Fortinet Inc (FTNT) 2019 Q3 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Fortinet Q3 2019 Earnings Announcement Call.

女士們、先生們，感謝大家的支持，歡迎參加 Fortinet 2019 年第三季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the call over to your speaker, Mr. Peter Salkowski, Vice President of Investor Relations.

現在我想將電話交給您的發言人、投資者關係副總裁 Peter Salkowski 先生。

Please go ahead, sir.

請繼續，先生。

Thank you, Sherry.

謝謝你，雪莉。

Good afternoon, and Happy Halloween, everyone.

下午好，祝大家萬聖節快樂。

This is Peter Salkowski, Vice President of Investor Relations at Fortinet.

我是 Peter Salkowski，Fortinet 投資者關係副總裁。

I am pleased to welcome everyone to our call to discuss Fortinet's financial results for the third quarter of 2019.

我很高興歡迎大家致電我們，討論 Fortinet 2019 年第三季的財務業績。

Speakers on today's call are Ken Xie, Fortinet's Founder, Chairman and CEO; and Keith Jensen, CFO.

今天電話會議的發言人是 Fortinet 創辦人、董事長兼執行長 Ken Xie；和財務長基斯‧詹森 (Keith Jensen)。

This is a live call that will be available for replay via webcast on our Investor Relations website.

這是一場現場電話會議，可透過我們的投資者關係網站上的網路廣播進行重播。

Ken will begin our call today, providing a high-level perspective on our business.

肯今天將開始我們的電話會議，提供有關我們業務的高層觀點。

Keith will then review our financial and operating results, providing our guidance for the fourth quarter and update our 2019 guidance before opening the call to your questions.

然後 Keith 將審查我們的財務和營運業績，提供我們第四季度的指導，並更新我們的 2019 年指導，然後再開始回答您的問題。

During the Q&A session, we ask that you please keep your questions brief and limit yourself to one question and one follow-up to allow others to participate.

在問答環節中，我們要求您的問題保持簡短，並將自己限制在一個問題和一個後續問題上，以便其他人參與。

Before we begin, I'd like to remind everyone that on today's call, we will be making forward-looking statements, and these forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected.

在開始之前，我想提醒大家，在今天的電話會議上，我們將做出前瞻性聲明，這些前瞻性聲明受到風險和不確定性的影響，可能導致實際結果與預測有重大差異。

Please refer to our SEC filings, in particular the risk factors in our most recent Form 10-K and Form 10-Q for more information.

請參閱我們向 SEC 提交的文件，特別是我們最新的 10-K 表格和 10-Q 表格中的風險因素，以了解更多資訊。

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 update forward-looking statements.

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，並特別聲明不承擔任何更新前瞻性陳述的義務。

Also, all references to financial metrics that we make on today's call are non-GAAP, unless otherwise stated.

此外，除非另有說明，我們在今天的電話會議中提到的所有財務指標均非公認會計準則。

Our GAAP results and GAAP to non-GAAP reconciliation is located in our earnings press release and in the presentation that accompany today's remarks, both of which are posted on the Investor Relations website.

我們的 GAAP 業績以及 GAAP 與非 GAAP 調整表位於我們的收益新聞稿和今天演講隨附的簡報中，兩者均發佈在投資者關係網站上。

Lastly, all references to growth are on a year-over-year basis, unless noted otherwise.

最後，除非另有說明，所有提及的成長都是年增長。

I will now turn the call over to Ken.

我現在會把電話轉給肯。

Thanks, Peter, and thank you to everyone for joining today's call to review our third quarter 2019 results.

謝謝 Peter，也謝謝大家參加今天的電話會議，回顧我們 2019 年第三季的業績。

We are pleased with our strong billings product and service revenue, operating margin and free cash flow performance in the third quarter.

我們對第三季強勁的帳單產品和服務收入、營業利潤率和自由現金流表現感到滿意。

Contributing to our strong third quarter result were our advanced Forti SPU-driven FortiGate technology, integrated security fabric solutions, hybrid and multi-cloud offerings and a significant adoption of our secure SD-WAN solution.

我們先進的 Forti SPU 驅動的 FortiGate 技術、整合安全結構解決方案、混合和多雲產品以及我們安全 SD-WAN 解決方案的大量採用為我們第三季度的強勁業績做出了貢獻。

Total revenue was up 21% to $548 million, and product revenue accelerated to 20% growth.

總營收成長 21%，達到 5.48 億美元，產品營收加速成長 20%。

During the third quarter, Fortinet was named a leader for the third consecutive year in the Gartner Magic Quadrant for Network Firewall.

第三季度，Fortinet 連續第三年被評為 Gartner 網路防火牆魔力像限領導者。

This recognition validates our advantage enabling enterprise customers to create a security-driven network, that delivers integrated and automated security to all network environments.

這項認可驗證了我們的優勢，使企業客戶能夠創建安全驅動的網絡，為所有網路環境提供整合和自動化的安全性。

Today, Fortinet announced the release of the new FortiGate 60F, the most popular and best-selling desktop next-generation firewall in the industry.

今天，Fortinet 宣布推出全新 FortiGate 60F，這是業界最受歡迎、最暢銷的桌上型新世代防火牆。

The 60F leverages Fortinet's SoC4 SPU that enables secure SD-WAN.

60F 利用 Fortinet 的 SoC4 SPU 實現安全 SD-WAN。

It delivers Security Compute Rating for threat protection, SSL inspection and next-generation firewall performance of 4 to 47x faster than industry average appliance.

它提供威脅防護、SSL 檢查和新一代防火牆的安全運算評級，效能比業界平均設備快 4 到 47 倍。

The Security Compute Rating compares the performance of our Forti-SPU enhanced appliance with industry average solutions in the same price range utilizing generic CPUs for networking and security capabilities.

安全運算評級將我們的 Forti-SPU 增強型設備的性能與相同價格範圍內使用通用 CPU 實現網路和安全功能的行業平均解決方案進行了比較。

80% of WAN age solutions need security and IDC estimates that WAN edge total addressable market will increase from 1.3 billion in 2018 to 5.2 billion by 2023.

80% 的 WAN 時代解決方案需要安全性，IDC 估計 WAN 邊緣總潛在市場將從 2018 年的 13 億增加到 2023 年的 52 億。

Our secure SD-WAN solution clearly outperformed in the quarter.

我們的安全 SD-WAN 解決方案在本季的表現明顯優於其他產品。

According to Gartner, in the second quarter of 2019, Fortinet ranked third with faster growth and 11% of the SD-WAN market share.

根據Gartner統計，2019年第二季度，Fortinet以較快的成長速度排名第三，佔據SD-WAN市佔率的11%。

This fast market share growth validates that our Fortinet solution with secure SD-WAN is clearly resonating with enterprise customers.

這種快速的市場佔有率成長證明了我們具有安全 SD-WAN 的 Fortinet 解決方案明顯引起了企業客戶的共鳴。

Traditional network security border are dissolving as mobile, cloud and IoT technologies change the way people work and the volume of data they needs to secure.

隨著行動、雲端和物聯網技術改變人們​​的工作方式和需要保護的資料量，傳統的網路安全邊界正在消失。

Edge computing require high-performance secure networking capabilities and 5G rollouts are in the early stages of providing mobility innovation and with demand low latency security solution.

邊緣運算需要高效能的安全網路功能，而 5G 的推出正處於提供行動創新和低延遲安全解決方案需求的早期階段。

As a leader in hybrid and multi-cloud as well as edge security, Fortinet's ability to offer security driven networking and both edge and cloud security with low latency and high performance is a clear competitor advantage.

作為混合雲、多雲以及邊緣安全領域的領導者，Fortinet 能夠提供安全驅動的網路以及低延遲和高效能的邊緣和雲端安全，這是一個明顯的競爭對手優勢。

Going forward, we see 4 drivers for market share growth for Fortinet.

展望未來，我們認為 Fortinet 市佔率成長有 4 個驅動因素。

First, our refreshing portfolio of FortiGate with new Forti-SPU have a huge Security Compute Rating advantage compared with all other competitors.

首先，與所有其他競爭對手相比，我們採用全新 Forti-SPU 的 FortiGate 令人耳目一新的產品組合具有巨大的安全運算評級優勢。

These FortiGates will continue to lead the transition to security-driven networking and secure SD-WAN adoption that will allow Fortinet to gain additional market share.

這些 FortiGate 將繼續引領向安全驅動型網路和安全 SD-WAN 採用的過渡，這將使 Fortinet 獲得更多市場份額。

Second, Fortinet's Security Fabric allow us to offer a broad, automated and integrated secure solution for end-to-end protection as customers consolidate towards fewer security vendors.

其次，隨著客戶向更少的安全供應商整合，Fortinet 的安全結構使我們能夠提供廣泛、自動化和整合的安全解決方案，以實現端到端保護。

Third, Fortinet's broad range of hybrid and multi-cloud solutions enable us to provide security to the cloud and from the cloud.

第三，Fortinet 廣泛的混合雲和多雲解決方案使我們能夠為雲端和雲端提供安全性。

And fourth, Fortinet is well positioned to lead the transition to 5G and IoT security as a result of our Forti-SPU technology, which provides a huge advantage for embedded and integrated security with much lower cost and faster performance.

第四，憑藉我們的Forti-SPU 技術，Fortinet 處於領先地位，能夠引領向5G 和物聯網安全的過渡，該技術以更低的成本和更快的性能為嵌入式和集成安全性提供了巨大的優勢。

On Monday, we announced acquisition of an endpoint security company, enSilo.

週一，我們宣布收購端點安全公司 enSilo。

The acquisition enhances Fortinet's security fabric offering and strengthen our real-time automated detection and response capability around endpoint and edge data.

此次收購增強了 Fortinet 的安全結構產品，並增強了我們圍繞端點和邊緣資料的即時自動偵測和回應能力。

I would like to take this opportunity to welcome enSilo team to Fortinet.

我想藉此機會歡迎 enSilo 團隊加入 Fortinet。

On November 18, we will celebrate Fortinet's 10-year anniversary as a public-traded company.

11 月 18 日，我們將慶祝 Fortinet 作為上市公司成立 10 週年。

I want to thank the Fortinet team and our partners for their ongoing hard work and our customers for their support.

我要感謝 Fortinet 團隊和我們的合作夥伴的持續辛勤工作以及我們的客戶的支持。

You have all contributed to our great success.

你們都為我們的巨大成功做出了貢獻。

Now I will turn the call over to Keith for a closer look on our third quarter performance and our guidance for the fourth quarter and then full year.

現在我將把電話轉給基思，詳細了解我們第三季的業績以及我們對第四季和全年的指導。

Thank you, Ken.

謝謝你，肯。

Let me first note that except for revenue, financial amounts are non-GAAP and growth rates are based on comparisons to the third quarter of 2018, unless otherwise stated.

首先我要指出的是，除非另有說明，除收入外，財務金額均以非公認會計準則計算，成長率是基於與 2018 年第三季的比較。

The slide references I make refer to the presentation posted on our Investor Relations website.

我引用的幻燈片參考了我們投資者關係網站上發布的簡報。

I'd now like to provide a summary of our strong third quarter performance.

現在我想總結一下我們第三季的強勁表現。

As part of the summary, I will highlight how the diversification in our business by geography, customer and industry segments and solutions has contributed to solid growth and consistent execution.

作為總結的一部分，我將強調我們的業務多元化（按地理位置、客戶和行業細分以及解決方案）如何促進穩健成長和一致執行。

Let's start with revenue.

讓我們從收入開始。

Total revenue of $548 million was up 21%, led by strong revenue growth from our fabric and cloud segments.

總收入達 5.48 億美元，成長 21%，這得益於我們的結構和雲端部門收入的強勁成長。

Revenue from our largest segment, Network Security, was up 19%.

我們最大的細分市場網路安全的收入成長了 19%。

Product revenue growth was 20%.

產品收入成長20%。

20% growth represents, first, an acceleration of the 14% growth we achieved in the first half of the year.

20%的成長首先是我們上半年實現的14%成長的加速。

Second, growth off increasingly more difficult year earlier comparisons as growth accelerated through 2018.

其次，隨著 2018 年成長加速，去年的成長變得越來越困難。

And third, a growth rate that we estimate is double the industry growth rate.

第三，我們估計的成長率是產業成長率的兩倍。

Product revenue of $197 million benefited from the segment growth noted a moment ago as well as growth in both appliance and software solutions.

1.97 億美元的產品收入得益於剛才提到的細分市場成長以及設備和軟體解決方案的成長。

Given the significance of our historical SMB business and the consistent trend in our renewals, we believe the impact on our business of an industry refresh cycle is muted.

鑑於我們歷史上的中小企業業務的重要性以及我們更新的一致趨勢，我們相信行業更新周期對我們業務的影響很小。

Consistent with Ken's earlier comments related to our SD-WAN market share, growth benefited from the market's rapid adoption of our Fortigate-based secure SD-WAN offering.

與 Ken 先前有關我們的 SD-WAN 市場份額的評論一致，成長受益於市場對我們基於 Fortigate 的安全 SD-WAN 產品的快速採用。

Our higher-margin service revenue increased 21% to $351 million and represented 64% of total revenue, up 10 points in 4 years.

我們的高利潤服務收入成長了 21%，達到 3.51 億美元，佔總收入的 64%，在 4 年內成長了 10 個百分點。

FortiGuard's subscription security revenues increased 23% to $193 million, while FortiCare technical support and other services revenue increased 19% to $158 million.

FortiGuard 的訂閱安全收入成長了 23%，達到 1.93 億美元，而 FortiCare 技術支援和其他服務收入成長了 19%，達到 1.58 億美元。

Renewal rates remained very consistent with prior periods.

續訂率與前期保持非常一致。

Deferred revenue at the beginning of the third quarter accounted for over 90% of services revenue and 60% of total revenue recognized in the quarter.

第三季初的遞延收入佔服務收入的90%以上，佔本季確認的總收入的60%。

For the fourth quarter, we expect the deferred revenue balance to provide a similar level of predictability, accounting for similar percentages of service and total revenue.

對於第四季度，我們預計遞延收入餘額將提供類似水準的可預測性，佔服務和總收入的類似百分比。

Total deferred revenue increased 26% to just shy of $2 billion.

遞延收入總額成長 26%，達到近 20 億美元。

Short-term deferred revenue increased 21% to $1.1 billion.

短期遞延營收成長 21%，達到 11 億美元。

On a geographic basis, revenue growth for the Americas accelerated to 24% despite a more difficult year earlier comparison.

從地理來看，儘管去年比較困難，但美洲地區的收入成長加速至 24%。

EMEA growth accelerated to 21%.

歐洲、中東和非洲地區成長加速至 21%。

Now turning to billings.

現在轉向比林斯。

Total billings of $627 million were up 19% and benefited from the diversification of our business across geographies, customer and industry segments and solutions.

總營收成長 19%，達到 6.27 億美元，這得益於我們跨地域、客戶和行業細分以及解決方案的業務多元化。

Network security billings, which includes products and services, increased 16% and accounted for 74% of total billings.

包括產品和服務在內的網路安全帳單增加了 16%，佔總帳單的 74%。

Billings growth for non-network security, which includes both products and services, outpaced network security billings.

非網路安全（包括產品和服務）的帳單成長超過了網路安全帳單。

We generated billings in over 80 countries where their individual billings were less than 3% of our total billings.

我們在 80 多個國家/地區產生了帳單，這些國家的個人帳單不到我們總帳單的 3%。

In aggregate, these 80 countries represented nearly 50% of total billings.

總的來說，這 80 個國家佔總帳單的近 50%。

While we saw somewhat slower growth in the U.K. and Germany, it was clearly offset by strong growth in several other EMEA countries.

雖然我們看到英國和德國的成長放緩，但明顯被其他幾個歐洲、中東和非洲國家的強勁成長所抵消。

While service providers and MSSPs remain one of our top segments accounting for 17% of total billings, we experienced an equivalent contribution from the government segment and a strong contribution from the financial services segment.

雖然服務提供者和 MSSP 仍然是我們的主要細分市場之一，佔總帳單的 17%，但我們也經歷了政府細分市場的同等貢獻和金融服務細分市場的強勁貢獻。

Looking now at deal sizes.

現在看看交易規模。

Deals over $1 million increased 77% to 53 deals.

超過 100 萬美元的交易增加了 77%，達到 53 筆。

Secure SD-WAN was a leading contributor to the increase in the number of deals in excess of $1 million, accounting for 8 deals in the third quarter, up from 1 deal of over $1 million last year.

安全性 SD-WAN 是超過 100 萬美元交易數量成長的主要貢獻者，第三季有 8 筆交易，高於去年的 1 筆超過 100 萬美元交易。

We are pleased to see the geographic diversity in all of our large deals with over 40% of them coming from EMEA and APAC.

我們很高興看到我們所有大型交易的地理多樣性，其中超過 40% 來自歐洲、中東和非洲和亞太地區。

The number of deals over $250,000 and $500,000 each increased 26% to 333 and 130 deals, respectively.

超過 25 萬美元和 50 萬美元的交易數量分別增加 26%，達到 333 筆和 130 筆。

Average contract term of 26 months was flat year-over-year and down 1 month quarter-over-quarter.

平均合約期限為 26 個月，與去年同期持平，季減 1 個月。

And to offer one final note on diversification, since Q1 of 2017, we have not had a single transaction in the quarter that represented more than 2% of quarterly billings.

關於多元化的最後一點是，自 2017 年第一季以來，我們在該季度沒有一筆交易占季度帳單的比例超過 2%。

Now back to the income statement.

現在回到損益表。

Gross margin improved 170 basis points to 78.2%.

毛利率提高了 170 個基點，達到 78.2%。

Product gross margin improved 330 basis points to 60.7%.

產品毛利率增加330個基點至60.7%。

Product gross margin benefited from an attractive discounting environment, deal mix, software revenue growth and a stable product transition environment.

產品毛利率受益於有吸引力的折扣環境、交易組合、軟體收入成長和穩定的產品轉型環境。

Now while we're very pleased with the product gross margin performance in the third quarter, we expect it to return to more normalized levels in the fourth quarter.

現在，雖然我們對第三季的產品毛利率表現非常滿意，但我們預計第四季將恢復到更正常的水平。

Services gross margin increased 70 basis points to 88%.

服務毛利率成長 70 個基點，達到 88%。

Operating margin increased 250 basis points to 26.4%, driven by the improvement in gross margin and operating expense leverage associated with our strong revenue performance.

由於毛利率和營業費用槓桿率的改善與我們強勁的收入表現相關，營業利潤率成長了 250 個基點，達到 26.4%。

Total headcount increased 17% to 6,590.

總人數增加 17% 至 6,590 人。

Given the strong operating income performance, GAAP net income was $80 million, up $21 million or 36%.

鑑於強勁的營業收入表現，GAAP 淨利潤為 8,000 萬美元，成長 2,100 萬美元，即 36%。

Moving to the statement and cash flow, summarized on Slides 7 and 8.

前往投影片 7 和 8 中總結的報表和現金流量。

Free cash flow was $204 million, up 29%, resulting in a free cash flow margin of 37%, up 230 basis points.

自由現金流為 2.04 億美元，成長 29%，自由現金流利潤率為 37%，成長 230 個基點。

The increase reflects strong third quarter billings, collections and the flow-through of the increase in operating profit to net income.

這一成長反映了第三季強勁的帳單、收款以及營業利潤對淨利潤的增加。

Capital expenditures for the third quarter were $17 million below expectations, due to the timing of construction spending.

由於建設支出的時間安排，第三季的資本支出比預期低 1700 萬美元。

We expect fourth quarter capital expenditures to be $40 million to $50 million, resulting in a full year capital expenditures of between $90 million and $100 million.

我們預計第四季資本支出為 4,000 萬至 5,000 萬美元，全年資本支出將在 9,000 萬至 1 億美元之間。

In the quarter, we repurchased approximately 335,000 shares of common stock for a total cost of over $26 million at an average per share price of $78.70.

本季度，我們回購了約 335,000 股普通股，總成本超過 2,600 萬美元，平均每股價格為 78.70 美元。

At the end of the third quarter, the remaining share repurchase authorization was $616 million.

截至第三季末，剩餘股份回購授權為6.16億美元。

As I turn to guidance provided on Slide 9, I'd like to remind everyone of our diversification on our model, again, by geographies, customer and industry segments and solutions, continuing to provide and contribute to our growth and the consistency in our financial performance.

當我轉向幻燈片9 中提供的指導時，我想再次提醒大家，我們的模式多元化，按地域、客戶和行業細分以及解決方案，繼續為我們的增長和財務的一致性提供並做出貢獻。

We will dive deeper into this consistency and visibility and predictability of our financial model at our Investor Day on November 18.

我們將在 11 月 18 日的投資者日上更深入地探討我們財務模型的一致性、可見性和可預測性。

With that, I'd like to remind everyone of the forward-looking disclaimer Peter presented at the start of the call as it applies to all forward-looking statements, including the guidance I'm about to provide.

藉此，我想提醒大家注意彼得在電話會議開始時提出的前瞻性免責聲明，因為它適用於所有前瞻性陳述，包括我即將提供的指導。

In the fourth quarter, we expect billings in the range of $750 million to $765 million.

我們預計第四季的營收將在 7.5 億至 7.65 億美元之間。

Revenue in the range of $595 million to $610 million.

營收在 5.95 億美元至 6.1 億美元之間。

Non-GAAP gross margin of 75.5% to 76.5%.

非公認會計原則毛利率為75.5%至76.5%。

Non-GAAP operating margin of 25.5% to 26%.

非 GAAP 營業利潤率為 25.5% 至 26%。

Non-GAAP earnings per share of $0.69 to $0.71, which assumes a share count of between 176 million and 178 million.

非公認會計原則每股收益為 0.69 美元至 0.71 美元，假設股票數量在 1.76 億股至 1.78 億股之間。

We expect a non-GAAP tax rate of 24%.

我們預計非 GAAP 稅率為 24%。

For 2019, we expect billings in the range of $2,550,000,000 to $2,565,000,000; revenue in the range of $2,135,000,000 to $2,150,000,000; total service revenue in the range of $1,355,000,000 to $1,365,000,000; non-GAAP gross margin of 76.5% to 77%; non-GAAP operating margin of 24% and 24.5%; non-GAAP earnings per share of $2.39 to $2.41, which assumes a share count of between 175 million and 177 million.

2019 年，我們預計營收在 2,550,000,000 美元至 2,565,000,000 美元之間；收入在 2,135,000,000 美元至 2,150,000,000 美元之間；服務總收入在 1,355,000,000 美元至 1,365,000,000 美元之間；非公認會計準則毛利率為 76.5% 至 77%；非 GAAP 營業利潤率分別為 24% 及 24.5%；非公認會計原則每股收益為 2.39 美元至 2.41 美元，假設股票數量在 1.75 億股至 1.77 億股之間。

We expect our non-GAAP tax rate to be 24%.

我們預計非 GAAP 稅率為 24%。

We expect cash taxes of between $56 million and $58 million.

我們預計現金稅將在 5,600 萬至 5,800 萬美元之間。

Like Ken, I'd like to extend a warm welcome to the enSilo team.

和 Ken 一樣，我對 enSilo 團隊表示熱烈歡迎。

Before I turn the call back over to Peter, I'd like to thank our partners, our customers, the Fortinet team for all their support and hard work.

在將電話轉回給 Peter 之前，我要感謝我們的合作夥伴、客戶、Fortinet 團隊的所有支援和辛勤工作。

It's because of your dedication and efforts that Fortinet is able to celebrate 10 years as a publicly traded company on November 18.

正是因為你們的奉獻和努力，Fortinet 才能在 11 月 18 日慶祝上市公司 10 週年。

Ken, back then, you closed the day with a market cap of $1 billion.

肯，當時，您當天收盤時的市值為 10 億美元。

Today, your market cap is over $14 billion.

如今，您的市值已超過 140 億美元。

Nicely done.

幹得好。

Peter, back to you.

彼得，回到你身邊。

Thank you, Keith.

謝謝你，基斯。

Operator, we're ready to open it up for Q&A, please.

接線員，我們已準備好進行問答。

(Operator Instructions) Our first question comes from Fatima Boolani with UBS.

（操作員說明）我們的第一個問題來自 UBS 的 Fatima Boolani。

Keith, I'll start with you.

基思，我就從你開始。

You've had a fairly feverish pace of gateway and new FortiGate releases over the course of this year.

今年網關和新 FortiGate 的發布速度相當快。

You're talking about Forti SPU refreshing through the base.

你說的是 Forti SPU 透過底座刷新。

So I'm wondering if you can comment on general ASP trends, how you're managing around cannibalization of ASPs given the extent and spectrum of the appliances you have?

所以我想知道您是否可以評論一下 ASP 的整體趨勢，考慮到您擁有的設備的範圍和範圍，您如何管理 ASP 的蠶食？

And any color you can sort of provide us on product shipment trends?

您可以向我們提供有關產品出貨趨勢的任何顏色嗎？

And I do have a follow-up as well.

我也有後續行動。

Fatima, it's nice to hear from you.

法蒂瑪，很高興收到你的來信。

Kind of a number of topics in there.

那裡有很多主題。

I'll try and recall each and every one of them.

我會盡力回憶起每一個。

I think -- look, I think, if you look at our product suite of FortiGates, we have about 75 different FortiGates, firewalls, that probably compares with some other people that maybe are closer to 15.

我想——看，我想，如果你看看我們的 FortiGates 產品套件，我們有大約 75 種不同的 FortiGates、防火牆，而其他一些人可能更接近 15 種。

Why that's important?

為什麼這很重要？

You assign some sort of life cycle to those products and you pretty quickly come up with the idea that we're refreshing our products at the pace of probably 8, 10 or 12 a year.

您為這些產品分配某種生命週期，然後您很快就會想到我們將以每年 8、10 或 12 次的速度更新產品。

I think we've become fairly good at it, and I don't -- and I think part of that being good at it means both in terms of how we manage our inventory, but also how we manage that transition with our customers.

我認為我們已經相當擅長，但我沒有——我認為擅長這部分意味著我們如何管理我們的庫存，也意味著我們如何管理與客戶的過渡。

I'm not going to comment specifically on ASPs, other than to say that I was very pleased with the trend up of ASPs in the quarter, and it's been a very consistent upward margin ASPs overall.

我不會具體評論平均售價，只是說我對本季平均售價的上升趨勢感到非常滿意，而且整體平均售價的上升幅度非常一致。

I would attribute some of that to the fabric products, which are driving, when I talk about ASPs, total billings for a solution, if you will.

我將其中一部分歸因於織物產品，當我談論 ASP 時，如果您願意的話，織物產品正在推動解決方案的總帳單。

And I think that's contributing to our ASPs.

我認為這對我們的 ASP 做出了貢獻。

And I probably missed something else.

我可能還錯過了其他東西。

That's very helpful.

這非常有幫助。

Just shifting gears to the secure SD-WAN traction.

只需轉向安全的 SD-WAN 牽引力即可。

The 8 deals that you called out that were in excess of $1 million in the quarter, I wanted to peel back the onion on that to get a better sense of who the buying audience is here?

您提到的本季度超過 100 萬美元的 8 筆交易，我想深入了解一下，以便更好地了解這裡的購買受眾是誰？

And if you can speak to the competitive dynamics because relative to the one deal you did last year, I think that's a pretty significant improvement.

如果你能談談競爭動態，因為相對於你去年所做的一筆交易，我認為這是一個相當重大的進步。

So just wanted to peel back on some of the dynamics of the strength there.

所以只是想剝離那裡的一些力量動態。

Maybe I'll let Ken talk about the competitive dynamics, and I can talk just a little bit about who the buyers are first.

也許我會讓肯談談競爭動態，我可以先談談誰是買家。

Clearly, the SD-WAN market is tilted more towards the enterprise and less towards the SMB, and we see that in our customer mix shift in the SD-WAN.

顯然，SD-WAN 市場更向企業傾斜，而不是向中小企業傾斜，我們在 SD-WAN 的客戶組合中看到了這種轉變。

But Ken?

但是肯？

Yes.

是的。

Also because, like I said, 80% enterprise customer in SD-WAN with security solution.

也因為，如我所說，SD-WAN 中 80% 的企業客戶擁有安全解決方案。

So that's why we're the only one can integrate security and SD-WAN together in a single box.

這就是為什麼我們是唯一一家能夠將安全性和 SD-WAN 整合在一個盒子中的公司。

So that's a huge advantage.

所以這是一個巨大的優勢。

And also the computing power, we call it Secure Computing Rating, which gave us huge computing capability, so we can easily add additional function, whether on security side or the network side, just like even with SD-WAN alone, the performance is much better than any other competitor.

還有運算能力，我們稱之為安全運算評級，它給了我們巨大的運算能力，所以我們可以輕鬆地添加額外的功能，無論是安全性方面還是網路方面，就像單獨使用SD-WAN一樣，性能也非常高比任何其他競爭對手都好。

And for them, (inaudible) computing power can really add any other function, whether networking, security, that was kind of a huge advantage going forward.

對他們來說，（聽不清楚）運算能力確實可以添加任何其他功能，無論是網路、安全，這都是未來的巨大優勢。

Our next question comes from Sterling Auty with JPMorgan.

我們的下一個問題來自摩根大通的斯特林·奧蒂。

So at this point, can you give us a sense of just how big is SD-WAN as a percentage of your business?

那麼現在，您能否讓我們了解 SD-WAN 在您的業務中所佔的比例有多大？

I'd probably point to Gartner had a report out, I think, in the second quarter that noted that our market share was 11% of SD-WAN.

我可能會指出 Gartner 在第二季發布的一份報告指出，我們的市佔率為 SD-WAN 的 11%。

And I think our market share a year ago was 0 according to their report.

根據他們的報告，我認為一年前我們的市佔率是 0。

I think there's some information there that you could look at.

我想那裡有一些資訊你可以看看。

Okay.

好的。

And then, Ken, with some of these terms, SD-WAN, and then secured Internet access, so the Zscalers, what Palo Alto is doing, maybe can you just take a minute and help frame for investors that are asking, they're asking me, to better understand what is SD-WAN actually giving to your customers versus what is kind of the secure Internet access that's replacing MPLS, et cetera?

然後，Ken，使用其中一些術語，SD-WAN，然後安全的互聯網訪問，所以 Zscalers，帕洛阿爾托正在做什麼，也許你可以花一點時間幫助那些提出要求的投資者框架，他們是問我，為了更了解SD-WAN 實際上為您的客戶提供了什麼，以及取代MPLS 等的安全網路存取是什麼？

How do they differ?

它們有何不同？

And what's your opportunity in both sides of the coin?

硬幣兩面的機會是什麼？

It's kind of a little bit different market position.

這是有點不同的市場地位。

Secure SD-WAN relate to the WAN-age transition.

安全性 SD-WAN 與 WAN 時代的過渡有關。

That's probably provide much like a software-defined, most smart and reliable way, low-cost way to access the enterprise, access the cloud.

這可能提供了一種非常類似於軟體定義的、最聰明、最可靠的方式、低成本的方式來存取企業、存取雲端。

So that's where driving SD-WAN adoption.

這就是推動 SD-WAN 採用的原因。

They grow almost 50% year-over-year in the next few years.

在接下來的幾年裡，它們將年增近 50%。

And then I think whether Zscaler or Palo Alto (inaudible) secure access, more about access some of their cloud or some other part, which if you look and by Gartner data, so by 2023, so security and security -- could security is about a $4 billion market.

然後我認為Zscaler 或帕洛阿爾托（聽不清）是否安全訪問，更多的是關於訪問他們的某些雲或其他部分，如果你查看Gartner 數據，那麼到2023 年，安全性和安全性-安全可能是關於40億美元的市場。

And network security, including secure SD-WAN is about $28 billion market.

而網路安全，包括安全性 SD-WAN，市場規模約 280 億美元。

So it's 7x larger.

所以它大了 7 倍。

So that's where network security is still the big -- a much bigger part compared to overall infrastructure security.

因此，這就是網路安全仍然很重要的地方——與整體基礎設施安全相比，網路安全的比重要大得多。

So that's where we are the only one, we offer both on the cloud side and we do have a similar solution, but we more prefer working with service provider for some kind of a secure access, all kind of Zscaler type of solution and we'll treat them as a partner.

因此，我們是唯一的，我們在雲端提供這兩種解決方案，並且我們確實有類似的解決方案，但我們更喜歡與服務提供者合作以提供某種安全存取、各種Zscaler 類型的解決方案，而我們」會把他們當作夥伴。

On the other side, we do believe, whether we call a secure driven networking or some other change, which make them integrate network and security altogether, like SD-WAN, like the Wi-Fi, like the 5G.

另一方面，我們確實相信，無論我們稱之為安全驅動的網路還是其他一些變革，它們都使它們將網路和安全性整合在一起，例如 SD-WAN、Wi-Fi、5G。

So this is a much better solution and also enable our kind of technology advantage from the -- because of security process unit compared to the other secured solution more used in the general purpose CPU, which has a very limited security computing power to process both the security function and network function.

因此，這是一個更好的解決方案，並且還使我們能夠從以下方面獲得技術優勢——因為安全處理單元與通用CPU 中使用的其他安全解決方案相比，通用CPU 的安全運算能力非常有限，無法處理安全功能和網路功能。

So it's a little bit 2 different approach, and we do believe our approach address much bigger market and also with a fast growth, fast transition and we're positioned quite well compared to any other competitors.

所以這是兩種不同的方法，我們確實相信我們的方法可以解決更大的市場，並且具有快速成長、快速轉型的特點，與任何其他競爭對手相比，我們的定位相當好。

Our next question comes from Keith Bachman with Bank of Montreal.

我們的下一個問題來自蒙特利爾銀行的 Keith Bachman。

Keith, I wanted to target this to you.

基思，我想把這個目標瞄準你。

Your cash flow performance continues to be quite impressive in outpacing revenue growth.

您的現金流表現繼續令人印象深刻，超過了收入成長。

And I just wanted to ask you about how we should be thinking about this over the next year.

我只是想問你明年我們該如何考慮這個問題。

Now part of it is your operating margins in the last year have gone up by over 700 basis points.

現在，部分原因是去年你們的營業利潤增加了 700 個基點以上。

And so I was just hoping to distill it down to, A, the operating margin metrics, but -- and B, the working capital cycle, how you see that changing and just alleviate concerns you might have about me asking questions, we'll neutralize this for real estate.

所以我只是希望將其提煉為 A，營業利潤率指標，但是 - B，營運資金周期，您如何看待這種變化並減輕您對我提出問題的擔憂，我們將抵消房地產的這一影響。

So I was just thinking about the underlying.

所以我只是在思考底層。

Thank you, Keith.

謝謝你，基斯。

When you look at free cash flow, yes, real estate does come into play, and we expect a fair amount of spending on real estate next year.

當你看看自由現金流時，是的，房地產確實發揮了作用，我們預計明年會有相當數量的房地產支出。

I think at the Analyst Day on November 18, I think the internal conversation here is whether or not we want to preview not free cash flow, but at least the real estate spending for 2020, excuse me, I maybe misspoke a moment ago.

我想在11月18日的分析師日上，我認為這裡的內部對話是我們是否要預覽的不是自由現金流，而是至少2020年的房地產支出，對不起，我剛才可能說錯了。

Look, I think that you've kind of just nailed it in terms of we're executing fairly well on the working -- on the capital model.

聽著，我認為你已經把它釘牢了，因為我們在資本模型上的工作執行得相當好。

Contract terms are holding fairly firm for us.

合約條款對我們來說相當嚴格。

How we pay our customer -- or pay our vendors is holding fairly firm for us.

我們如何向客戶或供應商付款的方式對我們來說相當固定。

So then it's really just a matter of continuing to manage our inventory, continue to grow your billings and then watching the margin drop through to that cash flow number.

因此，這實際上只是繼續管理我們的庫存，繼續增加您的帳單，然後看著利潤下降到現金流數字的問題。

So is there any reason, just to clarify, I mean, it sounds like cash flow could continue to outpace revenue growth.

那麼有沒有什麼原因，只是為了澄清一下，我的意思是，聽起來現金流可能會繼續超過收入成長。

Is that a fair conclusion?

這是一個公平的結論嗎？

I'm not going to -- I'm going to just pause on getting closer to guiding on free cash flow, if I can.

如果可以的話，我不會——我會停下來，繼續指導自由現金流。

Our next question comes from Saket Kalia with Barclays Capital.

我們的下一個問題來自巴克萊資本的 Saket Kalia。

Keith -- I'm sorry, Ken, just maybe to start with you.

基斯——對不起，肯，也許先從你開始吧。

Obviously, a lot of traction in SD-WAN.

顯然，SD-WAN 具有很大的吸引力。

I want to ask a hypothetical question.

我想問一個假設性的問題。

If you put yourself in the shoes of your network security competitors, what don't they have that will either slow or prevent their ability to offer bundled SD-WAN and firewalling?

如果您將自己置於網路安全競爭對手的立場上，您會發現他們沒有什麼可以減緩或阻止他們提供捆綁 SD-WAN 和防火牆的能力？

And I guess where I'm going with that question is, is it the custom-built ASIC processing power that we have here?

我想我要問的問題是，我們這裡擁有客製化的 ASIC 處理能力嗎？

Or is it a secret sauce inside the FortiOS?

或者它是 FortiOS 內部的秘密武器？

Maybe just to put up on that, the question is, what do you feel like the barrier to entry is with FortiGate and SD-WAN together?

也許只是為了忍受這一點，問題是，您認為 FortiGate 和 SD-WAN 結合在一起的進入障礙是什麼？

You can look at today's press release, we announced the FortiGate 60F and also introduced the concept we call Security Computing Rating.

您可以看一下今天的新聞稿，我們發布了 FortiGate 60F，並引入了我們稱之為安全計算評級的概念。

I mean you can see we have a secure computing power capability probably like from 4x in some of the -- like threat prevention, to like 47x for some networking session, concurrent session, or SSLs and other part.

我的意思是，您可以看到我們擁有安全的運算能力，可能從某些方面的 4 倍（例如威脅預防）到某些網路會話、並發會話或 SSL 等部分的 47 倍。

So that's where we have so much computing power in this what we call SPU, security process unit.

這就是我們在 SPU（安全處理單元）中擁有如此強大運算能力的地方。

They do have like a generic CPU embedded inside SPU, which can perform any, whatever new function we needed.

它們確實在 SPU 中嵌入了通用 CPU，可以執行我們需要的任何新功能。

But we also kind of making a lot of secure computing function when they built into that chip.

但當它們內建到該晶片中時，我們也做了很多安全運算功能。

That's where, by industry standard, they have a 7-year advantage easily like close to 100x faster and about the same cost.

按照行業標準，他們可以輕鬆獲得 7 年的優勢，例如速度提高近 100 倍，而成本卻大致相同。

So that outside advantage we have is really the computing power in a security function, the network function, thus enable us to easily add like SD-WAN function, the WiFi function, the 5G function and also most security function compared to our competitor.

因此，我們擁有的外部優勢實際上是安全功能、網路功能中的運算能力，使我們能夠輕鬆添加 SD-WAN 功能、WiFi 功能、5G 功能以及與競爭對手相比的大多數安全功能。

They can only leverage the commercial available CPU, which we also leverage that, but we do use an ASIC to enhance that and also build -- it is together.

他們只能利用商用 CPU，我們也利用它，但我們確實使用 ASIC 來增強它並建構——它是在一起的。

So that I feel the competitor has some difficult time to catch.

所以我覺得競爭對手有一些難以趕上的時候。

And building a chip need a multiple year effort.

打造晶片需要多年的努力。

At the same time, in today, we have almost 30% of our total global unit shipment in home network security.

同時，今天我們的家庭網路安全出貨量佔全球總出貨量的近 30%。

So that's also the economy of scale also that's in play.

因此，規模經濟也在發揮作用。

So I feel we can (inaudible).

所以我覺得我們可以（聽不清楚）。

We can count more than half of the total unit shipment in the home network security space.

我們可以算出家庭網路安全領域總出貨量的一半以上。

So that also will be making any competitor have some difficult time if they don't have the economy of scale to catch up because building chip, you also need a big investment in the beginning.

因此，如果任何競爭對手沒有規模經濟來迎頭趕上，這也會讓他們陷入困境，因為建立晶片，一開始也需要大量投資。

And then once you have the quantity, the average cost can get lower.

一旦有了數量，平均成本就會降低。

So we have this investment almost 20 years ago when company started.

所以我們在大約 20 年前公司成立時就進行了這項投資。

So that's where all almost 20-year effort investments that enable us to easily add additional funds, whether in the networking or in the security.

這就是近 20 年的努力投資，使我們能夠輕鬆添加額外資金，無論是在網路方面還是在安全方面。

Because what we see like in my script is ready, that the border -- the security border disappear.

因為我們在我的腳本中看到的東西已經準備好了，邊界——安全邊界消失了。

So at this time, the enterprise refreshing is different -- totally different than like what happened in 6, 7 years ago.

所以這時候企業的刷新是不一樣的，跟六、七年前完全不一樣。

Now on the next-generation firewall is intrusion prevention as a mother, replaced the first generation connection base of firewall.

現在的新一代防火牆是以入侵防禦為母體，取代了第一代連線基礎防火牆。

So this time, the border is no longer there.

所以這一次，邊界已經不存在了。

So you needed this internal segmentation.

所以你需要這種內部分段。

You need to kind of secure the server, the department of data and also, you need to secure the one connection.

您需要保護伺服器、資料部門的安全，還需要保護單一連線的安全。

So that drive us to make sure we call the security driven network and also the fabric approach to secure the whole infrastructure.

因此，這促使我們確保我們稱之為安全驅動網路以及保護整個基礎設施的結構方法。

So we have this kind of an investment prepared in the last like 5 -- 10, 20 years.

所以我們在過去 5 年、10 年、20 年裡準備了這種投資。

And we feel we are much better positioned than the competitor, whether they try to do an acquisition, which will be more difficult to integrate.

我們覺得我們比競爭對手處於更好的位置，無論他們是否嘗試進行收購，整合都會更加困難。

And also without kind of a dedicated ASIC chip, so they don't have computing power to add additional function there.

而且也沒有專用 ASIC 晶片，因此他們沒有運算能力來增加額外的功能。

So that's the advantage we have from all this long-term investment, also the planning we have.

這就是我們從所有這些長期投資以及我們的規劃中獲得的優勢。

That makes a ton of sense, Ken.

這很有道理，肯。

Just maybe for a quick follow-up for you, Keith.

基思，也許只是為了快速跟進您。

Keith, I think you talked about strong renewal rates with FortiGuard and FortiCare.

Keith，我想您談到了 FortiGuard 和 FortiCare 的強勁續訂率。

Just to make sure it's asked, can you just talk about attach rates for FortiGuard and FortiCare and whether there were any changes in trends on particular SKUs that you saw in terms of 24/7 support or lower or whatever, just in terms of different trends for FortiGuard or FortiCare?

只是為了確保它被問到，您能否談談FortiGuard 和FortiCare 的附加率，以及您在24/7 支援或更低或其他方面看到的特定SKU 的趨勢是否有任何變化，只是不同的趨勢而言對於 FortiGuard 或 FortiCare？

Yes.

是的。

No, I think that's a good question.

不，我認為這是一個好問題。

The renewal rates not only in total were very consistent, but also by those 2 different product lines or service lines, both FortiCare and FortiGuard.

續訂率不僅總體上非常一致，而且這兩個不同的產品線或服務線（FortiCare 和 FortiGuard）的續訂率也非常一致。

In terms of the services, we continue to see the UTM bundle of services perform very, very well.

在服務方面，我們繼續看到 UTM 服務捆綁的表現非常非常好。

And we continue, and it's been going on now for a few years, continue to see the shift, the support side from 8x5 to 24/7, particularly on new deals.

我們繼續，而且這種情況已經持續了幾年，繼續看到這種轉變，支持方面從 8x5 到 24/7，特別是在新交易方面。

Our next question comes from Melissa Franchi with Morgan Stanley.

我們的下一個問題來自摩根士丹利的梅麗莎·弗蘭基。

Ken, I wanted to ask about the service provider space in the quarter?

Ken，我想問本季的服務提供者空間？

By my calc, I am calculating revenue down a little bit year-over-year.

根據我的計算，我計算出收入比去年同期略有下降。

So can you just maybe give us an update on what you're seeing in terms of the buying behavior in that segment?

那麼您能否向我們介紹一下您對該細分市場購買行為的最新看法？

And then what your expectation is as we close out the year and head into 2020?

那麼，當我們結束這一年並進入 2020 年時，您的期望是什麼？

I believe our service provider do grow in year-over-year, probably like close to 10%, but slower than the average growth and overall company growth.

我相信我們的服務提供者確實會比去年同期成長，可能接近 10%，但低於平均成長和公司整體成長。

The service provider, kind of not just Fortinet, but like you can look in the networking company, they all kind of slowed down.

服務供應商，不僅僅是 Fortinet，而且就像你可以在網路公司中看到的那樣，他們都放慢了速度。

I believe they're in a transition plan.

我相信他們正在製定過渡計劃。

I think that, like I said, service provider, there's just 2 part, probably Keith can help out.

我認為，就像我說的，服務提供者，只有兩部分，可能基斯可以幫忙。

One is really the service provider offered a security service to their customer.

一是服務提供者實際上向其客戶提供了安全服務。

The other part is where a service provider secure their own infrastructure.

另一部分是服務提供者保護自己的基礎設施的地方。

So the first part, service provider offer service to the customer side, we don't see any slowdown.

所以第一部分，服務提供者向客戶端提供服務，我們沒有看到任何放緩。

But they do kind of try to see how to deploy some other service like Zscaler kind of service to leverage their position, their connection, their data center to offer some other service.

但他們確實嘗試了解如何部署其他一些服務，例如 Zscaler 類型的服務，以利用他們的地位、他們的連線、他們的資料中心來提供一些其他服務。

So we do see that ramp up pretty quickly.

所以我們確實看到成長速度很快。

So that's what's making our space more competitive.

這就是使我們的空間更具競爭力的原因。

And service provider, because they have infrastructure, their own infrastructure, so they have a huge cost advantage compared with some new player, which they have to build their own data center or have to buy the bandwidth, which has a huge cost that's making the profit more and more difficult.

而服務供應商，因為他們有基礎設施，自己的基礎設施，所以與一些新玩家相比，他們有巨大的成本優勢，他們必須建立自己的資料中心或必須購買頻寬，這有巨大的成本，使得獲利越來越困難。

And the third part, to secure their own infrastructure, that part we do see some kind of a slowdown.

第三部分，為了保護自己的基礎設施，我們確實看到了某種程度的放緩。

And whether -- because they try to -- they've got like a different cost structure of 5G or some other part.

以及是否——因為他們試圖——他們擁有不同的 5G 或其他部分的成本結構。

But we do believe that will ramp up probably next year because we do see a lot of testing, evaluation, and we do participate in a lot of like (inaudible) announced a design (inaudible) future infrastructure together.

但我們確實相信明年可能會增加，因為我們確實看到了大量的測試、評估，而且我們確實參與了很多類似（聽不清楚）一起宣佈設計（聽不清楚）未來基礎設施的活動。

Yes.

是的。

Melissa, I think Ken's spot on.

梅麗莎，我認為肯是對的。

I think we're looking at 2 different pieces of it.

我認為我們正在研究其中的兩個不同部分。

One is selling to the infrastructure and the second is the MSSP.

一是向基礎設施銷售，二是向 MSSP 銷售。

I think that selling into the infrastructure, 2018 for a variety of reasons, probably.

我認為 2018 年可能出於多種原因而向基礎設施領域拋售。

And for many companies, it was a very good year for people selling into the infrastructure.

對於許多公司來說，對於銷售基礎設施的人來說，這是非常好的一年。

So 2019 is probably suffering a little bit, just by comparisons.

因此，相較之下，2019 年可能會受到一些影響。

And then the second part of it is the MSSP, the Managed Security Service Providers.

第二部分是 MSSP，即託管安全服務提供者。

I think we feel very, very good about what we're seeing there with our telcos, both in the U.S. and internationally.

我認為我們對美國和國際電信公司所看到的情況感到非常非常滿意。

Okay.

好的。

That's helpful.

這很有幫助。

And then just one quick follow-up.

然後只是一個快速跟進。

Seems like you guys are gaining share, just looking at product growth.

看起來你們正在獲得份額，只專注於產品的成長。

Just wondering what the competitive response has been, particularly around pricing and discounting.

只是想知道競爭的反應是什麼，特別是在定價和折扣方面。

We have a much better total cost of ownership, TCO, compared to any of our competitor.

與任何競爭對手相比，我們的整體擁有成本 (TCO) 都要低得多。

If you look at -- that's why we're using this Security Computing Rating to compare.

如果您看一下——這就是我們使用此安全計算評級進行比較的原因。

You can see easily all causes of a fraction of any of our competitor have to perform the same like security function or support, right?

您可以輕鬆地看到我們任何競爭對手的一小部分必須執行相同的操作（例如安全功能或支援）的所有原因，對吧？

So that's where -- so we don't see, like in the next few years, maybe people (inaudible) any of this advantage compared to competitors if they really want to compete in on the cost on the performance side and also on the security.

所以這就是- 所以我們不會看到，就像在接下來的幾年裡，如果人們真的想在性能方面和安全方面的成本上競爭，那麼與競爭對手相比，也許人們（聽不清）有任何優勢。

Because they're much more computing power, we can enable much more security function and also go much deeper in a security function than any of our competitors.

因為它們具有更強的運算能力，所以我們可以啟用更多的安全功能，並且比我們的任何競爭對手都更深入地研究安全功能。

So that's where we -- you can see the margin.

這就是我們——你可以看到利潤的地方。

We're keeping improving.

我們正在不斷改進。

And for us to grow faster, it's really try to have like most sales coverage, more marketing coverage.

為了讓我們發展得更快，我們真的需要像大多數銷售覆蓋範圍一樣，擴大行銷覆蓋範圍。

And at the same time, like working closely together with the partner, with customer to follow the change in the whole industry.

同時，喜歡與合作夥伴、客戶緊密合作，跟隨整個產業的變化。

And whether the fabric approach or security driven networking, internal segmentation, the 5G and the OT security, so there's a lot of in there we're working right now, we believe will benefit both our customer partner in the next 5 to 10 years.

無論是結構方法還是安全驅動的網路、內部細分、5G 和 OT 安全性，我們現在正在進行很多工作，我們相信在未來 5 到 10 年內將使我們的客戶合作夥伴受益。

Yes.

是的。

Melissa, I would just add to this -- to that.

梅麗莎，我只想補充一點。

It's Keith.

是基思。

Discounting in the quarter was clearly a tailwind for us.

本季的折扣顯然對我們來說是有利的。

We're very, very pleased where we ended up on the discounting spectrum year-over-year.

我們非常非常高興我們最終獲得了逐年折扣。

Our next question comes from Tal Liani with Bank of America.

我們的下一個問題來自美國銀行的塔爾·利亞尼。

This is Dan Bartus on for Tal.

我是塔爾的丹·巴圖斯。

I wanted to ask 2 technology questions.

我想問 2 個技術問題。

First is your endpoint acquisition.

首先是端點獲取。

Did I hear right that it's mainly about adding the EDR capabilities?

我沒聽錯吧，主要是增加EDR功能？

And if so, how do you think this may impact your Symantec partnership, if at all?

如果是這樣，您認為這會如何影響您的賽門鐵克合作夥伴關係（如果有的話）？

I think we do have some like our own endpoint solution.

我認為我們確實有一些類似我們自己的端點解決方案。

So this acquisition will help us enhance that.

因此，這次收購將幫助我們增強這一點。

But our approach is more like driven by the network security part, which is FortiGate, which is a part of fabric.

但我們的方法更像是由網路安全部分驅動，即 FortiGate，它是結構的一部分。

We still have a more close partnership with Symantec.

我們與賽門鐵克仍然保持著更密切的合作關係。

At the same time, on the go-to-market strategy, we're also working more closely together.

同時，在進入市場策略上，我們也更加緊密合作。

So they do have a much bigger coverage in the enterprise and then we have more coverage in the network security.

所以他們確實在企業中有更大的覆蓋範圍，然後我們在網路安全方面有更多的覆蓋範圍。

It's a win-win partnership, will benefit both companies.

這是一種雙贏的合作關係，將使雙方公司都受益。

Got you.

明白你了。

Makes sense.

有道理。

And then kind of related, sorry if I missed it, but these SD-WAN deals that you guys are doing, are they also typically taking your secure Web gateway offering?

然後有點相關，抱歉，如果我錯過了，但你們正在進行的這些 SD-WAN 交易，他們通常也會採用你們的安全 Web 網關產品嗎？

Or are they typically pairing it with another vendor?

或者他們通常會將其與其他供應商配對？

And maybe you can talk about how that might change, whether it's a large or midsize enterprise?

也許您可以談談這可能會如何改變，無論是大型企業還是中型企業？

Actually, for the secure Web gateway, the West market, a lot of them, to access all this at the same time, you do need to have at least one connection there.

實際上，對於安全 Web 網關，西方市場，很多，要同時訪問所有這些，您確實需要至少有一個連接。

So it's actually helping both.

所以它實際上對雙方都有幫助。

And at the same time, you look at a lot of other like player, so because they don't have a -- they don't have the device on the premise there, like I say, the networking side and the cloud side is a totally different concept.

同時，你會看到很多其他類似的播放器，因為他們沒有——他們沒有設備，就像我說的，網路端和雲端是一個完全不同的概念。

The cloud can not replace a network.

雲端無法取代網路。

They need a network to access the cloud.

他們需要網路來存取雲端。

At the same time, from a user angle, they probably need to use like the Secure Computing Rating to measure whether the cost or how deep the security they can go and also how -- the performance they can get.

同時，從使用者角度來看，他們可能需要使用安全計算評級之類的工具來衡量他們的成本或安全程度，以及他們可以獲得的效能。

Because sometimes, when you forward data to the cloud, that data is also starting to become less secure, whether you cannot encrypt during the process forward of the cloud cost or Secure Computing Rating much worse compared to some (inaudible) there.

因為有時，當您將資料轉發到雲端時，該資料也開始變得不那麼安全，無論您在轉發雲端的過程中無法加密，成本還是安全運算評級都比那裡的一些（聽不清楚）差得多。

So that's where they need from the total cost ownership and also total security angle to address with an architecture approach they have.

因此，這就是他們需要從總成本所有權和總安全角度來利用他們擁有的架構方法來解決的問題。

But I do believe that there's both -- both side have their own kind of advantage.

但我確實相信兩者都有——雙方都有自己的優勢。

At the same time, I don't think that both side is already kind of at each other's market share.

同時，我不認為雙方已經在爭奪對方的市場份額。

It's a little bit different approach.

這是一個有點不同的方法。

Our next question comes from Michael Turits with Raymond James.

我們的下一個問題來自邁克爾·圖里茨和雷蒙德·詹姆斯。

Two questions.

兩個問題。

One, you mentioned, Keith, a couple of times that you benefited from discounting.

一，基思，您曾多次提到您從折扣中受益。

Can you talk about, first of all, is that across the board?

您能否先談談這是否是全面的？

Is that again in the Gateway Network segment?

又是在網關網段嗎？

Or is it across the board?

或者說是一刀切的嗎？

And what's driving that?

是什麼推動了這一點？

Because this has typically been a very competitive market where discounting has been strong.

因為這通常是一個競爭非常激烈的市場，折扣力道很大。

Discounting was across the board.

全面打折。

I think we got a fair amount of lift out of the Americas on it.

我認為我們在美洲方面獲得了相當大的提升。

But I saw it across the board, both in terms of geographies and across product offerings or product suites.

但我從各個方面都看到了這一點，無論是在地理位置方面還是在產品供應或產品套件方面。

I think it really brings home the notion that, and Ken alluded to it, for security effectiveness, security performance, security power, for what you're paying for a Fortinet solution versus what you're getting, we have a competitive advantage there.

我認為這確實讓我們明白了這樣一個概念：Ken 提到過，就安全有效性、安全性能、安全能力而言，就您為Fortinet 解決方案所支付的費用與所獲得的費用而言，我們在這方面擁有競爭優勢。

And so the discounting part of the conversation should, and I think we saw in the quarter, hit our competitors who are going up against us more harder than it hits us.

因此，我認為我們在本季看到，對話中的折扣部分應該會對我們的競爭對手造成更大的打擊，他們與我們的競爭比對我們的打擊更大。

Okay.

好的。

And then, Ken, it was very interesting what you said about competing or selling into the service providers from an MSP perspective and talking about them utilizing Zscaler as a solution also.

然後，Ken，您所說的從 MSP 角度競爭或銷售給服務提供者以及談論他們也利用 Zscaler 作為解決方案非常有趣。

So is that -- typically, you've been very strong in selling your appliances there.

通常情況下，您在那裡銷售設備的能力非常強。

Is that a competitive or a substitute product for you right now to sell against Zscaler?

這是您目前針對 Zscaler 銷售的競爭產品還是替代產品？

And how are you competing with that offering?

您如何與該產品競爭？

We're more like supporting a service provider offer similar solution.

我們更像是支持服務提供者提供類似的解決方案。

Because the service provider, they do own a lot of data center connectivity infrastructure.

因為作為服務供應商，他們確實擁有大量的資料中心連接基礎設施。

And in the past, they offer a little bit different kind of service, whether using the appliance or securing the data center.

在過去，他們提供的服務有點不同，無論是使用設備還是保護資料中心。

Now they also can make half or certain whether they call the process to secure data in the data center or some other approach, right?

現在，他們還可以一半或確定是否調用該過程來保護資料中心中的資料或其他方法，對吧？

So that's where we're most supporting service provider, give them the flexibility, what kind of a service, what kind of a way they want to offer, we're also supporting behind, whether by forwarding the traffic data to their data center.

所以這就是我們最支持服務提供者的地方，給他們靈活性，他們想要提供什麼樣的服務，什麼樣的方式，我們也在後面提供支持，無論是透過將流量資料轉發到他們的資料中心。

The process, or they want to process locally on edge and leverage the other part, like a clean pipe or some other way to approach.

該過程，或者他們希望在邊緣進行本地處理並利用其他部分，例如乾淨的管道或其他方法。

So we do offer them multiple solution for service provider, depending on service provider and their customer need.

因此，我們確實為服務提供者提供了多種解決方案，具體取決於服務提供者及其客戶的需求。

So that's just my (inaudible) just one type of service, and service provider offering right now.

所以這只是我（聽不清楚）的一種服務，以及服務提供者現在提供的服務。

Our next question comes from Shaul Eyal with Oppenheimer.

我們的下一個問題來自 Shaul Eyal 和 Oppenheimer。

Congrats on strong set of results and the guidance for the upcoming quarter.

恭喜一系列強勁的業績和下一季的指導。

Keith, not to beat a dead horse, but I want to go back to the gross margin, healthy performance this quarter.

基思，不是要死馬當活馬醫，但我想回到毛利率，本季的健康表現。

You've mentioned several times that it's going to be back probably to a more normalized range.

您多次提到它可能會回到更正常化的範圍。

But on the other hand, you also flagged the favorable discounting trends, the ASP, the product mix.

但另一方面，您也標記了有利的折扣趨勢、平均售價、產品組合。

Can you drill down slightly more into those components?

您能否進一步深入了解這些組件？

Was it the discounting?

是打折的嗎？

Was it the product mix?

是產品組合嗎？

Anything specific that stood out.

任何突出的具體內容。

Or just a combination?

或只是一個組合？

And I have a follow-up.

我有一個後續行動。

Yes.

是的。

I think it's -- we had "contributions" to the gross margin from the discount, but also the deal mix that came through in the quarter.

我認為，我們的折扣對毛利率做出了“貢獻”，而本季的交易組合也對我們做出了“貢獻”。

We also had, as some of our products have matured, you tend to get cost savings on a per unit cost.

我們還發現，隨著我們的一些產品已經成熟，您往往會節省單位成本。

We saw that trend continue through the quarter.

我們看到這種趨勢在整個季度持續存在。

And we also had a bit of benefit on what we would call our indirect product COGS, things like reserves and so forth and overhead.

我們也從所謂的間接產品銷貨成本（COGS）、儲備金等以及管理費用等方面獲得了一些好處。

All 3 of those contributed to it in the quarter.

所有這三者都在本季度做出了貢獻。

I think the one side, you see some time when you sell a part, there for certain competition, whether on discounting or price competition.

我認為一方面，你會看到有時當你出售零件時，會存在一定的競爭，無論是折扣還是價格競爭。

But on the other side, because we have a huge computing power SPU, so we can easily add additional function like SD-WAN, which are able additional service.

但另一方面，因為我們擁有龐大的運算能力SPU，所以我們可以輕鬆添加附加功能，例如SD-WAN，從而能夠提供附加服務。

Our service tend to have a much better margin compared with the product.

與產品相比，我們的服務往往有更好的利潤。

So that will help.

所以這會有幫助。

The other trend we see is really, so we call the fabric approach.

我們看到的另一個趨勢是真正的，所以我們稱之為布料方法。

So the multi-product selling together.

所以多產品一起銷售。

That's where the fabric grows much faster than a FortiGate path.

這就是結構比 FortiGate 路徑成長快得多的地方。

That's also making the sales cost, the deal size get bigger, so that also help improve the margin.

這也使得銷售成本和交易規模變得更大，因此也有助於提高利潤率。

So that's where we do see some time, when there's less competition, you may compete on certain product pricing.

因此，我們確實看到，當競爭較少時，您可能會在某些產品定價上競爭。

But overall, we're keeping improving the margin by additional service, by additional product bundled together.

但總體而言，我們正在透過附加服務和捆綁在一起的附加產品不斷提高利潤。

Got it.

知道了。

This is great color.

這是很棒的顏色。

And I want to touch also on Europe, on EMEA.

我還想談談歐洲、歐洲、中東和非洲地區。

So very consistent performance in the region.

因此該地區的表現非常一致。

But you flagged out, I believe, both the U.K. and Germany.

但我相信，你已經把英國和德國都排除在外了。

So can you talk to us a little bit about some of the dynamics that you have seen there during the quarter?

那麼您能否與我們談談您在本季看到的一些動態？

Yes, I think only slightly because we anticipated that we were going to get asked about it.

是的，我認為只是輕微的，因為我們預計我們會被問到這個問題。

I would offer that U.K. and Germany were slightly below the rest of the company in terms of total growth.

我認為英國和德國的總成長略低於公司其他地區。

But again, given our diversification of business, it's not significant enough to have really any sort of impact on our growth rate.

但同樣，考慮到我們的業務多元化，它的影響不足以對我們的成長率產生真正的影響。

Our next question comes from Jonathan Ho with William Blair.

我們的下一個問題來自喬納森·何和威廉·布萊爾。

Congrats on the strong results.

祝賀取得強勁的成果。

I just wanted to maybe start out with a little bit of color in terms of the initial reception for some of your, I guess, AWS-based products like the WAF as a service.

我只是想從一些基於 AWS 的產品（如 WAF 即服務）的最初接受情況開始談起。

And maybe any commentary you have around cloud spending on the public cloud.

也許還有您對公有雲上的雲端支出的任何評論。

Look, I think we may offer a little more granularity on it a couple of weeks at the Analyst Day.

聽著，我認為我們可能會在幾週的分析師日上提供更詳細的資訊。

But both cloud and fabric are growing more than twice the rest of the company in terms of growth period over the period.

但就這段時期的成長而言，雲端和結構的成長是公司其他部門的兩倍以上。

You want to talk more about WAF or?

您想多談談 WAF 還是？

Yes, I think he has a pretty good -- I think we'll probably go through more detail even with some sales exactly -- or even for a customer to present together in the Analyst Day in the next couple of weeks.

是的，我認為他有一個很好的——我想我們可能會詳細介紹一些細節，甚至是一些銷售——甚至讓客戶在接下來幾週的分析師日上一起展示。

Got it.

知道了。

And then just as a follow-up, one of the things that we wanted to understand a little bit better is just the entire SD branch concept to where you're selling more than just SD-WAN, but maybe bundling some other products in conjunction with the core SD-WAN and gateway.

作為後續行動，我們想要更好地理解的一件事就是整個 SD 分支概念，您銷售的不僅僅是 SD-WAN，但可能還捆綁了一些其他產品具有核心 SD-WAN 和網關。

Can you maybe talk about how does that maybe add to the size of the deals or maybe help differentiate Fortinet just by being able to offer a lot more capability?

您能否談談這如何增加交易規模，或者透過提供更多功能來幫助 Fortinet 脫穎而出？

SD branch may be referred to some branch SMB part, which they more prefer like a single box, easy to manage and at the same time can extend into the WiFi, some other networking area.

SD分支可能是指一些分支SMB部分，他們喜歡像單一盒子一樣，易於管理，同時可以擴展到WiFi，其他一些網路區域。

So we do see that also growing together with SD-WAN approach, but it's just a subset of the total infrastructure approach we have and -- but we do see, like -- is the other part, whether the fabric and the SD-WAN, some other part.

因此，我們確實看到它也與 SD-WAN 方法一起發展，但這只是我們擁有的整體基礎設施方法的子集，而且我們確實看到了另一部分，無論是結構還是 SD-WAN ，其他一些部分。

It's kind of like a concept we call secure driven networking.

這有點像我們所說的安全驅動網路的概念。

And that's where we -- in the big enterprise, you need to do internal segmentation.

這就是我們在大企業中需要進行內部細分的地方。

But within a branch, you probably try to consolidate some kind of different product or different solution together.

但在一個分支內，您可能會嘗試將某種不同的產品或不同的解決方案整合在一起。

Our next question comes from Walter Pritchard with Citi.

我們的下一個問題來自花旗銀行的沃爾特‧普里查德 (Walter Pritchard)。

I guess 2 related questions.

我猜有兩個相關問題。

A question and a follow-up.

一個問題和一個後續行動。

On the 26% that was the non-network security.

26% 是非網路安全。

Can you help us understand maybe stack rank product families and especially interested if SD-WAN is now the largest product in that piece of non-network security?

您能否幫助我們了解也許是堆疊層級的產品系列，特別感興趣的是 SD-WAN 現在是否是非網路安全領域最大的產品？

No, SD-WAN has got no real impact on the mix, if you will, of the business between FortiGate and non-FortiGate, if that's the question.

不，如果你願意的話，SD-WAN 對 FortiGate 和非 FortiGate 之間的業務混合沒有真正的影響，如果這是問題的話。

And then in terms of the contributors in the fabric suite of products, it's the same it's been before, which is FortiManager, FortiAnalyzer as well as our virtual firewalls.

然後就結構產品套件中的貢獻者而言，它與以前相同，即 FortiManager、FortiAnalyzer 以及我們的虛擬防火牆。

Yes.

是的。

The SD-WAN function is included in the FortiGate.

SD-WAN 功能包含在 FortiGate 中。

It's part of the FortiOS function there.

它是 FortiOS 功能的一部分。

So that's where -- so the SD-WAN is not counted within 26%.

這就是 SD-WAN 不計入 26% 之內的地方。

It's other non-Fortigate part.

這是其他非 Fortigate 部分。

I think one problem -- SD branch probably helped a little bit.

我認為有一個問題——SD 分支可能有點幫助。

But SD-WAN is always in the FortiGate.

但 SD-WAN 始終位於 FortiGate 中。

Okay.

好的。

And then just related to cloud security, you mentioned virtual firewalls.

然後就與雲端安全相關，您提到了虛擬防火牆。

Can you talk about what drove within that cloud category the performance in the quarter.

您能否談談是什麼推動了該雲端類別本季的業績？

It sounds like that was a driver of the strength?

聽起來那是力量的驅動者？

That's where we see we have a multi-cloud, hybrid cloud and also like a more consistent offer, a broad offering for customers, whether they use an appliance on the enterprise or whatever, or go to the cloud or virtualize it.

這就是我們看到的多雲、混合雲以及為客戶提供更一致、更廣泛的產品的地方，無論他們是在企業上使用設備還是其他什麼，或者轉到雲端或虛擬化它。

So it's really a broad offering, consistently give the customer flexibility, whether they want to deploy the function on-premise in their plans, or they want to deploy in the cloud.

因此，這確實是一個廣泛的產品，始終為客戶提供靈活性，無論他們是想在計劃中本地部署該功能，還是想要在雲端中部署。

And we can easily move back and forth.

我們可以輕鬆地來回移動。

But also while interesting, we did some calculation, you see we call this secure Computing Rating.

但同時有趣的是，我們做了一些計算，你看我們稱之為安全計算評級。

so the cloud offering tend to have a much higher cost compared to our on-premise offering that we have using whether like an ASIC approach or some other approach.

因此，與我們使用的本地產品（無論是 ASIC 方法還是其他方法）相比，雲端產品的成本往往要高得多。

And that's where -- but some of it, probably because customers want to have certain flexibility or the management, usually, they may still chosen not.

這就是地方 - 但其中一些，可能是因為客戶希望有一定的靈活性或管理，通常，他們可能仍然選擇不。

But we can easily point out to the customer, it's their choice and we offer all these broad coverage also on the multiple cloud provider or other function we have, like we have almost 10 different products.

但我們可以輕鬆地向客戶指出，這是他們的選擇，我們還在多個雲端供應商或我們擁有的其他功能上提供所有這些廣泛的覆蓋範圍，就像我們有近 10 種不同的產品一樣。

You can buy whether appliance or you can buy and virtualize on the cloud from FortiGate and FortiManager, Analyzer, sandboxing and same, there's quite a broad offering we offer to customer to give them flexibility to select whatever they want to deploy.

您可以購買設備，也可以從FortiGate 和FortiManager、分析器、沙箱等購買並在雲端上進行虛擬化，我們為客戶提供了相當廣泛的產品，使他們能夠靈活地選擇他們想要部署的任何內容。

Yes.

是的。

And I mean we talk cloud not only with the cloud providers, but it's also private clouds as well that we're providing solutions to.

我的意思是，我們不僅與雲端供應商討論雲，而且還與我們提供解決方案的私有雲討論。

Our next question will come from Gregg Moskowitz with Mizuho.

我們的下一個問題將來自瑞穗的格雷格·莫斯科維茨（Gregg Moskowitz）。

Getting back to the enSilo acquisition.

回到 enSilo 收購。

Ken, obviously, there are many endpoint security vendors out there.

Ken，顯然，有許多端點安全供應商。

And so I was curious if you could elaborate on what drew you to them in particular?

所以我很好奇你能否詳細說明一下是什麼特別吸引你的？

They are all, we call, the fabric partner.

我們稱之為布料合作夥伴。

They're working together quite a while and working all together well and also have a very successful go-to-market approach, just like the same thing we did for the FortiNAC, a company, a Bradford Networks that we did about 1 year ago.

他們已經合作了很長一段時間，並且合作得很好，並且有一個非常成功的進入市場的方法，就像我們大約一年前為FortiNAC 公司所做的一樣，這是布拉德福德網絡公司。

So that's where -- now we have close to 100 partners, 100 Forti fabric partners.

這就是現在我們有近 100 個合作夥伴，100 個 Forti 布料合作夥伴。

So that's where probably (inaudible) from that angle first.

所以從這個角度來看，這可能是（聽不清楚）首先發生的地方。

Make sure we can work together first.

首先確保我們可以合作。

Okay.

好的。

That's really helpful.

這真的很有幫助。

And then just for Keith.

然後是基斯。

So as you mentioned, both the Americas and EMEA grew very well this quarter, your revenue growth in Asia Pac, though, I think, did decelerate.

正如您所提到的，本季美洲和歐洲、中東和非洲地區的成長都非常好，但我認為亞太地區的營收成長確實有所放緩。

And I know that you were facing a tougher compare.

我知道你面臨更艱難的比較。

Just wondering if there was anything else that you would call out?

只是想知道您還有什麼要說的嗎？

Yes, I think that -- I guess, that's going to give us something to work on in the fourth quarter, right, bringing Asia Pacific back to a healthier growth pattern than we saw in the third quarter.

是的，我認為——我想，這將為我們在第四季度提供一些工作，對吧，讓亞太地區恢復到比第三季更健康的成長模式。

Probably a little bit of hiring lag for the first part of the year.

今年上半年的招募可能會有些落後。

I think, by comparison, we feel very good about the conversation we had at the beginning of the year about needing to get to the U.S. and the Americas team focused on hiring, and we see the results of that.

我認為，相較之下，我們對今年年初關於需要前往美國和美洲團隊專注於招募的對話感到非常滿意，我們也看到了結果。

So I think we'll spend a little time with APAC next quarter.

因此，我認為下季度我們將花一些時間關注亞太地區。

So that's probably the major part of it, but also our small part is also APAC, they tend to sell a little bit more low end, and then we do have some kind of product transition.

所以這可能是其中的主要部分，但我們的一小部分也是亞太地區，他們傾向於銷售低端產品，然後我們確實進行了某種產品轉型。

That's where some service provider, some partner, they wait a little bit, like when we announced the 60F today, make it available right away.

這就是一些服務提供者、一些合作夥伴等待的地方，就像我們今天宣布 60F 時一樣，立即提供它。

So that's where we're helping because the new generation will have a much better performance and about the same cost.

這就是我們正在提供幫助的地方，因為新一代將具有更好的性能和大約相同的成本。

Our next question comes from Daniel Ives with Wedbush.

我們的下一個問題來自韋德布希的丹尼爾艾夫斯。

Yes.

是的。

Can you talk about government deals?

您能談談政府交易嗎？

Are they starting to get larger in terms of especially if there's a move to cloud on the securities?

它們是否開始變得更大，尤其是在證券轉向雲端運算的情況下？

Are you starting to see those changes on the federal in terms of pipeline?

您是否開始看到聯邦在頻道方面的這些變化？

So when we talk about government for our business, keep in mind, it's international governments and it's some U.S. federal, but it also includes on the U.S. side, state and local governments.

因此，當我們談論我們業務的政府時，請記住，這是國際政府和一些美國聯邦政府，但也包括美國方面的州政府和地方政府。

I wouldn't say that there's anything driving out of the U.S. Fed business that's impacting our business one way or the other in terms of deal sizes.

我不會說聯準會業務中的任何事情都會在交易規模方面以某種方式影響我們的業務。

Okay.

好的。

And can you just talk about just generally like hiring plans from a sales rep perspective?

您能否從銷售代表的角度談談一般性的招募計畫？

Like, is that something you think is going to stay steady?

就像，你認為這會保持穩定嗎？

Accelerate?

加速？

How would you kind of, from a high level, think about that over the next 6 to 12 months?

在接下來的 6 到 12 個月內，您會如何從高層角度來考慮這個問題？

They're improving.

他們正在進步。

So you can see last quarter, Q3, we do add more headcount.

所以你可以看到上個季度，第三季度，我們確實增加了更多的員工人數。

And -- but there's some region, certain verticals still behind, like Keith mentioned, APAC.

而且，但有一些地區、某些垂直領域仍然落後，就像基斯提到的，亞太地區。

So that's where we're keeping improving there.

這就是我們不斷改進的地方。

And I think with more sales capacity, with more marketing coverage, we can grow faster.

我認為，憑藉更大的銷售能力和更大的行銷覆蓋範圍，我們可以成長得更快。

Our next question comes from Brad Zelnick with Crédit Suisse.

我們的下一個問題來自瑞士信貸銀行的 Brad Zelnick。

This is Ray McDonough on for Brad.

我是雷·麥克多諾 (Ray McDonough) 替補布拉德 (Brad)。

Ken, just a follow-up on the enSilo acquisition.

Ken，只是 enSilo 收購的後續行動。

I know you mentioned you had a strong partnership with them.

我知道你提到你與他們有著牢固的合作關係。

And the company has some very interesting technology.

該公司擁有一些非常有趣的技術。

But having been around for several years and the price you paid seems to imply they weren't generating a lot of revenue or not growing very well, or a combo of the 2. What, if anything, do you see that you might be able to do with the technology that maybe the company wasn't able to achieve on a stand-alone basis?

但已經存在了好幾年了，你支付的價格似乎意味著他們沒有產生大量收入或增長不佳，或者兩者兼而有之。獨立實現的技術有關嗎？

It's pretty interesting, quite a few of our acquisitions are very similar.

這很有趣，我們的許多收購都非常相似。

They have a great technology.

他們擁有出色的技術。

They have a great team there.

他們那裡有一支很棒的團隊。

But then they need much more investment for go to market.

但隨後他們需要更多的投資才能進入市場。

So that's where we kind of tend to like these kind of companies so they can leverage our sales force and also customer base to quickly help them to improve in the go-to-market side.

因此，這就是我們傾向於喜歡這類公司的地方，這樣他們就可以利用我們的銷售團隊和客戶群來快速幫助他們在進入市場方面進行改進。

At the same time, we also want to make sure we can integrate well together.

同時，我們也希望確保我們能夠很好地融合在一起。

And so we don't want to create too many different product approach.

因此我們不想創建太多不同的產品方法。

But integration is very key.

但整合非常關鍵。

That's where we most study from the Forti fabric partners side first and make sure we can integrate, and then that's where the decision we made.

這是我們首先從 Forti 結構合作夥伴進行研究並確保我們能夠整合的地方，然後這就是我們做出決定的地方。

And we do believe they have a great product regime.

我們確實相信他們擁有出色的產品體系。

And then one for Keith, if I could.

如果可以的話，再給基斯一份。

I might have missed it, but can you share what unit shipment growth was in the quarter?

我可能錯過了，但您能分享一下本季的單位出貨量成長嗎？

We didn't provide it, but I would say that what we're seeing most recently that unit shipment growth is moving right in tandem with product revenue growth.

我們沒有提供它，但我想說的是，我們最近看到單位出貨量的成長與產品收入的成長同步成長。

And our next question will come from Ken Talanian with Evercore ISI.

我們的下一個問題將來自 Evercore ISI 的 Ken Talanian。

So first, could you give us a sense for the main drivers for your success in competing in the enterprise segment?

首先，您能否讓我們了解一下您在企業領域競爭中取得成功的主要驅動力？

And maybe give us a sense for how the pipeline has evolved over the past year.

也許也能讓我們了解過去一年管道的發展。

I think there's multiple angle from the technology product side.

我認為從技術產品角度來看有多個角度。

We feel all solution product technology fit better for the changing for the trend.

我們認為所有的解決方案產品技術都更適合潮流的變化。

Like I said, the security border disappeared in enterprise, so you need to go inside, add internal segmentation.

就像我說的，安全邊界在企業中消失了，所以你需要進入內部，並添加內部分段。

You also need to expand in the WAN and also working with service provider for the other cloud approach, mobile approach, all these kinds of things.

您還需要在廣域網路中擴展，並與其他雲端方法、行動方法等服務供應商合作。

And then the fabric, also, we -- because all fabrics are -- most of products we build internally, it's integrated, automated from Day 1. It's worked much better compared to some other competitor, they have to all depend on acquisition.

然後是面料，我們——因為所有面料都是——我們內部生產的大部分產品，從第一天起就集成、自動化。依賴收購。

And so that's really helping the enterprise overall infrastructure security and also making the deal like larger and also most sticky with the customer.

因此，這確實有助於企業整體基礎設施的安全，並使交易規模更大，對客戶也最具黏性。

Yes, I think, Ken -- the concepts Ken's talking about, the security value is clearly at play here with the enterprises.

是的，我認為，肯恩——肯談論的概念，安全價值顯然在企業中發揮作用。

But also, as Ken talked about in his prepared remarks, being in the Gartner Magic Quadrant now for 3 years in a row has really served to open up the door and getting us invited to RFPs that 5 years ago, we probably didn't even know exist.

而且，正如 Ken 在他準備好的演講中談到的那樣，連續 3 年進入 Gartner 魔力像限確實為我們打開了大門，讓我們受邀參加 5 年前我們可能甚至沒有參加過的 RFP知道存在。

And I think we've become pretty good and benefit from then following that up with things like NSS Labs certifications and recommendations, too many S in that, I'm sorry.

我認為我們已經變得非常好，並從 NSS 實驗室認證和建議等後續行動中受益，其中有太多 S，我很抱歉。

But that third-party testing, if you will, I think once you're in and you have the opportunity, you're offering them these recommendations from third-parties together with our security value does indeed make a fairly compelling opportunity for us.

但是第三方測試，如果你願意的話，我認為一旦你加入並且你有機會，你向他們提供來自第三方的這些建議以及我們的安全價值確實為我們提供了一個相當有吸引力的機會。

Also, we kind of more invest in the sales team and also the marketing approach there.

此外，我們對銷售團隊和行銷方法進行了更多投資。

That's also helpful.

這也很有幫助。

So it's really like additional sales coverage and more focus in enterprise.

因此，這實際上就像額外的銷售覆蓋範圍和對企業的更多關注。

And also, we have a better internal tool to tracking whether the enterprise account coverage or the sales productivity.

而且，我們有更好的內部工具來追蹤企業客戶覆蓋率或銷售生產力。

And so I think all these different parts are helping improving enterprise sales.

因此，我認為所有這些不同的部分都有助於提高企業銷售。

Okay.

好的。

Great.

偉大的。

And earlier, you mentioned that we take a look at the Gartner data with regards to SD-WAN.

早些時候，您提到我們查看了有關 SD-WAN 的 Gartner 資料。

And it sounds like SD-WAN is essentially included in FortiGate.

聽起來 SD-WAN 本質上已包含在 FortiGate 中。

So I was wondering if you could give us a sense for how we should think about the accounting for a revenue recognition for deals with SD-WAN?

所以我想知道您是否可以讓我們了解我們應該如何考慮 SD-WAN 交易的收入確認會計？

And any kind of framework we can think about in terms of the uplift that you might see to a deal that's driven by that requirement.

我們可以考慮任何類型的框架，以提高您可能看到的由該要求驅動的交易。

Always good to have a GAAP conversation to close the call.

進行 GAAP 對話以結束通話總是好的。

So thank you for that.

所以謝謝你。

Yes, there's no difference in the accounting for it because you're selling a FortiGate appliance that has embedded with it a whole bunch of different functionalities, one of which -- SSL would be one as an example.

是的，其會計處理沒有什麼區別，因為您銷售的 FortiGate 設備嵌入了一大堆不同的功能，其中一個 - SSL 就是一個例子。

Another would be SD-WAN functionality.

另一個是 SD-WAN 功能。

And so you recognize the appliance upfront.

這樣您就可以預先辨識該設備。

All the appliances -- well, I shouldn't say all, the majority of the appliances attached out of FortiCare, FortiGuard security subscription with them.

所有設備——好吧，我不應該說全部，大多數設備都是透過 FortiCare、FortiGuard 安全訂閱附加的。

And so that part of the deal is allocated to deferred revenue and then recognized over time.

因此，交易的這一部分被分配到遞延收入，然後隨著時間的推移而確認。

But you still receive on the FortiGate, the appliance.

但您仍會在 FortiGate 上收到該設備。

We're still recognizing that revenue upfront.

我們仍在預先確認收入。

Speakers, I'm showing no further questions in the queue at this time.

各位發言者，目前我在隊列中沒有顯示任何其他問題。

I would now like to call -- turn the call back over to you for any closing remarks.

我現在想打電話——將電話轉回給您，請您發表結束語。

Great.

偉大的。

Thank you, Sherry.

謝謝你，雪莉。

I'd like to thank everyone for joining the call today and let you know that Fortinet will be hosting an Analyst Day on November 18 as well as attending the following investor conferences during the fourth quarter.

我要感謝大家參加今天的電話會議，並讓您知道 Fortinet 將在 11 月 18 日舉辦分析師日活動，並在第四季度參加以下投資者會議。

We'll be at the RBC Conference on November 19 in New York; the Crédit Suisse Conference in Scottsdale on December 3; the UBS Conference in New York on December 10; and the Barclays conference here in San Francisco on December 11.

我們將參加 11 月 19 日在紐約舉行的 RBC 會議； 12 月 3 日在斯科茨代爾舉行的瑞士信貸會議； 12 月 10 日在紐約舉行的瑞銀會議；以及 12 月 11 日在舊金山舉行的巴克萊銀行會議。

Presentations for all of these events will be webcast and a link to those webcast will be available on the Investor Relations website on those dates.

所有這些活動的演示都將進行網路廣播，並且這些網路廣播的連結將在這些日期的投資者關係網站上提供。

If you have any follow-up questions regarding the call, please give me -- please contact me, and have a great rest of your day.

如果您對通話有任何後續問題，請給我—請聯絡我，祝您今天休息愉快。

Ladies and gentlemen, this concludes today's conference call.

女士們、先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。