Fortinet Inc (FTNT) 2025 Q4 法說會逐字稿

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

大家好，歡迎參加 Fortinet 2025 年第四季財報電話會議。（操作員指示）請注意，本次通話正在錄音。

I would now like to hand the call over to Anthony Luscri, Vice President of Investor Relations. Please go ahead.

現在我將把電話交給投資者關係副總裁安東尼·盧斯克里。請繼續。

Thank you. Good afternoon and thank you for joining us on today's conference call to discuss Fortinet's fourth-quarter and full-year 2025 financial results. Joining me on today's call are Ken Xie, Fortinet's Founder, Chairman, and CEO; Christiane Ohlgart, our CFO; and John Whittle, our COO.

謝謝。下午好，感謝各位參加今天的電話會議，共同探討 Fortinet 2025 年第四季和全年財務表現。今天與我一起參加電話會議的有：Fortinet 創辦人、董事長兼執行長 Ken Xie；財務長 Christiane Ohlgart；以及營運長 John Whittle。

Ken will begin our call today by providing a high-level perspective on our business. Christiane will then review our financial results for the fourth-quarter and the full-year of 2025 before providing guidance for the first-quarter and full-year 2026. We will then open the call for questions. (Event Instructions)

今天，肯將首先從宏觀角度介紹我們的業務。克里斯蒂安娜隨後將審查我們 2025 年第四季和全年的財務業績，然後再對 2026 年第一季和全年業績做出預測。接下來我們將開放提問環節。（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. 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.

在開始之前，我想提醒大家，在今天的電話會議上，我們將發表一些前瞻性聲明，這些前瞻性聲明存在風險和不確定性，可能導致實際結果與預期結果有重大差異。請參閱我們向美國證券交易委員會提交的文件，特別是我們最新的 10-K 表格和 10-Q 表格中的風險因素部分，以獲取更多資訊。所有前瞻性陳述僅反映我們截至本次演示之日的觀點，我們不承擔任何更新前瞻性陳述的義務，並明確聲明不承擔任何此類義務。

Also, all references to financial metrics that we make on today's call are non-GAAP, unless stated otherwise. Our GAAP results and GAAP to non-GAAP reconciliations are located in our earnings press release and in the presentation accompanying today's remarks, both of which are posted on our investor relations website.

此外，除非另有說明，否則我們在今天的電話會議中提到的所有財務指標均為非GAAP指標。我們的 GAAP 業績和 GAAP 與非 GAAP 的調整表位於我們的獲利新聞稿和今天演講的簡報中，這兩份文件都發佈在我們的投資者關係網站上。

As a reminder, this is a live call that will be available via replay via a webcast on the investor relations website. The prepared remarks will also be posted on the quarterly earnings section of our investor relations website following today's call. Lastly, all references to growth are on a year-over-year basis unless noted otherwise.

再次提醒，本次電話會議為現場直播，可透過投資人關係網站的網路直播進行回放。今天的電話會議結束後，準備好的發言稿也將發佈在我們投資者關係網站的季度收益部分。最後，除非另有說明，所有成長數據均指較去年同期成長率。

I'll now turn over the call to Ken.

現在我將把電話交給肯。

Thank you, Anthony, and thank you to everyone for joining our call. We are very pleased with our excellent fourth-quarter growth, driven by broad-based demand across our platform as billing increased 18% and revenue grew 15%, driven by product revenue growth of 20%. Operating margin was strong at 37%, reflecting our continued focus on balancing growth and profitability. Secure networking billing grew 13%, outperforming the overall secure networking market as we continue to gain market share.

謝謝你，安東尼，也感謝所有參加我們電話會議的朋友。我們對第四季度的出色成長非常滿意，這得益於我們平台上的廣泛需求，其中帳單增長了 18%，收入增長了 15%，而產品收入增長了 20%。營業利益率達到強勁的 37%，反映出我們持續致力於平衡成長和獲利能力。安全網路計費業務成長了 13%，超過了整個安全網路市場的表現，我們持續擴大市場份額。

Fortinet remained the number-one firewall leader with a 55% unit market share and the highest product revenue among our cybersecurity security peers. Fortinet has led the convergence of networking and security for over 25 years, and secure networking is expected to surpass the traditional networking by the end of this year.

Fortinet 仍然是防火牆領域的領導企業，市佔率高達 55%，在網路安全同行中產品收入最高。Fortinet 在網路和安全融合領域引領潮流超過 25 年，預計到今年年底，安全網路將超越傳統網路。

Our firewall leadership is driven by FortiOS, which unified the networking and security, and our FortiASIC technology deliver 5 to 10x better performance than competitors while lowering the total cost of ownership and energy consumption, which provide a large advantage and a scale -- and securing AI data center. We will introduce the FortiOS 8.0 at the Fortinet's Annual Customer and Partner Conference, Accelerate, in March, featuring significant and new capability in security and networking, especially in AI security, such as agentic AI security in enterprise, plus a new bundled SD-WAN and SASE service.

我們的防火牆領先地位源自於 FortiOS，它統一了網路和安全；我們的 FortiASIC 技術比競爭對手的效能高出 5 到 10 倍，同時降低了整體擁有成本和能耗，這帶來了巨大的優勢和規模優勢，並保障了 AI 資料中心的安全。我們將於 3 月在 Fortinet 年度客戶和合作夥伴大會 Accelerate 上推出 FortiOS 8.0，其在安全性和網路方面具有重要的全新功能，尤其是在 AI 安全方面，例如企業中的代理 AI 安全，以及新的捆綁式 SD-WAN 和 SASE 服務。

We also recently partnered with NVIDIA to leverage their BlueField-3 DPU to secure AI infrastructure. Unified SASE billing grew 40%, representing 27% of our total billing, supporting our belief that Fortinet is the fastest-growing SASE leader at scale. Our momentum is powered by three key advantages.

我們最近也與 NVIDIA 合作，利用其 BlueField-3 DPU 來保護 AI 基礎架構。統一 SASE 計費成長了 40%，占我們總計費的 27%，這印證了我們的觀點，即 Fortinet 是 SASE 規模化成長最快的領導者。我們的發展動能得益於三大關鍵優勢。

First, Fortinet uniquely integrates next-gen firewall, SD-WAN, and SASE on a single OS, FortiOS, running on-premise or in the cloud, allowing customers to expand SASE in minutes and driving upsell across a large customer base. Second, we're supporting both Sovereign SASE and Public SASE.

首先，Fortinet 獨創地將新一代防火牆、SD-WAN 和 SASE 整合到單一作業系統 FortiOS 上，該作業系統可在本地或雲端運行，使客戶能夠在幾分鐘內擴展 SASE，並在健康的客戶群中推動追加銷售。其次，我們同時支援主權 SASE 和公共 SASE。

Sovereign SASE enabled enterprise and service provider to deploy SASE in their own data center to meet the data privacy, sovereignty, and the compliance requirement. We are seeing strong demand in Sovereign SASE, and none of our major SASE competitors offer Sovereign SASE solution, making Fortinet's total Unified SASE addressable market significantly greater than our peers.

Sovereign SASE 使企業和服務提供者能夠在自己的資料中心部署 SASE，以滿足資料隱私、主權和合規性要求。我們看到對主權 SASE 的需求強勁，而我們主要的 SASE 競爭對手都沒有提供主權 SASE 解決方案，這使得 Fortinet 的統一 SASE 潛在市場規模遠大於我們的同行。

Third, our owned and long-term invested global cloud infrastructure, FortiCloud, delivers high performance and security at roughly one-third of the total cost of ownership of our peers. These differentiators position Fortinet as a leader in the 2025 Gartner Magic Quadrant for SASE platform as we continue to be the leader in SD-WAN and believe we'll be the number-one Unified SASE within the next few years.

第三，我們擁有並長期投資的全球雲端基礎設施 FortiCloud，以大約只有同業總擁有成本的三分之一，提供高效能和安全性。這些差異化優勢使 Fortinet 在 2025 年 Gartner SASE 平台魔力像限中佔據領先地位，我們將繼續保持 SD-WAN 領域的領先地位，並相信在未來幾年內，我們將成為排名第一的統一 SASE 平台。

AI-driven secure billing grew 6% in the fourth quarter and 22% for the full year, while ARR was up 21%. Our strong performance was driven by more than 20 AI-powered solutions as customers consolidate multiple security vendors onto Fortinet's platform. In addition, Fortinet's leadership in security also extend to operational technology and the cyber-physical systems, offering enhanced visibility, robust threat protection, and secure connectivity. The demand for OT solution has driven significant growth, with billing up more than 25%.

AI 驅動的安全計費在第四季度增長了 6%，全年增長了 22%，而 ARR 增長了 21%。我們強勁的業績得益於 20 多個 AI 驅動的解決方案，因為客戶正在將多個安全供應商整合到 Fortinet 的平台上。此外，Fortinet 在安全領域的領先地位也延伸至營運技術和網路實體系統，提供增強的可見性、強大的威脅防護和安全的連接。對 OT 解決方案的需求推動了顯著增長，計費增長超過 25%。

Finally, we reaffirmed the midterm target we shared at our Analyst Day, reinforcing our commitment to continue to grow faster than the overall market, including delivering billing and revenue CAGR above the market growth of 12% and achieving the Rule of 45. I would like to thank our employees, customers, partners, and suppliers worldwide for their continued support and hard work.

最後，我們重申了在分析師日上分享的中期目標，強化了我們繼續以高於整體市場的速度成長的承諾，包括實現高於市場 12% 的計費和收入複合年增長率，並實現 45 法則。我要感謝我們全球的員工、客戶、合作夥伴和供應商一直以來的支持和辛勤付出。

I will now turn the call over to Christiane.

現在我將把電話轉給克里斯蒂安娜。

Thank you, Ken. And good afternoon, everyone. As Ken mentioned, we are very pleased with our strong fourth-quarter performance, exceeding the high end of guidance across billings, total revenue, and operating margins. This outperformance reflects solid global execution and broad-based demand for our solutions, with product revenue growth accelerating in the second half of the year.

謝謝你，肯。大家下午好。正如肯所提到的，我們對第四季度強勁的業績非常滿意，在帳單金額、總收入和營業利潤率方面均超過了預期上限。這一優異表現反映了我們全球業務的穩健執行以及市場對我們解決方案的廣泛需求，產品收入成長在下半年加速。

We are well positioned to deliver durable long-term growth as a leader in large and rapidly expanding cybersecurity markets, including secure networking, Unified SASE, and security operations. This opportunity is supported by strong secular tailwinds such as vendor consolidation, the convergence of security and networking, ongoing technology upgrades, and the expansion of enterprise attack surfaces across cloud, OT, and AI.

我們作為大型且快速成長的網路安全市場（包括安全網路、統一 SASE 和安全營運）的領導者，擁有良好的地位，能夠實現持久的長期成長。這一機會得益於強勁的長期利好因素，例如供應商整合、安全和網路融合、持續的技術升級以及企業攻擊面在雲端、OT 和 AI 領域的擴展。

Our strong network security foundation drives adoption of SD-WAN, SASE, and SecOps while creating significant opportunities to upsell integrated solutions across enterprise customers. Building on these market dynamics, our leadership in secure networking, combined with our Unified FortiOS operating system and broad platform, enables customers to deploy security anywhere across private, public, and hybrid multi-cloud environments and in any form factor, including hardware, software, and SaaS.

我們強大的網路安全基礎推動了 SD-WAN、SASE 和 SecOps 的採用，同時為向企業客戶追加銷售整合解決方案創造了重要機會。基於這些市場動態，我們在安全網路領域的領先地位，結合我們的統一 FortiOS 作業系統和廣泛的平台，使客戶能夠在私有雲、公有雲和混合多雲環境中以任何形式（包括硬體、軟體和 SaaS）部署安全功能。

As a result, our platform approach drives strong customer expansion, increases wallet share, and supports growth across both existing and new markets. In addition, we benefit from durable competitive advantages through our proprietary ASIC technology and single integrated operating system, which delivers superior performance, lower total cost of ownership, and meaningful differentiation versus peers. At the same time, continued investment in R&D across custom silicon, OS convergence, AI-driven security, quantum readiness, and Fortinet-owned cloud infrastructure supports rapid innovation and organic growth.

因此，我們的平台方法能夠推動客戶群的強勁成長，提高客戶錢包份額，並支持現有市場和新市場的成長。此外，我們憑藉專有的 ASIC 技術和單一整合作業系統，獲得了持久的競爭優勢，從而實現了卓越的性能、更低的總體擁有成本，並與同行形成了顯著的差異化。同時，對客製化晶片、作業系統融合、人工智慧驅動的安全、量子就緒以及 Fortinet 自有雲端基礎設施等領域的持續研發投入，為快速創新和內生成長提供了支援。

Finally, our highly diversified business across geographies, customer segments, and industry verticals reduces volatility and enhances resilience across economic cycles. Complementing this diversification, we operate a strong and balanced model with the Rule of 45-plus profile, robust recurring revenues, strong free cash flow generation, a solid balance sheet, and a disciplined shareholder-focused capital allocation strategy. This balanced model supports our confidence in our 2026 guidance and continued long-term shareholder value creation.

最後，我們業務在地理、客戶群和產業垂直領域的高度多元化降低了經濟波動性，並增強了經濟週期中的韌性。為了實現多元化，我們採用穩健均衡的經營模式，符合 45 法則，擁有強勁的經常性收入、充足的自由現金流、穩健的資產負債表以及以股東為中心的嚴格資本配置策略。這種平衡的模式增強了我們對 2026 年業績指引和持續創造長期股東價值的信心。

Now moving to an overview of our strong fourth-quarter results, total billings grew by 18% to $2.37 billion, driven by strong growth in Unified SASE, OT security, and success in large enterprises in the US and Europe. Unified SASE billings grew 40%, driven by growth in cloud security solutions. Furthermore, SASE adoption momentum has remained strong as 16% of our large enterprise customers have purchased FortiSASE, an increase of over 50%, highlighting our continued expansion of FortiSASE in our customer base.

現在讓我們來概覽一下我們強勁的第四季度業績，總帳單金額成長了 18%，達到 23.7 億美元，這主要得益於統一 SASE、OT 安全業務的強勁增長，以及在美國和歐洲大型企業取得的成功。統一 SASE 計費成長了 40%，主要得益於雲端安全解決方案的成長。此外，SASE 的普及動能依然強勁，16% 的大型企業客戶購買了 FortiSASE，增幅超過 50%，這凸顯了 FortiSASE 在客戶群中的持續擴張。

Operational technology use cases continue to contribute strong growth to our success with billings growth of over 25%, with broad-based demand for both our hardware and software solutions. And our continued momentum in large enterprise drove growth in the fourth quarter as the number of deals greater than $1 million increased by over 30%, while the total deal value grew by over 40%.

營運技術用例繼續為我們的成功做出強勁貢獻，帳單成長超過 25%，對我們的硬體和軟體解決方案都有廣泛的需求。我們在大型企業市場的持續成長勢頭推動了第四季度的成長，超過 100 萬美元的交易數量增加了 30% 以上，而交易總額增加了 40% 以上。

The US and Europe were the largest contributors to growth in $1 million-plus deals, each delivering more than 30% growth. In addition, we continue to expand our customer base. 7,200 new organizations selected our Unified FortiOS platform, reinforcing our strong position across all market segments.

美國和歐洲是百萬美元以上交易成長的最大貢獻者，各自實現了超過 30% 的成長。此外，我們的客戶群也持續擴大。新增7200家企業選擇了我們的統一FortiOS平台，進一步鞏固了我們在所有細分市場的領先地位。

With regards to ARR, Unified SASE increased by 11% to $1.28 billion, which included an increase of over 90% for FortiSASE ARR, while SecOps ARR increased by 21% to $491 million. Total revenue grew 15% to $1.91 billion. Product revenue increased by over 20% to $691 million, reflecting broad-based growth driven by strong performance across our product portfolio as we continue to gain market share. Both hardware and software grew 20%, supported by technology upgrades, upselling, and expansion into new use cases.

就年度經常性收入 (ARR) 而言，統一 SASE 成長了 11%，達到 12.8 億美元，其中 FortiSASE ARR 成長超過 90%，而 SecOps ARR 成長了 21%，達到 4.91 億美元。總營收成長15%，達到19.1億美元。產品收入成長超過 20%，達到 6.91 億美元，這反映了我們產品組合的強勁表現所帶來的全面成長，我們將繼續擴大市場份額。硬體和軟體均成長了 20%，這得益於技術升級、追加銷售以及向新應用場景的拓展。

Service revenue grew 12% to $1.21 billion, reflecting lower product revenue in 2024, while service billings growth was strong at 18% in Q4. As a reminder, we view product revenue growth as a leading indicator of future service revenue growth as shown on slide 20 of the earnings presentation.

服務收入成長 12% 至 12.1 億美元，反映出 2024 年產品收入下降，而第四季服務帳單成長強勁，達到 18%。再次提醒大家，我們認為產品收入成長是未來服務收入成長的領先指標，如收益簡報第 20 頁所示。

Now I'd like to highlight some key deals that demonstrated our market leadership and customer expansion. In the competitive seven-figure upsell deal, a large consumer services company and existing 41 SD-WAN customer selected FortiSASE to secure more than 10,000 users as part of its next-generation access and security transformation. The win was driven by our single-OS approach that tightly integrates SD-WAN and SASE, enabling rapid expansion to SASE and delivering strong performance at a meaningfully lower total cost of ownership.

現在我想重點介紹一些關鍵交易，這些交易反映了我們的市場領導地位和客戶群的擴張。在競爭激烈的七位數追加銷售交易中，一家大型消費者服務公司和現有的 41 SD-WAN 客戶選擇 FortiSASE 來保護超過 10,000 名用戶，作為其下一代存取和安全轉型的一部分。此次勝利得益於我們採用的單一作業系統方法，將 SD-WAN 和 SASE 緊密整合，從而能夠快速擴展到 SASE，並以顯著降低的整體擁有成本提供強大的效能。

The customer chose Fortinet for our Unified FortiOS operating system, which reduces complexity by enabling a single consistent security policy across FortiSASE and FortiGate devices while leveraging our globally distributed PoPs. By integrating our PoPs into their existing SD-WAN fabric, the customer has simplified centralized policy management and enabled secure private access at scale, which highlights our platform model.

客戶選擇 Fortinet 的統一 FortiOS 作業系統，透過在 FortiSASE 和 FortiGate 設備上啟用單一一致的安全策略來降低複雜性，同時利用我們全球分散的存取點。透過將我們的 PoP 整合到他們現有的 SD-WAN 架構中，客戶簡化了集中式策略管理，並實現了大規模的安全私有訪問，這凸顯了我們的平台模型。

Next, a leading global data center provider supporting AI and cloud workloads signed an eight-figure deal with Fortinet to support its rapid global expansion. The customer selected Fortinet for a predictable, scalable investment model that aligns security growth with its accelerated data center buildout.

接下來，一家領先的全球資料中心供應商（支援人工智慧和雲端工作負載）與 Fortinet 簽署了一份價值數千萬美元的協議，以支援其快速的全球擴張。客戶選擇 Fortinet 是因為其可預測、可擴展的投資模式，該模式能夠使安全成長與其加速的資料中心建置保持一致。

As the company standardizes on our FortiGates, FortiSwitches, and FortiAPs, our solutions will streamline operations across IT and OT environments, including critical power, cooling, and physical security systems. This strategic partnership enables the customer to scale securely and consistently, supporting its long-term global growth strategy.

隨著公司採用我們的 FortiGate、FortiSwitch 和 FortiAP，我們的解決方案將簡化 IT 和 OT 環境中的操作，包括關鍵電源、冷卻和實體安全系統。這項策略合作夥伴關係使客戶能夠安全、持續地擴展規模，從而支持其長期的全球成長策略。

In another key win, a major utility company expanded its partnership with us through a high seven-figure agreement to secure its operational technology environment. The deal includes a comprehensive set of solutions covering network segmentation, identity and access management, and zero-day threat detection across the utility's advanced distribution management system, along with the adoption of FortiAI. This competitive win was driven by our ability to automate critical security operations, our proven expertise in protecting critical national infrastructure, and a compelling price for performance advantage.

在另一場重要勝利中，一家大型公用事業公司透過一項價值數百萬美元的協議擴大了與我們之間的合作關係，以確保其營運技術環境的安全。該協議包括一套全面的解決方案，涵蓋公用事業公司先進配電管理系統中的網路分段、身分和存取管理以及零日威脅檢測，以及採用 FortiAI。這次競爭性勝利得益於我們實現關鍵安全操作自動化的能力、我們在保護國家關鍵基礎設施方面久經考驗的專業知識，以及極具吸引力的性價比優勢。

Lastly, in the competitive displacement win, a Fortune 100 company signed an eight-figure multi-year agreement for Unified SASE, selecting our virtual firewall solution to secure approximately 1,800 store locations. The customer chose FortiGate VM through our FortiFlex points-based consumption program, which supports flexible hybrid firewall deployments and a broad set of security solutions.

最後，在競爭激烈的市場競爭中，一家財富 100 強公司與 Unified SASE 簽署了一份價值數千萬美元的多年期協議，選擇我們的虛擬防火牆解決方案來保護約 1800 個門市位置。客戶透過我們的 FortiFlex 積分制消費計畫選擇了 FortiGate VM，該計畫支援靈活的混合防火牆部署和廣泛的安全解決方案。

Fortinet was selected after a highly competitive evaluation due to the flexibility of the program and our ability to meet demanding technical requirements at scale, enabling the customer to consolidate security on a single architecture while gaining deployment flexibility, centralized management, and long-term cost efficiency to support future growth.

經過激烈的競爭性評估，Fortinet 憑藉其方案的靈活性和大規模滿足嚴苛技術要求的能力而被選中，使客戶能夠在單一架構上整合安全性，同時獲得部署靈活性、集中管理和長期成本效益，以支持未來的成長。

Turning to margins and cash flow, total gross margin of 80.3% was better than expected, which is especially impressive given the strong product revenue growth and related mix shift. Operating margin of 37.3% exceeded the high end of the guidance, mainly due to stronger-than-expected revenue growth and cost management.

從利潤率和現金流來看，總毛利率為 80.3%，優於預期，考慮到強勁的產品收入成長和相關的產品組合轉變，這一結果尤其令人印象深刻。營業利益率達到 37.3%，超過了預期上限，主要原因是收入成長強於預期以及成本控制得當。

Free cash flow was very strong at $577 million, and adjusted free cash flow was $589 million, up $130 million and represented a margin of 31%. We repurchased approximately 730,000 shares of common stock for $57 million during the fourth quarter and an additional 4.6 million shares for $356 million quarter to date. In January, our Board of Directors approved a $1 billion increase in the authorized stock repurchase amount, and the remaining share repurchase authorization as of today is approximately $1.4 billion.

自由現金流非常強勁，達到 5.77 億美元；調整後的自由現金流為 5.89 億美元，增加了 1.3 億美元，利潤率為 31%。第四季度，我們以 5,700 萬美元的價格回購了約 73 萬股普通股；截至目前，本季又以 3.56 億美元的價格回購了 460 萬股普通股。今年一月，我們的董事會批准將授權股票回購金額增加 10 億美元，截至今日，剩餘的股票回購授權金額約為 14 億美元。

Turning to our full-year 2025 results, where we once again exceeded the Rule of 45 for the sixth consecutive year, billings grew 16% to $7.55 billion. Our faster-growing pillars of Unified SASE and SecOps grew a combined 24%, representing a 2-point mix shift year over year and 6 points over the past two years. The two pillars now make up 36% of total billings, reflecting the value of our integrated platform approach and the convergence of security and networking, and success in cross-selling our other solutions.

展望 2025 年全年業績，我們連續第六年再次超過了 45 法則，帳單金額成長了 16%，達到 75.5 億美元。我們成長最快的支柱——統一 SASE 和 SecOps——合計成長了 24%，比前一年成長了 2 個百分點，比過去兩年增加了 6 個百分點。這兩個支柱業務目前佔總帳單金額的 36%，這反映了我們整合平台方法的價值、安全性和網路性的融合，以及我們在交叉銷售其他解決方案方面的成功。

Total revenue grew 14% to $6.8 billion, driven by strong product revenue growth of 16%. Service revenue grew 13% to $4.58 billion, representing 67% of total revenue. Gross margin of 81.3% was flat despite the shift to product revenue and investments in the buildout of our data center infrastructure. Operating margin increased 50 basis points to a record of 35.5%, resulting in operating income of $2.41 billion, which is up 16%.

總營收成長 14% 至 68 億美元，主要得益於產品收入強勁成長 16%。服務收入成長 13% 至 45.8 億美元，佔總收入的 67%。儘管公司轉向產品收入並投資建設資料中心基礎設施，但毛利率仍維持在 81.3% 不變。營業利益率成長 50 個基點，達到創紀錄的 35.5%，營業收入達 24.1 億美元，成長 16%。

Our GAAP operating margin of 30.7% continues to be one of the highest in the industry. Earnings per share increased 16% to $2.76. Free cash flow was a record of $2.21 billion, representing a margin of 33%; while adjusted free cash flow was $2.5 billion, representing a margin of 37%. Our adjusted free cash flow CAGR of greater than 20% over the past five years demonstrates the strength of our business model.

我們的 GAAP 營業利潤率為 30.7%，繼續維持著業界最高水準之一。每股收益成長 16% 至 2.76 美元。自由現金流創下 22.1 億美元的紀錄，利潤率為 33%；而調整後的自由現金流為 25 億美元，利潤率為 37%。過去五年，我們調整後的自由現金流複合年增長率超過 20%，證明了我們商業模式的實力。

Now moving on to guidance. As a reminder, our first-quarter and full-year outlooks, which are summarized on slides 24 and 25, are subject to the disclaimers regarding forward-looking information that Anthony provided at the beginning of the call.

接下來進入指導環節。再次提醒大家，我們第一季和全年的展望（總結在第 24 和 25 頁）受安東尼在電話會議開始時提供的關於前瞻性資訊的免責聲明的約束。

For the first quarter, we expect billings in the range of $1.77 billion to $1.87 billion, which, at the midpoint, represents growth of 14%; revenue in the range of $1.7 billion to $1.76 billion, which, at the midpoint, represents growth of 12%; non-GAAP gross margin of 80% to 81%; non-GAAP operating margin of 30% to 32%; non-GAAP earnings per share of $0.59 to $0.63, which assumes a share count between 746 million and 750 million; infrastructure investments of $80 million to $120 million; a non-GAAP tax rate of 18%; cash taxes of $45 million to $50 million.

第一季度，我們預期帳單金額在 17.7 億美元至 18.7 億美元之間，取中間值，年成長 14%；營收在 17 億美元至 17.6 億美元之間，取中間值，年成長 12%；非 GAAP 毛利率為 80% 至 81%；非 GAAP 12%；非 GAAP 利潤至 80% 至 81%；非 GAAP 12% 50% 至0.63 美元（假設股份數量介於 7.46 億股至 7.5 億股之間）；基礎建設投資為 8,000 萬美元至 1.2 億美元；非 GAAP 稅率為 18%；現金稅款為 4,500 萬美元至 5,000 萬美元。

For the full year, we expect to achieve the Rule of 45 for the seventh consecutive year and expect billings in the range of $8.4 billion to $8.6 billion, which, at the midpoint, represents growth of 13%; revenue in the range of $7.5 billion to $7.7 billion, which, at the midpoint, represents growth of 12%; service revenue in the range of $5.05 billion to $5.15 billion, which, at the midpoint, represents growth of 11%.

預計全年將連續第七年實現 45 法則，帳單金額預計在 84 億美元至 86 億美元之間，中位數為 13%；收入預計在 75 億美元至 77 億美元之間，中位數為 12%；服務收入預計在 50.5 億美元至 51.5 億美元之間，中位數為 11%。

We expect service revenue growth to pick up in the second half of 2026, driven by accelerating product revenue growth in 2025 as a key leading indicator; non-GAAP gross margin of 79% to 81%; non-GAAP operating margin of 33% to 36%; non-GAAP earnings per share of $2.94 to $3, which assumes a share count of between 747 million and 753 million; infrastructure investments of $350 million to $450 million; non-GAAP tax rate of 18%; cash taxes of $350 million to $400 million.

我們預計，受2025年產品收入加速成長此關鍵領先指標的推動，服務收入成長將在2026年下半年加快；非GAAP毛利率為79%至81%；非GAAP營業利潤率為33%至36%；非GAA P每股盈餘為2.94美元至3美元（假設股份數量介於7.47億股至7.53億股之間）；基礎建設投資為3.5億美元至4.5億美元；非GAAP稅率為18%；現金稅金為3.5億美元至4億美元。

Before we open it up for Q&A, I just wanted to share a few modeling considerations. As a reminder, the majority of our service revenue is recognized ratably on a daily basis, and the first quarter this year has two fewer days than Q4. From a margin perspective, our first-quarter operating margin guidance reflects the timing of several marketing events.

在正式進入問答環節之前，我想先分享一些建模方面的注意事項。提醒一下，我們大部分的服務收入是按日確認的，而且今年第一季比第四季少了兩天。從利潤率的角度來看，我們第一季的營業利潤率預期反映了幾個行銷活動的時機。

Additionally, the recent weakness of the US dollar may create a modest headwind in the first quarter. And finally, we plan to repay the first tranche in the amount of $500 million of our senior debt at maturity at the end of the first quarter. This, alongside lower market interest rates, will reduce net interest income for the year.

此外，近期美元走軟可能會在第一季造成輕微的不利影響。最後，我們計劃在第一季末到期時償還首期 5 億美元的優先債務。加之市場利率走低，將導致今年的淨利息收入減少。

As we look to 2026 and beyond, we are confident in our growth strategy, driven by significant secular tailwinds such as rising cybersecurity spend, the convergence of security and networking, vendor consolidation, and the increasing need to secure AI and OT environments.

展望 2026 年及以後，我們對自身的成長策略充滿信心，這得益於許多長期利好因素，例如網路安全支出不斷增長、安全與網路融合、供應商整合以及對人工智慧和 OT 環境安全保障需求的日益增長。

We believe we can sustain product revenue growth of 10% to 15% over the midterm on average and reaffirm the midterm targets shared at our Analyst Day, including delivering billings and revenue CAGR above 12% and achieving the Rule of 45, reinforcing our commitment to continued growth beyond that of the overall market.

我們相信，中期內產品收入平均可以保持 10% 至 15% 的增長，並重申我們在分析師日上分享的中期目標，包括實現賬單和收入複合年增長率超過 12%，並實現 45 法則，從而鞏固我們致力於超越整體市場增長的持續增長的承諾。

Our leadership in innovation and price for performance enables the lower total cost of ownership across secure networking, Unified SASE, and SecOps, positioning us to outperform the overall market. We are well positioned to deliver durable long-term growth considering our highly diversified, cash-generative, and profitable business.

我們在創新和性價比方面的領先地位，使我們能夠降低安全網路、統一 SASE 和安全營運方面的整體擁有成本，使我們能夠超越整個市場。鑑於我們業務高度多元化、現金流充裕且獲利能力強，我們完全有能力實現持久的長期成長。

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

現在我將把電話交還給安東尼，開始問答環節。

Thank you, Christiane. (Event Instructions) Operator, please open the line for questions.

謝謝你，克里斯蒂安娜。（活動說明）接線員，請接通提問線路。

(Operator Instructions) Shaul Eyal, TD Cowen.

（操作說明）Shaul Eyal，TD Cowen。

Thank you so much. Good afternoon, everybody. Congrats. Ken, I'm interested in what drove the strength or the change that you've seen during the quarter, specifically the Unified SASE billings and the strong guide. What gives you confidence into 2026?

太感謝了。大家下午好。恭喜。Ken，我對你在本季看到的強勁表現或變化背後的驅動因素很感興趣，特別是統一 SASE 帳單和強勁的業績指引。是什麼讓你對2026年充滿信心？

Yes, that's a great question, Shaul. Thank you. Actually, you can see the Unified SASE grew 40%. That's where we see probably the fastest-growing Unified SASE vendor and scale. Because the three unique advantages I mentioned, first, actually, the Sovereign SASE, we see very, very strong growth. I believe the Sovereign SASE market, probably even bigger than the current Public SASE.

是的，紹爾，你問得好。謝謝。實際上，你可以看到統一 SASE 成長了 40%。在那裡，我們看到了成長最快的統一 SASE 供應商和規模。因為我提到的三個獨特優勢，首先是主權SASE，我們看到了非常強勁的成長。我認為主權SASE市場可能比目前的公共SASE市場還要大。

That's all the other vendors doing right now. But we don't see any of them try to get in the Sovereign SASE or have the function to support Sovereign SASE, which we kind of designed the SASE in the beginning, try to support our service provider and all these things, which is all kind of Sovereign SASE approach. That's -- have a huge growth, and Sovereign SASE usually buy the product first, then deploying the customer or service provider data center, and then we will keep supporting with additional service. So that's a huge market opportunity. We believe we are the only leader in the space for the Sovereign SASE.

其他供應商現在都在做同樣的事情。但我們沒有看到任何一家公司嘗試加入主權 SASE，或有支援主權 SASE 的功能。我們最初設計 SASE 的目的是為了支持我們的服務提供者等等，這都是主權 SASE 的一種方式。這意味著－成長非常迅猛，Sovereign SASE 通常會先購買產品，然後在客戶或服務提供者資料中心部署，之後我們會繼續提供額外的支援服務。所以這是一個巨大的市場機會。我們相信，我們是主權SASE領域唯一的領導者。

Second, we have three functions into single OS: network security, SD-WAN, and SASE. That actually gave us a huge advantage, levering our huge customer base, and none of our competitors has this advantage. And that's making us grow very, very quickly. Both our sales and the partners see the huge advantage, and they're starting to ramp up very, very quickly.

其次，我們將三個功能整合到一個作業系統中：網路安全、SD-WAN 和 SASE。這其實給了我們巨大的優勢，讓我們能夠利用龐大的客戶群，而我們的競爭對手都沒有這種優勢。這使得我們發展得非常非常迅速。我們的銷售人員和合作夥伴都看到了巨大的優勢，他們正在非常迅速地擴大規模。

And then also long term, because of our investment in the infrastructure, so we do see -- we have a cost advantage. So our cost is about one-third compared to some of the competitors, right? So that's also -- we can pass all these kind of cost savings to customers and play the long-term game. That's -- we see drive very strong growth of Unified SASE. Maybe Christiane and John have some other point?

而且從長遠來看，由於我們對基礎設施的投資，我們確實看到了成本優勢。所以我們的成本大約只有某些競爭對手的三分之一，對吧？所以，我們也可以將所有這些成本節約轉嫁給客戶，以便進行長遠發展。我們看到，這將推動統一 SASE 的強勁成長。或許克里斯蒂安娜和約翰另有所圖？

Yes, so I think we saw a really good traction on our execution in Q4, and it was very broad based. So as you heard from me, I mean, we were great in enterprise. We executed well on the OT side. We had successes in SASE. AI was a big driver. So that gives us significant confidence for 2026 that these growth drivers are going to continue because the demand is definitely there.

是的，所以我認為我們在第四季度的執行方面取得了非常好的進展，而且影響範圍非常廣泛。正如你們從我這裡聽到的，我的意思是，我們在企業方面非常出色。我們在加時賽中表現出色。我們在SASE方面取得了成功。人工智慧是主要驅動因素。因此，我們有十足的信心認為，2026 年這些成長動力將會持續下去，因為需求確實存在。

Yes. I would just say, obviously, the cybersecurity market is growing really nicely. As Ken highlighted, we have a lot of competitive advantages where we feel like we can grow faster than the market and faster than each of the three pillars that we focus on as we did throughout 2025. And we see a lot of different growth drivers amongst the three pillars, the OT momentum. We see opportunities with AI and with quantum.

是的。我想說，很顯然，網路安全市場發展勢頭良好。正如 Ken 所強調的，我們擁有許多競爭優勢，我們感覺我們的成長速度可以超過市場，也可以超過我們在 2025 年重點關注的三大支柱中的任何一個。我們看到三大支柱中有很多不同的成長驅動因素，OT 勢頭強勁。我們看到了人工智慧和量子技術領域的機會。

And when you look at our business, it's really diversified in a number of ways, geographically based on customer segments and also industry verticals. And then if you look at our solution sets as well, it's diversified amongst the three pillars that we focus on. And when we focus, we have a track record of doing really, really well. If you look at what we did at SD-WAN, we focused and did really, really well, starting around 2018 or so and really grew that business. And we're really focused on Unified SASE in these other areas as well and expect to do well just like we've done in the past.

當你審視我們的業務時，你會發現它在許多方面都實現了多元化，包括基於客戶群的地理分佈以及行業垂直領域。此外，如果您看一下我們的解決方案集，您會發現它涵蓋了我們重點關注的三大支柱領域。只要我們集中精力，我們就能取得非常好的成績。如果你看看我們在 SD-WAN 領域所做的工作，你會發現我們從 2018 年左右開始專注於 SD-WAN，並且做得非常出色，真正發展壯大了這項業務。我們也非常關注其他領域的統一 SASE，並期望像過去一樣取得好成績。

Got it. Thanks for this color. Maybe just a brief follow up, Ken or team, what are your views on AI eating software, specifically as it relates to cybersecurity? We have seen -- we're sitting here in front of the screens. We probably -- everyone else, my peers here, seeing software demise. Cyber has been holding a little better. But I think, today, the past few days, it hasn't been fun at all. Just curious as to your views whether security actually augments AI or maybe it's the other way around?

知道了。謝謝你提供的這個顏色。Ken 或團隊，能否簡單跟進一下，你們對人工智慧吞噬軟體，特別是與網路安全相關的人工智慧吞噬軟體有什麼看法？我們已經看到了——我們現在就坐在螢幕前。我們──其他人，包括我的同行──可能都目睹了軟體的消亡。網路安全狀況略好一些。但我覺得，最近這幾天一點也不好玩。我很好奇您認為安全究竟是增強了人工智慧，還是人工智慧增強了安全？

Yes, AI is definitely changing the -- especially enterprise landscape. Some software probably also need to be changing to see whether they take advantage of the AI or they're kind of falling behind, which led AI to eat some of the software. But on the other side, we do see AI as an opportunity in the cybersecurity space because also how to control some of the AI. We do see in the enterprise environment as kind of -- see some strong demand in whether internal segmentation to kind of control some of agentic AI or some other data leakage provision.

是的，人工智慧無疑正在改變——尤其是企業格局。有些軟體可能也需要做出改變，看看它們是否能利用人工智慧，或者它們是否已經落後，這導致人工智慧吞噬了一些軟體。但另一方面，我們也認為人工智慧在網路安全領域是個機遇，因為如何控制人工智慧也是一大挑戰。我們在企業環境中確實看到，對於內部分段以控制某些智慧人工智慧或其他資料外洩問題，存在一些強烈的需求。

So on the other side, the AI data center also, we see some huge opportunity there. I think we will present more detail in the next month's Accelerate. If you see some of the presentation I did in the last few Accelerate, like six years ago, I do see the edge will eat the cloud and handheld mobile.

另一方面，人工智慧資料中心也蘊藏著巨大的機會。我認為我們將在下個月的《加速》雜誌上公佈更多細節。如果你看過我最近幾次在 Accelerate 大會上做的演講，例如六年前的演講，你會發現我確實認為邊緣運算將會取代雲端運算和手持行動裝置。

So that's where I think for some time -- some of this like edge AI solution and the immersive technology with AI, I think it would be kind of changing some of the traditional -- whether software infrastructure, which we keep invest, we're keeping -- kind of prepared this in the last 5 to 10 years. So we see this as an opportunity to both leverage AI and also helping enterprise to secure the AI.

所以我認為，在一段時間內，一些像邊緣人工智慧解決方案和沈浸式人工智慧技術之類的東西，將會改變一些傳統的東西——無論是軟體基礎設施，我們一直在投資，我們一直保持——在過去的 5 到 10 年裡，我們已經為此做好了準備。因此，我們認為這是一個既能利用人工智慧又能幫助企業保護人工智慧的機會。

Thank you so much.

太感謝了。

Saket Kalia, Barclays.

薩克特·卡利亞，巴克萊銀行。

Okay, great. Hey, guys, thanks for taking my questions here. Ken, maybe first for you. Can you just talk a little bit about how you're navigating the current environment in memory? And maybe as part of that, Christiane, can you just talk about how you're thinking about the impact of higher memory prices as part of your guide in 2026?

好的，太好了。嘿，各位，謝謝你們回答我的問題。肯，這或許是你的第一個。您能否簡要談談您是如何在記憶體中管理當前環境的？克里斯蒂安娜，或許你可以談談你如何看待記憶體價格上漲對 2026 年發展計畫的影響？

That's another great question. Actually, we prepared for this kind of supply chain since -- you can see five years ago when there's a supply chain issue during the COVID, we're doing quite well because we do have inventory on average of about six months. We try to buffer during this kind of time. And also, we kept mentioning during the Analyst Day, we are maintaining a healthy margin. So we will adjust some of the price based on our margin.

那又是一個很好的問題。事實上，我們早在五年前新冠疫情期間就為這種供應鏈做好了準備，當時出現了供應鏈問題，我們應對得相當不錯，因為我們平均有大約六個月的庫存。我們盡量在這種時候做好緩衝。此外，我們在分析師日上也一直提到，我們保持著健康的利潤率。因此，我們將根據利潤率對部分價格進行調整。

And because even we had adjusted recent price, we still have a huge advantage like leverage our technology, where the ASIC give a 5 to 10x better performance for the same functions, same cost. At the same time, the OS offered much more function than other competitors so that even with a little bit of raising price to maintain our margin, we still feel we are very competitive compared to any other competitors.

即使我們最近調整了價格，我們仍然擁有巨大的優勢，例如利用我們的技術，ASIC 在相同功能和相同成本下可提供 5 到 10 倍的效能提升。同時，該作業系統提供的功能比其他競爭對手多得多，因此即使稍微提高價格以維持我們的利潤率，我們仍然覺得我們比任何其他競爭對手都更有競爭力。

So we view this, just like five years ago, as an opportunity to gain market share. So that's where we're well prepared with good inventory and also managed operation, manufactured directly with our own operations center worldwide. And also with the technology, we feel we -- even a little bit price raise, we are still very, very competitive. It will not reduce our growth or market share. Christiane, other things you want to add?

因此，我們像五年前一樣，將此視為獲取市場份額的機會。因此，我們在這方面準備充分，擁有充足的庫存和完善的營運管理，產品均由我們遍布全球的營運中心直接生產。而且憑藉著技術優勢，我們覺得即使價格略有上漲，我們仍然非常有競爭力。這不會降低我們的成長或市場佔有率。克里斯蒂安娜，你還有什麼要補充的嗎？

Yes. As Ken mentioned, we are planning to maintain our kind of profitability and gross margins on our products in two ways, right? One is by negotiating and making sure we get the components early. But also, we are -- we've already raised some prices where we have some component cost pressures, and we will potentially continue to do so throughout the year, depending on what the components prices do.

是的。正如 Ken 所提到的，我們計劃透過兩種方式來維持我們產品的獲利能力和毛利率，對嗎？一種方法是透過談判，確保我們儘早獲得所需的零件。但同時，我們也——我們已經提高了部分產品的價格，因為某些零件成本面臨壓力，而且我們可能會在今年繼續這樣做，具體取決於零件價格的走勢。

Yes, the other part in helping the margin is we're starting to see the service revenue will be turned around probably during 2026 this year. And also when we are shifting more sales into whether Unified SASE or the AI-driven secure op, which has the most service, we feel the margin also will be kind of improving from that angle, which has more service.

是的，有助於提高利潤率的另一個因素是，我們開始看到服務收入可能會在今年（2026年）出現改善。而且，當我們把更多的銷售額轉移到統一 SASE 或 AI 驅動的安全營運（服務最多）時，我們認為利潤率也會從這個角度得到改善，因為服務更多。

So that's also helping. But there's other things we also kind of measure, whether the currency issues matter. But we kind of feel we are prepared. And with all the diversification we have, whether by vertical, by geo, we feel we kind of maintain the margin and keeping the Rule of 45.

所以這也有幫助。但我們也會衡量其他一些因素，例如貨幣問題是否重要。但我們感覺我們已經準備好了。憑藉我們所有的多元化，無論是垂直領域還是地理領域，我們都感覺能夠保持利潤率並遵守 45 法則。

Got it. Christiane, maybe for my follow up for you, it's a great billings result in the quarter and good to see the guide. Can you just -- and apologies if I missed it, but can you just remind us what billings duration was this quarter? And to Ken's point, just as we think about that driving services revenue for next year, is there a way that you just have us think about the shape of services revenue for next year through the year?

知道了。克里斯蒂安娜，或許我可以跟進一下，本季的帳單業績非常出色，很高興看到這份指南。請問—如果我錯過了什麼，請見諒，您能否提醒我們本季的帳單週期是多少？正如 Ken 所說，當我們考慮如何推動明年的服務收入成長時，您能否讓我們提前思考一下明年服務收入的走勢？

So from a billings duration perspective, because of all the enterprise deals, it was slightly up. It's around 2.5 years. And so yes, not too much different than it is normally in Q4, yes.

因此，從帳單週期來看，由於所有企業交易，帳單週期略有上升。大約兩年半。所以，是的，和往常第四季的情況並沒有太大不同。

Got it, very helpful. Thanks.

明白了，很有幫助。謝謝。

Rob Owens, Piper Sandler.

羅布歐文斯，派珀桑德勒。

Great. Thank you for taking my question. I know you highlighted the Sovereign versus Public SASE as one of the strengths. Curious if you can give us a sense of what your actual revenue mix looks like, Sovereign versus Public, number one?

偉大的。感謝您回答我的問題。我知道你曾強調主權SASE與公共SASE的差異是其優點之一。能否請您簡單介紹貴公司的實際收入組成，例如主權收入與公共收入的比例？

And then number two, to kind of follow up on Saket, I think it was his third question, but I'm not going to call him out. When you look at the shape of services revenue and the recovery there, and I know you talked about the second half being stronger. But it doesn't seem to track with where you've been historically in terms of a recovery given what you saw with product revenue this year. So is there something unique in 2026 or something unique going on that's causing that to lag just a little bit more than maybe you've seen historically? Thanks.

第二點，我想就薩凱特的問題做個後續，應該是他的第三個問題，但我不會點名批評他。當你觀察服務業收入的形式和復甦情況時，我知道你曾說過下半年會更強勁。但考慮到今年的產品收入狀況，這似乎與你以往的復甦情況並不相符。那麼，2026 年是否有什麼特殊情況，或者發生了什麼特殊事件，導致這種情況比歷史上出現的情況略微滯後一些呢？謝謝。

For the service or product revenue, as you can refer to the page 20 on the presentation, we gave out the last 16 years since IPO the growth between the service revenue and product revenue. You can see that since changing the product revenue leading indicator of service revenue. So we do believe this year, with the last few quarters, with product revenue in the last few quarters grew stronger. That's what's helping drive the service revenue turnaround starting to grow faster. On the first question, sorry, what's the first question?

關於服務或產品收入，您可以參考簡報第 20 頁，我們給出了自 IPO 以來過去 16 年服務收入和產品收入之間的成長。你可以看到，自從將產品收入的領先指標改為服務收入以來，情況已經改變了。因此我們相信，今年過去幾個季度，產品收入有所成長。正是這一點推動了服務收入的復甦，並開始加速成長。關於第一個問題，抱歉，第一個問題是什麼？

Sovereign versus Public SASE mix.

主權債券與公債SASE組合。

Yes, I believe the Sovereign SASE market is probably even bigger than the current Public SASE market, but kind of approach is different. The Sovereign SASE market, the service-provided enterprise is handled by the product first, which also we see the product growth very, very strong in Q4 and also believe it will help drive this year product revenue growth with Sovereign SASE.

是的，我認為主權 SASE 市場可能比目前的公共 SASE 市場還要大，但方法不同。主權 SASE 市場，即服務提供型企業，首先由產品來處理，我們也看到該產品在第四季度增長非常強勁，並且相信這將有助於推動今年主權 SASE 產品收入的增長。

We have not compared the Sovereign and also the Public yet, but I believe probably pretty close to each other right now. But Sovereign SASE, we see more strong growth because we don't see any of our competitors offer this Sovereign SASE approach. And also with the product with the ASIC acceleration is a huge advantage for us. So that's why I do believe we have probably doubled the total addressable market in the SASE market with a Sovereign SASE supporting the service provider enterprise with their own kind of SASE approach.

我們還沒有對主權國家和公共國家進行比較，但我認為它們現在可能非常接近。但是，我們看到主權 SASE 成長更為強勁，因為我們沒有看到任何競爭對手提供這種主權 SASE 方法。此外，該產品採用 ASIC 加速技術對我們來說也是一個巨大的優勢。所以，我相信透過主權 SASE 支援服務供應商企業採用自己的 SASE 方法，我們可能已經將 SASE 市場的總潛在市場規模擴大了一倍。

All right. Thank you.

好的。謝謝。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hey, good afternoon. Thank you. I know last year we shifted the conversation away from refresh tied to end of support and more towards refresh tied to technology upgrade cycles. Tell us a little bit, Ken and Christiane, on what you're seeing in the pipeline from the 2020 and 2021 refresh cohorts, their willingness to engage across the platform, and do those cohorts look more meaningful or notable than the cohort that you had refreshed last year? Thank you.

嘿，下午好。謝謝。我知道去年我們把討論的重點從與停止支援相關的更新，轉移到與技術升級週期相關的更新。Ken 和 Christiane，請你們談談 2020 年和 2021 年更新的學員群體在發展前景方面的情況，他們參與平台活動的意願，以及這些學員群體是否比你們去年更新的學員群體更有意義或更值得關注？謝謝。

Yes, I think there's two things. One, as we mentioned on Analyst Day, is end of service, which we said there's 11, 12 product will be end of this year, end of the service. But actually, during some communication with the customers, some of them still want support beyond end of service. So I think we kind of found some solution, probably win-win.

是的，我認為有兩件事。一是我們在分析師日上提到的服務終止問題，我們說過，今年年底將有 11、12 款產品停止服務。但實際上，在與客戶溝通的過程中，我們發現有些客戶仍然希望在服務結束後繼續獲得支援。所以我覺得我們找到了一些解決方案，可能是雙贏的局面。

We may extend the end of service instead of try to force customers to buy the new product. We may give them actual extended service, but we do charge more service fee, both hardware fee and also the maintenance software fee. So that's a win-win situation. And then also, like I said, that's not a major driver of this growth because the growth will come from the new function, come from all this kind of like new demand in the market.

我們可能會延長服務終止期限，而不是強迫客戶購買新產品。我們可能會為他們提供實際的延長服務，但我們會收取更高的服務費，包括硬體費和維護軟體費。所以這是雙贏的局面。而且，就像我剛才說的，這並不是這種成長的主要驅動力，因為成長將來自新功能，來自市場上所有這些新的需求。

The second refresh is that's where in the past, probably the average hardware product, whether network security, networking, even server, probably after five to six years, they may have to get a new one. So we do see five years ago during the supply chain COVID time, there's a strong growth of product revenue. You can see on the page 21, 22, there's a pretty strong product revenue growth like over 40%.

第二次更新是指，在過去，一般的硬體產品，無論是網路安全產品、網路產品或伺服器，可能在五到六年之後，就需要更換新的產品。因此，我們看到五年前在新冠疫情導致供應鏈中斷期間，產品收入出現了強勁成長。從第 21、22 頁可以看出，產品收入成長非常強勁，超過 40%。

Some of that one probably will help in the next couple of years. But like I said, the better driver will be new function, like how to supporting the SASE in the ZTNE, Zero Trust Network Environment, how to go internal segmentation, supporting enterprise to convert from the traditional networking to the network security and like helping protect the data level, whether the data leakage or some kind of AI agent. That I feel is the one to drive the strong growth. Just like the strong growth come from the unified SASE with 40% in Q4.

其中的一些措施或許會在未來幾年內有所幫助。但正如我所說，更好的驅動力將是新功能，例如如何在零信任網路環境 (ZTNE) 中支援 SASE，如何進行內部分段，支援企業從傳統網路向網路安全轉型，以及幫助保護資料層面，無論是資料外洩還是某種人工智慧代理。我認為這將是推動強勁成長的關鍵因素。就像第四季統一的SASE實現了40%的強勁成長一樣。

I feel customers are definitely more interested in, if you have a better function and also kind of -- they can see the future of long-term advantage. That's what will drive the customer to buy. Otherwise, they may replace the product with some other different vendor. So that I see is more important. We'll more focus on the -- how the strong function, how the future kind of advantage we have, and also how to leverage the long-term investment we have, whether in the AI, in the content, in the infrastructure. That gives the customer confidence and also keeping or partner with Fortinet.

我覺得顧客肯定更感興趣的是，如果你的功能更好，而且他們還能看到長期的優勢。這就是促使顧客購買的因素。否則，他們可能會用其他供應商的產品來替代。所以我覺得這一點比較重要。我們將更加關注——如何發揮我們強大的功能，如何實現我們未來擁有的優勢，以及如何利用我們在人工智慧、內容和基礎設施方面的長期投資。這能增強客戶的信心，並促使他們繼續與 Fortinet 保持合作關係。

Thank you for the detail, Ken. Please, Christiane.

謝謝你提供的詳細信息，肯。拜託了，克里斯蒂安娜。

Yes, I would confirm what Ken said, based on the customer conversations we are having. The driver is that they need additional security. And so as they look at 40 SASE or similar, they upgrade their underlying technology at the edge as well.

是的，根據我們與客戶的溝通，我同意 Ken 的說法。原因在於他們需要額外的安保措施。因此，當他們考慮使用 40 個 SASE 或類似產品時，他們也會升級邊緣的底層技術。

Yes, that makes sense. Thank you. Ken, my follow up is on how to think about the second derivative of AI compute demand, so more on the inference side. How does that impact what you see from a network security standpoint and a network traffic standpoint in particular?

是的，這很有道理。謝謝。Ken，我的後續問題是關於如何思考人工智慧計算需求的二階導數，也就是更多從推理方面著手。從網路安全和網路流量的角度來看，這會對您看到的情況產生什麼影響？

That's everybody still kind of -- because the space changes so quick with AI, we definitely tried working closely with our customer, with our engineer, try to develop all this technology, try to do better protection. But in general, I think we kind of more linked to whether like the edge computing and also how the broad infrastructure protection instead of too much weight on certain cloud or certain software.

大家現在都還在摸索──因為人工智慧領域變化太快，我們當然會努力與客戶、與工程師緊密合作，努力開發所有這些技術，努力提供更好的保護。但總的來說，我認為我們更關注的是邊緣運算以及如何保護廣泛的基礎設施，而不是過度依賴某些雲端或某些軟體。

That's where we kind of -- a lot of long-term investment we have, whether in the ASIC chip, in all this kind of system level, in the infrastructure level, and also in the support. I feel a kind of more broad approach will be helping better instead of just too much focus in one single area.

這就是我們進行大量長期投資的地方——無論是在ASIC晶片、系統層面、基礎設施層面，還是在支援方面。我認為採取更全面的方法會比過度專注於單一領域更有幫助。

Thank you for the detail.

謝謝你提供的詳細資訊。

Fatima Boolani, Citi.

Fatima Boolani，花旗銀行。

Good afternoon. Thank you so much for taking my question. My first question is for you, Ken. The strength in Unified SASE at 40%, your product growth this quarter in excess of 20%, that paints really the interesting picture that maybe is in contrast to some fears around SASE or FortiSASE rather being maybe a force of cannibalization of the product refresh opportunity.

午安.非常感謝您回答我的問題。我的第一個問題是問你的，肯。統一 SASE 的強勁表​​現達到 40%，本季產品成長率超過 20%，這描繪了一幅非常有趣的景象，這或許與人們對 SASE 或 FortiSASE 的一些擔憂相反，而這種擔憂可能並非產品更新機會的蠶食。

And I know you alluded to Sovereign SASE specifically. But I'd be curious to get your perspective on how you are independently driving strong growth in SASE and independently driving strong growth from a product refresh perspective. That doesn't seem to be affirming fears of cannibalization, especially for branch and branch location environment. And then I have a follow up for Christiane, please.

我知道你特別提到了主權SASE。但我很想了解您是如何獨立推動 SASE 業務強勁成長，以及您是如何從產品更新的角度獨立推動業務強勁成長的。這似乎並沒有證實人們對業務蠶食的擔憂，尤其是對於分公司和分公司所在地的環境而言。然後我還有一個問題想問克里斯蒂安娜。

I have to say that that's the same SASE -- cannibalized some of the network security come from some of our competitors. I never think SASE will cannibalize all this network security, even the branch. I feel it will be complement and also will be add-on additional business opportunity. That's what we're doing, both in the networking and traditional network security and also SD-WAN and SASE for many, many years.

我必須說，這和 SASE 是一樣的——它蠶食了我們一些競爭對手的網路安全技術。我從不認為 SASE 會蠶食所有這些網路安全，甚至包括分公司的網路安全。我認為這將是一種補充，同時也帶來額外的商機。多年來，我們一直在網路和傳統網路安全以及 SD-WAN 和 SASE 領域從事這方面的工作。

So from our angle, we do see SASE do offer additional business opportunity, additional product service, both at the customer level, in the service provider level, and also in some other like a branch approach and eventually may even try to supporting, working remotely, working from home or this kind of approach. And also will be leveraged both the infrastructure in the public cloud, in the colo, and also on kind of infrastructure.

因此，從我們的角度來看，我們認為 SASE 確實提供了額外的商機和產品服務，無論是在客戶層面、服務提供者層面，還是在其他方面，例如分店模式，最終甚至可能嘗試支援遠距辦公、在家工作或此類模式。同時，也將利用公有雲、託管機房以及其他類型的基礎設施。

So that's where we see there's a lot of different approach to SASE and the different customer, different regions may have a kind of a different need. So that's where we kind of -- in the very beginning, when we developed SASE technology probably like six, seven years ago, we more believed the Sovereign SASE service provider kind of SASE will be the future. That's where we're kind of keeping investing in this area.

所以，我們看到 SASE 有很多不同的方法，不同的客戶、不同的地區可能有不同的需求。所以，在最初開發 SASE 技術的時候，大概是六、七年前，我們更相信主權 SASE 服務提供者類型的 SASE 將是未來。這就是我們持續在這個領域投資的地方。

But also, when we launched our own kind of SASE a little bit over two years ago, we also feel kind of working side by side with service provider of our own SASE and even some more infrastructure, also very, very important. So that's where we see the SASE actually will be complement, also will be an additional business opportunity to add beyond the traditional networking and network security.

但是，兩年前我們推出自己的 SASE 服務時，我們也覺得與我們自己的 SASE 服務提供者以及一些其他基礎設施並肩工作，也是非常非常重要的。所以，我們看到 SASE 實際上將起到補充作用，除了傳統的網路和網路安全之外，還將帶來額外的商業機會。

In the branch office, you still need a physical device. That's the advantage we have. We have like we call three-in-one. You look at the networking device, network security device, and SASE device into one solution, one FortiOS, one FortiGate box in the branch office. That's probably -- none of our competitor offer this kind of a solution, and that's what we see as a huge opportunity. So we don't see SASE will replaced, branch office and network security solution.

在分公司，你仍然需要一台實體設備。這就是我們的優勢。我們有所謂的三合一產品。您可以將網路設備、網路安全設備和 SASE 設備整合到一個解決方案中，即分公司中的一個 FortiOS 設備和一個 FortiGate 設備。這可能是因為我們的競爭對手都沒有提供這種解決方案，而我們認為這是一個巨大的機會。因此，我們認為 SASE 不會被取代，分行和網路安全解決方案也不會被取代。

And you can see the unit shipment even in the branch office solution in the low end in the retail grow very, very strong. Some is because of SASE, but some also they try to buy -- deploy. I believe the future, they can enable whether the SASE, the SD-WAN, some other additional security service they needed. But they do need to have a device in the branch office. They do need some kind of edge solution to handle all the -- both security and networking.

即使在零售業的低端分行解決方案中，也可以看到出貨量成長非常強勁。一部分原因是 SASE，但也有一部分原因是他們試圖購買——部署。我相信未來他們能夠實現他們需要的 SASE、SD-WAN 或其他一些額外的安全服務。但他們確實需要在分公司配備一台設備。他們確實需要某種邊緣解決方案來處理所有問題——包括安全性和網路性。

I really appreciate that detail. Thank you, Ken. Christiane, I wanted to go back to some of your comments with respect to pricing actions in response to an earlier question and something you mentioned in the prepared remarks. I was hoping you could quantify what degree of pricing -- gross pricing increases you've been able to roll out in the base and to the extent there's a net pricing yield associated with that and how that's influencing your guidance?

我非常欣賞這個細節。謝謝你，肯。克里斯蒂安娜，我想就你之前針對一個問題提出的定價策略以及你在準備好的發言稿中提到的一些內容，再補充一些評論。我希望您能能量化一下您在基礎產品中實施的總價格上漲幅度，以及由此產生的淨價格收益，以及這對您的業績指引有何影響？

And maybe just to take that a step further, is that one of the reasons why we're maybe seeing a slower ramp in the services trajectory of the business, because you are seeing a price action yield on the product, which may not necessarily be translating to services? I'd love for you to just explain that for all of us. Thank you very much.

更進一步來說，這是否也是我們看到公司服務業務成長速度放緩的原因之一？因為產品價格上漲所帶來的效益，可能不一定會轉化為服務收益。我希望你能為我們所有人解釋一下。非常感謝。

So the pricing actions are on specific products and of course dependent on the components that go into it. Overall, it's -- I think it's between 5% and 20%, but then also positively impact services because our service pricing is a percent of list price. But of course, it's going to take longer until that materializes in service revenue, right? So for a product, you will see it in the next couple of quarters. For service revenue, it's going to take a bit.

因此，定價措施是針對特定產品，當然也取決於構成該產品的組件。總的來說，我認為是在 5% 到 20% 之間，但同時也會對服務產生積極影響，因為我們的服務定價是標價的百分比。當然，要真正轉化為服務收入，還需要更長的時間，對吧？所以，這款產品將在接下來的幾季內面世。服務收入的恢復還需要一段時間。

Thank you.

謝謝。

Junaid Siddiqui, Truist.

Junaid Siddiqui，Truist。

Great. Thank you for taking my question. I just had a question on your software firewall business. As AI transformation across enterprises accelerate growth and cloud workloads, do you feel that your software firewall business, which has been growing at a nice rate, could inflect even further? And how do you think about that hardware software firewall mix going forward?

偉大的。感謝您回答我的問題。我有個關於貴公司軟體防火牆業務的問題想請教一下。隨著企業人工智慧轉型加速成長和雲端工作負載，您是否認為貴公司一直保持良好成長動能的軟體防火牆業務可能會進一步受到影響？那麼，您如何看待未來硬體和軟體防火牆的結合應用？

I think, Q4, we see the software firewall and the hardware firewall grow almost at the same pace, about 20%. So the partnership with NVIDIA, the BlueField-3 DPU, that's probably more leveraged a software approach. And also we're working with some kind of -- some other service provider, cloud provider to offer some software. But I do believe we have also more advantage to leverage our own kind of secured ASIC, which kind of give a 5 to 10 times better performance compared to some software approach and with lower cost. And that's probably -- but I see, so far, it's almost the same growth pace.

我認為，在第四季度，軟體防火牆和硬體防火牆的成長速度幾乎相同，約 20%。因此，與 NVIDIA 的合作，以及 BlueField-3 DPU，可能更多地採用了軟體方法。此外，我們也正在與一些服務供應商、雲端服務供應商合作，提供一些軟體。但我相信，我們利用我們自己的安全專用積體電路（ASIC）也具有更大的優勢，與某些軟體方法相比，它的性能可以提高 5 到 10 倍，而且成本更低。這或許是——但就目前來看，成長速度幾乎相同。

And for most of our enterprise customers, I would say they have hybrid models. And so they buy our hardware, but they also buy virtual firewalls.

對於我們大多數的企業客戶而言，我認為他們採用的是混合模式。所以他們不僅購買我們的硬件，還購買虛擬防火牆。

Great. Thank you. Just got a follow up as well. Great to see the billings number. But just wanted to ask about specifically billings for SecOps. It seems like a decel from Q3. Could you maybe just unpack that in terms of what were some of the drivers there?

偉大的。謝謝。剛剛又收到一封後續郵件。很高興看到帳單數字。但我想具體詢問一下安全營運部門的計費狀況。感覺像是從第三季開始減速了。能否具體分析一下，有哪些驅動因素？

Yes, I don't want to call it a driver. I would say if you look at the annual growth, billings growth for SecOps, it's very compelling. ARR growth is compelling. Revenue is compelling. So billings is always a little bit of a more volatile number. And in Q4, we had a lot of success in secure networking and Unified SASE. But our SecOps portfolio is solid, and we continue to see interest and demand. And so I wouldn't take this one quarter as a trend.

是的，我不想稱它為驅動程式。我認為，如果你看一下安全營運部門的年度成長和帳單成長，你會發現它非常具有吸引力。ARR成長勢頭強勁。營收前景廣闊。因此，帳單金額總是波動性比較大的一個數字。第四季度，我們在安全網路和統一 SASE 方面取得了巨大成功。但是我們的安全營運產品組合很穩健，我們持續看到市場興趣和需求。因此，我不會將這一季度的情況視為一種趨勢。

Yes. Also, the secure networking and Unified SASE can be a leading indicator for some future SecOps, because they tend buy the product first and then eventually will also handle the additional like operational service. I have to say, because lot of our sales and the partners see the Unified SASE demand so strong, they probably shifted more focus in that. And they can see that's more easy win. But SecureOps is very, very long tail. We have so many different products with AI, I feel probably looking at annual number will be more kind of reasonable instead of some quarterly number.

是的。此外，安全網路和統一 SASE 可以作為未來某些安全營運的領先指標，因為他們傾向於先購買該產品，然後最終也會處理額外的營運服務。我必須說，因為我們的許多銷售人員和合作夥伴都看到了統一 SASE 的需求非常強勁，所以他們可能把更多的精力轉移到了這方面。他們能看出這是更容易取得的勝利。但 SecureOps 是一個非常非常長的領域。我們有太多不同的人工智慧產品，我覺得查看年度數據可能比查看季度數據更合理一些。

Great, thank you.

太好了，謝謝。

Patrick Colville, Scotiabank.

派崔克‧科爾維爾，加拿大豐業銀行。

Thank you so much for taking my question, and nice end to 2025. Could I just get a clarification on the pricing comments? Because I thought that was interesting. And Fortinet is a company that over the years has clearly demonstrated pricing power. We saw that most evidently in 2021, 2022. Good to see that lever being pulled again. Christiane, did you say that expect pricing for appliances in 2026 to go up between 5% and 20% on average?

非常感謝您回答我的問題，祝您2025年有個美好的結尾。請問能否就價格方面的問題進行更詳細的說明？因為我覺得這很有趣。多年來，Fortinet 已經充分展現了其定價能力。我們在 2021 年和 2022 年最明顯地看到了這一點。很高興看到這個槓桿再次被拉動。克里斯蒂安娜，你剛才說預計到 2026 年，家電價格平均上漲 5% 到 20% 嗎？

It depends on the appliance, but that's what we are targeting, yes.

這取決於特定的設備，但沒錯，這正是我們的目標客戶。

Yes, we can actually adjust the price monthly. We usually give a distributor a 30-day notification. So some of them already see, we probably will raise the price next month. But on the other side, we do have a buffer. That's where we feel we can kind of react to this kind of situation better than other competitors. And we also have a good -- a global operation. With our own operations center, we manage to manufacture directly.

是的，我們實際上可以每月調整價格。我們通常會提前 30 天通知經銷商。所以他們中的一些人已經預料到，我們下個月可能會漲價。但另一方面，我們確實有緩衝空間。正因如此，我們覺得自己比其他競爭對手更能應付這種情況。而且我們還有良好的—全球營運。我們擁有自己的營運中心，可以直接進行生產。

Okay, and I guess I just want to ask maybe just kind of a question zooming out. I mean, we've seen your peers really accelerate the pace of M&A. You saw that at your kind of endpoint peer. You saw that in your firewall peer, both for tuck-ins and for larger deals. Fortinet hasn't done that over the last few quarters. What's your thinking in terms of M&A philosophy and whether -- how we should think about that into 2026, whether the tuck-in deals are needed in certain areas? Thank you.

好的，我想問一個比較宏觀的問題。我的意思是，我們已經看到你們的同行確實加快了併購的步伐。您在您那種端點對等節點上看到了這一點。您在防火牆對等體中看到了這一點，無論是小規模的還是規模更大的交易。Fortinet在過去幾個季度都沒有這樣做。您在併購理念方面有什麼想法？我們該如何看待2026年的情況？在某些領域是否需要進行補充收購交易？謝謝。

I think the technology we developed, whether the FortiOS, FortiASIC, and integrate all this function together sometime probably more using internal innovation will be better. But we do open for merger acquisition. And also we do look at different opportunities, especially in the secure operation area.

我認為我們開發的技術，無論是 FortiOS 還是 FortiASIC，如果能將所有這些功能整合在一起，並更多地利用內部創新，效果可能會更好。但我們對併購持開放態度。此外，我們也會關注不同的機遇，尤其是在安全營運領域。

But on the other side, we have a discipline, whether the Rule of 45 or some healthy margin. And also we try to plan the integration before the acquisition. I think with the multiple -- the market is a little bit more reasonable now. I think, definitely, there's more opportunity when we look at the merger acquisition. But we do have the discipline, which we maintained in the last 25 years, kind of tend to acquire the technology or some talent instead of try to buy some market or customer base.

但另一方面，我們也有紀律，無論是 45 規則還是一定的安全邊際。此外，我們會在收購前盡量規劃整合方案。我認為，就目前的本益比而言，市場現在更加合理了。我認為，從併購的角度來看，肯定有更多的機會。但我們確實擁有過去 25 年來一直保持的紀律，傾向於獲取技術或人才，而不是試圖購買市場或客戶群。

Crystal clear. Thank you so much, Ken.

晶瑩剔透。非常感謝你，肯。

Adam Borg, Stifel.

Adam Borg，Stifel。

Excellent. And thanks so much for taking the question. Maybe just thinking about your ASIC chips, I don't want to front run anything from Accelerate, but we've been talking about the opportunity for ASIC chips this year. And just remind us, what kind of opportunity there is when those chips come out? How long after an announcement do you typically see those being adopted by customers? Obviously, it goes into the test first and hopefully production. But any color over there in terms of that and the ability to drive innovation and additional attach going forward? Thanks.

出色的。非常感謝您回答這個問題。也許只是在考慮你們的ASIC晶片，我不想搶在Accelerate之前透露任何訊息，但我們一直在討論今年ASIC晶片的機會。請提醒我們，當這些籌碼出現時，會有哪些機會？通常情況下，公告發布後多久才能看到客戶採納這些公告？顯然，它首先要經過測試，然後希望能夠投入生產。但就此而言，那邊有什麼顏色代表嗎？他們有能力推動創新並在未來增加投入嗎？謝謝。

We see the new ASIC chip will come up this year, but we tend to announce together with the product. But also the new ASIC chip also takes some time to build into the product. That's where, the next month, Accelerate is more focused on the FortiOS first. And the ASIC, we try to not get excited too early, to put it this way.

我們看到新的ASIC晶片將在今年問世，但我們傾向於與產品一同發布。但是，將新的 ASIC 晶片整合到產品中也需要一些時間。因此，下個月，Accelerate 將首先專注於 FortiOS。而對於澳洲證券與投資委員會（ASIC），我們盡量避免過早抱持過高的期望，這麼說吧。

But definitely, it's a good technology. We're improving the performance. We add more function there. But we usually announce the product after we deliver instead of some competitors try to announce ahead of the time. So that's where we want to keep in the same way, same culture. Once we have the related product or we are very sure we can deliver to the customer partner, then we announce it.

但毫無疑問，這是一項很好的技術。我們正在提升效能。我們在那裡添加了更多功能。但我們通常會在產品交付後才發佈公告，而不是像一些競爭對手那樣提前發佈公告。所以我們希望維持現狀，維持同樣的文化。一旦我們有了相關產品，或非常確定可以交付給客戶合作夥伴，我們就會發佈公告。

That's incredibly helpful. And maybe just as a quick follow up and a clarifying question. When we talk about the refresh opportunity, be it COVID or otherwise, when those boxes typically come up -- and I'm sure the answer is it depends. But do you typically see a one-for-one box refresh or they come back and buy more boxes? And I guess the follow up to that would be, what is the kind of the sales motion about cross-selling and upselling SASE and SecOps as part of those refreshes? Thanks so much.

這真是太有幫助了。或許還可以快速跟進一下，問一個需要澄清的問題。當我們談到更新換代的機會時，無論是新冠疫情還是其他原因，當這些問題出現時——我相信答案是視情況而定。但你通常看到的是顧客一次購買一盒，還是他們會回來購買更多？那麼接下來我想問的是，在這些更新過程中，交叉銷售和向上銷售 SASE 和 SecOps 的銷售策略是什麼？非常感謝。

We do see there's a more kind of -- whether we call attack surface or there's more AI you can deploy, the network security and also the convergence also starting to kind of take more effect. So now that we see a lot of network security deployed inside the company, do the segmentation, replacing some traditional network there -- even our own kind of demand for FortiSwitch, FortiAP, which has FortiLink technology, can link to FortiGate as more like a hardware agent as a SASE, also see pretty good growth.

我們確實看到，無論是攻擊面，還是可以部署的更多人工智慧，網路安全以及整合也開始產生更大的影響。現在我們看到公司內部部署了大量的網路安全措施，進行了網路分段，取代了一些傳統的網路——甚至我們自己對 FortiSwitch、FortiAP 的需求，它們具有 FortiLink 技術，可以像硬體代理程式一樣連接到 FortiGate，作為 SASE，也看到了相當不錯的成長。

On the other side, there's like OT security. There's some other supporting work from home. Eventually, the network security can expand into the consumer space. That also could be the new opportunity. But I'd say if you look, it probably depends on the vertical, also maybe depend on certain region, how mature the networking and network security is.

另一方面，還有OT安全之類的東西。還有一些其他的居家輔助工作。最終，網路安全可以擴展到消費者領域。那也可能是個新機會。但我覺得，仔細觀察就會發現，這可能取決於產業，也可能取決於特定地區，以及網路和網路安全的成熟程度。

I have to say by vertical, like five years ago, the first strong growth come from some retail, right, so whether retail or some other online service. So that part, we do see they heavily use in the box. And then this kind of whether three-to-one like networking, network security, and also the SASE kind of into the same box, that we are probably the only one can solve that issue. So we do see that will be -- continue to -- will be -- continue the market for us basically.

我必須說，以垂直行業來看，大約五年前，第一個強勁的成長來自零售業，對吧，無論是零售業還是其他線上服務業。所以，我們看到他們在盒子裡大量使用了那部分。然後，像是網路、網路安全和 SASE 這種三合一的解決方案，我們可能是唯一能夠解決這個問題的人。所以我們看到，這基本上會是——將繼續是——將繼續是——市場。

On the other side, there's a lot of -- whether it's in the data center with some other kind of bigger infrastructure, that's probably the new ASIC chip or some other solution we will have like FortiAI Gate or some other thing maybe will help. But it depends on -- I do see the market will get definitely more broader, bigger, because there's more attack surface to cover and also more function needed, both inside the enterprise and also in the consumer and also in different regions.

另一方面，有很多方面——無論是資料中心，還是其他類型的大型基礎設施，那可能是新的 ASIC 晶片，或者我們將擁有的其他解決方案，例如 FortiAI Gate 或其他一些東西，都可能有所幫助。但這取決於——我確實認為市場肯定會變得更寬廣、更大，因為需要覆蓋的攻擊面更多，而且無論是在企業內部、消費者層面還是在不同的地區，都需要更多的功能。

And to your other point, we do see any refresh opportunity as an opportunity to expand. And when you look back five or six years, we didn't have a lot of the solutions that we have right now that are at the maturity level that they're at right now. So any time we can have those conversations, whether through our partners or through our sales force, it's an opportunity for us to expand to not only sell the firewall but to sell beyond the firewall.

至於你提到的另一點，我們確實將任何更新換代的機會視為擴張的機會。回顧五、六年前，我們還沒有現在這麼多成熟度的解決方案。因此，無論何時，只要我們能夠進行這些對話，無論是透過我們的合作夥伴還是透過我們的銷售團隊，這都是我們拓展業務的機會，不僅可以銷售防火牆，還可以銷售防火牆以外的產品。

And I would add, any of the discussions on -- with regards to firewall upgrade at the edge is combined with the FortiSASE discussion, because it's so compelling for our customers to expand.

我還要補充一點，任何關於邊緣防火牆升級的討論都與 FortiSASE 的討論結合起來，因為這對於我們的客戶來說，擴展防火牆升級具有非常大的吸引力。

Brian Essex, JPMorgan.

Brian Essex，摩根大通。

Great. Thank you very much for taking the question, and congrats on some solid product growth this quarter. I guess I wanted to -- just maybe one question with regard to memory questions that were asked previously. Ken, just really -- I appreciate the fact that you have six months of inventory supply. Could you help us understand the dynamics there? Maybe what percentage of your bill of materials is exposed to memory?

偉大的。非常感謝您回答這個問題，也恭喜貴公司本季產品取得了穩健的成長。我想問一個關於之前有人問過的記憶力方面的問題。肯，真的——我很感激你們有六個月的庫存供應。您能幫我們了解那裡的動態嗎？您的物料清單中有多少百分比需要儲存在記憶體中？

And then how your contractor agreements -- how long do you have those committed out? Just to understand that as we see like the acceleration in prices here, maybe a little bit more clarity in terms of how do you manage your supply chain.

那麼，你們的承包商協議期限是多久？為了理解這一點，正如我們所看到的，價格正在加速上漲，或許需要更清楚地了解如何管理您的供應鏈。

I think we're very similar to any other system server, tend to be 10% to 20% cost come from the memory, because we also manage a lot of manufacturer components directly with the supplier instead of go through some third party. That's where we tend to have some direct contracts. That's also dependent on lead time.

我認為我們與其他系統伺服器非常相似，成本的 10% 到 20% 都來自內存，因為我們也直接與供應商管理許多製造商的組件，而不是透過第三方。這就是我們通常會簽訂一些直接合約的地方。這也取決於交貨時間。

I think lead time, probably a little bit different than five years ago. Five years ago, you see that there's communication chip. There's some CPU. There's a lot of -- this time, probably more related to memory. Actually, you can track the memory. There's a daily memory price tracker actually. And you can see somehow in the last couple of days it has starting coming down. So it's kind of interesting.

我認為交貨週期可能和五年前略有不同。五年前，你會看到通訊晶片。有一些CPU資源。這次有很多——可能更多地與記憶有關。實際上，你可以追蹤記憶。實際上，這裡有一個每日內存價格追蹤器。在過去的幾天裡，你可以看到它不知何故開始下降了。所以這挺有意思的。

But for us, we -- like I said, we do maintain six months inventory. And also based on the growth, based on the projections, sometimes we also kind of up and down, and also depends on the product. So we feel this is the opportunity just like how we did it five years ago is the opportunity for us to gain market share. And also we are well prepared for that.

但對我們來說，就像我說的，我們確實保持六個月的庫存。此外，根據成長情況和預測，有時我們的業績也會有起伏，也取決於產品。因此，我們認為這是一個機會，就像五年前我們所做的那樣，這是我們獲得市場份額的機會。而我們也為此做好了充分準備。

Right, super helpful. Maybe a quick follow up for Christiane. On the secured networking side, how much of that was networking, like switches and access points versus -- or firewall mix? Just kind of curious to get the mix there and how that might influence what you're thinking in terms of software services acceleration in the back half of the year?

對，非常有用。或許需要對克里斯蒂安娜做個簡短的後續跟進。在安全網路方面，其中有多少是交換器和存取點等網路設備，又有多少是防火牆等混合設備？我只是有點好奇這其中的各種因素，以及這會如何影響您對下半年軟體服務加速發展的思考？

It was a broad-based mix, so pretty much similar growth rates across all components. So we had good firewall growth as well as APs and switches.

這是一個涵蓋廣泛的組合，因此各個組成部分的成長率都相當相似。因此，我們的防火牆、無線存取點和交換器都實現了良好的成長。

Also, the reason they buy the switch and APs because we have this we call FortiLink technology that link multi-switch and AP to the FortiGate and then using FortiGate to process certain traffic. Like if Wi-Fi identified there's a visitor, that traffic probably will go to FortiGate.

此外，他們購買交換器和 AP 的原因是，我們有 FortiLink 技術，可以將多個交換器和 AP 連接到 FortiGate，然後使用 FortiGate 處理某些流量。例如，如果 Wi-Fi 偵測到有訪客，則該流量很可能會流向 FortiGate。

It's more like kind of a local SASE approach with the hardware agent, which is AP, with the hardware agent, the same thing for the switch. That actually goes a lot for the internal segmentation. So to kind of broader secure the inside the local area networking, that's where the convergence we see happening. But I think on the percentage, definitely, the FortiGate is the key part. It's all leading by the FortiGate. The other part is pretty small, I have to say.

它更像是使用硬體代理的本地 SASE 方法，AP 使用硬體代理，交換器也是如此。事實上，內部細分也大有裨益。因此，為了更廣泛地保護區域網路內部安全，我們看到融合正在發生。但我認為，從百分比來看，FortiGate 絕對是關鍵所在。這一切都由 FortiGate 主導。另一部分就比較小了，我得說。

All right, really helpful color, Ken. Thank you so much.

好的，肯，這個顏色真的很有幫助。太感謝了。

We have no further questions at this time. I will now hand it back to Anthony Luscri for closing remarks.

目前我們沒有其他問題。現在我將把發言權交還給安東尼·盧斯克里，請他作總結發言。

Thank you. I'd like to thank everyone for joining today's call. We will be attending investor conferences hosted by Bernstein and Morgan Stanley during the first quarter. The fireside chat website links will be posted on the Events and Presentations section of our investor relations website. If you have any follow-up questions, please feel free to contact me. And have a great rest of your day.

謝謝。感謝各位參加今天的電話會議。第一季度，我們將參加由伯恩斯坦和摩根士丹利主辦的投資者會議。爐邊談話網站連結將發佈在我們投資者關係網站的「活動與演示」部分。如果您有任何後續問題，請隨時與我聯絡。祝您今天餘下的時間過得愉快。