F5 Inc (FFIV) 2022 Q3 法說會逐字稿

Good afternoon and welcome to the F5, Inc. Third Quarter Fiscal 2022 Financial Results Conference Call. (Operator Instructions) As a note, today's conference call is being recorded. If anyone has any objections, please disconnect at this time.

下午好，歡迎參加 F5, Inc. 2022 財年第三季度財務業績電話會議。 （操作員說明）作為說明，今天的電話會議正在錄製中。如果有人有任何異議，請在此時斷開連接。

I would now like to turn the call over to Ms. Suzanne DuLong. Ma'am, you may begin.

我現在想把電話轉給 Suzanne DuLong 女士。女士，您可以開始了。

Hello and welcome. I am Suzanne DuLong, F5's Vice President of Investor Relations. Francois Locoh-Donou, F5's President and CEO; and Frank Pelzer, F5's Executive Vice President and CFO, will be making prepared remarks on today's call. Other members of the F5 executive team are also on hand to answer questions during the Q&A session.

你好，歡迎光臨。我是 F5 投資者關係副總裁 Suzanne DuLong。 F5 總裁兼首席執行官 Francois Locoh-Donou； F5 執行副總裁兼首席財務官 Frank Pelzer 將在今天的電話會議上發表準備好的講話。 F5 執行團隊的其他成員也在問答環節現場回答問題。

A copy of today's press release is available on our website at f5.com, where an archived version of today's audio will be available through October 24, 2022. Visuals accompanying today's discussion are viewable on the webcast and will be posted to our IR site at the conclusion of the call. To access the replay of today's call by phone, dial (888) 674-7070 or (416) 764-8692 and use meeting ID 468081. The telephonic replay will be available through midnight Pacific Time, July 26, 2022. For additional information or follow-up questions, please reach out to me directly at s.dulong@f5.com.

今天新聞稿的副本可在我們的網站 f5.com 上獲得，今天音頻的存檔版本將在 2022 年 10 月 24 日之前提供。今天討論的視頻可在網絡廣播中查看，並將發佈到我們的 IR 網站：通話結束。要通過電話重播今天的通話，請撥打 (888) 674-7070 或 (416) 764-8692 並使用會議 ID 468081。電話重播將持續到太平洋時間 2022 年 7 月 26 日午夜。有關更多信息或後續問題，請直接通過 s.dulong@f5.com 與我聯繫。

Our discussion today will contain forward-looking statements, which include words such as believe, anticipate, expect and target. These forward-looking statements involve uncertainties and risks that may cause our actual results to differ materially from those expressed or implied by these statements. Factors that may affect our results are summarized in the press release announcing our financial results and described in detail in our SEC filings. Please note that F5 has no duty to update any information presented in this call.

我們今天的討論將包含前瞻性陳述，其中包括相信、預期、期望和目標等詞語。這些前瞻性陳述涉及不確定性和風險，可能導致我們的實際結果與這些陳述明示或暗示的結果存在重大差異。可能影響我們業績的因素在宣布我們財務業績的新聞稿中進行了總結，並在我們提交給美國證券交易委員會的文件中進行了詳細描述。請注意，F5 沒有義務更新此電話中提供的任何信息。

With that, I will turn the call over to Francois.

有了這個，我會把電話轉給弗朗索瓦。

Thank you, Suzanne, and hello, everyone. Thank you for joining us today. In Q3, we delivered above the midpoint of our revenue guidance and well above the top end of our non-GAAP EPS guidance. Software growth of 38% drove 4% revenue growth year-over-year, partially offsetting continued supply chain constraints for systems. Overall, we delivered 5% product revenue growth. While supply chain challenges continue to limit our ability to ship systems, our demand signals remain strong, and we remain ahead of our initial FY '22 demand plan.

謝謝你，蘇珊娜，大家好。感謝您今天加入我們。在第三季度，我們的收入高於我們的收入指引的中點，遠高於我們的非公認會計原則每股收益指引的上限。 38% 的軟件增長推動了 4% 的收入同比增長，部分抵消了系統供應鏈的持續限制。總體而言，我們實現了 5% 的產品收入增長。雖然供應鏈挑戰繼續限制我們運輸系統的能力，但我們的需求信號仍然強勁，我們仍然領先於我們最初的 22 財年需求計劃。

While we have not seen meaningful improvement in supply volumes in the last 3 months, we also have not seen further deterioration. In general, our suppliers' commitment held up better in Q3 than in previous 2 quarters. Based on what we see today, we continue to expect our ability to ship systems will improve during our second quarter of fiscal 2023 as a result of our efforts to design out the most constrained component and the additional capacity our key suppliers expect beginning in the last calendar quarter of 2022. We likewise continue to expect that fiscal Q1 2023 will be the low point in systems revenue.

儘管過去 3 個月供應量沒有明顯改善，但我們也沒有看到進一步惡化。總體而言，我們供應商的承諾在第三季度的表現好於前兩個季度。根據我們今天看到的情況，我們繼續預計我們的系統運輸能力將在 2023 財年第二季度提高，因為我們努力設計出最受限制的組件以及我們的主要供應商預計從上一季度開始的額外產能2022 年日曆季度。我們同樣繼續預計 2023 財年第一季度將是系統收入的低點。

We continue to see our growth opportunity fundamentally tied to applications, to the growing number of apps as well as increased usage and heightened business value. In Q3, we saw strong demand as customers added, scaled and secured their applications with demand for security and from our service provider vertical, fueling sales in the quarter. In fact, security concerns continue to drive the majority of our customer engagement with demand showing up in both software and hardware form factors and across multiple consumption models.

我們繼續看到我們的增長機會從根本上與應用程序、應用程序數量的增長以及使用量的增加和商業價值的提高有關。在第三季度，我們看到了強勁的需求，因為客戶對安全性的需求以及我們的垂直服務提供商增加、擴展和保護他們的應用程序，推動了本季度的銷售。事實上，安全問題繼續推動我們的大多數客戶參與其中，需求出現在軟件和硬件形式因素以及多種消費模式中。

In one example from Q3, an existing BIG-IP hardware customer and one of the world's largest banking and financial services organizations turned to F5 when a large 4G incident revealed other vendor solutions were insufficiently protecting against (inaudible). As a strategic partner, F5 demonstrated that our advanced web application firewall provided immediate protection against current and future vulnerabilities.

在第 3 季度的一個示例中，一個現有的 BIG-IP 硬件客戶和世界上最大的銀行和金融服務組織之一在大型 4G 事件顯示其他供應商解決方案無法充分保護（聽不清）時轉向 F5。作為戰略合作夥伴，F5 展示了我們先進的 Web 應用程序防火牆提供了針對當前和未來漏洞的即時保護。

Also during Q3, a large global retailer turned to F5 after experiencing challenges with their existing bot defense provider over a head-to-head 3-month proof of concept against their current solution, our distributed cloud bot and risk solution demonstrated significantly higher efficacy, and the customer is now deploying F5 to protect their apps and their customers.

同樣在第三季度，一家大型全球零售商在與現有機器人防禦提供商就其當前解決方案進行為期 3 個月的頭對頭概念驗證後遇到挑戰後轉向 F5，我們的分佈式雲機器人和風險解決方案表現出顯著更高的功效，客戶現在正在部署 F5 來保護他們的應用程序和客戶。

We have said previously that our customers are increasingly operating both traditional and modern architectures and looking to F5 to unite their strategies and simplify their operations. In the latest example of this trend, during Q3, an American multinational financial services corporation selected a combination of BIG-IP and NGINX to secure and process their high volume of critical encrypted transactions globally.

我們之前說過，我們的客戶越來越多地同時使用傳統和現代架構，並希望 F5 能夠統一他們的戰略並簡化他們的運營。在這一趨勢的最新例子中，在第三季度，一家美國跨國金融服務公司選擇了 BIG-IP 和 NGINX 的組合來保護和處理其在全球範圍內的大量關鍵加密交易。

Last quarter, I also spotlighted our new SaaS offering, F5 Distributed Cloud Services, which we launched in February. With this platform, we are delivering security, multi-cloud networking and edge-based computing solutions on a unified Software-as-a-Service platform. While it is still very early, we are seeing good traction in customer interest. During Q3, a global company specializing in clinical services and customizable medical devices selected our web application firewall and API protection solution to ensure rapid deployment of their security policy at scale and to provide global delivery of services in a hybrid multi-region support model or via SaaS.

上個季度，我還重點介紹了我們在 2 月推出的新 SaaS 產品 F5 分佈式雲服務。通過這個平台，我們在統一的軟件即服務平台上提供安全、多云網絡和基於邊緣的計算解決方案。雖然現在還為時過早，但我們看到了客戶興趣的良好牽引力。在第三季度，一家專門從事臨床服務和可定制醫療設備的全球公司選擇了我們的 Web 應用程序防火牆和 API 保護解決方案，以確保大規模快速部署其安全策略，並以混合多區域支持模式或通過軟件即服務。

Finally, service providers drove demand in the quarter as customers scale and secure 4G cores and begin to move 5G cores into production. In one win in the quarter, we expanded our carrier-grade firewall business with a North American service provider as they continue to grow both their 4G and 5G traffic.

最後，隨著客戶擴展和保護 4G 核心並開始將 5G 核心投入生產，服務提供商推動了本季度的需求。在本季度的一次勝利中，我們與一家北美服務提供商擴展了我們的運營商級防火牆業務，因為他們繼續增長其 4G 和 5G 流量。

In another service provider win, we expanded our offerings with an APAC-based customer to include BIG-IP cloud-native network functions for its 5G mobile core. These recently introduced cloud-native functions are perfect for moving workloads from legacy NFV to a modern cloud-native architecture. Cloud-native functions enable service providers and large enterprises to realize the full benefit of the cloud, automating and simplifying their operations with a more secure, more scalable network.

在另一項服務提供商的勝利中，我們與一家亞太地區的客戶擴展了我們的產品，包括為其 5G 移動核心提供 BIG-IP 雲原生網絡功能。這些最近推出的雲原生功能非常適合將工作負載從傳統 NFV 遷移到現代云原生架構。雲原生功能使服務提供商和大型企業能夠充分發揮雲的優勢，通過更安全、更可擴展的網絡自動化和簡化其運營。

Before I turn the call to Frank to review our Q3 results and our Q4 outlook, I will comment on the macro environment. As I said previously, we saw strong demand in Q3 and we've got a strong Q4 pipeline. At the same time, we also observed more back-end linearity in Q3, and our sales teams have noted some instances where more approvals were required to close deals. While we are not seeing it today, we believe the combination of macro uncertainty and inflation will put pressure on customer budgets and eventually force customers to reprioritize investments. We will continue to closely monitor signals from our customers. And like others, we are assessing adjustments we would make in the event that the environment or our customers turn more cautious.

在我打電話給弗蘭克審查我們的第三季度業績和第四季度展望之前，我將評論宏觀環境。正如我之前所說，我們在第三季度看到了強勁的需求，並且我們擁有強大的第四季度管道。同時，我們還在第三季度觀察到更多的後端線性，我們的銷售團隊已經註意到一些需要更多批准才能完成交易的情況。雖然我們今天沒有看到，但我們相信宏觀不確定性和通貨膨脹的結合將對客戶預算造成壓力，並最終迫使客戶重新確定投資的優先級。我們將繼續密切關注來自客戶的信號。和其他人一樣，我們正在評估如果環境或我們的客戶變得更加謹慎，我們將做出的調整。

We have built a stronger and more resilient F5 by expanding our solutions portfolio and our consumption models. As a result of our business transformation, F5 is positioned to benefit both from software growth drivers, including BIG-IP, NGINX, and our F5 Distributed Cloud Services SaaS offerings, and what we expect will be persistent demand for systems. As a result of our successful transformation efforts to date, we have a stronger business model that increases our confidence in our ability to deliver sustained revenue and earnings growth.

通過擴展我們的解決方案組合和消費模式，我們建立了一個更強大、更有彈性的 F5。由於我們的業務轉型，F5 將受益於軟件增長驅動因素，包括 BIG-IP、NGINX 和我們的 F5 分佈式雲服務 SaaS 產品，以及我們預計對系統的持續需求。由於我們迄今為止成功的轉型努力，我們擁有更強大的業務模式，增強了我們對實現持續收入和盈利增長能力的信心。

Now I will turn the call to Frank. Frank?

現在我將把電話轉給弗蘭克。坦率？

Thank you, Francois, and good afternoon, everyone. I will review our Q3 results before discussing our Q4 outlook. We delivered third quarter revenue of $674 million, reflecting a 4% growth year-over-year with 5% product growth. Product revenue represented 48% of total revenue in the quarter, and software represented 55% of product revenue. This is the second quarter in a row where the majority of our product revenue has come from software. Software revenue grew 38% to $179 million. Systems revenue of $148 million declined 18% year-over-year due to ongoing supply chain challenges and resulting shipment delays. Similar to Q2, we added systems backlog of tens of millions of dollars in Q3.

謝謝你，弗朗索瓦，大家下午好。在討論我們的第四季度展望之前，我將回顧我們的第三季度業績。我們第三季度的收入為 6.74 億美元，同比增長 4%，產品增長 5%。產品收入佔本季度總收入的 48%，軟件佔產品收入的 55%。這是我們的大部分產品收入連續第二個季度來自軟件。軟件收入增長 38% 至 1.79 億美元。由於持續的供應鏈挑戰和由此導致的發貨延遲，系統收入為 1.48 億美元，同比下降 18%。與第二季度類似，我們在第三季度增加了數千萬美元的系統積壓。

Rounding out our revenue picture, global services delivered $348 million in Q3 revenue, up 2% from the prior year. Taking a closer look at our software revenue. Subscription-based revenue contributed 82% of total software revenue in the quarter, a new high.

完善我們的收入情況，全球服務在第三季度實現了 3.48 億美元的收入，比去年同期增長 2%。仔細看看我們的軟件收入。本季度基於訂閱的收入佔軟件總收入的 82%，創歷史新高。

Term-based subscriptions continue to represent over half of our subscription revenue with smaller but growing contributions from Software-as-a-Service and utility consumption models. Revenue from recurring sources, which includes term subscriptions, Software-as-a-Service and utility-based revenue as well as the maintenance portion of our services revenue totaled 72% of revenue in the quarter. This is another milestone for us and is up from 66% in the year ago period.

基於期限的訂閱繼續占我們訂閱收入的一半以上，軟件即服務和公用事業消費模型的貢獻較小但不斷增長。來自經常性來源的收入，包括定期訂閱、軟件即服務和基於實用程序的收入以及我們服務收入的維護部分，佔本季度收入的 72%。這對我們來說是另一個里程碑，高於去年同期的 66%。

On a regional basis, Americas delivered 5% revenue growth year-over-year, representing 57% of total revenue. EMEA declined 7%, representing 23% of revenue, and APAC grew 15%, representing 19% of revenue. I'll remind you that given current supply chain constraints, our geographic revenue distribution in a quarter is not fully indicative of demand for each given region.

從地區來看，美洲地區的收入同比增長 5%，佔總收入的 57%。 EMEA 下降 7%，佔收入的 23%，亞太地區增長 15%，佔收入的 19%。我會提醒您，鑑於當前的供應鏈限制，我們一個季度的地理收入分佈並不能完全反映每個給定地區的需求。

Enterprise customers represented 70% of product bookings in the quarter. Service providers represented 18% and government customers represented 12%, including 3% from U.S. Federal.

企業客戶佔本季度產品預訂量的 70%。服務提供商佔 18%，政府客戶佔 12%，其中 3% 來自美國聯邦。

I will now share our Q3 operating results. GAAP gross margin was 80.6%. Non-GAAP gross margin was above our guide at 83.2%. While we continue to experience increased component prices, expedite fees and other sourcing-related costs, our Q3 gross margin reflects some improvement in average selling price on systems in the quarter. We are not ready to say it's a trend, but we are encouraged about the overall direction.

我現在將分享我們第三季度的經營業績。 GAAP 毛利率為 80.6%。非美國通用會計準則毛利率高於我們的指引，為 83.2%。雖然我們繼續經歷組件價格、加急費和其他採購相關成本的上漲，但我們第三季度的毛利率反映了該季度系統平均售價的一些改善。我們還沒有準備好說這是一種趨勢，但我們對整體方向感到鼓舞。

GAAP operating expenses were $436 million. Non-GAAP operating expenses were $367 million. This is lower than our guided range as a result of some investments we delayed in anticipation of potential macro headwinds that did not materialize in the quarter and lower international expenses related to the strengthening dollar.

GAAP 運營費用為 4.36 億美元。非美國通用會計準則運營費用為 3.67 億美元。這低於我們的指導範圍，因為我們推遲了一些投資，因為我們預計本季度沒有實現的潛在宏觀逆風以及與美元走強相關的國際開支減少。

Our GAAP operating margin was 15.9%. Our non-GAAP operating margin was 28.8%. Our GAAP effective tax rate for the quarter was 18%. Our non-GAAP effective tax rate was 17.4%, largely driven by a nonrecurring benefit associated with the filing of our federal income tax return during the quarter.

我們的 GAAP 營業利潤率為 15.9%。我們的非公認會計原則營業利潤率為 28.8%。我們本季度的 GAAP 有效稅率為 18%。我們的非公認會計原則有效稅率為 17.4%，主要是由於與本季度提交聯邦所得稅申報表相關的非經常性福利。

GAAP net income for the quarter was $83 million or $1.37 per share. Our better-than-guided gross and operating margin performance and lower tax rate contributed to non-GAAP net income of $155 million or $2.57 per share.

本季度 GAAP 淨收入為 8300 萬美元或每股 1.37 美元。我們優於指導的毛利率和營業利潤率表現以及較低的稅率促成了非公認會計原則淨收入 1.55 億美元或每股 2.57 美元。

I will now turn to cash flow and the balance sheet. We generated $71 million in cash flow from operations in Q3. This is net of more than $30 million of payments to partners related to securing component inventory to support future hardware builds and component expedite fees. Capital expenditures for the quarter were $9 million. DSO for the quarter was 61 days. Similar to last quarter, this is up from historical levels due to back-ended shipping linearity in the quarter resulting from supply chain challenges. Cash and investments totaled approximately $757 million at quarter end.

我現在將轉向現金流和資產負債表。我們在第三季度的運營中產生了 7100 萬美元的現金流。這不包括向合作夥伴支付的超過 3000 萬美元的與確保組件庫存相關的款項，以支持未來的硬件構建和組件加急費用。本季度的資本支出為 900 萬美元。本季度的 DSO 為 61 天。與上一季度類似，由於供應鏈挑戰導致本季度後端運輸線性度高於歷史水平。季度末現金和投資總額約為 7.57 億美元。

During the quarter, we repurchased approximately $250 million worth of F5 shares or approximately 1.5 million shares at an average price of $171 per share. Deferred revenue increased 14% year-over-year to $1.64 billion, up from $1.60 billion in Q2, largely driven by subscriptions and SaaS bookings growth and, to a lesser extent, deferred service maintenance.

本季度，我們以每股 171 美元的平均價格回購了價值約 2.5 億美元的 F5 股票或約 150 萬股。遞延收入同比增長 14% 至 16.4 億美元，高於第二季度的 16.0 億美元，主要受訂閱和 SaaS 預訂增長以及在較小程度上延遲服務維護的推動。

Finally, we ended the quarter with approximately 6,900 employees.

最後，我們在本季度結束時擁有大約 6,900 名員工。

I will now share our outlook for the fourth quarter. Unless otherwise stated, please note that my guidance comments reference non-GAAP metrics. We expect Q4 revenue in the range of $680 million to $700 million. Our pipeline indicates Q4 demand that would put our software revenue growth towards the high end of our 35% to 40% target for the year. As Francois discussed, however, we are very cognizant of the broader, more cautious environment. And as a result, we see more risk at the top end of our software growth range than there was a quarter ago.

我現在將分享我們對第四季度的展望。除非另有說明，請注意我的指導意見參考了非 GAAP 指標。我們預計第四季度的收入在 6.8 億美元至 7 億美元之間。我們的管道表明第四季度的需求將使我們的軟件收入增長接近我們今年 35% 至 40% 目標的高端。然而，正如弗朗索瓦所討論的，我們非常了解更廣泛、更謹慎的環境。因此，我們看到軟件增長范圍的高端風險比一個季度前更大。

Given the Q3 strength in global services, we now expect global services revenue to grow approximately 1.5% to 2% for the year. We expect Q4 gross margins in a range of 82% to 83%. We are seeing component costs continue to rise and expect that they will be higher still next year. As a result, we implemented an approximately 15% price increase in systems effective July 1. Given our backlog, we expect it will take some quarters for the price increase to manifest into sustainable gross margin improvements.

鑑於第三季度全球服務的強勢，我們現在預計今年全球服務收入將增長約 1.5% 至 2%。我們預計第四季度毛利率在 82% 至 83% 之間。我們看到組件成本繼續上漲，並預計明年還會更高。因此，我們從 7 月 1 日起實施了大約 15% 的系統價格上漲。鑑於我們的積壓，我們預計價格上漲需要幾個季度才能體現為可持續的毛利率改善。

We estimate Q4 operating expenses of $374 million to $386 million, which would put our FY '22 operating margin at approximately 29%, an improvement of 100 to 200 basis points from our prior outlook. Factoring in the tax rate benefit from Q3, we now expect FY '22 effective tax rate will be approximately 19%.

我們估計第四季度的運營費用為 3.74 億美元至 3.86 億美元，這將使我們 22 財年的運營利潤率約為 29%，比我們之前的展望提高 100 至 200 個基點。考慮到第三季度的稅率優勢，我們現在預計 22 財年的有效稅率約為 19%。

Our Q4 earnings target is $2.45 to $2.57 per share. We expect Q4 share-based compensation expense of approximately $61 million to $63 million. Finally, as we announced in the earnings press release, our Board authorized an additional $1 billion for our share repurchase program. This new authorization is incremental to the $272 million remaining in the existing program. As we have over the last 2 years, we expect to continue to balance share repurchases with other strategic uses of cash.

我們第四季度的盈利目標是每股 2.45 美元至 2.57 美元。我們預計第四季度基於股票的薪酬支出約為 6100 萬美元至 6300 萬美元。最後，正如我們在收益新聞稿中宣布的那樣，我們的董事會為我們的股票回購計劃額外授權了 10 億美元。這項新授權是對現有計劃中剩餘的 2.72 億美元的增量。正如我們在過去兩年中所做的那樣，我們預計將繼續平衡股票回購與現金的其他戰略用途。

This concludes our prepared remarks today. Operator, would you please open the call to Q&A?

我們今天準備的發言到此結束。接線員，請您打開問答電話好嗎？

(Operator Instructions) Your first question comes from Sami Badri of Credit Suisse.

（操作員說明）您的第一個問題來自瑞士信貸的 Sami Badri。

First thing I wanted to just clarify was, I think there was a reference to the backlog increasing or at least adding more revenues to the backlog. Could you clarify if the backlog exiting fiscal 3Q is actually higher than where it was exiting fiscal 2Q '22? So that's my first question.

我想澄清的第一件事是，我認為有提到積壓增加或至少為積壓增加更多收入。您能否澄清退出第三季度的積壓訂單實際上是否高於退出 22 財年第二季度的水平？所以這是我的第一個問題。

The second question is there is a lot of interest in the investor base around the software growth trajectory of the business. And I know you guys discussed coming in at the higher end of the range in fiscal year '22. But could you characterize or give us indication on what fiscal year '23 is going to look like just because the growth rates are rather significant?

第二個問題是圍繞企業軟件增長軌蹟的投資者群體非常感興趣。我知道你們討論過在 22 財年進入高端市場。但是，您能否僅僅因為增長率相當顯著而描述或告訴我們 23 財年會是什麼樣子？

Sami, I'll take the first question, and then I'll let Francois speak to your second question. So yes, the backlog was higher, significantly higher in Q3 than it was exiting Q2. We did not quantify that. We talked about that we would do that at the end of the fiscal year. So we'll actually release the number as part of the October call, and you'll see it in the K.

薩米，我會回答第一個問題，然後讓弗朗索瓦回答你的第二個問題。所以，是的，第三季度的積壓訂單比第二季度要高得多。我們沒有對此進行量化。我們談到我們將在本財政年度結束時這樣做。所以我們實際上會在 10 月的電話會議中發布這個號碼，你會在 K 中看到它。

And Sami, I'll take the second part of your question. So obviously, this is not a time where we're guiding for fiscal 2023. Overall, if you look at our -- the performance of the business in software, we guided 35% to 40% of our investor meeting about almost 2 years ago now in November of 2020. And we have delivered that in the first year in 2021. And this year, we're delivering closer to the top end of the range of that guidance. So we feel very, very good about the drivers of software growth in the business that we talked about, including modern applications, the strength we're seeing in security and the adoption of multiyear agreements with F5 driven by digital transformation and automation.

薩米，我會回答你問題的第二部分。所以很明顯，這不是我們指導 2023 財年的時間。總的來說，如果你看看我們的軟件業務表現，我們在大約 2 年前指導了 35% 到 40% 的投資者會議現在是 2020 年 11 月。我們已經在 2021 年的第一年實現了這一目標。今年，我們正在接近該指導範圍的高端。因此，我們對我們所討論的業務中軟件增長的驅動因素感到非常非常好，包括現代應用程序、我們在安全方面看到的優勢以及在數字化轉型和自動化驅動下與 F5 簽訂的多年協議。

And so we'll talk more about software growth for 2023 in October. But when you look at 2023, frankly, the factors -- I think some of the factors that will affect that. One, of course, like every other company is the macro environment and will that have an effect on our growth rate. Today, frankly, it's too early to say because we haven't seen a fundamental change in the buying behaviors of our customers across the world based on the macro at this point. And I think the other factors will be, we -- through the pandemic, Sami, and this is specific, I would say, to the BIG-IP part of our business. We have seen continued demand for hardware, and we have seen a number of customers that had declared that they would move to software pretty quickly that have actually recommitted to hardware and stayed with hardware longer. So we're seeing very, very strong resilience and strong demand in hardware, sometimes at the expense of customers that would have moved to software. So if that kind of mix shift, if you will, continue in 2023, that may affect our software growth rate some. But it wouldn't affect the top line because it would be more of a mix shift factor if we continue to see that shift in customer behavior.

因此，我們將在 10 月更多地討論 2023 年的軟件增長。但坦率地說，當你看到 2023 年時，這些因素——我認為一些因素會影響到這一點。一個，當然，和其他公司一樣，宏觀環境會影響我們的增長率。今天，坦率地說，現在說還為時過早，因為在這一點上，我們還沒有看到全球客戶的購買行為發生根本性的變化。而且我認為其他因素將是，我們通過大流行，薩米人，我想說，這對我們業務的 BIG-IP 部分來說是特定的。我們看到對硬件的持續需求，並且我們看到許多客戶宣布他們將很快轉向軟件，實際上已經重新承諾使用硬件並在硬件上停留的時間更長。因此，我們看到了非常非常強大的彈性和對硬件的強勁需求，有時以犧牲本來會轉向軟件的客戶為代價。因此，如果這種混合轉變，如果你願意，在 2023 年繼續，那可能會影響我們的軟件增長率。但這不會影響收入，因為如果我們繼續看到客戶行為的這種轉變，它將更像是一個混合轉變因素。

Got it. And I just wanted to just follow up on specifically service providers because that came up a couple of times on this call. Can you just give us some more specifics to what exactly the inflection is at this point for why service provider customers are relying more heavily or see what specifically have you seen in the F5 portfolio that's most helpful or the right solution for them. Could you give us the specifics on or a little bit more detail on what's going on, maybe even type of service provider.

知道了。我只想跟進專門的服務提供商，因為在這次電話會議上出現了幾次。您能否更詳細地說明此時服務提供商客戶為何更加依賴的拐點，或者查看您在 F5 產品組合中看到的對他們最有幫助或正確解決方案的具體內容。您能否向我們提供有關正在發生的事情的細節或更多細節，甚至可能是服務提供商的類型。

I think Sami, there are 2 dynamics to that. Our service provider business is doing very well, and it's the result of kind of 2 series of investments that are intercepting I think, the market at the right time. On the software side, we have invested heavily in cloud-native functions that allow service providers who want to build 5G cores to evolve to these more cloud-native environments and be able to do that with us. And we have now a number of design wins in this area that are starting to go into production, in this quarter, we had more of these going into production. And so it's turning into revenue. And our expectation is that, that will continue, but we feel well positioned for the cycle of kind of next-generation software deployments with service providers, both in the core infrastructure and at the edge.

我認為薩米，有兩種動力。我們的服務提供商業務做得很好，這是我認為在正確的時間攔截市場的兩種投資的結果。在軟件方面，我們在雲原生功能上投入了大量資金，讓想要構建 5G 核心的服務提供商能夠演進到這些更雲原生的環境，並能夠與我們一起做到這一點。我們現在在這個領域有一些設計勝利開始投入生產，在本季度，我們有更多的設計投入生產。所以它變成了收入。我們的期望是，這種情況將繼續下去，但我們感覺在與服務提供商的下一代軟件部署週期中處於有利地位，無論是在核心基礎設施還是邊緣。

The other dynamic that's going on with service providers is that they continue to increase capacity in their 4G environment for increasing traffic, specifically 5G traffic. And we -- I think, as we shared before, we have continued to make investments in our hardware platforms to prepare for these increased demand for capacity. And as a result, we've been able to get to some price performance points that are really meeting the demands of high-scale, high-capacity service provider deployments, especially in the Gi LAN part of the network for things like carrier-grade firewalls. And that's driving strong demand and execution in the service provider vertical.

服務提供商的另一個動態是他們繼續增加 4G 環境中的容量以增加流量，特別是 5G 流量。而且我們 - 我認為，正如我們之前分享的那樣，我們繼續對我們的硬件平台進行投資，為這些增加的容量需求做好準備。因此，我們已經能夠達到一些真正滿足大規模、高容量服務提供商部署需求的性價比點，尤其是在網絡的 Gi LAN 部分，例如運營商級防火牆。這推動了服務提供商垂直領域的強勁需求和執行力。

Your next question comes from James Fish of Piper Sandler.

您的下一個問題來自 Piper Sandler 的 James Fish。

Wanted to go off the software question from before. Is there a way to think about how much the unattached software deal flow is either independent or dependent on some of the systems deal flow given you're already selling into some of the largest organizations out there? And also, you mentioned there, Francois, multiyear agreements just now. Is duration actually extending for software?

想從以前開始解決軟件問題。鑑於您已經向一些最大的組織銷售產品，有沒有辦法考慮獨立軟件交易流程是獨立的還是依賴於某些系統交易流程的？而且，你剛才提到了弗朗索瓦，多年期協議。軟件的持續時間實際上是否延長了？

I'll start with the latter part of that question, Jim. So no, I think the trends are pretty steady, Jim, on the multiyear agreement. Typically, there are 3-year agreements, and we haven't seen a fundamental change in duration. In terms of the first part of your question, if you take our software business, Jim, obviously, the part of the business that's driven by kind of net new modern applications, largely circle of NGINX is not attached to any dynamics around hardware. And our managed services and SaaS business, Distributed Cloud Services is not attached to any dynamics on the hardware business.

我將從那個問題的後半部分開始，吉姆。所以不，我認為多年協議的趨勢相當穩定，Jim。通常，有 3 年的協議，我們還沒有看到期限的根本變化。關於你問題的第一部分，如果你拿我們的軟件業務來說，Jim，顯然，這部分業務是由一種全新的現代應用程序驅動的，NGINX 的大部分圈子並不依賴於任何圍繞硬件的動態。而我們的託管服務和 SaaS 業務，分佈式雲服務不依附於硬件業務上的任何動態。

With BIG-IP, what you're seeing is the majority of the -- I would say, the majority of the software business does not have a -- is not attached to the dynamics in hardware. However, there are customers who are -- we still have a number of customers who are migrating from a sort of hardware first environment to a software-first environment. And where we have seen changes, I would say, not specifically this quarter, but over the last 18 months is we have seen a number of customers who have declared that they would go to a software-first environment sooner. And we have seen a number of them constantly delay that and stay with more of a hardware-first environment. And I'd say that's where you have an effect in -- specifically in that area of the BIG-IP business, where you're seeing very strong resilience on the hardware, and -- but it's affected a little bit our software growth rates.

使用 BIG-IP，您所看到的是大多數——我想說，大多數軟件業務沒有——不依賴於硬件的動態。但是，有些客戶——我們仍然有一些客戶正在從一種硬件優先環境遷移到軟件優先環境。在我們看到變化的地方，我想說，不是特別是本季度，而是在過去的 18 個月中，我們看到許多客戶宣布他們將更快地進入軟件優先環境。我們已經看到他們中的一些人不斷地推遲這一點，並更多地停留在硬件優先的環境中。我想說這就是你在其中產生影響的地方——特別是在 BIG-IP 業務的那個領域，你會看到硬件非常強大的彈性，而且——但它對我們的軟件增長率有一點影響.

All right. And then maybe for Frank. I do want to unpack your guide a bit here, you're essentially back in the Street for Q4. Is there a way to understand for how much during the year will be a net issue from the supply chain constraints versus that prior, I believe, $60 million to $90 million headwind versus the macro impact you're now including in guide?

好的。然後也許是弗蘭克。我確實想在這裡稍微解開你的指南，你基本上回到了第四季度的街頭。有沒有辦法了解今年供應鏈限制的淨問題與之前的情況相比，我相信，6000 萬至 9000 萬美元的逆風與您現在包含在指南中的宏觀影響？

Jim, I think you'll probably be able to see that more specifically in Q4 when we talk about the backlog number. We've -- as a policy, if the backlog number is more than 10% of product revenue, then we will release the actual number, and that's fully our expectation right now. And so I think you'll be able to effectively pull out what was the difference in that change and make some assumptions on what that would have meant for the software revenue or the total revenue overall. So if you can hold off for 3 months, I think you'll get your answer.

吉姆，當我們談論積壓數量時，我認為您可能會在第四季度更具體地看到這一點。我們已經 - 作為一項政策，如果積壓數量超過產品收入的 10%，那麼我們將發布實際數量，這完全是我們現在的預期。因此，我認為您將能夠有效地找出這種變化的不同之處，並對這對軟件收入或總收入意味著什麼做出一些假設。所以如果你能推遲3個月，我想你會得到你的答案。

Your next question comes from Meta Marshall of Morgan Stanley.

您的下一個問題來自摩根士丹利的 Meta Marshall。

This is Meta. A couple of questions. Just on the supply chain piece, when you're expecting to lose name by kind of the second quarter of next year, does that mean that the redesign process is kind of complete at that point or that the component availability you expect to take place at that point? And then maybe as a second follow-on question, just how is the rSeries transition from iSeries for (inaudible) versus expectations?

這是元。幾個問題。就供應鏈而言，當您預計到明年第二季度會失去名字時，這是否意味著重新設計過程已經完成，或者您期望的組件可用性發生在那一點？然後也許作為第二個後續問題，rSeries 從 iSeries 過渡到（聽不清）與預期相比如何？

Meta, so when we're talking about improvements in our shipments in the second fiscal quarter of 2023, Meta, that's driven by 2 factors. The first is what we expect to be better component availability from our suppliers based on commitments they've made to us. And generally, from what we see, they are on track with execution against these commitments on some of the most constrained components. So that's factor number one.

Meta，所以當我們談論到 2023 年第二財季的出貨量改善時，Meta 是由兩個因素驅動的。首先是我們希望供應商能夠根據他們對我們做出的承諾提供更好的組件可用性。一般來說，據我們所見，他們在一些最受限制的組件上執行這些承諾。所以這是第一因素。

Factor number two is we have also been doing some design work to design around or redesign around some of the most constrained components. And those design efforts should complete towards the tail end of the calendar year, which would allow us to ship with the new components in the second quarter -- or the second fiscal quarter of '23. So those are the 2 factors driving that, Meta.

第二個因素是我們也一直在做一些設計工作，圍繞一些最受限制的組件進行設計或重新設計。這些設計工作應該在日曆年年底完成，這將使我們能夠在第二季度或 23 財年第二季度交付新組件。所以這些是推動這一點的兩個因素，Meta。

As of today, both of those factors are really on track. Now we're talking about things that are happening in the next 6 to 9 months and then looking at the full second half of 2023. So we -- I'll caveat that by saying there's still a ton of execution to come and commitments to be delivered by our suppliers. But generally, we're on track. And I would say we feel incrementally better about that than we did 3 months ago from what we've seen from our suppliers' commitments and our own work.

到今天為止，這兩個因素都真正走上了正軌。現在我們談論的是未來 6 到 9 個月內發生的事情，然後是 2023 年下半年的全部時間。所以我們——我會警告說，還有大量的執行和承諾由我們的供應商交付。但總的來說，我們走上了正軌。我想說，從我們從供應商的承諾和我們自己的工作中看到的情況來看，我們對這一點的感覺比 3 個月前要好得多。

As it relates to rSeries, we are very happy with the ramp of rSeries. It actually is right now the fastest-renting new platform than we've had. The rent is happening 2x faster than prior new platform introductions, and that's largely due to the benefits of the rSeries platform. So it's an investment we started a few years ago really to bring to our customers several of the elements of the cloud to their on-premises environment. So they're getting a lot of automation benefits from rSeries, the ability to run multiple software tenants on the same platforms.

由於它與 rSeries 相關，我們對 rSeries 的升級感到非常滿意。它實際上是目前比我們擁有的租用速度最快的新平台。租金的發生速度比之前推出的新平台快 2 倍，這主要歸功於 rSeries 平台的優勢。因此，這是我們幾年前開始的一項投資，真正為我們的客戶帶來了雲的幾個元素到他們的本地環境中。因此，他們從 rSeries 中獲得了很多自動化優勢，即在同一平台上運行多個軟件租戶的能力。

And so for those customers that really want to automate their environments, which is at the heart of a lot of the digital transformation, what they're getting from rSeries is not just the price-performance benefits that you get from a new hardware platform, but also a lot of the cloud-like benefits of automation and multi-tenancy into the platform. So that's a good ramp, and we are -- I think we're pretty excited about what rSeries is going to do for the business, not just this year but for the next few years.

因此，對於那些真正想要實現環境自動化的客戶（這是許多數字化轉型的核心），他們從 rSeries 獲得的不僅僅是您從新硬件平台獲得的性價比優勢，而且還有很多類似雲的自動化和多租戶進入平台的好處。所以這是一個很好的斜坡，我們 - 我認為我們對 rSeries 將為業務做的事情感到非常興奮，不僅僅是今年，而是未來幾年。

Your next question comes from Tim Long of Barclays.

您的下一個問題來自巴克萊的 Tim Long。

Just a few on the software business. First, any update on getting more consistent metrics here, RPO, ARR and the dollar retention? Love to get an update on when we could potentially see those numbers more specifically and then maybe related to it is, we're not going to get them now. Frank, could you a little -- talk a little bit about kind of what you're seeing is a nice jump in software? New deals, versus true-forwards, how do we look at that aspect of the software growth this quarter?

只是一些關於軟件業務的。首先，關於在此處獲得更一致的指標、RPO、ARR 和美元保留率的任何更新？很想知道我們何時可以更具體地看到這些數字，然後可能與之相關，我們現在不會得到它們。弗蘭克，你能不能稍微談談你所看到的軟件的一個很好的飛躍？新交易與真正的前鋒相比，我們如何看待本季度軟件增長的這方面？

And then maybe the last one is maybe for you, Francois. We're coming up on 3 years of -- 3-year anniversary of some of the really large first-term deals. Could you talk to us a little bit about how you think those renegotiations or renewals would be working and how that can work into the model? Maybe just a little color on the first set of deals. It should be a pivotal time to renew those deals, I would think. And if so, are those deals like some of the other business where it's kind of been running above run rate. So those -- the renewals could potentially be larger than the initial contracts.

然後也許最後一個可能是給你的，弗朗索瓦。我們即將迎來 3 週年——一些真正大型的第一期交易的 3 週年紀念日。您能否與我們談談您認為這些重新談判或續約將如何發揮作用以及如何將其融入模型中？也許只是第一套交易的一點顏色。我認為，這應該是續簽這些交易的關鍵時刻。如果是這樣，這些交易是否像其他一些業務一樣，它的運行速度高於運行速度。所以那些 - 續約可能比最初的合同更大。

Sure, Tim. Thanks so much for the question. I'll start and then I'll turn it over to Francois. So in terms of the split out on the software metrics, as we talked about ongoing, we're just starting to hit the second term of -- where a lot of this business started to take off. And so we are still tracking those metrics internally. We're not ready to release them externally. Again, as I've said in the past, we want to make sure that they are used in the right way and they can be predictive for the future outlook of the business. And as we get more and more of these data points over the next coming quarters, we do expect it's going to be more of a when, not if, we do release these metrics. And so more to come on that in FY '23. I know you had another question for Francois, specifically on some of the renewals.

當然，蒂姆。非常感謝這個問題。我會開始，然後我會把它交給弗朗索瓦。因此，就軟件指標的拆分而言，正如我們所說的那樣，我們剛剛開始進入第二個任期 - 很多業務開始起飛。所以我們仍在內部跟踪這些指標。我們還沒有準備好在外部發布它們。同樣，正如我過去所說，我們希望確保以正確的方式使用它們，並且它們可以預測業務的未來前景。隨著我們在接下來的幾個季度中獲得越來越多的這些數據點，我們確實預計這將更多是我們發布這些指標的時間，而不是如果。 23 財年還會有更多內容。我知道你對弗朗索瓦還有另一個問題，特別是關於一些續約的問題。

Yes. Generally, Tim, on the renewals, the early indicators on the revenue expansion opportunity are really good on these -- on those large multiyear agreements. What we're seeing is continued growth in application usage, and that's a part of what's driving the expansion in some of these opportunities. So it's early days, as you said, but it's going very well.

是的。一般來說，蒂姆，在續約時，收入擴張機會的早期指標在這些方面非常好 - 在那些大型多年協議上。我們看到的是應用程序使用量的持續增長，這是推動其中一些機會擴展的部分原因。正如你所說，現在還處於早期階段，但進展非常順利。

I would say the other driver, I would say, both of renewals and new multiyear agreements is security. We had a very strong quarter, again, in security. And what we're seeing is that the portfolio that we've put together that allows our customers to put security capabilities across their environment is really making a difference. So this quarter, we had a very strong quarter on security with BIG-IP and WAF. And in fact, WAF across all of our form factors and BIG-IP, and we had a very strong quarter with NGINX security. This was the second quarter in a row where we had over 100 wins of NGINX with security. We have very strong debut, if you will, for our distributor cloud services WAP offering, which is our SaaS offering on security.

我想說，續約和新的多年協議的另一個驅動因素是安全性。在安全方面，我們有一個非常強勁的季度。我們看到的是，我們整合的產品組合讓我們的客戶能夠在他們的環境中使用安全功能，這確實產生了影響。因此，本季度，我們在 BIG-IP 和 WAF 的安全性方面表現出色。事實上，WAF 涵蓋了我們所有的外形尺寸和 BIG-IP，我們在 NGINX 安全性方面的季度表現非常強勁。這是我們連續第二個季度在 NGINX 安全方面取得了超過 100 場胜利。如果您願意的話，我們的分銷商雲服務 WAP 產品（即我們的安全 SaaS 產品）的首次亮相非常強勁。

And we're bringing all of these security offering over time under a single SaaS console that will allow our customers to push the same policy to all of their environments for protecting their applications. So that, if you will, competitive differentiation, we're seeing the benefit of that both in terms of expansion of existing agreements as well as new agreements that are driven by our security software.

隨著時間的推移，我們將所有這些安全產品帶到一個單一的 SaaS 控制台下，這將允許我們的客戶將相同的策略推送到他們的所有環境中，以保護他們的應用程序。因此，如果您願意的話，競爭差異化，我們在擴展現有協議以及由我們的安全軟件驅動的新協議方面都看到了它的好處。

Okay. And Frank, if I could, just to follow up on the metrics. In the past, you've talked a little bit about the software growth in the subscription businesses being driven by true-forwards and/or new deals in the pipeline. So could you just give us a little color of kind of mix of growth between true-forward contribution and kind of new deal contribution?

好的。弗蘭克，如果可以的話，只是為了跟進這些指標。過去，您曾談到訂閱業務中的軟件增長是由真正的轉發和/或管道中的新交易推動的。那麼，您能否給我們一點關於真實前瞻貢獻和新交易貢獻之間的混合增長的顏色？

Yes. Tim, we're not going to split that out in the quarter. I think both of them were quite healthy. When I take a look at where we have been in the past, the true-forward contribution was along our expectations for the growth in new business. That was also in line with our expectations, and it resulted in the 38% software growth, but I'm not going to give a specific split between the 2 for the call.

是的。蒂姆，我們不會在本季度將其分開。我認為他們倆都很健康。當我回顧我們過去的情況時，真正的前瞻性貢獻與我們對新業務增長的預期一致。這也符合我們的預期，它導致了 38% 的軟件增長，但我不會在電話會議上給出 2 之間的具體劃分。

Your next question comes from Alex Henderson of Needham.

您的下一個問題來自 Needham 的 Alex Henderson。

So across the presentation, you've made a number of references to buying behavior, specifically said at one point that buying behavior patterns haven't changed. At another point, you said that there's some increase in the number of signatures required. And you've weighed into your guide the expectation of continued softness in the broader economy. But can you talk a little bit about where you are in terms of the pipeline of activity that you're chasing, whether the activity is more robust, less robust than you would expect for this time of year; and particularly whether the deal sizes are bigger, smaller, how the price increase might impact that longevity; and within the backlog, whether there's any concern around cancellations of orders?

因此，在整個演示文稿中，您已經多次提及購買行為，特別是在某一點上說購買行為模式沒有改變。在另一點上，您說所需的簽名數量有所增加。你已經在你的指南中權衡了對更廣泛經濟持續疲軟的預期。但是，您能否談談您正在追逐的活動管道方面的情況，該活動是否比您在一年中的這個時候預期的更強大，更不強大？尤其是交易規模是更大還是更小，價格上漲如何影響壽命；在積壓的訂單中，是否有任何關於取消訂單的擔憂？

Alex, let me start with the last part of your question. So no, with the backlog, we have absolutely no concerns about cancellations of orders. And that's because we haven't seen any. There hasn't been any trend into cancellation. And also, our lead times, whilst elongated, are still at about 4 months. And relative to some of the other hardware networking players, our lead times are still less than a number of others.

亞歷克斯，讓我從你問題的最後一部分開始。所以不，由於積壓，我們完全不擔心訂單取消。那是因為我們還沒有看到任何東西。沒有取消的趨勢。而且，我們的交貨時間雖然延長了，但仍約為 4 個月。相對於其他一些硬件網絡廠商，我們的交貨時間仍然少於其他一些廠商。

And in fact, we have seen some of our orders delayed because customers were willing to get their -- some networking gear that had 12 months of lead time before ordering from F5 that only has 2 to 6 months of lead times, depending on which platform you pick. So we're not worried about cancellations at all.

事實上，我們已經看到我們的一些訂單被延遲，因為客戶願意得到他們的——一些網絡設備在從 F5 訂購之前有 12 個月的交貨時間，而 F5 的交貨時間只有 2 到 6 個月，具體取決於哪個平台你選。所以我們根本不擔心取消。

Let me talk to the other dynamics. You mentioned sort of customer buying behavior, the implications of price increases. So if I take a picture right now, Alex, of where we're at, no, we haven't seen on a global level, I would say, with the exception of Europe specifically, I'll come back to that in a moment, we have not seen a fundamental change in buying behavior. We have seen a little back-ended linearity this quarter. And yes, some deals that had -- a little more squeaky in terms of the number of approvals. But when we looked at the overall demand signals in the quarter, they were very strong. And we didn't see a fundamental change in close rates, if you will, from our pipeline. That is, I would say, across the globe is true.

讓我談談其他動態。你提到了客戶的購買行為，價格上漲的影響。所以如果我現在拍一張照片，亞歷克斯，我們在哪裡，不，我們還沒有在全球範圍內看到，我會說，除了歐洲，我會在一個目前，我們還沒有看到購買行為發生根本性的變化。本季度我們看到了一些後端線性。是的，一些交易 - 在批准數量方面更加吱吱作響。但當我們查看本季度的整體需求信號時，它們非常強勁。如果你願意的話，我們的管道中沒有看到收盤價的根本變化。也就是說，我會說，在全球範圍內都是真的。

In Europe specifically, we did see some continued softness and very back-ended linearity. And we think the macro is definitely affecting buying behavior in Europe already today.

特別是在歐洲，我們確實看到了一些持續的柔軟度和非常後端的線性度。我們認為，今天宏觀經濟肯定已經在影響歐洲的購買行為。

Now when you look forward around what we think we will see in coming months, our -- let's start with -- our pipeline is strong for Q4, and it is about what we would expect to have as of today for our Q4 pipeline. We have a number of large deals, specifically in software. Q4 is always a quarter with some of the largest deals. And we have that pipeline of large deals to deliver against our guidance.

現在，當您展望我們認為我們將在未來幾個月看到的情況時，我們的 - 讓我們開始 - 我們的第四季度管道很強勁，這就是我們今天對第四季度管道的預期。我們有許多大宗交易，特別是在軟件方面。第四季度總是有一些最大交易的季度。我們有大量的大宗交易可以根據我們的指導交付。

That being said, what we are cautious about is, of course, we see the dynamics in the macro environment. And I think the combination of inflation in the U.S. and elsewhere and also outside the U.S., foreign exchange, which ends up making our deal more expensive to customers in Europe, Latin America and Asia, those increases in cost to customers will force them to make prioritization calls on their investment. And we think that, that may result in some deals being pushed out or a different prioritization of projects than what we are currently expecting.

話雖如此，我們謹慎的當然是，我們看到了宏觀環境的動態。而且我認為美國和其他地方以及美國以外的通貨膨脹，外匯，最終使我們的交易對歐洲，拉丁美洲和亞洲的客戶來說更加昂貴，這些客戶成本的增加將迫使他們做出優先考慮他們的投資。我們認為，這可能會導致一些交易被推遲，或者項目的優先級與我們目前的預期不同。

We haven't seen any sign of that to date. But our view is that given that every other networking vendor out there has made increases in prices, including us, customers at some point, their budgets are not going up exponentially and they'll have to make these prioritization calls. I think that's the macro effect that we think we are likely to see in the next few months.

迄今為止，我們還沒有看到任何跡象。但我們的觀點是，考慮到其他所有網絡供應商（包括我們、客戶）在某個時候都提高了價格，他們的預算並沒有呈指數級增長，他們將不得不做出這些優先級調用。我認為這就是我們認為未來幾個月可能會看到的宏觀效應。

Your next question comes from Samik Chatterjee of JPMorgan.

您的下一個問題來自摩根大通的 Samik Chatterjee。

Francois, I just wanted to start with -- you've talked about the privatization of spending from your customers or the cautious environment you're in, but also sounds like you're already starting to prepare internally for that to some extent. I mean more curious about hearing how you're thinking about the levels you can pull or the changes or reprioritization in terms of F5 internally. Would you sort of increase more sales incentives on the software business or focus more on security? Like what are the levels you're thinking you can sort of drive towards as you -- if you do see the customer behavior changing because of the macro? And then just a quick follow-up, I mean since the 15% price increase on systems, what have been the order trends that you've seen?

弗朗索瓦，我只是想開始 - 你談到了客戶支出的私有化或你所處的謹慎環境，但聽起來你已經開始在某種程度上為此做內部準備。我的意思是更好奇聽到你如何考慮你可以拉的水平或內部 F5 方面的變化或重新優先級。你會增加對軟件業務的更多銷售激勵，還是更關注安全性？比如你認為你可以朝著什麼樣的水平前進——如果你確實看到客戶行為因宏觀而發生變化？然後只是快速跟進，我的意思是自從系統價格上漲 15% 以來，您看到的訂單趨勢是什麼？

Samik, just the last part of your question about the 15% price increase, what was your question about that?

Samik，只是您關於 15% 價格上漲問題的最後一部分，您對此有何疑問？

Any color on the order trends since -- in stating the price increase -- pushing through the price increase?

自從 - 在說明價格上漲時 - 推動價格上漲以來，訂單趨勢有什麼顏色嗎？

Okay. So let me just start with that part of the question. So Samik, yes, we did have a price increase that took effect on July 1. And we -- as a result of that, we had a number of orders that were pulled into our third quarter by customers wanting to order early to not be affected by that price increase.

好的。所以讓我從問題的那一部分開始。所以 Samik，是的，我們確實有在 7 月 1 日生效的價格上漲。因此，我們有一些訂單被拖到第三季度的客戶想要提早訂購而不是受這次漲價的影響。

When we look at the demand signals for Q3, we normalize out these orders that were pulled in. And even if you normalize out for these orders, it was actually a strong -- I would say, strong to very strong demand quarter. In terms of the order trends post the price increase, we are early in the quarter, and the linearity that we're seeing today is not really different than what we would see in the first month of the quarter.

當我們查看第三季度的需求信號時，我們會將這些被拉入的訂單正常化。即使您將這些訂單正常化，它實際上也是一個強勁的 - 我會說，從強勁到非常強勁的需求季度。就價格上漲後的訂單趨勢而言，我們處於本季度初期，我們今天看到的線性與我們在本季度第一個月看到的並沒有真正的不同。

To your second -- to the first part of your question around how we're preparing for what may transpire in the macro, we -- you will see that we are being cautious. So we're not -- I want to be clear, we're not seeing any change in our demand signals to date. But given everything else that's going on in the macro, we have, out of caution, significantly slowed down hiring in the last month across functions. There were some kind of investment initiatives that we have delayed to see more clearly what's going to transpire in the macro and see if we push forward with these investments or not.

對於你的第二個問題 - 關於我們如何為宏觀可能發生的事情做準備的問題的第一部分，我們 - 你會看到我們很謹慎。所以我們不是 - 我想澄清一下，到目前為止，我們的需求信號沒有任何變化。但考慮到宏觀上正在發生的一切，出於謹慎，我們在上個月顯著放緩了跨職能部門的招聘。我們推遲了一些投資計劃，以便更清楚地了解宏觀環境中會發生什麼，看看我們是否會推進這些投資。

So right now, Samik, it's more on the management of our OpEx and OpEx run rate that we have focused our -- if you will, our preparation and readiness. Our incentives for software for our teams are pretty strong, and they're going to continue to remain strong. And hopefully, you've seen that in the results we're having on our software growth rates.

所以現在，Samik，我們更多地關注我們的運營支出和運營支出運行率的管理——如果你願意的話，我們的準備和準備。我們對團隊軟件的激勵非常強烈，而且它們將繼續保持強勁。希望您已經在我們的軟件增長率結果中看到了這一點。

Your next question comes from Rod Hall of Goldman Sachs.

您的下一個問題來自高盛的 Rod Hall。

I wanted to come back to the comment, I think, Francois, you made it about the back-end loaded nature of the quarter and kind of the DSOs. I guess I was curious about the drivers of the back-end loading. I mean you guys are saying you're not seeing demand impacts, but I wonder what -- how would you characterize the drivers for the back-end-loaded nature of the quarter? Was there a particular type of product you were selling more in the back end of the quarter? Was there a promotion, something like that? And I'm curious also on the DSOs, whether you think next quarter those might come back down again.

我想回到評論，我想，弗朗索瓦，你談到了本季度的後端負載性質和 DSO 的種類。我想我對後端加載的驅動程序很好奇。我的意思是你們說你們沒有看到需求影響，但我想知道什麼——你們如何描述本季度後端負載性質的驅動因素？您在本季度末銷售更多特定類型的產品嗎？有促銷之類的嗎？我對 DSO 也很好奇，你是否認為下個季度可能會再次下降。

So yes, Rod, let me start with the DSO side of the question and then let Francois talk about some of the back-end linearity of it. So the DSO, a lot of that, I think it's going to be a little more linked to not bookings but just frankly when things can be shipped and it's the components that came in, in the back half and then had the shipments go out. The bills then go out associated with that, and that drove the increase in the AR balance, which is the calculation for your DSO.

所以是的，Rod，讓我從問題的 DSO 方面開始，然後讓 Francois 談談它的一些後端線性。所以 DSO，其中很多，我認為它會更多地與非預訂聯繫起來，但坦率地說，什麼時候可以運送東西，它是進來的組件，在後半部分，然後發貨出去。然後賬單與此相關聯，這推動了 AR 餘額的增加，這是您的 DSO 的計算。

So it's likely going to see a return to normalcy when we get into the back half of FY '23, and that's when we're going to see DSOs come back down. I will note that the quality of those receivables that we haven't seen any [aging] increase, it just happens, to come after the end of the quarter. So I will expect that DSOs, as Francois mentioned, in the shipping side in the back half of FY '23 to see when that's going to start coming down and that AR balance coming down.

因此，當我們進入 23 財年的後半段時，很可能會恢復正常，那時我們將看到 DSO 恢復正常。我會注意到那些我們沒有看到任何[老化]增加的應收賬款的質量，它只是發生在本季度末之後。因此，正如弗朗索瓦所提到的，我希望 DSO 在 23 財年後半段的運輸方面看到什麼時候開始下降，AR 平衡下降。

Yes. And Rod, on the back-end-loaded quarter, first of all, yes, it was more back ended but on a very, very strong demand quarter. And so I think I mentioned earlier that we saw at the very end of the quarter some order being -- some orders that we felt should have come in Q4 that came in Q3. We attributed some of that to customers who are doing ahead of a price increase. I think if you normalize that out, that would normalize a little more the linearity of the quarter.

是的。羅德，在後端加載的季度，首先，是的，它更多的是後端，但在一個非常非常強勁的需求季度。因此，我想我之前提到過，我們在本季度末看到了一些訂單——我們認為應該在第四季度收到的一些訂單在第三季度收到。我們將其中一些歸因於在提價之前進行操作的客戶。我認為，如果您將其標準化，那將使該季度的線性度更加標準化。

The other factor is Europe, which was, in fact, back-end loaded in linearity. We think that had to do with the macro and the scrutiny there. And if you normalize out these 2 factors, there was probably also an element that we started to see around more customers, I want to say outside of Europe, that had more approval cycles in their orders. And so it may have pushed some orders that we may have expected in the second month but happened in the third month of the quarter.

另一個因素是歐洲，事實上，它的後端負載是線性的。我們認為這與宏觀和那裡的審查有關。如果你將這兩個因素標準化，我們可能還開始看到更多客戶的一個因素，我想說的是，在歐洲以外的地區，他們的訂單有更多的批准週期。因此，它可能推動了一些我們可能在第二個月預期但發生在本季度第三個月的訂單。

Okay. And Francois, could I just follow up on one thing there? The -- so you're saying most of the types of orders you would have seen were systems kind of ahead of the pricing increases. Is that the right way to characterize the kind of the type of order you saw on the back end or...

好的。弗朗索瓦，我可以在那裡跟進一件事嗎？ - 所以你說你會看到的大多數訂單類型都是在價格上漲之前的系統。這是描述您在後端看到的訂單類型的正確方法還是......

Yes. That phenomenon around the sort of orders very late in the quarter to avoid the price increase would have been more about systems than for software, where I think we had a more kind of normal linearity.

是的。在本季度末期為了避免價格上漲而下訂單的這種現象更多地是關於系統而不是軟件，我認為我們有一種更正常的線性。

Your next question comes from Amit Daryanani of Evercore.

您的下一個問題來自 Evercore 的 Amit Daryanani。

I have 2 as well. I guess maybe to start with on the software side, right, even though you see at the higher end of the 35% to 40% growth rate this year, is there anything you would call out that's more onetime in nature that you think helped you on software growth in fiscal '22, ELAs or big deals or something? And really curious, if you do end up in a slower macro environment in '23, does that help or hurt your software business over time?

我也有2個。我想也許可以從軟件方面開始，對，即使你看到今年 35% 到 40% 的增長率較高，你有沒有什麼比你認為對你有幫助的更一次性的東西？關於 22 財年的軟件增長、ELA 或大交易之類的？真的很好奇，如果你在 23 年最終進入了一個較慢的宏觀環境，隨著時間的推移，這會幫助還是傷害你的軟件業務？

Amit, let me start with that, and I'll let Francois take the back half of your question. So there's nothing that is abnormal to what our expectations were. I will note that we did have large deal activities that happened 3 years ago that repeated themselves -- that repeated itself this year. And that's going to be part of the normal process and reasons why we have potentially quarter-to-quarter volatility even on larger numbers.

阿米特，讓我從這個開始，我會讓弗朗索瓦回答你問題的後半部分。所以沒有什麼不符合我們的預期的。我會指出，我們確實有 3 年前發生的大量活動重演——今年重演。這將成為正常流程的一部分，也是我們即使在更大的數字上也可能出現季度波動的原因。

As these numbers increase in the denominator, that fluctuation will again be muted and decrease. But we've talked about some large deal activity in FY '19 that repeated itself this year, and it's always been part of our expectations, even going back to AIM in November of 2020 when we thought about what a Horizon 2 outlook would be.

隨著這些數字在分母中的增加，這種波動將再次減弱並減少。但我們已經談到了 19 財年的一些大宗交易活動，這些活動在今年重演，這一直是我們預期的一部分，甚至在 2020 年 11 月回到 AIM 時，我們考慮了 Horizon 2 的前景。

Yes. And then the second part of your question, Amit, about -- so the question is whether if we are in a recession in 2023, does that help or hurt our software business, well, I will just give you some thoughts around how I think about this. On the one hand, I think one thing we've seen in past recessions is people hunker down and not start new things but continue to do the things that they've been doing. And so what that would mean is for our customers that are on hardware, it's likely that some of these customers would decide to just continue to stay in the hardware train rather than start a whole new architecture, a new project if they haven't done that already. And if you look at it that way, that would favor our hardware business and less our software business for where there's this BIG-IP opportunity between hardware and systems.

是的。然後你的問題的第二部分，阿米特，關於 - 所以問題是，如果我們在 2023 年陷入衰退，這是否有助於或損害我們的軟件業務，好吧，我將就我的想法給你一些想法對這個。一方面，我認為我們在過去的經濟衰退中看到的一件事是人們蹲下來，不開始新事物，而是繼續做他們一直在做的事情。所以這對我們的硬件客戶來說意味著，其中一些客戶可能會決定繼續留在硬件列車上，而不是開始一個全新的架構，一個新項目，如果他們還沒有完成的話那已經。如果你這樣看，那將有利於我們的硬件業務，而不是我們的軟件業務，因為硬件和系統之間存在這種 BIG-IP 機會。

On the other hand, the vast majority of our software business is subscriptions, and we think there are a number of customers that would prefer to move to this OpEx model in that environment rather than new large CapEx outlays. And that would favor more of our software business. But if you step back from it, I think the way we look at it is we have now built a business model that we think is actually quite resilient because we can meet our customers where they are at with hardware form factors, software form factors, term subscription or perpetual and even SaaS and managed services form factors.

另一方面，我們絕大多數的軟件業務是訂閱，我們認為有許多客戶更願意在那種環境中轉向這種運營支出模式，而不是新的大筆資本支出。這將有利於我們的軟件業務。但如果你退後一步，我認為我們現在的看法是，我們現在已經建立了一個我們認為實際上非常有彈性的商業模式，因為我們可以通過硬件形式因素、軟件形式因素滿足我們的客戶，定期訂閱或永久甚至 SaaS 和託管服務形式因素。

And so if we have customers that want to add security capabilities to their environment but they want to start with a lower expense and a pay-as-you-go model, our SaaS offerings are going to get traction very rapidly. They already are, and that would favor that in 2023. So overall, we feel that we've got the resilience in the model to be able to meet customers in the economic model that makes most sense for them in a recessionary environment.

因此，如果我們的客戶想要在他們的環境中添加安全功能，但他們希望從較低的費用和現收現付模式開始，我們的 SaaS 產品將很快獲得關注。他們已經是，這將有利於 2023 年。因此，總體而言，我們認為我們在模型中具有彈性，能夠在經濟模型中滿足客戶，這在經濟衰退的環境中對他們來說最有意義。

Perfect. And then if I could just follow up on the system side. You made some comments on fiscal Q1 in '23 will be the low point of systems revenue. Was that an absolute revenue statement or a signal that you already declined in peak over there? And then really if I look at all the stuff you have on the systems side from the backlog with the price increases and some of the pent-up demand, is there a reason why you don't see your hardware business show positive growth next year?

完美的。然後，如果我可以在系統方面跟進。您對 23 財年第一季度的一些評論將是系統收入的低點。那是絕對的收入報表還是表明您已經在高峰期下降的信號？然後真的，如果我從積壓的系統方面看所有的東西，價格上漲和一些被壓抑的需求，你是否有理由看不到你的硬件業務明年顯示出正增長?

So yes, let me start with that and I'll let Francois see this. So the -- we were giving an absolute in terms of revenue dollar value for when Q1 would be the low point in our systems revenue. And that is purely a result of the components that are needed to ship when we see those schedules coming in. As Francois mentioned, the volatility associated with decommits has gone down from what we have experienced in recent quarters. That having been said, the commitments that we have will show that, that will be the low point of what we can actually produce to that volume. And so that's why on a dollar basis, we expect Q1 to be the low point.

所以是的，讓我從這個開始，我會讓弗朗索瓦看到這個。因此，我們給出了第一季度將成為我們系統收入低點的絕對收入美元價值。這純粹是當我們看到這些時間表進入時需要運送的組件的結果。正如弗朗索瓦所提到的，與我們最近幾個季度所經歷的相比，與退役相關的波動性有所下降。話雖如此，我們所做的承諾將表明，這將是我們實際生產該數量的最低點。這就是為什麼以美元計算，我們預計第一季度將是低點。

And to your second part -- the second part of your question, Amit, whether we would expect hardware to show positive growth next year, our expectation would be yes, that our hardware would show positive growth next year if, of course, we are able to have the recovery profile in our supply availability that we have talked about. So we are on track with that profile for now. And if that's confirmed, I would expect our hardware revenues to be greater next year than they are this year because we're not -- our backlog, frankly, is so large today that even if in a recessionary environment the hardware demand was to be less than it is this year -- and to be clear, this year, the hardware demand is much higher than the revenue we're printing. Even if the demand was to be less, we would be able to ship more revenues than we have this year.

對於你的第二部分 - 你的問題的第二部分，阿米特，我們是否預計明年硬件會出現正增長，我們的預期是肯定的，如果我們的硬件明年會出現正增長，當然，我們是能夠在我們已經討論過的供應可用性中獲得恢復概況。因此，我們目前正在使用該配置文件。如果這一點得到證實，我預計明年我們的硬件收入將比今年更高，因為我們沒有——坦率地說，我們今天的積壓訂單如此之多，即使在經濟衰退的環境中，硬件需求也是如此。比今年少——而且要明確的是，今年的硬件需求遠高於我們印刷的收入。即使需求減少，我們也能提供比今年更多的收入。

At this stage, I'm not going to speak to demand on our hardware business for next year because there are too many unknowns, and we know we're going into a macro environment. But specifically speaking to what hardware revenue could be, I would say, yes, assuming that supply is there.

在這個階段，我不會談論明年對我們硬件業務的需求，因為有太多未知數，我們知道我們將進入一個宏觀環境。但具體來說，硬件收入可能是多少，我會說，是的，假設有供應。

And Amit, I will just -- I will reconfirm what Francois said last quarter. Q1 will be a low point. We will see a build in Q2 from there as some of the redesigns and components become more available. We expect Q3 to be higher yet still because of -- we're able to ramp production even more on the new platforms. And then ultimately, by Q4, we may actually start to begin to bring down backlog because of availability. But we do expect it to take a linear up curve on the revenue for systems next year.

還有阿米特，我將 - 我將再次確認弗朗索瓦上個季度所說的話。 Q1 將是一個低點。隨著一些重新設計和組件變得更加可用，我們將從那裡看到第二季度的構建。我們預計第三季度會更高，但仍然是因為——我們能夠在新平台上進一步提高產量。然後最終，到第四季度，由於可用性，我們實際上可能開始減少積壓。但我們確實預計明年系統的收入會呈線性上升曲線。

Your next question comes from Jim Suva of Citigroup.

您的下一個問題來自花旗集團的 Jim Suva。

And I just have one question. Francois, in your prepared comments, you mentioned additional signatures and a little bit more time to get deals to be completely approved. I'm wondering, does this also allow the CTOs more time or more contemplation to do virtual instances, more software, VM type of production orders from you? Or is it kind of the cadence of what they're looking at kind of as you expect? I'm just kind of wondering what the elongated closing time, does it actually allow them to kind of take a step back and look at the whiteboard a little bit more about the solutions that they're buying from you?

我只有一個問題。弗朗索瓦，在你準備好的評論中，你提到了額外的簽名和更多的時間來讓交易得到完全批准。我想知道，這是否也讓 CTO 有更多的時間或更多的思考來做虛擬實例、更多的軟件、VM 類型的生產訂單？還是他們正在看的東西的節奏就像你所期望的那樣？我只是想知道延長的關閉時間是多少，這實際上是否允許他們退後一步，更多地查看白板以了解他們從您那裡購買的解決方案？

Thank you, Jim. So we're having, Jim, I think the expanded nature of our portfolio today, where we are able to engage our customers with a SaaS offering, a software offering or a hardware offering where they want to look at that or a combination of all of the above for their capabilities for addressing multiple applications in different environments, that's creating great strategic kind of architectural conversations with our customers, but they are happening early on in the cycle. So by the time we get into a project that's been defined and scoped by teams and getting into an approval cycle, I don't think it's a question of a CTO stepping back and saying, "Let me reconsider all of that." It's -- I think it's more of a -- in the first few quarters in the pandemic, there was such a rush to add capacity that I think people were just approving orders as soon as they were coming into the queue.

謝謝你，吉姆。因此，吉姆，我認為我們今天的產品組合的擴展性質，我們能夠通過 SaaS 產品、軟件產品或硬件產品吸引客戶，他們希望看到這些產品或所有這些產品的組合上述這些是因為它們具有在不同環境中處理多個應用程序的能力，這正在與我們的客戶進行戰略性的架構對話，但它們是在周期的早期發生的。因此，當我們進入一個由團隊定義和範圍的項目並進入審批週期時，我認為這不是 CTO 退後一步說“讓我重新考慮所有這些”的問題。這是 - 我認為這更像是 - 在大流行的前幾個季度，人們急於增加產能，我認為人們只是在訂單進入隊列後就批准了。

And now especially perhaps with people knowing maybe there's a recession around the corners, they're making sure that the right levels of approvals exist in an organization and they take their time and when they make a decision, it's a full go. So I think it's more that effect, Jim, than a step back around architecture, which does happen, but it's happening upfront, early on with our -- the customers' technology teams and our own technical teams.

現在，尤其是當人們知道經濟衰退即將來臨的情況下，他們正在確保組織中存在正確的批准水平，他們會慢慢來，當他們做出決定時，就會全力以赴。所以我認為這更多的是影響，吉姆，而不是在架構上退後一步，這確實發生了，但它發生在我們的早期——客戶的技術團隊和我們自己的技術團隊中。

Ladies and gentlemen, due to time constraints, we will take our last question from Simon Leopold of Raymond James.

女士們，先生們，由於時間限制，我們將向 Raymond James 的 Simon Leopold 回答最後一個問題。

I wanted to get a quick clarification and then a broader question. On the clarification front, Francois, you indicated growth towards the high end for the software business for the year. And I think that might imply a sequential decline from the systems business in the September quarter. And I want to verify that if it is down sequentially, I just want to get a better understanding of why because it sounds like supply chain constraints are somewhat better or the same. So not sure on that point.

我想得到一個快速的澄清，然後是一個更廣泛的問題。在澄清方面，弗朗索瓦，您表示今年軟件業務向高端增長。我認為這可能意味著系統業務在 9 月季度的連續下滑。我想驗證它是否按順序下降，我只是想更好地理解原因，因為聽起來供應鏈約束更好或相同。所以不確定這一點。

And the broader question, I wanted to see if you could talk a little bit more about unpacking your enterprise verticals. In the past, you used to disclose more detail about the composition of your enterprise customers. And in light of the concerns about a potential recession, I think it would help to get a better understanding of the profile of these enterprise customers in some sense that you have very little to no exposure to the SMB market within that enterprise vertical and where your vulnerabilities might be.

還有一個更廣泛的問題，我想看看你是否可以多談一些關於打開你的企業垂直領域的事情。過去，您過去常常披露有關企業客戶構成的更多細節。鑑於對潛在衰退的擔憂，我認為這將有助於更好地了解這些企業客戶的概況，因為您在該企業垂直領域內幾乎沒有接觸過中小企業市場，而且您的漏洞可能是。

Let me start and I'll let Francois pick up on the back half of your question. So as you know, we, as a policy, don't really guide to specific mixes within the components of our product revenue. I did say last quarter that we expect either Q4 or Q1 to be the low point of our systems revenue purely due to supplier commitments and what we could actually ship. And so I'm not going to address are we going to be down sequentially quarter-over-quarter in terms of dollar revenue. But that directionally, I was saying last quarter and still feel that Q4 and Q1 were the low points. We're saying now specifically Q1 may be lower than Q4. I wasn't saying specifically what Q3 -- what Q4 was going to be in relation to Q3.

讓我開始吧，我會讓弗朗索瓦回答你問題的後半部分。如您所知，作為一項政策，我們並沒有真正指導我們產品收入組成部分中的特定組合。我確實在上個季度說過，我們預計第四季度或第一季度將成為我們系統收入的低點，這純粹是由於供應商的承諾以及我們實際可以發貨的產品。因此，我不打算說明我們的美元收入是否會環比下降。但那是方向性的，我在上個季度說，仍然覺得第四季度和第一季度是低點。我們現在具體說第一季度可能低於第四季度。我並沒有具體說 Q3 - Q4 與 Q3 的關係。

The supply -- so on the supply chain dynamics, you are correct. We are seeing a bit of a stabilization on most of the components. But we do have what we call the golden screw component to building boxes, meaning that you have to have everything obviously to do it. And there are still a few components associated with our builds that are constrained and continue to be constrained. And so if for whatever reason, those are freed up, which is not our expectation, we could do better than these. But that's not the expectation that we want to set for you. There's still -- broadly, the supply chain is getting better for most components. There are still a few in our specific builds that are constrained. We talked about fiscal Q2 being better, not because those suppliers are able to ship us more but more because of the redesign efforts that will likely go into effect in the back half of our fiscal Q1. That will help us with the improvements in build in Q2.

供應——關於供應鏈動態，你是對的。我們看到大多數組件都有點穩定。但是我們確實有我們所說的構建盒子的金螺絲組件，這意味著你必須擁有一切明顯的東西才能做到這一點。還有一些與我們的構建相關的組件受到限制並且繼續受到限制。因此，如果出於某種原因，這些都被釋放了，這不是我們的期望，我們可以做得比這些更好。但這不是我們想要為您設定的期望。仍然 - 從廣義上講，大多數組件的供應鏈正在變得更好。在我們的特定構建中仍有一些受到限制。我們談到第二財季會更好，不是因為這些供應商能夠為我們提供更多產品，而是更多因為重新設計的努力可能會在我們第一財季的後半段生效。這將幫助我們改進第二季度的構建。

And to the second part of your question, we have no -- virtually no exposure to the SMB segment. So our exposure is really large enterprises and, of course, service providers and government. Those are the 3 verticals we serve. And in the enterprise space, it's really the large enterprises around the world.

對於您問題的第二部分，我們沒有 - 幾乎沒有接觸過 SMB 細分市場。所以我們接觸的對像是大型企業，當然還有服務提供商和政府。這些是我們服務的 3 個垂直領域。而在企業領域，真的是世界各地的大企業。

Ladies and gentlemen, this concludes your conference call for this afternoon. We would like to thank you all for participating and ask that you please disconnect your lines.

女士們，先生們，今天下午的電話會議到此結束。我們要感謝大家的參與，並要求您斷開線路。