睿科網路 (ATEN) 2026 Q1 法說會逐字稿

Greetings. Welcome to the A10 Networks first-quarter 2026 financial results conference call. (Operator Instructions)

各位好。歡迎參加 A10 Networks 2026 會計年度第一季財務業績電話會議。（接線員指示）

I will now turn the conference over to your host, Tom Baumann. Sir, you may begin.

現在我將把會議交給主持人 Tom Baumann。先生，您可以開始了。

Thank you, and thank you all for joining us today. This call is being recorded and webcast live and may be accessed for at least 90 days via the A10 Networks website at a10networks.com. Hosting the call today are Dhrupad Trivedi, A10's President and CEO; and CFO, Michelle Caron.

謝謝，也感謝各位今天加入我們。本次電話會議將錄音並進行網路直播，並可透過 A10 Networks 網站 a10networks.com 存取至少 90 天。今天出席會議的有 A10 總裁暨執行長 Dhrupad Trivedi，以及財務長 Michelle Caron。

Before we begin, I would like to remind you that shortly after the market closed today, A10 Networks issued a press release announcing its first quarter 2026 financial results. Additionally, A10 published a presentation and supplemental trended financial statements. You may access the press release, presentation and trended financial statements on the Investor Relations section of the company's website.

在開始之前，我想提醒各位，今天收盤後不久，A10 Networks 已發布新聞稿，公布其 2026 會計年度第一季財務業績。此外，A10 也發布了一份簡報與補充的趨勢財務報表。您可在公司網站的投資人關係（Investor Relations）專區取得新聞稿、簡報與趨勢財務報表。

During the course of today's call, management will make forward-looking statements, including statements regarding projections for future operating results, demand, industry and customer trends, macroeconomic factors, strategy, potential new products and solutions, our capital allocation strategy, profitability, expenses and investments, positioning and our dividend program. These statements are based on current expectations and beliefs as of today, April 28, 2026.

在今天的電話會議過程中，管理團隊將作出前瞻性陳述，包括但不限於：對未來營運結果的預測、需求、產業與客戶趨勢、總體經濟因素、策略、潛在新產品與解決方案、資本配置策略、獲利能力、費用與投資、競爭定位以及股利計畫等。這些陳述係基於截至今日（2026 年 4 月 28 日）的當前預期與信念。

These forward-looking statements involve a number of risks and uncertainties, some of which are beyond our control that could cause actual results to differ materially, and you should not rely on them as predictions of future events. A10 does not intend to update information contained in these forward-looking statements whether as a result of new information, future events or otherwise, unless required by law. For a more detailed description of these risks and uncertainties, please refer to our most recent 10-K and quarterly report on Form 10-Q.

這些前瞻性陳述涉及多項風險與不確定性，其中部分超出我們的控制範圍，可能導致實際結果出現重大差異；您不應將其視為對未來事件的預測而加以依賴。除非法律要求，A10 無意因新資訊、未來事件或其他原因更新這些前瞻性陳述中的資訊。如需更詳細的風險與不確定性說明，請參閱我們最新的 10-K 年報及 10-Q 季報。

Please note that with the exception of revenue, financial measures discussed today are on a non-GAAP basis, unless otherwise noted, and have been adjusted to exclude certain charges. The non-GAAP financial measures are not intended to be considered in isolation or as a substitute for results prepared in accordance with GAAP and may be different from non-GAAP measures presented by other companies. A reconciliation between GAAP and non-GAAP measures can be found in the press release issued today and on the trended quarterly financial statements posted on the company's website at a10networks.com.

請注意，除營收外，今天討論的財務衡量指標皆以非 GAAP 基礎呈現，除非另有說明，並已調整以排除特定費用。非 GAAP 財務衡量指標不應被單獨考量，亦不應作為依 GAAP 編製之結果的替代；且可能與其他公司所呈現的非 GAAP 指標不同。GAAP 與非 GAAP 指標之調節表可見於今日發布的新聞稿，以及公司網站 a10networks.com 上所公布的趨勢季度財務報表。

Now I'd like to turn the call over to Dhrupad Trivedi, President and CEO of A10 Networks.

現在我想把電話會議交給 A10 Networks 總裁暨執行長 Dhrupad Trivedi。

Thank you, Tom, and thank you all for joining us today. A10 continued to deliver on our strategic plan centered around the current AI-driven demand cycle, while simultaneously focusing on disciplined execution. Our customers are seeking solutions to address two major challenges: accelerating traffic volume and complexity and emerging security threats in the rapidly evolving AI landscape. A10 is well positioned to address both these challenges.

謝謝你，Tom，也感謝各位今天加入我們。A10 持續推進以當前 AI 驅動需求循環為核心的策略計畫，同時專注於有紀律的執行。我們的客戶正在尋求解決方案，以應對兩大挑戰：網路內流量規模與複雜度加速提升，以及在快速演進的 AI 環境中出現的新興安全威脅。A10 具備良好定位，可同時應對這兩項挑戰。

We delivered 13.4% revenue growth in the first quarter. This was our third quarter in the last four with double-digit growth. On a trailing 12-month basis, we have grown revenue by 12.1% and delivered TTM adjusted EBITDA margins of 29.7%, in line with the rule of 40 we outlined several years ago. During the same period, we have grown service provider revenue by 11% and enterprise revenue by 13%, demonstrating the importance of the strategic shift we have made.

我們在第一季實現 13.4% 的營收成長。這是過去四個季度中第三個達到雙位數成長的季度。以過去 12 個月（TTM）計算，我們的營收成長 12.1%，並達成 TTM 調整後 EBITDA 利潤率 29.7%，符合我們數年前提出的「40 法則」（rule of 40）。在同一期間，我們的服務供應商營收成長 11%，企業營收成長 13%，展現我們所做策略轉型的重要性。

A key contributor to our growth is the relevance of our core platform to the demands of AI infrastructure build-out, which create new challenges with greater traffic within the networks. As a result, traffic management is returning to the forefront of build-out plans, and this trend is aligned with A10's history and core expertise.

推動我們成長的一個關鍵因素，是我們核心平台對 AI 基礎設施建置需求的高度契合；這類建置會在網路內帶來更大的流量，進而產生新的挑戰。因此，流量管理正重新回到建置規劃的核心位置，而這一趨勢也與 A10 的歷史與核心專長一致。

Second, AI is evolving rapidly, creating new threats and expanding the footprint of security concerns. For most of the last decade, A10 has prioritized security advancement in each of our solutions. During this period, we have built a security portfolio that is now directly in the path of AI-driven threat expansion.

第二，AI 正快速演進，帶來新的威脅，並擴大安全議題的關注範圍。在過去十年的大部分時間裡，A10 一直將安全性提升列為我們各項解決方案的優先事項。在此期間，我們建立了一個安全產品組合，如今正好位於 AI 驅動威脅擴張的直接路徑上。

This quarter, we were selected as a technology partner for a new application at one of the most significant AI infrastructure build-outs in our industry. As a result, the customer behind this build-out represents a 5% of total revenue this quarter. The expansion of the customers' commitment to their enterprise applications reflects our focus on and relevance of next-generation networking.

本季度，我們被選為產業內最重要的 AI 基礎設施建置案之一、某項新應用的技術合作夥伴。因此，該建置案背後的客戶在本季度約占我們總營收的 5%。客戶對其企業應用承諾的擴大，反映出我們對次世代網路的聚焦與相關性。

Deployment of this scale are time-sensitive and technically demanding, and it required prioritized allocation of product inventory and engineering resources. This was a deliberate choice to support a strategic customer and partner through a time-sensitive deployment window. We believe capturing this opportunity at the right cadence creates long-term value for the business.

如此規模的部署具有時間敏感性且技術要求高，因此需要優先配置產品庫存與工程資源。這是我們為了在關鍵的部署時程窗口內支持策略性客戶與合作夥伴而做出的刻意選擇。我們相信，以適當的節奏把握這項機會，能為公司創造長期價值。

I also want to highlight that dynamic, I believe, is increasingly important to our story. AI is transforming the distinction between how large enterprises and service providers build their networks. The workloads are the same, the performance demands are the same and security requirements are the same. What this means practically is that a Fortune 500 customer standing up an internal AI cluster is now evaluating the same architectural choices as a cloud provider. A service provider hosting AI workloads for their enterprise tenants is being held to the same standard as its customers' own data centers.

我也想強調，我認為這種動態對我們的故事而言正變得愈來愈重要。AI 正在改變大型企業與服務供應商建置網路方式之間的界線。工作負載相同、效能需求相同，安全需求也相同。實務上，這意味著一家《財富》500 強客戶在建立內部 AI 叢集時，現在正在評估與雲端供應商相同的架構選擇。為企業租戶承載 AI 工作負載的服務供應商，也被要求達到與其客戶自有資料中心相同的標準。

We have built our platform for exactly this world, one architecture, one operating model, one security framework across both segments. That is a meaningful competitive advantage as this convergence accelerates driven by AI. Our disciplined operating model balances targeted investment with margin expansion converting growth into profitability and cash while dynamically reinvesting in strategic priorities. We continue to meet our objectives for EBITDA margin, reflecting our ability to reallocate resources based on best business opportunities. This results in consistent revenue and EPS performance.

我們的平台正是為這樣的世界而打造：跨越兩大客群採用同一套架構、同一種營運模式、同一個安全框架。隨著 AI 驅動的融合加速，這將成為一項重要的競爭優勢。我們有紀律的營運模式在精準投資與利潤率擴張之間取得平衡，將成長轉化為獲利與現金，同時動態再投資於策略優先事項。我們持續達成 EBITDA 利潤率目標，反映出我們能依據最佳商機重新配置資源的能力。這帶來穩健一致的營收與 EPS 表現。

With that, I'd like to turn the call over to Michelle Caron, our Chief Financial Officer, to review the numbers in more detail. Michelle?

接下來，我想把電話會議交給我們的財務長 Michelle Caron，請她更詳細地說明財務數字。Michelle？

Thank you, Dhrupad. As a reminder, with the exception of revenue, all of the metrics discussed on this call are a non-GAAP basis, unless otherwise stated. A full reconciliation of GAAP to non-GAAP results are provided in our press release and on our website. So let me turn to the results.

謝謝你，Dhrupad。提醒各位，除營收外，本次電話會議討論的所有指標皆以非 GAAP 基礎呈現，除非另有說明。GAAP 與非 GAAP 結果的完整調節表已提供於我們的新聞稿及公司網站。那麼我來看一下本次的業績結果。

As Dhrupad noted, Q1 results were aligned with our business model goals and delivered revenue growth of 13.4% to $75 million. Turning to mix. Product revenue was $44 million or 59% of total revenue, growing 22.3% year-over-year with service revenue comprising the remainder. Security led revenue was a strong driver of our product revenue growth and continues to meet or exceed our long-term goal of security-led revenue as a percentage of total revenue. Security remains the dominant revenue driver across our next-gen networking, legacy networking and network security solution areas.

正如 Dhrupad 所指出的，第一季業績與我們的商業模式目標一致，營收成長 13.4% 至 7,500 萬美元。接著談產品組合。產品營收為 4,400 萬美元，占總營收的 59%，年增 22.3%，其餘為服務營收。以資安為主導的營收是推動我們產品營收成長的強勁動能，且持續達到或超越我們「資安主導營收占總營收比重」的長期目標。資安仍是我們次世代網路、傳統網路與網路安全解決方案領域的主要營收驅動因素。

Turning to our major verticals. Enterprise customers represented 56% of Q1 revenues, with Americas continuing to outpace overall enterprise revenue growth. While first quarter benefited from timing of large orders, this segment continues to grow above company average in terms of results as well as outlook.

接著談我們的主要垂直市場。企業客戶占第一季營收的 56%，其中美洲地區持續跑贏整體企業營收成長。雖然第一季受惠於大型訂單的時點因素，但就實際表現與展望而言，該業務仍持續以高於公司平均的速度成長。

Enterprise momentum reflects the combination of our focus on this segment as well as continued strong demand for our next-gen networking solutions as customers prioritize modernizing their infrastructure. Our customers across both segments are aligning on the same underlying requirements for performance, security and scale. From a financial lens, this convergence is showing up in larger opportunities with our enterprise customers.

企業端的動能反映了我們對此區隔的聚焦，以及客戶在優先推動基礎設施現代化之際，對我們次世代網路解決方案的持續強勁需求。我們兩大客群的客戶在效能、安全與規模等底層需求上正趨於一致。從財務角度來看，這種趨同正體現在我們企業客戶端更大的商機上。

Service provider revenue was 44% of total revenue in the first quarter. Both verticals align with our strategy and reflect the alignment of our offerings with AI infrastructure build-outs. A10 has evolved its solutions to be well positioned to capture this next-gen networking demand while also addressing legacy refresh opportunities as this market transition progresses and customers resume investment while continuing to align the evolving priorities around performance, scale and security.

第一季服務供應商營收占總營收的 44%。兩大垂直市場皆與我們的策略一致，並反映我們的產品供給與 AI 基礎設施建置的契合度。隨著市場轉型推進、客戶恢復投資，同時持續聚焦於效能、規模與安全等不斷演進的優先事項，A10 已演進其解決方案，具備良好定位以掌握次世代網路需求，同時也能把握傳統設備汰換更新的機會。

From a geographical perspective, our Americas region represented 67% of global revenue, driven by continued investment in AI infrastructure build-outs. In EMEA, we saw headwinds related to regional conflicts. In APJ, spending remains conservative as customers navigate an uncertain capital environment. We're not losing market share or experiencing competitive displacement, rather customers are extending asset lives and deferring discretionary spend.

從地理區域來看，美洲地區占全球營收的 67%，主要受 AI 基礎設施建置持續投資所帶動。在 EMEA，我們看到與區域衝突相關的不利因素。在 APJ，客戶在不確定的資本環境下仍維持保守支出。我們並未流失市占或遭遇競爭對手取代；相反地，客戶正在延長資產使用年限並延後非必要支出。

Q1 operating results reflected our continued investment in our strategic initiatives as well as our financial discipline amidst temporary input cost pressures. Non-GAAP gross margin was 80.6%, in line with our stated goals. Operating expenses were $41.5 million as we prioritized investments in AI facing innovation, next-gen networking and security. Operating margin was 25.2%, resulting in net income of $17.7 million or $0.25 per basic and $0.24 per diluted share. Q1 diluted weighted share count was 72.9 million shares.

第一季營運結果反映我們持續投資於策略性計畫，同時在暫時性的投入成本壓力下維持財務紀律。非 GAAP 毛利率為 80.6%，符合我們既定目標。營業費用為 4,150 萬美元，我們優先投入於面向 AI 的創新、次世代網路與資安。營業利益率為 25.2%，淨利為 1,770 萬美元，基本每股盈餘 0.25 美元、稀釋後每股盈餘 0.24 美元。第一季稀釋加權平均股數為 7,290 萬股。

Operating cash flow and therefore, free cash flow in the quarter was temporarily impacted by the timing of receivables as well as inventory investments. Neither item reflects a change in underlying business fundamentals, and we expect both to normalize over the course of the year.

本季營運現金流，進而自由現金流，因應收帳款時點以及存貨投資而受到暫時性影響。這兩項因素皆不代表基本面出現變化，我們預期兩者將在今年內逐步回歸正常。

Full year free cash flow expectations remain unchanged, expanding on a year-over-year basis. Adjusted EBITDA was $22.5 million, 30% of revenue, consistent with our business model goals as we balance investment and growth initiatives with our commitments to sustained and expanding profitability.

全年自由現金流的預期維持不變，並將較去年擴大。調整後 EBITDA 為 2,250 萬美元，占營收 30%，符合我們的商業模式目標；我們在投資與成長計畫之間取得平衡，同時履行對持續且擴大獲利能力的承諾。

Turning to the balance sheet. Cash and marketable securities were $369.7 million as of March 31, and deferred revenue was $147.2 million. During the quarter, we paid $4.3 million in cash dividends and repurchased $2.5 million worth of shares, returning a total of $6.8 million to our shareholders. The Board has approved a quarterly cash dividend of $0.06 per share to be paid on June 1, 2026, to shareholders of record on May 15, 2026. The company has $53.4 million remaining on its $75 million share repurchase authorization.

接著談資產負債表。截至 3 月 31 日，現金及有價證券為 3.697 億美元，遞延收入為 1.472 億美元。本季我們支付 430 萬美元現金股利，並回購 250 萬美元股票，合計向股東回饋 680 萬美元。董事會已核准每股 0.06 美元的季度現金股利，將於 2026 年 6 月 1 日支付給 2026 年 5 月 15 日登記在冊的股東。公司在 7,500 萬美元的股票回購授權中尚餘 5,340 萬美元可用額度。

As is true for everyone in the industry, we are seeing delivery and cost challenges related to pricing of certain components. We entered this environment with strong supplier relationships, and we will keep evaluating the evolving market and adapt as needed.

如同產業內所有公司一樣，我們正面臨與部分零組件定價相關的交付與成本挑戰。我們在進入此環境時即擁有穩固的供應商關係，並將持續評估不斷變化的市場，視需要調整因應。

I'll now turn the call back over to Dhrupad for an update on our 2026 outlook and closing comments.

接下來我將把電話交回給 Dhrupad，請他更新我們對 2026 年的展望並做結語。

Thank you, Michelle. A10 continues to strengthen its position as a partner of choice to address the evolving traffic and security needs of next-generation networks. The strong financial results, including double-digit growth and solid EBITDA margins validate the strategic investments we have made. As a result, A10 is well positioned in front of multiple durable secular catalyst.

謝謝你，Michelle。A10 持續強化其作為首選合作夥伴的地位，以因應次世代網路不斷演進的流量與安全需求。強勁的財務表現，包括雙位數成長與穩健的 EBITDA 利潤率，驗證了我們所做的策略性投資。因此，A10 在多項持久的長期結構性催化因素面前具備良好定位。

We continue to invest to enhance our position across our portfolio while preserving profitability and shareholder returns. We are reiterating our 2026 outlook with 2026 revenue growth within our guided range of 10% to 12% and adjusted EBITDA margins between 28% to 30% and EPS growth of 12% to 14%. In addition, we remain confident and committed to our long-term operating model.

我們持續投資以強化整體產品組合的競爭地位，同時維持獲利能力與股東報酬。我們重申 2026 年展望：2026 年營收成長維持在我們指引區間 10% 至 12% 之內，調整後 EBITDA 利潤率介於 28% 至 30%，每股盈餘（EPS）成長 12% 至 14%。此外，我們仍對長期營運模式充滿信心並堅定承諾。

Operator, you can now open the call up for questions.

接線員，現在可以開放提問。

(Operator Instructions)

（接線員指示）

Gray Powell, BTIG.

Gray Powell，BTIG。

Okay. Great. And congratulations on the very strong set of results. It was really good to see the product revenue growth accelerate to 22% this quarter. So I guess my first question would just be, where do you think we're at in the investment cycle around AI.

好的。很棒。也恭喜你們交出非常強勁的一組成績。很高興看到本季產品營收成長加速至 22%。所以我想我的第一個問題是，你認為我們在 AI 相關的投資循環中目前處於什麼階段？

And if you start to see a further acceleration in traffic growth, would you think about prioritizing faster revenue growth over the historical 28% to 30% EBITDA margin framework that you've always talked about?

如果你們開始看到流量成長進一步加速，你們是否會考慮把更快的營收成長擺在優先於你們一直提到的歷史 28% 到 30% EBITDA 利潤率框架之上？

Yes. First of all, thank you, good question. So in terms of, I think, the investment cycle, as I think we have said in the past that we see this as there is a large build-out phase and where we are actually focused with customers is in that phase, but also with customers who will, over time, deploy their own solutions, whether it's around sovereign AI and things like that.

是的。首先，謝謝，這是個好問題。就投資循環而言，我想我們過去也提過，我們認為這會有一個大規模建置階段，而我們目前與客戶的重點確實就在那個階段；同時也包括那些會隨時間部署自有解決方案的客戶，例如主權 AI 等相關需求。

So the second part of that cycle, I think, is very early stage, and we expect to see that benefit next few years. The first part of the cycle, I think, is pretty active build out. I don't know how much higher it will go or lower it will go, but it is pretty solid and stable in terms of the significant committed to the build-out and even though the build-out itself takes several quarters, right? So I think we are in the midst of that build-out phase, and we are at a very early stage of where enterprise and other entities will use AI for their own business more directly, whether it's on-prem or cloud or combined.

所以我認為該循環的第二部分仍處於非常早期的階段，我們預期在未來幾年會看到那項效益。我認為循環的第一部分正相當積極地進行建置擴張。我不確定它還會再往上或往下多少，但就對建置擴張的重大承諾而言，它相當紮實且穩定；而且即使建置擴張本身需要好幾個季度，對吧？因此我認為我們正處於那個建置擴張階段的中段，而企業與其他實體將更直接地把 AI 用於自身業務（不論是本地部署、雲端或混合）仍然非常早期。

And I think your second question is this correct and appropriate? So we certainly continuously look at that trade-off. And I would say the focus for us is if there are opportunities to grow faster, typically, that also helps in growing EPS faster, right? So I think -- we look at it from a point of view of revenue and EPS being the ultimate top and bottom line. And the EBITDA margin is a reflection of our ability to drive kind of OpEx productivity as well as maintain sufficient margin that the fall-through is good.

我想你的第二個問題是：這樣做是否正確且恰當？所以我們當然會持續檢視這種取捨。我會說，我們的重點在於：如果有機會更快成長，通常也會有助於更快提升 EPS，對吧？因此我認為——我們從營收與 EPS 作為最終的上、下線指標來看待。而 EBITDA 利潤率反映了我們推動營運費用（OpEx）生產力的能力，以及維持足夠毛利、使得利潤下滲（fall-through）表現良好。

But absolutely, I think as we navigate the market and if we see opportunities for significantly faster growth while still delivering EPS expansion, we continue to look at those.

但絕對是這樣：當我們在市場中前行、若看到能顯著加速成長且仍可帶來 EPS 擴張的機會時，我們會持續評估並把握。

That's perfect. And then just my follow-up question, if that's okay. So you called out the large customer win. I'm assuming that hit in the enterprise segment because the revenue growth there really spiked. Is there any additional detail you can give? Like was that one of the larger frontier models? And if not, just how should we think about sort of the split between growth in enterprise and service provider going forward?

太好了。那接著我想追問一下，如果可以的話。你提到拿下了一個大型客戶。我猜那應該反映在企業（enterprise）部門，因為那裡的營收成長確實大幅跳升。你能否提供更多細節？例如那是否是較大型的前沿模型（frontier models）之一？如果不是，那我們該如何看待未來企業與服務供應商（service provider）之間的成長分布？

Yes. Yes. No, look, a perfect question. And I think I touched on it very briefly, but that's a great question. So I think, first of all, what we are seeing is that many of our large customers that were traditionally SP or enterprise, right? There is a complication where a lot of our SP customers when they are doing AI are sort of also doing a lot of enterprise applications. And so that's really where that becomes hard to segregate completely.

是。是的。不，你問得非常好。我想我剛才只是很簡短地提到，但這確實是個很好的問題。首先，我們看到的是：許多傳統上屬於 SP 或企業的大型客戶，對吧？現在出現一種複雜情況：我們很多 SP 客戶在做 AI 時，也同時在做大量企業應用。因此這就使得很難把兩者完全切割開來。

And then enterprise customers are planning to build our own on-prem inference models and build out. So in that case, they look like a service provider, right? So that's the demarcation. And I think this is the case of an existing large customer expanding their deployment. And it's really around an enterprise application, so it's not the DDoS type product. And it's an enterprise application that enables their delivery of AI.

另外，企業客戶也在規劃建立自有的本地推論（inference）模型並進行建置擴張。在那種情況下，他們看起來就像服務供應商，對吧？這就是界線所在。而我認為這次的案例，是既有大型客戶擴大其部署。而且主要是圍繞企業應用，所以不是 DDoS 類型的產品。這是一個企業應用，用來支援他們提供 AI 的交付能力。

Hamed Khorsand, BWS Financial.

Hamed Khorsand，BWS Financial。

Just for clarification purposes, is it -- was this -- on the accounts receivable build, was it all related to this one large project? And did you receive payment for it?

我想釐清一下：這次應收帳款（accounts receivable）的增加，是否全部都與這個大型專案有關？你們有收到款項嗎？

Good question. Michelle, you can answer that.

好問題。Michelle，你可以回答。

So this is a calendar event and not a credit event right? So our business fundamentals remain strong. There was no meaningful uptick in our aged receivables or there were no deterioration in our payment behavior. There were no concessions on standard payment terms with any customers. So we see the business fundamentals as favorable.

所以這是一個日曆時點（calendar event），而不是信用事件（credit event），對吧？因此我們的業務基本面仍然強勁。我們的逾期應收帳款（aged receivables）沒有出現顯著上升，也沒有看到付款行為惡化。我們也沒有對任何客戶在標準付款條件上做出讓步。所以我們認為業務基本面仍然有利。

And I think, Hamed, you are correct, we expect it to be in Q2 in addition to the original Q2 --

而且我想，Hamed，你說得沒錯，我們預期它會在第二季（Q2）發生，此外還有原本第二季（Q2）的——

We expect to action normalize over the course of the next couple of quarters and expect the full year to be on track.

我們預期在接下來幾個季度的過程中會逐步回歸正常，並預期全年仍可按計畫推進。

And then just given the growth that you saw in Q1, why the hesitation to keep guidance unchanged if you're growing in excess of 10% to 12% --

那再來，考量你們在第一季（Q1）看到的成長，為什麼仍猶豫不把指引上調、而是維持不變？如果你們的成長超過 10% 到 12%——

Yes, I think it's more that we are still in Q1, and I think we want to see the progression through the year. And if we see that momentum continuing in Q2 and beyond, Obviously, we will revisit that. So it's not -- it's just that we are navigating, obviously, things that from a time perspective, right, including supply lead times and cost challenges for some components -- and obviously, our EMEA business has a little impact from some conflicts there, et cetera.

是的，我想更多是因為我們仍在第一季（Q1），而且我們希望看到全年進展的走勢。如果我們看到這股動能在第二季（Q2）及之後持續，顯然我們會重新檢視。所以這不是——只是我們在應對一些時間面向的因素，對吧？包括供應交期以及部分零組件的成本挑戰——另外，我們在 EMEA 的業務也受到一些當地衝突等因素的些許影響。

So we feel really good about 10% to 12%. And if we see that progress in terms of pipeline growth and execution into Q2. Obviously, we will revisit that on it. So a fair question.

所以我們對 10% 到 12% 這個區間感覺非常好。如果我們看到在管線（pipeline）成長與執行面於第二季（Q2）持續推進。顯然我們會再重新檢視。所以這是個合理的問題。

Michael Romanelli, Mizuho.

Michael Romanelli，瑞穗（Mizuho）。

So yes, I mean, in the press release, you guys noted that you're seeing expanded commitments from some of your top customers. Just wanted to dive a bit deeper into that comment. So outside of this large project, like how is business activity across the installed base to kind of get a feel for I guess, the magnitude or size of this and just how business was excluding that large project? And then I have a follow-up.

所以是的，我的意思是，在新聞稿中你們提到，看到部分頂級客戶擴大了承諾。我想更深入探討一下這句話。除了這個大型專案之外，整體既有客戶基礎（installed base）的業務活動如何？我想大概了解一下其規模或量級，以及若排除該大型專案後的業務表現如何？然後我還有一個追問。

Yes. So I think that the intent of that Michael was really to highlight that, many of our existing customers who are service providers or large enterprise are all beginning to allocate more spending and priority to AI, whether it's building it or using it. And so in general, what we are seeing is even if they were buying certain other product categories from us, this is an area of expansion for us, and that's the basis for the government of expanded commitment, right?

是。所以我想，Michael，那句話的用意主要是要強調：我們許多既有客戶，不論是服務供應商或大型企業，都開始把更多支出與優先順序分配到 AI 上，不論是建置 AI 或使用 AI。因此整體而言，我們看到的是：即便他們過去向我們採購的是其他產品類別，AI 仍是我們的擴張領域，而這就是所謂「擴大承諾」的基礎，對吧？

So it could be a service provider in Europe who is also now doing enterprise or it could be somebody like that as well as an enterprise customer who is now deploying or expanding their AI infrastructure and build out. So it could be any of those kinds of things.

所以可能是歐洲的某個服務供應商，現在也在做企業業務；也可能是類似這樣的情況；同時也可能是某個企業客戶正在部署或擴大其 AI 基礎設施與建置擴張。所以可能是上述任何一種情況。

Okay. Got it. That's helpful. And then just as my follow-up, you touched on this in the prepared remarks, but can you maybe just characterize demand and business activity across your primary geos. It sounds like some parts of the business are still challenged. Anything worth highlighting or calling out this quarter?

好的。了解。這很有幫助。接著作為我的追問，你在事先準備的發言中有提到，但你能否大致描述一下你們主要地理區域的需求與業務活動情況。聽起來業務的某些部分仍然面臨挑戰。本季有什麼值得特別強調或點出的嗎？

Yes. No problem. So I think the -- maybe I'll go in reverse order, right? So we talk about Japan, and that market is if you look at all the macro factors and spending pattern, there is caution with a lot of reasons, right, that they keep siding. And what we see is typically what would have been a spending profile of the large customers there is getting pushed out more to the right -- because it's both ends of it, it's not just being worried about cost or international issues or something. It's also concern around deploying more when there is not that much GDP growth and expecting to recover it, right? So from an ROI as well.

是的。沒問題。我想——也許我倒著說，對吧？先談日本，如果你看所有宏觀因素與支出模式，基於很多原因，市場是偏謹慎的，對吧，他們一直保持這種立場。我們看到，通常大型客戶原本的支出輪廓被往後推遲——因為這是雙重因素，不只是擔心成本或國際議題之類的。也包括在GDP成長不高、且不確定能否回收的情況下，對於加大部署的顧慮，對吧？所以從投資報酬率（ROI）的角度也是如此。

So I think we see that as a region where we are very focused on maintaining those customers staying close to them, helping them solve problems now and expect that to come back, but we don't see it imminent, right? It could be later, and we don't know exactly.

因此我認為，我們把那裡視為一個區域：我們非常專注於維持這些客戶、與他們保持緊密聯繫，協助他們解決當下的問題，並期待需求回來，但我們不認為會很快發生，對吧？可能會在更晚一些，我們也不確定具體時間。

EMEA, I think, as you can imagine, there's section of EMEA, which is quite challenged with active activity with international news, obviously. And so I think that is -- part of that is not kind of growing well, but we continue to see progress and improvement in our business in core Europe part of that segment, right? So -- but obviously, the Middle East part is a little bit harder right now.

至於EMEA，我想如你所料，EMEA中有一部分地區因國際新聞的影響，業務活動相當受挑戰，顯然如此。因此我認為——其中一部分確實成長不佳，但在該區域的核心歐洲部分，我們的業務仍持續看到進展與改善，對吧？所以——但顯然，中東部分目前比較艱難。

And then when it comes to America, I think there's obviously categories, right? So we see customers who are leaning more into AI are more optimistic and spending more and are more outward looking towards wanting to be participating in that.

接著談到美洲，我認為顯然可以分成不同類別，對吧？我們看到更積極投入AI的客戶更為樂觀、支出更多，也更願意向外看、希望參與其中。

On our traditional sort of telco customers, what we are seeing is stability, I would say. So I think it's not where -- it's declining anymore for sure. And it's not growing, but it's very stable right now, right? And it could improve in the future as those customers as well figure out their AI spending and deployment pattern. So -- but we certainly see the spending on AI as being the biggest in America or US. And I think -- and then EMEA and then Japan, we continue to make progress, including on AI solutions in Japan, but the spending is correlated, obviously, to economy and outlook and we are mostly focused on ensuring customer satisfaction.

至於我們傳統的電信客戶，我們看到的是穩定，我會這麼說。所以我認為它肯定不再是下滑了。也沒有成長，但目前非常穩定，對吧？未來可能會改善，因為這些客戶也會逐步理清他們在AI上的支出與部署模式。所以——但我們確實看到AI支出在美洲或美國是最大的。而我想——接著是EMEA，再來是日本；我們也持續取得進展，包括在日本的AI解決方案，但支出顯然與經濟與前景高度相關，而我們主要聚焦於確保客戶滿意度。

Anja Soderstrom, Sidoti.

Anja Soderstrom，Sidoti。

Congrats on the quarter. In the past, you said that the product revenue is indicative of the services growth, right. But -- and we've seen the product growing quite nicely over the past couple of quarters, but the services has been lagging. What's the lag do we see there? When do you expect the services to pick up?

恭喜本季表現。過去你們說過，產品營收可用來指示服務的成長，對吧。但是——我們看到過去幾季產品成長相當不錯，但服務卻落後。這之間的落後期大概是多久？你們預期服務何時會回升？

Yes. No, good question, Anja. So I think if you think about it, typically the way the product is sold is when you have product growth in four quarters time that contract or support comes up for renewal. And so typically, you would see that in the fifth quarter right after that. Meaning, for four quarters, they already are covered. And then at the end of fourth quarter, they have to renew, which goes into the support pool again. And so product growing faster will show up in service improving in 4 quarters later, roughly, right? So that's one dimension of it.

是的。不，這是個好問題，Anja。我想如果你這樣看，通常產品的銷售方式是：當你有產品成長時，約四個季度之後，那些合約或支援就會到期需要續約。因此一般你會在第五個季度、也就是緊接著之後看到反映。也就是說，前四個季度他們已經被涵蓋了。然後在第四季末，他們必須續約，這就會再回到支援收入池裡。因此，產品成長更快，大約在四個季度之後會反映為服務改善，差不多是這樣，對吧？這是一個面向。

The second, I think, is I think our renewal rate is fine, very stable. I think, and we continue to manage services with customers. there is sometimes timing fluctuation a little bit because of large contracts and renewal time and early or late collections and so forth. So -- but you are correct. It should be a lead indicator for service revenue growing faster in roughly four quarters.

第二點，我認為我們的續約率沒問題，非常穩定。而且我們持續與客戶管理服務；有時候因為大型合約、續約時間點、提前或延後收款等等，會出現一些時點上的波動。所以——但你說得對。它應該會是服務營收在大約四個季度後加速成長的領先指標。

Okay. And then in the past, you also said talked about you're taking shares from competitors. Have you seen any changes to the competitive dynamics recently?

好的。另外，過去你也提到你們正在從競爭對手手中取得市占。最近你們有看到競爭態勢出現任何變化嗎？

Good question. So no, we really have not seen any significant changes since the last quarter or two. And I think I feel confident in what our trajectory is and what we are doing because if you look at even our peers and even the recent kind of reports or outlook, 10% to 12% is still a little bit north of most of them.

好問題。所以沒有，我們確實沒有看到自上一季或前兩季以來有任何重大變化。而且我對我們的發展軌跡與正在做的事情很有信心，因為如果你看即便是同業、以及近期的一些報告或展望，10%到12%仍然略高於他們大多數人的水準。

So we feel if we continue that and can continue to improve on that as well, we are in a good competitive position. And no -- I would say no real change in the dynamics in terms of the specific landscape here.

因此我們認為，只要我們能維持並且也能持續改善，我們就處於良好的競爭位置。而且沒有——我會說在這裡的特定競爭版圖方面，整體動態沒有真正的改變。

Ben Maxwell, Craig-Hallum.

Ben Maxwell，Craig-Hallum。

I'm on for Chris Schwab here. Just a quick question on the 10% to 12% reiterated. Is that going to be kind of a step function every quarter? Or is it a stronger second half? And then with that, is that tied to just the continued growth and market share gains? Or is that concentrated on a few customers?

我代替Chris Schwab提問。關於你們重申的10%到12%，我有個簡短問題。這會是每一季都呈現某種階梯式上升嗎？還是下半年會更強？另外，這是單純與持續成長與市占提升相關？還是集中在少數幾個客戶？

No, I think that's a good question. So I think it's a broad market share, obviously. And the reason, I think, Ben, we reiterated this year is because we had our Investor Day subsequent to the earnings call in Q1. So this is not indicative of a new trend where we will be doing that every quarter. This was just reiterating and recapturing in one place because we had announced that again at the Analyst Day, right? So -- so that's the objective. And so it's not indicative of us saying we will be guiding every quarter.

不，我覺得這是個好問題。所以我認為這顯然是廣泛的市占提升。而我想，Ben，我們今年之所以重申，是因為在第一季財報電話會議之後我們舉辦了投資人日。所以這並不代表一個新的趨勢，表示我們每一季都會這麼做。這只是把內容在同一個地方再重申、再整理一次，因為我們在分析師日也再次宣布了這一點，對吧？所以——這就是目的。因此這不代表我們在說我們每一季都會提供指引。

All right. And then just thinking about I believe you guys said it was 12% was a long-term target. Is there -- with legacy decreasing in the stronger CAGRs, mid-teens even was previously stated at Investor Day, is there any of -- with those mid-teens CAGR and legacy down it -- is there a path to exceed that 12%? Is there anything that you guys think that needs to happen to get there?

好的。另外，我在想我相信你們提到 12% 是一個長期目標。在傳統業務下滑、而較強的 CAGR（先前在投資人日也提到過中十幾%的 CAGR）的情況下，是否有——在這種中十幾% CAGR 且傳統業務下滑的背景下——有一條路徑可以超過那個 12%？你們認為要達到那個水準需要發生什麼事嗎？

Yes, sure. No, I think -- so I think the factor is right. I think there's to and we touched upon one of the earlier questions. So certainly, if we see stability in demand and supply as we go through the year, we will continue to evaluate. I think certainly, AI spending could be one of those factors that helps us improve that in terms of our participation in that spending profile.

是的，當然。不，我想——所以我認為這個因素判斷是對的。我想這裡有——而且我們在前面某個問題也提到過其中一點。所以當然，如果我們在今年推進的過程中看到需求與供給的穩定，我們會持續評估。我認為，AI 支出確實可能是其中一個因素，能在我們參與該支出結構的程度上，幫助我們把表現再往上提升。

So that's probably evolving, right? Obviously, -- and the second factor was we had talked about the notion of the mix shift. So as we grow next-generation network and security solutions faster than legacy, we are also automatically exposed to higher growth rate markets. right? So I think through that evolution, I think we had said obviously, right, more than 12% next year and beyond. So I think the mix shift is helpful in being exposed to higher growth market.

所以那大概是在演變中，對吧？顯然——第二個因素是我們談到的組合轉移（mix shift）的概念。因此，當我們讓下一代網路與資安解決方案的成長速度快於傳統產品時，我們也會自動暴露在更高成長率的市場中，對吧？所以我認為，透過這樣的演進，我想我們也說過，顯然，明年以及之後會高於 12%。所以我認為，組合轉移有助於讓我們接觸到更高成長的市場。

Second is to the degree that we can get more embedded into AI build-out, whether infrastructure or applications is the second factor, right? And third is, long term, we don't know, but when SP spending resumes more -- to more normal rates, that obviously helps us, right? So we don't need all but we need 1 or 2 of them, right, to be more confident of raising it immediately.

第二點是，在我們能更深度嵌入 AI 建置（build-out）的程度上——不論是基礎設施或應用——這是第二個因素，對吧？第三點是，長期來看我們不確定，但當服務供應商（SP）支出恢復到——更正常的增速時，那當然會幫助我們，對吧？所以我們不需要三者都具備，但我們需要其中 1 到 2 個因素，對吧，才能更有信心立即把目標往上調。

Simon Leopold, Raymond James.

Simon Leopold，Raymond James。

This is Victor in for Simon Leopold. Can you provide some color around the supply chain and kind of memory shortages. You mentioned you observed some impacts around that this quarter. Have you adjusted pricing around this? And if so, how is that impacting kind of the demand dynamics that you're observing?

我是 Victor，代 Simon Leopold 提問。你能否就供應鏈以及記憶體短缺的情況提供一些說明？你提到本季觀察到一些相關影響。你們是否因此調整了定價？如果有，這對你們所觀察到的需求動態有何影響？

Yes. It's a good question, right? So I think, obviously, as well known, right, the memory is the biggest. There's other component shortages. But -- and certainly sort of the DDR categories, the most specifically the biggest one. And we have seen the same price increases.

是的。這是個好問題，對吧？所以我想，顯然，如眾所周知，記憶體是最大的問題。也有其他零組件短缺。但是——而且確實在 DDR 類別中，最具體來說是最大的一項。我們也看到了同樣的價格上漲。

And I think it's more than just price increase. It's also lead time and allocation right from the suppliers. So we absolutely see that phenomenon as well, and we are continuously ensuring that on one hand, obviously, driving demand, but on the other hand, also trying to do as much as we can to line up enough supply in the next few quarters, like where it's not expected to get better in like, let's say, four quarters, maybe at least, maybe more.

而且我認為不只是價格上漲。還包括供應商端的交期與配額分配（allocation），對吧？所以我們也確實看到了這種現象，並且我們持續確保一方面，當然是推動需求，但另一方面，也盡可能在未來幾個季度把足夠的供應對齊；因為預期在例如四個季度內不會改善，至少如此，可能還要更久。

So absolutely, we see the same phenomenon. All of us use almost the same three or four major memory suppliers, right? And we are navigating it the same in terms of securing supply managing costs but also managing our ability to fulfill kind of customer needs. And we'll continue to do that, and I think it's obviously something we have to navigate and there's no -- as of now, when we say 10% to 12%, that is not an area we are worried about, we can achieve that. and we'll continue to work towards improving that and making it not for us.

所以絕對地，我們看到同樣的現象。我們大家幾乎都使用同樣三到四家主要記憶體供應商，對吧？我們也以同樣方式在因應：確保供應、管理成本，同時也管理我們滿足客戶需求的能力。我們會持續這麼做；而且我認為這顯然是我們必須去因應的事情。就目前而言，當我們說 10% 到 12% 時，這不是我們擔心的領域，我們可以達成；我們也會持續努力改善，讓它不成為我們的問題。

But it is certainly a cost issue. I think as we said in the past, we try to split that with customers as much as we can. And it doesn't always work, and sometimes it does, and we'll continue to navigate that.

但這確實是成本議題。我想如同我們過去所說，我們會盡可能與客戶分攤。這不一定每次都行，有時可以、有時不行，我們會持續因應。

Okay. Great. And I think you also mentioned the benefit of timing. You have some large orders. Was that related to that large enterprise order specifically? Or was there maybe some kind of pull-ins that maybe you observed from customers kind of pulling in orders ahead of these shortages?

好的。很好。我想你也提到時點帶來的好處。你們有一些大型訂單。那是特別與那筆大型企業訂單有關嗎？或者是否有一些提前拉貨（pull-ins），也就是你們觀察到客戶因為這些短缺而提前下單？

No, no, I don't think it's bad. I think it's not -- yes, good question. So it's not a question of people kind of overbooking it to book capacity, right? I don't think that's the issue. I think in our case, it's more -- our customers are looking at building out things fast, and we are trying to keep up with them to make sure we get them everything they need.

不，不，我不認為是那樣。我想這不是——是的，好問題。所以這不是人們為了預訂產能而過度下單（overbooking），對吧？我不認為問題在那裡。我認為就我們而言，更多是——我們的客戶希望快速擴建（build out）各項建置，而我們正努力跟上他們，確保把他們需要的一切都交付到位。

So it's more of that phenomenon versus -- I don't think at least we don't have a concern around double bookings and things like that at all.

所以這比較是那種現象，而不是——至少我們完全不擔心重複下單（double bookings）之類的情況。

We have reached the end of the question-and-answer session, and I will now turn the call over to Dhrupad Trivedi for closing remarks.

我們已到達問答環節的結束，現在我將把電話會議交給 Dhrupad Trivedi 作結語。

Thank you, and thank you to all of our employees, customers and shareholders for joining us today and for your continued support. I am increasingly confident in our strategic orientation with security and AI infrastructure spending patterns. Thank you for your time and attention.

謝謝，也感謝我們所有員工、客戶與股東今天加入我們，並持續支持我們。我對我們在資安與 AI 基礎設施支出型態下的策略方向越來越有信心。感謝各位的時間與關注。

This concludes today's conference, and you may disconnect your lines at this time. Thank you for your participation.

今天的電話會議到此結束，您現在可以掛斷電話線。感謝您的參與。