Fortinet, Inc. (FTNT) 2026 Q3 法說會逐字稿

Hello and welcome to Fortinet's third-quarter 2026 earnings conference call. (Operator Instructions)

您好，歡迎參加 Fortinet 2026 年第三季財報電話會議。(接線員指示)

Please be advised that this call is being recorded.

請注意，本次通話將被錄音。

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 third 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.

謝謝。各位下午好，感謝各位參加今天的電話會議，討論 Fortinet 2026 年第三季財務結果。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 will begin our call today by providing a high-level perspective on our business. Christiane will then review our financial results for the third quarter of 2026 before providing guidance for the fourth quarter and updating the full year.

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 年第三季的財務結果，並提供第四季指引以及更新全年展望。

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

之後我們將開放提問。(活動指示)

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.

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。

All forward-looking statements reflect our opinions only as of the date of this presentation and we undertake no obligation and specifically disclaim any obligation to update forward-looking statements.

所有前瞻性陳述僅反映截至本次簡報日期的觀點；我們不承擔且明確聲明不負有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 accompany today's remarks, both of which are posted on our Investor Relations website.

此外，除非另有說明，我們在今天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。

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.

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天會議結束後，發布於我們投資人關係網站的「季度財報」專區。

Lastly, all references to growth are on a year-over-year basis unless noted otherwise.

最後，除非另有註明，所有成長相關的表述皆以年對年為基準。

I will turn the call over to Ken.

我現在把電話交給 Ken。

Thank you, Anthony, and thank you, everyone, for joining our call. We are pleased with our excellent third quarter result.

謝謝你，Anthony，也謝謝各位參加我們的電話會議。我們對第三季優異的表現感到非常滿意。

Driven by strong execution and broad-based demand, billings grew 29% while total revenue increased 20%, led by 37% growth in product revenue.

在強勁的執行力與廣泛的需求帶動下，帳單金額（billings）成長 29%，總營收成長 20%，其中產品營收成長 37% 為主要帶動因素。

Based on our continued strong momentum, we have raised our 2026 billings guidance for third time this year. With the rapid evolution of our AI landscape, Fortinet is leading the next frontier of cybersecurity by secured AI workflow and protecting against AI-discovered vulnerability in real time through our core strengths in network security.

基於我們持續強勁的動能，我們今年第三度上調 2026 年帳單金額指引。隨著 AI 版圖快速演進，Fortinet 透過安全的 AI 工作流程引領資安下一個前沿，並憑藉我們在網路安全的核心優勢，即時防護 AI 所發現的弱點。

We believe that network security is the most critical foundation of AI security. With the firewall serving as the centralized point of inline enforcement across enterprise, operation technology, and hybrid cloud environment, Fortinet's leadership in this space is driven by over 20 years of innovation, integration, and improvement as shown on slide 7 while continually expanding our AI capability and the functions in FortiOS and FortiGuard services.

我們相信，網路安全是 AI 安全最關鍵的基礎。防火牆作為企業、營運技術（OT）與混合雲環境中進行線上（inline）強制執行的集中樞紐，Fortinet 在此領域的領先地位來自超過 20 年的創新、整合與持續改進（如投影片 7 所示），同時也不斷擴展我們在 FortiOS 與 FortiGuard 服務中的 AI 能力與功能。

Fortinet secures four critical areas of infrastructure and AI security as shown on slide 9. First, at the network level, our SASE firewall natively protect against vulnerabilities and stop intrusions, supporting shadow AI monitoring, and access control to data and applications.

如投影片 9 所示，Fortinet 在四個關鍵的基礎設施與 AI 安全領域提供防護。第一，在網路層面，我們的 SASE 防火牆可原生防護弱點並阻止入侵，支援影子 AI（shadow AI）監控，以及對資料與應用程式的存取控制。

We address growing demand, the newly launched FortiGuard inline AI security services this week transform every FortiGate into a real-time AI enforcement point.

為因應日益成長的需求，我們本週新推出的 FortiGuard 線上（inline）AI 安全服務，將每一台 FortiGate 轉化為即時的 AI 強制執行節點。

Second, in the data center and AI factories, we offer FortiAIGate to secure GPU clusters and LLM infrastructure. Securing the massive growth in AI traffic that require high performance protection across data center and hybrid cloud.

第二，在資料中心與 AI 工廠方面，我們提供 FortiAIGate 以保護 GPU 叢集與 LLM 基礎設施。以高效能防護來因應 AI 流量的大幅成長，涵蓋資料中心與混合雲。

Third, we extend AI security together with SASE to endpoint, defying, controlling, and integrating agent identity directly into access and incident response lifecycle.

第三，我們結合 SASE 將 AI 安全延伸至端點，藉由定義、控管並將代理（agent）身分直接整合到存取與事件回應的生命週期中。

And fourth, our SOC for the agent delivered a highly automated solution to solve industry accurate scale shortage and tools building by enabling autonomous incident detection and response.

第四，我們面向代理（agent）的 SOC 提供高度自動化的解決方案，透過啟用自主式事件偵測與回應，解決業界在規模化方面的人才短缺與工具建置問題。

Our SASE firewall pillar billing grows 31%, and we are the fastest growth in SASE firewall vendor and scale, growing and nearly doubled the market growth rate, as shown on slide 5.

我們的 SASE 防火牆支柱（pillar）帳單金額成長 31%；我們是成長最快且具規模的 SASE 防火牆供應商，成長速度幾乎是市場成長率的兩倍，如投影片 5 所示。

Our leadership stands from a fundamental architectural advantage as we are the only vendor in the industry to build all the key SASE firewall and AI security component into a single and unified operating system, FortiOS. This new SASE firewall pillar represents a large, high-growth area, driven long-term growth.

我們的領先地位源自根本性的架構優勢：我們是業界唯一一家將所有關鍵的 SASE 防火牆與 AI 安全元件建置於單一且統一的作業系統 FortiOS 中的供應商。這個新的 SASE 防火牆支柱代表一個龐大且高成長的領域，將驅動長期成長。

Combined with our differentiated FortiASIC technology and owned global infrastructure, this allow Fortinet to deliver better performance and significantly lower total cost ownership, as shown on slide 14.

結合我們具差異化的 FortiASIC 技術與自有的全球基礎設施，使 Fortinet 能提供更佳效能並顯著降低總持有成本（TCO），如投影片 14 所示。

We are also the only vendor offering an easily deployable on-premise sovereign SASE solution alongside cloud SASE, which we believe give us an addressable market 2 to 3 times larger than the cloud-only competitors.

我們也是唯一一家在雲端 SASE 之外，同時提供易於部署的地端（on-premise）主權 SASE 解決方案的供應商；我們相信，這使我們的可服務市場規模（TAM）為僅提供雲端方案競爭對手的 2 到 3 倍。

To further capitalize on our large installed base, we recently launched FortiLink SASE Services. This positions our FortiAP and FortiSwitches as a SASE hardware agent, allowing customers to easily overlay FortiSASE on top of their existing hardware-driven recurring service revenue.

為了進一步把握我們龐大的既有裝機基礎，我們近期推出 FortiLink SASE Services。這使我們的 FortiAP 與 FortiSwitch 可作為 SASE 硬體代理（hardware agent），讓客戶能在既有硬體之上輕鬆疊加 FortiSASE，進而帶動硬體帶動型的經常性服務營收。

As we look ahead, Fortinet's strong momentum is a result of our vision for the AI era, our platform integration, and the highly disciplined operation model. This combination positions Fortinet exceptionally well to drive strong cash generation, high recurring revenue, and consistent GAAP profitability while executing our shareholder-focused capital allocation strategy.

展望未來，Fortinet 的強勁動能來自我們對 AI 時代的願景、平台整合能力，以及高度自律的營運模式。這樣的組合使 Fortinet 具備極佳條件，在執行以股東為核心的資本配置策略同時，推動強勁的現金創造能力、高度經常性營收，以及穩健一致的 GAAP 獲利能力。

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

我要感謝全球的員工、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.

我現在把電話交給 Christiane。

Thank you, Ken, and good afternoon, everyone. We delivered another exceptional quarter, exceeding the midpoint of our guidance across our key growth and profitability metrics, including billings, revenue, operating margin, and earnings per share.

謝謝你，Ken，各位下午好。我們再度交出卓越的一季，在帳單金額、營收、營業利益率與每股盈餘等關鍵成長與獲利指標上，皆超越指引區間的中位數。

Based on our strong momentum, we've raised our 2026 billings and revenue guidance. Total billings grew 29% to $2.34 billion, reflecting 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.

基於我們強勁的動能，我們上調了 2026 年帳單金額與營收指引。總帳單金額成長 29% 至 23.4 億美元，反映出在各客戶區隔、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，皆呈現廣泛需求與強勁執行力，進一步驗證我們平台策略的實力。

AI, SASE, and network upgrades and expansions are key growth drivers as customers prepare for new threat environments. We saw strong demand in large enterprises with the total value of deals greater than $1 million growing 51%, driven by an outsized contribution from our US large enterprise business.

AI、SASE，以及網路升級與擴充，是客戶為因應新的威脅環境所做準備時的關鍵成長動能。我們在大型企業客戶方面看到強勁需求，交易總價值超過 100 萬美元的案子成長 51%，主要由我們美國大型企業業務的超額貢獻所帶動。

SASE firewall billings grew 31% as sustained FortiGate demand was driven by enterprise customers turning to our network security solutions to upgrade their infrastructure for the era of AI and extend their Fortinet security footprint into operational technology and AI data center use cases.

SASE 防火牆帳單金額成長 31%，原因在於企業客戶為迎接 AI 時代而升級其基礎架構，並將其 Fortinet 安全防護版圖延伸至營運技術（OT）與 AI 資料中心等使用情境，帶動 FortiGate 需求持續強勁。

Our OT billings grew nearly 40%, validating our leadership and protecting mission-critical infrastructure. These achievements highlight our focus on leading growth and innovation in the durable demand drivers as we capture long-term expansion opportunities across emerging high-value use cases.

我們的 OT 帳單金額成長近 40%，驗證了我們的領導地位並保護關鍵任務基礎設施。這些成果凸顯我們專注於在具持久需求驅動因素的領域引領成長與創新，同時把握新興高價值使用情境中的長期擴張機會。

Billings from AI-driven security operations grew 15%, driven by strong upsell momentum as our installed base increasingly consolidates point solutions onto our broader platform.

AI 驅動的安全營運相關帳單金額成長 15%，主要受強勁的加購（upsell）動能帶動，因為我們的既有客戶基礎日益將分散的點狀解決方案整合到我們更廣泛的平台上。

Turning to revenue, total revenue grew 20% to $2.08 billion with product revenue increasing 37% to $765 million. Even though we saw increasing lead times for certain components, strong product demand persisted throughout the quarter. As in the prior quarter, our product revenue benefited from customers shifting toward higher-performing models lifting ASPs.

就營收而言，總營收成長 20% 至 20.8 億美元，產品營收成長 37% 至 7.65 億美元。儘管我們看到部分元件的交期延長，強勁的產品需求在整個季度仍持續存在。與上一季度相同，我們的產品營收受惠於客戶轉向效能更高的機型，帶動平均售價（ASP）上升。

Service revenue grew 13% to $1.31 billion and faced some headwinds from winning new large enterprise customers with ramped service activations and large new expansion deals that also consolidated various existing service arrangements into enterprise agreements.

服務營收成長 13% 至 13.1 億美元，但也面臨一些逆風：包括贏得新的大型企業客戶後服務啟用逐步爬坡，以及大型新增擴張交易將各種既有服務安排整併為企業合約。

We continue to believe the first quarter of 2026 marked a trough for our services revenue growth rate. As shown on slide 19, we have key leading indicators supporting a continued positive trajectory, specifically robust 26% service billings growth, 19% total deferred revenue growth, and a 14.5% increase in short-term deferred revenue, which represents our highest growth rate in five quarters.

我們仍然認為 2026 年第一季是我們服務營收成長率的谷底。如投影片 19 所示，我們有關鍵領先指標支持持續正向走勢，尤其是服務帳單金額強勁成長 26%、遞延收入總額成長 19%，以及短期遞延收入增加 14.5%，這是我們五個季度以來的最高成長率。

In addition, we continue to roll out new AI security services, including the FortiGuard inline AI security service announced this week.

此外，我們持續推出新的 AI 安全服務，包括本週宣布的 FortiGuard inline AI 安全服務。

To put our overall performance in perspective, our sustained growth is being propelled by several fundamental shifts in how enterprises approach cybersecurity.

為了更全面地理解我們的整體表現，我們的持續成長正受到企業在資安策略上若干根本性轉變所推動。

We are witnessing a transformed threat landscape where bad actors aggressively use artificial intelligence to orchestrate rapid, highly targeted attacks. This shift has elevated security from a back-office IT concern to a Board-level enterprise risk management priority accelerating investments.

我們正目睹威脅態勢的轉變，惡意行為者積極運用人工智慧來策劃快速且高度精準的攻擊。這一轉變使資安從後勤 IT 議題提升為董事會層級的企業風險管理優先事項，並加速投資。

Our third quarter results highlight our continued momentum and how our portfolio evolves with accelerated market shifts. Specifically, we are winning because of the convergence of networking and security. The urgent push to safeguard AI use and get ahead of increased threats enabled by AI, the merging of IT and OT domains, and the rising global demand for sovereign compliant architectures.

我們第三季的結果凸顯了我們持續的動能，以及我們的產品組合如何隨市場加速變化而演進。具體而言，我們之所以能勝出，是因為網路與安全的融合趨勢。包括迫切需要保護 AI 的使用並超前因 AI 而加劇的威脅、IT 與 OT 領域的融合，以及全球對符合主權要求架構的需求上升。

Sovereignty is especially prominent throughout European enterprises and the global public sector, matching our long-standing market leadership in those markets.

主權議題在歐洲企業與全球公部門尤為突出，這也與我們在這些市場長期的領導地位相契合。

In this environment, as enterprises scale their AI projects and experience the increased threat environment, they face the massive challenge of safeguarding proprietary data sets. This transition requires high capacity security architectures that can inspect vast amounts of data accelerating traffic flows without degrading performance.

在此環境下，當企業擴大其 AI 專案並面臨更嚴峻的威脅環境時，他們面臨保護專有資料集的巨大挑戰。這項轉型需要高容量的安全架構，能在不降低效能的情況下檢視海量資料並加速流量傳輸。

Rather than deploying disconnected point products that add friction, IT and security teams are actively looking for integrated platforms that offer centralized visibility and accelerated automated responses. Fortinet is strongly positioned to capture this demand by securing the physical AI data center, protecting distributed AI applications, and embedding AI directly into our security operations.

相較於部署彼此割裂、增加摩擦的點狀產品，IT 與資安團隊正積極尋找可提供集中式可視性與加速自動化回應的整合平台。Fortinet 具備強勢優勢可掌握此需求：保護實體 AI 資料中心、保護分散式 AI 應用，並將 AI 直接嵌入我們的安全營運之中。

For example, an AI company developing frontier models selected Fortinet for a seven-figure expansion to secure its rapidly growing AI workloads. This strategic win builds on the successful deployment of the customer's first AI data center last year.

例如，一家開發前沿模型的 AI 公司選擇 Fortinet 進行一筆七位數美元的擴張，以保護其快速成長的 AI 工作負載。這項策略性勝利建立在該客戶去年成功部署其第一座 AI 資料中心的基礎之上。

Driven by that initial success, a deep trusted relationship and the strength of our technology, the customer has standardized on Fortinet, deploying our high-end data center firewalls across five additional data centers.

在初期成功、深厚的信任關係以及我們技術實力的推動下，該客戶已將 Fortinet 標準化，並在另外五座資料中心部署我們的高階資料中心防火牆。

Our solution addresses the challenge of protecting high-value AI workloads while maintaining maximum performance, availability, and scalability as the infrastructure expands. This deal exemplifies the leading throughput and resilience of our platform, positioning Fortinet as a foundational security partner for the world's most demanding next-generation AI environments.

我們的解決方案在基礎設施擴張時，能在維持最高效能、可用性與可擴展性的同時，解決保護高價值 AI 工作負載的挑戰。這筆交易體現了我們平台領先的吞吐量與韌性，使 Fortinet 成為全球最嚴苛的新世代 AI 環境之基礎性安全合作夥伴。

This fast-changing threat environment has turned high-performance security into a structural necessity. Because enterprises and governments are highly aware of AI-powered attack vectors and expanding regulatory oversight, they are directing investments towards SASE firewalls that can defend complex decentralized environments.

在這個快速變動的威脅環境中，高效能安全已成為結構性的必要條件。由於企業與政府高度意識到 AI 驅動的攻擊向量以及日益擴大的監管監督，他們正將投資導向能防禦複雜分散式環境的 SASE 防火牆。

To address these distinct operational and regulatory environments, Fortinet provides significant flexibility. By natively converging firewall, SASE, and hybrid mesh capabilities into a single OS, we deliver a seamless way to protect people, customers, applications, and sensitive assets across physical sites, cloud environments, and remote teams. This flexible deployment model is a significant competitive advantage, allowing customers to build a SASE posture that matches their specific enterprise risks and regulatory requirements.

為因應這些不同的營運與監管環境，Fortinet 提供高度彈性。透過在單一作業系統中原生整合防火牆、SASE 與混合網狀（hybrid mesh）能力，我們提供一種無縫方式，在實體據點、雲端環境與遠端團隊之間保護人員、客戶、應用程式與敏感資產。此彈性的部署模型是一項重要競爭優勢，使客戶能建立符合其特定企業風險與法規要求的 SASE 防護態勢。

Turning to operational technology. Safeguarding the edge and industrial networks has become one of the most urgent issues discussed at Board levels of our customers today. Security boundaries have blurred, exposing critical supply chains, utility grids, and manufacturing systems to unprecedented risk.

接著談營運技術。保護邊緣與工業網路已成為我們客戶當今在董事會層級討論最迫切的議題之一。安全邊界已變得模糊，使關鍵供應鏈、公用事業電網與製造系統暴露於前所未有的風險之中。

Manufacturing has been the single most targeted sector for five consecutive years. Combined with escalating attacks on regional critical infrastructure, it is clear that historically underfunded OT environments are highly vulnerable.

製造業已連續五年成為單一最常被攻擊的產業。再加上對區域關鍵基礎設施的攻擊升級，顯示歷來資金不足的 OT 環境極為脆弱。

To mitigate this, organizations are rushing to segment their networks, shield unpatchable legacy machinery, and establish secure remote access. With AI now arming attackers, these security decisions are being fast-tracked directly by corporate Boards and leaders.

為了降低風險，組織正加速進行網路分段、保護無法修補的舊式設備，並建立安全的遠端存取。隨著 AI 讓攻擊者如虎添翼，這些安全決策正由企業董事會與領導層直接加速推進。

Fortinet's FortiOS platform enhanced by FortiGuard security subscriptions gives enterprises complete, unified visibility over both their corporate IT and OT domains and a way to control the new attack surfaces AI creates. This architectural advantage is driving sustained demand across our specialized industrial portfolio.

Fortinet 的 FortiOS 平台結合 FortiGuard 安全訂閱服務，讓企業能對其企業 IT 與 OT 領域取得完整且一致的可視性，並提供控制 AI 所創造新攻擊面的方式。這項架構優勢正推動我們專業工業產品組合的持續需求。

To illustrate, a large transportation company selected Fortinet in an eight-figure competitive win to secure its mission-critical OT infrastructure. The win was driven by the customer's need to modernize and secure its distributed environments through Fortinet's converged networking and security capabilities.

舉例來說，一家大型運輸公司在一場競爭中以八位數美元的勝利選擇 Fortinet，以保護其關鍵任務 OT 基礎設施。此勝利源於客戶需要透過 Fortinet 融合式網路與安全能力，將其分散式環境現代化並加以防護。

By consolidating firewall, secure routing, 5G connectivity, and deep OT inspection into a single platform on one unified appliance, the customer is simplifying its overall network design, while significantly improving operational resilience. The significant deployment highlights our leading ability to protect highly specialized demanding OT environments while delivering an optimized total cost of ownership and streamlined operational efficiency.

透過將防火牆、安全路由、5G 連線與深度 OT 檢測整合到單一平台、單一整合式設備上，客戶得以簡化整體網路設計，同時大幅提升營運韌性。這項重要部署凸顯我們在保護高度專業且要求嚴苛的 OT 環境方面的領先能力，同時提供最佳化的總持有成本（TCO）與精簡的營運效率。

Further proving our architectural advantage at the edge, a large US retailer selected Fortinet in an eight-figure deal to standardize and secure its footprint for 1,500 store locations. The strategic win was driven by the customer's need to enhance network performance and digital resilience while wanting to offer an improved in-store customer experience.

進一步證明我們在邊緣端的架構優勢，一家美國大型零售商以一筆八位數美元交易選擇 Fortinet，將其 1,500 家門市據點的版圖標準化並加以防護。這項策略性勝利源於客戶需要提升網路效能與數位韌性，同時希望提供更佳的店內顧客體驗。

To support its distributed operations, the retailer required simplified network design and architectural standardization that allowed them to scale seamlessly while dramatically reducing overall costs. Fortinet's ability to deliver a comprehensive unified security fabric managed centrally via FortiManager proved to be a key differentiator.

為支援其分散式營運，該零售商需要簡化的網路設計與架構標準化，使其能無縫擴展，同時大幅降低整體成本。Fortinet 能提供由 FortiManager 集中管理的完整統一安全架構（security fabric），被證明是關鍵差異化因素。

The successful competitive win of this large rollout demonstrates also the invaluable role of Fortinet's highly trained and specialized partner network, whose deep technical expertise is essential in deploying complex enterprise-grade solutions.

此次大型部署專案成功在競爭中勝出，也彰顯了 Fortinet 受過高度訓練且專業化的合作夥伴網路所扮演的無可取代角色；其深厚的技術專長對於部署複雜的企業級解決方案至關重要。

Our exceptional quarter highlights our relentless focus on the dynamic market teams shaping the cybersecurity industry. We believe Fortinet's integrated platform approach positions us well to capture share, deliver sustained growth and maximize long-term shareholder value.

我們本季的卓越表現，凸顯了我們對於正在塑造資安產業的動態市場團隊之不懈專注。我們相信，Fortinet 的整合式平台策略使我們具備良好條件以擴大市占、實現可持續成長，並最大化長期股東價值。

Turning to margins and cash flow, non-GAAP and GAAP gross margins were 79.6% and 79%, respectively, and were impacted by the continuously high contribution of product demand. Non-GAAP operating margin of 38.2% was a third quarter record, up 130 basis points. This performance exceeded the high end of our guidance driven by stronger-than-expected revenue growth and disciplined cost management.

接著談毛利率與現金流：非 GAAP 與 GAAP 毛利率分別為 79.6% 與 79%，並受到產品需求持續高占比的影響。非 GAAP 營業利益率為 38.2%，創第三季新高，提升 130 個基點。在優於預期的營收成長與嚴謹的成本管理帶動下，此表現超越我們指引區間的上緣。

Moreover, our GAAP operating margin of 33.9% continues to be one of the highest in the industry. The strong operating performance translated to the bottom line. Non-GAAP earnings per share increased 23% to $0.91, while GAAP earnings per share grew 39% to $0.86, outpacing our top-line growth, reflecting high-quality earnings supported by our long-term focus on total shareholder returns.

此外，我們的 GAAP 營業利益率 33.9% 仍是業界最高水準之一。強勁的營運表現也反映在最終獲利。非 GAAP 每股盈餘成長 23% 至 0.91 美元，而 GAAP 每股盈餘成長 39% 至 0.86 美元，增速超越營收成長，反映在我們長期聚焦於股東總報酬支持下的高品質獲利。

Free cash flow grew 52% to $865 million in the third quarter and 74% year-to-date to $2.84 billion, driven by higher billings and operating margin strength. Adjusted free cash flow was $912 million, representing an exceptional margin of 44%. Our excellent execution and consistent cash generation continue to support our strong financial position.

第三季自由現金流成長 52% 至 8.65 億美元，年初至今成長 74% 至 28.4 億美元，主要受更高的帳單金額（billings）與營業利益率走強所帶動。調整後自由現金流為 9.12 億美元，對應 44% 的亮眼利潤率。我們優異的執行力與穩定的現金創造能力，持續支撐我們強健的財務狀況。

Reflecting the strength of our balance sheet and our ongoing commitment to delivering long-term shareholder value, our Board of Directors approved an approximately $1.2 billion increase to our authorized stock repurchase program. This brings our remaining share repurchase authorization to $2 billion, giving us flexibility to continue returning capital to our shareholders while investing in our key growth pillars.

反映我們資產負債表的強勁實力，以及我們持續致力於創造長期股東價值，董事會核准將已授權的庫藏股回購計畫增加約 12 億美元。此舉使我們剩餘的股票回購授權額度達 20 億美元，讓我們在持續回饋股東資本的同時，也能投資於關鍵成長支柱，保有彈性。

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

接下來談財測指引。提醒各位，我們第四季與全年展望（摘要於投影片 24 與 25）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 performance through the first nine months support a higher full-year outlook. We are raising our full-year guidance for billings and revenue, as well as operating margin and earnings per share.

秉持我們一貫嚴謹且審慎的指引作法，前九個月的強勁表現支持我們上調全年展望。我們上調全年帳單金額與營收指引，同時也上調營業利益率與每股盈餘指引。

For the fourth quarter, we expect the following: billings in the range of $2.775 billion to $2.925 billion, which at the midpoint represents growth of 20%; revenue in the range of $2.155 billion to $2.245 billion, which at the midpoint represents growth of 15%; non-GAAP gross margin of 78% to 80%; non-GAAP operating margin of 35.5% to 37.5%; non-GAAP earnings per share of $0.93 to $0.95, which assumes a share count between 741 million and 745 million.

就第四季而言，我們預期如下：帳單金額介於 27.75 億至 29.25 億美元，中位數代表 20% 成長；營收介於 21.55 億至 22.45 億美元，中位數代表 15% 成長；非 GAAP 毛利率 78% 至 80%；非 GAAP 營業利益率 35.5% 至 37.5%；非 GAAP 每股盈餘 0.93 至 0.95 美元，假設流通股數介於 7.41 億至 7.45 億股。

Infrastructure investments of $180 million to $210 million, a non-GAAP tax rate of 18%, and cash taxes of $80 million to $130 million. For the full year, we expect billings in the range of $9.568 billion to $9.718 billion, which at the midpoint represents growth of 28%. Revenue in the range of $8.125 billion to $8.215 billion, which at the midpoint represents growth of 20%.

基礎設施投資 1.8 億至 2.1 億美元，非 GAAP 稅率 18%，以及現金稅款 8,000 萬至 1.3 億美元。就全年而言，我們預期帳單金額介於 95.68 億至 97.18 億美元，中位數代表 28% 成長。營收介於 81.25 億至 82.15 億美元，中位數代表 20% 成長。

Service revenue in the range of $5.15 billion to $5.17 billion, which at the midpoint represents growth of 30%. Non-GAAP gross margin of 79.7% to 80.3%. Non-GAAP operating margin of 36.5% to 37.5%. Non-GAAP earnings per share of $3.54 to $3.58, which assumes a share count of between 741 million and 743 million. Infrastructure investments of $390 million to $420 million. Non-GAAP tax rate of 18% and cash taxes of $400 million to $450 million.

服務營收介於 51.5 億至 51.7 億美元，中位數代表 30% 成長。非 GAAP 毛利率 79.7% 至 80.3%。非 GAAP 營業利益率 36.5% 至 37.5%。非 GAAP 每股盈餘 3.54 至 3.58 美元，假設流通股數介於 7.41 億至 7.43 億股。基礎設施投資 3.9 億至 4.2 億美元。非 GAAP 稅率 18%，以及現金稅款 4 億至 4.5 億美元。

Our current 2026 fiscal year guidance represents an increase for billings and revenue guidance by $1.14 billion and $570 million, respectively, compared to our initial 2026 guide in February.

我們目前對 2026 會計年度的指引，相較於 2 月提出的 2026 初始指引，帳單金額與營收指引分別上調 11.4 億美元與 5.7 億美元。

As we look ahead to 2027, we expect our total billings and revenue growth to outpace the growth of our overall addressable market. Our 2027 service revenue is expected to grow at a higher rate compared to 2026 as we consider short-term deferred revenue growth as a good indicator for future service revenue growth.

展望 2027 年，我們預期總帳單金額與營收成長將超越整體可服務市場的成長。考量短期遞延收入成長是未來服務營收成長的良好指標，我們預期 2027 年服務營收的成長率將高於 2026 年。

In addition, we see continued pipeline building for SASE firewall use cases and expect that the new FortiGuard services will be highly relevant for existing and new customers.

此外，我們看到 SASE 防火牆使用情境的商機管線持續累積，並預期新的 FortiGuard 服務將對既有與新客戶都具有高度相關性。

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

接下來我把電話交回給 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, one follow-up question to allow others to participate. Operator, please open the line for questions.

謝謝你，Christiane。提醒各位，在問答環節我們請各位盡量限制為一個問題，以及一個追問，以便讓其他人也能參與。接線員，請開放提問。

(Operator Instructions) Shaul Eyal, TD Cowen.

(接線員指示) Shaul Eyal，TD Cowen。

Thank you. Good afternoon. Congrats on the solid results all around. One for Ken, one for Christiane.

謝謝。下午好。恭喜各方面都交出穩健的成績。我有一題問 Ken，一題問 Christiane。

Ken, can you talk about the criticality of network security on SASE firewalls, SecOps, so in other words, the overall Fortinet platform in the age of AI specifically? Where does Fortinet address AI use cases? How does this opportunity impact your growth rate and sustainability of demand?

Ken，你能談談在 AI 時代，網路安全在 SASE 防火牆、SecOps（安全營運）等方面的重要性，也就是整體 Fortinet 平台的重要性嗎？Fortinet 在哪些面向對應 AI 使用情境？這個機會如何影響你們的成長率與需求的可持續性？

And maybe for Christiane. Can you maybe double-click on the service revenue, you're adding new services, you provided an early view on improved growth in 2027. Talk about it in the context of the third quarter. Is this is more of a timing issue on revenue given the leading indicators all look absolutely solid?

另外想請教 Christiane。能否更深入談談服務營收：你們正在新增服務，也提前提供了 2027 年成長改善的初步觀點。請在第三季的脈絡下談談。鑑於各項領先指標看起來都非常穩健，這是否更多是營收認列時點的問題？

Thank you, Shaul. It's a great question. I actually prepared slides for that on the slide 4.

謝謝你，Shaul。這是個很好的問題。我其實為此準備了投影片，在第 4 頁。

You can see we're starting the call with a SASE firewall because we believe SASE is a function to integrate with the traditional firewall OS and the same for the AI security. And like in my script, we believe network security is the most important part of AI security because they are the inline enforcer to a lot of AI traffic and also provide better visibility.

你可以看到我們以 SASE 防火牆作為本次電話會議的開場，因為我們相信 SASE 是一項可與傳統防火牆作業系統整合的功能，AI 安全也是同樣的道理。而且如同我講稿所述，我們認為網路安全是 AI 安全中最重要的部分，因為它們是大量 AI 流量的線上（inline）執行者，同時也能提供更佳的可視性。

So with our leadership in the global network security market, we have like over half of the global unit deployment, we believe we have a much better visibility and that's give us a lot of data can train, make a better SASE firewall model and at the same time innovate, keep up all this technology plus invest in like ASIC.

因此，憑藉我們在全球網路安全市場的領導地位，我們在全球的設備部署量超過一半；我們相信我們擁有更好的能見度，這也帶給我們大量可用於訓練的資料，能打造更好的 SASE 防火牆模型，同時持續創新、跟上所有這些技術，並投資例如 ASIC。

That's where we have the confidence we can grow faster than the market. So that's where combine all these AI security, all the SASE, all the traditional security. We believe the total addressable market will grow about 16% in the current market growth rate and we continue to grow faster.

這也是我們有信心能比市場成長更快的原因。因此，這就是把所有這些 AI 安全、所有的 SASE、以及所有傳統安全整合在一起。我們相信在目前的市場成長率下，整體可服務市場（TAM）將以約 16% 成長，而我們會持續成長得更快。

And last quarter, actually, we doubled, almost doubled the market growth rate. And you've already become the biggest SASE firewall player in the space, and then we continue to grow faster than the market. We feel it's a still pretty big market, and we're keeping growth for a long time, just like we did in the last 20, 30 years. I think network security in the market position to address the AI security concern.

而在上一季，實際上我們的成長率翻倍，幾乎是市場成長率的兩倍。而你們已經成為這個領域最大的 SASE 防火牆業者，接著我們會持續比市場成長更快。我們覺得這仍然是一個相當大的市場，我們會長期維持成長，就像過去 20、30 年所做的一樣。我認為網路安全在市場上的定位，能夠回應 AI 安全方面的疑慮。

And let me follow-up on your second question regarding services. So as I mentioned in the prepared remarks that we see strong services billings and so many of the indicators for service revenue improved, it's really a timing issue.

另外我也跟進你第二個關於服務的問題。如同我在事先準備的發言中提到的，我們看到服務帳單（billings）表現強勁，而且許多服務營收的指標都有改善，這其實是時點（timing）問題。

And the strength in our enterprise segment I think is part of the reason that we see some delays in the conversion because we sold a number of really nice big deals and they have some ramped service activation. So it's a lot of strength in the business plus we continue to focus on services, and this is where the newer services and solutions play, of course, a critical role to continue to upsell our existing customers.

我認為我們企業客戶部門的強勁表現，是我們看到轉換上有些延遲的部分原因，因為我們賣出了幾筆非常漂亮的大型交易，而它們的服務啟用是分階段拉升（ramp）的。因此，這反映的是業務的強勁動能，加上我們持續聚焦服務；而這也正是較新的服務與解決方案發揮關鍵作用之處，當然也能持續對既有客戶進行加值銷售（upsell）。

Of course, all our existing FortiGuard services are evolving, but the new FortiGuard Inline AI Service addresses some specific risks that are new with AI and that require constant FortiGuard updates. So it's going to be highly relevant to our customers.

當然，我們所有既有的 FortiGuard 服務都在演進，但新的 FortiGuard Inline AI Service 能因應一些 AI 帶來的新型特定風險，而這些風險需要 FortiGuard 持續更新。因此，這對我們的客戶會非常相關且重要。

Thank you.

謝謝。

Saket Kalia, Barclays.

Barclays 的 Saket Kalia。

Great. Hey, guys. Thanks for taking my questions here. Ken and Christiane, maybe for both of you, this has been a very strong year for the product line. And, of course, that's a combination of a variety of different things, whether it's pricing or mix shift or volume.

很好。嗨，各位。謝謝回答我的問題。Ken 和 Christiane，可能想請教你們兩位，今年產品線表現非常強勁。當然，這是多種因素的組合，不論是定價、產品組合轉移（mix shift）或出貨量（volume）。

Now, I realize it's early to talk about 2027, but based on what we see here in Q4, how should we think about product growth next year given what is a very tough compare here in '26?

我知道現在談 2027 還太早，但根據我們在第四季看到的情況，考量到 2026 年的比較基期非常艱難，我們應該如何看待明年產品成長？

I think probably we're still three months early to give the '27 guidance, but we do have a confidence we'll grow faster than the market, right? So if you look in the SASE firewall market, current growth rate is 16%, and we do believe we're keeping gaining market share there.

我想我們可能還早了三個月才會提供 2027 年的指引，但我們有信心我們會比市場成長更快，對吧？所以如果你看 SASE 防火牆市場，目前成長率是 16%，而我們確實相信我們會持續在那裡提升市占率。

And plus, we have pretty strong operation model, with our own ASIC chip, with our manufacturer managed by ourselves plus operation directly. We feel we have a more advantage in this supply chains issue compared to most other competitors. So that's where we have a confidence. We're keeping gaining market share in this space with better technology, with better operation, and execution.

此外，我們有相當強的營運模式，擁有自家的 ASIC 晶片，自行管理製造商並直接營運。相較於多數其他競爭對手，我們覺得在供應鏈議題上我們更具優勢。因此我們才有信心。我們會以更好的技術、更好的營運與執行力，在這個領域持續提升市占。

Got it. Very helpful.

了解。非常有幫助。

Yeah. Let me add to what Ken said. If you look at the demand environment, the demand environment is pretty solid. The AI attacks are happening, not only the deployment of AI, it's also the threat environment that has increased quite significantly. And so that really drives the requirement for customers to upgrade their network security and, of course, new use cases as well. So we are confident that we are well positioned for 2027.

是的，我補充一下 Ken 的說法。如果你看需求環境，需求環境相當穩健。AI 攻擊正在發生，不只是 AI 的部署，威脅環境也顯著增加。因此這確實推動客戶升級其網路安全的需求，當然也帶來新的使用情境。所以我們有信心，我們在 2027 年具備良好的市場定位。

Got it. Maybe for my follow-up again for you, Ken, one of the building blocks there that we hit on was pricing. I was wondering if you could just talk about your latest thoughts on pricing, right? I mean, you've passed through the cost increases from memory.

了解。我再追問一題，還是給你，Ken。我們剛剛提到的其中一個基礎要素是定價。我想請你談談你對定價最新的看法，好嗎？我的意思是，你們已經把記憶體成本上升的影響轉嫁出去了。

But maybe the question is, where are we in that journey? And, of course, it's tough to have a crystal ball going into next year, but how do you think about that as a lever in 2027?

但問題可能是：我們在這段過程中目前走到哪一步？當然，要對明年做精準預測很難，但你如何看待定價在 2027 年作為一個槓桿的作用？

I think the price so far has about 10% benefit on the top line. On the other side, you can look at the first half of the year, we do benefit from our on-hand inventory, which we keep in saying in the normal year, we keep about six months on-hand inventory. So that's where in the early phase of the supply chain, we have a buffer we can benefit from.

我認為到目前為止，價格對營收（top line）大約帶來 10% 的助益。另一方面，你可以看今年上半年，我們確實受惠於手上既有庫存；我們一直說，在正常年份，我們會維持大約六個月的在手庫存。因此在供應鏈早期階段，我們有一個緩衝，可以從中受益。

But now starting from Q3, we see this become more normal. So that's where we have to continue to source in and like others. And at the same time, even we have a bigger quantity, we have more direct relation.

但從第三季開始，我們看到情況變得更正常。因此我們必須像其他人一樣持續採購。同時，即使我們的採購量更大，我們也有更直接的合作關係。

But we do see the lead get longer. I say the price probably stabilized but not improved yet. I think the price increase slowed down compared to the first one, Q1, Q2, Q3 kind of stabilized, but not improved yet, still slowly increased, but it's difficult to forecast going forward.

但我們確實看到交期變長。我會說價格大概已經穩定，但還沒有改善。我認為相較於第一波，價格上漲速度放緩了；第一季、第二季、第三季大致趨於穩定，但尚未改善，仍在緩慢上升，只是未來要預測很困難。

Our policy of strategy always we want to keep in the same gross margin. And if our costs go higher, we'll increase accordingly. If our costs get lower, we also will decrease accordingly. So that's where we want to maintain the same gross margin on the product side. So that's the company's strategy in the last 20 years actually.

我們的政策與策略一向是希望維持相同的毛利率。如果成本上升，我們就會相應調高價格。如果成本下降，我們也會相應調降價格。因此我們希望在產品端維持相同的毛利率。這其實是公司過去 20 年來的策略。

Very helpful. Thanks, guys.

非常有幫助。謝謝各位。

Thank you.

謝謝。

Gray Powell, BTIG.

BTIG 的 Gray Powell。

Okay. Great. Thanks for taking the question. Can you hear me okay?

好的，很好。謝謝讓我提問。你們聽得到我嗎？

Yeah. All good.

嗯，沒問題。

Excellent. So maybe just a higher level question. A lot of the investors that we speak with, they're just trying to compare the current spending environment that you're seeing this year to that of the post-COVID period like in 2021 and 2022. If I had to guess, the current AI-driven cycle is probably bigger.

太好了。那我可能問一個比較高層次的問題。我們接觸到的許多投資人，都在嘗試把你們今年看到的支出環境，和 COVID 之後的 2021、2022 年那段期間做比較。如果要我猜，當前這一波由 AI 驅動的循環可能更大。

But the question is just how does it feel on your side relative to post-COVID a few years back or even the post-target era spending cycle that we saw in 2014 and 2015? And do you think that this cycle is more durable than past cycles?

但問題是，相較於幾年前後疫情時期，甚至我們在 2014 與 2015 年看到的後 Target 時代支出循環，從你們那邊看起來感受如何？你認為這一輪循環比過去的循環更具持久性嗎？

I personally agree with you. I do feel this time is bigger than like five, six years ago. And also now times more work from remotely from home, drive some supply chain. But now it's a AI build a lot of infrastructure things there.

我個人同意你的看法。我確實覺得這次比五、六年前更大。而且現在更多人在家遠端工作，帶動了一些供應鏈需求。但現在是 AI 建置了很多基礎設施相關的事情。

But it's on the other side, AI also drive up the demand because now most recently, the AI security become bigger concern, especially a lot of enterprise, how they're using AI and that's also drive up the demand. So that's where we have not seen demand slow down.

但另一方面，AI 也推升了需求，因為最近 AI 安全成為更大的關注點，特別是很多企業在如何使用 AI，而這也帶動了需求。所以我們沒有看到需求放緩。

So demand still very, very strong in the last few quarters and even in Q3, we have not seen any slowdown on the demand. But supply, we mentioned the lead time get longer and also the price not grow as fast as Q1, Q2, but still go up a little bit, but I would say it stabilized somehow.

因此過去幾個季度需求仍然非常、非常強勁，即使在第三季，我們也沒有看到需求有任何放緩。但供給方面，我們提到交期變長，價格也不像第一季、第二季那樣成長得那麼快，但仍有小幅上升；不過我會說某種程度上已經趨於穩定。

That's probably more become normal, but we believe we have pretty strong operation and direct relation with all the component manufacturer, which we can negotiate compared to some more competitor, much small quantity. So that's where we still have more advantage.

這可能更接近常態，但我們相信我們有相當強的營運能力，並且與所有零組件製造商都有直接關係，因此相較於一些數量更小的競爭對手，我們更能談判。所以這也是我們仍然更具優勢的地方。

I think your point is also good that our business follows a threat. You mentioned the target breach, COVID, et cetera. This AI threat, no one has a crystal ball, as somebody mentioned earlier, just seems a lot more durable and sustainable than some of those earlier threat drivers.

我認為你的觀點也很好：我們的業務是跟著威脅走的。你提到 Target 資料外洩、COVID 等等。這個 AI 威脅，沒有人有水晶球（如先前有人提到），但看起來比那些早期的威脅驅動因素更耐久、更可持續。

And so I think it feels like early days. And like you said, our business does follow that threat and that threat environment is elevated and it seems like it's durable.

所以我認為現在還像是早期階段。而且如你所說，我們的業務確實跟著威脅走，而目前的威脅環境處於高檔，且看起來具有持久性。

Okay. That's helpful. Thank you.

好的，這很有幫助。謝謝。

Rob Owens, Piper Sandler.

Rob Owens，Piper Sandler。

Great. Thank you very much for taking my question and maybe dovetailing that last answer around the threat environment. Obviously, headlines have been somewhat scary, I guess, for the month of October relative to agentic and what's going on.

很好。非常感謝讓我提問，也想延續上一個回答中關於威脅環境的部分。顯然，10 月份的新聞標題在 agentic（代理式）以及相關進展方面，我想，多少有點令人不安。

Would just love to understand, I realize we're only one month into your fourth quarter here, but just how things are trending? Have they picked up much over the last month? And is there anything you can quantify for us relative to, I guess, how the start of fourth quarter has looked, given what's going on from a vulnerability perspective? Thanks.

很想了解一下，我知道我們才進入你們第四季一個月，但目前趨勢如何？過去一個月有明顯升溫嗎？就漏洞風險的角度，考量目前的情況，你能否量化一下第四季開局看起來如何？謝謝。

Yeah. The demand is still very, very strong, and we don't see any slowdown. And there's definitely AI discovered more vulnerability, like all the PHPs and others, and we do believe all firewall is in the best position to stop some of this attack intrusion, and we do have the signature can block some of this vulnerability, which is a very, very effective way to help a lot of enterprise to defend it.

是的，需求仍然非常、非常強勁，我們沒有看到任何放緩。而且 AI 的確發現了更多漏洞，像是各種 PHP（漏洞）以及其他；我們也相信防火牆處於最佳位置來阻止這類攻擊入侵，我們也有可封鎖這些漏洞的特徵碼（signature），這是一種非常、非常有效的方式，能幫助許多企業進行防禦。

And also we see AI also accelerate some of the convergence, so we do see more high-end units being deployed inside the company to do internal segmentation. And also we mentioned the sovereign AI, also we see pretty strong growth. And that's where we do believe long-term, the hybrid AI, both sovereign and also cloud combination will be the best solution for customer, which we feel we have a huge advantage.

另外我們也看到 AI 加速了一些整合（convergence），因此我們確實看到更多高階機種部署在公司內部，用於內部分段（internal segmentation）。同時我們也提到主權 AI（sovereign AI），我們也看到相當強勁的成長。因此我們相信長期來看，混合式 AI——同時結合主權與雲端——會是客戶的最佳解決方案，而我們覺得自己有很大的優勢。

Let's say that the demand is still very, very strong and no sign of slowdown.

總之，需求仍然非常、非常強勁，沒有任何放緩跡象。

Meta Marshall, Morgan Stanley.

Meta Marshall，Morgan Stanley。

Great. Thank you. A couple of questions for me. Noted the strong OT billings, OT security billings. Just are you seeing a broadening customer base there? Any contextualization of how you see of any major new customers there?

很好。謝謝。我有幾個問題。注意到 OT 帳單（billings）很強，OT 安全帳單也很強。你們是否看到那邊的客戶基礎正在擴大？能否提供一些背景，談談你們如何看待那邊是否有任何重要的新客戶？

And then a second question just in terms of are you running into your customers having any issues of having the services or even the staff to install a lot of the equipment and is there anything you can do with your own services organization to help those customers out or align them better with additional services that can help them with the installation? Thanks.

第二個問題是，就你們的客戶而言，他們在安裝大量設備時，是否遇到服務資源或甚至人力（staff）不足的問題？你們是否能透過自家的服務組織來協助客戶，或讓他們更好地搭配額外服務，以協助安裝？謝謝。

Meta, let me take your questions. So on the OT side, I would say we've been strong in certain geos and we are expanding that strength into other regions just because we have more and more customer references, they see the benefits of our specialized devices that we have for that. So it's a broadening of the strength and continued expansion now because it's also becoming more and more relevant with the tech surface expanding.

Meta，我來回答你的問題。在 OT 方面，我會說我們在某些地理區域（geos）一直表現強勁，而我們也正把這個優勢擴展到其他地區，因為我們有越來越多的客戶案例可供參考，他們看到了我們為此提供的專用設備所帶來的效益。因此這是一種優勢面的擴大與持續擴張，因為隨著攻擊面（tech surface）擴大，這也變得越來越相關。

On the installation side, so typically, Fortinet services are more on the configuration side, not necessarily on the racking and stacking. That's why we have an extensive reseller and partner channel that we qualify to do these things locally with our customers.

在安裝方面，通常 Fortinet 的服務更偏向設定／配置（configuration），不一定是上架與佈線（racking and stacking）。因此我們有廣泛的經銷商與合作夥伴通路，我們會認證他們在客戶所在地提供這些服務。

I've not really heard that there is a shortage and the ability to roll out. I think that's more -- it's not the channel capability or capacity; it's more so how quickly can the customers do that and that's always -- I think depending on the business you are in Q4, probably a little bit more challenging because many get ready for year-end business and so on. So if you're a calendar-year company, you don't make major changes until the next year.

我其實沒有聽說有短缺、導致無法部署的情況。我認為那更多不是通路能力或產能的問題；而是客戶能多快完成部署，這一直都是——我想取決於你所處的業務型態，在第四季可能會更具挑戰，因為很多人要準備年底業務等等。所以如果你是以曆年為會計年度的公司，通常不會在下一年度之前做重大變更。

Yeah, also, Fortinet uniquely, we build our own a service infrastructure system called FortiCare, which now like half of the FortiCare service can use AI to handle -- to help improve in there.

是的，另外 Fortinet 有一點很獨特：我們建立了自有的服務基礎設施系統，稱為 FortiCare，而現在 FortiCare 服務大約有一半可以使用 AI 來處理——來協助提升其中的效率。

So that's also we started more have the service personnel local to customer, which also will be helpful for the customer to like understand the additional new service we are launching now. So that's also we feel that's what helping drive the additional service business going forward.

因此我們也開始在客戶所在地配置更多服務人員，這也將有助於客戶理解我們現在推出的額外新服務。所以我們也覺得，這正是推動未來額外服務業務成長的助力。

And Meta, I think to your question, I just talked to a retailer who's considering rolling out our solution to 4,000 stores around the country. And we're going to engage in MSP like Christiane mentioned. But at that scale, we are seeing demand where they want to work directly with us and so our service team can augment their service team and the MSP as well. And so we are seeing large-scale rollouts where the customer wants to work directly with us in addition to working with a partner.

Meta，針對你的問題，我剛和一位零售商談過，他們正在考慮把我們的解決方案推廣到全國 4,000 家門市。我們會如 Christiane 提到的那樣，與 MSP（託管服務供應商）合作。但在那樣的規模下，我們看到的需求是：他們希望能直接與我們合作，因此我們的服務團隊可以補強他們的服務團隊以及 MSP。所以我們確實看到一些大規模部署案，客戶除了與合作夥伴合作之外，也希望直接與我們合作。

Great. Thank you.

太好了。謝謝。

Adam Borg, Stifel.

Adam Borg，Stifel。

Awesome. And thanks so much for taking the question. So maybe just to take a step back, we just talked about the really strong demand environment, continued pricing tailwinds, albeit less than in the first half of the year. Any more color on just what led to the growth deceleration in 3Q relative to -- 2Q is incredibly strong, but any color just what led to the deceleration across a number of the metrics? Thanks, again.

太棒了。也非常感謝讓我提問。那也許先退一步來看，我們剛談到需求環境非常強勁、定價順風持續存在，儘管不如上半年那麼強。能否再多補充一些細節：相較於—2Q 非常強勁—但 3Q 在多項指標上出現成長放緩，主要是什麼原因導致的？再次感謝。

Yeah, like I said, Q3, we see demand continues strong, probably even stronger than the first half of the year. But the first half year, we do benefit from some inventory we usually keep for six months. So that's where you see some strong product growth, benefit from some of the inventory we have on hand.

是的，如我所說，Q3 我們看到需求仍然強勁，可能甚至比上半年更強。但在上半年，我們受惠於一些我們通常會保留六個月的庫存。所以你會看到一些強勁的產品成長，受惠於我們手上現有的部分庫存。

I think starting from Q3, we more treat it as normal now. So the on-hand inventory advantage starting to disappear and also some other component we see a little bit longer lead time. But the demanding side is still keeping growing.

我認為從 Q3 開始，我們更把它視為回到正常狀態。因此，手上庫存的優勢開始消失，另外我們也看到某些零組件的交期稍微拉長。但需求端仍在持續成長。

And just to clarify, are you saying that you're somewhat supply constrained or are you saying that the new inventory is at higher prices and that had an element? Thanks, again.

我想再釐清一下，你的意思是你們在供給端有些受限，還是說新進庫存的價格更高，這也造成了一些影響？再次感謝。

I see a little bit both and also the lead time get a little bit longer to get some of the component.

我看到兩者都有一些影響，而且取得部分零組件的交期也變得稍微更長。

Excellent. Thanks, again.

很好。再次感謝。

Joe Gallo, Jefferies.

Joe Gallo，Jefferies。

Hey, guys. Thanks for the question. I've got a two-parter on services. First, I understand the delayed ramp with some of these large ELAs, but when you remove that cohort, are you seeing the same attach rates as historical?

嗨，各位。謝謝讓我提問。我有兩個關於服務的問題。第一，我理解某些大型 ELA 的導入爬坡有所延後，但如果把那一群客戶排除掉，你們看到的附加率（attach rates）是否與歷史水準相同？

I mean, you obviously have a ton of product success right now, but is it fair to say that some of the networking strength and AI data center strength maybe hurting the attach rates? And is there any reason to expect that to change?

我的意思是，你們現在產品端顯然非常成功，但是否可以說，部分網路業務的強勁表現以及 AI 資料中心的強勁表現，可能正在拉低附加率？而且有任何理由預期這會改變嗎？

Of course, over the years, there has been a little bit of a product mix shift towards networking components that we've been very strong in and part of the consolidation play, which have fewer attach rates. I think that's something that hasn't changed from Q2 to Q3. What we've been seeing is really good FortiGate growth, so that will help us with attach rates.

當然，這些年來，產品組合確實有些轉向我們非常強勢的網路元件，以及整併（consolidation）相關的部署，而這些通常附加率較低。我認為這點從 Q2 到 Q3 並沒有改變。我們看到的是 FortiGate 成長非常好，因此這將有助於提升附加率。

On the other hand, compared to, let's say, our success with sovereign deployments or sovereign solutions, they are a little bit more product heavy compared to cloud solutions, so that's impacting the overall product service mix a little bit as well.

另一方面，相較於例如我們在主權部署或主權解決方案上的成功，那些相對於雲端解決方案而言更偏重產品，因此也在一定程度上影響整體產品與服務的組合。

But yeah, there's product mix, sovereign has less services because we are delivering more product that the customer has versus cloud solutions and we believe that this will be structurally helping us with product long-term because it's definitely an important trend and then it's on us to attach more relevant FortiGuard security subscriptions, that's why it's so critical to roll these out.

不過是的，確實存在產品組合因素；主權方案的服務較少，因為我們交付給客戶的是更多由客戶持有的產品，相較之下雲端解決方案不同。我們相信，從長期來看這在結構上會對產品有利，因為這絕對是一個重要趨勢；接下來就看我們如何附加更多相關的 FortiGuard 安全訂閱，這也是為什麼把這些訂閱推廣出去如此關鍵。

That's really helpful. Then maybe just a follow-up, is there a discrete subscription selling motion or is that entirely attached to hardware? The reason I ask is just as product is cyclical and decelerates, services is obviously more important. So I'm just curious if there's any other tailwinds to subscription as we go through this cycle?

這很有幫助。那再追問一下：訂閱是否有獨立的銷售動作，還是完全綁在硬體上？我之所以這樣問，是因為產品具有週期性且會放緩，而服務顯然更重要。所以我想了解，在我們走過這個週期的過程中，訂閱是否還有其他順風因素？

There is a separate services motion. The initial, I would say, the initial purchase always attaches certain services. Most of the time it's FortiCare and smaller customers buy services in a bundle. With larger enterprise customers, it is more of an upsell motion to make sure they roll out the hardware first and then we're upselling on relevant security subscriptions and that's why the focus I think is also on the increased threat environment because IPS, virtual patching, certain OT subscriptions are really critical for our customers to have the right level of intelligence circulating through the FortiGates all the time to be protected. So I think that the motion will pick up quite significantly.

服務確實有獨立的銷售動作。我會說，初次購買通常都會附帶某些服務。多數情況下是 FortiCare，而較小的客戶會以套裝方式購買服務。對於較大型的企業客戶，更多是加購（upsell）的銷售動作：先確保他們先把硬體部署上線，接著我們再加購相關的安全訂閱。這也是為什麼我認為焦點也放在威脅環境的升高，因為 IPS、虛擬修補（virtual patching）、某些 OT 訂閱對客戶非常關鍵，讓正確等級的威脅情報能持續在 FortiGate 之間流通，以維持防護。所以我認為這個銷售動能會相當顯著地提升。

Thank you very much.

非常感謝。

Gabriela Borges, Goldman Sachs.

Gabriela Borges，Goldman Sachs。

Hi. Good afternoon. Thank you. Christiane, I want to stay on this topic of large enterprise deals and the impact that they're having to services revenue. Maybe just, relative to your expectations, was US enterprise stronger than what you expected? And then did you go from expecting it not to be a ramp deal and then the customers asked for it to be a ramp deal?

嗨，午安。謝謝。Christiane，我想延續大型企業交易這個主題，以及它們對服務營收造成的影響。也許先問：相較於你們的預期，美國企業客戶的表現是否比你們原先預期更強？另外，你們是否原本預期這不是一筆爬坡式（ramp）交易，但後來客戶要求改成爬坡式交易？

Maybe just explain to us the dynamic that happened in 2Q because I don't recall you talking about large enterprise has been a growth driver for quite some time now. I don't recall this specific ramp issue impacting services before. So I'm just trying to understand what's different this time.

也請你們向我們解釋一下 2Q 發生的動態，因為我記得你們談到大型企業已經作為成長驅動因素有一段時間了。我不記得之前有這種特定的爬坡問題會影響服務。所以我想了解這次有什麼不同。

So I think Q3, as we reported, had a lot of not only large enterprise deals, which we had in the past, it had a lot of newer customers that had truly expansion deals and not necessarily just refresh activity or also sometimes large customers may have big renewals.

我認為 Q3，如我們所揭露的，不僅有很多大型企業交易（過去也有），同時也有很多新客戶是真正的擴張型交易，而不一定只是汰換更新（refresh）活動；另外有時大型客戶也可能有大額續約。

So this is where, as customers roll out their infrastructure, they may not want to pay the services right away and we had more of that in Q3 also consolidating different activities. That's why I addressed it specifically in my prepared remarks.

因此，當客戶在部署其基礎設施時，他們可能不想立刻支付服務費用，而我們在 Q3 看到這種情況更多，同時也在整併不同的活動。這就是為什麼我在事先準備的發言中特別提到它。

And so as it pertains to the 4Q guide, is it fair to say that you're also expecting the trend to continue, meaning the pipeline -- give us some color on how the pipeline looks for those types of new customers in that type of cohort, do you think the services ramp dynamic is going to impact 4Q and maybe longer-term as well?

那麼就 4Q 指引而言，是否可以說你們也預期這個趨勢會延續？也就是說，從管線（pipeline）角度—請多給我們一些顏色：針對這類新客戶、這類族群的管線看起來如何？你認為服務爬坡的動態會影響 4Q，甚至更長期嗎？

I mean, it definitely has some impact on Q4. This is why you see our revenue guidance and respective adjustment of the 2026 service revenue guide. But the good news is the customers are buying services, which you can see in deferred revenue, which you can see in service billings, and there are more services to come. So we are actually happy with the strength in the business. It's just a little bit of a delay from when it gets recognized.

我的意思是，它確實對 Q4 有一些影響。這也是為什麼你會看到我們的營收指引，以及對 2026 年服務營收指引所做的相應調整。但好消息是客戶確實在購買服務，這你可以從遞延收入（deferred revenue）以及服務帳單（service billings）中看到，而且後續還會有更多服務進來。所以我們其實對業務的強勁表現感到滿意。只是從購買到認列之間有一點延遲。

Thank you for the color.

謝謝你補充這些細節。

Fatima Boolani, Citi.

Fatima Boolani，Citi。

Good afternoon. Thank you so much for taking my questions. Ken, one for you and one for Christiane, please.

下午好。非常感謝讓我提問。Ken，想請教你一題，也請教Christiane一題，謝謝。

Ken, in your comments earlier in response to a question around the product growth trajectory and some of what appears to be some supply side constraints, some increasing supply side constraints. But also different in changing levels of inventory management.

Ken，你先前在回應關於產品成長軌跡的問題時提到一些看起來像是供給端限制、而且供給端限制正在增加。但同時也提到庫存管理水位正在改變、而且有所不同。

I'm wondering if at a high level you can comment on how customers are behaving with respect to asset sweating, so sweating their appliances for a little bit longer in response to this or in anticipation of this and why you are protecting or defending the business against that potential risk as all of us think about what the 2027 product growth trajectory is going to look like in the face of some of these bigger picture macro factors? And then a follow-up for Christiane, please.

我想請問，從較高層次來看，你能否評論一下客戶在「資產榨取」（asset sweating）方面的行為，也就是因應或預期這些情況而把設備多用一段時間？以及當我們思考在一些更宏觀的總體因素影響下，2027年的產品成長軌跡可能會長什麼樣子時，你們為何、以及如何在面對這種潛在風險時保護或防守業務？接著我也有一個給Christiane的追問。

Yeah. I think for the new security function, especially like AI security, they need to a more high-end, more computing power to run out this function there. That's where we do see the move more towards the high end and also more computing power FortiGate system, and that's where the ASP also go higher.

是的。我認為新的資安功能，尤其像AI資安，需要更高階、更多運算能力來把這些功能跑起來。因此我們確實看到市場往更高階、也就是更高運算能力的FortiGate系統移動，而ASP也因此提高。

We see usually the stretching size sometimes come from some low and a certain vertical like a retail, which they also balance try to see whether they want to move to some SASE or some other GTNA environment. We do see some retail actually leading the change, but some other probably still try to hang on some of the product for longer.

我們通常看到所謂的「拉長使用年限」有時候來自一些較低端、以及特定垂直產業例如零售業；他們也在權衡是否要轉向SASE或其他GTNA環境。我們確實看到部分零售客戶其實在帶頭推動改變，但也有一些其他客戶可能仍試著把某些產品再撐久一點。

But they also started to realize it's a new threat environment and there's a lot of attack or vulnerability exposed by the AI. So that's where we feel probably customer more try to concern of this new vulnerability instead of try to stretching some of the current existing hardware.

但他們也開始意識到這是新的威脅環境，而且AI暴露出很多攻擊面或弱點。這也是為什麼我們覺得，客戶更在意的是這些新的弱點，而不是去延長既有硬體的使用。

Because if you're keeping the hardware like five, seven, 10 years longer, a lot of function difficult to run, no longer supporting some of the new function there. So that's where we don't feel this stretching will be a trend going forward, and because it's a new threat and a new demand for this function will drive the additional growth.

因為如果你把硬體再多用五年、七年、甚至十年，很多功能就很難跑，也不再支援一些新功能。所以我們不認為「延長使用」會成為未來的趨勢；相反地，新的威脅與對新功能的新需求會帶動額外成長。

But right now, we do see that the first way is more come from the enterprise and also especially some internal segmentation, some of the data center, AI. But once more application -- I mean, once AI started getting more application, we do see there's additional demand will keep and drive the growth.

不過就目前而言，我們看到第一波主要來自企業端，尤其是內部分段、資料中心、AI等需求。但一旦更多應用——我是說，一旦AI開始有更多應用落地，我們確實會看到額外需求持續出現並推動成長。

Thank you, Ken. Christiane, I wanted to touch on the gross margin performance. That compression, how do we reconcile the ASP uplift commentary, the commentary of customers trading up to higher end models with presumably higher ASPs? Why is that essentially not following through into at least stable gross margins because the compression on the product side, in spite of those factors, was still pretty high. So wondering if you can reconcile those two dynamics for us and how this should trend over the next two to four quarters? Thank you.

謝謝你，Ken。Christiane，我想談一下毛利率表現。毛利率被壓縮的情況，該如何與你們提到的ASP提升、以及客戶往更高階機種升級（理應帶來更高ASP）的說法相互對照？為什麼這些因素基本上沒有反映為至少穩定的毛利率？因為產品端的毛利壓縮幅度，即便在這些因素之下，仍然相當高。所以想請你幫我們釐清這兩股動態如何同時存在，以及未來兩到四個季度應該會如何走勢？謝謝。

So on the product gross margin side, we definitely see the increase. We had the benefit in the first half year that we had inventory on hand and so we had lower cost while we had already increased the prices, so that benefited our gross margin.

就產品毛利率而言，我們確實看到提升。上半年我們受惠於手上有庫存，因此成本較低，但我們已經調高售價，所以這對毛利率有利。

In the second-half, you see that the costs are creeping up and then impacting the product gross margin, but on the other hand, our service gross margin is picking up nicely, so it's offsetting some of the impact.

下半年你會看到成本逐步上升，進而影響產品毛利率；但另一方面，我們的服務毛利率回升得很好，因此抵銷了一部分影響。

You can only increase the prices so much, right, for your customers, they also have limited budget, so we are trading a balance between increase of price and gaining market share, and I think we've done this quite successfully this year. So I mean, the guidance for the overall gross margin remains at 80% for the full year, right, which was what we said at the beginning of the year.

你不可能無限制地對客戶漲價，對吧？他們的預算也有限，所以我們在漲價與取得市占之間做平衡，我認為我們今年做得相當成功。因此，全年整體毛利率的指引仍維持在80%，也就是我們年初所說的水準。

Thank you.

謝謝。

Junaid Siddiqui, Truist.

Junaid Siddiqui，Truist。

Great. Thank you for taking my question. Just regarding open weight models, does this shift toward open weight models by enterprises structurally expand your opportunity by moving more AI security into customer-controlled infrastructure? And are you seeing that translate into incremental security demand yet?

很好。謝謝讓我提問。關於開放權重模型（open weight models），企業端轉向開放權重模型，是否會因為把更多AI資安移到客戶可控的基礎設施上，而在結構性上擴大你們的機會？你們是否已經看到這轉化為增量的資安需求？

Yeah. We do see more enterprise running whether some open source open way model internally. And thus also drive some additional demand for how to monitor, manage all this AI model within enterprise. So that's where there's more demand for enterprise network security. Like I said, it's accelerating all this convergence on network security.

是的。我們確實看到更多企業在內部運行一些開源、開放權重模型。這也帶動了額外需求：如何在企業內部監控、管理這些AI模型。因此企業網路安全的需求增加。如我所說，這正在加速網路安全的整合趨勢。

And with our high performance ASIC advantage, definitely we feel we're leading in this area for like internal high-speed network security deployment for a lot of internal segmentation within the data center.

憑藉我們高效能ASIC的優勢，我們確實認為自己在這個領域處於領先地位，例如在資料中心內部做高速網路安全部署、以及大量內部分段的場景。

Okay. Thank you. And just regarding the SASE bundles that you've rolled out, what are you seeing in early adoption and what pricing uplift are you seeing as customers move on to the bundle?

好的，謝謝。另外關於你們推出的SASE套裝方案（bundles），你們在早期採用上看到了什麼？以及當客戶轉向套裝方案時，你們看到的定價提升幅度是多少？

So the pricing uplift I think is about maybe -- so the question is how you define the pricing uplift, right? So FortiCare and SD-WAN is priced as a percent of the hardware price. And so the question is how much more are they buying. We see some uptick, but some customers are still using SD-WAN just what is provided through FortiCare versus the incremental subscriptions that we're offering. So it's going to take a little bit longer to really get it adopted by all our SD-WAN customers.

關於定價提升，我想大概是——但問題在於你如何定義「定價提升」，對吧？FortiCare和SD-WAN是以硬體價格的一定百分比來定價。所以問題其實是他們多買了多少。我們看到一些上升，但有些客戶仍只使用FortiCare所提供的SD-WAN功能，而不是我們另外提供的增量訂閱。因此要讓所有SD-WAN客戶都真正採用，還需要一點時間。

Great. Thank you so much.

很好。非常感謝。

So you see it more on the customers.

所以你會在客戶端看到得更明顯。

Adam Tindle, Raymond James.

Adam Tindle，Raymond James。

Okay. Thank you. Ken, I just wanted to ask a question, thinking about the business bigger picture. You're getting bigger customers like Sovereign and Neocloud that you talked about. Those are growing very fast and driving a ton of product growth, but disconnecting some of the services that we're talking about and stocks down a lot on this. So a two-parter for you.

好的，謝謝。Ken，我想從更宏觀的角度問一個問題。你們正在取得更大型的客戶，例如你提到的Sovereign和Neocloud。這些客戶成長非常快、帶動大量產品成長，但與我們正在討論的服務有些脫節，而市場也因此讓股價下跌很多。所以我有兩個問題。

I wonder if you might just opine on the pros and cons of servicing that customer base in the first place? Is that a good customer set to be servicing? And secondly, have you contemplated maybe even a different business model, almost like how chip companies serve that cohort that might be just much higher volume product and lower focus on service?

第一，你能否談談服務這類客戶群的利與弊？這是一個值得服務的客戶組合嗎？第二，你們是否考慮過採用不同的商業模式，有點像晶片公司服務那一群客戶的方式：產品量更大，但對服務的著墨更少？

Actually, a lot of this bigger enterprise and also neoclouds, even some service provider, they probably need a little bit different service, and sometimes they also like offer some of their own service using our technology, so we become a Tier 2, Tier 3 behind.

其實，很多這類大型企業以及neocloud，甚至一些服務供應商，他們可能需要稍微不同的服務；而且有時他們也會用我們的技術去提供他們自己的服務，所以我們就成為後面的第二層、第三層（Tier 2、Tier 3）。

So that's probably -- and also there's a ramp up, like Christiane mentioned, a lot of these they first get hardware deployed and then they gradually keep adding service because we have so many functions, so many services for the OS, they can use, they can leverage. They do take time to ramp up different service.

所以這大概就是——另外也有一個爬坡期，如 Christiana 提到的，很多客戶一開始先把硬體部署到位，然後因為我們的作業系統有非常多功能、非常多服務可用、可被運用與發揮，他們會逐步再增加服務的採用。他們確實需要一些時間來逐步導入不同的服務。

So that's what we see and that's what Christiane mentioned sometimes, the goodness, we do get a lot of bigger customers, but the other side is really the service needs some time to ramp up and gradually enable more and more service.

所以這就是我們看到的情況，也是 Christiana 有時提到的：好的一面是我們確實拿到很多更大型的客戶，但另一面是服務需要一些時間爬坡，並逐步啟用越來越多的服務。

And then there's also a way how to recognize once we have the code enterprise agreements, sometimes a little bit slower to recognize some of the service. But we do see the trend is pretty healthy, whether from the billings, from the short-term and the deferred revenue. So that's where we have the confidence.

另外，一旦我們簽了企業協議（enterprise agreements），在認列某些服務時，有時也會稍微慢一些。但我們確實看到趨勢相當健康，無論是從帳單金額（billings）、短期遞延收入與遞延收入來看。所以這也是我們有信心的原因。

But yeah, this big customer also give us a very strong feedback on what was the latest new AI security needed and that's keeping drive our innovation and keeping develop new technology working closely to making the whole Internet more secure.

不過，是的，這些大型客戶也給了我們非常強的回饋，告訴我們最新需要哪些新的 AI 安全能力，這也持續推動我們的創新，並持續開發新技術，與客戶緊密合作，讓整個網際網路更安全。

If I could just a quick follow-up, Christiane, I imagine this might be the last question, so I want to give you the floor. The key question tomorrow is going to be why go out with the services expectation in fiscal '27 on this call. We're going to get a lot of questions on that. People are going to say you told us that it was going to accelerate in the second-half of this year and obviously we have not seen that materialize.

如果我可以再快速追問一下，Christiana，我想這可能是最後一個問題，所以我想把時間交給你。明天的關鍵問題會是：為什麼要在這通電話上提出 2027 財年的服務預期。我們會被問很多關於這點的問題。大家會說，你們告訴我們今年下半年會加速，但顯然我們並沒有看到那件事發生。

So you're going even further out and talking about acceleration there. People are going to say there's structural differences with the service attach rate in the new customers that you're seeing, a higher bar for fiscal '27. So just want to give you the chance to take the floor here and give us some details on what's giving you confidence to talk about services acceleration in fiscal '27. Thanks, guys.

所以你們把時間點拉得更遠，並談到那時會加速。大家會說，你們看到的新客戶在服務附加率（service attach rate）上有結構性的差異，對 2027 財年的門檻更高。所以想給你機會在這裡說明一下，究竟是什麼讓你有信心談 2027 財年服務的加速。謝謝各位。

I would say I haven't used the word acceleration. I've used the word improved growth rates. So I mean, I think we clearly see that the growth rates have bottomed in Q1.

我想說的是，我沒有用「加速」這個詞。我用的是「成長率改善」。我的意思是，我們很清楚看到成長率在第一季已經觸底。

The question is how quickly can we convert some of our service billings into revenue, right? And that always takes a little bit of time, but we continue to be confident that we are selling relevant services to our customers and that they convert into revenue over the course of 2027 and continue to grow.

問題在於，我們能多快把部分服務的帳單金額（service billings）轉成營收，對吧？而這總是需要一點時間，但我們仍然有信心：我們賣給客戶的是相關且有價值的服務，而這些服務會在 2027 年的過程中轉化為營收並持續成長。

Thank you.

謝謝。

Patrick Colville, Scotiabank.

Patrick Colville，豐業銀行（Scotiabank）。

Thank you for taking my question and thanks for squeezing me in here. So I guess I just want to tie some of the pieces together for the last hour. The points you made are that large new customers mandated in 3Q that service agreements around it turn on and slowing and the new perspective really guided three months ago.

謝謝讓我提問，也謝謝在這裡把我塞進來。我想我只是想把過去一小時的幾個重點串起來。你們提到的點是：第三季有大型新客戶被簽下，而與之相關的服務協議啟用變慢，且這個新觀點其實在三個月前就已經指引過了。

And that's what's caused the -- it's the revenue miss, but the confidence right hours they're going to turn and that's why we feel good about all of them lives and the 2027. Is that the message? Can I interpret it correctly or is it something to do about this?

而這就是造成——造成營收未達預期的原因，但你們現在有信心它們會啟用，因此我們對它們全部上線以及 2027 年感到樂觀。這就是你們要傳達的訊息嗎？我這樣解讀正確嗎？還是其實是跟這件事的其他面向有關？

Patrick, you're a little bit hard to understand, but I think I got the question. So let me summarize what -- Q3 was a good quarter. We had large new customers, we had large new expansion deals that benefited us, but they also came with some of delayed service activation, which is actually typical or happens more often in large deals. So overall, that was one bigger factor that we may not have as anticipated.

Patrick，你的聲音有點難聽清楚，但我想我理解你的問題。我來總結一下：第三季是個不錯的季度。我們有大型新客戶，也有大型擴張交易讓我們受益，但它們也伴隨一些延後的服務啟用，而這其實是典型情況，或是在大型交易中更常發生。所以整體而言，這是一個較大的因素，是我們可能沒有如預期掌握到的。

There's, of course, a lot of different aspects that you see in the service line with the increase in prices, you see a little bit more discounting between hardware and services.

當然，在服務線（service line）上你也會看到很多不同面向：你會看到價格上調，你也會看到硬體與服務之間的折扣稍微增加。

And then also in the US, you definitely see a push toward hardware because it's benefiting customers from the tax perspective to depreciate. So there are different components that are not as prevalent in what happened in Q3, but there are trends that we've been seeing as we analyze where it was coming from.

另外在美國，你確實看到客戶更偏向硬體，因為從稅務角度來看，折舊（depreciate）對客戶更有利。所以有不同的組成因素，雖然它們在第三季發生的事情中不是那麼顯著，但在我們分析來源時，確實看到一些一直存在的趨勢。

And if I may, just it's a very tactical question about channel inventory and billings duration, would you just commenting on those issues?

如果可以的話，我還有一個非常戰術性（tactical）的問題，關於通路庫存（channel inventory）與帳單期間（billings duration），你們能否就這些議題做個評論？

Duration is still around -- is still pretty similar, didn't increase significantly and our channel inventory is flat in percent of or down in percent of billings. So we continue to manage the inventory in a way that we want the channel to have enough for the runway business, but we don't want to over allocate so we have dislocation of inventory when we need it in different places. So that's where we are extremely diligent in managing how much we have in the channel.

期間仍大約——仍然相當類似，沒有顯著增加；而我們的通路庫存以帳單金額的百分比來看持平，或是下降。所以我們持續以我們希望的方式管理庫存：我們希望通路有足夠的量來支撐日常業務，但我們不希望過度配置，導致當我們在不同地區需要庫存時出現庫存錯置。因此，我們在管理通路端庫存量方面非常謹慎。

Thank you.

謝謝。

Thank you. That was our final question. I will now hand it back to Anthony Luscri for closing remarks.

謝謝。這是我們最後一個問題。我現在把時間交回給 Anthony Luscri 做結語。

Thank you. One clarification to an earlier statement. Our pricing increases had around a 10 percentage point impact to year-over-year billings growth, not top line.

謝謝。針對先前的一段說法做一點澄清。我們的價格上調對年對年帳單金額（billings）成長的影響約為 10 個百分點，而不是對營收（top line）。

But other than that, I'd like to thank everyone for joining today's call. We will be attending investor conferences hosted by BMO, UBS, and Barclays during the fourth quarter. The fireside chat webcast links will be posted in the Events and Presentation section of our Investor Relations website. If you have any follow-up questions, please feel free to contact me or my team. Have a great rest of your day.

除此之外，我想感謝各位參加今天的電話會議。我們將在第四季參加由 BMO、UBS 與 Barclays 主辦的投資人會議。爐邊談話（fireside chat）的網路直播連結將公布在我們投資人關係網站的「活動與簡報」區。如果你有任何後續問題，歡迎隨時聯絡我或我的團隊。祝各位今天剩下的時間愉快。