Fortinet, Inc. (FTNT) 2026 Q2 法說會逐字稿

Hello and welcome to the Fortinet second-quarter 2026 earnings conference call. At this time, all participants are in a listen only mode. After the speaker's presentation, we will conduct a question-and-answer session. Please be advised that this call is being recorded.

您好，歡迎參加 Fortinet 2026 年第二季財報電話會議。目前所有與會者皆處於僅收聽模式。在講者簡報結束後，我們將進行問答環節。敬請注意，本次電話會議將被錄音。

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

現在我想將電話會議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 second quarter 2026 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. Ken will begin our call today by providing a high level perspective on our business. Christiane will then review our financial results for the second quarter of 2026 before providing guidance for the third quarter and updating full year. We will then open the call for questions. During the Q&A session, we'll ask that you please limit yourself to one question and one follow up question to allow others to participate.

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 年第二季財務業績。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 年第二季的財務結果，並提供第三季展望及更新全年指引。之後我們將開放提問。在問答環節中，為了讓更多人能參與，請各位每人限問一個問題，並可再追問一個問題。

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，我想提醒各位，今天的電話會議將包含前瞻性陳述，而這些前瞻性陳述受到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美國證券交易委員會（SEC）提交的文件，特別是最新的 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簡報日期的觀點；我們不承擔、並明確聲明不承擔更新任何前瞻性陳述的義務。

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

此外，除非另有說明，我們在今天電話會議中提及的所有財務指標均為非 GAAP。我們的 GAAP 結果以及 GAAP 與非 GAAP 的調節表，載於我們的財報新聞稿及隨今日發言提供的簡報中，兩者皆已發布於我們的投資人關係網站。

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.

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電話會議結束後，發布於我們投資人關係網站的「季度財報」專區。最後，除非另有註明，所有成長相關的提法均以年對年為基準。

I will now turn the call over to Ken.

現在我把電話會議交給 Ken。

Thank you, Anthony, and thank you to everyone for joining our call. We are very pleased with our excellent second-quarter result, driven by our differentiated strategy and innovation, strong execution, and broad-based demand. Billings grew 33% while total revenue increased 26%, propelled by 52% growth in product revenue. Free cash flow more than tripled year over year to nearly $1 billion. Based on this strong momentum, we have raised our 2026 guidance.

謝謝你，Anthony，也感謝各位參加我們的電話會議。我們對第二季優異的成果感到非常滿意，這得益於我們差異化的策略與創新、強勁的執行力，以及廣泛的市場需求。帳單金額（billings）成長 33%，總營收成長 26%，其中產品營收成長 52% 是主要推動力。自由現金流年增超過三倍，接近 10 億美元。基於這股強勁動能，我們已上調 2026 年的指引。

With AI quickly reshaping the security landscape, I would like to offer another angle on the network security space and its trends by combining our Secure Networking and Unified SASE pillar which both run on the same FortiOS, to create what we are calling the SASE Firewall. Similar to UTM next-generation firewalls replacing the traditional network based firewall 20 years ago, I believe this new SASE Firewall, which addresses the fast growing areas of SASE, AI, and quantum, represent another massive opportunity for accelerated growth with a much larger total addressable market, as shown on slides 4 to 6 of the investor presentation.

隨著 AI 快速重塑資安版圖，我想透過另一個角度來看網路安全領域及其趨勢：我們將同樣運行於 FortiOS 的「安全網路（Secure Networking）」與「統一 SASE（Unified SASE）」兩大支柱結合，打造我們稱之為「SASE 防火牆（SASE Firewall）」的概念。就像 20 年前 UTM 次世代防火牆取代傳統網路型防火牆一樣，我相信這個新的 SASE 防火牆，聚焦於快速成長的 SASE、AI 與量子等領域，代表另一個龐大的加速成長機會，且其可服務總市場（TAM）更大，如投資人簡報第 4 至第 6 頁所示。

In the second quarter, our Fortinet's SASE Firewall business grew 34% to over $2 billion, cementing our position as a top player in this space. What makes Fortinet's SASE Firewall unique compared to other competitors' SASE and firewall solution is that we are the only vendor to develop all key components of the SASE Firewall in-house and integrate them into a single operating system, FortiOS. Furthermore, we have developed our FortiASIC technology and invested in our own global infrastructure to accelerate the performance and lower the cost, making adoption and migration seamless for our large global customer base as shown on slides 10 and 11.

在第二季，Fortinet 的 SASE 防火牆業務成長 34%，規模超過 20 億美元，鞏固了我們在此領域的領先地位。相較於其他競爭對手的 SASE 與防火牆解決方案，Fortinet 的 SASE 防火牆之所以獨特，在於我們是唯一一家自行研發 SASE 防火牆所有關鍵元件，並將其整合至單一作業系統 FortiOS 的供應商。此外，我們開發了 FortiASIC 技術並投資自有的全球基礎設施，以提升效能並降低成本，讓我們龐大的全球客戶群能更順暢地採用與遷移，如第 10 與第 11 頁所示。

Another key advantage of the SASE Firewall is that we are the only vendor offering an easily deployable on-premise sovereign SASE solution together with the cloud SASE, as we announced yesterday, the new FortiGate 1200G, the next generation SASE Firewall that combines local enforcement with cloud delivered security to meet evolving customer demand for data privacy, performance, and AI infrastructure management. We believe this has driven strong product growth recently and has an addressable market that is approximately 2 to 3 times larger than the cloud-only SASE or competitive offering, and we continue to win SASE deal versus all of the SASE top competitors.

SASE 防火牆的另一項關鍵優勢是：我們是唯一同時提供易於部署的地端主權 SASE（on-premise sovereign SASE）解決方案與雲端 SASE 的供應商。正如我們昨日宣布的新產品 FortiGate 1200G，這是一款次世代 SASE 防火牆，結合本地端強制執行（local enforcement）與雲端交付的安全防護，以滿足客戶對資料隱私、效能與 AI 基礎設施管理不斷演進的需求。我們相信這也帶動了近期強勁的產品成長，其可服務市場規模約為僅雲端 SASE 或競品方案的 2 到 3 倍；同時我們也持續在 SASE 專案中擊敗所有主要 SASE 競爭對手。

We also see strong demand across our other strategic pillar, AI-driven Security Op, which had built-in growth of 25%, supported by over 20 AI-enabled solution on our platform. As customers consolidate vendors and simplify operations, we recently launched FortiSOC, a new cloud-delivered AI SOC platform, and expanded our FortiEndpoint with new capabilities. As organizations deploy and use AI tools throughout their operations, they realize they must modernize their security to handle the complex, high speed threats of the AI era. Fortinet is uniquely positioned here as our FortiOS platform and FortiAI technology allow enterprises to securely scale their next-generation AI environments with faster and better protection and simplified operations.

我們也看到另一個策略支柱「AI 驅動的安全營運（AI-driven Security Op）」需求強勁，內生成長（built-in growth）達 25%，並由我們平台上超過 20 項 AI 賦能（AI-enabled）解決方案所支撐。隨著客戶整併供應商並簡化營運，我們近期推出 FortiSOC——一個新的雲端交付 AI SOC 平台，並為 FortiEndpoint 擴增新功能。當組織在營運中部署並使用 AI 工具時，他們意識到必須現代化其安全架構，以因應 AI 時代複雜且高速的威脅。Fortinet 在此具備獨特優勢，因為我們的 FortiOS 平台與 FortiAI 技術可協助企業安全擴展其次世代 AI 環境，提供更快、更佳的防護並簡化營運。

Looking ahead, we believe the combination of AI driven security demand, our integrated and accelerated SASE Firewall platform solution, and our strong operating model position us well for long-term balanced growth with strong cash generation, recurring revenue, and a shareholder-focused, long-term capital allocation strategy where we consistently deliver GAAP profitability. I would like to thank our employees, customers, partners, and suppliers worldwide for their continued support and hard work.

展望未來，我們相信 AI 驅動的資安需求、我們整合且加速的 SASE 防火牆平台解決方案，以及我們強健的營運模式，將使我們在長期實現均衡成長方面具備良好定位，同時帶來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資本配置策略，並持續實現 GAAP 獲利。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辛勤付出。

I will now turn the call over to Christiane.

現在我把電話會議交給 Christiane。

Thank you, Ken, and good afternoon, everyone. We delivered a strong second quarter, exceeding the high end of our guidance across billings, total revenue, operating margin, and earnings per share. Our continued momentum reflects broad-based demand and strong execution across customer segments, industry verticals, geographies, and our integrated and innovative portfolio of solutions, further validating the strength of our platform strategy. Total billings grew 33% to $2.37 billion, driven by robust demand for physical infrastructure and related attached services across Secure Networking and Unified SASE.

謝謝你，Ken，各位下午好。我們交出強勁的第二季成績，在帳單金額（billings）、總營收、營業利益率與每股盈餘等各項指標上，皆超越指引區間的上緣。我們持續的動能反映出在客戶類別、產業垂直領域、地理區域，以及我們整合且創新的解決方案組合上，皆有廣泛需求與強勁執行力，進一步驗證我們平台策略的實力。總帳單金額成長 33% 至 23.7 億美元，主要由安全網路與統一 SASE 中對實體基礎設施及其相關附加服務（attached services）的強勁需求所帶動。

We delivered exceptional billings growth across each of our three pillars in the first quarter, followed by an even stronger accelerating growth rate in each of the pillars in the second quarter. Secure Networking billings grew 34%. We saw persistent high FortiGate demand as customers expanded their network security, including operational technology environments, LAN Edge, and AI data centers. OT billings increased over 55%, reflecting continued adoption of our solutions in industrial environments, with high contribution to growth.

我們在第一季於三大支柱皆實現卓越的帳單金額成長，第二季各支柱的成長率更進一步加速、表現更為強勁。安全網路的帳單金額成長 34%。隨著客戶擴大其網路安全部署（包括營運技術環境、LAN Edge 與 AI 資料中心），我們看到 FortiGate 需求持續維持高檔。OT 帳單金額成長超過 55%，反映我們解決方案在工業環境中的持續採用，並對成長有高度貢獻。

We also saw outstanding strength in Unified SASE, where momentum built throughout the quarter, resulting in 35% billings growth. Adoption of FortiSASE within our installed base increased to 19% of large enterprises. Our success is highlighted by FortiSASE billings growing over 100%, benefiting from expansion sales across our installed base, competitive replacements, and new wins with large enterprises. This momentum was driven by customers recognizing us for our continued investments into flexible deployment strategies for SASE, including our new SASE Firewall strategy.

我們也在統一 SASE 看到極為亮眼的強勢表現，動能在整個季度持續累積，最終帶動帳單金額成長 35%。在我們的既有客戶基礎中，大型企業採用 FortiSASE 的比例提升至 19%。我們的成功也體現在 FortiSASE 帳單金額成長超過 100%，受惠於既有客戶基礎的擴充銷售、競品替換，以及與大型企業的新案勝出。這股動能來自客戶認可我們持續投入更具彈性的 SASE 部署策略，包括我們新的 SASE 防火牆策略。

The SASE Firewall natively converges firewall, SASE, and hybrid mesh capabilities to protect users, applications, and data across the data center, cloud, and remote workforce. Instead of juggling high-volume east-west traffic up to a cloud POP and back, it inspects and enforces security locally while seamlessly leveraging SASE for outbound traffic. Billings from AI-driven Security Operations grew 25%, driven by strong upsell momentum as our installed base increasingly consolidates point solutions onto our broader platform.

SASE 防火牆原生整合防火牆、SASE 與混合網狀（hybrid mesh）能力，以保護資料中心、雲端與遠端員工之間的使用者、應用程式與資料。相較於將大量東西向流量上送至雲端 POP 再回傳的作法，它可在本地進行檢測並落實安全控管，同時針對對外（outbound）流量無縫運用 SASE。AI 驅動的安全營運（Security Operations）之帳單金額（billings）成長 25%，主要受惠於強勁的加購（upsell）動能，因為我們的既有客戶基礎正日益將各種點狀解決方案整併至我們更廣泛的平台上。

Turning to revenue, total revenue grew 26% to $2.05 billion, with product revenue increasing 52% to $773 million. Accelerating product revenue benefited from strong FortiGate unit growth and an increase in ASPs as customers shifted towards higher performing models. Customer investments to secure AI workloads and mitigate AI-related risks drove both new business and upgrade activity across our installed base, supporting growth across hardware, software, and attached services. Service revenue grew 14% to $1.27 billion, with growth improving from the prior quarter. Service billings growth increased 26%, and total deferred revenue increased 17%.

談到營收，總營收成長 26% 至 20.5 億美元，其中產品營收成長 52% 至 7.73 億美元。產品營收加速成長受惠於 FortiGate 出貨量強勁成長，以及客戶轉向更高效能機型帶動 ASP（平均銷售價格）提升。客戶為確保 AI 工作負載安全並降低 AI 相關風險而增加投資，帶動新業務與既有客戶基礎的升級活動，支撐硬體、軟體與附加服務的成長。服務營收成長 14% 至 12.7 億美元，且成長較前一季改善。服務帳單金額成長提升至 26%，遞延營收總額成長 17%。

This quarter's improved service revenue alongside robust product momentum and operational improvements driving revenue conversion reinforces our confidence in the long-term durability of our service business. We believe the first quarter of 2026 marked a trough for our service revenue growth rate, and we anticipate a positive trajectory in our growth rates going forward.

本季服務營收改善，加上強勁的產品動能與推動營收轉換的營運改善，進一步強化我們對服務業務長期韌性的信心。我們認為 2026 年第一季是服務營收成長率的谷底，並預期未來成長率將呈現正向走勢。

Taking a step back, our results reflect strong ongoing momentum from the durable market themes shaping customer priorities. Today, bad actors are leveraging AI to automate and scale sophisticated attacks, increasing the speed and complexity of threats facing organizations. Consequently, cybersecurity has become an urgent business priority with high visibility at the executive and board levels, driving faster investment decisions. In addition, regulatory activity requires companies to act. In response, enterprises are increasingly upgrading their network security infrastructure to support the demands of AI driven workloads and growing data volumes, more complex distributed environments, and the need for stronger network segmentation.

回過頭來看，我們的業績反映出由多項具持久性的市場主題所帶動的強勁且持續的動能，這些主題正在形塑客戶的優先事項。目前，不法分子正利用 AI 自動化並擴大複雜攻擊，使組織面臨的威脅速度更快、複雜度更高。因此，資安已成為迫切的企業優先事項，在高階主管與董事會層級具有高度能見度，進而推動更快速的投資決策。此外，監管活動也要求企業採取行動。作為回應，企業正日益升級其網路安全基礎架構，以支援 AI 驅動工作負載與不斷成長的資料量、更複雜的分散式環境，以及更強的網路分段需求。

Our strong second-quarter results and our outlook continue to reflect several important market dynamics, including the ongoing convergence of networking and security, increased investments to secure AI infrastructure, accelerating IT and OT convergence, and growing demand for high-performance security solutions that address evolving compliance and sovereignty requirements. The sovereignty theme is especially concentrated in EMEA and across public sector customers globally, playing directly into our strong market position in the region and that customer segment. As we look ahead, we continue to see these market dynamics gaining momentum, supported by ongoing technology upgrades, vendor consolidation, and the continued expansion of enterprise attack surfaces across cloud, AI, OT, and critical infrastructure environments. AI is becoming a dominant driver of security infrastructure modernization.

我們第二季的強勁表現與展望，持續反映多項重要市場動態，包括網路與安全的持續融合、為保護 AI 基礎架構而增加的投資、IT 與 OT 融合加速，以及對高效能安全解決方案的需求提升，以因應不斷演進的合規與主權（sovereignty）要求。主權主題在 EMEA 地區以及全球公共部門客戶中特別集中，這與我們在該區域及該客戶族群的強勢市場地位高度契合。展望未來，我們持續看到這些市場動態動能增強，並受到持續的技術升級、供應商整併，以及企業在雲端、AI、OT 與關鍵基礎設施環境中攻擊面持續擴大的支撐。AI 正成為推動安全基礎架構現代化的主導力量。

As organizations move from AI experimentation and early adoption toward broader deployment, they require security platforms capable of protecting AI models and datasets while securing large volumes of east west traffic and enforcing Zero Trust segmentation across distributed AI workloads. To navigate this growing complexity, customers are progressively looking for integrated platforms that provide shared telemetry, improved visibility, and reduced operational overhead. Fortinet addresses these evolving needs with a comprehensive strategy centered on three core areas: securing AI data centers, protecting AI-driven applications, and delivering AI native Security Operations.

隨著組織從 AI 試驗與早期採用走向更廣泛部署，他們需要能夠保護 AI 模型與資料集的安全平台，同時確保大量東西向流量安全，並在分散式 AI 工作負載上落實零信任（Zero Trust）分段。為因應日益增加的複雜性，客戶正逐步尋求整合式平台，以提供共享遙測（telemetry）、更佳可視性並降低營運負擔。Fortinet 以涵蓋三大核心領域的完整策略回應這些演進需求：保護 AI 資料中心、保護 AI 驅動的應用程式，以及提供 AI 原生的安全營運（Security Operations）。

For example, a new cloud provider offering hosted infrastructure for generative AI workloads selected Fortinet to secure AI data centers in an eight-figure with. This builds on a seven-figure deal we secured in the first quarter, further enabling the customer's rapid expansion. They chose Fortinet for our strong price-for-performance advantage and our ability to deliver scalable, high-throughput security. This enables the customer to accelerate deployment of new capacity while maintaining consistent security and operational efficiency as demand for accelerated computing continues to grow.

例如，一家提供生成式 AI 工作負載託管基礎架構的新雲端服務供應商，選擇 Fortinet 以一筆八位數金額的交易來保護其 AI 資料中心。這是在我們第一季取得的一筆七位數交易基礎上延伸，進一步協助客戶快速擴張。他們選擇 Fortinet，原因在於我們具備優異的性價比（price-for-performance）優勢，以及提供可擴展、高吞吐量安全能力。這使客戶能在加速運算需求持續成長之際，加快新增產能部署，同時維持一致的安全性與營運效率。

This expansion reflects a broader theme we saw in the quarter, with many AI data center wins from customers scaling their AI infrastructure. AI is creating demand for high-performance security solutions that serve as the foundation for secure, compliant infrastructure. As organizations gain greater awareness of AI-enabled technologies, security teams are accelerating investments to ensure the infrastructure can deliver the performance and protection required for the next generation of threats which also requires SASE technologies. To meet this critical need for high-performance security, Fortinet supports complex customer requirements through cloud-based, hybrid, on premises, and sovereign SASE offerings, enabling organizations to deploy SASE in the environments that best meet their operational and regulatory needs.

這項擴張反映出我們本季看到的更廣泛趨勢：許多 AI 資料中心的勝出案來自正在擴大其 AI 基礎架構的客戶。AI 正創造對高效能安全解決方案的需求，作為安全且合規基礎架構的基石。隨著組織對 AI 賦能技術的認知提升，資安團隊正加速投資，以確保基礎架構能提供下一代威脅所需的效能與防護，而這也需要 SASE 技術。為滿足此一對高效能安全的關鍵需求，Fortinet 透過雲端式、混合式、地端（on-premises）與主權 SASE 產品支援複雜的客戶需求，使組織能在最符合其營運與法規需求的環境中部署 SASE。

Customer demand continues to grow with our flexible deployment approach, representing a meaningful differentiator. In a competitive displacement win, a global pharmaceutical company signed a seven-figure FortiSASE deal to secure over 45,000 users, replacing its incumbent SSE-only provider. The customer chose Fortinet for our unified architecture and integrated platform approach across SD-WAN, next-generation firewall, and switching, which reduces complexity and delivers significant cost savings versus managing multiple point solutions. A key differentiator in this SASE win was our ability to extend security processing to the Edge through our on-premises appliances, providing greater control, improved performance, and deeper visibility compared to a cloud-only architecture. This deal validates our strategic rollout of FortiSASE Outpost, which is specifically engineered to bring local SASE enforcement closer to users and applications.

在我們彈性的部署方式下，客戶需求持續成長，這是一項重要的差異化優勢。在一項競爭性替換（competitive displacement）的勝出案中，一家全球製藥公司簽下七位數的 FortiSASE 交易，以保護超過 45,000 名使用者，並取代其原本僅提供 SSE 的供應商。客戶選擇 Fortinet，原因在於我們在 SD-WAN、次世代防火牆與交換器之間的統一架構與整合式平台方法，可降低複雜度，並相較於管理多個點狀解決方案帶來顯著成本節省。此一 SASE 勝出案的關鍵差異化在於，我們能透過地端設備將安全處理延伸至邊緣（Edge），相較於純雲端架構提供更高的控制力、更佳效能與更深度的可視性。此交易驗證了我們對 FortiSASE Outpost 的策略性推廣；該方案專為將本地 SASE 控管更貼近使用者與應用程式而設計。

This win also highlights our platform advantage, as we were the only vendor able to meet the customer's full set of technical requirements while enabling centralized management, simplified operations, and enhanced end-user experience.

此一勝出案也凸顯我們的平台優勢，因為我們是唯一能在滿足客戶完整技術需求的同時，提供集中式管理、簡化營運並提升終端使用者體驗的供應商。

Beyond AI and SASE, OT Security remains a critical business and board-level risk priority. The threat landscape has expanded beyond traditional OT environments into critical infrastructure, supply chains, and manufacturing operations. With Fortinet's integrated platform approach, customers gain visibility across both their OT and IT networks. Consequently, we continue to see strong demand across our OT portfolio and related services driven by the combination of increasing cyber threats, AI adoption, and geopolitical uncertainty.

除 AI 與 SASE 之外，OT 安全仍是關鍵的業務風險與董事會層級的優先事項。威脅態勢已從傳統 OT 環境擴大至關鍵基礎設施、供應鏈與製造營運。透過 Fortinet 的整合式平台方法，客戶可同時掌握其 OT 與 IT 網路的可視性。因此，在網路威脅增加、AI 採用與地緣政治不確定性等因素共同驅動下，我們持續看到 OT 產品組合及相關服務的強勁需求。

In a seven-figure deal, a major utility organization selected Fortinet to support a large-scale communications modernization OT initiative, spanning thousands of distributed field locations. The deployment leverages our integrated FortiOS platform to enable reliable, secure connectivity for operational environments while simplifying management and reducing infrastructure complexity. This engagement demonstrates Fortinet's ability to support mission-critical infrastructure initiatives. Our strong results highlight our continued execution against the durable market themes shaping the cybersecurity industry. This is reflected in our service acceleration in the second quarter and our improved services outlook for the year, reinforcing the compounding strength and high-margin predictability of our recurring revenue model.

在一筆七位數交易中，一家大型公用事業機構選擇 Fortinet 以支援一項大規模通訊現代化的 OT 計畫，涵蓋數千個分散式現場據點。該部署運用我們整合的 FortiOS 平台，為營運環境提供可靠且安全的連線，同時簡化管理並降低基礎架構複雜度。此一合作展現 Fortinet 支援關鍵任務（mission-critical）基礎設施計畫的能力。我們的強勁表現凸顯我們持續落實執行那些形塑資安產業的持久市場主題。這反映在第二季服務加速成長，以及我們對全年服務展望的改善，進一步強化我們經常性收入模式的複利式強度與高毛利可預測性。

As organizations navigate AI adoption, expanding attack surfaces, evolving regulatory requirements, and complex infrastructure environments, we believe Fortinet's integrated platform approach positions us well to capture share, deliver sustained growth, and create long-term shareholder value.

在組織因應 AI 採用、攻擊面擴大、法規要求演進與複雜的基礎架構環境之際，我們相信 Fortinet 的整合式平台方法使我們具備良好定位，可望提升市占、實現持續成長，並創造長期股東價值。

Turning to margins and cash flow, non-GAAP gross margin of 80.9% exceeded the high end of guidance, while GAAP gross margin was also strong at 80.2%. Non-GAAP operating margin of 38% was a second-quarter record, up 490 basis points. This performance exceeded the high end of our guidance, driven by stronger-than-expected revenue growth, disciplined cost management, and growing efficiencies from our AI initiatives. Moreover, our GAAP operating margin of 33.7% continues to be one of the highest in the industry.

談到毛利率與現金流，非 GAAP 毛利率 80.9% 高於指引區間上緣，而 GAAP 毛利率同樣強勁，達 80.2%。非 GAAP 營業利益率 38% 創第二季新高，上升 490 個基點。此表現超越我們指引區間上緣，主要受惠於高於預期的營收成長、嚴謹的成本管理，以及 AI 計畫帶來的效率提升。此外，我們的 GAAP 營業利益率 33.7% 仍為業界最高水準之一。

The strong operating performance translated to the bottom line. Non-GAAP earnings per share increased 41% to $0.90, while GAAP earnings per share grew 44% to $0.82, significantly outpacing our top-line growth, reflecting high-quality earnings supported by disciplined stock-based compensation and continued capital return over the past year. Free cash flow more than tripled year over year to $966 million, benefiting from improved linearity, higher billings, and strong working capital discipline. Adjusted free cash flow was $996 million, representing an exceptional margin of 49%.

強勁的營運表現也反映在最終獲利上。Non-GAAP 每股盈餘成長 41% 至 0.90 美元，而 GAAP 每股盈餘成長 44% 至 0.82 美元，顯著超越我們的營收成長，反映出高品質的獲利，並受惠於嚴謹的股票基礎薪酬管理以及過去一年持續的資本回饋。自由現金流年增逾三倍至 9.66 億美元，受惠於線性度改善、帳單金額提高，以及強勁的營運資金紀律。調整後自由現金流為 9.96 億美元，代表高達 49% 的卓越利潤率。

We repurchased 1.9 million shares of common stock for $146 million during the second quarter and 12.5 million shares for $973 million year to date, which represents an average price for repurchases this year of around $78 per share. The remaining share repurchase authorization as of today is approximately $766 million.

我們在第二季以 1.46 億美元回購 190 萬股普通股，今年迄今以 9.73 億美元回購 1,250 萬股，代表今年回購的平均價格約為每股 78 美元。截至今日，剩餘的股票回購授權約為 7.66 億美元。

Now moving on to guidance. As a reminder, our third quarter and full-year outlooks, which are summarized on slides 23 and 24, are subject to the disclaimers regarding forward-looking information that was provided at the beginning of the call.

接下來談指引。提醒一下，我們第三季與全年展望（摘要於投影片 23 與 24）均受本次電話會議開場時所提供之關於前瞻性資訊的免責聲明所約束。

Consistent with our disciplined and prudent approach to guidance, our strong first half of the year supports a higher full-year outlook. We are raising our guidance across all top-line metrics, including billings, revenue, and service revenue, as well as operating margin and earnings per share, while managing the remainder of the year on a quarter-by-quarter basis. This quarter's improved service revenue growth, along with a strong outlook, allows us to raise our service revenue guidance, reflecting a positive trajectory in our service revenue growth rates.

秉持我們在指引上一貫自律且審慎的作法，上半年強勁表現支持我們上調全年展望。我們上調所有營收端指標的指引，包括帳單金額、營收與服務營收，同時也上調營業利潤率與每股盈餘，並以逐季方式管理今年剩餘期間。本季服務營收成長改善，加上強勁展望，使我們得以上調服務營收指引，反映服務營收成長率的正向趨勢。

For the third quarter, we expect billings in the range of $2.25 billion to $2.35 billion, which at the midpoint represents growth of 27%. Revenue in the range of $2.01 billion to $2.10 billion, which at the midpoint represents growth of 19%. Non-GAAP gross margin of 79% to 81%. Non-GAAP operating margin of 35% to 37%. Non-GAAP earnings per share of $0.83 to $0.87, which assumes a share count between 741 million and 745 million.

第三季方面，我們預期帳單金額介於 22.5 億至 23.5 億美元，中位數代表成長 27%。營收介於 20.1 億至 21.0 億美元，中位數代表成長 19%。Non-GAAP 毛利率為 79% 至 81%。Non-GAAP 營業利潤率為 35% 至 37%。Non-GAAP 每股盈餘為 0.83 至 0.87 美元，假設股數介於 7.41 億至 7.45 億股。

Infrastructure investments of $100 million to $150 million, non-GAAP tax rate of 18%, and cash taxes of $100 million to $130 million. For the full year, we expect billings in the range of $9.35 billion to $9.55 billion, which at the midpoint represents growth of 25%. Revenue in the range of $8.02 billion to $8.18 billion, which at the midpoint represents growth of 19%.

基礎設施投資為 1.0 億至 1.5 億美元，Non-GAAP 稅率為 18%，現金稅為 1.0 億至 1.3 億美元。全年方面，我們預期帳單金額介於 93.5 億至 95.5 億美元，中位數代表成長 25%。營收介於 80.2 億至 81.8 億美元，中位數代表成長 19%。

Service revenue in the range of $5.18 billion to $5.22 billion, which at the midpoint represents growth of 14%. We continue to expect service revenue growth to pick up in the second half of the year, driven by accelerated product revenue growth, a key leading indicator. Non-GAAP gross margin of 79% to 81%, non-GAAP operating margin of 35% to 37%. Non-GAAP earnings per share of $3.41 to $3.47, which assumes a share count between 741 million and 745 million.

服務營收介於 51.8 億至 52.2 億美元，中位數代表成長 14%。我們仍預期服務營收成長將在下半年加速，主要受產品營收成長加快所帶動，而產品營收是關鍵的領先指標。Non-GAAP 毛利率為 79% 至 81%，Non-GAAP 營業利潤率為 35% 至 37%。Non-GAAP 每股盈餘為 3.41 至 3.47 美元，假設股數介於 7.41 億至 7.45 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.

基礎設施投資為 3.5 億至 5.5 億美元，Non-GAAP 稅率為 18%，現金稅為 4.0 億至 4.5 億美元。

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

我現在把電話交回給 Anthony，開始問答環節。

Thank you, Christiane. As a reminder, during the Q&A session, we will 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，為了讓更多人參與，我們請各位僅限一個問題以及一個追問。接線員，請開放提問。

(Operator Instructions) Saket Kalia, Barclays.

（接線員指示）Saket Kalia，Barclays。

Well, hey, thanks for taking my question here, and congrats on another strong quarter. Ken, maybe for you on that point. This is the second quarter in a row of accelerating billings and product growth. And we've all talked about things like AI data centers, OT, and other trends, but I'm curious, what do you think is driving the accelerating growth here? And just as importantly, how durable could this be?

嗨，謝謝讓我提問，也恭喜你們又交出一個強勁的季度。Ken，或許這題請你回答。這已是連續第二季帳單金額與產品成長加速。我們都談過像是 AI 資料中心、OT 以及其他趨勢，但我很好奇，你認為是什麼在推動這裡的加速成長？同樣重要的是，這樣的動能可能有多持久？

Yes, Saket, it's a very good question. We also spend a lot of time try to study whether it's a new market trend or it's a supply or the other things. We do believe the growth actually is long-term for Fortinet. Definitely you see the AI change a lot of our security landscape. And also, with our investment from the ASIC chip, from our own infrastructure, from the R&D innovation, we also position much better than any of our other competitors. That's also the reason I try to call a new term, which I'm not sure everybody would like. That is a SASE firewall.

是的，Saket，這是個非常好的問題。我們也花了很多時間研究這究竟是新的市場趨勢，還是供給或其他因素所致。我們確實相信，這樣的成長對 Fortinet 而言是長期的。你肯定看到 AI 正在大幅改變我們的資安版圖。同時，透過我們在 ASIC 晶片、自有基礎設施以及研發創新上的投資，我們的定位也比其他競爭對手更有優勢。這也是我嘗試提出一個新名詞的原因，雖然我不確定每個人都會喜歡。那就是 SASE 防火牆。

You can see on the investor slides, number 6, I believe. These new platforms are then replacing the traditional next-gen firewall, and also replace a lot of single solution SD-WAN vendor and also competing quite well with all the cloud SASE provider, which Christiane gave the example in some global company. The cloud-only SASE solution cannot meet the customer requirement, which they need to have data privacy. They need to process a lot of information locally instead of sent to the cloud. So that's drive the change in the whole landscape. And we do believe it's the growth quite long-term, just like 20 years ago. The UTM next-gen firewall replaced the traditional net-based firewall.

你可以在投資人投影片上看到，我記得是第 6 頁。這些新平台正在取代傳統的次世代防火牆，也取代許多單一解決方案的 SD-WAN 供應商，並且也能與所有雲端 SASE 供應商競爭得相當好；Christiane 也以某家全球性公司為例說明過。純雲端的 SASE 解決方案無法滿足客戶需求，因為他們需要資料隱私。他們需要在本地處理大量資訊，而不是送到雲端。因此這正在推動整個版圖的改變。我們相信這樣的成長會相當長期，就像 20 年前一樣。當時 UTM 次世代防火牆取代了傳統的網路型防火牆。

Got it. That's very helpful. Christiane, maybe my follow-up for you. Hopefully your team has gotten you a little cup of tea or a cup of water there. Maybe the follow-up for you is, how are you thinking about the impact of price increases on your product growth for Q3 and Q4? I think there have been a couple price increases, of course, to reflect the higher input costs. But curious how you're thinking about the impact here as we go into the second half.

了解。這非常有幫助。Christiane，我的追問可能想請教你。希望你的團隊有幫你準備一小杯茶或一杯水。我的追問是，你如何看待漲價對第三季與第四季產品成長的影響？我想你們當然有做過幾次漲價，以反映較高的投入成本。但我想了解，進入下半年後，你們如何評估這裡的影響？

Yeah. We have approximately high single digits impact built into our billings assumptions for the second half. And it's very dependent on product mix and what is being sold because, yes, there were price increases, but they were not for every product and every service. So it really depends on what's going. And this is why also, if you look back at my prepared remarks, we saw really good unit growth, and we saw good ASP growth from moving higher in the various product mixes. So that's a good sign also that the customers are preparing for more network traffic than previously.

是的。我們在下半年帳單金額的假設中，已納入約高個位數的影響。而這非常取決於產品組合與實際銷售內容，因為確實有漲價，但並非針對每一項產品與每一項服務。所以真的要看實際情況。這也是為什麼，如果你回頭看我事先準備的發言，我們看到非常好的出貨量（unit）成長，也看到因為產品組合往較高階移動而帶來不錯的 ASP 成長。這也顯示客戶正在為比以往更多的網路流量做準備，是一個正向訊號。

Also, we kind of building the trust with our partner, with our customer. So we just want to maintain the same growth margin. That's where we kind of real time adjust the price based on some component cost, like memory. If the price going down, we also real time drop in the price. That's also we don't see any excess inventory or pull forward, because we told the partner customer there's no need to really take extra inventory. Also, we have a policy, we tend to start charging 90 days after shipment for some kind of service supporting. That's where there's no incentive to keep extra inventory.

另外，我們也在與合作夥伴、與客戶建立信任。因此我們只是希望維持相同的成長毛利率水準。這也是我們會根據某些零組件成本（例如記憶體）來即時調整價格的原因。如果價格下滑，我們也會即時下調價格。這也是為什麼我們沒有看到任何過剩庫存或提前拉貨，因為我們告訴合作夥伴與客戶，沒有必要真的多備額外庫存。另外，我們有一項政策：針對某類服務支援，我們傾向於在出貨後 90 天才開始收費。因此也就沒有誘因去保留額外庫存。

Very helpful, guys.

非常有幫助，各位。

Shaul Eyal, TD Securities.

Shaul Eyal，TD Securities。

Good afternoon, everybody. Congrats on the ongoing strong performance. Ken, I was listening to your firewall SASE commentary. Maybe help us understand, and maybe it's building a little bit on Saket's question or at least your reply, but maybe how AI is propelling the convergence of firewall SASE forward.

各位下午好。恭喜持續強勁的表現。Ken，我在聽你對防火牆 SASE 的評論。也許請你幫我們理解一下，可能是在 Saket 的問題或至少你的回覆基礎上延伸：AI 是如何推動防火牆與 SASE 的融合向前發展的？

AI definitely, we see generate a lot additional traffic. There's some study, whether few weeks ago or few months ago, the machine-to-machine traffic first time passing the human-to-machine or human-to-human traffic on the internet. That's definitely the AI agent and a lot of other AI application drive a lot of traffic. A lot of the traffic actually within the enterprise, within some kind of data center. Also like the new cloud deal we mentioned in the last quarter, which is eight-figure deal last quarter after the seven-figure deal, we do see that kind of drive a lot of enterprise customer, even service provider, to have a better visibility, better control management of this kind of traffic. That's also, I mentioned last quarter, is also kind of accelerate the convergence on network security. Especially on top of that, there's a kind of a zero-trust initiative.

AI 的確，我們看到它帶來了大量額外流量。有一些研究，不論是幾週前或幾個月前，機器對機器的流量首次在網際網路上超過了人對機器或人對人的流量。這肯定是 AI 代理以及許多其他 AI 應用帶動了大量流量。而且很多流量其實是在企業內部、在某種資料中心內部。另外，像我們在上一季提到的新雲端案子——上一季在七位數案子之後又拿到一個八位數案子——我們確實看到這類案子驅動許多企業客戶，甚至服務供應商，去提升對這類流量的可視性與更好的控管與管理。這也正如我上一季提到的，正在加速網路安全的融合。尤其在此之上，還有一個零信任（Zero Trust）的倡議。

So that's what we see is a starting change in the landscape of network security. That's I call is a SASE firewall. It's more like a early day, when Fortinet start like 25, 26 years ago. Initially, I call it like a antivirus firewall, because that's the first firewall can do the antivirus. And then later, they call UTM or next-gen firewall. That's all fine. But I do believe the SASE, the AI drive a lot of growth, especially within enterprise, within service provider.

因此我們看到的是網路安全版圖開始出現變化。我把這稱為 SASE 防火牆。這有點像早期 Fortinet 在 25、26 年前剛開始的時候。一開始我稱它為防毒防火牆，因為那是第一個能做防毒的防火牆。之後他們稱之為 UTM 或次世代防火牆。那些都沒問題。但我確實相信，SASE 與 AI 會帶來大量成長，尤其是在企業端與服務供應商端。

Understood. Maybe slightly more of a, I don't know whether philosophical or strategic question to you or Christiane. Broad-based performance across the three growth pillars, do you think customers are viewing Fortinet as a platform provider in a similar way they're looking at, say, the two leading platform providers right now, like Palo or CrowdStrike? Is that a fair assessment?

了解。也許這是一個稍微更偏哲學或策略面的問題，想請教你或 Christiane。在三大成長支柱上都有廣泛的表現，你認為客戶是否正以類似的方式把 Fortinet 視為平台供應商，就像他們現在看待兩家領先的平台供應商，例如 Palo 或 CrowdStrike？這樣的判斷合理嗎？

From the customers I talk to, it's definitely a fair assessment because there's a combination of factors that they like about us. It's the integration of our solutions. It's the one OS, it's also the cost benefits that we return to the customer from that, making it much easier to operate.

就我與客戶的交流來看，這樣的判斷確實合理，因為他們喜歡我們的因素是多重組合。包括我們解決方案的整合性。包括單一作業系統（one OS），也包括我們因此回饋給客戶的成本效益，讓營運操作更容易。

So from that perspective, I think our customers definitely see us as platform providers. They are constantly asking us to develop more functionality to expand, yeah.

因此從這個角度來看，我認為客戶確實把我們視為平台供應商。他們也一直要求我們開發更多功能來擴展，是的。

Yeah, we are also very focused on the network security. It's different than Palo Alto, CrowdStrike. One is more endpoint side, the other probably a little bit everything, with endpoint, with secure operation, with a lot of acquisition. But for us, it's more focused on the network security, with internal R&D, and integrate, develop all this function for FortiOS, and also lot of long-term investment like FortiASIC, like our own infrastructure globally. All this we feel is really the focus, the long-term investment are starting to see the benefit compared to other competitors.

是的，我們也非常專注在網路安全。這與 Palo Alto、CrowdStrike 不同。一家更偏端點（endpoint）面向，另一家可能是什麼都做一點，包含端點、資安營運，以及透過大量併購來擴張。但對我們而言，更聚焦在網路安全，透過內部研發，並把所有功能整合、開發到 FortiOS，同時也做很多長期投資，例如 FortiASIC，以及我們自建的全球基礎設施。我們認為這些聚焦與長期投資，開始相較其他競爭對手展現出效益。

We also do see a lot of customers buy across all three pillars. We're kind of converging the first two, so you could consider it two pillars. We'll see a bunch of deals where customers are buying from the Secure Networking, the SASE, and the security operations pillar. So I think that's indicative of the fact that we are a platform play. We've got a really broad solution out there that customers like, because like Ken said, it's integrated well together. It was designed from the ground up to be integrated and work really well together, so I think that's a big competitive differentiator for us.

我們也確實看到很多客戶會跨三大支柱採購。我們正在把前兩個支柱做融合，所以你也可以把它視為兩個支柱。我們看到不少案子，客戶同時採購 Secure Networking、SASE，以及安全營運（security operations）支柱的產品。因此我認為這顯示我們是一個平台型的布局。我們有非常廣泛的解決方案，客戶喜歡，因為如 Ken 所說，它們彼此整合得很好。這些方案從一開始就是以整合為前提設計，能夠彼此協同、運作得非常好，所以我認為這是我們很大的競爭差異化。

Thank you for the color.

謝謝你的補充說明。

Gray Powell, US Bank.

Gray Powell，US Bank。

Congratulations on the strong results. Maybe just to dig into some of the disclosures. It was really great to see the acceleration in both Unified SASE ARR and billings this quarter. Is there any way to comment on what component within that category contributed the most to the acceleration? Was it on the SD-WAN or the secure service Edge side of the portfolio?

恭喜有強勁的成果。我想再深入一些揭露內容。本季 Unified SASE ARR 與帳單（billings）雙雙加速成長，看到這點非常好。能否評論一下，在該類別中是哪個組成部分對加速貢獻最大？是 SD-WAN，還是產品組合中的安全服務邊緣（Secure Service Edge）那一側？

I guess just my follow-up would be, are you seeing SD-WAN or the access part of SASE become a bigger consideration point in those discussions with customers?

我接著追問的是：你們是否看到在與客戶的討論中，SD-WAN 或 SASE 的存取（access）部分正成為更重要的考量點？

Yeah, we see the FortiSASE more than double year-over-year, and SD-WAN also we see pretty strong growth because all the other top five competitor all come from acquisition, and they all have separate approach compared to whether the firewall, SD-WAN and then SASE. So they have to have a point solution run like a two, three different box to do what we can do in a single box, single OS.

是的，我們看到 FortiSASE 年增超過一倍；SD-WAN 也看到相當強勁的成長，因為其他前五大競爭對手都來自併購，而他們在防火牆、SD-WAN 以及 SASE 之間採取的是彼此分離的做法。因此他們必須用兩到三個不同的設備（box）來跑點狀解決方案，才能做到我們用單一設備、單一作業系統就能做到的事情。

On the other side, there's a new market, that we call the Sovereign SASE, on-premise SASE. Like the example we gave, this global pharmaceutical company. We're the only one can meet their requirement, have a data processed locally. They have a lot of confidential data, all this medical data. They have to process locally. At the same time, they do have a global footprint and workforce. They also have some kind of global access.

另一方面，有一個新市場，我們稱之為主權 SASE（Sovereign SASE）、地端 SASE（on-premise SASE）。例如我們提到的那家全球製藥公司。我們是唯一能滿足其需求、讓資料在本地處理的廠商。他們有大量機密資料，所有這些醫療資料。他們必須在本地處理。同時，他們也有全球據點與全球員工。他們也需要某種全球存取能力。

That's where the solution we provide can have a, whether on-premise SASE, Sovereign SASE, private SASE, plus all the cloud-based, the global Fortinet infrastructure, give them the best solution, or give them the only solution actually they see on the market. So that's actually drive a lot of growth. SD-WAN, we do see more replacing, taking market share from competitors, because I don't see any of them keeping, invest, or develop the technology, which after acquisition is more challenging for them.

因此我們提供的解決方案可以同時具備地端 SASE／主權 SASE／私有 SASE（private SASE），再加上雲端式的全球 Fortinet 基礎設施，給他們最佳的解決方案——或者說，實際上是他們在市場上看到的唯一解決方案。所以這確實帶動了大量成長。至於 SD-WAN，我們確實看到更多替換、從競爭對手手中取得市占，因為我看不到他們在併購後仍持續投入、投資或開發技術；併購後對他們而言更具挑戰。

On the other side, we do see very strong growth, whether the SSE part and also the Sovereign SASE, and plus also AI kind of related security.

另一方面，我們也看到非常強勁的成長，不論是 SSE 的部分、主權 SASE 的部分，以及也包括與 AI 相關的安全需求。

And ARR growth comes from attached and unattached service solutions.

而 ARR 的成長來自於附加（attached）與非附加（unattached）的服務型解決方案。

Understood. That was great color.

了解。這些補充說明很有幫助。

Keith Bachman, BMO.

BMO 的 Keith Bachman。

Okay, great. Christiane, first of all, I hope you feel better.

好的，很好。Christiane，首先，希望你早日康復。

Yeah.

是的。

Second, on the services, when you indicated that services growth would increase through the year, I was hoping you could give a little bit of color on the distinction between FortiCare and FortiGuard. In other words, the supports function should increase because you have more firewall units in the field, and it's been going on for several quarters, so that should increase. Is there any color you can give on the contributing factors to the increase in service growth? Is it both the FortiGuard and FortiCare part, or is the support more weighted towards the increase in growth?

第二個問題，關於服務（services），你提到服務成長會在全年逐步加速，我希望你能多補充一點，說明 FortiCare 與 FortiGuard 之間的差異。換句話說，支援（support）功能應該會因為現場部署的防火牆設備數量增加而提升，而且這已經持續好幾個季度了，所以理應會增加。你能否談談推動服務成長加速的因素？是 FortiGuard 與 FortiCare 兩者共同帶動，還是支援（support）在成長提升中占比較高？

It's both. It's attached services, which is FortiCare and FortiGuard, as well as also growth coming from SecOps, which is typically more unattached solutions.

兩者都有。包括隨產品附加的服務（attached services），也就是 FortiCare 和 FortiGuard；同時也有來自 SecOps 的成長，而 SecOps 通常是較多非附加（unattached）的解決方案。

Right.

了解。

And we see good growth across both.

我們看到兩邊都有不錯的成長。

Yeah, also with the SASE firewall, we're also launching some new service, like the SD-WAN, and also some kind of AI-related security service could be part of the FortiGuard solution. So that's what we see. There's additional service we can add on top of the traditional firewall and the SASE service, which will drive the new service business.

是的，另外在 SASE 防火牆方面，我們也在推出一些新服務，例如 SD-WAN，以及某些與 AI 相關的資安服務，這些都可能納入 FortiGuard 解決方案的一部分。這就是我們看到的趨勢。在傳統防火牆與 SASE 服務之上，我們還能再加上額外的服務，進而帶動新的服務業務。

And maybe to provide some more color. I mean, when we expand in customer deployments, and that's what I tried to point out in my prepared remarks as well, we really make sure we sell attached services, including respective FortiGuard services.

再補充一點說明。我的意思是，當我們在客戶部署中擴張時——我在事先準備的講稿裡也試著強調——我們會確保銷售附加服務（attached services），包括相對應的 FortiGuard 服務。

Yeah, also the bundle service. Yeah, the bundle service we launched a few months ago, we see very strong growth, which bundle the SD-WAN, the SASE all together. That has a very good drive for the service growth.

是的，還有套裝（bundle）服務。是的，我們幾個月前推出的套裝服務成長非常強勁，把 SD-WAN、SASE 等整合在一起。這對服務成長有非常好的帶動效果。

Okay, great. Ken, my follow-up is for you. On slide 17, you depict that OT grew 56%, billings grew 56%. Maybe give a little bit of characterization about what's really driving the acceleration in OT, and how durable is that? If it was AI-based, it would seem that that has long-term durability, but just maybe flesh out a little bit on the why and the durability.

好的，很好。Ken，我的追問是給你的。在第 17 頁投影片，你們顯示 OT 成長 56%，帳單金額（billings）也成長 56%。能否稍微描述一下，究竟是什麼在推動 OT 的加速成長？這樣的動能有多持久？如果是 AI 驅動，看起來可能具有長期的持續性，但還是想請你再多談談原因與持久性。

Yeah. It's really two, three factor. One is really we have invested in OT for very long time, and we don't see our competitor really much focus in this area. And also recently, there's a lot of growth in infrastructure build-up, utility, security, and all this. That's also because the, not only our long-term investment, but also technology like ASIC are fit in the OT security quite well. Thus, we feel we have a huge advantage compared to any other competitors, and that we continue the lead. Actually, in field report, we are the only leader in the space, and we do believe we're keeping growing going forward.

好的。主要是兩到三個因素。第一，我們在 OT 領域投入很長時間，而我們沒有看到競爭對手在這個領域有太多著墨。第二，近期在基礎建設建置、公用事業、安全等方面都有很大的成長。這不僅來自我們長期投資，也因為像 ASIC 這類技術非常適合 OT 資安。因此，我們認為相較任何其他競爭對手，我們有很大的優勢，並且會持續領先。事實上，從前線回報來看，我們是這個領域唯一的領導者，我們也相信未來會持續成長。

And let me add some more color on the OT side. I mean, critical infrastructure is being targeted quite a bit more than maybe years ago, and it hasn't had that much security in the past from a cybersecurity perspective. Mostly because the critical infrastructure was not integrated into IT networks, so we see a lot of white space, so to speak, from that perspective in this field. If you look at Europe, you have a lot of regulations, whether it's NIS2 or others, that actually require critical infrastructure providers to secure their infrastructure and have good reporting, have supply chain validations, and so on, for cybersecurity there. So there are a lot of drivers that make this a super durable and growth driver for us.

我再補充一些 OT 方面的說明。我的意思是，關鍵基礎設施（critical infrastructure）被攻擊的情況比起幾年前明顯更多，而過去從資安角度來看，它並沒有太多防護。主要原因是關鍵基礎設施過去並未整合進 IT 網路，因此從這個角度來看，我們看到很大的「空白市場」（white space）。以歐洲為例，有很多法規，不論是 NIS2 或其他規範，實際上都要求關鍵基礎設施提供者必須保護其基礎設施並做好回報機制、供應鏈驗證等資安要求。因此，有許多驅動因素使得這對我們而言是一個非常持久且具成長性的動能來源。

Yeah. We are probably the only network security vendor talk about OT security the last few years. I have not heard our competitor talk about OT security yet.

是的。過去幾年，我們可能是唯一一家持續談 OT 資安的網路資安廠商。我還沒聽到競爭對手開始談 OT 資安。

Yeah, we've invested --

是的，我們已經投入--

Yeah, we think there's net new logos there too as well.

是的，我們也認為那裡也會有全新的客戶（net new logos）。

Yeah. We've been growing this for years, and it's ruggedized solutions. It's also on-prem solutions that are well-suited for OT environments, and it's integrated solutions that simplify the management. So for example, our FortiGate integrated with FortiLink and access points and switches really is a solution that a lot of OT providers like a lot, and I think all this has culminated in this growth. And also, industry analysts agree that we're number one in this sector.

是的。我們多年來一直在推動這塊成長，包含耐用強固（ruggedized）的解決方案。也包含非常適合 OT 環境的地端（on-prem）解決方案，以及能簡化管理的整合式解決方案。例如，我們的 FortiGate 與 FortiLink、無線基地台（access points）與交換器（switches）整合，確實是一套許多 OT 業者非常喜歡的方案，我認為這些因素共同促成了這波成長。此外，產業分析師也認同我們在這個領域排名第一。

Yeah. Perfect.

是的。很好。

Meta Marshall, Morgan Stanley.

Morgan Stanley 的 Meta Marshall。

A couple of questions. Just in terms of customers changing traffic patterns with AI, just wondering if you could speak to whether some of the increases that you're seeing are due to shortening refresh cycles as they need to upgrade to the newest ASICs to accommodate the traffic, or just how you're seeing that refresh behavior from customers.

我有幾個問題。首先，關於客戶因 AI 而改變流量型態這件事，想請教你們目前看到的一些增長，是否來自於客戶因需要升級到最新的 ASIC 以承載流量而縮短更新週期（refresh cycles）？或是你們如何觀察客戶的更新行為？

And then maybe a second question, just following up on that OT question that you just got. Just in terms of sizing, how to think about, for an average data center, how we should think about the OT attach rate. If there's just a percentage of a data center build that we should think of that is security related, that would be helpful.

第二個問題，延續剛剛你們收到的 OT 問題。就規模（sizing）而言，對於一個平均資料中心，我們應該如何看待 OT 的附加率（attach rate）？如果能提供一個概念，例如資料中心建置中有多少百分比可視為與資安相關，會很有幫助。

Yeah. AI definitely changing some behavior. Also, I keep saying AI actually accelerate the convergence of a network security. So within enterprise, the customer definitely want to have a better visibility, how this AI agent, all this AI traffic behave, and the same thing for the service provider, the data center, all this new cloud provider. That we see a pretty strong, we call the east-west traffic, which is mostly deployed internal inside data center, inside enterprise. That's actually our ASIC performance advantage is definitely precision for much better than the competitors. You can see both the strong product revenue growth and also the unit growth, which probably, I think even compared to refresh, usually take about five-year average for the past, but compared to five years ago, our product revenue, all this probably tripled. Plus, we have this 56% product revenue growth.

是的。AI 的確正在改變一些行為。而且我一直在說，AI 其實正在加速網路與資安的融合（convergence）。因此在企業端，客戶確實希望能有更好的可視性，了解這些 AI 代理（AI agent）以及各種 AI 流量的行為；服務供應商、資料中心，以及各種新的雲端供應商也是一樣。我們看到相當強勁的所謂「東西向流量」（east-west traffic），主要是在資料中心內部、企業內部部署。在這方面，我們的 ASIC 效能優勢確實明顯優於競爭對手。你可以看到產品營收強勁成長，以及出貨量（unit）成長；過去平均更新週期大約是五年，但相較五年前，我們的產品營收等各項指標可能已經成長到三倍。再加上我們目前 56% 的產品營收成長。

Definitely, this is much bigger than just the refresh. That's why we feel customer starting replacing whether some traditional firewall and SD-WAN, some other one. The reason I combine the two pillar together, because they run in the same OS. Sometimes customer initially just buy for firewall SD-WAN, then they gradually enable SD-WAN SASE. That's actually difficult to category whether it's a SASE deal or it's a Secure Networking deal. That's why I feel using the SASE firewall, which address is much better compared if your Secure Networking growth still single digit, but we grow like 34%.

這絕對不只是單純的更新（refresh）。因此我們認為客戶開始替換一些傳統防火牆與 SD-WAN 等其他方案。我之所以把兩大支柱（pillar）放在一起談，是因為它們運行在同一個作業系統（OS）上。有時客戶一開始只是為了防火牆或 SD-WAN 購買，之後再逐步啟用 SD-WAN、SASE。因此很難去分類這究竟是一筆 SASE 交易，還是一筆安全網路（Secure Networking）交易。所以我才會用「SASE 防火牆」這個說法；如果你的安全網路成長仍是個位數，但我們卻能成長到 34%，就能更好地反映我們所涵蓋的市場與成長動能。

On the second question --

關於第二個問題--

Yeah. Well, the sizing of IT versus OT, it really depends on the industry. In some industries, the OT side could be much bigger, and on other industries, the IT side is much bigger.

是的。嗯，IT 相對於 OT 的規模，其實很取決於產業。在某些產業，OT 端可能大得多；而在其他產業，IT 端則大得多。

Yeah. Also, especially when building the AI infrastructure, they probably more starting from building the utility, all this basic OT side. Then eventually, we'll get a higher layer, all this like a server and then the modeled application. That's where to see the initial strong OT growth in the early stage of AI infrastructure build-out.

是的。另外，特別是在建置 AI 基礎設施時，他們可能會更從建置公用設施（utility）開始，也就是這些 OT 端的基礎建設。接著最終會往更高一層走，例如伺服器以及模型化的應用程式。這就是為什麼在 AI 基礎設施建置初期，會看到 OT 在早期階段出現強勁成長。

Fatima Boolani, Citi.

Fatima Boolani，花旗。

Ken, I wanted to ask you a higher level strategic question. Fortinet has done a remarkable job navigating through the supply chain environment, not only in recent memory, but also during COVID. And so I wanted to talk to you and ask you about the collaboration with Intel, what the next phase of the network and security processors look like in collaboration with Intel. How do you think that brings to you a more advantageous position as you think about the future iterations of ASICs, and how you can deliver them profitably and continue to navigate the current environment, where cost inflationary pressures are extremely high?

Ken，我想問你一個更高層次的策略性問題。Fortinet 在供應鏈環境中展現了出色的應對能力，不僅是近年來，甚至在 COVID 期間也是如此。因此我想和你談談與 Intel 的合作：在與 Intel 協作下，網路與安全處理器的下一階段會是什麼樣貌？你認為這如何讓你在未來 ASIC 的迭代上取得更有利的位置，以及你如何能夠以具獲利性的方式交付，並持續因應目前成本通膨壓力極高的環境？

Then I have a follow-up for either John or Christiane.

接著我還有一個追問，想請教 John 或 Christiane。

Yeah. It's a great question. I think the reason from day one, 26 years ago when we started Fortinet, that we want to build ASIC chip is network security need much more computing power compared to networking and some other kind of security. That's where if we only depend on the general purpose CPU, which we're also using together with our own ASIC, we feel it's not enough. Cannot process the data quick enough or cannot add enough function to meet the customer need. That's where from day one, we started investing the ASIC chip. It's one of our strategy. Sometimes the payback may take 10 years, but we feel After 10 years, we have a huge advantage. I believe so far, we are still the only cybersecurity company develop own ASIC chip.

是的。這是個很好的問題。我認為原因在於，從 26 年前我們創立 Fortinet 的第一天起，我們就希望打造 ASIC 晶片，因為相較於網路設備以及其他類型的安全產品，網路安全需要更高的運算能力。因此，如果我們只依賴通用 CPU（我們也會與自家 ASIC 搭配使用），我們覺得是不夠的。無法足夠快速地處理資料，或無法加入足夠的功能來滿足客戶需求。所以從第一天起，我們就開始投資 ASIC 晶片。這是我們的策略之一。有時候回收期可能要 10 年，但我們認為 10 年之後，我們會擁有巨大的優勢。我相信到目前為止，我們仍然是唯一一家自行開發 ASIC 晶片的資安公司。

And the partnership with Intel also very, very significant, because Intel probably is the only manufacturer in the US, probably do all this kind of chip manufacture. And we have great partnership, and we do believe combine the two company technology innovation, we can really bring the network security to the new level. Also, even can be expanding into the new space. On the other side, yeah, we also feel network security will continue to expanding beyond the traditional enterprise, can be eventually go to like, now with SASE can support in remote work from home, eventually can be in the consumer in some lot of broad area. The convergence of network security will keep in driving the space grow faster than the other area.

而與 Intel 的合作也非常、非常重要，因為 Intel 可能是美國唯一的製造商，能夠進行這類晶片製造。我們有很好的合作夥伴關係，也相信結合兩家公司的技術創新，確實能把網路安全帶到新的層級。甚至也能擴展到新的領域。另一方面，是的，我們也認為網路安全將持續擴展，超越傳統企業範疇；最終可能走向例如現在透過 SASE 支援遠端居家工作，未來也可能進入消費者市場等更廣泛的領域。網路安全的融合趨勢將持續推動這個領域比其他領域成長更快。

At the same time, the AI, we also see as a huge boost for the network security need, especially with a lot of new vulnerability discovery in all this software. Network security definitely give them another layer of protection and another layer of visibility control. So that we see as, I believe, is very, very important strategy to keeping investing this kind of long-term ASIC chip, own infrastructure. That's what drive the long-term performance and lower the cost, and eventually pass all this benefit to customer.

同時，AI 我們也視為對網路安全需求的巨大推力，特別是隨著各種軟體中發現大量新的弱點（vulnerability）。網路安全絕對能提供另一層防護，以及另一層可視性與控管。因此我們認為，持續投資這類長期的 ASIC 晶片與自有基礎設施，是非常、非常重要的策略。這能驅動長期表現並降低成本，最終把這些效益回饋給客戶。

I appreciate that detail. Either for John or Christiane. Christiane, you mentioned in your prepared remarks that the source of the operating leverage and the margins outperformance was tied to the revenue and cost controls and rigor, and also some AI efficiencies. I wanted to take a step back and ask you, over the course of the last six to 12 months, what have you done operationally at the company to allow for these types of efficiencies to become more prominent in your profitability profile?

感謝你提供這些細節。接下來想請教 John 或 Christiane。Christiane，你在事先準備的發言中提到，營運槓桿與毛利率超預期的來源，與營收與成本控管及紀律有關，也與一些 AI 帶來的效率提升有關。我想退一步問你：在過去 6 到 12 個月期間，公司在營運面做了哪些事情，讓這類效率在獲利結構中變得更為顯著？

Specifically, from a go-to-market, sales management, sales rigor perspective, could you talk to anything that you've been doing differently, whereby your forecasting and your planning accuracy has increased? The trend of results in the recent quarters has been consistently up and to the right, and certainly since you've come into the role. So I wanted to get more deeper, maybe granular perspectives on internally, I mean, the external market opportunity is very strong, but internally, how have you prepared with any metrics that you can share in very nimbly responding to the very strong market and demand forces?

具體來說，從 go-to-market、銷售管理、銷售紀律的角度，你能否談談你們有哪些不同的做法，使得預測與規劃的準確度提升？近幾季的結果趨勢持續向上且表現愈來愈好，尤其是在你上任之後更是如此。所以我想更深入、也更細緻地了解：內部方面（外部市場機會確實很強），但在內部，你們如何準備、以及是否能分享任何指標，讓你們能非常靈活地回應強勁的市場與需求動能？

Yeah, I think it's a team effort across all functions, where we are leveraging technology, where we are leveraging also our internal AI buildout to develop additional solutions that help us with cost-effective processes and insights. That's what we going to continue to do. We started it years ago in the support organization, we've seen good success there with our significantly slower headcount growth or not even having to backfill certain roles in support. We are doing it across many functions to make sure that we are on top of technology trends, deploy them internally, and also mine our own data for better insights to make the right business decisions.

是的，我認為這是跨所有職能的團隊努力：我們在運用科技，也在運用我們內部的 AI 建置，來開發額外的解決方案，協助我們以更具成本效益的方式取得流程與洞察。這也是我們會持續做下去的事情。我們多年前就從支援組織開始推動，在那裡已看到不錯的成果，例如人力成長顯著放緩，甚至在支援部門某些職位不需要補人。我們也在許多職能全面推動，確保掌握科技趨勢、在內部部署，並且挖掘自有資料以取得更好的洞察，做出正確的商業決策。

Yeah, I think we also have a culture of being very disciplined and also not really getting complacent when things are going well and really buckling down. I think Ken spreads this culture throughout the organization. Like Christiane said, it's a team effort to reinforce that. And so I think when things are going well, we buckle down, and we don't want to get complacent on the sales and growth side, but also on the cost side. AI helps us there, and other efficiencies and economies of scale can help there as well.

是的，我認為我們也有一種非常自律的文化，即使事情進展順利也不會自滿，而是會更專注、更扎實地把事情做好。我認為 Ken 把這種文化貫穿整個組織。如 Christiane 所說，這是團隊共同努力去強化這件事。因此當事情進展順利時，我們反而會更專注；我們不希望在銷售與成長面自滿，也不希望在成本面自滿。AI 在這方面能幫上忙，其他效率提升與規模經濟也同樣能提供助益。

Gabriela Borges, Goldman Sachs.

Gabriela Borges，高盛。

Ken, I wanted to follow up on your comments on how this product growth that you're seeing today is unlikely to be a function of pull forward. I wanted to ask you and Christiane to comment a little bit on the visibility of the pipeline to 2027. I know we're still six months away from any sort of formal 2027 guidance. We sort of have to dial in our model this evening on these 50%-plus product revenue growth comps and last quarter, of course, north of 40%. I guess, give us a little bit of direction here.

Ken，我想追問你剛才提到：你們目前看到的產品成長不太可能是「提前拉貨」（pull forward）的結果。我想請你和 Christiane 稍微談談對 2027 年管線（pipeline）的能見度。我知道距離任何正式的 2027 年指引還有六個月。我們今晚需要把模型調整好，因為產品營收成長的比較基期是 50% 以上，而上一季當然也超過 40%。我想請你們給我們一些方向。

How should we be thinking about product revenue growth? It's a little bit similar to Saket's durability question into 1H 2027 next year. What is the pipeline telling you? I know in the past you've talked about that 10%-plus industry growth rate and taking share on top of that. So whatever you can tell us, early reads into how we should be modeling next year.

我們應該如何看待產品營收成長？這有點類似 Saket 對於耐久性（durability）提出的問題，延伸到明年 2027 年上半年。管線告訴你們什麼？我知道過去你們談過產業 10% 以上的成長率，並在此之上再取得市占。所以不論你們能分享什麼，關於我們應如何在模型中反映明年的早期觀察。

It's pretty tough to predict the future, maybe I try from two angles. One is really replacing some of the old infrastructure. The other is really a new growing area. Definitely, we see the traditional UTM next-gen firewall, and the single point SD-WAN solution, and even cloud SASE have their limitations. So we do see we are quickly gaining market share there from the few cases we win there. That's definitely, we feel pretty confident our product solution is much better. The customer partner will benefit a lot.

要預測未來相當困難，我或許從兩個角度來談。一個是汰換一些舊的基礎設施。另一個則是真正的新成長領域。我們確實看到傳統 UTM 次世代防火牆、單點式 SD-WAN 解決方案，甚至雲端 SASE 都有其限制。因此，從我們贏下的幾個案例來看，我們確實看到自己正在快速取得那裡的市占。對此我們相當有信心，因為我們的產品解決方案明顯更好。客戶與合作夥伴都將從中獲益良多。

And on the other side, there's a new area, whether related to some kind of AI security, and the new infrastructure buildout, the OT. That's also we see we are positioned well. It's a good kind of opportunity. We closely engage. Even for SASE, three years ago, we only focused on SASE for service provider.

而在另一端，還有一個新的領域，可能與某種 AI 安全以及新的基礎建設擴建（OT）相關。我們也看到自己在這方面具備良好的定位。這是一個不錯的機會。我們會密切投入並與之互動。即使是 SASE，三年前我們也只專注於服務供應商的 SASE。

Now we see they're all starting come back with all this Sovereign SASE, Private SASE, and the on-premise solution is huge. That's the reason I say it's 2 to 3 times larger than the cloud-only based SASE. But on our side, we do see as long as the new trend keeps growing, we do see we keep growing this new space also quite well. But it's probably a little bit too early to give any number on the 2027.

現在我們看到他們都開始回頭推動各種主權 SASE、私有 SASE，而地端（on-premise）解決方案的需求非常龐大。這就是我說它比純雲端交付的 SASE 大 2 到 3 倍的原因。但就我們而言，只要這個新趨勢持續成長，我們也看到我們在這個新領域同樣能夠相當不錯地持續成長。不過，現在要對 2027 年給出任何數字，可能還是有點太早。

Maybe Christiane has better visibility.

也許 Christiane 的能見度更高。

I think we are focused on the durability of our growth, and the themes that we're seeing, whether it's AI, whether it's SASE, whether it's OT, they will continue into next year. The regulatory activity in some parts of the world will continue as well. I think the question is, how much share can we capture from others, and how much can we grow in our own customer base? We will get you those numbers in January or February.

我認為我們專注於成長的持久性，而我們看到的主題，不論是 AI、SASE 或 OT，都會延續到明年。世界某些地區的監管活動也會持續。我認為問題在於：我們能從其他人手中拿下多少市占，以及我們能在自身客戶基礎上成長多少？我們會在一月或二月提供那些數字。

That is fair enough.

這樣很合理。

Junaid Siddiqui, Truist.

Junaid Siddiqui，Truist。

Ken, you've talked about the Sovereign SASE opportunity, ultimately could be much larger than the cloud-delivered SASE, around 2 to 3x as you just mentioned. Much of that Sovereign SASE opportunity seems tied to service providers deploying and monetizing their own SASE infrastructure. What are you seeing in the field that suggests providers are prepared to invest behind that strategy? What are some of the big factors that could potentially slow adoption relative to your expectations?

Ken，你談到主權 SASE 的機會，最終可能比雲端交付的 SASE 大得多，約為 2 到 3 倍，正如你剛才提到的。這個主權 SASE 的機會很大一部分似乎與服務供應商部署並將其自有 SASE 基礎設施變現有關。你在第一線看到哪些跡象顯示供應商已準備好為這項策略投入資本？有哪些重大因素可能會讓採用速度相較於你的預期放緩？

I do believe a lot of service provider, they need to changing their security service, go beyond the traditional, like some firewall VPN service. That's definitely some of the SASE service is actually quite important for their customer. That's also they do have a infrastructure advantage if they can leverage their infrastructure, deliver SASE, would be more like give kind of a better data privacy, better performance, leverage their local infrastructure, and same time, kind of a win-win situation for them and for customer, for us.

我確實相信，許多服務供應商需要改變他們的資安服務，超越傳統的，例如防火牆、VPN 服務。SASE 服務對他們的客戶而言確實相當重要。而且如果他們能善用自身的基礎設施來交付 SASE，他們也具備基礎設施上的優勢；這會更像是提供更好的資料隱私、更好的效能，利用他們的在地基礎設施，同時對他們、對客戶、對我們而言，都是一種雙贏。

On the other side, few years ago, they're kind of a little bit slow, but now we see things are accelerating. On the other side, we also see the enterprise also starting demanding this Sovereign SASE. Like the case we gave out, this global pharmaceutical company, they do want to have a SASE deployed within their enterprise, within their data center. That's where the on-premise solution also quite important. That's also the product we announced yesterday, the FortiGate 200G. We do put some big percentage content emphasize how this outpost SASE deployment is important for a lot of customer, because you can process all this data locally on the FortiGate. And the same time can also leverage some cloud, some management, to really enforce some policy globally.

另一方面，幾年前他們的步伐有點慢，但現在我們看到事情正在加速。同時我們也看到企業端也開始要求這種主權 SASE。就像我們分享的案例，那家全球製藥公司，他們確實希望在企業內部、在他們的資料中心內部署 SASE。這也就是為什麼地端解決方案同樣非常重要。這也是我們昨天宣布的產品 FortiGate 200G。我們投入相當高比例的內容來強調這種 outpost SASE 部署對許多客戶的重要性，因為你可以在 FortiGate 上於本地處理所有這些資料。同時也能利用一些雲端、一些管理能力，真正做到在全球範圍內落實政策。

That's a solution we see also well adapt for the enterprise. When they see this solution, they feel is much better than the cloud only, which they have to forward a lot of their data traffic to cloud to process. So we do see it's a kind of huge market both for the enterprise and for the service provider. But we also kind of working well with a lot of service provider, which we see they have acceleration of this kind of a Sovereign SASE deployment now.

這是一個我們也看到非常適合企業的解決方案。當他們看到這個解決方案時，會覺得它比純雲端方案好得多，因為純雲端方案必須把大量資料流量轉送到雲端去處理。因此我們確實看到，這對企業與服務供應商而言都是一個巨大的市場。而且我們也與許多服務供應商合作得很好；我們看到他們現在正在加速這類主權 SASE 的部署。

Joe Gallo, Jefferies.

Joe Gallo，Jefferies。

Margin guidance was really, really impressive. Can you just kind of talk about visibility into that? Do you envision any more price increases as it stands today?

毛利率指引真的非常、非常令人印象深刻。你能談談對此的能見度嗎？以目前情況來看，你們是否預期還會再漲價？

Actually, like I said, we want to maintain the same growth margin. The memory price stabilized in the last few weeks or even last few months. We'll do a monthly adjustment based on the cost, but we want to maintain the same growth margin. That's the policy.

其實就像我說的，我們希望維持相同的成長毛利率。記憶體價格在過去幾週甚至幾個月已經趨於穩定。我們會根據成本做每月調整，但我們希望維持相同的成長毛利率。這就是政策。

But like I said, it's still single-digit impact of the business. We do believe the bigger drive is really that the new SASE firewall approach, which gave a customer a much better solution, better local control of their AI, their data, and the same time, the new growing area, like OT, like all this AI related, we do see that's much bigger driver for the growth. And yeah, we see the SASE firewall could be the new trend to drive the growth in the next 5 to 10 years.

但就像我說的，這對業務的影響仍然是個位數百分比。我們相信更大的驅動力其實是新的 SASE 防火牆方法，這為客戶提供了更好的解決方案，讓他們能更好地在本地掌控其 AI 與資料；同時，新興成長領域，例如 OT、以及所有與 AI 相關的部分，我們看到那才是更大的成長驅動力。而且，是的，我們看到 SASE 防火牆可能會成為未來 5 到 10 年推動成長的新趨勢。

Just as a quick follow-up, product growth was very strong. Just any sense of the different components of that, networking versus firewalls, how growth profiles were for each of those?

再快速追問一下，產品成長非常強勁。能否談談其中不同組成的概況，例如網路設備相對於防火牆，各自的成長輪廓如何？

FortiGate, probably the --

FortiGate，可能是--

Fastest growing.

成長最快的。

Yeah. The fastest growth among that. That's also because FortiGate run the same FortiOS for both the traditional networks, firewall security function, at the same time for SD-WAN, for SASE. That's where sometimes little bit difficult to categorize whether it belong to Unified SASE or Secure Networking, because sometimes they may deploy as a Secure Networking first, but quickly ramp up to enable SD-WAN SASE. That's why I would like to call it a SASE firewall because the same operating system. Yeah. FortiGate see the strongest growth.

是的。在那些之中成長最快。這也因為 FortiGate 在傳統網路與防火牆資安功能上使用同一套 FortiOS，同時也用於 SD-WAN、用於 SASE。因此有時候會有點難以分類它屬於統一式 SASE（Unified SASE）還是安全網路（Secure Networking），因為有時客戶可能先以安全網路方式部署，但很快就會擴大啟用 SD-WAN SASE。所以我更願意稱它為 SASE 防火牆，因為是同一套作業系統。是的。FortiGate 的成長最強。

Awesome. Thank you very much. Nice job.

太棒了。非常感謝。做得很好。

Thank you. That concludes our allotted time for Q&A today. I will now hand it back to Anthony Luscri for closing remarks.

謝謝。今天我們分配的問答時間到此結束。我現在把時間交回給 Anthony Luscri 做結語。

Thank you. I'd like to thank everyone for joining today's call. We will be attending investor conferences hosted by Rosenblatt, Stifel, Deutsche Bank, Goldman Sachs, and Kepler Cheuvreux during the third quarter. The fireside chat web 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。第三季期間，我們將參加由 Rosenblatt、Stifel、德意志銀行（Deutsche Bank）、高盛（Goldman Sachs）以及 Kepler Cheuvreux 主辦的投資人會議。爐邊談話（fireside chat）的網路連結將公布在我們投資人關係網站的「活動與簡報」區。若您有任何後續問題，歡迎隨時與我聯繫，祝各位今天剩餘時間愉快。