Fortinet, Inc.

investor relations. Please go ahead.

Thank you. Good afternoon, and thank you for joining us on today's conference call to discuss Fortinet's fourth quarter and full year 2025 financial results. Joining me on today's call are Ken Zee, Fortinet's founder, chairman, and CEO, Christiana Olgaard, our CFO, and John Whittle, our COO. Ken will begin our call today by providing a high-level perspective on our business. Christiana will then review our financial results for the fourth quarter and the full year of 2025. before providing guidance for the first quarter and full year of 2026. We will then open the call for questions. During the Q&A session, we will ask you to please limit yourself to one question and one follow-up question to allow others to participate. Before we begin, I'd like to remind everyone that on today's call, we will be making forward-looking statements, and these forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from those projected. Please refer to our SEC filings, in particular the risk factors in our most recent Form 10-K and Form 10-Q for more information. All forward-looking statements reflect our opinions only as of the date of this presentation, and we undertake no obligation and specifically disclaim any obligation to update forward-looking statements. Also, all references to financial metrics that we make on today's call are non-GAAP unless stated otherwise. Our GAAP results and GAAP to non-GAAP reconciliations are located in our earnings press release and in the presentation that accompany today's remarks. both of which are posted on our investor relations website. As a reminder, this is a live call that will be available via replay via our webcast on the investor relations website. The prepared remarks will also be posted on the quarterly earnings section of our investor relations website following today's call. Lastly, all references to growth are on a year-over-year basis, unless noted otherwise. I'll now turn over the call to Ken.

Thank you, Anthony, and thank you to everyone for joining our call. We are very pleased with our excellent fourth quarter growth, driven by broad-based demand across our platform as building increased 18% and revenue growth 15%, driven by product revenue growth of 20%. Our provision margin was strong and 37%, reflecting our continued focus on balancing growth of profitability. Secure networking building growth 13%, outperforming the overall secure networking market as we continue to gain market share. Fortinet remain the number one firewall leader with a 55% unit market share and the highest product revenue among our security peers. Fortinet has lead the convergence of networking and security for over 25 years and secure networking is expected to surpass the traditional networking by the end of this year. Our forward leadership is driven by 40OS, which unify the networking and security, and our 40ASIC technology deliver five to 10x better performance than competitors while lowering the total cost of ownership and energy consumption, which provide a large advantage in securing AI data center. We will introduce the FortiOS 8.0 and Fortinet's annual customer and partner conference, Accelerate, in March, featuring significant new capabilities in security and networking, especially in AI security, such as agentic AI security in enterprise, plus a new bundled SD-WAN and SASE service. We also recently partnered with Nvidia to leverage their Bluefield 3 DPU to secure AI infrastructure. Unified SASE building growth 40%, representing 27% of a total building, supporting our belief that Fortinet is the fastest growing SASE leader and scale. Our momentum is powered by three key advantages. First, Fortinet uniquely integrate nitrogen firewall, SD-WAN, and SASE on a single OS, FortiOS, running on-premise or in the cloud, allowing customers to expand SASE in minutes and driven upsell across a large customer base. Second, we support in both solving SASE and public SASE. Solvent SASE enable enterprise and service provider to deploy SASE in their own data center to meet the data privacy, sovereignty, and compliance requirement. We are seeing strong demand in Solvent SASE, and none of our major SASE competitors offer Solvent SASE solution, making Fortinet's total unified SASE addressable market significantly greater than our peers. Third, our owned and long-term invested global cloud infrastructure, FortiCloud, delivers high performance and security, and roughly one-third the total cost ownership of our peers. These differentiators positioned Fortinet as a leader in the 2025 Ghana Magic Quadrant for SASE platform, as we continue to be the leader in SD-WAN, and I believe we will be the number one unified SASE within the next few years. AI-driven secure app building growth 6% in the first quarter and 22% for the full year, while AI was up 21%. Our strong performance was driven by more than 20 AI-powered solutions as customers consolidated multiple security vendors onto Fortinet's platform. In addition, Fortinet's leadership in security also extends to operational technology and a cyber-physical system, offering enhanced visibility, robust threat protection, and secure connectivity. Demand for OT solution is driven significant growth, with building up more than 25%. Finally, we reaffirm the mid-term target we share and our honesty, reinforcing our commitment to continue growth faster than the overall market, including delivering building and revenue CAGR above the market growth of 12% and achieving the rule of 45. I would like to thank our employees, customers, partners, and suppliers worldwide for their continued support and hard work. I will now turn the call over to Christiana.