Fortinet Inc (FTNT) 2025 Q1 法說會逐字稿

Hello and welcome to Fortinet's first quarter 2025 earnings conference call. (Operator Instructions) Please be advised that this call is being recorded.

您好，歡迎參加 Fortinet 2025 年第一季財報電話會議。（操作員指示）請注意，此通話正在錄音。

I would now like to hand the call over to Aaron Ovadia, Senior Director of Investor Relations. Please go ahead.

現在我想把電話交給投資者關係高級總監 Aaron Ovadia。請繼續。

Thank you and good afternoon, everyone. This is Aaron Ovadia, Senior Director of Investor Relations at Fortinet. I am pleased to welcome everyone to our call to discuss Fortinet's financial results for the first quarter of 2025.

謝謝大家，下午好。我是 Fortinet 投資者關係高級總監 Aaron Ovadia。我很高興歡迎大家參加我們的電話會議，討論 Fortinet 2025 年第一季的財務表現。

Joining me on today's call are Ken Xie, Fortinet's Founder, Chairman and CEO; Keith Jensen, our CFO; Christiane Ohlgart, our CAO and Sales Operations Leader; and John Whittle, our COO.

參加今天電話會議的還有 Fortinet 創辦人、董事長兼執行長謝肯；我們的財務長 Keith Jensen； Christiane Ohlgart，我們的首席行政官和銷售營運主管；以及我們的首席營運長 John Whittle。

As a reminder, Keith will be stepping down from the CFO role on May 15, and Christiane will take over as our next CFO. Ken will begin our call today by providing a high-level perspective on our business. Keith will then review our financial result for the first quarter of 2025, and Christiane will provide a forward-looking view, including guidance for the second quarter and updating the full year.

提醒一下，Keith 將於 5 月 15 日卸任財務長一職，Christiane 將接任我們的下一任財務長。肯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。隨後，Keith 將回顧我們 2025 年第一季的財務業績，而 Christiane 將提供前瞻性觀點，包括第二季的指導和全年的更新。

We will then open the call for questions. (Event Instructions)

然後我們將開始提問。（活動須知）

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

在我們開始之前，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，可能導致實際結果與預測結果有重大差異。

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. 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.

請參閱我們的 SEC 文件，特別是我們最新的 10-K 表和 10-Q 表中的風險因素以獲取更多資訊。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，並明確否認更新前瞻性聲明的任何義務。

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

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。我們的 GAAP 結果和 GAAP 與非 GAAP 的對帳表位於我們的收益新聞稿和今天演講附帶的簡報中，兩者都發佈在我們的投資者關係網站上。

As a reminder, this is a live call. It will be available for replay via webcast on our Investor Relations website. The prepared remarks will also be posted on the quarterly earnings section of our IR website following today's call.

提醒一下，這是一場現場通話。它將透過我們的投資者關係網站上的網路廣播重播。今天的電話會議結束後，準備好的評論也將發佈在我們 IR 網站的季度收益部分。

Lastly, all references to growth are on a year-over-year basis unless noted otherwise. I will now turn the call over to Ken.

最後，除非另有說明，所有提及的成長均基於同比增長。現在我將把電話轉給肯。

Thank you, Aaron, and thank you to everyone for joining our call. We are pleased with our strong performance in the first quarter, successfully balancing growth and profitability, including billing revenue growth of 14%; record first quarter operation margin of 34%; record free cash flow of $783 million; a margin of 51%; and strong growth in secure operations and unified SASE with security service edge billing growth of over 110%, which drove our unified SASE billing growth to 18%, accounting for 25% of our business.

謝謝你，亞倫，也謝謝大家參加我們的電話會議。我們對第一季度的強勁表現感到滿意，成功地平衡了成長和盈利能力，其中計費收入增長了14%；第一季度營業利潤率創歷史新高，達到 34%；創紀錄的7.83億美元自由現金流；利潤率為51%；安全運營和統一 SASE 增長強勁，安全服務邊緣計費超過 110%，28% 推動業務增長，8% 的業務計劃，我們佔 18%。

So Fortinet leadership in innovation and long-term investment is evident in our market position as the number 1 deployed firewall vendor worldwide, a market leader in SD-WAN and OT security. And with our strong SASE strategy and growth, we are confident we will be number 1 in this space as well.

因此，Fortinet 在創新和長期投資方面的領導地位體現在我們的市場地位上，即全球第一大部署防火牆供應商、SD-WAN 和 OT 安全市場的領導者。憑藉我們強大的 SASE 策略和成長，我們有信心成為該領域的第一。

The strong momentum behind our unified SASE pillar and the value customer place on our single OS platform. The typical SASE journey begins with the customer initial purchase of Fortinet industry-leading, ASIC-based FortiGate firewall powered by FortiOS.

我們統一的 SASE 支柱背後的強勁勢頭以及客戶對我們單一作業系統平台的重視。典型的 SASE 旅程始於客戶首次購買由 FortiOS 支援的 Fortinet 業界領先、基於 ASIC 的 FortiGate 防火牆。

From there, the majority of large enterprise customer expand into SD-WAN before progressing into a FortiSASE solution. This expansion path continue to grow as 73% of large enterprise customer have now adopt our SD-WAN solution and have either begun or are well positioned to transition to FortiSASE with a FortiSASE penetration among large enterprise increasing nearly 10% quarter-over-quarter to 11%.

從那時起，大多數大型企業客戶在進入 FortiSASE 解決方案之前都會擴展到 SD-WAN。這條擴展路徑將繼續成長，因為 73% 的大型企業客戶現已採用我們的 SD-WAN 解決方案，並且已經開始或已準備好過渡到 FortiSASE，FortiSASE 在大型企業中的滲透率環比增長近 10% 至 11%。

We remain the only vendor to have organically developed all of the core SASE capability within a single operational system for the OS, including next-gen firewall, SD-WAN, ZTNA, Secure Web Gateway, CASB and DRP technologies. This native integration of networking and security reduce the capacity and operation cost while enhancing user experience and ensuring secure across both on-premise and cloud environments.

我們仍然是唯一一家在單一作業系統內有機開發所有核心 SASE 功能的供應商，包括新一代防火牆、SD-WAN、ZTNA、安全 Web 閘道、CASB 和 DRP 技術。這種網路和安全的原生整合降低了容量和營運成本，同時增強了使用者體驗並確保了內部部署和雲端環境的安全。

In addition to our traditional SASE offering, we also offer sovereign SASE, a tailored solution for large enterprise and providers that require full on-premise or in-country control of their data. With sovereign SASE, customers can deploy FortiSASE within their own data centers, ensuring that our data is processed is crucially through customer-owned or country-specific locations to meet compliance requirement by country or industry regulations.

除了傳統的 SASE 產品外，我們還提供主權 SASE，這是針對需要完全在本地或國內控制其資料的大型企業和供應商量身定制的解決方案。透過主權 SASE，客戶可以在自己的資料中心內部署 FortiSASE，確保我們的資料處理至關重要，透過客戶擁有或特定國家/地區的地點，以滿足國家或行業法規的合規性要求。

This approach accelerate the performance through our FortiASIC technology and is well suited for highly regulated sectors such as finance, government and health care. AI-driven secure operation billing increased by 29%, for 10% of our business. As customers continue to consolidate multiple secure vendors on our integrated and ahead for fabric solution.

這種方法透過我們的 FortiASIC 技術加速效能，非常適合金融、政府和醫療保健等受到嚴格監管的行業。人工智慧驅動的安全營運計費成長了29%，占我們業務的10%。隨著客戶繼續在我們的整合和領先的結構解決方案上整合多個安全供應商。

Looking ahead, in addition to SASE and Secure Op, we expect OT security and AI to be key growth drivers over the next five years. In OT security, a rapidly expanding market driven by a surge in connected device. Fortinet is recognized as the only leader in Westland investor report, supported by over a decade of strategic investment, and a specialized solution position us for continued growth.

展望未來，除了 SASE 和 Secure Op 之外，我們預計 OT 安全和人工智慧將成為未來五年的主要成長動力。在 OT 安全領域，由於連網設備的激增，市場正在迅速擴張。Fortinet 被 Westland 投資者報告評為唯一領導者，憑藉十多年的策略投資和專業的解決方案，我們能夠持續成長。

We also continue to invest in our AI capabilities, which we began developing more than 15 years ago and now hold over 500 issued and pending AI patents, more than any other competitors. With our AI technology now integrate into a dozen product, new AI capabilities like FortiAI Assist for automating security task, FortiAI Protect for advanced threat detection and FortiAI Secure AI for protecting AI infrastructure.

我們也將繼續投資於我們的人工智慧能力，我們在 15 多年前就開始開發這項能力，現在擁有超過 500 項已發布和正在申請的人工智慧專利，比其他任何競爭對手都多。我們的人工智慧技術現已融入十幾種產品中，新的人工智慧功能包括用於自動化安全任務的 FortiAI Assist、用於進階威脅檢測的 FortiAI Protect 和用於保護人工智慧基礎設施的 FortiAI Secure AI。

Today, we announced the FortiGate 700G Series, a high-performance firewall for midsized business and distribute enterprise powered by our FortiASIC technology, which deliver a 5 times to 10 times performance advantage over our competitors; and FortiOS, the only operation system recognized across five secure networking Gartner Magic Quadrants.

今天，我們發布了 FortiGate 700G 系列，這是一款面向中型企業和分散式企業的高效能防火牆，採用我們的 FortiASIC 技術，其效能比我們的競爭對手高出 5 倍到 10 倍； FortiOS 是唯一獲得五個安全網路 Gartner 魔力像限認可的作業系統。

This approach significantly lower total cost ownership and complexity while reducing energy consumption and drive Fortinet's continued strong growth and market share gain in secure networking. I would like to thank our employees, comers, partners and suppliers worldwide for their continued support and hard work.

這種方法顯著降低了總擁有成本和複雜性，同時降低了能耗，並推動了 Fortinet 在安全網路領域的持續強勁成長和市場份額的成長。我要感謝我們全球的員工、訪客、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 and Christiane.

現在我將電話轉給 Keith 和 Christiane。

Thank you, Ken. Thank you, Aaron. Welcome, Christiane, and good afternoon, everyone. Let's start with the key financial highlights for the first quarter before handing the call off to Christiane for a more detailed and forward-looking view. We delivered strong performance and top line results that approach the high end of our guidance range together with record first quarter operating margin of 34%.

謝謝你，肯。謝謝你，亞倫。歡迎克里斯蒂安，大家下午好。讓我們先從第一季的主要財務亮點開始，然後再將電話交給克里斯蒂安，以獲得更詳細和前瞻性的看法。我們實現了強勁的業績和接近預期範圍高端的營收業績，同時第一季營業利潤率達到創紀錄的 34%。

Total revenue grew 14% driven by strong product and service revenues with product revenue growth of 12%. In addition, new logos increased 14% to over 6,300 driven by continued worldwide investments in our channel partners. Looking at our financial results in more detail. Total billings grew 14% to $1.6 billion driven by 18% growth in Unified SASE and 29% growth in AI-driven SecOps.

總收入成長 14%，主要得益於強勁的產品和服務收入，其中產品收入成長 12%。此外，由於我們在全球範圍內對通路合作夥伴的持續投資，新標誌數量增加了 14%，達到 6,300 多個。更詳細地了解我們的財務結果。總營業額成長 14%，達到 16 億美元，其中統一 SASE 成長 18%，人工智慧驅動的 SecOps 成長 29%。

Unified SASE and SecOps now account for 25% and 10% of total billings, respectively, up 1 point each. RPO grew 12% to $6.5 billion, while current RPO grew over 15% to $3.4 billion. Unified SASE and SecOps ARR increased 26% and 30%, respectively, reaching a combined ARR of $1.6 billion.

統一 SASE 和 SecOps 現在分別佔總帳單的 25% 和 10%，分別上升 1 個百分點。RPO 成長 12% 至 65 億美元，而目前 RPO 成長超過 15% 至 34 億美元。統一 SASE 和 SecOps ARR 分別成長了 26% 和 30%，合併 ARR 達到 16 億美元。

Turning to revenue and margins. Total revenue grew 14% to $1.54 billion. Product revenue increased 12% to $459 million driven by growth in both hardware and software solutions. FortiGate hardware revenue grew in the mid-teens, outpacing total product revenue growth driven by strong performance in low-end and high-end models as supported by early-mover large enterprise customers upgrading their firewall infrastructure.

轉向收入和利潤。總營收成長 14% 至 15.4 億美元。受硬體和軟體解決方案成長的推動，產品收入成長 12%，達到 4.59 億美元。FortiGate 硬體收入成長了 15% 左右，超過了整體產品收入的成長，這得益於低端和高端型號的強勁表現，以及早期大型企業客戶升級其防火牆基礎設施的支援。

Software license revenue grew in the mid-teens and represented a high teens percentage of total product revenue driven by on-prem, time-based software license growth of over 30%. Service revenue of $1.08 billion grew 14% to 70% of total revenue. Security subscriptions revenue increased 16%, while support and related service revenues increased 12%. Service billings grew 14%, our highest growth rate in the past five quarters.

軟體授權收入成長了 15% 左右，佔總產品收入的 15% 左右，這主要得益於內部部署、基於時間的軟體授權收入成長超過 30%。服務收入為 10.8 億美元，成長 14%，佔總收入的 70%。安全訂閱收入成長了 16%，而支援和相關服務收入成長了 12%。服務費用增加了 14%，這是過去五個季度以來的最高成長率。

Total gross margin increased 380 basis points to 81.9% and exceeded the high end of the guidance range by 90 basis points. Product gross margin of 67.7% increased 1,200 basis points as inventory-related charges normalize from the highly elevated levels we saw in the first half of 2024. This added approximately 1,300 basis points to product gross margin and approximately 400 basis points to total gross margin.

總毛利率增加 380 個基點至 81.9%，超出指導範圍的高端 90 個基點。由於庫存相關費用從 2024 年上半年的高點水準恢復正常，產品毛利率為 67.7%，增加了 1,200 個基點。這使得產品毛利率增加了約 1,300 個基點，總毛利率增加了約 400 個基點。

Service gross margin of 87.8% was down just 10 basis points as we successfully absorbed the increased costs associated with the expansion of Hostess Security Solutions. Operating margin increased 570 basis points to a first quarter record of 34.2% and was 320 basis points above the high end of our guidance range, reflecting the strong gross margin and FX tailwind of around 100 basis points and cost efficiencies in the business.

由於我們成功吸收了 Hostess Security Solutions 擴張帶來的成本增加，服務毛利率為 87.8%，僅下降了 10 個基點。營業利潤率增加 570 個基點，達到第一季創紀錄的 34.2%，比我們的指導範圍高端高出 320 個基點，這反映了強勁的毛利率和約 100 個基點的外匯順風以及業務的成本效率。

Looking to the statement of cash flow summarized on slides 18 and 19. Free cash flow tends to be seasonally strong in the first quarter and was a record $783 million, while free cash flow margin was 51%, up 6 points. Adjusted free cash flow was $839 million, representing a margin of 54%. The infrastructure investments were $67 million, down $155 million due to a lower level of real estate investment.

請參閱投影片 18 和 19 中總結的現金流量表。第一季的自由現金流呈現季節性強勁趨勢，達到創紀錄的 7.83 億美元，自由現金流利潤率為 51%，上漲 6 個百分點。調整後的自由現金流為 8.39 億美元，利潤率為 54%。基礎設施投資為 6,700 萬美元，由於房地產投資水準較低而減少 1.55 億美元。

Cash taxes were $27 million. Average contract term was 27 months, roughly flat year-over-year and down two months quarter-over-quarter. And while we did not repurchase shares during the first quarter, we did repurchase approximately 4.6 million shares for a total of $401 million during the month of April. The remaining share buyback authorization as of today is approximately $1.6 billion.

現金稅為2700萬美元。平均合約期限為 27 個月，年比基本持平，季減 2 個月。雖然我們在第一季沒有回購股票，但我們在 4 月回購了約 460 萬股，總額為 4.01 億美元。截至今日，剩餘的股票回購授權約為 16 億美元。

I'll now turn the call over to Christiane to share a few significant wins from the first quarter as well as our more forward-looking view, including business conditions in the second quarter and full year guidance.

現在，我將把電話交給克里斯蒂安，讓她分享第一季的一些重大勝利以及我們更具前瞻性的觀點，包括第二季的商業狀況和全年指引。

Thank you, Keith. As Ken mentioned earlier, the noteworthy headline in this uncertain macroeconomic environment is that customer adoption of our solutions is accelerating. This momentum is driven by two key factors: one, our decades-long innovation leadership; and two, our competitively differentiated dedication to putting the customer first.

謝謝你，基斯。正如肯恩之前提到的，在這個不確定的宏觀經濟環境中值得注意的新聞是客戶對我們解決方案的採用正在加速。這股動能源自於兩個關鍵因素：一是我們數十年的創新領導力；第二，我們以客戶為中心，在競爭中脫穎而出。

Together, this creates a powerful network effect with some of the most discerning organizations readily adopting Fortinet solution at scale. This is exemplified by Fortinet being the number 1 solution in firewall as well as a leader in SD-WAN and OT security. Also, our leading SASE strategy is driving strong growth, reinforcing our confidence in becoming the number 1 player in the SASE market.

總而言之，這創造了強大的網路效應，一些最有眼光的組織願意大規模採用 Fortinet 解決方案。舉例來說，Fortinet 是防火牆領域的頭號解決方案，也是 SD-WAN 和 OT 安全領域的領導者。此外，我們領先的 SASE 策略正在推動強勁成長，增強了我們成為 SASE 市場第一大參與者的信心。

Building on this momentum, our SSE solution is gaining strong traction fueled by continued success in upselling SSE to our large SD-WAN customer base. With both ARR and billings growth at over 100%, we believe FortiSASE is the fastest-growing SSE solution at scale in the market.

在此勢頭的基礎上，我們的 SSE 解決方案正在獲得強勁的吸引力，這得益於我們不斷成功地向我們龐大的 SD-WAN 客戶群推銷 SSE。由於 ARR 和帳單成長率均超過 100%，我們相信 FortiSASE 是市場上規模成長最快的 SSE 解決方案。

As shown on slide 7, the typical FortiSASE journey begins with a customer purchasing our market-leading FortiGate firewall, followed by an expansion to SD-WAN and then on to our single-vendor SASE solution. Our adoption of SD-WAN and SSE continues to grow with our large enterprise expansion penetration rates increasing to 73% and 11%, respectively, with the SSE penetration rate growth increasing nearly 10% quarter-over-quarter.

如投影片 7 所示，典型的 FortiSASE 旅程始於客戶購買我們市場領先的 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。我們對 SD-WAN 和 SSE 的採用持續成長，大型企業擴展滲透率分別增加到 73% 和 11%，SSE 滲透率較上季成長近 10%。

In addition, a second customer buying journey illustrates the growing convergence of security and networking. It too starts with our FortiGate firewalls and expands to our switches and access points. The key to this expansion is FortiOS FortiLink technology, which enables seamless management of our switches and access points through our unified operating system. Our increased penetration rates show the success of this strategy.

此外，第二位客戶購買歷程顯示安全性和網路的整合日益加深。它也從我們的 FortiGate 防火牆開始，並擴展到我們的交換器和存取點。此次擴展的關鍵是 FortiOS FortiLink 技術，它能夠透過我們的統一作業系統無縫管理我們的交換器和存取點。我們的滲透率不斷提高，證明了這個策略的成功。

Now I'd like to review some deals that showcase our SASE adoption and customer expansion. In an 8-figure displacement deal, an international government purchased our SD-WAN solution as well as our FortiSASE solution to secure the hybrid workforce of 6,000 users. This customer chose Fortinet for its ability to deliver flexible and consistent security enforcement, ensuring secure access to both on-premises and cloud applications while maintaining a seamless user experience.

現在我想回顧一些展示我們的 SASE 採用和客戶擴展的交易。在一筆 8 位數的替代交易中，一個國際政府購買了我們的 SD-WAN 解決方案以及我們的 FortiSASE 解決方案，以保護 6,000 名用戶的混合勞動力。該客戶選擇 Fortinet 是因為它能夠提供靈活、一致的安全實施，確保對本地和雲端應用程式的安全訪問，同時保持無縫的用戶體驗。

By harnessing the power of our FortiOS, we delivered superior performance over the competition, reduced total cost of ownership and effectively consolidated multiple security functions into a single integrated platform.

透過利用 FortiOS 的強大功能，我們提供了超越競爭對手的卓越效能、降低了整體擁有成本，並有效地將多種安全功能整合到單一整合平台中。

In another SASE win, we replaced the incumbent vendor at an international education provider, which chose FortiSASE for their 40,000 users. The decision to transition to FortiSASE was driven by ongoing performance challenges with their previous SASE vendor. Keys to this win included FortiSASE's ease of use, seamless integration with the Fortinet Security Fabric and proven scalability across their SD-WAN sites. Based on the success from their proof of concept, this customer will benefit from improved performance, consistent security for users everywhere and greater operational efficiency.

在另一場 SASE 勝利中，我們取代了一家國際教育提供者的現任供應商，該提供者為其 40,000 名用戶選擇了 FortiSASE。決定過渡到 FortiSASE 是由於他們先前的 SASE 供應商持續面臨的績效挑戰。這場勝利的關鍵包括 FortiSASE 的易用性、與 Fortinet Security Fabric 的無縫整合以及跨 SD-WAN 站點的成熟可擴展性。基於概念驗證的成功，該客戶將受益於改進的性能、為各地用戶提供的一致安全性以及更高的營運效率。

In a 7-figure deal, a large multinational manufacturing company selected our SD-WAN and multiple SecOps solutions. Fortinet displaced the legacy SD-WAN provider by demonstrating how FortiOS simplifies operations, reduces total cost of ownership and unify security and networking functions on a single platform. The integrated nature of FortiOS also enables seamless alignment with the company's existing Fortinet security infrastructure, establishing a strong foundation for future projects.

在一筆 7 位數的交易中，一家大型跨國製造公司選擇了我們的 SD-WAN 和多個 SecOps 解決方案。Fortinet 透過展示 FortiOS 如何簡化營運、降低整體擁有成本以及在單一平台上統一安全性和網路功能，取代了傳統的 SD-WAN 供應商。FortiOS 的整合特性還可以與公司現有的 Fortinet 安全基礎設施無縫銜接，為未來的專案奠定堅實的基礎。

Lastly, a Fortune 500 company signed an 8-figure deal that spans all three of our pillars. Over the past three years, they have expanded their FortiGate installed base by more than 80% driven by our world-class support for their data centers and branch locations as well as the automation and seamless integration enabled by our FortiOS operating system.

最後，一家財富 500 強公司簽署了一項涵蓋我們三大支柱的 8 位數協議。在過去三年中，由於我們為其資料中心和分支機構提供的世界一流的支援以及我們的 FortiOS 作業系統實現的自動化和無縫集成，他們的 FortiGate 安裝基礎擴大了 80% 以上。

Rounding out the billings commentary. Large enterprise was our top-performing customer segment with growth of around 30%. The number of deals greater than $1 million were up 30%, including three 8-figure deals this quarter, up from one during the same period last year.

完善帳單評論。大型企業是我們表現最好的客戶群，成長率約 30%。超過 100 萬美元的交易數量增加了 30%，其中包括本季的三筆八位數交易，而去年同期只有一筆。

EMEA was our best-performing geography driven by mid-teens growth from international emerging. Among our top five verticals, financial services and worldwide government led the way with growth of over 20%. Before moving on to guidance, I'd like to spend a few minutes discussing the current US tariff situation.

歐洲、中東和非洲地區是我們表現最好的地區，這得益於國際新興市場中等程度的成長。在我們的五大垂直產業中，金融服務和全球政府處於領先地位，成長率超過 20%。在提供指導之前，我想花幾分鐘討論一下當前的美國關稅情況。

The US tariff situation landscape is evolving rapidly, and our comments on this call reflect the information currently available to us. Despite the current geopolitical uncertainties, demand for our cybersecurity solutions remains strong. Our pipeline continues to grow and we are not seeing signs of near-term erosion. Additionally, our close rates remain robust and sales cycles are tracking within our normal historical range.

美國關稅情況正在迅速變化，我們對此次電話會議的評論反映了我們目前掌握的資訊。儘管當前地緣政治存在不確定性，但對我們的網路安全解決方案的需求仍然強勁。我們的管道持續成長，我們沒有看到短期內出現下滑的跡象。此外，我們的成交率依然強勁，銷售週期也處於正常的歷史範圍內。

For the second quarter, we do not expect US tariffs to have a meaningful impact on our operating margin as only a few components are subject to tariff charges. Should tariffs increase in the future, we expect any resulting impact on our operating margin to be limited to hardware sales to US customers. As long as our international hardware sales do not flow through the US, they are not subject to US import tariffs.

對於第二季度，我們預計美國關稅不會對我們的營業利潤率產生重大影響，因為只有少數零件需要繳納關稅。如果未來關稅增加，我們預計對我們的營業利潤率的影響將僅限於對美國客戶的硬體銷售。只要我們的國際硬體銷售不經過美國，就不受美國進口關稅的約束。

Moving on to guidance. As a reminder, our second quarter and full year outlook, which are summarized on slides 21 and 22, are subject to the disclaimers regarding forward-looking information that Aaron provided at the beginning of the call. While our business remains strong and we outperformed on the top line in the first quarter with continued confidence in our ability to execute, we recognize that our customers' investment decisions can be influenced by the broader economic outlook.

繼續指導。提醒一下，我們的第二季度和全年展望（已在第 21 和 22 張幻燈片中進行了總結）受 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。雖然我們的業務依然強勁，我們在第一季的營收表現優異，並且對我們的執行能力仍然充滿信心，但我們認識到客戶的投資決策可能會受到更廣泛的經濟前景的影響。

As a result, we are maintaining our full year billings and revenue guidance ranges to account for potential top line risks associated with the evolving geopolitical environment. Regarding the record firewall upgrade cycle that we've spoken about previously, we continue to expect the firewall upgrade cycle to gain momentum in both purchasing and planning activities in the second half of 2025.

因此，我們維持全年營業額和收入指導範圍，以應對不斷變化的地緣政治環境帶來的潛在營業風險。關於我們之前談到的創紀錄的防火牆升級週期，我們繼續預期防火牆升級週期將在 2025 年下半年的採購和規劃活動中獲得動力。

Looking at the bottom line. The US dollar weakened more than anticipated from early February when we first issued our 2025 guidance. As a result, we expect an operating margin headwind of approximately 120 basis points to the second quarter and approximately 90 basis points to the full year, which is factored into today's outlook.

看看底線。自 2 月初我們首次發布 2025 年指引以來，美元的貶值幅度超乎預期。因此，我們預計第二季營業利潤率將下降約 120 個基點，全年營業利潤率將下降約 90 個基點，這已計入今天的展望中。

Despite the FX headwinds, we are raising the midpoint of our full year operating margin guidance as a result of our first quarter outperformance and expected efficiencies in the business. Our continued business momentum and strong execution gives us confidence that we are on track to achieve the Rule of 45 for the sixth consecutive year.

儘管面臨外匯不利因素，但由於第一季的優異表現和預期的業務效率，我們仍上調了全年營業利潤率預期的中位數。我們持續的業務發展動能和強大的執行力讓我們有信心連續第六年實現 45 規則。

For the second quarter, we expect billings in the range of $1.685 billion to $1.765 billion, which at the midpoint represents growth of 12%; revenue in the range of $1.59 billion to $1.65 billion, which at the midpoint represents growth of 13%; non-GAAP gross margins of 80% to 81%; non-GAAP operating margins of 31.5% to 32.5%; non-GAAP earnings per share of $0.58 to $0.60, which assumes a share count between 773 million and 777 million; infrastructure investments of $180 million to $200 million; a non-GAAP tax rate of 18%; and cash taxes of $230 million to $255 million.

對於第二季度，我們預計營業額將在 16.85 億美元至 17.65 億美元之間，中間值代表增長 12%；收入在 15.9 億美元至 16.5 億美元之間，中間值代表增長 13%；非公認會計準則毛利率為 80% 至 81%；非公認會計準則為 3%；非公認會計準則 80% 至 81%；非公認會計0.60 美元，假設股票數量在 7.73 億至 7.77 億之間；基礎設施投資1.8億至2億美元；非公認會計準則稅率為 18%；以及2.3億至2.55億美元的現金稅。

For the full year, we expect billings in the range of $7.2 billion to $7.4 billion, which at the midpoint represents growth of 12%; revenue in the range of $6.65 billion to $6.85 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 margins of 79% to 81%; non-GAAP operating margins of 31.5% to 33.5%; non-GAAP earnings per share of $2.43 to $2.49, which assumes a share count of between 769 million and 779 million; infrastructure investments of $380 million to $430 million; non-GAAP tax rate of 18%; and cash taxes of 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，中間值代表增長 12%；收入在 66.5 億美元至 68.5 億美元之間，中間值代表增長 13%；服務收入在 45.75 億美元至 47.25 億美元之間，中間值增長 15%；非會計準則 15% 至非會計準則 15% 15% 至非會計準則 15%；非會計準則 15% 至非會計準則 15% 15% 至非會計準則 15% 至非會計準則 15% 15% 至非會計準則 15% 至非會計準則 15% 15% 至非會計準則； 33.5%；非公認會計準則每股收益為 2.43 美元至 2.49 美元，假設股票數量在 7.69 億至 7.79 億之間；基礎設施投資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。

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

我現在會把電話交還給 Aaron，開始問答環節。

Thank you, Christian. 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. Operator, please open the line for questions.

謝謝你，克里斯蒂安。提醒一下，在問答環節，我們要求您只提出一個問題和一個後續問題，以便其他人參與。接線員，請打開熱線以回答問題。

(Operator Instructions) Brian Essex, JPMorgan.

（操作員指示）摩根大通的 Brian Essex。

Hi, good afternoon. Can you hear me okay?

嗨，下午好。你聽見我說話嗎？

Yes.

是的。

Great. Great. Congrats on the results for the quarter. I guess maybe for Keith, maybe or Christiane, could you unpack the dynamics behind the maintenance and services revenue? Just trying to understand, it's a segment that I think we were expecting to kind of accelerate and decline sequentially.

偉大的。偉大的。恭喜本季取得的成果。我想也許對於 Keith，或者 Christiane，您能否解釋一下維護和服務收入背後的動態？只是想了解一下，我認為我們預計這個部分會逐漸加速並下降。

So just trying to understand some of the puts and takes behind that and how you expect that to, I guess, grow throughout the rest of the year so you can kind of like level set expectations.

因此，只是想了解這背後的一些利弊，以及你預計它在今年剩餘時間內會如何成長，這樣你就可以設定一定的預期。

So on -- I think there are a couple of aspects that you touched on. One is the quarter-over-quarter slight decline is really affected by the Q4 having two more days than Q1, and that affects the daily rate going into revenue.

如此——我認為您提到了幾個方面。一是季度環比小幅下降實際上是因為第四季度比第一季多了兩天，這影響了每日收入的產生。

Of course, we would have expected a slightly better acceleration, but there's a little bit more time that we need to grow our acquired entities and their revenue streams. So that's impacting Q1 service revenue predominantly.

當然，我們原本期望加速速度會稍微快一些，但我們還需要更多時間來發展我們收購的實體及其收入來源。因此這對第一季的服務收入產生了重大影響。

Is there a dynamic there between FortiGuard and FortiCare that we need to think about?

FortiGuard 和 FortiCare 之間是否存在我們需要思考的動態關係？

I would say current RPO is still strong. So I mean we have confidence in the growth.

我想說目前的 RPO 仍然很強勁。所以我的意思是我們對成長充滿信心。

Yes. I think also the FortiGate growth above the billing growth, which will drive future service revenue. So we see the FortiGate growth -- billing growth actually a couple of points above the (inaudible) before the 2000 kind of FortiGate gross average. So we see it's a pretty good sign. Plus, we're starting to add more service on top of FortiOS, and that's also what drive the future service revenue.

是的。我還認為 FortiGate 的成長高於計費成長，這將推動未來的服務收入。因此，我們看到 FortiGate 的成長 - 計費成長實際上比 2000 年之前的 FortiGate 總平均值高出幾個點（聽不清楚）。所以我們認為這是一個非常好的跡象。此外，我們開始在 FortiOS 上增加更多服務，這也是推動未來服務收入的因素。

Tal Liani, Bank of America.

塔爾·利亞尼（Tal Liani），美國銀行。

Can you hear me?

你聽得到我嗎？

Yes, please.

是的，請。

Okay, thank you. We spoke about -- in earlier quarters, we spoke about end of service coming -- bringing demand forward. Even in the last quarter, you said that demand is going to come this next four, five -- four quarters it's going to come this year instead of next year. So the question I have is why is -- why are we seeing some lightness in the guidance for the next quarter? Why don't we see the demand coming forward to the next quarter.

好的，謝謝。我們在前幾個季度談到過，我們談到了服務終止的到來——提前提出需求。甚至在上個季度，您就說過需求將在未來四、五季到來——也就是說，是今年而不是明年。所以我的問題是為什麼——為什麼我們會看到下一季的預期有些輕鬆？為什麼我們沒有看到下一季的需求。

Can you just speak about the drivers? I just compare your numbers, your guidance to the consensus, and I'm trying to understand why don't I see already strength, especially ahead of a tariff increase that is going to increase the prices -- likely increase the prices for everyone.

能談談司機嗎？我只是將您的數字、您的指導與共識進行比較，我試圖理解為什麼我沒有看到強勢，特別是在關稅上調之前，這將提高價格——可能會提高每個人的價格。

I think -- I don't think we -- like we mentioned in the tariff, I don't think we plan to change in the price and the current condition. On the other side, there's still some uncertainty. So it will be kind of a little bit careful. But we do see the customer like the solution we have and just some time, the geopolitical and also some other part just increase some kind of uncertainties. So we try to be careful.

我認為——我不認為我們——就像我們在關稅中提到的那樣，我不認為我們計劃改變價格和目前的狀況。另一方面，仍然存在一些不確定性。所以需要稍微小心一點。但我們確實看到客戶喜歡我們的解決方案，只是有時地緣政治和其他一些因素會增加一些不確定性。因此我們盡量小心。

Probably, Christiane, you know this better.

克里斯蒂安娜，也許你更了解這一點。

So I would say we saw good close rates and good linearity in Q2 in April. So it gives us confidence. But we also are tied a little bit by the expectations that we get from our sales teams. So we see good momentum. But sales has a trend with all the things that are going on in -- to go up in their expectations for us. And so I think that's where -- we'd rather be careful with the guidance and then, hopefully, are going to meet our numbers.

所以我想說我們在四月第二季看到了良好的收盤率和良好的線性。所以這給了我們信心。但我們也受到銷售團隊期望的某種程度的束縛。因此，我們看到了良好的動力。但隨著所有事情的發生，銷售人員對我們的期望呈現上升趨勢。所以我認為這就是——我們寧願謹慎地制定指導，然後希望能夠達到我們的目標。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hey, good afternoon. Thank you. Maybe Christiane, I'll pick up right where you left off on sales being hesitant Clearly, we're all seeing similar headlines as you are. Maybe just tell us specifically, what are some of the conversations that sales is having from customers?

嘿，下午好。謝謝。也許克里斯蒂安，我會從你對銷售猶豫不決的地方繼續說下去，顯然，我們都看到了和你一樣的標題。或許可以具體告訴我們，銷售人員與客戶進行了哪些對話？

What are the reasons they're hesitant to commit to purchasing Fortinet? And how are you thinking about maybe some of that hesitancy getting resolved? Is it maybe when we run into the lead time situation for the end of life? Or how do you think about that flowing through over the next few quarters?

他們猶豫是否購買 Fortinet 的原因是什麼？您認為如何才能解決這些猶豫不決的問題呢？這是否是我們遇到生命終點前的準備時間狀況？或者您認為未來幾季的走勢如何？

We had a number of events in Q2, and we got really good feedback. So I think it's going to resolve. We have good channel activity. We have good channel programs. And I think some of you may have seen that in channel checks also that they are positive about Fortinet programs.

我們在第二季度舉辦了許多活動，並獲得了非常好的回饋。所以我認為這個問題會得到解決。我們的通路活動良好。我們有很好的通路計劃。我想你們中的一些人可能已經在渠道檢查中看到他們對 Fortinet 程序持積極態度。

So I think it just needs to -- with all the macro news that are coming in every day and then don't turn out as bad as they are, there is hesitancy because until a PO is in, it can get delayed, yes? So we are positive. I mean, I think you saw it from my comments. We haven't seen delays yet, but we don't know what happens over the next two months, right, or the rest of the year.

所以我認為它只是需要——每天都會出現各種宏觀新聞，而且結果並沒有那麼糟糕，人們會猶豫，因為在採購訂單到來之前，它可能會被推遲，對嗎？所以我們很樂觀。我的意思是，我想您從我的評論中看到了這一點。我們還沒有看到延誤，但我們不知道接下來的兩個月或今年剩餘時間會發生什麼。

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

Excellent. Thank you for taking the question. Maybe carrying on with that line of thought, if you will. What gives you guys confidence that you're still going to be able to perform to like the stronger second half pickup?

出色的。感謝您回答這個問題。如果你願意的話，也許可以繼續這種思路。是什麼讓你們有信心你們仍然能夠表現出像下半年更強勁的表現？

I get there's a product cycle going on and people have to start preparing for end of life. But is there no risk there of potentially people kind of sweating the asset or pushing it out? I guess that's just the question of, like where do you stand confident that the second half will be stronger? And how much of that second half strength is implied in the guide right now?

我知道產品週期正在進行，人們必須開始為產品壽命的終結做準備。但是是否存在人們潛在地榨取資產或將其擠出市場的風險呢？我想這只是一個問題，你對下半年會更有力量有什麼信心？那麼，目前的指南中暗示了多少下半年的實力？

I mean the second half strength is implied in the guide because we have harder comparisons to meet, right, as in the second half as well. What gives us confidence? We have a number of products that have been released, the next generation. And our products provide, I think, significant improvement of total cost of ownership and security compared to what customers bought 8, 9, 10 years ago. And we see the activity going on, especially in the enterprise.

我的意思是，指南中隱含了下半場的實力，因為我們有更難的比較需要滿足，對吧，就像下半場一樣。什麼給了我們信心？我們已經發布了多款下一代產品。我認為，與客戶 8、9、10 年前購買的產品相比，我們的產品在整體擁有成本和安全性方面有顯著改善。我們看到這種活動正在進行，特別是在企業中。

I think we mentioned in the -- in our prepared remarks that FortiGates grew faster than the rest of product revenue, which I think is a testament to the strength that we are seeing. That is true for OT -- and so I think we are confident, yes, probably in this room more so maybe than sales when they talk to customers and need to put a commit on their pipeline.

我想我們在準備好的演講中提到過，FortiGates 的成長速度快於其他產品的收入，我認為這證明了我們所看到的實力。對於 OT 來說確實如此——所以我認為我們有信心，是的，可能在這個房間裡比銷售人員更有信心，當他們與客戶交談並需要對他們的管道做出承諾時。

Yes. That's where -- we kind of measure the growth in three different pillar. So if you look at the secure network in additional area, we are very strong. We are the only one without this ASIC technology solution, single FortiOS. So we continue gaining market share even we're already number 1 either there.

是的。這就是──我們用三個不同的支柱來衡量成長。因此，如果你看一下其他區域的安全網絡，你會發現我們的實力非常強大。我們是唯一沒有這個ASIC技術方案的，單FortiOS。因此，即使我們已經是第一名，我們仍在繼續擴大市場份額。

And then the unified SASE, we also believe we are like a top 3, top 2 player and then also grow faster than any other player, and we'll be the leader. And so each of these -- also the Secure Op, which will grow like 29%, also probably faster than most other players of a similar size. So that's where each pet we're keeping gaining market share. Just we're not quite sure the overall market growth later this year and next year will be -- continue to hold up for whatever some forecast.

然後是統一的 SASE，我們也相信我們會成為前 3 名、前 2 名的玩家，並且比任何其他玩家成長得更快，我們將成為領導者。因此，這些——包括 Secure Op，都將成長 29%，而且可能比大多數其他類似規模的參與者成長得更快。這就是我們飼養的每隻寵物獲得市場份額的地方。只是我們不太確定今年稍後和明年的整體市場成長是否會繼續保持下去，無論預測如何。

So that's where -- we do believe with the technology we have, the unique advantage we have for each pillar will drive us keeping gaining market share. But overall market condition kind of has a little bit uncertainty there. I know a lot of people talk about security a little bit more sticky and more resistant compared to some other, but they do have some impact. So we try to be careful and -- but at the same time, we're hoping to overachieve all this guidance.

所以，我們確實相信，憑藉我們擁有的技術，我們在每個支柱上的獨特優勢將推動我們不斷獲得市場份額。但整體市場狀況有點不確定。我知道很多人談論的安全性比其他安全性更具黏性和抵抗性，但它們確實會產生一些影響。因此，我們會盡量小心謹慎，但同時，我們希望能夠超額完成所有指導目標。

Shaul Eyal, TD Cowen.

沙烏爾·埃亞爾（Shaul Eyal），考恩（Cowen）TD。

Thank you. Good afternoon, everybody. And congrats on solid set of results considering the growing macro. The number of 8-digit transactions has been on the rise over the past few quarters. When we unpack those transactions, and I know they could differ from one another, are they representative of the entire Fortinet platform stack? Do they include SD-WAN and SASE? What's driving those large transactions predominantly from a product perspective?

謝謝。大家下午好。考慮到不斷增長的宏觀因素，祝賀您取得了一系列堅實的成果。過去幾個季度，8位數交易的數量一直在上升。當我們解壓縮這些交易時，我知道它們可能彼此不同，它們是否代表整個 Fortinet 平台堆疊？它們包括 SD-WAN 和 SASE 嗎？從產品角度來看，主要是什麼推動了這些大額交易？

So a significant driver for these large transactions is SD-WAN deployments and enterprises. And so typically, that's the starting point. But then as we mentioned, the customers are buying into the fabric and are buying additional solutions in addition to SD-WAN.

因此，這些大型交易的重要驅動因素是 SD-WAN 部署和企業。通常，這就是起點。但正如我們所提到的，客戶正在購買該結構，並且除了 SD-WAN 之外還在購買其他解決方案。

Rob Owens, Piper Sandler.

羅伯歐文斯、派珀桑德勒。

Great. Thank you very much. Follow on with Shaul's question there just around these large deals. Were they considered in the pipeline as you looked at the first quarter? I know back in the fourth quarter, on some of the larger transactions, you did talk about some potential pull-forward relative to the end of life.

偉大的。非常感謝。接下來繼續回答 Shaul 關於這些大型交易的問題。當您回顧第一季時，是否考慮過將它們納入其中？我知道在第四季度，在一些較大的交易中，您確實談到了相對於生命終結的一些潛在的提前。

So curious if this was a similar experience with the larger transactions. Or was it more wall-to-wall SD-WAN deployment or global SD-WAN deployment like you spoke to? Just some more color would be great.

我很好奇這是否是與較大交易類似的經驗。或者像您所說的那樣，它是更全面的 SD-WAN 部署還是全球 SD-WAN 部署？再多一些顏色就更好了。

So no, these were transactions that were in the pipeline and closed as expected. So I think this is where our remarks came in. We do not see deals pushing out yet. But these deals also closed before the end of March, mostly.

所以不，這些是正在進行的交易，並且按預期完成。所以我認為這就是我們的評論的意義所在。我們尚未看到任何交易的達成。但這些交易也大多在三月底前完成。

Eric Heath, KeyBank.

艾瑞克希思（Eric Heath），KeyBank。

Hi. This is [Prashanth] for Eric Heath. In your prepared remarks, you talked about how tariffs would impact hardware sales to US customers. Are you able to quantify that impact to margin from tariffs? And also, could you talk through some steps you might be keeping to evolve your supply chain to mitigate those impacts?

你好。我是 [Prashanth]，代表 Eric Heath。在您準備好的演講中，您談到了關稅將如何影響對美國客戶的硬體銷售。您能量化關稅對利潤的影響嗎？另外，您能否談談您可能採取的一些措施來改善您的供應鏈以減輕這些影響？

So we did not mention that we have impact from tariffs in Q1, right? So we don't expect any impact from tariffs in Q1 or significant impacts in Q2 because only very few of our products are subject to tariffs. And then it's only a small portion that actually gets imported into the US for US customers.

所以我們沒有提到第一季受到關稅的影響，對嗎？因此，我們預計關稅不會對第一季產生任何影響，也不會對第二季產生重大影響，因為我們只有極少數產品需要繳納關稅。但實際上只有一小部分進口到美國供美國消費者使用。

Yes. The other part is really because we design from ASIC chip to the system to all the OS and the service. We'll be able to relocate where we can manufacture. That's also because we also tend to have a little bit more inventory than some other company. So that's also give us some buffer. So so far, we don't see the impact of tariff yet.

是的。另一部分實際上是因為我們從 ASIC 晶片到系統到所有作業系統和服務的設計。我們將能夠搬遷到可以進行生產的地方。這也是因為我們的庫存往往比其他公司多一點。這也給我們一些緩衝。所以到目前為止，我們還沒有看到關稅的影響。

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Hey, guys. Thanks for taking my questions here. Christiane, maybe for you just to stay on that topic but just from a different angle. Can you just talk about whether there was any changing behavior from channel partners quarter ahead of tariffs? I think some industries out there saw just some earlier purchasing ahead of potential price increases. Did Fortinet see any of that this quarter?

嘿，大家好。感謝您在這裡回答我的問題。克里斯蒂安，也許你只是繼續討論這個話題，但從不同的角度來說。您能否談談在關稅上調前一個季度通路合作夥伴的行為是否發生了變化？我認為，一些行業在潛在價格上漲之前進行了提前採購。Fortinet 本季是否看到了這些情況？

We've got questions about whether we will increase our prices, but we did not see specific acceleration of deals.

我們對是否會提高價格有疑問，但我們沒有看到交易的具體加速。

And Saket, maybe I'll just kind of fill in some of the -- to build on what Christiane just said and understanding, one, really aren't tariffs impacting our business today. And the first place that you'll see there would be in cash flow, right? You won't see it in the income statement because of how COGS is recognized for GAAP purposes for several quarters. So you really should just kind of assume there really isn't an impact on tariffs in that regard.

薩凱特，也許我只是想補充一些內容——基於克里斯蒂安剛才所說的和理解，首先，關稅實際上並沒有影響我們今天的業務。您首先會看到的是現金流，對嗎？您不會在損益表中看到它，因為 COGS 是按照幾個季度的 GAAP 目的確認的。所以你真的應該假設這方面對關稅確實沒有影響。

I think the other thing that you're probing at as a group is do we see pull-forward as we saw in other industries? And the answer to that is no, not really. And again, because our business model and with our pricing advantage, that's really not under the gun. We're not raising prices immediately if we would add tariffs because it will not hit our P&L for an extended period of time, if that helps.

我認為你們作為一個群體正在探究的另一件事是，我們是否看到了像在其他行業中看到的那種提前現象？答案是否定的，事實並非如此。再說一次，由於我們的商業模式和定價優勢，這確實不是問題。如果我們增加關稅，我們不會立即提高價格，因為如果有幫助的話，它不會在較長時間內影響我們的損益。

Yes, that does help. Super helpful. If I can sneak in a follow-up maybe for Ken just to zoom out a little bit from the tariff discussion. Kind of -- it was great to see the unified SaaS business just continue to scale. Can you just talk about -- and there were some great deals that were called out in the prepared remarks.

是的，這確實有幫助。超有幫助。如果我可以偷偷跟進一下的話，也許肯可以稍微遠離關稅討論。有點——很高興看到統一的 SaaS 業務繼續擴大。您能否簡單談談——在準備好的演講中提到了一些很棒的交易。

Can you just talk about what solutions you're typically replacing at these customers? I mean, is it primarily VPN hardware? Or is it secure web gateways? Or is it other solutions that FortiSASE is able to replace?

您能否談談您通常會為這些客戶更換哪些解決方案？我的意思是，它主要是 VPN 硬體嗎？還是它是安全的網關？還是FortiSASE能夠取代的其他解決方案？

I think we see both replacing some traditional, old like VPN, but also replace some other SASE player competitor because we talked about for a few quarters, we have like a three key differentiation in a SASE. First off, SaaS is integrated into the single OS platform, which none other player has that. So that was very easy for the traditional customer, which we are the number 1 in the firewall space.

我認為我們看到它既取代了一些傳統的、舊的技術，例如 VPN，也取代了一些其他 SASE 競爭對手，因為我們已經討論了幾個季度，我們發現 SASE 有三個關鍵的差異。首先，SaaS 整合到單一作業系統平台中，這是其他任何廠商都無法做到的。所以這對傳統客戶來說非常容易，我們是防火牆領域的第一名。

Over half the global deployment, they can easily add a SASE service, add SD-WAN service to their current but, their current OS there. So that's probably over 90% growth come from this. And then the second also differentiation kind of also our early strategy. We try to work with a lot of carrier service provider. And then since they are more a little bit slow, so we decide to do ourself like 18 months ago.

在全球部署的一半以上中，他們可以輕鬆地新增 SASE 服務，將 SD-WAN 服務新增至他們目前的作業系統。因此，超過 90% 的成長可能都源自於此。第二種也是區分類型，也是我們早期的策略。我們嘗試與許多承運服務提供者合作。然後因為他們有點慢，所以我們決定在 18 個月前自己做。

Now we still see the service provider and also a lot of bigger enterprise customer, especially finance service, health care. They still want to do their own private SASE, sovereign SASE. So their interest got higher and higher. So we started working with them. They're starting to see the real deployment of sovereign SASE, which we can have build their SASE solution in their own data center. Just a few bars can give them all the solution they need, something like 100,000, 10,000 customer, their user there.

現在我們仍然看到服務提供者以及許多更大的企業客戶，特別是金融服務和醫療保健。他們仍然想做自己的私人 SASE、主權 SASE。因此他們的興趣越來越高。因此我們開始與他們合作。他們開始看到主權 SASE 的真正部署，我們可以在自己的資料中心建立他們的 SASE 解決方案。只需幾家酒吧就能為他們提供所需的所有解決方案，大約 100,000、10,000 名客戶，他們的用戶。

And then the third one, really the global infrastructure we build out with a lot of our own kind of secure technology also give us a cost advantage and also give us more secure solution than some other SASE player. So that I see both the traditional VPN replacement and also like in Christiane's remark, we also replaced a few SASE player.

第三，我們利用大量自己的安全技術建構的全球基礎設施也為我們帶來了成本優勢，也為我們提供了比其他 SASE 參與者更安全的解決方案。因此，我看到了傳統 VPN 的替代，就像 Christiane 的評論中提到的那樣，我們也取代了一些 SASE 播放器。

That's a lot of -- it's a big enterprise area. So we see like the traditional one, probably more penetrated into the small SMB area, some mid-enterprise, which they also see the SASE give them some kind of ZTN solution. But in the big enterprise, we're certainly replacing a lot of other SASE player.

那可是個很大的企業區。因此，我們看到像傳統的那樣，可能更多地滲透到小型 SMB 領域，一些中型企業，他們也看到 SASE 為他們提供了某種 ZTN 解決方案。但在大型企業中，我們肯定會取代許多其他 SASE 參與者。

Patrick Colville, Scotiabank.

加拿大豐業銀行的派崔克‧科爾維爾。

Thank you so much for taking the question. I guess I want to just go back to Keith and Christiane about the service revenue down-dip sequentially. I mean, Christiane, you mentioned this was because I have two few days in fiscal first quarter versus 4Q. And I presume part of that is the leap year. But we didn't see this dynamic four years ago or 8 years ago.

非常感謝您回答這個問題。我想回到 Keith 和 Christiane 的話題，討論服務收入的持續下降。我的意思是，克里斯蒂安，你提到這是因為我在第一季比第四財季少兩天。我推測其中一部分原因是閏年。但四年前或八年前我們並沒有看到這種動態。

So I guess, what was different now? And how good an explanation would be that this is customers refreshing appliances and then adding new subscriptions? They're just progression there just some subscriptions that posing dynamic?

那我想，現在有什麼不同嗎？那麼，如何解釋這是客戶更新設備然後添加新訂閱呢？他們只是在那裡進步，只是一些構成動態的訂閱？

Patrick, I'm going to jump in because some of that was historical in nature. So I guess -- so we actually did have the same conversation in 2021, I believe it was, coming off of a leap year as well because the -- when you're doing year-over-year accounts, right, that was the unusual thing. It does seem that I forgot about that sometime in the last 3.5 years that bites me in the a**. And then from Q4 to Q1, you do just have the natural decline of two days, two days to 92 days, call it, 2%, which I think is what Christiane was talking about.

派崔克，我要插話了，因為其中一些內容本質上是歷史性的。所以我想——我們實際上在 2021 年確實進行了同樣的對話，我相信那也是閏年，因為——當你做同比賬目時，那是不尋常的事情。看來在過去的 3.5 年裡，我好像忘了這件事，這件事讓我很痛苦。然後從第四季度到第一季度，確實經歷了兩天的自然下降，從兩天到 92 天，也就是 2%，我認為這就是克里斯蒂安所說的。

And then you were going down a path of customers refreshing on the service revenue. It wasn't clear. You were cutting out a little bit, but maybe a comment I'll offer, and Christiane can correct me, is that the conversation about the guidance-setting process and what we're seeing about pull-forward and such, look, I think in this environment where the guide ends up as a bit of an observer's guidance and not a participant. I think it was prudent in terms of not passing through the beat, if you will.

然後你就走上了一條讓客戶刷新服務收入的道路。這並不清楚。您說得有點片面，但也許我可以提出一條評論，克里斯蒂安可以糾正我，那就是關於指導制定過程的對話，以及我們所看到的關於前拉等的內容，看，我認為在這種環境下，指導最終成為觀察者的指導，而不是參與者。如果你願意的話，我認為不通過節拍是明智之舉。

I think that when you -- the conversations that Christiane is making reference to with channel partners and end users, if you compare where they are today on the upgrade cycle versus where they were 6 months ago, it's night and day and with our own sales team. I mean this is -- you're getting it in the channel checks, you're getting it in the surveys. It's real. We're picking up in the account plans as well. We are not seeing any signs to this point.

我認為，當您 - 克里斯蒂安提到的與通路合作夥伴和最終用戶的對話中，如果您將他們今天的升級週期與 6 個月前的情況進行比較，您會發現他們與我們自己的銷售團隊的情況截然不同。我的意思是——您可以透過管道檢查、調查來獲得這些資訊。這是真的。我們也正在製定帳戶計劃。到目前為止我們還沒有看到任何跡象。

Customers suggesting they're going to change their design architecture, that has not come up or we've lost a deal because we're going to a SASE solution that they did. I think that the team here would move them in that direction of our own product. Similarly, you're not seeing competitive displacements against us. So I think those are the considerations that went into the guidance-setting process, but I'll let Christiane come back and make sure I haven't committed here to something she doesn't want to be committed to.

客戶建議他們改變他們的設計架構，但這並沒有實現，或者我們失去了一筆交易，因為我們要採用他們所做的 SASE 解決方案。我認為這裡的團隊會引導他們朝著我們自己的產品的方向發展。同樣，你也沒有看到針對我們的競爭性取代。所以我認為這些是指導制定過程中需要考慮的因素，但我會讓克里斯蒂安回來並確保我沒有在這裡承諾她不想承諾的事情。

No. I mean, Keith is right that there are a lot of factors why we guided the way we guided from what we can see and what we get from the sales teams, right? Also, don't forget that each fiscal year, you start rolling out new channel program. And it takes a little bit of time until you see how these are picked up, right? So we expect service acceleration through our channel programs and we expect improvement. But from a quarter-over-quarter perspective and from a growth rate, we were not there where we wanted to be. And partially, it's also due to a little bit more churn on some acquired customers.

不。我的意思是，Keith 說得對，從我們看到的情況和從銷售團隊得到的資訊來看，我們採取這種指導方式有很多因素，對嗎？另外，不要忘記，每個財政年度，您都會開始推出新的通路計畫。你需要花一點時間才能知道這些是如何被拾取的，對嗎？因此，我們期望透過我們的通路計劃加速服務並取得進步。但從季度環比和成長率來看，我們還沒有達到我們想要的水平。部分原因也在於一些新客戶的流失率略有增加。

Shrenik Kothari, Baird.

什雷尼克·科塔里，貝爾德。

Yeah, thanks. Can you guys hear me all right?

是的，謝謝。你們聽得到我說話嗎？

Yes.

是的。

Great. So Keith and Christiane, you mentioned that EMEA was your best-performing geo with mid-teens growth and partner like momentum there, clearly a tailwind. And you also made it clear that tariffs pull-forwards are not really a dynamic. So just curious, what is driving strength out there? I mean I know Ken mentioned about the telco partnerships and tariff shaping demand for sovereign SASE.

偉大的。所以 Keith 和 Christiane，你們提到 EMEA 是你們表現最好的地區，那裡有十幾歲的中段增長和合作夥伴般的勢頭，顯然是一個順風。而且您也明確表示，關稅提前並不是真正的動態。所以只是好奇，那裡的驅動力是什麼？我的意思是，我知道 Ken 提到了電信合作夥伴關係和對主權 SASE 的關稅塑造需求。

Just curious if you can elaborate a little bit there. And in APAC, are you also starting to see traction from other modernization initiatives around OT or AI SOC deals as well? And I had a quick follow-up.

我只是好奇您是否可以詳細說明一下。在亞太地區，您是否也開始看到圍繞 OT 或 AI SOC 交易的其他現代化舉措的推動力？我進行了快速跟進。

So in EMEA, specifically in internationally emerging, you see a lot of strength in OT, right? So there's a lot of opportunity in OT and also in government. We see -- to your question on modernization, we see that in APAC as well. And we had good wins there in government as well as in other areas.

那麼，在 EMEA 地區，特別是在國際新興地區，您看到 OT 具有很大的優勢，對嗎？因此，加班和政府領域都有很多機會。對於您提出的關於現代化的問題，我們在亞太地區也看到了這一點。我們在政府和其他領域都取得了良好的勝利。

Got it. And just a quick follow-up on the new logos. Was pretty solid, 14% year-on-year. Just curious, like how much of SASE, SecOps growth is now -- are now driven by kind of first-time Fortinet customers versus sort of expansion from your existing installed base? Are these kind of your models landing early in the deals? Or are they still largely dependent on the ring FortiGate deployments?

知道了。並快速跟進一下新標誌。相當穩健，較去年同期成長14%。只是好奇，例如現在 SASE、SecOps 的成長有多少是由首次使用 Fortinet 的客戶所推動的，還是由現有安裝基礎的擴充所推動的？你們的這些模型是否在交易初期就已經出現？或者他們仍然很大程度上依賴環形 FortiGate 部署？

I would say the majority of our new customers are smaller customers, as you can tell by the number of customers. We had some nice large new logos, but most of the smaller customers do start with the FortiGate.

我想說，我們的新客戶大多是小客戶，從客戶數量就可以看出來。我們有一些漂亮的大型新標誌，但大多數小客戶都是從 FortiGate 開始的。

Brad Zelnick, Deutsche Bank.

德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

Great. Thanks so much. Can you guys hear me? Awesome. Thank you. Last quarter, I think it was, you talked about investments that you're making in various forms of enablement. So that's a channel and your direct sales would be optimally positioned to capture the refresh opportunity. How is that progressing? And what have you seen over the past few months in terms of your competitors trying to capitalize on this end-of-service event that's coming up?

偉大的。非常感謝。你們聽得到我說話嗎？驚人的。謝謝。我想，上個季度，您談到了在各種形式的支援方面所做的投資。所以這是一個管道，您的直銷將處於最佳位置來抓住更新機會。進展如何？在過去的幾個月裡，您看到您的競爭對手如何試圖利用即將到來的服務終止事件？

We don't really see -- I think our competitors are talking about it, but we don't really see competition in our end-of-support cohort.

我們確實沒有看到——我認為我們的競爭對手正在談論這個問題，但我們在支持終止群體中確實沒有看到競爭。

And then the incentives on the.

然後是激勵措施。

Yes. I mean there are a number of channel incentives to execute on new product combined with more services, right? So -- especially in the lower end of the market, I think the opportunity is huge to expand on SASE and other products. And we have multiproduct incentives with the channel partners.

是的。我的意思是，有許多通路激勵措施可以執行新產品和更多服務，對嗎？因此——特別是在低端市場，我認為擴展 SASE 和其他產品的機會巨大。我們與通路合作夥伴提供多種產品獎勵措施。

If I could maybe just ask one follow-up. I think this is the first quarter where you now have Linksys consolidated. I assume it's not all that material, but is there anything just to call out that we should consider when we think about the trends going forward in terms of contribution and flow-through to the financials?

我是否可以再問一個後續問題？我認為這是 Linksys 合併的第一個季度。我認為這些並不是那麼重要，但是當我們考慮未來對財務的貢獻和流通趨勢時，有什麼是我們應該考慮的嗎？

Yes. Let me -- this is John Whittle. I would say it's immaterial. I don't think there's anything to really factor in there.

是的。讓我——我是約翰‧惠特爾。我想說這無關緊要。我認為那裡沒有什麼真正需要考慮的因素。

And I think in terms of what we -- in the first quarter guide, we provided what we thought the impact would be from the M&As, and I think we were in line with that, if I recall correctly.

我認為就我們在第一季的指南中所提供的內容而言，我們提供了我們認為併購將產生的影響，如果我沒記錯的話，我認為我們與此是一致的。

Yes. And right now, we are letting them run on their own strategy while we are creating our internal integration play for service providers.

是的。現在，我們讓他們按照自己的策略運作，同時我們為服務提供者創建內部整合策略。

It's still like one to two years away to codevelop some new product for the consumer leverage of ASIC technology, some other like drilling technology. So it's a long-term growth potential, but it's not short term.

還需要一到兩年的時間才能共同開發一些新產品，為消費者提供 ASIC 技術和鑽井技術等其他產品。因此，這是一個長期的成長潛力，但不是短期的。

Adam Borg, Stifel.

亞當·博格（Adam Borg），Stifel。

This is Peter Weed from Stifel. Do you hear me okay?

我是 Stifel 的 Peter Weed。你聽見我說話了嗎？

Yes, please.

是的，請。

Great. Just maybe, Christiane, on the upcoming refresh cycle. Any way to talk through some of the assumptions, both in terms of, -- Hey, the number of firewalls we expect to be refreshed, will it be the same or fewer than what they had previously? Obviously, I'm assuming the performance of the models will be greater given these are old models. And I know you talked about it a few minutes ago, but maybe talk a little bit more about are you expecting any type of shift towards virtual or SASE from physical as part of this refresh.

偉大的。克里斯蒂安，也許，在即將到來的更新周期中。有沒有辦法討論這些假設，無論是從哪個角度來說，嘿，我們預計將更新的防火牆數量，會與以前的數量相同還是更少？顯然，考慮到這些都是舊模型，我認為模型的性能會更好。我知道您幾分鐘前談論過這個問題，但也許您可以再多談談，作為這次更新的一部分，您是否期望從實體轉向虛擬或 SASE。

So what we are seeing so far, the customers that have EOS devices, the smaller customers are buying more. The larger customers who had large FortiGates, it depends on the strategy and it depends on whether they are consolidating on bigger FortiGates or buying pretty much a similar amount of the same next-generation models. So I don't think on the enterprise side and in the data center appliance, you see one strategy. It depends on customers. In the MSE and the smaller customer cohort, what we see is that they are buying more of what -- than what they had previously.

所以到目前為止我們看到的是，擁有 EOS 設備的客戶和小客戶購買的更多。對於擁有大型 FortiGate 的較大客戶來說，這取決於策略，也取決於他們是否整合更大的 FortiGate 或購買幾乎相同數量的相同下一代型號。因此，我認為在企業方面和資料中心設備中，你不會看到一種策略。這取決於客戶。在 MSE 和較小的客戶群中，我們看到他們購買的東西比以前更多。

Yes. An interesting conversation Christiane was sharing with me right before this call was that one of the challenges in tracking the refresh is not just that they're out there and saying -- okay, I have 10 products that are going into service. But as she pointed out, they have those 10 plus they're buying for other use cases at the same time. So the deal sizes are getting, but it's a little bit blurrier in terms of how much of that is the old product versus a new use case as you go forward. But I would say that the deal sizes, she's quite pleased with.

是的。在這通電話之前，克里斯蒂安與我分享了一個有趣的對話：追蹤更新的挑戰之一不僅僅是他們在那裡說——好的，我有 10 種產品即將投入使用。但正如她指出的那樣，他們同時還在購買 10 多台用於其他用途。因此，交易規模不斷擴大，但隨著交易的推進，對於其中有多少是舊產品，有多少是新用例，這一點就變得有點模糊了。但我想說的是，她對交易規模非常滿意。

That's great. And maybe just -- oh, go ahead.

那太棒了。或許只是——哦，繼續吧。

Sorry. Also on the product side, we're keeping developed new product like the one we announced today, the FortiGate 700G. So there's a few more come towards later this year and next year. So that's where we try to time in some of the replacement from the product side and then try to make sure the new product is way better than the old one. So that's where sometime they also try to see -- most of the customers are probably still one years away, so they still have some time to evaluate.

對不起。在產品方面，我們也不斷開發新產品，例如我們今天發布的 FortiGate 700G。因此，今年晚些時候和明年還會有更多的事情發生。因此，我們嘗試從產品方面安排一些替換時間，然後確保新產品比舊產品更好。所以有時他們也會嘗試去觀察——大多數客戶可能還需要一年的時間，所以他們仍然有時間來評估。

That's great. I really appreciate the color there. And maybe just for Ken, a bigger-picture question. In our field work, data security just continues to come up as a really important priority. I know late last year, I think it was back in August, you guys acquired Next DLP. Would to talk a little bit more about early feedback on that acquisition and how you're thinking about the broader base security opportunity for Fortinet.

那太棒了。我真的很欣賞那裡的色彩。也許對肯來說，這是一個更宏觀的問題。在我們的現場工作中，資料安全仍然是一個非常重要的優先事項。我知道去年年底，我想應該是八月份，你們收購了 Next DLP。想進一步談談對此次收購的早期回饋，以及您如何看待 Fortinet 更廣泛的基礎安全機會。

Yes. That's a great acquisition technology for the DLP, not only enhance the SASE we had but also can be sold separately to enhance a lot of big enterprise the data security, the data leakage side. So we see it's a work nonproduct and team.

是的。對於 DLP 來說，這是一項很棒的收購技術，不僅可以增強我們現有的 SASE，還可以單獨出售，以增強許多大企業的資料安全性和資料外洩方面。所以我們認為這是一個非產品和團隊的工作。

And so it's -- I told with you, now it's -- they're kind of -- more kind of looking at how to secure the data. That's also the reason we kind of started pushing some of sovereign SASE, some other -- especially in the finance service area, in the government, in health care. So the data is super important. So it's a very good solution there.

所以 — — 我告訴過你，現在 — — 他們正在更多地考慮如何保護資料。這也是我們開始推動一些主權 SASE 和其他一些領域的原因——特別是在金融服務領域、政府領域和醫療保健領域。所以數據非常重要。這是一個非常好的解決方案。

And we're seeing that being rolled out at scale at large enterprises, and we just have to accelerate that. But it's working well at scale at large enterprises.

我們看到這項技術正在大型企業中大規模推廣，我們只需要加快這一進程。但它在大型企業中規模運作良好。

Junaid Siddiqui, Truist.

朱奈德·西迪基（Junaid Siddiqui），Truist。

Hi, can you hear me?

嗨，你聽得到我說話嗎？

Yes.

是的。

Yes.

是的。

All right. Great. Yes, I just had a question on the CNAPP market and the traction that you're seeing in Lacework. One of your competitors has effectively ceded that space to a partner of yours. Do you see that market shaping up? And who are you seeing from a competitive perspective? And how are you differentiating from some of those competitors?

好的。偉大的。是的，我只是對 CNAPP 市場以及您在 Lacework 中看到的吸引力有疑問。您的一個競爭對手實際上已經將該空間讓給了您的一個合作夥伴。您認為這個市場正在形成嗎？從競爭角度來看您看到了誰？您與其中一些競爭對手有何區別？

So I think we see opportunity with the Wiz Google development. I think that disrupts the market fairly significantly. And so we see significant opportunity there. We think the Lacework solution is a very good solution. I think we just have to -- it's a new sales motion for us a bit, and so we need to focus on that. So it will just take a little bit of time. But we see it as a good opportunity. Big market, obviously, a huge TAM and a lot of disruption in that market. And that solution just got a good rating. It's a very good solution. We just need to kind of refine the sales approach a bit.

所以我認為我們看到了 Wiz Google 開發的機會。我認為這會嚴重擾亂市場。因此，我們看到了巨大的機會。我們認為 Lacework 解決方案是一個非常好的解決方案。我認為我們必須這樣做——這對我們來說是一種新的銷售動議，所以我們需要關注這一點。所以這只需要一點時間。但我們認為這是一個很好的機會。顯然，市場很大，TAM 巨大，市場中存在著許多混亂。並且該解決方案剛剛獲得了良好的評價。這是一個非常好的解決方案。我們只是需要稍微改進一下銷售方式。

Keith Bachman, BMO.

基思·巴赫曼，BMO。

Thank you very much. I wanted to ask a little bit about sensitivities. And what I mean by that is, Ken, you highlighted the three buckets of spend that Fortinet has: secure networking, SASE and SecOps. As you think about over the next number of quarters, is there any comment when you hear feedback from the channel on deal elongation?

非常感謝。我想問一些關於敏感性的問題。我的意思是，Ken，您強調了 Fortinet 的三大支出領域：安全網路、SASE 和 SecOps。展望未來幾個季度，當您聽到管道對交易延長的回饋時，您有何評論？

Is it more, in fact, on the subscription side than the hardware side with maybe users not wanting to sweat their assets for regulatory reasons or compliance reasons or governance or what have you? And is there thereby a risk of some crowding out, if you will, on hardware refreshes that perhaps are ongoing that make may cause some weakness in the unified SASE and/or SecOps? I think SD-WAN, probably not. But just talk about the buckets of spending in terms of sensitivities as we go out over the next number of quarters, whether it be de elongations or what have you. And Keith, certainly all the best to you.

事實上，訂閱方面的問題比硬體方面的問題更大嗎？也許用戶因為監管原因、合規原因、治理原因或其他原因而不願意浪費自己的資產？如果您願意的話，是否存在正在進行的硬體更新的擠出風險，這可能會導致統一的 SASE 和/或 SecOps 出現一些弱點？我認為 SD-WAN 可能不是。但是，在接下來的幾個季度中，我們只需從敏感度的角度來討論支出問題，無論是延長支出還是其他什麼。基思，祝你一切順利。

Thank you. Yes. It's a good question. I think -- Yes. I mean the industry, like over 30 years, see a few half and done in the economy in the big environment. So you're -- during the downturn, they tend to slow down some of the infrastructure changing the hardware purchase and then try to more like stretch, whatever the things they have.

謝謝。是的。這是個好問題。我認為——是的。我的意思是，在過去的 30 年裡，在大環境下的經濟中，這個產業已經走了一半了。因此，在經濟低迷時期，他們往往會放慢一些基礎設施建設的速度，改變硬體採購，然後嘗試擴大他們所擁有的一切。

So there is some uncertainty right now, I feel, but it's -- on the other side, because the strengths we have, whether in network security or secure networking and also the Unified SASE, SecureOp, so we see that's also the opportunity during the downturn to gain market share quickly because we feel we are better positioned than the competitor.

所以我覺得現在存在一些不確定性，但另一方面，由於我們擁有優勢，無論是在網路安全還是安全網路方面，以及統一 SASE、SecureOp，所以我們認為這也是在經濟低迷時期迅速獲得市場份額的機會，因為我們覺得我們比競爭對手處於更有利的地位。

So even -- the overall market may grow a little bit slow, but also that's our opportunity to gain more market share quickly. Because in each category, we have pretty unique advantage. Like secure networking is really carry the convergence and also leverage of ASIC and the syngas, the same thing I mentioned earlier about Unified SASE. And you see the SecureOp also grow like 29%. It's all pretty strong growth.

因此，即使整體市場成長可能有點慢，但這也是我們快速獲得更多市場份額的機會。因為在每個類別中，我們都有相當獨特的優勢。就像安全網路確實承載著 ASIC 和合成氣的融合和槓桿作用，這與我之前提到的統一 SASE 是一樣的。你會看到 SecureOp 也成長了 29%。這一切都相當強勁。

That's how we're continuing to keep invest in the growth and also do some long-term investment to keep in driving the next 5 to 10 years long-term growth. Both benefit the space and benefit the customer and also partner. So that's where we look at this.

這就是我們如何繼續投資於成長並進行一些長期投資以推動未來 5 到 10 年的長期成長。這既有利於空間，也有利於客戶和合作夥伴。這就是我們所看到的。

But also, like last quarter, we also see probably the billing growth, also the first time better than the last six, seven quarter, probably seven quarter, and especially the FortiGate even grow better. So that I see is a good sign on the strengths we have, maybe some us because we call the upgrade of core refresh. But on the other side, we do see the -- some smaller player in the space, whether secure networking, some other one, getting weaker and weaker. So we do see some take their market share.

但同樣，就像上個季度一樣，我們也看到了帳單成長，這也是第一次比過去六、七個季度更好，可能是七個季度，尤其是 FortiGate 的成長甚至更好。所以我認為這對我們的優勢來說是一個好兆頭，也許有些是我們稱之為核心更新的升級。但另一方面，我們確實看到，該領域的一些較小參與者，無論是安全網路還是其他參與者，都變得越來越弱。因此，我們確實看到一些公司搶佔了他們的市場份額。

And some other bigger players starting shifting some of the focus. And so with us, we feel we have a better product and a better position. That's where -- in all three pillar, we do believe we began to share on each pillar of the market share. I'll ask probably, Christiane, in case any -- John, any?

其他一些大公司也開始轉移注意力。因此，我們覺得我們擁有更好的產品和更好的地位。這就是——在這三大支柱中，我們確實相信我們開始在每個支柱上分享市場份額。我可能會問，克里斯蒂安娜，如果有的話——約翰，有的話？

I would just say, like Ken said, Q1, we felt good about the growth in Q1. The economy, the geopolitical environment was already kind of a bit uncertain. And then also in 2008 to 2009, through the financial crisis, we were private at the time but had good growth through that and then one of the first companies go public after that based on good growth through that crisis as well.

我只想說，就像肯說的，我們對第一季的成長感到滿意。經濟、地緣政治環境已經有點不確定。然後還有 2008 年至 2009 年的金融危機，我們當時是私人企業，但在那段時期實現了良好的增長，之後憑藉那段危機期間的良好增長，我們成為首批上市的公司之一。

So I think, Ken has always focused on never let the opportunities from a good challenge pass you by. And so we'll take -- we'll look at this from an opportunistic standpoint.

所以我認為，肯一直專注於不讓好的挑戰帶來的機會從你身邊溜走。因此，我們會從機會主義的角度來看這個問題。

I would just add one comment as well. And I think what we heard from our customers at our customer events at RSA, they're -- most of them are going hybrid, right? They will have on-prem devices. They will have some cloud devices. They will have some public cloud. And I think that's our opportunity because we play in all markets, and they can leverage the OS. And I think that's the feedback that we got. So from our perspective, we are we are well positioned.

我也想添加一則評論。我認為，我們在 RSA 客戶活動上從客戶那裡聽到的消息是，他們大多都採用混合技術，對嗎？他們將擁有本地設備。他們會有一些雲端設備。他們會有一些公有雲。我認為這是我們的機會，因為我們涉足所有市場，他們可以利用作業系統。我想這就是我們得到的回饋。因此從我們的角度來看，我們處於有利地位。

This concludes our question-and-answer session. I will now hand it back to Aaron Ovadia for closing remarks.

我們的問答環節到此結束。現在我將把發言權交還給 Aaron Ovadia，請他作最後發言。

Thank you. I'd like to thank everyone for joining today's call. We will be attending investor conferences hosted by JPMorgan and Bank of America during the second quarter. The fireside chat webcast link will be posted on the Events & Presentations section of our Investor Relations website. If you have any follow-up questions, please feel free to contact me. Have a great rest of your day.

謝謝。我要感謝大家參加今天的電話會議。我們將參加第二季由摩根大通和美國銀行主辦的投資者會議。爐邊談話網絡直播連結將發佈在我們投資者關係網站的活動和演示部分。如果您有任何後續問題，請隨時與我聯絡。祝您今天剩餘的時間過得愉快。