Allot Ltd (ALLT) 2025 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by. Welcome to Allot's first quarter 2025 results conference call. (Operator Instructions) As a reminder, this conference is being recorded.

女士們、先生們，感謝你們的支持。歡迎參加 Allot 2025 年第一季業績電話會議。（操作員指示）提醒一下，本次會議正在錄音。

You should have all received by now the company's press release. If you have not received it, please contact Allot's Investor Relations team at EK Global Investor Relations at 12123788040 or view it in the News section of the company's website at www.allot.com.

大家現在應該都已經收到該公司的新聞稿了。如果您尚未收到，請聯絡 EK Global Investor Relations 的 Allot 投資者關係團隊，電話：12123788040，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. Mr. Green, would you like to begin please?

現在我想將電話轉給 EK 全球投資者關係部的 Kenny Green 先生。格林先生，您可以開始嗎？

Thank you. Good day to all of you and welcome to Allot's conference call to discuss its financial results for the quarter. I would like to thank Allot's management for hosting this conference call. With me today on the call are Mr. Eyal Harari, CEO; and Ms. Liat Nahum, CFO.

謝謝。大家好，歡迎參加 Allot 電話會議討論本季的財務表現。我要感謝 Allot 管理階層主持這次電話會議。今天與我一起參加電話會議的還有執行長 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. You can all find the highlights of the quarter, including the financial highlights and metrics, including those we typically discuss on the conference call, in today's earnings release.

在 Eyal 發表完準備好的演講後，我們將開始問答環節，Eyal 和 Liat 都將回答這些問題。在今天的收益發布中，你們都可以找到本季的亮點，包括財務亮點和指標，包括我們通常在電話會議上討論的內容。

Before we start, I'd like to point out the following Safe Harbor statement. This conference call may contain projections or other forward-looking statements regarding future events or the future performance of the company. Those statements are early predictions and Allot cannot guarantee that they will in fact occur.

在我們開始之前，我想指出以下安全港聲明。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。這些聲明只是早期的預測，Allot 不能保證它們會真正發生。

Allot does not assume any obligation to update that information. 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 demands, and the competitive nature of the securities services industry, as well as other risks identified in the documents filed by the company with the Securities and Exchange Commission. Also, the financial results in this call will be presented mainly on a non-GAAP basis.

Allot 不承擔更新資訊的任何義務。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 客戶推出服務延遲、需求減少、證券服務業的競爭性質，以及公司向美國證券交易委員會提交的文件中確定的其他風險。此外，本次電話會議中的財務結果將主要以非公認會計準則為基礎呈現。

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

Allot 認為，這些非 GAAP 財務指標提供了更一致、更可比較的指標，有助於投資人了解 Allot 本季的營運表現。有關所有數據，請參閱今天早些時候發布的業績新聞稿中公佈的財務表，其中還包括 GAAP 與非 GAAP 財務對帳表。

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

現在，我想將電話交給執行長 Eyal Harari。埃亞爾，請繼續。

Thank you, Kenny. Let me begin by saying that we are very pleased to report a strong set of first quarter 2025 results, with top and bottom line growth, as well as continued momentum in our SECaaS growth engine. Our results demonstrate that we are successfully and consistently executing on our security-first strategy, bringing renewed growth and profitability to Allot.

謝謝你，肯尼。首先，我要說的是，我們非常高興地報告 2025 年第一季的強勁業績，營收和利潤均實現成長，並且我們的 SECaaS 成長引擎繼續保持強勁勢頭。我們的結果表明，我們正在成功且持續地執行我們的安全第一策略，為 Allot 帶來新的成長和獲利能力。

Our first quarter revenues increased year-over-year by 6%. While in 2024, our focus was bringing the business to financial stabilization, 2025 remarks a return to growth. The primary contributor to that revenue increase was our growth engine, the Security as a Service solution, SECaaS.

我們第一季的營收年增6%。2024 年，我們的重點是實現業務財務穩定，而 2025 年則將恢復成長。收入成長的主要貢獻者是我們的成長引擎—安全即服務解決方案 (SECaaS)。

For the quarter, SECaaS contributed over a fifth of our revenues, with SECaaS ARR at 21.2 million, up 55% year-over-year. This growth, combined with the steps we took over the past two years to reduce expenses considerably, has translated into a profitable Q1 on a non-GAAP basis. Our non-GAAP net income was 0.8 million for the quarter versus a loss in the first quarter of last year.

本季度，SECaaS 貢獻了我們五分之一以上的收入，SECaaS ARR 為 2,120 萬美元，年增 55%。這一增長，加上我們過去兩年採取的大幅削減開支的措施，使得我們第一季在非公認會計準則下實現了盈利。本季我們的非公認會計準則淨收入為 80 萬美元，而去年第一季則出現虧損。

We reported positive operating cash flow of 1.7 million in the quarter, and as a result, our cash position at the quarter end increased to over 60 million. This great performance is being driven by our motivated and experienced workforce. I want to thank our employees for their continued focus on execution, their steadfast passion for keeping our customers happy, and their ongoing commitment to achieving our business goals.

我們報告本季的經營現金流為 170 萬美元，因此，季度末的現金狀況增加到 6,000 多萬美元。這項出色表現得益於我們積極進取、經驗豐富的員工隊伍。我要感謝我們的員工，感謝他們對執行的持續關注、他們對讓客戶滿意的堅定熱情以及他們對實現我們業務目標的持續承諾。

The growing traction of our Security as a Service solution demonstrates our increased success in convincing telcos about the importance of providing seamless cybersecurity threat protection to their end customers. We are working closely with our customers to help them market cybersecurity solutions and drive increased adoption among their end customers. We are especially excited about our growing partnership with Vodafone and Verizon, which I will elaborate on further in a few minutes.

我們的安全即服務解決方案的日益普及表明我們在說服電信公司為其最終客戶提供無縫網路安全威脅防護的重要性方面取得了更大的成功。我們正在與客戶密切合作，幫助他們推銷網路安全解決方案並推動其在最終客戶中更多地採用。我們對與沃達豐和威瑞森日益增長的合作關係感到特別興奮，我將在幾分鐘內進一步詳細說明。

We also have made solid progress growing a deep and broad pipeline of potential opportunities for both SECaaS and smart products. We are focused on converting this strong pipeline into new partnerships and agreements. We are very proud of our team's solid execution in securing a significant expansion of our partnership with Verizon Business, a division of one of the largest and most prestigious wireless providers in the United States and in the world.

我們在為 SECaaS 和智慧產品拓展廣泛的潛在機會方面也取得了堅實的進展。我們致力於將這個強大的管道轉化為新的合作夥伴關係和協議。我們為團隊的出色執行感到非常自豪，確保了我們與 Verizon Business 的合作夥伴關係得到顯著擴展，Verizon Business 是美國乃至全球最大、最負盛名的無線服務提供商之一的分支機構。

We have been providing network-based cybersecurity protection to Verizon Business' fixed wireless access customers, giving their 1.5 million subscribers the option to use our service. Our success here led to a new agreement to make our solution available to the full Verizon Business mobile customer base of over 30 million subscribers, as well as any new subscribers that they gain. This exciting let-them-expand win represents a significant targeted addressable market and long-term growth opportunity for Allot.

我們一直為 Verizon Business 的固定無線接取客戶提供基於網路的網路安全保護，讓他們的 150 萬用戶可以選擇使用我們的服務。我們在這裡的成功促成了一項新協議，該協議將使我們的解決方案可供 Verizon Business 超過 3000 萬行動用戶群以及他們獲得的任何新用戶使用。這次令人興奮的擴張勝利代表著 Allot 擁有重要的目標市場和長期成長機會。

A few weeks ago, Verizon Business launched a new mobile service called My Biz Plan, an attractive mobile plan geared towards small and mid-sized businesses that offers a scalable and fully customizable mobile service plan. Crucially, Verizon Business includes mobile internet security as part of the base package rather than an add-on, meaning customers are automatically opt-in at the start and we get paid by Verizon for each account that is connected. The potential for us from just this deal is substantial.

幾週前，Verizon Business 推出了一項名為 My Biz Plan 的新行動服務，這是一項針對中小型企業的極具吸引力的行動計劃，提供可擴展且完全可自訂的行動服務計劃。至關重要的是，Verizon Business 將行動網路安全性作為基本方案的一部分而不是附加元件，這意味著客戶在開始時會自動選擇加入，並且我們會為每個連線的帳戶向 Verizon 付費。光是這筆交易就為我們帶來了巨大的潛力。

Verizon recently started actively marketing the new offering to both their existing customer base as well as new customers. It has only been a few weeks since launch and we are very pleased by the initial traction. Given the success of the launch, together with a fixed wireless access customer already using our service, Verizon has become the largest contributor to SECaas revenues in the first quarter and we expect it to only grow further from here.

Verizon 最近開始積極向現有客戶群和新客戶推銷新產品。自推出以來僅過了幾週，我們對最初的發展感到非常高興。鑑於此次發布的成功，加上已經在使用我們服務的固定無線接入客戶，Verizon 已成為第一季 SECaas 收入的最大貢獻者，我們預計它只會進一步增長。

We have built a solid working relationship with Verizon Business and we hope to further extend our collaboration with them in the coming years. Together with other customers that have launched cyber security services based on our SECaas offering, including Vodafone, O2, Neo and others, which all are progressing nicely, we feel comfortable with our goals estimates and we expect that for the full year 2025, SECaas revenues and ARR will achieve strong year-over-year increase at around 50% or more.

我們與 Verizon Business 建立了牢固的合作關係，並希望在未來幾年進一步擴大與他們的合作。與其他基於我們的 SECaas 產品推出網路安全服務的客戶（包括沃達豐、O2、Neo 等）一起，這些服務都進展順利，我們對我們的目標估計感到滿意，我們預計 2025 年全年，SECaas 收入和 ARR 將實現強勁的同比增長，約為 50% 或更多。

Last month, we launched our OffNetSecure solution at RSA in San Francisco. This new cyber security solution allows operators to protect their customers against cyber threats when they are off-network, meaning they are connected to the internet through means other than the operator's own network. This type of broad connectivity gives the service providers an additional branded channel for staying in touch with your subscriber.

上個月，我們在舊金山的 RSA 上推出了我們的 OffNetSecure 解決方案。這種新的網路安全解決方案允許營運商在客戶脫離網路時保護他們免受網路威脅，這意味著他們透過營運商自己的網路以外的方式連接到網路。這種廣泛的連接為服務提供者提供了一個額外的品牌管道，以便與您的用戶保持聯繫。

Previously off-network was a blind spot for the service providers. Our OffNetSecure solution is an extension of the Allot Secure cyber security platform. The service is activated as part of the provider's branded customer app already running on the customer's device.

以前，離網是服務提供者的盲點。我們的 OffNetSecure 解決方案是 Allot Secure 網路安全平台的擴展。該服務作為已在客戶設備上運行的提供商品牌客戶應用程式的一部分啟動。

This offering completes the circle of protection provided by our unified Allot Secure suite and offers telecom providers a new potential premium add-on revenue stream. Our smart product is a significant and important part of the overall Allot business. Built on decades of Allot experience, offering top-notch technology and innovation, the solution continues to be a market-leading offering.

該產品完善了我們統一的 Allot Secure 套件所提供的保護圈，並為電信供應商提供了新的潛在優質附加收入來源。我們的智慧產品是整個 Allot 業務的重要組成部分。該解決方案基於數十年的 Allot 經驗，提供一流的技術和創新，並繼續成為市場領先的產品。

As a reminder, following our decision to combine our two business units into single division, our smart product is being sold as part of our unified security first platform. We recently signed several multi-million dollar agreements with new customers for our smart product, which will contribute to our overall future growth. These orders we received from multiple different countries start to 2025 for smart to give us confidence in the ongoing demand for these products and services.

提醒一下，在我們決定將兩個業務部門合併為一個部門之後，我們的智慧產品將作為統一的安全第一平台的一部分出售。我們最近與新客戶簽署了幾份價值數百萬美元的智慧產品協議，這將有助於我們未來的整體成長。我們從多個不同國家收到的這些智慧訂單將於 2025 年開始，這讓我們對這些產品和服務的持續需求充滿信心。

At the end of last year, we launched our new service gateway, the Tera III multi-service platform geared toward top-tier telecom operators. The product is a highly attractive solution for tier-one networks, offering strong visibility into network traffic all in one unified platform. We are seeing a lot of interest in this new product and it has contributed to our strong pipeline of opportunities.

去年年底，我們推出了新的業務網關－Tera III多業務平台，針對頂級電信業者。該產品對於一級網路來說是一個非常有吸引力的解決方案，它在一個統一的平台上提供了對網路流量的強大可視性。我們看到人們對這款新產品非常感興趣，它為我們帶來了大量的機會。

During the recent quarters, we have grown our pipeline nicely. We have added both existing customers that may want to upgrade to our new platform, as well as new customers that appreciate the value-added that this new product can bring to them. The pipeline includes multi-million dollar opportunities, including a few eight-figure deals.

最近幾個季度，我們的產品線穩定成長。我們既增加了可能想要升級到新平台的現有客戶，也增加了欣賞這款新產品能為他們帶來的附加價值的新客戶。該管道包括價值數百萬美元的機會，其中包括幾筆八位數的交易。

Our current pipeline therefore represents a significant future upside potential. A few weeks ago, we attended the RSA conference, which was held in San Francisco. It was a highly productive event for Allot’s marketing team, with multiple meetings and excellent feedback from both existing and potential customers.

因此，我們目前的管道代表著未來巨大的上升潛力。幾週前，我們參加了在舊金山舉行的 RSA 會議。對於 Allot 的行銷團隊來說，這是一個高效的活動，他們召開了多次會議，並獲得了現有客戶和潛在客戶的正面回饋。

Customers are clearly supportive of our security first strategy, with strong interest in our combined offering, especially given our recent top tier customer wins. Key themes emerged at RSA to reinforce why our security-first strategy is so well-timed. Protecting home and small office networks has moved from nice-to-have to a must-have service.

客戶顯然支持我們的「安全第一」策略，對我們的組合產品表現出濃厚的興趣，尤其是考慮到我們最近贏得的頂級客戶。RSA 上出現的關鍵主題強調了為什麼我們的安全第一策略是如此及時。保護家庭和小型辦公室網路已經從一項可有可無的服務變成了一項必備服務。

And the rise of AI has added a new dimension of risk, as well as new solutions which need protection. At our booth, Prospect highlighted the value of in the cloud service that delivers real-time visibility and enforcement. These conversations underscore the power of our Allot Secure suite, and especially our new OffNetSecure product. Our solutions address market needs, positioning us to capitalize on the accelerating demand for cybersecurity solutions geared toward consumers and SMB segments.

人工智慧的興起增加了新的風險維度，也帶來了需要保護的新解決方案。在我們的展位上，Prospect 強調了提供即時視覺性和執行力的雲端服務的價值。這些對話強調了我們的 Allot Secure 套件，尤其是我們的新 OffNetSecure 產品的強大功能。我們的解決方案滿足了市場需求，使我們能夠利用面向消費者和中小型企業領域的網路安全解決方案日益增長的需求。

In summary, we are very pleased with our first quarter 2025 performance and our return to year-over-year growth in revenue and profit. We are especially excited about the strong growth in both SECaaS revenue and ARR. Our offerings across the Board continue to gain momentum, as has been demonstrated by recent new contract wins and service launches at leading customers.

總而言之，我們對 2025 年第一季的業績以及營收和利潤恢復同比增長感到非常滿意。我們對 SECaaS 收入和 ARR 的強勁成長感到特別興奮。我們全方位的產品與服務繼續獲得發展勢頭，這已從我們最近贏得的新合約和向主要客戶推出的服務中得到證明。

Looking ahead, over the remainder of 2025, given our recent successes, we expect that for full year 2025 we will achieve profitable growth with SECaaS revenue and ARR achieving strong year-over-year increases at around 50% or more. I am increasingly optimistic about our future.

展望 2025 年剩餘時間，鑑於我們最近的成功，我們預計 2025 年全年將實現盈利增長，SECaaS 收入和 ARR 將實現約 50% 或更多的強勁同比增長。我對我們的未來越來越樂觀。

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

現在，我想將其交給我們的財務長 Liat Nahum 來做財務總結。Liat，請繼續。

Thanks, Eyal. We reported revenue of $23.2 million in the quarter, up 6% year-over-year. Revenue from our growth engine SECaaS was $5.1 million in the quarter, in line with our expectations, and up 49% year-over-year, comprising 22% of our revenue in the quarter. Our SECaaS annual recurring revenue as of March 2025 was $21.2 million.

謝謝，埃亞爾。我們報告本季營收為 2,320 萬美元，年增 6%。本季度，我們成長引擎 SECaaS 的營收為 510 萬美元，符合我們的預期，年增 49%，佔本季營收的 22%。截至 2025 年 3 月，我們的 SECaaS 年度經常性收入為 2,120 萬美元。

I will now discuss the non-GAAP financial measures. 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 results press release. Our non-GAAP gross margin in the quarter was 70.4%, the same as first quarter of last year.

我現在將討論非公認會計準則財務指標。有關我們的所有財務結果，包括 GAAP 財務指標和我們收入的其他各種明細，請參閱我們的業績新聞稿中的表格。本季我們的非公認會計準則毛利率為 70.4%，與去年第一季相同。

While the non-GAAP gross margin depends on the specific product mix sold in the quarter, our expectation for gross margin in the coming year is in the range of 70%. As SECaaS revenue continues growing as a percentage of overall revenue, we expect our gross margin to continue increasing.

雖然非公認會計準則毛利率取決於本季銷售的特定產品組合，但我們預計明年的毛利率將在 70% 左右。隨著 SECaaS 收入佔總收入的比例持續增長，我們預計毛利率將繼續增加。

Non-GAAP operating expense for the quarter was $15.9 million, 5% below $16.6 million in the first quarter of last year. Allotted 483 full-time employees as of March 2025. We expect this to gradually increase toward 500 by year-end. We reported a non-GAAP operating income of $0.4 million compared with a non-GAAP operating loss of $1.2 million in the first quarter of last year.

本季非公認會計準則營運費用為 1,590 萬美元，比去年第一季的 1,660 萬美元下降 5%。截至 2025 年 3 月，已分配 483 名全職員工。我們預計到年底這一數字將逐漸增加至 500。我們報告的非公認會計準則營業收入為 40 萬美元，而去年第一季的非公認會計準則營業虧損為 120 萬美元。

In terms of non-GAAP net profit, we reported $0.8 million in the quarter, or a profit of $0.02 per share as compared with a non-GAAP net loss of $0.9 million, or a loss of $0.03 per share in the first quarter of last year.

就非公認會計準則淨利潤而言，本季度我們報告的淨利潤為 80 萬美元，即每股盈利 0.02 美元，而去年第一季的非公認會計準則淨虧損為 90 萬美元，即每股虧損 0.03 美元。

We reported positive operating cash flow in the first quarter of $1.7 million. Cash, short-term bank deposit, and investment as of March 31st, 2025 totaled $60.7 million versus $58.8 million as of year-end 2024. That ends my summary.

我們報告第一季的營運現金流為 170 萬美元。截至 2025 年 3 月 31 日的現金、短期銀行存款和投資總額為 6,070 萬美元，而截至 2024 年底為 5,880 萬美元。我的總結到此結束。

Eyal and I are now happy to take your questions.

埃亞爾和我現在很高興回答你們的問題。

Thank you, ladies and gentlemen. At this time we will begin the question-and-answer session.(Operator Instructions)

謝謝各位，女士們、先生們。現在我們將開始問答環節。 （操作員指示）

Nihal Chokshi, Northland Capital Markets.

Nihal Chokshi，北國資本市場。

Thank you. Congratulations. Fantastic results here. You probably said this in your prepared remarks, Eyal, but just to be clear, Verizon, business, mobile, Internet security actually contribute to your 1Q SECaaS ARR results?

謝謝。恭喜。這裡的結果非常棒。埃亞爾，你可能在準備好的發言中提到了這一點，但需要明確的是，Verizon、商業、行動、網路安全實際上對你的第一季 SECaaS ARR 結果有所貢獻嗎？

Thank you, first of all, for the congratulations. As mentioned in the prepared remark, the official launch of the service happened only in mid-April. We have very minimal contribution for the Q1 and Q2 numbers for this service, only from the pre-launch. Most of it would come in the current quarter, Q2, and it will accelerate as we proceed as Q2 also was only a partial quarter. And we are seeing good growth and good traction for the service. We expect this to be significant contributing to our SECaaS over the year.

首先，謝謝大家的祝賀。正如準備好的評論中所提到的，該服務於 4 月中旬才正式推出。我們對這項服務第一季和第二季數據的貢獻非常小，僅來自於預發布階段。大部分成長將在本季（第二季）實現，而且隨著我們的推進，成長將會加速，因為第二季也只是一個部分季度。我們看到該服務正在取得良好的成長並具有良好的吸引力。我們預計這將對我們今年的 SECaaS 做出重大貢獻。

Got it. So then what was the big driver for, I believe, your biggest SECaaS ARR -- incremental SECaaS ARR quarter ever by a far margin?

知道了。那麼，我認為，是什麼推動了您實現最大的 SECaaS ARR——有史以來增量最大的 SECaaS ARR 季度？

So we start to see the new agreement, the new service launches that announced last quarter and the quarter before, starts to kick in and contribute to our revenue. Part of them are related to the Vodafone agreements, part of them to the MEO, to the O2 Czech, all the announcements we had in previous quarters.

因此，我們開始看到新協議、上一季和前一季宣布的新服務開始發揮作用並為我們的收入做出貢獻。其中一部分與沃達豐協議有關，一部分與 MEO、O2 Czech 有關，這些都是我們在前幾個季度發布的公告。

They are starting to go in the numbers, some of them are still not in full effect, and we are expecting to have further growth for those that count into the year. And this is why we feel comfortable that our yearly SECaaS revenue in ARR are going to be around 50% growth year-over-year, as indicated in our press release.

它們的數量已經開始增加，其中一些還沒有完全生效，我們預計那些計入今年的數字將會進一步成長。這就是為什麼我們感到有信心，我們的年度 ARR 中的 SECaaS 收入將同比增長約 50%，正如我們的新聞稿中指出的那樣。

Okay, great, fantastic. Yes, indeed, noted the big change in language from just simply a year of double-digit SECaaS revenue in ARR growth to around 50% or more. Just double-clicking on the wording of around 50% or more, are you trying to indicate that there is a decent probability that SECaaS ARR grows less than 50%?

好的，太棒了，太棒了。是的，確實，注意到語言的巨大變化，從僅僅一年的兩位數 SECaaS 收入 ARR 增長到 50% 左右或更多。只需雙擊大約 50% 或更高的措辭，您是否想表明 SECaaS ARR 增長低於 50% 的可能性很大？

You know, we are talking about services that are under the marketing and full control of the service providers, so we are relying on their campaigns and their focused numbers. We feel comfortable to say around 50%, but you know, there are still lots of moving parts, and we are getting contributions from multiple services, some of them like Verizon just launched, and we want to be - we are trying to give the best estimate.

您知道，我們所談論的服務是由服務提供者行銷和完全控制的，因此我們依賴他們的活動和他們關注的數字。我們可以放心地說大約是 50%，但你知道，還有很多活動部件，而且我們正在從多個服務中獲得貢獻，其中一些服務就像 Verizon 剛剛推出的一樣，我們希望 - 我們正在努力給出最好的估計。

It might be a bit lower than the 50%, but as indicated, it also might go above 50%. So it's the best estimate we have now is that it should be around this number. But we are not anticipating, for example, it will be at the 30% level. But if you are asking whether it can go to 45%, maybe. There are still some uncertainties for us as we are relying on the different service providers, their marketing plans, and we are still very early in the year.

它可能比 50% 略低，但如所示，它也可能超過 50%。因此，我們現在給出的最佳估計值應該是這個數字左右。但我們預計不會達到例如 30% 的水平。但如果你問它是否可以達到 45%，也許可以。由於我們依賴不同的服務提供者及其行銷計劃，而且今年還處於初期階段，因此我們仍面臨一些不確定性。

Got it. And then you also mentioned that within the quarter, Verizon became the largest consumer of SECaaS revenue. Did I hear that correctly?

知道了。然後您也提到，在本季內，Verizon 成為 SECaaS 收入的最大消費者。我沒聽錯吧？

Correct. Verizon, with the initial launch of the Verizon mobile service, as well as the good traction of the Verizon fixed wireless access, became our number one account for the SECaaS revenue, and it's still in the early days for the VMsS, for the Verizon Mobile Security Service, so we are expecting it to be even larger and more strategic as we go.

正確的。Verizon 憑藉其首次推出的 Verizon 行動服務以及 Verizon 固定無線接入的良好發展勢頭，成為了我們 SECaaS 收入的第一大客戶，而對於 VMsS 和 Verizon 行動安全服務而言，它仍處於早期階段，因此我們預計它會隨著我們的發展而變得更大、更具戰略性。

Okay, great. Just a couple more questions for me here. In your April slide deck, I believe you introduced a lot of new slides, but slide 21 is particularly very interesting, where you're showing increasing penetration rates, I think across multiple different vendors. I guess, you know, just want to make sure that this is indeed a lot specific telecom data, and then maybe just walk us through the narrative that you're trying to tell us with this chart here as well.

好的，太好了。這裡我還有另外幾個問題。在您四月份的幻燈片中，我相信您介紹了很多新幻燈片，但第 21 張幻燈片特別有趣，其中您展示了滲透率的上升，我認為是跨多個不同供應商的滲透率。我想，您只是想確保這確實是大量具體的電信數據，然後也許只需向我們介紹一下您想透過這張圖表告訴我們的敘述。

So the company mentioned before, and the audience and myself don't have specifically the slide in front of us, but in general, we are seeing that the adoption of the security service, based on our experience with different launches with other carriers, is picking up between two to three years. Their age of adoption is typically between 15% in the lower end, up to 50%, on the upper end, with most carriers reaching 20% to 30% adoption.

因此，正如之前提到的公司，以及聽眾和我面前沒有具體的幻燈片，但總的來說，根據我們與其他運營商合作推出不同服務的經驗，我們看到安全服務的採用率在兩到三年內有所回升。他們的採用年齡通常在最低 15% 到最高 50% 之間，大多數業者的採用率達到 20% 到 30%。

I think this gives some important clarity for our investors to see what is the potential that you can expect for any new service launch, based on the customer addressable market. Of course, this actual age of adoption, as well as the actual performance of the specific carriers, it really, really depends on their marketing approach. It depends on how much they invest their marketing budgets and how committed the leadership is to this service.

我認為這為我們的投資者提供了一些重要的清晰度，使他們能夠根據客戶目標市場了解任何新服務推出的潛力。當然，實際採用年齡以及特定運營商的實際表現實際上取決於他們的營銷方式。這取決於他們投入了多少行銷預算以及領導階層對這項服務的投入程度。

Got it. Makes a lot of sense. Okay. And then, looking at the smart business here, you talked about the increased pipeline. Is the telecom customers that are in the smart business, are you seeing increased opportunity to also cross-sell your SECaaS solutions? And if so, how big of an opportunity do you see that being, outside of the sort of big elephants that you're already seeing good success with, that being Vodafone and Verizon?

知道了。很有道理。好的。然後，看看這裡的智慧業務，您談到了增加的管道。對於從事智慧業務的電信客戶，您是否看到了交叉銷售 SECaaS 解決方案的更多機會？如果是這樣，那麼除了您已經看到取得良好成功的巨頭，即沃達豐和 Verizon 之外，您認為這還會帶來多大的機會？

So, definitely part of our security first strategy, we are looking into creating synergies and value-added by combining our two business units and running under one team, one business, and creating a synergetic product. We are well-known in the telecom space. We have a lot of relationships with many service providers around the globe from the 20 years and more of a lot of success in the space. And part of our advantage is that we are providing the security service, leveraging partnerships with the service providers.

因此，作為我們安全第一策略的一部分，我們正在尋求透過合併我們的兩個業務部門並在一個團隊、一個業務下運作並創造協同產品來創造協同效應和增值。我們在電信領域享有盛名。二十多年來，我們與全球許多服務提供者建立了良好的合作關係，並在該領域取得了許多成功。我們的優勢之一在於我們提供安全服務，並利用與服務提供者的合作關係。

So, we definitely see synergy and potential in any existing smart customer and any new smart customer is a potential for expansion into SECaaS and vice versa. We are especially excited to see our pipeline growing also on the smart side. This is something we talked over the last few quarters that demand was softer in the last few years and we saw less revenues coming from the smart and we were asked a lot of questions about what is our view.

因此，我們確實看到任何現有智慧客戶的協同效應和潛力，任何新智慧客戶都有擴展到 SECaaS 的潛力，反之亦然。我們特別高興地看到我們的管道在智慧方面也在不斷增長。這是我們在過去幾季中討論過的問題，過去幾年需求較弱，來自智慧型裝置的收入減少，我們被問到了很多關於我們觀點的問題。

Last quarter, we discussed that we are expecting to have similar revenues on the smart as of previous year and with the potential upside and our pipeline and seeing some large deals advancing gives us more optimism that the demand for our product and specifically for the newly launched Terra III platform is high and we are really excited with the market reaction to this new product launch and the potential that it creates.

上個季度，我們討論過，我們預計智慧產品的收入將與去年相似，而且由於潛在的上升空間和我們的產品線以及看到一些大型交易的推進，我們更加樂觀地認為，對我們的產品，特別是新推出的 Terra III 平台的需求很高，我們對市場對這款新產品的反應以及它所創造的潛力感到非常興奮。

So, we see both smart specific opportunities in our pipeline. We see new pipelines for new secrecy. Some of them can materialize still in 2025. Some are building pipelines in 2026. Their cycles are long and take some time, but we are working full force in order to invest in our future growth.

因此，我們在我們的管道中看到了兩個特定的智慧機會。我們看到了新的保密管道。其中一些目標到 2025 年仍可能實現。有些國家計劃在 2026 年建造管道。它們的周期很長，需要一些時間，但我們正在全力以赴，投資我們未來的成長。

Okay, great. And then just quickly, in terms of a competitive space on the smart side of the business, is that contributing to the improved pipeline that you're seeing, i.e., the troubles that Sandvine seems to still be going through?

好的，太好了。那麼，就智慧業務領域的競爭空間而言，這是否有助於您所看到的管道改進，即 Sandvine 似乎仍在經歷的麻煩？

So, we are focused on our technology and offering. We are seeing, as I said, good traction to our technology. People really like the Tera III platform, the highest capacity and most scalable platform in the market, really appealing for large tier one carriers.

因此，我們專注於我們的技術和產品。正如我所說，我們看到我們的技術正在獲得良好的發展。人們非常喜歡 Tera III 平台，它是市場上容量最高、可擴展性最強的平台，對大型一級營運商來說非常有吸引力。

And overall, we are continuing to focus on both product lines with our growth engine in our strategic focus. But as I said, also the smart product line shows increasing pipeline in the recent quarters.

整體而言，我們將繼續關注這兩條產品線，並將成長引擎作為我們的策略重點。但正如我所說，智慧產品線在最近幾季也呈現成長動能。

Okay, great. Thank you very much for taking all my questions.

好的，太好了。非常感謝您回答我的所有問題。

Rory Wallace, Outerbridge Capital.

華萊士（Rory Wallace），Outerbridge Capital。

Hi, thanks for taking my questions. I was wondering on the decision by Verizon to include a lot of the base security feature in its flagship business mobile plan, do you think this is something that will cause other operators to consider following the same playbook as far as bundling and including a lot as more of a default option and security as a core service?

你好，謝謝你回答我的問題。我想知道 Verizon 決定在其旗艦商業移動計劃中包含許多基本安全功能的原因，您是否認為這會導致其他運營商考慮遵循相同的策略，捆綁並包含更多默認選項和安全性作為核心服務？

So, we see that Verizon are taking cybersecurity very seriously. I think they show a lot of vote of confidence with their FWA service, the fixed wireless service cybersecurity launch in the last 15 months that show good result and good customer feedback. That they want to make it pivotal to their newly launched My Biz new service plan for their business customers.

因此，我們看到 Verizon 非常重視網路安全。我認為他們對 FWA 服務表現出了極大的信心，過去 15 個月推出的固定無線服務網路安全取得了良好的效果並獲得了良好的客戶回饋。他們希望它成為他們為商業客戶新推出的 My Biz 新服務計畫的核心。

Definitely, once carrier is introducing services as part of their offering, it's a very competitive and small market and I'm sure that Verizon competitors are considering the most. And in general, Telco is a small village and operator are looking what's successful for others around the globe and trying to imitate it.

毫無疑問，一旦營運商推出服務作為其產品的一部分，這是一個競爭非常激烈且規模較小的市場，我相信 Verizon 的競爭對手正在考慮最多。總體而言，電信公司就像一個小村莊，營運商正在尋找全球其他公司成功的經驗並試圖模仿。

So, I would believe that people are aware of what we are doing and what Verizon are doing and their success will be probably something that others will want to replicate.

所以，我相信人們知道我們在做什麼以及 Verizon 在做什麼，他們的成功可能是其他人想要複製的。

Got it. Thank you. And you spoke a little bit about the launch of OffNetSecure and your experience at RSA and giving a snapshot of the different drivers of the security market. I was wondering if you could talk a bit about some of the other product offerings that you have sort of soft launched here like the NetProtect as a service and how your product strategy and roadmap is converging now as you look into 2025 and beyond?

知道了。謝謝。您稍微談了一下 OffNetSecure 的推出以及您在 RSA 的經歷，並簡要介紹了安全市場的不同驅動因素。我想知道您是否可以談談您在這裡軟推出的一些其他產品，例如 NetProtect 服務，以及展望 2025 年及以後，您的產品策略和路線圖現在如何融合？

So, when we announced our new security first strategy, what we shared is that we are looking to see how we can take assets that we have currently under the smart product line and offer them and leverage them into our security offering.

因此，當我們宣布新的「安全第一」策略時，我們所分享的是，我們正在尋找如何利用我們目前在智慧產品線下擁有的資產並將其提供並利用到我們的安全產品中。

Out of those solutions, we are looking to create new innovations like the OffNetSecure just announced this quarter and some of them are trying to leverage existing products like the NetProtect that is a product we already offer for a few years into network infrastructure protection and come and offer them as part of our security as a service and offering it what's mentioned network protection as a service to potential customers.

在這些解決方案中，我們希望創造新的創新，例如本季剛剛宣布的 OffNetSecure，其中一些正在嘗試利用現有產品，例如 NetProtect（我們已經在網路基礎設施保護方面提供了幾年的產品），並將其作為我們安全即服務的一部分提供，並將其作為網路保護即服務提供給潛在客戶。

So, we are seeing that this concept and this synergy makes a lot of sense and customers we talked to are really excited with the opportunity to further protect and further enhance their protection there with us and these are just initial work. We are having as you mentioned some soft launches and early introductions of those technologies and we are starting to get traction.

因此，我們看到這個概念和這種協同作用非常有意義，與我們交談過的客戶對有機會與我們一起進一步保護和進一步加強他們的保護感到非常興奮，而這些只是初步工作。正如您所提到的，我們正在對這些技術進行一些軟啟動和早期介紹，並且開始獲得關注。

I'm sure that with the progress and our R&D guys and product guys are working day in and day out to think about additional innovations and working closely with customers to provide more value as part of our growth strategy into becoming a security first company.

我相信，隨著進步，我們的研發人員和產品人員正在日復一日地思考更多的創新，並與客戶密切合作，提供更多價值，這是我們成為安全第一公司的成長策略的一部分。

Thanks and then with the smart product line, very encouraging commentary around the pipeline and recent deal flow. Did I hear correct that you called out several eight-figure deals in the pipeline because I think that's the first time in several years that level of business has been visible as a potential upside for the company and if you could just talk a little bit more about are those large deals related to expansion opportunities with existing customers or are these actually green field or government projects? Any more color you can share on that?

謝謝，然後是智慧產品線，圍繞著管道和最近的交易流程的評論非常令人鼓舞。我是否聽得正確？您提到了正在進行的幾筆八位數的交易，因為我認為這是幾年來第一次出現這種級別的業務，對公司來說是一個潛在的優勢。您能否再多談一下，這些大額交易是否與現有客戶的擴張機會有關，還是實際上是綠地或政府專案？能分享更多詳細資訊嗎？

So I think first and foremost is that we are investing and increasing our go-to-market efforts out of the changes we did for the company. We organized our sales team into regional organization and we start to see the value of having our teams closer to the customers and more focused offer all of our product lines. This helps us drive more pipeline both for our SECaaS as we are offering it now with larger teams into more carriers as well as we have more focus into our smart products.

因此，我認為最重要的是，我們正在投資並增加對市場的投入，以應對公司所做的改變。我們將銷售團隊組織成區域組織，我們開始看到讓我們的團隊更貼近客戶並更專注於提供所有產品線的價值。這有助於我們為 SECaaS 提供更多的管道，因為我們現在正在透過更大的團隊為更多的營運商提供 SECaaS，同時我們也更專注於我們的智慧產品。

What we see as mentioned as opposed to what we saw before is increasing some of the pipeline for the smart and this is driven by stable and good demand from existing customers but some new projects as mentioned in our press release earlier today part of the good result this quarter was with wins of multiple multi-million dollar deals that already secured.

與之前所見相反，我們看到智慧產品線有所增加，這是由現有客戶穩定且良好的需求推動的，但正如我們今天早些時候的新聞稿中提到的，本季度的一些新項目取得了良好的業績，部分原因是贏得了多個已經達成的數百萬美元的交易。

Some of them contributed into our Q1 numbers, some of them are and most of them are going to contribute into our visibility towards 2025. We still have some additional multi-million opportunities in the pipeline. Some of them are as mentioned eight figures, a mix of existing and new projects.

其中一些對我們的第一季數據有所貢獻，其中一些已經做出了貢獻，而大多數都將對我們 2025 年的可見度有所貢獻。我們還有一些價值數百萬美元的額外機會正在籌備中。其中一些是如上所述的八位數，包括現有項目和新項目。

So overall we are seeing good demand and it's driven a lot by our new platform by the Tera III that we see customers existing and new looking to leverage this technology as networks are becoming very sizable and they are looking for a high-end scalable solution to fully support their growing network.

因此，總體而言，我們看到了良好的需求，這在很大程度上受到 Tera III 新平台的推動，我們看到現有客戶和新客戶都希望利用這項技術，因為網路規模變得越來越大，他們正在尋找高端可擴展的解決方案來全面支持他們不斷增長的網路。

So overall it's definitely a positive indication that the pipeline is there but of course it's a lot about execution. We need our sales team to be focused on their opportunities and translate them into new business and hopefully we will continue to execute well in the remainder of the year and start to see the result and able to translate the pipeline into orders.

因此，總體而言，這絕對是一個積極的跡象，表明管道已經存在，但當然，這很大程度上取決於執行。我們需要我們的銷售團隊專注於他們的機會並將其轉化為新業務，希望我們能在今年剩餘時間內繼續表現良好，開始看到結果並能夠將管道轉化為訂單。

Understood and then just one more for me on you discussed Verizon quite a bit on the call and I was wondering you did mention Vodafone but in less detail I think back in Q2 of 2024 you talked about expanding a partnership with a Tier 1 European operator to transition to a SECaaS revenue structure from a perpetual license deal and I was wondering if you have any updates on how that's progressing, whether we've seen the bulk of that revenue contribution already flow through the results or whether there might still be additional upside from that transition to come and I know it's region by region too so anything you're able to share about that would be helpful?

明白了，然後我再問一個問題，您在電話會議上討論了不少關於 Verizon 的事情，我想知道您是否提到了沃達豐，但沒有太詳細，我記得在 2024 年第二季度，您談到了擴大與歐洲一級運營商的合作夥伴關係，從永久許可協議過渡到 SECaaS收入結構，我想知道您是否有任何關於此事進展的最新消息，我們是否已經看到大部分收入貢獻已經流入業績，或者這種轉變是否可能還會帶來額外的好處，我知道這也是因地區而異的，所以您能分享一些這方面的信息嗎？

So we can share that part of Q1. We already have some revenues from the SECaaS from those agreements. We still have some of the agreements not yet fully I would say peaked so we are expecting to see growth from those announced agreement Vodafone Group both the SECaaS for their mobile customers and the SECaaS for their own networks and this is part of our trajectory to get the around 50% or more growth in the SECaaS revenue in ARR.

所以我們可以分享 Q1 的部分。我們已經從這些協議的 SECaaS 中獲得了一些收入。我們仍有一些協議尚未完全達到頂峰，因此我們預計沃達豐集團已宣布的協議將實現成長，包括為其行動客戶提供的 SECaaS 以及為其自己的網路提供的 SECaaS，這是我們實現 ARR 中 SECaaS 收入約 50% 或更多成長軌蹟的一部分。

We are also as mentioned in previous calls working to see how we can further extend into more geographies as Vodafone is a group built from multiple operations multiple of course and each country will it's a different sales cycle that we can leverage the group agreement but we still need to execute in the different regions so we have some countries already committed and part of the agreement some are in the pipeline and Vodafone will continue to be a very important customer for us in the coming years definitely a lot more potential to grow with them over the years.

正如我們在之前的電話會議中提到的那樣，我們正在努力研究如何進一步擴展到更多地區，因為沃達豐是一個由多項業務組成的集團，當然每個國家都有不同的銷售週期，我們可以利用集團協議，但我們仍然需要在不同的地區執行，所以我們已經有一些國家做出了承諾，協議的一部分正在籌備中，沃達豐在未來幾年的

Thanks a lot for sharing that. Well congratulations it's been a big first year for you and Liat and I think everyone would agree that things appear to be on the right track so thank you very much.

非常感謝您分享。好吧，恭喜你，這對你和 Liat 來說是一個重要的第一年，我想每個人都會同意事情似乎正走在正確的軌道上，所以我非常感謝你。

Thank you very much, Rory.

非常感謝，羅裡。

There are no further questions at this time. This concludes the Allot first quarter 2025 results conference call. Thank you for your participation. You may go ahead and disconnect.

目前沒有其他問題。Allot 2025 年第一季業績電話會議到此結束。感謝您的參與。您可以繼續並斷開連線。