Fortinet Inc (FTNT) 2024 Q4 法說會逐字稿

Good day, and thank you for standing by.

您好，感謝您的支持。

Welcome to the Fortinet fourth-quarter 2024 earnings announcement conference call.

歡迎參加 Fortinet 2024 年第四季財報公告電話會議。

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

（操作員指示）請注意，今天的會議正在錄音。

I would now like to have my conference over to your speaker today, Aaron Ovadia, Senior Director of Investor Relations.

現在，我想將今天的會議發言者交給投資者關係高級總監 Aaron Ovadia。

Please go ahead.

請繼續。

Thank you, and good afternoon, everyone.

謝謝大家，下午好。

This is Aaron Ovadia, Senior Director of Investor Relations at Fortinet.

這是 Fortinet 投資者關係高級總監 Aaron Ovadia。

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

我很高興歡迎大家參加我們的電話會議，討論 Fortinet 2024 年第四季和全年的財務表現。

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、董事長兼執行長謝志強；我們的財務長 Keith Jensen；我們的營運長 John Whittle；以及我們的首席行政官和銷售營運主管 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直播重播。

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

Ken 將在今天的電話會議上首先從高層次的角度介紹我們的業務。

Keith will then review our financial and operating results for the fourth quarter and full year of 2024 before providing guidance in the first quarter and a full year of 2025.

然後，Keith 將審查我們 2024 年第四季和全年的財務和營運業績，然後為 2025 年第一季和全年提供指導。

We will then open the call for questions.

然後我們將開始提問。

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

在問答環節，我們要求您將自己限制為一個問題和一個後續問題，以便其他人參與。

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

在我們開始之前，我想提醒大家，在今天的電話會議上，我們將做出前瞻性陳述，這些前瞻性陳述受風險和不確定性的影響，可能導致我們的實際結果與預測結果有重大差異。

Please refer to our SEC filings, in particular of the Risk Factors in our most recent Form 10K and Form 10Q for more information.

請參閱我們的 SEC 文件，特別是我們最新的 10K 表和 10Q 表中的風險因素以獲取更多資訊。

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報告發布之日的觀點，我們不承擔任何義務，並明確否認更新前瞻性陳述的任何義務。

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

此外，除非另有說明，我們在今天的電話會議上提到的所有財務指標都是非公認的會計準則。

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 結果以及 GAAP 與非 GAAP 的對帳表位於我們的收益新聞稿和今天發言的附帶演示文稿中，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 sections of our Investor Relations website following today's call.

今天的收益電話會議的準備好的發言將在今天的電話會議結束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 noted otherwise.

最後，除非另有說明，所有提及的成長均以同比計算。

I will now turn the call over to Ken.

現在我將電話轉給肯。

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

謝謝你，Aaron，也謝謝大家參加電話會議。

We are pleased with our strong performance in the fourth quarter, successfully balancing growth and profitability, including record operation margin of 39%; total revenue growth of 17%, including product revenue growth of 18%, our highest growth rate in six quarters as we further strengthen our market leadership in Secure Networking; a strong growth in Unified SASE and secure operation with security service age building growth of 85%, which drove our Unified SASE growth of 13%, accounting for 23% of our business.

我們對第四季度的強勁表現感到滿意，成功平衡了成長和獲利能力，包括創紀錄的 39% 的營業利潤率；總收入成長 17%，其中產品收入成長 18%，這是我們六個季度以來的最高成長率，我們進一步鞏固了在安全網路領域的市場領導地位；統一 SASE 和安全營運強勁成長，安全服務年限建設成長 85%，推動我們統一 SASE 成長 13%，占我們業務的 23%。

The strong Unified SASE growth highlights the value that our customers see in our single vendor SASE strategy.

強勁的統一 SASE 成長凸顯了我們的客戶在我們的單一供應商 SASE 策略中看到的價值。

We are the only vendor to organically develop the key SASE functionality into a single operating system FortiOS, which integrates market-leading Next-Gen Firewall, SD-WAN, ZTNA, Secure Web Gateway, CASB, DLP, and other innovations seamlessly unifying networking and security, delivering an enhanced user experience and securing access to applications across on-premise and cloud environment.

我們是唯一將關鍵 SASE 功能有機開發到單一作業系統 FortiOS 的供應商，它整合了市場領先的下一代防火牆、SD-WAN、ZTNA、安全 Web 網關、CASB、DLP 和其他創新，無縫統一了網路和安全，提供增強的用戶體驗並確保在本地和雲端環境中對應用程式的存取安全。

This infra with an SD-WAN customer can deploy FortiSASE in the cloud or on-premise within minutes.

此基礎架構具有 SD-WAN 客戶，可在幾分鐘內在雲端或本地部署 FortiSASE。

We also enable sovereign SASE for service providers and large enterprise to hold FortiSASE within their own data center, enabling tighter control of their data and great connectivity while leverage our FortiASIC technology to accelerate SASE function for superior performance.

我們也為服務供應商和大型企業提供主權 SASE，讓他們將 FortiSASE 保留在自己的資料中心內，從而能夠更嚴格地控制他們的資料並獲得良好的連接，同時利用我們的 FortiASIC 技術加速 SASE 功能以實現卓越的效能。

Additionally, Fortinet's AI power security, unified management, and single agent approach provide consistent protection across all locations and devices, ensuring full control, visibility, and simplified deployment while also offering industry's simplest licensing and a 3x or 5x better performance per user.

此外，Fortinet 的 AI 電源安全、統一管理和單代理方法可為所有位置和裝置提供一致的保護，確保完全控制、可見性和簡化部署，同時還提供業界最簡單的授權和每個使用者 3 倍或 5 倍的更好效能。

AI-driven secure operation accounted for 11% of total building, while ARR grew 32%.

人工智慧驅動的安全營運佔總建築的11%，而ARR成長了32%。

We recently enhanced our secure portfolio by acquiring Perception Point, a leader in advanced e-mail and collaboration security.This acquisition strengthens our end-to-end cybersecurity by extending protection beyond e-mail to the entire modern workspace, addressing the growing advanced threat risk in today's elevated threat environment.

我們最近收購了高級電子郵件和協作安全領域的領導者 Perception Point，從而增強了我們的安全產品組合。

In Secure Networking, we continue to lead inventory with a convergence and consolidation strategy, a vision we have been driving for 25 years.

在安全網路領域，我們繼續以整合和整合策略來引領庫存，這是我們 25 年來一直致力於實現的願景。

Industry forecasts predict that Secure Networking will surpass traditional networking by 2026.

產業預測，到 2026 年，安全網路將超越傳統網路。

As the number one Secure Networking vendor, Fortinet secures over half of all global firewalls and lead the convergence trend.

身為全球領先的安全網路供應商，Fortinet 為全球一半以上的防火牆提供安全保障，並引領融合趨勢。

Also as shown on slide 4, Fortinet continues to be the only vendor to leverage a single operation system, FortiOS, across five Secure Networking Gartner Magic Quadrant.

另外如投影片 4 所示，Fortinet 仍是唯一在五個安全網路 Gartner 魔力像限中採用單一作業系統 FortiOS 的供應商。

Customers are increasingly recognizing that our FortiOS and food FortiASIC technology delivery of 5x or 10x better performance than competitors while enhancing security effectiveness and reducing total cost of ownership.

客戶越來越認識到我們的 FortiOS 和食品 FortiASIC 技術比競爭對手的性能高出 5 倍或 10 倍，同時提高了安全效率並降低了整體擁有成本。

This is especially evident in the operation technology where OT sales approached $1 billion in 2024.

這在營運技術領域尤其明顯，到 2024 年，OT 銷售額將接近 10 億美元。

Today, we introduced the FortiGate's 30G, 50G, and 70G next-generation firewall and a Unified SASE solution designed for SMB and distributed enterprise with cutting a performance and enhanced security, delivering up to 5x to 10x faster support and a better threat protection than industry average, and supporting a wide range of secure network interface for remote access.

今天，我們推出了 FortiGate 的 30G、50G 和 70G 新一代防火牆和統一 SASE 解決方案，專為中小型企業和分散式企業設計，具有降低效能和增強安全性的特點，提供比業界平均水平快 5 到 10 倍的支援和更好的威脅防護，並支援用於遠端存取的各種安全網路介面。

In addition, we recently acquired the remaining share of Lacework, a leading provider of connectivity solutions to expand our enterprise grade security to employees working remotely, home business, and consumers.

此外，我們最近收購了領先的連接解決方案提供商 Lacework 的剩餘股份，以將我們的企業級安全性擴展到遠端工作的員工、家庭企業和消費者。

Lastly, I'm very proud to share that Fortinet was recently recognized on Forbes' most trust company in our market list, ranked number 7 overall and the only cybersecurity company in the top 50 list, highlighting our transparency and commitment to our customer as the most trust cybersecurity company.

最後，我很自豪地告訴大家，Fortinet 最近被《富比士》評為市場中最值得信賴的公司，在總體排名第 7 位，也是前 50 名榜單中唯一的網路安全公司，這突顯了我們作為最值得信賴的網路安全公司的透明度和對客戶的承諾。

I would like to thank our employees, customers, partners, and suppliers worldwide for their continuous support and hard work.

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。

I will now turn the call over to Keith.

現在我將電話轉給 Keith。

Thank you, Ken.

謝謝你，肯。

Thank you, Aaron, and good afternoon, everyone.

謝謝你，Aaron，大家下午好。

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

讓我們從第四季的主要亮點開始。

We delivered strong execution results above the high end of guidance, together with record operating margin at 39%.

我們實現了強勁的執行結果，超越了預期上限，同時營業利潤率達到了創紀錄的 39%。

Total revenue grew 17%, driven by strong product and service revenues as product revenue growth pushed up to 18%.

總收入成長 17%，主要得益於強勁的產品和服務收入，產​​品收入增幅推高至 18%。

In addition, we added a record 6,900 new logos driven by close alignment with our channel partners.

此外，透過與通路合作夥伴的緊密合作，我們創紀錄地增加了 6,900 個新標誌。

Looking at our financial results in more detail, total billings grew 7% to $2 billion, including double-digit security operations and Unified SASE growth.

更詳細地查看我們的財務結果，總帳單成長 7%，達到 20 億美元，其中包括兩位數的安全營運和統一 SASE 成長。

RPO grew 12% to $6.4 billion. ARR

RPO 成長 12%，達到 64 億美元。到達率

growth was very strong from SecOps and grew 32% and Unified SASE, which grew at 28% and to a combined total of over $1.5 billion.

其中，SecOps 成長非常強勁，成長了 32%，而 Unified SASE 成長了 28%，總額超過 15 億美元。

Within Unified SASE, SSE continues to gain traction with ARR growth of 96% and as we continue to see early success upselling FortiSASE to our large SD-WAN customer base.

在統一 SASE 中，SSE 繼續獲得關注，ARR 成長率達到 96%，我們繼續看到向我們龐大的 SD-WAN 客戶群推銷 FortiSASE 的早期成功。

FortiSASE deals increased over 60%, and the pipeline was up 90%.

FortiSASE 交易量增加了 60% 以上，通路增加了 90%。

The typical FortiSASE journey starts with the customer's first purchase of our ASIC-based market leading FortiGate firewall, followed by an expansion to SD-WAN and then to our single vendor SASE solution.

典型的 FortiSASE 旅程始於客戶首次購買我們基於 ASIC 的市場領先的 FortiGate 防火牆，然後擴展到 SD-WAN，再擴展到我們的單一供應商 SASE 解決方案。

The expansion journey is particularly significant as over 70% of our large enterprise customers have adopted our SD-WAN functionality and are poised to expand to FortiSASE.

這次擴展之旅尤其重要，因為超過 70% 的大型企業客戶已經採用了我們的 SD-WAN 功能，並準備擴展到 FortiSASE。

Our large enterprise FortiSASE penetration rate increased to 10%, that's up 2 points just since our November Analyst Day reporting.

我們的大型企業 FortiSASE 普及率上升至 10%，自 11 月分析師日報告以來就上升了 2 個百分點。

Rounding out the billings commentary, deals between $5 million and $10 million increased over 90%.

總的來說，500 萬美元至 1000 萬美元之間的交易增長了 90% 以上。

SMB was our top-performing customer segment with growth of over 30%, and EMEA was our best-performing geography, driven by growth of over 25% from international emerging.

中小企業是我們表現最好的客戶群，成長率超過 30%，而歐洲、中東和非洲地區是我們表現最好的地區，得益於國際新興市場超過 25% 的成長率。

Among our top five verticals, worldwide government and service provider both grew over 20% while financial services saw the expected challenge from the difficult year-over-year comparison, driven by several seven- and eight-figure deals in the fourth quarter of 2023.

在我們的五大垂直產業中，全球政府和服務提供者均成長了 20% 以上，而金融服務則面臨著與去年同期相比艱難的預期挑戰，這得益於 2023 年第四季的幾筆七位數和八位數的交易。

Turning to revenue and margins, total revenue grew 17% to $1.66 billion.

談到營收和利潤，總營收成長 17% 至 16.6 億美元。

Product revenue increased 18% to $574 million, our highest growth rate in six quarters, driven by hardware revenue growth of 19%.

產品收入成長 18%，達到 5.74 億美元，這是我們六個季度以來的最高成長率，這得益於硬體收入成長 19%。

On a sequential basis, product revenue increased 21% and represents the third quarter in a row with elevated sequential growth.

按季度計算，產品收入增長了 21%，這是連續第三個季度實現較高的季度增長。

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

軟體授權收入持續維持兩位數的成長，佔總產品收入的中高百分比。

Service revenue of $1.09 billion grew 17% and to 65% of total revenue.

服務收入為 10.9 億美元，成長 17%，佔總收入的 65%。

Service revenue growth was driven by SaaS solutions at 130%, which includes Lacework as well as strong organic services growth in Unified SASE and SecOps.

服務收入成長主要由 SaaS 解決方案推動，增幅達 130%，其中包括 Lacework 以及 Unified SASE 和 SecOps 的強勁有機服務成長。

Combined revenue from software licenses and software services such as cloud, Lacework, and other SaaS security solutions, increased 41% and provides an annual revenue run rate of over $1 billion.

軟體授權和軟體服務（例如雲端、Lacework 和其他 SaaS 安全解決方案）的綜合收入成長了 41%，年收入運行率超過 10 億美元。

Total gross margin increased 340 basis points to 81.9% and exceeded the high end of the guidance range by 140 basis points.

總毛利率增加 340 個基點至 81.9%，超出預期範圍高端 140 個基點。

Product gross margin of 69.3% increased 920 basis points as inventory-related charges normalized from last year's highly elevated levels, adding 840 basis points to product gross margin and 290 basis points to total gross margin.

產品毛利率為 69.3%，增加了 920 個基點，因為庫存相關費用從去年的高點水平正常化，使產品毛利率增加了 840 個基點，總毛利率增加了 290 個基點。

Service gross margin of 88.6% increased 50 basis points to a quarterly record as service revenue growth outpaced labor and hosting cost increases while benefiting from the mix shift towards higher-margin FortiGuard security subscription services as well as some early AI-related savings.

服務毛利率為 88.6%，環比上升 50 個基點，達到季度最高水平，因為服務收入增長速度超過了勞動力和託管成本的增長，同時受益於向利潤率更高的 FortiGuard 安全訂閱服務的轉變以及一些早期與 AI 相關的節省。

Operating margin increased 720 basis points to a record 39.2%.

營業利益率增加 720 個基點，達到創紀錄的 39.2%。

It was 520 basis points above the high end of the guidance range, reflecting the strong gross margin, an FX tailwind of about 110 basis points, as well as the top-line overperformance that flow through to the bottom line.

它比預期範圍的高端高出 520 個基點，反映了強勁的毛利率、約 110 個基點的外匯順風、以及流向底線的頂線超額表現。

Before moving to the statement of cash flows, I'd like to summarize the financial impact from the Lacework, Next DLP, and Perception Point acquisitions.

在轉到現金流量表之前，我想先總結一下 Lacework、Next DLP 和 Perception Point 收購帶來的財務影響。

These acquisitions increased fourth-quarter billings by 115 basis points versus our expectation of 75 basis points and decreased operating margin by 190 basis points versus our expectation of a decrease of 230 basis points.

這些收購導致第四季度的營業額增加了 115 個基點，而我們預期為 75 個基點，並且導致營業利潤率下降 190 個基點，而我們預期為下降 230 個基點。

Looking to the statement of cash flow summarized on slides 18 through 21, free cash flow was $380 million, and free cash flow margin was 23%, up 11 points.

請看第 18 至 21 頁投影片中總結的現金流量表，自由現金流為 3.8 億美元，自由現金流利潤率為 23%，上漲 11 個百分點。

Adjusted free cash flow was $549 million, representing a margin of 28%, up 16 points.

調整後自由現金流為 5.49 億美元，利潤率為 28%，上漲 16 個百分點。

Cash taxes were $156 million, down $186 million reflecting the prior year's regulatory extension of estimated tax payments, while infrastructure investments were $98 million or up $71 million.

現金稅為 1.56 億美元，下降 1.86 億美元，反映了上一年監管延長預估稅支付的影響，而基礎設施投資為 9,800 萬美元，增加了 7,100 萬美元。

Average contract term in the fourth quarter was 29 months, down one month year over year and up one month quarter over quarter.

第四季平均合約期限為29個月，年減一個月，季增一個月。

DSO decreased 10 days, reflecting improved linearity year over year.

DSO 減少了 10 天，反映出線性年比有所改善。

And the remaining share buyback authorization is $2 billion.

剩餘的股票回購授權為20億美元。

Moving to an overview of our 2024 full-year results, billings exceeded $6.5 billion, while total revenue grew 12% to $5.96 billion driven by revenue growth of around 25% for both Unified SASE and SecOps.

縱觀我們 2024 年全年業績，營業額超過 65 億美元，總收入增長 12%，達到 59.6 億美元，這得益於統一 SASE 和 SecOps 的收入增長約 25%。

Service revenue grew 20% to $4.05 billion, driven by a 22% increase in security subscriptions and 33% growth in Unified SASE services.

服務收入成長 20% 至 40.5 億美元，其中安全訂閱量成長 22% 以及統一 SASE 服務成長 33%。

Gross margin was up 390 basis points to 81.3%, benefiting from the revenue mix shift to service revenue and a 140-basis-point tailwind of inventory-related charges normalized during the year.

毛利率上漲 390 個基點至 81.3%，受益於收入結構向服務收入的轉變，以及年內庫存相關費用正常化的 140 個基點的順風。

Operating margin increased 660 basis points to a record 35%, resulting in operating income of $2.1 billion, which was up 38%.

營業利益率增加 660 個基點，達到創紀錄的 35%，營業收入達 21 億美元，成長 38%。

Our GAAP operating margin of 30.3% continues to be one of the highest in the industry.

我們的 GAAP 營業利潤率為 30.3%，繼續位居行業最高水準之一。

Earnings per share increased 45% to $2.37. Free cash flow was a record $1.9 billion, representing a margin of 32%.

每股收益成長 45% 至 2.37 美元。自由現金流達到創紀錄的 19 億美元，利潤率達 32%。

Adjusted free cash flow was $2.2 billion, representing a margin of 37%.

調整後的自由現金流為 22 億美元，利潤率為 37%。

If I would just sum up 2024, I think it's important to note that we have now met or exceeded the Rule of 45 for the fifth consecutive year.

如果我要總結一下 2024 年，我認為值得注意的是，我們現在已經連續第五年達到或超過了 45 個規則。

Now I'd like to share a few significant fourth-quarter wins showcasing our SASE expansion and our leadership in operational technology.

現在，我想分享一些第四季度的重要勝利，展示我們的 SASE 擴展和我們在營運技術方面的領導地位。

In a seven-figure new customer win, a healthcare provider strategically included FortiSASE in its first Fortinet purchase alongside SD-WAN, while replacing a competitor's firewall.

在贏得七位數新客戶的過程中，一家醫療保健提供者在其首次購買 Fortinet 時策略性地將 FortiSASE 與 SD-WAN 一起納入其中，同時替換了競爭對手的防火牆。

With a new leadership team focused on vendor consolidation, reduced operating cost, and complexity and addressing technical debt, the FortiOS consolidated multiple security functions onto a single platform, modernized an outdated firewall infrastructure, and replaced VPN technologies with a 5,000-seat SASE solution that relies on Fortinet PoPs.

在新的領導團隊的帶領下，FortiOS 專注於供應商整合、降低營運成本和複雜性以及解決技術債務，將多種安全功能整合到單一平台上，對過時的防火牆基礎設施進行了現代化改造，並用依賴 Fortinet PoP 的 5,000 個座位的 SASE 解決方案取代了 VPN 技術。

In another seven-figure SASE deal in the existing Fortune 500 SD-WAN retail customer purchased FortiSASE for 2,000 users with the potential to scale up to 12,000.

在另一筆七位數的 SASE 交易中，現有的財富 500 強 SD-WAN 零售客戶為 2,000 個用戶購買了 FortiSASE，並有可能擴展到 12,000 個用戶。

They chose Fortinet for its flexible and consistent security enforcement, which enhances user experience while securing access to both on-prem and cloud applications.

他們選擇 Fortinet 是因為其靈活、一致的安全實施，這可以增強用戶體驗，同時確保對本地和雲端應用程式的存取安全。

Additionally, they valued our strategy of building our own SASE delivery infrastructure powered by our proprietary ASIC technology.

此外，他們非常重視我們利用專有 ASIC 技術來建立自己的 SASE 交付基礎設施的策略。

And lastly, in a high seven-figure deal, a large energy company expanded its partnership with us by signing us first enterprise agreement to protect this global critical infrastructure.

最後，一家大型能源公司在一筆價值七位數的高額交易中與我們簽署了第一份企業協議，以保護這項全球關鍵基礎設施，從而擴大了與我們的合作夥伴關係。

This customer secures its infrastructure using FortiGates across approximately 1,000 sites, spanning branch locations, data centers, and cloud environments.

該客戶使用 FortiGates 保護其基礎設施，涵蓋約 1,000 個站點，涵蓋分公司、資料中心和雲端環境。

Key factors in this win included our ability to support their global critical infrastructure both technically and through world-class support programs.

此次獲勝的關鍵因素包括我們有能力在技術上和透過世界一流的支援計劃來支持他們的全球關鍵基礎設施。

Our leadership in OT infrastructure capabilities and the automation and seamless integration of our FortiOS system.

我們在 OT 基礎設施能力以及 FortiOS 系統的自動化和無縫整合方面處於領先地位。

With Fortinet supplying over 50% of the firewalls worldwide, Fortinet security solutions themselves have become critical infrastructure, protecting the critical infrastructure in the threat landscape where there has been a step-level increase in sophistication and risk.

Fortinet 佔據了全球超過 50% 的防火牆份額，Fortinet 安全解決方案本身也已成為關鍵基礎設施，在威脅情況日益複雜和風險日益增加的情況下保護著關鍵基礎設施。

Given our scale, innovation and broad adoption, we and national cybersecurity agencies around the world view our partnership as key to protecting the most important customers and entities in this dynamic landscape.

鑑於我們的規模、創新和廣泛應用，我們和世界各國的網路安全機構都將我們的合作視為保護這一動態環境中最重要的客戶和實體的關鍵。

Next, I'd like to review some of our key AI solutions for threat intelligence, networking, NOC and SOC, and LLM leakage.

接下來，我想回顧一下我們針對威脅情報、網路、NOC 和 SOC 以及 LLM 洩漏的一些關鍵 AI 解決方案。

For threat intelligence, FortiGuard AI power security services, combined with real-time threat intelligence helps organizations combat known, unknown, zero-day, and emerging AI-based threats.

對於威脅情報，FortiGuard AI 強大的安全服務結合即時威脅情報可協助組織對抗已知、未知、零日和新興的基於 AI 的威脅。

For networking, FortiAI Ops reduces the time needed to diagnose networking issues.

對於網絡，FortiAI Ops 減少了診斷網路問題所需的時間。

By monitoring trends of the network and with full access to logs across a Fortinet Security Fabric, our AI engine uses machine learning to understand the optimal conditions for the network and highest potential issues.

透過監控網路趨勢並完全存取 Fortinet Security Fabric 中的日誌，我們的 AI 引擎使用機器學習來了解網路的最佳條件和最有可能出現的問題。

For the NOC and SOC, FortiAI uses natural language and generative AI to guide, simplify, and automate analyst activities.

對於 NOC 和 SOC，FortiAI 使用自然語言和生成式 AI 來指導、簡化和自動化分析師活動。

FortiAI is integrated into seven different network and security operation products with additional products to be added.

FortiAI 整合到七種不同的網路和安全營運產品中，並且還將添加其他產品。

For LLM leakage, our AI-based DLP services actively identify and bought sensitive information from being uploaded or shared with AI systems.

對於 LLM 洩漏，我們基於 AI 的 DLP 服務主動識別並防止敏感資訊被上傳或與 AI 系統共用。

Before discussing our guidance, I'll offer a few updates on the record-level firewall upgrade opportunity that we shared during our November Analyst Day.

在討論我們的指導之前，我將提供一些有關我們在 11 月分析師日期間分享的記錄級防火牆升級機會的更新。

In the fourth quarter, we saw early upgrade movement with large enterprises, both on buying plans and actual purchases.

第四季度，我們看到大型企業的早期升級動向，無論是採購計畫還是實際採購。

We expect the momentum to build as we move into the second half of 2025 as we get closer to the 2026 and the service dates.

我們預計，隨著我們進入 2025 年下半年，隨著 2026 年服務日期的臨近，這種勢頭將會增強。

The 2026 and 2027 cohorts present a substantial upsell opportunity for SASE switches, access points, and SecOps solutions.

2026 年和 2027 年群體為 SASE 交換器、接入點和 SecOps 解決方案提供了巨大的追加銷售機會。

To maximize our upgraded cross-sell potential, we're implementing several initiatives, including creating sales plays for each customer segment and key vertical; expanding our account plans for larger enterprises to more specifically target the upgrade and expansion opportunities; and collaborating with our channel partners on SMB opportunities, incentive programs, end user data, and developing targeted bundle offerings for these customers.

為了最大限度地發揮我們升級後的交叉銷售潛力，我們正在實施多項舉措，包括為每個客戶群和關鍵垂直行業制定銷售策略；擴大我們針對大型企業的客戶計劃，以更有針對性地針對升級和擴展機會；並與我們的通路合作夥伴就中小企業機會、激勵計畫、最終用戶數據進行合作，並為這些客戶開發有針對性的捆綁產品。

Moving on to guidance, as a reminder, our first-quarter and full-year outlook, which are summarized on slides 23 and 24, are subject to disclaimers regarding forward-looking information that Aaron provided at the beginning of the call.

繼續討論指引，提醒一下，我們的第一季和全年展望（已在第 23 和 24 頁幻燈片中進行了總結）受 Aaron 在電話會議開始時提供的前瞻性資訊免責聲明的約束。

I should note, we expect Linksys and Perception Point to increase first-quarter billings and revenue growth by approximately 90 basis points and decrease operating margin around 40 basis points.

我應該指出，我們預計 Linksys 和 Perception Point 第一季的營業額和收入成長將增加約 90 個基點，而營業利潤率將減少約 40 個基點。

For the full year, we expect Linksys and Perception Point to increase billings and revenue growth by approximately 125 basis points and decrease operating margin by around 50 basis points.

就全年而言，我們預計 Linksys 和 Perception Point 的營業額和收入成長將增加約 125 個基點，而營業利潤率將減少約 50 個基點。

All right.

好的。

For the first quarter, we expect billings in the range of $1.520 billion and $1.600 billion, which at the midpoint represents growth of 11%; revenue in the range of $1.500 billion to $1.560 billion, which at the midpoint represents growth of 13%; non-to-GAAP gross margin of 80% to 81%; non-GAAP operating margin of 30% to 31%; non-GAAP earnings per share of $0.52 to $0.54, which assumes a share count of between $774 million and $780 million; infrastructure investments of $80 million to $100 million; a non-GAAP tax rate of 18%; and cash taxes of $30 million to $35 million.

對於第一季度，我們預計營業額在 15.2 億美元至 16.0 億美元之間，中間值代表成長 11%；收入在 15.00 億美元到 15.6 億美元之間，中間值代表成長率為 13%；非公認會計準則毛利率為 80% 至 81%；非公認會計準則營業利益率為 30% 至 31%；非公認會計準則每股收益為 0.52 美元至 0.54 美元，假設股票數量在 7.74 億美元至 7.8 億美元之間； 8 千萬至 1 億美元的基礎建設投資；非公認會計準則稅率為 18%；以及3000萬至3500萬美元的現金稅。

For the full year, we expect billings in the range of $7.200 billion to $7.400 billion, which at the midpoint represents growth of 12%; revenue in the range of $6.650 billion to $6.850 billion, which at the midpoint represents growth of 13%; service revenue in the range of $4.575 billion to $4.725 billion which at the midpoint represents growth of 15%; non-GAAP gross margin of 79% to 81%; non-GAAP operating margin of 31% to 33%; non-GAAP earnings per share of $2.41 to $2.47, which assumes a share count of between $773 million and $783 million; infrastructure investments of $380 million to $430 million; a non-GAAP tax rate of 18%; and cash taxes between $525 million and $575 million.

我們預計全年營業額將在 72 億美元至 74 億美元之間，中間值代表成長 12%；收入在 66.5 億美元至 68.5 億美元之間，中間值代表成長率為 13%；服務收入在 45.75 億美元至 47.25 億美元之間，中間值代表成長率為 15%；非公認會計準則毛利率為 79% 至 81%；非公認會計準則營業利益率為 31% 至 33%；非公認會計準則每股收益為 2.41 美元至 2.47 美元，假設股票數量在 7.73 億美元至 7.83 億美元之間；基礎建設投資 3.8 億至 4.3 億美元；非公認會計準則稅率為 18%；現金稅在 5.25 億美元至 5.75 億美元之間。

And on a personal note, you have made read in today's 8-K filing that after a four-decade career in finance, including 11 years of Fortinet, it's time for a me to enjoy retirement.

就我個人而言，您在今天的 8-K 文件中讀到，在金融領域工作了四十年（包括在 Fortinet 工作了 11 年）後，我該享受退休生活了。

I'll continue to serve through the next quarter earnings call and up to May 15 and plan to stay at Fortinet to help with the transition through June 30.

我將繼續任職至下一季財報電話會議及至 5 月 15 日，並計劃留在 Fortinet 協助過渡至 6 月 30 日。

Most importantly, I'm leaving Fortinet in very good hands.

最重要的是，我將把 Fortinet 交給非常可靠的人。

Pursuant to our succession plan, Christiane Ohlgart who, as discussed in the 8-K has served in various roles at Fortinet for almost six years will take over as CFO as my step down in May.

根據我們的繼任計劃，Christiane Ohlgart 將在我 5 月卸任後接任首席財務官一職，正如 8-K 文件中所述，她已在 Fortinet 擔任了近六年的各種職務。

I'd like to thank Ken, Michael and the Fortinet team and all of you for making this chapter of my life so rewarding.

我要感謝 Ken、Michael、Fortinet 團隊以及你們所有人，讓我的人生這一章如此有意義。

I very much appreciate the time I've had for networking with Ken, Michael, the entire team and certainly with the investors and financial analysts.

我非常感謝有機會與肯、邁克爾、整個團隊以及投資者和金融分析師交流。

I know on this Fortinet, its people, customers, and its noble mission to protect and serve important customers and entities around the world.

我了解 Fortinet、它的員工、客戶，以及它保護和服務全球重要客戶和實體的崇高使命。

Thank you, Keith, for your great service and contribution.

謝謝 Keith 的出色服務和貢獻。

And Christiane, we're looking forward to working with you, your new role to continue to drive the success at Fortinet.

克里斯蒂安，我們期待與您合作，在您的新職位上繼續推動 Fortinet 的成功。

So I will now hand the call over to Aaron for the Q&A session.

因此現在我將把電話交給 Aaron 進行問答環節。

Thank you, Ken.

謝謝你，肯。

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

提醒一下，在問答環節，請您將自己限制為一個問題和一個後續問題，以便其他人參與。

Operator, please open the lines for questions.

接線員，請打開熱線來回答問題。

(Operator Instructions) Hamza Fodderwala, MS.

(操作員指示) Hamza Fodderwala，MS。

This is Jonathan Eisenson on for Hamza.

這是 Jonathan Eisenson，代替 Hamza 發言。

First off, Keith, congratulations on your career, and best of luck with retirement and with your next endeavors.

首先，基思，恭喜你的職業生涯，並祝你退休後一切順利，並在未來的工作中一切順利。

So Ken, for you, so I believe some of the hyperscalers like Oracle are big customers and partners with Fortinet.

Ken，對你來說，我相信像 Oracle 這樣的一些超大規模企業是 Fortinet 的大客戶和合作夥伴。

So just curious, as you have Oracle and some of the other hyperscalers building out new data centers, just curious to what extent Fortinet is involved in securing these.

所以我很好奇，由於 Oracle 和其他一些超大規模企業正在建造新的資料中心，所以很好奇 Fortinet 在多大程度上參與了這些中心的安全保護。

Yes.

是的。

Thank you.

謝謝。

It's a great question.

這是一個很好的問題。

So Fortinet is the only company, we develop the secure ASIC processor.

所以 Fortinet 是唯一一家開發安全 ASIC 處理器的公司。

It's increasing the secure computing power quite a lot compared using general purpose CPU.

與使用通用CPU相比，它大大提高了安全運算能力。

And that drove a lot of our growth into we call it internal segmentation within the data center hyperscaler and all these things.

這在很大程度上推動了我們的成長，我們稱之為資料中心超大規模內部細分以及所有這些東西。

So we see a huge opportunity, not just the secure networking there, but also a lot of data center also related to AI.

因此，我們看到了巨大的機遇，不僅是那裡的安全網絡，而且許多資料中心也與人工智慧相關。

We also see huge opportunity to drive the AI security, whether secure the infrastructure to self or secure the data of secure the access.

我們也看到了推動人工智慧安全的巨大機遇，無論是保護基礎設施本身，還是保護存取資料的安全。

So there's a lot of opportunity.

因此，有很多機會。

I do believe that's the huge potential for growth because of a unique advantage using the FortiASIC.

我確實相信，由於使用 FortiASIC 具有獨特的優勢，這具有巨大的成長潛力。

Tal Liani, Bank of America.

美國銀行的塔爾·利阿尼 (Tal Liani)。

It's an honor for me to ask a question after John, my ex-associate across the line.

我很榮幸能繼我的前同事約翰之後提問。

But I want to ask you two things, number one is about billings.

但我想問你兩件事，第一件事是關於帳單。

Why is billing weak and weak guidance?

為何計費和指導都較弱？

And the second question is product revenues outperformed so much this quarter.

第二個問題是本季產品營收表現優異。

And that might be a cycle, refresh cycle, but the guidance for next quarter, I don't see outperformance.

這可能是個週期，刷新周期，但對於下個季度的指引，我沒有看到優異的表現。

So why is it just this quarter phenomenon, and you don't carry the strength into the next few quarters?

那麼為什麼這只是本季的現象，而這種強勁勢頭並沒有延續到接下來的幾季呢？

Yes, Tal, I wasn't sure on your first question about billings, if you were asking about the fourth quarter or the first quarter.

是的，塔爾，我不確定你關於帳單的第一個問題，你是問第四季還是第一季。

I'm asking billing in general.

我詢問的是一般帳單。

So billing for the fourth quarter was better, but billing for the first quarter is weaker.

因此，第四季的出貨情況較好，但第一季的出貨情況較弱。

So why is the weakness in billing?

那麼，計費方面為何會出現如此薄弱的環節呢？

Yes, I think I think the -- if you look at the fourth quarter, maybe we'll start there a little bit.

是的，我認為——如果你看看第四季度，也許我們會從那裡開始一點。

As you recall, we talked last quarter about the fourth-quarter guidance process, there was a lot of concern around the quarter, probably the eight-figure deals and what we were going to get out of that, and we were being cautious in the guidance.

您還記得，我們​​上個季度討論了第四季度的指引流程，當時人們對該季度有很多擔憂，可能是八位數的交易以及我們將從中獲得什麼，因此我們在指引方面持謹慎態度。

That was logically rather a prudent approach where we got the upside was on those deals from $5 million to $10 million.

從邏輯上講，這是一種相當審慎的做法，我們從這些交易中獲得的收益從 500 萬美元到 1000 萬美元不等。

And I would say the close rate and the opportunity there was probably $40 million to $50 million more than what I anticipated in the guidance setting process.

我想說，那裡的成交率和機會可能比我在指導過程中預期的高出 4,000 萬到 5,000 萬美元。

And you saw that same overperformance on the larger deals show itself in the product revenue line.

而您會看到，大型交易中同樣的優異表現也反映在產品收入線上。

And then also we saw in the product revenue line.

然後我們也看到了產品收入線。

Our significant growth in product revenue was in the mid-enterprise -- pardon me, the midsized firewalls and the large firewalls.

我們的產品收入顯著成長是在中型企業——對不起，是中型防火牆和大型防火牆。

And when you peel back on that onion, you start to see enterprise companies have actually started their purchasing of the refreshes that we talked about at the Analyst Day.

當你剝開洋蔥時，你會發現企業公司實際上已經開始購買我們在分析師日上討論的更新。

So I think obviously, the information and news about Q4 is very good.

因此我認為顯然有關第四季度的信息和消息非常好。

I think if you look at Q1, whether it's billings or product revenue, probably just a little more caution there as we kind of got exposed to the tariffs here over the last week.

我認為，如果你看一下第一季度，無論是帳單還是產品收入，可能都會更加謹慎，因為我們在過去一周受到了關稅的影響。

And we saw the reaction and some of the concerns for us with more of a multinational footprint, particularly in Latin America and Canada, for example, the customer footprint, a little more exposure there.

我們看到了反應和一些擔憂，因為我們的跨國業務更加廣泛，特別是在拉丁美洲和加拿大，例如客戶業務，在那裡的曝光率更高。

And then, of course, the direct impact of perhaps some disruption in the US government where we do have a footprint also.

當然，美國政府內部的某些混亂也許會對我們產生直接影響，而我們也確實對此有所涉足。

So maybe a little caution in that regard.

因此在這方面也許需要稍微謹慎一點。

Yes.

是的。

The other probably may impact some of the billings really.

其他的可能確實會對一些帳單產生影響。

We are more also driving the ARR RPO, which a little bit different than before.

我們也在更多地推動 ARR RPO，這與以前略有不同。

It's more about building, but this is RPO ARR probably would defer some building to the future.

這更多的是關於建設，但這是 RPO ARR 可能會將一些建設推遲到未來。

But we'll kind of secure the customer with all this -- the platform, the Unified SASE approach.

但我們會利用這一切——平台、統一的 SASE 方法——來保護客戶的安全。

That's where the SASE and the Secure Ops tend to have a higher growth in the ARR and RPO than the billings.

這就是 SASE 和安全作業在 ARR 和 RPO 方面的成長往往比帳單更高的地方。

Gabriela Borges, Goldman Sachs.

高盛的加布里埃拉·博爾赫斯 (Gabriela Borges)。

I would love to hear a little bit more on the refresh opportunity for this year.

我很想多了解今年的更新機會。

I know you've broken it out for us in product versus crosssell in a couple of different ways.

我知道您已經用幾種不同的方式為我們細分了產品與交叉銷售。

I wanted to ask you specifically about the implications for subscription revenue as you see the hardware come up for renewal and as you sell some of the networking components on the hardware side and to our installed base.

我想具體問一下，當您看到硬體需要續訂並且您在硬體方面和我們的安裝基礎上銷售一些網路元件時，這對訂閱收入有何影響？

So either for Keith or maybe Christiane, how do you think about the implications for subscription, specifically as hardware comes up?

那麼，無論是 Keith 還是 Christiane，您如何看待訂閱對硬體的影響，特別是當硬體出現時？

Christiane, do you want to jump in there?

克里斯蒂安娜，你想跳進去嗎？

Okay.

好的。

I think at the Analyst Day, I explained a little bit that the existing hardware has subscriptions.

我想在分析師日上，我稍微解釋了一下現有硬體是有訂閱的。

In order to grow subscription revenue, we need to upsell and sell either more subscriptions with the same hardware or more services.

為了增加訂閱收入，我們需要追加銷售，也就是使用相同的硬體銷售更多的訂閱或更多的服務。

So we have put plans and incentives in place for our sellers and our channel partners to do so.

因此，我們為我們的賣家和通路合作夥伴制定了計劃和激勵措施。

But that's kind of the prerequisite for us to grow our service revenues or accelerate the service revenues.

但這是我們增加服務收入或加速服務收入的先決條件。

Also, the new hardware tend to be -- have more capacity to run additional function and better performance.

此外，新硬體往往具有更強的容量來運行附加功能，並且具有更好的性能。

That also kind of enable additional service, including a lot of new service.

這也使得能夠提供附加服務，包括許多新服務。

We're developing FortiOS in the last few years like all the Unified SASE function and some other AI-based function.

我們在過去幾年裡一直在開發 FortiOS，例如所有統一 SASE 功能和一些其他基於 AI 的功能。

That gives a new -- opportunity to leverage new hardware.

這為利用新硬體提供了新的機會。

Brian Essex, JPMorgan.

摩根大通的布萊恩‧艾塞克斯 (Brian Essex)。

Keith, I thought when you started with key highlights for the quarter, your retirement would be up to the top.

基思，我以為，當你開始介紹本季的主要亮點時，你的退休就已經達到了頂峰。

(laughter) But seriously, it's been a real pleasure working with you, and best of luck on the retirement, well deserved.

（笑聲）不過說真的，與您共事真的很愉快，祝您退休後一切順利，這是當之無愧的。

And Christiane looking forward to working with you.

Christiane 期待與您合作。

So congratulations on the appointment as CFO.

恭喜您被任命為財務長。

I guess the question I had was with regard to the billings guide for this next fiscal year.

我想我的問題是關於下一財政年度的帳單指南。

Would love it if -- maybe Christiane, if -- I think you've done a lot of work on it, if you could unpack the assumptions behind that?

如果可以的話我會很高興——也許是克里斯蒂安娜，如果——我認為您在這方面做了很多工作，如果您可以解開背後的假設的話？

How much is upgrade growth of SecOps and SASE, and how much is product-related refresh cycle baked into that?

SecOps 和 SASE 的升級成長有多少，與產品相關的更新周期有多少被納入其中？

And maybe if you could share an exit rate, that would be super helpful.

如果您可以分享退出率，那將會非常有幫助。

So in our billings and revenue guidance, of course, we have the two components, right?

因此，在我們的帳單和收入指導中，當然有兩個部分，對嗎？

Product is what we said this year.

產品就是我們今年說的。

Services is what we -- what was off the balance sheet, mostly and about 15% from new services that we are selling this year.

服務是我們資產負債表外的部分，其中大部分，約 15% 來自我們今年銷售的新服務。

And our assumptions, of course, are, as we presented at the Analyst Day, that we have a significant upsell component.

當然，正如我們在分析師日上所介紹的那樣，我們的假設是，我們有一個重要的追加銷售組成部分。

But we also are planning to -- with certain incentives for, again, our own sellers as well as our channel partners to drive new logos.

但我們也計劃為我們自己的賣家以及通路合作夥伴提供一定的激勵措施來推動新標誌。

And from an exit rate perspective, were you looking at exit rate for services or

從退出率的角度來看，您關注的是服務的退出率嗎？

--?

--？

I guess overall for billings.

我想整體來說，這是合理的。

And then maybe if you can Help us understand how much product revenue is baked into that.

那麼也許你能幫助我們了解其中包含了多少產品收入。

But really just trying to get a sense of the trajectory that you're baking into billings to kind of get to that full-year billings guidance that you have.

但實際上只是想了解您在賬單中融入的軌跡，以便獲得您所擁有的全年賬單指導。

The product revenue growth, we assume is around 10% right now as we saw already a significant traction this year, but yeah, that's the current running assumption.

我們假設產品收入成長率目前在 10% 左右，因為我們今年已經看到了顯著的成長勢頭，但這是目前的假設。

Okay.

好的。

That's helpful.

這很有幫助。

And does that require like the exit rate in 4Q of like teens, like high-teens billings growth?

這是否要求第四季的退出率達到十幾歲或高十幾歲的帳單成長？

Or are you expecting a more moderate build throughout the year?

或者您預計全年的成長將更加溫和？

Right now, it's more moderate.

目前，情況比較溫和。

Fatima Boolani, Citi.

花旗銀行的 Fatima Boolani。

Keith, congratulations.

基思，恭喜你。

I hope you very much have an enjoyable ride into the sunset.

我祝福您在日落時能享受一段愉快的旅程。

It's been terrific partnering with you.

與您合作非常愉快。

I wanted to go back to some of the commentary you made on the tariff impact.

我想回顧一下您對關稅影響所發表的一些評論。

I did want to dig into that a little bit.

我確實想深入探討一下這一點。

So I think there is a significant amount of uncertainty from these tariffs.

所以我認為這些關稅存在著很大的不確定性。

They're influx; there's some potential retaliatory policies being thrown around.

他們湧入；一些潛在的報復政策正在被推出。

So I both wanted to dig into some of the demand comments you made and how far ranging those are, and how they are being contemplated in guidance?

所以我想深入研究您提出的一些需求評論，以及這些評論的範圍有多大，以及它們在指導中是如何被考慮的？

And then also from a supply chain perspective, how is that influencing or potentially impacting your supply chain and ultimately COGS and gross margins?

然後從供應鏈的角度來看，這會如何影響或潛在影響您的供應鏈以及最終的銷貨成本和毛利率？

Yes.

是的。

As you pointed out, it's going to be a dynamic time, if you will, and trying to understand where these may end up.

正如你所指出的，如果你願意的話，這將是一個充滿活力的時期，並試圖了解這些最終會走向何方。

I would say that for selling purposes for demand, we have a fairly significant footprint in both Latin America and Mexico as well as Canada.

我想說，為了滿足銷售需求，我們在拉丁美洲、墨西哥和加拿大都有相當大的影響力。

And over the weekend, when the tariffs were announced, there was a lot of activity here internally Sunday night and Monday morning to understand what the disruption would be more about those economies and their buying habits, if you will, of our products.

週末，當關稅宣布後，週日晚上和週一早上我們內部開展了大量活動，以了解關稅對這些經濟體及其購買習慣（如果你願意的話）會造成什麼影響。

And I think it's that type of reaction that we are focused on.

我認為我們關注的就是這種類型的反應。

I would also supplement that by a little more context.

我還想補充一些背景資訊。

Our FortiAuthenticator product, I believe it is, is actually -- it's a very small product line, but it is manufactured in Canada.

我相信，我們的 FortiAuthenticator 產品實際上是一條非常小的產品線，但它是在加拿大製造的。

And we were looking at what the tariff impact would be like that.

我們正在研究關稅會產生什麼樣的影響。

And then by Monday night, all those things -- all bets are off.

然後到了周一晚上，所有這些事情——所有的賭注都取消了。

So we're kind of chasing it a little bit.

因此我們有點在追逐它。

And we do have, similar to our sales leadership in Latin America raising their hand immediately and what they were seeing and being concerned about with Mexico.

我們確實有類似的情況，我們拉丁美洲的銷售領導層立即舉手，說明他們看到並擔心墨西哥的情況。

Our US federal team similarly raised their hand and said, if there aren't going to be employees of the federal government to sell to, it's going to be challenging.

我們的美國聯邦團隊也舉手錶示，如果沒有聯邦政府員工來銷售產品，將會很有挑戰性。

So I just think we're acknowledging that it's a very dynamic situation right now, and let's try and not get too far out of our skis until we know more.

所以我認為，我們承認現在的情況非常動態，在我們了解更多資訊之前，我們盡量不要走得太遠。

On the other side, I think, in terms of tariffs coming into the country or the products, keep in mind that our pure US business is around 25%, 26%, 27% of our total business.

另一方面，我認為，就進入該國或產品的關稅而言，請記住，我們純美國業務約占我們總業務的 25%、26%、27%。

So obviously that 30% -- probably 70%-plus international would not be subject to the tariff schemes of the US.

因此顯然 30%——可能 70% 以上的國際產品不會受到美國關稅計劃的約束。

And I think there's obviously -- if we had to respond in some way, to the market, I think the tariffs would be broad brush and would affect not only ourselves in our US business for that remaining 25%, 26%, but our competitors as well.

而且我認為，顯然，如果我們必須以某種方式對市場做出回應，關稅將是廣泛的，不僅會影響我們在美國剩餘的 25%、26% 的業務，還會影響我們的競爭對手。

And I would expect that we would still, at this early stage, still have the pricing advantage that we currently have.

我預計，在早期階段，我們仍然擁有現有的定價優勢。

Shaul Eyal, TD Cowen.

沙烏爾·埃亞爾（Shaul Eyal），TD Cowen。

Congrats on results.

恭喜取得成果。

Congrats, Keith, and congrats, Christiane.

恭喜，基思，恭喜，克里斯蒂安。

Keith, my question maybe builds a little bit on the prior question but touches more specifically on your US performance.

基思，我的問題可能與前面的問題有點相似，但更具體地涉及你在美國的表現。

This year, you had, I think, this quarter, the best quarterly performance in 2024.

我認為，今年本季的業績是 2024 年以來最好的季度。

Do you see that being sustained into 2025 given some of your prior investments?

鑑於您之前的一些投資，您認為這種趨勢會持續到 2025 年嗎？

What are the plans specifically as it relates to US sales operations?

與美國銷售業務相關的具體計劃是什麼？

Yeah, it's a great question.

是的，這是一個很好的問題。

So I think probably starting a little bit over one year ago, we're starting enhanced the US enterprise sales and also more focused on like adding sales capacity and also kind of working closely with our channel partners to drive the growth which both in the high con and also drive the program with the partner there.

所以我認為可能從一年多前開始，我們就開始加強美國企業的銷售，同時也更加重視增加銷售能力，同時也與我們的通路合作夥伴密切合作，以推動高端成長以及與那裡的合作夥伴一起推動專案。

So that's -- we see some pretty good results.

所以——我們看到了一些相當不錯的結果。

And so we do see there's a lot of loans to grow in the US.

因此我們確實看到美國有大量貸款有待成長。

And at the same time, we have a huge advantage on the resource on the facility on the people here in the US and Canada that continue drive the future growth.

同時，我們在美國和加拿大的設施、人員資源方面擁有巨大優勢，這將繼續推動未來的成長。

So that's why we see that the US could be the fast-growing region in the next few years.

因此我們認為美國可能成為未來幾年快速成長的地區。

Rob Owens, Piper Sandler Company.

羅布·歐文斯（Rob Owens），派珀·桑德勒公司（Piper Sandler Company）。

Great, and thanks for taking my question.

非常好，感謝您回答我的問題。

I was hoping you could expand a little bit just on the Linksys relationship and what you hope it brings.

我希望您能稍微擴展一下 Linksys 的關係以及您希望它帶來的效果。

And I know can you did outline some expectations relative to revenue and billings, but just strategically where it positions you better?

我知道您能否概述一些與收入和帳單相關的期望，但從策略上講，這會為您帶來更好的定位嗎？

Yes.

是的。

Linksys, actually we acquired about 51% of share about three years ago.

Linksys，實際上我們大約三年前就獲得了約 51% 的股份。

And then we kept private shaping the company to more line up with our own kind of Secure Networking strategy.

然後，我們保持私密，塑造公司以使其更符合我們自己的安全網路策略。

But also, this is all kind of the new market we feel Fortinet probably is the only player can play in the consumer home-based network security because we have this technology like ASIC, we have all this Unified SASE together with the Linksys consumer and also the huge user base, which they have 25 million active users and has been shipping almost 250 million device in the last almost 40 years.

但同時，我們認為，這是一個全新的市場，Fortinet 可能是唯一一家能夠在消費者家庭網路安全領域發揮作用的廠商，因為我們擁有 ASIC 這樣的技術，我們擁有所有這些統一的 SASE，以及 Linksys 消費者和龐大的用戶群，他們擁有 2500 萬活躍用戶，在過去近 40 年裡已經出貨了近2.5 億台。

So it's a leading brand.

所以它是一個領先品牌。

And with this customer base with our technology as the combined resources you we can really drive the new market for consumers to supporting work from home and also to cover some SMB space, we see pretty fast growth.

憑藉這個客戶群以及我們的技術作為綜合資源，我們可以真正推動新的消費者市場，支持在家辦公，並涵蓋一些中小企業空間，我們看到相當快速的成長。

So that's the strategy, but that also probably will take some time to continue kind of divide about this technology market together.

這就是我們的策略，但也可能需要一些時間來繼續彌合這個技術市場的分歧。

But we do feel this could be a huge potential in the next 5 to 10 years for the company growth.

但我們確實認為這可能為公司未來5到10年的成長帶來巨大的潛力。

Eric Heath, KeyBanc.

艾瑞克‧希思（Eric Heath），KeyBanc。

Keith, congrats as well.

基思，也祝賀你。

So Keith and Christiane, I wanted to understand a little bit just ahead of the refresh opportunity that's starting in the second half.

所以，Keith 和 Christiane，我想在下半場開始的刷新機會之前了解一些情況。

How should we be thinking about inventory levels in anticipation of that demand?

為了滿足這項需求，我們該如何考慮庫存水準？

And then secondly, maybe to follow on to Brian's earlier question, just the assumptions embedded in the product guidance specifically from the end of service refresh, are you assuming half of that $400 million to $450 million opportunity happens in 2025?

其次，也許可以繼續回答 Brian 先前的問題，只是嵌入在產品指導中的假設，特別是從服務更新結束時開始，您是否假設 4 億到 4.5 億美元的機會中有一半會發生在 2025 年？

Yes.

是的。

I'll cover off the inventory question a little bit, and then maybe Christiane can come back over the top and talk a little bit more about the model for 2025.

我將稍微討論一下庫存問題，然後克里斯蒂安可以再回來進一步談談 2025 年的模型。

And I don't know that we explained, we'll assign specific dollar amounts to each individual item.

我不知道我們是否解釋過，我們會為每個單獨的項目分配具體的金額。

But in that in any event, Ken and I've been at this for a long time.

但無論如何，肯和我已經在這個領域努力了很長時間。

You guys have seen an inventory turn to 2.

你們已經看到庫存變成 2 了。

I like to see inventory turns of 5 or 6.

我喜歡看到庫存週轉率為 5 或 6。

I lose constantly on the inventory turns.

我因庫存週轉而虧損。

We've gotten -- as we've gone through the supply chain cycle here, you saw the inventory turns.

我們已經得到了——當我們經歷這裡的供應鏈週期時，您看到了庫存週轉。

We did very well with those storing inventory, if you will, on our balance sheet as we got into COVID and supply chain crisis, and it really helped fuel the super cycle for us on our income statement.

當我們陷入新冠疫情和供應鏈危機時，我們在資產負債表上儲存庫存方面做得很好，這確實幫助我們在損益表中推動了超級週期。

And with that in mind, I think a healthy number for us, I'd have to agree with Ken now is probably in the range of 2x with the turns.

考慮到這一點，我認為對我們來說一個健康的數字，我必須同意肯現在的觀點，可能在 2 倍的範圍內。

And I would imagine that you would -- you could expect us to target that each quarter in terms of our inventory balances.

並且我可以想像你會——你可以期望我們每個季度都實現庫存餘額的目標。

Christiane?

克里斯蒂安娜？

Yes, on the linearity of the product revenue assumptions, while there is definitely a compelling reason to refresh in the second half year because you can only renew for one year, we've seen refresh activity happen already, especially for large customers.

是的，就產品收入假設的線性而言，雖然下半年肯定有一個令人信服的理由進行更新，因為您只能更新一年，但我們已經看到更新活動已經發生，特別是對於大客戶而言。

And we will try to accelerate the upgrade cycle as much as we can.

我們將盡力加快升級週期。

So we've assumed that there is a more gradual than kind of spiky upgrade part.

因此，我們假設升級過程是漸進的，而不是急劇升級。

Saket Kalia, Barclays.

Saket Kalia，巴克萊銀行。

I tip my cap to both of you on your respective exciting next steps.

我向你們二位致敬，祝賀你們接下來的激動人心的進步。

So very clear numbers and a lot of helpful questions.

數字非常清晰，問題也非常有幫助。

Keith and Christiane, maybe I'll ask just a couple of housekeeping questions, if I may.

基斯和克里斯蒂安娜，如果可以的話，我可能只想問幾個基本問題。

First, can you just remind us -- I think you touched on it a little bit.

首先，您能否提醒我們—我想您已經稍微提到了這一點。

Can you remind us how big LatAm and Canada are just in terms of percentage of billings.

您能否提醒我們，就帳單百分比而言，拉丁美洲和加拿大的規模有多大？

And then maybe on top of that, can you just remind me of the 12% growth that we're guiding to roughly in 2025, how much of that is organic versus inorganic?

除此之外，您能否提醒我一下，我們預期 2025 年的成長幅度約為 12%，其中有機成長和無機成長分別佔多少？

To your first question, LatAm and Canada are about 15% of total business.

對於您的第一個問題，拉丁美洲和加拿大約佔總業務的 15%。

And on the organic growth number, we expect about 1 point inorganic.

就有機成長數字而言，我們預計無機成長約為 1 個百分點。

Adam Borg, Stifel.

亞當·博格（Adam Borg），斯蒂費爾（Stifel）。

You've got Max on here for Adam at Stifel.

你讓馬克斯 (Max) 來 Stifel 代替亞當 (Adam)。

Over the last few quarters, we've talked about SASE and SecOps billings coming primarily from existing customers.

在過去的幾個季度中，我們討論了主要來自現有客戶的 SASE 和 SecOps 帳單。

So as we look out into '25, just wondering what the opportunity is for SASE and SecOps to become a more meaningful contributor to new logos?

因此，當我們展望25年時，我們想知道 SASE 和 SecOps 有什麼機會成為新標誌更有意義的貢獻者？

And do you -- or do you expect that to kind of remain as primarily an upsell motion?

或者您預計這仍然主要是一種追加銷售動議？

I think we do have a huge installation base on the Next-Gen Firewall and also SD-WAN.

我認為我們確實在下一代防火牆和 SD-WAN 上擁有龐大的安裝基礎。

I still feel grow -- upgrade from that to probably will come most of the new Unified SASE.

我仍然覺得會有所成長——從那裡升級到很可能會出現大多數新的統一 SASE。

And that's also more -- easy sell for the sales source and also for the partner.

這對於銷售來源和合作夥伴來說也更容易銷售。

I believe in the last few quarters, probably over 90% existing customers, which are already Next-Gen Firewall and also SD-WAN customer, which does give us also more advantage compared to all these SASE only player.

我相信在過去幾個季度中，可能超過 90% 的現有客戶已經是下一代防火牆和 SD-WAN 客戶，這確實為我們與所有這些僅限 SASE 的參與者相比提供了更多優勢。

So that's where -- and that's also the reason is also because we have the single OS, we have all this networking security, with all this SD-WAN and also all the SASE function, the same OS, it is very easy upgrade.

這就是原因所在，因為我們擁有單一作業系統，擁有所有這些網路安全，擁有所有這些 SD-WAN 以及所有 SASE 功能，同一個作業系統，升級非常容易。

On the other side, we do have a lot of new customers and especially some big enterprise.

另一方面，我們確實有很多新客戶，特別是一些大企業。

Some of them do have issue with some other SASE players, and we do have a lot of advantage on the better function, better integration, single OS solution, and much better performance and pricing, like I mentioned, probably 3 to 5x more price advantage and plus our own kind of infrastructure supporting this kind of lower cost, better margin.

他們中的一些人確實與其他一些 SASE 參與者存在問題，而我們確實在更好的功能、更好的整合、單一作業系統解決方案以及更好的性能和定價方面具有很多優勢，就像我提到的那樣，可能有 3 到 5 倍的價格優勢，再加上我們自己的基礎設施支持這種更低成本、更好的利潤。

And the same time, integrate function together is more easy to manage and better protection.

同時，將功能整合在一起更易於管理和更好地保護。

So that's the advantage we have.

這就是我們的優勢。

That's why we're also pretty confident.

這就是我們非常有信心的原因。

We believe we not only were leading the number one player in the Next-Gen Firewall the SD-WAN, we also -- give us some time, we also need to become the number one Unified SASE player in the space.

我們相信，我們不僅是下一代防火牆 SD-WAN 領域的領先者，而且——給我們一些時間，我們還需要成為該領域第一的統一 SASE 玩家。

Yes.

是的。

And I think Ken's spot on in terms of the factors that -- and I'll build on one of those, which is removing -- reducing complexity and reducing costs and making things simpler.

我認為肯恩對這些因素的論述非常正確 — — 我將以其中之一為基礎，即消除 — — 降低複雜性、降低成本並使事情變得更簡單。

I was really impressed with the first deal that I talked about in the earnings script here when I talked to the sales team, which was a pure white space account that started off as a competitive firewall displacement.

當我與銷售團隊交談時，我對此處收益腳本中談到的第一筆交易印象深刻，這是一個純粹的白色空間帳戶，最初是作為競爭性防火牆置換而產生的。

And we know we're really good at that, and we know how to do that.

我們知道我們在這方面很擅長，而且我們也知道如何做到這一點。

But then to see them consult and collaborate with the customer and make it not only an SD-WAN deal, which made a ton of sense, but also to get them in the boat on the SASE deal.

但隨後看到他們與客戶協商和合作，不僅達成了 SD-WAN 交易（這非常有意義），而且也讓他們參與了 SASE 交易。

And I think that speaks to -- we won a very good sales team that brought that to the table for us.

我認為這說明我們贏得了一支非常優秀的銷售團隊，他們為我們帶來了這項好處。

But the evolution of the maturity that you're seeing in our own organization as we get more experience in our fleet and our ability to branch out and sell into those organizations that are focused on a consolidation play, removing complexity and controlling cost.

但是，隨著我們在車隊方面獲得更多經驗，以及我們向那些專注於整合、消除複雜性和控製成本的組織擴展和銷售的能力，您在我們自己的組織中看到的成熟度的演變。

That also will benefit from a lot of a long-term investment like in the single OS, in the hardware, and also in the ASIC.

這也將受益於大量長期投資，例如單一作業系統、硬體以及 ASIC。

We are the only ASIC designer in the whole space.

我們是整個領域中唯一的 ASIC 設計者。

And a lot of new ASIC design will drive the new SASE function, will keep giving us a much better performance, lower cost, lower consumption.

而大量新的ASIC設計將推動新的SASE功能，將持續為我們提供更好的效能、更低的成本、更低的消耗。

And also, the sovereign SASE for service provider, for enterprise for data center, we also see a lot of growth potential.

此外，對於服務提供者、企業和資料中心的主權 SASE，我們也看到了很大的成長潛力。

That's really the unique advantage Fortinet has.

這確實是 Fortinet 的獨特優勢。

Shrenik Kothari, Baird.

什雷尼克·科塔里，貝爾德。

Just really solid Unified SASE growth rates you guys are seeing increased penetration among larger enterprises which in the earlier commentary was still building momentum.

統一 SASE 的成長率確實很穩健，你們看到它在大型企業中的滲透率不斷提高，而早先的評論中，這種勢頭仍在增強。

So just curious, Ken, help provide an update on such like incentive, which are tied to they're upselling SASE SecOps and how these incentives are impacting overall kind of property metrics, deal conversion.

所以只是好奇，Ken，請幫助提供有關此類激勵措施的最新信息，這些激勵措施與他們正在銷售的 SASE SecOps 有關，以及這些激勵措施如何影響整體財產指標、交易轉化。

And then I had a follow-up question as well.

然後我還有一個後續問題。

Yes, really, we do want to accelerate the training to both our sales team, the technical team and also our partner.

是的，我們確實希望加快銷售團隊、技術團隊和合作夥伴的培訓。

And it's -- but they do see -- the customer definitely see some of the long-term benefit of using a single OS to gradually add in more function and add in more security and easily upgrade to the next kind of security function they needed.

但他們確實看到，客戶確實看到了使用單一作業系統的一些長期好處，可以逐步添加更多功能和安全性，並輕鬆升級到他們所需的下一個安全功能。

And on the other side, I think that we also need to keep in higher end, keeping a sales capacity and at the same time, provide better training.

另一方面，我認為我們也需要保持高端，保持銷售能力，同時提供更好的培訓。

On the other side, we see the feedback already from customer partner.

另一方面，我們已經看到了來自客戶合作夥伴的回饋。

They do see the upgrade of SASE is much easier compared to this new SASE approach and the much shorter sales cycle.

他們確實發現，與這種新的 SASE 方法和更短的銷售週期相比，SASE 的升級要容易得多。

And you can see since like -- we only launch our own SASE approach a little bit over one year.

您可以看到，我們推出自己的 SASE 方法才一年多一點的時間。

And you can see the ramp-up is over quick probably the fast-growing in the SASE space right now.

您可以看到，成長速度很快，可能是目前 SASE 領域的快速成長。

So we do see a lot of great potential going forward.

因此我們確實看到了未來的巨大潛力。

Junaid Siddiqui, Truist Securities.

Junaid Siddiqui，Truist Securities。

Keith and Christiane, congrats to both of you.

基斯和克里斯蒂安，祝賀你們兩位。

Keith, you mentioned SMB being one of the top-performing customer segments, which is a bit different from what we hear from some of the other vendors.

基思，您提到 SMB 是表現最好的客戶群之一，這與我們從其他一些供應商那裡聽到的說法略有不同。

I was just curious what is underpinning that demand?

我只是好奇這種需求的背後是什麼？

And what are you seeing that others are not?

您看到了什麼而別人沒有看到呢？

Well, I think the channel program at Fortinet is probably fairly mature.

嗯，我認為 Fortinet 的通路計劃可能相當成熟。

I mean, Ken has been doing it for a long, long time.

我的意思是，肯已經這樣做很久了。

I don't think we're scrambling to find channel partners, if you will.

如果你願意的話，我認為我們不會急於尋找通路合作夥伴。

I would also give a lot of credit to Christiane and what she's done in her year here, which is really focused on the channel and getting to more senior levels with the channel leadership to understand what's important to them and how to structure incentives that are tailored to what the channel is trying to accomplish.

我還要對克里斯蒂安以及她一年來所做的工作表示高度讚賞，她真正專注於渠道，並與渠道領導層進行更高級別的交流，以了解對他們來說什麼是重要的，以及如何構建符合渠道試圖實現的目標的激勵機制。

There's just much more collaboration with channel partners today than I've ever seen before here.

今天與通路夥伴的合作比我以前見過的要多得多。

And I think these -- we had some fairly specific and targeted incentive programs in the fourth quarter that Christiane helped develop.

我認為，我們在第四季度推出了一些相當具體和有針對性的激勵計劃，這些都是克里斯蒂安幫助制定的。

And I think those were, as you see in the numbers, the new logos and 6,900 and the mix of the business, extremely successful.

而且我認為，正如您在數字中所看到的那樣，新的標誌、6,900 和業務組合都非常成功。

Yes, I also see we have probably the best product because not a competitor, not as small as technology, single OS with so many -- it's almost 30 function integrated in the single OS and with about half a function, about 14, 15 using ASIC plus salaries, that gives us huge performance and functional advantage than any other competitor.

是的，我也看到我們可能擁有最好的產品，因為沒有競爭對手，技術沒有那麼小，單一作業系統有這麼多功能 - 單一作業系統中集成了近 30 種功能，其中大約有一半功能，大約 14、15 種使用 ASIC 加上薪水，這給了我們比任何其他競爭對手都巨大的性能和功能優勢。

Because the SMB, like the three model we announced today, they around the same for OS compared to some other big box, bigger parts there.

因為 SMB，就像我們今天宣布的三種型號一樣，與其他一些大盒子、更大的零件相比，它們的作業系統大致相同。

And that's where the SMB and even the long term, the home users see some huge advantage.

從長遠來看，中小企業乃至家庭用戶都將從中受益匪淺。

You've seen the same for FortiOS, and they can kind of weather connect to the enterprise so they can connect to the cloud and also with this new Unified SASE approach.

您已經在 FortiOS 上看到了相同的情況，它們可以透過各種方式連接到企業，以便連接到雲端，並且還可以使用這種新的統一 SASE 方法。

So that's why we feel it's a technology advantage gave us huge kind of unique benefit to our customers, SMB customer eventually can be the home user consumer space, which we feel is -- because so far, even in the US and Europe, the developed country, the SMB still had only single digit of SMB customer has any network security to protect their network in there.

所以我們認為技術優勢為我們的客戶帶來了巨大的獨特利益，中小企業客戶最終可以成為家庭用戶消費者領域，我們認為這是因為到目前為止，即使在美國和歐洲等已開發國家，中小企業仍然只有個位數的中小企業客戶擁有網路安全措施來保護他們的網路。

So we do see there's a lot of growth potential.

因此我們確實看到很大的成長潛力。

But how to address this technology need to be easy to deploy, easy to use, easy to support and make AI and all this.

但是如何解決這個技術需要易於部署，易於使用，易於支援和實現人工智慧等等。

That's where we kind of invest quite a long time, and we do see is kind of a long-term benefit of this long-term investment and also a huge potential going forward.

我們在這方面投入了相當長一段時間，我們確實看到了這種長期投資的長期利益以及未來的巨大潛力。

Joseph Gallo, Jefferies.

傑富瑞的約瑟夫·加洛。

Keith, congrats on the much-deserved retirement.

基思，恭喜你享受退休生活。

And congrats to Christiane, look forward to working more with you.

恭喜克里斯蒂安，期待與您有更多的合作。

It was great to hear about the early end-of-life refresh demand.

很高興聽到有關提前終止使用壽命的更新需求。

In those early renewals, how has the average deal size increased versus four years ago?

在這些早期續約中，平均交易規模與四年前相比有何成長？

I'm just trying to understand how you're thinking about the size of the cross-sell opportunity versus that $450 million product refresh?

我只是想知道，您如何看待交叉銷售機會的規模與 4.5 億美元的產品更新？

Yeah.

是的。

I think I tried to make a point that what we've seen, and I guess it kind of makes sense is that the larger enterprises are probably moving first.

我想我想表達的是，我們看到的情況是，規模較大的企業可能會率先採取行動，這是有道理的。

We expect that the SMBs may move a little bit later on the timeline.

我們預期中小企業在時間線上的行動可能會稍微滯後一些。

They probably have less advanced purchasing departments and maybe less regulatory pressures and things of that nature.

他們的採購部門可能不那麼先進，監管壓力等等可能也較小。

There's probably a lot of reasons for it.

這可能有很多原因。

I think what you see in our large enterprises, historically is they often have a deployment schedule.

我認為，從我們的大型企業來看，他們歷史上通常都有一個部署計畫。

They may not necessarily take all the equipment at one point in time, but rather take a certain amount each quarter, maybe nothing in one quarter and more in the third quarter.

他們不一定會在某個時間點拿走所有設備，而是每季拿走一定數量的設備，也許在一個季度拿不走，而在第三個季度拿走更多。

And it was that same buying behavior patterns that I think we started to see in the fourth quarter, we are looking back at some of these more regulated industries, also some technology companies, and we could see the swapping out of the mid-age products that are being end-of-life and then taking on new products.

我認為我們在第四季度開始看到的就是同樣的購買行為模式，我們回顧一些受到更嚴格監管的行業，也包括一些科技公司，我們可以看到中年產品被淘汰，新產品被推出。

And we talked to the account person about, yes, they are on that runway, and they will continue doing that now over the next several quarters.

我們與客戶經理進行了交談，是的，他們正在努力，並將在接下來的幾個季度繼續這樣做。

And let me add to what Keith just said regarding your question of average deal size.

讓我補充一下 Keith 剛才關於平均交易規模的問題。

So as we have a lot of large customers that have enterprise agreements, they pretty much have an ongoing purchasing habit of replacement devices that they build out during the EA.

因此，由於我們有許多擁有企業協議的大客戶，他們在 EA 期間幾乎都有持續購買替換設備的習慣。

So you don't necessarily see creeping up larger deals because they negotiate at a certain point in time what they need for the next five years, and then they buy as they are ready to upgrade.

因此，你不一定會看到規模更大的交易，因為他們在某個時間點談判未來五年的需求，然後在準備升級時購買。

Ittai Kidron, Oppenheimer & Co.

伊泰·基德隆，奧本海默公司

Congrats as well for both of you, Keith and Christiane.

我同樣祝賀 Keith 和 Christiane 你們兩位。

Good luck and enjoy retirement, Keith, you earned it.

祝你好運，享受退休生活，基思，你值得擁有它。

A couple of questions for me, just again on this upgrade cycle.

關於這次升級週期，我有幾個問題想問。

If you know the devices and you can ping them and you know exactly where they are and when they get retired for the vast majority, can you just be a little bit more specific on what was the contribution of this upgrade to revenue this past quarter?

如果您了解這些設備，可以對它們進行 ping 操作，並且確切地知道它們的位置以及絕大多數設備何時退役，那麼您能否更具體地說明這次升級對上個季度的收入貢獻是什麼？

And what is the exact dollar contribution you expect from the upgrade in your '25 guide?

在您的 '25 指南中，您預計升級將帶來確切的美元貢獻是多少？

And the second question is for Ken on SASE.

第二個問題是針對 Ken 的有關 SASE 的問題。

Great to see the progress in adoption over there.

很高興看到那裡的採用取得了進展。

Can you comment, though, of how much of the adoption with the large enterprise is against brownfield displacement of all SASE solutions or walking into a vacuum?

不過，您能否評論一下，大型企業的採用中有多少是反對取代所有 SASE 解決方案的棕地還是進入真空？

Would love to understand how much of your footprint in your opinion as something that you need to displace versus you're stepping into a vacuum.

我很想了解，在您看來，您需要取代多少您的足跡，而不是踏入真空。

Yes.

是的。

I think -- it's a great question.

我認為——這是一個很好的問題。

And keep in mind the two-tier distribution model.

並記住兩層分佈模型。

We sell to distributors to sell to resell to sell to end users.

我們將其賣給分銷商，分銷商再轉售給最終用戶。

And oftentimes, it's also SMB.

而且很多時候它也是 SMB。

The quality of the data about the end user gets better and better, the closer you get to the end user, which would be every seller.

你越接近最終用戶（即每個賣家），關於最終用戶的數據品質就會越來越好。

And that's why you heard a reference in the script about the importance of working with them on data gathering.

這就是為什麼您會在腳本中聽到與他們合作收集資料的重要性。

There's a bit of an honor system when they registered the devices.

他們在註冊設備時有一點榮譽制度。

It may be more intuitive to us that, of course, we get a device register like our phone or something like that, but that's not what happens in practice, particularly in the SMB.

當然，對我們來說更直觀的可能是，我們會得到一個像我們的手機或類似的東西的設備寄存器，但在實踐中並非如此，特別是在 SMB 中。

And really, there's a heavy reliance there on the channel to spend time and energy if you want to get good reporting and tracking on that.

事實上，如果想要獲得良好的報告和跟踪，就需要大量依賴管道來投入時間和精力。

So we'll get better at it as we go, and that's probably working closer with the channel partners.

因此，我們會逐步做得更好，這可能會與通路合作夥伴更緊密地合作。

It is easier with the enterprises because we can talk to our sales rep is working in a large enterprise and understand the account plans and what they're seeing, but you're still only getting a partial set of information I think the reporting and the information will get more mature as we go along.

對於企業來說這更容易，因為我們可以與在大型企業工作的銷售代表交談，了解客戶計劃和他們所看到的情況，但你仍然只能獲得部分信息，我認為隨著我們的進展，報告和信息將變得更加成熟。

It's moving pretty quickly right now on us in terms of how we're developing it.

就我們開發它的方式而言，它現在進展非常快。

Anyways

無論如何

--

--

For your second question, actually, you can refer to the presentation, slide number 5.

對於您的第二個問題，實際上，您可以參考簡報中的第 5 張投影片。

So they do give some enterprise penetration rate.

所以他們確實給了一些企業滲透率。

I think for SASE, it's around 10%.

我認為對於 SASE 來說，這個比例大約是 10%。

It increased 2 points from like two months ago on Analyst Day.

與兩個月前的分析師日相比，它增加了 2 個點。

And then also SD-WAN is another large enterprise, probably about 70%.

然後 SD-WAN 也是另一家大型企業，大概佔 70%。

So that's where we see with the leader in the firewall -- major firewall market and then that actually drive a lot of SD-WAN growth and then also after the SASE be the next growth we're keeping -- helping customers build better security infrastructure.

因此，我們看到防火牆領域的領導者——主要的防火牆市場，實際上推動了 SD-WAN 的大量成長，並且在 SASE 之後也是我們保持的下一個成長點——幫助客戶建立更好的安全基礎設施。

And in terms of your question, whether it's brownfield or not, we are seeing some of our biggest SASE deals as displacements of either legacy BPM providers or legacy SASE providers.

就您的問題而言，無論是否是棕地，我們都將一些最大的 SASE 交易視為傳統 BPM 提供者或傳統 SASE 提供者的替代品。

And I would now like to turn the conference back over to Aaron Ovadia for closing remarks.

現在，我想將會議交還給 Aaron Ovadia 並請他致結束語。

Thank you.

謝謝。

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

我想感謝大家參加今天的電話會議。

We will be attending an investor conference hosted by Morgan Stanley during the first quarter.

我們將在第一季參加由摩根士丹利主辦的投資者會議。

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

爐邊談話網絡直播連結將發佈在 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.

祝您剩餘的時光愉快。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating, and you may now disconnect.

感謝您的參與，您現在可以斷開連接。