Fortinet Inc (FTNT) 2011 Q2 法說會逐字稿

Good day, ladies and gentlemen, and welcome to Fortinet's second quarter 2011 earnings announcement. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session, and instructions will be given at that time. (Operator Instructions). As a reminder, this conference call is being recorded.

女士們、先生們，美好的一天，歡迎閱讀 Fortinet 2011 年第二季財報公告。此時，所有參與者都處於只聽模式。稍後我們會進行問答環節，屆時會做出指示。 （操作員說明）。謹此提醒，本次電話會議正在錄音中。

I would now like to turn the conference over to Mr. Ken Goldman, Chief Financial Officer. Sir, you may begin.

現在我想將會議交給財務長肯‧戈德曼先生。先生，您可以開始了。

Great. Good afternoon and thank you for joining us in this conference call to discuss Fortinet's financial and operating results for the second quarter of 2011. Joining me today are Ken Xie, Founder, President and CEO of Fortinet, and Michelle Spolver, Vice President of Corporate Communications.

偉大的。下午好，感謝您參加本次電話會議，討論Fortinet 2011 年第二季度的財務和運營業績。今天與我一起討論的是Fortinet 創始人、總裁兼首席執行官謝肯(Ken Xie) 和企業傳播副總裁Michelle Spolver 。

In terms of the structure of the call, I will begin with a review of our operating results before I turn the call over to Ken to provide additional perspective on the performance of our business. I will then conclude with some thoughts on our outlook for the third quarter and full year 2011 before we open up for your questions.

就通話的結構而言，我將首先回顧我們的營運業績，然後將通話轉給 Ken，以提供更多有關我們業務績效的觀點。最後，在回答大家的問題之前，我將對 2011 年第三季和全年的展望進行一些思考。

As a reminder today, we are holding two calls. Following this call, we will hold a second conference call to provide an opportunity for financial analysts to ask more detailed financial questions. The second call will begin at 3.30 Pacific Time. It will also be webcast from our Investor Relations website and is accessible as detailed in our earnings release.

今天提醒一下，我們舉行了兩次電話會議。在這次電話會議之後，我們將舉行第二次電話會議，為財務分析師提供提出更詳細的財務問題的機會。第二通電話將於太平洋時間 3.30 開始。它還將透過我們的投資者關係網站進行網路直播，並可在我們的收益發布中詳細了解。

Before I begin, let me read again this disclaimer, the Safe Harbor Statement. Please note that some of the comments we make today are forward-looking statements including those regarding our financial guidance for the third quarter and full year, our expectations regarding continued sales and momentum of the retail vertical, including potential customer wins, expected business and growth in certain regions, increased sales results from investments in our sales organization, future product launches, traction from sales of new products and the pace at which we hire new employees, the impact of currency exchange rates, the momentum of our business and the growth in the UTM market, our ability to gain market share, expected growth in our services revenues and the impact of new FASB revenue recognition rules upon estimated multiples.

在開始之前，讓我再次閱讀這份免責聲明，即安全港聲明。請注意，我們今天發表的一些評論屬於前瞻性陳述，包括有關我們第三季度和全年財務指導的陳述、我們對零售行業持續銷售和勢頭的預期，包括潛在客戶贏得、預期業務和增長在某某些地區，銷售成長的原因包括對我們銷售組織的投資、未來產品的推出、新產品銷售的牽引力以及我們僱用新員工的速度、貨幣匯率的影響、我們業務的勢頭以及增長。UTM 市場、我們獲得市場佔有率的能力、服務收入的預期成長以及新的FASB 收入確認規則對估計倍數的影響。

These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected in the forward-looking statements. Please refer to our SEC filings, in particular, the risk factors described on our Forms 10-K and 10-Q for more information on these risks and uncertainties and on the limitations that apply to our forward-looking statements. Copies of these upon request can be obtained from the SEC or by visiting the Investor Relations section of our website.

這些前瞻性陳述存在風險和不確定性，可能導致實際結果與前瞻性陳述中的預測有重大差異。請參閱我們向 SEC 提交的文件，特別是我們的 10-K 和 10-Q 表格中描述的風險因素，以了解有關這些風險和不確定性以及適用於我們的前瞻性陳述的限制的更多資訊。可根據要求從 SEC 或訪問我們網站的投資者關係部分取得這些副本。

All forward-looking statements reflect our opinions only as of the date of this presentation, and we undertake no obligation and specifically disclaim any obligation to revise or publicly release results of any revision of these forward-looking statements in light of new information or future events.

所有前瞻性陳述僅反映我們截至本簡報發布之日的觀點，我們不承擔任何義務，並特別聲明不承擔根據新資訊或未來事件修改或公開發布這些前瞻性陳述的任何修訂結果的義務。

Please note that we will be discussing certain non-GAAP financial measures on this call. Our GAAP results and GAAP to non-GAAP reconciliations can be found in our earnings press release or in Slides 14 and 15 of the press page that accompanies today's remarks. You can also refer to our website at investor.fortinet.com for important information, including our earnings press release issued a few minutes ago and the slides that accompany today's prepared remarks. A replay of this call will also be available on the website. Note that we routinely post important information on our Investor Relations website and encourage you to make use of that resource.

請注意，我們將在本次電話會議上討論某些非公認會計準則財務指標。我們的 GAAP 結果以及 GAAP 與非 GAAP 調整表可以在我們的收益新聞稿或今天評論所附的新聞頁面的幻燈片 14 和 15 中找到。您還可以訪問我們的網站 Investor.fortinet.com 以了解重要訊息，包括我們幾分鐘前發布的收益新聞稿以及今天準備好的演講所附的幻燈片。該電話會議的重播也將在網站上提供。請注意，我們定期在投資者關係網站上發布重要訊息，並鼓勵您利用該資源。

Okay. So let me now talk about the second quarter. It was a solid quarter with strong financial metrics that were consistent with or above the high end of our previously provided guidance. We saw strong revenue growth, strong profits, continued very strong free cash flow generation. We saw with this momentum in deal flow. And let me talk about key numbers, and you can see those on Slide 3.

好的。現在讓我談談第二季。這是一個穩健的季度，財務指標強勁，符合或高於我們之前提供的指導的上限。我們看到強勁的收入成長、強勁的利潤、持續強勁的自由現金流產生。我們看到了交易流的這種勢頭。讓我談談關鍵數字，您可以在幻燈片 3 上看到這些數字。

Billings were $110 million, which was an increase of 22% year over year. Revenues were $103 million, up 35% year over year. Non-GAAP operating income, at $22 million, was up 84% year over year, non-GAAP margin was 22%, which was up 6% year over year, non-GAAP EPS $0.09, free cash flow was $33 million, up about 100% year over year.

營業額為 1.1 億美元，年增 22%。營收為 1.03 億美元，年增 35%。非 GAAP 營業收入為 2,200 萬美元，年增 84%，非 GAAP 利潤率為 22%，年增 6%，非 GAAP 每股收益 0.09 美元，自由現金流量為 3,300 萬美元，成長約為 100%。

Revenue was strong, given by growth in the Americas and APAC at 40% and 44%, respectively. The EMEA revenue growth was also solid at 24%. We continued to see robust demand for UTM and high-performance network security solutions in the enterprise, driven by network security acceleration and network upgrades. Recent product introductions continue to reinforce our competitive edge and drive market share gains.

美洲和亞太地區的成長分別為 40% 和 44%，收入強勁。歐洲、中東和非洲 (EMEA) 收入成長也穩定在 24%。在網路安全加速和網路升級的推動下，我們繼續看到企業對 UTM 和高效能網路安全解決方案的強勁需求。最近推出的產品持續增強我們的競爭優勢並推動市場份額的成長。

Finally, let me talk about a few things to point out before I delve further into the financials. Our Q2 guidance we issued last quarter included the impact of the adoption of new revenue recognition rules. As a result, revenue increased approximately $5.7 million. Certain product revenue, which can now be recognized upon shipment to both China and the US would not have been recognized under previous revenue recognition rules. Additionally, we believe that had the previous revenue recognition rules remained in effect, the impact would have been less, as we have also changed certain business practices to better manage changes to the revenue recognition rules. I will again remind you that our guidance included the impact of these new rules.

最後，在進一步深入研究財務之前，讓我先談談一些需要指出的事情。我們上季發布的第二季指引包括採用新收入確認規則的影響。結果，收入增加了約 570 萬美元。某些產品收入現在可以在運往中國和美國時確認，而根據先前的收入確認規則，這些收入不會被確認。此外，我們認為，如果先前的收入確認規則仍然有效，影響會較小，因為我們也改變了某些業務實踐，以更好地管理收入確認規則的變更。我將再次提醒您，我們的指導包括這些新規則的影響。

We achieved a two-to-one stock split, which was effective June 1, and we held our annual shareholders' meeting last month where, among other things, shareholders approved the employee stock purchase plan.

我們實現了二比一的股票分割，並於 6 月 1 日生效，我們上個月舉行了年度股東大會，股東們在會上批准了員工股票購買計畫。

In terms of profitability, it was above expectations in our business model. We maintained our profitability while continuing to ramp up our hiring efforts and investments in sales, support, and R&D to meet the strong demand we are seeing. Our non-GAAP operating margin of 22% was above our guidance range and above the 16% reported during the same period last year.

就獲利能力而言，超出了我們商業模式的預期。我們保持了盈利能力，同時繼續加強招聘力度以及對銷售、支援和研發的投資，以滿足我們所看到的強勁需求。我們的非 GAAP 營業利潤率為 22%，高於我們的指導範圍，也高於去年同期報告的 16%。

In terms of free cash flow, we achieved $33.3 million, up nearly 100% year over year, well exceeding our guidance of around $25 million plus. Cash generation continues to reflect strength in our collections, profitability, and working capital management.

在自由現金流方面，我們實現了 3,330 萬美元，年增近 100%，遠遠超出我們約 2,500 萬美元以上的指導。現金產生繼續反映了我們的資金收集、獲利能力和營運資金管理方面的實力。

Our solid results, of course, continue to be driven by the leverage we are getting in our investments in R&D and the execution of our global sales strategy. We saw especially strong growth in Americas and APAC, with healthy deal volumes for enterprise across all of our verticals.

當然，我們的穩健業績持續受到我們在研發投資和全球銷售策略執行方面的影響力的推動。我們看到美洲和亞太地區的成長尤其強勁，我們所有垂直領域的企業交易量都表現良好。

Let me highlight a few that were particularly strong. From retail, in the Americas we had several notable retail wins, with major wins by sales of recently introduced products such as our Fortigate-220B, the Fortigate-80, and 60CM UTM appliances.

讓我重點介紹一些特別強大的內容。在零售方面，我們在美洲取得了幾項顯著的零售勝利，其中主要勝利來自最近推出的產品（例如我們的 Fortigate-220B、Fortigate-80 和 60CM UTM 設備）的銷售。

The distributed enterprise deployment included securing hundreds of thousands of branch retail outlets connecting back to larger corporate locations and were driven by requirements for PCI compliance, secure wireless access, and mobile point-of-sale applications, and the overall UTM functionality for broad security and ease of use management.

分散式企業部署包括保護數十萬個分支零售店連接回較大的公司地點，並受到 PCI 合規性、安全無線存取和行動銷售點應用程式以及廣泛安全性和整體 UTM 功能的需求驅動。易於使用管理。

A few of these wins included a large power and retail company with more than 1,000 retail stores in over 90 countries, for which we competed against Cisco; a nationwide specialty consumer products retailer with which we competed against Cisco and Juniper; a leading (inaudible) retailer with over 300 stores in the US, again Cisco and Juniper; a sporting goods retailer with more than 800 stores in the US, where we competed against Cisco and SonicWALL.

其中一些勝利包括一家大型電力和零售公司，在 90 多個國家擁有 1,000 多家零售店，我們在這方面與思科競爭；全國性的專業消費產品零售商，我們與思科和瞻博網路競爭；一家領先的（聽不清楚）零售商，在美國擁有 300 多家商店，同樣是思科和瞻博網路；一家在美國擁有 800 多家商店的體育用品零售商，我們與 Cisco 和 SonicWALL 競爭。

We expect retail vertical sales momentum to continue in Q3. In fact, during the second quarter, we began a proof of concept to secure 1,000 locations of one of the largest retail store chains in the US. While no revenue was recognized in Q2, this could potentially lead to significant revenue in future quarters, pending the success of the overall network-wide deployment project, which includes a multitude of other non-security vendors.

我們預計第三季零售垂直銷售動能將持續。事實上，在第二季度，我們開始進行概念驗證，以確保美國最大的零售連鎖店之一的 1,000 家門市的安全。雖然第二季沒有確認任何收入，但這可能會在未來幾季帶來可觀的收入，等待整個網路範圍內的部署項目（其中包括許多其他非安全供應商）的成功。

In terms of financial services, we continued traction driven by a dedicated sales efforts in the financial services vertical. One key enterprise win in financial services this quarter was with an existing customer who was one of the world's largest stock exchanges. They are using numerous high-end Fortigate appliances for high-speed, low-latency firewall intrusion protection in their data send to protect their corporate data in Internet-facing portals. We won this deal against incumbents Cisco and Checkpoint.

在金融服務方面，我們在金融服務垂直領域的專注銷售努力的推動下繼續保持牽引力。本季金融服務領域企業的一項關鍵勝利是與全球最大證券交易所之一的現有客戶合作。他們使用大量高階 Fortigate 設備在資料發送中提供高速、低延遲的防火牆入侵保護，以保護面向互聯網的入口網站中的公司資料。我們戰勝了現有的思科和 Checkpoint，贏得了這筆交易。

In terms of service variety, the business remained strong this quarter, with notable new and existing customer wins in Europe and Asia-Pac. We continued to demonstrate unmatched performance, 10-gigabit connectivity and virtualization features continued to be a competitive advantage for us in this sector.

就服務種類而言，本季業務依然強勁，在歐洲和亞太地區贏得了顯著的新客戶和現有客戶。我們繼續展示無與倫比的效能，10Gb 連接和虛擬化功能仍然是我們在該領域的競爭優勢。

Turning to state and local government, we saw nice traction in the US-based government sector during Q2, which was driven by a combination of fiscal year end spending and productivity improvements from our sales team. We saw a healthy growth in both new and recurring customers with a few notable wins, including an existing state agency customer who is using our high-end Fortigate appliances to deliver secure (inaudible) service to nearly 100 other local government agencies; a video education system, which was seeking a single unified platform to secure and filter Web content for all state K-through-12 schools and selected Fortinet over Cisco. We were particularly pleased, given the, obviously, the well-publicized state and local budget issues in the US.

談到州和地方政府，我們在第二季度看到美國政府部門的良好吸引力，這是由財政年度末支出和我們銷售團隊的生產力提高共同推動的。我們看到新客戶和舊客戶都實現了健康成長，並取得了一些顯著的成果，其中包括一個現有的國家機構客戶，他正在使用我們的高端Fortigate 設備向近100 個其他地方政府機構提供安全（聽不清楚）的服務；一個視訊教育系統，該系統正在尋求一個統一的平台來保護和過濾所有公立 K 到 12 學校的 Web 內容，並選擇了 Fortinet 而不是 Cisco。顯然，考慮到美國廣為人知的州和地方預算問題，我們感到特別高興。

Let me now go through some of the details of the second quarter. In terms of our income statement, billings were $110.2 million, an increase of $19.9 million or 22% compared to the same period last year, and consistent with our guidance. In terms of geographic breakdown of those, Americas was up 32%, EMEA 2%, and APAC 41% compared to Q2 2010. While America and APAC had very strong quarters, softness in EMEA from a macro perspective, as well as the timing of some of our large transactions, resulted in lower billings growth for this region in this quarter. However, pipelines remain strong, and we do expect to resume good growth in EMEA during Q3 and the balance of the second half.

現在讓我回顧一下第二季的一些細節。就我們的損益表而言，帳單為 1.102 億美元，比去年同期增加 1,990 萬美元，即 22%，與我們的指導一致。就地理細分而言，與2010 年第二季相比，美洲成長了32%，歐洲、中東和非洲地區成長了2%，亞太地區成長了41%。雖然美國和亞太地區的季度表現非常強勁，但從宏觀角度來看，歐洲、中東和非洲地區表現疲軟，而且我們的一些大型交易導致本季度該地區的帳單增長較低。然而，管道仍然強勁，我們確實預計歐洲、中東和非洲地區將在第三季和下半年恢復良好成長。

In terms of product segmentation on Slide 4, billings of high-end products accounted for 34% of product billings compared to 35% in Q2 last year and 37% in Q1, driven by strength in the enterprise segment in the Americas. Basically, the product mix remains comparable year over year, and new product introductions across our suite of products in the second half of the year will enable us to fully take advantage of our market opportunities across the high, mid-range, and entry-level segments.

在投影片 4 的產品細分方面，受美洲企業細分市場實力的推動，高端產品的帳單佔產品帳單的 34%，而去年第二季為 35%，第一季為 37%。基本上，產品組合與去年同期保持可比，下半年我們全系列產品的新產品推出將使我們能夠充分利用高中端和入門級的市場機會段。

In terms of deal size breakdown, these metrics do vary from quarter to quarter, but the number of deals over $100,000 for the second quarter was 127. That compares to 111 in 1Q. The numbers of deals over $250,000 was 37. That compares to 34 in the first quarter. The numbers of deals over $500,000 in the second quarter was 11, compared to 18 in the first quarter.

就交易規模細分而言，這些指標確實每季都有所不同，但第二季超過 10 萬美元的交易數量為 127 起。相較之下，第一季為 111 起。超過 25 萬美元的交易數量為 37 起。相比之下，第一季為 34 起。第二季超過 50 萬美元的交易數量為 11 起，而第一季為 18 起。

Overall, we saw healthy growth in our large deals for the quarter. And although the number of $500,000 deals was a bit lower in Q2 than previous quarters, several of these deals were greater than $1 million.

整體而言，本季我們的大宗交易健康成長。儘管第二季度 50 萬美元的交易數量略低於前幾季度，但其中幾筆交易的金額超過 100 萬美元。

In terms of billings by key vertical, we have started to break out approximate billings by the top five verticals -- service provider, financial services, healthcare, retail, and government. These remain our best estimates, given we sell through a channel and don't always have the exact details of our end customers.

就關鍵垂直行業的帳單而言，我們已開始按前五個垂直行業（服務提供者、金融服務、醫療保健、零售和政府）細分大致帳單。鑑於我們透過管道進行銷售並且並不總是掌握最終客戶的確切詳細信息，這些仍然是我們的最佳估計。

So for the first half of this year -- again, it's the first half -- billings per vertical were approximately 25% to 30% to service provider, 15% to government, 10% financial services, 10% retail, and 5% to 10% to healthcare.

因此，今年上半年——同樣是上半年——每個垂直領域的帳單大約有25% 到30% 流向服務提供商，15% 流向政府，10% 流向金融服務，10% 流向零售，5% 流向服務提供者。10% 用於醫療保健。

Total revenue was $103 million in the second quarter. It was up 35% year over year. As I mentioned, our investment in our sales organization on a global basis is driving key wins across all verticals and geographies.

第二季總營收為 1.03 億美元。較去年同期成長 35%。正如我所提到的，我們在全球範圍內對銷售組織的投資正在推動所有垂直行業和地區的關鍵勝利。

Recently announced products, such as our Fortigate-3040B, Fortigate-3140B, and Fortigate-5001B high-end UTM products, as well as our 48AP WiFi appliances, continue to gain traction with broad-based deployments across large enterprises.

最近發布的產品，例如我們的 Fortigate-3040B、Fortigate-3140B 和 Fortigate-5001B 高階 UTM 產品，以及我們的 48AP WiFi 設備，繼續在大型企業的廣泛部署中獲得吸引力。

You can see a geographic split of revenues on Slides 5 and 6. Diversification remains one of the underlying strengths of our business. In Q2, the strong performances out of APAC and Americas especially enabled us to exceed our revenue targets.

您可以在投影片 5 和投影片 6 中看到收入的地理分佈。多元化仍然是我們業務的基本優勢之一。第二季度，亞太地區和美洲地區的強勁表現尤其使我們能夠超額完成收入目標。

Turning to the geographic split of revenue -- and again, we use the Bill-To address for this, Americas was $40.5 million, up $28.9 million compared to the prior year and increasing 40% year over year -- very strong performance across the Americas region, driven by a healthy business environment as well as traction with enterprises and key verticals.

談到收入的地理分佈，我們再次使用收單地址，美洲為 4050 萬美元，比上一年增加 2890 萬美元，同比增長 40%，整個美洲的表現非常強勁健康的商業環境以及對企業和關鍵垂直產業的吸引力推動了該地區的發展。

One enterprise example is a six-figure deal we won with a Fortune 50 company who chose Fortinet for their global firewall standard. We competed for them against Cisco, Juniper, Checkpoint, and Palo Alto, based on the superior network security intelligence, multi-gigabit performance, and robust centralized management provided by our high-end Fortigate, FortiManager, and FortiAnalyzer appliances.

一個企業範例是我們與財富 50 強公司贏得的一筆六位數的交易，該公司選擇 Fortinet 作為其全球防火牆標準。我們憑藉高階 Fortigate、FortiManager 和 FortiAnalyzer 設備提供的卓越網路安全智慧、多千兆效能和強大的集中管理能力，與 Cisco、Juniper、Checkpoint 和 Palo Alto 展開競爭。

We saw, again, continued strength in Latin America, as well as good, solid performance in Canada.

我們再次看到拉丁美洲的持續強勁，以及加拿大的良好、穩健的表現。

In terms of EMEA, we achieved $36.6 million compared to $29.5 million the prior year, representing a year-over-year increase of 24%. We remain focused on growing our business in Europe and have made several key hires over the past quarter to help enable this growth. We continue to secure broad-based support on this for large enterprises, especially large service providers in the region.

就 EMEA 而言，我們實現了 3,660 萬美元的收入，而上一年為 2,950 萬美元，年增 24%。我們仍然專注於發展我們在歐洲的業務，並在過去的季度中招募了幾名關鍵人員來幫助實現這一成長。我們將繼續為大型企業，特別是該地區的大型服務提供者提供廣泛的支援。

For example, we won a seven-figure deal with one of the world's leading telecommunications and information technology service providers. Fortinet shows as the de facto standard next-generation firewall to consolidate and replace numerous multi-vendor firewall products throughout this telco's vast infrastructure in an effort to reduce complexity and cost. In a rigorous testing and evaluation process, we demonstrated we could best meet the (inaudible) of security, performance, and virtualization requirements of this telco. We competed against Juniper and Checkpoint.

例如，我們與世界領先的電信和資訊技術服務提供商之一贏得了七位數的交易。 Fortinet 是事實上的標準新一代防火牆，旨在整合和取代該電信公司龐大基礎設施中的眾多多供應商防火牆產品，以降低複雜性和成本。在嚴格的測試和評估過程中，我們證明我們能夠最好地滿足該電信公司的（聽不清楚）安全性、效能和虛擬化要求。我們與 Juniper 和 Checkpoint 競爭。

In terms of Asia-Pac, revenues were $25.8 million versus $18 million the prior year, increasing 44% year over year. We reported very strong growth, as you can see, in the APAC, particularly in Southeast Asia, Korea, Taiwan, and India. In addition, Japan bounced back nicely from Q1 levels.

就亞太地區而言，營收為 2,580 萬美元，而前一年為 1,800 萬美元，較去年同期成長 44%。正如您所看到的，我們報告亞太地區的成長非常強勁，特別是東南亞、韓國、台灣和印度。此外，日本從第一季的水平良好反彈。

One (inaudible) deal in this region was a win in India where the government division that provides IT solutions and communications infrastructure to all local government organizations. Numerous Fortinet high-end and mid-range Fortigate appliances were purchased for this UTM deployment. We won this based on the performance and breadth of our functionality of our Fortigate UTM solution.

該地區的一項（聽不清楚）交易是在印度的勝利，印度政府部門向所有地方政府組織提供 IT 解決方案和通訊基礎設施。為此 UTM 部署購買了許多 Fortinet 高階和中端 Fortigate 設備。我們憑藉 Fortigate UTM 解決方案的效能和功能廣度贏得了這項獎項。

We also won a seven-figure deal with a leading managed service provider in Southeast Asia who was using Fortinet Solutions as a basis for a large, cloud-based managed security service offering. This was the second phase of an existing rollout.

我們也與東南亞一家領先的託管服務供應商達成了一筆七位數的交易，該供應商使用 Fortinet 解決方案作為基於雲端的大型託管安全服務產品的基礎。這是現有部署的第二階段。

So now that you're into product revenues, $46.7 million, up 50% year over year. You can see this on Slide 7. Product revenues remain an important leading indicator in the strengths that lead to growth as services business over the next few quarters.

現在您的產品收入為 4,670 萬美元，年增 50%。您可以在投影片 7 中看到這一點。產品收入仍然是未來幾季服務業務成長優勢的重要領先指標。

In Q2, a richer mix of our billings were product-related, largely because we sold fewer longer-term bundles, resulting in greater upfront product revenue. This metric may move around a bit more due to the new revenue recognition rules. And as a result, product revenue has increased volatility due somewhat to the overall mix of billings each quarter.

在第二季度，我們的帳單組合更加豐富，與產品相關，這主要是因為我們銷售的長期捆綁包減少了，從而帶來了更多的前期產品收入。由於新的收入確認規則，該指標可能會有更多變動。因此，由於每季的整體帳單組合，產品收入的波動性增加。

Growth in large-end product deals in the Americas drove strong demand for enterprise products, such as a Fortigate-3040B UTM appliance for large enterprises; and in our high-end chassis space, Fortigate-5001B UTM blades, which usually get deployed in telco and service provider environments.

美洲大型終端產品交易的成長推動了對企業產品的強勁需求，例如大型企業的 Fortigate-3040B UTM 設備；在我們的高階機箱空間中，Fortigate-5001B UTM 刀片通常部署在電信和服務供應商環境中。

Other new products, such as our Fortigate-3140B multi-gigabit UTM, a 48AP 22B WiFi UTM appliance, was also favorably received by customers that contributed to wins in the quarter.

其他新產品，例如我們的 Fortigate-3140B 多千兆 UTM、48AP 22B WiFi UTM 設備，也受到客戶的好評，為本季度的勝利做出了貢獻。

Strong new product performance (inaudible) a number of important product launches expected late this quarter as well as Q4, which Ken will discuss in more detail.

新產品表現強勁（聽不清楚），預計將在本季末以及第四季推出一些重要產品，Ken 將對此進行更詳細的討論。

Services revenues were $52.7 million, up 29% compared to $41.0 million a year ago. In terms of renewal rates, renewals remained in the mid to high-70% range, coupled with the peak we have seen over the past two quarters. And, frankly, these rates are pretty optimal, considering that many customers will upgrade or rearchitect their Fortinet environment every few years which, again, we consider a new sale versus a renewal.

服務收入為 5,270 萬美元，比一年前的 4,100 萬美元增長 29%。就續訂率而言，續訂率仍保持在 70% 的中高區間，加上我們在過去兩個季度看到的峰值。而且，坦白說，考慮到許多客戶每隔幾年就會升級或重新建構他們的 Fortinet 環境，這些費率是相當理想的，我們再次考慮新銷售與續訂。

Ratable revenues of $3.7 million decreased 15%, consistent with the new revenue recognition rules. In terms of revenue quality, DSOs were 63 days compared to 71 the prior year. That's slightly better than our target range, excellent AR aging and credit quality. Deferred revenue balance increased to $273 million, up $48 million or 21% year over year, and $7 million or 3% versus the first quarter.

應課稅收入為 370 萬美元，下降了 15%，與新的收入確認規則一致。就收入品質而言，DSO 為 63 天，而前一年為 71 天。這略好於我們的目標範圍、出色的應收帳齡和信用品質。遞延收入餘額增至 2.73 億美元，年增 4,800 萬美元，或 21%；與第一季相比，成長 700 萬美元，即 3%。

Turning to headcount on Slide 8, you'll see that we ended 2Q with 1,475 employees compared to 1,389 in 1Q of this year and 1,336 in 4Q of last year. Again, this reflects a positive view of the growth outlook for our business.

轉向幻燈片 8 上的員工人數，您會發現我們第二季末有 1,475 名員工，而今年第一季為 1,389 名，去年第四季為 1,336 名。這再次反映出我們對業務成長前景的正面看法。

Similarly, last quarter, we ramped up hiring in sales and R&D, with net headcount increasing 6% on a sequential basis, following a 4% quarter-to-quarter increase last quarter. This does include 35 employees added as a result of our acquisition of TalkSwitch assets.

同樣，上個季度，我們加大了銷售和研發部門的招聘力度，繼上個季度環比增長 4% 後，淨員工人數環比增長了 6%。這確實包括因收購 TalkSwitch 資產而增加的 35 名員工。

Growing our headcount on a global basis with approximately 77% of our employees located outside of the US, having a globally diversified business continues to provide balance and a lower-cost structure. Functionally, sales and marketing and R&D accounted for approximately one-third each for sales. The sales net count was well balanced across the three main geographies. Service in the quarter accounted for approximately 22% G&A and operations at 2%.

我們在全球增加員工人數，約 77% 的員工位於美國境外，全球多元化業務持續提供平衡和低成本結構。從功能上講，銷售和行銷以及研發分別約佔銷售額的三分之一。三個主要地區的銷售淨額非常平衡。本季服務約佔一般管理費用 (G&A) 的 22%，營運約佔 2%。

In terms of revenue per employee, it continues to increase. We actually achieved $288,000 the second quarter, which is up a full 20% from $241,000 in the year-ago second quarter. We grew billings by 22% and revenue by 35% compared to a 15% increase in employee headcount.

就員工人均收入而言，其持續成長。實際上，我們第二季度的營收為 288,000 美元，比去年同期的 241,000 美元增長了整整 20%。與員工人數增加 15% 相比，我們的帳單增加了 22%，收入增加了 35%。

In terms of some of the income statement cost ratios, non-GAAP gross margin was 75% in Q2, a slight increase from 74% in the second quarter of last year, and consistent with last quarter. Non-GAAP product gross margin was 65% compared to 62% in Q2 of last year. Non-GAAP services gross margin was 84%, which was comparable. And we do expect non-GAAP gross margin to remain within this target range.

從部分損益表成本比率來看，第二季非美國通用會計準則毛利率為75%，較去年第二季的74%略有上升，與上季持平。非 GAAP 產品毛利率為 65%，去年第二季為 62%。非 GAAP 服務毛利率為 84%，處於可比較水準。我們確實預期非公認會計準則毛利率將維持在此目標範圍內。

Total non-GAAP operating expenses were $54.7 million, up 23% or $10.3 million year to year, compared to a revenue increase of 35%. This increase was primarily driven by headcount additions. FX had an impact of approximately $2 million, primarily due to exchange rates in Canada and Europe.

非 GAAP 營運支出總額為 5,470 萬美元，較去年同期成長 23%，即 1,030 萬美元，而營收成長 35%。這一增長主要是由員工人數增加所推動的。外匯影響約為 200 萬美元，主要是由於加拿大和歐洲的匯率。

Non-GAAP operating expenses were up 9% sequentially, driven by increased headcount and foreign exchange. FXX was about a $1 million hit.

受員工數量和外匯增加的推動，非 GAAP 營運費用較上季增加 9%。 FXX 的票房收入約為 100 萬美元。

As a percent of revenues, total non-GAAP operating expenses during Q2 were 53% compared to 58% for the same period last year and 54% during the first quarter of 2011. Non-GAAP R&D increased 24% to $15 million, representing about 15% of revenues. Sales and marketing increased 27% year over year to $34.2 million, representing about 33% of revenues compared to 35% last year. Non-GAAP G&A increased modestly to $5.5 million and is now 5% of revenues compared to 7% in the prior year.

以佔營收的百分比計算，第二季非 GAAP 營運支出總額為 53%，去年同期為 58%，2011 年第一季為 54%。非 GAAP 研發費用增加 24%，達到 1,500 萬美元，相當於收入的15%。銷售和行銷年增 27%，達到 3,420 萬美元，約佔營收的 33%，而去年為 35%。非 GAAP G&A 小幅增加至 550 萬美元，目前佔營收的 5%，而前一年為 7%。

In terms of non-GAAP operating income, it was $22.2 million and represented a non-GAAP operating margin of 22% as compared to $12 million and a 16% operating margin last year and 21% operating margin the first quarter. This represents a growth of 84% year over year and 11% quarter to quarter. We just continue to show tremendous leverage in our operating income year over year.

就非 GAAP 營業收入而言，為 2,220 萬美元，非 GAAP 營業利潤率為 22%，而去年為 1,200 萬美元，營業利潤率為 16%，第一季營業利潤率為 21%。這意味著同比增長 84%，環比增長 11%。我們的營業收入年復一年地持續展現出巨大的槓桿作用。

Other income increased $0.2 million. The pro forma tax rate for the quarter was, for non-GAAP results, was 33%. Non-GAAP net income was $15.3 million in Q2 compared to $8.1 million in the second quarter of 2010, an increase of 88% year over year. Non-GAAP diluted earnings per share were $0.09. This does reflect the two-to-one stock split, which we completed in June. And this compares to a split-adjusted $0.05 for the second quarter of 2010.

其他收入增加 20 萬美元。對於非 GAAP 業績，本季的預估稅率為 33%。第二季非 GAAP 淨利為 1,530 萬美元，而 2010 年第二季為 810 萬美元，年增 88%。非 GAAP 稀釋後每股收益為 0.09 美元。這確實反映了我們在六月完成的二比一股票分割。相較之下，2010 年第二季經分割調整後的利潤為 0.05 美元。

Diluted shares outstanding were 164 million compared to 151 million the prior year. The increase mainly reflects the exercise of stock options and somewhat the higher market value of Fortinet stock.

稀釋後的已發行股票為 1.64 億股，而前一年為 1.51 億股。這一增長主要反映了股票選擇權的行使以及 Fortinet 股票的較高市值。

And as I mentioned, there's a full reconciliation of our non-GAAP and GAAP results in our earnings press release and in Slides 14 and 15 of the presentation accompanying today's remarks.

正如我所提到的，我們的收益新聞稿以及今天演講所附演示文稿的幻燈片 14 和 15 中對我們的非 GAAP 和 GAAP 業績進行了全面調整。

In terms of our GAAP results, GAAP net income was $14.5 million compared to $6.9 million in the second quarter of 2010. GAAP tax expense was 25% pre-tax income, and GAAP diluted earnings per share were the same, at $0.09, compared to $0.05 the prior year.

就我們的GAAP 業績而言，GAAP 淨利潤為1,450 萬美元，而2010 年第二季為690 萬美元。GAAP 稅務費用為稅前收入的25%，GAAP 攤薄後每股收益相同，為0.09 美元，而2010 年第二季的GAAP 攤薄後每股收益為0.09 美元。上年度 0.05 美元。

Let me now turn to the balance sheet. And you can see these on Slides 10, 11, and 12. Just a few comments on these. Cash and equivalents, we ended the quarter with $468.5 million in cash, cash equivalents, and short- and long-term investments, or approximately $2.86 per fully diluted share. This represents a $35.8 million increase from Q1, primarily driven by cash generated from operations, in addition to the exercise of stock options during the quarter. Cash generated from operations was $34.1 million, representing our 21st consecutive quarter of generating cash from operations, inclusive of one-time items.

現在讓我談談資產負債表。您可以在投影片 10、11 和 12 上看到這些內容。對此僅作一些評論。現金及等價物，本季結束時，我們擁有 4.685 億美元的現金、現金等價物以及短期和長期投資，即每股完全稀釋每股約 2.86 美元。這比第一季增加了 3580 萬美元，主要是由於營運產生的現金以及本季股票選擇權的行使所致。營運產生的現金為 3,410 萬美元，這是我們連續 21 個季度從營運中產生現金（包括一次性項目）。

Free cash flow was $33.3 million. Again, as I said before, up about 100% versus Q2 of last year. In terms of net AR, net AR was up modestly, a little less than $1 million, to $72.2 million. We achieved strong collections for the quarter of $105.6 million. DSOs were 63 days versus 69 in Q1 and 71 in Q2 of last year, driven by strong collections in the quarter and again demonstrating the high quality of the revenue.

自由現金流為 3,330 萬美元。正如我之前所說，與去年第二季度相比增長了約 100%。就淨 AR 而言，淨 AR 略有上升，略低於 100 萬美元，達到 7,220 萬美元。本季我們實現了 1.056 億美元的強勁收款。 DSO 為 63 天，而去年第一季為 69 天，第二季為 71 天，這得益於本季強勁的收款活動，再次證明了收入的高品質。

Inventory increased by $1.5 million to $13.7 million. The increase in inventory was due to effectively ensuring adequate inventories to support shipments of new product introductions expected in the second half and the addition of TalkSwitch inventory. Our net inventory turns were 4.0 in this quarter compared to 4.0 in Q1 and 3.3 we achieved in Q2 of last year.

庫存增加 150 萬美元，達到 1,370 萬美元。庫存增加的原因是有效確保了充足的庫存以支持預計下半年推出的新產品的出貨量以及TalkSwitch庫存的增加。本季我們的淨庫存週轉率為 4.0，而去年第一季為 4.0，第二季為 3.3。

In terms of our deferred revenue balance, it increased to $273.2 million, which is up 21% year over year and 3% sequentially. Short-term deferred revenues increased to $192.5 million, up 25% year over year. Long-term deferred revenues increased to $80.7 million, up 13% year over year.

就我們的遞延收入餘額而言，增加至 2.732 億美元，年增 21%，季增 3%。短期遞延收入增至 1.925 億美元，年增 25%。長期遞延收入增至 8,070 萬美元，較去年同期成長 13%。

I would note that billings this quarter were more driven by annual deals as opposed to multi-year bundles, but with the new FASB rules, China revenue is no longer being deferred for five years.

我要指出的是，本季的帳單更多地受到年度交易而非多年捆綁的推動，但根據新的 FASB 規則，中國收入不再推遲五年。

So let me summarize. We saw strong operating results this quarter, driven by a combination of healthy growth in the UTM market as well as solid execution of market share gains. We experienced impressive growth in the Americas again this quarter, as well as good growth in APAC. We are confident in our position for the remainder of the year, as well as continue to execute our longer-term strategic goals. We have a solid pipeline and exciting product launch expected for the second half of this year.

那麼讓我總結一下。在 UTM 市場的健康成長以及市場佔有率成長的紮實執行的推動下，本季我們看到了強勁的營運表現。本季我們在美洲再次實現了令人印象深刻的成長，在亞太地區也實現了良好的成長。我們對今年剩餘時間的情況充滿信心，並將繼續執行我們的長期戰略目標。我們擁有可靠的產品線，預計今年下半年推出令人興奮的產品。

I will now turn the call over to Ken Xie.

我現在將電話轉給謝肯。

Thank you, and thank you, everyone, for joining us on this call. As Ken Goldman noted, Fortinet had a strong second quarter, reporting finance results that meet or exceed our targets. The UTM threat management, the unified threat management market remains very strong and growing, and as enterprises of all size are increasingly consolidate their security to reduce complexity and the cost, and the service providers realize the flexibility to enable delivery of the variety of managed security services.

謝謝大家，也謝謝大家加入我們的這次電話會議。正如 Ken Goldman 指出的那樣，Fortinet 第二季度表現強勁，報告的財務業績達到或超過了我們的目標。 UTM 威脅管理、統一威脅管理市場仍然非常強勁且不斷增長，並且隨著各種規模的企業越來越多地整合其安全性以降低複雜性和成本，並且服務提供者意識到能夠提供各種託管安全性的靈活性服務。

Fortinet continues to strengthen our position in the UTM market and extend our lead over competitors. As you see, most recent security applies track or show Fortinet hold its leadership of the worldwide UTM market for the 21st consecutive quarter and continue to gain market shares.

Fortinet 繼續鞏固我們在 UTM 市場的地位，並擴大我們對競爭對手的領先優勢。如您所見，最新的安全應用程式顯示 Fortinet 連續 21 個季度保持全球 UTM 市場的領導地位，並繼續擴大市場份額。

Additionally, Frost and Sullivan recently awarded Fortinet with its 2011 North American Market Leadership Award for the UTM, attributing to our leadership in our strong UTM product and our ability to enhance the value and meet customer requirements.

此外，Frost and Sullivan 最近還授予 Fortinet 2011 年 UTM 北美市場領導獎，以表彰我們在強大的 UTM 產品方面的領導地位以及我們提升價值和滿足客戶要求的能力。

Now over 1,040 employees in the engineering-related now, we are taking innovation, security, and quarantine very seriously, so we are proud of the product we produce. Unlike so many other secure vendors who just talk about having the most secure products and hype them through heavy marketing, we believe that true validation comes from the customer endorsements and also the third-party certifications.

現在工程相關員工超過 1,040 名，我們非常重視創新、安全和檢疫，因此我們為我們生產的產品感到自豪。與許多其他安全供應商只是談論擁有最安全的產品並透過大量行銷進行炒作不同，我們相信真正的驗證來自客戶的認可以及第三方認證。

Many of our sales wins come from referrals, like customers and the partners who use our products, and we believe no other our security vendor has as many certifications as Fortinet has today. So we are the only UTM vendor to endure rigorous testing to earn certifications across all core security functions and the technologies in our UTM offerings.

我們的許多銷售勝利都來自推薦，例如使用我們產品的客戶和合作夥伴，我們相信我們的其他安全供應商都沒有像今天的 Fortinet 那樣擁有如此多的認證。因此，我們是唯一一家能夠承受嚴格測試並獲得 UTM 產品中所有核心安全功能和技術認證的 UTM 供應商。

For example, Fortinet's firewall function is certified by ICSA Labs, Phipps, and the Common Criteria EAL-4+, which is the highest-level government firewall certification today. Additionally, we also earned IPv6 ready status and the NEBS Level 3 certified on the Fortigate-5000, which has the industry's best performance of our growing 500-gig firewall support.

例如，Fortinet的防火牆功能獲得了ICSA Labs、Phipps和Common Criteria EAL-4+的認證，這是當今最高層級的政府防火牆認證。此外，我們還獲得了 Fortigate-5000 的 IPv6 就緒狀態和 NEBS 3 級認證，它在我們不斷增長的 500 GB 防火牆支援方面具有業界最佳的效能。

Fortinet IPS solution is certified by ICSA Labs, NSS, and also is IPv6 ready. And our Fortinet antivirus technology is certified by ICSA Labs, VP100, and we are the first and only UTM vendor in the space to be certified for network-based high-speed antivirus functions.

Fortinet IPS 解決方案已通過 ICSA 實驗室、NSS 認證，並且支援 IPv6。我們的 Fortinet 防毒技術獲得了 ICSA 實驗室 VP100 的認證，我們是該領域第一家也是唯一一家獲得基於網路的高速防毒功能認證的 UTM 供應商。

This independent certification demonstrates our ability to consolidate multiple security technology into a single device and platform while still maintaining the highest level performance, security, and accuracy.

這項獨立認證表明我們有能力將多種安全技術整合到單一設備和平台中，同時仍保持最高水準的效能、安全性和準確性。

Specifically, during the Q2, Fortinet has earned and maintained a full in certifications. ICSA certifications for antivirus, corporate firewall, network intrusion prevention, SSL VPN, and the Web application firewall. Fortinet also earned the Virus Bulletin VB Spam Award for the highest spam catch rate, its sixth consecutive VB 100 award for the best in class anti-malware capabilities.

具體來說，在第二季度，Fortinet 獲得並維持了全面的認證。針對防毒、企業防火牆、網路入侵防禦、SSL VPN 和 Web 應用程式防火牆的 ICSA 認證。 Fortinet 也因其最高的垃圾郵件捕獲率而榮獲 Virus Bulletin VB 垃圾郵件獎，這是其連續第六次因其一流的反惡意軟體功能而榮獲 VB 100 獎。

Additionally, Fortigate Systems, our chief IPv6 based tool readiness certification, which provides a competence in our environment throughout the IPv6 network of IPv4 network being transitioned into the new protocol.

此外，Fortigate Systems 是我們主要的基於 IPv6 的工具就緒認證，它提供了我們在整個 IPv6 網路環境中將 IPv4 網路過渡到新協定的能力。

And finally, as a testament to the design, development, and the manufacture and delivery of Fortinet products, service, and process, we also achieved ISO9001 2011 certification for high standards of the quality and measurement.

最後，作為 Fortinet 產品、服務和流程的設計、開發、製造和交付的證明，我們還獲得了 ISO9001 2011 高標準品質和測量認證。

Coming from an engineering background myself, I'm always excited to see the impact of Fortinet innovation on our financial results. In Q2, a number of our key deals win included recently introduced products. For example, several large distributed enterprise deals in the US retail sector included sales of a 40-gig 80CM and a 60CM integrated wireless broadband UTM appliance, as well as the recent introduced Fortigate AP wireless controller products. One of such deals was with a US nationwide retailer who purchased more than 600 Fortigate AP 20B and Fortigate 80C appliance to secure each of the current and future stores, as well as complying with the PCI regulations.

我自己具有工程背景，我總是很高興看到 Fortinet 創新對我們財務表現的影響。在第二季度，我們贏得了許多關鍵交易，包括最近推出的產品。例如，美國零售業的幾筆大型分散式企業交易包括銷售40G 80CM和60CM整合無線寬頻UTM設備，以及最近推出的Fortigate AP無線控制器產品。其中一項交易是與一家美國全國性零售商合作，該零售商購買了 600 多台 Fortigate AP 20B 和 Fortigate 80C 設備，以確保當前和未來的每家商店的安全，並遵守 PCI 法規。

The wins for our Fortigate 3040B, Fortigate 3140B and 3950B remain very, very strong, as this high performance appliance product through several deals for this quarter with large enterprise and service provider wins.

我們的 Fortigate 3040B、Fortigate 3140B 和 3950B 的勝利仍然非常非常強勁，因為這款高性能設備產品透過本季度與大型企業和服務提供商的多項交易而獲勝。

One deal I would like to highlight is a six-figure win with a large manufacturer in Japan. Following the earthquake and the tsunami earlier this year, they initiated a new disaster recovery project that included building a bank of data centers for one of their key factories. To secure (inaudible) backbone, they selected the Fortigate-3950 multi-gig appliance. Based on our unmatched performance capability, we won this deal against the Junipers.

我想強調的一項交易是與日本一家大型製造商達成的六位數交易。在今年稍早的地震和海嘯之後，他們啟動了一個新的災難復原項目，其中包括為其一個主要工廠建造一組資料中心。為了保護（聽不清楚）主幹網，他們選擇了 Fortigate-3950 多千兆設備。基於我們無與倫比的性能能力，我們贏得了與瞻博公司的這筆交易。

As just detailed with this win, high performance and quality of security remain one of Fortinet's biggest differential leaders in our sales drive. We continue to see new reaches and improving in this area on the delivery of a generation of a 40-ASIC content processor, the CP8, in last quarter. And later this year we'll introduce a new 40-gig product which will incorporate the 40-ASIC CP8 and further lift the security performance bar.

正如這場勝利所詳述的那樣，高效能和安全品質仍然是 Fortinet 在我們的銷售活動中最大的差異化領導者之一。在上個季度交付的一代 40-ASIC 內容處理器 CP8 中，我們繼續看到該領域的新進展和改進。今年晚些時候，我們將推出一款新的 40-g 產品，該產品將採用 40-ASIC CP8，並進一步提升安全性能標準。

So in closing, I'm pleased with the second quarter result and feel confident in our ability to continue to grow and to drive the secure innovation and quality in the market.

最後，我對第二季的業績感到滿意，並對我們繼續成長和推動市場安全創新和品質的能力充滿信心。

Now let me turn the call back to Ken Goldman, who will give the final outlook for the Q3 and the rest of the year.

現在讓我把電話轉回給肯·戈德曼 (Ken Goldman)，他將給出第三季度和今年剩餘時間的最終展望。

So yes, let me go through the guidance, and then we'll open up to Q&A.

所以，是的，讓我詳細介紹一下指南，然後我們將進行問答。

Relative to the third quarter, we expect billings to be in the range of $114 million to $118 million, which reflects growth of 20% year over year at the midpoint. We expect revenue in the range of $101 million to $103 million, which at the midpoint is about 20% growth. Gross margin to be consistent, around 74%. Non-GAAP operating margin to be in the range of 20% to 21%. Non-GAAP earnings per share expected to be approximately $0.09 to $0.10 per share. This is based on expected diluted share count of 165 million to 167 million. I would also note that we expect FX rates and expenses to have had a $0.01 impact to those EPS. Free cash flow of approximately $30 million, and pro forma tax rate of approximately 33% for the quarter and for the balance of the year.

相較於第三季度，我們預計營收將在 1.14 億美元至 1.18 億美元之間，中間值年增 20%。我們預計營收在 1.01 億美元至 1.03 億美元之間，中間值成長約 20%。毛利率保持一致，在 74% 左右。非 GAAP 營業利潤率將在 20% 至 21% 之間。非 GAAP 每股盈餘預計約為每股 0.09 至 0.10 美元。這是基於 1.65 億至 1.67 億股的預期稀釋後股份數量。我還要指出的是，我們預計匯率和費用將對這些每股收益產生 0.01 美元的影響。本季和全年剩餘時間的自由現金流約為 3,000 萬美元，預計稅率約為 33%。

In terms of the full year, we expect billings to be in the range of $460 million to $470 million, modestly up from our prior guidance. The midpoint represents approximately 24% growth for the year, and this would again result in further market share gains.

就全年而言，我們預計帳單將在 4.6 億至 4.7 億美元之間，略高於我們先前的指引。中點代表今年約 24% 的成長，這將再次帶來市場份額的進一步成長。

We expect total revenue to be in the range of $395 million to $410 million, which is up from $390 million to $400 million previously provided. The midpoint reflects growth of 24% for the year, and prior to previously guided end-of-year growth of 22%.

我們預計總收入將在 3.95 億美元至 4.1 億美元之間，高於先前提供的 3.9 億美元至 4 億美元。中點反映了今年 24%​​ 的成長率，而先前指導的年終成長率為 22%。

Gross margin to remain approximately 74% to 75%, and operating margin to be around 21% for the year, both at the top of our target ranges. EPS for the year of approximately $0.36 to $0.37, up from approximately $0.35, which is split-adjusted and, yes, I'm rounding there, and based on an expected diluted share count of approximately the same, of 165 million to 167 million shares. And this assumes about a $0.03 impact from FX on expenses.

今年毛利率將維持在 74% 至 75% 左右，營業利潤率將在 21% 左右，均處於我們目標範圍的頂部。本年度每股收益約為 0.36 美元至 0.37 美元，高於經過分割調整後的約 0.35 美元，是的，我四捨五入，並且基於大致相同的預期稀釋股數，即 1.65 億股至 1.67 億股。假設外匯對費用的影響約為 0.03 美元。

We expect free cash flow to be in the range $135 million to $140 million, or cash flow per share of approximately $0.83, up from $125 million guidance we previously provided. At the midpoint, this growth is approximately 38% for the year. And all of this is also shown on the slides that we provided.

我們預計自由現金流將在 1.35 億美元至 1.4 億美元之間，或每股現金流約為 0.83 美元，高於我們先前提供的 1.25 億美元指引值。以中點計算，全年成長率約 38%。所有這些也都顯示在我們提供的幻燈片上。

So in closing, we are pleased with our second quarter performance. Our high level of execution, combined with momentum in the UTM market, continue to drive a strong performance from a revenue, profitability, and cash flow perspective.

最後，我們對第二季的業績感到滿意。我們的高水準執行力，加上 UTM 市場的勢頭，從收入、獲利能力和現金流的角度繼續推動強勁的業績。

Looking ahead, we are excited about the pipeline of business as we enter the second half of 2011. We remain extremely focused on growing our business globally, and that includes EMEA, APAC, and we are also confident about re-energizing growth in EMEA.

展望未來，隨著我們進入2011 年下半年，我們對業務管道感到興奮。我們仍然非常專注於在全球範圍內發展我們的業務，其中包括歐洲、中東和非洲地區、亞太地區，我們對重振歐洲、中東和非洲地區的成長也充滿信心。

As Ken noted, we continue to focus on product innovation. We do have some exciting new product introductions expected later this year.

正如肯所指出的那樣，我們繼續專注於產品創新。預計今年稍後我們確實會推出一些令人興奮的新產品。

So now let me turn it over to the operator for all your questions.

現在讓我將其轉交給接線員來解答您的所有問題。

Thank you. (Operator Instructions.) Philip Rueppel, Wells Fargo Securities.

謝謝。 （操作員指示。） Philip Rueppel，富國銀行證券。

You mentioned, Ken, that you had confidence that Europe will bounce back. Can you give us a little more granularity of what some of the issues were? Was it widespread? Was it particular countries that were perhaps weaker than others, or particular products or verticals? And what does give you the confidence that some of those issues might turn around over the course of the next quarter or two?

肯，你提到你對歐洲將會復甦充滿信心。您能否更詳細地告訴我們一些問題是什麼？它廣泛傳播嗎？是特定的國家可能比其他國家弱，還是特定的產品或垂直產業？是什麼讓您有信心其中一些問題可能會在未來一兩個季度扭轉？

Yes, we have two things. Yes, we did see some weakness -- well, first of all, I'd say there was a little bit weak, we saw a little malaise in Europe overall. Two, as I think, yes, in certain countries, that was more pronounced. I think there are things we can do in some of those countries as well or better, and it has to do with, in some cases, how we organize some of the people we have over there, also some of the people we have added as well.

是的，我們有兩件事。是的，我們確實看到了一些弱點——首先，我想說有一點弱點，我們在歐洲整體上看到了一些萎靡不振的情況。第二，我認為，是的，在某些國家，這種情況更為明顯。我認為我們在其中一些國家也可以做一些事情，或者做得更好，在某些情況下，這與我們如何組織那裡的一些人以及我們添加的一些人有關。

And then in terms of my confidence -- if you will, our confidence -- we look at our forecast for Q3, we look at the momentum we see in the deal flow in terms of Q3, the pipeline and so forth. And so, as we see that, we did take some actions, if you will, in terms of not letting anybody go, but reallocating or changing some people around that we feel quite confident that we will see improved results in EMEA.

然後就我的信心而言——如果你願意的話，我們的信心——我們看看對第三季的預測，我們看看我們在第三季的交易流、管道等方面看到的勢頭。因此，正如我們所看到的，我們確實採取了一些行動，如果你願意的話，就是不讓任何人離開，而是重新分配或更換一些人，我們非常有信心在歐洲、中東和非洲看到更好的結果。

Again, I think, and we did, again -- I don't think this is totally ourselves, but I've heard from some others that EMEA was, yes, there was a little bit of malaise in EMEA. But that's not an excuse. We think we will do better, and we plan to do better, given everything we know today, in Q3 and Q4.

我想，我們也確實這麼做了——我不認為這完全是我們自己的問題，但我從其他一些人那裡聽說，歐洲、中東和非洲地區，是的，歐洲、中東和非洲地區有一點不景氣。但這不是藉口。鑑於我們今天所知道的一切，我們認為我們會在第三季和第四季做得更好，並且我們計劃做得更好。

This is Ken. Let me also add some point. Traditionally, we are most strong in southern Europe. Now we're starting keeping higher heads. We are in the northern part of Europe. And also in Europe, we also have some plan to more go to sort of vertical market compared to what we are now doing by country and by region as we did in the US like two or three years ago. So US in the last two or three years, we more transitioned into the vertical market focused. We also believe some Europe changes may be a benefit to more focusing some vertical markets.

這是肯.我還要補充一點。傳統上，我們在南歐最強大。現在我們開始保持昂揚的姿態。我們位於歐洲北部。同樣在歐洲，我們也有一些計劃更多地進入垂直市場，而不是我們現在按國家和地區所做的事情，就像我們兩三年前在美國所做的那樣。所以美國在過去的兩三年裡，我們更轉向了專注於垂直市場。我們也認為，歐洲的一些變化可能有利於更加關注某些垂直市場。

So, yes, I would say, so in summary, I think it reflects, certainly, the environment, but also some things, I think, and our feeling we can do better in certain elements of the countries or regions or verticals in Europe as well. Nonetheless, we did have some good wins. The revenue growth was good. But we also expect that we will do better in terms of billings going forward.

所以，是的，我想說，總而言之，我認為這當然反映了環境，但也反映了一些事情，我認為，以及我們的感覺，我們可以在歐洲國家或地區或垂直行業的某些方面做得更好，例如出色地。儘管如此，我們確實取得了一些不錯的勝利。收入增長良好。但我們也期望我們在未來的帳單方面會做得更好。

Great. Thank you very much.

偉大的。非常感謝。

Jonathan Ruykhaver, Morgan Keegan.

喬納森·魯伊克哈弗，摩根·基岡。

Yes, good afternoon. I guess a follow-up question to the previous one. Can EMEA lag the growth that you've driven in the US and APAC over the last couple of quarters, and can you just talk to why that's been the case? Is it competitive, is it just a more difficult process to displace the large incumbents in that geography relative to the Americas and APAC?

是的，下午好。我想這是上一個問題的後續問題。歐洲、中東和非洲地區的成長是否會落後於您在過去幾季在美國和亞太地區推動的成長？您能否談談為什麼會出現這種情況？相對於美洲和亞太地區，它是否具有競爭力，是否只是一個更困難的過程來取代該地區的大型現有企業？

Yes, Jon, I know you follow Fortinet for almost 10 years. When we started selling in, like in 2002 and 2003, the first few years, actually, we have each region about one-third, and then Europe started more catching up a few years later, and then US started now growing faster in the last couple of years. Now we see APAC starting to get strong. The size of the economy of APAC also starting pretty close to Europe right now, so we see the APAC strong growing. Fortinet's, of our plan, it's a global company, and that's where we want to have the global growth. That's the strategy we have, have a global or world growth and more balanced out. So I don't see particular weakness in Europe. It's more how we can keep in each region continue to grow and to balance out.

是的，Jon，我知道您已經關注 Fortinet 近 10 年了。當我們開始銷售時，例如2002年和2003年，最初幾年，實際上，我們每個地區都有大約三分之一，然後歐洲在幾年後開始追趕，然後美國在過去幾年開始增長更快許多年。現在我們看到亞太地區開始變得強大。亞太地區的經濟規模目前也開始與歐洲相當接近，因此我們看到亞太地區強勁成長。根據我們的計劃，Fortinet 是一家全球性公司，這就是我們希望實現全球成長的地方。這就是我們的策略，實現全球或世界性的成長，並且更加平衡。所以我不認為歐洲有特別的弱點。更重要的是我們如何能夠在每個地區保持持續成長並保持平衡。

I think the other thing I'll say is traditionally, given what Ken said, we have somewhat higher market share in Europe overall than we have in some of the other parts of the world, so it's not as easy to gain market share as it might be, say, in the Americas. So that's one aspect. The other aspect was the economic environment.

我認為我要說的另一件事是傳統上，考慮到肯所說的，我們在歐洲總體上的市場份額比我們在世界其他一些地區的市場份額要高一些，因此獲得市場份額並不像在歐洲那樣容易比如說，可能在美洲。這是一方面。另一方面是經濟環境。

And the third is, in some cases, we think we can do somewhat better than we did, so we're going to put some extra emphasis, if you will, in terms of doing that.

第三，在某些情況下，我們認為我們可以做得比以前更好，所以如果你願意的話，我們將在這方面給予一些額外的重視。

I'm just trying to understand or reconcile, if you look at the macro concerns in Europe, I guess nobody knows what's going to happen going forward. But it sounds like you might have had customers there that just decided to rein in spending because of those concerns. But what gives you the confidence that that business actually comes back? As Xie suggested, it's execution and people related, but just if you could explain a little bit more where you get that comfort.

我只是想理解或調和，如果你看看歐洲的宏觀擔憂，我想沒有人知道未來會發生什麼。但聽起來您可能有一些客戶因為這些擔憂而決定控制支出。但是是什麼讓您有信心該業務確實會復甦呢？正如謝所建議的，這與執行力和人員有關，但如果你能多解釋一下你在哪裡獲得這種安慰的話。

Well obviously, we have to execute, and the proof will be in terms of results for Q3. But I think, at least what I would tell you, is I look at it in terms of seeing the business that we have in our pipeline, seeing the confidence that our people have relative to going into the quarter and seeing what we can close this quarter and the momentum we're seeing there.

顯然，我們必須執行，證據將來自第三季的結果。但我認為，至少我要告訴你的是，我是從我們管道中的業務、我們的員工對進入本季度的信心以及我們可以完成什麼來看待這個問題的。季度以及我們在那裡看到的勢頭。

So I think it's the benefit of seeing the internal forecast we have, our expectations, the pipelines we have, and our ability that we believe to execute better than we did in Q2.

因此，我認為這是看到我們的內部預測、我們的期望、我們擁有的管道以及我們相信比第二季更好的執行能力的好處。

Okay. And I guess, given what you just said and then looking at the guidance for revenues, you're assuming billings growth is ahead of revenue growth in 3Q. But is there a territory that you expect to be down sequentially from a geographic standpoint, given the midpoint of that revenue guidance range is below what you just posted for 2Q?

好的。我想，考慮到您剛才所說的，然後再看看收入指引，您會假設第三季的帳單成長領先於營收成長。但是，考慮到收入指導範圍的中點低於您剛發布的第二季度的數據，從地理角度來看，您是否預計有一個區域會連續下降？

I'm not sure I understood your question on revenue. I think the, in terms of -- we're hopeful that we, if you go back in prior years, Americas usually, in terms of billings, is up a bit in Q3, even though seasonally sales decline in the summer. And APAC tends to be flattish in sales. Europe tends to be lower in Q3 versus Q2. Now, we think we can do a little bit better than that and maybe keep those numbers comparable. We'll see. So that's what we're hoping for in terms of Europe.

我不確定我是否理解你關於收入的問題。我認為，如果你回顧前幾年，我們希望我們在第三季的銷售額通常會上升，儘管夏季的季節性銷售有所下降。亞太地區的銷售額往往持平。歐洲第三季的銷售量往往低於第二季。現在，我們認為我們可以做得更好一點，也許可以保持這些數字的可比性。我們拭目以待。這就是我們對歐洲的希望。

In terms of revenues, I think the thing that we do look at is the mix of our business. I think, as I pointed out earlier, we did have a particularly good mix of our billings in terms of products this past quarter. That's sometimes a little hard to gauge, and so I just want to be real cautious there that I don't get ahead of myself in terms of what our guidance could be in Q3 relative to revenues, because it is somewhat mix-dependent on the billings.

就收入而言，我認為我們真正關注的是我們的業務組合。我認為，正如我之前指出的，上個季度我們的產品組合確實非常好。有時有點難以衡量，所以我只是想非常謹慎，不要在第三季度相對於收入的指導方面超前，因為它在某種程度上取決於混合因素比林斯。

Now, obviously, services get amortized into the quarter, but the amount of revenue we can recognize from billings is predicated on the types of deals we do during the quarter.

現在，顯然，服務將攤銷到本季度，但我們可以從帳單中確認的收入金額取決於我們在本季度進行的交易類型。

Right, okay. Just one final question. You just alluded to the mix moving back towards the midrange products. The high-end products, if you look at billings, as a percent of total billings, declined from the March quarter. Can you comment on the dynamic there? Does it reflect any slowdown in the telco vertical?

對了，好吧。最後還有一個問題。您剛剛提到了向中端產品的組合。如果你看看高端產品的帳單佔總帳單的百分比，則較三月季度下降。您能評論一下那裡的動態嗎？這是否反映出電信業的放緩？

No, I think, again, I think when you, I think there's always a challenge when you give metrics, is you can read too much into one or two points. I would just tell you, in all candor, that's pure noise level when we have one or two points of up and down from quarter to quarter. Again, I don't expect to see big changes in that trend.

不，我想，我想，當你給出指標時，我認為總是存在一個挑戰，就是你可以從一兩點中解讀太多內容。我只想坦白地告訴你，當我們每個季度都有一兩個點的上升和下降時，這純粹是噪音水平。同樣，我預計這種趨勢不會發生重大變化。

I think the point we tried to make in some of my long past remarks is the reality is, there are opportunities for us, all the way from entry-level, SMB, and enterprise. And frankly, we need to grow market share in all three of those critical segments. And so while we continue to be very, very focused on the enterprise and service provider, partly because I think people don't always give us the credit we deserve for that area, the reality is there are opportunities all up and down the chain in terms of growing market share. And that applies to Americas, it applies to Europe, it applies to APAC.

我認為，我們在過去的一些言論中試圖表達的觀點是，現實是，從入門級、中小型企業到企業，我們都有機會。坦白說，我們需要增加所有這三個關鍵領域的市場份額。因此，雖然我們仍然非常非常關注企業和服務提供者，部分原因是我認為人們並不總是給予我們在該領域應有的信任，但現實是，在整個鏈條上和下游都存在機會。就不斷成長的市場佔有率而言。這適用於美洲、歐洲、亞太地區。

Okay, good enough. Thank you.

好吧，夠好了。謝謝。

Adam Holt, Morgan Stanley.

亞當霍爾特，摩根士丹利。

Keith Weiss on the line for Adam Holt. I wanted to ask you about the large deal environment. After a very good Q1, where it seemed like there's almost a disproportion of large deals, it seemed like a little bit tougher large deal environment. Is that something that you saw out there? Was it macro-related? Maybe if you could give us some color into the slight step down in the number of large deals you've been signing?

基思·韋斯 (Keith Weiss) 接聽了亞當·霍爾特 (Adam Holt) 的電話。我想問你有關大宗交易環境的問題。在經歷了非常好的第一季之後，大宗交易似乎幾乎不成比例，大宗交易環境似乎變得更加艱難。這是你在外面看到的東西嗎？與宏觀有關嗎？也許您能給我們一些關於您簽署的大宗交易數量略有下降的信息嗎？

Yes, I don't really know, at least from what I can tell right now, I don't think there's anything that's we're at least reading into that. We did have a greater number of deals in the $100,000 as well as the $250,000, but not necessarily in the $500,000 or so. I don't think there's anything there. That will move around a bit, so at least from what I can tell right now in talking to our sales folks, I don't think there's any real indication there that we're seeing any real change in the market opportunity for us.

是的，我真的不知道，至少從我現在所知，我不認為我們至少正在閱讀任何內容。我們確實有更多 10 萬美元和 25 萬美元的交易，但不一定是 50 萬美元左右的交易。我不認為那裡有什麼。這會發生一些變化，所以至少從我現在與銷售人員交談時可以得知的情況來看，我認為沒有任何真正的跡象表明我們看到市場機會發生任何真正的變化。

Got it. And just, there's a couple of things you said on the call that speak to the divergence between the growth you're seeing in total revenues versus the growth that you saw in billings. One was obviously the accounting change, the stuff being recognized upfront rather than being put onto the balance sheet. You made some mention of deal size, or deal lengths shortening, of those long-term contracts being less prevalent in the quarter. Could you help us quantify, or maybe break down what causes that divergence between the revenue growth rate and the billings growth rate in the quarter?

知道了。只是，您在電話會議上所說的幾件事說明了您看到的總收入成長與您看到的帳單成長之間的差異。其中之一顯然是會計變更，這些內容被預先確認，而不是放入資產負債表中。您提到了交易規模或交易長度縮短，這些長期合約在本季不太普遍。您能否幫助我們量化或分解是什麼原因導致本季營收成長率和比林斯成長率之間存在差異？

Yes. What I tried to do is, again, revenue to some extent does lag, as you know, billings. Billings does include a variety of things. It includes new products, it includes the services that go with those, and it includes renewals. And then you have not the issue, but you have the complexity of doing one-, two-, or three-year types of deals as well. And so all of that gets taken account into revenue, as well as the point you make relative to we did gain some revenues on a year-over-year basis, not quarter-to-quarter, relative to going to the new revenue rec rules as of Q1 of this year.

是的。我試圖做的是，正如你所知，收入在某種程度上確實滯後於帳單。比林斯確實包括各種各樣的東西。它包括新產品，包括與之配套的服務，還包括續約。然後你就沒有這個問題了，但你也面臨著進行一年、兩年或三年類型的交易的複雜性。因此，所有這些都被考慮到收入中，以及您提出的相對於我們確實獲得了一些收入的觀點，即相對於新的收入記錄規則，我們確實獲得了一些收入，而不是按季度計算。截至今年第一季。

But, again, the mix in terms of billings and whether the services component of that, renewals component of that, and product component, all of that affects what revenues we'll recognize in the quarter. And so that's all taken into account.

但是，同樣，帳單方面的組合，以及其中的服務部分、續約部分和產品部分是否會影響我們在本季度確認的收入。所以這一切都被考慮在內。

Got it.

知道了。

Keith, this is Ken. Let me add a few points. Also, the product growth is also one of our important leading indicators, because we have more than half the revenue comes from service which we have to recognize during the period. But product growth, with 50% product growth, is also very strong. So what we see, so a lot of service providers, they tend to buy a short time on the service, like they might prefer to renew year by year contrary to some of the SMB. They tend to lock in for multiple years. So that's where we see where we're struggling in the product growth, but also on the other side, really. Sometimes the pattern of the service purchase also changes.

基思，這是肯。讓我補充幾點。另外，產品成長也是我們重要的先行指標之一，因為我們有一半以上的收入來自於服務，這一點我們必須在期內認識到。但產品成長也非常強勁，產品成長了 50%。所以我們看到，很多服務提供者傾向於購買短期服務，就像他們可能更喜歡逐年續約，這與一些中小企業相反。他們往往會鎖定多年。這就是我們在產品成長方面陷入困境的地方，但實際上在另一方面也是如此。有時，服務購買的模式也會改變。

We're not quite have the solid data yet, but from the product growth, we feel pretty comfortable for the long-term service growth.

我們還沒有掌握可靠的數據，但從產品的成長來看，我們對長期服務的成長感到非常滿意。

Okay, that makes sense. And then, just if I could sneak in one more. You mentioned some actions of changing some people around in EMEA. Can you delve a little bit further into that, of exactly what types of actions that you took? Was there any higher than normal churn in EMEA salespeople? Were there any changes on top of the sales leadership in EMEA?

好吧，這是有道理的。然後，如果我能再偷偷溜進去一次就好了。您提到了改變歐洲、中東和非洲地區一些人的一些行動。你能更深入地研究一下你到底採取了哪些類型的行動嗎？歐洲、中東和非洲地區銷售人員的流失率是否高於正常水準？歐洲、中東和非洲地區的銷售領導階層是否有任何變化？

I'll say it this way. We wanted to make the accountability a little clearer, so no change in people. It's just a question of making sure the accountability's a little clearer, cleaner. And in some cases we have added some folks in certain countries in EMEA as well that we think will contribute to improved performance.

我就這樣說吧。我們想讓責任更加明確，所以人員不會改變。這只是一個確保責任更清晰、更乾淨的問題。在某些情況下，我們還在歐洲、中東和非洲地區的某些國家/地區添加了一些人員，我們認為這將有助於提高效能。

Got it. Thank you very much, guys.

知道了。非常感謝你們。

Jonathan Hull, William Blair.

喬納森·赫爾，威廉·布萊爾。

Good afternoon, guys. Can you talk a little bit about your opportunities within the US federal government vertical and maybe what you're seeing there in terms of an opportunity? I know it's still a pretty small part of your business, but you guys talk about the certifications. Can you just give us some color on what you see there in terms of UTM adoptions?

下午好，夥計們。您能否談談您在美國聯邦政府垂直領域的機會以及您在那裡看到的機會？我知道這仍然只是你們業務的一小部分，但你們談論的是認證。您能否向我們介紹一下您在 UTM 採用方面所看到的情況？

Like I said, we started building a federal team (inaudible) in DC locally with the leadership like Phil Foster. He's a retail fellow who joined about one year ago. But federal deal really takes quite some time and also sometimes depend on the budget process. Right now, the fed have been still quite small in material for us right now. But we do see there's a potential growing quick and also larger deal there, because the product position and the function we have is more like a high-speed, high-quality, and more secure results certification fit in the space well. And also, we are a US-based company. So with that, we do see a good potential going forward. Just we somehow get in that space relatively late because the company in earlier days more based on the region, not based on the vertical market. But we started changing this vertical-focused structure about a couple of years ago, especially in the US, and we see more market results right now.

就像我說的，我們開始在華盛頓當地建立一個聯邦團隊（聽不清楚），由菲爾·福斯特（Phil Foster）等領導層領導。他是一名零售人員，大約一年前加入。但聯邦協議確實需要相當長的時間，有時還取決於預算流程。目前，聯準會為我們提供的材料仍然很小。但我們確實看到那裡有一個潛在的快速成長和更大的交易，因為我們的產品定位和功能更像是高速、高品質和更安全的結果認證，非常適合這個領域。而且，我們是一家總部位於美國的公司。因此，我們確實看到了未來的良好潛力。只是我們進入這個領域的時間相對較晚，因為該公司早期更多地基於該地區，而不是基於垂直市場。但我們大約幾年前開始改變這個以垂直為中心的結構，特別是在美國，我們現在看到了更多的市場結果。

Got it. And can you talk a little bit about the service provider penetration? Just how far are we into this opportunity, and some of these are multi-stage rollouts. Can you give us maybe a sense of where we stand in terms of, broadly speaking, your pipeline at that high end market?

知道了。能談談服務提供者的滲透率嗎？我們距離這個機會還有多遠，其中一些是多階段推出的。從廣義上講，您能否讓我們了解您在高端市場的管道？

I think still in one of our early stage, because a lot of service providers starting to try to offer, they're going to try more and also try to offer the value-added secure service be on the broadband Internet service. But I have to say with the price model, what kind of server they can provide, the value they can add, is still more in the early stage. But they do see the benefit of UTM, which one platform they can offer multiple service based on the customer needs. So they have the flexibility of using a single platform to offer different service. Also, like the virtual domain, the virtualized service also is welcomed by the service providers. But it's in the relatively early stage, but they do see the huge benefit. It's much better margin, and the customers also like the service provider to play more role in a secure (inaudible) there. So that's where we see the huge potential going forward.

我認為我們仍處於早期階段，因為許多服務供應商開始嘗試提供，他們將進行更多嘗試，並嘗試在寬頻網路服務上提供增值安全服務。但不得不說，以價格模式來說，他們能提供什麼樣的伺服器，能增加什麼價值，更多還是處於早期階段。但他們確實看到了 UTM 的好處，他們可以根據客戶需求在這個平台上提供多種服務。因此，他們可以靈活地使用單一平台來提供不同的服務。另外，與虛擬域一樣，虛擬化服務也受到服務提供者的歡迎。雖然現在還處於相對早期的階段，但他們確實看到了巨大的好處。這是更好的利潤，客戶也希望服務提供者在安全（聽不清楚）方面發揮更多作用。這就是我們看到未來巨大潛力的地方。

And if I could just sneak one last one in. In terms of the push-out in Europe, you guys talked about some of the deals maybe getting slumped out. Could you maybe quantify what that is and whether those deals have closed in the third quarter?

如果我能偷偷地加入最後一筆的話。就歐洲的退出而言，你們談到了一些交易可能會被取消。您能否量化一下這是什麼以及這些交易是否已在第三季完成？

Yes. I wouldn't get quite that gritty. I think that could be misleading. So I think I'd just rather say what I said relative to our optimism relative to Q3. I don't want to get into specific deals closing and so forth with only a couple of weeks into the quarter.

是的。我不會變得那麼堅韌。我認為這可能會產生誤導。所以我想我寧願說我所說的相對於我們對第三季的樂觀情緒。我不想在本季剛開始幾週的時間內討論具體的交易完成等問題。

Fair enough. Thank you.

很公平。謝謝。

Walter Pritchard, Citi.

華特‧普里查德，花旗銀行。

Hi, guys. Not to beat a dead horse on Europe, but I guess I just wanted to get a little bit more insight into how -- we've gotten used to conservative guidance out of Fortinet, and I'm just wondering if you could help us understand, as you look at Q3 and the year, how conservative your guidance may be and, in particular, how are you treating large deals in terms of the guidance? It sounds like this quarter may have been a little bit of a surprise. I was just wondering if you're changing how you're forecasting those in the guidance for the quarter and the year.

嗨，大家好。並不是要在歐洲問題上一馬當先，但我想我只是想更深入地了解一下——我們已經習慣了 Fortinet 的保守指導，我只是想知道你是否可以幫助我們理解，當您審視第三季度和今年時，您的指導可能有多保守，特別是，您如何在指導方面對待大型交易？聽起來這個季度可能有點令人意外。我只是想知道您是否正在改變季度和年度指導的預測方式。

No, I wouldn't say we've really changed our methodology of guidance. I think, if you look at this past quarter, I think, in the case of all the metrics we follow, we overachieved, except that you would say that we were in line in terms of billings. And so, clearly, it's like anything else. You want to do better than your forecast, so our goal is to continue to do better than we guide as our goal.

不，我不會說我們真的改變了我們的指導方法。我認為，如果你看看過去的這個季度，我認為，就我們遵循的所有指標而言，我們都超出了預期，除了你會說我們在賬單方面是一致的。所以，很明顯，它就像其他任何事情一樣。您希望做得比您的預測更好，因此我們的目標是繼續做得比我們指導的目標更好。

The guidance reflects at any one time our best feel for what we see in terms of the overall environment, market, and our ability to execute. So that's how we guide, and then we always, to the extent we can, we want to do the best we possibly can. And so that's where we go into any quarter.

該指導意見在任何時候都反映了我們對整體環境、市場和執行能力的最佳感受。這就是我們的指導方式，然後我們總是盡力做到最好的範圍。這就是我們進入任何季度的地方。

But I wouldn't say that we particularly -- because we haven't seen any change in the environment that we should pull in our horns, we should get concerned, we should get nervous. That would be absolutely the wrong takeaway from this call. Our perspective is we are in a growth market, a very good market. We are very well positioned. We have a good new product flow coming out. There is nothing in any of our regions, including Europe, that concerns us relative to our ability to forward execute. So we are raring to go relative to Q3 and finishing out this year.

但我不會說我們特別——因為我們還沒有看到環境發生任何變化，我們應該警惕，我們應該擔心，我們應該緊張。從這次電話會議中得出的結論絕對是錯誤的。我們的觀點是我們處於一個成長的市場，一個非常好的市場。我們處於非常有利的位置。我們有一個很好的新產品流問世。在我們的任何地區，包括歐洲，我們的執行能力都與我們無關。因此，我們渴望相對於第三季並在今年結束。

And the just one follow-up to that, I guess, Ken. The product revenue and some product billings was better than we had modeled, and yet the annuity and services attach was lower on that. I'm wondering. You did mention less term length, that more of the deals were one year. I'm wondering if, beyond term length, there was any other dynamic that resulted in less services attach or annuity attach per dollar of product revenue.

我想，這是唯一的後續行動，肯恩。產品收入和某些產品的帳單比我們建模的要好，但年金和服務附加費卻較低。我在想。你確實提到了較短的期限，更多的交易是一年。我想知道，除了期限之外，是否還有其他動態導致每美元產品收入的服務附加費或年金附加費減少。

I don't think so. Again, that will vary a little bit from quarter to quarter. But I don't think there's anything in particular that we would see there in terms of the types of deals we do. I mean, sometimes deals, we get services after the fact sometimes, or we get one-year services, and sometimes we'll get three years. We pretty much don't get much beyond that. So I don't see anything there.

我不這麼認為。同樣，每個季度的情況都會略有不同。但我認為就我們所做的交易類型而言，我們不會看到任何特別的東西。我的意思是，有時是交易，有時我們會在事後獲得服務，或者我們會獲得一年的服務，有時我們會獲得三年的服務。除此之外，我們幾乎沒有得到更多。所以我在那裡看不到任何東西。

And then my own sense is that that number will go up and down a little bit from quarter to quarter, and not necessarily be a distinct trend one way or the other.

然後我自己的感覺是，這個數字會每季略有上升和下降，而且不一定是明顯的趨勢。

Great. Thanks a lot.

偉大的。多謝。

With one exception, which I did say in the long term is, China we used to ratabilize over a number of years, and we don't do that anymore. So there will be a little less that goes into services, most especially because of China, which now is under the normal revenue rec rules and not amortized and deferred over what used to be a lengthy number of years.

但有一個例外，我從長遠來看確實說過，我們過去幾年一直在穩定中國，但現在我們不再這樣做了。因此，進入服務業的資金將會減少一些，尤其是因為中國，它現在處於正常的收入記錄規則之下，不會在過去的很長一段時間內進行攤銷和遞延。

That makes sense. Thanks.

這就說得通了。謝謝。

Michael Turitz, Raymond James.

邁克爾·圖里茨，雷蒙德·詹姆斯。

It's James Westman sitting in for Michael. First question -- billings growth in the low 20s this quarter, down from the mid-30s last. Why the deceleration? Is it just a function of weaker Europe, or were there other factors?

詹姆斯·韋斯特曼（James Westman）代替邁克爾。第一個問題——本季的帳單成長在 20 多歲左右，低於上一季的 30 多歲。為什麼要減速？這只是歐洲疲軟的結果，還是還有其他因素？

If you look at our numbers, APAC and the Americas grew quite nicely, 30%-plus. So we had good growth there. Even when we were growing 30%-plus, Europe tended to be in the 20%-ish range, plus or minus. So, again, remember the comment we made earlier is we do have somewhat higher share in Europe, and so the ability to grow on that higher share is not as easy as it is, so to speak, in Americas or Asia-PAC. But our billings growth would have been certainly higher than what we showed, and it may have been a little bit more like we used to. And, as I said before, we are, at least given where I sit today, we are hopeful and confident that we will see better growth out of Europe by this following quarter.

如果你看一下我們的數據，你會發現亞太地區和美洲地區的成長相當不錯，成長了 30% 以上。所以我們在那裡取得了良好的成長。即使我們的成長率超過 30%，歐洲的成長率往往在 20% 左右，上下浮動。因此，請再次記住我們之前發表的評論，我們在歐洲的份額確實較高，因此在較高份額上實現增長的能力並不像在美洲或亞太地區那麼容易。但我們的帳單成長肯定會比我們所顯示的要高，而且可能更像我們以前的情況。而且，正如我之前所說，至少考慮到我今天的立場，我們充滿希望並充滿信心，我們將在下個季度看到歐洲更好的成長。

Okay.

好的。

I mean, really looking at it, and yet Europe, if you think 20%, we would have been back in the 30-ish or so kind of growth. And we haven't changed. That remains our goal, so it is clearly, we're very, very focused. I don't give guidance at that range, but our goal has always been consistently to grow at the 30% ranges, approximately.

我的意思是，認真觀察一下，但歐洲，如果你認為成長 20%，我們就會回到 30 左右的成長水準。而我們並沒有改變。這仍然是我們的目標，所以很明顯，我們非常非常專注。我不會給出這個範圍的指導，但我們的目標始終是在大約 30% 的範圍內持續成長。

Got it, okay. And then you were talking about verticals earlier in the call. Can you describe what the pipeline looks like for the financial services sector in the second half and what you're seeing in deals?

明白了，好吧。然後你在電話會議的早些時候談到了垂直領域。您能否描述一下下半年金融服務業的管道狀況以及您在交易中看到的情況？

Yes, I don't know if I have it quite that granular at this particular time, and I probably don't want to get quite to that level of detail in terms of pipeline by vertical.

是的，我不知道在這個特定的時間我是否有那麼細化，而且我可能不想在垂直管道方面達到如此詳細的程度。

Okay. And then just a quick thing on housekeeping. What was the cash tax rate for the quarter, and what do you expect it to be for next?

好的。然後是關於家政的快速事情。本季的現金稅率是多少？您預計下一季的現金稅率是多少？

Oh, wow. That's a good question. I don't know the tax rate, but we continue to -- we'll have all that in our Q, but it's in the couple to $3 million, as I think I'm guessing here that we spent, and maybe not even a couple of million in taxes. So we're not helping the government in terms of paying down the deficit. But it remains very, very low, and it's primarily because of the exercise of stock options and the debt reductions thereon.

哦，哇。這是個好問題。我不知道稅率，但我們會繼續 - 我們將在 Q 中包含所有內容，但它是在 300 萬美元的範圍內，因為我想我在這裡猜測我們花了，甚至可能沒有幾百萬的稅收。因此，我們沒有幫助政府償還赤字。但它仍然非常非常低，這主要是因為股票選擇權的行使和債務削減。

And should I be making that similar assumption for next quarter?

我應該對下個季度做出類似的假設嗎？

My sense is it will be pretty similar for Q3, yes.

我的感覺是，第三季的情況將非常相似，是的。

All right. Thank you, Ken.

好的。謝謝你，肯。

Sterling Auty, JPMorgan.

斯特林奧蒂，摩根大通。

Just one question. In terms of linearity in the quarter, we've been hearing from a lot of people that the quarter was very back-end loaded. Was that the same for you across the board in the different geographies, or do you think this was more due to the macro, or is this maybe a trend that's starting to push even more back-end loaded than normal?

只有一個問題。就本季的線性而言，我們從許多人那裡聽到，本季的後端負載非常大。對於不同地區的您來說，情況是否相同，或者您認為這更多是由於宏觀原因，還是這可能是一種趨勢，開始推動比正常情況更多的後端負載？

I actually don't think we had a back-end loaded quarter. As you can see, I'm actually very pleased with our DSO. It's 63 days. So I don't really believe our quarter was any fundamentally different in terms of linearity than prior quarters. And again, we feel quite good up and down in our balance sheet. I don't know if you want to look on the balance sheet, and certainly, AR and DSO was good. Inventories remain in very, very good control. PP&E net modest, and so no, I would say no real change.

事實上，我認為我們沒有一個後端負載嚴重的季度。正如您所看到的，我實際上對我們的 DSO 非常滿意。已經63天了。因此，我真的不認為我們的季度在線性方面與前幾季有什麼根本不同。再說一遍，我們的資產負債表上下感覺都很好。我不知道你是否想看資產負債表，當然，AR 和 DSO 很好。庫存保持在非常非常好的控制之下。 PP&E 淨值不大，所以不，我想說沒有真正的改變。

All right, great. Thank you.

好吧，太好了。謝謝。

Sol Yall, Oppenheimer and Company.

索爾·雅爾（Sol Yall），奧本海默公司。

Thank you for taking my question. Two quick questions on my end. When you guys don't win displacements or just contracts, what's the reason behind it? Is it pricing? Is it product-related?

感謝您回答我的問題。我最後有兩個簡單的問題。當你們沒有贏得排氣量或只是贏得合約時，背後的原因是什麼？是定價嗎？與產品有關嗎？

This is Ken Xie. Let me try to answer. I think that most of the time we don't win maybe more because we're not quite the same on the deal, because some of the bigger players, especially some of the bigger networking companies, they try to leverage their marketing power; there's some other product to bundle all of this together. But when we get in and always the product, the technology, the performance, the reason customer join us, I don't think we really lose because they'll come pretty much on the pricing or some other--it's really, we believe we have the best value, we have the best performance in the space. That's what keeps us winning.

這是謝肯。讓我試著回答一下。我認為大多數時候我們不會贏得更多，因為我們在交易上不太一樣，因為一些更大的參與者，特別是一些更大的網絡公司，他們試圖利用他們的營銷力量;還有一些其他產品可以將所有這些捆綁在一起。但是，當我們進入並始終關注產品、技術、性能、客戶加入我們的原因時，我認為我們並沒有真正損失，因為他們會在定價或其他方面獲得很大的回報——我們相信，這確實是我們擁有該領域最好的價值和最好的性能。這就是我們保持勝利的原因。

But we'll continue to work on, so this is a net rending, so you do need to keep on working on features and performance, and so having the full panoply of the features. And sometimes customers focus on one feature versus another, and so we will continue to bring that out in our pipeline.

但我們會繼續努力，所以這是一個淨渲染，所以你確實需要繼續致力於功能和效能，從而擁有完整的功能。有時客戶會專注於一項功能而不是另一項功能，因此我們將繼續在我們的管道中推出這項功能。

You guys indicated that there's a number of products coming in the second half, probably some of them in the third quarter. Could it be that some of your European customers might have kind of held back a little bit on spending in anticipation for those kind of new products? Could it have anything to do with it a little bit?

你們表示下半年會有很多產品推出，也許其中一些產品會在第三季推出。您的一些歐洲客戶是否會因為期待此類新產品而稍微減少支出？難道跟這件事有一點關係嗎？

No, I wouldn't initially suggest that. We tend to have some quarter-to-quarter, some quarters a little higher than other quarters in terms of new product intros. But no, I don't necessarily think that was the flavor for Europe. And by the way, in Europe, we say Europe, Middle East, and Asia, and so one of the areas that I think in particular that we--and I think I said this last quarter, too--is the Middle East is clearly an area where instability makes it a little bit more challenging.

不，我最初不會建議這樣做。我們傾向於按季度推出新產品，有些季度的新產品推出量略高於其他季度。但不，我不一定認為這就是歐洲的風味。順便說一句，在歐洲，我們說歐洲、中東和亞洲，所以我認為我們特別認為的一個領域——我想我上個季度也說過——中東是顯然，這個領域的不穩定使其更具挑戰性。

Sure. All right, thank you very much.

當然。好的，非常感謝。

Dan Cummings, ThinkEquity.

丹·卡明斯，ThinkEquity。

Thank you. Could I go back to something that you referenced before about your success in Europe traditionally was skewed to southern Europe? As you move sales resources and focus, perhaps, proportionately north, does that involve doing anything fundamentally different than you've done traditionally with respect to the channel? Could this perhaps require more investment spending in channel resources or sales resources in northern Europe? Thanks.

謝謝。我可以回顧一下您之前提到的關於您在歐洲的成功傳統上偏向南歐的事情嗎？當您將銷售資源和重點轉移時，也許會按比例向北移動，這是否涉及做一些與您傳統上在通路方面所做的根本不同的事情？這是否可能需要在北歐的通路資源或銷售資源上投入更多的投資？謝謝。

We just want to keep expanding into all the countries, all the region, and like right now, we have more aggressive hiring in the northern Europe, and also keeping the hiring spending in the southern Europe. So that's pretty much the plan we have.

我們只想繼續向所有國家、所有地區擴張，就像現在一樣，我們在北歐進行了更積極的招聘，並保持了南歐的招聘支出。這就是我們的計劃。

Yes, and as I see it, we're very focused on our ratios. And so we feel we can continue to exhibit the kind of margins I showed and also make investments that we think are necessary in certain areas to grow out business. And, as Ken said, there are some emerging countries in Europe that we can do better on. There are some in northern Europe that as well we can do better. So there are areas that we did well this quarter, some other areas we could do a little bit better.

是的，正如我所見，我們非常關注我們的比率。因此，我們認為我們可以繼續展示我所展示的利潤率，並在某些領域進行我們認為必要的投資以發展業務。而且，正如肯所說，我們可以在歐洲的一些新興國家做得更好。北歐的一些國家我們也可以做得更好。因此，本季我們在某些​​領域做得很好，但在其他一些領域我們可以做得更好。

But from an investment point of view and from a channel point of view, we don't see any dramatic changes from that perspective. I would say it's more nuance changes than dramatic changes.

但從投資的角度和管道的角度來看，我們並沒有看到任何巨大的變化。我想說的是，這是細微的變化，而不是巨大的變化。

Can I ask just one follow-up question? In terms of your internal performance assessments, does that, to the extent that you're acknowledging perhaps company-specific issues in addition to the macro environment, does that -- just by implication, does that also include your channel resources, your channel sales and productivity side?

我可以只問一個後續問題嗎？就您的內部績效評估而言，如果您承認除了宏觀環境之外可能還存在公司特定的問題，那麼這是否也包括您的通路資源、通路銷售和生產力方面？

Yes, I don't know. I mean, I think my comment really is more generic in that I think we definitely feel we could and can do better in our growth in Europe, and we are focused on that. And, again, I don't see any dramatic changes. I think this may be sort of a nuance in terms of focus in certain areas and perform a little bit better. So I don't see any nuance around the channel.

是的，我不知道。我的意思是，我認為我的評論確實更通用，因為我認為我們絕對認為我們可以並且可以在歐洲的成長方面做得更好，而且我們專注於這一點。再說一次，我沒有看到任何戲劇性的變化。我認為這可能在某些領域的重點方面存在細微差別，並且表現會更好一些。所以我沒有看到頻道有任何細微差別。

Every quarter, we look at different players, and we do, from time to time, make some changes. And so there's nothing dramatic, though, that I'm suggesting here.

每個季度，我們都會關注不同的球員，我們也會不時做出一些改變。因此，我在這裡建議的並不是什麼戲劇性的事情。

Okay, thank you.

好的謝謝。

Thank you. Rohit Chopra, Wedbush Securities.

謝謝。羅希特喬普拉，韋德布希證券。

A couple of questions. One, I want to go back to Jonathan's question, because I didn't hear the answer. But I wanted to get an understanding of the competitive environment. We've picked up a couple of companies who are discounting extremely heavily, especially in Europe, towards the end of the quarter. Did that have an impact on your ability to close deals, in your analysis?

有幾個問題。第一，我想回到喬納森的問題，因為我沒有聽到答案。但我想了解競爭環境。我們挑選了幾家在本季末大幅折扣的公司，尤其是在歐洲。根據您的分析，這對您完成交易的能力有影響嗎？

No, I would say it had -- if it had any impact, I actually didn't see it. So no, discounting and pricing and so forth and wins/losses, again, I don't see that as having -- I didn't see that as having any effect. I really don't. I think, again, our ability was, some deals might get pushed out as opposed to losing it from pricing. So, no, I don't think the competitive situation has changed in Europe, either, or our other areas of the world. And so I wouldn't say it's that issue, either. Again, I think it's our ability to close deals in the timeframe we expect to close deals.

不，我想說它有——如果它有任何影響的話，我實際上沒有看到它。所以不，折扣和定價等等以及贏/輸，我不認為這有任何影響。我真的不知道。我再次認為，我們的能力是，一些交易可能會被推遲，而不是因為定價而失去。所以，不，我認為歐洲或世界其他地區的競爭情況也沒有改變。所以我也不會說這是這個問題。再說一遍，我認為這是我們在預期完成交易的時間內完成交易的能力。

Okay. And then I just understand that your team and everybody else seems to want to know what's going on. So government in Europe, were you able to determine if they were a greater contributor to any of the cadence or the slowdown?

好的。然後我就明白你的團隊和其他人似乎都想知道發生了什麼事。那麼歐洲政府，您是否能夠確定他們是否對節奏或放緩負有更大的責任？

I don't know that. I don't have any detail there. So it certainly wasn't discussed very much internally, so I don't think that, I wouldn't characterize that as indicative of any real trend, no -- that I know of, anyway.

我不知道。我那裡沒有任何細節。因此，內部肯定沒有對此進行太多討論，所以我不認為，我不會將其描述為任何真正趨勢的指示，不，據我所知，無論如何。

Thanks, guys.

多謝你們。

Rob Owens, Pacific Crest.

羅布歐文斯，太平洋翠園。

Thank you very much. Just a couple of quick questions. You mentioned how your operating margin guidance had no long-term target. At what point do you either change the target or increase your spend to get there? And at what level of revenue does the model yield margins within the target? Is it at the midpoint?

非常感謝。只是幾個簡單的問題。您提到您的營業利潤率指引沒有長期目標。什麼時候會改變目標或增加支出以實現目標？該模型在什麼收入水準下能產生目標利潤率？是在中點嗎？

Yes. The second one's really the same as the first, really, if I think about it. And I think we will, as we look to the end of this year and thinking about our forward plans for the next several years, we'll take another look at our longer-term margins. Clearly, we are doing better. I think the ability to invest is consistent with the guidance we gave. And so we don't want to go backwards, really. And clearly, others in our space also are making very good margins.

是的。如果我仔細想想，第二個確實跟第一個一樣。我認為，當我們展望今年年底並思考未來幾年的遠期計劃時，我們將再次審視我們的長期利潤率。顯然，我們做得更好。我認為投資能力與我們給予的指導是一致的。所以我們真的不想倒退。顯然，我們領域的其他公司也獲得了很好的利潤。

So we see the opportunity to continue to do well. I don't want to give a number yet, because we haven't put it together, but we will take another look at what today -- we set the model up a couple of years ago that we thought that was our intermediate model. We have already overachieved that, and we'll take a look at, going forward, to what we can do beyond that, hopefully, when we put our numbers together.

因此，我們看到了繼續表現出色的機會。我還不想給出一個數字，因為我們還沒有把它放在一起，但我們今天會再看一下——我們幾年前建立的模型，我們認為這是我們的中間模型。我們已經超額實現了這一目標，當我們把我們的數字放在一起時，我們將著眼於未來我們還能做些什麼。

Okay, great. And as you look ahead to Q3, and specifically in the year-ago period, is there a tough federal compare in the September '10 quarter?

好的，太好了。當您展望第三季度，特別是去年同期時，與 2010 年 9 月季度的聯邦數據相比是否存在困難？

I don't remember any -- we had a very good Q3 last year. You are right about that. I don't recall, I don't have it in front of me here, a very tough -- some people are looking at the numbers. So no, the question is, the comment is no, we do not have a tough federal compare Q3 versus Q3 of last year.

我不記得了——去年我們第三季的表現非常好。你是對的。我不記得了，我面前沒有這個，非常困難——有些人正在看這些數字。所以不，問題是，評論是否定的，我們沒有對第三季與去年第三季進行嚴格的聯邦比較。

Okay, great. Thanks, guys.

好的，太好了。多謝你們。

But we did have a good margin last year, and we did some of that last year, overachieve in some of our revenues, and we did actually end up underspending.

但去年我們確實獲得了不錯的利潤，去年我們也做到了一些，部分收入超額完成，但實際上我們最終還是支出不足。

Great. Thank you.

偉大的。謝謝。

One other thing is, I think last year we were also helped by currencies. So last year, I think the dollar happened to be a little stronger, and that helped us from a currency and expenses point of view, and that's been the opposite effect this year.

另一件事是，我認為去年我們也得到了貨幣的幫助。所以去年，我認為美元碰巧有點走強，從貨幣和支出的角度來看，這對我們有幫助，而今年的效果卻相反。

Thank you. Norman Heimlich, Dundee Securities.

謝謝。諾曼海姆利希，鄧迪證券。

How much of your business is coming from the Third World -- Asia, Brazil, and the faster-growing areas? And that's number one. And number two, just in case you didn't know it, but your stock is down over 20% in the after market.

您的業務有多少來自第三世界—亞洲、巴西和成長較快的地區？這是第一名。第二，萬一您不知道，您的股票在售後市場下跌了 20% 以上。

Well, yes, I knew we weren't doing -- some people, in my opinion, are taking too much issue relative to our billings, and so be it. But again, I think that, certainly that's an issue that we will have to -- the only way you can dispel that is to perform. And so we know in Q3 and Q4, we have to perform there. So I totally understand that.

嗯，是的，我知道我們沒有這樣做——在我看來，有些人對我們的賬單提出了太多問題，所以就這樣吧。但我再次認為，這當然是我們必須解決的問題——消除這個問題的唯一方法就是執行。所以我們知道在第三季和第四季度，我們必須在那裡表現。所以我完全理解這一點。

Relative to the emerging area, we don't have that explicitly broken out in terms of Brazil. We do know, whether you're talking about eastern Europe, some of the Asian countries, as well as Brazil and so forth -- there's India, whatever -- there are opportunities to -- we're very focused on them, I'm going to say it that way. And we do think we can grow even faster there as we invest.

相對於新興地區，我們沒有對巴西進行明確的細分。我們確實知道，無論你是在談論東歐、一些亞洲國家，還是巴西等等——還有印度，無論如何——都有機會——我們非常關注它們，我會這樣說。我們確實認為，隨著我們的投資，我們可以在那裡實現更快的成長。

But what does it cost to invest?

但投資成本是多少？

I'm not going to specifically take this. Our investments are all inclusive, if you will, in terms of the guidance I provided.

我不打算專門討論這個。如果您願意的話，根據我提供的指導，我們的投資是包容性的。

Okay, thank you.

好的謝謝。

Thank you. I'm showing no further questions at this time.

謝謝。我目前沒有提出任何進一步的問題。

Okay, so let me stop there. I'll just remind you that we do have another call at 3.30 Pacific Time for purely Q&A. I will not have any prepared remarks for that call, but purely for Q&A to go through any questions you may have, any additional questions you may have on our business model, or detail to the extent that we haven't answered them relative to the results for this quarter.

好吧，我就到此為止。我只是提醒您，我們確實在太平洋時間 3.30 舉行了另一場純粹問答的電話會議。我不會為這次電話會議準備任何評論，而純粹是為了問答，以解決您可能提出的任何問題、您可能對我們的業務模式提出的任何其他問題，或者我們尚未回答的相關細節。本季度的結果。

So I look forward to that call and any other questions that you may have. And thank you for listening to this call.

因此，我期待您的來電以及您可能提出的任何其他問題。感謝您收聽本次通話。

Ladies and gentlemen, thank you for participating in today's conference. This concludes our program for today. You may all disconnect, and have a wonderful day.

女士們、先生們，感謝你們參加今天的會議。我們今天的計畫到此結束。你們可以斷開連接，度過美好的一天。