F5 Inc (FFIV) 2025 Q4 法說會逐字稿

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

下午好，歡迎參加F5 2025財年第四季財務業績電話會議。（操作說明）另外，今天的會議正在錄音。如有任何異議，請立即斷開連接。

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

現在我將把電話轉給蘇珊·杜隆女士。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 fourth-quarter and 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 Suzanne DuLong，F5 的投資人關係副總裁。今天我們來到這裡，是為了和大家討論我們第四季和 2025 財年的財務表現。F5 總裁兼執行長 Francois Locoh-Donou 和 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 高階主管團隊的其他成員也將在問答環節回答問題。

Today's press release is available on our website at f5.com, where an archived version of today's audio will be available through January 27, 2026. We will post the slide deck accompanying today's webcast to our IR site following this call. To access the replay of today's webcast by phone, dial (877) 660-6853 or (201) 612-7415 and use meeting ID# 13756255. The telephonic replay will be available through midnight Pacific Time, October 28, 2025. For additional information or follow-up questions, please reach out to me directly at s.dulong@f5.com.

今天的新聞稿可在我們的網站 f5.com 上找到，今天的音訊存檔版本將保留至 2026 年 1 月 27 日。這次電話會議結束後，我們將把今天網路直播的幻燈片發佈到我們的投資者關係網站上。若要透過電話收聽今天網路直播的回放，請撥打 (877) 660-6853 或 (201) 612-7415，並使用會議 ID# 13756255。電話錄音重播服務將於太平洋時間 2025 年 10 月 28 日午夜提供。如需更多資訊或後續問題，請直接聯絡我，電子郵件地址為 s.dulong@f5.com。

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」等字眼。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中明示或暗示的結果有重大差異。我們在公佈財務業績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提及非GAAP指標。請參閱我們今天發布的新聞稿和盈利簡報附錄中的完整 GAAP 與非 GAAP 財務報表調整表。請注意，F5沒有義務更新本次電話會議中提供的任何資訊。

I'll now turn the call over to Francois.

現在我將把電話交給弗朗索瓦。

Thank you, Suzanne, and hello, everyone. We delivered exceptional fiscal-year 2025 results, exceeding $3 billion in revenue and $1 billion in operating profit for the first time. Revenue grew 10%, while earnings per share grew 18%. Our growth was driven by data center reinvestment, hybrid cloud adoption, and enterprise AI infrastructure demand. Our product refresh cycle, competitive takeouts and the maturation of our software model and go-to-market motions also contributed to growth.

謝謝你，蘇珊娜，大家好。我們在 2025 財年取得了卓越的業績，營收首次超過 30 億美元，營業利潤首次超過 10 億美元。營收成長10%，每股收益成長18%。我們的成長得益於資料中心再投資、混合雲採用以及企業人工智慧基礎設施需求。我們的產品更新周期、競爭對手的收購以及軟體模式和市場推廣策略的成熟也促進了成長。

In FY25, we maintained our strong profitability delivering gross margins of 83.6%, up 80 basis points over FY24; an operating margin of 35.2%, up 160 basis points over FY24. This performance resulted in record-free cash flow of $906 million, up 19% compared to FY24, underscoring the strength of our financial model and execution.

在 2025 財年，我們維持了強勁的獲利能力，毛利率為 83.6%，比 2024 財年提高了 80 個基點；營業利潤率為 35.2%，比 2024 財年提高了 160 個基點。這項業績帶來了創紀錄的9.06億美元自由現金流，比2024財年成長了19%，凸顯了我們財務模型和執行力的強大。

Our FY25 results demonstrate the power of our platform and our strategic role in the marketplace. They also strengthen our confidence in our vision and road map for the future. Our immediate focus, however, has been on our incident response, and I will speak to our priorities and offer an update on where we are now.

我們2025財年的業績證明了我們平台的強大實力以及我們在市場中的策略地位。它們也增強了我們對未來願景和路線圖的信心。然而，我們眼下的重點是應對突發事件，我將談談我們的工作重點，並介紹我們目前的進展。

Upon identifying the threat on August 9, our team immediately activated our incident response process. Our priorities were clear: first, contain the threat actor, initiate a thorough investigation, and take immediate and urgent action to strengthen F5 security posture. While the investigation will continue and the work of bolstering our security posture will expand, our initial steps have been successful.

8月9日發現威脅後，我們的團隊立即啟動了事件回應流程。我們的首要任務很明確：首先，遏止威脅行為者，展開徹底調查，並立即採取緊急行動加強 F5 的安全態勢。雖然調查仍在繼續，加強安全態勢的工作也將擴大，但我們的初步措施已經成功。

Second, we prioritized delivering reliable software releases to address all undisclosed high vulnerabilities in BIG-IP code as quickly as possible. Through the exceptional efforts of our engineering and support teams, we achieved this enabling thousands of customers to promptly deploy critical updates upon disclosure.

其次，我們優先發布可靠的軟體版本，以盡快解決 BIG-IP 程式碼中所有未公開的高風險漏洞。透過我們工程和支援團隊的卓越努力，我們實現了這一目標，使數千名客戶能夠在資訊揭露後迅速部署關鍵更新。

Our customers are moving quickly to update their BIG-IP environment and a significant number of our largest customers have completed their updates with minimal disruption. As an example, a North American technology provider completed updates to 814 devices in a six-hour window in the first weekend. Customers have expressed appreciation for our transparency, the thoroughness of the information we provided, and the clarity in the steps they need to take to improve the security of their environments.

我們的客戶正在迅速更新他們的 BIG-IP 環境，我們許多最大的客戶已經完成了更新，並將中斷降到了最低。例如，一家北美技術供應商在第一個週末的六小時內完成了 814 台設備的更新。客戶對我們的透明度、我們提供的資訊的詳盡性以及為改善其環境安全所需採取的步驟的清晰性表示讚賞。

Our third priority is raising the bar on security across all aspects of our business. We are acutely aware of the increasing sophistication of attackers and the fact that the threat surface is expanding rapidly. Each year, over the last several years, we have aggressively increased our investment in security and we are making further significant investment this year and beyond.

我們的第三個優先事項是提高公司各個業務環節的安全標準。我們深切意識到攻擊者的手段越來越高明，威脅面也迅速擴大。過去幾年，我們每年都大力增加對保全的投入，今年及以後，我們將進行更多重大投入。

To further this work, Michael Montoya, a recognized cybersecurity expert and former member of our Board, has joined F5 as Chief Technology Operations Officer. Michael brings deep operational expertise and will drive the execution of a robust road map to further enhance security across our internal processes, environments, and products. Our goal across all these actions is to better protect our customers, and we believe F5 will be a stronger partner to customers because of it.

為了進一步推進這項工作，公認的網路安全專家、我們董事會的前成員 Michael Montoya 加入了 F5，擔任首席技術營運長。Michael 擁有深厚的營運專業知識，他將推動執行強有力的路線圖，以進一步加強我們內部流程、環境和產品的安全性。我們採取所有這些行動的目標都是為了更好地保護我們的客戶，我們相信，F5 也將因此成為客戶更強大的合作夥伴。

We know customers will judge us by how we respond to this incident. Throughout this process, we have been committed to transparent customer communication at every step, reflecting lessons learned from how others have navigated similar challenges. We acknowledge that we may see some near-term impact to our business. We are fully focused on mitigating that impact, while doubling down on the value we deliver to our customers.

我們知道，顧客會根據我們對這事件的應對方式來評斷我們。在此過程中，我們始終致力於在每個環節與客戶保持透明溝通，並吸收其他人在應對類似挑戰時所學到的經驗教訓。我們意識到，我們的業務可能會在短期內受到一些影響。我們正全力以赴減輕這種影響，同時加倍努力為客戶創造價值。

Stepping back, it is evident that advanced nation-state threat actors are targeting technology companies and most recently, perimeter security companies. We are committed to learning from this incident, sharing our insights with customers and peers and driving collaborative innovation to collectively strengthen the protection of critical infrastructure across the industry.

從更宏觀的角度來看，很明顯，先進的國家級威脅行為者正在將目標對準科技公司，而最近，他們又將目標對準了周邊安全公司。我們致力於從這次事件中吸取教訓，與客戶和同行分享我們的見解，並推動協作創新，以共同加強整個行業關鍵基礎設施的保護。

Now I will turn the call over to Cooper, who will walk you through our Q4 results and our outlook. Following his remarks, I will return to discuss the broader business trends and some key customer highlights. Cooper?

現在我將把電話交給庫珀，他將為大家介紹我們第四季的業績和展望。聽完他的發言，我將繼續討論更廣泛的商業趨勢和一些重要的客戶亮點。庫柏？

Thank you, Francois, and hello, everyone. I will review our Q4 results and some selected full fiscal '25 results before I elaborate on our outlook for FY26 and Q1. We delivered a strong Q4, growing revenue 8% to $810 million with a mix of 49% Global Services revenue and 51% Product revenue. Global Services revenue of $396 million grew 2% year over year, while Product revenue totaled $414 million, increasing 16% year over year.

謝謝你，弗朗索瓦，大家好。在詳細闡述我們對 2026 財年和 2025 財年的展望之前，我將回顧我們 2025 財年第四季的業績以及部分精選的完整財年業績。我們第四季業績強勁，營收成長 8% 至 8.1 億美元，其中全球服務營收佔 49%，產品營收佔 51%。全球服務收入為 3.96 億美元，年增 2%；產品收入總計 4.14 億美元，較去年同期成長 16%。

Systems revenue totaled $186 million, up 42% over Q4 of FY24, driven by tech refresh and data center modernization, direct and indirect AI use cases, as well as competitive takeouts. Our Software revenue of $229 million was up slightly against an exceptionally strong Q4 of FY24. Perpetual license software totaled $30 million, up 25% year over year. Subscription-based software declined 3% year over year to $198 million, reflecting the transition of our legacy SaaS and managed service revenue offerings and to a lesser extent, customers' preference for hardware-based solutions for certain use cases, a trend which emerged over the course of FY25.

系統收入總計 1.86 億美元，比 2024 財年第四季成長 42%，這主要得益於技術更新和資料中心現代化、直接和間接的人工智慧用例以及競爭對手的收購。我們的軟體營收為 2.29 億美元，略高於 2024 財年第四季異常強勁的業績。永久授權軟體總額達 3,000 萬美元，較去年同期成長 25%。訂閱式軟體營收年減 3% 至 1.98 億美元，反映出我們傳統的 SaaS 和託管服務收入產品的轉型，以及客戶在某些用例中對基於硬體的解決方案的偏好（這種趨勢在 2025 財年期間出現）。

Revenue from recurring sources contributed 72% of our Q4 revenue. Our recurring revenue consists of our subscription-based revenue and the maintenance portion of our Global Services revenue.

來自經常性收入來源的收入占我們第四季營收的 72%。我們的經常性收入包括訂閱收入和全球服務收入中的維護部分。

Shifting to revenue distribution by region. Our teams drove growth across all theaters. Revenue from the Americas grew 7% year over year, representing 57% of total revenue. EMEA delivered 7% growth, representing 26% of revenue, and APAC grew 19% representing 17% of revenue.

轉向按地區分配收入。我們的團隊推動了所有劇院的業務成長。美洲地區的營收年增 7%，佔總收入的 57%。歐洲、中東和非洲地區實現了 7% 的成長，佔總收入的 26%；亞太地區成長了 19%，佔總收入的 17%。

Looking at our major verticals, enterprise customers represented 73% of Q4's product bookings. Government customers represented 19% of product bookings, including 6% from US Federal. Finally, service providers represented 8% of Q4 product bookings. Our continued financial discipline contributed to our strong Q4 operating results.

從我們的主要垂直領域來看，企業客戶佔第四季產品預訂量的 73%。政府客戶佔產品預訂量的 19%，其中美國聯邦政府佔 6%。最後，服務提供者佔第四季產品預訂量的 8%。我們持續的財務紀律促成了我們第四季強勁的經營業績。

GAAP gross margin was 82.2%. Non-GAAP gross margin was 84.3%, an increase of 138 basis points from Q4 FY24. Our GAAP operating expenses were $461 million. Our non-GAAP operating expenses were $384 million. Our GAAP operating margin was 25.4%. Our non-GAAP operating margin was 37.0%, an improvement of 255 basis points year over year. Our GAAP effective tax rate for the quarter was 11.4%. Our non-GAAP effective tax rate was 16.9%. Our GAAP net income for the quarter was $190 million or $3.26 per share. Our non-GAAP net income was $257 million or $4.39 per share, reflecting 20% EPS growth from the year-ago period.

GAAP毛利率為82.2%。非GAAP毛利率為84.3%，較2024財年第四季成長138個基點。我們的 GAAP 營運費用為 4.61 億美元。我們的非GAAP營運費用為3.84億美元。我們的 GAAP 營業利潤率為 25.4%。我們的非GAAP營業利益率為37.0%，比前一年提高了255個基點。本季我們以美國通用會計準則計算的有效稅率為 11.4%。我們的非GAAP實際稅率為16.9%。本季我們的 GAAP 淨收入為 1.9 億美元，即每股 3.26 美元。我們的非GAAP淨收入為2.57億美元，即每股4.39美元，較上年同期每股收益成長20%。

I will now turn to cash flow and balance sheet metrics, all of which were very strong. We generated $208 million in cash flow from operations in Q4. CapEx was $16 million. DSO for the quarter was 46 days. Cash and investments totaled approximately $1.36 billion at quarter end. Deferred revenue was $2.0 billion, up 11% from the year-ago period. We generated $906 million in free cash flow for all of FY25, up 19% from FY24, resulting in a free cash flow margin of 29%, highlighting the strength of our business fundamentals.

接下來我將介紹現金流量和資產負債表指標，這些指標都非常強勁。第四季度，我們的經營活動產生了 2.08 億美元的現金流。資本支出為1600萬美元。 DSO本季共46天。截至季末，現金及投資總額約13.6億美元。遞延營收為 20 億美元，較上年同期成長 11%。我們在 2025 財年全年創造了 9.06 億美元的自由現金流，比 2024 財年增長了 19%，自由現金流利潤率為 29%，凸顯了我們業務基本面的強勁。

In Q4, we repurchased $125 million worth of F5 shares at an average price of $297 per share. For the year, we repurchased shares equivalent to 55% of our annual free cash flow. We ended the quarter with approximately 6,580 employees.

第四季度，我們以每股 297 美元的平均價格回購了價值 1.25 億美元的 F5 股票。本年度，我們回購的股票相當於我們年度自由現金流的 55%。本季末，我們約有 6580 名員工。

Francois recapped our high-level FY25 results at the start of the call, I will elaborate on our annual software and security revenue results. Software grew 9% year over year, totaling $803 million with Software subscriptions representing 85% of FY25 Software revenue. Our Software revenue is comprised of perpetual software licenses, term-based subscriptions, and SaaS and managed services. Perpetual software licenses contributed $120 million in Software revenue, up 7% year over year.

在電話會議開始時，Francois 概述了我們 2025 財年的業績，我將詳細介紹我們的年度軟體和安全收入業績。軟體業務年增 9%，總額達 8.03 億美元，其中軟體訂閱收入佔 2025 財年軟體收入的 85%。我們的軟體收入包括永久軟體授權、按期限訂閱、SaaS 和託管服務。永久軟體授權貢獻了 1.2 億美元的軟體收入，年增 7%。

Term-based subscriptions contributed $508 million to our Software revenue, up 18% year-over-year, driven by continued strong renewals and expansions. SaaS and Managed Services contributed $176 million in revenue, down 9% year over year, reflecting growth from F5 distributed cloud services, offset by the transition of our legacy offerings. Total annualized recurring revenue for our SaaS and managed services offerings ended the year at $185 million, up slightly from FY24, including 21% growth in ARR for our core SaaS and managed services solutions.

定期訂閱為我們的軟體收入貢獻了 5.08 億美元，年增 18%，這主要得益於持續強勁的續訂和擴張。SaaS 和託管服務貢獻了 1.76 億美元的收入，年減 9%，這反映了 F5 分散式雲端服務的成長，但被我們傳統產品的轉型所抵消。本年度 SaaS 和託管服務產品的年度經常性收入總額為 1.85 億美元，比 2024 財年略有增長，其中核心 SaaS 和託管服務解決方案的 ARR 增長了 21%。

ARR from legacy offerings declined to $15 million as we wound down legacy SaaS and managed service offerings and transition customers to F5 distributed cloud services. We expect to complete any remaining transitions in the first half of FY26.

隨著我們逐步停止傳統的 SaaS 和託管服務產品，並將客戶過渡到 F5 分散式雲端服務，傳統產品的 ARR 下降至 1500 萬美元。我們預計在 2026 財年上半年完成所有剩餘的過渡工作。

Several years ago, we began breaking out our security-related revenue annually. This year, our total security revenue, which includes stand-alone security, attached security and maintenance revenue related to security, grew 6% to approximately $1.2 billion or 39% of total revenue. Stand-alone security revenue totaled $463 million, representing 31% of product revenue.

幾年前，我們開始按年度單獨列出與安全相關的收入。今年，我們的安防總收入（包括獨立安防、附屬安防和與安防相關的維護收入）成長了 6%，達到約 12 億美元，佔總收入的 39%。獨立安全業務收入總計 4.63 億美元，佔產品收入的 31%。

Let me now address our outlook beginning with FY26. Unless otherwise noted, our guidance references non-GAAP metrics. We delivered an exceptional FY25, exceeding expectations with stronger-than-expected systems demand and continued healthy expansion in our Software subscription business. As we enter FY26, we see several persistent demand drivers, including hybrid multi-cloud adoption, driving expansion across our platform, continuing strong systems refresh opportunity with more than half of our installed base on legacy systems nearing end-of-software support.

現在讓我從2026財年開始談談我們的展望。除非另有說明，我們的指引均參考非GAAP指標。我們在 2025 財年取得了卓越的成績，系統需求超出預期，軟體訂閱業務也持續健康成長，業績超出預期。進入 2026 財年，我們看到幾個持續的需求驅動因素，包括混合多雲的採用，推動了我們平台的擴張，以及持續強勁的系統更新機會，因為我們超過一半的已安裝舊系統即將停止軟體支援。

Growing systems demand beyond tech refresh for data sovereignty and AI readiness use cases, and a return to growth in revenue from our SaaS and managed services with the transition of legacy offerings largely completed in FY25. These drivers in our current pipeline support mid-single-digit revenue growth in FY26 against our exceptional 10% growth in FY25.

不斷增長的系統需求不僅僅是技術更新，還包括資料主權和人工智慧準備用例，隨著傳統產品的過渡在 2025 財年基本完成，我們的 SaaS 和託管服務的收入也將恢復成長。我們目前產品線中的這些驅動因素支持 2026 財年收入實現個位數中段成長，而 2025 財年則實現了 10% 的卓越成長。

However, we also anticipate some near-term disruption to sales cycles as customers focus on assessing and remediating their environments. Taking this into account, we are guiding FY26 revenue growth in the range of 0% to 4% with any demand impacts expected to be more pronounced in the first half, before normalizing in the second half.

然而，我們也預計，由於客戶專注於評估和修復他們的環境，銷售週期在短期內會受到一些幹擾。考慮到這一點，我們預計 2026 財年收入成長將在 0% 至 4% 之間，任何需求方面的影響預計在上半年會更加明顯，然後在下半年恢復正常。

Moving to our operating model. We recognize the revenue guide may lead to a modest impact to our operating margin near term. We are committed to driving continued operating margin leverage and believe any demand impact is likely to be short term and therefore, any effect on our operating model would also be temporary.

進入我們的營運模式。我們意識到，營收預期可能會在短期內對我們的營業利潤率產生輕微影響。我們致力於持續提高營業利潤率，並認為任何需求影響都可能是短期的，因此，對我們營運模式的任何影響也將是暫時的。

With that context, we estimate FY26 gross margin in a range of 83% to 83.5%. We estimate FY26 non-GAAP operating margin to be in the range of 33.5% to 34.5%, with operating margins lowest in our fiscal Q2 due to payroll tax resets in January and costs associated with our large customer event in March. We expect our FY26 non-GAAP effective tax rate will be in the range of 21% to 22%, and we expect FY26 EPS in a range of $14.50 to $15.50. Finally, we intend to continue to use at least 50% of our free cash flow towards share repurchases in FY26.

基於此背景，我們預期 2026 財年的毛利率在 83% 至 83.5% 之間。我們預計 2026 財年非 GAAP 營業利潤率將在 33.5% 至 34.5% 之間，由於 1 月份工資稅重置以及 3 月份大型客戶活動的相關成本，第二財季的營業利潤率最低。我們預計2026財年非GAAP實際稅率將在21%至22%之間，每股盈餘將介於14.50美元至15.50美元之間。最後，我們計劃在2026財年繼續將至少50%的自由現金流用於股票回購。

Turning to our Q1 outlook. We expect Q1 revenue in the range of $730 million to $780 million. This is a wider range than we would typically guide, reflecting the potential for some near-term disruption to sales cycles. While we are not guiding revenue mix, we expect Q1 Software to be down year over year given the strong growth in the year-ago period. We expect non-GAAP gross margin in the range of 82.5% to 83.5%. We estimate Q1 non-GAAP operating expenses of $360 million to $376 million. We expect Q1 share-based compensation expense of approximately $61 million to $63 million. We anticipate Q1 non-GAAP EPS in a range of $3.35 to $3.85 per share.

接下來談談我們第一季的展望。我們預計第一季營收將在 7.3 億美元至 7.8 億美元之間。這比我們通常給出的指導範圍要廣，反映出銷售週期在短期內可能會受到一些幹擾。雖然我們不提供收入構成預測，但鑑於去年同期強勁成長，我們預計第一季軟體營收將年減。我們預計非GAAP毛利率在82.5%至83.5%之間。我們預計第一季非GAAP營運費用為3.6億美元至3.76億美元。我們預計第一季股權激勵支出約為 6,100 萬美元至 6,300 萬美元。我們預計第一季非GAAP每股收益在3.35美元至3.85美元之間。

I will now pass the call back to Francois.

現在我將把電話轉回給弗朗索瓦。

Thank you, Cooper. Our immediate priority remains supporting customers as they evaluate and safeguard their environments. As we help our customers navigate this period, market dynamics are moving in a direction where F5 solutions are more essential than ever. The accelerated adoption of hybrid multi-cloud architectures and AI-driven infrastructure is driving demand for advanced application delivery and security solutions, areas where F5 is uniquely positioned to address our customers' most complex challenges.

謝謝你，庫柏。我們眼下的首要任務仍然是支持客戶評估和保護他們的環境。在我們幫助客戶度過這段時期之際，市場動態正朝著 F5 解決方案比以往任何時候都更重要的方向發展。混合多雲架構和 AI 驅動的基礎設施的加速普及，推動了對高階應用交付和安全解決方案的需求，而 F5 在這些領域擁有獨特的優勢，能夠幫助客戶應對最複雜的挑戰。

The industry has platforms for end points, network access, and for cloud workloads, but the F5 application delivery and security platform is the first to unify high-performance traffic management with advanced application and API security across hybrid and multi-cloud environments at scale. Unlike fragmented point solutions, the ADSP is purpose-built to simplify hybrid multi-cloud complexity. It integrates security, scalability, and operational efficiency while enabling valuable X Ops capabilities like policy management, analytics, and automation. By the end of Q4, nearly 900 customers were leveraging F5 X Ops capabilities, up from just 20 in 2024.

業界擁有終端、網路存取和雲端工作負載平台，但 F5 應用程式交付和安全平台是第一個將高效能流量管理與混合雲和多雲環境中的高階應用和 API 安全大規模統一起來的平台。與分散的點解決方案不同，ADSP 是專門為簡化混合多雲的複雜性而建構的。它整合了安全性、可擴展性和營運效率，同時也支援策略管理、分析和自動化等有價值的 X Ops 功能。到第四季末，已有近 900 位客戶利用了 F5 X Ops 的功能，而 2024 年這一數字僅為 20 位。

Innovations like our AI assistant and application study tool have been instrumental in driving this growth, which underscores the power and potential of the ADSP. Over the last several years, we also have been evolving our go-to-market strategy, focusing on landing, adoption, expansion, and renewals within our solutions portfolio. This approach has delivered results. 26% of our top 1,000 customers are now using F5-distributed cloud services, up from 17% in 2024. By delivering integrated solutions and accelerating customer outcomes, F5 is uniquely positioned to lead in a rapidly growing and dynamic market.

我們的人工智慧助理和應用研究工具等創新在推動這一成長方面發揮了重要作用，這凸顯了 ADSP 的強大功能和潛力。過去幾年，我們也一直在不斷改進我們的市場推廣策略，重點關注我們解決方案組合中的落地、採用、擴展和續約。這種方法已經取得了成效。在我們排名前 1000 的客戶中，目前有 26% 正在使用 F5 分散式雲端服務，高於 2024 年的 17%。透過提供整合解決方案和加速客戶成果，F5 在快速成長和充滿活力的市場中擁有獨特的領先地位。

I will speak to a few customer highlights from Q4 that demonstrate the power and the benefit of our holistic platform approach. An APAC-based bank is driving secure and scalable digital transformation with F5's comprehensive application delivery and security solutions. Leveraging F5 BIG-IP, NGINX and distributed cloud services, the bank is modernizing its critical infrastructure to enable 24/7 internet banking and mobile application access while meeting strict regulatory requirements for service resilience and disaster recovery.

我將介紹第四季度的一些客戶亮點，以展示我們整體平台方法的強大功能和優勢。一家總部位於亞太地區的銀行正在利用 F5 的全面應用交付和安全解決方案，推動安全且可擴展的數位轉型。該銀行利用 F5 BIG-IP、NGINX 和分散式雲端服務，對其關鍵基礎設施進行現代化改造，以實現全天候網路銀行和行動應用程式訪問，同時滿足服務彈性和災難復原方面的嚴格監管要求。

F5 ensures business continuity and robust security protecting against DDoS attacks and API vulnerabilities. By enabling seamless migration to containerized applications, F5 is positioning the bank for hybrid multi-cloud success. A leading North American investment manager partnered with F5 to modernize its infrastructure and hence, resilience and ensure uninterrupted operations. By migrating from legacy iSeries platforms to BIG-IP Next R-Series ahead of end of software support dates, the customer avoided compliance risks and ensured seamless operational continuity.

F5 可確保業務連續性和強大的安全性，抵禦 DDoS 攻擊和 API 漏洞。透過實現向容器化應用程式的無縫遷移，F5 正在為銀行在混合多雲環境中取得成功做好準備。北美一家領先的投資管理公司與 F5 合作，對其基礎設施進行現代化改造，從而提高韌性並確保營運不間斷。透過在軟體支援終止日期之前從傳統的 iSeries 平台遷移到 BIG-IP Next R 系列，客戶避免了合規風險，並確保了無縫營運的連續性。

The customer also deployed F5 for secondary DNS services to reduce reliance on a single provider and deliver critical redundancy to prevent outages. F5's lightweight platforms and cloud solutions helped the customer optimize performance within existing budgets.

客戶還部署了 F5 作為輔助 DNS 服務，以減少對單一提供者的依賴，並提供關鍵的冗餘以防止服務中斷。F5 的輕量級平台和雲端解決方案可協助客戶在現有預算內優化效能。

Finally, a major energy and gas company partnered with F5 to modernize its critical infrastructure and drive its cloud migration while ensuring seamless security across hybrid and multi-cloud environments. F5's BIG-IP and distributed cloud services extend application delivery, security, and identity management into hybrid multi-cloud environments, ensuring seamless operations and operational continuity.

最後，一家大型能源和天然氣公司與 F5 合作，對其關鍵基礎設施進行現代化改造，並推動其雲端遷移，同時確保在混合雲和多雲環境中實現無縫安全。F5 的 BIG-IP 和分散式雲端服務將應用程式交付、安全性和身分管理擴展到混合多雲環境，從而確保無縫操作和營運連續性。

The customer is also leveraging F5's advanced WAF to strengthen the protection of revenue-generating B2B applications and business critical platforms. With F5, the customer simplified operations, achieved cost savings, and accelerated the modernization efforts.

該客戶還利用 F5 的先進 WAF 來加強對創收 B2B 應用程式和業務關鍵型平台的保護。借助 F5，客戶簡化了操作，節省了成本，並加快了現代化進程。

These examples highlight the strong impact F5's ADSP approach is having for our customers. While we continue to work towards realizing the platform's full potential, we are confident that our commitment to innovation will drive even more value and outcomes for our customers.

這些例子突顯了 F5 的 ADSP 方法對我們的客戶產生的巨大影響。在我們繼續努力實現平台全部潛力的同時，我們相信我們對創新的投入將為我們的客戶帶來更大的價值和成果。

Before closing, I will highlight the traction we are building in AI use cases. We are seeing clear evidence that AI-related demand is contributing to our growth. AI is prompting a wave of data center refreshes as enterprises prepare for increased network capacity and services to support AI workloads, agentic AI, and inferencing demands. Beyond benefiting from broader AI-driven trends, F5 is directly powering key AI use cases.

最後，我想重點介紹一下我們在人工智慧應用案例方面取得的進展。我們看到有明確證據表明，人工智慧相關的需求正在促進我們的成長。隨著企業為支援人工智慧工作負載、智慧體人工智慧和推理需求而增加網路容量和服務，人工智慧正在引發一波資料中心更新換代浪潮。除了受益於更廣泛的人工智慧驅動趨勢外，F5 還直接為關鍵的人工智慧用例提供支援。

In FY25, we secured AI use case wins with more than 30 customers who are leveraging F5 to enable seamless, scalable, and secure AI workflows. These wins represent net new insertion points and growth opportunities built on decades of expertise. Today, we are actively supporting three critical AI use cases.

在 2025 財年，我們與 30 多家客戶成功達成了 AI 用例合作，這些客戶正在利用 F5 實現無縫、可擴展且安全的 AI 工作流程。這些勝利代表著全新的市場切入點和成長機會，而這些機會建立在數十年的專業經驗之上。目前，我們正在積極支援三個關鍵的人工智慧應用案例。

Number one, AI data delivery. F5 secures and accelerates high-throughput data ingestion for AI training and inferencing and forcing policies and protecting sensitive data while eliminating bottlenecks. Number two, AI runtime security. F5 safeguards AI applications, APIs and models from abuse, data leakage, and attacks like prompt injection, ensuring visibility and control. And number three, AI factory load balancing. F5 optimizes traffic and GPU utilization in AI factories to increase token throughput, reduce time to first token, and lower cost per token.

第一，人工智慧資料交付。F5 可安全、加速高吞吐量資料攝取，用於 AI 訓練和推理，強制執行策略並保護敏感數據，同時消除瓶頸。第二，人工智慧運作時安全。F5 可保護 AI 應用程式、API 和模型免受濫用、資料外洩和提示注入等攻擊，從而確保可見性和控制力。第三，AI工廠負載平衡。F5 優化 AI 工廠中的流量和 GPU 利用率，以提高令牌吞吐量，減少首次令牌獲取時間，並降低每個令牌的成本。

In Q4, we secured several new AI wins across these use cases. In an AI data delivery use case, an asset manager in EMEA partnered with F5 to overcome challenges in managing their AI workloads and ensuring reliable data performance. Their existing server could not handle high levels of demand, causing outages that disrupted operations. F5 provided a customized solution with advanced technology to improve systems reliability, efficiently manage data traffic, and seamlessly work with their existing infrastructure.

第四季度，我們在這些應用場景中獲得了多個新的人工智慧專案。在人工智慧資料交付用例中，歐洲、中東和非洲地區的一家資產管理公司與 F5 合作，克服了在管理其人工智慧工作負載和確保可靠的資料效能方面遇到的挑戰。他們現有的伺服器無法處理高需求，導致服務中斷，進而影響營運。F5 提供了一套採用先進技術的客製化解決方案，以提高系統可靠性，有效管理資料流量，並與他們現有的基礎設施無縫協作。

A government ministry in EMEA chose F5 to secure and scale AI security runtime operations for its AI-driven weather prediction platform, expanding on a prior AI data delivery project. The ministry required a comprehensive solution to ensure real-time access to AI-driven data with robust security for sensitive operations. F5 delivered a comprehensive solution suite, including [AWAS] for application security, SSLO for traffic infection, APM for access control, and LTM for reliable data delivery. With F5, the ministry transitioned from manual inefficient forecasting to a secure, real-time, AI-powered platform, improving performance, accuracy and operational efficiency.

歐洲、中東和非洲地區的一個政府部門選擇 F5 來保障和擴展其人工智慧驅動的天氣預報平台的 AI 安全運行時操作，這是在先前 AI 資料交付專案的基礎上擴展的。該部門需要一個全面的解決方案，以確保能夠即時存取人工智慧驅動的數據，並為敏感操作提供強大的安全保障。F5 提供了一套全面的解決方案，包括用於應用程式安全的 [AWAS]、用於流量感染的 SSLO、用於存取控制的 APM 以及用於可靠資料傳輸的 LTM。借助 F5，該部門從低效的人工預測過渡到安全、即時、人工智慧驅動的平台，提高了效能、準確性和營運效率。

In an AI factory load balancing use case, a North American service provider specializing in providing high-performance computing solutions for AI and machine learning workloads needed a high-performance solution to manage and scale AI workloads. They required enhanced scalability, reliability, and accessibility for GPU-driven workloads as well as a proxy for container functions to optimize AI data pipeline performance. FI provided an integrated solution featuring container ingress services with BIG-IP virtual editions delivering a critical control layer for performance, scalability, and reliability across AI data pipelines.

在 AI 工廠負載平衡用例中，一家專門為 AI 和機器學習工作負載提供高效能運算解決方案的北美服務供應商需要一個高效能解決方案來管理和擴展 AI 工作負載。他們需要增強 GPU 驅動工作負載的可擴充性、可靠性和可存取性，以及容器功能的代理，以優化 AI 資料管道效能。FI 提供了一個整合解決方案，其中包含容器入口服務和 BIG-IP 虛擬版本，為 AI 資料管道的效能、可擴充性和可靠性提供了關鍵的控制層。

F5's ease of installation and ability to address the customer's specific needs set it apart from competing open source alternatives. In Q4, we strengthened our AI runtime security capabilities with the acquisition of CalypsoAI. Their cutting-edge technology enhances our offerings with real-time threat defense and red teaming at scale, addressing critical needs for enterprises deploying generative and agentic AI. We are integrating these capabilities into our ADS-B, creating the most comprehensive solution for securing AI inference.

F5 易於安裝，並且能夠滿足客戶的特定需求，這使其在眾多開源替代方案中脫穎而出。第四季度，我們透過收購 CalypsoAI 加強了 AI 運行時安全能力。他們的尖端技術透過大規模的即時威脅防禦和紅隊演練增強了我們的產品，滿足了部署生成式和代理式人工智慧的企業的關鍵需求。我們將這些功能整合到我們的 ADS-B 系統中，打造最全面的 AI 推理安全解決方案。

In fact, we launched two new offerings in Q4, leveraging Calypso technology. F5 AI Guardrails establishes and monitors how AI models and agents interact with users and data, while defending against attackers. And F5 AI Redteam identify threats and informs exactly where and how urgently guardrails should be implemented.

事實上，我們在第四季推出了兩款新產品，利用了 Calypso 技術。F5 AI Guardrails 建立並監控 AI 模型和代理程式如何與使用者和資料交互，同時防禦攻擊者。F5 AI 紅隊能夠識別威脅，並準確告知應在何處以及以何種緊迫程度實施防護措施。

Wasting no time, our team secured wins for these offerings with a top-tier investment bank and a global AI compute platform leader. Collectively, our Q4 successes underscore F5's growing leadership in the hybrid multi-cloud landscape and the real value our platform approach delivers to customers, empowering them to simplify operations and hence, security and accelerate innovation across their environments.

我們的團隊毫不浪費時間，成功與一家頂級投資銀行和一家全球領先的人工智慧運算平台公司合作。總而言之，我們在第四季度的成功凸顯了 F5 在混合多雲領域日益增長的領導地位，以及我們的平台方法為客戶帶來的真正價值，使他們能夠簡化運營，從而提高安全性，並加速其環境中的創新。

I want to express my deepest gratitude to our customers and partners. Your urgency, collaboration, and trust through every step of our incident response have been invaluable. We are truly honored to work alongside you and remain steadfast in our commitment to earn your confidence every single day. I also want to extend my heartfelt thanks to all F5ers who came together with incredible focus and dedication to drive a strong and effective response. Looking ahead, we are resolute in our commitment to emerge stronger from this experience and to working across the security community to build a better and safer digital world.

我謹向我們的客戶和合作夥伴表達最深切的感謝。在事件回應的每一個環節，你們的緊迫感、協作精神和信任都至關重要。我們非常榮幸能與您並肩工作，並將始終堅定不移地致力於每天贏得您的信任。我還要衷心感謝所有 F5 成員，他們齊心協力，以驚人的專注和奉獻精神，推動了強有力的有效應對。展望未來，我們堅定致力於從這次經驗中變得更加強大，並與整個安全界合作，建立一個更美好、更安全的數位世界。

In closing, I am deeply honored by the Board's appointment as Chair effective with Al Higginson's retirement in March 2026. As a Director for nearly 30 years and Chair for 20, Al's leadership has been essential to F5's growth and transformation. He has provided outstanding stewardship and tone at the top that has shaped the F5 we are today.

最後，我深感榮幸能夠獲得董事會的任命，擔任主席一職，該職位將於 2026 年 3 月 Al Higginson 退休後生效。Al 擔任董事近 30 年，擔任董事長 20 年，他的領導對 F5 的發展和轉型至關重要。他在高層展現了卓越的領導能力和風範，塑造了我們今天所看到的F5。

I am humbled by the Board's trust and confidence in me to help lead F5 through its next chapter. I look forward to working alongside this talented management team and the Board to continue F5's trajectory of creating long-term value for shareholders.

董事會對我的信任與信心讓我有機會帶領F5邁向新的篇章，我深感榮幸。我期待與這支才華洋溢的管理團隊和董事會攜手合作，繼續推動 F5 為股東創造長期價值。

Operator, please open the call to questions.

接線員，請開啟問答環節。

(Operator Instructions) Meta Marshall, Morgan Stanley.

（操作說明）Meta Marshall，摩根士丹利。

Sorry, there was music for a second. Just a question in terms of what form of kind of conservatism have you put into the estimates. I guess I'm just trying to get a sense of are you accommodating customers through discounting? Is this you're pushing off purchase -- maybe people are pushing off purchasing decisions while they're handling kind of servicing or upgrading incidents? Or are you having to give other incentives to kind of upgrade boxes? Just trying to get a sense of kind of what form that kind of customer conservatism is taking?

抱歉，剛才有一陣音樂。請問您在估算中採用了哪一種保守主義方法？我只是想了解一下，你們是否透過折扣來吸引顧客？這是你推遲購買的原因嗎？ ——也許人們在處理維修或升級等問題時會推遲購買決定？或者你們需要提供其他激勵措施來鼓勵用戶升級設備？我只是想了解這種顧客保守主義具體表現為哪一種形式？

And then maybe just a second question. Just as you think about kind of the underlying growth of the systems business, like any way to contextualize how much of fiscal '25 growth was kind of due to the product upgrade cycle that was happening?

然後或許可以再問第二個問題。就像你思考系統業務的潛在成長時，有沒有辦法說明 2025 財年的成長有多少是因為當時的產品升級週期造成的？

Meta, it's Francois. Let me start with the first part of your question. I think Cooper will take the second question. Let me just start from -- you saw that we delivered a very strong quarter, and in fact, a very strong fiscal 2025. And the momentum in the business has been very, very strong, and that is driven increasingly by the secular trends that we've talked about, specifically hybrid multi-cloud and AI, and I can come back to that a little bit later.

Meta，是弗朗索瓦。讓我先回答你問題的第一部分。我認為庫柏會回答第二個問題。讓我先從──你們也看到了，我們本季業績非常強勁，事實上，2025 財年業績也非常強勁。業務發展勢頭非常強勁，這越來越受到我們討論過的長期趨勢的推動，特別是混合多雲和人工智慧，我稍後會再詳細談談這一點。

Based on these trends, we felt the trajectory of the business going into 2026 was more in the mid-single-digit growth. But we said we are guiding to 0% to 4% growth for 2026 based on what we see as potential near-term impact related to the security incident. And when I say near-term impact, we think we would see probably the majority of the impact in the first half of the year with trends kind of normalizing in the second half of the year. So let's double click on this near-term impact for your question.

根據這些趨勢，我們認為到 2026 年，該業務的發展軌跡將更傾向於中等個位數的成長。但我們表示，根據我們認為與安全事件相關的潛在近期影響，我們預期 2026 年的成長率為 0% 至 4%。我說的近期影響是指，我們認為大部分影響可能會在今年上半年顯現，而趨勢將在下半年逐漸恢復正常。那麼，讓我們仔細看看您問題中的這個近期影響。

What we have in there, Meta, is really three categories of things that could create near-term disruption. The first is that we have our own resources -- field resources and sales resources over the last couple of weeks, and I think that will go on for a few more weeks. I've really been focused on attending customers, helping them upgrade their environment, remediate issues, answer any questions, et cetera. And inevitably, that takes time away from a normal sales cycle.

Meta，我們這裡實際上包含了三類可能在短期內造成混亂的事物。首先，在過去的幾周里，我們擁有自己的資源——現場資源和銷售資源，我認為這種情況還會持續幾週。我一直專注於服務客戶，幫助他們升級環境、解決問題、回答任何問題等等。而這必然會佔用正常的銷售週期時間。

And the same is true for customers for putting a lot of resources on upgrading their BIG-IPs, ensuring their environment is in the right place, and that takes time away from considering the next project. So that is a short-term (dispose) option around allocation of resources, both at F5 and with our customers.

對於客戶來說，情況也是如此，他們投入大量資源來升級他們的 BIG-IP，確保他們的環境處於正確的位置，這會佔用他們考慮下一個項目的時間。所以，這是針對 F5 和我們的客戶而言，資源分配的一個短期（處置）方案。

There's a second potential disruption that we have considered in our guidance, which is that given the visibility that this security incident has had, it would be natural that install of our customers at an executive level, we may see some worries of approvals or delays of deals or additional approval as customers across a complex organization make sure that they want to be reassured that their projects should move forward and they have no further interrogation around that. That's the second consideration.

我們在指導意見中也考慮了第二個潛在的干擾因素，那就是，鑑於此次安全事件的可見性，我們客戶的高階主管可能會擔心審批、交易延遲或需要額外審批，因為複雜的組織中的客戶都希望確保他們的專案能夠順利推進，並且不會再受到任何質疑。這是第二個需要考慮的因素。

And then the third one is potentially for some of our customers, there may be some projects that they were going to move forward with, and they end up deciding not to do that. And we have considered that as a third potential impact. Now I want to be clear, everything I've just talked about, as you know, Meta, more than 70% of our revenues are recurring. Everything I've just talked about was the impact that would be mostly with new projects or new footprint acquisition.

第三種情況可能是，對於我們的一些客戶來說，他們可能有一些原本打算推進的項目，但最終決定放棄。我們已將此視為第三個潛在影響因素。現在我想明確一點，如你所知，Meta，我們超過 70% 的收入都是經常性收入。我剛才談到的所有內容，主要都是對新專案或新業務拓展的影響。

And so far, it is very early days because this was disclosed only two weeks ago. We haven't seen any of the impacts that I'm talking about, but we are very prudent about this because we are very, very early after the exposure and the interaction with customers. Cooper?

目前一切都還處於非常早期的階段，因為這件事只是兩週前才被揭露。我們還沒有看到我所說的任何影響，但我們對此非常謹慎，因為我們距離接觸和與客戶互動還處於非常非常早期的階段。庫柏？

Thanks. Yes. And then in terms of the Systems business, we're seeing strength in both the product rate for our [refresh] and capacity expansion. The growth has been pretty balanced actually across both. Roughly two-thirds of our Systems business in FY25 was tech refresh with about one-third coming from what we call data center (technical difficulty) increasing capacity, data sovereignty use cases.

謝謝。是的。而在系統業務方面，我們看到產品更新換代和產能擴張方面都表現強勁。實際上，兩者的成長都相當均衡。2025 財年，我們系統業務的大約三分之二是技術更新，其中大約三分之一來自我們所謂的資料中心（技術難題）增加容量、資料主權用例。

A lot of it is really driven by AI that can be both (technical difficulty) indirect. So it's just been a trend that we continue to see over the course of the year where we're seeing growth from both the refresh motion as well as some of these newer use cases. And then on the refresh motion, I would also note that I think we're still relatively early days on that refresh cycle with more than half of our installed base currently so on the legacy product families that can be going in a software support in the (technical difficulty).

很多事情其實是由人工智慧驅動的，而人工智慧既可以是（技術上的）間接的。所以，在過去一年中，我們一直看到這樣的趨勢：產品更新換代以及一些新的應用程式場景都帶來了成長。關於產品更新換代，我還想指出，我認為我們目前仍處於產品更新周期的早期階段，超過一半的已安裝用戶群目前都處於軟體支援階段，因此，對於可能即將退出市場的傳統產品系列，我們仍需提供軟體支援。（技術難題）

George Notter, Wolfe Research.

喬治諾特，沃爾夫研究公司。

Thanks a lot, just continuing on that line of discussion. I guess I'm curious about how you actually size any potential impact from the security breach. I would imagine it's probably a complex exercise. But I was curious if you could just kind of walk us through like the logic here. And then maybe related to that, can you give us a sense for how many customers were affected where there was configuration information taken or are there specific customer issues that you can point to?

非常感謝，我們繼續沿著這個話題討論。我很好奇你們是如何評估這次安全漏洞可能造成的潛在影響的。我想這可能是一項複雜的練習。但我很好奇，您能否為我們解釋這裡的邏輯。另外，或許可以和這個問題相關，您能否大致說明有多少客戶受到了影響，他們的配置資訊被洩露？或者您能否指出一些具體的客戶問題？

Yes. Sure, George. This is Cooper. I'll take the first part, and then Francois can drill the second question. So Francois kind of touched out a little bit at a high level when he kind of reference the percentage of our business that is recurring in nature. But as we went through this process, we really took a fairly granular approach. It's kind of profiling our revenue base across all the different revenue streams and kind of taking a look at which of these revenue streams could be more impacted and which ones would be more resilient in the near term.

是的。當然可以，喬治。這是庫柏。我來回答第一個問題，然後弗朗索瓦可以深入探討第二個問題。所以，弗朗索瓦在談到我們業務中經常性業務所佔比例時，從宏觀層面稍微提及了一下。但在進行這個過程時，我們採取了相當細緻的方法。它實際上是對我們所有不同收入來源的收入基礎進行分析，並檢視哪些收入來源可能受到更大的影響，哪些收入來源在短期內更具韌性。

So if you think about our revenue base, a lot of the revenue that we recognize come straight off the balance sheet. So our service revenue, that maintenance revenue is mostly coming off of deferred revenue. We've got our -- the delivery example. Our SaaS revenue is coming out of beginning ARR. And then we've got a lot of our software businesses coming through in the form of subscription results. So those are revenue streams that are highly resilient, and we wouldn't expect to have much of a near-term impact.

所以，如果你看看我們的收入基礎，你會發現我們確認的許多收入都直接來自資產負債表。所以我們的服務收入，也就是維護收入，主要來自於遞延收入。我們有了——交付範例。我們的SaaS收入來自初始年度經常性收入（ARR）。此外，我們的許多軟體業務也以訂閱收入的形式體現出來。因此，這些收入來源具有很強的韌性，我們預期短期內不會受到太大影響。

And then if you look at kind of newer use cases, whether that's competitive takeout or new software projects, that's where potentially could be more of a near-term impact. And so we kind of looked at these different cohorts of our revenue base. And this kind of made a judgment as to what the potential impact could be in the near term as customers are kind of going through some of their operational activities around the incidents.

然後，如果你看看一些較新的用例，無論是競爭性外賣還是新的軟體項目，那可能會產生更大的近期影響。因此，我們對收入基礎的不同群體進行了研究。這樣就對近期內可能產生的潛在影響做出了判斷，因為客戶正在圍繞這些事件進行一些營運活動。

And then we also have [both] just looking at other peers, historically, they have gone through similar incidents in what revenue impacts they saw. And then, of course, we've spent a lot of time with our sales teams just kind of assessing at the outset what your view was is what impact, if any, they might be. And then continuing those conversations as they've engaged with their customers in the field. And I think we're very encouraged by some of the early feedback we've gotten from those conversations.

此外，我們還可以看看其他同行，從歷史來看，他們也經歷過類似的事件，並看到了類似的收入影響。當然，我們也花了很多時間和銷售團隊一起評估，從一開始我們就想了解你們的看法，以及這些措施可能會產生什麼影響（如果有的話）。然後，在與客戶進行現場互動時，繼續這些對話。我認為，我們從這些對話中獲得的一些早期回饋令我們倍受鼓舞。

There have been very healthy discussions with customers and helping them kind of address some of these [fully] concerns and I think we're feeling pretty good about our relationship and how those interactions are going for customers.

我們與客戶進行了非常健康的討論，並幫助他們徹底解決了一些疑慮，我認為我們對彼此的關係以及客戶與我們互動的情況都感到非常滿意。

And I'll take the second part of your question, George, on customer impact. First of all, I do want to take this opportunity to say that, of course, we are disappointed that this happened and very aware as a team and as a company of the burden that this has placed in our customers who have had to work long hours to upgrade their BIG-IP and secure their environment. And we're continuing to work with all of our customers in ensuring that they are in the place they want to be.

喬治，我來回答你問題的第二部分，關於客戶影響。首先，我想藉此機會表示，我們當然對此事的發生感到失望，並且作為一個團隊和一家公司，我們非常清楚這給我們的客戶帶來了沉重的負擔，他們不得不長時間工作來升級他們的 BIG-IP 並保護他們的環境。我們將繼續與所有客戶合作，確保他們都能達到他們想要的目標。

With that said, the customers who were impacted, so we shared that there was no evidence of access to F5 distributed cloud services, environment or NGINX environmental, it was essentially BIG-IP customers that were impacted there. There were really two categories of impact. All of our BIG-IP customers, we recommended strongly to all of them that they upgrade their BIG-IP through the latest releases that we work very hard to make available on the day of the closure. And we were very impressed, frankly, with the speed with which our customers have normalized resources to be able to make these upgrades and put them in production fairly rapidly.

也就是說，受影響的客戶表示，沒有證據表明他們能夠存取 F5 分散式雲端服務、環境或 NGINX 環境，受影響的主要是 BIG-IP 客戶。影響其實分為兩類。我們強烈建議所有 BIG-IP 客戶升級他們的 BIG-IP，升級到我們努力在關閉當天提供的最新版本。坦白說，我們的客戶能夠如此迅速地調整資源配置，從而進行這些升級並很快投入生產，這給我們留下了非常深刻的印象。

So the impact really on them was having to mobilize resources to do that work shortly after our disclosure. And we're actually pleased that a lot of customers are to that work. People continue, but we're very pleased to see the speed with which customers have upgraded their [VN].

因此，對他們來說真正的影響是，在我們披露資訊後不久，他們就不得不調動資源來完成這項工作。我們很高興看到許多客戶都對這項工作表示讚賞。人們仍在繼續升級，但我們很高興看到客戶升級的速度如此之快。[VN].

The second category of impact was related to data exfiltration that impacted a small percentage of our customers or -- and we will continue to go through the sort of e-discovery process around what specific data with the customer. But from the first body of work that we have done on that, we have already identified the customers that were reflected, and we have sent them their information their data package for the date that mine infiltrated. The most common to back from customers so far has been that that data is not sensitive and they're not concerned about it. There was no impact to our CRM or our support system.

第二類影響與資料外洩有關，影響了我們一小部分客戶—我們將繼續與客戶一起進行電子取證流程，以確定具體資料外洩情況。但從我們在這方面所做的第一批工作中，我們已經確定了受影響的客戶，並且我們已經向他們發送了他們的信息以及地雷入侵當天的數據包。到目前為止，客戶最普遍的回饋是，這些數據並不敏感，他們並不擔心。我們的客戶關係管理系統和支援系統均未受到影響。

Michael Ng, Goldman Sachs.

Michael Ng，高盛。

I just have two. First, just on OpEx. It seems like the implied OpEx growth for fiscal '26 is about 4% at the midpoint. Just wondering, if you're seeing any additional costs as a result of the data breach, are there investments in systems internally or costs related to offering the free EDR subscriptions to affected customers.

我只有兩個。首先，僅就營運支出而言。2026 財年隱含的營運支出成長率似乎在 4% 左右（取中間值）。我想問一下，如果資料外洩導致你們產生任何額外成本，例如內部系統方面的投資，或向受影響的客戶提供免費 EDR 訂閱的相關成本。

And then second, certainly encouraging to hear that it was just BIG-IP that was impacted, not NGINX or DCS. Could you just tell us what percentage of the revenue comes from BIG-IP?

其次，令人欣慰的是，只有 BIG-IP 受到影響，而 NGINX 或 DCS 則沒有受到影響。能否告知我們BIG-IP業務貢獻了多少收入百分比？

Yes. So I'll start with the latter. We don't break out our product by revenue line. We're a single-segment company, but it's -- BIG-IP is the highest revenue product, of course, but we don't actually break out what the contribution is.

是的。那我就先從後者開始吧。我們不依營收明細列出產品資訊。我們是一家單一業務部門的公司，但——當然，BIG-IP 是收入最高的產品，但我們實際上並沒有單獨列出其貢獻。

And then in terms of investments in security and the OpEx, so yes, we actually have been investing aggressively in cybersecurity over the last several years. It has more than doubled our investment in cybersecurity just in the last three years alone. And we had already accounted for continued investment in our planning for this year, even before we learn the business.

至於安全和營運支出的投資，是的，過去幾年我們確實一直在積極投資網路安全。光是在過去三年裡，我們在網路安全方面的投資就增加了一倍以上。甚至在我們了解業務之前，我們就已經在今年的規劃中考慮了持續投資。

And of course, we've learned a lot in the last several weeks, and so there's some additional investments incorporated into our planning. But that was among the highest priority areas of investment in our plan going --.

當然，在過去的幾周里，我們也學到了很多東西，因此我們的計劃中也增加了一些額外的投資。但這是我們計劃中最重要的投資領域之一。——。

And any costs related to the Falcon EDR subscription?

Falcon EDR訂閱有任何費用嗎？

Yes. So there are a number of costs related to the incident remediation and in the offering that you're referencing as part of that. Those are either going to be accounted for in our -- with our cyber insurance or they would be remediation costs that are accounted for separately as a onetime expense.

是的。因此，與事件補救相關的成本有很多，而您提到的服務也包含在其中。這些損失要么會透過我們的網路保險來彌補，要么會作為一次性費用單獨計入補救成本。

Tal Liani, Bank of America.

塔爾·利亞尼，美國銀行。

By the way, the sound quality is bad on your end, hard to understand you. I have two sets of questions on Software revenues and System revenues. On Systems, if I look at the dollar revenue for this year, and you started the year with $160 million, but then it accelerated to $180 million a quarter, give or take, $181 million, $186 million but $180 million a quarter.

順便說一句，你那邊的音質很差，很難聽清楚你在說什麼。我有兩個關於軟體收入和系統收入的問題。就係統業務而言，如果我看一下今年的美元收入，年初是 1.6 億美元，但後來加速成長到每季 1.8 億美元左右，1.81 億美元，1.86 億美元，但每季都是 1.8 億美元。

Do you think you can further grow from this level? Or is the growth rate going to decline substantially because this level reflects kind of the level of the refresh going forward, kind of steady-state refresh going forward? Or what are maybe different drivers. I'm just trying to understand if they increase from $130 million to $140 million last year to about $180 million this year, if there is further growth from this level or we stabilize at this level?

你認為自己還能在這個水準上更進一步嗎？或者，成長率是否會大幅下降，因為目前的水平反映了未來更新換代的水平，某種意義上的穩定更新換代？或可能有哪些不同的驅動因素？我只是想了解，如果收入從去年的 1.3 億美元到 1.4 億美元增加到今年的 1.8 億美元左右，那麼這個數字還會繼續增長，還是會穩定在這個水平？

And on Software, I have the same question almost. If I look at the quarterly level of revenues this year and I average it out, there was a step-up in this year versus last year, but we stayed at the level of about $210 million. I mean, some quarters are below, some quarters are above, but there is kind of a straight line. And this is on the heels of refresh of renewals.

關於軟體方面，我也有幾乎相同的問題。如果我看今年的季度營收水準並取平均值，雖然今年的營收比去年有所成長，但我們仍然保持在 2.1 億美元左右的水準。我的意思是，有些季度低於，有些季度高於，但大致呈直線狀。而這正值續約政策更新之後。

So the question is what drives Software to grow from here, if that's the growth we're seeing with renewals and only -- we spoke about in previous quarters and all the accounting treatment of renewals. So bottom line is what drives Software and System growth from here versus the temporary items that are impacting it right now?

所以問題是，如果成長只是透過續訂實現的，那麼是什麼推動了軟體產業從現在開始的成長——我們在前幾個季度討論過續訂的所有會計處理方式。所以歸根究底，是什麼因素推動了軟體和系統未來的發展，而不是目前影響它的暫時性因素？

Okay. I will start with hardware. So I think you're right, we saw a significant growth year, of course, this year. I think that, that -- you referenced the -- hardware revenues were at down in FY24. And then that really is the kind of the starting point.

好的。我先從硬體說起。所以我覺得你說得對，今年我們確實實現了顯著成長。我認為，正如你所提到的，2024 財年的硬體收入有所下降。那麼，這才是真正的起點。

That was a low watermark, and we had talked about customers were in a period of sweating assets where they have not been investing in the data center and a lot of that was tied to the macro at the time in customer budgets. And what we've been seeing is a bit of a catch-up period over the last year with some of that deferred investment, and that's is bringing a lot of the growth just in FY25. But we are still early in the refresh cycle. So we think there is still ability to grow that business.

那是一個低谷，我們當時討論過，客戶正處於資產緊縮期，他們沒有對資料中心進行投資，這很大程度上與當時客戶預算的宏觀環境有關。我們看到，過去一年來，一些被推遲的投資得到了追趕，這在 2025 財年帶來了很大的成長。但我們仍處於更新周期的早期階段。所以我們認為這項業務仍有發展潛力。

And then as I said on an earlier question, we're also seeing kind of a new vector of growth. And this is kind of more of an emerging growth category, which is in some of the data center capacity expansion that we've been seeing. And we think a lot of that is tied to AI readiness. And so that one, it's still relatively early, but that's kind of a newer growth trend that we don't think it's cyclical that it could potentially have growth for years to come.

正如我在之前的問題中提到的，我們也看到了一個新的成長方向。這更像是一個新興的成長類別，也就是我們所看到的資料中心容量擴張。我們認為這很大程度上與人工智慧的準備有關。所以，雖然現在還處於相對早期階段，但這算是一種較新的成長趨勢，我們認為它不是週期性的，未來幾年可能會持續成長。

And so from the refresh perspective, we believe that this year should be a strong year of refresh [because] early we are in the cycle. And then on the new -- the performance in the center capacity expansion that could continue to have growth as well. And having said all of that, this is all kind of looking back at our view that the business was pointing to mid-single-digit growth for this year. So there's still the near-term impact that you could see related to the security incidents. So we'll see how that plays out.

因此，從更新換代的角度來看，我們認為今年應該是更新換代強勁的一年，因為我們正處於週期的早期階段。然後，關於新的——中心容量擴張方面的表現也可能繼續增長。綜上所述，這一切都是在回顧我們先前的觀點，即公司今年的成長預期將達到個位數中段。所以，安全事件仍然會帶來一些短期影響。所以，我們拭目以待。

And Tal, I'll take the second part of your question. So let me just be clear. We believe that our Software is going to continue to grow at a healthy clip. And that's driven in the trends -- I make that statement on the trends that we're seeing in the business. So if you look in this year, the multiyear Software agreements that we have that are active just this year were 20% year on year. And we expect that to continue to grow.

塔爾，我來回答你問題的第二部分。讓我把話說清楚。我們相信我們的軟體將繼續保持健康的成長速度。而這又是由趨勢驅動的──我這樣說是因為我們目前在商業領域看到了這些趨勢。因此，如果你看今年的數據，我們今年生效的多年期軟體協定數量年增了 20%。我們預計這一數字還會持續成長。

Our erosion of the flexible consumption agreements that allow customers to consume over multiple years and consume over multiple parts of our portfolios are growing because customers are embracing these hybrid multi-cloud architectures more and more and need multiple form factors, including Software and Software as a Service.

由於客戶越來越傾向於採用混合多雲架構，並且需要多種形式（包括軟體和軟體即服務），因此，允許客戶在多年內以及在我們產品組合的多個部分進行消費的靈活消費協議正在逐漸被削弱。

A manifestation of that is -- so I'll give you kind of two manifestations of that. One is in our SaaS adoption. We -- the number of SaaS customers this year who almost 6%, I think they grew 57%. We have over 1,300 distributed cloud customers today, and we have a little more than 800 a year ago. So that adoption and that adoption is growing, including in our largest customers. So our top 1,000 customers, we're seeing that now over 26% of them are consuming F5 distributed cloud.

這種現象的一種表現形式是──所以我給你舉兩個例子。一是我們在SaaS採用的問題。今年我們的 SaaS 客戶數量增加了近 6%，我認為他們成長了 57%。目前我們擁有超過 1300 家分散式雲端客戶，而一年前我們只有 800 多家。因此，這種採用率正在不斷提高，包括在我們最大的客戶中也是如此。因此，在我們排名前 1000 的客戶中，我們發現超過 26% 的客戶正在使用 F5 分散式雲端。

As you know, in the SaaS part of the business, we have been going through some transitions. We are largely through these transitions, and we expect the asset managed services line to contribute to growth in software going forward.

如您所知，在SaaS業務方面，我們一直在經歷一些轉型。我們基本上已經完成了這些轉型，我們預計資產管理服務線將在未來為軟體業務的成長做出貢獻。

The second dynamic is that customers are seeing the benefits of our entire portfolio, and we're seeing that in the number of customers that are consuming multiple product families IND. If you go back four years ago, we have 30% of F5 customers that were consuming multiple product families from F5 amongst our top 1000 customers. That's now up to 70%. And we're seeing the ADS-B, our application delivery and security platform, the capabilities in that platform, including software capabilities, especially in our X Ops capabilities, we're seeing rapidly and growing adoption around that.

第二個動態是客戶看到了我們整個產品組合的好處，我們從使用多個 IND 產品系列的客戶數量中看到了這一點。如果回顧四年前，在我們排名前 1000 的客戶中，有 30% 的 F5 客戶同時使用 F5 的多個產品系列。現在已經達到70%。我們看到 ADS-B（我們的應用程式交付和安全平台）及其功能，包括軟體功能，特別是我們的 X Ops 功能，正在迅速得到越來越多的採用。

And so when you combine all of this, you combine what we expect to see with the growth of our flexible consumption agreement that has continued to happen what we expect to see in SaaS adoption, which we have already seen this year, and the approach we've taken with application delivery and security platform and the adoption we're seeing of that. All of these are catalysts or continued growth of the Software business going forward.

因此，將所有這些因素結合起來，包括我們預期看到的靈活消費協議的增長（這種增長一直在持續），我們預期看到的 SaaS 採用情況（我們今年已經看到了這種採用情況），以及我們在應用程序交付和安全平台方面採取的方法以及我們看到的採用情況。所有這些都是推動軟體業務未來持續成長的催化劑。

But Francois, if that's the case -- and I know you reduced the guidance a little bit because of the breach because of the cybersecurity issue. But even before that, you only guided growth to 5%. So if that's the case, why don't we see a faster growth rate?

但是弗朗索瓦，如果是這樣——我知道你因為網路安全問題導致的違規行為而稍微減少了指導方針。但即便在那之前，你也只引導成長到了 5%。如果真是這樣，為什麼我們沒有看到更快的成長速度呢？

Right. So Tal, I mean we've talked about this -- we've tried to talk about this on several calls. There is a timing nature because of these three-year cycles on the renewals. And so the subscription business that we sold in FY23 had a lower growth rate because new projects were under pressure three years ago. And so that's what's coming up for renewal in FY26.

正確的。塔爾，我的意思是，我們已經談過這件事了——我們已經在好幾次電話會議中嘗試談過這件事了。由於續約週期為三年，因此存在時間上的考量。因此，我們在 2023 財年出售的訂閱業務成長率較低，因為三年前新專案面臨壓力。所以，這就是2026財年需要續約的項目。

And so the base with which we're starting doesn't have as much growth in FY26 and that's what was behind what we said was a good single-digit growth opportunity when we talked in July. That same base has [much more growth] in FY27, and we don't have the headwind related to our SaaS managed service business because we're through the transition. So we tried to lay out that there are going to be some ups and downs in the annual growth rates to the timing of those renewal motions. But we've given that look ahead beyond the current year into '27 to give that visibility that we expect a reacceleration of software growth rate.

因此，我們目前的基數在 2026 財年並沒有太大的成長，而這正是我們在 7 月談到時所說的個位數成長機會背後的原因。同樣的基數在 2027 財年將實現[更大的成長]，而且由於我們已經完成了轉型，因此我們不會面臨與 SaaS 管理服務業務相關的阻力。因此，我們試圖闡明，年度成長率會因這些續約動議的時機而出現一些波動。但我們已經將目光投向了 2027 年，以表明我們預計軟體成長率將再次加速。

The underlying trends are very healthy. Francois laid out several metrics to point to the underlying health of the Software business. And we saw that last year, looking at our term license business that was (technical difficulty), we have the headwind related to SaaS where our SaaS managed service was down 9%. But again, that's going to be behind us. And so it points to a very healthy Software view beyond FY26.

整體趨勢非常健康。弗朗索瓦列舉了幾項指標來說明軟體業務的潛在健康狀況。去年，我們看到，由於技術困難，我們的長期授權業務受到了 SaaS 的不利影響，我們的 SaaS 管理服務下降了 9%。但那都將成為過去。因此，這預示著2026財年之後軟體產業的前景將非常健康。

Got it. Thank you so much for your candor and openness. I know these questions are tough, but thank you for taking the time to answer them in such detail.

知道了。非常感謝您的坦誠和開放。我知道這些問題很難，但非常感謝您抽出時間如此詳細地回答。

Tim Long, Barclays.

提姆朗，巴克萊銀行。

Two quick ones, if I could. I just wanted to follow up, Francois, on distributed Cloud Services. Part of my question was about multi-products. I think you answered that there. But could you talk about some of the other economics that you see as you transition to DCS, things like deal sizes, win rates, maybe when we get to it, dollar retention or add-ons on top of that, number one.

如果可以的話，請給我兩個簡短的問題。弗朗索瓦，我只是想就分散式雲端服務的問題再跟進一下。我的問題中有一部分是關於多產品方面的。我覺得你已經回答這個問題了。但是，您能否談談在過渡到 DCS 時您看到的其他一些經濟因素，例如交易規模、中標率，也許當我們談到美元留存率或附加費用時，這是第一點。

And then number two, if you could just quickly touch on a few of the verticals, at least on a bookings basis, we're a little out-of-band enterprise was really strong year over year and service provider was pretty weak, all for pretty weak numbers. So anything that's driving kind of a little bit of out-of-band performance on those two verticals, that would be great.

其次，如果您能快速地談談幾個垂直領域，至少從預訂量來看，我們略微超出常規的企業業務同比增長非常強勁，而服務提供商業務則相當疲軟，所有這些業務的整體數據都相當疲軟。所以，任何能夠推動這兩個垂直領域實現帶外性能提升的東西，都會是極好的。

Please hold, we are experiencing some technical duties

請稍候，我們正在進行一些技術維護工作。

Okay. Great. I was starting with your question, Tim, on distributed cloud. I'm saying this is a land-and-expand motion. So typically, the deals will start rather small in the multiple kinds of case and expand after that.

好的。偉大的。提姆，我原本是想回答你關於分散式雲端的問題。我的意思是，這是一場登陸擴張的運動。因此，通常情況下，各種類型的交易都會從規模較小的開始，然後逐步擴大。

I'll give you a better point on that. We have one-third of our distributed cloud customers that have expanded their ARR with us and they've extended -- their expansion has been 90% for those of whom who have extended. So it could be pretty significant growth in a customer after [we sign] them. And that will continue to grow as we add more services onto F5 distributed cloud and we're continuing to add services as part of building this application delivery security platform. We're adding more and more of the services that customers have enjoyed on BIG-IP onto F5 distributed cloud.

我對此有更充分的解釋。我們有三分之一的分散式雲端客戶增加了他們的年度經常性收入 (ARR)，並且他們已經延長了合約期限——在這些延長合約期限的客戶中，他們的成長幅度達到了 90%。因此，在我們與他們簽約後，客戶數量可能會出現相當大的成長。隨著我們在 F5 分散式雲端上添加更多服務，這種情況還會繼續增長，而且作為建置此應用程式交付安全平台的一部分，我們正在不斷添加服務。我們將客戶在 BIG-IP 上享受到的越來越多的服務添加到 F5 分散式雲端。

To the second part of your question on the verticals, the -- generally, what we're seeing is kind of the most important enterprise verticals are all embracing hybrid multi-cloud postures for different reasons. But in the end, it all points to F5.

關於您問題的第二部分——垂直行業——總的來說，我們看到最重要的企業垂直行業都出於不同的原因而接受了混合多雲架構。但歸根結底，一切都指向F5。

So financial services, for example, in a lot of cases, are keeping their core banking data on-premise, but are also having to build sort of disaster recovery to comply with operational resilience regulations. And so they're leveraging public cloud for that. And any time customers using both on-prem environment and public cloud environment, it creates a strong case for F5. The same is true in healthcare. We're seeing the same in manufacturing, in retail and even in public sector environment.

例如，在許多情況下，金融服務機構都將核心銀行資料儲存在本地，但同時也必須建立某種災難復原機制，以符合營運彈性法規。所以他們正在利用公有雲來實現這一點。對於同時使用本地環境和公有雲環境的客戶而言，這為 F5 提供了強有力的論點。醫療保健領域的情況也是如此。我們在製造業、零售業甚至公共部門都看到了同樣的情況。

So these verticals embracing hybrid multi-cloud really allow us to pull our share of wallet into these verticals, and that's what's driving the cross-sale of our portfolio. The service provider space, Tim, that you mentioned, it's true that generally, that segment has been, I would say, rather tepid in part because 5G has not really taken off in the way that we all expected a couple of years ago. And there hasn't been a real growth driver frankly, for service providers, either in ARPU or 5G services adoption. So we have seen stability there, but not significant growth to date.

因此，這些採用混合多雲的垂直行業真正讓我們能夠將我們的資金份額投入到這些垂直行業中，而這正是推動我們產品組合交叉銷售的原因。提姆，你提到的服務提供者領域，確實如此，總的來說，我認為這個領域一直比較冷清，部分原因是 5G 並沒有像我們幾年前預期的那樣真正普及。坦白說，對於服務提供者而言，無論是 ARPU 還是 5G 服務普及率，都沒有真正的成長動力。所以我們看到這方面保持穩定，但迄今為止還沒有顯著增長。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

A couple of things I wanted to check on. One, hopefully, easy is, what are you seeing in terms of US Federal in light of the government shutdown? Is that an aspect that's affecting the outlook for your December quarter?

有幾件事我想確認一下。第一個問題，希望比較容易回答，鑑於美國政府停擺，您認為美國聯邦政府的情況如何？這是否是影響您12月季度業績展望的因素之一？

And the other thing I wanted to get a better sense of is you've given us some commentary around the mix of software and hardware for the December quarter. But what's baked in for software versus hardware growth in that full year 0% to 4% guidance?

另外，我還想更了解一下，您已經就 12 月季度的軟體和硬體組合發表了一些評論。但全年0%至4%的成長預期中，軟體成長與硬體成長的比例分別是多少呢？

Let me start with the -- in terms of the US federal government, we have, in our guidance, assume some level of disruption in that segment of our business, especially in the first quarter with the government shutdown. That clearly is having an impact on projects being delayed or approvals being delayed we -- it is our hope that this normalizes over the course of the year. But certainly, in Q1, we have assumed that the numbers that we would see from the federal sector would not be what we have seen historically in that part of the business because of the government shutdown.

首先，就美國聯邦政府而言，我們在業績指引中預計，由於政府停擺，我們業務的這一部分將受到一定程度的影響。這顯然對專案延期或審批延期產生了影響——我們希望這種情況能在今年內恢復正常。但可以肯定的是，由於政府停擺，我們預計第一季聯邦部門的業績數據將不會像以往該業務領域那樣出色。

Yes. Thanks, Simon. We're not guiding mix at this point, just given that we're 12 days since the announcement of the incident, and we've done a lot of work to provide a range on the growth outlook, which, as we said, we've discounted some risk of short-term disruption to demand. We expect the demand to normalize in the second half of the year. And I think as we see demand starting to normalize, we'll look to give an update of what software and hardware growth can look like for the rest of the year.

是的。謝謝你，西蒙。目前我們不對產品組合進行指導，因為距離事件宣布已經過去了 12 天，而且我們已經做了很多工作來提供增長前景的範圍，正如我們所說，我們已經考慮到了短期需求中斷的一些風險。我們預計下半年需求將恢復正常。我認為，隨著需求開始恢復正常，我們將對今年剩餘時間軟體和硬體的成長進行更新。

Just maybe you could clarify because you've got BIG-IP as the appliance system business, but you have virtual additions of BIG-IP. So when you talked about the breach, you said it affected BIG-IP. Does that mean that the breach affects both software and hardware equally?

或許你可以澄清一下，因為你們的 BIG-IP 是設備系統業務，但你們也有 BIG-IP 的虛擬擴充。所以，當你談到這次資料外洩事件時，你說它影響了 BIG-IP。這是否意味著此次安全漏洞對軟體和硬體的影響程度相同？

Yes, it does.

是的，確實如此。

That's what I wasn't sure about. Appreciate it.

這就是我不確定的地方。謝謝。

Samik Chatterjee, JP Morgan Chase.

薩米克‧查特吉，摩根大通。

Francois, just curious to hear your thoughts in terms of how the market share dynamics change on account of the potential impact that you're outlining for the first half? Because I'm just wondering if sort of we should expect to see some of the spend from your customers if it does get delayed from first half to see some catch-up in the second half, particularly when it comes to potentially the systems part of your business? And I have a quick follow-up after that, sorry.

弗朗索瓦，我很好奇你認為在你概述的上半年潛在影響下，市佔率動態會發生怎樣的變化？我只是想知道，如果上半年的進度有所延遲，我們是否應該預期客戶的部分支出會在下半年得到彌補，尤其是在貴公司係統部分方面？之後我還有一個簡短的後續問題，抱歉。

Yes. So we cannot know [if it's part of] on a 1- or 2-quarter basis, that's enough of a runway to see substantial change in market share. So if I speak more on an annual basis and what I expect going forward, my expectation is that we continue to gain share in the app delivery and security market. The reason I say that is, relative to other players in the space, we are investing more in our road map. We have been very aggressive in investing in security.

是的。因此，我們無法知道（這是否是其中的一部分），以一到兩個季度為單位，這足以讓我們看到市場份額的實質變化。所以，如果我更多地從年度角度來談談我對未來的期望，我的期望是，我們將繼續在應用程式交付和安全市場中獲得份額。我這麼說的原因是，相對於該領域的其他競爭者，我們在產品路線圖上的投入更多。我們在安防領域的投資非常積極。

And I think through the competitions with our customers around what we are doing to secure environment, build trust centers to allow customers to come and do penetration testing of our code, all of the work that we are doing with partners to continue to look for any vulnerability to secure our code that our customers are going to continue to see that F5 is really the right partner, is 100% committed to maximum security in our products and in their environment. And that will be in terms of over time.

我認為，透過與客戶就我們為確保環境安全所做的努力展開的競爭，建立信任中心讓客戶能夠對我們的程式碼進行滲透測試，以及我們與合作夥伴為持續尋找任何漏洞以確保程式碼安全所做的一切工作，我們的客戶將繼續看到，F5 確實是合適的合作夥伴，我們 100% 致力於確保產品及其環境的最大安全性。那將是一個循序漸進的過程。

Customers, of course, continuing to partner with F5 and where possible consolidated spend on our application delivery and security platform in their environment. And we have a world-class road map for our customers to continue to deliver functionality in delivery and security. So I think you have to look at it over a period of time. There may be a short-term blip in the first half of our year because of the factors that I described earlier. But in terms of our market share, our market position, and relationship with customers, I think, if anything, over time, we will continue to strengthen.

當然，客戶將繼續與 F5 合作，並在可能的情況下，在其環境中整合對我們應用程式交付和安全平台的支出。我們為客戶制定了世界一流的路線圖，以繼續在交付和安全方面提供功能。所以我認為需要從長遠的角度來看這個問題。由於我前面提到的那些因素，今年上半年可能會出現短期波動。但就我們的市場份額、市場地位以及與客戶的關係而言，我認為，隨著時間的推移，我們只會繼續加強。

Got it. Got it. And for my follow-up, I was just looking at the disclosure that you had on stand-alone security revenues. I think you said $463 million for this year. Looks like it's been fairly consistent for the last couple of years without material growth, like I have $458 million for fiscal '24, $475 million for the year before.

知道了。知道了。至於我的後續問題，我剛剛查看了你們關於獨立證券收入的揭露資訊。我想你之前說的是今年4.63億美元。看起來過去幾年相當穩定，沒有實質成長，例如我預測 2024 財年為 4.58 億美元，上一財年為 4.75 億美元。

Any sort of more details you can provide in terms of what you're seeing on the standalone security side? And why hasn't there been more significant growth on that front?

關於您在獨立安全方面看到的情況，您能否提供更多詳細資訊？為什麼這方面沒有更顯著的成長？

Yes, I'll take that. So our overall security business grew about 6% last year. So I think what you're seeing is this is going back to the trend that we've talked about with customers preferring to consume via the platform and consolidate multiple functions onto a single platform. And so you're seeing less -- maybe less growth coming from stand-alone solutions in more of a preference to consume through our flexible consumption program where they're adding additional modules and attaching more security on to existing footprint. And so that growth is really coming through more in a platform factor.

是的，我要了。因此，去年我們的整體安防業務成長了約 6%。所以我認為你現在看到的是，這又回到了我們之前討論過的趨勢，即客戶更喜歡透過平台進行消費，並將多個功能整合到一個平台上。因此，您可能會看到，獨立解決方案帶來的成長減少，而人們更傾向於透過我們的靈活消費計劃進行消費，在該計劃中，他們可以添加額外的模組，並在現有基礎上增加更多安全措施。因此，這種成長更體現在平台因素上。

And then other thing to consider also is just there's a little bit of an impact on the stand-alone security from the SaaS transition that we've done with some of the legacy offerings, which, again, that will be kind of behind us as we look ahead.

此外，還要考慮的是，我們對一些傳統產品進行的 SaaS 轉型會對獨立安全性產生一些影響，但展望未來，這種情況將會逐漸消失。

Amit Daryanani, Evercore ISI.

Amit Daryanani，Evercore ISI。

I've got two as well. I guess, Cooper, maybe just to start with you, can you just walk through the operating margin for the year? I think you're implying 34% margins for fiscal '26. But it's also the same, I think, for fiscal Q1. So I'd love to just get a sense on why aren't we seeing leverage in the back half of the year versus the front half.

我也有兩個。我想，庫柏，或許可以先請你簡單介紹一下今年的營業利潤率？我認為你的意思是2026財年的利潤率為34%。但我認為，第一財季的情況也是一樣。所以我很想知道，為什麼我們在下半年沒有看到像上半年的優勢。

And then if you could just quantify what the OpEx uptick in the March quarter will be for some of the events you talked about, that would be helpful.

如果您能量化您提到的某些事件在三月季度的營運支出成長幅度，那就太好了。

Yes. And we talked -- I had in my prepared remarks that the low watermark for operating margins would be Q2. That's typically the case, just seasonality with payroll tax rates and our large customer event in March. And so you actually would expect to see some leverage in the back half of the year coming off of the lower operating margins in Q2. And we're not going to guide Q2's operating expense today. But you could look at kind of seasonal trends to get a feel for what that uptick in the operating expense typically is in Q2.

是的。我們進行了討論——我在事先準備好的演講稿中提到，第二季將是營業利潤率的最低點。通常情況下確實如此，只是受工資稅率的季節性影響以及我們三月的大型客戶活動的影響。因此，鑑於第二季較低的營業利潤率，預計下半年會出現一些槓桿效應。我們今天不會對第二季的營運費用進行預測。但你可以看看季節性趨勢，了解第二季營運費用通常會增加多少。

Got it. And then Francois, just on the [breech] side and the challenges you're having. Can you -- maybe just help us understand if the source code is compromised, how do you give customers the confidence that there's no zero-day threat that's kind of hiding in there over time. Just maybe walk through that.

知道了。然後是弗朗索瓦，就從[臀位]方面來說，以及你遇到的挑戰。您能否幫我們了解一下，如果原始碼遭到入侵，如何讓客戶相信其中不會隱藏著零日漏洞？或許可以走一走。

And then does this also dampen your ability to implement price increases when it comes to the hardware side, really to reflect what Citrix has been doing to some extent in that space. So I'd love to just understand kind of the zero-day risk and the potential for price increases maybe being a bit more muted there as you go forward.

那麼，這是否也會削弱您在硬體方面實施價格上漲的能力，從而在一定程度上反映出 Citrix 在該領域所做的工作？所以我很想了解零日風險，以及未來價格上漲的可能性可能會降低。

Thank you. Well, let me start with the code, and then let's come back to price increases as a separate topic. Look, I said earlier that I think customers will continue to choose F5 because we provide best-in-class app delivery and security capabilities for our customers.

謝謝。好，我們先從程式碼講起，然後再單獨討論價格上漲的問題。我之前說過，我認為客戶會繼續選擇 F5，因為我們為客戶提供一流的應用程式交付和安全功能。

Now when you look at the code, I shared earlier some of the things that we are doing to ensure that we remain vigilant about potential vulnerabilities in our code. So we have engaged partners that are scaling our code and we'll continue to do so to ensure that if there are any vulnerabilities that we remediate them immediately.

現在，當你查看程式碼時，我之前分享了一些我們為確保對程式碼中潛在的漏洞保持警惕而採取的措施。因此，我們與合作夥伴攜手擴展我們的程式碼，並將繼續這樣做，以確保如果出現任何漏洞，我們都能立即進行修復。

I shared with you that we are setting up a trust center that will be there to allow our customers to come and do penetration testing with our code. We are going to leverage AI or hunting for penetration as well in our code. We are enhancing our bug bounty program. So there are a number of things that we are putting in place all the time to ensure we remain hypervigilant about this, and we give customers maximum contract on the security of our code going forward.

我之前跟你說過，我們正在建立一個信任中心，以便我們的客戶可以來這裡對我們的程式碼進行滲透測試。我們將在程式碼中利用人工智慧或獵捕技術來進行滲透測試。我們正在改進漏洞賞金計畫。因此，我們一直在採取多種措施，以確保我們對此保持高度警惕，並在未來為客戶提供有關我們程式碼安全性的最大保障。

And I think in our industry, we really intend to be best in class. In doing this, I think as we have this competition and frankly, as we have shared these plans and these roadmaps with all the things we're going to do with our customers, they have been very pleased with our response and I think are getting a lot of comfort that we are doing all the right things to ensure that the products they get from F5 continue to be safe and free of potential vulnerabilities or zero days.

我認為在我們的行業裡，我們真的想做到最好。這樣做，我認為，在我們面臨競爭，並且坦率地說，在我們與客戶分享了這些計劃和路線圖以及我們將要做的事情之後，他們對我們的回應非常滿意，我認為他們也感到非常安心，因為我們正在做所有正確的事情，以確保他們從 F5 獲得的產品繼續安全，並且沒有潛在的漏洞或零日漏洞。

I was also saying that we have taken this further, as you may have seen in our disclosure that we are working with across trying to implement EDR capabilities on BIG-IP and that's an extra layer of protection that we are offering customers to have way more obtainability, monitoring into their BIG-IPs, which is something that hasn't been done in the industry, you haven't seen perimeter devices really enabled with EDR. And so it's just one example of where we are innovating with other industry partners to raise the game on security for our customers.

我還想說的是，我們已經更進一步，正如您可能在我們的披露中看到的那樣，我們正在與各方合作，嘗試在 BIG-IP 上實現 EDR 功能，這是我們為客戶提供的額外保護層，使他們能夠更方便地監控其 BIG-IP，這是業內尚未實現的，您還沒有看到真正啟用 EDR 的邊界設備。因此，這只是我們與其他產業夥伴合作，透過創新來提升客戶安全水準的一個例子。

So I think the issue of price increases is a separate issue. As you know, you mentioned one of our competitors earlier, we have taken an approach here that is to have durable relationship with our customers and to really show the value of what we're doing for them over time. We don't intend to change our policy and our approach. We think we're going to be very consistent with that. And frankly, we can be consistent with our approach because with customers recognize all of the investments that we're making, the road map that I just talked about in terms of security, but also the world-class roadmap we have in terms of building delivery and security and having the best delivery and security platform for hybrid multi-cloud environment.

所以我認為價格上漲問題是另一個問題。如您所知，您之前提到了我們的一位競爭對手，我們採取的策略是與客戶建立持久的關係，並隨著時間的推移真正展現我們為他們所做的一切的價值。我們不打算改變我們的政策和方法。我們認為我們會在這方面保持高度一致。坦白說，我們可以堅持我們的方法，因為客戶認可我們正在進行的所有投資，包括我剛才提到的安全路線圖，以及我們在構建交付和安全方面製定的世界一流路線圖，以及為混合多雲環境打造最佳交付和安全平台。

We're the only company today that can serve them in hardware, software and SaaS, and throughout their traditional apps, their modern apps and their AI applications. and we're continuing to make these investments, both organically in our portfolio and inorganically. You probably just saw this quarter we made the acquisition of CalypsoAI. We did that to add capabilities to our platform, specifically tailored for AI applications -- securing AI applications in our application delivery and security platform.

我們是目前唯一一家能夠為他們提供硬體、軟體和SaaS服務，並涵蓋其傳統應用、現代應用和人工智慧應用的公司。我們將繼續加大這方面的投資，包括對現有投資組合的有機成長和外延式收購。您可能已經注意到，本季我們收購了 CalypsoAI。我們這樣做是為了為我們的平台增加功能，特別是針對人工智慧應用的功能——在我們的應用程式交付和安全平台中保護人工智慧應用。

So customers will continue to see these investments on the side. And I think based on that, we can justify the value that we're getting in the interactions with our customers.

因此，客戶將繼續在旁邊看到這些投資。我認為基於此，我們可以證明我們在與客戶的互動中所獲得的價值是合理的。

Ryan Koontz, Needham & Company.

Ryan Koontz，Needham & Company。

Most of my questions have been answered, but just a quick clarification. When you talked about the migration of your end-of-life products out there today, kind of where are you now in that migration. How do you think about that going forward? Are you seeing some push out giving customers any kind of time frame because of the breach to migrate those products going end of life?

我的大部分問題都已得到解答，但還有一個小問題需要澄清。您剛才談到了貴公司目前在產品生命週期末期進行的遷移，那麼現在你們的遷移工作進展到什麼程度了呢？你對未來有何打算？由於這次資料外洩事件，是否有任何措施促使客戶有時間遷移即將停產的產品？

Yes. So we have said that we're still pretty early days in the refresh motion just in terms of the percentage of the installed base being well over 50% that's on those two platforms. There's -- no, we haven't adjusted the end of software support base. Those have been public for a long time, and we're working with customers to ensure they have an orderly path to make those refreshes across our state.

是的。所以我們說過，就目前而言，更新換代還處於相當早期的階段，因為這兩個平台上的使用者佔比已經超過 50%。不，我們還沒有調整軟體支援範圍的結束日期。這些問題早已公開，我們正在與客戶合作，確保他們能夠有序地在全州範圍內進行這些更新。

Got it. Helpful. And maybe circling back to your comments on the telecom segment. Obviously, 5G has been disappointing there in terms of kind of the deployment of virtualization. But are you seeing any new activities in the telecom domain around the new 5G core, maybe picking up momentum or anything else to call out on the telecom front here?

知道了。很有幫助。也許可以回到您之前對電信領域的評論。顯然，就虛擬化部署而言，5G 在那裡的表現令人失望。但是，您是否看到電信領域圍繞著新的 5G 核心網路出現了任何新的活動，或者正在加速發展，或者在電信方面還有其他值得關注的事項嗎？

Yes. We're -- look, I think what we're seeing is that the 4G to 5G transition continue with some geographies ahead of others, those customers who have implemented 5G, we're seeing growth inside of these environments, capacity, in some cases, growing fairly rapidly. But generally, this transition for 5G and frankly, the revenues that telecom operators expected from that transition have not really materialized. And that, in turn, has put pressure on their CapEx spend.

是的。我們看到的是，4G 到 5G 的過渡仍在繼續，有些地區比其他地區進展更快。那些已經部署了 5G 的客戶，我們看到這些環境中的容量在某些情況下成長得相當快。但總的來說，5G 的這種轉型，坦白說，電信業者預期從這種轉型中獲得的收入，並沒有真正實現。而這反過來又給他們的資本支出帶來了壓力。

So we are continuing to find new use cases inside of our service provider customers, but it hasn't been significant enough to drive a substantial uptick in the overall segment for F5.

因此，我們不斷在服務供應商客戶中發現新的用例，但這還不足以推動 F5 整體業務板塊的大幅成長。

Thank you. I would now like to pass the call back over to Ms. Suzanne DuLong for any closing remarks.

謝謝。現在我想把電話轉回給蘇珊娜·杜隆女士，請她作總結發言。

Thank you, everybody, for being with us today. We look forward to seeing many of you during the quarter.

謝謝各位今天蒞臨現場。我們期待在本季度見到你們中的許多人。

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

今天的電話會議到此結束。您可以在此時斷開線路。感謝您的參與。