Fortinet Inc (FTNT) 2019 Q4 法說會逐字稿

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

女士們、先生們，感謝大家的支持，歡迎關注 Fortinet 2019 年第四季財報。

(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。

(Operator Instructions)

（操作員說明）

I would now like to hand the conference over to your speaker today, Peter Salkowski.

我現在想把會議交給今天的發言人彼得·薩爾科夫斯基。

Please go ahead.

請繼續。

Thank you, Tara.

謝謝你，塔拉。

Good afternoon, everyone.

大家下午好。

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'm pleased to welcome everyone to our call to discuss Fortinet's financial results for the fourth quarter and full year of 2019.

我很高興歡迎大家來電討論 Fortinet 2019 年第四季和全年的財務業績。

Speakers on today's call are Ken Xie, Fortinet's Founder, Chairman and CEO; and Keith Jensen, our Chief Financial Officer.

今天電話會議的發言人是 Fortinet 創辦人、董事長兼執行長 Ken Xie；和我們的財務長 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 by providing a high-level perspective on our business.

肯將在今天的電話會議開始時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 first quarter and full year of 2020, before opening the call for questions.

然後 Keith 將審查我們的財務和營運業績，提供 2020 年第一季和全年的指導，然後再開始提問。

(Operator Instructions)

（操作員說明）

Before we begin, I would 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 stated otherwise.

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 accompanies today's remarks, both of which are posted on our 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，兩者均發佈在我們的投資者關係網站上。

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 fourth quarter and full year 2019 results.

謝謝 Peter，也謝謝大家參加今天的電話會議，回顧我們 2019 年第四季和全年的業績。

We are pleased with our very strong fourth quarter performance.

我們對第四季強勁的表現感到滿意。

Billings increased 24% to $802 million driven by solid execution and growth across each of the Americas, EMEA and APAC.

由於美洲、歐洲、中東和非洲和亞太地區的穩健執行和成長，比林斯成長了 24%，達到 8.02 億美元。

Revenue increased 21% to $614 million, with product revenue up 19% and service revenue up 23%.

營收成長 21%，達到 6.14 億美元，其中產品收入成長 19%，服務收入成長 23%。

Non-GAAP operating margin was 27%.

非 GAAP 營運利潤率為 27%。

For 2019, billings increased 21% to $2.6 billion.

2019 年，帳單成長了 21%，達到 26 億美元。

Revenue was up 20% to $2.2 billion.

營收成長 20%，達到 22 億美元。

And our non-GAAP operating margin was 25%.

我們的非 GAAP 營業利益率為 25%。

These strong results were driven by our advanced FortiGate technology with SPU and Secure SD-WAN, our integrated Security Fabric platform and hybrid multi-cloud offerings.

這些強勁的業績得益於我們先進的 FortiGate 技術以及 SPU 和安全性 SD-WAN、我們的整合式 Security Fabric 平台和混合多雲產品。

Fortinet was recently named one of the top 3 vendors in the 2019 Gartner Magic Quadrant for WAN Edge infrastructure.

Fortinet 最近被評為 2019 年 Gartner 廣域網路邊緣基礎設施魔力像限中排名前 3 的供應商之一。

Fortinet's security-driven networking approach to SD-WAN offers customers the most comprehensive solution with security and enterprise-grade networking capability integrated in a single box.

Fortinet 的安全驅動型 SD-WAN 網路方法為客戶提供了最全面的解決方案，將安全性和企業級網路功能整合在一個盒子中。

Our unique approach has allowed us to gain significant market share over the past 12 months.

我們獨特的方法使我們在過去 12 個月中獲得了顯著的市場份額。

With more than 21,000 companies using Fortinet's Secure SD-WAN solution and 70% of top-tier service providers offering our SD-WAN solutions, we are now the leading SD-WAN vendor.

超過 21,000 家公司使用 Fortinet 的安全 SD-WAN 解決方案，70% 的頂級服務供應商提供我們的 SD-WAN 解決方案，我們現在是領先的 SD-WAN 供應商。

Today, we announced the release of FortiGate 40F, the most affordable next-generation firewall with Secure SD-WAN.

今天，我們宣布發布 FortiGate 40F，這是具有安全 SD-WAN 功能的最經濟實惠的下一代防火牆。

The 40F includes our new SoC4 security processor.

40F 包括我們新的 SoC4 安全處理器。

The 40F delivers Security Compute Ratings of 3 to 23 times faster than industry average appliance, which use generic CPUs.

40F 的安全運算評級比使用通用 CPU 的業界平均設備快 3 至 23 倍。

The traditional perimeter-based network security has expanded across the entire infrastructure.

傳統的基於邊界的網路安全已擴展到整個基礎設施。

To the wide area network, including SD-WAN and 5G, and to the local area network, including WiFi and internal segmentation, Fortinet's ability to offer security-driven networking and high performance with our SPU technology are clearly competitive advantages.

對於廣域網路（包括 SD-WAN 和 5G）以及區域網路（包括 WiFi 和內部分段）來說，Fortinet 透過我們的 SPU 技術提供安全驅動的網路和高效能的能力具有明顯的競爭優勢。

Going forward, we are working hard to ensure that Fortinet's 3 growth engines will help us grow faster than our competition and the market overall.

展望未來，我們正在努力確保 Fortinet 的 3 個成長引擎將幫助我們比競爭對手和整個市場更快成長。

First, we continue to gain market share in network security driven by our SPU competitive advantage.

首先，在SPU競爭優勢的推動下，我們在網路安全領域持續獲得市場佔有率。

Our SPU technology enables us to add cutting-edge security and network functionality, including SD-WAN, while maintaining strong performance despite network traffic continuing to increase.

我們的 SPU 技術使我們能夠添加尖端的安全性和網路功能，包括 SD-WAN，同時在網路流量持續增加的情況下保持強勁的效能。

The introduction of the new FortiSPU, like SoC4 and NP7, as well as the first FortiGate product build with NP7 to be announced later this month, is expected to widen our competitive advantage.

SoC4 和 NP7 等新 FortiSPU 的推出，以及將於本月稍後發布的首款採用 NP7 的 FortiGate 產品構建，預計將擴大我們的競爭優勢。

The second growth engine is our Security Fabric platform, including hybrid and multi-cloud deployments.

第二個成長引擎是我們的 Security Fabric 平台，包括混合和多雲部署。

Unlike a competitive platform that brings together loosely integrated acquired solutions, Fortinet's Security Fabric, which from the very beginning was the most developed internally, offers a broad, automated and truly integrated security platform for end-to-end protection, making it easier for a customer to consolidate to a few security vendors.

與匯集鬆散整合的收購解決方案的競爭平台不同，Fortinet 的Security Fabric 從一開始就是內部開發最完善的，它提供了一個廣泛的、自動化的、真正整合的安全平台，用於端到端保護，使客戶整合到幾個安全供應商。

Third, our engineering-focused culture of continuous innovation strongly positions Fortinet for long-term growth and competitive advantage.

第三，我們以工程為中心的持續創新文化為 Fortinet 的長期成長和競爭優勢奠定了堅實的基礎。

With at least 3x the technology patents compared to our competition, Fortinet's IoT, OT, 5G, hybrid cloud and edge solutions are leading the transition to the latest generation of cybersecurity.

Fortinet 的物聯網、OT、5G、混合雲和邊緣解決方案的技術專利數量是競爭對手的至少 3 倍，正在引領向最新一代網路安全的過渡。

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。

Now I will turn the call over to Keith for a closer look at our fourth quarter and full year performance and to provide guidance for 2020.

現在，我將把電話轉給 Keith，詳細了解我們第四季和全年的業績，並為 2020 年提供指導。

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 fourth quarter and full year of 2018, unless stated otherwise.

首先我要指出的是，除非另有說明，除收入外，財務金額均按非公認會計準則計算，增長率基於與 2018 年第四季度和全年的比較。

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 would now like to provide a summary of our strong fourth quarter performance and follow up on certain metrics from the Analyst Day.

我現在想總結一下我們第四季的強勁表現，並對分析師日的某些指標進行跟進。

We believe the metrics we shared last November highlight our diversity by geography, customer size, industry segments and solutions as well as provide insights into our financial model.

我們相信，我們去年 11 月分享的指標凸顯了我們在地理位置、客戶規模、行業細分和解決方案方面的多樣性，並提供了對我們財務模式的見解。

Let's start our fourth quarter review with revenue.

讓我們從第四季的營收回顧開始。

Total revenue of $614 million was up 21%.

總收入達 6.14 億美元，成長 21%。

Revenue growth was led by the fabric and cloud segments, with over 30% growth, followed by network security growth at 18%.

收入成長由結構和雲端領域引領，成長超過 30%，其次是網路安全成長 18%。

Product revenue growth was 19% or $239 million, benefiting from both legacy firewall use cases and consistent with Ken's SD-WAN commentary, from continued adoption of our FortiGate-based Secure SD-WAN solution.

產品收入成長了 19%，即 2.39 億美元，這得益於傳統防火牆用例，並且與 Ken 的 SD-WAN 評論一致，得益於我們基於 FortiGate 的安全 SD-WAN 解決方案的持續採用。

Simply put, our Secure SD-WAN firewall use case combines, in a single appliance, security with application-aware routing that can lower MPLS and other costs.

簡而言之，我們的安全 SD-WAN 防火牆用例在單一裝置中將安全性與應用程式感知路由結合，從而降低 MPLS 和其他成本。

The fourth quarter revenue growth of 19% was consistent with our strong third quarter performance, even when faced with a more difficult year-over-year comparison.

即使面臨更困難的年比比較，第四季 19% 的營收成長與我們強勁的第三季業績一致。

We believe our product revenue growth may be among the highest in this network security industry.

我們相信我們的產品收入成長可能是網路安全產業中最高的。

Moving to service revenue.

轉向服務收入。

Our higher-margin service revenue increased 23% to $376 million and represented 61% of total revenue, increasing 10 points in 4 years.

我們的高利潤服務收入成長了 23%，達到 3.76 億美元，佔總收入的 61%，在 4 年內成長了 10 個百分點。

FortiGuard security subscription revenue increased 24% to $205 million.

FortiGuard 安全訂閱收入成長 24%，達到 2.05 億美元。

FortiCare technical support and other service revenue increased 21% to $170 million.

FortiCare 技術支援和其他服務收入成長 21%，達到 1.7 億美元。

Renewal rates remained consistent with prior periods and within the guidelines we provided at the Analyst Day.

續約率與前期保持一致，且符合我們在分析師日提供的指導方針內。

Deferred revenue at the beginning of the fourth quarter accounted for approximately 90% of service revenue.

第四季初的遞延收入約佔服務收入的90%。

Revenue growth on a geographic basis saw the Americas up 23%, APAC up 22% and EMEA up 19%.

依地理劃分，美洲地區收入成長 23%，亞太地區成長 22%，歐洲、中東和非洲地區成長 19%。

Before continuing with our fourth quarter results, I would like to highlight our revenue performance for the year.

在繼續我們第四季的業績之前，我想先強調一下我們今年的營收表現。

Total revenue for the full year grew 20% to $2.2 billion.

全年總收入成長 20%，達到 22 億美元。

Product revenue grew 17%.

產品收入成長17%。

Service revenue grew 21% and represented 63% of total revenue.

服務收入成長 21%，佔總收入的 63%。

Now turning to the fourth quarter with a focus on billings.

現在轉向第四季度，重點關注帳單。

Total billings increased 24% to $802 million.

總帳單成長了 24%，達到 8.02 億美元。

Network security product and service billings increased 20% and accounted for 73% of total billings.

網路安全產品和服務的帳單增加了 20%，佔總帳單的 73%。

Illustrating the continued traction with our fabric platform and cloud strategies, non-network security billings increased 35%.

非網路安全帳單成長了 35%，這說明我們的結構平台和雲端策略持續受到關注。

In Europe, we saw Germany perform better than planned, while in the U.K., billings declined.

在歐洲，我們看到德國的表現優於計劃，而在英國，帳單下降。

The U.K. decline appears related to Brexit distractions, and we expect U.K. billings growth will return to positive territory in the current quarter.

英國的下滑似乎與英國脫歐的干擾有關，我們預計英國的帳單成長將在本季恢復正值。

Looking at verticals -- billings by verticals, service providers and MSSPs accounted for 18% of total billings.

從垂直產業來看，垂直產業、服務提供者和 MSSP 的帳單佔總帳單的 18%。

And we experienced outpaced growth from government, financial services, retail and education.

我們的成長速度超過了政府、金融服務、零售和教育。

As a follow-up to the Analyst Day, I would note the top 5 verticals, again, accounted for 65% of total billings.

作為分析師日的後續活動，我再次指出前 5 個垂直產業佔總帳單的 65%。

At year-end, total deferred revenue increased 27% to $2.1 billion and short-term deferred revenue increased 22% to $1.2 billion.

截至年底，遞延收入總額成長 27%，達到 21 億美元，短期遞延收入成長 22%，達到 12 億美元。

Looking now at deal sizes and illustrating our continued expansion into the enterprise market, deals over $1 million increased 36% to 64 deals.

現在來看看交易規模並說明我們對企業市場的持續擴張，超過 100 萬美元的交易增加了 36%，達到 64 筆。

Secure SD-WAN was a leading contributor to the increase in the number of deals in excess of $1 million, accounting for 10 deals in the quarter, up from 4 deals 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，本季有 10 筆交易，高於去年的 4 筆交易。

And with a reference to our diversification, we have now completed 11 quarters in a row without a single transaction representing over 2% of quarterly billings.

就我們的多元化而言，我們現已連續 11 個季度沒有一筆交易占季度帳單的 2% 以上。

The number of deals over $250,000 increased 29% to 469.

超過 25 萬美元的交易數量增加了 29%，達到 469 筆。

And the number of deals over $500,000 increased 53% to 197.

超過 50 萬美元的交易數量增加了 53%，達到 197 筆。

In the fourth quarter, our average contract term increased 1 month to 26 months.

第四季度，我們的平均合約期限增加了1個月至26個月。

As we noted at the Analyst Day, Secure SD-WAN transactions included a greater mix of enterprise customers and somewhat longer contract terms.

正如我們在分析師日指出的那樣，安全 SD-WAN 交易包括更多的企業客戶組合和更長的合約期限。

Moving back to the income statement.

回到損益表。

In the fourth quarter, gross margin improved 230 basis points to 78%.

第四季度，毛利率提高了 230 個基點，達到 78%。

Product gross margin improved 400 basis points to 61.9%.

產品毛利率增加400個基點至61.9%。

As we saw in the third quarter, product gross margin benefited from gains in average selling price as well as lower direct unit cost and indirect cost.

正如我們在第三季看到的那樣，產品毛利率受益於平均售價的上漲以及直接單位成本和間接成本的降低。

We are pleased with the product gross margin improvement we have achieved in each of the last 2 quarters.

我們對過去兩季中每季實現的產品毛利率改善感到滿意。

Services gross margin increased 90 basis points to 88.2%.

服務毛利率成長 90 個基點至 88.2%。

Operating margin for the fourth quarter increased 110 basis points to 26.8%.

第四季營業利益率成長 110 個基點，達到 26.8%。

The improvement in gross margin was partially offset by an increase in the pace of hiring, mostly in sales and marketing, lower sales attrition and spending associated with the recent M&A activity.

毛利率的提高部分被招募速度的加快（主要是銷售和行銷領域的招募速度）、與近期併購活動相關的銷售流失和支出減少所抵銷。

For the full year, gross margin was 77.5%, up 150 basis points from 2018, benefiting from a 190 basis point improvement in product gross margin.

全年毛利率為77.5%，較2018年上升150個基點，受惠於產品毛利率提升190個基點。

And for the full year, the operating margin was 24.5%, up 220 basis points from 2018.

全年營業利益率為24.5%，較2018年上升220個基點。

Total headcount ended the year at 7,082, an increase of 21% from the end of 2018.

截至年底，員工總數為 7,082 人，較 2018 年底增加 21%。

However, the 2 fourth quarter acquisitions increased headcount by 135.

然而，第四季的 2 次收購增加了 135 名員工。

Excluding these 2 acquisitions, headcount would have increased 19%.

排除這兩項收購，員工人數將增加 19%。

Given the strong operating income performance, net income for the fourth quarter was $132 million or $0.76 per diluted share.

鑑於強勁的營業收入表現，第四季淨利潤為 1.32 億美元，即稀釋後每股收益 0.76 美元。

Net income for the full year was $432 million, an increase of 35%, resulting in earnings per diluted share of $2.47.

全年淨利潤為 4.32 億美元，成長 35%，稀釋後每股收益為 2.47 美元。

On a GAAP basis, we reported full year net income of $327 million or $1.87 per diluted share.

根據 GAAP 計算，我們公佈的全年淨利潤為 3.27 億美元，即稀釋後每股收益 1.87 美元。

This represents our 11th consecutive year of GAAP profitability, a milestone we had been able to achieve every year since becoming a publicly traded company in 2009.

這代表我們連續 11 年實現 GAAP 獲利，這是我們自 2009 年成為上市公司以來每年都能實現的里程碑。

Moving to the statement of cash flows summarized on slides 10, 11 and 12.

前往投影片 10、11 和 12 中總結的現金流量表。

Adjusted free cash flow for 2019 increased 28% to $776 million.

2019 年調整後自由現金流成長 28%，達到 7.76 億美元。

Capital expenditures for the fourth quarter were $47 million, including $36 million on real estate spending.

第四季資本支出為 4,700 萬美元，其中房地產支出為 3,600 萬美元。

For 2020, capital expenditures are expected to be between $210 million to $240 million, which includes spending on the campus expansion.

2020年，資本支出預計在2.1億至2.4億美元之間，其中包括校園擴建支出。

We expect first quarter total capital expenditures to between $25 million and $35 million, again including spending on the campus expansion.

我們預計第一季總資本支出將在 2,500 萬至 3,500 萬美元之間，其中同樣包括園區擴建支出。

In the fourth quarter, we repurchased approximately 303,000 shares of our common stock for a total cost of $23 million.

第四季度，我們回購了約 303,000 股普通股，總成本為 2,300 萬美元。

For the full year, we repurchased 1.9 million shares for a total cost of $141 million.

全年，我們回購了 190 萬股股票，總成本為 1.41 億美元。

At the end of the fourth quarter, the remaining share repurchase authorization was $1.6 billion, with the plan set to expire at the end of February 2021.

截至第四季末，剩餘股票回購授權為16億美元，計畫將於2021年2月底到期。

Before wrapping up with guidance, I would like to offer information on 2 additional areas: our fourth quarter acquisitions; and also SD-WAN.

在結束指導之前，我想提供有關另外兩個領域的資訊：我們第四季度的收購；還有 SD-WAN。

First, on the M&A side, we completed 2 technology and talent tuck-in acquisitions in late October and December.

首先，在併購方面，我們在10月下旬和12月完成了兩起技術和人才引進收購。

With the combined contribution to fourth quarter revenue significantly less than 1%, these acquisitions pulled down fourth quarter operating margin by approximately 1/2 of a percentage point.

由於這些收購對第四季度收入的貢獻合計遠低於 1%，因此導致第四季度營業利潤率下降約 1/2 個百分點。

We expect the impact from these acquisitions on the first quarter and full year 2020 operating margins to be roughly a 100 basis point headwind.

我們預計這些收購對 2020 年第一季和全年營運利潤率的影響將約為 100 個基點。

Second, our Secure SD-WAN offering continues to be a point of differentiation for Fortinet.

其次，我們的安全 SD-WAN 產品仍是 Fortinet 的差異化點。

In the fourth quarter, Secure SD-WAN billings represented high single digits of total billings.

第四季度，安全 SD-WAN 帳單佔總帳單的高個位數。

In 2019, for the full year, Secure SD-WAN added about 7 points to product revenue growth and represented mid- to high single digits of total billings.

2019 年全年，安全性 SD-WAN 使產品收入成長約 7 個百分點，佔總帳單的中高個位數。

On a full year basis, there were no significant changes to the year-to-date third quarter metrics for Secure SD-WAN that we provided at the Analyst Day.

從全年來看，我們在分析師日提供的安全 SD-WAN 第三季指標沒有重大變化。

Service contracts continue to attach to the FortiGates at a rate consistent with other FortiGate use cases.

服務合約繼續以與其他 FortiGate 使用案例一致的速度附加到 FortiGates。

And finally, new logos continue to account for approximately 50% of Secure SD-WAN billings.

最後，新標誌繼續佔安全 SD-WAN 帳單的約 50%。

Next, I would like to review our outlook for the first quarter and full year 2020, summarized on Slide 13, which is subject to the disclaimers regarding forward-looking information that Peter provided at the beginning of the call.

接下來，我想回顧一下投影片 13 中總結的 2020 年第一季和全年展望，該展望受 Peter 在電話會議開始時提供的有關前瞻性資訊的免責聲明的約束。

For the first quarter, we expect billings in the range of $635 million to $655 million; revenue in the range of $555 million to $565 million; non-GAAP gross margin of 77.5% to 78.5%; non-GAAP operating margin of 19% to 20%; non-GAAP earnings per share of $0.50 to $0.52, which assumes a share count of between $175 million and $177 million.

我們預計第一季的營收將在 6.35 億美元至 6.55 億美元之間；收入在5.55億美元至5.65億美元之間；非公認會計準則毛利率為 77.5% 至 78.5%；非公認會計準則營業利益率為 19% 至 20%；非公認會計準則每股收益為 0.50 美元至 0.52 美元，假設股數在 1.75 億美元至 1.77 億美元之間。

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

我們預計非 GAAP 稅率為 24%。

As I begin to provide 2020 guidance, I would like to remind everyone of the financial model expectations for the next 3 years that was provided at the November Analyst Day.

在我開始提供 2020 年指導時，我想提醒大家注意 11 月分析師日提供的未來 3 年財務模型預期。

For the period from 2020 through the end of 2022, we expect organic billings and revenue growth to be at least 15% for each of the next 3 years and non-GAAP operating margin to average at least 25% during this 3-year period.

從 2020 年到 2022 年底，我們預計未來 3 年每年的有機收入和收入成長至少為 15%，非 GAAP 營運利潤率在這 3 年期間平均至少為 25%。

For 2020, we expect billings in the range of $3,025,000,000 to $3,075,000,000; revenue in the range of $2,525,000,000 to $2,555,000,000; total service revenue in the range of $1,635,000,000 to $1,655,000,000; non-GAAP gross margin of 77.5% to 78.5%; non-GAAP operating margin of 23.5% to 24.5%.

2020 年，我們預計營收將在 3,025,000,000 美元至 3,075,000,000 美元之間；收入在 2,525,000,000 美元至 2,555,000,000 美元之間；服務總收入在 1,635,000,000 美元至 1,655,000,000 美元之間；非公認會計準則毛利率為 77.5% 至 78.5%；非公認會計準則營業利益率為 23.5% 至 24.5%。

While we estimate the recent acquisitions will be a 100 basis point year-to-year headwind to our 2020 operating margin, included in the numbers above, we believe our operating margin over the next 3 years will average at least 25%.

雖然我們估計最近的收購將使我們 2020 年的營業利潤率年減 100 個基點（包含在上述數字中），但我們相信未來 3 年的平均營業利潤率將至少為 25%。

Non-GAAP earnings per share of $2.70 to $2.73, which assumes a share count of between 180 million and 182 million.

非公認會計準則每股收益為 2.70 美元至 2.73 美元，假設股票數量介於 1.8 億股至 1.82 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 to be approximately $40 million.

我們預計現金稅約為 4000 萬美元。

Along with Ken, I would like to welcome the CyberSponse and again, the enSilo teams to Fortinet, and thank our partners, our customers and the Fortinet team for all their support and hard work.

我謹與 Ken 一起歡迎 Cyber​​Sponse 以及 enSilo 團隊來到 Fortinet，並感謝我們的合作夥伴、客戶和 Fortinet 團隊的所有支援和辛勤工作。

With that, I will hand the call back over to Peter.

這樣，我會將電話轉回給彼得。

Thank you very much, Keith.

非常感謝你，基斯。

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

接線員，我們已準備好開始問答。

(Operator Instructions) Our first question comes from the line of Brian Essex with Goldman Sachs.

（操作員說明）我們的第一個問題來自高盛的布萊恩·埃塞克斯（Brian Essex）。

And congratulations on some nice results.

恭喜您取得了一些不錯的成績。

I was wondering, Keith, if maybe you could unpack the guidance a little bit.

我想知道，基思，你是否可以稍微解開一下指南。

Coming in, particularly on the growth side of the equation, several hundred basis points over your kind of at least 50% -- 15% guide on the Analyst Day, where does the confidence there come from?

進來，特別是在等式的增長方面，比分析師日至少 50% - 15% 的指導值高出數百個基點，那麼信心從何而來？

And what are some of the levers that could, I guess, give us some comfort that there's the appropriate level of conservatism in that number?

我想，有哪些槓桿可以讓我們感到安慰，因為這個數字有適當程度的保守？

Yes, I think the -- when you look at a longer-term model, you're probably looking more at Gartner growth rates in terms of what you expect to see from SD-WAN, what you expect to see in the network firewall and what you see -- what you expect to see in the fabric.

是的，我認為，當您考慮長期模型時，您可能會更專注於 Gartner 成長率，包括您期望從 SD-WAN 中看到的內容、您期望在網路防火牆中看到的內容以及您所看到的——您期望在織物中看到的。

And I think the guidance is certainly within those ranges when you factor in our historical ability to outgrow the market.

我認為，當你考慮到我們超越市場的歷史能力時，指導肯定在這些範圍內。

I think as you get -- if you pull that in, particularly to, say, the first quarter or even the current year, it's much more based upon the pipeline.

我認為，如果你把它拉進來，特別是第一季甚至今年，它更多地取決於管道。

And when we look at the pipeline and the opportunities that we see in the pipeline, it clearly supports the guidance that we've just provided.

當我們查看管道以及我們在管道中看到的機會時，它顯然支持我們剛剛提供的指導。

Also, we do increase the sales capacity with the additional hiring in the sales and marketing.

此外，我們確實透過增加銷售和行銷人員的招募來提高銷售能力。

Reaching close to 20% total headcount increase will definitely help to drive additional growth.

總人數成長接近 20% 肯定有助於推動進一步成長。

Got it.

知道了。

That's helpful.

這很有幫助。

And maybe if I could follow up with a quick one on the current results for the quarter.

也許我可以快速跟進本季目前的業績。

Product revenue, nicely strong in the high teens and services revenue as well during a quarter where maybe some of your peers found it a little more challenging to put up positive product revenue growth at the very least.

產品收入在十幾歲的時候非常強勁，服務收入在一個季度也很強勁，也許你的一些同行發現至少要實現產品收入的正增長更具挑戰性。

How much did, I guess, SD-WAN and fabric contribute to each of those segments?

我猜 SD-WAN 和結構對每個細分市場的貢獻有多大？

And how might you view the overall spending environment for core firewall considering the results that you had?

考慮到您所獲得的結果，您如何看待核心防火牆的整體支出環境？

And I did hear you comment on high single-digit SD-WAN contribution, but if maybe you could paint a bigger picture of other contributing factors to those line items and the spending environment overall would be really helpful.

我確實聽到您對 SD-WAN 貢獻高個位數的評論，但如果您能更全面地了解這些項目的其他影響因素以及整體支出環境，將會非常有幫助。

Yes, this is Ken.

是的，這是肯。

For the network security, we believe we are simply gaining a lot of market share because the product architecture with our own ASIC, what we call SPU, is -- has huge computing power and can keep adding whether a security function or the networking function of SD-WAN.

對於網路安全，我們相信我們只是獲得了大量的市場份額，因為我們自己的ASIC產品架構，我們稱之為SPU，具有巨大的運算能力，並且可以不斷添加無論是安全功能還是網路功能軟體定義廣域網路。

Like even the product we announced today, like that's from 3x to 23x more powerful than other competitor industry average.

就像我們今天宣布的產品一樣，它的功能比其他競爭對手的行業平均值高出 3 到 23 倍。

So this will make us keeping gaining market share.

所以這將使我們不斷獲得市場份額。

And also, the SD-WAN market, last year, is about $1.5 billion and they grow 15% year-over-year in the next few years.

此外，去年 SD-WAN 市場規模約 15 億美元，未來幾年將年增 15%。

So we are now the leading vendor in SD-WAN, with the most customers and also the most service providers also starting to adopt our SD-WAN solution.

因此，我們現在是 SD-WAN 領域的領先供應商，大多數客戶和服務供應商也開始採用我們的 SD-WAN 解決方案。

So we do believe we're also keeping gaining share in that space.

因此，我們確實相信我們在該領域的份額也在不斷增加。

So that also will help us.

這也對我們有幫助。

And the fabric, you can see almost double the network security growth because our fabric is mostly internally developed and well integrated.

至於結構，您可以看到網路安全性成長幾乎翻倍，因為我們的結構主要是內部開發的並且整合良好。

That's more easy to like upsell, cross-sell once some product gets in and because of the other part of fabric kind of working together quite well.

一旦某種產品進入市場，並且由於織物的其他部分可以很好地協同工作，就更容易進行追加銷售和交叉銷售。

So that's where customers see the benefit of consolidation, so we see that's also a growth driver.

這就是客戶看到整合好處的地方，所以我們認為這也是一個成長動力。

There's a few other new technology we also pioneered, and -- but that's probably more long term, maybe still a few more years to see materialize, but we do -- we also lead in some of the technology changes in the space.

我們也開創了其他一些新技術，而且——但這可能是更長期的，也許還需要幾年時間才能實現，但我們確實——我們也引領了該領域的一些技術變革。

Our next question comes from the line of Brad Zelnick with Crédit Suisse.

我們的下一個問題來自瑞信銀行的 Brad Zelnick。

And I'll echo my congratulations, what a real strong finish to 2019 and an impressive guidance as well.

我也將表達我的祝賀，2019 年是一個真正強勁的結束，也是令人印象深刻的指導。

Ken, if I can ask you a question.

肯，我可以問你一個問題嗎？

As I look to competing SD-WAN solutions out in the market, I think there are some out there that take a different architectural approach in delivering it mainly as a cloud service.

當我檢視市場上競爭的 SD-WAN 解決方案時，我認為有些解決方案採用不同的架構方法主要作為雲端服務提供。

Aside from customer preference, can you maybe speak to the architectural trade-off of centering the functionality in the cloud versus delivering it as you do?

除了客戶偏好之外，您能否談談將功能集中在雲端與像您一樣交付功能之間的架構權衡？

I think by moving some applications to the cloud actually helping like a multi-deployment in SD-WAN and at the same time, even within the cloud, there's a few research, actually whether from the government and I'll say, or come from like academia like a CMU, that the cloud actually increased the security risk, and that's where even within the cloud, you also need to secure the cloud itself.

我認為，透過將一些應用程式轉移到雲端中，實際上有助於 SD-WAN 中的多重部署，同時，即使在雲端中，也有一些研究，實際上無論是來自政府，還是來自政府像CMU 這樣的學術界認為，雲端實際上增加了安全風險，這就是即使在雲端內部，您也需要保護雲端本身的安全。

So that's also helping like, we call it, hyperscale, some other kind of approach to get inside the network.

因此，這也有助於我們稱之為超大規模，這是一種進入網路的其他方法。

And so that's probably beyond the traditional -- I mean the WAN, SD-WAN side.

因此，這可能超出了傳統的範圍——我指的是 WAN、SD-WAN 方面。

So that's where we kind of have been working with a lot of service providers, cloud providers, and making SD-WAN a part of their total offering.

因此，我們一直在與許多服務供應商、雲端供應商合作，並使 SD-WAN 成為他們整體產品的一部分。

And then we also understand, sometimes, they have their own business model, with most supporting each other, instead of competing with each other.

然後我們也理解，有時，他們有自己的商業模式，大多數是相互支持，而不是相互競爭。

So that's kind of the ecosystem that started working quite well for us.

這就是一種對我們來說運作良好的生態系統。

That's very helpful, Ken.

這非常有幫助，肯。

And Keith, if I could just follow up with a quick one for you.

基思，我能否為您快速跟進。

DSOs seem to be running a little bit hot.

DSO 似乎運作得有點熱。

Can you comment at all on linearity?

您能對線性度發表評論嗎？

I mean at the same time, you have obviously guided to a very nice Q1 and full year next year.

我的意思是，與此同時，您顯然已經引導我們實現了非常好的第一季和明年全年。

But any color on the jump would be helpful.

但跳躍時任何顏色都會有幫助。

Yes, I think the math of DSO, we picked up about a day from the acquisitions.

是的，我認為 DSO 的數學計算，我們從收購中獲得了大約一天的時間。

That pretty much puts us back in line with what you would expect normally.

這幾乎讓我們回到了您通常所期望的範圍。

I would offer my experience in high-tech when Christmas holiday season is always very busy.

當聖誕節假期總是很忙的時候，我會提供我在高科技方面的經驗。

I still think Fortinet's unusual.

我仍然認為 Fortinet 很不尋常。

Our next question comes from the line of Melissa Franchi with Morgan Stanley.

我們的下一個問題來自梅麗莎·弗蘭基 (Melissa Franchi) 與摩根士丹利 (Morgan Stanley) 的對話。

Congrats on a solid quarter.

恭喜季度業績穩健。

Ken, it looks like you're seeing good growth in large deals and multimillion-dollar deals.

肯，看起來您在大型交易和數百萬美元的交易中看到了良好的增長。

And I know that you said that SD-WAN is a leading contributor to the strength there.

我知道您說過 SD-WAN 是該領域實力的主要貢獻者。

But I'm just wondering if you could provide more color on what those deals look like.

但我只是想知道您是否可以提供更多有關這些交易的資訊。

Is it your existing customers that are refreshing at the branch?

是您現有的客戶在分行刷新嗎？

Or are you displacing some competitor solutions that are coming -- and you're coming in because of the SD-WAN capability?

或者您正在取代即將推出的一些競爭對手的解決方案——您之所以加入是因為 SD-WAN 功能？

So half the SD-WAN customers, the new customers, especially come from what's enterprise.

因此，一半的 SD-WAN 客戶（新客戶）尤其來自企業。

That also enable us to get into the traditional enterprise network security space or even the internal, like you've been saying.

這也使我們能夠進入傳統的企業網路安全空間甚至內部，就像您所說的那樣。

The traditional parameter-based network security now need to be expanded to the WAN side, like SD-WAN and 5G, and also to the internal, like whether the internal segmentation, switching to the internal WiFi.

傳統的基於參數的網路安全現在需要擴展到WAN側，例如SD-WAN和5G，也需要擴展到內部，例如是否內部分段，切換到內部WiFi。

So that's where we see that, probably, the internal is even a bigger market compared to the SD-WAN, the WAN side.

因此，我們看到，與 SD-WAN（WAN 端）相比，內部市場可能更大。

And so we see a huge opportunity, especially, we introduced the new NP7.

所以我們看到了一個巨大的機會，特別是我們推出了新的 NP7。

So the first product leverage, NP7, which is about 5x faster than the previous chip, NP6, will help us get inside a network in a very high-speed environment within the cloud.

因此，第一個產品 NP7 比之前的晶片 NP6 快約 5 倍，將幫助我們進入雲端超高速環境中的網路。

So that's also what drives additional growth.

所以這也是推動額外成長的因素。

So I do see, so the SD-WAN go to the WAN side and also go to the internal network side, help us expand a lot of our new markets inside the enterprise and also gain a lot of new customers for us.

所以我確實看到，所以SD-WAN走到WAN側，也走到內部網路側，幫助我們在企業內部拓展了許多新市場，也為我們贏得了許多新客戶。

Okay.

好的。

Very helpful.

非常有幫助。

And then I have a follow-up for Keith.

然後我有一個關於基斯的後續行動。

Keith, you mentioned that ASPs were increasing in your commentary on gross margins.

Keith，您在毛利率評論中提到平均售價正在增加。

Can you just maybe comment on what's driving that ASP increase?

您能否評論一下推動 ASP 成長的因素？

Is that just a mix shift dynamic?

這只是混合變速動力嗎？

Or did you actually raise prices on appliances?

或者你真的提高電器的價格了嗎？

Yes, I think the -- I think what I'm trying to do is parse out the fact that in the benefit to gross margin, there was really 3 pieces to it.

是的，我認為——我想我想做的是解析這樣一個事實：毛利率的好處實際上有 3 個部分。

Indirect, which I would attribute to the economies of scale that we're seeing.

間接，我將其歸因於我們所看到的規模經濟。

We have a large warehouse facility that we acquired a number of years ago that -- and I think that's a fairly "permanent benefit" on the indirect side.

我們擁有一個大型倉庫設施，是我們幾年前購買的——我認為這在間接方面是一個相當「永久的好處」。

On the direct side, I think the operations team does a very good job of each quarter working down the average direct unit cost.

在直接方面，我認為營運團隊在每季降低平均直接單位成本方面都做得非常好。

And then the third component was ASP.

第三個組件是 ASP。

And I kind of broaden that conversation, if you will, a talking point.

如果你願意的話，我可以擴大這次談話的範圍，成為一個話題。

From the last quarter, I attributed it to discounting.

從上個季度開始，我將其歸因於折扣。

And the reason for that is I would put discounting as a component of ASP, but I also want to give some credit to the ability to -- of the company, if you will, to maintain the somewhat normal price list changes that you have from time to time and not giving up those back -- giving those back in discounting.

這樣做的原因是，我會將折扣作為 ASP 的一個組成部分，但我也想對公司的能力給予一些信任，如果你願意的話，可以維持你從時不時地不放棄那些回饋——以折扣的方式回饋這些回饋。

The other economy of scale working is really the ASIC chip, right?

另一種規模經濟確實是 ASIC 晶片，對嗎？

So we are the #1 unit shipment, probably more than the #2, #3, #4 combined as well help us, where it kind of lower the average cost of per ASIC chip, which give us huge computing power over the generic CPU the competitors are using.

因此，我們是排名第一的單位出貨量，可能比排名第二、排名第三、排名第四的單位總和還多，這也對我們有所幫助，這降低了每個ASIC 晶片的平均成本，這為我們提供了超過通用CPU 的巨大運算能力競爭對手正在使用。

So that's also helping driving the cost lower.

因此，這也有助於降低成本。

Our next question comes from the line of Shaul Eyal with Oppenheimer.

我們的下一個問題來自 Shaul Eyal 和 Oppenheimer 的對話。

Congrats on a strong performance.

恭喜您的強勁表現。

Keith or Ken, Germany and the U.K., or maybe we should call it Frankfurt and then London, tale of 2 countries, tale of 2 cities.

基斯或肯，德國和英國，或者我們應該稱之為法蘭克福，然後是倫敦，兩個國家的故事，兩個城市的故事。

Talk to us a little bit about what has been driving the strength in Germany and why do you expect the U.K. to bounce back in the first quarter?

請與我們談談推動德國走強的因素以及為何預計英國將在第一季反彈？

Yes.

是的。

I think the -- sorry, Ken, I didn't mean to jump on you.

我想──對不起，肯，我不是故意要跳到你身上的。

I think -- in Germany, I think it's just been -- it's been a balanced growth throughout the quarter.

我認為，在德國，我認為整個季度的成長都是平衡的。

I think we came into the quarter with perhaps some concerns given the economy there in Germany, but the diversification that we see within the country, I think, paid off for us.

我認為，鑑於德國的經濟，我們在進入本季時可能會有些擔憂，但我認為，我們在該國看到的多元化為我們帶來了回報。

I think in the U.K., to answer the question very specifically, when I look at the pipeline in Q1 versus what we saw in Q4, I feel very comfortable to comment about it, returning to positive growth in the quarter.

我認為在英國，要非常具體地回答這個問題，當我查看第一季的管道與我們在第四季度看到的管道時，我很樂意對此發表評論，該季度恢復了正增長。

Fair enough.

很公平。

Fair enough.

很公平。

And maybe along the same lines, nice bounce in APAC.

也許沿著同樣的思路，亞太地區也出現了良好的反彈。

What's driving that?

是什麼推動了這一點？

And do you see that contribution or growth as sustainable within that region?

您認為這種貢獻或成長在該地區是否可持續？

Yes.

是的。

APAC has a pretty good fourth quarter.

亞太地區第四季的表現相當不錯。

And also, we started to speed up some hiring there, which is a little bit behind early last year, which is also going to help drive the future growth.

此外，我們開始加快那裡的招募速度，這比去年年初略有落後，這也將有助於推動未來的成長。

Our next question comes from the line of Fatima Boolani with UBS.

我們的下一個問題來自瑞銀集團的法蒂瑪·布爾尼 (Fatima Boolani)。

Ken, I'll start with you.

肯，我就從你開始吧。

Just with regards to SD-WAN, tremendous momentum there.

就 SD-WAN 而言，勢頭強勁。

I wanted to understand, just from a strategy perspective how you are pitching the SD-WAN value proposition to your telco and service provider and carrier partners because to some extent, the secure SDN proposition is counter to some of the other areas of telco's businesses like the MPLS stream.

我想從策略角度了解您如何向電信公司、服務供應商和營運商合作夥伴推銷 SD-WAN 價值主張，因為在某種程度上，安全 SDN 主張與電信公司業務的其他一些領域相悖，例如MPLS 流。

So I wanted to better understand what your strategy is with telcos.

所以我想更了解你們對電信公司的策略是什麼。

And then I have a follow-up for Keith, if I may.

如果可以的話，我會對基斯進行後續報道。

Yes, it's a lower total cost of ownership, especially we have a 1 box solution compared to some other network vendor, whatever.

是的，整體擁有成本較低，尤其是與其他網路供應商相比，我們擁有單盒解決方案。

They need to have 2, 3 box.

他們需要有 2、3 個盒子。

One for SD-WAN, one for security, one for networking.

一種用於 SD-WAN，一種用於安全，一種用於網路。

And so we have all this integrated in a single box.

因此，我們將所有這些整合在一個盒子中。

And also, because the huge computing power comes from our SPU, security process unit, so we can easily outperform and add additional function, combining all the security network function together.

而且，由於龐大的運算能力來自我們的SPU（安全處理單元），因此我們可以輕鬆地超越並添加附加功能，將所有安全網路功能組合在一起。

And still like -- easily like a 3- to 30x faster than other like a single SD-WAN function box or security box.

而且仍然很容易比單一 SD-WAN 功能盒或安全盒快 3 到 30 倍。

So that's the advantage we have in the technology investment for ASIC chip.

這就是我們在ASIC晶片技術投入的優勢。

Gives us huge computing power, not just for the SD-WAN function, but also additional security function, additional network function if we keeping adding there.

為我們提供了巨大的運算能力，不僅僅是SD-WAN功能，如果我們繼續添加的話，還可以提供額外的安全功能、額外的網路功能。

So that's where the service provider enterprise hugely benefits because for them, whether you're using the box to -- whether service-based revenue of kind of helping lower enterprise total cost.

因此，這就是服務提供者企業獲得巨大利益的地方，因為對他們來說，無論您是否使用該盒子，基於服務的收入是否有助於降低企業總成本。

So that's where we see over 70% top-tier service provider offer our SD-WAN solution.

因此，我們看到超過 70% 的頂級服務供應商提供我們的 SD-WAN 解決方案。

So that's where we become a leading vendor.

這就是我們成為領先供應商的地方。

We believe we have the most customer base study adopt our SD-WAN with 21 selling customer -- companies started using our SD-WAN which combined SD-WAN security together.

我們相信，我們有最多的客戶群研究採用了我們的 SD-WAN，有 21 個銷售客戶——公司開始使用我們的將 SD-WAN 安全性結合在一起的 SD-WAN。

And also, it's very interesting.

而且，這非常有趣。

So the service we offer with SD-WAN actually is the highest-level service we have.

所以我們透過SD-WAN提供的服務其實是我們擁有的最高等級的服務。

So we do have like a UTM service, an enterprise service, and then we call 360 service which -- like including all the UTM enterprise and class, all the provisional services, including SD-WAN provisioning and management service.

因此，我們確實有 UTM 服務、企業服務，然後我們稱之為 360 服務——包括所有 UTM 企業和類別、所有臨時服務，包括 SD-WAN 配置和管理服務。

So that's where -- so SD-WAN definitely helping drive the additional service, additional security into a lot of new enterprise customer, which we can't -- half the SD-WAN deal has come from new customer which never bought our product before.

因此，SD-WAN 肯定有助於為許多新企業客戶提供額外的服務和額外的安全性，而我們無法做到這一點 - SD-WAN 交易的一半來自以前從未購買過我們產品的新客戶。

Yes.

是的。

And I think -- just a follow-up on Ken's comment about the 70 -- 30% of the SD-WAN service providers.

我認為，這只是 Ken 對 70 - 30% SD-WAN 服務提供者的評論的後續。

I think what we probably saw, particularly in the first half of 2019, was a little bit of hesitation from the carrier and the service providers, and maybe that's related to their MPLS revenue streams.

我認為我們可能看到，尤其是在 2019 年上半年，營運商和服務提供者有點猶豫，這可能與他們的 MPLS 收入流有關。

But we've certainly seen a shift in that thinking, I would say, over the last 3 or 4 months.

但我想說，在過去的三、四個月裡，我們確實看到了這種想法的轉變。

That's super helpful.

這非常有幫助。

And Keith, just for you.

還有基思，只為你。

You're very specific about the step-up in sales hiring and sort of the higher pace of sales hiring.

您對銷售招募的升級以及銷售招募的加快步伐非常具體。

I'm wondering if you can put a finer point on where these additional sales resources and increased sales capacity is going to be concentrated, whether from the vertical or geographical or even use case perspective.

我想知道您是否可以更詳細地說明這些額外的銷售資源和增加的銷售能力將集中在哪裡，無論是從垂直、地理還是用例的角度來看。

I'd appreciate that color.

我很欣賞那個顏色。

Yes.

是的。

I think the way I'd probably respond to that question is the way we look at it in terms of adding sales capacity.

我認為我可能會回答這個問題的方式是我們從增加銷售能力的角度來看待它。

And there's probably 2 key criteria that Ken and I talk about.

肯和我談論的可能有兩個關鍵標準。

One is we want to see somebody who -- a sales leader who's demonstrated performance, that when you give them more resources,that they're going to be able to execute with it; and two, that they want that additional responsibility.

一是我們希望看到這樣的人——一位表現出色的銷售領導者，當你給他們更多的資源時，他們將能夠利用這些資源來執行；第二，他們想要額外的責任。

Now luckily, we're in a very good position where that crosses geographic lines and it crosses verticals.

現在幸運的是，我們處於一個非常好的位置，可以跨越地理界限，也可以跨越垂直領域。

But I think that's more of the playbook that we're after right now.

但我認為這更多的是我們現在所追求的劇本。

Our next question comes from the line of Sterling Auty with JPMorgan.

我們的下一個問題來自 Sterling Auty 與摩根大通的對話。

Ken, I wanted to start out with, as we think about the SD-WAN product road map, especially here in 2020, what are some of the key elements that you would expect to introduce this year that have been missing in the solution thus far?

Ken，當我們考慮 SD-WAN 產品路線圖時，尤其是在 2020 年，我想先了解您希望今年引入但迄今為止解決方案中缺少的一些關鍵要素？

We're definitely more working closely with the service provider, which we kind of -- are more dominant in the space and offer a lot of managed SD-WAN service and also a lot of channel partners, having more working with us, especially system integrators -- the big global system integrators so they see the benefit of SD-WAN solution compared to their traditional solution.

我們肯定會與服務供應商更密切合作，我們在該領域更具主導地位，提供大量託管 SD-WAN 服務，還有很多通路合作夥伴，與我們進行更多合作，尤其是系統整合商—大型全球系統整合商，因此他們看到了SD-WAN 解決方案相對於傳統解決方案的優勢。

The other thing we probably -- maybe over -- maybe with a little bit ahead right now is really the NP7, we kind of talked about in Analyst Day.

我們可能（也許已經結束）的另一件事可能是 NP7，我們在分析師日談過。

And then later this month, we introduced the first product biodiverse accelerate in Barcelona, which also will change the landscape.

本月晚些時候，我們在巴塞隆納推出了第一個生物多樣性加速產品，這也將改變這一格局。

This is more like a product starting to go inside the network.

這更像是一個產品開始進入網路。

So that's where the internal segmentation, the hyperscale, some other part of -- or could be even bigger market than the wide air network, which is SD-WAN we will lead in the last few years.

因此，這就是內部細分、超大規模、其他部分——或者可能是比廣域空中網路更大的市場，這就是我們將在過去幾年中引領的 SD-WAN。

So that's where there's a few drivers who are keeping -- helping us like the -- I still see more help us more in the SD-WAN in the one side is that integrates seasonal on chip.

因此，這就是有一些驅動因素一直在幫助我們，例如，我仍然看到 SD-WAN 方面對我們的幫助更大，一方面是在晶片上整合了季節性。

And then NP7, we're helping on the local area network in a high-speed environment.

然後是 NP7，我們正在幫助高速環境中的區域網路。

So that's where we're starting to see the traditional parameter-based network security need to expand into the WAN side and also the LAN side.

因此，我們開始看到傳統的基於參數的網路安全需要擴展到 WAN 端和 LAN 端。

Got it.

知道了。

And then, Keith, I apologize, I was bouncing between calls, but -- I apologize if you covered it, but I want to better understand the operating margin guidance here for 2020.

然後，基思，我很抱歉，我在兩次通話之間來回切換，但是 - 如果你涵蓋了它，我很抱歉，但我想更好地了解 2020 年的營業利潤率指導。

And in particular, how much of that impact is coming from the enSilo acquisition versus the increased hiring?

特別是，這種影響有多少來自 enSilo 收購與招募增加？

And specifically, are you at the end of this maybe increased investment phase?

具體來說，您是否已處於可能增加的投資階段的末期？

And how does that margin outlook for 2020 fit within your longer-term margin guide?

2020 年的利潤率前景如何符合您的長期利潤率指南？

Yes, I think very good questions.

是的，我認為問題非常好。

We tried to cover off in the prepared remarks that a reminder, including the fact that our comment before was that from 2020 through 2022, we expect to average at least 25% operating margin during that 3-year period of time.

我們試圖在準備好的發言中掩蓋這項提醒，包括我們先前的評論是，從 2020 年到 2022 年，我們預計在這 3 年期間平均營業利潤率至少為 25%。

And that -- first and foremost, that has not changed.

首先也是最重要的一點是，這一點沒有改變。

The other data point to keep in mind in the commentary was that the M&As that kind of hit in the tail half of the fourth quarter, the drag on operating margin in the fourth quarter was about 0.5 basis point, and the drag for the next year, when we have full quarter operations it's going to be about 1 point of drag.

評論中需要記住的另一個數據點是，第四季度後半段發生的併購，對第四季度營業利潤率的拖累約為 0.5 個基點，對明年的拖累，當我們進行完整季度的運營時，阻力將約為1 個百分點。

And so one way of looking at it is taking our operating margin at the midpoint and then adding that point back into it.

因此，看待它的一種方法是將我們的營業利潤率取中點，然後將該點加回其中。

Our next question comes from the line of Walter Pritchard with Citi.

我們的下一個問題來自花旗集團的沃爾特‧普里查德 (Walter Pritchard)。

Question on the subscription side and specifically, pretty good performance on the FortiGuard there.

關於訂閱方面的問題，特別是 FortiGuard 的表現相當不錯。

Can you help us understand components of that as you've seen that business accelerate this year?

鑑於您今年業務的加速成長，您能否幫助我們了解其中的組成部分？

What's been the driver of that trend?

這趨勢的驅動因素是什麼？

Yes.

是的。

FortiGuard -- kind of go back to some commentary from the Analyst Day, FortiGuard is -- about 85% of FortiGuard are bundles, security bundles.

FortiGuard——有點回到分析師日的一些評論，FortiGuard 是——大約 85% 的 FortiGuard 是捆綁包、安全捆綁包。

You can add to that some standalone security services, if you will.

如果您願意，您可以添加一些獨立的安全服務。

You're also going to get -- when you're trying to model it, you can also get a lag effect of when you see high product sales, say, higher in 2018 than they were in 2017.

當您嘗試對其進行建模時，您還會得到一個滯後效應，即當您看到高產品銷售時，例如 2018 年的銷售量高於 2017 年。

Those higher product sales in 2018, you're going to attach service contracts which become revenue in 2019.

2018 年產品銷量較高，您將附加服務合同，這些合約將成為 2019 年的收入。

So you're going to get the lift in '19 from the increase in product sales in 2018.

因此，您將在 19 年從 2018 年產品銷售的成長中獲得提振。

Got it.

知道了。

Then just a quick one on acquired revenue.

然後簡單介紹一下獲得的收入。

How should we think about any contribution from -- you said a small contribution in Q4.

我們應該如何看待您所說的第四季度的小貢獻的任何貢獻。

Any contribution from the 2 acquisitions in the 2020 number?

這兩筆收購對2020年的數字有何貢獻？

Yes, we've just rolled it in into the total.

是的，我們剛剛將其計入總數中。

And I think the comment I gave was it was far less than 1% in the fourth quarter.

我認為我給出的評論是第四季度遠低於 1%。

I don't really see that changing for the balance of -- that I have visibility to in 2020.

我確實認為 2020 年我所看到的平衡不會改變。

Our next question comes from the line of Jonathan Ho with William Blair.

我們的下一個問題來自喬納森·何（Jonathan Ho）和威廉·布萊爾（William Blair）的對話。

Just one for me.

只給我一個。

I just wanted to get your sense of what's happening in the cloud opportunity.

我只是想讓您了解雲端機會中正在發生的事情。

You guys mentioned hybrid cloud and sort of the multi-cloud security opportunity.

你們提到了混合雲和多雲安全機會。

I just wanted to get a sense for what trends you're seeing, particularly for 2020.

我只是想了解您所看到的趨勢，尤其是 2020 年的趨勢。

Yes, we do see cloud as a part of our February offering.

是的，我們確實將雲端視為我們二月產品的一部分。

So we gave the customer flexibility whether they wanted to be put on-premise or Google Cloud or their chosen different cloud provider, which they offer -- we offered the same thing like user interface, the same server, how are kind of a solution for them.

因此，我們為客戶提供了靈活性，無論他們想要部署在本地還是Google Cloud，還是他們選擇的不同雲端提供者（他們提供）——我們提供了相同的東西，例如使用者介面、相同的伺服器，以及如何提供解決方案他們。

And also, we're working with cloud provider, service provider well and try to expand in that area.

此外，我們正在與雲端供應商、服務供應商良好合作，並嘗試在該領域進行擴展。

So that's one of the growth drivers for us.

所以這是我們的成長動力之一。

We do believe both cloud and H need to be working together.

我們確實相信雲端和 H 需要共同努力。

Solvency is good for cloud, so that's good for the H. So that's where -- the whole solution instead of only focusing on one solution.

償付能力對雲端有利，因此對 H 也有利。

So that's where we'll be.

這就是我們將要面對的地方。

Like, what are the fabric on the cloud, the H and other.

例如，雲上的布料是什麼，H等等。

I mentioned like IoT, OT and the 5G or to be kind of working together to make it more secure.

我提到了物聯網、OT 和 5G，或者說要共同努力使其更加安全。

Our next question comes from the line of 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·詹姆斯的對話。

On the -- first for Ken, you announced the Fortinet secure SD-WAN on Equinix.

首先，Ken 宣佈在 Equinix 上推出 Fortinet 安全性 SD-WAN。

So SD-WAN, you said as a full-service.

所以SD-WAN，你說的是全方位服務。

What are your offerings and what is your strategy on a full cloud-based security offering that you would think of that would be analogous to a Zscaler, offering either for local breakout and/or for Zero-Trust network access?

您的產品有哪些？

I think they still don't have SD-WAN, and sometimes, we also partner together.

我認為他們仍然沒有SD-WAN，有時，我們也會一起合作。

And on the other side, like a lot of service provider like Equinix and some others, they do have quite a broad customer base, enterprise customer service provider and leverage their infrastructure.

另一方面，像 Equinix 等許多服務提供者一樣，他們確實擁有相當廣泛的客戶群、企業客戶服務提供者並利用其基礎設施。

So SD-WAN definitely is a new technology solution can -- like improving the service, lower the cost.

所以SD-WAN絕對是新技術解決方案，可以像改善服務、降低成本。

And that's where both the service provider, the enterprise customer all like that solution.

這就是服務提供者和企業客戶都喜歡該解決方案的地方。

So that's where we kind of approach from both, one, from end customer angle and with our own marketing force with our BDR resource; and the other one comes from the service provider partner for them to help in -- their customer to improving that service total -- lower total cost of ownership.

因此，這就是我們從兩個方面採取的方法：一是從最終客戶的角度，並利用我們自己的行銷力量和 BDR 資源；二是從最終客戶的角度出發。另一種來自服務提供者合作夥伴，幫助他們的客戶改善服務總量，降低整體擁有成本。

So that's where we see working with service providers, one of the very important ecosystem for us.

這就是我們與服務提供者合作的地方，這對我們來說是非常重要的生態系統之一。

And then for Keith, on cash flow.

然後是基斯的現金流。

This year, your cash flow grew less than net income this year, in the 20s versus in the 30s.

今年，你的現金流成長低於今年的淨收入，20 多歲與 30 多歲相比。

How should we think about it going into next year?

進入明年我們該如何思考？

Is that just timing that reverses?

難道只是時間倒轉了嗎？

Should we think about cash flow from ops growing in line with net income or EBIT next year?

我們是否應該考慮明年營運現金流的成長與淨利潤或息稅前利潤一致？

So if you're looking at the cash flow from operations, then you're excluding the real estate, correct?

因此，如果您查看營運現金流，那麼您就排除了房地產，對嗎？

You're not talking about free cash flow, Michael?

你不是在談論自由現金流嗎，麥可？

Not talking about free cash flow, just cash flow from operations.

不談論自由現金流，只談論營運現金流。

Yes, there's -- I don't think -- there's nothing different in terms of modeling it other than just maybe when the quarter ended, how payables got paid and how receivables got collected.

是的，我不認為在建模方面沒有什麼不同，除了季度結束時、應付帳款如何支付以及應收帳款如何收取之外。

And so your premise that -- basically to put words in your mouth, don't look at 1 quarter, but look at it over time, you're right.

所以你的前提是——基本上把話放在嘴裡，不要看四分之一，而是隨著時間的推移看它，你是對的。

Right.

正確的。

So in other words, in line with net income or EBIT growth next year is a good guide?

換句話說，與明年的淨利潤或息稅前利潤增長保持一致是一個很好的指導嗎？

Yes.

是的。

Our next question comes from the line of Rob Owens with Piper Sandler.

我們的下一個問題來自羅布歐文斯和派珀桑德勒的對話。

Wanted to drill down a little bit into linearity with regard to 2020.

希望深入了解 2020 年的線性情況。

And I know in 2019, we saw very strong back half out of you guys, and obviously, some of the new products in SD-WAN helped there.

我知道在 2019 年，我們看到了你們非常強大的後半部分，顯然，SD-WAN 中的一些新產品對此有所幫助。

But you're also making that push up relative to enterprise.

但相對於企業來說，你也正在推動這一點。

So are we seeing the business become a little bit more enterprise back-end weighted?

那麼我們是否看到業務變得更加重視企業後端？

Does that play out in 2020?

這會在2020年實現嗎？

And what should our initial linearity thoughts be?

我們最初的線性想法應該是什麼？

Good question.

好問題。

We spent some time with that actually recently looking at it.

我們最近花了一些時間來研究它。

And I think if you start looking at 2018's linearity by quarter, that's probably a pretty good idea of what we think -- 2019's linearity.

我認為，如果你開始按季度查看 2018 年的線性度，這可能是我們的想法 - 2019 年的線性度。

We've got a pretty good idea of what 2020 will look like, at least in terms of how we're modeling internally.

我們對 2020 年的情況已經有了很好的了解，至少在我們內部建模的方式方面是如此。

So you're probably looking -- book ending the year starting off at, say, at 21% and ending the year in the fourth quarter with maybe 29%, 30% kind of a model.

因此，您可能正在尋找一種模型，即以 21% 開始年終，到第四季度結束時可能為 29%、30% 的模型。

And in between, where our model where Q2 and Q3 tend to be very close together, so you're probably around the 24%, 25% number for both of those.

在這兩者之間，我們的模型中 Q2 和 Q3 往往非常接近，所以這兩個數字可能都在 24%、25% 左右。

Here, we also improved the hiring in like second half of 2019 which we hope will be contributing to the 2020 growth.

在這裡，我們也在 2019 年下半年改善了招聘，我們希望這將為 2020 年的成長做出貢獻。

So that's where the salary hiring in like a Q3, Q4, definitely, we'll see some sales starting ramp up to contribute in this year, 2020.

因此，這就是第三季、第四季的薪資招聘，當然，我們會看到一些銷售額開始增加，從而在 2020 年做出貢獻。

Great.

偉大的。

And then if we look at the large deal metrics, particularly the largest of deals, are these you guys pushing up market into data center situations that are massive or more branch network types of situations?

然後，如果我們查看大型交易指標，尤其是最大的交易，這些人是否會將市場推向大規模的資料中心情況或更多分支網路類型的情況？

Could you unpack that a little bit for me?

你能為我解壓一下嗎？

It's more enterprise.

它更具企業性。

That's because a lot of enterprises see the benefit of whether SD-WAN or we call the infrastructure security involved in more product in the fabric.

這是因為許多企業都看到了無論是 SD-WAN 還是我們所謂的基礎設施安全涉及更多結構產品的好處。

For the fabric also helping to make the deal earlier.

對於布料也有助於早期達成交易。

So that's where, with most sales, more partner are able to sell multiple product and also the SD-WAN starting to act more like the enterprise.

因此，在大多數銷售中，更多合作夥伴能夠銷售多種產品，而 SD-WAN 開始更像企業。

So that's definitely helped increase the deal size.

所以這肯定有助於增加交易規模。

Our next question comes from the line of Andrew Nowinski with D.A. Davidson.

我們的下一個問題來自安德魯·諾溫斯基 (Andrew Nowinski) 和 D.A.戴維森。

So I also want to ask a question on your large deal growth.

所以我還想問一個關於你們大宗交易成長的問題。

We saw deals greater than $500,000 and those greater than $1 million with impressive growth again this quarter, yet your high-end appliance revenue lagged with small and midrange appliance growth.

本季我們看到超過 50 萬美元的交易和超過 100 萬美元的交易再次出現令人印象深刻的增長，但您的高端家電收入落後於中小型家電增長。

So I was just wondering is -- if you could just provide any more color as to why are customers spending more upfront with you since it doesn't look like they're buying -- simply just buying larger appliances.

所以我只是想知道 - 你是否可以提供更多的資訊來解釋為什麼客戶會在你身上花費更多的錢，因為看起來他們並沒有購買 - 只是購買更大的電器。

The new for us are coming.

我們的新事物即將到來。

Like I said, it takes us almost 4, 5 years to develop NP7.

就像我說的，我們花了將近四、五年的時間來開發 NP7。

So that's where we finally released, and the first product will come in later this month.

這就是我們最終發布的地方，第一個產品將於本月稍後推出。

So that will have a huge advantage compared to some old products.

所以與一些老產品相比將會有巨大的優勢。

So that's where -- that will help.

這就是有幫助的地方。

Yes.

是的。

Andrew, this is Keith.

安德魯，這是基斯。

A good follow-up question to Rob and to expand on Ken's comment.

這是向 Rob 提出的一個很好的後續問題，並擴展了 Ken 的評論。

I think when you look at where the large deals are coming from, I would probably say there's really 3 sources for those.

我認為，當你查看大宗交易的來源時，我可能會說這些交易實際上有 3 個來源。

One is the SD-WAN that we talked about.

一是我們談到的SD-WAN。

Two is the large distributed enterprise that you're referring to.

二是你所指的大型分散式企業。

And then the third is, yes, having success inside the data center and displacing incumbents.

第三個是，是的，在資料中心內部取得成功並取代現有企業。

And I think each of those are contributing to the growth that we're seeing in million-dollar deals.

我認為，每一項都對我們所看到的百萬美元交易的成長做出了貢獻。

Great.

偉大的。

And then just a clarification regarding your gross margin.

然後澄清一下您的毛利率。

I know you mentioned the economies of scale as contributing to that, but the guidance for 2020 is a significant expansion from 2019.

我知道您提到規模經濟是造成這種情況的原因，但 2020 年的指導意見較 2019 年有顯著擴張。

And I thought that new appliances typically carry a lower gross margin, at least initially.

我認為新家電的毛利率通常較低，至少在最初是這樣。

And so given the new appliances you've talked about that are coming out later this month, I was wondering if you could provide any more color as to what might be driving your gross margin higher in 2020, and offsetting that, perhaps initial headwinds you normally face with the new appliance.

因此，考慮到您所談論的將於本月晚些時候推出的新設備，我想知道您是否可以提供更多的信息來說明什麼可能會在2020 年推動您的毛利率更高，並抵消這一點，也許是您最初的阻力通常會面對新設備。

Yes.

是的。

Keep in mind, we probably have 70 or 80 different firewalls on the price list at any one model at any one point in time.

請記住，我們在任何一個時間點的任何一種型號的價格表上可能都有 70 或 80 種不同的防火牆。

And then also add to that, that when introducing a new product, it doesn't necessarily mean it's going to have a significant revenue impact to a given point or to a given quarter.

然後還要補充一點，推出新產品時，並不一定意味著它會對特定點或特定季度的收入產生重大影響。

I think I wouldn't overplay the new products having an impact on gross margin, unless we're doing a lot of them all at once and they're coming online.

我認為我不會誇大新產品對毛利率的影響，除非我們同時生產很多產品並且它們即將上線。

I think if you go back to what's actually in the -- to the extent you're talking about product gross margin, and I think you were in your commentary, I made reference to 3 components.

我認為，如果你回到實際情況——就你所談論的產品毛利率而言，我認為你在評論中提到了三個組成部分。

One is, I think the indirect benefit is here to stay given the economies of scale.

一是，我認為考慮到規模經濟，間接效益將持續存在。

I do believe that the direct benefit, and Ken made reference to it with the ASIC advantage, will continue to manifest itself into our pricing and into our billings.

我確實相信，直接的好處，以及 Ken 提到的 ASIC 優勢，將繼續體現在我們的定價和帳單中。

And then thirdly, we now have 2 quarters in a row where -- whether you want to call it, ASP increases or holding line or discounting.

第三，我們現在連續兩個季度——無論你想稱之為平均售價上漲還是保持不變或折扣。

I'm not going to commit to say that, that's going to be forever.

我不會承諾這麼說，那將是永遠的。

But I think those are the components that we're looking at in terms of our modeling of gross -- product gross margin going forward.

但我認為這些是我們在未來毛產品毛利率模型中所關注的組成部分。

Lastly, if you're looking at total gross margin, it's really a mix shift as well, where at the moment, we're probably modeling a little more services with higher margin than we are with products at this point in time.

最後，如果你考慮總毛利率，這實際上也是一個混合轉變，目前，我們可能正在建模更多的服務，其利潤率比我們目前的產品更高。

Yes, also with the 2 new SPU, whether the sales -- associate force is on chip working for the NP7, we have a huge computing power enhancement on the 40,000, which also enable us to keep adding other new functions, which can also drive the service, helping like less discount and, let's say, additional huge value added with the same cost.

是的，還有2個新的SPU，無論銷售人員是否在為NP7工作的晶片上，我們在40,000上都有巨大的運算能力增強，這也使我們能夠不斷添加其他新功能，這也可以推動這項服務，有助於減少折扣，可以說，以相同的成本獲得額外的巨大附加價值。

So that also will help improve our margin.

這也將有助於提高我們的利潤率。

Our next question comes from the line of Dan Ives with Wedbush Securities.

我們的下一個問題來自韋德布希證券公司的丹艾夫斯。

So my question's specifically on the government vertical.

所以我的問題專門針對政府垂直領域。

I mean, could you just maybe talk about what's going on there?

我的意思是，你能談談那裡發生的事情嗎？

Obviously, there's a lot of lot transformation going on in deals across, especially on the federal side, where you guys obviously play well.

顯然，各地的交易正在發生很多變化，尤其是在聯邦方面，你們顯然表現得很好。

So maybe just talk about that in terms of the composition of deals activity, and just is anything changing on federal?

那麼也許只是從交易活動的組成角度來談談，聯邦方面有什麼變化嗎？

Yes, yes.

是的，是的。

I was reading my email, I saw something this morning from one of our sales people talking about it.

我正在閱讀電子郵件，今天早上我看到我們的一位銷售人員正在談論此事。

Very exciting times are coming in the U.S. Fed.

聯準會即將迎來非常令人興奮的時刻。

But I think really what you're seeing in our model right now is really diversity in our federal business -- pardon me, in our government business,which includes some benefit from the U.S. Fed but also state, local and international governments.

但我認為你現在在我們的模型中看到的確實是我們聯邦業務的多樣性——請原諒我，在我們的政府業務中，其中包括來自美聯儲的一些好處，也包括州、地方和國際政府的好處。

Got it.

知道了。

And Ken, could you just hit on 5G?

Ken，你能使用 5G 嗎？

I mean, I know you've talked about it before, but just how you're viewing that over the next 12 to 18 months, and where Fortinet plays in that opportunity.

我的意思是，我知道您之前已經討論過這個問題，但只是您如何看待未來 12 到 18 個月的情況，以及 Fortinet 在這個機會中發揮的作用。

In which one?

在哪一個？

5G.

5G。

5G.

5G。

I think it's still a little bit early.

我認為現在還有點早。

A certain vertical may be ahead of the consumer, but is -- we're working closely with a service provider, but I see it probably still need a couple of years out to see material impact.

某個垂直領域可能領先消費者，但我們正在與服務提供者密切合作，但我認為可能還需要幾年才能看到實質影響。

Our next question comes from the line of Patrick Colville with Arete Research.

我們的下一個問題來自 Arete Research 的 Patrick Colville。

Congrats on a seriously impressive quarter and next year's outlook.

恭喜令人印象深刻的季度和明年的前景。

Can I ask a financial question on the free cash flow to start with?

我可以先詢問有關自由現金流的財務問題嗎？

How much are you spending on -- in 2020 for the new campus?

2020 年，您為新校區花了多少錢？

Yes, the real estate spending will probably run between $150 million and $160 million all in next year.

是的，明年的房地產支出可能會在 1.5 億至 1.6 億美元之間。

Got it, okay, very clear.

明白了，好的，非常清楚。

And then, Ken, can I ask you about ransomware?

然後，肯，我可以問你有關勒索軟體的問題嗎？

I do a lot of work speaking to CISOs and CIOs.

我做了很多與 CISO 和 CIO 交談的工作。

And in my conversations, that's probably the #1 threat they're facing right now.

在我的談話中，這可能是他們現在面臨的第一大威脅。

So I'd love to understand from Fortinet's perspective how at all that may be driving conversations with you guys and your customers.

因此，我很想從 Fortinet 的角度來了解這到底是如何推動與你們和你們的客戶的對話的。

Yes, that's a very important topic because the majority of attack today now comes from inside.

是的，這是一個非常重要的主題，因為現在大多數攻擊都來自內部。

So that's where internal security, internal segmentation, and at the same time, combined with some other like endpoint security, like the company we just acquired, enSilo, some other -- and also -- its very, I think, more and more important.

因此，這就是內部安全、內部分段，同時與其他一些端點安全相結合，例如我們剛剛收購的公司 enSilo 以及其他一些 - 而且 - 我認為，它越來越重要。

And then also the new NP7 definitely help driving that direction inside our company network, and whether segment different department or server or data source there and even per person.

然後，新的 NP7 肯定有助於推動我們公司網路內部的這一方向，以及是否細分不同的部門、伺服器或資料來源，甚至每個人。

So that will help embed for this ransomware attack.

這將有助於嵌入此勒索軟體攻擊。

Our next question comes from the line of Taz Koujalgi with Guggenheim.

我們的下一個問題來自 Taz Koujalgi 與古根漢 (Guggenheim) 的合作。

Had a question on the equities partnership.

對股權合作有疑問。

Can you just talk a bit about the go-to-market there?

能簡單談談那裡的市場推廣嗎？

Will that be sold by Equinix or will that be sold by Fortinet?

是由 Equinix 出售還是由 Fortinet 出售？

And how does the rev-rec -- how will the rev-rec work in that case?

rev-rec 是如何運作的——在這種情況下，rev-rec 將如何運作？

Would it be still a product or will that be recognized as a service offering?

它仍然是一種產品還是會被視為一種服務產品？

Probably most starting from go-to-market together, and then we're also working on some other -- more deeper partnership, including certain products that's sort of other service offering.

可能大多數都是從一起進入市場開始，然後我們也致力於建立其他一些更深入的合作夥伴關係，包括某些屬於其他服務產品的產品。

But it's a mark of starting off a good partnership.

但這是良好合作關係開始的標誌。

Yes.

是的。

And I think it's probably just a little bit early to talk about rev-rec.

我認為現在談論轉速記錄可能還為時過早。

The press release was out just in the last 24 hours.

該新聞稿是在過去 24 小時內發布的。

So...

所以...

So got it.

所以明白了。

And then just a clarification on the guide.

然後只是對指南進行澄清。

So given that your product revenues were basically -- they grew at the same rate in '18 and '19.

因此，考慮到你們的產品收入在 18 年和 19 年基本上以相同的速度成長。

Would it be fair to assume that the service revenues -- there's no decline in the service revenue growth in '20?

假設 20 世紀服務收入成長沒有下降是否公平？

You should basically have the same service revenue growth in '20 that you had in '19?

20 世紀的服務收入成長應該與 19 世紀基本相同？

I think we actually included in the guidance service revenue for the year, so I think that will probably give you a pretty good visibility to it in the prepared comments.

我認為我們實際上已將今年的指導服務收入納入其中，因此我認為這可能會讓您在準備好的評論中對其有一個很好的了解。

Our next question comes from the line of Chaim Siegel with Elazar Advisors.

我們的下一個問題來自 Chaim Siegel 和 Elazar Advisors 的對話。

I noticed the -- obviously, the billings number was much higher than you thought, and I'm just wondering what was the components behind that.

我注意到——顯然，帳單數字比你想像的要高得多，我只是想知道背後的組成部分是什麼。

I think we saw a very good performance in many, many geos.

我認為我們在很多很多地理區域都看到了非常好的表現。

I would count the U.S. as being a very, very strong geo.

我認為美國是一個非常非常強大的地理區域。

We also did very well in our emerging markets in the quarter.

本季我們在新興市場的表現也非常好。

It was strong -- I gave you the revenue number, which is a pretty good indicator.

它很強大——我給了你收入數字，這是一個非常好的指標。

But I think, really, if I were to call out in terms of where the strength was in the quarter, I was very pleased with the U.S. and our emerging markets.

但我認為，實際上，如果我要指出本季的強勁表現，我對美國和我們的新興市場非常滿意。

Congratulations.

恭喜。

And I should -- pardon me, I got to mention on the TAM also we did a great job again.

我應該——請原諒我，我還得在 TAM 上提到我們再次做得很好。

I'm going to get in trouble, and they did a very good job.

我會遇到麻煩，但他們做得很好。

Our next question comes from the line of Nick Yako with Cowen.

我們的下一個問題來自 Nick Yako 和 Cowen 的對話。

Great.

偉大的。

I wanted to ask about fabric.

我想問一下布料。

I'm just wondering if you can provide any color around the percent of FortiGate customers that have deployed a fabric product and then maybe how that's trended over the past few years.

我只是想知道您是否可以提供有關已部署織物產品的 FortiGate 客戶百分比的任何顏色，以及過去幾年的趨勢。

I think there's -- if I'm understanding the question correctly, I think there's a very high correlation between fabric customers and FortiGate products.

我認為，如果我正確理解這個問題，我認為 Fabric 客戶和 FortiGate 產品之間有非常高的相關性。

It's fairly unusual for us to sell a fabric product to somebody who's not a FortiGate product customer.

對我們來說，向非 FortiGate 產品客戶銷售織物產品是相當不尋常的。

Right.

正確的。

Okay.

好的。

And can you tell -- helpful color around the SD-WAN contribution in 2019.

您能說出 - 2019 年 SD-WAN 貢獻的有用顏色嗎？

Any color on what that contribution was in 2018?

2018 年的貢獻有哪些？

Very, very small.

非常非常小。

I don't -- low single digits at best, probably.

我不知道——最多只能是低個位數。

This concludes today's question-and-answer session.

今天的問答環節到此結束。

I would now like to turn the call back to Peter Salkowski for closing remarks.

現在我想將電話轉回彼得·薩爾科夫斯基，讓其致閉幕詞。

Thank you, Sarah.

謝謝你，莎拉。

I'd like to thank everyone for joining the call today and let you know that Fortinet will be attending the following investor conferences in San Francisco during the first quarter.

我要感謝大家參加今天的電話會議，並讓您知道 Fortinet 將參加第一季在舊金山舉行的以下投資者會議。

We will be at the Goldman Sachs conference next week on February 11, and we'll be at the Morgan Stanley conference also in San Francisco on March 3. Presentations for both of these events will be webcast, and links to these webcasts will be available on the Investor Relations website for Fortinet.

我們將參加下週2 月11 日舉行的高盛會議，並將參加3 月3 日在舊金山舉行的摩根士丹利會議。連結在 Fortinet 投資者關係網站上。

If you have any follow-up questions, please feel free to contact me.

如果您有任何後續問題，請隨時與我聯絡。

Have a great rest of your day.

祝您有個愉快的一天。

Thank you.

謝謝。

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 participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。