Fortinet Inc (FTNT) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Fortinet Fourth Quarter 2020 Earnings Announcement.

女士們，先生們，感謝您的支持，歡迎收看 Fortinet 2020 年第四季度財報。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員說明）請注意，今天的會議正在錄製中。

(Operator Instructions) I would now like to hand the conference over to your host today, Peter Salkowski, Vice President of Investor Relations.

（操作員說明）我現在想把會議交給今天的主持人，投資者關係副總裁 Peter Salkowski。

Please go ahead.

請繼續。

Thank you, Sarah.

謝謝你，莎拉。

Good afternoon, everyone.

大家下午好。

This is Peter Salkowski, Vice President of Investor Relations at Fortinet.

我是 Peter Salkowski，Fortinet 投資者關係副總裁。

I am pleased to welcome everyone to our call to discuss Fortinet's fiscal results for fourth quarter of 2020.

我很高興歡迎大家參加我們的電話會議，討論 Fortinet 2020 年第四季度的財務業績。

Speakers on today's call are Ken Xie, Fortinet's Founder, Chairman and CEO; and Keith Jensen, CFO.

今天電話會議的發言人是 Fortinet 的創始人、董事長兼首席執行官 Ken Xie；和首席財務官 Keith Jensen。

This is a live call that will be available for replay via webcast on our Investor Relations website.

這是一個現場通話，可以通過我們的投資者關係網站上的網絡直播進行重播。

Ken will begin our call today by providing a high-level perspective on our business.

Ken 將在今天開始我們的電話會議，提供對我們業務的高層次視角。

Keith will then review our financial and operating results for the fourth quarter, providing guidance for the first quarter of 2020 and the full year.

基思隨後將審查我們第四季度的財務和經營業績，為 2020 年第一季度和全年提供指導。

We'll then open the call for questions.

然後我們將打開問題電話。

(Operator Instructions)

（操作員說明）

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.

在我們開始之前，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，而這些前瞻性陳述受風險和不確定性的影響，可能導致實際結果與預期結果存在重大差異。

Please review -- refer to our SEC filings, in particular, the risk factors in our most recent Form 10-K and Form 10-Q for more information.

請查看——請參閱我們向美國證券交易委員會提交的文件，尤其是我們最新的 10-K 表格和 10-Q 表格中的風險因素，以獲取更多信息。

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演示文稿之日的意見，我們不承擔任何義務，特別是不承擔任何更新前瞻性陳述的義務。

Also, all references to financial metrics that we make on today's call are non-GAAP, unless stated otherwise.

此外，除非另有說明，否則我們在今天的電話會議上提到的所有財務指標都是非公認會計原則。

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.

我們的 GAAP 結果和 GAAP 與非 GAAP 調節表位於我們的收益新聞稿和今天的評論附帶的演示文稿中，兩者都發佈在投資者關係網站上。

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

最後，除非另有說明，否則我們提到的增長是按年計算的。

I will now turn the call over to Ken.

我現在將電話轉給肯。

Thanks, Peter, and thank you to everyone for joining today's call to review our fourth quarter and full year 2020 results.

謝謝彼得，感謝大家參加今天的電話會議，回顧我們 2020 年第四季度和全年的業績。

Fourth quarter billing increased 20% to $961 million, our secure SD-WAN offering accounted for over 13% of fourth quarter billing.

第四季度賬單增長 20% 至 9.61 億美元，我們的安全 SD-WAN 產品佔第四季度賬單的 13% 以上。

Product revenue accelerated quarter-over-quarter to 21%, contributing to a total revenue growth of 21%.

產品收入環比增長 21%，帶動總收入增長 21%。

Operation margin benefit from solid revenue performance, we achieved an all-time company record non-GAAP operating margin of 29.4% for the fourth quarter.

營業利潤率受益於穩健的收入表現，我們在第四季度實現了 29.4% 的公司歷史記錄的非 GAAP 營業利潤率。

Given the many opportunities ahead, we plan to shift our focus more to growth for at least the next [several] (corrected by the company after the call) quarters.

鑑於未來的許多機會，我們計劃至少在接下來的[幾個]（電話會議後由公司更正）季度將我們的重點更多地轉移到增長上。

Today, we announced FortiOS 7.0, with 300 new feature and updates.

今天，我們發布了具有 300 項新功能和更新的 FortiOS 7.0。

With this release, Fortinet is the only leading cybersecurity vendor to offer firewall-based Zero Trust Network Access, enabling remote access to replace the traditional VPN.

通過此版本，Fortinet 成為唯一一家提供基於防火牆的零信任網絡訪問的領先網絡安全供應商，使遠程訪問能夠取代傳統的 VPN。

This reduces the attack surface while improving the user experience.

這減少了攻擊面，同時改善了用戶體驗。

Fortinet's Zero Trust Network Access solution also simplifies management by using the same access policy whether on or off network.

Fortinet 的零信任網絡訪問解決方案還通過在網絡內外使用相同的訪問策略來簡化管理。

Tight integration of our SASE solution with the FortiOS 7.0 gives enterprises the flexibility they need to enable their workforce to work from home with consistent enterprise-grade security delivered on-premise or now [via] (corrected by the company after the call) cloud-based SASE consumption or security as a service.

我們的 SASE 解決方案與 FortiOS 7.0 的緊密集成為企業提供了他們所需的靈活性，使他們的員工能夠在家工作，並在內部或現在 [通過]（由公司在電話後更正）雲提供一致的企業級安全性。基於 SASE 消費或安全即服務。

The FortiOS 7.0 extend network connectivity and security beyond the WAN Edge with the innovation in 5G and LTE that improve wireless network performance and increase resilience.

FortiOS 7.0 通過 5G 和 LTE 中的創新將網絡連接性和安全性擴展到廣域網邊緣之外，提高了無線網絡性能和彈性。

Our 5G offering enables organizations to achieve secure, scalable and highly available network connectivity anywhere.

我們的 5G 產品使組織能夠在任何地方實現安全、可擴展和高度可用的網絡連接。

The release of FortiOS 7.0 expands the Fortinet security fabric delivering on our mission to provide broad, integrated and automated security to any device, any application everywhere.

FortiOS 7.0 的發布擴展了 Fortinet 安全結構，履行我們的使命，即為任何地方的任何設備、任何應用程序提供廣泛、集成和自動化的安全性。

Cybersecurity is at an inflection point and increasingly, organizations are consolidating towards a platform approach.

網絡安全正處於一個轉折點，越來越多的組織正在向平台方法整合。

And not just separate platforms for endpoint, network security or cloud security, but a holistic platform that is integrated, automated across all of these areas.

不僅僅是用於端點、網絡安全或云安全的獨立平台，而是一個集成的、跨所有這些領域的自動化的整體平台。

The Fortinet Security Fabric is a cybersecurity platform built on a broad and a deep set of networking and security technologies from endpoint to network to cloud, organically built to seamlessly communicate and operate together.

Fortinet Security Fabric 是一個網絡安全平台，建立在從端點到網絡再到雲的廣泛而深入的網絡和安全技術的基礎上，有機地構建以無縫通信和一起運行。

This consolidation with our secure driven networking approach will be key drivers going forward.

這種與我們安全驅動的網絡方法的整合將成為未來的關鍵驅動力。

Today, Fortinet is recognized in 8 Gartner Magic Quadrants.

今天，Fortinet 在 8 個 Gartner 魔力像限中得到認可。

Our FortiGate product is a leading -- is a leader in both SD-WAN and next-gen Firewall Magic Quadrants.

我們的 FortiGate 產品是領先的——是 SD-WAN 和下一代防火牆魔力像限的領導者。

We continue to experience excellent adoption of secure SD-WAN and expect our unique solution to become a market share leader within a few years.

我們繼續體驗安全 SD-WAN 的出色採用，並期望我們獨特的解決方案在幾年內成為市場份額的領導者。

In addition to our growth drivers, we estimate our total addressable market will grow at an annual compound rate of 10% over the next 4 years to reach $93 billion by 2024.

除了我們的增長動力之外，我們估計我們的潛在市場總量將在未來 4 年內以 10% 的年復合增長率增長，到 2024 年達到 930 億美元。

The recent SolarWinds security incident and the pandemic elevated the need for a broad, integrated and automated platform, and we expect company to raise the percent of IT spending used for security as they work to secure their entire infrastructure across multiple edges in a zero trust environment.

最近的 SolarWinds 安全事件和大流行病增加了對廣泛、集成和自動化平台的需求，我們預計公司將提高用於安全的 IT 支出百分比，因為他們致力於在零信任環境中跨多個邊緣保護其整個基礎設施.

Before turning the call over to Keith, I would like to thank our employees, customers and the partners worldwide for their continued support to manage our response to the ongoing COVID-19 pandemic.

在將電話轉給 Keith 之前，我要感謝我們的員工、客戶和全球合作夥伴一直以來的支持，以管理我們對持續的 COVID-19 大流行的反應。

Keith?

基思？

Thank you, Ken.

謝謝你，肯。

Let's start the fourth quarter review with revenue.

讓我們從收入開始第四季度的回顧。

Total revenue of $748 million was up 21%.

總收入為 7.48 億美元，增長 21%。

Product revenue was up 21%.

產品收入增長了 21%。

Service revenue was up 21%.

服務收入增長了 21%。

Product revenue of $288 million saw a substantial sequential acceleration in growth relating from strong demand for fabric, the Security Fabric platform and FortiGates across all form factors, hardware, software and virtual machine.

產品收入為 2.88 億美元，與結構、Security Fabric 平台和 FortiGates 在所有形式因素、硬件、軟件和虛擬機方面的強勁需求相關，實現了大幅連續加速增長。

While secure SD-WAN use cases continued their dramatic growth, the majority of product revenue was driven by the wide range of other operating system capabilities embedded in FortiGates in their related use cases.

雖然安全的 SD-WAN 用例繼續急劇增長，但大部分產品收入是由 FortiGates 在其相關用例中嵌入的各種其他操作系統功能所推動的。

Service revenue of $460 million benefited from strong demand for fabric and cloud security solutions.

4.6 億美元的服務收入得益於對結構和雲安全解決方案的強勁需求。

Support and professional services revenue increased 21% to $210 million.

支持和專業服務收入增長 21% 至 2.1 億美元。

The revenue mix shift from 8/5 to 24/7 support was 12 points, with 24/7 now representing 66% of the mix.

從 8/5 到 24/7 支持的收入組合轉變為 12 個百分點，其中 24/7 現在佔組合的 66%。

Security subscription services and cloud provider revenue increased 21% to $249 million.

安全訂閱服務和雲提供商收入增長 21% 至 2.49 億美元。

Moving to the mix of FortiGate and non-FortiGate revenue, network security revenue increased 18%, driven by the high end and entry-level FortiGate product families.

轉到 FortiGate 和非 FortiGate 收入的組合，網絡安全收入增長了 18%，受高端和入門級 FortiGate 產品系列的推動。

Non-FortiGate products and service revenue increased 29% driven by a 34% increase in revenue for fabric and cloud security solutions.

非 FortiGate 產品和服務收入增長了 29%，這主要得益於結構和雲安全解決方案收入增長了 34%。

Before continuing with the fourth quarter results, I'd like to highlight our 2020 full year revenue performance.

在繼續介紹第四季度業績之前，我想強調一下我們 2020 年全年的收入表現。

In the midst of a pandemic-induced recession, total revenue for the year grew 20% to $2.6 billion.

在大流行引發的衰退中，全年總收入增長了 20%，達到 26 億美元。

We take great pride in our focus on organic growth.

我們為專注於有機增長而感到自豪。

And 2020 represents the third consecutive year with revenue growth of 20%.

2020 年是收入連續第三年增長 20%。

This consistent performance speaks to our geographic and customer diversity, the continued success of the integrated platform strategy, and our proprietary ASIC Advantage that enables a shared operating system across the platform, drives our cost for performance advantage, increase the capacity to add features and functions while maintaining price points.

這種一致的性能說明了我們的地域和客戶多樣性、集成平台戰略的持續成功，以及我們專有的 ASIC 優勢，它支持跨平台共享操作系統，推動我們以成本換取性能優勢，增加添加特性和功能的能力同時保持價格點。

Total non-FortiGate revenue for the year grew over 25% to more than $725 million.

今年非 FortiGate 的總收入增長了 25% 以上，達到 7.25 億美元以上。

In other words, our fabric, cloud and other security products and services are on pace to be a $1 billion business as we exit 2021.

換句話說，到 2021 年，我們的結構、雲和其他安全產品和服務有望成為價值 10 億美元的業務。

Our non-FortiGate and FortiGate products and solutions include a complete range of form factors and delivery methods, including physical and virtual appliances, cloud, SaaS and perpetual software, as well as hosted and non-hosted solutions.

我們的非 FortiGate 和 FortiGate 產品和解決方案包括完整的外形規格和交付方法，包括物理和虛擬設備、雲、SaaS 和永久軟件，以及託管和非託管解決方案。

Together, they provide a range of security solutions and form factors, enabling integrated protection for hybrid environments, and their expanding digital attack surface and edges.

它們共同提供一系列安全解決方案和形式因素，為混合環境及其不斷擴大的數字攻擊面和邊緣提供集成保護。

Pivoting back to our Q4 results.

回到我們第四季度的結果。

Let's turn to revenue by geo.

讓我們來看看按地域劃分的收入。

Our geographic revenue performance continued to align with the pandemic's economic path and with it, highlighted the geographic diversification of our business.

我們的地域收入表現繼續與大流行的經濟路徑保持一致，並由此凸顯了我們業務的地域多元化。

As summarized on Slide 7, revenue in Asia Pacific increased 23% as many Asian countries and economies continue to remain largely open.

正如幻燈片 7 所總結的那樣，由於許多亞洲國家和經濟體繼續保持基本開放，亞太地區的收入增長了 23%。

EMEA revenue increased 22%, and the Americas posted revenue growth of 20%.

EMEA 收入增長 22%，美洲收入增長 20%。

Let's shift to billings.

讓我們轉到比林斯。

Total fourth quarter billings were $961 million, up 20%.

第四季度總賬單為 9.61 億美元，增長 20%。

FortiGate's billings increased 16% and accounted for 71% of total billings.

FortiGate 的賬單增長了 16%，佔總賬單的 71%。

As shown on Slide 9, high end and entry-level FortiGates posted strong billings growth for the quarter.

如幻燈片 9 所示，高端和入門級 FortiGates 本季度的賬單增長強勁。

Non-FortiGate billings increased 29 -- to 29% of total billings, driven by demand for fabric and cloud security solutions.

在對結構和雲安全解決方案的需求的推動下，非 FortiGate 的賬單增加了 29%，佔總賬單的 29%。

As with revenue, geo billings performance aligns with the economic path of the pandemic.

與收入一樣，地理賬單的表現與大流行的經濟路徑一致。

In terms of growth, APAC billings outperformed all geos, followed by Europe and the Americas.

就增長而言，亞太地區的賬單表現優於所有地區，其次是歐洲和美洲。

The Americas reflect the continuing impact of the pandemic, especially in Latin America.

美洲反映了大流行病的持續影響，尤其是在拉丁美洲。

Moving to billings by customer segments.

轉向按客戶群計費。

The small enterprise segment posted solid growth across all geos, illustrating the strength of our engaged channel partner program.

小型企業部門在所有地區都實現了穩健增長，說明了我們參與的渠道合作夥伴計劃的實力。

This segment is driven by new customer acquisitions, customer security fabric expansions, solid execution by our channel partners and the large diverse make up this multinational customer segment.

這一細分市場是由新客戶收購、客戶安全結構擴展、我們的渠道合作夥伴的可靠執行以及構成這一跨國客戶細分市場的多元化驅動的。

Moving to worldwide billings by industry verticals.

按垂直行業轉移到全球賬單。

The worldwide government sector topped all verticals at 17% of total billings and grew 28% with another strong performance from our international team.

全球政府部門以佔總賬單的 17% 位居所有垂直行業之首，並且由於我們國際團隊的另一項強勁表現而增長了 28%。

Service providers and MSSPs accounted for 16% of total billings.

服務提供商和 MSSP 佔總賬單的 16%。

Retail accounted for 10% of total billings, up 2 percentage points quarter-over-quarter.

零售佔總賬單的 10%，環比上升 2 個百分點。

And education continued to rebound with donors growth up 26% year-over-year.

教育繼續反彈，捐助者同比增長 26%。

Looking now at deals by dollar size.

現在按美元大小看交易。

We had 68 deals over $1 million in the fourth quarter compared to 64 deals in the fourth quarter of 2019.

與 2019 年第四季度的 64 筆交易相比，第四季度我們有 68 筆交易超過 100 萬美元。

Secure SD-WAN accounted for 16 deals over $1 million versus 11 deals in the fourth quarter of 2019.

安全 SD-WAN 在 100 萬美元以上的交易中佔 16 筆，而 2019 年第四季度為 11 筆。

On a full year basis, SD-WAN accounted for approximately 11% of our total billings and doubled year-over-year.

從全年來看，SD-WAN 約占我們總賬單的 11%，同比翻了一番。

Moving back to the income statement.

回到損益表。

As shown on Slide 4, gross margin improved 40 basis points to 78.5%.

如幻燈片 4 所示，毛利率提高 40 個基點至 78.5%。

The strong 29% quarter-over-quarter product revenue growth created a mix shift from services to product revenue.

產品收入環比增長 29%，實現了從服務到產品收入的混合轉變。

The mix shift was a headwind for quarter-over-quarter gross margin comparisons.

混合轉變對季度毛利率比較不利。

Product gross margin improved 130 basis points to 63.2%.

產品毛利率提高 130 個基點至 63.2%。

Product gross margin continued to benefit from a higher mix of software products and the lower direct cost of our newer generation of FortiGate products.

產品毛利率繼續受益於更高的軟件產品組合和我們新一代 FortiGate 產品的更低直接成本。

Operating margin for the fourth quarter increased 210 basis points to 29.4%, benefiting from the gross margin improvement and continued lower travel and marketing program expenses, offset by the addition of new sales team members as we continue to prepare for additional growth.

第四季度的營業利潤率增長了 210 個基點，達到 29.4%，這得益於毛利率的提高以及差旅和營銷計劃費用的持續下降，但隨著我們繼續為額外增長做準備，新銷售團隊成員的增加抵消了這一影響。

At the end of the year, the total headcount was 8,238, an increase of 16%.

年末總人數為8,238人，增長16%。

Moving to the statement of cash flow summarized on Slides 10, 11 and 12.

轉到幻燈片 10、11 和 12 中總結的現金流量表。

Cash flow for the fourth quarter came in at $264 million.

第四季度的現金流為 2.64 億美元。

In the fourth quarter, we repurchased approximately 300,000 shares of our common stock for a total cost of $34 million.

第四季度，我們以 3400 萬美元的總成本回購了大約 300,000 股普通股。

For the full year, we repurchased 11.7 million shares for a total cost of $1.1 billion.

全年，我們回購了 1170 萬股股票，總成本為 11 億美元。

At the end of the fourth quarter, the remaining share repurchase authorization was $1 billion, with the authorization set to expire at the end of February in 2022.

截至第四季度末，剩餘的股份回購授權為 10 億美元，授權將於 2022 年 2 月底到期。

Throughout the pandemic, we have leveraged the strength of our balance sheet as a competitive advantage to support our partners and customers because they experience geo-specific economic challenges.

在整個大流行期間，我們利用資產負債表的優勢作為競爭優勢來支持我們的合作夥伴和客戶，因為他們面臨著特定地域的經濟挑戰。

As a result, average days sales outstanding increased 8 days to 87 days, in line with our expectations and reflecting our decision to provide geographically targeted extended payment plans.

因此，平均未完成銷售天數增加了 8 天，達到 87 天，這符合我們的預期，也反映了我們提供針對地域的延期付款計劃的決定。

Inventory turns improved to 2.7x from 2.1x in the third quarter and was relatively flat year-over-year.

庫存周轉率從第三季度的 2.1 倍提高至 2.7 倍，同比持平。

We expect extended payment terms and higher inventory balances to be in effect as we move through at least the first half of 2021.

我們預計至少在 2021 年上半年，延長的付款期限和更高的庫存餘額將生效。

Capital expenditures for the fourth quarter were $32 million, including $22 million related to construction and other real estate activity.

第四季度的資本支出為 3200 萬美元，其中包括與建築和其他房地產活動相關的 2200 萬美元。

We estimate capital expenditures for the first quarter to between $50 million and $60 million and for all of 2021 to be between $150 million and $170 million.

我們估計第一季度的資本支出在 5000 萬至 6000 萬美元之間，2021 年全年的資本支出在 1.5 億美元至 1.7 億美元之間。

2021 CapEx projects include expanding our data center footprint and spending that was moved from 2020 due to delays in the new campus building.

2021 年的資本支出項目包括擴大我們的數據中心佔地面積和由於新校區建設的延誤而從 2020 年轉移的支出。

The average contract term in the fourth quarter was approximately 28 months, up less than 2 months from the fourth quarter of 2019.

第四季度的平均合同期限約為 28 個月，比 2019 年第四季度增加了不到 2 個月。

The growth in SD-WAN and other large enterprise deals contributed to the increase.

SD-WAN 和其他大型企業交易的增長促成了這一增長。

As we look forward, I'd like to review our outlook for the first quarter and full year 2021, summarized on Slide 13, which is subject to disclaimers regarding forward-looking information that Peter provided at the beginning of the call.

展望未來，我想回顧一下幻燈片 13 中總結的我們對 2021 年第一季度和全年的展望，該展望受彼得在電話會議開始時提供的前瞻性信息的免責聲明約束。

For the first quarter, we expect billings in the range of $765 million to $780 million.

對於第一季度，我們預計賬單在 7.65 億美元至 7.8 億美元之間。

Revenue in the range of $670 million to $685 million.

收入在 6.7 億美元至 6.85 億美元之間。

Non-GAAP gross margin of 78.5% to 79.5%.

非美國通用會計準則毛利率為 78.5% 至 79.5%。

Non-GAAP operating margin of 22.5% to 23.5%, reflecting the typical revenue seasonality associated with the first quarter.

非 GAAP 營業利潤率為 22.5% 至 23.5%，反映了與第一季度相關的典型收入季節性。

Non-GAAP earnings per share of $0.70 to $0.75, which assumes a share count of between 167 million and 169 million.

非 GAAP 每股收益為 0.70 美元至 0.75 美元，假設股票數量在 1.67 億至 1.69 億之間。

We expect a non-GAAP tax rate of 21%.

我們預計非 GAAP 稅率為 21%。

Before providing our 2021 guidance, I'd like to congratulate every member of the Fortinet team, for the truly outstanding execution in 2020 in the face of unprecedented challenges and rapidly changing and unpredictable dynamics.

在提供我們的 2021 年指導之前，我要祝賀 Fortinet 團隊的每一位成員，他們在 2020 年面對前所未有的挑戰以及瞬息萬變和不可預測的動態時真正出色的執行力。

The effort and results have been outstanding.

努力和結果都非常出色。

And this is on top of now several years of consistent, predictable performance and continuing improvements in key growth and profitability metrics.

這是在過去幾年持續、可預測的業績以及關鍵增長和盈利指標的持續改進之上的。

Today, we reported our third consecutive year of total revenue growth of 20%, while increasing our non-GAAP operating margin, an average of over 200 basis points a year for the same period.

今天，我們報告了連續第三年總收入增長 20%，同時增加了我們的非 GAAP 營業利潤率，同期平均每年超過 200 個基點。

Our goal remains to balance growth and profitability within the framework we have provided.

我們的目標仍然是在我們提供的框架內平衡增長和盈利能力。

As Ken mentioned, given the many growth opportunities that lie ahead, we currently plan to tilt our bias within this framework, more towards growth for at least the next several quarters.

正如 Ken 所提到的，鑑於未來的許多增長機會，我們目前計劃在這個框架內傾斜我們的偏見，至少在接下來的幾個季度更多地轉向增長。

The opportunities we see are supported by a strong pipeline heading into 2021, increased sales capacity and our development efforts, which include the NP7 chip and our new FortiOS 7.0 operating system.

我們看到的機會得到了進入 2021 年的強大管道、增加的銷售能力和我們的開發工作的支持，其中包括 NP7 芯片和我們新的 FortiOS 7.0 操作系統。

With that, for 2021, we expect billings in the range of $3.560 billion to $3.640 billion, which at the midpoint represents growth of approximately 17%.

因此，我們預計 2021 年的賬單將在 35.6 億美元至 36.4 億美元之間，中點代表增長約 17%。

Revenue in the range of $3.25 billion to $3.75 billion, which at the midpoint represents growth of 18%.

收入在 32.5 億美元至 37.5 億美元之間，中點代表增長 18%。

Total service revenue in the range of $2.15 billion to $2.45 billion, which represents growth of approximately 21% and implies product revenue growth of approximately 11% and $1 billion in product revenue for 2021, quite the milestones for Fortinet.

服務總收入在 21.5 億美元至 24.5 億美元之間，增長約 21%，意味著產品收入增長約 11%，到 2021 年產品收入將達到 10 億美元，這對 Fortinet 來說是一個里程碑。

Non-GAAP gross margin of 78% to 80%.

非美國通用會計準則毛利率為 78% 至 80%。

Non-GAAP operating margin of 25% to 27%.

非美國通用會計準則營業利潤率為 25% 至 27%。

When backing out the 2020 T&E benefit, the midpoint of guidance represents a 50 to 100 basis point increase in operating margin for 2021.

當取消 2020 年 T&E 收益時，指導的中點代表 2021 年營業利潤率增加 50 到 100 個基點。

Non-GAAP earnings per share of $3.60 to $3.75, which assumes a share count of between 170 million and 172 million.

非 GAAP 每股收益為 3.60 美元至 3.75 美元，假設股票數量在 1.7 億至 1.72 億之間。

We expect our non-GAAP tax rate to be 21%.

我們預計我們的非 GAAP 稅率為 21%。

We expect cash taxes to be approximately $80 million.

我們預計現金稅約為 8000 萬美元。

Along with Ken, I'd like to thank our partners, customers and the Fortinet team for all their support and hard work during these difficult and unique times.

我要與 Ken 一起感謝我們的合作夥伴、客戶和 Fortinet 團隊在這些困難和獨特的時期所提供的所有支持和辛勤工作。

I'd also like to offer a special welcome to the Panopta team.

我還要特別歡迎 Panopta 團隊。

And I'll now hand the call back over to Peter to begin a Q&A session.

我現在將電話轉回給彼得，開始問答環節。

Thank you, Keith.

謝謝你，基思。

Operator, please open the call for questions.

接線員，請打開電話提問。

(Operator Instructions)

（操作員說明）

Our first question comes from the line of Brian Essex with Goldman Sachs.

我們的第一個問題來自 Brian Essex 與 Goldman Sachs 的對話。

Congrats on a great set of results.

祝賀你取得了很好的成績。

Maybe, Ken, if I could ask, you've got a number of different product cycles ahead of you this year, you've got NP7, you've already talked about SD-WAN.

也許，Ken，如果我可以問，你今年有許多不同的產品週期，你有 NP7，你已經談到了 SD-WAN。

You've got hyperscale penetration and potential exposure to 5G.

你有超大規模的滲透和 5G 的潛在接觸。

Can you maybe talk about the contribution from each of those that's embedded in your guidance?

您能否談談您的指南中嵌入的每個人的貢獻？

And what are you seeing currently in the market and what's yet to come?

您目前在市場上看到了什麼，未來會發生什麼？

I think for NP7, it's still in the ramp-up stage.

我認為對於 NP7，它仍處於啟動階段。

We continue to build a new -- our platform using NP7 is better for the high end and middle range.

我們繼續構建一個新的——我們使用 NP7 的平台更適合高端和中端產品。

The FortiOS 7.0 is also a growth driver, but we are in the bittersweet process right now of what we did in this quarter.

FortiOS 7.0 也是一個增長動力，但我們目前正處於本季度所做工作的苦樂參半的過程中。

That's what helping contribute to the additional growth, especially in the Zero Trust and SASE environment.

這就是幫助促進額外增長的原因，尤其是在零信任和 SASE 環境中。

And also this infrastructure security later this year, but it's -- so far, I see the product growth, like 21% is a lot of contribution from whether the SD-WAN or security-driven networking and also in the probably like 1 to 2 years ago, when we released the SoC4.

還有今年晚些時候的基礎設施安全性，但到目前為止，我看到了產品增長，比如 21% 是來自 SD-WAN 或安全驅動網絡的很大貢獻，而且可能是 1 比 2幾年前，當我們發布 SoC4 時。

So that's a little bit towards the low end side of the FortiGate, which you can see nicely growth over there.

所以這有點偏向 FortiGate 的低端，你可以看到它在那裡有很好的增長。

And also the team doing a great job in the sales and marketing.

團隊在銷售和營銷方面也做得很好。

(inaudible)?

（聽不清）？

Yes.

是的。

I think the guidance process is not so much about individual products or even in some cases, individual use cases.

我認為指導過程與個別產品無關，甚至在某些情況下也與個別用例無關。

We identified 15 to 27 different use cases for firewalls.

我們確定了 15 到 27 個不同的防火牆用例。

It's more about what we see in terms of market opportunity, what we see in pipeline, then maybe by geography or deal opportunity or what have you as some of the key inputs that go into it.

它更多地是關於我們在市場機會方面看到的，我們在管道中看到的，然後可能是地理或交易機會，或者你有什麼作為其中的一些關鍵投入。

But I wouldn't really think of it as that -- I certainly would not want you to walk away from the conversation thinking that the guidance that we provided is dependent upon some degree of 5G or SASE or something that's above and beyond.

但我不會真的這麼想——我當然不希望你離開談話，認為我們提供的指導取決於某種程度的 5G 或 SASE 或超越的東西。

Got it.

知道了。

That's helpful.

這很有幫助。

Maybe just a quick follow-up.

也許只是一個快速跟進。

Nice large deal activity, certainly more than we picked up in the channel.

不錯的大宗交易活動，肯定比我們在渠道中獲得的要多。

Maybe if you could talk a little bit about the competitive dynamics on the large end of your market scale.

也許你可以談談你的市場規模較大的競爭動態。

Where you're seeing that business come from?

您看到該業務來自哪裡？

How much is displacement?

位移是多少？

And how much is expansion of I guess, existing customer opportunity?

我猜現有客戶機會的擴展有多少？

Yes, definitely, whether from our customer or our partner is deciding to get a much better, more competitive and a lot of advantage using the Fortinet product.

是的，毫無疑問，無論是我們的客戶還是我們的合作夥伴都決定使用 Fortinet 產品獲得更好、更具競爭力和更多的優勢。

Whether the FortiGate leverage new ASIC, the new OS with much more additional function compared to competitor, so that's where like increase the gap we have ahead of competitor now.

FortiGate 是否利用新的 ASIC，與競爭對手相比具有更多附加功能的新操作系統，所以這就是我們現在領先於競爭對手的差距。

And that's actually helping to drive -- to accelerate the product revenue growth.

這實際上有助於推動 - 加速產品收入增長。

And on the other side, we have a little bit different approach for whether the SASE or cloud or endpoint.

另一方面，無論是 SASE、雲還是端點，我們都有一些不同的方法。

So we more emphasize it, integrate together, automate together, especially in the OS level, though that's -- none of our competitors have that.

所以我們更加強調它，集成在一起，一起自動化，尤其是在操作系統級別，儘管那是——我們的競爭對手都沒有。

And also most of this also organically are internal developed, designed to work together, automate together from day 1. That's also different from competitor come from acquisition, which is more difficult to integrate and also difficult to manage long term.

而且其中大部分也是有機地內部開發的，旨在協同工作，從第一天起就一起自動化。這也不同於來自收購的競爭對手，後者更難整合，也難以長期管理。

So we do feel we have a more and more advantage in the marketplace right now.

所以我們確實覺得我們現在在市場上有越來越多的優勢。

Our next question comes from the line of Shaul Eyal with Oppenheimer.

我們的下一個問題來自 Shaul Eyal 與 Oppenheimer 的對話。

Congrats on the ongoing strong execution levels.

祝賀持續的強大執行水平。

I want to start with a gross margin related question.

我想從毛利率相關的問題開始。

So gross margins guidance for '21 indicates an improvement, 1 to 2 basis points on average.

因此，'21 的毛利率指導表明有所改善，平均提高 1 到 2 個基點。

And I'd like to understand whether it is driven by the ongoing shift to more cloud activities, i.e., more subscription services?

我想了解它是否是由持續轉向更多雲活動（即更多訂閱服務）驅動的？

Or is it driven by some improvement with your ASIC-driven strategy?

或者它是由你的 ASIC 驅動策略的一些改進驅動的嗎？

Yes.

是的。

I think the last part is probably the headline, which is that each successive generation of the ASIC in addition to creating more speed, more capacity, if you will, more throughput.

我認為最後一部分可能是標題，即每一代連續的 ASIC 除了創造更快的速度、更多的容量，如果你願意的話，還有更多的吞吐量。

It also creates capacity to consolidate features of the BOM that were previously separate.

它還創建了合併以前獨立的 BOM 功能的能力。

And the success of generation has shown the benefit of that.

世代的成功表明了這一點的好處。

I think over the last year or 2, we've done a very good job of retaining that cost benefit in terms of the structure.

我認為在過去的一兩年裡，我們在結構方面做得很好，保留了成本效益。

You can look back and see what's happened with the gross margin on the product gross margin line.

您可以回頭看看產品毛利率線上的毛利率發生了什麼。

Obviously, you do then also get the benefit in total, when you add into 2/3 of the business that are services, that are coming at a much more attractive margin.

顯然，當你將 2/3 的業務添加到服務業務中時，你也會獲得總體收益，這些業務的利潤率更具吸引力。

So the combination of those 2, I think, are working very, very well for us as we exit 2020 and move into 2021.

因此，我認為，在我們退出 2020 年並進入 2021 年時，這兩者的結合對我們來說非常非常好。

Got it.

知道了。

Got it, Keith.

明白了，基思。

And maybe high level on the SUNBURST breach.

也許是關於 SUNBURST 漏洞的高層。

Have you seen any incremental interest starting in mid-December, maybe building into year-end, again, just aside from the typical healthy year-end seasonality trends?

除了典型的健康年終季節性趨勢之外，您是否看到任何從 12 月中旬開始的興趣增加，可能會持續到年底？

I'd say probably -- we do see a lot of need interest, especially to secure the whole infrastructure, including supply chain with all different third-party kind of product or the things.

我可能會說——我們確實看到了很多需求興趣，尤其是為了保護整個基礎設施，包括具有所有不同第三方產品或事物的供應鏈。

But it's still -- I'd say it's definitely more people starting interest in this area, but it's -- the business side is probably not changing that much yet.

但它仍然 - 我想說肯定有更多人開始對這個領域感興趣，但它 - 業務方面可能還沒有那麼大的變化。

But we do see going forward, probably later this year will be -- because this definitely raise security concern.

但我們確實看到了未來，可能會在今年晚些時候——因為這肯定會引起安全問題。

Like I mentioned, the security spending among our IT spending probably will keep increase.

就像我提到的，我們 IT 支出中的安全支出可能會繼續增加。

Our next question comes from the line of Tal Liani with Bank of America.

我們的下一個問題來自美國銀行的 Tal Liani。

I have 2 questions.

我有兩個問題。

The first one is, Ken, in your prepared remarks, you said that this year is going to be a year of focus on growth.

第一個是，肯，在你準備好的發言中，你說今年將是關注增長的一年。

What does it mean?

這是什麼意思？

Does it mean that you're going to increase expenses and the margin increases will moderate?

這是否意味著您將增加開支並且利潤率增長將放緩？

Can you elaborate on the meaning behind your statement that you're going to focus on growth this year?

您能否詳細說明您今年將專注於增長的聲明背後的含義？

And how does it different from previous year, for example?

例如，它與往年有何不同？

We do see like whether some investment we made in the sales and marketing, like we said, we have increased sales capacity and also -- we also have a better visibility, we increase the marketing.

我們確實看到我們是否在銷售和營銷方面進行了一些投資，就像我們說的那樣，我們提高了銷售能力，而且——我們也有更好的知名度，我們增加了營銷。

And at the same time, from the product, from infrastructure side, we also will keeping invest, especially the organic internal development, like building the new infrastructure and whether address the cloud and the networking endpoint and also working with service provider.

同時，從產品、基礎設施方面，我們也將保持投資，尤其是有機內部開發，比如構建新的基礎設施，是否解決雲和網絡端點，以及與服務提供商的合作。

So basically, we do see -- the market itself also starting kind of accelerating, especially in some new areas, whether the security-driven networking including both SD-WAN and 5G, and that's have the new infrastructure, but also some kind of a service model, leverage the infrastructure, which we will keeping invest more in there.

所以基本上，我們確實看到 - 市場本身也開始加速，特別是在一些新領域，安全驅動的網絡是否包括 SD-WAN 和 5G，以及是否有新的基礎設施，但也有某種服務模型，利用基礎設施，我們將繼續在那裡投資更多。

So that's what we feel.

這就是我們的感受。

So this will give us a much more growth opportunity and both internally like whether the NP7 or the FortiOS 7.0 is off timing quite well.

因此，這將為我們提供更多的增長機會，而且在內部，無論是 NP7 還是 FortiOS 7.0 都非常適合。

So it will help us drive the faster growth.

因此，它將幫助我們推動更快的增長。

And does it have any impact on the margins?

它對利潤率有影響嗎？

Yes.

是的。

Tal, I'll just add to that, that I think the -- sorry to interrupt you.

Tal，我只想補充一點，我認為——很抱歉打斷你。

Look, I think we were very successful throughout 2020, even during the pandemic of maintaining our -- and growing our operating margins very dramatically.

看，我認為我們在整個 2020 年都非常成功，即使在維持我們的大流行期間——並大幅提高我們的營業利潤率。

But at the same time, adding sales capacity.

但與此同時，增加了銷售能力。

And I think when we sat down to build the guidance out in the plan for 2021, coming into the year with the capacity levels that we have, together with the increase in tenure that we're seeing as well as the pipeline.

我認為，當我們坐下來在 2021 年的計劃中製定指導時，進入這一年時我們擁有的能力水平，以及我們看到的任期和管道的增加。

I think we feel very good about this opportunity to take advantage of the growth.

我認為我們對這個利用增長的機會感到非常高興。

And I think we're still -- I think the margin guidance at the midpoint of 26% is very much within the framework and actually up a little bit.

而且我認為我們仍然 - 我認為 26% 中點的保證金指導在很大程度上在框架內，實際上略有上升。

Got it.

知道了。

My second question is about the needed investment in infrastructure to accommodate SASE and similar business models.

我的第二個問題是關於為適應 SASE 和類似業務模型所需的基礎設施投資。

What is the company doing in order to address it?

公司正在做什麼來解決這個問題？

Can you just elaborate on what's happening behind the scene?

你能詳細說明一下幕後發生的事情嗎？

Yes, the SASE approach from Fortinet is different than some other competitors.

是的，Fortinet 的 SASE 方法不同於其他一些競爭對手。

We do want to have a more integrated automate approach.

我們確實希望有一個更集成的自動化方法。

And also, we are the only one in the OS level, both the SASE and also Zero Trust Network Access.

而且，我們是操作系統級別的唯一一家，包括 SASE 和零信任網絡訪問。

So that's making whether working with Fortinet service provider or even customer enterprise themselves to develop their own kind of SASE approach, which will be much better fit for their own kind of privacy, whether it's GDPR, some other requirement, it's much better secure compared to some other approach.

因此，無論是與 Fortinet 服務提供商合作，還是與客戶企業自己合作，開發他們自己的 SASE 方法，這將更適合他們自己的隱私類型，無論是 GDPR 還是其他一些要求，與一些其他的方法。

So that's where we feel -- we do have some investment, but some investment like infrastructure, we're also working with our service provider together.

所以這就是我們的感受——我們確實有一些投資，但是一些投資，比如基礎設施，我們也在與我們的服務提供商一起工作。

Our next question comes from the line of Rob Owens with Piper Sandler.

我們的下一個問題來自 Rob Owens 和 Piper Sandler 的台詞。

This is Ben Schmidt on for Rob.

這是 Ben Schmidt 代替 Rob。

As much of the attention in the space begins to shift towards cloud and SASE, how do you think about your longer-term strategy from a remote connectivity perspective?

隨著該領域的大部分注意力開始轉向雲和 SASE，您如何從遠程連接的角度考慮您的長期戰略？

And what do you think -- and what do you expect for the branch office?

你怎麼看——你對分支機構有什麼期望？

I think for our technology, we can support in both the thin branch and the thick branch office approach.

我認為就我們的技術而言，我們可以支持精簡分支機構和密集分支機構方法。

And also even for the SASE, so we leave the flexibility to enterprise, which they can whether leverage the vendor or they can leverage their service provider or carrier or they can build themselves.

甚至對於 SASE，所以我們將靈活性留給企業，他們可以利用供應商，也可以利用他們的服務提供商或運營商，或者他們可以自己構建。

So that's what we say, we put in the OS level, it's much more integrated, automated compared to some other approach, which have to let vendor the infrastructure.

所以這就是我們所說的，我們在操作系統級別，與其他一些必須讓供應商提供基礎設施的方法相比，它更加集成、自動化。

So for us, like this OS level integration of a SASE do leave a lot of flexibility and gradually for the customer to transition, whether they're more service-based or they still want to like have a, we call security infrastructure approach.

所以對我們來說，像 SASE 的這種操作系統級集成確實為客戶提供了很大的靈活性並逐漸過渡，無論他們是更基於服務還是仍然希望擁有我們稱之為安全基礎設施的方法。

So that's where we have the flexibility to have customers select their own approach based on own need.

因此，我們可以靈活地讓客戶根據自己的需要選擇自己的方法。

And at the same time, we'll make the whole infrastructure secure, like we say.

與此同時，我們將確保整個基礎設施的安全，就像我們說的那樣。

Whether the security-driven networking with SD-WAN 5G or internal segmentation, whether in the data center or with their enterprise campus environment.

無論是使用 SD-WAN 5G 的安全驅動網絡還是內部分段，無論是在數據中心還是在企業園區環境中。

So that's where we feel even we take a little bit more time to build this kind of highly integrated OS level approach, but the result is much better and more advanced than some other loosely -- other approach.

所以這就是我們覺得即使我們花更多的時間來構建這種高度集成的操作系統級方法，但結果比其他一些鬆散的 - 其他方法更好和更先進。

Okay.

好的。

And on the growth investment, can you guys add just a little bit more to how much of the capacity has already been added?

關於增長投資，你們能否在已經增加的產能基礎上再增加一點？

And how much you're expecting to add, I guess, how much more needs to be added for this year?

我猜你希望增加多少，今年還需要增加多少？

And can you remind us what the normal ramp time period is for new reps?

你能提醒我們新代表的正常上升時間段是多少嗎？

For the new reps, probably a little bit different for each second vertical.

對於新代表，每一秒垂直可能有點不同。

Like the channel probably within a few months, like 3 months time frame.

喜歡頻道可能會在幾個月內完成，比如 3 個月的時間範圍。

And then the enterprise probably like 6 to 12 months.

然後企業可能需要 6 到 12 個月。

(inaudible) may take like 1 to 2 years like carry all the things.

（聽不清）可能需要 1 到 2 年的時間來搬運所有東西。

So we're going to also like different geo, I think based on how the pandemic, how the other progress going on and also the market opportunity there.

所以我們也會喜歡不同的地理區域，我認為這取決於大流行的方式、其他進展的方式以及那裡的市場機會。

But I'd say we do kind of planning to increase more capacity when we see more opportunity there and try to match the investment with the -- I think whether the internal, like the new product and also the market opportunities, which definitely will help us keep in driving the fast approach.

但我想說的是，當我們看到那裡有更多機會時，我們確實計劃增加更多產能，並嘗試將投資與——我認為內部，比如新產品和市場機會，這肯定會有所幫助我們繼續推動快速方法。

Our next question comes from the line of Fatima Boolani with UBS.

我們的下一個問題來自 Fatima Boolani 與瑞銀的合作。

Ken, maybe I'll start with you.

肯，也許我會從你開始。

Just drilling into your vertical-based performance.

只需深入了解您基於垂直的性能。

You talked about the global government vertical being -- comprising 1/5 of your billings in the quarter and that some of the highest levels we've seen.

您談到了全球政府垂直領域——佔本季度賬單的 1/5，並且是我們所見過的一些最高水平。

And so I'm wondering if you can remind us what your U.S. public sector exposure is within that government exposure?

所以我想知道您是否可以提醒我們您在政府風險敞口中對美國公共部門的風險敞口是什麼？

And then more specifically, how is Fortinet position, both from a product and go-to-market perspective in the U.S. Federal especially as we sort of think about the $10 billion cybersecurity spending protocol from the new Biden administration?

然後更具體地說，從美國聯邦的產品和上市角度來看，Fortinet 的立場如何，特別是當我們考慮新拜登政府的 100 億美元網絡安全支出協議時？

And then I have a quick follow-up for Keith.

然後我對 Keith 進行了快速跟進。

Yes, the government business for Fortinet is a global base.

是的，Fortinet 的政府業務是一個全球基地。

It's about 17% of our total business for us right now.

目前，這大約占我們總業務的 17%。

And compared to like a few years ago, the carrier service provider, the #1, is over 20%.

與幾年前相比，排名第一的運營商服務提供商超過 20%。

Now they are like 16%.

現在他們大約是 16%。

For the U.S. government, we still see a lot of opportunity and the same thing for the U.S. market.

對於美國政府來說，我們仍然看到很多機會，美國市場也是如此。

And so we're going to keep in building the team and increased capacity and to take this opportunity and grow faster, larger.

因此，我們將繼續建設團隊和增加能力，並抓住這個機會，發展得更快、更大。

What's the second question?

第二個問題是什麼？

Well, I think we've talked before that the U.S. Fed is low single digits of our government business -- around our business time at the time.

好吧，我想我們之前已經談過，美聯儲在我們政府業務中的佔比很低——大約在我們當時的業務時間。

Yes.

是的。

And I think we kind of leave that at that.

我想我們就此打住。

Got you.

明白了

Very helpful.

很有幫助。

Keith, just sticking to Americas.

基思，只是堅持美洲。

We saw a very nice acceleration in 4Q in the Americas theater.

我們在美洲劇院的第四季度看到了非常好的加速。

And against what was maybe an uneven geographical performance for the U.S. over the course of 2020.

而在 2020 年期間，美國的地理表現可能參差不齊。

So I'm wondering if you can just put a finer point on the types of things that went right and the types of things that really went on in the quarter and the key drivers of the strength, particularly in the Americas.

所以我想知道你是否可以更詳細地說明本季度正確的事情類型和真正發生的事情類型以及實力的主要驅動因素，特別是在美洲。

And that's it for me.

對我來說就是這樣。

Yes.

是的。

So I think a good question, but a lot of ways a different answer.

所以我認為這是一個很好的問題，但很多方面都有不同的答案。

If you look at geographically, Latin America continues to be, by far, the most challenged, if you will.

如果你從地理上看，拉丁美洲仍然是迄今為止最具挑戰性的，如果你願意的話。

Canada probably did the best of the 3, and I would put the U.S. right in the middle.

加拿大可能是三者中最好的，我會把美國放在中間。

I do think that we're very pleased with how the U.S. has come back.

我確實認為我們對美國的回歸感到非常高興。

The second quarter, now that we all are pandemic experts about what to expect out of the business and looking at Q1, Q2, Q3, Q4.

第二季度，現在我們都是流行病專家，對業務有何期待，並著眼於第一季度、第二季度、第三季度和第四季度。

It's pretty obvious that -- and we kind of felt this coming out of the second quarter, that Q2 was a low watermark, both for the company in total, but also for the U.S. And I think you've picked up on -- since that point, there's been a steady progression of, for the lack of a better term, recovery in that part of the business.

很明顯——我們從第二季度開始就感覺到，第二季度是一個低水位線，無論是對公司整體而言，還是對美國而言，我認為你已經意識到——自那時，由於缺乏更好的術語，這部分業務正在穩步復甦。

Operator, next question, please.

接線員，請問下一個問題。

Our next question comes from the line of Brad Zelnick with Crédit Suisse.

我們的下一個問題來自 Brad Zelnick 與 Crédit Suisse 的對話。

Congratulations to the entire Fortinet team on a great end to a great year.

祝賀整個 Fortinet 團隊為偉大的一年畫上了圓滿的句號。

My first question for you, Ken.

我的第一個問題，肯。

In your comments, you basically said that you aspire to be the market share leader in SD-WAN, which I think is a really important goal that you have.

在你的評論中，你基本上說你渴望成為 SD-WAN 的市場份額領導者，我認為這是你的一個非常重要的目標。

And I just was curious from your perspective, what needs to happen to get there?

從您的角度來看，我只是很好奇，要到達那裡需要發生什麼？

How do you take share from your 2 largest competitors that have significant installed base relationships?

您如何從擁有重要安裝基礎關係的 2 個最大競爭對手那裡獲得份額？

And over what time can this play out?

這可以在什麼時候結束？

I think for us, we have a unique advantage of we build SD-WAN with security together.

我認為對我們來說，我們擁有共同構建具有安全性的 SD-WAN 的獨特優勢。

And we also leverage ASIC to like increase competing power, lower competing the cost a lot.

而且我們還利用 ASIC 來增加競爭力，大大降低競爭成本。

So that's none of our competitor have not.

所以我們的競爭對手都沒有。

And also the other 2 big leaders, they come for acquisition, that's where going forward, they probably will be slower on whether the innovation of the market change dynamic there.

還有另外兩個大領導者，他們來收購，這就是前進的方向，他們可能會放慢市場創新是否會改變那裡的動態。

So that's what you can see from the FortiOS 7.0 release, we do keep increased additional function, whether the SD-WAN, the 5G and other parts.

所以這就是你從 FortiOS 7.0 版本中可以看到的，我們確實增加了額外的功能，無論是 SD-WAN，5G 和其他部分。

So we do also believe going forward, like half or majority of the SD-WAN market will need a security.

因此，我們也確實相信未來，一半或大部分 SD-WAN 市場將需要安全性。

So it will be -- we have a huge advantage there.

所以它將是——我們在那裡擁有巨大的優勢。

So that's where -- even have a bigger installation base, but the advantage we have from the product from a function, from the cost side, I think will be huge.

所以這就是 - 即使有更大的安裝基礎，但我認為我們從功能和成本方面從產品中獲得的優勢將是巨大的。

And will have us keep improving the market share.

並且會讓我們不斷提高市場份額。

And so far, like year-over-year, we almost doubled SD-WAN business compared to the 2019 -- in the 2020.

到目前為止，與 2020 年相比，與 2019 年相比，我們的 SD-WAN 業務幾乎翻了一番。

Great.

偉大的。

And maybe just quickly for Keith.

對基思來說，也許很快。

Keith, what are the levers to think about in light of sales headcount and the plans for this year?

基思，根據今年的銷售人數和計劃，需要考慮哪些槓桿？

The levers to think about, well, I'm not quite sure I fully understand the question, but maybe I'll give it a shot in that to share one data point of coming into this year, if I look at the level of sales capacity we have versus what the plan is that we're talking about.

思考的槓桿，好吧，我不太確定我是否完全理解這個問題，但如果我看一下銷售水平，也許我會嘗試分享今年進入的一個數據點我們擁有的能力與我們正在談論的計劃是什麼。

I don't think I've -- this is as well positioned as we have been coming into a year to pivot towards this growth model that Ken has talked about.

我認為我沒有 - 這與我們已經進入一年以轉向 Ken 談到的這種增長模式一樣處於有利地位。

And I think that -- the pipeline feels very good.

而且我認為 - 管道感覺非常好。

The tenure feels very good.

任期感覺非常好。

The use cases, the TAM feels very, very good to us.

用例，TAM 對我們來說感覺非常非常好。

The new FortiOS, the NP7 shift is coming out, the platform advantage, the cost advantage that we have for performance.

新的 FortiOS，NP7 轉變即將推出，平台優勢，我們在性能方面的成本優勢。

I think that we are in a very good position to execute this.

我認為我們處於非常有利的位置來執行此操作。

And again, we're maintaining it within the framework that we've talked about previously.

再一次，我們在我們之前討論過的框架內維護它。

Our next question comes from the line of Sterling Auty with JPMorgan.

我們的下一個問題來自 Sterling Auty 與摩根大通的合作。

Just one question from my side.

我這邊只有一個問題。

Ken, in your prepared remarks, I think you talked about that the industry is finally raised the customers move to consolidation on fewer vendors, more of a broad platform approach.

肯，在你準備好的發言中，我想你談到了行業最終提出了客戶轉向更少的供應商整合，更廣泛的平台方法。

With that in mind, where would you gauge the Fortinet platform and what are the areas that you would like to bolster to improve your position moving forward?

考慮到這一點，您將在哪裡評估 Fortinet 平台以及您希望加強哪些領域以改善您的地位？

You can see the -- like we call the security fabric has a pretty nice growth, almost double compared to the FortiGate growth there.

你可以看到 - 就像我們所說的安全結構有相當不錯的增長，與那裡的 FortiGate 增長相比幾乎翻了一番。

That's also because customer want to have all these whole infrastructure secure integrated automated solution.

這也是因為客戶希望擁有所有這些整個基礎設施安全的集成自動化解決方案。

So that's where we're continuing to see -- we'll keep gaining share there.

所以這就是我們繼續看到的地方——我們將在那裡繼續獲得份額。

So that's involving probably 20, 30 different products.

所以這可能涉及 20、30 種不同的產品。

And on the other side, on the FortiGate part, we call the security-driven networking, that's whether the SD-WAN, the 5G and now with integrated SASE and some other part working closely with service provider carrier, we also see a lot of opportunity within the FortiGate side.

另一方面，在 FortiGate 部分，我們稱之為安全驅動網絡，無論是 SD-WAN、5G 還是現在集成了 SASE 以及與服務提供商運營商密切合作的其他部分，我們也看到了很多FortiGate 內部的機會。

So that's where we see -- so far, we are keeping like -- if the market itself grow like 10%, we do see we can grow much faster than the market keeping gaining share.

所以這就是我們看到的——到目前為止，我們一直保持——如果市場本身增長 10%，我們確實看到我們的增長速度比市場保持份額增長快得多。

And both on the FortiGate and also on the -- we call it the broad fabric approach, which is involved in both the endpoint and the networking and the cloud all together.

在 FortiGate 和——我們稱之為廣泛的結構方法上，它涉及端點、網絡和雲。

And all this integrated together based on the FortiOS and some under connectivity related to the FortiOS.

所有這些都基於 FortiOS 和一些與 FortiOS 相關的連接性集成在一起。

Our next question comes from the line of Adam Tindle with Raymond James.

我們的下一個問題來自 Adam Tindle 和 Raymond James 的台詞。

Ken, I just wanted to start on the focus more on growth comment and how you're investing some of your healthy margin and some sales and marketing initiatives.

肯，我只想開始更多地關注增長評論，以及你如何投資一些健康的利潤和一些銷售和營銷計劃。

We also heard a similar message from a competitor yesterday.

昨天我們也從競爭對手那裡聽到了類似的消息。

And just thinking about the broader industry implications of that, an outsider could maybe make the case that we enter a period of greater industry competition and pricing pressure as major competitors are investing heavily in sales and marketing.

考慮到更廣泛的行業影響，局外人可能會認為我們進入了一個行業競爭和定價壓力更大的時期，因為主要競爭對手正在大力投資銷售和營銷。

Certainly doesn't seem to be the case based on your full year margin guide so maybe some thoughts on why that scenario does not play out?

根據您的全年保證金指南，情況似乎並非如此，所以也許有一些關於為什麼這種情況沒有發生的想法？

Ken, can I jump in and answer on your behalf?

肯，我可以插嘴替你回答嗎？

I think the reference probably is a company that has a very, very different business model, whether you're looking at growth rates or you're looking at product service mix or what have you.

我認為參考可能是一家擁有非常非常不同商業模式的公司，無論你是在看增長率還是在看產品服務組合或者你有什麼。

So I don't know that, that would draw that straight line comparison.

所以我不知道，那會得出直線比較。

I think the business model that we're executing here has been extremely successful, and I expect it will continue to be so.

我認為我們在這裡執行的商業模式非常成功，我希望它會繼續如此。

In terms of discounting, I think that there's days that I don't like hearing it, but we're viewed as being the price for performance leader.

在折扣方面，我認為有些日子我不喜歡聽到它，但我們被視為性能領先者的價格。

That our pricing is really -- we're oftentimes, I think, brought into RFPs and opportunities to set the milestone that the competitors are forced to react to as opposed to the other way around.

我們的定價真的 - 我認為，我們經常被帶入 RFP 和機會來設定競爭對手被迫做出反應的里程碑，而不是相反。

If you go back and look at the comments that we've offered throughout 2020 even in the pandemic, more often than not, discounting, if you will, has been a tailwind for us in our ability to execute against it as opposed to a headwind.

如果你回過頭來看看我們在整個 2020 年甚至在大流行病期間發表的評論，通常情況下，如果你願意的話，折扣一直是我們執行能力的順風而不是逆風.

And by that, I define discounting, I mean lower discounting pressure in that quarter than the prior period.

據此，我定義貼現，我的意思是該季度的貼現壓力低於上一時期。

So I don't think we have the concerns that may have been described there.

所以我認為我們沒有那裡可能描述的擔憂。

Okay.

好的。

That's helpful.

這很有幫助。

And maybe just a quick follow-up, Keith.

也許只是一個快速的跟進，基思。

And sorry, a little bit in the weeds on this one.

抱歉，這個有點雜草。

But the billings guidance for Q1, it's down about 20% sequentially at the midpoint and typically down low double digits or so, mid-teens in that range.

但第一季度的賬單指導，它在中點連續下降了約 20%，通常下降了兩位數左右，在該範圍內的十幾歲左右。

Last year, at the start of COVID, it was down 17%.

去年，在 COVID 開始時，它下降了 17%。

So part of the question is why would the sequential decline in billings be worse than the environment when we entered COVID during Q1 of last year?

因此，部分問題是為什麼賬單的連續下降會比我們去年第一季度進入 COVID 時的環境更糟糕？

You talked about having a strong pipeline, supporting the desire to invest.

你談到擁有強大的管道，支持投資的願望。

Maybe just some help with the color on the disconnect between those 2 items.

也許只是對這兩個項目之間斷開連接的顏色有一些幫助。

Yes.

是的。

I think one of -- which you're -- we should talk about is just a tremendous performance in the fourth quarter of 2020.

我認為其中一個——你是——我們應該談論的是 2020 年第四季度的巨大表現。

I know that 20 -- fourth quarter of 2019 was a good quarter, but Q4 2020 on top of that '19 performance, I think is part of it.

我知道 20-2019 年第四季度是一個不錯的季度，但我認為除了 19 年的表現之外，2020 年第四季度也是其中的一部分。

And this is typically the smallest quarter for us in the year.

這通常是我們一年中最小的季度。

Historically, you've seen some sort of shift and it's nothing new, and from going from Q4 to Q1 and then you start to see the progression thereafter.

從歷史上看，你已經看到了某種轉變，這並不是什麼新鮮事，從第四季度到第一季度，然後你開始看到之後的進展。

Our next question comes from the line of Keith Bachman with Bank of Montreal.

我們的下一個問題來自蒙特利爾銀行的 Keith Bachman。

Ken, I wanted to ask my first question of you.

肯，我想問你第一個問題。

You've talked about 5G, why is that an opportunity?

你談到了 5G，為什麼這是一個機會？

Who's your customer?

誰是你的客戶？

And what -- why does Fortinet win in that instance of the deployment of 5G?

什麼——為什麼 Fortinet 在 5G 部署實例中獲勝？

And if you could just talk a little bit about when do you think that you'll get some benefits from this?

如果你能談談你認為你什麼時候會從中得到一些好處？

I think we do see 5G connect a lot of devices to the Internet, which also increased a lot of security risk.

我認為我們確實看到 5G 將很多設備連接到互聯網，這也增加了很多安全風險。

We call this a new attack service, a new edge need to be covered.

我們稱之為新的攻擊服務，需要覆蓋新的邊緣。

So that's where especially, we're working with a lot of service provider for the 5G service to a lot of enterprise and connect all these different devices in the IoT space.

因此，尤其是在這一點上，我們正在與許多服務提供商合作，為許多企業提供 5G 服務，並在物聯網領域連接所有這些不同的設備。

So that we do see is a huge opportunity.

所以我們確實看到了一個巨大的機會。

And so with our position, with the carrier service provider, and we do see the 5G can be one of the driving -- growth drive factor for us this year and it could be material towards the end of the year.

因此，根據我們的立場，與運營商服務提供商一起，我們確實看到 5G 可以成為我們今年的驅動力之一——增長驅動因素，並且它可能在今年年底變得重要。

It's like going forward is also -- is a huge, huge opportunity, even secure whether it's part of the whole infrastructure, which grow very, very fast and a lot of our carrier service providers starting to have investment in this area also.

就像前進一樣 - 是一個巨大的機會，即使它是整個基礎設施的一部分也是安全的，它增長得非常非常快，我們的許多運營商服務提供商也開始在這個領域進行投資。

Okay.

好的。

Interesting.

有趣的。

Okay.

好的。

And then, Keith, one for you.

然後，基思，給你一個。

For the guidance of '21, you talked about CapEx.

對於 21 年的指導，您談到了資本支出。

Any other puts and takes you want us to think about as it relates to OCF or operating cash flow?

您希望我們考慮與 OCF 或運營現金流量相關的任何其他看跌期權和看跌期權？

No, not really.

不，不是真的。

I mean, I made the point about inventory.

我的意思是，我提出了關於庫存的觀點。

Returns came in for us, pretty strong in the fourth quarter, but I think that's a direct reflection of the success that we had in the product revenue line in the fourth quarter.

我們的回報在第四季度非常強勁，但我認為這直接反映了我們在第四季度在產品收入方面取得的成功。

So that was probably a little bit better than we expected.

所以這可能比我們預期的要好一點。

I do think during this pandemic era that we'll continue to maintain somewhat higher levels of inventory.

我確實認為在這個大流行時代，我們將繼續保持較高的庫存水平。

I think that's in our best interest.

我認為這符合我們的最大利益。

The extended payment term program, I think that every CFO wants to wind that down, fastest possible and every distributor wants to hold on to it for dear life.

延長付款期限計劃，我認為每個首席財務官都希望盡快結束它，每個分銷商都希望堅持到底。

So that will be an ongoing battle for us throughout 2021, I think.

因此，我認為這將是我們整個 2021 年的一場持續戰鬥。

Okay.

好的。

Well, congratulations to the whole team.

好吧，祝賀整個團隊。

Good set of results.

良好的結果集。

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

我們的下一個問題來自 Ben Bollin 與 Cleveland Research 的合作。

My first question, you've made your aspirations pretty clear in SD-WAN.

我的第一個問題，您在 SD-WAN 中表達了您的願望。

Could you share with us a little bit about aspirations, intentions as you move into SASE and Zero Trust, how you see yourself positioned?

您能否與我們分享一下您進入 SASE 和零信任時的抱負、意圖，以及您如何看待自己的定位？

Yes.

是的。

SD-WAN is a part of the SASE offering.

SD-WAN 是 SASE 產品的一部分。

What we do is a little bit different than competitor.

我們所做的與競爭對手略有不同。

We build within the FortiGate FortiOS, which also can be offered, whether based on the physical appliance or the virtual software or kind of cloud delivering.

我們在 FortiGate FortiOS 中構建，它也可以提供，無論是基於物理設備、虛擬軟件還是某種雲交付。

And that's where the new FortiOS 7.0 give all this flexibility and connect a lot of other part of infrastructure security service together.

這就是新的 FortiOS 7.0 提供所有這些靈活性並將基礎設施安全服務的許多其他部分連接在一起的地方。

So that's where we'll continue to see SD-WAN and keeping growing probably -- by market study, it probably was keeping growth like 30%, 40% year-over-year this year.

因此，這就是我們將繼續看到 SD-WAN 並可能保持增長的地方——通過市場研究，它今年可能保持 30%、40% 的同比增長。

We do believe we're also keeping gaining market share.

我們確實相信我們也在不斷獲得市場份額。

And at the same time, the 5G -- the other opportunity come up, we already offered the new FortiOS 7.0, which also could be a pretty good driver for the additional growth we have.

與此同時，5G——另一個機會出現了，我們已經提供了新的 FortiOS 7.0，這也可能是我們額外增長的一個很好的驅動力。

Could you also talk a little bit about how you envision FortiOS 7.0 rolling out once available?

您能否也談談您對 FortiOS 7.0 推出後的設想？

How backwards compatible will it be for legacy appliances?

它對遺留設備的向後兼容程度如何？

And if you've looked at some of the historical OS refreshes, how long does it take the footprint to roll over as this rolls through the base?

而且，如果您查看了一些歷史操作系統更新，那麼當它在基礎上滾動時，滾動需要多長時間？

It's really depend on customer.

這真的取決於客戶。

Some, I have to say, the channel probably react a little bit faster and then there's enterprise, then the service providers sometimes take a little bit time.

有些，我不得不說，渠道可能反應快一點，然後是企業，然後服務提供商有時需要一點時間。

Because some service provider, they also have to supporting some of that.

因為一些服務提供商，他們也必須支持其中的一些。

But we do see this enable a lot of new opportunity.

但我們確實看到這帶來了很多新機會。

And they also like this tightly integrated approach, whether the SD-WAN, SASE, we called secure driven networking, which do enable them to offer the additional service, additional kind of business and protect additional edge.

他們也喜歡這種緊密集成的方法，無論是 SD-WAN 還是 SASE，我們稱之為安全驅動網絡，這確實使他們能夠提供額外的服務、額外的業務並保護額外的優勢。

That's where we say, you need to protect all different edge together and automate, integrate together instead of have a different product, different kind of a vendor for each part, which is difficult to integrate automate.

這就是我們所說的地方，您需要一起保護所有不同的邊緣並實現自動化，集成在一起而不是擁有不同的產品，每個部分都有不同類型的供應商，這很難實現自動化集成。

So that's where we see the response from like -- there's like 300 new feature and update in this OS to cover quite a broad area.

所以這就是我們看到的回應——這個操作系統中有大約 300 個新功能和更新，覆蓋了相當廣泛的領域。

And that we do see customers do need some time to gradually like trend pick up or this a new function, but a lot of them, they see the huge benefit of this new function.

而且我們確實看到客戶確實需要一些時間來逐漸喜歡趨勢回升或這個新功能，但他們中的很多人看到了這個新功能的巨大好處。

And that's where we see it's a huge opportunity for us.

這就是我們認為這對我們來說是一個巨大的機會。

But probably towards the second half of the year, we'll see a lot of benefit of it.

但可能在今年下半年，我們會看到它帶來的很多好處。

Our next question comes from the line of Michael Turits with Keybanc Capital Markets.

我們的下一個問題來自 Michael Turits 與 Keybanc Capital Markets 的合作。

This is Eric Heath on for Michael.

這是邁克爾的埃里克希思。

Just one for me, Keith, it seemed like you guided billings for 4Q, assuming some macro headwinds.

對我來說，基思，假設存在一些宏觀逆風，你似乎指導了第四季度的賬單。

How did that play out differently than you expected, especially on the product side?

這與您的預期有何不同，尤其是在產品方面？

And in the end, did you see deferrals of hardware refreshes in 2020 that might snap back in 2021?

最後，您是否看到 2020 年硬件更新的推遲可能會在 2021 年恢復？

Yes.

是的。

I don't -- yes, we have such a long product list.

我不——是的，我們有這麼長的產品清單。

I don't think that we really saw deferrals of refreshes.

我不認為我們真的看到了刷新延遲。

The sweat the asset concept.

汗水資產概念。

I think the -- any -- I don't think Q4 was unusual in terms of what you normally see with other years.

我認為 - 任何 - 我不認為第四季度與其他年份通常看到的情況不同尋常。

And by that, I mean, I think there was probably some element of the typical budget flush flowing through.

而且，我的意思是，我認為可能有一些典型的預算氾濫的因素流過。

I think there was probably some element of salespeople working really hard to hit accelerators.

我認為可能有一些銷售人員非常努力地工作以加速。

And I think there was also some element of deals that's simply pushed.

而且我認為還有一些簡單的交易元素。

I don't think that -- Ken kind of made a good point earlier to build on a little bit.

我不認為 - Ken 早些時候提出了一個很好的觀點來建立一點。

I think the SolarWinds event happened so late in the quarter, at least for us and probably for many other security companies.

我認為 SolarWinds 事件發生在本季度的後期，至少對我們來說是這樣，可能對許多其他安全公司而言也是如此。

It seems doubtful that activity really had much impact on the last 2 weeks of December in the quarter.

活動是否真的對本季度 12 月的最後兩週產生了很大影響似乎值得懷疑。

I do think, and Ken made this point, that it certainly raises awareness of security and events like that, unfortunately, for the world at large, create -- focus on security matters and the importance of it that people are going to suffer because of it.

我確實認為，而且 Ken 指出了這一點，它肯定會提高人們對安全和類似事件的認識，不幸的是，對於整個世界來說，創造 - 關注安全問題以及人們將因為它而遭受苦難的重要性它。

So I don't know that in terms of learning to be cautious, if you will, going back to the beginning of your question and the guidance setting, I do think there was an element of caution, once we came out of the second quarter and saw how the pandemic impact close rates.

所以我不知道在學習謹慎方面，如果你願意的話，回到問題的開頭和指導設置，我認為一旦我們走出第二季度，就會有謹慎的因素並了解大流行如何影響收盤價。

And you saw that come through in the guidance setting process in both Q3 and Q4.

您在第三季度和第四季度的指導設置過程中看到了這一點。

Also, we see a pretty nice growth in SMB, but overall, the SMBs still have very low percentage leverage, whether the network security or cybersecurity.

此外，我們看到 SMB 的增長相當不錯，但總體而言，無論是網絡安全還是網絡安全，SMB 的槓桿率仍然很低。

That's -- where including retail.

那就是 - 包括零售在內的地方。

So that's why we see there's a -- still have a huge growth opportunity over there.

所以這就是為什麼我們看到那裡仍然有巨大的增長機會。

Our next question comes from the line of Andrew Nowinski with D.A. Davidson.

我們的下一個問題來自 Andrew Nowinski 和 D.A.戴維森。

Great.

偉大的。

Congrats on the nice quarter.

恭喜這個漂亮的季度。

Maybe just starting with a high-level question.

也許只是從一個高級問題開始。

So as we think about the mix of your revenue, do you think the SolarWinds attack will create a positive tailwind for more spending in the firewall market?

因此，當我們考慮您的收入組合時，您認為 SolarWinds 攻擊是否會為防火牆市場的更多支出創造積極的順風？

Or do you think it will pressure your product growth as customers perhaps shift spending towards some of your cloud-based and subscription solutions?

還是您認為隨著客戶可能將支出轉向您的一些基於雲和訂閱的解決方案，這將給您的產品增長帶來壓力？

I said probably we would like to have a more integrated and bigger infrastructure security.

我說可能我們希望有一個更集成和更大的基礎架構安全性。

So that's where probably -- definitely, it's sort of when it's more like kind of come from the network side.

所以這可能是 - 當然，它更像是來自網絡方面的時候。

On the other side, they are also trying to like cover what the pandemic is whether it's work from home.

另一方面，他們也試圖掩蓋這種流行病是什麼，無論是在家工作。

There's a lot of other like business trying to digitalize during this process, which also increased the security need.

在這個過程中，還有很多其他類似的企業試圖數字化，這也增加了安全需求。

That's why I say the security spending kind on the overall IT spending probably will keep increase this year, and that's what's also helping drive the SolarWinds?

這就是為什麼我說今年整體 IT 支出中的安全支出種類可能會繼續增加，這也是幫助推動 SolarWinds 的原因嗎？

Just like a few years ago, there's a case where the target and some other things definitely reach the awareness of the importance of cybersecurity.

就像幾年前一樣，有一個案例，目標和其他一些東西肯定會達到網絡安全重要性的意識。

Great.

偉大的。

Thanks, Ken.

謝謝，肯。

And then just a follow-up.

然後只是跟進。

As we think about the growth phase you're entering here this year and your go-to-market strategy to drive that growth.

當我們考慮您今年在這裡進入的增長階段以及您推動增長的上市戰略時。

If you look back over the last few years, your playbook has certainly been the lead with the firewall.

如果你回顧過去幾年，你的劇本肯定是防火牆的領導者。

I'm just wondering in this new growth phase, are you using the same playbook to accelerate your growth?

我只是想知道在這個新的成長階段，您是否在使用相同的劇本來加速您的成長？

Or are you seeing more deals come to you via your SIM products and your virtual solutions and your other subscriptions and perhaps changing your go-to-market strategy to drive that growth?

或者您是否看到更多交易通過您的 SIM 產品和虛擬解決方案以及您的其他訂閱獲得，並且可能改變您的上市策略以推動這種增長？

That's a few.

那是幾個。

In the next few years, the network security market is still the biggest market, also probably the fast-growing market, not just because there's some more connectivity, like 5G, SD-WAN and some other part work from home.

在接下來的幾年裡，網絡安全市場仍然是最大的市場，也可能是快速增長的市場，不僅僅是因為有更多的連接，比如 5G、SD-WAN 和其他一些在家工作的部分。

But also that's the center of the whole infrastructure security.

但這也是整個基礎設施安全的中心。

But also, you cannot just -- to network security only, you also need to have network security working closely with endpoint, with some other infrastructure cloud and some other parts together.

而且，你不能僅僅 - 僅針對網絡安全，你還需要讓網絡安全與端點、其他一些基礎設施雲和其他一些部分緊密合作。

That's what we call the integrated automated solution to respond to any of this quick changing dynamic industry here.

這就是我們所說的集成自動化解決方案，以響應這裡任何快速變化的動態行業。

That's where it's important.

這就是重要的地方。

We keep the organic growth, and we also keep -- develop the product on day 1 to make it integrate, automate together.

我們保持有機增長，我們也保持——在第一天開發產品，使其集成、自動化。

It's a little bit different compared to the competitor, which whether come from acquisition or some other [parties] is more challenging to integrate and also keep the innovation going forward.

與競爭對手相比，它有點不同，無論是來自收購還是來自其他[各方]，整合和保持創新都更具挑戰性。

Our next question comes from the line of Gray Powell with BTIG.

我們的下一個問題來自 Gray Powell 與 BTIG 的對話。

Great.

偉大的。

Congratulations on the good results.

祝賀取得好成績。

So maybe circling back on the 5G questions.

所以也許回過頭來討論 5G 問題。

In past telecom upgrade cycles, maybe 3G was too long ago, but looking back at like the 4G upgrade cycle, how did that play through to Fortinet?

在過去的電信升級週期中，也許 3G 太久遠了，但回顧 4G 升級週期，這對 Fortinet 有何影響？

What kind of tailwinds did you see then and then how does the 5G cycle feel in comparison?

您當時看到了什麼樣的順風，相比之下 5G 週期感覺如何？

Yes.

是的。

The -- compared to 3G, 4G, is more connect people, whether the phone whatever, together, the 5G is more connect to the device.

-- 與 3G、4G 相比，更多的是連接人，無論手機是什麼，5G 更連接到設備。

And that's also the number of connection probably will increase as it may be 10x at least because there's much more device to be connected, and that also kind of more address a lot of industry need, whether certain smart city or auto drive or a lot of bigger infrastructure.

這也是連接的數量可能會增加，因為它可能至少是 10 倍，因為有更多的設備需要連接，而且這也更多地滿足了很多行業的需求，無論是某些智能城市還是自動駕駛還是很多更大的基礎設施。

So that's -- we do see a lot of a business opportunity because so far, the network security will be more towards B2B, towards the business side compared towards the consumer part.

這就是 - 我們確實看到了很多商機，因為到目前為止，與消費者部分相比，網絡安全將更多地面向 B2B，面向企業方面。

That's we do see huge opportunity going forward.

那就是我們確實看到了巨大的機遇。

It's just like a couple of years ago, the SD-WAN, right?

就像幾年前的 SD-WAN 一樣，對吧？

So SD-WAN can help in drive a lot of smart connection with the application and more dynamic based on application, have a different connection there.

因此，SD-WAN 可以幫助驅動與應用程序的大量智能連接，並且基於應用程序更加動態，在那裡有不同的連接。

So that's where the 5G definitely have a lot of additional opportunity, but also bring a lot of risk to the business there, which need to be protected.

所以這就是 5G 肯定有很多額外機會的地方，但也會給那裡的業務帶來很多風險，需要加以保護。

And also service provider, we see play quite an important role there, which is we have probably the best service provider carrier relation among all the cybersecurity vendor there.

還有服務提供商，我們看到在那裡發揮著相當重要的作用，這可能是我們在那裡所有網絡安全供應商中擁有最好的服務提供商運營商關係。

So we do see a lot of potential in this area.

所以我們確實看到了這個領域的巨大潛力。

Our last question will come from the line of Irvin Liu with Evercore ISI.

我們的最後一個問題將來自 Evercore ISI 的 Irvin Liu。

I have one question and one follow-up.

我有一個問題和一個跟進。

First, I was wondering if you can perhaps update us on your business mix by customer size, maybe a breakout by enterprise, commercial or SMB?

首先，我想知道您是否可以根據客戶規模向我們更新您的業務組合，也許是企業、商業或 SMB 的突破？

And whether you've seen the shift up or down market?

你是否看到了市場的上漲或下跌？

And how do you see this mix trending through calendar '21?

您如何看待 21 年日曆中的這種混合趨勢？

Yes.

是的。

I think we had a slide in our Analyst Day in November 2019 that get -- I guess -- it basically answers 1/3, 1/3, 1/3.

我認為我們在 2019 年 11 月的分析師日有一張幻燈片——我猜——它基本上回答了 1/3、1/3、1/3。

And then you have to explain it a little bit of MSSP gets allocated between them, one.

然後你必須解釋一下，在它們之間分配了一點 MSSP，一個。

But you end up with something that's very, very much like that.

但你最終得到的東西非常非常像那樣。

Small business, small enterprise 1/3, mid 1/3, enterprise, 1/3.

小型企業，小型企業 1/3，中型 1/3，企業，1/3。

I think the thing that has been a very pleasant surprise to us throughout 2020 in the pandemic was how well the enterprise -- and the small enterprise segment of the business held up.

我認為，在整個 2020 年的大流行病中，讓我們感到非常驚喜的是企業和小企業部門的表現如何。

It really did very well.

它確實做得很好。

Got it.

知道了。

And for my follow-up, we're now 1 year into the current pandemic.

對於我的後續行動，我們現在已經進入當前大流行病一年了。

And assuming things normalize in the back half of calendar '21, do you anticipate any changes or shifts in demand or customer buying patterns, assuming a return to normal environment?

假設情況在 21 年日曆的後半段恢復正常，假設環境恢復正常，您是否預計需求或客戶購買模式會發生任何變化或轉變？

I think during the pandemic, the customer, especially enterprise customer turned to hold down to the current vendor, especially in the developed country.

我認為在大流行期間，客戶，尤其是企業客戶轉向壓制當前的供應商，尤其是在發達國家。

And -- but it's -- for us, like whether in the U.S. or some Europe country, we're keeping gaining market share.

而且 - 但它 - 對於我們來說，就像在美國或一些歐洲國家一樣，我們正在不斷獲得市場份額。

So we do get into a lot of new customer, which will probably take more effort during the pandemic because it's difficult to meet people or do certain testing there.

所以我們確實有很多新客戶，這在大流行期間可能需要更多的努力，因為在那裡很難見到人或做某些測試。

Once it's open, we do see there's more opportunity, more window open for us, especially with the new hardware, new OS and the new infrastructure.

一旦開放，我們確實看到了更多的機會，為我們打開了更多的窗口，尤其是在新硬件、新操作系統和新基礎設施方面。

So that also lead us to kind of a little bit towards the investing in the growth for us going forward in the next few quarters at least.

因此，這也導致我們至少在未來幾個季度對我們的增長進行投資。

Yes.

是的。

I think, Ken, spot on with that.

我想，Ken，請注意這一點。

I think the "nice thing" about the pandemic is I think we have a lot of understanding about our business and what to expect in pandemic quarters.

我認為關於大流行的“好事”是我認為我們對我們的業務以及大流行區的預期有很多了解。

And I think that all of us here at Fortinet, and I think throughout the country are looking forward to, at some point in time.

而且我認為我們 Fortinet 的所有人，我認為全國各地都在期待著在某個時間點。

We just heard immunity, there's vaccine.

我們剛聽說免疫力，有疫苗。

And then the other gross drivers kick in, and that seems destined to be sometimes towards the second half of this year.

然後其他總司機開始上場，這似乎注定有時會在今年下半年出現。

I think we're all very aware of some of those GDP numbers in the year-over-year swings that we're seeing from negative 3% to positive 6% or 7%.

我認為我們都非常清楚其中一些 GDP 數據在我們看到的同比波動中，從負 3% 到正 6% 或 7%。

Those are pretty dramatic numbers, but I think most people's expectations are that, that's really going to come when the economies and the country start opening up further.

這些數字非常引人注目，但我認為大多數人的期望是，當經濟和國家開始進一步開放時，這真的會到來。

We're going to close the call at this point.

我們將在此時結束通話。

As you read in today's press release, I'd like to point out to everybody that Fortinet's Accelerate 2021 Virtual conference will be held on March 9 for the U.S. As part of that conference, we'll be doing at Analyst Day.

正如您在今天的新聞稿中閱讀的那樣，我想向大家指出，Fortinet 的 Accelerate 2021 虛擬會議將於 3 月 9 日在美國舉行。作為該會議的一部分，我們將在分析師日舉行。

So you can register, there's a link in the press release as well as up on the website to register for investors and analysts.

所以你可以註冊，新聞稿中有一個鏈接，網站上也有一個鏈接，可以為投資者和分析師註冊。

So please do that prior to March 9, if you're interested in attending that morning event.

因此，如果您有興趣參加上午的活動，請在 3 月 9 日之前完成。

In addition, we'll be hosting -- in addition to hosting accelerate, we're also going to be attending the Goldman Sachs conference next week on February 10 and the Morgan Stanley conference on March 2. Links to those webcast will be on our website and available on the Investor Relations Investor Events page of our Investor Relations website.

此外，我們將主持——除了主持加速外，我們還將參加下週 2 月 10 日舉行的高盛會議和 3 月 2 日舉行的摩根士丹利會議。這些網絡廣播的鏈接將在我們的網站，並可在我們的投資者關係網站的投資者關係投資者活動頁面上找到。

Thank you very much for your time today.

非常感謝你今天的時間。

If you have any questions, please feel free to contact me.

如果您有任何疑問，請隨時與我聯繫。

Have a great rest of your day.

祝您度過愉快的一天。

Ladies and gentlemen, this concludes today's conference call.

女士們，先生們，今天的電話會議到此結束。

Thank you for your participation.

感謝您的參與。

You may now disconnect.

您現在可以斷開連接。