F5 Inc (FFIV) 2026 Q1 法說會逐字稿

Good afternoon, and welcome to the F5 Inc., first quarter fiscal 2026 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 公司 2026 財年第一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。

And I'll now turn the conference over to Ms. Suzanne DuLong. Thank you, ma'am. You may begin.

現在我將把會議交給蘇珊娜·杜隆女士。謝謝您，女士。你可以開始了。

Hello, and welcome. I'm Suzanne DuLong, F5's Vice President of Investor Relations. We're here to discuss our first quarter fiscal year 2026 financial results. François Locoh-Donou, F5's President and CEO; and Cooper Werner, F5's Executive Vice President and CFO, will be making prepared remarks on today's call. 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。我們今天在這裡討論的是2026財年第一季的財務表現。F5 總裁兼執行長 François 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Today's press release is available on our website at f5.com, and an archived version of today's audio will be available through April 27, 2026.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 13757533. The telephonic replay will be available through midnight Pacific Time, January 28, 2026. 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 4 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重播，請撥打 (877) 660-6853 或 (201) 612-7415，並使用會議 ID 13757533。電話錄音重播服務將於太平洋時間 2026 年 1 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。

We'll now turn the call over to François.

現在我們將把電話交給弗朗索瓦。

Thank you, Suzanne, and hello, everyone. We are very pleased to report strong Q1 results with 7% revenue growth driven by 11% product revenue growth, our sixth consecutive quarter of double-digit product growth. This includes a robust 37% systems revenue growth in the quarter. Our growth continues to be fueled by durable demand drivers, including hybrid multi-cloud adoption, scaling AI investment, and the demand for converged platforms. Our EMEA region delivered a particularly strong quarter, and we are seeing momentum from emerging trends which may prove durable.

謝謝你，蘇珊娜，大家好。我們非常高興地宣布第一季業績強勁，營收成長 7%，其中產品收入成長 11%，這是我們連續第六個季度實現兩位數的產品收入成長。本季系統營收實現了強勁的 37% 成長。我們的成長持續受到持久需求驅動因素的推動，包括混合多雲採用、人工智慧投資規模化以及對融合平台的需求。我們的 EMEA 地區本季業績表現尤為強勁，我們看到一些新興趨勢正在形成勢頭，這些趨勢可能會持續下去。

Regulations and mandates for resiliency and digital sovereignty are prompting customers to accelerate hybrid multi-cloud deployments, driving increased demand for F5 solutions. We are especially pleased with our Q1 results, given the uncertainty following the security incident at the start of the quarter. Our global sales and support teams mobilized rapidly, enabling customers to take action and get back to business quickly. They manage more than 9,000 additional support cases and earned positive customer feedback on our response efforts. As a result, we experienced minimal demand disruption in Q1.

對韌性和數位主權的監管和要求促使客戶加快混合多雲部署，從而推動對 F5 解決方案的需求增加。考慮到本季初發生的安全事件所帶來的不確定性，我們對第一季的業績尤其感到滿意。我們的全球銷售和支援團隊迅速行動起來，使客戶能夠採取行動並快速恢復業務。他們處理了 9000 多個額外的支援案例，並獲得了客戶對我們回應工作的正面回饋。因此，我們在第一季受到的需求中斷影響極小。

In addition, unexpected positive outcomes emerged, including customers gaining a deeper understanding and appreciation of F5's critical role in their infrastructure and opportunities to strengthen relationships including deeper engagement with CISOs. We remain focused on protecting customers and earning their trust, recognizing the responsibilities that come with our critical role.

此外，還出現了意想不到的積極成果，包括客戶對 F5 在其基礎設施中的關鍵作用有了更深入的了解和認識，以及加強關係的機會，包括與首席資訊安全官 (CISO) 進行更深入的互動。我們始終專注於保護客戶並贏得客戶的信任，並認識到我們作為關鍵角色所肩負的責任。

We are hyper focused on three areas: further investing in the security of our operations including security automation, enhancing the security of our products and development environments, and supporting the broader security community by sharing our learnings and innovations such as introducing endpoint detection and response, or EDR capabilities, to perimeter devices.

我們高度關註三個領域：進一步投資於營運安全（包括安全自動化）、增強產品和開發環境的安全性，以及透過分享我們的經驗和創新（例如向邊界設備引入端點檢測和回應 (EDR) 功能）來支援更廣泛的安全社群。

As we look ahead, we see three forces reshaping customer infrastructure decisions and they are all accelerating simultaneously. The first is hybrid multi-cloud. Workloads now span on-premises, private cloud, and multiple public clouds. Customers want flexibility without lock-in and hybrid multi-cloud has become the dominant operating model as a result.

展望未來，我們看到有三種力量正在重塑客戶的基礎設施決策，而這三種力量都在同時加速發展。第一種是混合多雲。工作負載現在跨越本地、私有雲和多個公有雲。客戶希望在不受廠商鎖定的情況下獲得靈活性，因此混合多雲已成為主流營運模式。

The second is enterprise AI. Customers are shifting from general purpose systems to AI-centric data centers. These environments require far higher levels of data movement and compute, and these new requirements are putting real pressure on networking, storage, and application delivery layers. Finally, organizations are replacing fragmented point products with converged platforms, because complexity now directly impacts performance, uptime, and risk.

第二點是企業人工智慧。客戶正在從通用系統轉向以人工智慧為中心的資料中心。這些環境需要更高水準的資料移動和運算，這些新需求為網路、儲存和應用程式交付層帶來了真正的壓力。最後，各組織正以融合平台取代分散的獨立產品，因為複雜性現在直接影響效能、正常運作時間和風險。

Consolidation is no longer simply a cost exercise. It is how customers simplify operations and improve resilience.

合併不再只是降低成本那麼簡單。這是客戶簡化操作和提高韌性的方法。

I will double-click on the first trend. Hybrid multi-cloud adoption has been driven by enterprises need for flexibility, cost efficiency, vendor lock-in prevention, and data gravity. Today, drivers like regulations and DORA are accelerating hybrid multi-cloud adoption by imposing greater resilience and digital sovereignty requirements especially outside the US.

我將雙擊第一個趨勢。企業對靈活性、成本效益、防止供應商鎖定和資料引力的需求推動了混合多雲的採用。如今，法規和數位主權法案 (DORA) 等驅動因素正在加速混合多雲的採用，尤其是在美國以外地區，這些因素提出了更高的彈性和數位主權要求。

Organizations are also modernizing infrastructures to enhance security, performance, and efficiency. They are repatriating sensitive workloads to ensure compliance and deploying advanced ADC and API security solutions. These trends underscore why hybrid multi-cloud is the leading operating model.

各組織也正在對基礎設施進行現代化改造，以提高安全性、性能和效率。他們正在將敏感工作負載遷回國內，以確保合規性，並部署先進的ADC和API安全解決方案。這些趨勢凸顯了混合多雲為何是領先的營運模式。

F5 is purpose-built to lead in this space. Our unmatched ability to provide complete delivery and security for every app, deployable anywhere and in any form factor sets us apart. With a platform architected for hybrid multi-cloud, it is no surprise that customers are turning to F5 to secure and scale their environments.

F5 專為引領此領域而打造。我們擁有無可比擬的能力，能夠為每個應用程式提供完整的交付和安全保障，並且可以部署在任何地方，採用任何形式，這使我們脫穎而出。F5 的平台架構專為混合多雲環境而設計，因此客戶選擇 F5 來保護和擴展其環境也就不足為奇了。

Let me share a few examples of some hybrid multi-cloud wins from Q1. F5 is powering the hybrid multi-cloud strategy for a regional banking leader. The customer needed more capacity and a modern application infrastructure for digital banking services and AI-based application development. F5 is building an AI-ready infrastructure with enhanced security using BIG-IP for automated and simplified operations, NGINX for cloud-native performance, and distributed cloud services for both defense and DDoS mitigation.

讓我分享一下第一季混合多雲部署的一些成功案例。F5 為一家區域性銀行業領導企業的混合多雲策略提供支援。客戶需要更大的容量和現代化的應用基礎設施，以支援數位銀行服務和基於人工智慧的應用開發。F5 正在建立一個人工智慧就緒的基礎設施，利用 BIG-IP 實現自動化和簡化操作，利用 NGINX 實現雲端原生效能，並利用分散式雲端服務進行防禦和 DDoS 緩解，從而增強安全性。

Second, a media and Internet provider selected F5 to standardize application delivery across its on-premises and cloud environments. With F5, the customer uses the same ingress and security approach everywhere its applications and AI services run, ensuring predictable performance, security, and user experience. Team can deploy or expand applications across environments without changing operational practices. This provides a reliable foundation for scaling AI and modern applications in a hybrid multi-cloud environment.

其次，一家媒體和網路供應商選擇 F5 來標準化其本地和雲端環境中的應用程式交付。借助 F5，客戶可以在其應用程式和 AI 服務運行的任何地方使用相同的入口和安全方法，從而確保可預測的效能、安全性和使用者體驗。團隊可以在不改變操作流程的情況下，跨環境部署或擴展應用程式。這為在混合多雲環境中擴展人工智慧和現代應用程式提供了可靠的基礎。

Finally, a large operator of veterinary clinics is leveraging F5 to strengthen the resilience of its hybrid multi-cloud architecture. The customer needed to modernize their infrastructure and reduce risks tied to cloud concentration and vendor lock-in. F5 is delivering consistent networking and security functions and eliminating cloud-native dependencies. With F5, the customer is creating a durable foundation for future API and AI use cases.

最後，一家大型獸醫診所營運商正在利用 F5 來增強其混合多雲架構的彈性。客戶需要對其基礎設施進行現代化改造，並降低與雲端集中化和供應商鎖定相關的風險。F5 提供一致的網路和安全功能，並消除對雲端原生系統的依賴。借助 F5，客戶正在為未來的 API 和 AI 用例打造一個持久的基礎。

Now let us look more closely at AI. AI-related investment is scaling as enterprises prepare for increased network capacity and services to support AI workloads, agentic AI, and inferencing demand. The resulting AI-related demand is fueling growth across our portfolio. AI is fundamentally transforming application behavior, and we are seeing three consistent patterns, multimodal data growth is pushing terabit-scale ingestion.

現在讓我們更仔細地了解人工智慧。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，與人工智慧相關的投資正在擴大。由此產生的與人工智慧相關的需求正在推動我們整個產品組合的成長。人工智慧正在從根本上改變應用程式的行為，我們看到了三種一致的模式，多模態資料的成長正在推動太比特級的資料攝取。

With idle GPUs costing real money, customers need sustained end-to-end high throughput data pipelines across network, storage, and application delivery. BIG-IP solves the AI training and inference throughput bottlenecks traditional infrastructure cannot handle.

由於閒置的 GPU 會造成實際的經濟損失，客戶需要持續的端到端高吞吐量資料管道，涵蓋網路、儲存和應用程式交付。BIG-IP 解決了傳統基礎設施無法處理的 AI 訓練和推理吞吐量瓶頸問題。

In AI runtime security, customers are moving quickly on generative AI, but security and compliance often become bottlenecks to deployment and ROI. Agentic systems raised the stakes by accessing and acting on sensitive data, driving demand for stronger runtime controls and guardrails. F5 safeguards AI applications, APIs, and models from abuse, data leaks, and attacks like prompt injection. We ensure visibility, control, and trust.

在 AI 運行時安全性方面，客戶正在快速採用生成式 AI，但安全性和合規性往往成為部署和投資回報率的瓶頸。智能體系統透過存取和處理敏感資料提高了風險，從而推動了對更強大的運行時控制和防護措施的需求。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。我們確保透明度、控制力和信任度。

With our Q4 acquisition of CalypsoAI, we enhanced our runtime security offerings with real-time threat defense, red teaming models, and robust guardrails. We are preventing prompt injections and ensuring models act as intended, even under attack.

透過第四季對 CalypsoAI 的收購，我們增強了運行時安全產品，實現了即時威脅防禦、紅隊模型和強大的防護措施。我們正在防止快速注入，並確保模型即使在受到攻擊的情況下也能如預期運作。

In AI factory load balancing, as AI deployment scale intelligent traffic distribution across models, clusters, and GPUs is critical, creating new demand for load balancing across and within the AI factory. F5 optimizes traffic and GPU utilization, increasing token throughput, reducing time to first token, and lowering per token costs. These trends highlight a clear reality. AI is accelerating demand for application delivery and security, areas where F5 excels.

在 AI 工廠負載平衡中，隨著 AI 部署規模的擴大，跨模型、叢集和 GPU 的智慧流量分配至關重要，這為 AI 工廠內部和跨 AI 工廠的負載平衡創造了新的需求。F5 優化了流量和 GPU 利用率，提高了令牌吞吐量，縮短了首次令牌產生時間，並降低了每個代幣的成本。這些趨勢凸顯了一個清晰的現實。人工智慧正在加速對應用程式交付和安全的需求，而這正是 F5 的優勢。

In Q1, we added nearly as many AI customers as we did in all of FY25. This growing demand is a testament to our Layer 7 expertise and decades of experience connecting applications and users, key differentiators in a rapidly evolving market.

第一季度，我們新增的 AI 客戶數量幾乎與 2025 財年全年新增客戶數量相當。這種不斷增長的需求證明了我們在第 7 層方面的專業知識以及數十年來連接應用程式和用戶的經驗，這是快速發展的市場中的關鍵差異化因素。

I will highlight a few of our AI wins from the quarter. In an AI data delivery use case, one of the largest global technology OEMs is expanding its BIG-IP infrastructure to support a new high-bandwidth AI data ingestion use case. The customer is repatriating large amounts of IoT data from the cloud to enable AI and analytics workloads. F5 is modernizing their S3 data delivery tier with BIG-IP for ultra-high performance. We are also accelerating their internal large language model development, powering large-scale data ingestion into AI storage and pipelines.

我將重點介紹本季我們在人工智慧領域取得的一些成果。在人工智慧資料交付用例中，全球最大的技術 OEM 廠商之一正在擴展其 BIG-IP 基礎設施，以支援新的高頻寬人工智慧資料攝取用例。客戶正在將大量物聯網資料從雲端遷移回本地，以支援人工智慧和分析工作負載。F5 正在利用 BIG-IP 對其 S3 資料傳輸層進行現代化改造，以實現超高效能。我們也正在加速其內部大型語言模型的開發，為大規模資料攝取到 AI 儲存和管道提供支援。

In AI runtime security, a global financial services leader is leveraging F5 to integrate generative AI into its AI trust framework. F5 is ensuring security, regulatory compliance, and continuous access controls at scale. F5's AI guardrails with programmable risk-based controls reinforced with continuous F5 AI Red Team testing is enhancing trust, resilience, and regulatory readiness across every AI interaction. F5's approach seamlessly integrates with the customer's existing identity, access management and governance systems, and is providing advanced protection against emerging threats while delivering low latency performance.

在 AI 運行時安全領域，全球金融服務領導者正在利用 F5 將生成式 AI 整合到其 AI 信任框架中。F5 正在大規模地確保安全性、合規性和持續存取控制。F5 的 AI 防護措施採用可編程的基於風險的控製手段，並輔以持續的 F5 AI 紅隊測試，從而增強了每次 AI 交互的信任度、韌性和監管準備度。F5 的解決方案可與客戶現有的身分、存取管理和治理系統無縫集成，並在提供低延遲效能的同時，提供針對新興威脅的進階保護。

And finally, in an AI factory load balancing win with a major energy and chemicals company, our team successfully leveraged a tech refresh into an expanded AI use case. The customer is shifting from public AI consumption to hosting private AI models and needed a solution to reduce latency and prevent timeouts. F5 is ensuring faster, more reliable AI responses with hardware level handling of layer for traffic and SSL processing, significantly improving time to first token. All of these examples highlight how customers are building their AI infrastructure with F5.

最後，在與一家大型能源化工公司合作的 AI 工廠負載平衡專案中，我們的團隊成功地利用技術更新擴展了 AI 應用案例。客戶正在從使用公共人工智慧模型轉向託管私有人工智慧模型，因此需要一個解決方案來減少延遲並防止逾時。F5 透過硬體級處理流量和 SSL 處理層，確保更快、更可靠的 AI 回應，從而顯著縮短首次令牌獲取時間。所有這些例子都突顯了客戶如何使用 F5 建立其 AI 基礎設施。

Let's shift gears to the third trend. Growing hybrid multi-cloud complexity has customers desperate for ways to reduce costs and improve the performance of fragmented point solutions. F5's application delivery and security platform, or ADSP, is the first platform to unite high-performance traffic management with advanced application and API security across hybrid and multi-cloud environments. ADSP converges security, scalability, and operational efficiency. It enables customers to consolidate multiple point solutions in one unified platform, simplifying operations and reducing risk.

讓我們轉而討論第三個趨勢。混合多雲環境日益複雜，客戶迫切希望找到降低成本和提高分散式點解決方案效能的方法。F5 的應用程式交付和安全平台（ADSP）是第一個將高效能流量管理與混合雲端和多雲環境中的高階應用和 API 安全相結合的平台。ADSP融合了安全性、可擴充性和營運效率。它使客戶能夠將多個點解決方案整合到一個統一的平台上，從而簡化操作並降低風險。

ADSP also delivers valuable [XOp] capabilities for customers like policy management, analytics, and automation. Let me highlight a few Q1 wins that demonstrate how customers are adopting ADSP, converging solutions, and simplifying operations.

ADSP 還為客戶提供有價值的 [XOp] 功能，例如策略管理、分析和自動化。讓我重點介紹第一季取得的一些成功案例，這些案例顯示客戶是如何採用 ADSP、融合解決方案和簡化操作的。

In banking, a long-standing BIG-IP customer is modernizing its infrastructure, consolidating networking, application delivery and security with F5. The customer is modernizing its digital banking applications and needed increased capacity and improved resilience to comply with central banking regulations. Today, the customer is leveraging a powerful combination of BIG-IP, NGINX, and distributed cloud services for traffic management, WAF, and DDoS protection.

在銀行業，一家長期使用 BIG-IP 的客戶正在對其基礎設施進行現代化改造，透過 F5 整合網路、應用程式交付和安全。該客戶正在對其數位銀行應用程式進行現代化改造，需要提高容量和彈性以符合中央銀行的監管規定。目前，該客戶正在利用 BIG-IP、NGINX 和分散式雲端服務的強大組合來實現流量管理、WAF 和 DDoS 防護。

A global consumer products company standardized on a converged F5 platform to address governance and reliability concerns. By expanding its use of NGINX and refreshing its BIG-IP footprint, the customer consolidated application delivery and security controls, ensuring consistent performance.

一家全球消費品公司採用融合的 F5 平台來解決治理和可靠性問題。透過擴大 NGINX 的使用範圍並更新其 BIG-IP 架構，客戶整合了應用程式交付和安全控制，從而確保了效能的一致性。

Finally, a foreign national law enforcement agency selected a converged F5 platform to support its national open data initiative. The customer's disparate infrastructures struggled with ransomware threats, high false positive, and limited scalability. F5's converged solution enabled the agency to consolidate load balancing, API protection, authentication, and threat mitigation. And these are just a few of the examples of customers leveraging F5's converged platform to consolidate vendors, simplify operations, and reduce risk.

最後，一家外國執法機構選擇了一個融合的 F5 平台來支援其國家開放資料計畫。客戶分散的基礎設施面臨勒索軟體威脅、誤報率高和可擴展性有限等問題。F5 的融合解決方案使該機構能夠整合負載平衡、API 保護、身份驗證和威脅緩解。以上只是客戶利用 F5 的融合平台整合供應商、簡化營運和降低風險的幾個例子。

F5 is unmatched in delivering complete application delivery and security across hybrid multi-cloud environments. (technical difficulty) for unified converged platform is fueled by our commitment to customer-focused innovation, and we are continuing to invest to create even greater value for our customers.

F5 在跨混合多雲環境提供完整的應用程式交付和安全保障方面擁有無可比擬的優勢。 （技術難度）統一融合平台的建構源自於我們以客戶為中心的創新承諾，我們將繼續投資，為客戶創造更大的價值。

In November, we launched F5 BIG-IP Version 21.0, scaling the core for the most demanding AI workloads. This release delivers the significant control plane enhancements required to handle the scale and complexity of modern traffic. Crucially, we have applied this performance directly to AI data delivery, introducing native support for the model contact protocol, or MCP, and S3. This ensures that BIG-IP is optimized for the high throughput storage and retrievable workloads that are critical to AI architectures.

11 月，我們推出了 F5 BIG-IP 21.0 版本，擴展了核心以滿足最嚴苛的 AI 工作負載需求。此次版本更新提供了處理現代流量規模和複雜性所需的重要控制平面增強功能。至關重要的是，我們已將此效能直接應用於 AI 資料交付，引入了對模型接觸協定 (MCP) 和 S3 的原生支援。這確保了 BIG-IP 針對 AI 架構至關重要的高吞吐量儲存和可檢索工作負載進行了最佳化。

We are also bringing our advanced API security to the data center. One of the primary challenges our customers face is the risk of shadow APIs, endpoints that are active, but invisible within their private networks. We have now enabled our API discovery engines to run locally in customer environments. This means we can deliver the exact same discovery and security capabilities on premises that our customers already rely on in F5 distributed cloud services. This allows customers to maintain a consistent API security posture in any environment.

我們也將先進的 API 安全技術引入資料中心。我們的客戶面臨的主要挑戰之一是影子 API 的風險，即在他們的私有網路中處於活動狀態但不可見的端點。我們現在已經啟用了 API 發現引擎，使其能夠在客戶環境中本地運行。這意味著我們可以在本地提供與客戶在 F5 分散式雲端服務中已經依賴的完全相同的發現和安全功能。這樣一來，客戶就可以在任何環境下保持一致的 API 安全態勢。

In summary, our first quarter performance underscores F5's strong alignment with durable market demand drivers, including hybrid multi-cloud adoption, the acceleration of AI, and the increasing need for converged platforms. We remain deeply committed to driving innovation and to delivering cutting-edge solutions that address our customers' rapidly evolving application delivery and security challenges.

總而言之，我們第一季的業績凸顯了 F5 與持久的市場需求驅動因素的緊密契合，包括混合多雲的採用、人工智慧的加速發展以及對融合平台日益增長的需求。我們始終致力於推動創新，並提供尖端解決方案，以應對客戶快速變化的應用交付和安全挑戰。

Now I will turn the call over to Cooper, who will walk you through our Q1 results and our outlook. Cooper?

現在我將把電話交給庫珀，他將為大家介紹我們第一季的業績和展望。庫柏？

Thank you, François, and hello, everyone. I will review our Q1 results before I update our outlook for FY26 and provide our guidance for Q2.

謝謝你，弗朗索瓦，大家好。在更新 2026 財年展望並提供第二季業績指引之前，我將先回顧我們第一季的業績。

We delivered a strong Q1, growing revenue 7% to $822 million, with a mix of 50% product revenue and 50% services revenue. Demand in the quarter came from continued hybrid multi-cloud adoption, fueled by customers' need for flexibility and their efforts to modernize architectures. AI, regulations, and the resulting need for greater resilience and data sovereignty are also emerging as hybrid multi-cloud accelerants.

我們第一季業績強勁，營收成長 7% 至 8.22 億美元，其中產品營收佔 50%，服務營收佔 50%。本季需求來自混合多雲的持續普及，這是由於客戶對靈活性的需求以及他們為實現架構現代化所做的努力所推動的。人工智慧、監管以及由此產生的對更高韌性和數據主權的需求，也正在成為混合多雲加速器。

As François mentioned, we saw minimal demand impact from the security incident in Q1.

正如弗朗索瓦所提到的，我們在第一季並未看到安全事件對需求造成太大影響。

Product revenue totaled $410 million, increasing 11% year over year, while services revenue of $412 million grew 4% year over year. Systems revenue totaled $218 million, up 37% over Q1 FY25, driven by strong tech refresh and capacity expansion in connection with hybrid multi-cloud adoption and growing AI demand. Our software revenue of $192 million was down 8% year over year. This met our expectations given the exceptionally strong results in Q1 '25, including a sizable eight-figure renewal we discussed last year.

產品收入總計 4.1 億美元，年增 11%；服務收入為 4.12 億美元，年增 4%。系統營收總計 2.18 億美元，比 2025 財年第一季成長 37%，這主要得益於混合多雲採用和人工智慧需求成長帶來的強勁技術更新和容量擴張。我們的軟體收入為 1.92 億美元，年減 8%。鑑於 2025 年第一季業績異常強勁，包括我們去年討論過的一筆數額龐大的八位數續約，這符合我們的預期。

Subscription-based software revenue totaled $164 million, up 1% year on year. Perpetual license software totaled $27 million, down year over year against exceptionally strong results from Q1 '25. Revenue from recurring sources contributed 69% of our Q1 revenue. Our recurring revenue consists of our subscription-based revenue and the maintenance portion of our services revenue.

訂閱軟體收入總計 1.64 億美元，年增 1%。永久授權軟體總額為 2,700 萬美元，與 2025 年第一季異常強勁的業績相比，年減。來自經常性收入來源的收入占我們第一季總收入的 69%。我們的經常性收入包括訂閱收入和服務維護收入。

Shifting to revenue distribution by region. Revenue from the Americas grew 2% year over year, representing 53% of total revenue. As François highlighted, EMEA delivered exceptional 24% growth, representing 31% of revenue; and APAC declined 1% and represent 16% of revenue.

轉向按地區分配收入。美洲地區的營收年增 2%，佔總營收的 53%。正如弗朗索瓦所強調的那樣，歐洲、中東和非洲地區實現了 24% 的卓越成長，佔總收入的 31%；而亞太地區下降了 1%，佔總收入的 16%。

Looking at our major verticals, enterprise customers represented 64% of Q1's product bookings. Government customers represented a strong 23% of product bookings, including 8% from US Federal. Finally, service providers represented 13% of Q1 product bookings.

從我們的主要垂直領域來看，企業客戶佔第一季產品預訂量的 64%。政府客戶佔產品預訂量的 23%，其中美國聯邦政府佔 8%。最後，服務提供者佔第一季產品預訂量的 13%。

Our continued financial discipline contributed to our strong Q1 operating results. GAAP gross margin was 81.5%. Non-GAAP gross margin was 83.8%. Our GAAP operating expenses were $456 million. Our non-GAAP operating expenses were $375 million.

我們持續的財務紀律促成了我們第一季強勁的經營業績。GAAP毛利率為81.5%。非GAAP毛利率為83.8%。我們的 GAAP 營運費用為 4.56 億美元。我們的非GAAP營運費用為3.75億美元。

Our GAAP operating margin was 26.0%. Our non-GAAP operating margin was 38.2%, an improvement of 80 basis points year over year. Our GAAP effective tax rate for the quarter was 19.2%. Our non-GAAP effective tax rate was 19.8%. Our GAAP net income for the quarter was $180 million, or $3.10 per share. Our non-GAAP net income was $259 million, or $4.45 per share, reflecting 16% EPS growth from the year-ago period.

我們的 GAAP 營業利潤率為 26.0%。我們的非GAAP營業利益率為38.2%，比前一年提高了80個基點。本季我們以美國通用會計準則計算的有效稅率為 19.2%。我們的非GAAP實際稅率為19.8%。本季我們的 GAAP 淨收入為 1.8 億美元，即每股 3.10 美元。我們的非GAAP淨收入為2.59億美元，即每股4.45美元，較上年同期每股收益成長16%。

I will now turn to cash flow and balance sheet metrics. We generated $159 million in cash flow from operations in Q1. CapEx was $10 million. DSO for the quarter was 54 days. Cash and investments totaled approximately $1.22 billion at quarter end.

接下來我將分析現金流量和資產負債表指標。第一季度，我們的經營活動產生了1.59億美元的現金流。資本支出為1000萬美元。 DSO本季共54天。截至季末，現金及投資總額約12.2億美元。

Deferred revenue was $2.1 billion, up 6% from the year-ago period. In Q1, we repurchased $300 million worth of F5 shares at an average price of $249 per share. We ended the quarter with approximately 6,400 employees.

遞延營收為 21 億美元，較上年同期成長 6%。第一季度，我們以每股 249 美元的平均價格回購了價值 3 億美元的 F5 股票。本季末，我們約有 6400 名員工。

I will now speak to our fiscal year 2026 outlook. With strong close rates in Q1 and solid pipeline creation, we are raising our FY26 outlook. We now expect FY26 revenue growth of between 5% to 6%, up from our prior outlook of 0% to 4%. For the year, we now expect mid-single-digit software revenue growth, double-digit systems revenue growth, and low single-digit services revenue growth.

接下來我將談談我們2026財年的展望。由於第一季成交率強勁，且銷售通路穩定拓展，我們上調了 2026 財年的業績預期。我們現在預計 2026 財年營收成長將在 5% 至 6% 之間，高於我們先前 0% 至 4% 的預期。今年，我們預計軟體收入將實現中等個位數成長，系統收入將達到兩位數成長，服務收入將達到低個位數成長。

We estimate FY26 gross margin in a range of 82.5% to 83.5%. This reflects a modest reduction to our prior range, accounting for an anticipated impact to product COGS in the second half related to rising memory costs. We estimate FY26 non-GAAP operating margin to be in a range of 34% to 35%, up from our prior range of 33.5% to 34.5%.

我們預計 2026 財年的毛利率在 82.5% 至 83.5% 之間。這反映出我們先前的產品範圍略有縮減，考慮到下半年內存成本上漲預計會對產品銷售成本產生影響。我們預計 2026 財年非 GAAP 營業利潤率將在 34% 至 35% 之間，高於我們先前預測的 33.5% 至 34.5%。

We continue to expect our FY26 non-GAAP effective tax rate will be in a range of 21% to 22%. And we expect FY26 non-GAAP EPS in a range of $15.65 to $16.05, up from the prior range of $14.50 to $15.50. Finally, we continue to expect our full-year share repurchase to be at least 50% of our free cash flow. Given the $300 million repurchased in Q1, we anticipate repurchase activity will be lower in the remaining quarters of FY26.

我們仍預期 2026 財年非 GAAP 實際稅率將在 21% 至 22% 之間。我們預計2026財年非GAAP每股收益將介於15.65美元至16.05美元之間，高於先前預期的14.50美元至15.50美元。最後，我們仍然預期全年股票回購額將至少佔自由現金流的50%。鑑於第一季回購了 3 億美元，我們預計 2026 財年剩餘季度的回購活動將會減少。

Turning to our Q2 outlook. We expect Q2 revenue in a range of $770 million to $790 million, reflecting approximately 7% growth at the midpoint. We expect non-GAAP gross margin in the range of 82.5% to 83%. We estimate Q2 non-GAAP operating expenses of $396 million to $408 million. As a reminder, our operating margins are typically lowest in fiscal Q2 due to January payroll tax resets and expenses from our large customer event in March.

接下來談談我們第二季的展望。我們預計第二季營收將在 7.7 億美元至 7.9 億美元之間，中位數約為 7%。我們預計非GAAP毛利率在82.5%至83%之間。我們預計第二季非GAAP營運費用為3.96億美元至4.08億美元。提醒各位，由於 1 月份工資稅重置以及 3 月份大型客戶活動的費用，我們第二財季的營業利潤率通常最低。

We expect Q2 share-based compensation expense of approximately $70 million to $72 million. We anticipate Q2 non-GAAP EPS in the range of $3.34 to $3.46 per share.

我們預計第二季股權激勵支出約為 7,000 萬美元至 7,200 萬美元。我們預計第二季非GAAP每股盈餘在3.34美元至3.46美元之間。

Thank you, Cooper. In closing, I will say that F5's mission to help each other thrive and build a better digital world has never been more vital or more relevant. As we look ahead, we see our strengths aligning with the most significant secular trends reshaping the enterprise, hybrid multi-cloud adoption, the AI revolution, and the growing demand for converged platforms. We expect these trends will provide tailwinds for continued growth in fiscal year 2026 and beyond.

謝謝你，庫柏。最後，我想說，F5 幫助彼此蓬勃發展並建立更美好的數位世界的使命，從未像現在這樣重要且切合實際。展望未來，我們看到我們的優勢與重塑企業的最重要的長期趨勢相契合，例如混合多雲採用、人工智慧革命以及對融合平台日益增長的需求。我們預計這些趨勢將為2026財年及以後的持續成長提供助力。

Operator, please open the call to questions.

接線員，請開啟問答環節。

(Operator Instructions) Matt Hedberg, RBC.

（操作員說明）Matt Hedberg，RBC。

Congrats really on the results. Really good to see, especially following the security incident last year. François, you spent a lot of time talking about some of the drivers, and I thought it was super helpful. The one that continues to pique my interest is AI.

恭喜你取得這樣的成績！看到這種情況真是太好了，尤其是在去年發生安全事件之後。弗朗索瓦，你花了很多時間談論一些司機，我覺得這非常有幫助。最讓我感興趣的還是人工智慧。

We're basically three years after the release of ChatGPT, and it seems like non-AI native enterprise customers are accelerating their AI adoption. And I guess based on the results, I'd assume that customer cohort is becoming now more AI leaning.

ChatGPT 發表已經三年，看來非 AI 原生企業客戶正在加速採用 AI 技術。根據結果來看，我認為該客戶群現在越來越傾向於人工智慧。

I wonder if you could talk a little bit more about this trend. And I guess, like how durable could that be? Because it feels like we could be very early in that cycle.

我想請您再詳細談談這個趨勢。我想知道，它的耐用性究竟如何？因為感覺我們可能還處於這個週期的早期階段。

Thank you, Matt. I'll start with where you left off, which is we absolutely are very early in the cycle. But let's talk a little bit about how we've seen AI develop over the last couple of years. As you started, of course, we've seen a lot of investment from hyperscalers in CapEx and building out AI infrastructure. We've then seen enterprise, especially either AI-native enterprises or large enterprises that were very forward leaning in AI start by investing in training and starting to build models and train those models.

謝謝你，馬特。我接著你剛才說的繼續說，那就是我們目前絕對還處於週期的早期階段。但我們不妨來談談人工智慧在過去幾年的發展。正如你一開始所說，我們當然看到超大規模資料中心營運商在資本支出和建立人工智慧基礎設施方面進行了大量投資。然後我們看到，企業，尤其是人工智慧原生企業或在人工智慧領域非常具有前瞻性的大型企業，開始投資訓練，並開始建立模型和訓練這些模型。

But now we're entering a different phase of the cycle where these AI-leading enterprises are now shifting from training to moving AI applications into production. So you're seeing a shift from training to inference, and with that comes new requirements. Specifically, as enterprises move to production, their data pipelines need to be hardened. They need to be able to connect their data stores to their AI models and they need to be able to do that at speed, at scale with very low latency. That requires significant performance from their traffic management solutions. So it requires low latency, high scale, high throughput, high performance, and that is perfect for F5. That's kind of the first requirement.

但現在我們正進入週期的另一個階段，這些人工智慧領先企業正在從訓練轉向將人工智慧應用程式投入生產。所以你會看到從訓練到推理的轉變，隨之而來的是新的要求。具體來說，隨著企業進入生產階段，其數據管道需要強化。他們需要能夠將資料儲存與人工智慧模型連接起來，並且需要能夠快速、大規模地以極低的延遲實現這一目標。這就要求他們的交通管理解決方案具備卓越的性能。因此，它需要低延遲、高擴展性、高吞吐量、高性能，而這正是 F5 的完美特性。這是首要條件。

And then the second requirement as they move into production is security, specifically run-time security becomes really, really important. And so this quarter, what we saw were a little bit of an inflection around enterprise adoption and AI. We won as many new customers in AI just in the last 90 days as we had for all of FY25.

然後，當產品進入生產階段時，第二個要求是安全性，特別是運行時安全性變得非常非常重要。因此，本季我們看到企業採用人工智慧方面出現了一些轉折點。在過去的 90 天裡，我們在人工智慧領域贏得的新客戶數量與 2025 財年全年贏得的新客戶數量一樣多。

And interestingly, the mix in FY25 was very oriented towards data delivery, basically, high-performance load balancing for these data pipelines. But this quarter, the mix was almost balanced between data delivery and security. And we saw a lot more requirements for security.

有趣的是，2025 財年的組合非常注重資料交付，基本上就是為這些資料管道提供高效能負載平衡。但本季度，資料傳輸和安全之間的比例幾乎達到了平衡。我們看到安全性的要求也大大增加。

As we project forward, I think the trend is durable because the enterprises that are doing that today are kind of the largest enterprises that are very forward-leaning in AI, but we will see -- I think we'll see a lot more enterprises adopt AI in the future. And the early enterprises are doing so right now will also scale in production pretty significantly.

展望未來，我認為這種趨勢是持久的，因為目前這樣做的企業都是規模最大、在人工智慧領域非常前瞻性的企業，但我們將會看到——我認為未來會有更多企業採用人工智慧。而目前率先這樣做的企業，其生產規模也將顯著擴大。

An example I'll give you of that is we signed a multi-million dollar deal with a global technology OEM this quarter who have repatriated part of their data from the cloud because they're collecting more data from their customers. They know their data is more valuable. They're having a lot more telemetry from customers, from their products, and they're putting all this data in large data lakes on-prem. But they then need to leverage their data in their AI applications and connecting their data to their AI applications requires significant enhancements to their infrastructure. And that is just going to scale more and more in the future.

我舉個例子來說，本季我們與一家全球技術 OEM 廠商簽署了一項價值數百萬美元的協議，他們已將部分資料從雲端遷移回本地，因為他們正在從客戶那裡收集更多資料。他們知道自己的數據更有價值。他們從客戶和產品中獲取了更多遙測數據，並將所有這些數據放入本地的大型數據湖中。但是，他們隨後需要將數據應用於人工智慧應用程序，而將數據連接到人工智慧應用程式需要對其基礎設施進行重大改進。而且這種情況未來只會越來越普遍。

So we think the trend is durable, both in terms of data delivery and in security.

因此，我們認為無論從資料傳輸或安全性來看，這種趨勢都是持久的。

And then the last thing I'll say about security is, a lot of the security that we've seen so far when I talked about run-time security was really almost traditional security applied to AI applications. We are now in the early days of seeing AI models also go into production. There are specific threats for AI models that we now address with our AI guardrails, and we had a very strong start to our AI guardrail solution this quarter, really with strong adoption from some of the largest enterprises in sectors like financial services or technology or even management consulting for these AI Guardrail solutions. So we're pretty excited about the quality of customers that we are seeing in the early stage of this, and we think the trend is only going to grow from here.

最後我想說的是，關於安全性，我們目前看到的許多安全措施，也就是我之前談到的運行時安全，實際上幾乎都是將傳統安全措施應用於人工智慧應用程式。我們現在正處於人工智慧模型投入生產的早期階段。人工智慧模型面臨一些特定的威脅，我們現在透過人工智慧防護措施來應對這些威脅。本季度，我們的人工智慧防護解決方案取得了非常強勁的開局，金融服務、科技甚至管理諮詢等行業的一些大型企業都大力採用了這些人工智慧防護解決方案。因此，我們對目前階段所看到的客戶品質感到非常興奮，我們認為這種趨勢只會繼續增長。

Congrats.

恭喜。

Thank you.

謝謝。

Tim Long, Barclays.

提姆朗，巴克萊銀行。

Maybe if I could do one on software, one on hardware. Just on the software side, I get the tough year-over-year comparison in the December quarter. But the sequential looks like it was a little worse than normal. So how do we think about that in the quarter and how we can get to mid-single digit get that business accelerating?

也許我可以做一個軟體方面的，一個硬體方面的。就軟體方面而言，我明白12月季度年比數據比較會很困難。但從序列資料來看，情況似乎比正常情況略差一些。那麼，在本季我們該如何考慮這個問題，以及如何才能實現個位數中段的成長，從而加速業務發展？

And then just on the hardware side, I'm just hoping you could break down your views a little bit. But it continues to perform very well, market share versus market growth. It seems like we're starting to see hardware that you're selling or systems that you're selling in maybe new use cases, so maybe the market growth is dynamic -- is changing? Just love --

然後，就硬體方面而言，我希望您能稍微詳細地闡述您的觀點。但就市場佔有率和市場成長率而言，它的表現依然非常出色。看來我們開始看到你們銷售的硬體或系統出現在新的應用場景中，所以市場成長可能是動態的——正在改變？就是喜歡--

Yeah, Tim, so this is Cooper. I'll speak to the software performance. So you're right, we did have a pretty strong compare from the Q1 period of a year ago. We had the large eight-figure renewal that we had referenced. We also had a pretty strong quarter with our perpetual software business that was tied to a couple of specific deals in the service provider space. So there's a little bit of an anomalous growth quarter a year ago.

是的，提姆，這位是庫柏。我將談談軟體效能。你說得對，我們今年的業績與去年第一季相比確實有很大的差距。我們收到了之前提到的那筆數額龐大的八位數續約合約。我們的永久軟體業務本季表現也相當強勁，這主要得益於我們在服務提供者領域達成的幾項具體交易。所以，一年前的一個季度出現了一些異常成長。

But our performance in the quarter -- in Q1 of '26 was right in line. It's actually slightly ahead of our expectations. And I think as we look ahead, we're pleased both in terms of the execution that we saw in Q1 and that there was no demand disruption related to new software projects. So things move forward in a pretty orderly fashion. But also as we look ahead to the renewal cohort for the rest of the year, which is pretty strong, the utilization rates that we're seeing with customers is very healthy.

但我們本季（2026 年第一季）的業績完全符合預期。實際上，它比我們預期的還要略好。展望未來，我們對第一季的執行情況以及新軟體專案沒有出現需求中斷都感到滿意。所以事情進展得相當有秩序。但展望今年剩餘時間的續約市場，情況相當強勁，我們看到客戶的使用率非常健康。

And -- we see that as a good indicator that we should have a strong finish for the remainder of the year. And so that gives us confidence that we'll be able to grow the business in the mid-single-digit range.

我們認為這是一個很好的跡象，表明我們今年剩餘的比賽應該會取得強勁的收官成績。因此，我們有信心實現業務中等個位數的成長。

And Tim, let's talk about the hardware, although it's -- the trends we're seeing really apply to both hardware and software. But if you step back, really, the thing that has changed in the market is that hybrid multi-cloud deployments. Hybrid multi-cloud architectures for enterprises are now the new normal. And we've seen that shift happen over the last two, three years, but it is accelerating now.

提姆，我們來談談硬體吧，雖然我們看到的趨勢實際上適用於硬體和軟體。但如果你退後一步來看，市場上真正改變的是混合多雲部署。企業混合多雲架構成為新常態。在過去兩三年裡，我們已經看到了這種轉變，但現在這種轉變正在加速。

Now over the last three years, hybrid multi-cloud architectures have been driven by -- yeah, first of all, enterprises wanting to have the flexibility to deploy apps in any environment. Cost optimization, control, those have been the drivers of hybrid multi-cloud deployments. And we have been ideally positioned for hybrid multi-cloud because of the unique flexibility we provide with hardware, software, and SaaS. We're absolutely unique in the world of delivery and security in being able to do all of that.

過去三年，混合多雲架構的發展主要得益於——首先，企業希望能夠靈活地在任何環境中部署應用程式。成本優化和控制一直是混合多雲部署的驅動因素。由於我們在硬體、軟體和 SaaS 方面提供了獨特的靈活性，我們已在混合多雲方面佔據了理想的位置。我們在物流和安全領域絕對獨一無二，能夠做到這一切。

Now we are seeing now -- and these have accelerated really over the last three to six months. We're seeing two new catalysts that are accelerating that and driving demand ultimately for both hardware and software, but in the near term, we're still seeing very strong demand for hardware.

現在我們看到──而且這些現像在過去三到六個月裡確實加速發展了。我們看到兩個新的催化劑正在加速這一趨勢，並最終推動對硬體和軟體的需求，但在短期內，我們仍然看到對硬體的需求非常強勁。

These two new catalysts are: number one, regulation. Especially outside of the US, there is regulation that has come into force or will come into force that is forcing companies to adopt the stronger spend on resilience and a stronger stance on digital sovereignty. It means that companies need, for example, to be able to fail over from cloud back to on-premise and to have true hybrid resilience in their environment. It means, for example, that they need to have consistent security controls across all of their infrastructure environment.

這兩個新的催化劑是：第一，監管。尤其是在美國以外，一些已經生效或即將生效的法規迫使企業加強對韌性的投入，並在數位主權問題上採取更強硬的立場。這意味著，例如，企業需要能夠從雲端故障轉移回本地，並在其環境中實現真正的混合彈性。這意味著，例如，他們需要在其所有基礎設施環境中實施一致的安全控制措施。

Regulations like NIS 2, Dora, cyber resilience regulations that have come into force in '25 and all the way through '27 will come into force are really causing reinvestment in data center and stronger resilience between data center and the cloud, and we are perfectly positioned to benefit for that, and we're seeing those tailwinds in the business. This is one of the reasons that we had a very strong quarter in Europe this quarter.

像 NIS 2、Dora 這樣的法規，以及從 2025 年生效並將持續到 2027 年的網路彈性法規，確實促使人們對資料中心進行再投資，並增強資料中心與雲端之間的彈性，而我們完全有能力從中受益，並且我們已經在業務中看到了這些利好因素。這是我們本季在歐洲取得強勁業績的原因之一。

And then the second new catalyst driving also strong hardware demand is enterprise adoption of AI is accelerating. I shared that earlier, but AI is hyper hybrid and it accelerates hybrid multi-cloud architectures. And we are seeing that contribute meaningfully to the hardware demand that we saw this quarter.

推動硬體需求強勁成長的第二個新催化劑是企業加速採用人工智慧。我之前也提到過，人工智慧是高度混合的，它加速了混合多雲架構的發展。我們看到，這確實對本季硬體需求的成長做出了重要貢獻。

Okay, thank you. . And I hope those sirens aren't current for you, guys.

好的，謝謝。。希望你們那邊沒有警報聲。

We're fine, Tim. Thank you.

我們沒事，提姆。謝謝。

Samik Chatterjee, JPMorgan.

Samik Chatterjee，摩根大通。

François, maybe if I can start off with -- similarly on the hardware side and the upgrade cycle you're seeing from your customers as well as the incremental use cases, but there is that sort of end of software support, I believe, in early 2027. How much of the momentum that you're seeing on the hardware is you would tie to sort of the VIPRION and the iSeries, which are going through the upgrades versus maybe on the rest of the portfolio? And has the security in can led to any sort of BIG-IP customers coming in for those upgrades? And I have a quick follow-up after that. Thank you.

弗朗索瓦，或許我可以先從硬體方面說起——同樣地，從你的客戶那裡看到的升級週期以及增量用例來看，我認為軟體支援將在 2027 年初結束。您認為目前硬體方面的成長動能有多少是源自於正在進行升級的 VIPRION 和 iSeries 產品線，又有多少是源自於產品組合中的其他產品線？安全性是否促使 BIG-IP 客戶前來進行這些升級？之後我還有一個簡短的後續問題。謝謝。

I think, Samik, clearly, we are -- in addition to the trends I've just talked about which are macro trends, there is a trend that is specific to F5 at the moment, which is that we are in the middle of a refresh cycle with a lot of customers. You mentioned the dates looking to refresh their infrastructure. That said, what we are seeing -- this refresh cycle obviously is stronger than past refresh cycles because what we are seeing is not just refresh but a lot of expansion for customers.

薩米克，我認為，很明顯，除了我剛才提到的宏觀趨勢之外，目前還有一種 F5 特有的趨勢，那就是我們正處於許多客戶的更新換代週期之中。您提到了他們計劃更新基礎設施的日期。也就是說，我們看到的是——這一輪更新周期顯然比以往的更新周期更強勁，因為我們看到的不僅僅是更新，而是為客戶帶來的大量擴張。

And from all the conversations we're having with customers and the data points we're seeing, we think the refresh is stronger and has a lot of expansion because customers are also getting their infrastructure ready for AI, the deployments of AI infrastructure and getting their capacity ready for AI. We think that's a substantial driver. The others have just talked about hybrid multi-cloud also accelerating this refresh cycle.

從我們與客戶的對話以及我們看到的數據點來看，我們認為此次更新力度更大，擴展空間也更大，因為客戶也在為人工智慧做好基礎設施準備，部署人工智慧基礎設施，並為人工智慧做好容量準備。我們認為這是一個重要的驅動因素。其他人也談到了混合多雲環境如何加速這個更新週期。

Yes. And I would add that we're continuing to see strength on not just from the refresh motion that has a lot of expansion, but also outside of the refresh motion. We're seeing continued capacity expansion with existing customers. We're seeing, we think, some readiness for AI workloads, and then, of course, some of the data sovereignty and regulation drivers that Francois mentioned earlier.

是的。我還要補充一點，我們不僅看到刷新運動（其發展勢頭強勁）持續增長，而且在刷新運動之外也看到了這種增長勢頭。我們看到現有客戶的產能持續擴張。我們認為，我們看到了一些應對人工智慧工作負載的準備工作，當然，還有弗朗索瓦之前提到的一些資料主權和監管驅動因素。

And for my follow-up, I imagine this will be a question for everyone the season -- earnings season is sort of you did highlight the increasing memory costs and sort of what you're budgeting for it. But maybe if you can outline sort of how are you managing it through your supply chain? And are there any sort of concerns around capacity or sort of supply constraints as well that you're baking into your guide just outside of price, is there a supply constraint to be thought of as well? Thank you.

至於我的後續問題，我想這將是本季每個人都會問到的問題——財報季，您確實強調了不斷上漲的內存成本以及您為此制定的預算。但或許您可以大致概述一下您是如何透過供應鏈進行管理的？除了價格之外，您是否在價格指南中考慮了產能或供應限制的任何擔憂？是否也需要考慮供應限制？謝謝。

Samik, this is an important topic of discussion. And as you know, the memory prices have gone up substantially and there are worries about supply in the industry. Now you know we went through that in 2022, effectively with the same management team as we have today. So we did learn from what we saw in the supply chain crisis of 2022.

薩米克，這是一個值得討論的重要議題。如您所知，記憶體價格已經大幅上漲，業內人士也對供應問題感到擔憂。現在你們知道，我們在 2022 年也經歷過那段時期，而且當時的管理團隊和我們現在的團隊基本上都一樣。所以，我們從2022年的供應鏈危機中學到了教訓。

We took a lot of actions early as it relates to memory. We raised our forecast and volume request with our suppliers several months ago. We give our suppliers extended visibility to our needs. We qualified additional suppliers to have more diversity. We started executing on broker buys. So we did early a lot of the elements of the playbook that we have to do in 2022.

我們在記憶方面很早就採取了很多行動。幾個月前，我們向供應商提出了預測和供貨需求。我們讓供應商更清楚地了解我們的需求。我們篩選了更多合格的供應商，以提高供應商的多樣性。我們開始執行經紀商買入操作。因此，我們提前完成了 2022 年需要執行的許多計畫要素。

And I think because of all these actions that we have taken, in terms of supply, I think we feel very confident about where we are in the near term.

我認為，由於我們在供應方面採取了所有這些措施，我們對近期情況非常有信心。

Of course, as you go further into the future, there is some risk around supply for us as for anybody else in the ecosystem. And we are all aware of it and trying to take as many actions as possible to prevent having some shortage of components. Today with the group of suppliers that we've put in place. What we have not seen -- we have not been seeing decommits from these suppliers, but we have seen, of course, substantial price increases. And so we're monitoring that very, very closely to ensure that we can continue to have the right supply, not just in the near term, but also beyond the next couple of quarters.

當然，隨著時間的推移，供應方面會存在一些風險，這對我們以及生態系統中的其他任何一方來說都是如此。我們都意識到了這一點，並正在努力採取盡可能多的措施來防止零件短缺的情況。今天，我們和已經組建好的供應商團隊一起…我們沒有看到——我們沒有看到這些供應商取消供貨，但我們當然看到了價格大幅上漲。因此，我們正在非常密切地監控這一情況，以確保我們能夠繼續擁有充足的供應，不僅是在短期內，而且在接下來的幾個季度之後也是如此。

George Notter, Wolfe Research.

喬治諾特，沃爾夫研究公司。

I just wanted to kind of button up the whole discussion of the security breach. I'm just curious about have you seen any evidence of your customers in turn getting breached since you first discovered the situation? I'm wondering if you guys are continuing to provide patches to your BIG-IP software code. I'm wondering if there was any disruptions in the field and sales organizations that kind of inhibited you from selling.

我只是想把關於安全漏洞的討論總結一下。我只是好奇，自從您首次發現這種情況以來，您是否發現任何證據表明您的客戶也受到了資料外洩？我想知道你們是否還在繼續為 BIG-IP 軟體程式碼提供補丁。我想知道銷售領域和銷售組織方面是否存在任何干擾，從而阻礙了你的銷售工作。

Just how long did that whole distraction last? Any impact you can kind of tie to the December quarter results.

這場分散注意力的活動究竟持續了多久？任何影響都可以與12月季度的業績連結起來。

Thank you, George. No, we have not seen any evidence of customers being breached as a result of our security incidents. And of course, I should carry out and say we are not aware of any customers having reported any such incident to us. And I would say, generally, we feel that our response -- our collective response, both our customers, our partners, and F5, our collective response to the security incident has been very successful. So if I go back in time, back to where we were in October, we have to mobilize very rapidly.

謝謝你，喬治。不，我們沒有發現任何證據表明由於我們的安全事件導致客戶資訊外洩。當然，我還要補充一點，我們目前沒有收到任何客戶報告過此類事件。總的來說，我認為我們——包括我們的客戶、合作夥伴和 F5——對這項安全事件的集體應對措施非常成功。所以，如果我回到過去，回到十月我們當時的處境，我們就必須迅速行動。

We mobilized our development teams to ensure that we had the right releases for our customers immediately upon disclosure, so they could take actions and protect themselves. We mobilized our support teams to be ready to take thousands and thousands of support calls which did happen, but we were able to take all these calls with minimum wait times and attend to customers very quickly, so they could perform upgrades in record time. And we mobilized our sales teams to engage and support customers quickly.

我們立即調動開發團隊，確保在資訊揭露後立即向客戶提供正確的版本，以便他們能夠採取行動保護自己。我們調動了支援團隊，準備接聽成千上萬個支援電話，這種情況確實發生了，但我們能夠以最短的等待時間接聽所有這些電話，並迅速回應客戶，以便他們能夠以創紀錄的速度完成升級。我們調動銷售團隊，迅速與客戶接洽並提供支援。

Our customers were both extraordinarily patient with us and empathetic, but also acted with a sense of urgency around the actions they needed to take to protect themselves. And as a result of the partnership and the work with our customers, the disruption was actually kept to a minimum. We, of course, have disruption because customers had to mobilize their resources to do their upgrades and we were extraordinarily thankful for that but we also saw minimal disruption in demand for us.

我們的客戶對我們既表現出極大的耐心和同理心，又表現出強烈的緊迫感，積極採取行動保護自己。由於與客戶的合作和努力，實際造成的干擾被降到了最低。當然，由於客戶必須調動資源進行升級，我們受到了一些影響，我們對此非常感激，但我們也看到，對我們自身的需求影響甚微。

In terms of where we are on patches, well, we provided -- of course, significant patches to a number of versions of software around October 15 and made those available to all of our customers. A lot of our customers upgraded really quickly, that has the benefit that today. If I spoke to where we were at this time a year ago, we had about 15% of our customers on our latest release.

至於補丁方面，我們當然在 10 月 15 日左右為多個軟體版本提供了重要的補丁，並已將這些補丁提供給了我們所有的客戶。我們許多客戶很快就進行了升級，這帶來了今天的優勢。如果以一年前的這個時候來比較，我們當時只有大約 15% 的客戶在使用最新版本。

As I speak to you today, we have over 50% of our customers that are on our latest software release. And that is kind of a testament to the speed with which our customers acted, but we're also really happy with where the estate is at. We're going to remain, of course, vigilant with all of this. We have made significant enhancements to our security posture, and we are continuing to make enhancements to our overall security environment, our development environment, our product environment.

截至今天，我們已有超過 50% 的客戶在使用我們最新的軟體版本。這在某種程度上證明了我們客戶行動的迅速，但我們也對莊園目前的狀況感到非常滿意。當然，我們會對這一切保持警覺。我們已大幅提升了安全態勢，並將持續提升整體安全環境、開發環境和產品環境。

So we will (technical difficulty). But so far, we are very pleased with the response from our customers and the way that they have continued to, of course, invest in F5. And frankly, we're taking this as an opportunity not just to maintain the trust that our customers have in us, but to strengthen that trust they have in us.

所以我們會（技術難題）但到目前為止，我們對客戶的回饋以及他們持續投資 F5 的方式感到非常滿意。坦白說，我們把這件事看成是一個機會，不僅是為了維護客戶對我們的信任，更是為了加強他們對我們的信任。

And we've had the opportunity to engage with dozens and dozens of CISOs over the last several months. I have personally spoken to dozens and dozens of our customers. And in every single one of these conversations, they have expressed their appreciation for F5's response. And I'm immensely proud of the way that all the F5 have rallied together with our partners and our customers on this incident.

在過去的幾個月裡，我們有機會與數十位首席資訊安全長 (CISO) 進行了交流。我親自與幾十位客戶交談過。在每一次對話中，他們都對F5的回應表示感謝。我為F5全體員工在此次事件中與我們的合作夥伴和客戶團結一致而感到無比自豪。

That's great. Just as a quick follow-up, any financial impact, revenue that you lost or costs that you incurred incrementally that you can point to in the December quarter results?

那太棒了。最後再補充一點，您能否指出12月份季度業績中是否有任何財務影響、收入損失或新增成本？

Yes. No, we really didn't see any noticeable impact. We've talked about -- as we went into the call in October that we hadn't yet seen any change in terms of some of the sales metrics that we track around pipeline and close rates, but it was a very short period of time as we reported it. I think something we're really happy with was just with the response that we have with customer. They were able to move pretty quickly through their remediation activities. And as a result, they were able to get back to business in a short period of time.

是的。不，我們確實沒有看到任何明顯的影響。我們在 10 月的電話會議上談到，我們還沒有看到一些我們追蹤的銷售指標（例如銷售管道和成交率）發生任何變化，但正如我們報告的那樣，那段時間非常短暫。我認為我們真正感到滿意的一點是，我們得到了客戶的正面回饋。他們的補救措施進展得相當迅速。因此，他們能夠在短時間內恢復營業。

And so that trend really held all the way through the quarter in terms of normal velocity around pipeline generation, predictable close rates. And so it was kind of a very healthy execution throughout the quarter. And importantly, also a strong pipeline build as we head into Q2.

因此，就正常的銷售通路開發速度和可預測的成交率而言，這一趨勢在整個季度都得以維持。因此，整個季度的執行情況都相當健康。更重要的是，隨著我們進入第二季度，我們的產品線也得到了強有力的建構。

Simon Leopold, Raymond James.

西蒙·利奧波德，雷蒙德·詹姆斯。

I've got two pretty straightforward, I hope. First one is regarding the progress in AI. You've given metrics around customer numbers. I'm wondering if we could frame it in terms of revenue. In other words, what rough percentage of revenue is coming from AI projects today?

我希望我的兩個問題都比較簡單明了。第一個問題是關於人工智慧的發展。您已提供了有關客戶數量的指標。我想知道我們是否可以從收入的角度來看待這個問題。換句話說，目前人工智慧專案帶來的收入約佔總收入的百分之多少？

And then what do you expect full year longer term as a portion of the mix? (technical difficulty) you've had success raising product prices, passing through the higher costs. I'm wondering if you could maybe help us bridge what portion of your systems revenue growth could you attribute to your price hikes? Thank you.

那麼，從長遠來看，你對全年投資組合的預期是什麼？（技術難題）您透過提高產品價格並將更高的成本轉嫁給消費者取得了成功。我想請您幫忙解答一下，您認為貴公司係統收入成長中，有多少比例是因為價格上漲造成的？謝謝。

Simon, I'll start with, I think the first part, and Cooper will take the second part. Look, we have not, of course, broken out AI revenues in part because we feel it's too early. We want to see more quarters behind us on AI. We have shared, I think, in the past that AI, if we isolate our answer here to use cases that we know are AI. And I say that because there's a part of our business that may well be related to AI, but it's not visible to us.

西蒙，我先來，我想先說第一部分，庫柏再說第二部分。當然，我們還沒有單獨公佈人工智慧領域的收入，部分原因是我們認為現在下結論還為時過早。我們希望看到人工智慧領域在未來幾季取得更大的進展。我認為，我們過去已經分享過，如果我們把答案限定在我們知道是人工智慧的用例上，那麼人工智慧就是人工智慧。我這麼說是因為我們業務的某個部分可能與人工智慧有關，但我們自己卻看不到。

And so if we isolate this for use cases that we know are a direct AI use case, we said that last year, it was kind of single-digit millions of dollars every quarter. This quarter, it was above that. It was healthily in the double-digit millions of dollars a quarter. But we're not really prepared to go beyond that and qualify that.

因此，如果我們把這些用例單獨拿出來，只看我們所知道的直接人工智慧用例，我們去年說過，每季大約是幾千萬美元。本季度，這一數字高於此。每季營收都達到了兩百萬美元，相當可觀。但我們還沒準備好對此進行更深入的探討和限定。

And in terms of the future, our view when we look at the trends over the last few quarters, our view is that it is likely to grow because we're seeing more use cases emerge, not just data delivery, which is an important and growing use case, but security is also going to be a growing use case we think that runtime security in AI is going to be a multibillion-dollar market.

展望未來，從過去幾季的趨勢來看，我們認為它可能會成長，因為我們看到越來越多的用例湧現，而不僅僅是資料交付（這是一個重要且不斷增長的用例），安全性也將成為一個不斷增長的用例。我們認為人工智慧運行時安全將是一個數十億美元的市場。

We're just scratching the surface of the very early innings of this market. So clearly, there's a lot of growth potential. But we're going to take it one quarter at a time.

我們現在僅僅觸及了這個市場初期階段的冰山一角。顯然，這裡有很大的成長潛力。但我們會一步一步來，一個季度一個季度地來。

Yeah. And then in terms of the pricing increases and the impact on revenue. So where we see the biggest impact is in the systems business, because those are applied to -- they're effectively all net new sales. And so we had a price increase that we introduced last January, so January of 2025. And so we're still realizing the benefit of that, that was a roughly mid-single-digit price increase. We had that factored into our outlook for the year. And so we'll continue to look to monetize that.

是的。然後是價格上漲及其對收入的影響。因此，我們看到影響最大的領域是系統業務，因為這些業務實際上都是新增銷售額。因此，我們在去年一月推出了提價措施，也就是從 2025 年 1 月開始。因此，我們仍然享受到那次價格上漲的好處，漲幅大約在個位數中段。我們已將此因素納入了我們對今年的展望中。因此，我們將繼續尋求將其商業化的方法。

On the software side, there's a little bit more of a muted impact because a lot of our software sales are sold in multiyear agreements. And so it takes time for some of the pricing increases that matriculate through that business, but we are seeing a healthy pickup from the pricing on the software side as well.

在軟體方面，影響相對較小，因為我們的許多軟體銷售都是以多年的協議形式進行的。因此，一些價格上漲需要時間才能在業務中逐步顯現，但我們也看到軟體方面的價格出現了健康的回升。

Michael Ng, Goldman Sachs.

Michael Ng，高盛集團。

I just have two. First, just on the systems revenue outlook, it's very encouraging to hear about the double-digit revenue growth for the full year. I think the guidance implies around like mid-teens system revenue growth for the full year. And if that's right, could you just maybe talk a little bit about the revenue shape throughout the rest of the year? Is there anything that you would call out that might drive a deceleration relative to the -- obviously, very strong growth that we saw in the December quarter?

我只有兩個。首先，就係統收入前景而言，聽到全年營收實現兩位數成長的消息非常令人鼓舞。我認為該指引暗示全年系統收入成長約為15%左右。如果情況屬實，您能否稍微談談今年剩餘時間的收入狀況？您認為有哪些因素可能會導致成長放緩，與我們在去年12月季度看到的強勁成長相比，顯然成長速度非常快？

And then second, I wanted to ask about the EPS upgrade. You beat the midpoint in the December quarter by $0.85. The full year was raised by $0.85. Just given what sounds like a very constructive outlook for the top line for the rest of the year, is there anything that you would call out in terms of like incremental costs that would prevent more of the top line upside flowing down to the bottom line for the full year? Thank you very much.

其次，我想問關於 EPS 升級的問題。你們12月份季度的業績比預期中位數高出0.85美元。全年業績也比預期高出0.85美元。鑑於今年剩餘時間的營收前景似乎非常樂觀，您認為在成本增加方面，有哪些因素會阻礙營收成長進一步轉化為全年利潤成長？非常感謝。

Yes. So I'll handle both. So on the revenue guide, I think you can see, if you take the midpoint of the guidance for the full year, it implies kind of a 4% to 5% growth in the second half and a little bit higher, I think it's around 7% for the first half. So to your point, it does reflect a little bit of a deceleration. I don't think there's anything that we're seeing today where we have visibility that there will be a deceleration, it's really just that it's early in the year.

是的。所以兩件事我都負責。所以從收入預期來看，我認為你可以看到，如果你取全年預期的中點，這意味著下半年增長約 4% 至 5%，而上半年增長略高一些，我認為約為 7%。所以，正如你所說，這確實反映出輕微的減速趨勢。我認為目前還沒有任何跡象顯示經濟成長會放緩，這主要是因為現在還只是年初。

And so we've seen tremendous strength in the first quarter. We have a good pipeline in the second quarter. And I think what you're seeing is us take a little bit of a measured approach to how we look in the out quarters for the year, but nothing specific that suggests that the business should slow down.

因此，我們在第一季看到了強勁的勢頭。我們第二季的產品線很充足。我認為你們看到的是，我們對今年最後幾季的展望採取了一種較為謹慎的態度，但並沒有任何具體跡象表明業務應該放緩。

And so then to the EPS question, the two things I would point to is we have the gross margin, we took the guidance down a little bit tied to the pricing increases. So that has a little bit of an effect on the operating margin guide. And then just based on the strength that we're seeing in some of these trends that we think are pretty sustainable beyond FY26, we're making some targeted investments that we think can really help drive a better growth outlook in FY27 and beyond.

那麼，關於每股盈餘的問題，我想指出兩點：一是毛利率，二是由於價格上漲，我們略微下調了預期。所以這會對營業利益率預期產生一定影響。而且，基於我們看到的一些趨勢的強勁勢頭，我們認為這些趨勢在 2026 財年之後仍將相當可持續，我們正在進行一些有針對性的投資，我們認為這些投資能夠真正幫助推動 2027 財年及以後更好的增長前景。

So we're looking at sales capacity, where we see additional opportunity that we want to get in front of with some early investments. We're making some investments in the road map, things -- we talked about XOps. So capabilities that we can bring to customers around analytics and telemetry that we think ultimately will drive a higher rate of adoption across the portfolio and then just some other features on our road map.

所以我們正在關注銷售能力，我們看到了額外的機會，希望透過一些早期投資來搶佔先機。我們正在對路線圖進行一些投資，例如——我們談到了 XOps。因此，我們可以為客戶帶來分析和遙測方面的功能，我們認為這些功能最終將推動整個產品組合的更高採用率，以及我們路線圖上的一些其他功能。

So we think it's an opportune time for us to really invest in future growth, just given the increased outlook we've got for this current year.

鑑於今年前景看好，我們認為現在是真正投資未來成長的好時機。

Ryan Koontz, Needham & Company.

Ryan Koontz，Needham & Company。

Congrats on a great quarter here. When you asked about the strength in EMEA, you mentioned sovereignty. I wonder if you could just double click on that a bit and expand on how long that dialogue has been going on. Is this relatively new phenomenon you didn't see happening so quickly? And if there was any contribution of deferred upgrades or expansions from customers that may have pushed them off while they were going through the kind of the recovery from the breach. Thank you.

恭喜你們本季表現出色。當你問到歐洲、中東和非洲地區的優勢時，你提到了主權。我想知道您能否雙擊一下，展開查看這段對話已經持續了多久。這是你沒預料到會發生這麼快的相對較新的現象嗎？如果客戶推遲了升級或擴展，導致他們在從資料外洩中恢復的過程中耽誤了進度，那麼這其中也可能存在問題。謝謝。

Thank you, Ryan. Well, there's an element of both. So the dialogue around sort of hybrid multi-cloud deployments in Europe driven by the need for digital sovereignty, the need for more resilience has been going on for several quarters. But we did see an acceleration this quarter. If I go back to why that is, I think, first of all, this regulation have come into force. Some of them have come into force already in 2025. And organizations that are not compliant are moving quickly to be compliant before they face some penalties.

謝謝你，瑞恩。嗯，兩者兼而有之。因此，在數位主權和增強韌性的需要的驅動下，歐洲圍繞混合多雲部署的對話已經持續了好幾個季度。但我們確實看到本季增速加快。如果我追溯原因，我認為首先是因為這項規定已經生效。其中一些條款已於 2025 年生效。而那些不合規的機構正在迅速採取行動，以防面臨處罰。

In some cases, that -- and I would say, in the majority of cases, we're seeing that translate into new project. Customers that need both some hardware and some software or Software-as-a-Service to be able to deliver consistent security or consistent delivery across all their infrastructure environments. And there are some cases where we saw customers that perhaps should have refreshed their equipment several months ago did not do so and were not in compliance and in the face of coming enforcement decided to refresh quickly and upgrade their equipment, and we're seeing that come to us by way of extra hardware demand.

在某些情況下——而且我認為，在大多數情況下，我們看到這種情況轉化為新項目。需要同時具備一些硬體和一些軟體或軟體即服務 (SaaS) 的客戶，才能在其所有基礎架構環境中提供一致的安全性或一致的交付。有些客戶本應在幾個月前就更新設備，但他們沒有這樣做，因此不符合規定。面對即將到來的執法行動，他們決定迅速更新和升級設備，我們看到這帶來了額外的硬體需求。

So we're seeing both, but it is a durable trend because there is -- for two reasons. One is there is more regulation coming -- and DORA are already in place, but there's a Cyber Resilience Act that is coming. I think the enforcement date for that will be in 2027. And the regulation vary by countries. So I think we're going to see that deploy across multiple countries.

所以我們看到了這兩種情況，但這是一個持久的趨勢，原因有二。一方面，會有更多監管措施出台——DORA 已經到位，但還有一部《網路彈性法案》即將出台。我認為該條款的生效日期將是2027年。各國的法規也不盡相同。所以我認為我們會看到這項技術在多個國家得到推廣應用。

And then the other phenomenon is there are a number of large enterprises have expressed to us that because they don't know yet how new regulations will be applied, it's very difficult for them to forecast where they should have their data, where they should have their workloads to be in compliance with this regulation. And in the face of that uncertainty, a partner like F5 is ideal because we give them the flexibility to deploy their licenses of F5 in any environment they want today or in the future and also to deploy it with whatever form factor they may want today or in the future, whether it's hardware, software or Software-as-a-Service. And so we are, at this time, for that uncertainty and for matters of digital solvency, this perfect company that has the perfect flexibility, the perfect number of models, and the perfect scalability for what these large enterprises are facing. And I think that is going to continue for some time.

另一個現像是，許多大型企業向我們表示，由於他們還不知道新法規將如何實施，因此很難預測為了符合該法規，他們的資料應該放在哪裡，他們的工作負載應該放在哪裡。面對這種不確定性，像 F5 這樣的合作夥伴是理想的選擇，因為我們賦予他們靈活性，讓他們可以在現在或將來在任何他們想要的環境中部署 F5 許可證，也可以讓他們以現在或將來可能想要的任何形式部署，無論是硬體、軟體還是軟體即服務。因此，在當前這種不確定性和數位化償付能力問題上，我們是一家完美的公司，擁有完美的靈活性、完美的模型數量和完美的可擴展性，能夠應對這些大型企業所面臨的挑戰。我認為這段時期內還會持續下去。

Tal Liani, Bank of America.

塔爾·利亞尼，美國銀行。

It's Tomer Zilberman on for Tal. Maybe going back to one of your earlier answers you talked about second half implied deceleration to around 4% to 5% growth. How do you balance that between the fact that as we approach next quarter and really the next three quarters? You're starting to lap much more difficult comparisons within systems as I think $180 million to $190 million kind of quarterly run rate versus maybe some of your large enterprises refreshing well ahead of that 2027 end of service?

托默·齊爾伯曼替補塔爾上場。或許可以回顧一下你之前的某個回答，你提到下半年經濟成長可能會放緩至 4% 到 5% 左右。如何平衡即將到來的下一個季度以及接下來的三個季度之間的關係？我認為，你開始面臨系統內部更複雜的比較，例如每季 1.8 億至 1.9 億美元的運作率，而你的一些大型企業可能在 2027 年服務終止之前就進行了更新？

Yeah. So just a couple of factors. It isn't anything to do with the cadence of the refresh. So we're still relatively early in that opportunity. We have not seen any kind of an acceleration in terms of decommissioning on the legacy base. So I think it's been orderly.

是的。所以，主要就幾個因素。這與刷新頻率無關。所以，我們目前還處於抓住這個機會的早期階段。我們沒有看到老舊基地退役速度加快的任何跡象。所以我覺得一切都井然有序。

The strength in the refresh has really been around the expansion. And that's tied to the dynamics that Francois has been outlining that customers are facing today. So I don't think that we expect that to really slowed down in the second half of the year. Again, it's just more about where we're sitting in the cycle.

這次更新的優勢主要體現在擴張方面。這與弗朗索瓦一直在闡述的客戶目前面臨的動態密切相關。所以我認為，我們預計下半年這種趨勢不會真正放緩。再說一遍，這更多的是取決於我們目前所處的周期位置。

It's a new calendar year. So budgets are still getting cemented with customers. There are some fluid dynamics just in the macro. And so I think we're just being a little bit pragmatic with how we approach second half. But the underlying pipeline trends that we're seeing and the momentum in the business is very strong as we entered the quarter, and that's reflected in the Q2 guide. So it's more to do with just where we sit in the calendar as we're kind of looking ahead on our guidance.

新的一年開始了。所以預算仍在與客戶敲定中。即使從宏觀層面來看，也存在一些流體動力學現象。所以我覺得我們在處理下半季的問題上採取了一種比較務實的態度。但我們看到的潛在業務發展趨勢和業務動能在本季開始就非常強勁，這在第二季業績指引中也有所體現。所以，這更與我們在日曆上的位置有關，因為我們正在展望未來，並制定指導方針。

Got it. And maybe just one quick follow-up on the software side. Do you see the renewal cohort equally balanced throughout the remainder of the year? Or do you think that's more clustered around the second half?

知道了。或許還需要就軟體方面做一個簡短的後續說明。您認為今年剩餘時間裡，續約學生的人數比例會維持平衡嗎？還是你認為這種情況比較集中在後半段？

No, it's more balanced than it has been in prior years. We actually expect to have a pretty strong growth quarter in Q2 and the healthy growth in the second half of the year.

不，今年的情況比往年更平衡。我們預計第二季將實現相當強勁的成長，下半年也將保持健康的成長動能。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

A couple of quick ones for me. François, you mentioned kind of a lot of strength around these hybrid implementations. Just wondering, has there been any trends that have developed between kind of virtual ADCs versus product or hardware versus the last time you kind of went through one of these cycles?

我這裡還有幾個簡單的問題。弗朗索瓦，你提到這些混合實現方式有很多優點。我只是好奇，與上次經歷這類週期相比，虛擬ADC與產品或硬體之間是否出現了任何趨勢？

And then second question, maybe building on Ryan's question. The government business or public sector business was probably the highest concentration that's been in three-plus years. Just wondering, was there any kind of strength within Europe on the public sector side that was concentrated?

第二個問題，或許可以基於 Ryan 的問題來回答。政府業務或公共部門業務的集中度可能是三年多來最高的。我只是好奇，歐洲公共部門是否存在某種集中實力？

Thank you, Meta. I will actually handle both. And I'll start with your last question. Government sector was very strong. That was driven by North America, in fact. And it may come as a surprise because we had, I think, the longest government shutdown in history in the quarter, over 40 days of shutdown. And of course, entering the quarter, we had the expectation of some of the portion with the security incident.

謝謝你，Meta。實際上，這兩件事我都會處理。那我先回答你的最後一個問題。政府部門實力非常強勁。事實上，這主要由北美推動。這或許會讓人感到驚訝，因為我認為，本季我們經歷了史上最長的政府停擺，停擺超過 40 天。當然，進入本季時，我們預料到會有一些安全事件發生。

But we had a very strong quarter with the Fed here in the US. Frankly, I'm very proud of the execution of our federal team here who put their shoulders behind the wheel and despite not having as much time to interact with customers because of the shutdown. We're able to engage in the right conversations and get really interesting projects started.

但我們與美國聯準會的合作在本季表現非常強勁。坦白說，我為我們聯邦團隊的執行力感到非常自豪，他們全力以赴，儘管由於政府停擺，他們沒有太多時間與客戶互動。我們能夠進行正確的對話，並啟動真正有趣的專案。

Interestingly, the strength in government came from new use cases, specifically on modern applications. And also, we started to see our first AI use cases in government. So we feel very good about what we saw in the Fed this quarter and our ability to execute despite the shutdown and the continued trust that we have from our customers there.

有趣的是，政府的力量來自於新的應用場景，特別是現代應用。此外，我們也開始看到人工智慧在政府領域的首次應用案例。因此，我們對本季聯準會的表現以及我們在政府停擺期間的執行能力感到非常滿意，也對客戶持續的信任感到滿意。

In terms of your question around have we seen a different dynamic between software and hardware in this hybrid multi-cloud architectures. I would say that, as you know, part of what -- part of the -- what's really appealing for customers of F5 is the ability we give them to choose between hardware and software and to implement their software licenses across any infrastructure environment.

關於您提出的「在這種混合多雲架構中，軟體和硬體之間是否出現了不同的動態關係」這個問題。我想說，正如您所知，F5 真正吸引客戶的地方之一，是我們能夠讓他們在硬體和軟體之間進行選擇，並能夠在任何基礎架構環境中實施他們的軟體許可證。

Over the last -- I think you will continue to see a trend towards more customers wanting to move to software because they -- ultimately, it gives them more flexibility, and especially flexibility against the uncertainty that I talked about. But over the last couple of quarters, we have seen very strong demand for hardware. So I would say, at the moment, the dynamic is we're seeing more customers wanting to spend in hardware, in part because of some of the use cases in AI data delivery, where they really need the performance of hardware for high throughput in part because of some of the security use cases. So we're seeing that strong demand in hardware.

我認為，在過去一段時間裡，你會看到越來越多的客戶希望轉向軟體，因為最終，軟體能為他們帶來更大的靈活性，尤其是在應對我剛才提到的不確定性方面。但在過去幾個季度裡，我們看到了對硬體的強勁需求。所以我認為，目前的發展趨勢是，我們看到越來越多的客戶希望在硬體上投入資金，部分原因是人工智慧資料交付的一些用例，他們確實需要硬體的性能來實現高吞吐量，部分原因是出於安全方面的考慮。所以我們看到了硬體市場的強勁需求。

I think over time, you will continue to see our software grow, and we feel pretty confident about our software growth for the long term.

我認為隨著時間的推移，你們將會看到我們的軟體不斷發展壯大，我們對軟體的長期發展也相當有信心。

I would add that one element that is going to fuel all of them, and we really started to see it this quarter is, in the past, our customers, if they were purchasing hardware or software from F5 versus Software-as-a-Service, those were two completely different experiences. And we have talked about building our application delivery and security platform. And some of that innovation is now making its way into production for our customers. And it's fueling their desire to have converged platforms.

我想補充一點，推動所有這些發展的因素之一，也是我們本季真正開始看到的，是過去我們的客戶，如果他們是從 F5 購買硬體或軟體，而不是從軟體即服務 (SaaS) 購買，那是兩種完全不同的體驗。我們已經討論過建立我們的應用程式交付和安全平台。而其中一些創新成果目前正應用於我們客戶的生產。這進一步激發了他們對融合平台的渴望。

They all want to have simpler operating environment. And a number of the wins that we had this quarter were customers consolidating spend on F5 because they had multiple point security products or point delivery products, and they went to F5 because we were a single vendor that could deliver across all of their environments and replace multiple of their point vendors. And then on top of that, we're starting to give them a single experience from a single console.

他們都希望擁有更簡單的操作環境。本季我們取得的一些成功案例是客戶將支出整合到 F5 上，因為他們之前有多個獨立的安全產品或交付產品，而他們選擇 F5 是因為我們是單一供應商，可以覆蓋他們所有的環境並取代他們之前的多個獨立供應商。而且，在此基礎上，我們開始讓他們透過一台遊戲機獲得統一的遊戲體驗。

Cooper mentioned some of the XOps' innovation that we are investing in. That gives them the ability to deploy policies from a single console across multiple environments. This quarter, we took the API discovery capabilities that were in F5 distributed cloud, and we're making them available on BIG-IP. So we're bringing that API discovery capability to the data center on-premise. That is a massive issue for customers. No one addressed that properly today. And so the consistency that we're bringing around the security and delivery capabilities across hardware, software, across on-premise and cloud is unique and that convergent. I think it's going to continue to fuel how growth into the hybrid multi-cloud environment.

庫柏提到了我們正在投資的一些XOps創新項目。這使他們能夠透過單一控制台在多個環境中部署策略。本季度，我們將 F5 分散式雲端中的 API 發現功能移植到了 BIG-IP 上。因此，我們將 API 發現功能引入本機資料中心。這對顧客來說是個大問題。今天沒有人妥善解決這個問題。因此，我們在硬體、軟體、本地部署和雲端之間實現的安全性和交付能力的一致性是獨一無二的，並且是融合的。我認為這將繼續推動混合多雲環境的成長。

And then, Meta, I also wanted to add on the government question. So the US Fed was absolutely headline around the strength that we're seeing. But that said, we also saw fairly strong results in EMEA as well with a number of government agencies, particularly around the same data sovereignty concerns. You can imagine those are top of mind for government entities. And so that drove a lot of strength in EMEA in addition to the strength that we're seeing in the Fed.

然後，Meta，我還想補充一下關於政府的問題。所以，聯準會的舉措絕對是目前我們所看到的經濟強勢的頭條新聞。但即便如此，我們在歐洲、中東和非洲地區也看到了相當強勁的成果，與許多政府機構合作，尤其是在資料主權問題方面。您可以想像，這些問題是政府機構最為關注的。因此，除了聯準會的強勁表現之外，這也推動了歐洲、中東和非洲地區的經濟走強。

James Fish, Piper Sandler.

詹姆斯·菲什，派珀·桑德勒。

Just circling back on product refresh. What kind of capacity plus expansion are you seeing typically? And I get -- it's hard to tell exactly what your AI exposure to Simon's earlier question, but how are you able to tell that these are capacity plus increases related to sort of traditional general environment versus sort of AI modernizations?

再來回顧一下產品更新方案。通常情況下，您看到的產能擴張情況是怎麼樣的？我明白——很難準確判斷你對人工智慧的了解程度，這與 Simon 之前的問題有關，但你如何判斷這些是與傳統通用環境相關的能力提升，還是與人工智慧現代化相關的能力提升呢？

Yeah. So one thing that we're seeing is a lot of customers have higher security needs, which is driving a performance requirement. So we've been seeing this for the last couple of quarters, and this trend is continuing where customers are refreshing very often higher up in the portfolio. And so we're seeing a higher ASP at that time of refresh and then also additional capacities in terms of more units.

是的。我們看到的一個現像是，許多客戶對安全性有更高的要求，這也推動了對效能的要求。過去幾季我們已經看到這種情況，而且這種趨勢還在繼續，客戶經常會刷新投資組合中排名更高的產品。因此，我們看到產品更新換代時的平均售價較高，同時產能也有所提升，即增加了更多產品。

So I'd say it's a combination of kind of getting in front of some of the performance needs for security as well as getting in front of the kind of downstream performance needs they're anticipating related to AI workloads. And so customers are just being a little bit more front and center in terms of their planning than we had seen in prior cycles.

所以我認為這既是為了滿足一些安全方面的效能需求，也是為了滿足他們預期的與 AI 工作負載相關的下游效能需求。因此，與以往的周期相比，客戶在規劃方面更加積極主動。

Ladies and gentlemen, that does conclude our question-and-answer session. I would like to turn the floor back over to Suzanne DuLong for any closing comments.

女士們、先生們，我們的問答環節到此結束。我謹將發言權交還給 Suzanne DuLong，請她作總結發言。

Thank you, everyone, for joining us today. We look forward to seeing many of you out and about during the quarter.

謝謝各位今天蒞臨。我們期待在本季與大家在街上見面。

Ladies and gentlemen, thank you for your participation. That does conclude today's teleconference. Please disconnect your lines, and have a wonderful day.

女士們、先生們，感謝各位的參與。今天的電話會議到此結束。請斷開您的線路，祝您有美好的一天。