F5 Inc (FFIV) 2024 Q3 法說會逐字稿

Good afternoon and welcome to the F5 Inc third quarter fiscal 2024 financial results conference call. (Operator Instructions) As a reminder, this conference is being recorded. If anyone has any objections, please disconnect at this time.

下午好，歡迎參加 F5 Inc 2024 財年第三季財務業績電話會議。 （操作員指示）謹此提醒，本次會議正在錄製中。如果有人有異議，請此時斷開連接。

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

我現在將電話轉給 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.

你好，歡迎光臨。我是 Suzanne DuLong，F5 投資人關係副總裁。 Francois Locoh-Donou F5 總裁兼執行長； F5 執行副總裁兼財務長 Frank Pelzer 將在今天的電話會議上發表事先準備好的演講。

Other members of the F5 executive team are also here to answer questions during the Q&A session. 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 Where an archived version of today's audio will be available through October 28, 2024. We will post the slide deck accompanying today's webcast to our IR site at the conclusion of our call.

F5執行團隊的其他成員也在問答環節回答問題。今天的新聞稿副本可在我們的網站 f5.com 上取得。今天音訊的存檔版本將在 2024 年 10 月 28 日之前提供。

To access the replay of today's webcast by phone, dial (877)660-6853 or (201)612-7415 and use meeting ID 13747602. The telephonic replay will be available through midnight Pacific Time, July 30, 2024. For additional information or follow-up questions, please reach out to me directly at s.dulong@f5.com

若要透過電話觀看今天網路廣播的重播，請撥打(877)660-6853 或(201)612-7415 並使用會議ID 13747602。更多信息，或後續問題，請直接聯繫我：s.dulong@f5.com

Our discussion today will contain forward-looking statements, which include words such as believe, anticipate, expect and targets. 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. We have summarized factors that may affect our results in the press release announcing our financial results and in detail in our SEC filings.

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有重大差異。我們在宣布財務表現的新聞稿中總結了可能影響我們業績的因素，並在向 SEC 提交的文件中詳細介紹了這些因素。

In addition, we will reference non-GAAP metrics during today's discussion, please see our full GAAP to non-GAAP reconciliation in today's press release and in the appendix of our earnings slide deck. Please note that F5 has no duty to update any information presented in this call.

此外，我們將在今天的討論中引用非 GAAP 指標，請參閱今天的新聞稿和收益幻燈片附錄中的完整 GAAP 與非 GAAP 調整表。請注意，F5 沒有義務更新本次電話會議中提供的任何資訊。

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

這樣，我就把電話轉給弗朗索瓦。

Thank you, Suzanne, and hello, everyone. Thank you for joining us today. I will speak to our Q3 highlights as well as our expectations for Q4. Frank will then review the details of our Q3 results and provide additional color on our outlook.

謝謝你，蘇珊娜，大家好。感謝您今天加入我們。我將談談我們第三季的亮點以及我們對第四季的期望。然後，弗蘭克將審查我們第三季業績的詳細信息，並為我們的前景提供更多資訊。

We delivered Q3 revenue of $695 million, which is at the top end of our revenue guidance range. We also delivered non-GAAP EPS of $3.36. This is well above the top end of our guidance as a result of our continued operating discipline as well as some tax favorability in the quarter.

我們第三季的營收為 6.95 億美元，處於我們收入指導範圍的上限。我們還實現了 3.36 美元的非 GAAP 每股收益。由於我們持續的經營紀律以及本季度的一些稅收優惠，這遠高於我們指導的上限。

Total software revenue grew 3% year over year and 13% sequentially. Our continued strong software renewals provide an indicator of both customer satisfaction and our momentum overall. In a positive shift from last quarter during Q3, new software revenue also contributed to software growth in the quarter. Global services grew 3% in Q3.

軟體總收入年增 3%，季增 13%。我們持續強勁的軟體更新提供了客戶滿意度和我們整體動力的指標。第三季與上季相比出現積極轉變，新軟體收入也為本季的軟體成長做出了貢獻。第三季全球服務成長 3%。

The combination of software and global services growth largely offset systems revenue, which was $130 million down 16% year over year. During Q3, we started to see some areas of improving demand after a prolonged period of budget scrutiny, evidenced by improving pipeline and close rates. As a result, our team drove strong bookings growth in Q3, including an uptick in new business.

軟體和全球服務的成長在很大程度上抵消了系統收入，該收入為 1.3 億美元，年減 16%。在第三季度，經過長時間的預算審查後，我們開始看到一些領域的需求有所改善，管道和成交率的改善證明了這一點。因此，我們的團隊在第三季推動了預訂量的強勁成長，包括新業務的成長。

Factoring in these signals, we expect Q4 revenue in the range of $720 million to $740 million, which puts us on track to deliver toward the top end of our FY24 revenue guidance. Our outlook is informed by three considerations. One our growing pipeline, two our visibility into software renewals and three, the continued strong expansion trends from customers.

考慮到這些訊號，我們預計第四季度的營收將在 7.2 億美元至 7.4 億美元之間，這使我們有望實現 2024 財年收入指引的上限。我們的展望基於三個考慮因素。一是我們不斷成長的管道，二是我們對軟體更新的可見性，三是客戶持續強勁的擴張趨勢。

We expect FY24 revenue of approximately $2.8 billion, roughly flat with FY23. This is despite the roughly $180 million systems backlog headwind we have had to overcome this year. Given the strong performance from software thus far this year and the good visibility we have into Q4, we now expect mid to high single digit software revenue growth for the year.

我們預計 2024 財年營收約為 28 億美元，與 23 財年大致持平。儘管我們今年必須克服約 1.8 億美元的系統積壓逆風，但情況仍然如此。鑑於今年迄今為止軟體的強勁表現以及我們對第四季度的良好了解，我們現在預計今年軟體收入將實現中高個位數成長。

This is up from our prior characterization of flat to modest growth. We also expect continued operating discipline, combined with the tax favorability we saw in Q3 will enable us to achieve FY24 non-GAAP EPS growth of approximately 12%. This is up from our prior range of 7% to 9% growth.

這高於我們先前對成長持平或適度成長的描述。我們也預計，持續的經營紀律，加上我們在第三季度看到的稅收優惠，將使我們能夠實現 24 財年非 GAAP 每股收益約 12% 的成長。這高於我們之前 7% 至 9% 的成長範圍。

Before from discusses our results and outlook in greater detail, I will recap how F5 is solving our customers hybrid multi-cloud challenges, what we call the ball of fire by highlighting some notable customer wins from the quarter. The current state of application security and delivery for large enterprises has our customers IT teams in crisis.

在更詳細地討論我們的結果和前景之前，我將透過重點介紹本季一些值得注意的客戶勝利，回顧一下 F5 如何解決客戶的混合多雲挑戰（我們稱之為「火球」）。大型企業應用程式安全和交付的當前狀態使我們的客戶 IT 團隊陷入危機。

They are battling increasing complexity, cost and risks simultaneously, and AI driven applications are only making these challenges more pronounced. Only F5 can truly support the demands of today's hybrid multi-cloud application infrastructures. We are the only solution provider that secures delivers and optimizes any app or any API anywhere.

他們同時面臨日益增加的複雜性、成本和風險，而人工智慧驅動的應用程式只會使這些挑戰變得更加明顯。只有 F5 才能真正支援當今混合多雲應用基礎架構的需求。我們是唯一能夠在任何地方安全地交付和優化任何應用程式或任何 API 的解決方案提供者。

We are highly differentiated in addressing customers pain points in several ways. First, app security, F5 delivers the most effective and comprehensive app and API security platform in the industry. We enable our customers to consolidate point products targeting specific threats onto a single integrated platform with a suite of best-in-class capabilities and no efficacy trade-offs.

我們在透過多種方式解決客戶痛點方面具有高度差異化。首先，應用程式安全，F5 提供業界最有效、最全面的應用和 API 安全平台。我們使客戶能夠將針對特定威脅的單點產品整合到一個整合平台上，該平台具有一套一流的功能，並且無需權衡效率。

Second, simplification, F5 enables the hybrid multi-cloud flexibility our customers businesses, demand with the simplicity, their IT operations require. Only F5 has a solution footprint that extends across public clouds to the edge and customers on-premises environments. Our solutions simplify connecting disparate infrastructure environments and the applications deployed in and across them. In short, we are on a mission to make hybrid, multi-cloud, ridiculously easy.

其次，簡化，F5 實現了客戶業務所需的混合多雲靈活性以及 IT 營運所需的簡單性。只有 F5 擁有跨公有雲擴展到邊緣和客戶本地環境的解決方案。我們的解決方案簡化了不同基礎設施環境以及在其中和跨環境部署的應用程式的連接。簡而言之，我們的使命是讓混合、多雲變得異常簡單。

And third, standardization and automation. F5 delivers more cost effective and scalable IT operations with streamline customers operations with consistent policies, comprehensive automation, and rich analytics. This enables customers to consolidate vendors and toolsets, rationalize operational silos and automate lifecycle management of their on-premises deployments.

第三，標準化和自動化。 F5 提供更具成本效益和可擴展的 IT 運營，並透過一致的策略、全面的自動化和豐富的分析來簡化客戶營運。這使客戶能夠整合供應商和工具集、合理化營運孤島並自動化其本地部署的生命週期管理。

These three points of strong differentiation, combined with the well-established role F5 plays embedded in the flow of application traffic enables us to extinguish the qualifier for our customers in ways our competitors cannot. Let me review a few customer wins from Q3 that illustrate how F5 is differentiated and how our capabilities are delivering value for our customers.

這三點強大的差異化，再加上 F5 在應用程式流量中所扮演的既定角色，使我們能夠以競爭對手無法做到的方式消除客戶的資格。讓我回顧一下第三季度的一些客戶成功案例，這些案例說明了 F5 如何脫穎而出，以及我們的能力如何為客戶創造價值。

The first two customer examples, I will speak to highlight our application and API security capabilities. During Q3, a US-based security products and services company launched an effort to modernize its IT infrastructure, specifically the customer was looking to expand beyond hardware to a hybrid cloud and SaaS based IT and security infrastructure.

在前兩個客戶範例中，我將重點介紹我們的應用程式和 API 安全能力。第三季度，一家美國安全產品和服務公司發起了一項對其 IT 基礎設施進行現代化改造的努力，特別是客戶希望從硬體擴展到基於混合雲和 SaaS 的 IT 和安全基礎設施。

The customer was an existing BIG-IP customer and selected F5 distributed cloud services to complement its BIG-IP estate, creating a scalable self-managed cloud and SaaS-based solution. F5's portfolio of hardware, software and SaaS deployment options deliver standardized application and API security across their multi-cloud and hybrid environments, enabling them to modernize at their own pace.

該客戶是現有的 BIG-IP 客戶，並選擇 F5 分散式雲端服務來補充其 BIG-IP 資產，創建可擴展的自我管理雲端和基於 SaaS 的解決方案。 F5 的硬體、軟體和 SaaS 部署選項組合在其多雲和混合環境中提供標準化應用程式和 API 安全性，使他們能夠按照自己的步調進行現代化。

Also during the quarter, a channel partner brought in F5 when a US state government experienced a DDOS attack that brought down its servers. We quickly completed a successful emergency mitigation and deployed a suite of F5 solutions by our distributed cloud services. When the threat actor changed tactics and launched application layer attacks F5's operations team quickly activated WAF and Bot Defense and stop them. As a result of F5's performance under pressure for customers moving additional services to F5, including the DNS and other web and application properties.

同樣在本季度，當美國州政府遭遇 DDOS 攻擊並導致其伺服器癱瘓時，通路合作夥伴引入了 F5。我們很快就成功完成了緊急緩解工作，並透過分散式雲端服務部署了一套 F5 解決方案。當威脅行為者改變策略並發動應用層攻擊時，F5 營運團隊迅速啟動 WAF 和 Bot Defense 並阻止它們。由於 F5 的效能面臨壓力，客戶將附加服務轉移到 F5，包括 DNS 和其他 Web 和應用程式屬性。

Before I move on to our next point of differentiation, I will take a minute to highlight our continued innovation and industry leading security performance is winning accolades from industry experts as well as customers. During the quarter, F5 was recognized as an application security leader by several independent parties.

在繼續討論下一個差異點之前，我將花一點時間強調我們的持續創新和行業領先的安全性能正在贏得行業專家和客戶的讚譽。本季度，F5 被多個獨立方認定為應用程式安全領導者。

First, F5 is rated as a leader in both security efficacy and operational efficiency in Secure IQ labs, 2024 cloud web cyber risk validation report. F5 distributed cloud web earned secure IQ labs Secure by Design rating passing the web vulnerability assessment with a perfect score. In addition, Enterprise Management Associates singled out F5 as a visionary in API security for our distributed cloud web app and API protection or web capabilities.

首先，F5 在 Secure IQ 實驗室的 2024 年雲端 Web 網路風險驗證報告中被評為安全功效和營運效率的領導者。 F5 分散式雲端 Web 贏得了安全 IQ 實驗室的 Secure by Design 評級，以滿分通過了 Web 漏洞評估。此外，Enterprise Management Associates 將 F5 選為我們分散式雲端 Web 應用程式和 API 保護或 Web 功能的 API 安全方面的遠見者。

And its vendor Vision 2024 report F5 is lauded for its holistic approach to API and application security, eliminating the need for customers to pay for and manage desperate API security solutions. And finally, company a call recognized F5 as a leader in web application firewall market, spotlighting a five as a forerunner that is setting the bar for excellence in cybersecurity defenses.

其供應商 Vision 2024 報告 F5 因其針對 API 和應用程式安全性的整體方法而受到稱讚，消除了客戶支付和管理絕望的 API 安全解決方案的需要。最後，該公司在一次電話會議中認可了 F5 作為 Web 應用程式防火牆市場的領導者，並強調 F5 作為先行者，為卓越的網路安全防禦樹立了標竿。

The next two customer wins, I will highlight exemplify how F5 is enabling the hybrid multi-cloud flexibility our customers businesses, demand with the simplicity, their IT operations require. They both also happened to be examples of our continued momentum against competitors. During the quarter, a US-based technology company that delivers a web and video collaboration platform selected F5 to replace its incumbent ATC provider.

接下來的兩位客戶獲勝，我將重點舉例說明 F5 如何實現客戶業務的混合多雲靈活性、需求及其 IT 營運所需的簡單性。它們也恰好是我們持續對抗競爭對手的動力的例子。本季度，一家提供網路和視訊協作平台的美國科技公司選擇 F5 來取代其現有的 ATC 供應商。

The customer will use BIG-IP, including WAF and DNS capabilities to consolidate and standardize their infrastructure across their on-premises and third party data centers. F5 was selected because of our software and hardware deployment options, the efficacy of our advanced to us and our flexible commercial models.

客戶將使用 BIG-IP（包括 WAF 和 DNS 功能）來整合和標準化其本地和第三方資料中心的基礎架構。選擇 F5 是因為我們的軟體和硬體部署選項、我們先進的功效以及我們靈活的商業模式。

I will note that this also was a land and expand win. In 2020, we displaced a competitor for data protection. In another example from the quarter, the large APAC based travel agency selected F5 distributed cloud to enable us to address multiple challenges simultaneously. Initially, the customer was looking to streamline app delivery through a single abstract layer.

我要指出的是，這也是一場土地和擴張的勝利。 2020 年，我們在資料保護方面取代了競爭對手。在本季度的另一個例子中，這家亞太地區的大型旅行社選擇了 F5 分散式雲，使我們能夠同時應對多項挑戰。最初，客戶希望透過單一抽象層簡化應用程式交付。

In the process of proving its capabilities for this use case F5 distributed cloud outperformed the incumbent security provider. As a result, the customer consolidate on F5 enabling them to stage application migration to new data centers while minimizing disruption and risks. In addition, distributed clouds, SaaS console and comprehensive observability features drastically reduced operational overhead for the customer.

在證明其針對此用例的功能的過程中，F5 分散式雲端的表現優於現有安全性供應商。因此，客戶在 F5 上進行整合，使他們能夠將應用程式遷移到新的資料中心，同時最大限度地減少中斷和風險。此外，分散式雲端、SaaS 控制台和全面的可觀察性功能大大減少了客戶的營運開銷。

The final two customer wins, I will speak to highlight how we streamlined customers operations with consistent policies, comprehensive automation, and rich analytics. During Q3, our team secured a large land-and-expand deal that was 18 months in the making. The customer is a global retail and investment bank with an extensive branch network banking regulations require them to separate segments of their IT environments.

對於最後兩個客戶的勝利，我將重點介紹我們如何透過一致的政策、全面的自動化和豐富的分析來簡化客戶的營運。第三季度，我們的團隊獲得了一項耗時 18 個月的大型土地和擴建交易。該客戶是一家全球零售和投資銀行，擁有廣泛的分行網絡，銀行法規要求他們將 IT 環境的各個部分分開。

To accomplish this, they are building a new virtualized network to run in parallel to their existing environment. They selected BIG-IP software to augment their existing BIG-IP footprint. They also upgraded to NGINX plus from NGINX Open Source. BIG-IPs automation capabilities, enable them to implement automation, best practices across-the-board saving time and reducing the potential for human error.

為了實現這一目標，他們正在建立一個新的虛擬化網絡，以與現有環境並行運作。他們選擇 BIG-IP 軟體來擴大其現有的 BIG-IP 覆蓋範圍。他們也從 NGINX Open Source 升級到 NGINX plus。 BIG-IP 的自動化功能使他們能夠全面實施自動化、最佳實踐，從而節省時間並減少人為錯誤的可能性。

They are now able to operationalize multiple BIG-IPs in just 20 to 30 minutes versus the days or in some cases even weeks required previously. In addition, NGINX Plus delivers reliable and secure access to their Kubernetes applications and enables a consistent security posture across all of their application environments.

他們現在能夠在短短 20 到 30 分鐘內運行多個 BIG-IP，而以前需要幾天甚至在某些情況下甚至幾週的時間。此外，NGINX Plus 還提供對其 Kubernetes 應用程式的可靠且安全的訪問，並在所有應用程式環境中實現一致的安全態勢。

The final example from the quarter I will highlight is with a global automotive company. This customer is an existing BIG-IP customer who is renewing and expanding their BIG-IP subscription for the second time, the customers leveraging BIG-IPs automation capabilities to enable self-service application delivery and security services in seconds compared to the weeks or months it took previously.

我要強調的本季的最後一個例子是一家全球汽車公司。該客戶是現有的BIG-IP 客戶，第二次續訂和擴展其BIG-IP 訂閱，該客戶利用BIG-IP 自動化功能在幾秒鐘內實現自助式應用程式交付和安全服務，而無需花費幾週或幾個月的時間以前需要。

BIG-IP has significantly accelerated this customer's time to market for both internal and external customers. The value of BIG-IPs automation capabilities is so significant to them that their consumption has doubled with each renewal.

BIG-IP 為內部和外部客戶顯著加快了該客戶的上市時間。 BIG-IP 自動化功能的價值對他們來說非常重要，每次更新時他們的消耗都會增加一倍。

Before I pass the call to Frank, I will close with some brief commentary about how we are enabling AI shaping the AI revolution and working with customers to ensure they are AI ready. During Q3, we continued to engage with several of our major customers focusing on their AI initiatives and collaborating to address their critical AI related challenges.

在將電話轉給 Frank 之前，我將簡要評論我們如何利用人工智慧塑造人工智慧革命，以及如何與客戶合作確保他們為人工智慧做好準備。在第三季度，我們繼續與幾個主要客戶合作，重點關注他們的人工智慧計劃，並合作解決他們與人工智慧相關的關鍵挑戰。

Two pivotal trends have emerged from these interactions. First, the largest organizations which are building AI factories are starting to recognize that high performance networking and security are non-negotiable for both model training and inference.

這些互動中出現了兩個關鍵趨勢。首先，正在建造人工智慧工廠的最大組織開始意識到，高效能網路和安全性對於模型訓練和推理來說都是不可協商的。

Second, organizations that are using foundational AI models for inference used APIs extensively use-case also demands top-tier performance and robust security. In both scenarios, whether constructing a new factories for model training or executing in France. F5 leading ADC platform and our distinctive capabilities in application security and delivery will have an important role to play.

其次，使用基礎 AI 模型進行推理的組織廣泛使用 API 用例，也需要頂級的效能和強大的安全性。在這兩種情況下，無論是建造新工廠進行模型訓練還是在法國執行。 F5 領先的 ADC 平台以及我們在應用程式安全和交付方面的獨特能力將發揮重要作用。

We are seeing and winning early AI use cases. As an example, a global automotive company selected F5 BIG-IP to rapidly and securely transfer data from data storage systems to large-scale clusters, significantly accelerating their model training process. For retrieval, augmented generation use cases like this, our solutions are optimizing the performance of AI models as they access and incorporate external data sources in real time.

我們正在看到並贏得早期的人工智慧用例。例如，一家全球汽車公司選擇 F5 BIG-IP 來快速、安全地將資料從資料儲存系統傳輸到大規模集群，從而顯著加快其模型訓練流程。對於像這樣的檢索、增強生成用例，我們的解決方案正在優化人工智慧模型的效能，因為它們即時存取和合併外部資料來源。

Separate from this customer, our entire product family is being utilized by other customers to load balance and protect AI related API traffic. In the AI era all communication is happening by APIs, which are increasingly distributed running on-premises in private clouds and across multiple public clouds. F5's distributed cloud services is an ideal solution for organizations needing consistent management and security for their distributed AI APIs.

除了該客戶之外，其他客戶正在利用我們的整個產品系列來平衡負載並保護與 AI 相關的 API 流量。在人工智慧時代，所有通訊都是透過 API 進行的，API 越來越分散式地在私有雲和多個公有雲中運作。對於需要為其分散式 AI API 提供一致管理和安全性的組織來說，F5 的分散式雲端服務是理想的解決方案。

Leveraging our long-standing partnerships with semiconductor leaders we also are strategically positioned to advance these relationships in the AI era. Our approach remains technology-agnostic, focusing on solving real-world practical AI challenges for customers. Realistically, we expect we are probably one to two years out from enterprises deploying AI in production at scale.

利用我們與半導體領導者的長期合作關係，我們還處於戰略地位，可以在人工智慧時代推進這些關係。我們的方法仍然與技術無關，專注於為客戶解決現實世界中的實際人工智慧挑戰。實際上，我們預計企業可能需要一到兩年的時間才能在生產中大規模部署人工智慧。

Importantly, though, F5 is not just adapting to the AI revolution. We are actively shaping it providing the critical infrastructure that enables our customers to harness the full potential of AI safely and efficiently.

但重要的是，F5 不僅僅是適應人工智慧革命。我們正在積極塑造它，提供關鍵基礎設施，使我們的客戶能夠安全有效地充分利用人工智慧的潛力。

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 I elaborate on our Q4 outlook. We delivered Q3 revenue of $695 million with a mix of 56% global services and 44% product revenue. Global services revenue of $387 million grew 3%, in line with our expectations, which reflected lapping the benefit of prior price increases.

謝謝弗朗索瓦，大家下午好，在詳細闡述第四季度的前景之前，我將回顧第三季的業績。我們第三季的營收為 6.95 億美元，其中全球服務收入佔 56%，產品收入佔 44%。全球服務收入達到 3.87 億美元，成長 3%，符合我們的預期，反映出先前價格上漲帶來的好處。

Product revenue totaled $308 million, down 6% year over year due to a lower level of backlog related systems shipments than a year ago quarter. Systems revenue of $130 million demonstrates a slowing decline of 16% year over year. Software revenue totaled $179 million, representing 3% year-over-year growth and 13% sequential growth.

產品收入總計 3.08 億美元，年減 6%，原因是積壓相關係統出貨量低於去年同期。系統營收為 1.3 億美元，年減 16%。軟體收入總計 1.79 億美元，年增 3%，季增 13%。

Subscription base revenue contributed $155 million or 87% of total software revenue, representing 2% growth year over year and 10% sequential growth. Subscription renewals remained strong in Q3 with continued solid expansion in our multiyear agreements. An exception to this trend is our bot defense point solution where the majority of customers are renewing, but some are opting for less sophisticated, lower cost options.

訂閱基礎收入貢獻了 1.55 億美元，佔軟體總收入的 87%，較去年同期成長 2%，較上季成長 10%。隨著我們的多年協議的持續穩健擴張，第三季的訂閱續約依然強勁。這一趨勢的例外是我們的機器人防禦點解決方案，大多數客戶都在續訂，但有些客戶選擇不太複雜、成本較低的選項。

Rounding out our software revenue of perpetual software contributed $24 million, revenue from recurring sources contributed 77% of Q3's revenue, up from 75% a year ago. Recurring revenue includes the subscription-based revenue as well as the maintenance portion of our global services revenue. On a regional basis, revenue from Americas was down 4% year over year, representing 55% of total revenue. EMEA delivered a strong quarter with 5% growth representing 27% of revenue. APAC declined 1%, representing 18% of revenue.

永久軟體的軟體收入貢獻了 2,400 萬美元，來自經常性來源的收入貢獻了第三季收入的 77%，高於一年前的 75%。經常性收入包括訂閱制的收入以及我們全球服務收入的維護部分。從地區來看，美洲地區的營收年減 4%，佔總收入的 55%。歐洲、中東和非洲地區的季度表現強勁，成長 5%，佔營收的 27%。亞太地區下降 1%，佔收入的 18%。

Looking at our major verticals, enterprise customers delivered another strong performance, representing 67% of product bookings in the quarter. Government customers also performed well, representing 21% of product bookings, including 7% from US federal. Finally, service providers represented 12% of Q3 product bookings. Our Q3 operating results were strong, reflecting our continued operating discipline.

從我們主要的垂直產業來看，企業客戶表現再次強勁，佔本季產品預訂的 67%。政府客戶也表現良好，佔產品預訂的 21%，其中 7% 來自美國聯邦政府。最後，服務提供者佔第三季產品預訂的 12%。我們第三季的經營業績強勁，反映出我們持續的經營紀律。

GAAP gross margin was 80.4%. Non-GAAP gross margin was 83.1%, an improvement of approximately 65 basis points from Q3 FY23. Our GAAP operating expenses were $396 million. Our non-GAAP operating expenses were $346 million. Our GAAP operating margin was 23.4%. Our non-GAAP operating margin was 33.4%, reflecting an improvement of approximately 20 basis points from Q3 of FY23.

GAAP 毛利率為 80.4%。非 GAAP 毛利率為 83.1%，較 2023 財年第三季提高約 65 個基點。我們的 GAAP 營運費用為 3.96 億美元。我們的非 GAAP 營運費用為 3.46 億美元。我們的 GAAP 營業利潤率為 23.4%。我們的非 GAAP 營運利潤率為 33.4%，較 2023 財年第三季提高約 20 個基點。

Our GAAP effective tax rate for the quarter was 16%. Our non-GAAP effective tax rate was 17.5%. Similar to Q3 of last year the lower than expected tax rate reflects a nonrecurring benefit associated with filing our annual federal income tax return during the quarter. Our GAAP net income for the quarter was $144 million or $2.44 per share. Our non-GAAP net income was $199 million, or $3.36 per share.

我們本季的 GAAP 有效稅率為 16%。我們的非 GAAP 有效稅率為 17.5%。與去年第三季類似，低於預期的稅率反映了與本季提交年度聯邦所得稅申報表相關的非經常性收益。我們本季的 GAAP 淨利潤為 1.44 億美元，即每股 2.44 美元。我們的非 GAAP 淨利潤為 1.99 億美元，即每股 3.36 美元。

I will now turn to cash flow and the balance sheet, which also remained very strong. We generated $159 million in cash flow from operations in Q3. CapEx was $6 million. DSO for the quarter was 54 days, in line with 51 days in Q2. Cash and investments totaled approximately $943 million at quarter end. Deferred revenue was $1.77 billion, down 1% from the year ago period.

我現在將談談現金流和資產負債表，它們也仍然非常強勁。我們第三季的營運產生了 1.59 億美元的現金流。資本支出為 600 萬美元。本季的 DSO 為 54 天，與第二季的 51 天一致。截至季末，現金和投資總額約為 9.43 億美元。遞延營收為 17.7 億美元，較去年同期下降 1%。

The changes due to a higher weighting of our sales to term-based subscriptions and a corresponding lower allocation of bookings to deferred revenue. In addition, we are lapping price increases on maintenance renewals. We also have implemented some strategic go-to-market decisions, including no longer incentivizing customers towards multi-year maintenance agreements.

這些變化是由於我們的銷售對基於期限的訂閱的權重較高，以及相應的遞延收入的預訂分配較低。此外，我們正在考慮提高維護續約的價格。我們也實施了一些策略性上市決策，包括不再激勵客戶簽訂多年維護協議。

Our share repurchases reflected our ongoing commitment to returning cash to shareholders. We repurchased $150 million worth of F5, shares in Q3 at an average price of $172 per share. Year to date, we have used approximately 77% of our free cash flow toward share repurchases. Far in excess of our commitment to direct at least 50% of free cash flow toward share repurchases.

我們的股票回購反映了我們對向股東返還現金的持續承諾。我們在第三季以每股 172 美元的平均價格回購了價值 1.5 億美元的 F5 股票。今年迄今為止，我們已將約 77% 的自由現金流用於股票回購。遠遠超出了我們將至少 50% 的自由現金流用於股票回購的承諾。

Finally, we ended the quarter with approximately 6,500 employees. I will now speak to our outlook for Q4. We expect Q4 revenue in the range of $720 million to $740 million on the strength of our software renewals and a slight uptick in new business momentum. We expect non-GAAP gross margins of approximately 83%. We estimate Q4 non-GAAP operating expenses of $350 million to $362 million.

最後，本季結束時，我們的員工數量約為 6,500 名。我現在將談談我們對第四季的展望。由於我們的軟體更新和新業務勢頭略有上升，我們預計第四季度營收將在 7.2 億至 7.4 億美元之間。我們預計非 GAAP 毛利率約為 83%。我們預計第四季非 GAAP 營運費用為 3.5 億至 3.62 億美元。

We are targeting Q4 non-GAAP EPS in the range of $3.38 to $3.50 per share. We expect Q4 share-based compensation expense of approximately $54 million to $56 million. Our Q4 guidance implies some positive updates to our prior outlook for FY24, we expect approximately $2.8 billion in revenue for the year. Embedded in this is the expectation for mid to high single digit software revenue growth up from the flat to modest growth expectation we had at the start of the year.

我們的目標是第四季度非 GAAP 每股收益在 3.38 美元至 3.50 美元之間。我們預計第四季的股權激勵費用約為 5,400 萬美元至 5,600 萬美元。我們的第四季指引意味著我們先前對 2024 財年的展望進行了一些積極的更新，我們預計今年的營收約為 28 億美元。其中蘊藏著對軟體收入中高個位數成長的預期，從我們年初的持平到溫和成長預期。

We now expect our FY24 non-GAAP effective tax rate will be in the range of 19.5% to 20%, down from our prior range of 20% to 22%. With the combination of revenue growth, continued operational discipline and a tax rate that is improving compared to our prior expectations we now expect FY24 non-GAAP EPS growth of approximately 12%. This is up from our prior expectations of 7% to 9% growth.

我們現在預計 2024 財年非 GAAP 有效稅率將在 19.5% 至 20% 之間，低於先前 20% 至 22% 的範圍。與我們先前的預期相比，隨著收入成長、持續的營運紀律和稅率的提高，我們現在預計 24 財年非 GAAP 每股盈餘將成長約 12%。這高於我們之前預期的 7% 至 9% 的成長。

We are not revising our gross or operating margin targets for FY24 and continue to expect non-GAAP gross margins in the range of 82% to 83%, which would reflect an improvement of 50 basis points to 150 basis points from FY23. We also continue to expect non-GAAP operating margin in the range of 33% to 34%, which would reflect an improvement of 280 basis points to 380 basis points from FY23.

我們不會修改 2024 財年的毛利率或營業利潤率目標，並繼續預期非 GAAP 毛利率在 82% 至 83% 範圍內，這將比 2023 財年提高 50 個基點至 150 個基點。我們也繼續預期非 GAAP 營業利潤率為 33% 至 34%，這將比 2023 財年提高 280 個基點至 380 個基點。

Before I pass the call back to Francois, I wanted to share some personal news. I made the decision to retire from F5. I joined F5 in 2018 to help the team navigate a massive transition from a hardware led company to one that was more software-led, delivering our Q4 guidance will make FY24 the third consecutive year where software revenue is the majority of our product revenue signaling that we have, in fact, successfully completed that transition.

在回電給弗朗索瓦之前，我想分享一些個人訊息。我決定從 F5 退休。我於2018 年加入F5，幫助團隊實現從硬體主導型公司向軟體主導型公司的大規模轉型，提供我們的第四季度指導將使2024 財年軟體收入連續第三年占我們產品收入的大部分，這表明事實上，我們已經成功完成了這一轉變。

I plan to remain with the team as CFO through the filing of our FY24 10-K, likely in mid-November. Cooper Werner, who is currently our SVP of Finance is slated to take over as CFO upon my departure. Many of you know, Cooper well, he has been with F5 for 23 years during which he has consistently taken on new responsibilities as F5 has grown and changed.

我計劃在 11 月中旬提交 2024 財年 10-K 報表期間繼續擔任財務長。目前擔任我們財務高級副總裁的庫柏沃納 (Cooper Werner) 預計在我離職後接任財務長。你們很多人都知道，Cooper，他已經在 F5 工作了 23 年，在此期間，隨著 F5 的成長和變化，他不斷承擔新的職責。

He has been SVP of Finance for the last 12 years, managing our FP&A real estate, procurement and trade organizations, his extensive financial expertise and institutional knowledge have been pivotal in guiding our business model as we have executed our software transformation. Cooper is a strong and engaging leader, and we expect him to be a great addition to the executive leadership team, I will continue to work with the team between now and November to ensure a smooth transition.

在過去12 年中，他一直擔任財務高級副總裁，管理我們的FP&A 房地產、採購和貿易組織，他豐富的財務專業知識和機構知識在我們執行軟體轉型時指導我們的業務模式方面發揮了關鍵作用。庫柏是一位強大且富有魅力的領導者，我們希望他能成為執行領導團隊的重要補充，從現在到 11 月，我將繼續與團隊合作，以確保順利過渡。

With that, I'll pass the call back to Francois. Francois?

這樣，我會將電話轉回給弗朗索瓦。弗朗索瓦？

Thank you, Frank. I truly cannot thank you enough for your partnership and counsel over the last six years. You have been an integral part of our executive leadership team within a measurable impact on F5. Your deep knowledge of software and SaaS led businesses was instrumental to F5 successful transition to a software-led company.

謝謝你，弗蘭克。我真的非常感謝你們在過去六年中的合作和建議。您一直是我們執行領導團隊不可或缺的一部分，對 F5 產生了可衡量的影響。您對軟體和 SaaS 主導型業務的深入了解對於 F5 成功轉型為軟體主導型公司至關重要。

You have been a tireless advocate for F5 our business and our employees and an extraordinary partner and friend. I know it's not goodbye at this point, but I really want to thank you here and now I will also echo your comments about Cooper. I have worked very closely with Cooper in my tenure at F5 and have enormous confidence in his ability to succeed you in the CFO role.

您一直是 F5 業務和員工的不懈倡導者，也是一位非凡的合作夥伴和朋友。我知道此時此刻還不是再見，但我真的想在這裡感謝你，現在我也將回應你對庫柏的評論。我在 F5 任職期間與庫柏密切合作，並對他接替您擔任財務長一職的能力充滿信心。

In conclusion, I will reiterate that F5 is uniquely positioned to help our customers as they move forward in a hybrid and multi-cloud reality that brings with it untenable, operational complexity, considerable cost and escalating security risks as large enterprises across the globe are modernizing their IT infrastructures and driving IT cost optimization.

最後，我要重申，F5 具有獨特的優勢，可以幫助我們的客戶在混合和多雲現實中前進，而隨著全球大型企業的現代化，混合和多雲現實帶來了難以維持的營運複雜性、巨大的成本和不斷升級的安全風險他們的 IT 基礎設施並推動 IT 成本優化。

They also are developing comprehensive AI strategies for their businesses. F5 is proving itself, an invaluable partner in this modernization process and in enabling our customers to ready their IT infrastructure to leverage AI at scale. F5 is optimizing application security, delivery, management and performance across hybrid multi-cloud environments with enhanced automation and meaningful operational efficiencies.

他們也正在為其業務制定全面的人工智慧策略。 F5 正在證明自己是這一現代化進程中的寶貴合作夥伴，幫助我們的客戶準備好其 IT 基礎設施以大規模利用 AI。 F5 正在透過增強的自動化和有意義的營運效率來優化混合多雲環境中的應用程式安全性、交付、管理和效能。

Going forward and especially as we enter the era of AI-driven applications, we believe customers will require a hybrid SaaS platform that covers all of their apps security and delivery needs regardless of form factor. This is the world we have invested for and as customers gain more confidence in their IT budgets and priorities, we believe we are well positioned to capture our share of their spend.

展望未來，特別是當我們進入人工智慧驅動的應用程式時代時，我們相信客戶將需要一個混合 SaaS 平台，無論其外形如何，都能滿足其所有應用程式安全和交付需求。這就是我們投資的世界，隨著客戶對其 IT 預算和優先事項越來越有信心，我們相信我們有能力從他們的支出中分得一杯羹。

Operator, please open the call to questions.

接線員，請打開電話提問。

Tim Long, Barclays.

提姆朗，巴克萊銀行。

Thank you and congratulations and best of luck, Frank and Cooper, congrats to you on the new role coming. Wanted to touch on the software side on Frank or Francois, I know you don't give a lot of all the specifics, but just looking at maybe the sequential growth seems a little surprisingly strong in the quarter there. Is there any way you can parse out for us kind of what drove the you said strong new business. Any way you can quantify that? And then as far as the renewals, are these stronger true forwards, is there better dollar retention? How do we at a high level, think about the two aspects of what's looking better in software currently and then a hardware follow-up?

謝謝你們，恭喜你們，祝你們好運，弗蘭克和庫珀，祝賀你們即將擔任新角色。想談談弗蘭克或弗朗索瓦的軟體方面，我知道你沒有提供很多具體細節，但只要看看該季度的連續增長似乎有點令人驚訝的強勁。您有什麼方法可以為我們解析推動您所說的強勁新業務的原因嗎？有什麼方法可以量化嗎？然後就續約而言，這些更強大的真正遠期是否有更好的美元保留？我們如何從高層次考慮當前軟體中看起來更好的兩個方面以及後續的硬體？

Sure, Tim. So thanks so much for the kind wishes and thanks so much for the question. Yes, Cooper is going to do a great job in the role. On the software in particular as you know, we will update some of the ARR type metrics at the end of Q4. So I don't want to get too much into that. But I would say that when we take a look at an IRR, it still is world-class across the business on the subscription renewals in particular continue to be quite strong with some expansion.

當然，提姆。非常感謝您的善意祝愿，也非常感謝您提出的問題。是的，庫柏將在這個角色中表現出色。如您所知，特別是在軟體方面，我們將在第四季末更新一些 ARR 類型指標。所以我不想對此涉及太多。但我想說，當我們看一下內部報酬率時，它在整個業務中仍然是世界一流的，特別是在訂閱續訂方面，它仍然相當強勁，並且有一定的擴張。

We obviously talked about a little bit of a challenge in the bot business, which is helping us somewhat in that number. But it really was strong was the new business activity, which we see in the pipeline. In some cases, we see it in hardware, and it converts into a software deal through the course of the negotiations. But more broadly, it was the guidance that we had given was really based off not necessarily expecting a lot of new business activity in the quarter. You obviously saw that we ended up at the top end of our guidance. So you can sort of extrapolate that into it was a lift in new business activity.

顯然，我們談到了機器人業務中的一些挑戰，這對我們在這個數字上有所幫助。但真正強勁的是我們正在醞釀中的新業務活動。在某些情況下，我們在硬體中看到它，並透過談判過程將其轉化為軟體交易。但更廣泛地說，我們給出的指導實際上是基於不一定預期本季會有大量新業務活動。您顯然看到我們最終達到了指導的頂端。因此，您可以推斷這是新業務活動的增加。

Okay, great. And then just quickly on hardware, I know it's still a challenge, but it does seem like other pockets of networking is starting to see a bottom. How do you feel about where we are at these levels, given that most of the backlog comparison is hopefully behind you?

好的，太好了。然後很快就在硬體上，我知道這仍然是一個挑戰，但看起來網路的其他部分確實開始看到底部。鑑於您希望大部分積壓工作都已過去，您對我們在這些層面上的處境有何看法？

Hi, Tim. It's BofA. Look, I think we have seen hardware stabilize over the last several quarters as customers have digested inventory and over the last several quarters, we have seen a number of customers still sweating their assets in the current macro environment, but we're starting to see that changed. And so far, this year, we are about at the levels we think we're going to be this year. But going into next year, our view is that there the demand signals on hardware are pretty good. And so our expectations is that hardware next year certainly not declined, but possibly could be up relative to this year. And it's driven by a few use cases.

嗨，提姆。這是美國銀行。聽著，我認為隨著客戶消化了庫存，我們已經看到硬體在過去幾個季度中趨於穩定，並且在過去幾個季度中，我們看到許多客戶在當前的宏觀環境中仍在揮汗如雨，但我們開始看到這改變了。今年到目前為止，我們大約處於我們認為今年會達到的水平。但進入明年，我們認為硬體的需求訊號非常好。因此，我們的預期是，明年的硬體肯定不會下降，但相對於今年可能會有所上升。它是由一些用例驅動的。

Tim, number one is we have a strong pipeline of tech refresh activity, and this is largely from customers that have digested their inventory or customers that were sweating assets. And you don't no longer can do that at this point. And we're starting to see that the close rates on this pipeline are going to be pretty strong, specifically in the service provider space where they have sweated assets very aggressively.

提姆，第一個是我們擁有強大的技術更新活動管道，這主要來自消化了庫存的客戶或消耗資產的客戶。此時你不能再這樣做了。我們開始看到，這條管道的成交率將相當強勁，特別是在服務提供者領域，他們非常積極地消耗資產。

We're now starting to see large programs come up again for CapEx, in hardware, in service provider. And also, we're starting to see AI as a catalyst on the horizon for hardware. So specifically for the few large enterprises or service providers that are building large AI factories one of the big issues in building these large GPU clusters, obviously is the cost of training these models.

我們現在開始看到大型專案再次出現在硬體和服務提供者的資本支出中。而且，我們開始將人工智慧視為硬體即將出現的催化劑。因此，對於少數正在建造大型人工智慧工廠的大型企業或服務供應商來說，建構這些大型 GPU 叢集的一大問題顯然是訓練這些模型的成本。

And our technology, specifically our high capacity, high performance traffic management technology, BIG-IP, it's perfectly suited to improve the efficiencies of these larger AI factories and thereby reduce the cost of them. So we have already won a couple of opportunities in this area. We think it's going to take time to develop, but we're starting to see that as well as that a potential positive catalyst for FY 2025.

我們的技術，特別是我們的高容量、高效能流量管理技術 BIG-IP，非常適合提高這些大型人工智慧工廠的效率，從而降低其成本。所以我們已經在這個領域贏得了一些機會。我們認為這需要時間來發展，但我們開始看到這一點以及 2025 財年的潛在積極催化劑。

Okay. Thank you. Appreciate it.

好的。謝謝。欣賞它。

Meta Marshall, Morgan Stanley.

梅塔‧馬歇爾，摩根士丹利。

Great, thanks. Maybe to start following up on Tim's question, just in some of that better pipeline, it was that distributed cloud. Is that NGINX? I know clearly, you're kind of talking about some of the systems upside, but just if any more kind of disclosures around what kind of the makeup of that our pipeline is?

萬分感謝。也許要開始跟進蒂姆的問題，只是在一些更好的管道中，那就是分散式雲端。那是NGINX嗎？我清楚地知道，您在談論一些系統的優點，但是否有更多關於我們管道的構成的披露？

And then maybe as a second question, you noted better expansion as well. Is that coming from kind of new products or customers expanding their product portfolio within F5 or higher volumes? Thanks.

也許作為第二個問題，您也注意到更好的擴充。這是來自某種新產品還是來自 F5 或更高產量範圍內擴展其產品組合的客戶？謝謝。

I mean, that's all the comments I just made were specific to hardware where, in fact, we have seen a stronger pipeline of tech refresh. But generally, our pipeline has been strong. And that applies, of course, as well to NGINX and distributed cloud.

我的意思是，我剛才發表的所有評論都是針對硬體的，事實上，我們已經看到了更強大的技術更新管道。但總的來說，我們的管道一直很強大。當然，這也適用於 NGINX 和分散式雲端。

Where are this come from? Meta, as we've talked about the qualifier, and you've heard this term. But generally, our enterprise customers are really in a crisis because to be able to deliver the digital experiences that they have to deliver they have to operate in these hybrid and multi-cloud environments. And the complexity of these environments is escalating.

這是從哪裡來的？ Meta，正如我們討論過的限定符一樣，您也聽說過這個術語。但總的來說，我們的企業客戶確實處於危機之中，因為為了能夠提供他們所能提供的數位體驗，他們必須在這些混合和多雲環境中運作。這些環境的複雜性正在不斷增加。

So to give you an example, if you go back a year ago, we had about 20% of our customers that operated in more than six infrastructure environments, and that has doubled in the last year to now 40% of our customers operating in these environment. And that creates, you know, risks because of inconsistent security policies between this cloud and that cloud and this on-prem environment, it drives up operational cost, it forces them to use multiple vendors where they could use less vendors or consolidate on one.

舉個例子，如果你回到一年前，我們大約有20% 的客戶在六個以上基礎設施環境中運營，去年這一數字翻了一番，現在我們有40% 的客戶在這些基礎設施環境中運營。您知道，由於該雲端與該雲端以及該本地環境之間的安全策略不一致，這會產生風險，它會增加營運成本，迫使他們使用多個供應商，而他們可以使用更少的供應商或整合到一個供應商。

And all of these constitute this daunting complexity and that we are on a mission to simplify. And so that's really the portfolio that we have put together with NGINX distributed cloud and BIG-IP that creates effectively a single platform that could extinguish the qualifier and really simplify hybrid and multi-cloud environments for our customers.

所有這些都構成了令人畏懼的複雜性，而我們的使命就是將其簡化。這就是我們與 NGINX 分散式雲端和 BIG-IP 結合在一起的產品組合，它有效地創建了一個單一平台，可以消除限定符，並真正為我們的客戶簡化混合和多雲環境。

In my prepared remarks also, I mentioned a couple of examples of that. We had a big security company that was using BIG-IP and used distributed cloud to augment their footprint and standardize their security across multiple environments, leveraging the portfolio of F5. So the pipeline that we're seeing across these product lines is really an effect of hybrid and multi-cloud complexity that being very present for our customers and us having multiple products to really address that complexity and simplify the operations of our customers.

在我準備好的發言中，我也提到了幾個例子。我們有一家大型安全公司，該公司正在使用 BIG-IP 並使用分散式雲端來擴大其足跡並在多個環境中標準化其安全性，並利用 F5 產品組合。因此，我們在這些產品線中看到的管道實際上是混合和多雲複雜性的影響，這對我們的客戶來說非常重要，而我們擁有多種產品來真正解決這種複雜性並簡化客戶的營運.

Great. Thank you.

偉大的。謝謝。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Hey guys, thanks for the questions here, and congrats to you, Frank on retirement and Cooper on the promotion looking forward to working with you, Mark Cooper. Maybe not to pick on something you guys mentioned here on the Bot Manager side as Shape has been kind of problematic over the last year or so based on what you guys have said, I guess what are you guys doing to trying to change the trajectory of Bot Manager? And how are you thinking about any potential security bundles between Bot Manager, WAF and API security pieces, especially given you talked about customers looking at lower-cost alternatives.

嘿夥計們，感謝您在這裡提出的問題，並祝賀您，弗蘭克退休，庫珀升職，期待與您合作，馬克·庫珀。也許不要挑選你們在機器人管理器方面提到的一些東西，因為根據你們所說的，形狀在過去一年左右一直存在問題，我猜你們正在做什麼來嘗試改變機器人經理？您如何看待 Bot Manager、WAF 和 API 安全部分之間的任何潛在安全性捆綁，特別是考慮到您談到了正在尋求更低成本替代方案的客戶。

Thank you, Jim. I'll take that one on what we are seeing in bot. So in the bot management solution, that is a high end managed service, and it is a point solution. This is where Frank was sharing that we have been challenged on this area because it is a point solution, and it is at the high end of the matters so scale. And we're seeing the majority of customers actually see enormous value in the solution and are renewing their subscription for some customers.

謝謝你，吉姆。我將就我們在機器人中看到的情況進行討論。因此，在機器人管理解決方案中，這是一項高端託管服務，並且是一個單點解決方案。這就是弗蘭克分享的地方，我們在這個領域遇到了挑戰，因為這是一個單點解決方案，而且它處於問題的高端，規模如此之大。我們看到大多數客戶實際上看到了該解決方案的巨大價值，並正在為某些客戶續訂。

Not only want a lower-end solution, but also want to have a platform and have bought as part of a platform bundle. And so our plan has been to migrate and take that technology, take the most sophisticated bot technology that is on the market that we now have and integrate that technology onto our F5 distributed cloud platform.

不僅想要一個低端解決方案，還想要一個平台並作為平台捆綁包的一部分購買。因此，我們的計劃是遷移並採用該技術，採用我們現在擁有的市場上最複雜的機器人技術，並將該技術整合到我們的 F5 分散式雲端平台上。

And so we now have bought as part of F5 distributed cloud, our SaaS solution. And we are now commercializing bot as part of that bundle, in fact, and we're getting quite a bit of traction on that. In fact, if you look at our web as a service customers. So those are customers that would buy a bundle that includes WAF, Bot, API security.

因此，我們現在購買了 SaaS 解決方案，作為 F5 分散式雲端的一部分。事實上，我們現在正在將機器人作為該捆綁包的一部分進行商業化，並且我們在這方面獲得了相當多的關注。事實上，如果您將我們的網路視為服務客戶。因此，這些客戶會購買包含 WAF、Bot、API 安全性的套裝組合。

And does anyone combination of these four services the number of 100 service customers that we have has doubled over the last year, but those are WAF customers on our platform using the bundle. So it's really a transition Jim, from a point solution at the high end to a solution that's part of a platform and part of a bundle, which is where I think our customers want to go.

如果將這四項服務組合起來，我們擁有的 100 個服務客戶數量比去年增加了一倍，但這些都是我們平台上使用該捆綁包的 WAF 客戶。所以這確實是一個過渡，吉姆，從高端的單點解決方案到作為平台一部分和捆綁包一部分的解決方案，我認為這就是我們的客戶想要的方向。

Got it. And Frank for you. So one of the questions I've gotten here after ours is around, you know, you had talked about raising fiscal Q4 kind of outlook last quarter. You guys kind of gave some color around fiscal '25. So growth rate goes up this year. Should we continue to expect that dollar numbers that you outlined last time kind of a good proxy for fiscal '25 at this point? Or are you still feeling confident in those growth rates on higher numbers? Thanks, guys.

知道了。還有法蘭克給你。因此，我在我們的問題之後收到的問題之一是，您知道，您在上個季度談到了提高第四季度財政前景的問題。你們在 25 財年左右提供了一些色彩。所以今年的成長率會上升。我們是否應該繼續期望您上次概述的美元數字可以作為 25 財年此時的良好替代指標？或者您仍然對更高數字的成長率充滿信心？多謝你們。

Yes, absolutely. I appreciate the question, Jim. So look, we'll have more to say, in October about FY25. We're not updating anything as of now for FY25. My starting point would still be go back to what I said in October, mid-single digit growth off of a flat to low single digit FY24. And you'll probably triangulate around the number where we are still in the process of our FY25 planning process. What we absolutely will do is deliver 35% operating margin off of that revenue number. And that is largely based off of the confidence that we've got in the subscription renewals and how they are playing out.

是的，一點沒錯。我很欣賞這個問題，吉姆。因此，我們將在 10 月對 2025 財年有更多話要說。截至 2025 財年，我們尚未更新任何內容。我的出發點仍然是回到我 10 月所說的，從 2024 財年持平到低個位數成長中個位數成長。您可能會圍繞我們仍在 2025 財政年度規劃過程中的數字進行三角測量。我們絕對會做的是在收入數字的基礎上提供 35% 的營業利潤率。這很大程度上是基於我們對訂閱續訂及其進展的信心。

The one thing that I'd probably add is if you take a look because I just want to make sure there's no confusion as we look at into next year versus maybe what happened in this quarter. We do expect more of that growth to come in the back half of FY25 because of just where we see the subscription renewals and the larger ones really happening in the back half of '25.

我可能要補充的一件事是，如果您看一下，因為我只是想確保在我們展望明年與本季發生的情況時不會出現混淆。我們確實預計更多的成長將出現在 25 財年後半段，因為我們看到訂閱續訂以及更大的成長確實發生在 25 財年後半段。

And so I would expect the first half to be relatively flat, maybe slightly up depending on what happens with some of the new business activity and if that momentum continues, but more of that growth is going to come in the back half of FY25 of what we did in FY24. So I just wanted to directionally give you that's the way we're thinking about.

因此，我預計上半年將相對持平，也許會略有上升，具體取決於一些新業務活動的情況以及這種勢頭是否持續，但更多的增長將出現在 25 財年後半段。財年做到了。所以我只是想定向告訴你，這就是我們正在思考的方式。

Helpful. Congrats again on retirement, Frank.

有幫助。再次恭喜退休，弗蘭克。

Well, thanks so much. I appreciate it.

嗯，非常感謝。我很感激。

Michael Ng, Goldman Sachs.

邁克爾吳，高盛。

Hey, good afternoon. Thanks for the question. I just have first on software. I was wondering if you could comment on how the potential headwinds related to the retirement of the legacy SaaS businesses and migration of Silverline to DCS has gone relative to expectations. I was just wondering if you could update us, I think previously you had said and up to $65 million headwind there.

嘿，下午好。謝謝你的提問。我只是先有軟體。我想知道您是否可以評論一下與傳統 SaaS 業務退役和 Silverline 遷移到 DCS 相關的潛在阻力與預期相比如何。我只是想知道您是否可以更新我們的最新情況，我想您之前曾說過，那裡的阻力高達 6500 萬美元。

And then second, in your prepared remarks, you talked about no longer incentivizing customers toward multiyear maintenance. I was wondering if you could just provide a little bit of additional color on why there is a good market change there. Thank you very much.

其次，在您準備好的演講中，您談到不再激勵客戶進行多年維​​護。我想知道您是否可以提供一些額外的資訊來解釋為什麼那裡的市場發生了良好的變化。非常感謝。

Yeah, I'll start with the question on the transition in the SaaS business, we don't think things are progressing pretty much the way we expected to. Indeed, we have about $65 million of legacy in the $200 million ARR that we shared in October. We some of this is products that we have retired and other is services that we intend to migrate to our distributed cloud platform. Those migrations have started. We are early in the curve. We did see would be a two year journey. So we are early in the process, but the migration are starting and largely going to plan.

是的，我將從 SaaS 業務轉型的問題開始，我們認為事情的進展並不像我們預期的那樣。事實上，我們在 10 月分享的 2 億美元 ARR 中還有大約 6,500 萬美元的遺產。其中一些是我們已經退役的產品，另一些是我們打算遷移到分散式雲端平台的服務。這些遷移已經開始。我們處於曲線的早期。我們確實看到這將是一個為期兩年的旅程。因此，我們還處於這個過程的早期階段，但遷移工作已經開始，基本上正在按計劃進行。

What we're seeing in that business is A, on the US front mentioned earlier on the high end of the Bot Manager business we are seeing there some churn because we're seeing a lot of customers renewing, but some customers not renewing wanting to move to lower-end solution or platform-based solutions. But on the flip side in our SaaS platform on distributed cloud, we are seeing strong growth, strong new customer adoption, and that's driven by the bundle of offerings that we have in the platform.

我們在該業務中看到的是A，在前面提到的美國方面，關於Bot Manager 業務的高端，我們看到了一些流失，因為我們看到很多客戶續訂，但有些客戶不續訂想要續訂轉向低階解決方案或基於平台的解決方案。但另一方面，我們在分散式雲端上的 SaaS 平台看到了強勁的成長和強勁的新客戶採用率，而這是由我們平台中提供的一系列產品推動的。

I mentioned WAF earlier has either improved or has an incredible offering. But it also that traction is also driven by API security. Securing API is becoming a really big challenge for enterprises. You'll hear more about this in quarters and years to come because AI is going to make the importance of API security even greater.

我之前提到 WAF 要么有所改進，要么提供了令人難以置信的產品。但這種吸引力也是由 API 安全性所驅動的。保護 API 的安全正成為企業面臨的巨大挑戰。在未來的幾個季度和幾年裡，您將聽到更多有關此問題的信息，因為人工智慧將使 API 安全性變得更加重要。

But we're seeing significant traction in this area in part because we have built the most comprehensive API security solution that goes from code scanning to comprehensive discovery of APIs all the way to protecting these APIs and so it's eliminating weeks on end of manual testing and analysis in a solution that automates all of that.

但我們在這一領域看到了巨大的吸引力，部分原因是我們建立了最全面的API 安全解決方案，從程式碼掃描到API 的全面發現，一直到保護這些API，因此它消除了數週的手動測試和在一個解決方案中進行分析，使所有這些工作自動化。

And so the traction we're seeing is year on year, the number of API customers -- API security customers that we have has tripled since last year. So those are the dynamics in the SaaS and managed services business.

因此，我們看到的吸引力是逐年增加，API 客戶（API 安全客戶）的數量自去年以來增加了兩倍。這些就是 SaaS 和託管服務業務的動態。

And Michael, on the maintenance question. This is the maintenance associated with our perpetual hardware and software item. And as most people know, our global service organization is world-class. They do an amazing job in all of the customer relationships and they read that has led to significant very high attach rates throughout those products for a long period of time, frankly, on some of those products.

邁克爾，關於維護問題。這是與我們的永久硬體和軟體專案相關的維護。正如大多數人所知，我們的全球服務組織是世界一流的。他們在所有客戶關係方面都做得非常出色，坦白說，這導致了這些產品在很長一段時間內獲得了非常高的附加率。

And so what we have seen over time is that generally the discounts that we offer for those services upfront over time, we tried to recoup some of that discount rate as each renewal cycle goes through. And what we found is that with our super high attach rate, the quality of the service that we delivered and the fact that we are a very cash generative company.

因此，隨著時間的推移，我們看到的是，隨著時間的推移，我們通常會為這些服務預先提供折扣，我們試圖在每個續約週期結束時收回部分折扣率。我們發現，憑藉我們超高的附加率、我們提供的服務品質以及我們是一家非常能產生現金的公司。

We don't really need three years of cash upfront to lock in those customers. The service does itself, the product does itself. And so we didn't need to continue to incentivize through higher discounts, multiyear maintenance agreements and have strategically moved away from that. So of that was really the comment in relation to that, just sort of the deferred revenue associated with our services business.

我們其實並不需要提前三年的現金來鎖定這些客戶。服務自己做，產品自己做。因此，我們不需要繼續透過更高的折扣、多年維護協議來進行激勵，並且已經策略性地放棄了這種做法。這就是與此相關的評論，只是與我們的服務業務相關的遞延收入。

Great. Thanks, Francois, and thanks, Frank.

偉大的。謝謝，弗朗索瓦，謝謝，弗蘭克。

Alex Henderson, Needham & Company.

亞歷克斯·亨德森，李約瑟公司。

Congratulations to this to people involved in these changes. Frank it's great working with you and I certainly look forward to working more with Cooper who's been fabulous over the years. So my question is first and foremost is there any change in the sales staffing levels? Have you been seeing any increase in poaching by there has been some chatter around a couple of your competitors have had management changes that they pulled some pretty good people out of F5 on the sales front. Is that accurate or inaccurate?

祝賀參與這些變革的人們。弗蘭克，與你合作真是太棒了，我當然期待與多年來表現出色的庫珀進行更多合作。所以我的首要問題是銷售人員的配置水準是否有任何變化？您是否發現挖角行為有所增加，因為您的幾個競爭對手進行了管理層變動，他們從 F5 的銷售方面挖走了一些非常優秀的人才？這是準確還是不準確？

And then second question more to the as we look at the year of efficiency takes comment and extended out to multi-years. So which is really the right frame the time that appears to have run its course. And does it look like it's starting show me a stability in the application arena, and where applications are starting to reaccelerate broadly, is that a metric that we can use to get at least a directional qualification on F5's outlook, for instance, if we see strong sales our application growth at the cloud companies. Is that a read-through to you guys?

然後，當我們審視效率年份時，第二個問題更需要評論並擴展到多年。所以這確實是正確的框架，時間似乎已經結束了。看起來它是否開始向我展示應用程式領域的穩定性，以及應用程式開始廣泛重新加速的地方，這是一個我們可以用來至少獲得 F5 前景的定向資格的指標，例如，如果我們看到雲端公司的應用程式銷售強勁成長。這是給你們的通讀嗎？

Hi Alex, let me take you through questions. Let me start with your question on our consent from the sales on the sales side and staffing level. So at the highest level, I'll tell you, our attrition in sales is well below industry norms and has been that way for a while in part because of the culture we nurture and a F5 and a very strong leadership team that we have in the sales organization, we have an extraordinary sales team at F5. I am very proud of the sales team we have.

嗨，亞歷克斯，讓我來回答你的問題。讓我先從您關於銷售方面和人員配備水準的同意的問題開始。因此，在最高層面上，我會告訴你，我們的銷售人員流失率遠低於行業標準，而且這種情況已經有一段時間了，部分原因是我們培育的文化、F5 以及我們擁有的非常強大的領導團隊。我為我們擁有的銷售團隊感到非常自豪。

The relationships that we have with large enterprise customers across our sales organizations and the way that this organization is serving our customers. I'm actually proud that competitors are trying to poach a person here or there, but it takes way more than a couple of hires to recreate the enterprise go-to-market model that we have built over 20 plus years, not just with our own field teams, but also with our several thousand channel partners and that get up every day and to go promote F5 and build relationship with customers. So I feel very, very confident about our go-to-market organization and very confident about our competitiveness in continuing to hire and retain the best salespeople on the market.

我們與整個銷售組織中的大型企業客戶的關係以及該組織為客戶提供服務的方式。事實上，我很自豪競爭對手試圖到處挖人，但要重建我們 20 多年來建立的企業進入市場模式，需要的不僅僅是僱用幾名員工，而不僅僅是我們的員工。 ，也與我們的數千名通路合作夥伴一起，每天起床去推廣F5 並與客戶建立關係。因此，我對我們的行銷組織非常非常有信心，對我們繼續聘用和留住市場上最好的銷售人員的競爭力也非常有信心。

Then as well as your second question around how to think about the outlook for F5? Yes, it is a big positive. The dynamics you mentioned around where customers are at in and their application rationalization is a big positive for F5 because our business is driven by the number of applications, the complexity of applications and also where the distribution of applications.

那麼您的第二個問題是如何看待F5的前景呢？是的，這是一個很大的正面因素。您提到的圍繞客戶所在位置及其應用程式合理化的動態對 F5 來說是一個很大的積極因素，因為我們的業務是由應用程式數量、應用程式複雜性以及應用程式分佈所在驅動的。

And so increasingly what we are seeing, Alex, is that our customers have to place their application in multiple infrastructure environments. I mentioned a stat earlier, about 40% of organizations operating in more than six infrastructure environments that creates flexibility for customers. But on the other hand, it creates massive complexity and we have built the only platform in the industry that can truly secure and deliver and optimize any of these applications or API, regardless of where they're at.

Alex，我們越來越多地看到，我們的客戶必須將他們的應用程式放置在多個基礎設施環境中。我之前提到過一項統計數據，大約 40% 的組織在六個以上的基礎設施環境中運營，為客戶創造了靈活性。但另一方面，它帶來了巨大的複雜性，我們建立了業內唯一能夠真正保護、交付和優化任何這些應用程式或 API 的平台，無論它們位於何處。

We truly are the only infrastructure agnostic player in the market, enough security and delivery. And so this distribution of application, which will accelerate with AI, it is a big, a big positive for us and it will accelerate with a high because, as you know, AI has the issue of data gravity, you know, models want to be close to where the data is in France needs to run where insurance is going to run. And so we're seeing also more distribution of apps and app components with AI. Again, that plays to the F5s capability in solving it's volatile problems.

我們確實是市場上唯一與基礎設施無關的參與者，擁有足夠的安全性和交付能力。因此，這種應用程式的分佈將隨著人工智慧而加速，這對我們來說是一個很大的積極因素，它將大幅加速，因為如你所知，人工智慧存在數據引力問題，你知道，模型想要接近法國資料需要在保險運作的地方運作。因此，我們也看到人工智慧應用程式和應用程式元件的分佈越來越廣泛。這再次發揮了 F5 解決不穩定問題的能力。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

Thanks for taking a question. First, Frank and super congratulations on the job switching best of luck to both of you. First of all, this might be a tricky questions for you to answer. But one of the anecdotes we've picked up is regarding a Broadcom price adjustments on VMWare. And the thought was that this was affecting your business because it was perhaps shifting budgets for your customers now clearly you put up a very strong software number this quarter. And I'm wondering if this is either despite what's happening with the VMWare pricing or if there's some other explanation and maybe this number would be even better if not for that.

感謝您提出問題。首先，弗蘭克並超級祝賀你們調換工作，祝你們好運。首先，這對你來說可能是一個很難回答的問題。但我們了解到的軼事之一是關於 Broadcom 對 VMWare 的價格調整。我們的想法是，這正在影響您的業務，因為它可能會改變您客戶的預算，現在顯然您本季提供了非常強大的軟體數量。我想知道這是否是與 VMWare 定價發生的情況無關，或者是否有其他解釋，如果不是這樣的話，這個數字可能會更好。

I mean, I guess anecdotally, I think you're right in the sense that I have heard again anecdotally from a couple of customers where in the short term, in terms of coping with these price increases, they have had to pull budget into the VMWare or Broadcom situation. I have not seen that as a very significant trends across a large base of customers.

我的意思是，我想，我認為你是對的，因為我再次從一些客戶那裡聽到軼事，在短期內，為了應對這些價格上漲，他們不得不將預算拉入VMWare 或 Broadcom 情況。我並沒有認為這是針對大量客戶的非常重要的趨勢。

And I also think it's a fairly short term reaction to what's going on with I think that will settle out a little differently down the road. So that's perhaps the only and the only validation that I have for the anecdote, you just raised.

我還認為，這是對正在發生的事情的相當短期的反應，我認為未來的情況會有所不同。所以這也許是我對你剛才提到的軼事的唯一驗證。

Great and then just as a follow-up, in terms of the way you're envisioning your opportunities with enterprise adoption of AI, would you expect that your opportunity would be correlated to essentially traditional server sales. And I'm presuming that really in the GPU clusters that in video is basically has its own internal load balancing. So that's not your use case. I just wanted to clarify that. Thank you.

很好，然後作為後續行動，就您如何設想企業採用人工智慧的機會而言，您是否期望您的機會與本質上傳統的伺服器銷售相關。我假設視訊中的 GPU 叢集實際上基本上有自己的內部負載平衡。所以這不是你的用例。我只是想澄清這一點。謝謝。

So if you pull way up, Simon, in terms of AI, the big trends that are emerging, the big issues are number one, cost and number two, security -- safety and security.

因此，西蒙，如果你把人工智慧拉高，就人工智慧而言，正在出現的大趨勢，最大的問題是第一，成本和第二，安全——安全和保障。

So let me talk to each for a moment and the cost issue. It's first with the companies, there are few digital innovators. There are building large AI factories, and they're investing massive amounts of these GPU clusters. But there is a challenge around the utilization of these GPUs. And so our high-capacity data ingestion capability, our high-capacity load-balancing solutions are a perfect fit to increase the efficiency of these AI factories or load balance traffic between multiple AI clusters, thereby reducing the cost per query, if you will, of these infrastructures.

因此，讓我分別談談成本問題。首先是公司，數位創新者很少。他們正在建造大型人工智慧工廠，並投資大量的 GPU 叢集。但這些 GPU 的利用有挑戰。因此，我們的大容量資料攝取能力、我們的大容量負載平衡解決方案非常適合提高這些人工智慧工廠的效率或在多個人工智慧叢集之間負載平衡流量，從而降低每次查詢的成本（如果您願意的話）這些基礎設施。

And so there we see an immediate opportunity with existing products for the companies that are building these kinds of factories where I think the opportunity shift in the long term is for all enterprises who will deploy AI in their environments and who will want to run in France in their environment. A big issue is going to be how do you secure these AI models.

因此，對於正在建造此類工廠的公司來說，我們看到了現有產品的直接機會，我認為從長遠來看，機會的轉變適用於所有將在其環境中部署人工智慧並希望在法國運營的企業在他們的環境中。一個大問題是如何保護這些人工智慧模型。

And we believe that APIs are absolutely key securing API's is the key to securing data and securing AI workloads. And for that reason we have placed significant investment in API security. And I mentioned earlier that we are already seeing year on year a tripling of the number of API security customers that we have that have not been driven by AI yet, but we expect there to be a substantial catalyst on that solution going forward.

我們相信 API 絕對是保護資料和人工智慧工作負載安全的關鍵。出於這個原因，我們在 API 安全性方面投入了大量資金。我之前提到過，我們已經看到尚未由人工智慧驅動的 API 安全客戶數量逐年增加了兩倍，但我們預計該解決方案的未來將會有實質的催化劑。

Thank you.

謝謝。

Sebastien Naji, William Blair.

塞巴斯蒂安·納吉，威廉·布萊爾。

Great. Thanks for taking my question. I just wanted to first echo the congratulations to both you Frank and Cooper as well.

偉大的。感謝您提出我的問題。我只想先向弗蘭克和庫柏表示祝賀。

And my first question is really around the mix shift between software and hardware. Just seems like over the last few years that mix shift to software has been maybe a little bit slower than expected with many customers preferring to stick to their hardware form factors. I'm just wondering, as we enter a new upgrade cycle here in fiscal year '25 could something change? Could we see a more rapid shift to more software solutions this time around?

我的第一個問題其實是圍繞著軟體和硬體之間的混合轉變。在過去的幾年裡，向軟體的混合轉變似乎比預期的要慢一些，因為許多客戶更喜歡堅持他們的硬體外形尺寸。我只是想知道，當我們在 25 財年進入新的升級週期時，會發生什麼變化嗎？這次我們能看到更快轉向更多軟體解決方案嗎？

I think we've talked about the dynamics, the dynamics of hardware and software and you know what we see as the catalyst for hardware next year. But I should say we don't preference. I we've been very clear about that over the last several years that part of the value that our customers see in F5 relative to other players, it that we don't force them to adopt one delivery model or the other.

我想我們已經討論了硬體和軟體的動態，你知道我們認為明年硬體的催化劑是什麼。但我應該說我們沒有偏好。我非常清楚，在過去的幾年裡，我們的客戶在 F5 中看到的相對於其他參與者的部分價值是，我們不會強迫他們採用一種或另一種交付模式。

We are advisors and we help them make the right choices, but we don't force them, especially relative to SaaS players who come into larger. We're not asking them to change the way they do business to go adopt our solutions. We're completely different in the sense that we meet our customers where they are. And if that is starting with hardware and modernizing with software or hybrid hardware software solution or it's leveraging hardware or software in their environment and then SaaS for a certain number of applications.

我們是顧問，我們幫助他們做出正確的選擇，但我們不會強迫他們，特別是相對於規模更大的 SaaS 參與者。我們並不是要求他們改變業務方式來採用我們的解決方案。我們在客戶所在的地方與他們會面，從這個意義上說，我們是完全不同的。如果是從硬體開始，然後透過軟體或混合硬體軟體解決方案進行現代化改造，或者是在其環境中利用硬體或軟體，然後針對一定數量的應用程式使用 SaaS。

We meet our customers where they're at and we provide them flexibility and choice that is unparalleled in the industry. And that differentiates us from either the traditional ADC vendors that have historically only have hardware, software appliance or the pure SaaS infrastructure players that do not have hardware software consumption models and therefore want to force customers to do something different.

我們滿足客戶的需求，為他們提供業內無與倫比的靈活性和選擇。這使我們與傳統 ADC 供應商（歷史上只有硬體、軟體設備）或純粹的 SaaS 基礎設施參與者區分開來，後者沒有硬體軟體消費模型，因此希望迫使客戶做一些不同的事情。

And that doesn't work for large enterprises, etc. So we that is really how we go to market and in terms of how will that manifest itself in terms of hardware and software next year. And we will see we've got good catalysts on hardware. We think our software is going to continue to grow. We did say that we expected to return to double-digit growth in software next year.

這對大型企業等來說並不適用。我們將看到我們在硬體上擁有良好的催化劑。我們認為我們的軟體將繼續成長。我們確實說過，我們預計明年軟體業務將恢復兩位數成長。

We still feel that way. And so that's where that's where we are overall in the mix of these solutions. But the most important for our customers is a combination of both and meeting them where they are to modernize their environments and solve the qualifier problem.

我們仍然有這樣的感覺。這就是我們在這些解決方案組合中的整體定位。但對我們的客戶來說，最重要的是兩者的結合，並滿足他們的需求，實現環境現代化並解決限定問題。

Got it. That's helpful. Maybe just a quick follow-up. When you're successfully cross-selling F5 customers to some of the distributed cloud security solutions. Are you typically displacing another vendor? Or is there a lot of greenfield opportunity for things like API security where maybe they're not? You know, we don't have a dedicated solution for that yet.

知道了。這很有幫助。也許只是快速跟進。當您成功地將 F5 客戶交叉銷售到某些分散式雲端安全解決方案。您通常會取代其他供應商嗎？或者，API 安全等方面是否存在許多未開發的機會，但實際上卻沒有？您知道，我們還沒有專門的解決方案。

So I'm sorry, it's both. It's a combination of both. And we've shared, I think earlier in the year that about two thirds of our distributed cloud customers are BIG-IP customers or existing FI customers and about one-third are net new customers to F5. They had never had a relationship with F5. So we're also acquiring new logos with distributed cloud.

所以我很抱歉，兩者都是。這是兩者的結合。我認為今年稍早我們曾分享過，我們的分散式雲端客戶中約三分之二是 BIG-IP 客戶或現有 FI 客戶，約三分之一是 F5 的淨新客戶。他們和F5從來沒有發生過關係。因此，我們也透過分散式雲端獲取新徽標。

However, as it relates to the customers with whom we are cross-selling, sometimes there is customers who had had to go to a pure SaaS player before F5 had a SaaS solution. And so therefore had to increase their complexity because they would use F5 on-prem and they would either use a public cloud player for some applications or a CDN or edge player for applications, thereby creating complexity and multiplicity of vendors.

然而，由於這與我們交叉銷售的客戶有關，有時有些客戶在 F5 擁有 SaaS 解決方案之前就必須轉向純 SaaS 廠商。因此，他們必須增加複雜性，因為他們將在本地使用F5，並且他們要么為某些應用程式使用公有雲播放器，要么為應用程式使用CDN 或邊緣播放器，從而造成供應商的複雜性和多樣化性。

And now that we have a distributed cloud and we've built some integrations, they are coming back to us saying, actually I can have a single vendor for all my application delivery and security. I can have consistent security across all my environments that is way simpler for me and therefore, that's a better solution for me.

現在我們有了分散式雲，並且已經建立了一些集成，他們回信說，實際上我可以擁有一個供應商來提供我所有的應用程式交付和安全性。我可以在所有環境中獲得一致的安全性，這對我來說更簡單，因此，這對我來說是更好的解決方案。

So yes, at times, this is displacing SaaS players essentially that had gone into the environment and sometimes it is greenfield. It's a set of applications that they were perhaps not yet protecting, and for which distributed cloud comes with our full application security bundle and solve a big problem of security and complexity for them.

所以，是的，有時，這實際上正在取代已經進入環境的 SaaS 玩家，有時甚至是未開發的領域。這是他們可能尚未保護的一組應用程序，對於這些應用程序，分散式雲端附帶了我們完整的應用程式安全性捆綁包，並為他們解決了安全性和複雜性的大問題。

Great. Thank you.

偉大的。謝謝。

This concludes today's call. You may now disconnect. Thank you for your participation. Goodbye.

今天的電話會議到此結束。您現在可以斷開連線。感謝您的參與。再見。