F5 Inc (FFIV) 2025 Q1 法說會逐字稿

Good afternoon, and welcome to the F5 Inc., first quarter fiscal 2025 financial results conference call.

下午好，歡迎參加 F5 Inc. 2025 財年第一季財務業績電話會議。

(Operator Instructions) Also, today's conference is being recorded.

（操作員指示）另外，今天的會議正在錄製中。

If anyone has any objections, please disconnect at this time.

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.

我現在將電話轉給蘇珊·杜隆女士。

Ma'am, you may begin.

女士，您可以開始了。

Hello, and welcome.

您好，歡迎光臨。

I'm Suzanne Dulong, F5's Vice President of Investor Relations.

我是 Suzanne Dulong，F5 投資人關係副總裁。

We're here with you today to discuss our first quarter fiscal year 2025 financial results.

今天我們在這裡與您一起討論 2025 財年第一季的財務表現。

François Locoh-Donou, F5's President and CEO; and Cooper Werner, F5's Executive Vice President and CFO, will be making prepared remarks on today's call.

François Locoh-Donou，F5 總裁兼執行長； F5 執行副總裁兼財務長 Cooper Werner 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.

F5執行團隊的其他成員也在問答環節回答問題。

A copy of today's press release is available on our website at f5.com where an archived version of today's audio will be available through April 28, 2025.

今天新聞稿的副本可在我們的網站 f5.com 上獲取，其中今天音頻的存檔版本將在 2025 年 4 月 28 日之前提供。

We'll post the slide deck accompanying today's webcast to our IR site at the conclusion of our call.

我們將在電話會議結束時將今天網路廣播附帶的幻燈片發佈到我們的 IR 網站。

To access the replay of today's webcast by phone, dial 877 660 6853 or 201 612 7415 and use meeting ID 1374 9373.

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 1374 9373。

The telephonic replay will be available through midnight Pacific time, January 29, 2025.

電話重播將持續到太平洋時間 2025 年 1 月 29 日午夜。

For additional information or follow-up questions.

如需更多資訊或後續問題。

Please reach out to me directly at s.dulong@f5.com.

請直接透過 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.

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。

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.

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。

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.

此外，我們將在今天的討論中參考非公認會計準則指標。

Please see our full GAAP to non-GAAP reconciliation in today's press release and in the appendix of our earnings slide deck.

請參閱今天的新聞稿和收益幻燈片附錄中完整的 GAAP 與非 GAAP 調整表。

Please note that F5 has no duty to update any information presented in this call during today's call, Francois.

請注意，Francois，F5 沒有義務在今天的電話會議中更新本次電話會議中提供的任何資訊。

We will speak to our Q1 highlights and our strategy and growth opportunities.

我們將討論第一季的亮點以及我們的策略和成長機會。

Cooper will then review the details of our Q1 results and our outlook.

然後庫柏將審查我們第一季業績和前景的詳細資訊。

I'll now turn the call over to Francois.

我現在將電話轉給弗朗索瓦。

Thank you, Suzanne, and hello, everyone.

謝謝你，蘇珊娜，大家好。

We are really pleased to share our robust Q1 results with you today.

我們非常高興今天與您分享我們強勁的第一季業績。

F5's alignment with significant secular trends, a more stable IT spending environment, and our strong execution contributed to another record quarter.

F5 與重要的長期趨勢的一致性、更穩定的 IT 支出環境以及我們強大的執行力促成了另一個創紀錄的季度。

We delivered 11% total revenue growth including 20% product revenue growth.

我們的總收入成長了 11%，其中產品收入成長了 20%。

Software revenue grew 22% and systems revenue grew 18% with strength from all geographies.

憑藉來自各個地區的實力，軟體收入成長了 22%，系統收入成長了 18%。

Our revenue outperformance also drove Q1 non-GAAP EPS of $3.84, a beat of $0.43 above the top end of our guidance range.

我們的營收表現出色也推動第一季非 GAAP 每股收益達到 3.84 美元，比我們指導範圍的上限高出 0.43 美元。

The quarter strength is multifaceted and reflects a continuation of the trends we observed in the second half of last year.

本季的強勁表現是多方面的，反映了我們去年下半年觀察到的趨勢的延續。

First, we are benefiting from consistently strong expansion of our software subscriptions, many of which have exceeded our expansion forecast.

首先，我們受益於軟體訂閱的持續強勁擴張，其中許多已經超出了我們的擴張預測。

Second, with a more stable IT spending environment, new software demand continues to grow as customers resume transformative and modernization projects.

其次，隨著 IT 支出環境更加穩定，隨著客戶恢復轉型和現代化項目，新軟體需求持續成長。

And third, technology refresh activity is increasing, driving demand for both software and systems.

第三，技術更新活動不斷增加，推動了對軟體和系統的需求。

Our pipeline shows these drivers will persist into Q2, contributing to our expectations for Q2 revenue in a range of $705 million to $725 million, implying roughly 5% growth at the midpoint.

我們的管道顯示，這些驅動因素將持續到第二季​​度，使我們對第二季度營收的預期在 7.05 億美元至 7.25 億美元之間，這意味著中點增長約 5%。

In addition, reflecting our Q1 outperformance and our better-than-expected Q2 forecast, we are raising our FY25 revenue expectations to 6% to 7% growth up from our initial guidance of 4% to 5% growth.

此外，為了反映我們第一季的優異表現和優於預期的第二季預測，我們將 2025 財年營收成長預期從 4% 至 5% 的成長預期上調至 6% 至 7%。

Cooper will speak to our outlook in greater detail in just a few minutes.

庫柏將在幾分鐘內更詳細地闡述我們的前景。

Before he does, I will spend a few minutes discussing F5's differentiation and highlighting some customer wins from Q1.

在他這樣做之前，我將花幾分鐘討論 F5 的差異化並重點介紹第一季贏得的一些客戶。

Over the last several years, we have substantially reshaped F5 for the hybrid and multi-cloud architectures of the AI era.

在過去的幾年裡，我們針對 AI 時代的混合和多雲架構大幅重塑了 F5。

With all its advantages, hybrid multi-cloud also brings with it new challenges.

混合多雲雖然有許多優勢，但也帶來了新的挑戰。

IT teams are being overwhelmed by high-cost crushing complexity and escalating cyber risk a set of challenges we call the ball of fire.

IT 團隊正面臨著高成本、巨大的複雜性和不斷升級的網路風險（我們稱之為「火球」）的挑戰。

As AI becomes ubiquitous, it will add fuel to the ball of fire requiring more capacity to handle massive amount of data, more sophisticated traffic management to deal with complex traffic patterns, and enhanced security capabilities to stay ahead of new security threats.

隨著人工智慧變得無所不在，它將火上澆油，需要更多的能力來處理大量數據，更複雜的流量管理來處理複雜的流量模式，以及增強的安全能力以領先於新的安全威脅。

Unlike competitors who invested solely in cloud or SaaS, or significantly reduced investment limiting their applicability in a multi-cloud world, over the last several years, F5 innovated across hybrid SaaS and next-generation software and hardware.

與僅投資雲端或 SaaS 或顯著減少投資限制其在多雲世界中的適用性的競爭對手不同，在過去幾年中，F5 在混合 SaaS 和下一代軟體和硬體方面進行了創新。

As a result, we stand alone with the only complete hybrid multi-cloud portfolio for application security and delivery.

因此，我們擁有唯一完整的混合多雲產品組合，用於應用程式安全和交付。

We are the only player that can partner with a CIO or CISO to secure and deliver all of their applications and APIs across hybrid, multi-cloud environment.

我們是唯一能夠與 CIO 或 CISO 合作，跨混合多雲環境保護和交付他們的所有應用程式和 API 的參與者。

We are differentiated across three primary vectors.

我們透過三個主要向量進行區分。

First, F5 has the most effective and comprehensive application and API security platform in the industry.

首先，F5擁有業界最有效、最全面的應用程式和API安全平台。

We enable our customers to consolidate point products, targeting specific threats onto a single integrated platform with a suite of best-in-class capabilities.

我們使客戶能夠整合單點產品，將特定威脅定位到具有一套一流功能的單一整合平台上。

A notable example of the power of our ability to consolidate multiple security point products comes in the form of a significant Q1 renewal and expansion with a major financial services customer.

我們整合多個安全點產品的能力的一個顯著例子是第一季與主要金融服務客戶的重大更新和擴展。

Along with the anticipated renewal and expansion of its sizable BIG-IP and NGINX term subscription, the customer converted multiple security point solutions on to F5, adding SSLO and DDoS use cases.

隨著大規模 BIG-IP 和 NGINX 定期訂閱的預期更新和擴展，客戶將多個安全點解決方案轉換到 F5，並添加了 SSLO 和 DDoS 用例。

The result was a larger-than-expected expansion on what was already an eight-figure renewal.

結果是在已經八位數的更新基礎上進行了超出預期的擴張。

Second, F5's hybrid multi-cloud strategy enables consolidation on a single vendor for app security and delivery.

其次，F5 的混合多雲策略支援在單一供應商上整合應用程式安全性和交付。

Only F5 delivers solutions that extend from customers' on-premise environment across public clouds to the Edge.

只有 F5 提供從客戶的本地環境跨公有雲延伸到邊緣的解決方案。

F5 simplifies connecting disparate infrastructure environment and the applications deployed in and across them.

F5 簡化了不同基礎設施環境以及部署在其中和跨環境的應用程式的連接。

In Q1, a regional utility company in North America modernized its BIG-IP application hosting, security, and remote access infrastructure.

第一季度，北美的一家區域公用事業公司對其 BIG-IP 應用程式託管、安全和遠端存取基礎設施進行了現代化改造。

The customer also deployed F5 distributed cloud services to support its modern applications displacing two F5 competitors and consolidating their traditional and modern applications and investment on F5.

該客戶還部署了 F5 分散式雲端服務來支援其現代應用程序，取代了兩個 F5 競爭對手，並鞏固了其傳統和現代應用程式以及對 F5 的投資。

Third, F5 solutions streamlined customers' operations with consistent policies, comprehensive automation, and rich analytics.

第三，F5 解決方案透過一致的策略、全面的自動化和豐富的分析簡化了客戶的營運。

We enable customers to simplify their operational management across all environments.

我們使客戶能夠簡化所有環境中的營運管理。

One of the largest private sector banks in APAC offers a great example of this dynamic.

亞太地區最大的私人銀行之一就是這種動態的一個很好的例子。

The customer has deployed F5's unified security policy displacing two-point security competitors and consolidating on F5 for multiple use cases across their on-premises, public clouds, and Kubernetes environment, leveraging F5 in SaaS, software, and hardware deployment models.

客戶部署了 F5 的統一安全策略，取代了兩點安全競爭對手，並在 F5 上整合了跨本地、公有雲和 Kubernetes 環境的多個用例，並在 SaaS、軟體和硬體部署模型中利用了 F5。

F5 is vastly simplifying hybrid multi-cloud complexity for customers.

F5 大大簡化了客戶混合多雲的複雜性。

By converging multiple point solutions to address high-performance traffic management, full web app and API security, multi-cloud networking and AI gateway capabilities, we are empowering customers with simplicity and choice.

透過整合多點解決方案來解決高效能流量管理、完整的 Web 應用程式和 API 安全性、多雲網路和 AI 閘道功能，我們為客戶提供簡單性和選擇。

F5 enables them to tame the ball of fire with the right mix of hardware, software, and SaaS that best fits their operating model, deploying securely and consistently on-premises in the cloud or at the Edge.

F5 使他們能夠透過最適合其營運模式的硬體、軟體和 SaaS 的正確組合來控制火球，在雲端或邊緣進行安全、一致的本地部署。

F5's differentiated approach to hybrid multi-cloud is also driving competitive displacement momentum across our full range of hardware, software, and SaaS deployment models.

F5 的差異化混合多雲方法也推動了我們全系列硬體、軟體和 SaaS 部署模式的競爭替代勢頭。

In fact, in Q1, we achieved a record number of competitive displacement.

事實上，在第一季度，我們實現了創紀錄的競爭位移數量。

These include a notable win with a home improvement retailer.

其中包括與一家家居裝修零售商的重大勝利。

Following a series of escalating challenges with its incumbent ADC provider, the customer is replacing them with F5 BIG-IP leveraging BIG-IP's automation capabilities to support their application delivery infrastructure and to streamline operations.

在其現有 ADC 供應商面臨一系列不斷升級的挑戰後，該客戶正在用 F5 BIG-IP 取代它們，利用 BIG-IP 的自動化功能來支援其應用程式交付基礎設施並簡化營運。

In another example of a competitive takeout in Q1, a leading American insurance provider and longtime BIG-IP customer chose F5 distributed cloud services to eliminate its growing security tools roll and reduced associated administrative burdens and cost.

在第一季競爭激烈的另一個例子中，領先的美國保險供應商和BIG-IP 的長期客戶選擇了F5 分散式雲端服務，以消除其不斷增長的安全工具數量，並減少相關的管理負擔和成本。

The customer is replacing their prior API protection provider with F5's distributed cloud services, web application, and API protection, or WAP solution.

客戶正在用 F5 的分散式雲端服務、Web 應用程式和 API 保護或 WAP 解決方案取代其先前的 API 保護提供者。

In doing so, they are enhancing their application and API security while consolidating tooling.

在此過程中，他們增強了應用程式和 API 的安全性，同時整合了工具。

Before I pass the call to Cooper, as I have in prior quarters, I will discuss the latest developments we see emerging with AI.

在我打電話給庫柏之前，就像我在前幾個季度所做的那樣，我將討論我們所看到的人工智慧的最新發展。

In the last year, organizations across the globe have embraced AI as a strategic imperative.

去年，全球各地的組織已將人工智慧視為戰略要務。

We expect that within three years, 80% of applications and processes will be infused with AI.

我們預計三年內，80% 的應用程式和流程將融入人工智慧。

There is evidence of this ramp in our own business with more than 50% of our F5 distributed cloud customers already leveraging our AI agent, which provides configuration assistance and insights.

有證據表明我們自己的業務出現了這種增長，超過 50% 的 F5 分散式雲端客戶已經在使用我們的 AI 代理，該代理提供配置協助和見解。

While AI promises to bring massive productivity benefits, it is also creating new compliance, infrastructure, networking, and security challenges for customers.

雖然人工智慧有望帶來巨大的生產力優勢，但它也為客戶帶來了新的合規性、基礎設施、網路和安全挑戰。

AI is already exacerbating the ball of fire and accelerating the pressure to simplify hybrid multi-cloud deployments.

人工智慧已經加劇了火球，並加速了簡化混合多雲部署的壓力。

Our early AI opportunities are concentrated on three areas of high-performance, data delivery, and security.

我們早期的人工智慧機會集中在高效能、資料交付和安全性三個領域。

The dominant AI opportunity for F5 thus far is delivering and securing data for both AI model training and inference.

迄今為止，F5 的主要人工智慧機會是為人工智慧模型訓練和推理提供資料並保護其安全。

AI model training requires higher performance traffic management to ensure the efficiency, speed and reliability of lengthy and expensive training processes.

AI模型訓練需要更高效能的流量管理，以確保冗長且昂貴的訓練過程的效率、速度和可靠性。

Customers are using F5 BIG-IP to move incredible amounts of data at high speed to and from their data stores, providing greater efficiency for the training process.

客戶正在使用 F5 BIG-IP 將大量資料高速移入和移出資料存儲，從而提高培訓過程的效率。

AI inference is having a profound effect on infrastructure as well.

人工智慧推理也對基礎設施產生了深遠的影響。

When customers perform retrievable augmented generation, or RAG, as a part of inference, they see a sharp increase in the number of queries going to their data stores.

當客戶執行可檢索增強生成 (RAG) 作為推理的一部分時，他們會發現前往資料儲存的查詢數量急劇增加。

As a result, these data stores experienced congestion and latency slowing overall infrastructure performance.

結果，這些資料儲存經歷了擁塞和延遲，從而降低了整體基礎設施效能。

By deploying BIG-IP in front of their data stores, customers are able to scale to handle the vast and increasing amounts of queries related to RAG.

透過在資料儲存前部署 BIG-IP，客戶能夠進行擴展以處理與 RAG 相關的大量且不斷增加的查詢。

The result is improved availability and resiliency for their AI workloads.

其結果是提高了人工智慧工作負載的可用性和彈性。

The second AI opportunity we see today leverages our market-leading WAP solution for secure AI inferencing.

我們今天看到的第二個人工智慧機會利用我們市場領先的 WAP 解決方案進行安全人工智慧推理。

APIs connect the AI ecosystem, and AI APIs are subject to the same security challenges and vulnerabilities as traditional APIs.

API 連接 AI 生態系統，AI API 面臨與傳統 API 相同的安全挑戰和漏洞。

F5's WAP solutions protect hybrid and multi-cloud applications with functionality that spans from API discovery to API security, which is essential for AI workloads.

F5 的 WAP 解決方案透過從 API 發現到 API 安全的功能來保護混合和多雲應用程序，這對於 AI 工作負載至關重要。

Customers are leveraging F5's complete security portfolio to protect their AI workloads, including BIG-IP, NGINX and F5 distributed cloud services.

客戶正在利用 F5 完整的安全產品組合來保護其 AI 工作負載，包括 BIG-IP、NGINX 和 F5 分散式雲端服務。

We expect secure AI inferencing will become a bigger opportunity for F5 as organizations move from experimenting to leveraging AI inferencing at scale.

我們預計，隨著組織從試驗轉向大規模利用人工智慧推理，安全人工智慧推理將成為 F5 的更大機會。

The third AI opportunity we are focused on is AI factory load balancing.

我們關注的第三個人工智慧機會是人工智慧工廠負載平衡。

Here, F5 is optimizing the performance and scalability of AI factories with advanced traffic management.

在這裡，F5 透過先進的流量管理來優化人工智慧工廠的效能和可擴展性。

We are doing this across AI factories and are working with partners toward deploying our solutions within AI factories.

我們正在跨人工智慧工廠這樣做，並與合作夥伴合作，在人工智慧工廠內部署我們的解決方案。

Across AI factories, customers deploying BIG-IP to improve the efficiency and performance of data going to and from massive GPU clusters.

在 AI 工廠中，客戶部署 BIG-IP 來提高進出大規模 GPU 叢集的資料的效率和效能。

Within AI factories and as we described last quarter, we have partnered with NVIDIA to ensure BIG-IP Next for Kubernetes works seamlessly with NVIDIA BlueField-3 DPUs.

在 AI 工廠中，正如我們上季度所述，我們與 NVIDIA 合作，確保適用於 Kubernetes 的 BIG-IP Next 與 NVIDIA BlueField-3 DPU 無縫合作。

The combination of F5 BIG-IP and NVIDIA's DPUs provides customers with improved performance, multi-tenancy and observability.

F5 BIG-IP 和 NVIDIA DPU 的結合為客戶提供了更高的效能、多租戶和可觀察性。

While it is early, we are seeing growing momentum with AI opportunities.

雖然現在還為時過早，但我們已經看到人工智慧機會的成長動能。

I will share just a couple of wins from Q1.

我將分享第一季的幾場勝利。

The first is with a net new customer, a large mobility platform in APAC, who is using BIG-IP for high-performance data delivery.

第一個是新客戶，亞太地區的一個大型行動平台，該平台正在使用 BIG-IP 進行高效能資料傳輸。

They selected F5 BIG-IP to support their robust AI computing stack addressing high-velocity load balancing for AI data ingestion and replacing costly public cloud infrastructure.

他們選擇 F5 BIG-IP 來支援其強大的 AI 運算堆疊，解決 AI 資料攝取的高速負載平衡問題，並取代昂貴的公有雲基礎架構。

F5's SSL performance and compatibility with AI protocols with orchestration was a major factor in winning this customer.

F5 的 SSL 效能以及與 AI 協定和編排的兼容性是贏得該客戶的主要因素。

The second Q1 AI win I will highlight is with a leading multinational bank headquartered in our EMEA region.

我要強調的第二個第一季人工智慧勝利是與一家總部位於歐洲、中東和非洲地區的領先跨國銀行的合作。

The customer selected F5 BIG-IP to secure, optimize and scale their AI application.

客戶選擇 F5 BIG-IP 來保護、最佳化和擴展其 AI 應用程式。

They are leveraging BIG-IP for traffic management and WAF ensuring efficient distribution and security of their critical AI and data infrastructure with seamless integration with their existing infrastructure.

他們利用 BIG-IP 進行流量管理和 WAF，確保關鍵 AI 和資料基礎設施的高效分發和安全性，並與現有基礎設施無縫整合。

Now I will turn the call to Cooper to elaborate on our results and outlook.

現在我將致電庫珀，詳細說明我們的結果和前景。

Cooper?

庫柏？

Thank you, Francois, and hello, everyone.

謝謝弗朗索瓦，大家好。

I will review our Q1 results before I elaborate on our Q2 and fiscal year '25 outlook.

在詳細闡述我們的第二季和 25 財年展望之前，我將回顧我們第一季的業績。

As Francois noted, we delivered an exceptional Q1, growing revenue 11% to $766 million, reflecting a mix of 52% global services and 48% product revenue.

正如弗朗索瓦所指出的，我們第一季的業績非常出色，營收成長了 11%，達到 7.66 億美元，反映出 52% 的全球服務收入和 48% 的產品收入。

Global services revenue of $398 million grew 3%.

全球服務收入達 3.98 億美元，成長 3%。

Product revenue totaled $368 million, up 20% year over year due to a combination of strong software and systems growth.

由於軟體和系統的強勁成長，產品收入總計 3.68 億美元，年增 20%。

Our software revenue grew 22% year over year to $209 million, reflecting exceptional expansion in several large multi-year subscription renewals as well as healthy growth in new software projects.

我們的軟體營收年增 22%，達到 2.09 億美元，反映出數個大型多年訂閱續訂的非凡擴張以及新軟體專案的健康成長。

Subscription-based software revenue totaled $162 million, up 30% year over year, representing 78% of our total software revenue.

基於訂閱的軟體收入總計 1.62 億美元，年增 30%，占我們軟體總收入的 78%。

Perpetual license software totaled $46 million in Q1, up 2% year over year.

第一季永久授權軟體總額為 4,600 萬美元，較去年同期成長 2%。

Systems revenue totaled $160 million, up 18% year over year.

系統收入總計 1.6 億美元，年增 18%。

Our systems revenue is benefiting from a number of factors.

我們的系統收入受益於多種因素。

First, technology refresh momentum is building as customers refresh aging hardware estates.

首先，隨著客戶更新老化的硬體資產，技術更新動能正在增強。

The refresh activity is now widespread.

刷新活動現已廣泛展開。

In fact, some of the quarter's most significant demand came from customers outside of our top 1,000 customers.

事實上，本季最重要的需求中的一些來自我們 1,000 名前 1,000 名客戶之外的客戶。

A second factor that has begun to accelerate the pace of refresh for many customers relates to upcoming end-of-software support dates for our VIPRION and iSeries families.

許多客戶開始加快更新步伐的第二個因素與即將到來的 VIPRION 和 iSeries 系列軟體支援日期有關。

Having gained clarity on the need for a balance of both hardware and software solutions in hybrid multi-cloud environments, customers are moving forward with plans to standardize on our next-generation hardware offering.

在明確混合多雲環境中硬體和軟體解決方案平衡的需求後，客戶正在推進我們下一代硬體產品標準化的計畫。

Lastly, our commitment to continuous innovation in both software and hardware is driving increased competitive displacement momentum and resulting in new customer wins.

最後，我們對軟體和硬體持續創新的承諾正在推動競爭性替代動力的增強，並贏得新的客戶。

As we've discussed previously, we implemented a price increase on January 1, and we believe we did see a modest amount of systems orders pulled into Q1.

正如我們之前討論的，我們在 1 月 1 日實施了價格上漲，我們相信我們確實看到第一季收到了少量的系統訂單。

Revenue from recurring sources contributed 72% of our Q1 revenue, reflecting 10% year-over-year growth.

來自經常性來源的營收占我們第一季營收的 72%，年增 10%。

Our recurring revenue comes from a combination of our subscription-based revenue and the maintenance portion of our global services revenue.

我們的經常性收入來自訂閱制的收入和全球服務收入的維護部分的組合。

Shifting to revenue distribution by region.

轉向按地區分配收入。

As Francois noted, our teams drove growth across all theaters.

正如弗朗索瓦所指出的，我們的團隊推動了所有影院的成長。

Revenue from the Americas grew a strong 15% year over year, representing 56% of total revenue.

來自美洲的營收年增 15%，佔總營收的 56%。

EMEA grew 6%, representing 27% of revenue.

歐洲、中東和非洲地區成長 6%，佔營收的 27%。

And APAC grew 6%, representing 17% of revenue.

亞太地區成長了 6%，佔營收的 17%。

Looking at our major verticals, enterprise customers delivered another very strong quarter, representing 71% of Q1's product bookings.

縱觀我們主要的垂直產業，企業客戶的季度表現又非常強勁，佔第一季產品預訂的 71%。

Government customers represented 16% of product bookings, including 4% from US Federal.

政府客戶佔產品預訂的 16%，其中 4% 來自美國聯邦政府。

Finally, service providers represented 13% of Q1 product bookings.

最後，服務提供者佔第一季產品預訂的 13%。

We also delivered strong Q1 operating results driven by our robust revenue growth.

在營收強勁成長的推動下，我們也實現了強勁的第一季營運表現。

GAAP gross margin was 81.7%.

GAAP 毛利率為 81.7%。

Non-GAAP gross margin was 83.9%.

非 GAAP 毛利率為 83.9%。

Our GAAP operating expenses were $421 million.

我們的 GAAP 營運費用為 4.21 億美元。

Our non-GAAP operating expenses were $356 million.

我們的非 GAAP 營運費用為 3.56 億美元。

Our GAAP operating margin was 26.8%.

我們的 GAAP 營業利潤率為 26.8%。

Our non-GAAP operating margin was 37.4%, up 189 basis points from the year-ago period.

我們的非 GAAP 營業利潤率為 37.4%，比去年同期成長 189 個基點。

Our GAAP effective tax rate for the quarter was 20.4%.

我們本季的 GAAP 有效稅率為 20.4%。

Our non-GAAP effective tax rate was 21.8%.

我們的非 GAAP 有效稅率為 21.8%。

Our GAAP net income for the quarter was $166 million, or $2.82 per share.

我們本季的 GAAP 淨利潤為 1.66 億美元，即每股 2.82 美元。

Our non-GAAP net income was $227 million, or $3.84 per share, reflecting 12% EPS growth from the year-ago period.

我們的非 GAAP 淨利潤為 2.27 億美元，即每股 3.84 美元，每股收益較去年同期成長 12%。

I will now turn to cash flow and balance sheet metrics, all of which remain very strong.

我現在將轉向現金流和資產負債表指標，所有這些指標仍然非常強勁。

We generated $203 million in cash flow from operations in Q1.

我們第一季的營運現金流為 2.03 億美元。

CapEx was $8 million. DSO

資本支出為 800 萬美元。數位SO

for the quarter was 57 days.

該季度為 57 天。

Cash and investments totaled approximately $1.16 billion at quarter end.

截至季末，現金和投資總額約為 11.6 億美元。

Deferred revenue was $1.95 billion, up 6% from the year-ago period, driven by our subscription software strength and very healthy maintenance renewals.

遞延收入為 19.5 億美元，比去年同期成長 6%，這得益於我們的訂閱軟體實力和非常健康的維護續訂。

In Q1, we repurchased $125 million worth of F5 shares at an average price of $255 per share.

第一季度，我們以每股 255 美元的平均價格回購了價值 1.25 億美元的 F5 股票。

As of the end of Q1, we had $1.3 billion remaining on our authorized stock repurchase program.

截至第一季末，我們的授權股票回購計畫剩餘 13 億美元。

Our Q1 share repurchases represented 64% of free cash flow.

我們第一季的股票回購佔自由現金流的 64%。

Finally, we ended the quarter with approximately 6,440 employees.

最後，本季結束時，我們的員工總數約為 6,440 名。

I will now speak to our outlook for Q2.

我現在將談談我們對第二季的展望。

With the exception of revenue, my guidance comments reference non-GAAP metrics.

除收入外，我的指導意見參考了非公認會計準則指標。

We expect Q2 revenue in the range of $705 million to $725 million, implying 5% year-over-year growth at the midpoint.

我們預計第二季營收在 7.05 億美元至 7.25 億美元之間，這意味著中點年增 5%。

As a reminder, and as we noted on our October call, US payroll tax resets and our large customer event in February significantly impact our Q2 expenses.

提醒一下，正如我們在 10 月的電話會議中指出的那樣，美國工資稅重置和 2 月份的大型客戶活動對我們第二季度的支出產生了重大影響。

This results in it being our seasonal low quarter for both gross and operating margins.

這導致本季的毛利率和營業利潤率均處於季節性最低水準。

We expect non-GAAP gross margin of approximately 82.5% to 83%.

我們預計非 GAAP 毛利率約為 82.5% 至 83%。

We estimate Q2 non-GAAP operating expenses of $362 million to $374 million.

我們預計第二季非 GAAP 營運費用為 3.62 億美元至 3.74 億美元。

We expect Q2 share-based compensation expense of approximately $58 million to $60 million.

我們預計第二季的股權激勵費用約為 5,800 萬至 6,000 萬美元。

We anticipate Q2 non-GAAP EPS in a range of $3.02 to $3.14 per share.

我們預計第二季非 GAAP 每股盈餘為 3.02 美元至 3.14 美元。

In light of our strong Q1 results and our Q2 guidance, I will also provide an update to our fiscal year '25 full-year outlook.

鑑於我們強勁的第一季業績和第二季指導，我還將提供 25 財年全年展望的最新資訊。

We are raising our FY25 revenue growth forecast to a range of 6% to 7%.

我們將 2025 財年營收成長預測上調至 6% 至 7%。

This is up from our initial guidance for 4% to 5% revenue growth and reflects our outperformance in Q1 and our healthy pipeline heading into Q2.

這高於我們最初預期的 4% 至 5% 收入成長，反映了我們在第一季的優異表現以及進入第二季的健康管道。

Given our strong Q1 performance and continued strong expansion trends, we now expect our software revenue to grow at least 10% in fiscal year '25.

鑑於我們強勁的第一季業績和持續強勁的擴張趨勢，我們現在預計我們的軟體收入在 25 財年將成長至少 10%。

This is up from the upper single-digit range we spoke to last quarter.

這高於我們上季度談到的上限個位數範圍。

We continue to expect FY25 non-GAAP gross margin in the range of 83% to 84% and non-GAAP operating margin of approximately 35%.

我們繼續預期 25 財年非 GAAP 毛利率在 83% 至 84% 之間，非 GAAP 營業利潤率約為 35%。

Our FY25 non-GAAP effective tax rate estimate remains at a range of 21% to 23%.

我們的 25 財年非 GAAP 有效稅率估計仍維持在 21% 至 23% 的範圍內。

We are also raising our EPS outlook and now expect to deliver 6.5% to 8.5% non-GAAP earnings growth in FY25, up from our prior guidance of 5% to 7% growth.

我們也上調了每股盈餘預期，目前預期 25 財年非 GAAP 獲利成長 6.5% 至 8.5%，高於我們先前預期的 5% 至 7% 成長。

Finally, we intend to continue to use at least 50% of our annual free cash flow towards share repurchases in FY25.

最後，我們打算在 2025 財年繼續將至少 50% 的年度自由現金流量用於股票回購。

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

這樣，我會將電話轉回給弗朗索瓦。

Thank you, Cooper.

謝謝你，庫柏。

To conclude, we are benefiting from our alignment with powerful secular trends.

總而言之，我們正受益於我們與強大的長期趨勢的結合。

Most significant among these is our unique ability to address the crushing complexity of hybrid multicloud.

其中最重要的是我們解決混合多雲的極度複雜性的獨特能力。

Unlike competitors who invested solely in cloud or SaaS or significantly reduced investment, we innovated across hybrid SaaS and next-generation software and hardware.

與僅投資雲端或 SaaS 或大幅減少投資的競爭對手不同，我們在混合 SaaS 和下一代軟體和硬體方面進行了創新。

We are reducing complexity for customers by converging multiple point solutions to address high-performance traffic management, full web app and API security, multi-cloud networking, and AI gateway capabilities.

我們透過融合多點解決方案來解決高效能流量管理、完整的 Web 應用程式和 API 安全性、多雲網路和 AI 閘道功能，從而降低客戶的複雜性。

We are empowering customers with simplicity and choice, enabling them to choose hardware, software or SaaS, and to deploy securely and consistently on-premises, in the cloud or at the Edge, and we believe we are increasing our opportunity as a result.

我們為客戶提供簡單性和選擇權，使他們能夠選擇硬體、軟體或 SaaS，並在本地、雲端或邊緣安全、一致地部署，我們相信我們正在增加我們的機會。

It's early still, but we also see building momentum with AI opportunity.

現在還為時過早，但我們也看到人工智慧機會正在形成勢頭。

Our industry-leading ability to rapidly and securely move the large amounts of enterprise data necessary for AI model training and inferencing positions F5 as indispensable as businesses start to implement AI at scale.

我們具有業界領先的能力，可以快速、安全地移動 AI 模型訓練和推理所需的大量企業數據，這使得 F5 在企業開始大規模實施 AI 時變得不可或缺。

Operator, please open the call to questions.

接線員，請打開電話提問。

(Operator Instructions) Tim Long, Barclays.

（操作員指示） Tim Long，巴克萊銀行。

Thank you.

謝謝。

Just two, if I could.

如果可以的話，就兩個。

Francois, could you talk a little bit about the AI business.

Francois，您能談談人工智慧業務嗎？

I don't know if you can scale for us how big it is currently.

我不知道你是否可以為我們介紹一下目前的規模有多大。

But more importantly, if you can just touch on kind of the breadth of who you're selling into an AI and what type of customers these large data centers, enterprises, government combination?

但更重要的是，如果你能談談你向人工智慧推銷的對象的廣度以及這些大型資料中心、企業、政府組合的客戶類型是什麼？

Anything there would be helpful.

那裡的任何事情都會有幫助。

And then second, if you can just touch on kind of sustainability of the hardware systems business.

其次，您是否可以談談硬體系統業務的可持續性。

It sounds like there might have been a little bit of pulling into the into the December quarter, but still a pretty solid number.

聽起來可能會有一點拉動進入 12 月季度，但仍然是一個相當可靠的數字。

So where do you think we are with inventory or ability to keep those numbers going?

那麼，您認為我們的庫存狀況或維持這些數字的能力如何？

It sounds like there are some share gains helping.

聽起來似乎有一些份額收益有所幫助。

Thank you.

謝謝。

Thank you, Tim.

謝謝你，提姆。

Let me start with hardware -- actually, your second question on the sustainability.

讓我從硬體開始——實際上，這是關於永續性的第二個問題。

Look, we think we're going to have a pretty strong year on hardware, and we're seeing that because we have a strong pipeline on refresh activity.

看，我們認為我們將在硬體方面度過相當強勁的一年，我們看到這一點是因為我們在刷新活動方面擁有強大的管道。

That's largely driven by the fact that a number of customers were sweating assets for a period of time.

這主要是由於許多客戶在一段時間內大量消耗資產這一事實所造成的。

Their applications have been growing in capacity.

他們的應用程式容量一直在增長。

They continue to deploy in hybrid multi-cloud environments, and it's creating the need for more hardware.

他們繼續在混合多雲環境中部署，這就產生了對更多硬體的需求。

So we think hardware this year is likely to be in the double-digit growth rate for the year.

所以我們認為今年硬體很可能會出現兩位數的全年增長率。

And in addition to that, in addition to growth within our existing customers in hybrid multi-cloud environment, we're also continuing significant competitive displacements I mentioned earlier on the call, one of the big home retailers was one of the competitive takeouts we had in the quarter.

除此之外，除了混合多雲環境中現有客戶的成長之外，我們還在繼續我之前在電話會議中提到的重大競爭位移，大型家居零售商之一是我們擁有的競爭外賣之一在本季。

And we continue to see more opportunities of that because of the investments we've made in next-generation hardware where competitors have not.

我們繼續看到更多這樣的機會，因為我們在下一代硬體上進行了競爭對手沒有的投資。

Yes.

是的。

And Tim, one thing I'd also add on the supply front, we feel really good about our ability to fulfill this demand in the near term.

提姆，我還要在供應方面補充一件事，我們對我們在短期內滿足這項需求的能力感到非常滿意。

No, no real constraints that we're seeing right now.

不，我們現在沒有看到真正的限制。

We're largely on to newer generation platforms, and we did a lot of work during the supply chain crisis in terms of developing a more resilient supply chain and base of partners.

我們主要採用新一代平台，在供應鏈危機期間，我們在開發更具彈性的供應鏈和合作夥伴基礎方面做了很多工作。

So we should be in really good shape from that perspective.

所以從這個角度來看，我們應該處於非常好的狀態。

Tim, on the first part of your question on AI, so let me just frame the opportunity that we're seeing for F5 in AI, there are really three categories of opportunity we're seeing.

提姆，關於你關於人工智慧的問題的第一部分，讓我簡單介紹一下我們在人工智慧領域看到的 F5 機會，我們看到的機會實際上分為三類。

The first one is really moving data securely and at speed to and from data stores, both when model are being trained and need to access data from data stores or in inferencing where customers are influencing with virtual augmented generation.

第一個是真正安全、快速地將資料移入和移出資料存儲，無論是在訓練模型並需要從資料存儲存取資料時，還是在推斷客戶對虛擬增強生成的影響時。

And I would say the majority of the deals that we have done to date are really in this first category of opportunity.

我想說的是，我們迄今為止所做的大多數交易實際上都屬於第一類機會。

The types of deals that we have won are typically large enterprises that are either building AI factories or are deploying AI applications. and typically have data on-premise or have repatriated data from the cloud to their own on-premises to be able to use it with these AI models.

我們贏得的交易類型通常是正在建造人工智慧工廠或正在部署人工智慧應用程式的大型企業。通常在本地擁有數據，或將數據從雲端傳輸到自己的本地，以便能夠將其與這些人工智慧模型一起使用。

And they are across the Board.

他們是全面的。

It's really across Europe, Asia, and North America.

它確實橫跨歐洲、亞洲和北美。

So we've had deals across all three geographies.

所以我們在所有三個地區都有交易。

The other two categories of opportunities, category two is really security, and it's really security in inferencing and it's with our API security and API discovery solutions.

另外兩類機會，第二類是真正的安全性，它是推理中的真正安全性，它與我們的 API 安全性和 API 發現解決方案有關。

We're starting to see opportunities there, but it's early days.

我們開始看到那裡的機會，但現在還為時過早。

And then the third category is for load balancing traffic for AI factories, both intercluster and intra-cluster.

第三類是人工智慧工廠的負載平衡流量，包括叢集間和叢集內。

Intra-cluster is really load balancing the traffic in and out of AI factories.

叢集內其實是對進出人工智慧工廠的流量進行負載平衡。

We would typically do that with our traditional ADC technology.

我們通常會使用傳統的 ADC 技術來做到這一點。

And then as you know, we've announced the partnership with NVIDIA for traffic management in trackluster, though this is early days, and we think that opportunity will develop longer term.

如您所知，我們已經宣布與 NVIDIA 就 Trackluster 中的流量管理建立合作夥伴關係，儘管現在還處於早期階段，但我們認為這一機會將會長期發展。

Meta Marshall, Morgan Stanley.

梅塔‧馬歇爾，摩根士丹利。

Great.

偉大的。

Maybe just on -- if you could kind of help us size kind of the distributed cloud business at this point, just kind of given the growth that we've seen kind of in the API security cases that you were talking about?

也許只是——考慮到我們在您談論的 API 安全案例中看到的成長，您是否可以幫助我們確定分散式雲端業務的規模？

And then maybe second for Cooper, just you kind of had noted a more back-half-loaded year or Frank had maybe noted a back-half-loaded year last quarter.

然後，也許庫柏排名第二，只是你注意到了今年的後半載，或者弗蘭克可能注意到上個季度的後半載。

Just how are you kind of thinking about any seasonality to the year, particularly with just such a strong start to the beginning of the year?

您如何看待今年的季節性因素，尤其是在年初如此強勁的開局之下？

Sure.

當然。

So I'll take the latter question.

那我將回答後一個問題。

We saw obviously a pretty strong Q1.

我們顯然看到了相當強勁的第一季。

The tech refresh really picked up speed, and we're seeing that broadly hybrid multi-cloud is just driving an overall inflection in demand.

技術更新確實加快了速度，我們看到廣泛的混合多雲正在推動需求的整體變化。

Having said that, the large renewal base that we discussed for the second half of the year, that base is still the same base.

話雖如此，我們下半年討論的大續約基數，那個基數還是原來的基數。

So really, when we're trying to look at the rest of the year, we're looking at how does Tech Refresh continue to play out.

因此，實際上，當我們試圖展望今年剩餘時間時，我們正在關注技術更新如何繼續發揮作用。

And then how do expansion rates play out within that software base.

然後，該軟體庫中的擴展率如何發揮。

Q1 was a very strong quarter for an exceptionally strong quarter for expansion.

第一季是一個非常強勁的季度，也是一個擴張異常強勁的季度。

And we referenced as an example, a large eight-figure deal where we saw even better expansion than we had already anticipated.

我們以一項八位數的大型交易為例，在該交易中我們看到了比我們預期更好的擴張。

And that was really more to do with that customer choosing to converge multiple security solutions onto our platform.

這實際上與客戶選擇將多個安全解決方案整合到我們的平台上有關。

That's a trend we've been seeing across a number of our larger software customers.

這是我們在許多大型軟體客戶中看到的趨勢。

But having said that, that expansion -- the growth in the expansion rate that we saw in Q1 was fairly tied to a number of large customers, and it's early in the year, so we wouldn't necessarily further increase our expansion rate that we're assuming in the second half.

但話雖如此，我們在第一季看到的擴張速度的成長與許多大客戶相當相關，而且現在還處於今年年初，所以我們不一定會進一步提高我們的擴張速度。

We'll continue to engage closely with the larger customers that are in that second half base.

我們將繼續與下半年基地的較大客戶密切合作。

But we already took the expansion rate up that we were assuming coming out of a strong finish to FY24.

但我們已經提高了擴張率，我們假設在 2024 財年強勁結束後會出現這種情況。

So it's something that we'll continue to track, but not necessarily making an assumption that, that expansion rate should continue to go up in the second half.

因此，我們將繼續追蹤這一情況，但不一定假設下半年擴張率應繼續上升。

Thanks, Cooper.

謝謝，庫柏。

And Meta, to the first part of your question around distributed cloud, as you know, we distributed cloud is power to part of our SaaS and managed services portfolio.

Meta，關於您關於分散式雲端的問題的第一部分，如您所知，我們分散式雲端是我們 SaaS 和託管服務組合的一部分的力量。

We shared that the total ARR for SaaS and managed services was roughly around $180 million at the end of our fiscal year 2024.

我們表示，截至 2024 財年末，SaaS 和託管服務的總 ARR 約為 1.8 億美元。

We haven't broken out distributed cloud within that, but it is in there and growing fairly rapidly.

我們還沒有在其中突破分佈式雲，但它已經存在並且增長相當迅速。

In fact, we passed an important milestone this quarter, we passed over 1,000 customers on distributed cloud.

事實上，本季我們跨越了一個重要的里程碑，我們在分散式雲端上突破了 1,000 多個客戶。

The vast majority, if not all of these customers are large enterprises, two-thirds of them are roughly existing F5 customers that also adopted distributed cloud and about a third of them are net new customers.

絕大多數（如果不是全部）這些客戶都是大型企業，其中三分之二大致是也採用分散式雲端的現有 F5 客戶，其中約三分之一是淨新客戶。

The trend I mentioned earlier about customers embracing hybrid multicloud is also visible in the growth we're seeing in distributed card because a number of our existing customers who are using F5 for hardware or software on-prem are also using us for Software as a Service because they get consistency of their security solutions, they get consistency of their app delivery solutions.

我之前提到的關於客戶擁抱混合多雲的趨勢在我們看到的分散式卡的增長中也很明顯，因為我們許多使用 F5 進行本地硬​​體或軟體的現有客戶也使用我們的軟體即服務因為他們獲得了安全解決方案的一致性，所以他們獲得了應用程式交付解決方案的一致性。

And that's a strength for us, having invested in software and hardware and in SaaS, being able to consolidate spend on F5.

這對我們來說是一個優勢，我們投資了軟體、硬體以及 SaaS，能夠整合 F5 上的支出。

In fact, this quarter, we passed the milestone where more than 20% of our top 1,000 customers are now using distributed cloud.

事實上，本季我們已經實現了里程碑，我們的 1,000 名客戶中超過 20% 現在正在使用分散式雲端。

So our largest customers around the world are also choosing F5 for SaaS, and that gives us a lot of comfort around the potential growth of the platform.

因此，我們全球最大的客戶也選擇 F5 進行 SaaS，這讓我們對該平台的潛在成長感到非常放心。

Samik Chatterjee, JPMorgan.

薩米克‧查特吉，摩根大通。

Congrats on the results here.

恭喜這裡的結果。

I guess, Francois, just sort of going off your earlier commentary and two questions as a clarification.

我想，弗朗索瓦，只是擺脫你之前的評論和兩個問題作為澄清。

One, you mentioned the refreshes that you're seeing largely on account of customers having sweat assets earlier I mean, is that more as part of a broader refresh of customers doing broader refreshes of their data center?

一，您提到您所看到的更新主要是因為客戶之前擁有汗水資產，我的意思是，這更多的是作為客戶對其數據中心進行更廣泛更新的更廣泛更新的一部分嗎？

Or is there something more specific rate to their readiness for AI that's driving that?

或者是否有更具體的因素來推動他們對人工智慧的準備程度？

Can you just flesh that out a bit in terms of trigger.

你能在觸發方面具體說明一下嗎？

We all know that customers if they want to consort assets as long as they want or at least to some extent.

我們都知道，客戶如果想要整合資產，只要他們願意，或至少在某種程度上。

So is there a necessarily sort of a trigger that's driving them to now refresh?

那麼是否存在某種必然的觸發因素促使他們現在刷新呢？

And then, secondarily, you talked about AI and over the last couple of days, we've seen a lot of more concerns around sort of the compute intensity going into pretraining or training of AI models rate to probably more favorable sentiment now on how AI inferencing sort of ships out.

其次，你談到了人工智慧，在過去的幾天裡，我們看到了更多關於人工智慧模型預訓練或訓練的運算強度的擔憂，現在人們對人工智慧如何推斷某種船出去。

Can you just talk about sort of where do you see your leverage to in that sort of overall AI process and some rep exposure to training versus inferencing, how would you sort of quantify that for us?

您能否談談您在整個人工智慧流程中的影響力以及一些代表對訓練與推理的接觸程度，您將如何為我們量化這一點？

Thank you, Samik.

謝謝你，薩米克。

Let me start with the first part around the refresh activity we're seeing I think there are a couple of factors there, Samik.

讓我從我們所看到的刷新活動的第一部分開始，Samik，我認為有幾個因素。

The first one is more of a general factor.

第一個因素更具有普遍性。

That is not F5 specific.

這不是 F5 特有的。

And I think there is a revitalization of data center capacity, data center builds.

我認為資料中心容量、資料中心建置正在振興。

That is in part driven by large enterprises preparing for having the right infrastructure for AI and in part driven by larger enterprises also embracing hybrid multi-cloud as not just the transient state, but the destination of where they're going to operate for the next decade and beyond.

這部分是由於大型企業準備擁有合適的人工智慧基礎設施，部分是由大型企業也將混合多雲視為過渡狀態，而且將其作為下一個營運的目的地。

And I think that is driving strength in data center spend or data center infrastructure.

我認為這正在推動資料中心支出或資料中心基礎設施的發展。

And clearly, we are benefiting from some of that, but that's not F5 specific.

顯然，我們正在從中受益，但這並不是 F5 特有的。

There are factors around refresh that are specific to F5 that have to do with the fact that our customers over the last couple of years were very frugal in their refresh activity, very cautious, try to sweat their assets as much as possible.

刷新方面存在一些 F5 特有的因素，這與我們的客戶過去幾年在刷新活動中非常節儉、非常謹慎、盡可能多地利用他們的資產有關。

And because of application growth and capacity growth, they kind of have to proceed with these refresh.

由於應用程式的成長和容量的成長，他們必須繼續進行這些更新。

And there are also some end of support dates that are coming in the portfolio in the 2026 time frame that also customers have to get ahead of and make sure that they do refresh.

2026 年時間範圍內的產品組合中還有一些支援結束日期，客戶也必須事先做好準備並確保進行更新。

So those are, I would say, two factors driving the refresh pipeline and activity we're seeing.

因此，我想說，這是推動我們所看到的刷新管道和活動的兩個因素。

To your second question on AI.

關於人工智慧的第二個問題。

When you look at our opportunity, what we see -- the three categories of opportunity I described earlier for AI.

當你審視我們的機會時，我們會看到——我之前描述的人工智慧機會的三類。

The first one, which is really high performance data delivery to and from data stores.

第一個是與資料儲存之間真正的高效能資料傳輸。

The vast majority of that opportunity is in retrieval augmented generation, which is inferencing for large enterprises.

絕大多數機會都在檢索增強生成中，這是大型企業的推理。

And so this one is unaffected by the discussion about how large will be the GPU cluster build-out in AI factories.

因此，這一問題並未受到關於人工智慧工廠中 GPU 集群建設規模的討論的影響。

And today, our immediate opportunity really, and I would say the majority of the deals that we have won are in that category.

今天，我們確實面臨著眼前的機會，我想說我們贏得的大部分交易都屬於這個類別。

As it relates to the news from yesterday and the discussion from yesterday around the size and scale of AI factory build-outs in the future that's tied to our opportunity to go into load balance in front of clusters or even go inside of clusters and provide traffic management in track clusters.

因為它與昨天的新聞以及昨天關於未來人工智慧工廠擴建的規模和規模的討論有關，這與我們在集群前面進行負載平衡，甚至進入集群內部並提供流量的機會息息相關。

We are not yet -- we are very early days in that opportunity.

我們還沒有——我們還處於這個機會的早期階段。

We haven't yet started to actually drive revenue from that opportunity.

我們還沒有開始真正從這個機會中增加收入。

We think it's a very sizable opportunity down the road, but it's very early days.

我們認為這是一個非常大的機會，但現在還處於早期階段。

And frankly, too early for us to quantify it.

坦白說，我們現在量化它還為時過早。

In general, though, I would say that the stands of F5 is the -- if, in fact, we can have more open source models, that allow more enterprises to adopt AI faster and build their applications and it creates a faster proliferation of AI applications.

不過，總的來說，我想說F5 的立場是——事實上，如果我們可以擁有更多開源模型，讓更多企業更快地採用人工智能並構建他們的應用程序，這將創造人工智能更快的擴散應用程式。

That is really good news for F5 because it means that we will have more opportunity to do high-performance data delivery for data stores and more opportunity to secure AI workloads.

這對 F5 來說確實是個好消息，因為這意味著我們將有更多機會為資料儲存進行高效能資料交付，並有更多機會保護 AI 工作負載。

And if, in fact, it is cheaper to build -- train these models than we thought it would be.

事實上，如果建造和訓練這些模型的成本比我們想像的要便宜。

That is also a good news because it will accelerate adoption of AI.

這也是一個好消息，因為它將加速人工智慧的採用。

So we're -- at this point, -- it's early days.

所以我們現在還處於早期階段。

I think we don't want to get too ahead of ourselves in terms of these opportunities because it's not yet meaningful or material to our revenues but we are excited about the opportunities we're seeing and the engagement we're having with customers.

我認為我們不想在這些機會方面太過超前，因為它對我們的收入還沒有意義或實質性，但我們對我們看到的機會以及我們與客戶的互動感到興奮。

Michael Ng, Goldman Sachs.

邁克爾吳，高盛。

I just have two as well.

我也只有兩個。

First, I wanted to ask about the perpetual revenue in the quarter.

首先，我想問一下本季的永續收入。

This is the third consecutive year where you had a very strong seasonal fiscal 1Q.

這是您連續第三年第一季的季節性表現非常強勁。

I was wondering if you could just provide a little bit more color there?

我想知道你是否可以在那裡提供更多一點的顏色？

Is it related to the financial expansion that you talked about?

這跟你說的金融擴張有關嗎？

Is it indeed seasonality?

確實是季節性的嗎？

Or should we think about this as a run rate?

或者我們應該將其視為運行率？

And then second, I could appreciate US federal is a small part of the business.

其次，我可以理解美國聯邦只是這項業務的一小部分。

I think you mentioned 4%.

我想你提到了4%。

Could you just comment directionally, was that strong?

能不能直接評論一下，有那麼強嗎？

Was it weak?

是不是很弱？

Any directional color would be helpful there.

任何定向顏色都會有幫助。

Sure.

當然。

Yes.

是的。

Thanks, Michael.

謝謝，麥可。

I'll start on the perpetual question speaking to our perpetual software results.

我將首先討論我們的永久軟體結果的永久問題。

And you're right.

你是對的。

We have seen stronger results in our Q1.

我們在第一季看到了更強勁的業績。

Typically, customers that prefer a CapEx model have gravitated to our perpetual commercial model, and we see that more pronounced in the service provider vertical, where we tend to see some of that investment coming in kind of near the end of the calendar year as part of their business model planning.

通常情況下，喜歡資本支出模式的客戶會傾向於我們的永久商業模式，我們發現這種情況在服務提供者垂直領域更為明顯，我們傾向於看到其中一些投資在接近日曆年年底時作為一部分他們的商業模式規劃。

So I don't know yet that we're ready to say this is kind of the new seasonality, but we tend to see our largest strength in our fiscal Q1.

所以我還不知道我們是否準備好說這是一種新的季節性，但我們傾向於在第一財季看到我們最大的優勢。

And I think this really does point to the flexibility that we give customers in terms of the commercial models that best fit their business model.

我認為這確實表明我們在最適合客戶商業模式的商業模式方面為客戶提供了靈活性。

It's something that has really helped continue to drive differentiation in our software opportunity.

這確實有助於繼續推動我們的軟體機會的差異化。

And I can take your question on the federal business.

我可以回答你關於聯邦事務的問題。

Look, 4% -- it's an important, of course, part of our business, but a relatively small component Overall, w- our business in Q1 in the Fed was pretty solid.

看，4%——當然，這是我們業務的一個重要部分，但只是一個相對較小的組成部分。

Our pipeline looks very healthy.

我們的管道看起來非常健康。

And so of course, there for everybody that's doing business with the federal government, there's some level of uncertainty at this point in time with the change in administration.

當然，對於與聯邦政府有業務往來的每個人來說，隨著政府的更迭，目前都存在著一定程度的不確定性。

But generally, we had a pretty good Q1, and the pipeline looks healthy.

但總的來說，我們第一季的業績相當不錯，而且管道看起來很健康。

Tal Liani, Bank of America.

塔爾·利亞尼，美國銀行。

Can you hear me?

你聽得到我嗎？

Yes.

是的。

Good.

好的。

I have two questions.

我有兩個問題。

Some of them were asked, but I want to ask it in a different way.

有人問過其中一些人，但我想以不同的方式問。

So you're increasing the guidance for the by about $40 million, $50 million and you meet the numbers for this quarter, $50 million beat, the second quarter has a $10 million beat.

因此，您將指導值增加了大約 4000 萬美元、5000 萬美元，並且您達到了本季度的數字，超出了 5000 萬美元，第二季度超出了 1000 萬美元。

So the growth in the annual guidance is in line, slightly below the Q1, Q2.

因此年度指引的成長是一致的，略低於第一季、第二季。

And the question is, is there something special in Q1, Q2?

那麼問題來了，Q1、Q2 有什麼特別的地方嗎？

Is it brings things forward that -- or is it just conservatism that they're not willing now to make a call on the second half?

是不是這讓事情向前推進了——或者只是保守主義導致他們現在不願意在下半場做出決定？

The second question -- sorry.

第二個問題——抱歉。

Should I continue?

我應該繼續嗎？

Or should I

或者我應該

--

--

Sorry, go ahead.

抱歉，請繼續。

Second question is on software.

第二個問題是關於軟體的。

And I'm trying to separate new software from renewals because when you renew contract, you recognize 62% upfront.

我正在嘗試將新軟體與續約分開，因為當您續約時，您將預付 62% 的費用。

So -- and the way that accounting works is between in a three-year contract between three years -- year three and year four, which means renewal, there's a very big jump in revenues because only the leftovers are left for third year and then there is upfront recognition in the fourth year.

因此，會計工作的方式是在三年合約的第三年和第四年之間，這意味著續約，收入會有很大的躍升，因為第三年只剩下剩餘的錢，然後第四年有預先認可。

So the question is, can you separate of the software growth that we're seeing, phenomenal software growth?

所以問題是，你能將我們所看到的軟體成長與驚人的軟體成長分開嗎？

Can you separate how much of it is because of accounting and renewals?

你能區分出其中有多少是因為會計和續約嗎？

And how much of it is because of real growth, growth with customer kind of use cases for products, et cetera.

其中有多少是因為實際成長、客戶產品用例的成長等等。

I just want to -- because we're talking about renewals, I just wanted to have the understanding of kind of old revenues versus new growth opportunities.

我只是想——因為我們正在談論續約，我只是想了解舊收入與新增長機會的關係。

Sure.

當然。

I guess I'll probably take both of them, and Francois, you can jump in.

我想我可能會帶他們兩個，弗朗索瓦，你可以加入。

Let's start with the software question.

我們先從軟體問題開始。

So you're right, the number one vehicle that we sell software in is what we call our flexible consumption program.

所以你是對的，我們銷售軟體的第一個工具就是我們所說的靈活消費計畫。

These are the large multiyear subscriptions that we sell both for a license-based offering or deployable-based offerings as well as SaaS-based offerings.

這些是我們銷售的大型多年訂閱，包括基於授權的產品或基於可部署的產品以及基於 SaaS 的產品。

But the deployable offering is the larger opportunity, and that is where you get that upfront revenue recognition of 63% typically, if it's a three-year deal, and then the remainder is recognized as service revenue over time.

但可部署產品是更大的機會，如果是三年期協議，那麼您通常會獲得 63% 的前期收入確認，然後隨著時間的推移，剩餘部分將被確認為服務收入。

And so that is -- you are speaking to the dynamic of why our software revenue is not a smooth growth trajectory.

因此，您正在談論為什麼我們的軟體收入成長軌跡不平穩的動態。

And so we get a lot of questions around that is that speak to the predictability and the visibility we have in software.

因此，我們收到了很多關於軟體的可預測性和可見性的問題。

And the reality is we do have pretty good visibility in the software opportunity, but because of how the revenue is recognized with ASC 606 you do get some lumpiness in the growth rates.

現實情況是，我們確實對軟體機會有很好的了解，但由於 ASC 606 的收入確認方式，成長率確實有些不穩定。

And so we've had quarters where the growth rate on the headline revenue number was a bit lower than the underlying strength of the business.

因此，我們有幾個季度的整體營收成長率略低於業務的基本實力。

And then there are quarters where you've got large opportunities that renew where you do have an upfront revenue recognition.

然後，在某些季度，您有很大的機會可以更新您確實有預先收入確認的地方。

And so that's something when we talk to the longer-term software growth opportunity, that's something that eventually kind of smooths out.

因此，當我們談論長期軟體成長機會時，這最終會變得平滑。

But in any given quarter, you're going to see some degree of lumpiness.

但在任何特定季度，你都會看到一定程度的波動。

Now having said that, looking at what's behind the strength that we saw in this quarter.

話雖如此，看看我們在本季度看到的強勁背後的原因。

Clearly, we saw upside to the reported revenue from software compared to how we had guided for the quarter.

顯然，與我們對本季的指導相比，我們看到了報告的軟體收入的上升趨勢。

And that was really driven by the very strong expansion we're seeing at that time of renewal across those large subscription offerings.

這實際上是由我們在這些大型訂閱產品更新時看到的非常強勁的擴張所推動的。

And this is really customers that are converging multiple solutions onto our platform.

這確實是客戶將多種解決方案整合到我們的平台上。

So we're winning at a higher rate in the marketplace, and we're seeing customers do a lot more with F5 across our portfolio, and that's really what's behind that strength.

因此，我們在市場上取得了更高的成功率，我們看到客戶在我們的產品組合中使用 F5 做了更多的事情，而這正是這種優勢背後的真正原因。

And it's what has allowed us to take our guide up for the full year for software.

這使得我們能夠提高全年的軟體指南。

Got it.

知道了。

And then I would also note that we did also see growth from new software projects where we had said going into the year that we were assuming revenue from new projects will be roughly flat year-over-year and when we saw healthy growth in Q1.

然後我還要指出，我們確實也看到了新軟體專案的成長，我們曾說過，進入今年，我們假設新專案的收入將與去年同期大致持平，而我們在第一季看到了健康成長。

And so that's something we'll continue to monitor over the course of the year.

因此，我們將在這一年中繼續監控這一點。

Great.

偉大的。

And about the second-half question.

關於後半部分的問題。

Yes.

是的。

So the guide for the full year, we had said that it would be low single-digit growth in the first half and mid-single digit second half.

因此，在全年指南中，我們曾說過上半年將達到低個位數成長，下半年將達到中個位數成長。

And so we saw strength in Q1 that was both on hardware and software.

因此，我們在第一季看到了硬體和軟體方面的優勢。

We did note that there was likely some pull-in of demand into Q1 related to the pricing increases.

我們確實注意到，第一季的需求可能會因價格上漲而有所拉動。

We don't think that was the headline on the hardware growth, but that was some of it.

我們認為這不是硬體成長的主要內容，但這是其中的一部分。

And so as we look ahead to the back half of the year, we are factoring that in a little bit.

因此，當我們展望今年下半年時，我們會稍微考慮一下這一點。

But on the software side, as I said on a prior question, the base against which we assess that growth opportunity in the second half of the year, it's the same base.

但在軟體方面，正如我在先前的問題中所說，我們評估下半年成長機會的基礎是相同的。

And so that's something that if we continue to see exceptional expansion rates on that base, we could see a better outcome from a revenue perspective.

因此，如果我們繼續在此基礎上看到非凡的擴張率，從收入角度來看，我們可能會看到更好的結果。

But given that it's early in the year and that a lot of that strength was really kind of more pronounced across some of our largest deals in Q1.

但考慮到現在還處於今年年初，而且在我們第一季一些最大的交易中，這種優勢確實更加明顯。

We think it would be a little bit premature to just assume that same level of expansion in the second half of the year, but we'll continue to engage closely with those customers, and we certainly see the opportunity.

我們認為，假設下半年會出現同樣程度的擴張還為時過早，但我們將繼續與這些客戶密切合作，我們當然看到了機會。

Amit Daryanani, Evercore ISI.

阿米特·達裡亞納尼 (Amit Daryanani)，Evercore ISI。

I guess maybe just talk on the system side, -- you folks had really good 18% growth year over year on the system side.

我想也許只是談論系統方面，--你們在系統方面確實實現了 18% 的同比增長。

How much of that do you think was driven by pull-ins ahead of the price increases that you're implementing?

您認為其中有多少是由您實施的漲價之前的拉動所推動的？

And if you can just quantify what sort of price increases went into -- got to implement on Jan 1, that would be helpful?

如果你能化 1 月 1 日實施的物價上漲情況，會有幫助嗎？

Sure.

當然。

Yes.

是的。

So it was a modest -- I mean, it's kind of hard to fully break that out.

所以這是一個適度的——我的意思是，很難完全打破這一點。

But as we worked our sales teams our view is that it was a modest amount of pulling it wasn't super material to the results, but we did want to acknowledge that there are likely was some demand pulled in.

但當我們與銷售團隊合作時，我們的觀點是，這只是適度的拉動，對結果來說並不是非常重要，但我們確實想承認，可能會有一些需求拉動。

These price increases are kind of mid-single digits across hardware and software.

硬體和軟體的價格上漲幅度為中個位數。

So they're not at the same magnitude of previous price increases we saw in the systems business where we saw a more pronounced pull-in of demand.

因此，它們與我們先前在系統業務中看到的價格上漲幅度不同，我們在系統業務中看到了更明顯的需求拉動。

Got it.

知道了。

And then if I just go back to the software discussion you're having a minute ago, the way you folks are guiding at this point, it looks like 22% growth in Q1 and then you see some fairly notable deceleration as the year progresses to hit that at least 10%.

然後，如果我回到一分鐘前進行的軟體討論，按照你們目前指導的方式，第一季度看起來增長了 22％，然後隨著時間的推移，您會看到一些相當顯著的減速至少達到10%。

Is that kind of deceleration just conservativeness because you don't know what the expansion metrics could look like on new projects could look like?

這種減速是否只是保守，因為您不知道新專案的擴張指標會是什麼樣子？

Or is there something more nuanced that's happening in the next few quarters that we should be aware about?

或者在接下來的幾個季度中是否會發生一些我們應該注意的更微妙的事情？

No.

不。

I mean, I think you could say that maybe we're being prudent.

我的意思是，我想你可能會說我們可能很謹慎。

The last couple of quarters, the expansion rate has been well ahead of our historical norms, again, because it's so early in the year, and it tends to be centered around our larger deals, I think that we're just being a little bit -- wanting a little bit more time to really assess do those expansion rates continue to go up through the year.

在過去的幾個季度中，擴張率再次遠遠超過了我們的歷史標準，因為現在還很早，而且它往往以我們較大的交易為中心，我認為我們只是有點- 想要更多一點時間來真正評估這些擴張率是否會在這一年中繼續上升。

But as I said, it's the same base of opportunity that we see in the second half of the year is when we originally put togeth

但正如我所說，我們在下半年看到的機會基礎與我們最初整合時的機會基礎相同

er our guidance.

呃我們的指導。

So what you're really seeing is just the strength that we saw in Q1 against what we previously said would be kind of more flattish to low growth on the software side.

因此，您真正看到的只是我們在第一季看到的實力，而我們之前所說的軟體方面的成長將更加平穩或低速。

And given the strong expansion rates we saw on those largest customers, that's where the strength is coming through in Q1.

考慮到我們在這些最大客戶上看到的強勁擴張率，這就是第一季的優勢所在。

Matt Hedberg, RBC.

馬特‧赫德伯格，加拿大皇家銀行。

I have two as well.

我也有兩個。

Maybe the first one, just a point of clarification on some of the improving IT spending trends that you mentioned.

也許是第一個，只是對您提到的一些不斷改善的 IT 支出趨勢進行澄清。

I guess, Francois, I guess, specifically, did you see any change in enterprise buying behavior in the US post the Presidential election, I guess, is the first question?

我想，弗朗索瓦，我想，具體來說，您是否看到總統選舉後美國企業購買行為有任何變化，我想，這是第一個問題？

I want to say no.

我想說不。

However, I mean, our quarter, as you know, started on October 1 and then end on December 31.

然而，我的意思是，如您所知，我們的季度從 10 月 1 日開始，到 12 月 31 日結束。

So the presidential election was in the middle.

所以總統選舉就在中間。

Our quarter is typically back-end loaded.

我們的季度通常是後端加載的。

So naturally, we would have expected a significant amount of our bookings to come after the presidential election, but we cannot point to that being a factor because the pipeline going into the quarter was pretty strong.

因此，我們自然會預期總統選舉後會有大量預訂，但我們不能指出這是一個因素，因為進入本季的管道非常強勁。

And it was more of a continuation and a bit of acceleration of trends that we actually have seen in the last quarter of fiscal 2024, really around customers embracing hybrid multi-cloud and wanting to invest in data center capacity to support application growth.

這更多的是我們在 2024 財年最後一個季度實際看到的趨勢的延續和加速，實際上是圍繞擁抱混合多雲並希望投資資料中心容量以支持應用程式成長的客戶。

I got it.

我得到了它。

Okay.

好的。

That's helpful.

這很有幫助。

And then maybe just an AI question for me.

也許對我來說只是一個人工智慧問題。

You talked a lot about it in your prepared remarks.

您在準備好的發言中對此談了很多。

And I guess digging into a little bit more, the other big topic, and it didn't come up in this call, it really does feel like a genetic AI is kind of changing the way we think about G&A and how organizations think about workflow and automation.

我想再深入一點，另一個大話題，它在這次電話會議中沒有出現，它確實感覺遺傳人工智慧正在改變我們對 G&A 的看法以及組織對工作流程的看法和自動化。

You guys obviously have a focus on app delivery and API security, et cetera.

你們顯然關注應用程式交付和 API 安全性等。

Do you think an genic AI tailwind could start to emerge as that technology proliferates amongst customers?

您認為隨著該技術在客戶中的普及，基因人工智慧的順風車會開始出現嗎？

Well, in terms of -- yes, because the more AI applications and agents are part of that exist.

嗯，就——是的，因為有更多的人工智慧應用和代理。

That means the more data needs to move between data stores and these agents or these models.

這意味著需要在資料儲存和這些代理或這些模型之間移動更多的資料。

And it also means that it's way more APIs to secure and way more AI modules that require security.

這也意味著需要保護的 API 數量和需要安全性的 AI 模組數量都要多。

So for us, an gentic world where also drives more complexity.

因此，對我們來說，世俗世界也帶來了更多的複雜性。

So I should step back a little bit.

所以我應該退後一點。

When we talk about hybrid multi-cloud, we framed that before as this ball of fire, meaning customers have more and more applications or components of applications that are distributed across multiple cloud environments and our multiple infrastructure environments, and they have to connect all these application or app components together.

當我們談論混合多雲時，我們之前將其描述為火球，這意味著客戶擁有越來越多的應用程式或應用程式元件，這些應用程式或應用程式元件分佈在多個雲端環境和我們的多個在基礎設施環境中，並且必須連接所有這些應用程式或應用程式元件在一起。

They have to secure them.

他們必須保護它們。

And it is complex to do that across multiple infrastructure environments.

在多個基礎設施環境中執行此操作非常複雜。

And that's what we call the ball of fire and that's what's driving customers, enterprise customers to sometimes consolidate spend on a player like F5 that can provide security and delivery across all of these environments and simplify the process of securing and delivering across hybrid multi-cloud.

這就是我們所說的“火球”，這就是推動客戶、企業客戶有時整合支出在像F5 這樣的玩家上的原因，它可以在所有這些環境中提供安全性和交付，並簡化跨混合多雲的安全和交付過程。

Now if you think about an gentic world, this is one where AI applications are going to be calling agents that are, of course, in a different infrastructure environment.

現在，如果您考慮一個紳士世界，那麼在這個世界中，人工智慧應用程式將呼叫位於不同基礎設施環境中的代理。

Sometimes folks don't even know where that agenetic application resides.

有時人們甚至不知道遺傳應用程式位於何處。

And so it creates even more complexity around hybrid and multi-cloud environment, and it creates even more need to secure those applications across all these environments.

因此，它使混合和多雲環境變得更加複雜，並且更加需要在所有這些環境中保護這些應用程式。

And so that exponential growth in complexity that could come from an Agentic world is actually a tailwind to a company that solves the ball of fire and solve that complexity.

因此，代理世界可能帶來的複雜性的指數級增長實際上對於解決火球問題並解決複雜性的公司來說是一種順風。

So we feel that could be a significant tailwind.

所以我們認為這可能是重要的推動因素。

But it's very early days for us in AI.

但對我們來說，人工智慧還處於早期階段。

And as you know, and as we have found out over the last several days, we continue to learn something new every week about AI.

如您所知，正如我們在過去幾天中發現的那樣，我們每週都會繼續學習有關人工智慧的新知識。

So we have to remain both excited but also humble about the opportunity.

因此，我們必須對這個機會既保持興奮，又保持謙虛。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Cooper, I don't want to dwell on this, but I think what we're all trying to get at here is these were impressive results.

庫珀，我不想詳述這一點，但我認為我們所有人都在努力獲得這些令人印象深刻的結果。

The largest beat we've seen out of F5, I think ever.

我認為這是我們在 F5 中見過的最大的節奏。

Can you help us understand the differences in terms of what's driving the sustainability here?

您能幫助我們了解推動永續發展的因素之間的差異嗎？

How do we think about -- you talked about the mid-single digits on pricing across systems and software, how to think about also the Citrix share gains, the budget flush, the pull in the large deal and refresh.

我們如何考慮——您談到了跨系統和軟體的定價中個位數，如何考慮 Citrix 的份額收益、預算充裕、大宗交易和更新的拉動。

Just help us level set what the sustainable kind of longer-term vision here is for growth.

只是幫助我們確定可持續成長的長期願景是什麼。

Sure.

當然。

I mean I'll start with kind of what the underlying driver is that's really kind of lifting all facets of our revenue base.

我的意思是，我將從潛在的驅動因素開始，這確實提升了我們收入基礎的各個方面。

And that's the complexity that we resolve for customers with hybrid multi-cloud environments.

這就是我們為具有混合多雲環境的客戶解決的複雜性。

And so we're seeing that show up in the software business and the hardware business and the services business.

因此，我們看到這種情況出現在軟體業務、硬體業務和服務業務中。

On the software side, what is really manifesting in expansion.

在軟體方面，真正體現的是擴展性。

And so -- and that is something that we do think is durable.

所以——我們確實認為這是持久的。

It's accelerating that rate of expansion across the portfolio.

它正在加快整個投資組合的擴張速度。

That is something that we think is very sustainable and that we think long term is really going to benefit our software opportunity.

我們認為這是非常永續的，我們認為從長遠來看，這確實有利於我們的軟體機會。

Now as we've noted, when you see strong expansion across large customers with multiyear software agreements, you see a large upfront recognition of that software opportunity.

現在，正如我們所指出的，當您看到具有多年軟體協議的大客戶的強勁擴張時，您將看到對該軟體機會的大量預先認可。

And so that's where it can get a little bit spiky when you start to see an acceleration in that rate of expansion.

因此，當你開始看到擴張速度加快時，情況可能會變得有點尖峰。

But we're also seeing it across the hardware business, where as Francois noted, customers recognizing that hybrid multi-cloud is their destination.

但我們也在整個硬體業務中看到了這一點，正如弗朗索瓦所指出的那樣，客戶認識到混合多雲是他們的目的地。

That's the environment they're going to be working with in over time has led them to recognize the need to continue to invest in both systems and software solutions.

隨著時間的推移，他們將要面對的環境使他們認識到需要繼續投資於系統和軟體解決方案。

And we are the only player that is invested across all form factors and continued, in particular, to invest in the systems in -- with what we brought to market in our new generation of appliances.

我們是唯一在所有外形尺寸上進行投資的參與者，特別是在我們將新一代設備推向市場的系統上繼續進行投資。

And so that's really what's sustainable about the opportunity.

所以這確實是這個機會的可持續之處。

Now of course, there's going to be some spikiness in whether that's some price pull-in that we may have seen in the current quarter, which we don't think was super material, but there is a little bit of that in terms of the timing of the rev rec on the software expansions.

當然，現在我們可能會在本季度看到一些價格拉動，這是否會出現一些尖峰，我們認為這不是超級重要的，但就軟體擴展的轉速記錄的計時。

But broadly, the underlying theme is something that we think will continue to help drive the revenue opportunity for us over time.

但總的來說，我們認為隨著時間的推移，潛在的主題將繼續幫助我們推動收入機會。

Got it.

知道了。

And then you guys used to talk about F5 as having roughly 200,000 systems, and we think about refreshes every five, seven years on average.

然後你們過去常說 F5 擁有大約 20 萬個系統，我們平均每五、七年考慮更新一次。

Obviously, the supply chain stuff changed a lot of things.

顯然，供應鏈改變了很多事情。

Are we starting to see that, call it, 50,000, 60,000 cohort or even more create a bigger bulge and that's what's giving you guys the confidence around double-digit hardware refresh this year -- I'm sorry, double-digit hardware growth this year?

我們是否開始看到，50,000、60,000 組甚至更多的隊列會造成更大的膨脹，這就是讓你們對今年兩位數硬體更新充滿信心的原因 - 對不起，今年兩位數硬體增長年？

Yes, that's certainly part of it.

是的，這當然是其中的一部分。

It's not so much that the bulge is bigger.

並不是說凸起越大。

It's just that the bulge is a lot closer to us now, and that's where we referenced the end of software support dates that are pending in FY26 and '27.

只是現在凸起離我們更近了，這就是我們提到的軟體支援結束日期，該日期將於 2026 財年和 27 財年懸而未決。

And those really are associated with two product families that are more than half of our installed base today.

這些確實與兩個產品系列相關，這兩個產品系列占我們今天安裝量的一半以上。

And so customers really look to start planning in advance those dates.

因此，客戶確實希望提前開始規劃這些日期。

And every customer is different.

每個客戶都是不同的。

Some will look to drive those refreshes much earlier like well ahead of those dates.

有些人會希望更早推動這些更新，例如早在這些日期之前。

Other customers may run right up to those dates.

其他客戶可能會一直運行到這些日期。

But that's where we're seeing kind of more near-term visibility on the size and shape of what the tech refresh opportunity could look like, and we think it extends well beyond the current year, at least through FY26.

但這就是我們看到技術更新機會的規模和形狀的近期可見性，並且我們認為它會遠遠超出今年，至少到 2026 財年。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

This is Victor Chiu and up for Simon Leopold.

我是維克多·趙（Victor Chiu），西蒙·利奧波德（Simon Leopold）。

I just wanted to follow up on the earlier question that someone asked around the specific triggers around the system refreshes.

我只是想跟進之前有人提出的有關係統刷新的特定觸發器的問題。

It makes sense that these large customers have been sweating assets for quite a while.

這些大客戶長期以來一直在消耗資產，這是有道理的。

But I guess it's just surprising the timing around how they're kind of aligning together.

但我想他們的合作時機令人驚訝。

So I guess, was there some specific dynamic that caused that triggered upgrades to kind of align around the same time?

所以我想，是否有一些特定的動態導致觸發升級大約在同一時間對齊？

And kind of what was the delta, I guess, versus your expectations previously, I guess?

我想，與您之前的預期相比，Delta 值是多少？

\Well, I would say, first of all, we have said already at the start of the year.

\嗯，我想說，首先，我們已經在今年年初說過了。

And in fact, I think we said it during the summer of 2024 that we expected 2025 to be a stronger year for hardware after 1.5 years for customers were sweating assets.

事實上，我認為我們在 2024 年夏天曾說過，我們預計 2025 年將是硬體更強勁的一年，此前 1.5 年客戶都在消耗資產。

And so we have said we expected growth in hardware this year, and it's all -- we now expect both hardware to be actually stronger than we thought at the beginning of the year.

因此，我們已經說過，我們預計今年硬體將出現成長，僅此而已 - 我們現在預計這兩種硬體實際上都會比我們年初的預期更強大。

And that is because the refresh activity and the expansion activity and the takeout rates of competitors is stronger than we anticipated.

這是因為競爭對手的刷新活動和擴展活動以及外賣率比我們預期的要強。

If you go back to the root cause of that, we think it's really driven by customers embracing their hybrid multi-cloud architectures, realizing they need more capacity in their data centers.

如果你回到根本原因，我們認為這實際上是由客戶採用混合多雲架構，意識到他們的資料中心需要更多容量所驅動的。

And therefore, we're getting expansion -- both refresh and expansion on that.

因此，我們正在進行擴展——包括更新和擴展。

We're also getting a number of customers consolidating use cases on F5.

我們也發現許多客戶在 F5 上整合用例。

So we have a number of customers this quarter that shows F5 to consolidate multiple security use cases and displace other point security vendors and go on to F5.

因此，本季我們有許多客戶表明 F5 能夠整合多個安全用例並取代其他單點安全供應商並繼續使用 F5。

That's driven by the investments we've made in security and in next-generation software and hardware over the last several years, all of that's coming to align on, on the opportunity for us to -- both on our systems business and on our software business.

這是由過去幾年我們在安全以及下一代軟體和硬體方面進行的投資推動的，所有這些都將與我們的系統業務和軟體的機會一致商業。

Okay.

好的。

So given that dynamic, I mean, does your expectation around systems growth over the long term change, given these dynamics?

因此，考慮到這種動態，我的意思是，考慮到這些動態，您對系統長期成長的期望是否會改變？

Or do you still expect over time that systems continue to decline?

或者您仍然預計隨著時間的推移系統會繼續下降？

Is that's your expectation?

這是你的期望嗎？

Look, what we have said, we're not here to give long-term guidance.

看，我們所說的，我們不是來提供長期指導的。

But what we have said is that, over time, we expected that more and more customers would move towards adopting more software in their environment.

但我們所說的是，隨著時間的推移，我們預計越來越多的客戶將在他們的環境中採用更多的軟體。

That said, I'd say a lot of these customers, the majority of customers are actually deploying software and hardware in their environment.

也就是說，我想說很多這樣的客戶，大多數客戶實際上是在他們的環境中部署軟體和硬體。

That's why we're talking about hybrid multi-cloud.

這就是我們談論混合多雲的原因。

They want the flexibility to deploy the software in different places, but they continue to deploy hardware.

他們希望能夠靈活地在不同的地方部署軟體，但他們仍然繼續部署硬體。

So over time, the trajectory of the hardware business is -- our views on that haven't changed.

因此，隨著時間的推移，硬體業務的發展軌跡是－我們對此的看法並沒有改變。

Of course, AI and the AI use cases I mentioned earlier, or a bit of a wildcard on that.

當然，人工智慧和我之前提到的人工智慧用例，或者說是一個通配符。

It's too early to know what impact they have on the trajectory of the hardware business.

現在判斷它們對硬體業務的發展軌跡有何影響還為時過早。

But we are starting to see some opportunities for hardware related to AI and that could have some impact down the road on the long-term trajectory of the business.

但我們開始看到一些與人工智慧相關的硬體機會，這可能會對業務的長期發展軌跡產生一些影響。

Matt Dezort, Needham & Company.

馬特·德佐特，李約瑟公司。

Great.

偉大的。

Congrats on the results, guys.

恭喜結果，夥計們。

I guess, Francois, on that AI opportunity you were just talking about, I guess, what visibility do you guys have to those initial opportunities?

我想，弗朗索瓦，關於你剛才談論的人工智慧機會，我想，你們對這些最初的機會有什麼了解？

Where are we at in the rollout of those?

我們在這些方面的推出處於什麼階段？

Can you talk a little bit about your go-to-market for these AI opportunities, whether that's requiring any incremental investment?

您能否談談您將這些人工智慧機會推向市場的情況，是否需要任何增量投資？

And how are you winning these opportunities?

您如何贏得這些機會？

And who are you seeing?

你在見誰？

Thank you.

謝謝。

So there's a bundle of questions there.

所以有很多問題。

I'll try and hit all of them.

我會嘗試擊中他們所有人。

Let me start by saying I am I am very cautious when I speak to our opportunity in AI because I feel things are developing very quickly, and there's always new learnings.

首先我要說的是，當我談到人工智慧領域的機會時，我非常謹慎，因為我覺得事情發展得非常快，而且總是有新的學習機會。

And frankly, the body of data that's available to us to make pattern recognition and long-term projections is those samples are very small today.

坦白說，我們可用於進行模式識別和長期預測的資料主體目前的樣本非常小。

That said, the kinds of deals that we are winning right now are generally large enterprises.

也就是說，我們現在贏得的交易類型通常是大型企業。

And as you know, F5 is a company that is focused on large enterprises.

如您所知，F5 是一家專注於大型企業的公司。

So this is where our account teams are already working and having relationship with customers.

這就是我們的客戶團隊已經在與客戶合作並建立關係的地方。

We are typically winning these opportunities either because our traditional customers are deploying the infrastructure for AI or because the folks deploying AI infrastructure get to know about F5 from their internal stakeholders who deploy F5.

我們通常會贏得這些機會，要么是因為我們的傳統客戶正在部署 AI 基礎設施，要么是因為部署 AI 基礎設施的人員從部署 F5 的內部利益相關者那裡了解了 F5。

We haven't had to make very significant departures from our existing products to date because our existing products are ideal for securing and moving significant amounts of data at speed in this environment.

到目前為止，我們尚未對現有產品做出重大改變，因為我們現有的產品非常適合在此環境中快速保護和移動大量資料。

And so it's a fairly straightforward go-to-market motion for our existing account teams both to find these opportunities and to prosecute these opportunities with our existing solutions.

因此，對於我們現有的客戶團隊來說，這是一個相當簡單的進入市場的行動，既可以找到這些機會，也可以使用我們現有的解決方案來抓住這些機會。

Now going forward, as we learn more about these environments, we may make some targeted customizations, development, et cetera, for these opportunities, but that will come down the road.

現在，隨著我們對這些環境的了解越來越多，我們可能會針對這些機會進行一些有針對性的客製化、開發等，但這將在以後實現。

In terms of the competitive landscape, again, we stand alone in having made the investment in both software and hardware for hybrid multi-cloud environments.

就競爭格局而言，我們再次在混合多雲環境的軟體和硬體方面進行了投資。

These AI architectures are inherently hybrid and multi-cloud because you have data that can reside on-prem or in the cloud.

這些人工智慧架構本質上是混合和多雲，因為您擁有可以駐留在本地或雲端的資料。

You have AI models that are largely in public clouds today, but some enterprises are starting to deploy AI applications on-prem.

如今，人工智慧模式主要位於公有雲中，但一些企業開始在本地部署人工智慧應用程式。

And so you do need the ability to connect these environments together are solutions that operate across them.

因此，您確實需要能夠將這些環境連接在一起，並提供在這些環境中運行的解決方案。

We're very uniquely positioned to serve those needs.

我們的定位非常獨特，可以滿足這些需求。

And that is why we have a good win rate on the opportunities that we have engaged to date.

這就是為什麼我們迄今為止所參與的機會具有良好的勝率。

Have I addressed all of the elements of the question?

我是否已經解決了問題的所有要素？

Yes.

是的。

And then I guess on the competitive environment, it sounds like things are really opening up for you guys.

然後我想在競爭環境中，聽起來事情對你們來說真的很開放。

Anything you can give us on the pipeline of opportunities there. how are win rates trending for hardware as well as in cloud with NGINX and DCS, do you anticipate any changes to the competitive opportunity as you take up prices here in January?

您可以為我們提供的任何機會。硬體以及 NGINX 和 DCS 雲端中的獲勝率趨勢如何，您預計一月份在此處定價時競爭機會會發生什麼變化嗎？

We don't anticipate changes to our competitive opportunity as it relates to prices.

我們預計與價格相關的競爭機會不會改變。

As it relates to your first part of your question, I would say in the software and hardware ADC market, we feel very, very good about our competitive position, which is the result of several years of investment in next-generation software and hardware going against competitors that chose not to do that.

由於這與您問題的第一部分相關，我想說在軟體和硬體 ADC 市場，我們對自己的競爭地位感覺非常非常好，這是多年來對下一代軟體和硬體進行投資的結果。這樣做的競爭對手。

And so large customers, as you know, ADCs are extraordinarily sticky as a technology.

如您所知，ADC 作為一項技術具有極高的黏性。

And despite that, we are able to take out some estates that are pretty significant in large Fortune 500 companies.

儘管如此，我們還是能夠拿走一些在大型財富 500 強公司中相當重要的資產。

So we continue to feel very good about that.

所以我們對此仍然感覺非常好。

And we think that opportunity, a lot of it is still in front of us and will continue.

我們認為，許多機會仍然擺在我們面前，並將持續下去。

In distributed cloud services, we are early, we are an attacker.

在分散式雲端服務中，我們是早期的，我們是攻擊者。

We are very happy that we just passed 1,000 customers there.

我們很高興我們剛剛在那裡接待了 1,000 名顧客。

We went from 0 to 1,000 customers in roughly 30 months.

在大約 30 個月的時間裡，我們的客戶數量從 0 名增加到 1,000 名。

All enterprise customers, all paying customers, of course, And the maturity of our platform is growing every quarter, and we expect to become more and more competitive over time and increase our win rate over time.

當然，所有企業客戶，所有付費客戶，我們平台的成熟度每季都在成長，我們期望隨著時間的推移變得越來越有競爭力，並隨著時間的推移提高我們的贏率。

Sebastien Naji, William Blair.

塞巴斯蒂安·納吉，威廉·布萊爾。

I think a lot of my questions have been sort of asked and answered.

我想我的許多問題都已被提出並得到解答。

So maybe just one for me and somewhat of a point question.

所以也許這對我來說只是一個問題，也是一個關鍵問題。

Could you perhaps update us on your CDN product that came out of the Lilac acquisition?

您能否向我們介紹一下收購 Lilac 後推出的 CDN 產品的最新情況？

And maybe talk a little bit about how much success you're having here?

也許可以談談你在這裡取得了多大的成功？

That seems to be a space that is growing very fast right now.

這似乎是一個目前成長非常快的空間。

And I'm just wondering if this is a part of that DCS business that could be inflecting or growing more rapidly here in the near future.

我只是想知道這是否是 DCS 業務的一部分，在不久的將來可能會發生更快的變化或成長。

Well, thank you, Sebastien.

好吧，謝謝你，賽巴斯蒂安。

Yes, we bring a clarification here. we did bring Lilac and now CDN capability into our overall distributed cloud services platform.

是的，我們在這裡做出澄清。我們確實將 Lilac 和現在的 CDN 功能引入了我們的整體分散式雲端服務平台。

You're absolutely right about that.

你說得完全正確。

And we did that not because we want to go and compete in the city end market as a principle in the CDN market.

我們這樣做並不是因為我們要把城市端市場當作CDN市場的原則去競爭。

We feel that is well served with strong players in the market like Akamai.

我們認為 Akamai 等市場上的強大參與者可以很好地滿足這一需求。

But we did that rather because we have a number of customers that want the security capabilities from F5 like web firewall, API security, DDoS protection, things like web scanning, et cetera.

但我們這樣做是因為我們有許多客戶需要 F5 的安全功能，例如 Web 防火牆、API 安全性、DDoS 保護、Web 掃描等。

And at times, want that bundled with some cash in capability.

有時，希望將其與一些現金能力捆綁在一起。

And so we felt it was important that we'd be able to offer the entire bundle to them.

因此，我們認為能夠向他們提供整個捆綁包非常重要。

And I mentioned we have passed 1,000 customers earlier.

我之前提到我們的客戶數量已經超過 1,000 名。

A number of these customers actually took a full bundle that includes our CDN capability into the solution that they're purchasing from F5.

其中許多客戶實際上將包含我們的 CDN 功能的完整捆綁包納入他們從 F5 購買的解決方案中。

But generally, customers don't come for F5 looking for a CDN.

但一般來說，顧客不會來 F5 找 CDN。

They come to F5 looking for a bundle of capabilities, security, of course, that includes a CDN.

他們來到 F5 尋求一系列功能和安全性，當然也包括 CDN。

And on that, we're doing well with the solution that we got from Lilac.

在這方面，我們從 Lilac 獲得的解決方案做得很好。

Thank you.

謝謝。

As there are no further questions at this time, I would like to turn the floor back to CEO, Francois Locoh-Donou, for closing remarks.

由於目前沒有其他問題，我想請執行長 Francois Locoh-Donou 致閉幕詞。

Well, thank you for joining us.

好的，謝謝您加入我們。

We look forward to seeing many of you during the quarter and to discussing our hybrid multi-cloud and AI opportunities.

我們期待在本季度見到你們中的許多人，並討論我們的混合多雲和人工智慧機會。

Thank you.

謝謝。

Thank you.

謝謝。

And this concludes today's conference, and you may disconnect your lines at this time.

今天的會議到此結束，大家可以掛斷電話了。

Thank you for your participation.

感謝您的參與。