Fortinet, Inc. (FTNT) 2026 Q1 法說會逐字稿

Hello, and welcome to Fortinet's first quarter 2026 earnings conference call. (Operator Instructions) Please be advised that this call is being recorded. I would now like to hand over the call to Anthony Luscri, Vice President of Investor Relations. Please go ahead.

各位好，歡迎參加 Fortinet 2026 會計年度第一季財報電話會議。（接線員指示）敬請注意，本通話將被錄音。現在我想把電話交給投資人關係副總裁 Anthony Luscri。請開始。

Thank you. Good afternoon, and thank you for joining us on today's conference call to discuss Fortinet's first quarter 2026 financial results. Joining with me on today's call are Ken Xie, Fortinet's Founder, Chairman and CEO; Christiane Ohlgart, our CFO; and John Whittle, our COO. Ken will begin our call today by providing a high-level perspective on our business. Christiane will then review our financial results for the first quarter of 2026, before providing guidance.

謝謝。各位下午好，感謝各位參加今天的電話會議，一同討論 Fortinet 2026 會計年度第一季財務結果。今天與我一同出席的有 Fortinet 創辦人、董事長暨執行長 Ken Xie；財務長 Christiane Ohlgart；以及營運長 John Whittle。Ken 將先從較高層次的角度說明我們的業務概況。接著 Christiane 將回顧 2026 年第一季的財務結果，並提供財測指引。

During the Q&A session, we will ask that you please limit yourself to one question and one follow-up question to allow others to participate. 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 specifically disclaim any obligation to update forward-looking statements. Also, all references to financial metrics that we make on today's call are non-GAAP, unless stated otherwise.

在問答環節中，為了讓更多人能參與，我們請各位每次僅限提出一個問題以及一個追問。在開始之前，我想提醒各位，今天的電話會議中我們將發表前瞻性陳述，而這些前瞻性陳述受風險與不確定性影響，可能導致實際結果與預期有重大差異。更多資訊請參閱我們向 SEC 提交的文件，特別是最新 Form 10-K 與 Form 10-Q 中的風險因素。所有前瞻性陳述僅反映截至本次簡報日期的觀點；我們不承擔更新前瞻性陳述的任何義務，並明確聲明不負任何更新義務。此外，除非另有說明，今天電話會議中提及的所有財務衡量指標均為非 GAAP。

Our GAAP results and GAAP to non-GAAP reconciliations are located in our press release and in the presentation accompanying today's remarks, both of which are posted on our Investor Relations website. As a reminder, this is a live call that 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 Investor Relations website following today's call. Lastly, all references to growth are on a year-over-year basis, unless noted otherwise. I will now turn the call over to Ken.

我們的 GAAP 結果以及 GAAP 與非 GAAP 的調節表，已刊載於新聞稿與隨同今日發言的簡報中，兩者皆已發布於我們的投資人關係網站。提醒各位，這是一場即時電話會議，會後可透過我們投資人關係網站的網路直播回放收聽。準備好的講稿也將在今日會議結束後，發布於投資人關係網站的「季度財報」專區。最後，除非另有註明，所有成長率皆以年對年為基礎。現在我把電話交給 Ken。

Thank you, Anthony, and thank you to everyone for joining our call. We are very pleased with our excellent first quarter results, exceeding our guidance through strong execution and broad-based demand. As a result, billings growth 31%, total revenue increased 20% and the product revenue grew 41%. Non-GAAP and GAAP operating margin were very strong at 36% and 31%, with GAAP operation margin and revenue growth totaled together 51%, one of the highest in the industry. We also generated a record $1 billion free cash flow, highlighting the strength and durability of our business model.

謝謝你，Anthony，也感謝各位參加我們的電話會議。我們對第一季優異的業績表現感到非常滿意，憑藉強勁的執行力與廣泛的需求，成果超越我們的指引。因此，帳單金額（billings）成長 31%，總營收成長 20%，產品營收成長 41%。非 GAAP 與 GAAP 營業利益率分別達到 36% 與 31%，表現非常強勁；GAAP 營業利益率與營收成長率合計達 51%，為業界最高水準之一。我們也創下 10 億美元自由現金流的紀錄，凸顯我們商業模式的強度與韌性。

GAAP earnings per share increased 29%, demonstrating our commitment to strong shareholder return.

GAAP 每股盈餘成長 29%，展現我們致力於為股東帶來強勁回報的承諾。

The convergence of networking and security approach Fortinet has lead for 26 years is accelerating in the AI era. Customers are adopting Fortinet platform with secure networking, Unified SASE, security operation built our single FortiOS operation system, enabling expanding across many use cases. By delivering our core SASE capability natively integrated in one operating system, our SASE firewall significantly reduced capacity for customers. Innovations such as FortiOS 8.0 with its rich integrated functionality of FortiASIC technology, which delivers higher secure computing performance and a significant lower cost and our direct supply chain management continue to differentiate Fortinet and support the market share gain as AI drive strong demand for SASE firewalls. Secure networking billing grew 32%, outperforming in the broad market.

Fortinet 26 年來引領的網路與資安融合（convergence of networking and security）策略，在 AI 時代正加速發展。客戶正採用 Fortinet 平台，以安全網路（secure networking）、統一式 SASE（Unified SASE）以及建立在單一 FortiOS 作業系統上的資安營運（security operation），從而在多種使用情境中擴大部署。透過在單一作業系統中原生整合我們的核心 SASE 能力，我們的 SASE 防火牆可為客戶大幅降低容量需求。諸如 FortiOS 8.0 等創新，結合 FortiASIC 技術豐富的整合式功能，可提供更高的安全運算效能與顯著更低的成本；再加上我們的直接供應鏈管理，持續形成 Fortinet 的差異化優勢，並在 AI 帶動 SASE 防火牆強勁需求之際，支持我們提升市占。安全網路帳單金額成長 32%，在整體市場中表現優於同業。

Today, we announced a FortiGate 3500G and 400G, delivered significant performance improvement over previous generations further strengthening Fortinet's leadership. OT security accelerated in the quarter with OT billing growth over 70% as customer prioritized protecting critical infrastructure amid heightened threat. Unified SASE billing grew 31%.

今天，我們宣布推出 FortiGate 3500G 與 400G，相較前一代帶來顯著的效能提升，進一步鞏固 Fortinet 的領導地位。本季 OT 資安加速成長，因客戶在威脅升高之際優先保護關鍵基礎設施，OT 帳單金額成長超過 70%。統一式 SASE 帳單金額成長 31%。

Our differentiation is powered by three key advantages: single operating system across next-gen firewall, SD-WAN and SASE, our own global cloud infrastructure delivered better security and performance and roughly 1/3 of total cost ownership of peers and our much larger total addressable market especially in sovereign and private SASE, which allow customers to deploy SASE in their own environment to meet data sovereignty and regulatory requirements. Beyond secure networking and SASE, AI is rapidly expanding the opportunity in secure operation.

我們的差異化優勢來自三項關鍵優勢：其一，跨次世代防火牆、SD-WAN 與 SASE 的單一作業系統；其二，我們自建的全球雲端基礎設施可提供更佳的安全性與效能，且總持有成本（TCO）約為同業的 1/3；其三，我們擁有更大的整體可服務市場（TAM），尤其是在主權（sovereign）與私有（private）SASE 領域，讓客戶可在自有環境中部署 SASE，以符合資料主權與法規要求。除了安全網路與 SASE 之外，AI 也正快速擴大資安營運（secure operation）的機會。

as AI-driven security operation billing grow 23%, supported by more than 20 AI-enabled solution on our platform as customers consolidate vendors and simplify operations. Finally, given our strong results and confidence in the business, we are raising our 2026 guidance. We continue to expect balanced growth, strong cash generation, recurring revenue and shareholder-focused long-term growth capital allocation strategy while consistently delivered GAAP profitability since IPO. As AI increased demand for security, our platform approach continues to differentiate supported by a strong direct operation model that's enabled us to turn supply chain challenges into opportunity to gain market share. I would like to thank our employees, customers, partners and suppliers worldwide for their continued support and hard work.

隨著 AI 驅動的資安營運帳單金額成長 23%，在我們平台上超過 20 項 AI 賦能解決方案的支持下，客戶正進行供應商整併並簡化營運。最後，基於我們強勁的業績與對業務的信心，我們上調 2026 年指引。我們仍預期能維持均衡成長、強勁的現金創造能力、經常性收入，以及以股東為核心的長期成長資本配置策略，同時自 IPO 以來持續交付 GAAP 獲利能力。隨著 AI 提升對資安的需求，我們的平台策略持續展現差異化，並由強大的直營營運模式所支撐，使我們能將供應鏈挑戰轉化為取得市占的機會。我也要感謝全球的員工、客戶、合作夥伴與供應商持續的支持與努力。

I will now turn the call over to Christiane.

現在我把電話交給 Christiane。

Thank you, Ken, and good afternoon, everyone. As Ken noted, we delivered a strong first quarter, exceeding the high end of our guidance across billings, total revenue, operating margin and earnings per share. The success reflects broad-based demand and strong execution across customer types, industry verticals, our geos and all three pillars. Total billings grew 31% to $2.09 billion driven by broad strength across secure networking, Unified SASE. Our large enterprise segment was particularly strong.

謝謝你，Ken，各位下午好。如 Ken 所提到，我們交出強勁的第一季表現，在帳單金額、總營收、營業利益率與每股盈餘方面皆超越指引區間上緣。這項成功反映出在不同客戶類型、產業垂直領域、各地區（geos）以及三大支柱上，皆有廣泛需求與強勁執行力。總帳單金額成長 31% 至 20.9 億美元，主要由安全網路、統一式 SASE 的全面強勁表現所帶動。我們的大型企業客群表現尤其突出。

Secure networking billings grew 32%, driven by robust FortiGate demand as customers expanded protection across operational technology environments, contributing to OT billings growth of over 70%. Unified SASE adoption continued to build during the quarter with billings growing 31%, driven by strength in SD-WAN and FortiSASE. FortiSASE expansion within our customer base also remained strong with 18% of our large enterprise customers now having purchased FortiSASE, an increase of over 45%. AI-driven security operations billings grew 23%, highlighting our continued platform expansion within our installed base. Turning to revenue.

安全網路帳單金額成長 32%，主要受 FortiGate 需求強勁帶動，客戶將防護擴展至營運技術（OT）環境，促成 OT 帳單金額成長超過 70%。統一式 SASE 的採用在本季持續提升，帳單金額成長 31%，主要由 SD-WAN 與 FortiSASE 的強勁表現所驅動。FortiSASE 在既有客戶中的擴張也維持強勁，目前我們大型企業客戶中已有 18% 購買 FortiSASE，增幅超過 45%。AI 驅動的資安營運帳單金額成長 23%，凸顯我們在既有安裝基礎中的平台擴張持續推進。接下來談營收。

Total revenue grew 20% to $1.85 billion, with product revenue increasing 41% to $645 million as customers shifted toward higher-performance products. This included a number of AI-related deployments, where customers invested in FortiGate to support increased throughput, segmentation and security requirements across AI infrastructure. Technology upgrades, upselling and expansion into new use cases drove strong growth in both hardware and software. We again benefited from our strong supply chain execution. Recent pricing changes had a low single-digit impact on product revenue growth.

總營收成長 20% 至 18.5 億美元；其中產品營收成長 41% 至 6.45 億美元，因客戶轉向更高效能的產品。這包括多項 AI 相關部署，客戶投資 FortiGate 以支援 AI 基礎設施中更高的吞吐量、分段（segmentation）與資安需求。技術升級、向上銷售（upselling）以及擴展至新使用情境，帶動硬體與軟體的強勁成長。我們再次受惠於強勁的供應鏈執行力。近期的價格調整對產品營收成長的影響為低個位數。

Service revenue grew 11% to $1.21 billion, while service billings growth reaccelerated to 27% and deferred revenue increased 15%, driven in part by SecOps ARR growth. We view service billings growth, deferred revenue and SecOps ARR growth, together with accelerating product revenue as leading indicators of future services revenue. Stepping back, these results reflect both strong execution in the quarter and durable demand drivers that continue to shape customer priorities as customers invest in and upgrade their network security solutions to defend against sophisticated attacks that are growing in both speed and complexity due to the availability of AI tools.

服務營收成長 11% 至 12.1 億美元；同時服務帳單金額成長重新加速至 27%，遞延收入成長 15%，部分受 SecOps ARR 成長帶動。我們將服務帳單金額成長、遞延收入與 SecOps ARR 成長，連同加速的產品營收，一併視為未來服務營收的領先指標。從更宏觀的角度來看，這些結果同時反映本季的強勁執行力，以及持續影響客戶優先事項的長期需求驅動因素：客戶持續投資並升級其網路資安解決方案，以防禦更精密的攻擊；而由於 AI 工具的可得性，這些攻擊在速度與複雜度上都在提升。

AI is expanding the attack surface and increasing performance requirements, which is driving higher and more durable security spend across networking, SASE and security operations. Our strong product revenue and service billings trends and outlook continue to be driven by key tailwinds, including the ongoing convergence of security and networking, rising customer investments and demand to secure AI infrastructure as traffic, segmentation and performance requirements increase.

AI 正在擴大攻擊面並提高效能需求，進而推動在網路、SASE 與資安營運領域更高且更具持續性的資安支出。我們強勁的產品營收與服務帳單金額趨勢及展望，持續受多項關鍵利多因素（tailwinds）驅動，包括資安與網路的持續融合、客戶投資增加，以及為確保 AI 基礎設施安全而帶動的需求，因流量、分段與效能需求不斷提升。

and accelerating IT and OT convergence as customers recognize growing exposure across critical infrastructure. These drivers translated into strong demand this quarter, particularly in large enterprises where both the number of deals greater than $1 million, and total deal value grew over 60%. We saw strong growth in both Europe and the US. Looking ahead, we can see these dynamics reinforced by durable tailwinds that support continued platform adoption over time. Tailwinds include vendor consolidation, ongoing technology upgrade cycles and the continued expansion of enterprise attack services across cloud, OT and AI environment.

以及 IT 與 OT 融合加速，因客戶意識到關鍵基礎設施的曝險正在增加。這些驅動因素在本季轉化為強勁需求，特別是在大型企業中，單筆超過 100 萬美元的交易數量與總交易金額皆成長超過 60%。我們在歐洲與美國皆看到強勁成長。展望未來，我們看到這些動態在具持續性的利多因素支持下進一步強化，將隨時間推動平台採用持續提升。利多因素包括供應商整併、持續的技術升級週期，以及企業攻擊面在雲端、OT 與 AI 環境中的持續擴張。

In OT specifically, we are seeing strong demand driven by heightened ransomware and nation-state activity alongside rapid digitalization as organizations seek to deploy AI. These same dynamics are extending into SASE, where customers increasingly require flexibility to meet data privacy, sovereignty and regulatory requirements. We support both cloud-based and Sovereign SASE, enabling enterprises and service providers to deploy SASE within their own data centers when required.

特別是在 OT 方面，我們看到在勒索軟體與國家級行動加劇，以及組織為部署 AI 而快速數位化的推動下，需求強勁。相同的動態也延伸至 SASE，客戶日益需要彈性以滿足資料隱私、主權與法規要求。我們同時支援雲端式與 Sovereign SASE，使企業與服務供應商在需要時能於自有資料中心內部署 SASE。

Demand for our Sovereign SASE continues to be strong and no major SASE competitor currently offers a comparable solution. Rising cyber risk, heightened regulatory scrutiny, growing data sovereignty requirements while dealing with economic pressures are further accelerating customers to adopt platform-based approaches.

我們的 Sovereign SASE 需求持續強勁，目前沒有任何主要 SASE 競爭對手提供可比擬的解決方案。網路風險上升、監管審查加劇、資料主權要求提高，同時又要面對經濟壓力，正進一步加速客戶採用平台式方法。

At the same time, rapid AI adoption and increased geopolitical uncertainty are expanding the cybersecurity TAM as organizations prioritize resilience, sovereignty and consistent protection across increasingly complex and distributed global infrastructures. Importantly, these trends align with the reasons of our platform approach -- our platform approach continues to resonate. Fortinet's platform approach is differentiated because secure networking, Unified SASE and AI-driven security operations are all built on the single operating system, FortiOS.

同時，AI 的快速採用與地緣政治不確定性升高，正擴大資安的 TAM（可服務市場），因為組織在日益複雜且分散的全球基礎架構中，優先考量韌性、主權與一致性的防護。重要的是，這些趨勢與我們平台方法的理由一致——我們的平台方法持續引起共鳴。Fortinet 的平台方法之所以具差異化，是因為安全網路、Unified SASE 與 AI 驅動的安全營運皆建立在單一作業系統 FortiOS 之上。

This unified architecture enables customers to deploy security consistently across private, public and hybrid multi-cloud environments as well as across hardware, software and SaaS form factors while supporting seamless expansion across use cases. As AI rapidly expands the attack surface, customers are prioritizing integrated platforms that share telemetry and reduce operational complexity, accelerating vendor consolidation.

此一統一架構使客戶能在私有雲、公有雲與混合多雲環境中，以及在硬體、軟體與 SaaS 等不同形態之間一致地部署安全防護，同時支援跨使用情境的無縫擴展。隨著 AI 快速擴大攻擊面，客戶正優先採用可共享遙測資料並降低營運複雜度的整合式平台，進而加速供應商整併。

Against this backdrop, our strong network security foundation remains a core differentiator, driving adoption of SD-WAN, SASE and security operations and supporting continued wallet share expansion as customers simplify architectures and consolidate vendors. This contributed to growth of 28% in Unified SASE and SecOps combined, with momentum continuing across our more services-rich pillars. We are also introducing a new SD-WAN and SASE services bundle designed to broaden adoption and further support services revenue over time.

在此背景下，我們強大的網路安全基礎仍是核心差異化優勢，推動 SD-WAN、SASE 與安全營運的採用，並在客戶簡化架構、整併供應商之際，支撐持續提升錢包占比。這促成 Unified SASE 與 SecOps 合計成長 28%，且在我們服務更豐富的支柱領域持續展現動能。我們也推出新的 SD-WAN 與 SASE 服務組合方案，旨在擴大採用並在時間推移下進一步支援服務營收。

We also benefit from durable competitive advantages, particularly as performance requirements increase. Our proprietary ASIC technology and integrated operating system delivers superior performance and lower total cost of ownership, which is increasingly important in high throughput environments as customers scale AI-driven traffic inspection.

我們也受惠於持久的競爭優勢，尤其是在效能需求提高之際。我們專有的 ASIC 技術與整合作業系統可提供更優異的效能與更低的總持有成本（TCO），在高吞吐量環境中尤為重要，因為客戶正擴大 AI 驅動的流量檢測規模。

Finally, customer demand remained broad-based across segments, demonstrating the durability of our platform strategy with over 6,600 new organizations selecting our FortiOS platform during the quarter, reinforcing the breadth of demand across SMB, mid-market and enterprise customers. Overall, these results reflect consistent demand drivers and durable long-term trends as the market continues to evolve towards platform-based security architectures, we believe Fortinet remains well positioned to take share and deliver sustained growth and long-term shareholder value.

最後，客戶需求在各細分市場仍維持廣泛分布，展現我們平台策略的持久性；本季有超過 6,600 家新組織選擇我們的 FortiOS 平台，強化了 SMB、中型市場與企業客戶的廣泛需求。整體而言，這些成果反映出一致的需求驅動因素與長期持久的趨勢；隨著市場持續演進至平台式安全架構，我們相信 Fortinet 仍具備良好條件以擴大市占，並帶來持續成長與長期股東價值。

Now I would like to highlight some -- key seven-figure deals that demonstrate our market leadership and customer expansion. First, a cloud infrastructure provider focused on GPU compute for AI workloads selected Fortinet to secure a new AI data center as part of its continued expansion. The customer chose our FortiGate to deliver high-performance perimeter protection, segmentation and secure connectivity for a new production environment.

接下來我想重點說明一些——展現我們市場領導地位與客戶擴張的關鍵百萬美元等級（七位數）交易。首先，一家專注於 AI 工作負載 GPU 運算的雲端基礎架構供應商，選擇 Fortinet 來保護其持續擴張中的一座新 AI 資料中心。該客戶選用我們的 FortiGate，為新的正式生產環境提供高效能的邊界防護、分段隔離與安全連線。

The win was driven by Fortinet's ability to provide scalable, high throughput security aligned with the customer standardized architecture enabling rapid deployment of new capacity as demand for accelerated compute continues to grow. In another AI-related deal, Fortinet was selected for the initial phase of an AI data center project in the Middle East for a leading generative AI company. This win positions Fortinet as a key security partner for next-generation AI data center infrastructure, which demands significant scale, performance and architectural flexibility.

此案勝出主要來自 Fortinet 能提供可擴展的高吞吐量安全能力，並與客戶的標準化架構一致，使其在加速運算需求持續成長之際，能快速部署新增產能。在另一筆與 AI 相關的交易中，Fortinet 獲選為一家領先生成式 AI 公司的中東 AI 資料中心專案初期階段供應商。此案使 Fortinet 成為下一代 AI 資料中心基礎架構的關鍵安全合作夥伴，該類基礎架構需要顯著的規模、效能與架構彈性。

The customer selected Fortinet for the strength of our security architecture to address the complexity of securing high-performance AI environments. This deployment also reinforces the importance of standardizing Fortinet security solutions to enable consistent, scalable and efficient protection as AI data center deployments continue to expand.

客戶選擇 Fortinet，是看重我們安全架構的強項，以因應保護高效能 AI 環境的複雜性。此部署也再次凸顯標準化 Fortinet 安全解決方案的重要性，讓 AI 資料中心部署持續擴張時，仍能提供一致、可擴展且高效率的防護。

Next, a multinational energy company selected Fortinet to standardize and secure its network through the deployment of our full SD-Branch solutions across more than 3,000 locations. Alongside OT Security for an additional 300 global sites. The win reflects strong customer confidence in our ability to support large-scale distributed infrastructure environment, with a unified approach to networking and security. By consolidating networking and security onto a single platform, the customer simplified operations while improving resilience and highlights Fortinet's ability to scale securely within complex, mission-critical infrastructure environments. The customer is also exploring an expansion into FortiSASE, highlighting the opportunity to further extend secure access capabilities across the enterprise.

接著，一家跨國能源公司選擇 Fortinet，透過在超過 3,000 個據點部署我們完整的 SD-Branch 解決方案，來標準化並保護其網路；同時也在額外 300 個全球站點導入 OT Security。此案反映客戶對我們支援大規模分散式基礎架構環境的能力具高度信心，並採用網路與安全的統一方法。透過將網路與安全整併至單一平台，客戶在提升韌性的同時簡化了營運，也凸顯 Fortinet 能在複雜、關鍵任務的基礎架構環境中安全擴展的能力。客戶亦在評估擴展至 FortiSASE，突顯進一步將安全存取能力延伸至全企業的機會。

Lastly, a global manufacturer selected our FortiSASE solution to secure approximately 40,000 users as part of a strategic initiative to modernize its remote access environment. The win was driven by our lower total cost of ownership and commitment to ongoing feature development, positioning us ahead of the competition. The customer chose FortiSASE for its unified FortiOS platform, which provides a single security policy across FortiSASE and FortiGate, with globally distributed PoPs for simpler, consistent protection across on-premises and cloud environments enabling them to build a scalable security architecture. Turning to margins and cash flow. Non-GAAP gross margin of 81% was better than expected, which is impressive given the strong product revenue growth of 41% and the related mix shift towards product.

最後，一家全球製造商選擇我們的 FortiSASE 解決方案，作為其現代化遠端存取環境之策略計畫的一部分，以保護約 40,000 名使用者。此案勝出主要來自我們較低的總持有成本，以及對持續功能開發的承諾，使我們領先競爭對手。客戶選用 FortiSASE，是因其統一的 FortiOS 平台可在 FortiSASE 與 FortiGate 之間提供單一安全政策，並透過全球分布的 PoP，讓其在地端與雲端環境中獲得更簡單且一致的防護，進而建立可擴展的安全架構。接著談毛利率與現金流。Non-GAAP 毛利率為 81%，優於預期；考量到產品營收強勁成長 41% 以及相關的產品組合占比提升，這一表現令人印象深刻。

Our GAAP gross margin was also strong at 80.3%. Non-GAAP operating margin of 35.8% was a first quarter record, up 160 basis points and exceeded the high end of the guidance range, mainly due to better-than-expected revenue growth and continued cost management. Our GAAP operating margin of 31.4% continues to be one of the highest in the industry.

我們的 GAAP 毛利率同樣強勁，達 80.3%。Non-GAAP 營業利益率為 35.8%，創第一季新高，上升 160 個基點，並超越指引區間上緣，主要受惠於優於預期的營收成長與持續的成本管理。我們的 GAAP 營業利益率為 31.4%，仍是業界最高之一。

Non-GAAP earnings per share increased 41% to $0.82 while GAAP earnings per share grew 29% to $0.72, significantly outpacing our top line growth, reflecting high-quality earnings supported by disciplined stock-based compensation and continued return of capital over the past year. Free cash flow was a record of $1.01 billion and adjusted free cash flow was $1.07 billion, up 27% and represented a margin of 58%.

Non-GAAP 每股盈餘成長 41% 至 0.82 美元，而 GAAP 每股盈餘成長 29% 至 0.72 美元，顯著超越我們的營收成長，反映高品質獲利，並由嚴謹的股票基礎薪酬管理以及過去一年持續回饋資本所支撐。自由現金流創新高達 10.1 億美元，調整後自由現金流為 10.7 億美元，成長 27%，自由現金流利潤率為 58%。

We repurchased 10.6 million shares of common stock for $827 million during the first quarter and an additional 1.9 million shares for $146 million quarter-to-date. The remaining share repurchase authorization as of today is approximately $766 million. Now moving on to guidance. As a reminder, our second quarter and full year outlooks, which are summarized on Slides 30 and 31 are subject to the disclaimers regarding forward-looking information that Anthony provided at the beginning of the call. Consistent with our disciplined and prudent approach to guidance, our strong first quarter execution supports a higher second quarter and full year outlook.

第一季我們以 8.27 億美元回購 1,060 萬股普通股，且截至本季迄今另以 1.46 億美元回購 190 萬股。截至今日，剩餘的股票回購授權約為 7.66 億美元。接下來談指引。提醒一下，我們第二季與全年展望（摘要於投影片 30 與 31）受 Anthony 在電話會議開場提供的前瞻性資訊聲明之免責條款所約束。秉持我們對指引一貫自律且審慎的作法，第一季強勁的執行表現支撐我們上調第二季與全年展望。

We are raising our full year guidance across all top line metrics, including billings, revenue and service revenue while managing the second half of the year on a quarter-by-quarter basis. For the second quarter, we expect billings in the range of $2.09 billion to $2.19 billion, which at the midpoint represents growth of 20%. Revenue in the range of $1.83 billion to $1.93 billion which at the midpoint represents growth of 15%. Non-GAAP gross margin of 79.5% to 80.5%. Non-GAAP operating margin of 33% to 35%.

我們上調全年指引，涵蓋所有營收端指標，包括帳單金額（billings）、營收與服務營收，同時在下半年採取逐季管理的方式。就第二季而言，我們預期帳單金額介於 20.9 億至 21.9 億美元，中位數代表成長 20%。營收介於 18.3 億至 19.3 億美元，中位數代表成長 15%。Non-GAAP 毛利率為 79.5% 至 80.5%。Non-GAAP 營業利益率為 33% 至 35%。

Non-GAAP earnings per share of $0.72 to $0.76, which assumes a share count between 736 million and 740 million. Infrastructure investments of $50 million to $100 million. A non-GAAP tax rate of 18% and cash taxes of $160 million to $180 million. For the full year, we expect billings in the range of $8.8 billion to $9.1 billion, which at the midpoint represents growth of 18%. Revenue in the range of $7.71 billion to $7.87 billion, which at the midpoint represents growth of 15%.

Non-GAAP 每股盈餘為 0.72 至 0.76 美元，假設股數介於 7.36 億至 7.40 億股。基礎設施投資為 5,000 萬至 1 億美元。Non-GAAP 稅率為 18%，現金稅款為 1.6 億至 1.8 億美元。就全年而言，我們預期帳單金額介於 88 億至 91 億美元，中位數代表成長 18%。營收介於 77.1 億至 78.7 億美元，中位數代表成長 15%。

Service revenue in the range of $5.09 billion to $5.15 billion, which at the midpoint represents growth of 12%. We continue to expect services revenue growth to pick up in the second half of the year driven by accelerating product revenue growth, 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 $3.10 to $3.16, which assumes a share count of between 743 million and 749 million.

服務營收介於 50.9 億至 51.5 億美元，中位數代表成長 12%。我們仍預期服務營收成長將在下半年回升，主要由加速的產品營收成長所帶動，而產品營收成長是關鍵的領先指標。Non-GAAP 毛利率為 79% 至 81%。Non-GAAP 營業利益率為 33% 至 36%。Non-GAAP 每股盈餘為 3.10 至 3.16 美元，假設股數介於 7.43 億至 7.49 億股。

Infrastructure investments of $350 million to $550 million. Non-GAAP tax rate of 18% and cash taxes of $400 million to $450 million. I will now hand the call back over to Anthony to begin the Q&A session.

基礎設施投資為 3.5 億美元至 5.5 億美元。Non-GAAP 稅率為 18%，現金稅為 4 億美元至 4.5 億美元。現在我把電話交回給 Anthony，開始問答環節。

Thank you, Christiane. 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，Christiane。提醒一下，在問答環節中，為了讓其他人也能參與，我們請各位將問題限制為一個問題以及一個追問。接線員，請開放提問線路。

(Operator Instructions) Shaul Eyal, TD Cowen.

（接線員指示）Shaul Eyal，TD Cowen。

Congrats on quarter and the guidance. Ken or Christiane, what drove the strength this quarter, but probably more so, what provides you with the confidence in this strong guidance? It would appear that even second quarter could be prudent to put it very mildly. Just curious as to your thoughts about it.

恭喜本季表現以及指引。Ken 或 Christiane，這一季的強勁表現是由什麼驅動的？但更重要的是，是什麼讓你們對這麼強的指引有信心？即便是第二季，看起來也可能得非常保守地看待。想請教你們對此的想法。

Sure. It's a great question. Thank you. First, definitely, AI is a tailwind to drive the growth. And for us, we can also invest in AFFO for like 15 years with over 500 patents and a lot of internal usage and also like building the product.

當然。這是個很好的問題，謝謝。首先，毫無疑問，AI 是推動成長的順風。對我們而言，我們也在 AFFO 方面投入了大約 15 年，累積超過 500 項專利，並且有大量內部使用，同時也在打造產品。

So that's where kind of -- we prepare for this growth also from the operation side, which is whether direct manufacturer operation, inventory, all these things. So that's where we see it's an opportunity. And also, AI, I keep it on saying AI accelerate the convergence of our network and network security, like I mentioned, like two months ago in the Fortinet Accelerate, which is really a lot of companies need to secure their internal network, their server, data center, all these things. So that's where we see this growth probably will be more long term. And at the same time, we kind of differentiate ourselves a lot with other competitors.

因此，我們也從營運端為這波成長做準備，包括直營製造營運、庫存等各方面。這就是我們看到的機會。另外，AI——我一直在說——AI 正在加速我們網路與網路安全的融合，就像我兩個月前在 Fortinet Accelerate 提到的，很多公司需要保護其內部網路、伺服器、資料中心等。這也是我們認為這波成長可能更偏長期的原因。同時，我們也在與其他競爭對手之間形成很大的差異化。

I actually put the slides on the investor presentation, slide 10, go back almost 30 years with all these different point solution compared to all this integrated solution. So Fortinet probably the only company in every major like new demand for network security, we kind of in-house development solution, including the right now, the SASE.

我其實在投資人簡報的投影片 10 放了相關內容，回顧將近 30 年來各種不同的點狀解決方案，對比整合式解決方案。Fortinet 可能是唯一一家在每一個主要、全新的網路安全需求上，都能以內部研發的方式提供解決方案的公司，包括目前的 SASE。

And at the same time, we kind of also integrate well with all the previous function. And we also keep improving all this with our ASIC acceleration, with our own infrastructure to better security, lower cost. I think all this drives the company keeping gaining market share in the last like 20-plus years. So that's a few -- this time is that we definitely want to leverage this opportunity and whether AI or kind of supply chain and we just feel we're gaining market share very quickly right now.

同時，我們也能把這些方案與先前的各項功能很好地整合。我們也持續透過 ASIC 加速、以及自有基礎設施來改善整體能力，提供更好的安全性與更低的成本。我認為這些因素推動公司在過去 20 多年持續取得市占率。因此，這次我們確實想把握這個機會，不論是 AI 或供應鏈面向，我們都覺得目前正非常快速地提升市占。

Saket Kalia, Barclays.

Saket Kalia，Barclays。

Okay. Great start to the year. Ken, maybe for you, the security environment feels different after me those. Maybe the question is because I know you spend a lot of time with customers. What are customers saying to you about how they're reacting? And what parts of Fortinet's portfolio do you think could benefit most?

好的。今年開局很棒。Ken，可能想請教你：在（某些事件）之後，安全環境感覺不太一樣。問題是——因為我知道你花很多時間與客戶交流——客戶跟你說他們如何反應？你認為 Fortinet 產品組合中的哪些部分最可能受益？

I think, I keep telling customer, you need to use AI to secure AI. All the threat there. It's kind of interesting, definitely, AI exposes a lot of vulnerability and also you have to react very quickly and leverage AI to react all these operations. So that's where like for long term, definitely secure operation, which we have over 20 products using AI, building AI, that's really helping the customer. But on the other side, we also feel the AI also build -- I mean, to meet all this AI demand, also a lot of infrastructure build up.

我一直跟客戶說，你需要用 AI 來保護 AI。威脅都在那裡。這很有意思，AI 的確暴露了很多弱點，而且你必須非常快速地反應，並運用 AI 來應對這些營運作業。因此，從長期來看，安全營運（secure operation）絕對是重點；我們有超過 20 項產品在使用 AI、建構 AI，這真的能幫助客戶。但另一方面，我們也覺得 AI 也會帶動——我是說，為了滿足這些 AI 需求，也會有大量的基礎設施建置。

So that's why we see like -- especially we're the only leader in the OT security area. We see the OT grow like 70% is very, very strong growth because OT really like secured pretty much the bottom fuel layer of the AI 5-layer cake, right, so whether the energy level, infrastructure level, all this leverage OT security. That's -- we are probably the only leader in that space, give us a lot of strong growth there. On the other side, we also see kind of a customer see the value -- starting to realize value, whether they integrate more function into a single OS and also the ASIC advantage and also the supply chain operation model we have, it's all kind of a long-term investment but starting playing off now.

所以我們看到——尤其是我們是 OT 安全領域唯一的領導者——OT 成長約 70%，非常非常強勁，因為 OT 基本上是在保護 AI 五層蛋糕的最底層燃料層，對吧？不論是能源層、基礎設施層，這些都會用到 OT 安全。這個領域我們大概是唯一的領導者，帶來很強的成長。另一方面，我們也看到客戶開始認知到價值——不論是把更多功能整合到單一 OS、ASIC 的優勢，以及我們的供應鏈營運模式——這些都是長期投資，但現在開始看到回報。

Makes sense. Christiane, maybe for you for my follow-up. I'd like to get a little bit of a historical perspective. I think back in the early 2020s post COVID, we had the benefit of some early ordering which then created a bit of an air pocket in later quarters. Maybe the question is, how do you think about how much early ordering maybe helped this quarter, and what gives you the confidence that this also doesn't create an air pocket at some point in the future?

了解。Christiane，作為我的追問，我想從歷史角度請教一下。我回想 2020 年代初期 COVID 之後，我們受惠於一些提前下單，之後在某些季度形成了一點「真空期」。問題是：你們怎麼看提前下單對本季的幫助有多大？以及是什麼讓你們有信心，這不會在未來某個時間點造成「真空期」？

Saket, so I think the situation in 2026 is a little bit different from COVID because the threat landscape is accelerating significantly. During COVID, I think there were some new requirements by the companies where they needed to secure remote access and digitize their business a little bit more. Now it's about really a lot of significantly more threats. So I think the demand for our product is going to continue as the AI data centers are going to be built out as customers are deploying AI internally, so we see significant tailwinds for our business and for our products specifically.

Saket，我認為 2026 年的情況與 COVID 有些不同，因為威脅態勢正在顯著加速。在 COVID 期間，我認為企業出現了一些新需求，例如需要保護遠端存取、並更進一步數位化其業務。現在則是面對更多、顯著增加的威脅。因此，我認為隨著 AI 資料中心持續建置、以及客戶在內部部署 AI，我們產品的需求將會延續；我們看到對我們業務以及特定產品而言都有顯著的順風。

Yes. Saket, also, we put a presentation on the Slide 25. You can see during the COVID, we're the one gaining a lot of market share compared to our other peers, right? So we feel this is an opportunity because we feel our operation model, our kind of long-term investment has much more advantage than any other competitors. So we feel -- this is the same like last time.

是的，Saket，我們也在投影片 25 放了一份簡報。你可以看到在 COVID 期間，相較於其他同業，我們是市占提升最多的那一家，對吧？所以我們覺得這是個機會，因為我們的營運模式與長期投資，相較任何其他競爭對手都有更大的優勢。我們覺得——這跟上次很類似。

I don't feel anybody can predict how long this supply chain things will last, but we feel we have a strong direct operation model, which much better than pretty much all the other competitors. And at the same time, a lot of long-term investments starting to show the advantage right now. So that you can see the Slide 25 showing during the COVID five, six years ago, we're the one gaining a lot of market share. Even there are some kind of -- we call the digestion in the '24, early 25, but we're still keeping gaining share. And that's we feel is the other opportunity we feel that works better for us than other competitors.

我不覺得有人能預測這些供應鏈狀況會持續多久，但我們認為我們有很強的直營營運模式，幾乎比所有其他競爭對手都更好。同時，許多長期投資現在開始展現優勢。所以你可以從投影片 25 看到，在五、六年前的 COVID 期間，我們是市占提升最多的那一家。即使在 2024 年與 2025 年初出現一些——我們稱之為「消化期」——我們仍持續提升市占。我們覺得這也是另一個機會，因為這對我們的效果比對其他競爭對手更好。

Rob Owens, Piper Sandler.

Rob Owens，Piper Sandler。

Ken, I appreciate the throughput and segmentation arguments relative to AI, and I want to dovetail a little bit more on Saket's question just around when you mentioned the 20 or so products that you use AI within your portfolio, are there a couple of things that customers are honing in on are driving kind of a set urgency for them right now?

Ken，我理解你提到的與 AI 相關的吞吐量與分段（segmentation）論點。我想延伸 Saket 的問題：你提到在你們產品組合中大約有 20 項產品使用 AI。客戶目前最聚焦、也最驅動他們緊迫感的，是否有幾個重點？

Actually, Christiane gave a few cases about supporting some AI data center build-out, all these things. I think initially, they probably just like the five-layer cake, right? You need to have all this lower layer build up first from all this energy, infrastructure and then secure the data center. So we see after they build out some kind of AI infrastructure, then the security need to come in especially when the application is starting to deploy.

其實 Christiane 已經舉了幾個案例，像是支援一些 AI 資料中心的建置等。我認為一開始，他們可能就像那個五層蛋糕一樣，對吧？你需要先把底層建起來，包括能源、基礎設施，然後再去保護資料中心。因此我們看到，在他們建置了一些 AI 基礎設施之後，安全需求就會進來，尤其是當應用開始部署時。

So we see when company when starting to kind of leverage AI, we feel it's a lot of opportunity for secure company to helping the company or customer to really using AI to secure, I would say, which we feel is kind of ahead of most of our competitors with all this long-term investment, with all the patent, with all this -- whether in R&D side, in the G&A, in the customer supporting and also in the product.

所以我們看到，當公司開始運用 AI 時，我們認為對資安公司而言有很多機會，去協助企業或客戶真正做到「用 AI 來保護」（using AI to secure）。我們覺得，憑藉這些長期投資、專利，以及各方面——不論是研發、G&A、客戶支援或產品——我們都領先於多數競爭對手。

We feel it's -- like I said, I'm kind of with engineering background; I love all the new technology. That's where in the last 30 years. Like I said, in the Slide 10. So we're the only one internally develop all these new technology, meet all the challenge, integrate together and compared to most of our competitors have to go through acquisition to meet all this new demand. That actually give us the confidence to continue to grow faster, gaining market share.

我們認為——就像我說的——我有工程背景，我喜歡所有新技術。這也是過去 30 年來的核心。如我在投影片 10 所說，我們是唯一一家能在內部開發所有這些新技術、應對各種挑戰並整合在一起的公司；相較之下，多數競爭對手必須透過併購來滿足這些新需求。這也讓我們有信心能持續更快成長、提升市占。

And then maybe to add to this, I think that what we hear from customers that are not building out their own AI infrastructure that are more on the AI use side, they are most afraid of traffic flows and shadow AI. And so I think that's where a lot of our products can help them as well and also with the FortiOS improvements and upgrades. There's a lot of interest in what can our existing products do and which additional products like for AI gate can they deploy to have more visibility, more transparency and monitoring of the traffic flows.

然後也許再補充一下，我認為我們從那些沒有在自建 AI 基礎設施、而是偏向 AI 使用端的客戶那裡聽到的是，他們最擔心的是流量流向（traffic flows）以及影子 AI（shadow AI）。因此我認為這正是我們許多產品也能協助他們的地方，同時也包括 FortiOS 的改進與升級。大家對於我們既有產品能做到什麼、以及還能部署哪些額外產品（例如用於 AI gate 的產品）以獲得更高的可視性、更高的透明度並監控流量流向，抱持很高的興趣。

Our next question comes from Brad Zelnick at Deutsche Bank.

我們的下一個問題來自德意志銀行（Deutsche Bank）的 Brad Zelnick。

Excellent. I actually wanted to follow up on what Rob had asked and Ken's comments about the AI data center opportunity. And Christiane, what you shared that was very helpful about the win in the Middle East and securing AI infrastructure. What are you seeing specifically in this market for securing AI data centers? Like who are you competing with?

很好。我其實想延續 Rob 先前問的問題，以及 Ken 對 AI 資料中心機會的評論。Christiane，你分享的關於中東贏單與保護 AI 基礎設施的內容非常有幫助。你們在這個「保護 AI 資料中心」的市場上具體看到了什麼？例如你們主要在跟誰競爭？

Who are you partnering with? How long are the cycles? And maybe how much of the pipeline for these opportunities is contributing to the strong guidance that you've given us for the year?

你們在跟誰合作？銷售／導入週期有多長？另外，這些機會的管線（pipeline）在多大程度上，對你們今年給出的強勁指引有所貢獻？

Actually, if you look at the Fortinet technology, we are the only cybersecurity company build their own ASIC chip from day 1. So that gives us much better performance and lower cost, both on the computing power cost and also energy costs and also feed all these data center internal segmentation development quite well. None of our competitors competing with us whether on the performance, on cost, including the two products we just announced today.

其實如果你看 Fortinet 的技術，我們是唯一一家從第一天起就自研 ASIC 晶片的資安公司。這讓我們在效能更好、成本更低——不論是運算能力成本或能源成本——而且也能很好地支援資料中心內部的分段（internal segmentation）建置。我們的競爭對手無論在效能或成本上都無法與我們競爭，包括我們今天剛宣布的兩項產品也是如此。

And on average, all the top like function we yielded like a 3 to 5x better performance for the same cost, same function, and much lower energy consumption that's fitting quite well for lot of bigger infrastructure, data center build out, also, for a lot of internal segmentation. AI, especially the agent, agentic traffic definitely generated a lot of additional traffic, especially we call it east-west traffic and all the server or even like a different department, you do need additional security to protect that for the internal segmentation.

平均來看，在相同成本、相同功能下，我們在各項頂尖功能上可提供約 3 到 5 倍更好的效能，且能耗更低，這非常適合許多大型基礎設施與資料中心建置，也適用於大量的內部分段。AI，尤其是代理（agent）與代理式（agentic）流量，確實會產生大量額外流量，特別是我們所說的東西向（east-west）流量；在伺服器之間，甚至不同部門之間，你都需要額外的安全防護來保護內部分段。

That's where we see a lot of strong demand in not just data center, but also internal segmentation to protect all these -- or get better manageability or better visibility for all these agent traffic.

這也是我們看到強勁需求的地方，不僅是在資料中心，也包括內部分段，用來保護所有這些——或是為所有這些代理流量提供更好的可管理性或更好的可視性。

And then, Brad, maybe related to your question on what do we see with regards to pipeline building? I think my comments around the customer wins were also about reference architectures and scalability and most of these providers that are starting to build out data centers, they are creating their kind of reference architecture to build out more as the demand increases for their services. And so I think we are confident that this creates a tailwind for us.

然後 Brad，或許回到你關於管線建置（pipeline building）的問題。我對客戶贏單的評論也與參考架構（reference architectures）與可擴展性（scalability）有關。多數開始建置資料中心的供應商，會建立他們自己的參考架構，隨著其服務需求增加再擴建更多。因此我們有信心，這會為我們帶來順風（tailwind）。

And also especially like a lot of technology like ASIC, like a system, the hardware is more long-term investment compared to some software, some other, which most other security company kind of more focused on that one, on the software side, which I feel definitely now is the time to see all this long-term investment benefit or the hardware ASIC benefit that customers are starting to appreciate more in the hardware ASIC now.

另外，尤其像 ASIC 這類技術、像系統這類硬體，相較於某些軟體或其他項目，是更長期的投資；而多數其他資安公司比較聚焦在軟體端。我認為現在正是看到這些長期投資效益、或硬體 ASIC 優勢的時候，客戶也開始更重視硬體 ASIC 的價值。

It reminds me very much of the heritage of Fortinet and all the early success that you had in the service provider market segment and why it's so important today in AI data centers. Maybe if I could just follow up with one quick follow-up for you, Christiane. Just to get your latest thoughts on memory pricing and any further price increases that you might be contemplating throughout the year? And maybe specifically, what's actually baked into the guidance along those lines? Great job.

這讓我想到 Fortinet 的傳承，以及你們早期在服務供應商市場區隔取得的成功，為什麼在今天的 AI 資料中心如此重要。若我可以再追問 Christiane 一個很快的問題：想請你分享你對記憶體定價的最新看法，以及今年內是否還在考慮進一步調價？另外，這方面實際上在指引中已經納入了哪些假設？做得很好。

So from a guidance perspective, we have we've baked in a low single-digit amount specifically into product. And from what are our plans with regards to pricing? I mean we -- Ken has said at multiple times that we are trying to maintain gross margin. So as our component cost increase, we are contemplating pricing actions, but we will also bring it down again when we don't have the pressures anymore.

就指引而言，我們已在產品端特別納入了低個位數（low single-digit）的影響。至於我們對定價的規劃——Ken 多次提到，我們的目標是維持毛利率。因此當零組件成本上升時，我們會考慮採取價格調整，但當壓力不再時，我們也會再把價格調降回來。

Yes, the policy we have is not like some other companies using this opportunity to increase margin. We are now -- we just want to maintain the healthy margin. And when our cost increase, we also do the monthly adjustment. But when the cost is coming down, we also won't adjust lower just maintain the same margin. That's the policy.

是的，我們的政策不像某些公司會利用這個機會來提高毛利。我們現在——我們只是想維持健康的毛利率。當成本上升時，我們也會做每月調整；但當成本下降時，我們也會相應往下調整，維持相同的毛利率。這就是我們的政策。

And just like five years ago in the last supply chain and also it's the same policy during this time, the supply chain memory shortage. But for us also because we have a much bigger quantity than on the other competitor, like we have almost 60% market share on the unit shipment of the network security system, which we feel and also with direct manufacturing operation model, we feel we prepare better, we kind of operate better. We also negotiate better compared to other competitors. So that's what fuels a chance to gain market share again like we did five years ago.

就像五年前上一次供應鏈事件一樣，在這次供應鏈記憶體短缺期間，我們也是同樣的政策。不過對我們來說，因為我們的出貨量遠大於其他競爭對手——例如在網路安全系統的單位出貨量上，我們大約有 60% 的市占率——再加上我們的直接製造營運模式，我們覺得我們準備得更好、營運得更好，也比其他競爭對手更能談到好的條件。這也讓我們有機會再次像五年前那樣提升市占率。

Tal Liani, Bank of America.

美國銀行（Bank of America）的 Tal Liani。

You got me back. You can't get rid of me.

你們又把我叫回來了。你們甩不掉我的。

You are the few analyst stuck with the space for...

你是少數幾位一直留在這個領域的分析師……

It's fun to cover this space. I have -- everyone asked about AI. I'm going to ask about the other thing. The most surprising part of your result is actually the billing growth of legacy, 32% year-over-year growth in secure networking. And Check Point when they reported, they said that their firewall went down or the growth decelerated and the market is weaker.

這個領域很有趣。我——大家都在問 AI，我要問另一件事。你們這次結果中最令人意外的部分，其實是傳統業務的帳單（billings）成長：安全網路（secure networking）年增 32%。而 Check Point 在他們公布時表示，他們的防火牆下滑或成長放緩，市場更疲弱。

So the question I have for you is, how is your -- what are the firewall trends? What drives it? What drives this 32% growth in secure networking billing? And how sustainable is it?

所以我想問的是，你們的——防火牆趨勢如何？是什麼在驅動？是什麼驅動安全網路帳單 32% 的成長？這樣的成長有多可持續？

Yes. Actually, I prepared Slide 10 in the presentation for you. We go back to -- actually, the most growth on secure networking come from FortiGate. You can see for the network security, every year, you need to meet a new function demand requirements. So basically, for us, we are probably the only company in-house keeping with all this new function development, whether from early day UTM agent firewall to sandbox to like SD-WAN, SASE to today's AI quantum computing, right?

是的。其實我在簡報裡為你準備了第 10 頁。我們回到——其實安全網路的最大成長來自 FortiGate。你可以看到，對於網路安全而言，每一年都需要滿足新的功能需求。因此基本上，我們可能是唯一一家能在內部持續跟上所有新功能開發的公司，無論是早期的 UTM、下一代防火牆，到沙箱（sandbox）、SD-WAN、SASE，再到今天的 AI、量子運算等，對吧？

So once you kind of come up all the innovation, you also need to integrate. So now the FortiOS 8.0 integrated about 30 function there. But without the 30 function, you also need to keep improvement. That's where the ASIC come in to improving the performance and additional secure computing. At the same time, we also invest in infrastructure to make it more secure and also kind of lower the cost.

所以當你不斷推出創新，你也需要把它們整合起來。現在 FortiOS 8.0 整合了大約 30 項功能。但即使有這 30 項功能，你仍需要持續改進。這就是 ASIC 發揮作用的地方，用來提升效能並提供額外的安全運算。同時，我們也投資在基礎設施上，讓它更安全，並且降低成本。

So that's where I use the 30 to describe what happened in the network security space in the last 30 years. I feel some of our competitor, they kind of cannot come up the new function quick enough or kind of cannot integrate, they have to go through acquisition to meet all this demand, end up, they become like a multi-point solution. That's the blue area, you can see there's a lot of company, including -- some of our competitors there for using multiple solutions to meet one FortiGate solution, FortiOS solution we have, whether the SD-WAN, the SASE, some other function there, there are also still a lot of point solution provider including SASE, they just cannot offer customers a total security infrastructure security there.

因此我用「30」來描述過去 30 年網路安全領域發生的事情。我覺得有些競爭對手，他們無法足夠快地推出新功能，或無法完成整合，只能透過併購來滿足這些需求；最後他們變成多點式解決方案（multi-point solution）。那就是藍色區域，你可以看到有很多公司——包括一些競爭對手——需要用多個解決方案才能達到我們一個 FortiGate 解決方案、FortiOS 解決方案所能提供的效果；不論是 SD-WAN、SASE 或其他功能也是如此。市場上也仍有很多點式解決方案供應商，包括 SASE 供應商，他們就是無法為客戶提供完整的安全基礎設施。

So that we see the benefit of this single OS with all these integrations with all this kind of new function and improvement, ASIC, all these things it more like advantage over other players. And this supply change, the opportunity is show the advantage we have, and that's also the operation model we have. That's come out of this slide is kind of using to describe the advantage we have.

因此我們看到，單一 OS 帶來的好處在於：把這些整合、新功能與改進、ASIC 等等都納入其中，這更像是相較其他玩家的優勢。而這次供應鏈的機會也展現了我們的優勢，以及我們的營運模式。這張投影片就是用來說明我們所具備的優勢。

And Ken, is there -- so how -- like 32% growth is very respectable. How sustainable is it? Is there a comparison thing that boost up the -- I don't have the slide in front of me, so I don't have the numbers in front of me, but is there an easy comp situation this year that boosts up this growth to 32%? Or is it -- there is something more fundamental that could be sustained over time?

Ken，那——所以——像 32% 的成長非常亮眼。它有多可持續？是否有比較基期（comparison）因素推升了——我現在手邊沒有投影片，所以沒有數字，但今年是否有比較容易的比較基期，讓成長拉到 32%？還是——有更根本的因素，能夠在時間推移下持續？

So you can look at Slides 24 and 25 compared to 5 years ago. It's pretty comparable. That time, we also grow like 40-some percent, yes.

所以你可以看第 24 與第 25 張投影片，和 5 年前相比，其實相當可比。那時候我們也成長了大概 40% 多，是的。

So Tal, we can really see interest demand in network security. And the drivers are not only AI, it is consolidation, it is simplicity. It is the security posture across the products that are driving significant interest into that network security portfolio, yes.

所以 Tal，我們確實可以看到網路安全的需求利息很高。而驅動因素不只是 AI，還有整併、簡化。跨產品的安全態勢正在推動市場對該網路安全產品組合的顯著興趣，是的。

Fatima Boolani, Citi.

Fatima Boolani，花旗。

Ken, I wanted to ask you my first question, and then I'll follow up with Christiane. We are at a very, very high level in one of the most consequential CapEx and infrastructure investment cycle across the board. You are clearly seeing the benefits of that based on the seven-figure precedent transactions you talked about related to AI infrastructure build-out and some of the responses to earlier questions.

Ken，我想先問你第一個問題，接著我會再追問 Christiane。我們正處於一個非常、非常高層級、且在各領域都極具關鍵性的資本支出（CapEx）與基礎設施投資週期。你顯然已經看到其中的效益，這也反映在你提到與 AI 基礎設施建置相關的百萬美元等級（七位數）的先例交易，以及你對先前問題的一些回應上。

I wanted to ask you specifically what the impact is to your secure networking portfolio and specifically the higher end FortiGate appliances, should we expect that product mix of the business to trend towards some of the very, very high-end SKUs as you support the infrastructure build-out and the secure infrastructure build-out opportunities ahead? And then my follow-up for Christiane is related to the product growth upswing and presumably the higher-end mix of product and appliance uptake from your FortiGate portfolio.

我想具體請教，這對你們的安全網路產品組合、特別是高階 FortiGate 設備的影響是什麼？當你們支援基礎設施建置，以及未來的安全基礎設施建置機會時，我們是否應該預期業務的產品組合會更偏向一些非常、非常高階的 SKU？另外，我對 Christiane 的追問是關於產品成長回升，以及推測來自你們 FortiGate 產品組合中較高階產品與設備採用所帶來的更高階組合。

Why aren't we seeing maybe a more visible bigger catch-up on the services side? And I guess, to ask it more simply, when I look at your services revenue guidance, you've only really tightened the range, bringing the low end of the services revenue up. So I'm just wondering if to the extent you are seeing a better product mix shift why we wouldn't see an even better attach on the services revenue.

為什麼我們在服務端沒有看到更明顯、更大的追趕？或者更簡單地問，當我看你們的服務營收指引時，你們其實只是把區間收斂，把服務營收的低端上調。所以我想知道，如果你們確實看到更好的產品組合轉移，為什麼我們不會在服務營收的附加（attach）上看到更好的表現？

It's a great question. Yes, definitely, Fortinet has more advantage in the high end with our own ASIC solution. It's a much better performance, much lower cost and both on the product and also on the energy cost there. So that we see pretty strong growth in the high end, but at the same time, you can look at the Unified SASE, you also grow like 31%. And also Q4 last year, it grew 40%.

這是個很好的問題。是的，Fortinet 在高階市場確實更有優勢，因為我們有自家的 ASIC 解決方案。它的效能更好、成本更低，無論是產品成本或能源成本都是如此。因此我們看到高階產品有相當強勁的成長；但同時，你也可以看到 Unified SASE 也成長了大約 31%。而且去年第四季它成長了 40%。

That's more a lot of the SD-WAN low end. That's also the reason we kind of launched a new bundled service to accelerate both the current customer and also the new customer adopt SD-WAN and SASE. I also put a slide down there, try to give the number there. It's a one-off slide. Also, you can see the bundle is very, very attractive for the customer to adopt the new SASE and SD-WAN service, there, it's Slide 14 actually.

那部分更多是 SD-WAN 的低階產品。這也是我們推出新的綑綁式服務的原因，用來加速現有客戶以及新客戶採用 SD-WAN 與 SASE。我也在那裡放了一張投影片，試著提供相關數字。那是一張一次性的投影片。另外，你也可以看到這個 bundle 對客戶採用新的 SASE 與 SD-WAN 服務非常、非常有吸引力；其實是在第 14 張投影片。

So that lists all these different incentive there for both current customers and also the new customer there. So that's why I feel the growth like both high and also low end but lower and more driven by the SD-WAN, SASE side, high-end definitely more data center. But data center also a few -- one small AI data center build-out is still in the very early stage. And also, once the application is starting leverage AI, that will be whatever long-term growth going forward. It's just starting to kind of early ramp-up stage.

所以那裡列出了針對現有客戶以及新客戶的各種不同激勵措施。因此我覺得成長同時來自高階與低階，但低階更多是由 SD-WAN、SASE 端所驅動；高階則明顯更多來自資料中心。不過資料中心方面也有一些——一個小型 AI 資料中心建置仍在非常早期的階段。而且一旦應用開始運用 AI，這將會成為未來長期成長的動能。現在只是剛開始、仍在早期爬坡階段。

But definitely on the other side, we see also the growth was strong in the SD-WAN, SASE area, and we believe this is a bundled service will also drive additional service revenue after customer have the hardware box.

但在另一端，我們也看到 SD-WAN、SASE 領域的成長同樣強勁，我們相信這個綑綁式服務在客戶擁有硬體設備之後，也會帶動額外的服務營收。

Fatima, to address your concern, so to speak, I'm super enthusiastic about our services billings, 27% growth. Deferred revenue grew 15%. So I think it all trends in the right direction. The conversion from the balance sheet into revenue just takes longer. So you don't see it immediately.

Fatima，針對你所謂的疑慮，我對我們的服務帳單（services billings）非常、非常有信心，成長 27%。遞延收入成長 15%。所以我認為整體趨勢都朝正確方向發展。只是從資產負債表轉成營收的轉換需要更長時間，所以你不會立刻看到。

But the trends are all positive growth was really good. So I'm very happy with the quarter results and also with the attach rates of services with hardware.

但趨勢都是正向的，成長表現真的很好。所以我對本季的結果，以及硬體搭配服務的附加率（attach rates）都非常滿意。

Gabriela Borges, Goldman Sachs.

Gabriela Borges，高盛。

Ken, if I'm hearing you right, it sounds like there has been a little bit of a step function change in the pipeline related to AI data center. And my question for you, if I'm hearing that right, is why do you think that's happening now? I'm curious if there is a shift maybe happening with sovereign AI projects or if it has something to do with the mix from training to inference. Curious to get your thoughts.

Ken，如果我理解得沒錯，聽起來與 AI 資料中心相關的管線（pipeline）出現了一點階躍式（step function）的變化。我想問的是，如果我聽得對，你認為為什麼現在會發生？我很好奇是否是主權 AI 專案出現了某種轉變，或是與從訓練轉向推論的組合變化有關。想聽聽你的看法。

Actually, both connect together. So both the AI data center combined with the Sovereign SASE, sovereign AI kind of drive some of the growth together. And so it's -- that's where -- because even for this -- it's interesting, it's the same FortiGate, FortiOS to do both AI security and also the SASE to protect all these like zero-trust environment. I think the kind of view is both connected, driving the growth together.

其實兩者是連在一起的。所以 AI 資料中心與 Sovereign SASE、主權 AI 這些一起推動了部分成長。也就是——這就是——因為即使在這裡——很有趣的是，同一套 FortiGate、FortiOS 同時可以做 AI 安全，也可以做 SASE 來保護這些零信任環境。我認為整體觀點是兩者相互連結、一起推動成長。

That's really interesting. And the follow-up I have for you is what not has been transparent on some of the vulnerabilities that you found in your own technology when you find them, how is your internal process for hardening your infrastructure changing as you get access to some of these leading-edge LLM models that can perhaps help you upgrade the quality of your own infrastructure?

這真的很有意思。我接著想追問的是，關於你們在自家技術中發現的一些弱點（vulnerabilities），外界並不總是清楚你們如何處理。當你們發現這些弱點時，你們用來強化（hardening）基礎設施的內部流程，會如何因為你們取得一些前沿的 LLM 模型而改變？這些模型或許能幫助你們提升自家基礎設施的品質。

Yes. We're working very closely with the leading AI company, whether to handle the vulnerability, all kind of helping on the -- automate a lot of operation for our customer. At the same time, we also build on infrastructure and which has better security, more better performance than some other like third-party infrastructure. we feel we do better than most of the competitors. And at the same time, we're kind of keeping developed new technology like we say, using AI to secure AI.

是的。我們正與領先的 AI 公司非常密切合作，無論是在處理弱點方面，或是在——協助為客戶自動化大量營運作業方面。同時，我們也在建置自己的基礎設施，這些基礎設施在安全性與效能上都比一些第三方基礎設施更好。我們覺得我們做得比大多數競爭對手更好。同時，我們也持續開發新技術，就像我們說的，用 AI 來保護 AI。

Congratulations on the quarter.

恭喜本季表現。

Thank you.

謝謝。

Brian Essex, JPMorgan.

Brian Essex，摩根大通。

Congrats on the results for the quarter. Maybe just a quick one for me. And I think I wanted to follow up on Fatima's question because I wanted to make sure they understood some of the dynamics here with regard to the Unified SASE billings. Could you maybe unpack that a little bit and help me understand with regard to the growth, how much is SD-WAN? How much is SASE?

恭喜本季的成果。我這邊可能快速問一個。我想跟進 Fatima 的問題，因為我想確保我理解這裡關於 Unified SASE 帳單（billings）的一些動態。你能不能再拆解一下，幫我理解在成長之中，SD-WAN 佔多少？SASE 佔多少？

And particularly with -- if you can help us reconcile the deceleration in SASE ARR just so we can put the two together to understand what the primary drivers of that in the segments of the business at play are.

特別是——如果你能幫我們把 SASE ARR 放緩（decoration/deceleration）的情況對起來，讓我們能把兩者放在一起理解，看看在業務各分項中，主要驅動因素到底是什麼。

Yes, the slide 4, we have the three pillars there. Yes, definitely Unified SASE, including SD-WAN. The SSE is more like FortiSASE, some other things there. Actually, the FortiSASE, also we see very, very strong growth on ARR, all the things there. And also, we believe the new bundle will also accelerate the SD-WAN, which on Slide 14, both SD-WAN and SASE service going forward. So it's -- yes, the Unified SASE grow like 31%.

是的，在第 4 張投影片，我們有三大支柱。是的，Unified SASE 的確包含 SD-WAN。SSE 更像是 FortiSASE，以及其他一些項目。其實 FortiSASE 我們也看到 ARR 非常、非常強勁的成長，還有其他各項也是如此。另外，我們也相信新的 bundle 會加速 SD-WAN——在第 14 張投影片——以及未來的 SD-WAN 與 SASE 服務。所以——是的，Unified SASE 成長大約 31%。

It's a pretty big. It's about 25% of billing right now is coming from the Unified SASE. It's a pretty big number. We are the top three player in the space and also probably one of the fast-growing right now.

這是相當大的數字。目前大約有 25% 的帳單（billings）來自 Unified SASE。這是很大的比重。我們是這個領域的前三大玩家之一，而且可能也是目前成長最快的其中之一。

That's helpful. And how much was contribution from Sovereign SASE? You're certainly getting a lot of focus right now on both sovereign data centers and sovereign infrastructure. I would love to understand the contribution there.

這很有幫助。那 Sovereign SASE 的貢獻有多少？你們現在在主權資料中心與主權基礎設施上受到很多關注。我很想了解那部分的貢獻。

Sovereign SASE, a few, probably almost the same size as the cloud-based SASE, probably even bigger. But also sometimes the sovereign SASE because we're using the same OS, same FortiGate, sometimes they just buy as a firewall, gradually turn on the SASE function and deploy internally in their data center or infrastructure. And also we see the service providers starting to ramp up Sovereign SASE work quickly, especially in Europe, which there are a few big service -- telecom service providers starting kind of launch all this Sovereign SASE service with our product. So that's also helping drive a lot of product revenue.

Sovereign SASE，有一些，規模可能幾乎和雲端式 SASE 一樣大，甚至可能更大。但有時候主權 SASE 因為我們使用相同的作業系統、相同的 FortiGate，他們有時候一開始只是以防火牆的形式購買，之後逐步開啟 SASE 功能，並在他們自己的資料中心或基礎設施內部部署。另外我們也看到服務供應商開始快速拉升 Sovereign SASE 的推動，尤其在歐洲，那裡有幾家大型服務——電信服務供應商開始用我們的產品推出這些 Sovereign SASE 服務。所以這也在幫助帶動大量的產品營收。

Gray Powell, BTIG.

Gray Powell，BTIG。

I just want to make sure you can hear me okay?

我只是想確認你們聽得到我說話嗎？

Yes, all good.

是的，都沒問題。

This is perfect timing. I actually wanted to follow up on Brian's question and it kind of relates to what we've been hearing in our field work. Specifically, are you starting to see more of your branch office firewall customers turn on SD-WAN components and then convert their firewall subscriptions to secure service edge.

時機剛剛好。我其實想接續追問 Brian 的問題，這也和我們在實地調研中聽到的情況有些關聯。具體來說，你們是否開始看到更多分支機構防火牆客戶啟用 SD-WAN 元件，然後把他們的防火牆訂閱轉換為安全服務邊緣（SSE）？

And if so, I guess, how should we think about the ballpark uplift to a customer's annual spending? Or just how should we directionally think about that opportunity just because it does seem like you have an installed advantage in the market that maybe we aren't thinking about 6 or 12 months ago?

如果是的話，我想請教我們應該如何看待客戶年度支出的大致提升幅度？或者就方向性而言，該如何看待這個機會？因為看起來你們在市場上有既有安裝基礎的優勢，可能是我們在 6 或 12 個月前還沒有納入考量的。

It's definitely market survey work got feedback. And that's also the reason on the Slide 14, we launched a new bundled service to helping accelerate the SD-WAN and SASE. You can see we combine like four, five different separate service into one bundled service, including some SASE license based on the model of a product from like FortiGate 60G up to like middle-range product.

這確實是市場調查工作所回饋的意見。這也是我們在第 14 頁投影片推出新的組合式服務、以協助加速 SD-WAN 與 SASE 的原因。你可以看到我們把原本四、五個不同的獨立服務整合成一個組合式服務，其中也包含一些 SASE 授權，並且是依據產品機型的模式，例如從 FortiGate 60G 一直到中階產品。

We all come with some kind of SASE license together with all the SD-WAN, whether the underlying service or the application monitor -- yes, so it's a very good observation. Definitely customers starting more turn into the firewall into SD-WAN and also into the SASE zero-trust environment now. So it's kind of helping accelerate additional service.

我們都會搭配某種 SASE 授權，連同所有 SD-WAN 的功能，不論是底層服務或應用程式監控——是的，所以這是很好的觀察。客戶確實開始把防火牆更多地轉向 SD-WAN，也進一步走向 SASE 的零信任環境。因此這有助於加速額外服務的採用。

Also, you can see we also have the slides -- thus, we're tracking the big enterprise, it's Slide 11. You can see the adoption of whether the SASE, SD-WAN with the big enterprise we're tracking. I think last quarter, the SASE, about 16%, quarter-to-quarter is now at 18%. So it's a very strong growth yes, definitely, that's the trend.

另外，你也可以看到我們的投影片——我們在追蹤大型企業的部分在第 11 頁。你可以看到我們追蹤的大型企業對 SASE、SD-WAN 的採用情況。我記得上季 SASE 約為 16%，季對季現在到 18%。所以成長非常強勁，是的，這絕對是趨勢。

And Gray, let me add to that. As we upgrade our customer base, these features become more interesting, and so it allows us also to sell higher the next higher-end model typically for the edge, which is super beneficial for us as well.

Gray，我再補充一下。隨著我們的客戶基礎升級，這些功能變得更具吸引力，因此也讓我們通常能在邊緣端銷售到更高一階的高階機型，這對我們也非常有利。

Joe Gallo, Jefferies.

Joe Gallo，Jefferies。

I just want to unpack the current service billing strength in 1Q. It grew 13%. It was a nice acceleration. What was the driver there? Was that subscription? Was that more support? Was it just moving further away from prior year headwinds? And can we expect that line to further accelerate this year?

我想拆解一下第一季（1Q）目前服務帳單（service billings）的強勁表現。它成長了 13%，加速得很不錯。主要驅動因素是什麼？是訂閱（subscription）？是更多支援（support）？還是只是逐步遠離去年同期的不利因素？以及我們是否可以預期這條線今年會進一步加速？

So it -- I would say it's the strength in the quarter. We had good linearity that helped us a little bit in the current quarter already. And then with a strong overachievement it helps for the rest of the year that our -- that we believe our growth that we are now super confident our growth rates are picking up.

所以——我會說這是本季的強勁表現。我們有不錯的線性度（linearity），這在本季就已經對我們有一些幫助。再加上強勁的超額達成（overachievement），也有助於今年剩餘期間——我們相信、而且我們現在非常有信心，我們的成長率正在回升。

As I said earlier, it takes time, right? So this is where we've adjust at the low end of the range to bring up the midpoint, but it's not that you can get super fast acceleration of the balance sheet, yes. So that we are confident with not only this year, but also the benefits that service billings give us for next year.

如我先前所說，這需要時間，對吧？所以我們在指引區間的低端做了調整、把中點提高，但這並不代表資產負債表可以非常快速地加速，是的。因此我們有信心的不只是今年，服務帳單也會為我們帶來明年的效益。

Okay. And then just as a quick follow-up. I appreciate the historical context you provided earlier on COVID versus now and the need for more cyber. But just more explicitly, did you see a change in buying behavior in 1Q related to people pulling forward because of higher memory costs, and I'm just curious if not, like what are the metrics that you're tracking that give you confidence internally that you haven't really seen a change in buying behavior yet?

好的。接著快速追問一下。我很感謝你先前提供 COVID 時期與現在、以及對更多資安需求的歷史脈絡。但更明確地說，你們在第一季是否看到因記憶體成本上升而出現提前拉貨（pull forward）的購買行為變化？如果沒有，我也好奇你們內部在追蹤哪些指標，讓你們有信心認為目前還沒有真正看到購買行為的改變？

I think, during the COVID, we do see some pull forward, especially like a retail when they have like a deployment, they schedule like for 12 months, they try to order ahead of time, make sure all the products are available for them. But this time, we don't see much pull forward, but we do see the demand pretty strong. And also, we kind of control the -- whether the channel inventory is modest in the market, we don't see an increase there also. So that's what we just try to manage better. At the same time, we just tell customers, we just want to maintain the margin.

我認為在 COVID 期間，我們確實看到一些提前拉貨，尤其像零售業在有部署計畫時，他們會排定例如 12 個月的時程，會嘗試提前下單，確保所有產品都能供應。但這一次我們沒有看到太多提前拉貨，不過我們確實看到需求相當強勁。另外，我們也把通路庫存控制在市場上相對溫和的水位，我們也沒有看到那邊有增加。所以這就是我們努力更好地管理的地方。同時，我們也告訴客戶，我們只是想維持毛利。

We don't want to raise the margin. And like some other suppliers and when the costs higher, we'll raise the price, but also once it come down, we also lower the price in real time. So that's where -- I think we built some good trust with some of the partner, the customer and also the direct model also helping there. So it's difficult to judge how long this will be last, could be longer, could be shorter. But for us, we just operate based on our own kind of healthy margin and also more quick response and the direct operation manufacturing model to get better supporting better to the customer.

我們不想提高毛利。像其他一些供應商在成本上升時會漲價，但一旦成本下降也會即時降價。所以在這方面——我認為我們和一些合作夥伴、客戶之間建立了不錯的信任，而直銷模式也在其中有所幫助。因此很難判斷這會持續多久，可能更久，也可能更短。但對我們而言，我們就是以自身健康的毛利水準來營運，並且透過更快速的反應與直營製造營運模式，來更好地支援客戶。

Junaid Siddiqui, Truist.

Junaid Siddiqui，Truist。

Ken, you mentioned in the past how the edge is eating the cloud as customers move latency-sensitive and cost-intensive workloads to the edge. My question is, how are you adapting your security architecture to support this shift to capture this demand redistribution? And does this shift meaningfully change the value proposition or monetization opportunities at the edge versus traditional data center deployments?

Ken，你過去提到，隨著客戶把對延遲敏感、成本密集的工作負載移到邊緣端，邊緣正在「吞噬」雲端。我的問題是，你們如何調整安全架構以支援這個轉移，從而掌握這種需求重新分配？另外，這種轉移是否會在邊緣端相較於傳統資料中心部署，對價值主張或變現機會帶來實質性的改變？

Yes, the edge eating cloud is more because kind of built ASIC for like 20, 30 years because we want to increase the computing power and also real-time processing on the appliance on edge. That's got a lot of criticized before which -- why this kind of big long-term investment compared to whether the cloud, but definitely, the AI and also kind of the new trend, you see the edge, the hardware starting to show better value now.

是的，所謂邊緣吞噬雲端，更多是因為我們在過去大約 20、30 年一直在打造 ASIC，因為我們希望提升運算能力，並在邊緣端的設備上進行即時處理。過去這點曾受到很多批評——為什麼要做這種長期的大投資、相較於雲端而言——但很明顯地，AI 以及一些新趨勢之下，你會看到邊緣端硬體現在開始展現更好的價值。

So that's a few -- we'll continue keeping the same strategy we have, keep investing in the ASIC, keeping invest in the hardware appliance. And also kind of -- because a lot of new like what you call the physical AI or some hardware, they do need to use edge computing to the real-time computing decision there instead of trying to go to the cloud to do some kind of cloud, they're more for the management side. So that's where we see the new trend, especially like OT, you see the strong growth in OT, over 70%.

所以有幾點——我們會持續維持既有策略，持續投資 ASIC，持續投資硬體設備。同時——因為很多新的、你所謂的實體 AI（physical AI）或某些硬體，它們確實需要使用邊緣運算來做即時的運算決策，而不是嘗試把資料送到雲端去做某種雲端運算；雲端更多是用在管理端。因此我們看到新的趨勢，尤其是在 OT，你看到 OT 的強勁成長，超過 70%。

A lot of them have to deploy in the field and manage the traffic in real time on edge. So that we see pretty strong growth. I have to say it's kind of a hybrid approach. It's not. It's never 100% on the cloud, never 100% on the edge.

其中很多必須在現場部署，並在邊緣端即時管理流量。因此我們看到相當強勁的成長。我必須說這是一種混合式做法。它不是——永遠不會 100% 在雲端，也永遠不會 100% 在邊緣端。

But kind of both side has a value. I just feel like a few years ago, there's too much talk, emphasis on the cloud, some competitors even thinking the cloud only, I don't feel that's the case. That's where we're keeping insist on investing the ASIC, invest in the system hardware side. Now the customer, the partner see the benefit of this hybrid approach.

而是兩邊都有其價值。我只是覺得幾年前大家對雲端的討論與強調太多了，有些競爭對手甚至認為只需要雲端，我不覺得情況是那樣。因此我們才會持續堅持投資 ASIC、投資系統硬體端。現在客戶與合作夥伴也看到了這種混合式方法的好處。

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

目前沒有其他問題。我現在把電話交回給 Anthony Luscri 作結語。

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 will be posted on the Events and Presentations section of our investor website. If you have any follow-up questions, please feel free to contact me, and have a great day.

謝謝。感謝各位參加今天的電話會議。我們將在第二季參加由摩根大通（JPMorgan）與美國銀行（Bank of America）主辦的投資人會議。爐邊談話（fireside chat）的網路直播將會發布在我們投資人網站的「活動與簡報」（Events and Presentations）專區。如有任何後續問題，歡迎隨時與我聯繫，祝各位有美好的一天。