Fortinet Inc (FTNT) 2021 Q4 法說會逐字稿

Hello. Thank you for standing by, and welcome to Fortinet Fourth Quarter 2021 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

你好。感謝您的耐心等待，歡迎參加 Fortinet 2021 年第四季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。 （操作員說明）

I would now like to hand the conference over to your speaker today, Peter Salkowski, Vice President of Investor Relations. Please go ahead.

現在我想將會議交給今天的發言人、投資者關係副總裁 Peter Salkowski。請繼續。

Good afternoon, everyone. This is Peter Salkowski, Vice President of Investor Relations at Fortinet. I'm pleased to welcome everyone to our call to discuss Fortinet's financial results for the fourth quarter and full year of 2021.

大家下午好。我是 Peter Salkowski，Fortinet 投資者關係副總裁。我很高興歡迎大家致電我們，討論 Fortinet 2021 年第四季和全年的財務表現。

Speakers on today's call are Ken Xie, Fortinet's Founder, Chairman and CEO; and Keith Jensen, our Chief Financial Officer. This is a live call and that will be available via replay via our website on our Investor Relations website.

今天電話會議的發言人是 Fortinet 創辦人、董事長兼執行長 Ken Xie；和我們的財務長 Keith Jensen。這是一場現場電話會議，可透過我們的投資者關係網站重播。

Ken will begin our call today by providing a high-level perspective on our business. Keith will then review our financial and operating results for the third quarter before providing guidance for the fourth -- for the full year -- for the first quarter and full year of next year. We'll then open the call for questions.

肯將在今天的電話會議開始時提供有關我們業務的高層觀點。然後基思將審查我們第三季的財務和營運業績，然後為第四季度（全年）、第一季和明年全年提供指導。然後我們將開始提問。

(Operator Instructions) 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 10-K and Form 10-Q for more information.

（操作員說明）在開始之前，我想提醒大家，在今天的電話會議上，我們將做出前瞻性陳述，這些前瞻性陳述存在風險和不確定性，可能導致實際結果存在重大差異從那些預計的。請參閱我們向 SEC 提交的文件，特別是我們最近的 10-K 和 10-Q 表中的風險因素，以了解更多資訊。

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我們截至本簡報發布之日的觀點，我們不承擔任何義務，並特別聲明不承擔任何更新前瞻性陳述的義務。

Also, all references to financial metrics that we'll make on today's call are non-GAAP, unless stated otherwise. Our GAAP results and GAAP to non-GAAP reconciliations is located in our earnings press release and in the presentation that accompanies today's remarks, both of which are posted on the Investor Relations website. Lastly, all references to growth are on a year-over-year basis unless noted otherwise.

此外，除非另有說明，我們在今天的電話會議上提到的所有財務指標均非公認會計準則。我們的 GAAP 業績以及 GAAP 與非 GAAP 調整表位於我們的收益新聞稿和今天演講隨附的簡報中，兩者均發佈在投資者關係網站上。最後，除非另有說明，所有提及的成長都是年增長。

I'll now turn the call over to Ken.

我現在會把電話轉給肯。

Thanks, Peter, and thank you to everyone for joining today's call to review our outstanding fourth quarter and full year 2021 results.

謝謝 Peter，也謝謝大家參加今天的電話會議，回顧我們出色的第四季和 2021 年全年業績。

For the fourth quarter, bookings increased 49% to $1.420 billion. Billings increased 36% to $1.306 billion. Global G2000 billings growth accelerated to over 90%. And Q1 billings was up 67%, accounting for 16% of total billings. Total revenue growth 29% to $964 million, with product revenue up 31%. Our team navigated well through our challenging supply chain environment to deliver outstanding results.

第四季的預訂量成長了 49%，達到 14.2 億美元。比林斯成長了 36%，達到 13.06 億美元。全球 G2000 帳單成長加速至 90% 以上。第一季的帳單成長了 67%，佔總帳單的 16%。總營收成長 29%，達到 9.64 億美元，其中產品營收成長 31%。我們的團隊在充滿挑戰的供應鏈環境中表現出色，並取得了出色的成果。

For the full year, revenue was $3.3 billion and GAAP operation margin 20%. We generated a record of $1.2 billion of free cash flow, and we recorded our 13th consecutive year of GAAP profitability. 3 growth drivers, convergence of security and networking, vendor consolidation with a Security Fabric match platform and an elevated threat environment are driving our strong financial results and market share gains.

全年營收為 33 億美元，GAAP 營運利潤率為 20%。我們創造了創紀錄的 12 億美元自由現金流，並連續 13 年實現 GAAP 獲利。三大成長動力、安全和網路的整合、安全結構匹配平台的供應商整合以及威脅環境的加劇正在推動我們強勁的財務表現和市場份額的成長。

The move to warfare has rapidly expanded the attack surface, which traditionally network security from hard to protect. Fortinet security-driven networking approach converged networking of security, including next-generation firewall, SD-WAN, 5G, DNA and OT to reduce capacity, while securing and connecting remote user to advance security and performance and a networking speed.

戰爭的轉變迅速擴大了攻擊面，傳統上網路安全很難受到保護。 Fortinet 安全驅動的網路方法整合安全網絡，包括新一代防火牆、SD-WAN、5G、DNA 和 OT，以減少容量，同時保護和連接遠端用戶，以提高安全性、效能和網路速度。

Enterprise evolutions are increasingly consolidating to a cybersecurity match approach. Fortinet Security Fabric platform delivers unparalleled protection through a cybersecurity match architecture that provide broad, integrated and ultimate protection across multiple edge from endpoint to data center and hybrid cloud environment.

企業的發展正日益整合到網路安全匹配方法中。 Fortinet Security Fabric 平台透過網路安全匹配架構提供無與倫比的保護，該架構在從端點到資料中心和混合雲環境的多個邊緣提供廣泛、整合和終極保護。

Today, we announced a FortiGate 2000 app, the latest FortiGate next-generation firewall, powered by Fortinet ASIC NP7 SPU to deliver sustainable, high-performance convergence of networking and security for zero trust edge and core network. The FortiGate 2000 app secure computing routing offers an average 5x better performance than competitive offerings.

今天，我們發布了 FortiGate 2000 應用程序，這是最新的 FortiGate 下一代防火牆，由 Fortinet ASIC NP7 SPU 提供支持，可為零信任邊緣和核心網絡提供可持續、高性能的網絡和安全融合。 FortiGate 2000 應用程式安全運算路由的效能平均比競爭產品高 5 倍。

Fortinet recently stood out amongst 19 network firewall vendors into a critical capability for network firewall. We evaluated for their performance across noncritical capability. Fortinet FortiGate solution received overall high score in the enterprise data center, distributed enterprise edge and SMB use case and the second highest score in public cloud use case. Our FortiGate product is the only leader in both Gartner Magic Quadrant for network firewall and SD-WAN.

Fortinet 最近在網路防火牆的關鍵功能方面從 19 家網路防火牆供應商中脫穎而出。我們評估了他們在非關鍵能力方面的表現。 Fortinet FortiGate 解決方案在企業資料中心、分散式企業邊緣和中小企業用例中獲得整體高分，在公有雲用例中獲得第二高分。我們的 FortiGate 產品是 Gartner 網路防火牆魔力像限和 SD-WAN 魔力像限中唯一的領導者。

Over the last several years, Fortinet's industry-leading innovation has transformed our company into one of the most influential and fastest-growing cybersecurity leaders. This, in addition to our growth drivers, strongly position us to capture market share and move to the next level of growth.

在過去的幾年裡，Fortinet 領先業界的創新使我們公司成為最具影響力和發展最快的網路安全領導者之一。除了我們的成長動力之外，這還使我們能夠佔領市場份額並邁向新的成長水平。

Before turning the call over to Keith, I would like to thank our employees, customers, partners and suppliers worldwide for their continued support and hard work, and we especially like to thank our operations team for doing a great job supporting Fortinet fast growth. Keith?

在將電話轉接給 Keith 之前，我要感謝我們全球的員工、客戶、合作夥伴和供應商的持續支援和辛勤工作，我們特別要感謝我們的營運團隊為支援 Fortinet 快速發展所做的出色工作。基思？

Thank you, Ken, and good afternoon, everyone. I'll start with a summary of our very strong 2021 performance.

謝謝你，肯，大家下午好。首先，我將總結我們 2021 年強勁的業績。

Customer demand was strong and broad-based across geographies, customer sizes, industries, use cases and security solutions, reflecting the 3 key demand drivers that Ken mentioned, convergence of security and networking, vendor consolidation on our Security Fabric match platform and the elevated threat environment.

跨地域、客戶規模、產業、用例和安全解決方案的客戶需求強勁且廣泛，反映了Ken 提到的3 個關鍵需求驅動因素：安全和網路的整合、我們的Security Fabric 匹配平台上的供應商整合以及日益增加的威脅環境。

Convergence or security-driven networking requires integrated security solutions to be delivered at networking speeds across the company's entire threat landscape of edges, including data centers, endpoints, work from anywhere and clouds as well as across multiple use cases such as secure SD-WAN, Wi-Fi, switching, 5G and OT. The networking speed and computing capabilities of our ASIC-powered FortiGates can be 5 to 10x more than competitor firewalls with their off-the-shelf silicon products.

融合或安全驅動的網路需要以網路速度在公司的整個邊緣威脅環境（包括資料中心、端點、任何地方的工作和雲端）以及跨多個用例（例如安全 SD-WAN、 Wi-Fi、交換、5G和OT。我們的 ASIC 驅動的 FortiGates 的網路速度和運算能力比競爭對手的現成矽產品防火牆高 5 到 10 倍。

Vendor consolidation is driven by customer focus on security effectiveness, performance and cost management. We deliver vendor consolidation through our Security Fabric platform and its broad range of products integrated with a single operating system, offering increased automation. As we saw in 2021, we expect strong customer demand fueled by these key drivers to continue.

客戶對安全有效性、性能和成本管理的關注推動了供應商整合。我們透過 Security Fabric 平台及其與單一作業系統整合的廣泛產品來實現供應商整合，從而提高自動化程度。正如我們在 2021 年所看到的那樣，我們預計這些關鍵驅動因素將繼續推動強勁的客戶需求。

And turning to our 2021 performance. Billings growth accelerated to 35% or $4.2 billion, representing our highest annual billings growth rate in 6 years. Revenue growth also accelerated coming in at 29%, representing the fourth consecutive year of revenue growth of 20% or more. And despite the supply chain environment, product revenue growth came in at 37% growth, our highest annual product revenue growth rate in 10 years.

轉向我們 2021 年的表現。帳單成長加速至 35%，即 42 億美元，這是我們 6 年來最高的年度帳單成長率。營收成長也加快，達到 29%，連續第四年營收成長 20% 或以上。儘管供應鏈環境不佳，但產品收入仍實現了 37% 的成長，這是我們 10 年來最高的年度產品收入成長率。

Driven by strong demand for our fabric and cloud security solutions, non-FortiGate billings and revenue each exceeded $1 billion for the first time in our history. Non-FortiGate billings increased 46% to $1.25 billion, and non-FortiGate revenue increased 42% to $1.1 billion.

在對我們的結構和雲端安全解決方案的強勁需求的推動下，非 FortiGate 的帳單和收入在我們的歷史上首次突破 10 億美元。非 FortiGate 的帳單成長了 46%，達到 12.5 億美元，非 FortiGate 的營收成長了 42%，達到 11 億美元。

Gross margin was 77.5% and operating margin was 26.2%. Our GAAP operating margin was 19.5%. It's one of the highest in the industry. Our mirror GAAP profitable, as Ken mentioned, for 13 consecutive years.

毛利率為 77.5%，營業利益率為 26.2%。我們的 GAAP 營業利潤率為 19.5%。這是業內最高的之一。正如 Ken 所提到的，我們的鏡像 GAAP 連續 13 年獲利。

Free cash flow was a record $1.2 billion, exceeding $1 billion for the first time in our history. Free cash flow margin was 36%. And when adjusted for real estate investments came in at 43%. Total deferred revenue increased 3% to $3.5 billion, and short-term deferred revenue increased 28% to $1.8 billion. We are experiencing exceptionally strong demand, demand that exceeds supply by more than historical norms. As a result, we are expanding our disclosures to include bookings and backlog to provide greater visibility into the strength of our business.

自由現金流達到創紀錄的 12 億美元，史上首次超過 10 億美元。自由現金流利潤率為36%。經房地產投資調整後，這一比例為 43%。遞延收入總額成長 3%，達到 35 億美元，短期遞延收入成長 28%，達到 18 億美元。我們正在經歷異常強勁的需求，需求超過供應的程度超過了歷史正常水平。因此，我們正在擴大揭露範圍，將預訂和積壓訂單納入，以便更好地了解我們的業務實力。

Bookings represent the value of all orders received from customers. Backlog represents the value of all orders received but not fulfilled. When the order is fulfilled, we recognize both billings and product revenue.

預訂量代表從客戶收到的所有訂單的價值。積壓訂單代表已收到但未履行的所有訂單的價值。訂單完成後，我們會確認帳單和產品收入。

Turning to Q4 results. As noted on Slide 4, bookings were $1.4 billion, up 49%. On a sequential basis, backlog increased $122 million due to very strong demand. On a year-over-year basis, backlog increased $150 million to end the year at $162 million. Breaking down the backlog between product and services, approximately 75% relates to future product shipments, while the remaining 25% relates to various services.

轉向第四季的業績。如投影片 4 所示，預訂額為 14 億美元，成長 49%。由於需求強勁，積壓訂單季增了 1.22 億美元。與去年同期相比，積壓訂單增加了 1.5 億美元，年底達到 1.62 億美元。從產品和服務之間的積壓情況來看，大約75%與未來產品出貨量相關，其餘25%與各種服務相關。

While it's difficult to forecast if an order might be canceled, several factors support our view that our backlog is strong, it should provide a tailwind of growth later this year and into next year. Existing customers account for approximately 90% of our backlog. No single end customer accounts for more than a, say, a low single-digit percentage of backlog.

雖然很難預測訂單是否會被取消，但有幾個因素支持我們的觀點，即我們的積壓量很大，這應該會在今年晚些時候和明年帶來成長的動力。現有客戶約占我們積壓訂單的 90%。沒有任何一個最終客戶所佔的積壓訂單百分比超過個位數。

Many competitors are also impacted by supply chain constraints. Our products, along with our integrated operating system are not commodities readily exchanged with offerings from other vendors. We actively manage our own supply chain and for the most employed security network solution over 1/3 of all firewall unit shipments, we are an attractive volume buyer from any suppliers. And lastly, our price for performance advantage may be difficult for our competition to match. And I apologize for the sound in the background, we don't know what's causing it, but I'll continue on.

許多競爭對手也受到供應鏈限制的影響。我們的產品以及我們的整合作業系統並不是可以輕易與其他供應商提供的產品進行交換的商品。我們積極管理自己的供應鏈，對於佔所有防火牆單位出貨量 1/3 以上的最常用的安全網路解決方案，我們是所有供應商中有吸引力的批量買家。最後，我們的性能價格比優勢可能是我們的競爭對手難以匹敵的。我對背景聲音表示歉意，我們不知道是什麼原因造成的，但我會繼續。

Moving to Q4 billings of $1.3 billion, billings are up 36%, which compares to 49% bookings growth noted earlier. Enterprises favorites Fortinet's leading cost for performance and integrated platform. This is especially evident in the 5-point increase in the large enterprise billing mix. To add more color to this, we could share, Global 2000 billings were up over 90%, the third consecutive quarter of accelerating growth. The number of deals over $1 million increased 79% to 122 deals, breaking the 100-deal threshold for the first time in our history.

第四季的營收為 13 億美元，營收成長了 36%，而先前提到的預訂量增加了 49%。企業青睞 Fortinet 領先的效能成本和整合平台。這一點在大型企業計費組合成長 5 個百分點方面尤其明顯。為了讓這一點更加豐富多彩，我們可以分享一下，全球 2000 強的營業額增長了 90% 以上，這是連續第三個季度加速成長。超過 100 萬美元的交易數量增加了 79%，達到 122 筆，歷史上首次突破 100 筆交易門檻。

We saw a record of 4 low 8-figure transactions in the quarter, all in the Americas. And lastly...

本季我們看到了 4 筆 8 位數的低交易記錄，全部發生在美洲。最後...

We're going to take 1 second to see if we can mix the phone line. We think it might be our phone for some reason, we're going to dial back in, and we will be back. Everybody else, stay put.

我們將花 1 秒鐘看看是否可以混合電話線。我們認為出於某種原因這可能是我們的電話，我們要重新撥入，然後我們就會回來。其他人都留在原地。

(technical difficulty)

（技術難度）

(Operator Instructions)

（操作員說明）

Josh, we are back. Can you hear us?

喬什，我們回來了。你聽得到我們說話嗎？

Yes, I can hear you. You're on right now. I still hear these sounds.

是的，我聽得到你的聲音。你現在就在。我仍然聽到這些聲音。

Is it better, Josh?

好些了嗎，喬許？

I'm sorry, but the sounds coming in pretty bad.

抱歉，但聽起來很糟糕。

Okay. We're going to drop this line on.

好的。我們要把這條線放下來。

(technical difficulty)

（技術難度）

(Operator Instructions)

（操作員說明）

Josh, we're back. Can you hear me? Josh, can you hear me?

喬什，我們回來了。你聽得到我嗎？喬什，你聽得到我說話嗎？

Hello. Yes, I can hear you, but the noise came back as soon as you got connected again.

你好。是的，我能聽到你的聲音，但當你再次連結時，噪音又回來了。

Yes. Josh, we're at a totally different line, I'm on my cellphone now. Sounds like it's on your end, guys.

是的。喬希，我們在一條完全不同的線路上，我現在正在打電話。聽起來這就是你的結局了，夥計們。

Let me check with you on (inaudible). We'll get this checked in just a moment.

讓我和您核實一下（聽不清楚）。我們稍後會檢查一下。

Okay, everybody on hold, please.

好的，請大家稍等。

You are connected at this time, sir, you may proceed.

先生，此時您已接通，您可以繼續。

Josh are you there. Okay. I'm going to assume you are right here. We're going to start. Keith's going to back up a little bit. Hopefully, you can hear us now, and we'll start where he kind of left off and go from there. Apologies for the interlude there.

喬許你在嗎。好的。我假設你就在這裡。我們要開始了。基思要後退一點。希望您現在能聽到我們的聲音，我們將從他上次停下的地方開始，然後繼續。對那裡的插曲表示歉意。

I'll back up a couple of paragraphs to my best recollection of where the challenge started. So -- and I believe that was around when I was mentioning that we were breaking down our backlog between product and services, approximately 75% relates to product -- future product shipments, while the remaining 25% relates to various services. While it's difficult to forecast if an order might be canceled, several factors support our view that our backlog is strong and should provide a tailwind for growth later this year and into next year.

我將根據我對挑戰開始的最佳記憶來備份幾段內容。因此，我相信當我提到我們正在分解產品和服務之間的積壓工作時，大約 75% 與產品相關——未來的產品出貨量，而其餘 25% 與各種服務相關。雖然很難預測訂單是否會被取消，但有幾個因素支持我們的觀點，即我們的積壓量很大，應該會為今年晚些時候和明年的成長提供動力。

Existing customers account for approximately 90% of our backlog. No single end customer accounts for more than a low single-digit percentage of backlog. Many competitors are also impacted by supply chain constraints. Our products, along with our integrated operating system, are not commodities readily exchanged with offerings from other vendors. We actively manage our own supply chain and is the most deployed network security solution with over 1/3 of all firewall unit shipments, we are an attractive volume buyer for many suppliers. And lastly, our price for performance advantage can be difficult for our competition to match.

現有客戶約占我們積壓訂單的 90%。沒有任何一個最終客戶所佔的積壓百分比低於個位數。許多競爭對手也受到供應鏈限制的影響。我們的產品以及我們的整合作業系統並不是可以輕易與其他供應商提供的產品進行交換的商品。我們積極管理自己的供應鏈，是部署最廣泛的網路安全解決方案，佔所有防火牆單位出貨量的 1/3 以上，對許多供應商來說，我們是有吸引力的批量買家。最後，我們的價格性能優勢可能是我們的競爭對手難以匹敵的。

Moving to Q4 billings. At $1.3 billion, billings were up 36%, which compares to the 49% bookings growth noted earlier. Enterprise favored Fortinet's leading cost for performance and integrated platform. This was especially evident in the 5-point increase in the large enterprise billings mix. To add more color to this, we can share that Global 2000 billings were up over 90%, the third consecutive quarter of accelerating growth.

轉到第四季的帳單。營收成長 36%，達到 13 億美元，而先前提到的預訂量成長 49%。企業青睞 Fortinet 領先的效能成本和整合平台。這在大型企業帳單組合成長 5 個百分點中尤其明顯。為了讓這一點更添色彩，我們可以分享一下，全球 2000 強的營業額成長了 90% 以上，這是連續第三個季度加速成長。

The number of deals over $1 million increased 79% to 122 deals, breaking the 100-plus deal threshold for the first time in our history. We saw a record of 4 low figure -8-figure transactions, all in the Americas in the quarter.

超過 100 萬美元的交易數量增加了 79%，達到 122 筆，歷史上首次突破 100 筆以上的交易門檻。本季度，我們看到了 4 筆低至 8 位數的交易，全部發生在美洲。

And lastly, Secure SD-WAN deals over $1 million increased 63% to 26%, contributing to SD-WAN use case billings growth of 67% and putting SD-WAN at 16% of total billings. FortiGate billings were up 33% and accounted for 69% of total billings.

最後，超過 100 萬美元的安全性 SD-WAN 交易成長了 63% 至 26%，導致 SD-WAN 用例帳單增加 67%，並使 SD-WAN 佔總帳單的 16%。 FortiGate 的帳單成長了 33%，佔總帳單的 69%。

As shown on Slide 11, high-end FortiGates posted very strong billings growth. Non-FortiGate billings were up 43%, driving 1.5 points mix shift to non-FortiGate. Top 10 non-FortiGate solutions with growth over 40% included virtual firewalls, endpoints and switches. At the same time, several smaller solutions posted triple-digit growth rates.

如幻燈片 11 所示，高端 FortiGates 的帳單成長非常強勁。非 FortiGate 的帳單成長了 43%，推動了 1.5 個百分點的混合轉向非 FortiGate。成長超過 40% 的前 10 名非 FortiGate 解決方案包括虛擬防火牆、端點和交換器。同時，幾個較小的解決方案實現了三位數的成長率。

Consistent with the elevated threat environment and the breadth of ransomware and other attacks, OT use case billings were up 70% and accounted for 8% of total billings. Average contract term was consistent year-over-year and quarter-over-quarter at 28 months.

與威脅環境的加劇以及勒索軟體和其他攻擊的廣泛性相一致，OT 用例的帳單增長了 70%，佔總帳單的 8%。平均合約期限為 28 個月，與去年同期相比保持一致。

For the third consecutive quarter, we added approximately 6,000 new logos. Worldwide government billings grab the largest share of the mix at 16%. Financial services accounted for 14% of billings, on billings growth of 63%. Billings and manufacturing, transportation, utilities, construction and other verticals that have not consistently been in our top 5 remained elevated with billings growth of 40%. We believe the growth of these verticals is an indication of the broadening nature and greater awareness of the threat landscape, which is driving cybersecurity investments in industries that have historically perhaps spent a little bit less on security budgets.

我們連續第三個季度增加了大約 6,000 個新徽標。全球政府帳單佔了最大份額，佔 16%。金融服務佔比林斯的14%，比比林斯成長63%。帳單和製造、運輸、公用事業、建築和其他未始終躋身前 5 名的垂直行業仍保持較高水平，帳單增加了 40%。我們認為，這些垂直行業的成長表明威脅格局的擴大和對威脅情勢的認識不斷增強，這正在推動對歷史上在安全預算上花費較少的行業進行網路安全投資。

Moving over to the income statement. Revenue growth was 29%. Product revenue growth was 31%, illustrating the impact of backlog on product revenue growth. If backlog had remained flat quarter-over-quarter, the product revenue growth would have been as high as the mid-60s.

轉到損益表。營收成長29%。產品收入成長31%，說明積壓訂單對產品收入成長的影響。如果積壓訂單環比保持持平，那麼產品收入成長將高達 60 年代中期。

Service revenue was up 27% to $585 million. Support and related services revenue was up 31% to $275 million, while security subscription services were up 24% to $309 million. Non-FortiGate products and service revenue of $324 million grew 41% and accounted for approximately 34% of total revenue, up 3 percentage points. FortiGate product and services revenue of $629 million grew 23% and accounted for 66% of total revenue.

服務收入成長 27%，達到 5.85 億美元。支援和相關服務收入成長 31%，達到 2.75 億美元，而安全訂閱服務收入成長 24%，達到 3.09 億美元。非 FortiGate 產品和服務收入為 3.24 億美元，成長 41%，約佔總收入的 34%，成長了 3 個百分點。 FortiGate 產品和服務收入為 6.29 億美元，成長 23%，佔總收入的 66%。

Total gross margin of 77.3% was 180 basis points above the midpoint of our guidance range and up 80 basis points quarter-over-quarter. A lower-than-expected drag from acquisitions and pricing actions taken to offset supplier cost increases contributed to the better-than-expected total gross margin and product gross margin.

總毛利率為 77.3%，比我們指引範圍的中點高出 180 個基點，較上季上升 80 個基點。收購和為抵銷供應商成本增加而採取的定價行動所產生的拖累低於預期，導致總毛利率和產品毛利率比預期好。

Product gross margin of 62.1% increased 140 basis points sequentially. Service gross margin of 87.1% increased 50 basis points sequentially. Operating margin of 28.5% improved 270 basis points sequentially and exceeded the midpoint of our guidance range by 100 basis points. Better-than-expected gross margin performance and a slightly less-than-expected impact from acquisitions contributed to the better-than-expected operating margin. Headcount increased 24% to 10,195.

產品毛利率為62.1%，較上一季提高140個基點。服務毛利率為 87.1%，較上一季成長 50 個基點。營業利益率為 28.5%，季增 270 個基點，超出我們指引範圍的中點 100 個基點。好於預期的毛利率表現以及略低於預期的收購影響導致營業利潤率優於預期。員工人數增加 24% 至 10,195 人。

Moving to the statement of cash flow summarized on Slides 12 and 15. Capital expenditures were $151 million, including $129 million for real estate investments. Our capital strategy includes increasing our office and warehouse capacity to support our higher levels of growth. We repurchased 1.8 million shares of common stock for a cost of $541 million. For the year, we repurchased approximately 2.6 million shares for a cost of $742 million. At year-end, the remaining share authorization was approximately $1.5 billion and set to expire in February of 2023.

轉到投影片 12 和 15 中總結的現金流量表。我們的資本策略包括增加我們的辦公室和倉庫容量，以支持我們更高水準的成長。我們以 5.41 億美元的成本回購了 180 萬股普通股。今年，我們回購了約 260 萬股股票，成本為 7.42 億美元。截至年底，剩餘股份授權約 15 億美元，將於 2023 年 2 月到期。

Inventory turns of 2.7 were flat year-over-year and on par with 2.9x in the prior quarter. Overall, with what we believe was better than market growth for the fourth quarter and full year, we believe we again gained market share. Supported by a strong pipeline growth and the key growth drivers outlined earlier, we believe we are in the early innings of a sustained high growth period for the cybersecurity industry and Fortinet, driven by digital transformation, hybrid cloud and the moving of data and security to the edge.

庫存週轉率為 2.7 倍，與去年同期持平，與上一季的 2.9 倍持平。總體而言，我們認為第四季度和全年的成長優於市場成長，我們相信我們再次獲得了市場份額。在強勁的管道成長和前面概述的關鍵成長驅動因素的支持下，我們相信，在數位轉型、混合雲以及數據和安全向網路安全轉移的推動下，我們正處於網路安全產業和Fortinet 持續高速成長的早期階段。

The products we've created, the channel and customer relationships we've developed and the investments we've made to build a broad and integrated security fabric platform powered by our proprietary ASIC FortiGates, are expected to drive our continued growth and market share gains.

我們創建的產品、我們開發的通路和客戶關係以及我們為建立由我們專有的 ASIC FortiGates 提供支援的廣泛整合安全結構平台而進行的投資，預計將推動我們的持續成長和市場份額的成長。

Now I'd like to review our outlook for the first quarter summarized on Slide 16, which is subject to disclaimers regarding forward-looking information that Peter provided at the beginning of the call. For at least the first half of the year, we expect elevated demand to outpace supply chain capacity, increasing backlog, an increase in backlog is a headwind to billings and revenue growth and provides interim pressure on margins.

現在我想回顧一下投影片 16 中總結的第一季展望，該展望受到有關 Peter 在電話會議開始時提供的前瞻性資訊的免責聲明的約束。至少在今年上半年，我們預計需求增加將超過供應鏈產能，從而導致積壓增加，積壓增加對帳單和收入成長構成阻力，並對利潤率造成臨時壓力。

For the first quarter, assuming bookings in the range of $1.100 billion to $1.150 billion, which at the midpoint represents bookings growth of 32%, we expect billings in the range of $1.50 billion to $1.90 billion, which at the midpoint represents growth of 26%; revenue in the range of $865 million to $895 million; non-GAAP gross margin of 75.5% to 76.5%; non-GAAP operating margin of 19.5% to 20.5%. Non-GAAP earnings per share of $0.75 to $0.80, which assumes a share count of between 166 million and 168 million.

對於第一季度，假設預訂量在 11.00 億美元至 11.50 億美元之間（中點表示預訂量增長 32%），我們預計賬單在 15 億至 19 億美元範圍內，中點表示增長 26% ;收入在8.65億美元至8.95億美元之間；非公認會計原則毛利率為75.5%至76.5%；非公認會計準則營業利益率為 19.5% 至 20.5%。非公認會計準則每股收益為 0.75 美元至 0.80 美元，假設股票數量在 1.66 億股至 1.68 億股之間。

We estimate first quarter capital expenditures to be between $140 million and $150 million. We expect a non-GAAP tax rate of 18%.

我們預計第一季資本支出將在 1.4 億至 1.5 億美元之間。我們預期非 GAAP 稅率為 18%。

Before providing our full year 2022 guidance, I'd like to congratulate every member of the Fortinet team for the truly outstanding execution in 2021. The efforts and results have been outstanding. And this is on top of now several years of consistent, predictable performance and improvements in key growth and profitability metrics.

在提供 2022 年全年指導之前，我要祝賀 Fortinet 團隊的每一位成員在 2021 年的真正出色的執行力。這是在過去幾年持續、可預測的業績以及關鍵成長和獲利指標的改進的基礎上實現的。

In 2022, we expect a small shift in our seasonality towards the second half of the year by 2 or 3 points. And for the full year, assuming bookings in the range of $5.580 billion to $5.680 billion, which at the midpoint represents growth of 30%, we expect billings in the range of $5.400 billion to $5.480 billion, which at the midpoint represents growth of 30%. Revenue in the range of $4.275 billion to $4.325 billion, which at the midpoint represents growth of 29%.

2022 年，我們預計下半年季節性將小幅變動 2 或 3 個百分點。對於全年，假設預訂量在 55.80 億美元至 56.80 億美元之間（中點表示增長 30%），我們預計賬單在 54.00 億美元至 54.80 億美元範圍內，中點表示增長 30% 。營收在 42.75 億美元至 43.25 億美元之間，中間值成長 29%。

Total service revenue in the range of $2.685 billion to $2.715 billion, which represents growth of approximately 29% and implies full year product implies full year product revenue growth of approximately 27%; non-GAAP gross margin of 74% to 76%; non-GAAP operating margin of 24% to 26%, non-GAAP earnings per share of $4.85 to $5, which assumes a share count of between 169 million and 171 million. We estimate full year capital expenditures to be between $270 million and $300 million. We expect our non-GAAP tax rate to be 18%. We expect cash taxes to be approximately $210 million.

總服務收入在26.85億美元至27.15億美元之間，成長約29%，意味著全年產品收入成長約27%；非公認會計準則毛利率為 74% 至 76%；非 GAAP 營運利潤率為 24% 至 26%，非 GAAP 每股盈餘為 4.85 美元至 5 美元（假設股票數量在 1.69 億至 1.71 億股之間）。我們預計全年資本支出在 2.7 億至 3 億美元之間。我們預期非 GAAP 稅率為 18%。我們預計現金稅約為 2.1 億美元。

Lastly, I want to inform everyone that this we will be holding an Analyst Day on May 10 coinciding with Accelerate 2022, where we expect to update our medium-term financial model. Along with Ken, I'd like to thank our partners, customers, suppliers and all members of the Fortinet team for all their hard work, execution and outstanding success. I'll now hand the call back over to Peter.

最後，我想通知大家，我們將於 5 月 10 日舉行分析師日，恰逢 Accelerate 2022，我們預計將更新我們的中期財務模型。我要與 Ken 一起感謝我們的合作夥伴、客戶、供應商和 Fortinet 團隊的所有成員，感謝他們的辛勤工作、執行力和卓越的成功。我現在將把電話轉回給彼得。

Thank you, Keith. (Operator Instructions) We lost a little time there due to the technical delays, apologies for all of that. But operator, can you open it up for Q&A, please?

謝謝你，基斯。 （操作員說明）由於技術延誤，我們在那裡損失了一些時間，對此表示歉意。但是接線員，您可以打開它進行問答嗎？

Sure. (Operator Instructions) I show our first question comes from the line of Brian Essex from Goldman Sachs.

當然。 （操作員說明）我表明我們的第一個問題來自高盛的 Brian Essex。

Congratulations on a nice set of results. Thanks as well for the additional disclosure. And I guess maybe on that point, maybe could you help us understand what qualifies as a booking and from a timing perspective if an order is placed with a timing event maybe 9 months from now, is that still included in bookings?

恭喜您取得了一系列不錯的結果。也感謝您的額外披露。我想也許在這一點上，也許您可以幫助我們了解什麼才算是預訂，從時間角度來看，如果訂單是在9 個月後的時間事件中下達的，這是否仍包含在預訂中？

And then maybe any other incremental color you can provide us on the supply chain management? How you're managing the supply chain? You mentioned pricing increases offsetting an incremental supplier cost. But maybe a view on are the issues abating at all? Are lead times still consistent with where they were last quarter? And any other nuances we should be aware of, like channel partners prebuying inventory, which is one of the things that we picked up a little bit this quarter?

那麼您可以為我們提供有關供應鏈管理的任何其他增量顏色嗎？你們如何管理供應鏈？您提到價格上漲抵銷了供應商成本的增量。但也許有人認為這些問題是否有緩解？交貨時間是否仍與上季一致？我們應該注意的任何其他細微差別，例如通路合作夥伴預購庫存，這是我們本季發現的一些事情之一？

Yes. A lot of good stuff there. I don't know if we'll get through all of it, Brian, maybe a couple of .

是的。那裡有很多好東西。我不知道我們是否能完成這一切，布萊恩，也許有幾個。

Only one question.

只有一個問題。

Yes, I know you did really well. Keep in mind, our business model, right? End users buy from resellers who buy from distributors who buy from us. So it's not like a very large complex $50 million solution that's going to be deployed over time. When we get orders, it's typically the customers want the product. So I don't know that we would see something like we described at the beginning of the conversation in terms of order bookings.

是的，我知道你做得很好。請記住，我們的商業模式，對吧？最終用戶從經銷商購買，而經銷商又從經銷商購買，經銷商又從我們這裡購買。因此，它不像一個需要隨著時間的推移而部署的價值 5000 萬美元的大型複雜解決方案。當我們收到訂單時，通常是客戶想要該產品。所以我不知道我們會看到像我們在對話開始時所描述的訂單預訂方面的情況。

For us, a booking is a distributor sends an order to us, and they would like to have shipment throughout if we -- so that counts as a booking. And if we ship it, then it becomes a billing and it becomes product revenue. And if we don't, it becomes backlog. I'll just pause it, sorry.

對我們來說，預訂是經銷商向我們發送訂單，如果我們願意，他們希望全程發貨，這樣就算是預訂。如果我們發貨，那麼它就變成了帳單，變成了產品收入。如果我們不這樣做，就會出現積壓。我就暫停一下，抱歉。

So in terms of supply chain and maybe Ken would offer some additional thoughts on that. I do -- we talked previously, I think that we felt that September, October and maybe very early in November could turn out to be the low watermark for supply chain challenges, at least in terms of what we call decommitments from our contract manufacturers and from our component suppliers. And I think that, to this point, is shown to be the case.

因此，在供應鏈方面，肯恩可能會就此提供一些額外的想法。我確實如此——我們之前談過，我認為我們認為 9 月、10 月甚至 11 月初可能會成為供應鏈挑戰的低水位線，至少就我們所說的合約製造商的解除承諾而言，來自我們的零件供應商。我認為，到目前為止，情況確實如此。

We do still from time to time, have decommitments, but they're much, much smaller than they were back in that time frame. I think the general tone, if you will, with our channel, whether it's components or it's contract manufacturers, is much, much better than it was. We do, like everybody else, we read the reports, and we see conversations and commentary around things like -- particularly in consumer electronics, where there be some improvement in auto manufacturing. I think we have reason to believe that the situation continues to improve as we move forward.

我們仍然不時地做出解除承諾，但它們比那個時間範圍內的規模要小得多。我認為，如果你願意的話，我們通路的整體基調，無論是組件還是合約製造商，都比以前好得多。和其他人一樣，我們確實閱讀了這些報告，也看到了圍繞諸如此類的話題的對話和評論，特別是在消費性電子產品領域，汽車製造領域取得了一些進展。我認為我們有理由相信，隨著我們的前進，情況會繼續改善。

At the same time, working extremely closely with our suppliers, conversations at very high levels and talking about maybe some longer-term projects that we may work on together, for example, making them aware of what our volume of business is and also a bit of a tip of the capital or engineering team, who's been going through the process of redesigning and recertifying some of the components and some of the other changes, if you will. All of that, I think, kind of gives us a feeling that the second half of this year should see improvement. Ken?

同時，與我們的供應商密切合作，進行非常高層次的對話，並討論我們可能共同開展的一些長期項目，例如，讓他們了解我們的業務量，並且了解我們的業務量。團隊的提示，如果您願意的話，他們一直在經歷重新設計和重新認證某些組件以及其他一些更改的過程。我認為，所有這些都讓我們感覺今年下半年應該會有所改善。肯？

Yes. I think you covered all of it. I think it is different compared to most of our competitors, we handle the design, manufacture operation, put them make directly ourselves. And also, we have a bigger quantity compare our competitors can better negotiate with suppliers. And also the engineering also starting -- last year also starting redesigned some of the product to award a certain shortage of the component, which are working well with us, but some of the redesign may take about 6 months.

是的。我想你已經涵蓋了所有內容。我認為這與我們大多數競爭對手不同，我們負責設計、製造作業，直接自己製造。而且，與競爭對手相比，我們擁有更大的數量，可以更好地與供應商談判。工程也開始了——去年也開始重新設計一些產品，以彌補組件的一定短缺，這些組件與我們合作得很好，但一些重新設計可能需要大約 6 個月的時間。

I think overall, that's what we feel pretty confident in the second half of this year since we'll be improving both because the supply chain itself and also some alternative design and also kind of better planning. I have to say last quarter, the demand is very very strong, with booking growth of 49% which even kind of beyond all kind of planning. So that's caused some of the shortage.

我認為總的來說，這就是我們在今年下半年感到非常有信心的原因，因為我們將改善供應鏈本身以及一些替代設計和更好的規劃。我必須說，上個季度，需求非常非常強勁，預訂量增加了 49%，甚至有點超出了所有的計劃。這造成了一些短缺。

But overall, we have a much better shape compared to competitors in the inventory and in the supply.

但總體而言，與競爭對手相比，我們在庫存和供應方面的狀況要好得多。

And also the other question, we don't see increased inventory in the channel in the distributor there pretty much the same as they have in the last few years. So we don't see any increase of the channel step up the product. So that's not the case for us.

還有另一個問題，我們沒有看到經銷商通路的庫存增加與過去幾年幾乎相同。因此，我們沒有看到任何通路增加產品。所以我們的情況並非如此。

Yes. And since Brian did such a good job of only answering one question, I'm going to jump also in and give some more color on it. I do -- did somebody orders a product early, some place in the world? Sure. I'm sure that happened. When we try and look at our own business, we try to identify the possibilities of that happening. And the best number we can come up with is something that represents extremely low single digits of our business may have been impacted by that.

是的。由於布萊恩只回答了一個問題，做得很好，所以我也將加入進來，並對此給予更多的說明。我確實——有人在世界某個地方提前訂購了產品嗎？當然。我確信那件事發生了。當我們嘗試審視自己的業務時，我們會嘗試找出發生這種情況的可能性。我們能得出的最佳數字代表我們的業務可能受到此影響的數量極低。

And at the same time, you immediately pivot over to look at your pipeline. And even if that was happening, it's certainly not evident in the pipeline. We're extremely pleased with what we're seeing in terms of the pipeline growth. And then just a follow on to Ken's comment about distributor inventory levels, again, with our model, we do have visibility of the inventory that's in the channel. And that inventory -- those inventory levels are actually down a little bit year-over-year. So I don't think we're seeing the types of things that maybe you may have some concerns about.

同時，您立即轉向查看您的管道。即使這種情況發生了，在管道中肯定不明顯。我們對管道成長所看到的情況感到非常滿意。然後，根據 Ken 關於分銷商庫存水準的評論，再次，透過我們的模型，我們確實可以了解通路中的庫存。庫存水準實際上比去年同期下降了一點。所以我認為我們沒有看到您可能擔心的事情類型。

Yes. And also the shortage more limit and pretty much most limited in the very low end and -- so the middle in the high-end FortiGate, we do have enough inventory even for the more strong like 49% billing growth. And also, we have a very broad product portfolio. So there's a lot of alternative products that the customer, the channel controls. And at the same time, some of the redesign already working, it will be ready in a few months.

是的。而且，短缺更加有限，而且在非常低端的產品中幾乎是最有限的，所以在高端 FortiGate 的中間，我們確實有足夠的庫存，即使對於 49% 的計費增長來說也是如此。而且，我們擁有非常廣泛的產品組合。因此，有許多可供客戶、通路控制的替代產品。同時，一些重新設計已經開始工作，幾個月後就會準備好。

I show our next question comes from the line of Fatima Boolani from Citi.

我表明我們的下一個問題來自花旗銀行的法蒂瑪·布爾尼 (Fatima Boolani)。

Keith, let me focus this one for you. At the risk of oversimplification, I know you've given us the bookings growth. You've given us the billings growth and certainly, the product growth and the guidance for fiscal '22. So between the 49% growth you saw in bookings, 36% billings growth that you saw this quarter and the 31% in product. Can you talk us through how that is dovetailing into your guidance for next year?

基思，讓我為你重點介紹這一點。冒著過度簡化的風險，我知道你們為我們帶來了預訂的成長。您為我們提供了比林斯成長情況，當然還有產品成長情況以及 22 財年的指導。因此，本季預訂量成長 49%，帳單成長 36%，產品成長 31%。您能告訴我們這如何與您明年的指導方針相吻合嗎？

And frankly, how much of this backlog you're expecting to amortize into your revenue and billings profile over the course of 2022? And as related to that, I understand you've taken some pretty substantial pricing increases for your subscription packages for the portfolio. I'm curious how much of that is contemplated in your guidance across these metrics?

坦白說，您預計在 2022 年期間將多少積壓的訂單攤銷到您的收入和帳單資料中？與此相關的是，我了解到您的投資組合訂閱套餐的價格已經大幅上漲。我很好奇您在這些指標的指導中考慮了多少內容？

Okay. I think Brian set the standard and Fatima is following it through. How many questions are accounted as one? I'll start with the easy one first, pricing. We raised prices, we've talked about before prices in August and again in November. On our price list, keep in mind, those get discounted down. The price -- because services, whether it's support or security, attaches -- the pricing attaches to the box, so to speak. When you raise prices on the appliance, you're also effectively raising prices on the services.

好的。我認為布萊恩設定了標準，法蒂瑪正在遵循它。多少個問題算一個？我先從簡單的開始，定價。我們提高了價格，我們在八月和十一月之前都討論過價格。請記住，在我們的價目表上，這些產品都會打折。價格——因為服務，無論是支援還是安全，都是附加的——可以這麼說，定價是附加在盒子上的。當您提高設備價格時，您實際上也提高了服務價格。

But then if you think through revenue recognition, obviously, you'll get some -- you'll get the price increase in revenue for the product more currently than you will for the services you're going to recognize that over time.

但是，如果你仔細考慮收入確認，顯然，你會得到一些東西——你會得到產品收入的價格上漲，而不是隨著時間的推移你將認識到的服務的收入價格上漲。

And I think your question of what are we expecting in terms of backlog and amortization or what have you? As you can imagine, we've done a fair amount of scenario planning to go through the year. And I don't know that there is a one scenario that we would point to as opposed to a combination of scenarios. I think you can kind of solve for that maybe not on the phone right now, with some of the information that we've provided in terms of our expectation for backlog increasing, right, for the year.

我想你的問題是我們對積壓和攤銷有何期望，或者你有什麼？正如您可以想像的那樣，我們在這一年中做了相當多的情境規劃。我不知道我們會指出一個場景而不是多個場景的組合。我認為你現在可以透過我們提供的一些資訊來解決這個問題，也許不是現在透過電話，我們預計今年積壓訂單會增加。

And so backlog is increasing for the year, I don't think that would be reflective of us bleeding into the income statement backlog that currently exists. The components of the backlog will shift, but net-net, it's going up.

因此，今年的積壓工作正在增加，我認為這並不能反映出我們正在滲入目前存在的損益表積壓工作。積壓訂單的組成部分將會發生變化，但總體而言，它正在上升。

I show our next question comes from the line of Ittai Kidron from Oppenheimer.

我表明我們的下一個問題來自奧本海默的 Ittai Kidron。

Great numbers. I had a clarification and a question. Just on -- Keith, on the 2-point shift in seasonality in the second half. Is that just tied to supply chain fulfillment? I just want to make sure I got that right. And there's no other cause here?

偉大的數字。我有一個澄清和一個問題。剛剛——基思，關於下半場季節性的 2 分轉變。這僅與供應鏈履行有關嗎？我只是想確保我做對了。還有沒有其他原因？

And then, Ken, maybe you could talk about, from a competitive standpoint, are you seeing any changes? And I wonder if you have any thoughts with respect to Check Point's recent introduction of their Lightspeed firewall, which is extremely price aggressive? How do you think about that in the market? Any thoughts there would be great?

然後，肯，也許你可以談談，從競爭的角度來看，你看到了什麼改變嗎？我想知道您對 Check Point 最近推出的 Lightspeed 防火牆有何想法，該防火牆的價格極具侵略性？您如何看待市場上的情況？有什麼想法會很棒嗎？

Yes, I'll just come quickly on the linearity. We just wanted to make sure we open the door to have the conversation with you guys about how linearity may be a little bit different this year than what has been historically for us. And yes, you can point back to the supply chain on that.

是的，我會快速介紹線性度。我們只是想確保我們敞開大門與你們進行對話，討論今年的線性度可能與我們歷史上的情況有些不同。是的，你可以把矛頭指向供應鏈。

Yes. And also Checkpoint earnings this morning. I probably sent a deal we mentioned Fortinet. And so they say their newest product, probably like 20% faster than Fortinet product 1800 app, but that's the product we released more than 2 years ago. I think based on Moore's law, so every 2 year -- every 18 months, the speed will double. So I think the latest product is already much faster now. So I do see because the -- we see secure-driven networking conversion of network and security. So the network security that we deploy pretty much in all the infrastructure, not just secure the border.

是的。還有今天早上的 Checkpoint 收益。我可能發送了一份我們提到 Fortinet 的交易。他們說他們的最新產品可能比 Fortinet 產品 1800 應用程式快 20%，但那是我們兩年多前發布的產品。我認為根據摩爾定律，每 2 年——每 18 個月，速度就會翻倍。所以我認為現在最新的產品已經快得多了。所以我確實看到了，因為我們看到了網路和安全性的安全驅動的網路轉換。因此，我們幾乎在所有基礎設施中部署網路安全，而不僅僅是保護邊界。

So when deployed internally at a much higher speed and that's where the high-speed firewall is needed to do the internal segmentation, security the server, segment different department, all these kinds of things. So that's where we see quite a strong demand in growth with the current ransomware environment. But also, we see that with working from anywhere, a lot of our users have to call remotely or kind of connect remotely. So that's where the secure SD-WANs and 5Gs and other also see very strong demand. So that's what we see.

因此，當以更高的速度進行內部部署時，就需要高速防火牆來進行內部分段、保護伺服器、對不同部門進行分段等等。因此，我們在當前的勒索軟體環境中看到了相當強勁的成長需求。而且，我們發現，在任何地方工作時，我們的許多用戶都必須遠端呼叫或遠端連線。因此，安全 SD-WAN 和 5G 等的需求也非常強勁。這就是我們所看到的。

We're leading innovation in both space with our own ASIC with all the secure SD-WAN and 5G connection. It's a much bigger total addressable market compared to the traditional network security. So that's where we identify as over $170 billion total addressable market for us in the next 3, 4 years. It's a huge potential and market large enough pretty much for all the competitors to compete, but definitely have to keep up the innovation, keep up the change to keeping gaining market share.

我們透過自己的 ASIC 以及所有安全的 SD-WAN 和 5G 連線在這兩個領域引領創新。與傳統的網路安全相比，這是一個更大的整體潛在市場。因此，我們認為未來 3、4 年的潛在市場總額將超過 1,700 億美元。這是一個巨大的潛力和足夠大的市場，足以讓所有競爭對手競爭，但絕對必須保持創新，保持變革，以不斷獲得市場份額。

I show our next question comes from the line of Shaul Eyal from Cowen.

我表明我們的下一個問題來自 Cowen 的 Shaul Eyal。

Congrats. I'll behave myself limiting to one question. Back to the supply chain, Keith, I just want to make sure, is that predominantly non-FortiGate products? Or do we have some FortiGate products also included in that entire supply chain discussion?

恭喜。我會限制自己只回答一個問題。回到供應鏈，Keith，我只是想確定一下，主要是非 FortiGate 產品嗎？或者我們是否有一些 FortiGate 產品也包含在整個供應鏈討論中？

Yes. And I think Ken touched upon that a little bit. I'll just build it out for little more clarity. If you look at more traditional, what we call secure networking products such as switches and access points, you're looking at probably something in the order of 60%, maybe 2/3 of the backlog would fit into that category, and the remainder is in FortiGate. And then Ken was making sure that we understood that. Within FortiGate, that's roughly 1/3, the majority of that is in the entry level or low end FortiGates. We're not really experiencing the same pressure in the midrange and the high end that we see in the low end.

是的。我認為肯稍微談到了這一點。為了更加清晰起見，我將把它建造出來。如果您查看更傳統的、我們所說的安全網路產品，例如交換器和存取點，您可能會看到大約 60% 的產品，也許 2/3 的積壓產品適合該類別，其餘的產品位於FortiGate 中。然後肯確保我們理解這一點。在 FortiGate 中，這一比例大約為 1/3，其中大部分是入門級或低端 FortiGate。我們在中端和高端並沒有真正感受到與低端相同的壓力。

And then operator, just a quick one. I just want to let everybody know on the call, given the technical difficulties we had earlier, we'll post the prepared remarks about the CEO script and the CFO script to the IR website as soon as we can after the call. Next question, please.

然後是操作員，只是一個快速操作。我只是想讓電話會議上的每個人都知道，考慮到我們之前遇到的技術困難，我們將在電話會議結束後儘快將準備好的有關 CEO 腳本和 CFO 腳本的評論發佈到 IR 網站。請下一個問題。

Our next question comes from the line of Ben Bollin from Cleveland Research.

我們的下一個問題來自克利夫蘭研究中心的 Ben Bollin。

Ken or Keith, when you think about the elevated demand and placements on the product front, can you share any thoughts about how coincident that demand is or leading as it relates to additional fabric traction? Any thoughts or hooks around number of applications that are being deployed typically with that initial rollout versus what comes later?

Ken 或 Keith，當您考慮產品方面日益增長的需求和佈局時，您能否分享一下關於需求與額外織物牽引力的一致性或領先程度的任何想法？對於最初部署時通常部署的應用程式數量與以後部署的應用程式數量有何想法或掛鉤？

We see a lot of enterprise they need to protect their internal network because the ransomware like we released our research few months ago, is 11x higher on the ransomware attack compared to 1 years ago. So it's a big demand for us to secure the company's whole infrastructure. Also working from anywhere also need more security, especially like secure SD-WAN, secure 5G, all these connections. So we see that the demand is very very strong. So that's where -- and also for supply for some other chip manufacturer, even we did our own chip, usually, there's a lead time. So that's where we see the backlog and we're hoping we'll be -- go back, I hope it will be normal towards the end of the year.

我們看到許多企業需要保護其內部網絡，因為像我們幾個月前發布的研究報告一樣，勒索軟體的勒索軟體攻擊程度比 1 年前高出 11 倍。因此，保護公司整個基礎設施的安全對我們來說是一個很大的需求。此外，在任何地方工作也需要更高的安全性，尤其是安全性 SD-WAN、安全 5G 以及所有這些連線。所以我們看到需求非常非常強勁。這就是——以及為其他一些晶片製造商供應的地方，即使我們生產自己的晶片，通常也有交貨時間。這就是我們看到積壓的地方，我們希望我們能夠——回去，我希望這在年底時會恢復正常。

Yes. I think I can narrate for you. Ken's pointing at me, so I'll follow up a little bit. I think in terms of pull-through of non-FortiGate products, maybe I kind of came to the conversation a few years ago thinking that, that was going to be more of a commercial and mid-enterprise area where we see the quantity. In actuality, it seems to kind of move with customer size. The SMB is somewhat limited as we still see other products attaching and building that out. And then the mid enterprise, the enterprise. And then the service providers are very strong buyers of multiple products.

是的。我想我可以為你講述。肯指著我，所以我會跟進一下。我認為就非 FortiGate 產品的拉動而言，也許幾年前我就開始討論，認為這將更多地是我們看到數量的商業和中型企業領域。事實上，它似乎隨著客戶規模的變化而變化。 SMB 在某種程度上受到限制，因為我們仍然看到其他產品附加和建造它。然後是中型企業，即企業。然後，服務提供者是多種產品的強大買家。

And I think that why that's relevant is that's the affirmation of the platform strategy. I think they very early on realized the overhead cost of managing point solutions from different vendors could be fairly onerous, and that was pretty challenging. And so it is moving its way through the rest of the customer chain, if you will.

我認為這很重要，因為這是對平台策略的肯定。我認為他們很早就意識到管理來自不同供應商的單點解決方案的間接費用可能相當繁重，而且這是相當具有挑戰性的。因此，如果你願意的話，它正在向客戶鏈的其餘部分移動。

I think the other thing that's happening more currently now is we've seen -- we talk about these other verticals that represent not in the top 5 but coming to the table and buying security. And I think they're very clear with us in conversations that I've had with them and Ken as well that they're looking for a total solution. And the ability to cobble together a series of integrated products into one solution not only does that save them in terms of the initial purchase, but also the management cost. So I do think there's definitely a tailwind in that area.

我認為目前正在發生的另一件事是我們已經看到的——我們討論了那些不屬於前 5 名但進入談判桌併購買證券的其他垂直行業。我認為，在我與他們和肯的談話中，他們對我們非常清楚，他們正在尋找一個全面的解決方案。將一系列整合產品拼湊成一個解決方案的能力不僅可以節省初始購買成本，還可以節省管理成本。所以我確實認為該領域肯定有順風車。

Yes. The other validation point is really the Global 2000 account grow over 90%, so it's almost double year-over-year, it's a very very strong demand in there.

是的。另一個驗證點是，全球 2000 強帳戶確實增長了 90% 以上，所以幾乎同比增長了一倍，那裡的需求非常非常強勁。

I show our next question comes from the line of Hamza Fodderwala from Morgan Stanley.

我表明我們的下一個問題來自摩根士丹利的 Hamza Fodderwala。

I wanted to ask a question about just the appliance demand more broadly. Maybe a question for Ken. How do you think about the demand for hardware between factors like return to office, campus refresh, data center? What's really driving that appliance demand as we go through 2022?

我想問一個有關更廣泛的家電需求的問題。也許有個問題想問肯。您如何看待重返辦公室、校園更新、資料中心等因素之間對硬體的需求？到 2022 年，真正推動家電需求的因素是什麼？

I think the convergence of network and security will be long term and I think during the pandemic and even after pandemic, you'll see a lot of things changing, whether the working environment or more access, that's what the zero trust since starting build up more of a strong demand there. And also internally, they need to secure the whole infrastructure both in the -- within the like campus network data center or remote in connecting branch office. So that's where we see the whole infrastructure need to be secured. And also kind of consolidation among different vendors also starting to happen more quickly because like Keith mentioned, the management cost is very high, if they have a different vendor for different part of cybersecurity.

我認為網路和安全的融合將是長期的，我認為在大流行期間甚至大流行之後，你會看到很多事情發生變化，無論是工作環境還是更多的訪問，這就是自開始建立以來的零信任那裡的需求更加強烈。在內部，他們需要保護整個基礎設施的安全，無論是在校園網路資料中心內還是在遠端連接的分公司內。因此，我們認為整個基礎設施都需要受到保護。而且不同供應商之間的整合也開始更快發生，因為就像基斯提到的那樣，如果他們有不同的供應商來負責網路安全的不同部分，那麼管理成本會非常高。

So that's where the vendor can provide more products integrate, automate together definitely has more advantage and lower the total management cost. Actually, that's why we see the, like I mentioned, the 3-driver convergence of our network and security and the consolidation of the vendor and at the same time, the strong elevated cybersecurity threat right now, especially like ransomware is a big impact to the business is all driving the strong growth.

因此，供應商可以提供更多的產品集成，自動化在一起肯定具有更多優勢並降低總管理成本。實際上，這就是為什麼我們看到，就像我提到的那樣，我們的網路和安全的三驅動融合以及供應商的整合，同時，現在網路安全威脅不斷增加，特別是像勒索軟體這樣的威脅對業務都在推動強勁成長。

Yes, I would say that I think one of the things that Ken asked us to go look at was what would product revenue growth have been if we didn't have backlog, right? And that's that kind of who knows when they call out with that point, but it was still 65% or 66% product revenue growth if we had the product to deliver. I mean that's a huge number. And I think it speaks to the kind description of this is -- the demand is extremely high for appliances right now.

是的，我想說，我認為肯恩要求我們去研究的一件事是，如果我們沒有積壓，產品收入成長會是多少，對嗎？誰知道他們什麼時候會提出這一點，但如果我們有產品可以交付，產品收入仍然會增加 65% 或 66%。我的意思是這是一個巨大的數字。我認為這正好說明了這一點——現在對電器的需求非常高。

I show our next question comes from the line of Sterling Auty from JPMorgan.

我表明我們的下一個問題來自摩根大通的 Sterling Auty。

Keith, one for you. If I'm looking at it correct, if it wasn't for the gross margin pressure, it looks like operating margins would have expanded nicely in '22. And I'm curious with things like return to office, maybe a pickup in business travel and maybe even wage inflation, how are you able to deliver that kind of underlying margin expansion in the operating line?

基思，給你一個。如果我的觀點是正確的，如果沒有毛利率壓力，看起來營業利潤率在 22 年會得到很好的擴張。我很好奇諸如重返辦公室、商務旅行的增加，甚至薪資上漲等問題，您如何能夠在營運領域實現這種潛在的利潤率擴張？

I don't -- for 2022 versus 2021, I think we're guiding to 24% to -- I think we're guiding to basically 25% at the midpoint and just closed out a year at...

我不認為——對於 2022 年和 2021 年，我認為我們的指導目標是 24%——我認為我們的指導目標是中點基本上是 25%，並且剛剛結束了一年…

26%.

26%。

26%. I don't know that that's up. Sterling, you mind thinking about that?

26%。我不知道事情就這樣了。斯特林，你介意考慮一下嗎？

I think if the gross margin wasn't down.

我想如果毛利率沒有下降的話。

On the operating -- the leverage is coming through on the operating expenses.

在營運方面——槓桿是透過營運費用來實現的。

Yes. Exactly.

是的。確切地。

Yes. I think that while you can look at the percentages in terms of what we're spending, I think sales productivity in the current environment is probably the biggest driver, if you will, in terms of the leverage that we get out of this. Obviously, if you go back to 2021, not a lot of sales productivity average probably in 2020. With COVID, very nice sales productivity numbers in 2021. Now we're looking at tailwinds. I must be honest, the price increases will indeed increase sales productivity.

是的。我認為，雖然你可以看看我們支出的百分比，但我認為，如果你願意的話，就我們從中獲得的槓桿而言，當前環境下的銷售生產力可能是最大的驅動因素。顯然，如果你回到 2021 年，2020 年的平均銷售生產力可能不會很高。老實說，漲價確實會提高銷售效率。

I show our next question comes from the line of Adam Borg from Stifel.

我表明我們的下一個問題來自 Stifel 的 Adam Borg。

Maybe just an SD-WAN, it's great to see the strength there continuing -- maybe you could comment just on, I guess, first, the sustainability of those trends in coming years? And are you seeing this growth coming more from greenfield opportunities or some brownfield displacements?

也許只是一個 SD-WAN，很高興看到其持續的優勢 - 也許您可以先評論這些趨勢在未來幾年的可持續性？您認為這種成長更多是來自於綠地機會還是一些棕地置換？

It's pretty broad. As you can look at SD-WAN, probably, I'd say, more than half majority products go to the middle or high-end range. And at the same time, a lot of enterprise customers, a lot of are all starting using leverage SD-WAN. So it's quite a broad -- much more beyond the retail.

它相當廣泛。正如您所看到的 SD-WAN，我想說的是，可能超過一半的大多數產品都屬於中階或高階範圍。同時，許多企業客戶都開始使用 SD-WAN。所以它的範圍相當廣泛——遠遠超出了零售範圍。

Operator, next question, please?

接線員，請問下一個問題嗎？

I show our next question comes from the line of Jonathan Ho from William Blair.

我表明我們的下一個問題來自威廉布萊爾的喬納森何 (Jonathan Ho)。

Let me echo my congratulations on the strong quarter. Yes, I guess, just given that you've delivered a quarter that's been particularly strong this year. Can you give us a bit of a sense of what's happening with the pipeline? And maybe what is giving you the confidence that you can continue to drive that sustained growth for several more years. I think you've gone through some of the factors one by one, but what are you seeing in sort of the immediate term that allows you to continue growing at these rates?

讓我對這一強勁的季度表示祝賀。是的，我想，只是考慮到你們今年的季度業績特別強勁。您能否讓我們了解一下管道的情況？也許是什麼讓您有信心在未來幾年繼續推動持續成長。我認為您已經一一考慮了一些因素，但是您認為短期內哪些因素可以讓您繼續以這樣的速度成長？

Yes, I've been looking at Ken if he wants to get more strategic. I'll give you a very tactical conversation about it. And Peter is making a shameless plug for the Analyst Day in May and saying that we'll talk about that then. Look, I'm really, really pleased with what the pipeline looks like at the moment. We go through our usual, we've talked before, I think, Jonathan, is slicing and dicing it in terms of how much our new customers, renewals, expansions inside customers, what's the deal size? What's the geography?

是的，我一直在關注肯恩是否想變得更有策略。我會給你一個非常有策略的談話。彼得正在為五月的分析師日做一個無恥的插播，並說我們到時候再討論這個問題。看，我對目前的管道狀況非常非常滿意。我們按照慣例，我們之前談過，喬納森，我想，正在對我們的新客戶、續約、客戶內部擴張的數量進行切片和切塊，交易規模是多少？地理情況如何？

And it's -- I don't want to just loss over some of the numbers that we saw in the Enterprise segment in the fourth quarter. I think we're at 90% growth on the G2000 for 3 quarters in a row. The U.S. did extremely well and without getting into a lot of details, they too accelerated for 3 quarters in a row. Looking at the pipeline and looking at again, more enterprise growth that's coming, we think we have a good position on the SMB, love the execution. We've had some people in other settings comment upon the maturity that the sales and marketing execution level has reached now as a company. So I think that the pipeline in our ability to execute, I don't see why that would change.

我不想只是損失第四季度企業部門的一些數字。我認為 G2000 的成長率已連續三個季度達到 90%。美國做得非常好，不用說太多細節，他們也連續三個季度加速。看看管道，再看看，更多的企業成長即將到來，我們認為我們在中小型企業中處於有利地位，喜歡執行力。我們有一些其他環境中的人評論說，作為一家公司，銷售和行銷執行水平現在已經達到了成熟度。所以我認為我們的執行能力的管道，我不明白為什麼會改變。

Yes. And also, we have a lot of growth potential in the Global 2000. So like we said last year -- last quarter grew like 90% year-over-year. And also, this is the bigger account, you also can upsell, cross-sell a lot of other products. So we do see the pipeline is very strong. And also, we're keeping enhance in the marketing and keeping pretty aggressively higher sales at sales capacity. So far, some regions, some of the vertical, we still have much less capacity than some of our competitors. I think with the additional marketing sales capacity, we do see the growth will continue in the next few years.

是的。而且，我們在全球 2000 強中擁有很大的成長潛力。而且，這是一個更大的帳戶，您還可以追加銷售、交叉銷售很多其他產品。所以我們確實看到管道非常強大。此外，我們正在不斷加強行銷，並在銷售能力上保持相當積極的更高銷售。到目前為止，在某些地區、一些垂直領域，我們的產能仍然比一些競爭對手少得多。我認為，隨著行銷銷售能力的增加，我們確實看到未來幾年將繼續成長。

I show our next question comes from the line of Michael Turits from KeyBanc.

我表明我們的下一個問題來自 KeyBanc 的 Michael Turits。

Thanks, Keith, for making the statement of demand very high for appliances. I guess I'd just like to reask Hamza's question about the sources of demand for appliances right now, particularly in the context though of how strong cloud is. I mean, we just had very strong cloud numbers coming in from Amazon as well as from others. So how should we really understand why so much is being spent in physical boxes right now as opposed to even some of your products that are in the cloud?

謝謝基思，您對電器的需求非常高。我想我只想再問一下哈姆札關於目前設備需求來源的問題，特別是在雲端有多強大的背景下。我的意思是，我們剛剛從亞馬遜和其他公司獲得了非常強大的雲端數據。那麼，我們應該如何真正理解為什麼現在在實體設備上花費瞭如此多的費用，而不是在雲端中的一些產品上呢？

I probably one common deal mentioned this morning in the other call, definitely, the network security is a much bigger total addressable market. The cloud security probably by 2025, it is little bit over $20 billion and compared to current total addressable market, including network security, converting network security, endpoint or the other will be $170 billion. It's a much bigger market. And at the same time, there's a lot of innovation going on and have to secure the whole infrastructure. So that's where we see the price also even access the cloud, you need all these appliances. You also need this SD-WAN, 5G connection, all this to access the cloud. So that's where we see the -- there's a huge market potential in the very fragmented market has a lot of growth potential.

我可能今天早上在另一個電話中提到了一項常見交易，毫無疑問，網路安全是一個更大的整體潛在市場。到 2025 年，雲端安全可能會略高於 200 億美元，而目前的潛在市場總額（包括網路安全、轉換網路安全、端點或其他）將達到 1,700 億美元。這是一個更大的市場。同時，正在進行大量創新，並且必須保護整個基礎設施的安全。因此，這就是我們看到的價格，甚至訪問雲，您都需要所有這些設備。您還需要 SD-WAN、5G 連接，所有這些都可以存取雲端。這就是我們所看到的——在非常分散的市場中存在著巨大的市場潛力，並且具有很大的成長潛力。

I'm sorry, we have time for 1 more question coming from Keith Bachman from BMO Capital Markets.

抱歉，我們還有時間回答 BMO 資本市場的 Keith Bachman 提出的 1 個問題。

Yes, I'm going to ask a similar question to Michael before. Your product revenue growth has been 40%, 50% and now the underlying growth this quarter was north of 60%. Your competitors are also experiencing good product revenues, not nearly to the extent that you are. And so it's more than Checkpoint that's experiencing demand and it's more than the what I characterize as the consolidation when you're taking share from the likes of Cisco and SD-WAN.

是的，我之前會問麥可類似的問題。你們的產品收入成長了 40%、50%，現在本季的基本成長超過了 60%。您的競爭對手也獲得了不錯的產品收入，但遠不及您。因此，當您從思科和 SD-WAN 等公司手中奪取份額時，不僅僅是 Checkpoint 遇到了需求，也不僅僅是我所描述的整合。

And so I'm trying to understand if you thought about the aggregate demand is in the last 3 quarters have been far exceeded anything that's happened in, say, the last 5 years between not only yourself, but your 3 primary competitors ex-Cisco. And so the question is, if traffic is normally one of the key drivers, but what are some other drivers for not just yourself, but for the 3 primary vendors? Just trying to understand that really, I think, consistent with some of the other questions about the durability of demand not just for yourself but for the industry in general?

因此，我試圖了解您是否認為過去 3 個季度的總需求遠遠超過了過去 5 年發生的情況，不僅是您自己，而且是您的 3 個主要競爭對手（思科除外）。所以問題是，如果流量通常是關鍵驅動因素之一，那麼除了您自己之外還有 3 個主要供應商的其他驅動因素是什麼？我認為，只是想真正理解這一點，這是否與有關需求持久性的其他一些問題一致，不僅是為了您自己，也是為了整個行業？

Yes. I think the industry, I do believe we need to set secure the whole infrastructure, both internal LAN and also the WAN connection put outside. And that also like we see very, very strong demand to secure inside the company and also like all this data center, all this internal segmentation, which is for the network security is too slow to deploy in the high-speed environment internally.

是的。我認為業界確實相信我們需要確保整個基礎設施的安全，包括內部 LAN 和外部的 WAN 連線。這也就像我們看到的公司內部對安全的非常非常強烈的需求，也像所有這些資料中心、所有這些內部分段一樣，這是因為網路安全太慢而無法在內部高速環境中部署。

And then also the SD-WAN, you can see pretty strong growth. And -- I think the overall convergence of repeating same in the network or security, that's the 3 driver we gave out. I think probably in the Analyst Day, Peter, Keith you mentioned, May 10. So we'll probably give some more details on data, some analysis and we'll see how long. I do believe this will be pretty long-term changing in the whole space, we were keeping growth in the next 5 to 10 years. And also ASIC advantage and the continental scale and scope all started working for us because we have the quantity which helping lower per chip cost, which none of our competitors have.

然後還有 SD-WAN，您可以看到相當強勁的成長。而且——我認為在網路或安全性中重複相同的整體融合，這是我們給出的 3 個驅動程式。我想可能是在 5 月 10 日的分析師日，Peter、Keith，您提到過。我確實相信這將在整個領域發生相當長期的變化，我們將在未來 5 到 10 年內保持成長。而且 ASIC 優勢以及大陸規模和範圍都開始為我們發揮作用，因為我們擁有有助於降低每個晶片成本的數量，這是我們的競爭對手所不具備的。

And also, we're probably the only cybersecurity company design own ASIC chip. And we also leverage any other commercial chip available, including the whatever Intel, MV, GPU, TPU, IPU or the other things we're using, but we have unique advantage of our own ASIC chip, which help in drive over high-speed, low-cost network security solution.

而且，我們可能是唯一一家設計自己的 ASIC 晶片的網路安全公司。我們也利用任何其他可用的商業晶片，包括 Intel、MV、GPU、TPU、IPU 或我們正在使用的其他晶片，但我們擁有自己的 ASIC 晶片的獨特優勢，這有助於驅動高速，低成本的網絡安全解決方案。

On the other side, the economy of scope also working because we have like some different product harbor, we call the fabric and now kind of call the mesh, cybersecurity mesh architecture, which is helping upsell, cross-sell I think last quarter is the first time the over 30%. I think right now, it's a FortiGate count about 69%, non-FortiGate 41% and also over $1 billion last year. Also see very strong growth, growth faster than the FortiGate. So that's also helping to supporting the whole infrastructure security converging on network and security and also elevate the threat environment.

另一方面，範圍經濟也在發揮作用，因為我們有一些不同的產品港口，我們稱之為結構，現在稱之為網格，網路安全網格架構，這有助於追加銷售和交叉銷售，我認為上個季度是第一次超過30%。我認為現在，FortiGate 佔 69%，非 FortiGate 佔 41%，去年也超過 10 億美元。也看到非常強勁的成長，成長速度比 FortiGate 還要快。因此，這也有助於支持融合網路和安全的整個基礎設施安全，並提升威脅環境。

Thanks very much for the question. on Peter for continuing plug to Analyst Day.

非常感謝您的提問。 感謝 Peter 繼續參加分析師日活動。

Early in the life cycle of cybersecurity industry, maybe 10 or 15 years ago, where firewalls had a very specific use and the environment, if you will, is more stable, it may have been easier to identify or refresh cycles that we keep looking for and have not yet seen in the last 5 years. And I think that's perhaps going back to Ken's point, I think that's because the environment is not stable at all. I think the reality is what you're seeing out there right now in terms of use cases and data volumes, data is all over the place, and its lots and lots of data. It's just getting more and more. And the use cases, I mean, 5 years ago, a lot of things that were airgap away from the Internet aren't anymore.

在網路安全產業生命週期的早期，也許是 10 或 15 年前，防火牆有非常具體的用途，而且環境（如果你願意的話）更加穩定，可能更容易識別或刷新我們一直在尋找的週期並且在過去5 年裡還沒見過。我認為這也許又回到了肯的觀點，我認為那是因為環境根本不穩定。我認為現實就是你現在所看到的用例和資料量，資料無所不在，而且資料非常多。它只是變得越來越多。我的意思是，用例在 5 年前，許多與網路隔絕的東西已經不存在了。

And now you see it's probably what's probably what's driving the manufacturing vertical for us. I just -- I don't know that you can presume that the environment, so to speak, and the political interest in it, the insurance company's interest in it, CIOs management team's interest in it. It is a hot topic of conversation. So even if you are due for a refresh cycle in the industry, and I don't know that we are, I don't think you're going to see that because of what's happening in the world out there.

現在您會發現，這可能是推動我們垂直製造的因素。我只是——我不知道你是否可以假設環境，以及其中的政治利益，保險公司的利益，首席資訊長管理團隊的利益。這是一個熱門話題。因此，即使行業即將迎來一個更新周期，而我不知道我們會不會，我認為您也不會看到這一點，因為世界上正在發生的事情。

Thank you. This concludes our Q&A session at this time. I'd like to turn the call back over to Peter Salkowski for any closing comments. Please go ahead.

謝謝。我們的問答環節到此結束。我想將電話轉回 Peter Salkowski 以徵求結束意見。請繼續。

Thank you. Again, apologies for the technical difficulties today. As I said earlier, we are planning to post the prepared remarks up on our website as soon as we can. So you can see all the numbers that Keith shared that I think help answer some of the questions with regards to bookings backlog and the sustainable growth in our business. I'd also like to remind everybody we'll be at the Morgan Stanley conference on March 9, an in-person conference, our first and gosh, I don't even know how long.

謝謝。再次對今天的技術困難表示歉意。正如我之前所說，我們計劃盡快將準備好的評論發佈在我們的網站上。因此，您可以看到基斯分享的所有數字，我認為這些數字有助於回答有關預訂積壓和我們業務可持續增長的一些問題。我還想提醒大家，我們將參加 3 月 9 日的摩根士丹利會議，這是我們的第一次現場會議，天哪，我什至不知道要持續多久。

Fireside chat at the event and the webcast link for that -- for the Morgan Stanley conference will be on our Investor Relations website for you all to listen. If you have any follow-up questions, please feel free to contact me. Thank you very much for your time. Again, apologies for the technical difficulties and have a great day.

活動中的爐邊聊天以及摩根士丹利會議的網路廣播連結將在我們的投資者關係網站上供大家收聽。如果您有任何後續問題，請隨時與我聯絡。非常感謝您抽出時間。再次對技術困難表示歉意，祝您有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect. Good day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。再會。