F5 Inc (FFIV) 2025 Q2 法說會逐字稿

Good afternoon, and welcome to the F5 Inc. second-quarter fiscal 2025 financial results conference call. (Operator Instructions) Also, this conference is being recorded. If anyone has any objections, please disconnect at this time.

下午好，歡迎參加 F5 Inc. 2025 財年第二季財務業績電話會議。（操作員指示）此外，本次會議正在錄音。如果有人有異議，請立即斷開連接。

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

現在我將把電話轉給 Suzanne Dulong 女士。女士，您可以開始了。

Hello and welcome. I'm Suzanne Dulong, F5's Vice President of Investor Relations. We're here with you today to discuss our second quarter fiscal-year 2025 financial results. Francois 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. Other members of the F5 executive team are also here to answer questions during the Q&A session.

您好，歡迎光臨。我是 F5 投資人關係副總裁 Suzanne Dulong。今天我們在這裡與您討論 2025 財年第二季的財務表現。F5 總裁兼執行長 Francois Locoh-Donou； F5 執行副總裁兼財務長 Cooper Werner 將在今天的電話會議上發表準備好的演講。F5 執行團隊的其他成員也在現場，在問答環節解答問題。

A copy of today's press release is available on our website at f5.com, where an archived version of today's audio will be available through July 29, 2025. We will post the slide deck accompanying today's webcast to our IR website at the conclusion of our call. To access the replay of today's webcast by phone, dial 877-660-6853 or 201612-7415 and use meeting ID 13752445. The telephonic replay will be available through midnight Pacific time, April 29, 2025. For additional information or follow-up questions, please reach out to me directly at s.dulong@f5.com.

今天的新聞稿副本可在我們的網站 f5.com 上查閱，今天的音訊存檔版本將保留至 2025 年 7 月 29 日。電話會議結束後，我們將把今天網路廣播的幻燈片發佈到我們的 IR 網站上。若要透過電話存取今天網路廣播的重播，請撥打 877-660-6853 或 201612-7415 並使用會議 ID 13752445。電話回放將持續到 2025 年 4 月 29 日太平洋時間午夜。如需更多資訊或後續問題，請直接透過 s.dulong@f5.com 與我聯絡。

Our discussion today will contain forward-looking statements which include words such as believe, anticipate, expect, and target. These forward-looking statements involve uncertainties and risks that may cause our actual results to differ materially from those expressed or implied by these statements. 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表達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，並在提交給美國證券交易委員會的文件中進行了詳細說明。

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參考非 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 對帳表。請注意，F5 沒有義務更新本次通話中提供的任何資訊。

During today's call, Francois will speak to our Q2 highlights and our strategy and growth opportunities. Cooper will then review the details of our Q2 results and our outlook.

在今天的電話會議中，弗朗索瓦將談論我們第二季度的亮點以及我們的策略和成長機會。庫柏隨後將審查我們第二季業績的細節和展望。

I will now turn the call over to Francois.

現在我將電話轉給弗朗索瓦。

Thank you, Suzanne, and hello, everyone. F5's continuous innovation, technology leadership, and unique ability to solve our customers' hybrid multi-cloud challenges were key drivers of our strong Q2 results. We delivered 7% total revenue growth, including 12% product revenue growth. Systems revenue grew 27% while software revenue was flat with the year-ago quarter. We also delivered Q2 non-GAAP EPS of $3.42, representing 18% year-over-year growth, $0.28 above the top end of our guidance range.

謝謝你，蘇珊娜，大家好。F5 的持續創新、技術領先地位以及解決客戶混合多雲挑戰的獨特能力是我們第二季業績強勁的關鍵驅動力。我們實現了總收入成長 7%，其中產品收入成長 12%。系統營收成長 27%，而軟體營收與去年同期持平。我們也實現了第二季非公認會計準則每股收益 3.42 美元，年增 18%，比我們的預期最高值高出 0.28 美元。

Q2 strength reflects continued technology refresh momentum and expansion as customers leverage F5 to modernize their data centers, consolidate vendors, and prepare for AI. We have good visibility into a Q3 pipeline that reflects continued healthy demand in support of data center modernization, competitive takeout momentum, and a large available to renew software subscription base. As a result, we expect Q3 revenue in the range of $740 million to $760 million, implying roughly 8% growth at the midpoint.

第二季的強勁表現反映了持續的技術更新勢頭和擴張，因為客戶利用 F5 來實現資料中心的現代化、整合供應商並為人工智慧做好準備。我們對第三季的銷售管道有很好的了解，這反映了對資料中心現代化、競爭性外帶勢頭以及大量可續訂軟體訂閱基礎的支援持續健康的需求。因此，我們預計第三季營收將在 7.4 億美元至 7.6 億美元之間，這意味著中間值成長約 8%。

In addition, we are raising our guidance for FY25 revenue growth to a range of 6.5% to 7.5%, up from our prior range of 6% to 7%. Our updated range reflects our strong first-half revenue and the dynamics we are currently seeing in the business. Cooper will speak to our outlook in greater detail in just a few minutes. Before he does, I will highlight how we are innovating to address the ball of fire challenges faced by our customers: high cost, crushing complexity, and escalating cyber risks.

此外，我們將 2025 財年營收成長預期從先前的 6% 至 7% 上調至 6.5% 至 7.5%。我們更新後的範圍反映了我們上半年強勁的收入以及我們目前在業務中看到的動態。庫柏將在幾分鐘內更詳細地談論我們的展望。在此之前，我將重點介紹我們如何透過創新來應對客戶面臨的嚴峻挑戰：高成本、巨大的複雜性以及不斷升級的網路風險。

During Q2, we hosted our App World event for customers and partners where we announced a number of exciting innovations. The most significant of these was the introduction of the F5 application delivery and security platform or the ADSP. The ADSP is the industry's only platform that fully converges high-performance load balancing and traffic management with advanced app and API security capabilities. While they are platforms for end points for network access and for cloud workloads, there hasn't been any platform that delivers and secures all apps and APIs across hybrid and multi-cloud environments at scale until now. With the F5's ADSP, we are enabling consistent policies, full visibility and, AI-driven insights, all from a single platform that is flexible to deploy.

在第二季度，我們為客戶和合作夥伴舉辦了 App World 活動，並在會議上宣布了許多令人興奮的創新。其中最重要的是 F5 應用程式交付和安全平台（ADSP）的推出。ADSP 是業界唯一一個完全整合高效能負載平衡和流量管理與先進的應用程式和 API 安全功能的平台。雖然它們是網路存取和雲端工作負載的端點平台，但迄今為止還沒有任何平台能夠在混合和多雲環境中大規模交付和保護所有應用程式和 API。透過 F5 的 ADSP，我們可以透過一個可靈活部署的平台實現一致的策略、全面的可見性和 AI 驅動的洞察力。

We are delivering new capabilities that give CISOs the visibility, compliance, and protection they need to deliver and secure any app, any API, anywhere. Crucially, we are providing powerful automation that helps customers manage large, complex digital estates with greater efficiency, reducing manual overhead, increasing agility, and ensuring consistent enforcement across diverse environments. We are solving the ball of fire. The F5 ADSP provides comprehensive delivery and security for every app and API, seamless deployment across any environment and form factor, unified management with a single, consistent policy framework, deep analytics and actionable insights, programmable data planes for maximum flexibility, and end-to-end lifecycle automation.

我們正在提供新的功能，為 CISO 提供他們需要的可見性、合規性和保護，以便在任何地方交付和保護任何應用程式、任何 API。至關重要的是，我們提供強大的自動化功能，幫助客戶更有效率地管理大型、複雜的數位資產，減少人工開銷，提高靈活性，並確保在不同環境中保持一致的執行。我們正在解決火球問題。F5 ADSP 為每個應用程式和 API 提供全面的交付和安全性、跨任何環境和外形的無縫部署、透過單一一致的策略框架進行統一管理、提供深度分析和可操作的見解、提供可編程資料平面以實現最大靈活性以及提供端到端生命週期自動化。

Just last week, we unveiled broad cybersecurity enhancements to the F5 ADSP. These enhancements significantly improve organization's ability to identify and remediate vulnerabilities and threats to AI and other modern applications. At App World, we also unveiled a suite of groundbreaking customer-centric innovations that showcase the power of the F5 ADSP, while also highlighting our commitment to leveraging advanced AI technologies to enhance customer experiences and drive business growth. These innovations fall into two categories. The first is AI for ADC.

就在上週，我們公佈了 F5 ADSP 的廣泛網路安全增強功能。這些增強功能顯著提高了組織識別和修復人工智慧及其他現代應用程式的漏洞和威脅的能力。在 App World 上，我們也推出了一系列以客戶為中心的突破性創新，展示了 F5 ADSP 的強大功能，同時也強調了我們致力於利用先進的 AI 技術來增強客戶體驗和推動業務成長的承諾。這些創新分為兩類。第一個是針對ADC的AI。

These are innovations that make it easier for customers to harness the power of F5. The second is ADC for AI. These innovations showcase how we are applying our strength in delivery and security to enable AI-driven applications, particularly inference workloads and model interactions. There are three innovations I will highlight in the AI for ADC category. The first is our iRule code generator which will be available later this year.

這些創新使客戶能夠更輕鬆地利用 F5 的強大功能。第二個是針對AI的ADC。這些創新展示了我們如何運用我們在交付和安全方面的優勢來實現人工智慧驅動的應用程序，特別是推理工作負載和模型互動。我將在 ADC 類別的 AI 中重點介紹三項創新。第一個是我們的 iRule 程式碼產生器，將於今年稍後推出。

Programmability and flexibility have always been at the heart of F5 success, and iRules are central to that value. The iRule code generator developed by our F5 AI center of excellence makes this programmability and flexibility more accessible than ever. This solution analyzes existing iRules and configurations to summarize their purpose, components and structure. It also generates new iRules based on business or application requirements and optimizes existing iRule to boost performance, reduce resource usage, and accelerate delivery. With iRule code generator, customers can fully leverage F5's programmable capabilities with greater ease and sophistication.

可程式性和靈活性一直是 F5 成功的核心，而 iRules 則是這價值的核心。我們的 F5 AI 卓越中心開發的 iRule 程式碼產生器使這種可程式性和靈活性比以往任何時候都更容易實現。此解決方案分析現有的 iRules 和配置以總結其目的、組件和結構。它還根據業務或應用程式需求產生新的 iRule，並優化現有的 iRule 以提高效能、減少資源使用並加速交付。透過 iRule 程式碼產生器，客戶可以更輕鬆、更複雜地充分利用 F5 的可程式功能。

The second AI for ADC innovation is expanding our AI assistant functionality across our product families. Today, more than 50% of F5 distributed cloud customers use our AI assistant to better understand and operate their environments. At App World, we expanded this functionality introducing AI assistant for NGINX One, and we announced the AI assistant for BIG-IP will launch later this year. These assistants empower customers with contextual intelligent guidance that reduces time to resolution, improves operational efficiency, and enhances visibility across the stack.

ADC 的第二個 AI 創新是擴展我們產品系列中的 AI 助理功能。如今，超過 50% 的 F5 分散式雲端客戶使用我們的 AI 助理來更好地了解和操作他們的環境。在 App World 上，我們擴展了此功能，引入了針對 NGINX One 的 AI 助手，我們宣布將於今年稍後推出針對 BIG-IP 的 AI 助手。這些助理為客戶提供情境智慧指導，從而縮短解決時間、提高營運效率並增強整個堆疊的可視性。

The third AI for ADC innovation, our new application study tool, addresses the heightened awareness and focus on observability among operators, ensuring they can monitor and optimize performance with unprecedented clarity and precision. In an era where observability is mission-critical, our application study tool delivers unmatched visibility into app and API behavior. It offers deep insights into feature usage, application types, quality of service, and system utilization patterns, both average and peak. As one customer put it, this tool has given us insights we never thought possible. It's like turning on the lights in a room we've been navigating in the dark.

我們的新應用研究工具是第三個用於 ADC 的 AI 創新，它解決了操作員對可觀察性的高度認識和關注，確保他們能夠以前所未有的清晰度和精度監控和優化性能。在可觀察性至關重要的時代，我們的應用程式研究工具可提供對應用程式和 API 行為無與倫比的可見性。它提供了對功能使用情況、應用程式類型、服務品質以及系統利用率模式（包括平均值和峰值）的深入見解。正如一位客戶所說，這個工具為我們提供了從未想過的洞察力。這就像我們在黑暗中摸索時打開了房間裡的燈。

Moving to ADC for AI. In Q2, we announced the general availability of the F5 AI gateway an offering that is purpose-built to secure and manage the new frontier of enterprise AI. As organizations embed generative AI into critical workflows, they need greater governance, visibility, and control. That's where our AI gateway comes in. It inspects both prompts and responses to prevent data leakage, enforce policies, and reduce the risks of unpredictable model behavior.

轉向 ADC 實現 AI。在第二季度，我們宣布全面推出 F5 AI 網關，這是一項專為保護和管理企業 AI 新前沿而構建的產品。隨著組織將生成性人工智慧嵌入關鍵工作流程中，他們需要更強的治理、可見度和控制力。這就是我們的 AI 網關發揮作用的地方。它檢查提示和回應以防止資料外洩、執行策略並降低不可預測的模型行為的風險。

The AI gateway market is just getting started, but we are seeing strong early interest in our solution, particularly with customers who need to scale AI adoption without compromising on trust or compliance. F5 is continuously innovating based on rapidly evolving market demands. We are already beginning to see the emergence of an agentic future, one where AI systems don't just respond to prompt but operate as autonomous agents capable of completing tasks, collaborating with other agents, and adapting over time. This shift is reshaping how applications are built and how infrastructure must respond. To support this evolution, we are expanding our platform with native support for the model context protocol or MCP, a foundational standard created by Anthropic and now being adopted by leaders like OpenAI and Google. MCP enables agents and models to share memory, context, and objectives across interactions, powering persistent multiturn reasoning and coordination.

人工智慧網關市場才剛起步，但我們看到人們對我們的解決方案表現出濃厚的興趣，尤其是那些需要在不損害信任或合規性的情況下擴大人工智慧採用規模的客戶。F5 根據快速發展的市場需求不斷創新。我們已經開始看到代理未來的出現，其中人工智慧系統不僅能夠響應提示，而且可以作為能夠完成任務、與其他代理協作並隨著時間的推移進行適應的自主代理運作。這種轉變正在重塑應用程式的建構方式以及基礎架構的回應方式。為了支持這項發展，我們正在擴展我們的平台，使其原生支援模型上下文協議或 MCP，這是由 Anthropic 創建的基礎標準，目前已被 OpenAI 和 Google 等領導者採用。MCP 使代理人和模型能夠在互動過程中共享記憶、上下文和目標，從而支援持久的多輪推理和協調。

By bringing MCP support to BIG-IP, we are enabling our customers to route, observe and enforce policy across Agentic workflows, turning BIG-IP into a trusted control plane for AI agents operating at scale. As AI architectures shift from stateless queries to contextual autonomous systems, F5 is building the infrastructure foundation to support this next era of intelligent computing. Collectively, these advancements highlight F5's growing role in a hybrid multi-cloud landscape that is increasingly influenced by AI. Today, we continue to win AI use cases across three areas of high-performance data delivery and security. One, delivering and securing data used for both AI model training and inference.

透過為 BIG-IP 提供 MCP 支持，我們使客戶能夠跨 Agentic 工作流程路由、觀察和執行策略，將 BIG-IP 轉變為大規模運行的 AI 代理程式的可信任控制平面。隨著人工智慧架構從無狀態查詢轉向上下文自主系統，F5 正在建立基礎設施基礎以支援下一個智慧運算時代。總的來說，這些進步凸顯了 F5 在日益受到人工智慧影響的混合多雲環境中日益重要的角色。今天，我們繼續在高效能資料交付和安全三個領域贏得人工智慧用例。一是傳遞和保護用於人工智慧模型訓練和推理的資料。

This is where F5 is deployed in front of data stores like our partner, NetApp; two, delivering and securing access to AI models for inferencing. This is where organizations are deploying F5 in front of AI models like Open AI, ChatGPT and Anthropic's Claude; and three, AI factory load balancing both across AI factories and within AI factories as a result of partnerships, including our collaboration with NVIDIA. We are winning deals across all three use cases today.

這就是 F5 部署在資料儲存前面的地方，就像我們的合作夥伴 NetApp 一樣；二、提供並確保對用於推理的人工智慧模型的存取。這是組織在 Open AI、ChatGPT 和 Anthropic 的 Claude 等 AI 模型前部署 F5 的地方；第三，透過合作夥伴關係（包括與 NVIDIA 的合作），實現了 AI 工廠之間以及 AI 工廠內部的負載平衡。今天我們在所有三個用例中都贏得了交易。

In Q2, we secured several new AI wins including an AI gateway and F5 distributed cloud services win with a service provider in our APAC region. The customer aims to establish central governance controls and robust security guard rails within their AI infrastructure. By utilizing F5, they are protecting their ChatGPT interface from prompt injections and abuse while scaling cost effectively for multilingual customer support and ensuring compliance with government regulations.

在第二季度，我們獲得了幾項新的 AI 勝利，包括與亞太地區的服務供應商合作的 AI 網關和 F5 分散式雲端服務勝利。客戶的目標是在其人工智慧基礎設施內建立中央治理控制和強大的安全護欄。透過利用 F5，他們可以保護其 ChatGPT 介面免受提示注入和濫用，同時有效地擴展多語言客戶支援的成本並確保遵守政府法規。

We also secured a win with a North American-based retailer who is leveraging F5's BIG-IP to deliver responsive real-time, AI-powered consumer voice interactions at scale. BIG-IP ensures fast, accurate, and low-latency performance by optimizing traffic and load balancing across the customers' GPUs, thus enabling seamless real-time decision-making and response. We are also delivering robust security features to protect sensitive consumer data and the scalability to handle growing AI workloads. In addition, in the second quarter, increased capacity demands with two existing AI customers drove expansion revenue.

我們還與一家北美零售商達成了合作，該零售商正在利用 F5 的 BIG-IP 大規模提供響應迅速的即時、人工智慧驅動的消費者語音互動。BIG-IP 透過優化客戶 GPU 之間的流量和負載平衡來確保快速、準確和低延遲的效能，從而實現無縫的即時決策和回應。我們還提供強大的安全功能來保護敏感的消費者數據，並提供可擴展性來處理不斷增長的人工智慧工作負載。此外，第二季度，兩家現有AI客戶的產能需求增加推動了擴張收入。

Before I hand the call to Cooper, I will wrap up my prepared remarks with some examples of how customers are leveraging F5 to address their very real ball of fire challenges. I will categorize these across F5's three primary differentiators. First, F5 has the most effective and comprehensive application 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.

在將電話交給 Cooper 之前，我將用一些客戶如何利用 F5 解決他們面臨的現實挑戰的例子來總結我準備好的演講。我將根據 F5 的三個主要差異因素對這些進行分類。首先，F5擁有業界最有效、最全面的應用程式和API安全平台。我們幫助客戶整合點產品，將針對特定威脅的單一整合平台與一套一流的功能整合在一起。

Second, F5's hybrid multi-cloud strategy enables consolidation on a single vendor for app security and delivery. Only F5 delivers solutions that extend from customers on-premises environments across public clouds through the edge. F5 simplifies connecting disparate infrastructure environments and the applications deployed in and across them. And third, F5 solutions streamlined customers' operations with consistent policies, comprehensive automation, and rich analytics. We enable customers to simplify their operational management across all environments.

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的安全性和交付。只有 F5 能夠提供從客戶本地環境延伸至公有雲邊緣的解決方案。F5 簡化了不同基礎設施環境以及在其中和跨其部署的應用程式的連接。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。我們幫助客戶簡化所有環境中的營運管理。

As an example of a customer win that resulted from our comprehensive app and API security, during Q2, we secured a win with a leading insurance company in our Lat Am region. The customer required a modern, flexible, scalable API security solution that could support their rapidly growing API landscape while also ensuring high availability between their main and secondary data centers. F5's hybrid approach strongly appeals to their needs and they deployed a combination of systems and SaaS deployment models with F5 BIG-IP and distributed cloud services.

作為我們全面的應用程式和 API 安全性為客戶贏得勝利的一個例子，在第二季度，我們與拉丁美洲地區一家領先的保險公司贏得了勝利。客戶需要一個現代、靈活、可擴展的 API 安全解決方案，該解決方案可以支援其快速成長的 API 環境，同時確保其主資料中心和輔助資料中心之間的高可用性。F5 的混合方法非常符合他們的需求，他們部署了結合了 F5 BIG-IP 和分散式雲端服務的系統和 SaaS 部署模型。

A standout example of F5's consolidation power came from a win with a major health insurer in our EMEA region. After initially pursuing a cloud-native strategy, the customer turned to F5 to consolidate and unify its security posture across its hybrid on-premises and cloud environment. The customer deploy BIG-IP hardware and software as well as WAP via distributed cloud services, resulting in greater operational efficiency and enhanced observability. Finally, representative of F5's ability to automate and streamline we landed a win with a large financial institution in our EMEA region. The customer is modernizing its network and needed a solution that provided scalability with enhanced security while also enabling them to automate using infrastructure as code.

F5 整合能力的一個突出例子來自與 EMEA 地區一家大型健康保險公司的合作。在最初推行雲端原生策略後，客戶轉向 F5 來整合和統一其在混合本地和雲端環境中的安全態勢。客戶透過分散式雲端服務部署BIG-IP硬體和軟體以及WAP，從而提高營運效率並增強可觀察性。最後，F5 的自動化和精簡能力體現在我們與 EMEA 地區的一家大型金融機構的合作中。客戶正在對其網路進行現代化改造，需要一個能夠提供可擴展性和增強安全性的解決方案，同時也能讓他們使用基礎設施即程式碼自動化。

The customer is leveraging BIG-IP's automation capabilities to remove manual processes and life cycle risk. In addition, they are taking advantage of F5's BIG-IP scalability and distributed cloud services ability to support their multi-cloud strategies. F5 differentiated approach to hybrid multi-cloud also continues to drive competitive displacement momentum across our portfolio. For instance, during Q2, we successfully displaced a traditional ADC competitor at a leading North American insurance brokerage. F5 superior ADC capabilities and exceptional responsiveness capitalized on the customers' growing concerns about its incumbent provider, allowing us to secure a deal for F5 BIG-IP to support the customers' internal application and delivery solution.

客戶正在利用 BIG-IP 的自動化功能來消除手動流程和生命週期風險。此外，他們還利用 F5 的 BIG-IP 可擴展性和分散式雲端服務能力來支援他們的多雲策略。F5 對混合多雲的差異化方法也繼續推動我們整個產品組合的競爭替代勢頭。例如，在第二季度，我們成功取代了北美一家領先保險經紀公司的傳統 ADC 競爭對手。F5 卓越的 ADC 功能和出色的回應能力充分利用了客戶對其現任提供者日益增長的擔憂，使我們能夠達成 F5 BIG-IP 交易，以支援客戶的內部應用和交付解決方案。

Also in Q2, we underscored F5's value as a strategic partner to our customers, a North American-based service provider already an F5 customer, chose F5 to replace its long-time incumbent DDoS provider. This decision was driven not only by our robust DDoS capabilities, but also by our ability to consolidate multiple functionalities enabling the customer to streamline vendor management. Collectively, these wins highlight F5's growing role in a hybrid multi-cloud landscape that is increasingly influenced by AI.

同樣在第二季度，我們強調了 F5 作為客戶策略合作夥伴的價值，一家北美服務提供者已經是 F5 的客戶，選擇 F5 來取代其長期的 DDoS 供應商。這項決定不僅是因為我們強大的 DDoS 功能，還因為我們能夠整合多種功能，使客戶能夠簡化供應商管理。總的來說，這些勝利凸顯了 F5 在日益受到人工智慧影響的混合多雲領域中日益重要的作用。

Now I will turn the call to Cooper to speak to our Q2 results and provide some additional color on our outlook. Cooper?

現在我將把電話轉給 Cooper，讓他談談我們的第二季業績，並對我們的前景提供一些額外的說明。庫柏？

Thank you, Francois, and hello, everyone. I will review our Q2 results before I elaborate on our Q3 and FY25 outlook.

謝謝你，弗朗索瓦，大家好。在詳細闡述我們第三季和 2025 財年的展望之前，我將回顧我們第二季的業績。

As Francois noted, we delivered a strong Q2, growing revenues 7% to $731 million and reflecting a mix of 54% global services revenue and 46% product revenue. Global services revenue of $394 million grew 3%. Product revenue totaled $337 million, up 12% yearover year due to strong systems growth. Our software revenue of $158 million was flat as Q2 had our smallest subscription renewal base of the year. subscription-based software revenue totaled $138 million, down 2% year-over-year, representing 87% of our total software revenue.

正如弗朗索瓦所指出的，我們第二季業績表現強勁，營收成長 7%，達到 7.31 億美元，其中全球服務收入佔 54%，產品收入佔 46%。全球服務收入 3.94 億美元，成長 3%。由於系統強勁成長，產品收入總計 3.37 億美元，較去年同期成長 12%。我們的軟體收入為 1.58 億美元，與去年持平，因為第二季的訂閱續訂基數是今年最小的。基於訂閱的軟體收入總計 1.38 億美元，年減 2%，占我們軟體總收入的 87%。

Perpetual license software totaled $20 million in Q2, up 9% year-over-year. Systems revenue totaled $179 million, up 27% year-over-year. Our systems revenue is benefiting from a number of factors. First, customers continue to refresh aging hardware states. Similar to last quarter, we experienced widespread refresh activity in Q2 with strong customer demand across verticals and geographies.

第二季永久授權軟體總額為 2,000 萬美元，較去年同期成長 9%。系統收入總計 1.79 億美元，較去年同期成長 27%。我們的系統收入受益於多種因素。首先，客戶不斷更新老化的硬體狀態。與上一季類似，我們在第二季度經歷了廣泛的更新活動，各個垂直行業和地區的客戶需求強勁。

In addition, upcoming end of software support dates for our VIPRION and iSeries families are also driving reinvestment by customers. Combined, these families account for more than 50% of our installed base, representing a significant ongoing refresh opportunity.

此外，我們 VIPRION 和 iSeries 系列軟體支援即將結束，這也推動了客戶的再投資。這些系列加起來占我們安裝基數的 50% 以上，代表著一個重大的持續更新機會。

Beyond these F5's specific drivers and the mechanics of a normal refresh cycle, we believe there are several durable tailwinds benefiting our systems business. First, customers are building out their future hybrid multi-cloud architectures as they modernize and expand data centers. Second, customers are investing to prepare for AI. Third, we are driving continued competitive displacement and new customer wins as a result of our commitment to innovation. We believe all of these factors are contributing to our system strength and to our opportunity going forward.

除了 F5 的特定驅動因素和正常更新周期的機制之外，我們相信還有幾個持久的順風因素有利於我們的系統業務。首先，客戶在將資料中心現代化改造的同時，也正在建構未來的混合多雲架構。其次，客戶正在投資為人工智慧做好準備。第三，由於我們致力於創新，我們正在推動持續的競爭取代和新客戶的贏得。我們相信所有這些因素都有助於增強我們的系統實力並帶來未來的機會。

Revenue from recurring sources contributed 72% of our Q2 revenue. Our recurring revenue comes from a combination of our subscription-based revenue and the maintenance portion of our global services revenue.

經常性收入占我們第二季營收的 72%。我們的經常性收入來自訂閱收入和全球服務收入的維護部分。

Shifting to revenue distribution by region, our teams drove growth across all theaters. Revenue from the Americas grew 3% year-over-year, representing 54% of total revenue; EMEA delivered 20% growth, representing 29% of revenue, and APAC grew 3%, representing 17% of revenue. Looking at our major verticals, enterprise customers represented 69% of Q2's product bookings. Government customers represented 20% of product bookings, including 7% from U.S. Federal.

透過轉向按地區分配收入，我們的團隊推動了所有影院的成長。美洲地區營收年增3%，佔總營收的54%；歐洲、中東和非洲地區成長 20%，佔營收的 29%，亞太地區成長 3%，佔營收的 17%。從我們主要的垂直產業來看，企業客戶佔第二季產品預訂量的 69%。政府客戶佔產品預訂量的 20%，其中美國聯邦政府佔 7%。

Finally, service providers represented 11% of Q2 product bookings.

最後，服務提供者佔第二季產品預訂量的 11%。

Our continued operating discipline contributed to our strong Q2 operating results. GAAP gross margin was 80.7%. Non-GAAP gross margin was 83.1%, up 98 basis points year-over-year. Our GAAP operating expenses were $431 million. Our non-GAAP operating expenses were $374 million.

我們持續的經營紀律促成了我們第二季強勁的經營業績。GAAP毛利率為80.7%。非公認會計準則毛利率為83.1%，較去年成長98個基點。我們的 GAAP 營運費用為 4.31 億美元。我們的非公認會計準則營運費用為 3.74 億美元。

Our GAAP operating margin was 21.7%. Our non-GAAP operating margin was 31.9%, an improvement of 103 basis points year over year. Our GAAP effective tax rate for the quarter was 15%. Our non-GAAP effective tax rate was 18.1%. This reflects a one-time benefit recorded in Q2 related to foreign operations.

我們的 GAAP 營業利潤率為 21.7%。我們的非公認會計準則營業利益率為 31.9%，較去年同期成長 103 個基點。本季我們的 GAAP 有效稅率為 15%。我們的非公認會計準則有效稅率為 18.1%。這反映了第二季與海外業務相關的一次性收益。

Our GAAP net income for the quarter was $146 million or $2.48 per share. Our non-GAAP net income was $201 million or $3.42 per share, reflecting 18% growth from the year-ago period.

本季我們的 GAAP 淨收入為 1.46 億美元，即每股 2.48 美元。我們的非公認會計準則淨收入為 2.01 億美元，即每股 3.42 美元，較去年同期成長 18%。

I will now turn to cash flow and balance sheet metrics, all of which remain very strong. We generated a record $257 million in cash flow from operations in Q2. CapEx was $11 million. DSO for the quarter was 47 days. Cash and investments totaled approximately $1.27 billion at quarter end.

現在我將談談現金流和資產負債表指標，它們都仍然非常強勁。我們第二季的營運現金流創下了 2.57 億美元的紀錄。資本支出為 1100 萬美元。資料儲存器本季的休假天數為 47 天。季度末現金和投資總額約為 12.7 億美元。

Deferred revenue was $1.92 billion, up 6% from the year-ago period. In Q2, we repurchased $125 million worth of F5 shares at an average price of $259 per share. As of the end of Q2, we had $1.2 billion remaining on our authorized stock repurchase program. Year to date, we have repurchased shares equivalent to 57% of our free cash flow. Finally, we ended the quarter with approximately 6,500 employees.

遞延營收為 19.2 億美元，較去年同期成長 6%。第二季度，我們以平均每股 259 美元的價格回購了價值 1.25 億美元的 F5 股票。截至第二季末，我們授權的股票回購計畫還剩餘 12 億美元。年初至今，我們已回購了相當於自由現金流 57% 的股票。最後，本季結束時我們擁有約 6,500 名員工。

Before I speak to our outlook, let me touch on the topic of tariffs with respect to potential cost impacts as well as our supply chain. On the cost side, we have low tariff exposure across our systems business as the majority of our finished goods are USMCA compliant and are, therefore, duty-free on import into the United States from our Mexico-based contract manufacturing facility. Outside of our finished goods, we have a small amount of tariff exposure related to peripherals and other internal used goods imported from various countries. In total, we estimate our FY25 tariff-related costs will be in the low single-digit millions, which we expect to offset through ongoing efficiency gains in our manufacturing and support operations. From a supply perspective, we do not expect any material impacts to lead times or availability as a result of our resilient and diversified global supply chain.

在談論我們的前景之前，讓我先談談關稅對潛在成本以及我們的供應鏈的影響。在成本方面，我們的系統業務的關稅風險較低，因為我們的大多數成品都符合 USMCA 標準，因此從我們位於墨西哥的合約製造工廠進口到美國時是免稅的。除了我們的成品外，我們還面臨與從各國進口的外圍設備和其他內部二手商品相關的少量關稅風險。總體而言，我們估計 25 財年的關稅相關成本將達到數百萬，我們預計這筆成本將透過製造和支援業務的持續效率提升來抵消。從供應角度來看，由於我們擁有靈活且多樣化的全球供應鏈，我們預計交貨時間或可用性不會受到任何重大影響。

I will now speak to our Q3 and full-year outlook. With the exception of revenue, my guidance comments reference non-GAAP metrics. As Francois noted, visibility into our Q3 pipeline and customer demand remains strong, and we are not seeing any direct signs of near-term demand erosion. Accounting for these factors, we expect Q3 revenue in the range of $740 million to $760 million, implying 8% year-over-year growth at the midpoint. We expect growth will be driven by sustained strong demand for F5's solutions in support of data center modernization and strong software revenue growth, supported by a substantial subscription software renewal base in Q3.

我現在將談談我們第三季和全年的展望。除收入外，我的指導意見參考非 GAAP 指標。正如弗朗索瓦所指出的，我們第三季的銷售管道和客戶需求的可見度仍然強勁，而且我們沒有看到任何短期需求下降的直接跡象。考慮到這些因素，我們預計第三季營收將在 7.4 億美元至 7.6 億美元之間，這意味著中位數年增 8%。我們預計，成長將受到對 F5 解決方案持續強勁的需求（支援資料中心現代化）和強勁的軟體收入成長的推動，這得益於第三季大量訂閱軟體續訂基礎的支持。

We expect non-GAAP gross margin of approximately 83% to 83.5%. We estimate Q3 non-GAAP operating expenses of $366 million to $378 million. We expect Q3 share-based compensation expense of approximately $57 million to $59 million. We anticipate Q3 non-GAAP EPS in a range of $3.41 to $3.53 per share.

我們預計非公認會計準則毛利率約為 83% 至 83.5%。我們預計第三季非公認會計準則營運費用為 3.66 億美元至 3.78 億美元。我們預計第三季股權激勵費用約為 5,700 萬至 5,900 萬美元。我們預計第三季非公認會計準則每股收益將在 3.41 美元至 3.53 美元之間。

I will now speak to our fiscal '25 outlook. Balancing the strength we are currently seeing in the business with some prudence in relation to the macro environment, we are raising our revenue outlook for FY25 to 6.5% to 7.5% growth, up from our prior range of 6% to 7%. This view incorporates our expectations that both systems and software revenue will grow double digits for the year. We continue to expect FY25 non-GAAP gross margin in a range of 83% to 84% and non-GAAP operating margin at or around 35%. We are adjusting our expected FY25 non-GAAP effective tax rate to a range of 20% to 22% from the prior range of 21% to 23%.

我現在要談談我們對 25 年財政狀況的展望。平衡我們目前看到的業務優勢與宏觀環境相關的一些謹慎態度，我們將 25 財年的收入預期從先前的 6% 至 7% 的成長範圍上調至 6.5% 至 7.5%。這一觀點體現了我們的預期，即今年系統和軟體收入都將實現兩位數成長。我們繼續預期 25 財年非 GAAP 毛利率將在 83% 至 84% 之間，非 GAAP 營業利潤率將在 35% 左右。我們將預期的 25 財年非 GAAP 有效稅率從先前的 21% 至 23% 調整至 20% 至 22% 之間。

This change reflects the one-time benefit recorded in Q2 related to foreign operations. We are raising our FY25 EPS outlook to growth of 8% to 10%, up from our prior guidance of 6.5% to 8.5% growth driven by the increase in our revenue outlook and the benefit from the tax rate change. Finally, we intend to continue to use at least 50% of our annual free cash flow towards share repurchases in FY25.

這項變更反映了第二季與海外業務相關的一次性收益。我們將 2025 財年每股收益預期上調至成長 8% 至 10%，高於先前預測的 6.5% 至 8.5% 的成長，這得益於我們收入預期的提高和稅率變化帶來的好處。最後，我們打算在 25 財年繼續使用至少 50% 的年度自由現金流量用於股票回購。

With that, I'll turn the call over to Francois.

說完這些，我將把電話轉給弗朗索瓦。

Thank you, Cooper. Today, F5 is delivering the hybrid multi-cloud solutions our customers need. We are alleviating the high costs, crushing complexity and escalating cyber risks IT teams face in an increasingly AI-driven, hybrid and multi-cloud world.

謝謝你，庫柏。今天，F5 正在提供我們的客戶所需的混合多雲解決方案。我們正在減輕 IT 團隊在日益由人工智慧驅動、混合和多雲的世界中面臨的高成本、巨大複雜性和不斷升級的網路風險。

With the recently introduced F5 application delivery and security platform, we are enabling consistent policies, full visibility and AI-driven insights all from a single platform that is flexible to deploy. We are delivering new capabilities that give CISOs the visibility, compliance and protection they need to deliver and secure any app any API anywhere. F5 is also claiming a growing role across the broader hybrid multi-cloud landscape and building the infrastructure foundation to support the next era of intelligent computing.

借助最近推出的 F5 應用程式交付和安全平台，我們可以透過靈活部署的單一平台實現一致的策略、全面的可視性和 AI 驅動的洞察。我們正在提供新的功能，為 CISO 提供所需的可見性、合規性和保護，以便在任何地方交付和保護任何應用程式的任何 API。F5 也在更廣泛的混合多雲領域發揮越來越重要的作用，並建立了支援下一個智慧運算時代的基礎設施基礎。

Operator, please open the call to questions.

接線員，請打開電話詢問。

(Operator Instructions) Tim Long, Barclays.

（操作員指示）巴克萊銀行的蒂姆·朗。

Maybe one and then a follow-up if I could as well. Thanks for the comments here, guys. On the software side, seemed like a little bit of an underperformance in Q2, maybe that we just had it holding correctly, but pretty big growth in the second half embedded to get to double digits. So could you just give us a little color? It sounds like the subscription pipeline is strong.

如果可以的話，也許可以先進行一次後續跟進。謝謝大家在這裡的評論。在軟體方面，第二季的表現似乎有點不佳，也許我們只是正確地保持了它，但下半年的成長相當大，達到了兩位數。那你能給我們講講嗎？聽起來訂閱管道很強大。

Just curious how that's going to break out between maybe renewals or new business and given the macro uncertainty, is there any risk to that? And then on the follow-up on the hardware side, you Cooper, I think you listed a number of things that are positive. I'm just curious how big a driver and how the ramp of these replacements will go? Is that currently one of the major things that customers are talking about as far as their upgrades in that 50%, do you expect that to move rather quickly away from the base that's aged?

只是好奇這將如何在續約或新業務之間爆發，考慮到宏觀不確定性，這是否存在風險？然後關於硬體方面的後續事宜，Cooper，我認為您列出了一些積極的事情。我只是好奇這些替代品的驅動力有多大以及坡道會如何發展？就那 50% 的升級而言，這是目前客戶談論的主要事情之一嗎？您是否預計這很快就會擺脫老舊的客戶群？

Sure. Thanks, Tim. I'll start with the software question. You're right, the growth is really weighted to the second half of the year, tied to a pretty substantial renewal opportunity we have across both Q3 and Q4, and that's something we outlined at the beginning of the year. So I think that software really is kind of progressing with the seasonality that we are expecting going into the year.

當然。謝謝，蒂姆。我先從軟體問題開始。你說得對，成長確實集中在下半年，與我們在第三季和第四季擁有的相當大的更新機會息息相關，這也是我們在年初概述的內容。所以我認為軟體確實正在隨著我們預期的新年季節性而進步。

The mix related to the renewals in the second half is that's a higher weighting. We talked about going into the year, roughly 2/3 of our software business would likely come from renewals. And that renewal component is more weighted to the second half. And so -- and the last thing I'll say on that is that visibility we have within that renewal opportunity is pretty good. So we have good insights as to how customers have been deploying their software that's coming up for renewal.

與下半年續約相關的組合具有更高的權重。我們談到，進入今年，我們的軟體業務大約 2/3 可能來自續約。而更新部分則較集中在下半年。所以——我最後要說的是，我們在這次續約機會中的可見度相當好。因此，我們對客戶如何部署即將更新的軟體有了很好的了解。

We've seen a continuation of the trend of expansion at renewal across the portfolio. And so just based on everything that we're seeing across that base in the second half, we think we've got a pretty good insight as to what that growth rate looks for the second half in line with the double-digit guide for the year.

我們看到整個投資組合的更新擴張趨勢持續存在。因此，僅根據我們在下半年看到的所有情況，我們認為我們對下半年的成長率有了相當好的了解，與今年的兩位數指導一致。

And Tim, I'll take your question on hardware. So obviously, you saw hardware was up 27% year-on-year this quarter with strong revenue growth. And as we shared in the prepared remarks, a meaningful portion of that, of course, is driven by strong momentum on the refresh cycle, and we think that, that cycle will last into -- well into 2026. Given the fact that we had a number of customers that did sweat assets in '23 and early '24 and are now proceeding with this refresh. And as Cooper mentioned, there's a significant portion of our installed base that is going to be up for refresh over the next coming 2 quarters.

提姆，我來回答你關於硬體的問題。顯然，您會看到本季硬體年增 27%，營收成長強勁。正如我們在準備好的發言中分享的那樣，其中很大一部分當然是由更新周期的強勁勢頭推動的，我們認為，該週期將持續到 2026 年。鑑於我們有許多客戶在 2023 年和 2024 年初進行了汗水資產更新，現在正在進行更新。正如庫柏所提到的，我們安裝的基數中有很大一部分將在接下來的兩個季度內進行更新。

That said, the strength that we are seeing in hardware, if you dig into it, it's a lot more than just refresh. We're seeing some tailwinds in what I would call the non-refresh business that are driven by 3 factors. One is we are seeing -- as customers really embed us, sorry, in their future forward architectures both hybrid and multi-cloud architectures. We are seeing more investments in data center modernization and extension of data center capacity and customers also getting ready for -- for AI, so that's one tailwind to the hardware business. We're also continuing to displace competitors and that's also creating tailwind on the hardware business.

也就是說，如果你深入研究，就會發現我們在硬體方面所看到的實力遠不止刷新那麼簡單。我們看到非更新業務出現了一些順風，由三個因素推動。一是我們看到——客戶真正將我們嵌入到他們未來的前向架構中，包括混合架構和多雲架構。我們看到在資料中心現代化和資料中心容量擴展方面的投資越來越多，客戶也為人工智慧做好了準備，所以這對硬體業務來說是一個順風。我們也持續取代競爭對手，這也為硬體業務創造了順風。

And that the third tailwind, of course, is AI where we are seeing growing momentum in a number of use cases around supporting AI workloads. So data delivery for AI workloads and increasingly also some use cases in security. So those are 3 tailwinds we're seeing on the hardware business.

當然，第三個順風是人工智慧，我們看到支援人工智慧工作負載的許多用例都呈現出成長勢頭。因此，AI 工作負載的資料傳輸以及安全領域的一些用例也日益增加。這就是我們在硬體業務上看到的三個順風因素。

Now if you pull way off from your question, which was part about software and hardware, the overall strength we're seeing on the business is really driven by these hybrid multi-cloud architectures where we have more and more customers that want to have applications on-premise, what to have applications in public cloud are operating across multiple infrastructure environment really want the flexibility to be able to deploy in software, in software as a service or in hardware don't necessarily know what model they will deploy at what time, but really look at F5 as a partner that really is the only company that can serve all these models and deploy across all these environments. So that's driving both the strength, I think we're going to see this year in software and the strength in hardware.

現在，如果您從有關軟體和硬體的問題中抽離出來，我們在業務上看到的整體優勢實際上是由這些混合多雲架構驅動的，我們有越來越多的客戶希望在本地擁有應用程序，在公共雲中擁有跨多個基礎設施環境運行的應用程序，他們真正希望能夠靈活地在軟體、軟體即服務或硬體中部署，並不一定知道他們將在什麼時候部署什麼模型視為合作夥伴，它是唯一一家能夠服務所有這些模型並在所有這些環境中部署的公司。所以，我認為，這將推動軟體和硬體的強勁發展。

Ryan Koontz, Needham & Company.

瑞安·孔茨（Ryan Koontz），Needham & Company。

Congrats on a great quarter there (inaudible) on the call. I want to ask about your competitive displacement opportunity here. How would you characterize kind of where you are in that cycle? Or do you feel like you've got enough critical mass here in terms of really getting to sizable wins in displacing? And how long do you think that cycle can last?

恭喜您在電話中度過了一個美好的季度（聽不清楚）。我想問一下你們這裡的競爭性替代機會。您如何描述自己處於該週期中的位置？或者您覺得您已經擁有足夠的臨界質量，可以在取代方面真正取得可觀的勝利？您認為這個週期可以持續多久？

Ryan, I'll put it in two categories. The first category is essentially going into new accounts or accounts where we have not been the main provider, specifically in ADC and displacing competitors that are not performing. We still think we are in early innings in that opportunity and that the majority of the opportunity there still is ahead of us, and we think will continue for multiple quarters. We have won several hundred accounts in that category. But in the vast majority of these accounts, when we are winning the initial lending we are winning less than half of the installed base upfront.

瑞安，我將其分為兩類。第一類基本上是進入新帳戶或我們尚未成為主要提供者的帳戶，特別是在 ADC 中，並取代表現不佳的競爭對手。我們仍然認為，我們正處於這一機會的早期階段，並且大部分機會仍然擺在我們面前，我們認為這種機會將持續多個季度。我們已經在該類別中贏得了數百個帳戶。但在絕大多數這些帳戶中，當我們贏得初始貸款時，我們贏得的預付安裝基數還不到一半。

And therefore, there's opportunity to expand within the accounts where we have already made a displacement. And of course, there are a lot of other accounts we'll be going after over the next several quarters. So I think it's early innings and the majority of the opportunity is ahead of us.

因此，我們有機會在已經進行置換的帳戶內進行擴展。當然，在接下來的幾個季度裡，我們還會爭取很多其他客戶。所以我認為現在還處於早期階段，大部分機會還在我們面前。

There is the second category of displacement which is where we are already present in an account, but we are consolidating increasingly consolidating functionality into -- onto F5 typically displacing a competitor that offers a point product be it in security or in that delivery, and we're consolidating on F5. Now that motion has been in place now for several quarters. You may have seen that we announced earlier this quarter, the launch of our application delivery and security platform, which really converges more delivery and security functionality into a single stack and brings a lot of analytics and insights to make it way easier to manage, to visualize the provision app delivery and security services. And so we expect that with the launch of that platform our ability to consolidate functionality and take share from consolidating vendors out will accelerate. And when you combine those portfolio capabilities, if you will, with the commercial flexibility that we offer our customers to consume in hardware to consume in perpetual license and hardware software in subscription model and in a Software as a Service model and the fact that we've brought these consumption models under the right commercial vehicle, that accelerates our ability as well to consolidate functionality into F5 into our large accounts.

第二類置換是我們已經存在於某個帳戶中，但我們正在將越來越多的功能整合到 F5 中，通常會取代提供點產品的競爭對手，無論是在安全性還是在交付方面，我們正在 F5 上進行整合。現在該動議已經實施了幾個季度了。您可能已經看到，我們在本季早些時候宣布推出應用程式交付和安全平台，該平台實際上將更多的交付和安全功能整合到單一堆疊中，並帶來大量分析和見解，使其更易於管理，並可視化提供應用程式交付和安全服務。因此，我們預計，隨著該平台的推出，我們整合功能和從整合供應商手中奪取市場份額的能力將會加快。而且，當您將這些產品組合功能與我們為客戶提供的商業靈活性相結合時，即以永久許可和訂閱模式以及軟體即服務模式使用硬體和硬體軟體，而且我們已經將這些消費模式納入正確的商業載體，這也加速了我們將功能整合到 F5 中並用於我們的大客戶的能力。

So those would be the two categories of displacement. Both opportunities, we think, are still largely ahead of us.

這就是位移的兩類。我們認為，這兩個機會仍然很大程度上擺在我們面前。

Super helpful color there. A quick follow if I could, around the platform. How how fully featured is this? It's around BIG-IP, right, the platform play?

那裡的顏色超級有用。如果可以的話，我會快速跟隨平台。這個功能有多齊全？它是圍繞著 BIG-IP 展開的，對吧，平台發揮作用？

No, the platform play is -- it's really bringing our three product families together. So you have big the distributed cloud and NGINX, all coming under the single umbrella of the application delivery and security platform.

不，平台的作用是——它真正將我們的三個產品系列整合在一起。因此，您擁有龐大的分散式雲端和 NGINX，它們都屬於應用程式交付和安全平台的單一保護傘下。

Amit Daryanani, Evercore.

阿米特·達亞納尼 (Amit Daryanani)，Evercore。

I guess, Francois, maybe just start off with you folks obviously have seen very good growth on the hardware systems side in the front half. First half of the year, it's up like 2%. Just given everything you've talked about both from a displacement side plus the reverse cycle. Can you just talk about why the embedded assumption that this growth would decelerate to, I think you're implying high single-digit growth in the back half of the year? Maybe just help understand like what's decelerating to that magnitude on the hardware side in the back half of the year.

我想，弗朗索瓦，也許你們一開始就顯然看到上半年硬體系統方面取得了非常好的成長。今年上半年，這一數字上漲了約2%。剛才您從位移方面和逆循環方面討論了所有內容。您能否談談為什麼嵌入的假設是這種增長會減速，我認為您暗示的是下半年將出現高個位數增長？也許只是有助於理解為何下半年硬體方面會出現如此程度的減速。

Yes. So look, essentially, you will have seen, Amit, that we raised our total revenue guidance from 6% to 7% to 6.5% to 7.5% for the full year. Now when we look at the second half of the year and the revenue -- the guidance raised on the revenue, we were appropriately conservative in that rate, largely because of the volatility we see in the macro. Now I want to be very clear about this. We are not seeing today any change in the buying behavior or demand patterns of our customers as a result of the macro.

是的。因此，從本質上講，阿米特，您會看到，我們將全年總收入預期從 6% 到 7% 提高到了 6.5% 到 7.5%。現在，當我們回顧下半年的收入時——收入預期有所提高，我們對這一增長率持適當保守的態度，這主要是因為我們看到宏觀經濟的波動性。現在我想非常清楚地說明這一點。目前，我們並未看到客戶的購買行為或需求模式因宏觀因素而有任何變化。

We have been looking at this very closely. We are looking at pipeline creation. We are looking at close rates on pipeline. We are looking at linearity we are looking at the time it takes to close deals, and we haven't seen any change, frankly, over the last quarter with our customers. That said, when we were projecting to full year guidance, we decided to loss raising guidance, we decided to be appropriately conservative given what could come to be seen later on in the year if the macro environment deteriorates from where it is today.

我們一直在密切關注此事。我們正在研究管道創建。我們正在研究管道的接近費率。我們正在觀察線性度，觀察完成交易所需的時間，坦白說，上個季度我們沒有看到客戶有任何變化。也就是說，當我們預測全年指引時，我們決定提高虧損指引，我們決定採取適當的保守態度，因為如果宏觀環境從現在的水平惡化，那麼今年稍後可能會出現什麼情況。

Got it. That's perfectly helpful. And then if I could just follow up, you talked about sort of three use cases on AI that are starting to ramp up from what you folks see. Can you just talk about at least qualitatively which of these three use cases you think is the largest opportunity from a dollar basis for the company? And then where are you seeing better traction right now versus not?

知道了。這非常有幫助。然後，如果我可以跟進的話，您談到了人工智慧的三種用例，從您所看到的來看，這些用例正在開始增加。您能否至少從定性角度談談，您認為這三種用例中的哪一個從美元基礎來看對公司來說是最大的機會？那麼，您現在在哪裡看到了更好的牽引力而不是沒有的牽引力？

Yes. That's a really important topic. We are -- the largest use case for us today in terms of where most -- we're seeing most of the dollars is in data delivery for AI models. So this is where we are -- BIG-IP is typically actually in hardware is being inserted in front of beta stores to enable the rapid movement and secure movement of massive amounts of data between data stores and AI applications in training or in inferencing, frankly. So that is the, I would say, the lion's share of the opportunity today.

是的。這是一個非常重要的主題。就目前我們最大的用例而言，我們看到大部分資金都用於人工智慧模型的資料傳輸。所以這就是我們所處的階段——BIG-IP 通常實際上是在硬體中插入測試版儲存的前面，以實現在資料儲存和訓練或推理中的 AI 應用程式之間快速移動和安全移動大量資料。所以我想說，這就是今天最大的機會。

Then when we go to the next two, we think they are largely ahead of us. We are starting with security and securing and securing AI-powered applications, both with our WAF solution and with the AI Gateway that we just recently announced, which is a new solution that focus built for AI that went GA this quarter, and we're starting to see early traction with that. But again, that opportunity is very early. And the third opportunity is also early which is AI factory load balancing. Again, BIG-IP will play an important role in that load balancing traffic in fall of factories or within AI factories.

然後，當我們談到接下來的兩個國家時，我們認為他們已經遠遠領先我們了。我們從安全性和保護 AI 驅動的應用程式開始，既使用我們的 WAF 解決方案，也使用我們最近宣布的 AI 網關，這是一個專注於為 AI 構建的新解決方案，已於本季度正式發布，我們開始看到它的早期發展勢頭。但再次強調，這個機會還為時過早。第三個機會也來得早，那就是AI工廠負載平衡。再次，BIG-IP 將在工廠或 AI 工廠內部的負載平衡流量方面發揮重要作用。

Samik Chatterjee, JPMorgan Chase.

薩米克‧查特吉，摩根大通。

I guess, Francois, if I can start off with the -- going back to the hardware revenue that you're seeing. In terms of sort of overall giving investors comfort that it's not driven by any pull forward of hardware purchases by companies because of sort of anticipating some of the tariff-led price increases. Can you just talk a bit more about which products you're seeing this hardware sort of acceleration in? Is it just product end of life in this year? Or is it more broad-based across the sort of hardware portfolio?

我想，弗朗索瓦，如果我可以從——回到你所看到的硬體收入開始。整體而言，這讓投資人感到安心，因為這並不是因為預期關稅會導致價格上漲，而是由企業提前購買硬體所驅動的。您能否再多談談哪些產品中出現了這種硬體加速？該產品的生命週期是否在今年結束？或者它涵蓋更廣泛的硬體產品組合？

It would be just interesting to know and sort of how are you driving your own confidence that it's not a bit of a pull forward ahead of tariffs. And secondly, if I can just ask more on the software perpetual revenue, if I look at the trends last quarter relative to sort of this quarter where you had a step down. Can you just highlight what did you see in terms of the customer sort of overall lower engagement on the perpetual side this quarter? What drove that? And any insights that you're drawing in terms of what the overall customer engagement or pipeline looks like from that perpetual revenue?

知道這一點很有趣，您是如何增強信心的，確保它不會在關稅之前提前到來。其次，如果我可以問更多關於軟體永久收入的問題，如果我看一下上個季度相對於本季的趨勢，你會發現你的收入有所下降。您能否強調一下，就本季永久性客戶整體參與度較低而言，您看到了什麼？是什麼導致了這現象？您對從永久收入中得出的整體客戶參與度或管道有何見解？

Yes. So let me start with the hardware. I think Cooper will answer your question on software. Like, we did not see any hardware pull-in in Q2. We worked with our customers any -- I should go back a little bit.

是的。那麼就讓我從硬體開始吧。我認為 Cooper 會回答您關於軟體的問題。例如，我們在第二季度沒有看到任何硬體拉動。我們與客戶合作過—我應該回顧一下。

If you recall, in our first quarter, we had announced a January price increase. And during the December quarter, we mentioned that we had seen some level of pull in from customers looking to avoid that price increase in January. And so we kind of recognize the patterns of when customers do that. In this quarter, in Q2, we did not see any of these patterns of customers falling in orders prematurely in order to avoid the tariff impact or anything else like that. So we didn't see any push out of demand, but we didn't see any pull in of demand either in Q2.

如果你還記得的話，我們在第一季就宣布了一月份的價格上漲。在 12 月季度，我們提到，我們看到一定程度的客戶撤離，他們希望避免 1 月的價格上漲。這樣我們就能夠辨識客戶這樣做的模式。在本季度，也就是第二季度，我們沒有看到客戶為了避免關稅影響或類似因素而提前減少訂單的情況。因此，我們在第二季沒有看到任何需求的減少，但也沒有看到任何需求的增加。

The only place where perhaps we think that may be the case, but it would be more of a Q3 effect is in the U.S. federal government, where with the disruptions from the efforts from those customers may get a little nervous about budgets down the road. So that's where we might see it. I remind you that federal government is in high single digits in terms of total amount of our business. So it would be a limited effect anyway, but we did see it in Q2 across the business.

我們認為唯一可能發生這種情況的地方是美國聯邦政府，但它對第三季的影響更大，因為這些客戶的努力造成的干擾可能會讓政府對未來的預算感到有些緊張。所以我們可能會在那裡看到它。我提醒你，就我們的業務總額而言，聯邦政府的份額處於高個位數。所以無論如何它的影響都是有限的，但我們確實在第二季度看到了它在整個業務中的作用。

So that's on the overall hardware demand. I'll have Cooper answer your question on software.

這就是整體硬體需求。我會讓 Cooper 回答您關於軟體的問題。

Yes. And then I'll just add to that. I mean, broadly, in the quarter, I would say we chair very orderly. So we track all the signals around things like price pull-ins, related pull-ins or other kind of unnatural demand behaviors. We look at things like just the weekly close rates against our quietly commits and linearity, and it really kind of just tracked to our expectations throughout the quarter, both on hardware and our software business.

是的。然後我再補充一點。我的意思是，總體而言，在本季度，我想說我們的主持工作非常有序。因此，我們追蹤有關價格拉動、相關拉動或其他非自然需求行為的所有訊號。我們只關注每週的收盤率與我們悄悄承諾的收盤率和線性之間的關係，它實際上只是追蹤了我們整個季度對硬體和軟體業務的預期。

Now speaking to perpetual software, it was really kind of in the range that we typically would see for Q2. Just as a reminder, most of our customers prefer to buy in a subscription model for software. We do have a handful of customers that may have a CapEx need, particularly in service provider. That is tended to align more to our fiscal Q1 tied to search provider budgets. So the kind of sequential decline that we saw in perpetual software was really kind of in line with our expectations going into the quarter and what we've seen in prior years.

現在談到永久軟體，它確實處於我們通常在第二季度看到的範圍內。提醒一下，我們的大多數客戶更喜歡以訂閱模式購買軟體。我們確實有少數客戶可能需要資本支出，尤其是服務提供者。這往往與我們第一季與搜尋提供者預算相關的財務狀況更加一致。因此，我們在永久軟體中看到的連續下降實際上與我們進入本季的預期以及前幾年看到的情況一致。

So basically is pretty much in line with our expectations through the quarter for both hardware and software.

因此基本上與我們對本季硬體和軟體的預期基本一致。

Michael Ng, Goldman Sachs.

高盛的 Michael Ng。

I have two as well. First, just on systems. I was wondering if you could talk a little bit more about the iSeries, VIPRION installed base being 50% of the total systems installed base. I guess, first, like how big is the installed base in nominal terms? And could you just talk about the typical price increase or price mix increase that you see when you transition to, I guess, it would be rSeries and VELOS, respectively?

我也有兩個。首先，僅就係統而言。我想知道您是否可以再多談談 iSeries 的情況，VIPRION 安裝基數佔總系統安裝基數的 50%。我想，首先，名義上的安裝基數有多大？您能否談談您在過渡到 rSeries 和 VELOS 時看到的典型價格上漲或價格組合上漲？

Yes, I'll take that. So we've discussed in the past some upcoming end of software support dates for the VIPRION and iSeries families. And just as a reminder, the VIPRION family goes end of software support in April of '26 and iSeries is in January of '27. And combined, those two product families are well over half of our installed base to date. So we think that, that represents a pretty durable opportunity over the next couple of years.

是的，我接受。因此，我們過去曾討論過 VIPRION 和 iSeries 系列即將終止軟體支援的日期。提醒一下，VIPRION 系列將於 26 年 4 月結束軟體支持，iSeries 將於 27 年 1 月結束軟體支援。加起來，這兩個產品系列占我們迄今為止安裝基數的一半以上。因此我們認為，這代表著未來幾年的一個相當持久的機會。

And iSeries is the larger of those two in terms of mix of our installed base. And then in terms of pricing, we increased our pricing generally 5% across the portfolio, although the price increase is a little bit larger on the rSeries, just accounting for the price performance advantage that our newly introduced rSeries appliance family has against the prior generations. And so that's -- we'll start to see that flow through the model. We didn't really see a big pickup in Q2 just because we just introduced the price increases in it. takes a couple of quarters for those to kind of flow through into the deals that we're quoting.

從我們的安裝基礎組合來看，iSeries 是兩者中較大的一個。在定價方面，我們將整個產品組合的定價普遍提高了 5%，儘管 rSeries 的價格漲幅略大一些，但這恰恰解釋了我們新推出的 rSeries 設備系列相對於前幾代產品的性價比優勢。這就是——我們將開始看到該流程通過模型。我們並沒有真正看到第二季度大幅成長，因為我們剛剛引入了價格上漲。需要幾個季度的時間才能將這些資金流入我們所引用的交易中。

But broadly, that's kind of the mechanics of our price increases.

但從廣義上講，這就是我們漲價的機制。

Great. And just my second question, just on software. You talked about the subscription renewal base picking up as we head into the second half of the year that drives the acceleration in software growth. Just wondering if we'll be largely through that renewal by the end of this year, said differently as the renewal base in '26 is going to be smaller than '25? And how should we think about the implications for growth?

偉大的。我的第二個問題是關於軟體的。您談到，隨著我們進入下半年，訂閱續訂基礎正在回升，這將推動軟體成長的加速。我只是想知道我們是否會在今年年底前基本完成續約，換句話說，26 年的續約基數將小於 25 年？我們又該如何看待其對成長的影響？

Thanks. That's a great question. So our software business is weighted towards renewals because we've been doing the subscription for several years now in our renewals, our lead commercial vehicle for our software subscription business is what we call our flexible consumption program, and those tend to be three-year contracts. And so you kind of get these -- they're not the same as a refresh cycle, but it's a renewal cycle that tends to wait to a three-year cadence. And so one kind of way that you can track the pace of that is to look back at what we did in software in prior years.

謝謝。這是一個很好的問題。因此，我們的軟體業務專注於續訂，因為我們在續約中已經做了好幾年的訂閱，我們軟體訂閱業務的主要商業工具就是我們所說的靈活消費計劃，這些往往是三年合約。所以你就會明白——它們與更新周期不同，但它是一個更新周期，往往要等待三年的節奏。因此，追蹤這一步伐的一種方法是回顧前幾年我們在軟體領域所做的事情。

And so that's where you'll see that we have a lot of strength in that renewal base in the back half of this year. And again, the visibility on that is really good. It's a highly -- we have very high renewal rates, and we've had a really good track record of expansion. And so that's what's giving us the confidence in the software growth for the year. As we look ahead to FY26.

因此，您會看到，我們在今年下半年的更新基礎上擁有強大的實力。再次強調，這一點的可見度確實很好。我們的續約率非常高，而且我們的擴張記錄非常好。這就是我們對今年軟體成長充滿信心的原因。展望 26 財年。

Again, on the three-year renewal cycle, you can look back to FY23 where software was flattish over '22. There was some growth in the subscription component of that software revenue outcome, but that will be a bit of a math headwind in FY26. And then you can look ahead to the next year, in FY27, you'll see more of a math tailwind just tied to that three-year renewal cycle. So having said that, while that's a little bit of a headwind in FY26. We're continuing to see increased rates of expansions across the portfolio.

再次，在三年的更新週期中，您可以回顧 23 財年，其中軟體在 22 年期間持平。該軟體收入結果中的訂閱部分有所增長，但這在 2026 財年將帶來一些數學上的阻力。然後你可以展望明年，在 27 財年，你會看到與三年更新周期相關的更多數學順風。話雖如此，但這對 26 財年來說還是有點不利的。我們持續看到整個投資組合的擴張率不斷上升。

And so we think there is an opportunity to continue to drive growth just in terms of the adoption of software by our customers, and that's what we're most focused on. And so those are just some of the things that we're thinking about as we look ahead beyond FY25.

因此，我們認為，僅從客戶採用軟體的角度來看，就有機會繼續推動成長，而這正是我們最關注的。這些只是我們在展望 2025 財年之後時所考慮的一些事情。

Matthew Hedberg, RBC .

馬修‧赫德伯格（Matthew Hedberg），加拿大皇家銀行。

This is Mike Richard on for Matt. You touched a little bit earlier on maybe seeing some pull-in from Fed in Q3. Just any other color around how Fed performed relative to expectations and your assumptions for Fed moving to the year? And any other color on dose impacts there would be helpful.

我是麥克理查 (Mike Richard)，取代馬特 (Matt)。您剛才提到，聯準會可能會在第三季採取一些措施。關於聯準會的表現相對於預期如何以及您對聯準會今年的表現的假設還有其他什麼說法嗎？任何其他顏色對劑量的影響都會有幫助。

Thank you, Matt. Generally, we had a strong quarter in the Fed performed in line with our expectations or a little better. So we didn't see any disruption really in Q2 to our Fed business. That said, when we spoke with our customers in the Fed towards the end of the quarter and looking into Q3 and Q4, I think they were starting to feel a little more nervous about the potential disruptions that would come from those. It's a very dynamic situation.

謝謝你，馬特。整體而言，聯準會本季表現強勁，符合我們的預期，甚至略優於我們的預期。因此，我們在第二季並未看到聯準會業務受到任何干擾。話雖如此，當我們在本季末與聯準會的客戶交談並展望第三季和第四季時，我認為他們開始對由此可能帶來的混亂感到更加緊張。這是一個非常動態的情況。

It's different from one agency to the other. So it's difficult to say exactly whether the disruption will be some pushouts or some pull-in. But I think we're going to start to feel more of the dose effect in the second half of the year. That said, also, we are -- generally, the projects that we are associated with are security projects that tend to be prioritized and are pretty important for the agencies that we work with. So in terms of the overall budget level, the feedback we do get is that they would tend to prioritize the work that they're doing with F5.

各機構的做法有所不同。因此很難確切地說這種中斷是會有一些推擠還是一些拉入。但我認為我們將在今年下半年開始感受到更多的劑量效應。話雖如此，但一般來說，我們參與的項目都是安全項目，這些項目往往是優先考慮的，對於我們合作的機構來說非常重要。因此，就整體預算水準而言，我們得到的回饋是，他們傾向於優先考慮與 F5 合作的工作。

Great. And then maybe just from a geographic perspective, anything to call out. It looked like EMEA was pretty strong in the quarter. So just any commentary there.

偉大的。然後也許僅從地理角度來看，任何事都可以引起注意。看起來歐洲、中東和非洲地區在本季表現相當強勁。所以只是任何評論。

Thank you, Matt. No, I think things geographically landed as we expected. The international business was actually pretty strong. Both EMEA and Asia performed largely within our expectations. And North America was pretty strong.

謝謝你，馬特。不，我認為從地理位置上看，事情正如我們預期的那樣。國際業務實際上相當強勁。歐洲、中東和非洲地區以及亞洲的表現基本上符合我們的預期。北美的表現相當強勁。

So there was nothing really out of the ordinary to note. Of course, we have an easy comp with EMEA because the revenues a year ago were not strong there. So it grew substantially in the quarter. But overall, in line with our expectations.

因此並沒有特別值得注意的事。當然，我們與歐洲、中東和非洲地區的比較很容易，因為一年前那裡的收入並不高。因此本季其業績大幅成長。但整體而言，符合我們的預期。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

Yes. Maybe kind of following up on a couple of questions. Understanding that you didn't see any pull in, in fiscal Q2. But I guess just we are a month into the quarter, is the linearity that you're seeing in fiscal Q3 any different than you would have traditionally kind of seen end of fiscal Q3 versus expectations? And then second, just on the last question about kind of international.

是的。也許可以回答幾個問題。了解到您在第二財季沒有看到任何成長。但我想，我們才剛進入本季一個月，您在第三財季看到的線性情況與您傳統上看到的第三財季末與預期相比有什麼不同嗎？其次，關於國際化的最後一個問題。

The dollar has weakened a little bit in the last month. I guess, has that changed your expectation or change the behavior of international customers where that business has actually gotten stronger as the dollar has weakened slightly.

上個月美元略為走弱。我想，這是否改變了您的預期或改變了國際客戶的行為？隨著美元略微走弱，業務實際上變得更強勁了。

Yes. Thanks, Meta. So on the pull-in question, we didn't really see any material pull in I think as we're looking at the first few weeks of the quarter, we're seeing really strong results, hitting our weekly commence. Again, that's the first leading indicator that we look at and it's been very healthy linearity is right where we would expect it to be for the quarter. I mean, clearly, in this environment, we're being extra mindful and focused on any indicators that we could see if there was any erosion.

是的。謝謝，Meta。因此，關於拉動問題，我們並沒有真正看到任何實質性的拉動，我認為，當我們回顧本季度的前幾週時，我們看到了非常強勁的結果，達到了我們每週的開始。再次，這是我們關注的第一個領先指標，它的線性非常健康，正好符合我們預期的本季水準。我的意思是，顯然，在這種環境下，我們會格外注意並關注任何我們可以看到是否存在侵蝕的指標。

We just have not seen any thus far. So we feel pretty good from where we sit.

只是目前為止我們還沒有看到任何跡象。因此，就我們現在所處的位置而言，我們感覺非常好。

On the international side, yes, the weakening dollar does provide a little bit of a benefit just in terms of the street pricing. But having said that, the dollar had strengthened early in the year. So I think that's just kind of balancing out nothing that we've really seen that's driving any kind of increased velocity around sales cycles or kind of operating just within a relevant range that we've been at over the last several quarters.

從國際角度來看，是的，美元貶值確實在街頭定價方面帶來了一點好處。但話雖如此，美元在今年初已經走強。所以我認為這只是一種平衡，我們並沒有真正看到任何能夠推動銷售週期速度加快或在過去幾個季度的相關範圍內運營的情況。

Tal Liani, Bank of America.

塔爾·利亞尼（Tal Liani），美國銀行。

Can hear me now? Can you hear me now?

現在能聽到我說話嗎？現在你能聽到我說話嗎？

Yes. Yes, Tal.

是的。是的，塔爾。

I want to go back to the first question we had by Tim Long and the question is if -- I'm trying to learn from a quarter where you have no growth in software because that's when we can see the drivers. And if you had no growth because of renewals, it means that when you have growth, it's always coming just from renewals. So the question is, why don't we see growth from new products, new markets, new drivers that you have in the quarter that renewal is weak? Why don't we see the other drivers? And does it mean that when it grows, is it mostly about the accounting of renewals?

我想回到蒂姆·朗提出的第一個問題，問題是——我試圖從軟體沒有成長的季度中學習，因為那時我們才能看到驅動因素。如果你的成長沒有因為更新而實現，那就意味著當你有成長時，它總是只來自於更新。所以問題是，為什麼在更新乏力的季度裡我們沒有看到新產品、新市場、新驅動力帶來的成長？為什麼我們看不到其他司機？這是否意味著，當它成長時，主要與續約的會計有關？

And that's kind of the first question. The second question is, we talk a lot about AI, and you have a great position in AI. And this is enterprise , right? So the question is about timing. When do you think AI starts to be a meaningful driver or a notable driver to growth?

這是第一個問題。第二個問題是，我們經常談論人工智慧，而您在人工智慧領域佔有重要地位。這就是企業，對嗎？所以問題在於時機。您認為人工智慧何時開始成為推動經濟成長的有意義的或顯著的驅動力？

I'll start on the renewals and new components of our software growth. So we do believe that the renewal motion is going to be the driver of growth over time. But let's be clear, this isn't just a refresh or a repeat buy. This is the maturity of the subscription model where every year when you sell new, that then adds to that renewal base. So over time, the renewal base growing in size year in, year out is what's going to drive our renewal revenue opportunity.

我將從我們的軟體發展的更新和新組件開始。因此，我們確實相信，隨著時間的推移，更新運動將成為成長的動力。但我們要明確的是，這不僅僅是一次更新或重複購買。這是訂閱模式的成熟度，每年當您銷售新產品時，都會增加續訂基礎。因此，隨著時間的推移，續約基礎規模逐年成長，這將推動我們的續約收入機會。

And then especially important is the ability to expand on that growing base. And so that's what we expect to happen over time. It's what we've been seeing in any given quarter, again, there's going to be some lumpiness on the reported revenue just because they come on these three-year refresh cycles where you have the upfront revenue recognition. And so we said that last quarter when the growth was very strong on a reported basis, and we'll say it again this quarter when it's flat. And then we said in the second half of the year, we expect to see healthy growth again on that renewal basis.

尤其重要的是在這個不斷增長的基礎上進行擴展的能力。這就是我們期望隨著時間的推移會發生的情況。這是我們在任何特定季度所看到的情況，同樣，報告的收入會有一些波動，因為它們處於三年更新周期，需要預先確認收入。因此，我們說過，上個季度報告顯示成長非常強勁，而本季成長持平時我們也會再次這麼說。然後我們說，在下半年，我們預計在更新的基礎上再次看到健康的成長。

So when we look at the new projects, that's really an opportunity for us to engage with new customers, and that's an important part of our model. But it's not going to be the driver of the overall growth over time. It's really just an opportunity for us to continue to add to that renewal base from which we drive our revenue growth.

因此，當我們審視新專案時，這實際上是我們與新客戶接觸的機會，也是我們模式的重要組成部分。但從長遠來看，它不會成為整體成長的驅動力。這實際上只是我們繼續擴大更新基礎的一個機會，從而推動我們的收入成長。

And Tal, on your question on AI. Look, we are already driving revenue from AI today. And I mentioned earlier that there are three areas where we're driving and seeing growing momentum in AI. And those are specific use cases that our customers identify as AI use cases. There are certain -- we also believe that some of the strength we're seeing in AI -- sorry, in hardware, even in hardware fresh from customers, is actually driven by some of our customers getting ready for AI and increasing capacity and driving expansion in their data centers for AI, even though they don't necessarily target to that at the time of a transaction with us.

Tal，關於你關於人工智慧的問題。瞧，我們今天已經從人工智慧中獲得了收入。我之前提到過，我們在三個領域推動人工智慧的發展，並且看到了其不斷增長的勢頭。這些都是我們的客戶認定為 AI 用例的具體用例。我們也相信，我們在人工智慧領域看到的一些優勢——抱歉，在硬體領域，甚至是來自客戶的新鮮硬件，實際上是由我們的一些客戶為人工智能做好準備、增加容量並推動其數據中心的人工智能擴展所驅動的，即使他們在與我們交易時不一定以此為目標。

And those things are happening today, and we think it's early days, but it is going to grow over time. We're also very excited, Tal, by the innovation that we are starting to bring to market in AI. So I mentioned earlier that we just launched an AI Gateway, which we think is going to gain traction in the market with the need to secure AI applications to secure large language models. And we're also driving innovation with AI inside of our own portfolio that will further our differentiation and competitiveness in the market. We just launched our application delivery and security platform.

這些事情今天正在發生，我們認為現在還為時過早，但隨著時間的推移，它將繼續發展。塔爾，我們對即將在人工智慧領域推向市場的創新感到非常興奮。我之前提到過，我們剛剛推出了一個 AI 網關，我們認為它將在市場上獲得關注，因為需要保護 AI 應用程式以保護大型語言模型。我們也在自己的產品組合中推動人工智慧創新，這將進一步增強我們在市場上的差異化和競爭力。我們剛剛推出了我們的應用程式交付和安全平台。

We're leveraging AI in that platform to bring analytics to bring insights to customers to make it way easier for them to deliver and secure their applications. And that is a catalyst for growth over time as we consolidate more functionality on to F5 and expand into existing customers. So the AI opportunity when you look at it in aggregate, we're really happy with where we are. It so happened that the big challenges in AI are moving data and moving data securely. And we happen to have the best technology in the industry to move data security and a real speed for customers.

我們正在利用該平台中的人工智慧進行分析，為客戶提供洞察力，使他們能夠更輕鬆地交付和保護他們的應用程式。隨著我們將更多功能整合到 F5 並擴展到現有客戶，這將成為未來成長的催化劑。因此，從整體來看，人工智慧機會讓我們對目前的狀況感到非常滿意。恰好，人工智慧面臨的最大挑戰是行動數據和安全地移動數據。我們恰好擁有業內最好的技術，可以為客戶提供資料安全和真正的速度。

So the opportunity is in front of us, and I think will be durable over time.

所以機會就在我們面前，而且我認為隨著時間的推移，這個機會將會持續下去。

James Fish, Piper Sandler.

詹姆斯·菲什、派珀·桑德勒。

Francois, for you, going back a bunch of questions ago, you gave four sort of ranking on the hardware side? Is there a way to you either rank or give a mix as to what's impacting between that refresh data center modernization competitor displacements and AI? And then Cooper for you, to get to your software number in the second half, given what you have disclosed and even in kind of mapping out the renewals and all that, it was just a new recurring business or even assigned to the perpetual side of things, is it that new piece would be up year-on-year versus what you're doing today for the second half. So I guess what's giving the confidence that we're going to actually see growth on the new business side or either or an expansion on the expansion rate?

弗朗索瓦，回顧之前提出的問題，您在硬體方面給了四種排名？您是否可以對更新資料中心現代化競爭對手的遷移和人工智慧之間的影響進行排名或綜合分析？然後是 Cooper，請問您下半年的軟體業務數據如何？考慮到您所揭露的信息，甚至在規劃續約等事宜時，這只是一項新的經常性業務，甚至被分配到永久性業務中，那麼與您今天在下半年所做的相比，這項新業務的營收是否會同比增長？那我想，是什麼讓我們有信心看到新業務方面的成長，或是擴張率的擴大？

Jim, I can start on the first part of your question, which was ranking the drivers of the strength we're seeing in systems demand I would say that tech refresh is the number one driver today of that demand. And I would probably put DC modernization and net expansion, but it's really these high grid multi-cloud architectures as really number two in what we're seeing in the strength in demand. Now that we believe, includes customers also getting ready for AI. So you can see there's an element of AI that is into that. But I would -- it's a broader thing than just AI aside of modernization and capacity expansion.

吉姆，我可以從你問題的第一部分開始，即對我們在系統需求中看到的強勁驅動因素進行排名，我認為技術更新是當今這一需求的首要驅動因素。我可能會把 DC 現代化和網路擴展放在首位，但實際上，這些高網格多雲架構才是我們所看到的需求強度的第二大因素。現在我們相信，包括客戶也正在為人工智慧做好準備。所以你可以看到其中有人工智慧的元素。但我想——除了現代化和產能擴張之外，這不僅僅是人工智慧，而是一個更廣泛的事物。

Third would be competitive displacement. And fourth would be AI would be the ranking -- meaning by that direct AI use cases that we are winning today. So that would be the rating that I would put to that. But overall, we're seeing refresh motion very strong and significant tailwinds as well that are building up and hopefully will grow over the next several quarters.

第三是競爭性取代。第四是人工智慧的排名——這意味著我們今天正在贏得直接的人工智慧用例。這就是我對此給出的評級。但總體而言，我們看到更新的動能非常強勁，而且明顯的順風也在不斷增強，希望在未來幾季內能進一步增強。

Yes. And then just to speak to software, we actually don't -- we're not assuming strong growth from new. The growth is really coming from the renewal. And again, this is we've got strong visibility as to how customers are using our software within their existing contracts. And for these large contracts, we engage early with the customers just to do the sizing and plan that next renewal, and we've got a really good handle on what that expansion rate will look like for the second half of the year.

是的。然後，僅就軟體而言，我們實際上並不認為新產品會帶來強勁的成長。成長確實來自於更新。再次強調，我們對客戶如何在現有合約中使用我們的軟體有著清晰的了解。對於這些大型合同，我們會儘早與客戶接觸，確定規模並規劃​​下一次續約，而且我們對下半年的擴張率有很好的把握。

And so that's where we feel very good. Now there's an opportunity to grow on new that could be upside to our expectation for the year for software. But we went into the year saying that software we had sized as being kind of flat year-over-year and that the growth was coming from renewal. We had very strong expansion in Q1 on a couple of our larger deals. And then the rest of the renewal base, really that's set going into the year.

所以我們感覺非常好。現在，我們有了一個新的發展機會，這可能會對我們對今年軟體的預期產生積極影響。但我們進入這一年時表示，我們估計的軟體規模與去年同期相比持平，成長來自於更新。我們在第一季的幾筆較大交易中實現了非常強勁的擴張。然後，其餘的更新基礎實際上已經確定，並將在今年內完成。

So we've got that visibility. And then what we track is what the consumption is within that renewal base, and that's what we see as being very healthy and it gives us that confidence in the second half for software.

因此，我們獲得了這種可見性。然後，我們追蹤的是更新基礎內的消費情況，我們認為這是非常健康的，它讓我們對下半年的軟體充滿信心。

Thank you. There are no further questions at this time. I would like to hand the floor back over to Francois Locoh-Donou for any closing remarks.

謝謝。目前沒有其他問題。我想將發言權交還給 Francois Locoh-Donou，請他做最後發言。

Thank you for joining us today. We look forward to seeing many of you during the quarter and to discussing F5's growing role in the broader hybrid and multi-cloud landscape. Thank you.

感謝您今天加入我們。我們期待在本季度見到你們，並討論 F5 在更廣泛的混合和多雲領域中日益增長的作用。謝謝。

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

今天的會議到此結束。現在您可以斷開線路。感謝您的參與。