model and as our SECaaS becoming more and more dominant part of our revenue, we are starting to see more stability and more predictability in the results.

雖然我們正在改進公司並將其轉變為更經常性的模式，隨著我們的 SECaaS 越來越成為我們收入的主導部分，我們開始看到結果更加穩定和更可預測。

But it's still a process.

但這仍然是一個過程。

So in the next quarter, we are looking to continue with this trend, and we are looking to continue to have good performance.

因此，在下個季度，我們希望繼續保持這一趨勢，並希望繼續擁有良好的業績。

Allot will be dependent on few deals that it's a matter of timing.

分配將取決於少數交易，這只是時間問題。

So this is why we are more, I would say, conservative with our guidance.

所以我想說，這就是為什麼我們的指導意見更加保守。

Okay.

好的。

Great.

偉大的。

And then the SECaaS ARR did increase, I think, a record amount on a Q-over-Q basis.

然後，我認為，SECaaS ARR 確實增加了，按季度環比計算，創紀錄的金額。

What's the driver of that record amount of Q2 increase in SECaaS ARR?

第二季 SECaaS ARR 創紀錄成長的驅動因素是什麼？

So it's a mix, yes, we record amount and it's a mix of new services launched by our existing customers.

所以這是一個混合體，是的，我們記錄了金額，它是我們現有客戶推出的新服務的混合體。

We had a couple of press releases with Vodafone in the UK and MEO in Portugal that are increasing the partnership -- expanding the partnership with Allot into additional services.

我們與英國的沃達豐和葡萄牙的 MEO 發布了幾份新聞稿，這些新聞稿正在加強合作夥伴關係，將與 Allot 的合作夥伴關係擴展到更多服務。

We also continue to see increasing FX rates and increasing customer base from many of our customers.

我們也繼續看到外匯匯率不斷上漲，許多客戶的客戶群不斷增加。

So overall, all of that contributes into our ARR increase.

總的來說，所有這些都有助於我們的 ARR 增加。

Got it.

知道了。

Could you potentially parse that $2.6 million in Q-over-Q increase between new versus existing SECaaS customers?

您能否解析新 SECaaS 客戶與現有 SECaaS 客戶之間 260 萬美元的環比成長？

Is it about 50-50?

是50-50左右嗎？

Or is it more weighted towards new?

還是更偏重新事物？

It's not something we share.

這不是我們共享的東西。

Okay.

好的。

Understood.

明白了。

Is it fair to say, though, that because over the past two quarters, at least, the SECaaS ARR was increasing about $1 million each quarter, I believe, largely due to existing customers and probably most specifically good success of Verizon wireless access within the SMB segment.

不過，公平地說，因為至少在過去兩個季度，SECaaS ARR 每個季度增加了約100 萬美元，我相信這主要歸功於現有客戶，而且可能最具體的是Verizon 無線接入在該領域取得的成功。

So is it fair to say that at least that particular part continues to see similar sort of momentum?

那麼可以公平地說，至少那個特定部分繼續看到類似的勢頭嗎？

Again, as I said, we see both growth in our SECaaS ARR is coming from three parts.

正如我所說，我們再次看到 SECaaS ARR 的成長來自三個部分。

One is increased usage and higher penetration with the accounts we already work with.

一是我們已經使用的帳戶的使用量增加和滲透率更高。

Then we have additional services, new service launch within the customer we work with, like we announced on MEO Portugal and Vodafone UK and of course, new customers that are joining to our installed base.

然後我們有額外的服務，在我們合作的客戶中推出新服務，就像我們在 MEO 葡萄牙和沃達豐英國宣布的那樣，當然還有加入我們安裝基礎的新客戶。

What we see is overall, we are very happy with the progress on all three fronts, and we are looking to further invest in order to expand in all in order to continue this high growth rate in the years to come.

總體而言，我們對所有三個方面的進展感到非常滿意，我們希望進一步投資以擴大整體規模，以便在未來幾年繼續保持這種高成長率。

Okay.

好的。

And then last quarter, you did talk about a perpetual license customer agreeing to the SECaaS model, I believe that that's Vodafone and the Vodafone UK announcement as part of that.

上個季度，您確實談到了永久許可客戶同意 SECaaS 模式，我相信這是沃達豐和沃達豐英國公告的一部分。

The question here is that is it just limited to one region?

這裡的問題是，它僅限於一個地區嗎？

Is the SECaaS agreement limit to just one region with that perpetual license customer or is it going to be rolled out to additional regions beyond the UK?

SECaaS 協議是否僅限於擁有永久授權客戶的一個地區，還是將推廣到英國以外的其他地區？

We are working with our customer to deploy in all possible countries.

我們正在與客戶合作，在所有可能的國家/地區進行部署。

We don't provide any more specific details on that.

我們沒有提供更多具體細節。

And if we will have anything we can share in later quarters, we will be happy to share.

如果我們有任何可以在以後幾季分享的內容，我們將很樂意分享。

Okay.

好的。

Great.

偉大的。

Just a few more questions.

還有幾個問題。

For gross margin, it did improve a 113 basis points Q-over-Q.

毛利率確實環比提高了 113 個基點。

Is that largely due to that non-recurring true-up in SECaaS revenue?

這主要是由於 SECaaS 收入的非經常性調整嗎？

Liat, can you take that?

莉亞特，你能接受嗎？

Yeah, sure.

是的，當然。

So as Eyal said, yes, part of it is in the increase in SECaaS due to the onetime catch up that we have, but also, as we always say it's related to the specific type of deals that we have in the quarter.

正如 Eyal 所說，是的，部分原因是 SECaaS 的成長，這是由於我們一次性的趕上了，而且，正如我們總是說的，這與我們本季度的特定交易類型有關。

So overall, we can say that we are very happy with the gross margin, and we intend to continue with this trend and be in the range of 70% and make sure that also the product mix is supporting that.

總的來說，我們可以說我們對毛利率非常滿意，我們打算繼續保持這一趨勢並保持在 70% 的範圍內，並確保產品組合也支持這一點。

Got it.

知道了。

Okay.

好的。

Great.

偉大的。

And what's the driver behind the improved gross margin upside SECaaS revenue?

SECaaS 收入毛利率提高背後的驅動因素是什麼？

Is it a more benign competitive environment or is it something else?

是更良性的競爭環境還是別的原因？

So overall, we are putting a lot of emphasis on making sure we are taking the right deals.

因此，總的來說，我們非常重視確保我們進行正確的交易。

We want to make sure we are engaging with customers in a model that is making sense for Allot.

我們希望確保我們以對 Allot 有意義的模式與客戶互動。

And that with the increased mix of the SECaaS that is in general more higher gross margin, this is what drives our overall improvement.

隨著 SECaaS 組合的增加，毛利率通常會更高，這就是推動我們整體改善的原因。

Okay.

好的。

Great.

偉大的。

And then I did notice that the R&D line did come down another $1 million on a Q-over-Q basis.

然後我確實注意到，研發線環比確實又減少了 100 萬美元。

Are there any particular R&D programs that have been cut due to this R&D reduction?

是否有任何特定的研發項目因研發削減而被削減？

No.

不。

So the R&D compared to last year was reduced as the company was doing some optimization about a year ago.

因此，與去年相比，研發有所減少，因為公司在一年前做了一些優化。

In the last quarter, we didn't see any decrease what you might see is part of some government support we received for R&D funding that is part of our Q3 numbers.

在上個季度，我們沒有看到任何減少，您可能會看到我們收到的研發資金的一些政府支持的一部分，這是我們第三季度數據的一部分。

But overall, we are expecting to see similar R&D level on the yearly base.

但整體而言，我們預計每年的研發水準將會相似。

Got it.

知道了。

And that government support, is that continuing for the foreseeable future?

政府的支持在可預見的未來會持續嗎？

Or was it just a one-time thing?

或者這只是一次性的事情？

It's a yearly grant that we expect to continue, but it's a fair view of the season.

我們希望繼續提供年度資助，但這是對本賽季的公平看法。

So overall, it's a good estimate to take similar levels.

因此總的來說，採用類似的水平是一個很好的估計。

As for your comment, we are continuing to invest in our R&D as we want to create more innovation.

至於您的評論，我們將繼續投資於研發，因為我們希望創造更多創新。

I highlighted, we are now running under a single business unit to drive more innovation around security.

我強調，我們現在在一個業務部門下運行，以推動更多圍繞安全的創新。

And we are looking to further enhance our unique offering to provide customers innovative software and drive more growth.

我們希望進一步增強我們獨特的產品，為客戶提供創新軟體並推動更多成長。

Eventually, this is our long-term growth engine, and we want to further continue to invest there.

最終，這是我們的長期成長引擎，我們希望進一步繼續在那裡投資。

Okay.

好的。

Great.

偉大的。

And then early thoughts on calendar '25, especially with respect to non-SECaaS revenue?

然後是對 25 年日曆的早期想法，尤其是關於非 SECaaS 收入的想法？

So it's a bit too early.

所以現在有點太早了。

We are now busy on our planning for next year.

我們現在正忙於制定明年的計劃。

But overall, we are looking to continue to grow.

但總體而言，我們希望繼續成長。

We are relatively high double-digit growth in the SECaaS.

我們在 SECaaS 方面實現了相對較高的兩位數成長。

There is no reason why not to continue.

沒有理由不繼續。

We want to have it as part of our three-year plan.

我們希望將其作為我們三年計劃的一部分。

We want to have it as a significant growth part, and we will be able to share more information next quarter once we share our 2025 plan.

我們希望將其作為一個重要的成長部分，一旦我們分享 2025 年計劃，我們將能夠在下個季度分享更多資訊。

What would you see as the potential drivers of being able to achieve growth on the non-SECaaS portion of the business?

您認為能夠實現非 SECaaS 業務成長的潛在驅動因素是什麼？

On the non-SECaaS part, it's very hard to predict.

對於非 SECaaS 部分，很難預測。

As mentioned, this is non-recurring revenue.

如前所述，這是非經常性收入。

We see that the competitive environment is favorable.

我們看到競爭環境是有利的。

We see some large deals in our pipeline that can influence, and we believe we have great technology in this space that can drive also potential growth.

我們看到一些大型交易正在醞釀中，這些交易可能會產生影響，我們相信我們在這個領域擁有出色的技術，也可以推動潛在的成長。

Longer term, we focus on security, and we believe we have a unique combination of traffic management with security offering that not so many companies globally can offer.

從長遠來看，我們專注於安全性，我們相信我們擁有流量管理與安全產品的獨特組合，全球沒有多少公司能夠提供這種服務。

And this is where we are unique, and this is where we believe we can generate growth.

這就是我們的獨特之處，也是我們相信能夠實現成長的地方。

There are no further questions at this time.

目前沒有其他問題。

Thank you, everyone.

謝謝大家。

And with that, the call is concluded.

至此，通話結束。