Fortinet Inc (FTNT) 2024 Q3 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the Fortinet Q3 2024 earnings conference call.

歡迎參加 Fortinet 2024 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 conference over to your first speaker today, Aaron Ovadia, Senior Director of Investor Relations.

現在我想將會議交給今天的第一位發言人，投資者關係高級總監 Aaron Ovadia。

Please go ahead.

請繼續。

Thank you.

謝謝。

And good afternoon, everyone.

大家下午好。

This is Aaron Ovadia, senior director of investor relations at Fortinet.

我是亞倫·奧瓦迪亞 (Aaron Ovadia)，Fortinet 投資者關係高級總監。

I am pleased to welcome everyone to our call to discuss Fortinet's financial results for the third quarter of 2024.

我很高興歡迎大家致電我們，討論 Fortinet 2024 年第三季的財務業績。

Joining me on today's call are Ken Xie, Fortinet's founder, chairman and CEO; Keith Jensen, our CFO; John Whittle, our COO; and Christiane Ohlgart, our CAO and sales operations leader.

參加今天電話會議的還有 Fortinet 創辦人、董事長兼執行長 Ken Xie； Keith Jensen，我們的財務長；約翰‧惠特爾，我們的營運長；以及我們的 CAO 和銷售營運主管 Christiane Ohlgart。

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, Keith will then review our financial and operating results for the third quarter of 2024 before providing guidance for the fourth quarter of 2024 as updating the full year.

Ken 將在今天的電話會議中對我們的業務進行高層次的展望，然後 Keith 將審查我們 2024 年第三季度的財務和營運業績，然後提供 2024 年第四季度的指導並更新全年。

We will then open the call for questions.

然後我們將開始提問。

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

在問答環節中，我要求您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.

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。

And these forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected.

這些前瞻性陳述存在風險和不確定性，可能導致實際結果與預測有重大差異。

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 reconciliations are located in our earnings press release and in the presentation that accompany 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。

The prepared remarks for today's earnings call will be posted on the quarterly earnings section of our Investor Relations website following today's call.

為今天的收益電話會議準備的評論將在今天的電話會議後發佈在我們投資者關係網站的季度收益部分。

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

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。

Thank you, Aaron, and thank you to everyone for joining our call.

謝謝你，亞倫，也謝謝大家加入我們的電話會議。

We are pleased to report another quarter of strong execution and continued growth momentum, including record gross margin and operating margin with operation margin increased by 830 basis points to over 36%.

我們很高興地報告另一個季度的強勁執行力和持續成長勢頭，包括創紀錄的毛利率和營業利潤率，其中營業利潤率增加了 830 個基點，達到 36% 以上。

Total revenue growth of 13% as we returned to positive building and product revenue growth.

隨著我們的建築和產品收入恢復正成長，總收入成長了 13%。

Unified SASE building growth of 14%, secure operation building growth of 32%, and secure networking returned to positive growth, all driven by a continued share gain in our total addressable market of $284 billion.

統一 SASE 建築成長 14%，安全營運建築成長 32%，安全網路恢復正成長，所有這些都是由我們 2,840 億美元的總目標市場份額持續成長所推動的。

As highlighted on slide 11 of the investor presentation, Fortinet continued to be the only vendor to leverage a single operating system for the US, delivering solution with five secure network in dynamic quality report, secure service edge, SD-WAN, single vendor, network firewall, and enterprise wireless line infrastructure.

正如投資者簡報第11 張投影片中所強調的那樣，Fortinet 仍然是美國唯一一家利用單一作業系統的供應商，在動態品質報告、安全服務邊緣、SD-WAN、單一供應商、網路方面提供了具有五個安全網路的解決方案防火牆和企業無線線路基礎架構。

For the US, combined with proprietary for ASIC technology significantly boost secure computing power delivered 5 times to expect performance than our competitors while lower customers' total cost ownership and energy consumption.

對於美國來說，結合專有的 ASIC 技術，可顯著提高安全運算能力，使預期效能達到競爭對手的 5 倍，同時降低客戶的總擁有成本和能源消耗。

In the third quarter, Unified SASE building was 23% of our business, up 1.5 points, driven by secured building growth of 220 with pipeline up 130%.

第三季度，統一 SASE 建築占我們業務的 23%，成長了 1.5 個百分點，這得益於 220 座建築的穩定成長以及管道數量成長 130%。

Fortinet is the only vendor offering all SASE functions in a single-operation SIM and providing a unified networking security stack on-premise and in the cloud.

Fortinet 是唯一在單一操作 SIM 中提供所有 SASE 功能並在本地端和雲端提供統一網路安全堆疊的供應商。

This allows FortiSASE to be deployed within minutes from our SD-WAN customers.

這使得我們的 SD-WAN 客戶可以在幾分鐘內部署 FortiSASE。

Our SBS-based FortiSASE also enable sovereign SASE for service providers and large enterprise to deploy FortiSASE with their own data center for data privacy.

我們基於 SBS 的 FortiSASE 也使服務供應商和大型企業能夠透過自己的資料中心部署 FortiSASE 以實現資料隱私。

In addition, we were recently recognized as a clear leader in the 2024 Gartner magic quadrant for SD-WAN for the fifth consecutive year and notably position highest of all vendors in ability to execute for the fourth year in a row, leveraging Fortinet leading position in firewall and SD-WAN and our integrated FortiSASE within the same FortiOS, provide easiest and most secure path for migrating from traditional firewall to secure SD-WAN and Unified SASE.

此外，我們最近連續第五年被公認為 2024 年 Gartner SD-WAN 魔力像限中的明顯領導者，並且憑藉 Fortinet 在執行能力方面連續第四年在所有供應商中排名最高。我們在同一FortiOS 中整合的FortiSASE，為從傳統防火牆遷移到安全SD-WAN 和統一SASE 提供了最簡單、最安全的路徑。

We continue to invest in our global infrastructure over 3 million square feet of across office space, briefing center, operation facility, and data centers.

我們持續投資超過 300 萬平方英尺的全球基礎設施，涵蓋辦公空間、簡報中心、營運設施和資料中心。

Our own hosting capability gives us a long-term cost advantage while allowing us to use our own Fortistack for better security and management.

我們自己的託管能力為我們提供了長期的成本優勢，同時讓我們可以使用自己的 Fortistack 來實現更好的安全性和管理。

AI Security operation was our fast-growing pillar, outpacing the overall market with a 32% building growth, accounting for 10.5% of our total business, up 2 points.

人工智慧安全業務是我們快速成長的支柱，以32%的成長速度超越整體市場，占我們總業務的10.5%，上升了2個百分點。

We have expanded our secured operation portfolio with the launch of Lacework FortiCNAPP and FortiDLP, which together represent a new $20 billion market opportunity.

透過推出 Lacework FortiCNAPP 和 FortiDLP，我們擴大了我們的安全營運產品組合，這兩個產品共同代表了 200 億美元的新市場機會。

And we expect to cross-sell both solutions to a large installed base of customers.

我們希望將這兩種解決方案交叉銷售給大量客戶。

Our commitment to innovation and investment in R&D has enabled us to rapidly expanding FortiAI, our GenAI system, into seven key solutions: FortiAnalyzer, FortiManager, FortiSIEM, FortiSOAR, FortiDLP, and recently announced FortiNDR and FortiCNAPP.

我們對創新和研發投資的承諾使我們能夠快速將 GenAI 系統 FortiAI 擴展到七個關鍵解決方案：FortiAnalyzer、FortiManager、FortiSIEM、FortiSOAR、FortiDLP 以及最近發布的 FortiNDR 和 FortiCNAPP。

GenAI for FortiAI will be announced in early 2025, as Fortinet AI-based secure operation business are accelerating.

隨著Fortinet基於AI的安全營運業務加速推進，GenAI for FortiAI將於2025年初發布。

Before turning the call over to Keith, I would like to thank our employees, customers, partners, and suppliers worldwide for their continued support and hard work.

在將電話轉接給 Keith 之前，我要感謝我們全球的員工、客戶、合作夥伴和供應商的持續支持和辛勤工作。

Thank you, Ken.

謝謝你，肯。

Thank you, Aaron.

謝謝你，亞倫。

And good afternoon, everyone.

大家下午好。

Let's start with the key highlights from the third quarter.

讓我們從第三季的主要亮點開始。

We are very pleased with our strong execution and financial performance in the third quarter, repeating our second quarter performance by again achieving record gross margins and record operating margins while delivering top line results at the top of our guidance range.

我們對第三季度強勁的執行力和財務業績感到非常滿意，再次實現了創紀錄的毛利率和創紀錄的營業利潤率，同時實現了我們指導範圍頂部的頂線業績，從而重複了第二季度的業績。

Total revenue grew 13%, driven by strong growth in services revenue, and product revenues returned to growth.

在服務收入強勁成長的推動下，總收入成長13%，產品收入恢復成長。

We again added over 6,000 new logos, driven by the resilience of small enterprise customers and the strength of our robust channel partner, As you'll hear in a moment, we are pleased to again raise our revenue and operating margin guidance for the full year.

在小型企業客戶的韌性和強大的通路合作夥伴的實力推動下，我們再次添加了 6,000 多個新徽標。

And we believe we are on track to achieve our seventh consecutive year of exceeding the rule of 40.

我們相信，我們有望實現連續第七年超過 40 的目標。

Looking at billings in more detail.

更詳細地查看帳單。

RPO grew 15% to $6.1 billion, and total billings grew 6% to $1.58 billion, driven by robust growth in security operations at 32% and Unified SASE at 14%.

在安全營運成長 32% 和統一 SASE 成長 14% 的推動下，RPO 成長 15%，達到 61 億美元，總帳單成長 6%，達到 15.8 億美元。

SSE and related cloud technologies were again the fastest growers in Unified SASE, benefiting from our large SD-WAN customer base.

由於我們龐大的 SD-WAN 客戶群，SSE 和相關雲端技術再次成為 Unified SASE 成長最快的技術。

Our Unified SASE and security operation pillars are gaining considerable traction with over 90% of their billings coming from our secure networking installed base and combining to drive our SaaS solution, organic ARR growth rate of 74%.

我們的統一 SASE 和安全營運支柱正在獲得相當大的吸引力，超過 90% 的帳單來自我們的安全網路安裝基礎，並共同推動我們的 SaaS 解決方案，有機 ARR 成長率為 74%。

The customer buying journey from FortiGate to SD-WAN to SASE supports our customers drive toward consolidation and is gaining traction.

從 FortiGate 到 SD-WAN 再到 SASE 的客戶購買之旅支援我們的客戶推動整合，並且正在獲得牽引力。

This consolidation journey first begins with a firewall in FortiOS and typically expands to SD-WAN and next to SASE.

這趟整合之旅首先從 FortiOS 的防火牆開始，通常擴展到 SD-WAN 和 SASE。

I should share that two-thirds of our large and mid-enterprise customers have deployed our SD-WAN technology, providing them with a gateway to FortiSASE.

我應該分享的是，我們三分之二的大中型企業客戶已經部署了我們的 SD-WAN 技術，為他們提供了通往 FortiSASE 的網關。

These large customers, our first year of SASE delivered high, mid-single-digit penetration rates, highlighting both the dramatic expansion opportunity as well as customer demand for vendor consolidation.

這些大客戶，我們的 SASE 第一年就實現了高、中個位數的滲透率，凸顯了巨大的擴張機會以及客戶對供應商整合的需求。

Including all elements unified SASE, pipeline growth was over 30%, and while the SSE technologies are seeing pipeline and ARR growth of 130% and over 500%, respectively.

包括統一 SASE 的所有元素，管道成長超過 30%，而 SSE 技術的管道和 ARR 成長分別為 130% 和超過 500%。

Larger enterprises continue to drive our expansion into Unified SASE and the security operation markets with large and mid-enterprises representing 91% and 76% of SASE and SecOps billings, respectively.

大型企業繼續推動我們向統一 SASE 和安全營運市場擴張，大型和中型企業分別佔 SASE 和 SecOps 帳單的 91% 和 76%。

As we work through the wind-down of last year's backlog and the related year-over-year headwind to growth this year, secured networking has returned to growth as we expected.

當我們努力解決去年積壓的問題以及今年相關的同比增長阻力時，安全網路已按我們的預期恢復增長。

Rounding out the buildings commentary, SMB and large enterprise were our top two performing customer segments, while EMEA was our best-performing geography with double-digit growth.

完善建築評論，中小企業和大型企業是我們表現最好的兩個客戶群，而歐洲、中東和非洲是我們表現最好的地區，實現了兩位數的成長。

Among our top five verticals, manufacturing billings grew by over 20%, driven by OT billings of 19%.

在我們排名前五的垂直行業中，製造業的收入增長了 20% 以上，而 OT 收入增長了 19%。

Retail returned to growth for the first time in six quarters, up 9%, while the service provider vertical reached its highest growth rate over that same six-quarter period.

零售業六個季度以來首次恢復成長，成長 9%，而垂直服務提供者則達到了六個季度以來的最高成長率。

Turning to revenue and margins.

轉向收入和利潤。

Total revenue grew 13% to $1.508 billion, driven by 19% service revenue growth and product revenues returned to growth.

受服務收入成長 19% 和產品收入恢復成長的推動，總收入成長 13%，達到 15.08 億美元。

Service revenue of $1.034 billion grew 19% accounting for 69% of total revenue.

服務收入為10.34億美元，成長19%，佔總收入的69%。

Service revenue growth was driven by growth in our SaaS solutions, including 50% services growth in SecOps and 27% services growth in Unified SASE.

服務收入成長是由 SaaS 解決方案的成長推動的，其中 SecOps 的服務成長了 50%，Unified SASE 的服務成長了 27%。

Product revenue returned to growth for the first time in five quarters, increasing 2% to $474 million.

產品收入五個季度以來首次恢復成長，成長 2% 至 4.74 億美元。

Excluding the impact of backlog, product revenue grew sequentially at double-digit rates, outpacing historical norms for Q2 to Q3.

排除積壓的影響，產品收入連續兩位數成長，超過第二季至第三季的歷史正常水準。

And following a similar storyline on what we saw in Q2, with sequential growth also outpaced historical norms.

遵循與我們在第二季度看到的類似的故事情節，連續增長也超過了歷史正常水平。

A moment ago, we talked about solution consolidation and described the customer's journey around firewalls to SD-WAN and onto SASE.

剛才，我們討論了解決方案整合，並描述了客戶從防火牆到 SD-WAN 和 SASE 的旅程。

The second customer buying journey is supporting customers' convergence of security and networking.

第二個客戶購買旅程是支援客戶的安全和網路融合。

Their journey begins with Fortinet firewalls and expand to leverage our FortiLink technology to manage Fortinet switches and access points.

他們的旅程從 Fortinet 防火牆開始，並擴展到利用我們的 FortiLink 技術來管理 Fortinet 交換器和存取點。

It's worth noting that over 95% of our larger enterprise customers previously or simultaneously purchased FortiGate firewalls.

值得注意的是，超過 95% 的大型企業客戶之前或同時購買了 FortiGate 防火牆。

At the same time, our switch penetration rate for these larger customers is around 50%, highlighting both our success and the future opportunity.

同時，我們對這些大客戶的交換器滲透率約為 50%，凸顯了我們的成功和未來的機會。

Software license revenue continued its double-digit growth, driven by SecOps Solutions and represented a mid- to high-teens percentage of total product revenue.

在 SecOps 解決方案的推動下，軟體授權收入持續保持兩位數成長，佔產品總收入的中到高比例。

Combined revenue from software licenses and software services, such as cloud and SaaS security solutions, increased 33%, accelerating from 32% in the second quarter and providing an annual revenue run rate of over $900 million.

來自軟體授權和軟體服務（例如雲端和 SaaS 安全解決方案）的合併收入成長了 33%，較第二季的 32% 有所加快，年收入運行率超過 9 億美元。

Total gross margin increased 630 basis points to a quarterly record of 83.2% and exceeded the high end of our guidance range by 320 basis points.

總毛利率成長 630 個基點，達到季度紀錄的 83.2%，超出我們指導範圍的上限 320 個基點。

Gross margin benefited from higher product and service growth margins as well as a four-point mix shift to higher-margin service revenue.

毛利率受益於更高的產品和服務成長利潤率，以及四點組合轉向更高利潤率的服務收入。

Product margin of 71.6% was also a quarterly record and increased 1,370 basis points, which includes a 320-basis-point benefit related to the renegotiation of supplier contractual commitments.

產品利潤率為 71.6%，創季度記錄，成長 1,370 個基點，其中包括與供應商合約承諾重新談判相關的 320 個基點收益。

Excluding this onetime benefit, the product gross margin would have been 68.4%.

剔除此一次性收益，產品毛利率為68.4%。

Service gross margin of 88.5% increased 130 basis points as service revenue growth outpaced labor cost increases and benefited from a mix shift toward higher-margin FortiGuard security subscription services.

服務毛利率為 88.5%，成長了 130 個基點，原因是服務收入成長超過了勞動力成本成長，並受益於向利潤率更高的 FortiGuard 安全訂閱服務的混合轉型。

Operating margin increased 830 basis points to a quarterly record of 36.1% and was 360 basis points above the high end of our guidance range.

營業利益率成長 830 個基點，達到 36.1% 的季度記錄，比我們指導範圍的上限高出 360 個基點。

Excluding the onetime benefit to product gross margins, operating margins would have been 35.1%.

剔除產品毛利率的一次性收益，營業利益率為 35.1%。

Taken together with our reported Q2 margins, the Q3 margins, excluding the onetime benefit, provide directional insights to our financial performance.

與我們報告的第二季度利潤率相結合，第三季度利潤率（不包括一次性收益）為我們的財務業績提供了方向性見解。

Before moving on to the statement of cash flows, I'd like to provide a few details related to the impact of Lacework and Next DLP acquisitions.

在討論現金流量表之前，我想提供一些與 Lacework 和 Next DLP 收購影響相關的細節。

These acquisitions increased Q3 billings and revenue by approximately 60 basis points and 90 basis points, respectively, and increased gross and operating margins by about 30 basis points and 220 basis points, respectively, and I should note decreased gross margin and operating margins.

這些收購使第三季的營業額和收入分別增加了約60 個基點和90 個基點，毛利率和營業利潤率分別增加了約30 個基點和220 個基點，但我應該注意到毛利率和營業利潤率有所下降。

Looking at the statement of cash flow summarized on slides 16 and 17.

請參閱投影片 16 和 17 中總結的現金流量表。

Free cash flow was $572 million, representing a margin of 38%.

自由現金流為 5.72 億美元，利潤率為 38%。

And adjusted for real estate investments, the margins came in at 40%.

經過房地產投資調整後，利潤率為 40%。

In the first nine months of the year, free cash flow was $1.5 billion or $1.75 billion after adjusting for real estate investments.

今年前 9 個月，自由現金流為 15 億美元，調整房地產投資後為 17.5 億美元。

Cash taxes were $140 million, up $114 million, reflecting the prior year's regulatory extensions of estimated tax payments.

現金稅為 1.4 億美元，增加 1.14 億美元，反映了上一年對預計納稅額的監管擴展。

Infrastructure investments totaled $36 million.

基礎建設投資總額為 3,600 萬美元。

The average contract term in the third quarter was 28 months, flat year-over-year and quarter-over-quarter.

第三季平均合約期限為28個月，與去年同期相比持平。

DSO decreased six days year-over-year and quarter-over-quarter to 62 days, reflecting stronger than usual linearity.

DSO 同比和環比減少 6 天至 62 天，反映出比平常更強的線性。

The $106 million gain on bargain purchase from the Lacework acquisition relates to NOL carry forwards and the related recognition of the deferred tax assets.

Lacework 收購帶來的 1.06 億美元討價還價收益與 NOL 結轉和遞延稅資產的相關確認有關。

The gain is excluded from our non-GAAP financials, but it is included in the GAAP financials, adding $0.14 per share to our GAAP EPS.

該收益不包括在我們的非 GAAP 財務數據中，但包含在 GAAP 財務數據中，使我們的 GAAP 每股收益增加 0.14 美元。

Share buybacks in the quarter totaled $600,000.

本季的股票回購總額為 600,000 美元。

And last month, the Board increased the share repurchase authorization by an additional $1 billion, bringing our remaining share repurchase authorization to approximately $2 billion.

上個月，董事會將股票回購授權額外增加了 10 億美元，使我們剩餘的股票回購授權達到約 20 億美元。

Now I'd like to share a few significant wins from the third quarter.

現在我想分享第三季的一些重大勝利。

First, in a 7-figure upsell deal, an existing SD-WAN customer in the retail industry continued their consolidation journey, adding FortiSASE for 16,000 users.

首先，在一筆 7 位數的追加銷售交易中，零售業的現有 SD-WAN 客戶繼續其整合之旅，為 16,000 名用戶添加了 FortiSASE。

This customer selected our FortiSASE solution for simplicity, ease of management, and consistent security enforcement across their infrastructure.

該客戶選擇我們的 FortiSASE 解決方案是為了簡單、易於管理，並在其基礎設施中實現一致的安全實施。

We outperformed the competition by leveraging our FortiOS operating system, streamlining operations and reducing cost of ownership, while showcasing our ability to consolidate multiple security functions onto a single platform.

我們利用 FortiOS 作業系統、簡化營運並降低擁有成本，同時展示了我們將多種安全功能整合到單一平台上的能力，從而在競爭中脫穎而出。

In another 7-figure win, a medical device company purchased FortiSASE to replace their existing solution.

另一場 7 位數的勝利是，一家醫療設備公司購買了 FortiSASE 來取代他們現有的解決方案。

This customer chose Fortinet for simplified and consistent security management, significant cost savings and FortiSASE's enhanced functionality, particularly the bidirectional connectivity between their data center and remote users, enabling to push policies more effectively.

該客戶選擇 Fortinet 是為了簡化和一致的安全管理、顯著的成本節省以及 FortiSASE 的增強功能，特別是其資料中心和遠端使用者之間的雙向連接，從而能夠更有效地推送策略。

In an 8-figure competitive displacement win, a multinational bank commenced their partnership with us by selecting our FortiGate firewalls and multiple SecOps solutions to secure their hybrid architecture.

一家跨國銀行透過選擇我們的 FortiGate 防火牆和多個 SecOps 解決方案來保護其混合架構，從而贏得了 8 位數的競爭勝利，從而開始與我們合作。

This customer was particularly impressed with our integrated security, end-to-end visibility, and automated response capabilities of our FortiOS operating system.

該客戶對 FortiOS 作業系統的整合安全性、端到端可見性和自動回應功能印象特別深刻。

Before discussing our guidance, I'd like to offer a couple of comments on the firewall recovery and refresh opportunity.

在討論我們的指導之前，我想就防火牆恢復和刷新機會提供一些評論。

During last quarter's remarks, we mentioned that the continued improvement in the days of registered FortiGuard contracts indicated the inventory digestion at end users was returning or had returned to normal.

在上季度的演講中，我們提到，註冊 FortiGuard 合約天數的持續改善表明最終用戶的庫存消化正在恢復或已恢復正常。

In the third quarter, this metric was stable, further validating our view that the firewall market is recovering.

第三季度，該指標保持穩定，進一步驗證了我們關於防火牆市場正在復甦的觀點。

Today, we'd like to add to this commentary by noting that in 2026, a record number of FortiGates will reach the end of their support life cycle, and we expect these customers to start to refresh cycle for these products sometime in 2025.

今天，我們想補充一下這一評論，指出到 2026 年，創紀錄數量的 FortiGate 將達到其支援生命週期的終點，我們預計這些客戶將在 2025 年的某個時候開始更新這些產品的周期。

Moving on to guidance.

繼續指導。

As a reminder, our fourth-quarter and full-year outlook, which are summarized on slides 19 and 20, are subject to the disclaimers regarding forward-looking information that Aaron provided at the beginning of the call.

提醒一下，我們的第四季度和全年展望（在幻燈片 19 和 20 中進行了總結）受到 Aaron 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。

Before reviewing our outlook, I should note we expect Lacework and Next DLP, for those acquisitions, to increase Q4 billings and revenue by 75 basis points and 135 basis points, respectively, and decrease audit margins by 230 basis points.

在回顧我們的前景之前，我應該指出，我們預計 Lacework 和 Next DLP 透過這些收購，將分別將第四季的帳單和收入增加 75 個基點和 135 個基點，並將審計利潤率降低 230 個基點。

All right.

好的。

For the fourth quarter, we expect billings between $1.9 billion and $2 billion, which at the midpoint represents growth of 5%.

我們預計第四季度的營收將在 19 億美元至 20 億美元之間，中間值代表成長 5%。

Revenue in the range of [$1.56 billion to $1.62 billion], which at the midpoint represents growth of 12%, non-GAAP gross margin of 79.5% to 80.5%, non-GAAP operating margins of 33% to 34%, non-GAAP earnings per share of $0.58 to $0.62, which assumes a share count of between $768 million and $778 million.

營收在 [15.6 億美元至 16.2 億美元]範圍內，中位數表示成長 12%，非 GAAP 毛利率為 79.5% 至 80.5%，非 GAAP 營業利潤率為 33% 至 34%，非 GAAP每股收益為0.58 美元至0.62 美元，假設股票數量在7.68 億美元至7.78 億美元之間。

Capital expenditures of $100 million to $120 million, a non-GAAP tax rate of 17%, and cash taxes of $127 million to $177 million.

資本支出為 1 億至 1.2 億美元，非 GAAP 稅率為 17%，現金稅為 1.27 億至 1.77 億美元。

For the full year, we expect: billings in the range of $6.43 billion to $6.53 billion, revenue in the range of $5.856 billion to $5.916 billion, which at the midpoint represents growth of 11%, service revenue in the range of $4.015 billion to $4.045 billion, which at the midpoint represents growth of 19%; non-GAAP gross margin of 80.3% to 81.3%, non-GAAP operating margin of 32.9% to 33.9%, non-GAAP earnings per share of $2.20 to $2.28, which assumes a share count of between $766 million and $776 million.

對於全年，我們預計：帳單在 64.3 億美元至 65.3 億美元之間，收入在 58.56 億美元至 59.16 億美元之間，中間值代表增長 11%，服務收入在 40.15 億美元至 4.045 美元之間十億，中間值代表成長19%；非 GAAP 毛利率為 80.3% 至 81.3%，非 GAAP 營業利益率為 32.9% 至 33.9%，非 GAAP 每股盈餘為 2.20 美元至 2.28 美元（假設股數在 7.66 億美元至 7.76 億美元之間）。

Capital expenditures of $380 million to $400 million, non-GAAP tax rate of 17%, and cash taxes of between $550 million and $600 million.

資本支出為 3.8 億至 4 億美元，非 GAAP 稅率為 17%，現金稅為 5.5 億至 6 億美元。

I look forward to seeing you at the Analyst Day later this month and updating you on our progress in the coming quarters.

我期待在本月稍後的分析師日見到您，並向您介紹我們未來幾季的最新進展。

I'll now hand back the call over to Aaron to begin the Q&A session.

我現在將把電話交還給亞倫以開始問答環節。

Thank you, Keith.

謝謝你，基斯。

As a reminder, during the Q&A session, we ask that you please limit yourself to one on follow-up questions to allow others to participate.

提醒一下，在問答環節中，我們要求您只回答一個後續問題，以便其他人可以參與。

Operator, please open the line for questions.

接線員，請開通提問線。

(Operator Instructions) Hamza Fodderwala with Morgan Stanley.

（操作員指令）Hamza Fodderwala 與摩根士丹利。

Great.

偉大的。

Good afternoon.

午安.

Thank you for taking my question.

感謝您回答我的問題。

Ken, I couldn't help another thing in your investor presentation, you talked about a market that you see over $200 billion, growing 12% over the next 4 years.

Ken，我在你的投資者演講中忍不住提到了另一件事，你談到了一個你認為價值超過 2000 億美元的市場，並且在未來 4 年內增長 12%。

Obviously, a big chunk of that growth is driven by the SASE market and your share gain in there.

顯然，這一增長的很大一部分是由 SASE 市場和您在其中的份額增長推動的。

I'm curious if you could talk a little bit more about Fortinet's approach in terms of sovereign SASE.

我很好奇您是否可以多談談 Fortinet 在主權 SASE 方面的方法。

How is that differentiated versus some of the competitors out there?

與其他一些競爭對手相比，它有何差異化？

And what is it that you're doing differently, particularly for those highly regulated verticals out there?

你們採取了哪些不同的做法，特別是對於那些受到嚴格監管的垂直產業？

Thank you.

謝謝。

Thank you, Hamza.

謝謝你，哈姆札。

It's a great question.

這是一個很好的問題。

We invest in the SASE for 5 to 10 years in the market, including our SD-WAN and also all the SASE function in the same FortiOS, both on-premise, also in the cloud.

我們在市場上對 SASE 進行了 5 到 10 年的投資，包括我們的 SD-WAN 以及同一個 FortiOS 中的所有 SASE 功能，無論是在本地還是在雲端。

So with huge differentiation without a competitor, which they cannot run the SASE whether in the same OS or even different box.

因此，在沒有競爭對手的情況下，他們存在巨大的差異化，無論是在相同的作業系統中，還是在不同的機器中，他們都無法運行 SASE。

And that's for the sovereign SASE.

這就是主權 SASE 的情況。

We us call private SASE, actually.

實際上，我們稱之為私有 SASE。

If you look at probably one year ago, we were more focused on there with a lot of service provider, which is quite important for them to play the SASE within own data center to process data and also to keep the data in their own kind of data center and also process also within our own data center.

如果你看看大概一年前，我們更關注那裡有很多服務提供商，這對於他們在自己的資料中心內使用 SASE 來處理資料並將資料保存在自己的類型中非常重要。我們自己的資料中心內進行處理。

So that's the two important factor there.

這是兩個重要因素。

So they have to be local and to secure the data and same kind of process data locally, so that's a huge advantage in the same OS and also a lot of function can use in Forti accelerate.

因此，它們必須是本地的，並在本地保護數據和同類過程數據，因此這在同一作業系統中是一個巨大的優勢，而且 Forti 加速中可以使用很多功能。

The other differentiation comes from the business side.

另一個差異化來自於業務方面。

So we are the number 1 on the network security firewall.

所以我們是網路安全防火牆上的第一名。

We're also the number 1 on the SD-WAN.

我們也是 SD-WAN 領域的第一名。

So leverage our installation base and also both the firewall function and also IT function the same OS with the SASE.

因此，利用我們的安裝基礎以及防火牆功能和 IT 功能與 SASE 的相同作業系統。

So that for the customer, they have the most easy migration part from the traditional firewall vendor -- I mean some traditional firewall customer to the SD-WAN customer go to SASE.

因此，對於客戶來說，他們可以從傳統防火牆供應商最輕鬆地遷移部分 - 我的意思是一些傳統防火牆客戶到 SD-WAN 客戶轉到 SASE。

It's only in a few minutes reconfiguration, they that can enable SASE based on their previous SD-WAN or the firewall contribution there.

只需幾分鐘的重新配置，他們就可以基於先前的 SD-WAN 或防火牆貢獻來啟用 SASE。

So it's a very easy migration path.

所以這是一個非常簡單的遷移路徑。

As you can see, the pipeline growth and also the business is growing there from SSE like over 200% the pipeline grew, over 100%.

正如您所看到的，上證所的管道增長以及業務都在增長，管道增長了 200% 以上，超過 100%。

So we do believe we'll be the number 1 leader in the SASE space in the next few years.

因此，我們確實相信，未來幾年我們將成為 SASE 領域的第一個領導者。

Thank you.

謝謝。

Brian Essex from JP Morgan.

摩根大通的布萊恩艾塞克斯。

Hi.

你好。

Good afternoon.

午安.

Thank you for taking the question.

感謝您提出問題。

I'll stick to one topic.

我會堅持一個主題。

I guess either Ken or Keith, could you dig into the commentary around the firewall refresh cycle that you provided?

我想 Ken 或 Keith，您能深入研究一下您提供的有關防火牆刷新周期的評論嗎？

So with respect to conversations you're having with customers, and maybe with a little bit of color what you've seen historically, how far before the renewal point do customers tend to refresh?

因此，就您與客戶的對話而言，也許您在歷史上看到過一些色彩，客戶傾向於在更新點之前多久刷新？

And do you have any insight into the mix of F&B, large enterprise service provider, retail?

您對餐飲、大型企業服務供應商、零售的組合有什麼見解嗎？

And what the timing and the magnitude might be, whether this might be a first-half event, second-half event?

時間和規模可能是什麼，這可能是上半場事件，還是下半場事件？

Any kind of insight you could provide would really be helpful.

您可以提供的任何見解都會非常有幫助。

Yeah, I'll kind of jump in a little bit on this.

是的，我會稍微介入一下。

I think that we see these end-of-life of these products starting in the second half of 2026.

我認為這些產品的生命週期將於 2026 年下半年開始。

We don't expect the customers to wait until the 11 hour to make the change.

我們不希望客戶等到 11 點才進行更改。

For larger enterprises, they would go through another certification, POC project perhaps as part of that before they place them in service.

對於較大的企業，在投入使用之前，他們可能會通過另一個認證，即 POC 項目，作為其中的一部分。

So we saw a similar -- not similar, we saw a lift, if you will, similarly in 2023, although the magnitude in 2026 is much, much larger.

因此，我們看到了類似的——不類似的情況，如果你願意的話，我們在 2023 年看到了類似的提升，儘管 2026 年的幅度要大得多。

And why it's relevant to 2023 is that if you go back and look at product revenue growth in 2022, very different world, supply chain, switches, et cetera.

為什麼它與 2023 年有關是因為，如果你回頭看看 2022 年的產品收入成長，你會發現世界、供應鏈、交換器等都非常不同。

But I think in 2022, the product revenue growth was a little bit over 40%.

但我認為2022年，產品收入成長略高於40%。

So we do think there's a relationship there.

所以我們確實認為其中存在某種關係。

We do think it starts earlier.

我們確實認為它開始得更早。

To the second part of your comment, as I mentioned, the absolute number that we see in 2026 is by far the largest we've seen probably ever, but certainly in the last five or six years.

對於您評論的第二部分，正如我所提到的，我們在 2026 年看到的絕對數字可能是迄今為止我們所見過的最大的，但肯定是過去五六年中最大的。

It is -- each year is dominated by the entry-level firewalls.

每年都是由入門級防火牆主導。

However, in 2026, we do see a significant portion of that actually being in the mid-range firewalls as well, and that is a very unusual and positive situation.

然而，到 2026 年，我們確實看到其中很大一部分實際上也存在於中端防火牆中，這是一種非常不尋常且積極的情況。

I don't have right -- I won't break down by SMB or something else.

我沒有權利——我不會因為中小企業或其他什麼而崩潰。

So maybe, Christiane, do you want to offer something more on that.

所以，克里斯蒂安娜，也許你想就此提供更多的東西。

Or by vertical, I think you've mentioned before that you need large enterprise retail and service provider in order to recover.

或者透過垂直領域，我想您之前提到過，您需要大型企業零售和服務提供者才能恢復。

So if you have any insight there, how that -- how their cycles and spending patterns may impact, that would be helpful.

因此，如果您對此有任何見解，他們的週期和支出模式會如何影響，那將會有所幫助。

Well, again, I think 2022 was a robust year for those industries that you just talked about retail in particular and partly manufacturing across the board.

好吧，我認為 2022 年對於您剛才談到的那些行業來說是強勁的一年，尤其是零售業，部分是全面的製造業。

And I would expect that they would be active players, if you will, in the refresh cycle that we see in 2026.

如果你願意的話，我預計他們將在 2026 年的更新周期中成為活躍的參與者。

But Christiane?

但是克里斯蒂安娜？

Yeah.

是的。

You were asking whether -- or how early customers would refresh.

您問的是客戶是否會刷新，或多久會刷新。

And many of the enterprise customers have enterprise agreements where they have account levels support and subscriptions.

許多企業客戶都有企業協議，其中有帳戶層級的支援和訂閱。

So they don't really wait until something expires.

所以他們不會真正等到東西過期。

They will probably -- I would expect what we typically see refresh about ever before US.

他們可能會——我預計我們在美國之前通常會看到刷新。

And for smaller customers, they will be try to wait until the contracts expire.

對於較小的客戶，他們會嘗試等到合約到期。

But because we don't allow them to renew for less than a year, you also see the refresh cycles happening about -- yes, 15 to 18 months out.

但因為我們不允許它們續訂不到一年，所以您還會看到刷新週期發生在大約 15 到 18 個月之後。

Got it.

知道了。

Super helpful.

超有幫助。

Thank you so much.

太感謝了。

Fatima Boolani, Citi.

法蒂瑪·布拉尼，花旗銀行。

Hello.

你好。

Good afternoon.

午安.

Thanks for taking my question.

感謝您提出我的問題。

Ken, a question for you.

肯，問你一個問題。

There was a discount about the routes to market in terms of gaining your market share within the SASE universe.

就 SASE 領域獲得市場佔有率而言，進入市場的途徑有折扣。

And one of those important routes is leverage our installed base by converting and migrating a lot of the SD-WAN customers.

其中重要途徑之一是透過轉換和遷移大量 SD-WAN 客戶來利用我們的安裝基礎。

So my question for you is, how should we think about potential for the cannibalization of some of your refresh potential as that migration journey transpires from SD-WAN to SASE?

所以我的問題是，當從 SD-WAN 遷移到 SASE 時，我們應該如何考慮部分更新潛力被蠶食的可能性？

And then I just 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。

Very great question.

非常好的問題。

I think if you look at the customer, a lot of SASE is really supporting the DTA and also remote growth environment.

我認為如果你看看客戶，很多 SASE 確實支援 DTA 以及遠端成長環境。

So they are not kind of like any network security firewall deployment, which tend to be more in the office in the headquarter there.

因此，它們不像任何網路安全防火牆部署那樣，後者往往更多地部署在總部的辦公室。

On the other side, it's most of -- if you look at our current SASE growing strong is most come from the current SD-WAN customer base or even the firewall customer base here.

另一方面，如果你看看我們目前不斷成長的 SASE，大部分都來自目前的 SD-WAN 客戶群，甚至是這裡的防火牆客戶群。

So that's where they do need a hardware firewall SD-WAN layer to support SASE with additional SASE user license, with addition of all these other functions service add-on there.

因此，他們確實需要硬體防火牆 SD-WAN 層來支援具有附加 SASE 使用者授權的 SASE，並在那裡添加所有其他功能服務外掛程式。

So that's where we see like three pillars, whether the secure networking side and also the SASE side, which will help add additional service and plus the other, we call, the secure operations side, all kind of starting growing.

因此，這就是我們看到的三個支柱，無論是安全網路方面還是 SASE 方面，這將有助於添加額外的服務，再加上另一個，我們稱之為安全操作方面，都開始成長。

So we do believe we can keep in grow in all these three areas faster than the market, keeping gaining market share, especially SASE, the technology we can put out in the same OS with AC accelerate and also supporting both the cloud SASE -- private SASE or Sovereign SASE is a huge advantage.

因此，我們確實相信我們可以在所有這三個領域保持比市場更快的成長，不斷獲得市場份額，特別是SASE，我們可以在具有AC 加速的同一作業系統中推出該技術，並且還支援雲端SASE - 私有SASE 或 Sovereign SASE 是一個巨大的優勢。

And also comment, we also believe eventually, the service provider carrier will play some important role in SASE and offer a lot of their own kind of SASE to their customer.

另外，我們也相信，服務提供者營運商最終將在 SASE 中發揮重要作用，並向其客戶提供許多自己類型的 SASE。

And so that's where we have very strong support in all the service providers build their own SASE infrastructure, and we do feel it's a huge growth potential on top of traditional network firewall market.

因此，我們在所有服務供應商建立自己的 SASE 基礎設施方面擁有非常強大的支持，我們確實認為它在傳統網路防火牆市場之上具有巨大的成長潛力。

Thank you, Ken.

謝謝你，肯。

And just, Keith, for you to double back on the end of support analysts around the refresh that you're talking to and telegraphing for 2026.

Keith，請您在支援分析師結束時圍繞您正在討論的 2026 年更新進行加倍努力。

Any way you can give us a lens on either the proportion of the shipment footprint or the installed base footprint or the customer footprint that this applies to in the aggregate?

您可以透過什麼方式讓我們了解這適用於整體的出貨足跡或安裝基礎足跡或客戶足跡的比例？

Thank you.

謝謝。

Yeah.

是的。

At the risk of taking all the fun out of the Analyst Day in 10 days.

冒著在 10 天內失去分析師日所有樂趣的風險。

I would say the second -- 2023 was -- 2022 was the second best -- second highest I looked at '26 is a little bit more than 2 times '23.

我想說第二個 - 2023 年 - 2022 年是第二好的 - 我看到的第二高的 '26 比 '23 的兩倍多一點。

So you're not coming to the Analyst Day.

所以你不會來參加分析師日。

So you're not coming to the analyst day?

那你不來參加分析師日了嗎？

Thank you.

謝謝。

Saket Kalia from Barclays.

來自巴克萊銀行的 Saket Kalia。

Awesome.

驚人的。

Hey, guys.

嘿，夥計們。

Thanks for taking my questions here.

感謝您在這裡提出我的問題。

Maybe for Keith or Christiane, I think we mentioned a SaaS Solutions ARR growth number in the prepared remarks.

也許對於 Keith 或 Christiane 來說，我想我們在準備好的評論中提到了 SaaS 解決方案 ARR 成長數字。

Could you just remind us, is that an organic or inorganic number?

您能否提醒我們，這是有機數還是無機數？

And maybe just touch on what are the solutions that are driving that growth?

也許只是談談推動這種成長的解決方案是什麼？

Christiane, do you want to?

克里斯蒂安，你願意嗎？

Yeah.

是的。

So the growth number that Keith referenced was an organic growth number.

因此基思提到的成長數字是有機成長數字。

We did not include the ARR that we acquired from Next DLP and Lacework.

我們不包括從 Next DLP 和 Lacework 取得的 ARR。

So the growth would be even higher, year-over-year will be 150%.

所以成長會更高，年比將達到150%。

What are the solutions?

解決辦法有哪些？

The organic solutions that are driving this out, ARR growth is really FortiEDR, FortiClients, FortiNDR clouds, FortiWeb, so a variety of our cloud solutions and solutions that we've started to offer.

推動ARR成長的有機解決方案實際上是FortiEDR、FortiClients、FortiNDR雲端、FortiWeb，以及我們已經開始提供的各種雲端解決方案。

Some of them are acquired, some of them are internally developed.

其中一些是收購的，一些是內部開發的。

Got it.

知道了。

Keith, maybe for my follow-up for you.

基思，也許是為了我對你的後續行動。

Just to shift gears a little bit, it was great to see the profitability again.

只是稍微改變一下，再次看到獲利能力真是太好了。

Could you just remind us -- you mentioned something about being onetime in nature in the quarter.

您能否提醒我們一下—您提到了本季在大自然中的經歷。

It sounded small, but could you just remind us what that was?

聽起來很小，但你能提醒我們那是什麼嗎？

And more importantly, do you think about this as a more sustainable level of profitability?

更重要的是，您認為這是一個更永續的獲利水準嗎？

Yeah.

是的。

I think if I were to use the headline first, I would say the pro forma margins, if you back out that onetime benefit, product gross margin would have been about 68.4%, 68.5%.

我想如果我先使用標題，我會說預計利潤率，如果你取消一次性福利，產品毛利率將約為 68.4%、68.5%。

And operating margin, if you backed out that benefit, would be 35.1%.

如果剔除此收益，營業利益率為 35.1%。

As you may recall, we have two different things that are impacting our margins in that regard.

您可能還記得，在這方面，有兩個不同的因素影響了我們的利潤。

One is the traditional excess and obsolete inventory calculation related inventory you have on hand, that's pretty straightforward in comparison.

一種是傳統的過剩和過時庫存計算，與您手頭上的庫存相關，相比之下，這非常簡單。

The second one is Q2 deliverables, and the operations team has worked really hard with last year negotiating and renegotiating those.

第二個是第二季的可交付成果，營運團隊在去年的談判和重新談判中非常努力。

And we saw a benefit there that kind of pencils out to those margins I gave you.

我們看到了一個好處，就是用鉛筆畫出我給你的那些邊距。

In round numbers, we got a benefit there of about $15 million.

以整數計算，我們從中獲得了約 1500 萬美元的收益。

That's very unusual.

這很不尋常。

We've not seen that in the past.

我們過去沒有見過這樣的情況。

And anything on sort of the sustainability of that margin?

關於該利潤率的可持續性有什麼問題嗎？

And if that's pulling anything from the analyst day, I totally understand.

如果這對分析師日有什麼影響的話，我完全理解。

But I wanted to make sure the question was asked.

但我想確保這個問題被問到了。

Yeah.

是的。

I think we feel really good about the profitability of the business.

我認為我們對業務的盈利能力感到非常滿意。

And I think it comes back to where those investment vectors that Ken and John Whittle and others are going to really focus on as we go forward and how we want to invest there, but I think we certainly have ample room to invest in the growth of the company.

我認為這又回到了肯·惠特爾和約翰·惠特爾等人在我們前進時真正關注的投資方向以及我們希望如何在那裡投資的問題，但我認為我們當然有足夠的空間來投資於增長公司。

Very helpful.

非常有幫助。

Thanks.

謝謝。

Tal Liani from Bank of America.

美國銀行的塔爾·利亞尼。

Hey, guys.

嘿，夥計們。

You have Tomer Zilberman on for Tal Liani.

托默·齊伯曼 (Tomer Zilberman) 替補塔爾·利亞尼 (Tal Liani)。

Just wanted to ask about the billings guidance for next quarter.

只是想詢問下個季度的比林斯指導。

The organic billings ex Lacework and Next DLP came in well below Street expectations.

Lacework 和 Next DLP 的有機帳單遠低於華爾街的預期。

Just wanted to ask where you see the weakness and how you measure that against the comments of seeing stable firewall demand this quarter and the expected refresh cycle in 2025.

只是想問一下您在哪裡看到了弱點，以及如何根據本季防火牆需求穩定和 2025 年預期更新周期的評論來衡量這一點。

Yeah.

是的。

Great question.

很好的問題。

And I think what we're seeing when we look at the fourth quarter right now, we're really pleased with what we got out of the very first month of the first quarter.

我認為，當我們現在看到第四季時，我們對第一季第一個月的表現感到非常滿意。

And I think that the second month is -- it's early yet, it's tracking.

我認為第二個月還為時過早，正在跟踪中。

We're giving us pause or some chunky deals that are teeing up for the final month of the quarter, and they just need to mature a little bit before we start thinking about them as part of our guidance numbers.

我們暫停了一些大筆交易，這些交易正準備在本季度的最後一個月進行，它們只需要成熟一點，然後我們就開始將它們視為我們指導數據的一部分。

So I think it's really that population of large 7-figure and a few 8-figure deals that are kind of coming into play there a little bit.

所以我認為，大量 7 位數的交易和一些 8 位數的交易確實在其中發揮了一些作用。

Got it.

知道了。

And maybe to follow up, asking more generally about the competitive landscape.

也許可以跟進，更廣泛地詢問競爭格局。

We've seen over the last couple of quarters some of the larger vendors are now focusing even more on discounting, bundling and vendor financing.

在過去的幾個季度中，我們看到一些較大的供應商現在更加關注折扣、捆綁銷售和供應商融資。

So how do you see the competitive landscape?

那麼您如何看待競爭格局？

Do you see pricing pressure because of that?

您是否因此而面臨定價壓力？

And how are you participating with that as well?

您是如何參與其中的？

Yeah.

是的。

I think the -- maybe Christiane will add a couple of comments here as well, but I think the discounting was very similar to what it's been in prior periods.

我認為——也許克里斯蒂安也會在這裡添加一些評論，但我認為折扣與之前的時期非常相似。

As I mentioned, we certainly have ample margin to invest in a wide range of ways, and we're encouraging our sales team and our channel partners to take part of that.

正如我所提到的，我們當然有足夠的利潤來以多種方式進行投資，我們鼓勵我們的銷售團隊和通路合作夥伴參與其中。

But I think there's also been some other changes in terms of incentives that we offer as well.

但我認為我們提供的激勵措施也發生了一些其他變化。

But maybe Christiane have some thoughts as well.

但也許克里斯蒂安也有一些想法。

Yeah.

是的。

I think that overall, the discounting will expect to be pretty stable.

我認為總體而言，折扣預計會相當穩定。

But of course, it depends on the product set a little bit.

但當然，這在一定程度上取決於產品設定。

And then yes, we have incentives in the market for channel partners, specifically but also for our customers to -- yes, to buy more Fortinet solutions.

然後，是的，我們在市場上對通路合作夥伴有激勵措施，特別是對我們的客戶來說，是的，購買更多的 Fortinet 解決方案。

Got it.

知道了。

Thank you very much.

非常感謝。

Gabriela Borges from Goldman Sachs.

高盛的加布里埃拉·博爾赫斯。

Hi.

你好。

Good afternoon.

午安.

Thanks for taking my question.

感謝您提出我的問題。

Keith and Ken, I wanted to ask you about the go-to-market.

基斯和肯，我想問你們有關上市的問題。

And more specifically, I think it's been about a year since you upleveled your sales force around SASE.

更具體地說，我認為自從您圍繞 SASE 提升銷售隊伍以來已經過去了大約一年的時間。

What are some of your learnings?

你學到了什麼？

What do you think is working well?

您認為什麼效果好？

And what do you think is incrementally a focus as we go into 2025 where you think you can maybe up level some more?

當我們進入 2025 年時，您認為什麼是逐漸關注的焦點，您認為您可以進一步提升水平？

Thanks.

謝謝。

Yeah.

是的。

You can see the last 12 months, we made a huge progress in the SASE SSD go-to-market directly.

您可以看到過去 12 個月，我們在 SASE SSD 直接上市方面取得了巨大進展。

But also, you can see Q3, some service provider also starting -- finally setting turn worth now and realize the importance of the SASE into their customer base.

而且，您還可以看到第三季度，一些服務提供者也開始了——最終設定了現在的價值，並意識到 SASE 對他們的客戶群的重要性。

But it probably still takes some time.

但這可能還需要一些時間。

But on the other side, we see our own customer base really like the SASE and very easy migrate from the firewall SD-WAN into SASE.

但另一方面，我們看到我們自己的客戶群非常喜歡 SASE，並且非常容易從防火牆 SD-WAN 遷移到 SASE。

So that's kind of probably 90% of our SASE business come from existing security and also SD-WAN customer.

因此，我們 90% 的 SASE 業務可能來自現有安全性和 SD-WAN 客戶。

And that actually helped us sell additional service, additional margin there.

這實際上幫助我們銷售了額外的服務，額外的利潤。

On the other side, the technology we have, whether the single OS, the ASIC, et cetea, all this function, give a huge advantage and to expand beyond traditional SASE market, which is only focused on a cloud-based to SASE.

另一方面，我們擁有的技術，無論是單一作業系統、ASIC 等等，所有這些功能，都具有巨大的優勢，可以擴展到傳統的SASE 市場之外，傳統的SASE 市場只專注於基於雲端的SASE 。

So that's where we see the -- whether the Sovereign SASE, private SASE or even beyond go to the edge computing area with our kind of technology with appliance also see especially for the OT-IoT area, both the hardware agents, software agent who's supporting all these OT device, we see also a huge growth potential there.

因此，這就是我們看到的——無論是主權 SASE、私有 SASE 還是超越我們的設備技術進入邊緣運算領域，尤其是 OT-IoT 領域，無論是硬體代理還是軟體代理，他們都在支援所有這些OT設備，我們也看到了巨大的成長潛力。

So that's why we're pretty confident.

這就是為什麼我們非常有信心。

So we're leading the SASE market and just like we did in the firewall SD-WAN space.

因此，我們正在引領 SASE 市場，就像我們在防火牆 SD-WAN 領域所做的那樣。

(multiple speakers) Yeah, I think, Ken is spot on with that.

（多個發言者）是的，我認為肯在這一點上是正確的。

I think that if you vary contrast where we are today versus a year ago, what I would say is that given the response that we get from customers when they meet with us, they're very excited about the architectural design of SASE that we've taken.

我認為，如果您將我們今天的情況與一年前的情況進行對比，我想說的是，考慮到客戶與我們會面時得到的回應，他們對我們的 SASE 架構設計感到非常興奮已經採取了。

And what we really want now is just more advanced.

而我們現在真正想要的只是更先進。

When customers sit down with us and hear that story, it resonates with them.

當客戶與我們坐下來聆聽這個故事時，他們會產生共鳴。

And you see that in some of the pipeline numbers and some of the ARR numbers that we're talking about, which are still very early days.

您可以在我們正在討論的一些管道數字和一些 ARR 數字中看到這一點，這些數字仍處於早期階段。

And I think part of it is getting more reference customers involved.

我認為其中一部分原因是讓更多的參考客戶參與其中。

And I think also, the channel needs to -- we need to partner more closely with the channel to make sure that we're getting more advanced on those SASE opportunities.

我還認為，通路需要——我們需要與通路更緊密地合作，以確保我們在這些 SASE 機會上取得更大進展。

Yeah.

是的。

SASE also the infrastructure were also different than other competitor.

SASE 的基礎設施也不同於其他競爭對手。

I think like I said, we own more than 3 million square feet of our own kind of facility, which is our own data center can deliver the SASE function, probably less than half compared to all the colon and then also kind of only 10% to 20% compared to some cloud provider, but we're definitely working with them because they have also good coverage.

我想就像我說的，我們擁有超過 300 萬平方英尺的自己的設施，這是我們自己的資料中心可以提供 SASE 功能，與所有結腸相比可能還不到一半，然後也只有 10%與某些雲供應商相比，我們的覆蓋率降低了20%，但我們肯定會與他們合作，因為他們的覆蓋範圍也很好。

So that's where, for us, we do have a cost advantage on the infrastructure side, plus on the OS technology, on ASIC Acceleration can lower the energy cost within the data center, within all the SASE processing, I think we do have a huge advantage, both on technology, from infrastructure and also leverage the business customer base we have on the firewall SD-WAN.

因此，對我們來說，我們在基礎設施方面確實具有成本優勢，再加上作業系統技術、ASIC 加速可以降低資料中心內、所有 SASE 處理中的能源成本，我認為我們確實擁有巨大的優勢。 ，無論是來自基礎設施的技術，或是利用我們在防火牆SD-WAN 上擁有的業務客戶群。

So that's the advantage we have over our other SASE competitors.

這就是我們相對於其他 SASE 競爭對手的優勢。

I think it's also interesting to note, like you said, we started really focusing on SASE a year ago.

我認為值得注意的是，正如您所說，我們一年前開始真正關注 SASE。

Like Ken said, we've been building the solution for some time, of course.

正如 Ken 所說，當然，我們建造解決方案已經有一段時間了。

A year ago, at the November '23 earnings call, right around that, we broke out those two other pillars, SASE and SecOps, externally and also internally to focus on those pillars.

一年前，在 23 年 11 月的財報電話會議上，我們在外部和內部對另外兩個支柱（SASE 和 SecOps）進行了闡述，以重點關注這些支柱。

And you've seen really nice growth when we focus on solutions like that over the past year.

當我們在過去的一年中專注於此類解決方案時，您會看到非常好的成長。

It's only been a year, and I think it's a little analogous when you think about kind of Fortinet's ability to execute if you look at SD-WAN, which we started to really focus on in 2018, and then we've risen to be the leader in the Gartner Garden Magic Quadrant, it steadily grew over time.

才過了一年，我認為，如果你看看 SD-WAN，你會想到 Fortinet 的執行能力，這有點類似，我們在 2018 年開始真正關注 SD-WAN，然後我們已經成為它在Gartner 花園魔力像限中處於領先地位，並隨著時間的推移穩步增長。

And so I think that those past results delivered around SD-WAN are illustrative of what can do when they focus on things, and we've really been focused on SASE and SecOps for that year.

因此，我認為過去圍繞 SD-WAN 交付的結果說明了當他們專注於事物時可以做什麼，而我們那一年確實專注於 SASE 和 SecOps。

And so I think -- we had really good results over that -- over the course of that year in a very short period a lot more focus to come going forward.

所以我認為——我們在這方面取得了非常好的成果——在那一年的很短的時間內，我們更加關注未來的發展。

Absolutely.

絕對地。

Good stuff.

好東西。

Thank you.

謝謝。

Shaul Eyal from TD Cowen.

TD Cowen 的 Shaul Eyal。

Thank you.

謝謝。

Good afternoon, guys.

下午好，夥計們。

Ken or Keith, in your press release, you're talking about Fortinet being well positioned to lead in its three core growth barriers and drive sustained growth.

Ken 或 Keith，在您的新聞稿中，您談論的是 Fortinet 處於有利地位，能夠引領其三個核心成長障礙並推動持續成長。

Keith, again, I don't want to spoil the Analyst Day front run it in advance.

基思，再說一遍，我不想提前破壞分析師日的預告。

But sustained growth, what are we talking here?

但持續成長，我們在這裡談論什麼呢？

Low teens, mid-teens?

十幾歲以下，大約是十幾歲？

Any color will be highly appreciated.

任何顏色都會受到高度讚賞。

Yeah.

是的。

I appreciate the opportunity to talk to it, but -- and maybe Ken walks to a little bit, although I would probably be careful what he says.

我很高興有機會和它交談，但是——也許肯會走一點點，儘管我可能會小心他說的話。

I think we'll, obviously, we'll talk about 2025 as we get to the February earnings call, and we understand that the November Analyst Day is probably going to bake in some of the 2025 conversations.

我認為，顯然，我們會在 2 月的財報電話會議上討論 2025 年，而且我們知道 11 月的分析師日可能會引發一些 2025 年的討論。

So I think that's -- it's a well-structured question, but I think we'll pause on answering it for now.

所以我認為這是一個結構良好的問題，但我認為我們現在暫停回答它。

Yeah, I agree, and so probably waiting for 10 days.

是的，我同意，所以可能要等10天。

And also you can in the investor slides, probably number six, there's some information there.

您也可以在投資者幻燈片（可能是第六張）中看到一些資訊。

We'll probably provide more detailed information about total addressable market, how we want to grow faster than the market in each sector.

我們可能會提供有關整個潛在市場的更詳細信息，以及我們希望如何比每個部門的市場成長得更快。

Thank you.

謝謝。

Rob Owens from Piper Sandlin.

桑德林 (Piper Sandlin) 的羅布歐文斯 (Rob Owens)。

Great.

偉大的。

Thanks for taking my question.

感謝您提出我的問題。

Keith, I wanted to I guess, double back on your comments around Q4 and some of the chunky yielding up for the final month of the quarter, giving you a bit of caution.

基思，我想，我想再次回顧您對第四季度的評論以及本季最後一個月的一些大幅收益，給您一點謹慎。

Was that not in your purview, I guess, when you were looking at the setup for the second half before?

我想，當您之前查看下半場的設定時，這不屬於您的職權範圍嗎？

Have these things somewhat slipped relative to maturation, your ability to get them across the line?

相對於你的成熟度和你跨越界線的能力，這些事情是否有所下滑？

Just curious why the additional conservatism around them now.

只是好奇為什麼現在他們周圍有更多的保守主義。

Thanks.

謝謝。

Yeah.

是的。

Great question.

很好的問題。

And I do think that compared to what we've seen in other quarters, maybe a little bit less or a little bit slower progress on the maturation of those larger deals in the third quarter as they got teed up for the fourth quarter.

我確實認為，與我們在其他季度看到的情況相比，第三季度這些大型交易的成熟進度可能會稍微少一點或慢一點，因為它們正在為第四季度做好準備。

Certainly not shutting them out.

當然不會將他們拒於門外。

I just -- I think it's more prudent right now to take a more cautious approach and let them mature a little bit.

我只是──我認為現在更謹慎的做法是採取更謹慎的態度，讓他們成熟一點。

It's another fact.

這是另一個事實。

It's really probably the first time we also started gave the RPO number and compared one year ago, some of the deal, probably Christiane can give more detail, instead of finance from the channel, get a building right away for multiple deal, some of them may just using IPO just bill annually.

這真的可能是我們第一次開始給出RPO 數字，並與一年前相比，一些交易，可能Christiane 可以提供更多細節，而不是從渠道融資，立即為多個交易獲得一棟大樓，其中一些可能只使用IPO，每年只需計費。

Maybe Christiane know this better.

也許克里斯蒂安更清楚這一點。

Yeah.

是的。

As you can imagine, the customers won't pay years upfront, and so we have internal discussions around either getting the channel finance or do it ourselves.

正如你可以想像的那樣，客戶不會提前支付數年的費用，因此我們內部討論要么獲得渠道融資，要么自己做。

And this is also not mature enough be comfortable guiding in that direction, but gives us some pause because some customers just don't want to sign up for long periods without financing.

這也不夠成熟，無法輕鬆地朝這個方向引導，但讓我們有些猶豫，因為有些客戶只是不想在沒有融資的情況下長期註冊。

This maybe has a little bit short-term impact but also benefit the company long term with better margin, better customer relation.

這可能會產生一些短期影響，但也有利於公司長期發展，帶來更好的利潤和更好的客戶關係。

So that's what we're all looking for, long-term success.

這就是我們都在尋找的長期成功。

Catharine Trebnick from Rosenblatt.

羅森布拉特的凱瑟琳·特雷布尼克。

Hi.

你好。

Catharine Trebnick here.

凱瑟琳·特雷布尼克在這裡。

Can you discuss how your virtual firewall is performing this quarter or the trends for and competitively, we've been picking up that Microsoft and Google have been doing a really good job with their virtual firewall.

您能否討論一下您的虛擬防火牆本季的表現或競爭趨勢，我們發現微軟和谷歌在虛擬防火牆方面做得非常好。

So how is that standing competitively with you?

那麼，它與你的競爭地位如何呢？

Thank you.

謝謝。

Yeah.

是的。

I think that the virtual firewalls have done very, very well.

我認為虛擬防火牆做得非常非常好。

It is a component of Unified SASE as well as our network security portfolio.

它是 Unified SASE 以及我們網路安全產品組合的組成部分。

So -- and I think -- the other thing we look at is the crossover that we see, which is a very strong relationship between -- (inaudible) are you still there, Catharine?

所以——我認為——我們關注的另一件事是我們看到的交叉，這是一種非常牢固的關係——（聽不清楚）你還在嗎，凱瑟琳？

Well, I'll just finish the topic, I think another thing we'll talk about later this month, is just the strong overlap that exists between our enterprise customers that are buying both physical appliances and virtual appliances.

好吧，我就結束這個主題，我想我們本月晚些時候將討論的另一件事是我們購買實體設備和虛擬設備的企業客戶之間存在的強烈重疊。

Adam Borg from Stifel.

來自斯蒂菲爾的亞當·博格。

Great, and thanks much for taking the question.

太好了，非常感謝您提出問題。

Maybe for Ken, just on the Lacework FortiCNAPP offering now.

也許對 Ken 來說，現在就在 Lacework FortiCNAPP 產品上。

I'd love to hear a little bit about initial customer feedback, partner feedback and kind of near-term R&D and sales and marketing priorities.

我很想聽聽一些有關初始客戶回饋、合作夥伴回饋以及近期研發、銷售和行銷優先事項的資訊。

Thanks so much.

非常感謝。

Yeah.

是的。

I mean I think the feedback we're getting is similar to what we felt -- this is John Whittle, by the way.

我的意思是，我認為我們得到的回饋與我們的感受相似——順便說一下，這是約翰·惠特爾。

What we found when we did our diligence, great product, great engineering team.

當我們勤奮工作時，我們發現了優秀的產品和優秀的工程團隊。

It's an incremental TAM of $10 billion for us.

這對我們來說是 100 億美元的增量 TAM。

So it really opens up that incremental TAM.

所以它確實打開了增量 TAM。

Now we have out cloud security endpoint network, and we have great threat intelligence from all three.

現在我們已經有了雲端安全端點網絡，並且我們從這三個方面獲得了豐富的威脅情報。

So I think it's very, very positive feedback in terms of the quality of the product.

所以我認為這對於產品品質來說是非常非常正面的回饋。

We're continuing on the roadmap to improve the user interface in other areas and really make it a really, really, really strongly competitive product.

我們正在繼續制定路線圖，以改善其他領域的使用者介面，並真正使其成為真正、真正、真正具有強大競爭力的產品。

I think it's very competitive against some who have kind of pieced their solutions together based on multiple acquisitions forming their CNAPP solution.

我認為，與一些基於多次收購而將解決方案拼湊在一起形成 CNAPP 解決方案的公司相比，這非常有競爭力。

And so what we find is, in that context, oftentimes, we hear this feedback from customers a lot, their solution is not well together.

因此我們發現，在這種情況下，我們經常聽到客戶的回饋，他們的解決方案並不能很好地結合在一起。

It's reportedly integrated, but it's not Lacework.

據報道它是整合的，但它不是 Lacework。

CNAPP Solution was largely developed organically by them to all seamlessly work to us.

CNAPP 解決方案很大程度上是由他們有機開發的，以便與我們無縫協作。

We're hearing really positives on that front.

我們在這方面聽到了非常正面的消息。

And then also versus other competitors, we do have this broad suite of products that we can offer together versus other kind of single point, single product vendors who just offer CNAPP.

然後，與其他競爭對手相比，我們確實擁有可以一起提供的廣泛產品套件，而其他類型的單點、單一產品供應商只提供 CNAPP。

So we have real differentiators against the others in this space that we see working to our advantage.

因此，我們在這個領域擁有與其他公司相比真正的差異化優勢，我們認為這對我們有利。

Yeah.

是的。

Both company has a market-leading technology, and the team there are also pretty strong.

兩家公司都擁有市場領先的技術，團隊也相當強大。

On the same time, also kind of bet as a company, so keeping hand-on solution -- integrated solution there, and that's probably better than other competitors, actually leverage our customer base, leverage our also strong R&D resource, both combined solution and also send a enough solution to supporting customer units, a new $20 billion total addressable market, I think it's definitely a huge growth potential, both in the in secure ops but also in the SASE space.

同時，作為一家公司，也有點賭注，所以保留實際的解決方案——整合解決方案，這可能比其他競爭對手更好，實際上利用我們的客戶群，利用我們強大的研發資源，包括組合解決方案和還提供了足夠的解決方案來支援客戶單位，這是一個總價值 200 億美元的新潛在市場，我認為這絕對是一個巨大的成長潛力，無論是在安全操作領域還是在 SASE 領域。

That's great.

那太棒了。

And maybe just as a quick follow-up.

也許只是作為一個快速的後續行動。

Just on the government vertical.

就在政府垂直領域。

Obviously, 3Q is important for the US.

顯然，第三季對美國來說很重要。

Fed, I know the Fed is a little bit smaller of a vertical for Fortinet.

美聯儲，我知道對於 Fortinet 來說，美聯儲的垂直規模要小一些。

But maybe talk about the government vertical more broadly in the quarter and how you think about it in coming periods.

但也許可以更廣泛地談論本季的政府垂直領域以及您在未來一段時間內如何看待它。

Thanks so much.

非常感謝。

Yeah.

是的。

To your point, we're not really aligned with the U.S. fed of the market for us, the government part is more state and local as well as international government.

就你的觀點而言，我們並沒有真正與美國市場的聯準會保持一致，政府部分更多的是州和地方以及國際政府。

So you don't really get the same sort of 9/30 benefit that maybe some other companies see.

因此，您並沒有真正獲得其他公司可能看到的 9/30 福利。

Great.

偉大的。

Thanks again.

再次感謝。

Patrick Colville from Scotia.

來自斯科細亞省的派崔克·科爾維爾。

This is Joe Vandrick on for Patrick Colville.

我是帕特里克·科爾維爾的喬·範德里克。

Can you just talk more about how you're enabling or incentivizing partners to kind of lead with Fortinet SASE when they may already have existing relationships with more established vendors in this space?

您能否多談談您如何支持或激勵合作夥伴在 Fortinet SASE 方面發揮領導作用，而他們可能已經與該領域更成熟的供應商建立了現有關係？

Thanks.

謝謝。

Yeah, you can see the for full channel partner, you can see a lot of the actuality is our partner for network security and also SD-WAN to the very easy upgrade class to SASE.

是的，您可以看到全通路合作夥伴，您可以看到很多現實是我們的網路安全合作夥伴以及 SD-WAN 到 SASE 的非常簡單的升級等級。

And a lot of also compared to whether the cost, the security, the performance, the flexibility at the broad range, we're also not better than any other competitor.

與許多方面相比，無論是成本、安全性、效能、靈活性或廣泛範圍內，我們也不比其他競爭對手更好。

So it's quite easy to migrate from some of our competitors to Fortinet, but we do see some kind of acceleration there.

因此，從我們的一些競爭對手遷移到 Fortinet 非常容易，但我們確實看到了某種加速。

The other part is also we have a pretty big SMB customer base.

另一方面，我們也擁有相當大的中小企業客戶群。

SMB went up probably only single digit has any kind of network security deployment.

SMB 的網路安全部署可能只有個位數。

We also see that's also one of the fast-growing areas because they do suffer a lot of runway out these contents.

我們也看到這也是快速成長的領域之一，因為它們確實在這些內容上遇到了極大的困難。

So we do see there's additional segment we can grow.

所以我們確實看到我們可以增長額外的部分。

And at the same time for service provider for big enterprise to do this private and sovereign SASE, that's also one other competitor who can offer whether in the same OS or the local data center deployment within the customer premise there.

同時，對於大型企業的服務供應商來說，要做這種私有和主權的 SASE，這也是另一個競爭對手，他們可以提供相同的作業系統或客戶場所內的本地資料中心部署。

So that we feel we have quite some differentiation can give us huge advantage over other competitors.

所以我們覺得我們有相當大的差異化可以為我們比其他競爭對手帶來巨大的優勢。

Got it.

知道了。

Thanks, Ken.

謝謝，肯。

Joseph Gallo from Jefferies.

來自傑富瑞集團的約瑟夫·加洛。

Hey, guys.

嘿，夥計們。

Thanks for the question.

謝謝你的提問。

It was great to see the OT grew 19% billings growth.

很高興看到 OT 的帳單增加了 19%。

How should we think about sustainability of that business?

我們應該如何考慮該業務的可持續性？

And then are there any changes in that competitive landscape?

那麼競爭格局有什麼變化嗎？

Well, I think that very bullish on the OT market.

嗯，我認為這對 OT 市場非常樂觀。

It's a leadership opportunity for us.

這對我們來說是一個領導機會。

Yeah.

是的。

OT is the other year, we already did the space in some report, we're the only leader in OT security.

OT 是另一年，我們已經在一些報告中做了空間，我們是 OT 安全方面的唯一領導者。

We do believe also investing this year for a long time.

我們確實相信今年也會投資很長一段時間。

And also, we believe in the next five to 10 years, probably most connection will come from this device level and which most of them probably have a difficult way to deploy the agent software on this device to use network security.

而且，我們相信在未來五到十年內，可能大多數連接將來自此設備級別，並且大多數連接可能很難在該設備上部署代理軟體以使用網路安全。

So we see a huge opportunity in this OT combined resulted edge computing with view.

因此，我們在邊緣運算與視圖結合的 OT 中看到了巨大的機會。

It's -- we'll be the strongest growing area in the next five to 10 years.

我們將成為未來五到十年內成長最強勁的地區。

And so leverage, whether the OS or ASIC technology and also the infrastructure we have, we feel there's a huge opportunity there.

因此，無論是作業系統還是 ASIC 技術以及我們擁有的基礎設施，我們都認為那裡存在著巨大的機會。

We'll be driving or definitely to have the long-term amount of growth.

我們將推動或肯定會實現長期成長。

And then maybe just to double-click on retail and some of the verticals.

然後也許只需雙擊零售和一些垂直領域即可。

It was great to see that that grew for the first time, I think, six quarters.

很高興看到這一數字首次增長了六個季度。

Now that we're post-election?

現在我們已經是選舉後了？

Like are there any verticals that you expect to rebound?

您預計有哪些垂直產業會反彈？

Or are there any changes going forward over the next couple of quarters that we should expect?

或者說接下來的幾季我們應該期待什麼改變？

Thank you.

謝謝。

We see the manufacturer already pretty strong in Q3.

我們看到製造商在第三季已經相當強大。

We feel the postelection properties as we also begin accelerating there.

我們感受到選舉後的特性，因為我們也開始在那裡加速。

Also, the other one like a carrier service provider is out of the market.

此外，另一家（例如營運商服務提供者）已退出市場。

We still finally see some growth after probably six quarters.

大概六個季度後，我們最終仍然看到了一些成長。

And probably some other like retail, like it's pretty strong growth in 2001, 2002 -- 2021, 2022, almost by the 100% growth in that year.

可能還有其他一些行業，例如零售業，例如 2001 年、2002 年——2021 年、2022 年成長相當強勁，那一年幾乎成長了 100%。

So I think like that's probably will be most statin the refreshing cycle studying whether next year or 2026 because we see the number of units in that space registered in a go through most like four years.

因此，我認為這可能是明年或 2026 年最令人耳目一新的研究週期，因為我們看到該空間中登記的單位數量在過去四年中最多。

It will probably more reach to the time to refresh now.

現在可能會更到刷新的時間。

Keith Bachman from BMO.

BMO 的 Keith Bachman。

Hi.

你好。

Many thanks.

非常感謝。

Good evening.

晚安.

I wanted to ask two questions, sort of a micro and a macro and I'll just ask them concurrently in the interest of time.

我想問兩個問題，一個是微觀問題，一個是宏觀問題，為了節省時間，我會同時問它們。

Keith, just on the SaaS penetration.

Keith，剛才談到 SaaS 的滲透率。

You indicated on slide 9, about 45% is with large enterprise.

您在投影片 9 上指出，大約 45% 是大型企業。

If you took out the SD -- and it's a very impressive figure.

如果你拿出SD——這是一個非常令人印象深刻的數字。

If you took out the SD-WAN.

如果你拿出SD-WAN。

What would that penetration rate or share look like in terms of customer type?

就客戶類型而言，滲透率或份額會是什麼樣子？

I'm just -- I'm trying to understand the SD-WAN versus the other bucket.

我只是 - 我正在嘗試了解 SD-WAN 與其他儲存桶。

And then the second question is a broader question, but how are you thinking about Europe as you look out over the next quarter or two?

第二個問題是一個更廣泛的問題，但是當您展望未來一兩個季度時，您如何看待歐洲？

I know it's T plus 1 in terms of the election and what economic growth may be as a consequence.

我知道這對選舉以及由此帶來的經濟成長來說是T+1。

But just how are you looking at Europe over the next couple of quarters, not just in Q4?

但您如何看待未來幾季的歐洲，而不僅僅是第四季度？

And that's it for me.

對我來說就是這樣。

Thank you.

謝謝。

Yeah, maybe we've confused you or I confuse myself on Slide 9.

是的，也許我們在幻燈片 9 上讓你感到困惑，或者我自己也感到困惑。

I don't think that's showing penetration, the mix of customers.

我不認為這顯示出滲透率和客戶組合。

Yeah.

是的。

Yes.

是的。

That's what -- sorry, that's what I meant, but what would the -- just a mix of customers, if you took out SD-WAN of the SASE piece alone?

這就是——抱歉，這就是我的意思，但是如果您單獨拿出 SASE 的 SD-WAN，那麼混合客戶會怎麼樣？

You're going to find a mix of customers that's more tilted to the larger enterprises if you look at SASE alone than when you look at the entire universe would be my expectation.

我的預期是，如果您單獨考察 SASE，您將會發現更傾向於大型企業的客戶組合，而不是您考察整個宇宙的客戶群。

I think we said.

我想我們說過。

It has -- when you look at dollar values, right, not customer accounts.

當你看美元價值時，它是這樣的，對吧，而不是客戶帳戶。

Yes.

是的。

Europe, I mean, Europe was -- I think we mentioned on the call, international EMEA was number 1.

歐洲，我的意思是，歐洲——我想我們在電話會議上提到過，國際歐洲、中東和非洲地區是第一名。

I think US was number 2 in Europe is right behind them on number 3.

我認為美國在歐洲排名第二，緊隨其後，排名第三。

It's a little bit like the SMB headlines that we talk about every quarter that the economy is well every worries about SMB, and it continues to do well.

這有點像我們每季談論的中小企業頭條新聞，經濟狀況良好，每個人都擔心中小企業，而且它繼續表現良好。

I'm not saying there aren't pressures in Europe.

我並不是說歐洲沒有壓力。

And as we look forward to the fourth quarter, I don't know that we're expecting anything like an outsized performance from Europe, but we'll see how the quarter comes out.

當我們展望第四季時，我不知道我們是否期待歐洲的出色表現，但我們將看看該季度的結果如何。

Okay.

好的。

Thank you.

謝謝。

Junaid Siddiqui from Truist.

來自 Truist 的朱奈德·西迪基。

Hello.

你好。

Great.

偉大的。

Thank you for taking my question.

感謝您回答我的問題。

I just want to drill down in your hardware appliances.

我只想深入了解您的硬體設備。

And if you can maybe just give us a little bit more color how the high-end family performed versus the midrange and the lower end.

如果您可以的話，也許可以給我們更多的信息，告訴我們高端系列與中端和低端系列的表現如何。

Thank you.

謝謝。

Good question.

好問題。

Looking for some numbers real quick here.

在這裡快速尋找一些數字。

So overall, I would say, mid-range and high-end has continued to be stable, but not outgrow.

因此，總體而言，我想說，中階和高端市場持續保持穩定，但並未超越成長。

We had a little bit more unit shipment in the end.

最終我們的出貨量增加了一些。

I guess what we're saying is it's not going to jump off the page when we look at our numbers.

我想我們想說的是，當我們查看我們的數字時，它不會跳出頁面。

How's that?

怎麼樣？

Great.

偉大的。

Thank you.

謝謝。

Gray Powell with BTIG.

格雷·鮑威爾與 BTIG。

Great.

偉大的。

Thanks for working me in.

謝謝你讓我工作。

I appreciate it.

我很感激。

So yeah, it was really helpful to see the product level is growth rate disclosures on the slide deck.

所以，是的，看到幻燈片上的產品水平增長率披露確實很有幫助。

Within universal SASE, could you maybe give us a ballpark sense as to how fast the SD-WAN piece is growing?

在通用 SASE 中，您能否讓我們大致了解 SD-WAN 部分的成長速度？

My understanding is that that's probably been under pressure over the last 18 months.

我的理解是，過去 18 個月這可能面臨壓力。

So I guess my question is really like, do you see potential for that product to reaccelerate, particularly as VMware customers start looking for alternative solutions?

所以我想我的問題實際上是，您是否認為該產品有重新加速發展的潛力，特別是當 VMware 客戶開始尋找替代解決方案時？

Thanks.

謝謝。

Yeah.

是的。

I think we're -- if you look at our SD-WAN space, and we -- I think we made reference to the penetration in the larger enterprises that something on the order of 65% or 70%, that is of our customer base.

我認為，如果你看看我們的 SD-WAN 領域，我們提到了大型企業的滲透率，大約 65% 或 70%，這是我們客戶的滲透率根據。

Gray, as you're pointing out, the opportunity for us to see greater growth here is by -- in white space accounts and bringing them on board with the FortiGate and SD-WAN solution and starting them on that customer journey that goes FortiGate SD-WAN to SASE.

Gray，正如您所指出的，我們在這裡看到更大成長的機會在於—在空白客戶中，讓他們加入 FortiGate 和 SD-WAN 解決方案，並開始他們的 FortiGate SD 客戶旅程-WAN 到 SASE。

I think you're going to get some renewals from the early adopters of SD-WAN here as we start looking into 2025 and into 2026, that would be natural.

我認為當我們開始展望 2025 年和 2026 年時，您將從 SD-WAN 的早期採用者那裡獲得一些更新，這是很自然的。

I think that those same -- just as we're going through a renewal cycle for SD-WAN, our competitors will be also.

我認為，就像我們正在經歷 SD-WAN 的更新週期一樣，我們的競爭對手也會經歷同樣的情況。

And we've historically shown where we have a superior product like SD-WAN, that's an opportunity for us to just lodge the incumbents.

我們歷史上已經展示過我們擁有像 SD-WAN 這樣的優質產品，這對我們來說是一個向現有企業提供服務的機會。

Yeah, agree.

是的，同意。

If you look at the top 5 SD-WAN providers, we are the other one internally developed in with security and also SASE, all these things.

如果您查看排名前 5 的 SD-WAN 供應商，我們是另一家內部開發安全性和 SASE 的供應商。

On the other comp acquisition, a lot of content also being sold after of course some of SD-WAN.

在其他補償收購中，很多內容當然也在一些 SD-WAN 之後被出售。

So they're kind of a function of technology already stop developing in a few years now.

所以它們是幾年後已經停止發展的技術的一種功能。

And come up the refresh, we do see a huge opportunity.

更新後，我們確實看到了巨大的機會。

It's still very fragmented space, but we do see a lot of replacement opportunity right now.

它仍然是一個非常分散的空間，但我們現在確實看到了許多替代機會。

And we also feel we are not only leading technology, but also performance, cost, energy consumption.

而且我們也覺得我們不僅在技術上領先，而且在性能、成本、能耗上也領先。

So that's why we feel the SD-WAN, we're keeping accelerating and grow faster than the market, gaining market share there.

這就是為什麼我們覺得 SD-WAN 不斷加速，成長速度快於市場，贏得了市場份額。

Understood.

明白了。

All right.

好的。

Thank you very much.

非常感謝。

This does conclude the question-and-answer portion.

問答部分到此結束。

I will now turn it back over to Aaron for closing remarks.

現在我將把它轉回給亞倫做總結發言。

Thank you.

謝謝。

I'd like to thank everyone for joining today's call.

我要感謝大家參加今天的電話會議。

As a reminder, we will be holding an Analyst Day on November 18, marking our 15-year IPO anniversary, where we will share the company's vision for the future of cybersecurity and provide an update on our strategy and midterm financial model.

謹此提醒，我們將於 11 月 18 日舉辦分析師日活動，紀念我們 IPO 15 週年，屆時我們將分享公司對網路安全未來的願景，並提供有關我們戰略和中期財務模型的最新資訊。

We will also be attending investor conferences hosted by Barclays, Needham, Scotiabank, and Wells Fargo during the fourth quarter.

我們也將參加第四季由巴克萊銀行、尼德姆銀行、豐業銀行和富國銀行主辦的投資者會議。

The webcast link will be posted on the Events and Presentations section of Fortinet's Investor Relations website.

網路廣播連結將發佈在 Fortinet 投資者關係網站的活動和演示部分。

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。

This concludes the conference call.

電話會議到此結束。

Thank you for being here.

感謝您來到這裡。

You are now disconnect.

您現在已斷開連線。