Management remarks
Call period: 2026 Q2 · 2026-07-29
Guidance: Christiane Ohlgart: For the third quarter, we expect billings in the range of $2.25 billion to $2.35 billion, which at the midpoint represents growth of 27%.Demand and orders: Christiane Ohlgart: Total billings grew 33% to $2.37 billion, driven by robust demand for physical infrastructure and related attached services across secure networking and Unified SASE.Margins: Christiane Ohlgart: Non-GAAP gross margin of 80.9% exceeded the high end of guidance, while GAAP gross margin was also strong at 80.2%.Analyst Q&A
Analyst Joseph Gallo asked: Margin guidance is really, really impressive. Can you just kind of talk about visibility into that? Management Ken Xie answered: So that's we feel -- but like I said, it's still single-digit impact of the business. We do believe that the strong -- the bigger driver is really the new SASE Firewall approach, which give a customer a much better solution, better local control of their AI, their data and at the same time, the new growing area like OT, like all this AI related, we do see that's a much bigger driver for the growth. And yes, we see that the SASE Firewall could be the new trend to drive the growth in the next 5 to 10 years.管理层陈述
电话会期间：2026 Q2 · 2026-07-29
指引：克里斯蒂安·奥尔加特：对于第三季度，我们预计账单金额区间为22.5亿至23.5亿美元，其中点代表27%的增长率。需求与订单：克里斯蒂安·奥尔加特：总账单金额增长33%至23.7亿美元，这得益于安全网络和统一SASE领域对物理基础设施及相关附加服务的强劲需求。利润率：克里斯蒂安·奥尔加特：非GAAP毛利率为80.9%，超出指引区间上限，GAAP毛利率同样强劲，达80.2%。分析师问答
分析师约瑟夫·加洛：恭喜你们本季度表现亮眼，你们的利润率指引非常出色，能否谈谈相关的可预见性？管理层肯·谢伊：我们认为AI相关业务目前对整体业务的影响仍为个位数，更核心的推动力来自全新的SASE防火墙方案，该方案可帮助客户更好地本地管控AI与数据，同时OT等AI相关新兴领域也是增长的重要驱动力，我们认为SASE防火墙有望成为未来5至10年的增长新趋势。This earnings-call research was prepared from company results, regulatory filings, financial statements, and earnings-call transcripts or official replays. It is for informational purposes only and does not constitute investment advice.这篇财报电话会研究基于公司公告、监管文件、财务报表，以及真实电话会文字稿或官方回放整理。内容仅供参考，不构成投资建议。
