Fortinet, Inc.

Hello and welcome to Fortinet's third quarter 2026 earnings conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, we will conduct a question and answer session. Please be advised that this call is being recorded. I would now like to hand the call over to Anthony Luscri, Vice President of Investor Relations. Please go ahead.

Thank you. Good afternoon and thank you for joining us on today's conference call to discuss Fortinet's third quarter 2026 financial results. Joining me on today's call are Ken Xie, Fortinet's founder, chairman, and CEO, Christiane Ohlgart, our CFO, and John Whittle, our COO. Ken will begin our call today by providing a high-level perspective on our business. Christiane will then review our financial results for the third quarter of 2026 before providing guidance for the fourth quarter and updating the full year. We will then open the call for questions. During the Q&A session, we ask that you 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, specifically disclaim any obligation to update forward-looking statements. Thank you. Thank you. Thank you. Thank you. Lastly, all references to growth are on a year-over-year basis unless noted otherwise.

I will turn the call over to Ken. Thank you, Anthony, and thank you everyone for joining our call. We are pleased with our excellent third quarter result, driven by strong execution and broad-based demand. Building growth 29%, while total revenue increased 20%, lead by 37% growth in product revenue. Based on our continuous strong momentum, we have raised our 2026 building guidance for third time this year. With the rapid evolution of AI landscape, Fortinet is leading the next frontier of cybersecurity by secure AI workflow and protecting against AI-discovered vulnerability in real time through our core strengths in network security. We believe that network security is the most critical foundation of AI security, with the firewall serving as the centralized point of in-line enforcement across enterprise, operation technology, and hybrid cloud environment. Fortinet's leadership in this space is driven by over 20 years of innovation, integration, and improvement as shown on slide seven. while continually expanding our AI capability and functions in 40OS and 40GAR services. Fortinet secured four critical areas of infrastructure and AI security as shown on slide 9. First, on the network level, our SASE firewall natively protects against vulnerabilities and stop intrusions, supporting shadow AI monitoring and access control to data and applications. To address growing demand, the newly launched FortiGuard inline AI security services this week transform every FortiGate into a real-time AI enforcement point. Second, in the data center and AI factories, we offer FortiGate to secure GPU clusters and the LRM infrastructure, securing the massive growth in AI traffic that require high performance protection across data center and Hybrid Cloud. Third, we extend AI security together with SASE to endpoint, define, controlling and integrate agent identity directly into access and incident response lifecycle. And fourth, a SOC for the agent deliver a highly automated solution to solve industry accuracy shortage and tool spoiling by enabling autonomous incident detection and response. Our SASE firewall pillar building grows 31%, and we are the fastest growing SASE firewall vendor and scale, growing at nearly double the market growth rate, as shown on slide five. Our leadership starts from a fundamental architectural advantage, as we are the only vendor in the industry to build all the key SASE firewall and AI security component into a single and a unified operating system for DOS. This new satisfiable pillar represents a large, high-growth area driven by long-term growth. Combined with our differentiated 40ASIC technology and our own global infrastructure, this allows Fortinet to deliver better performance and significantly lower total cost ownership, as shown on slide 14. We are also the only vendor offering an easily deployable on-premise sovereign SASE solution alongside cloud SASE, which we believe give us addressable market two to three times larger than the cloud-only competitors. To further capitalize on our large installed base, we recently launched FortiLink SASE services. These positions of 40 AP and 40 switches as a SASE hardware agent allowing customer to easily overlay 40 SASE on top of their existing hardware driven recurrent service revenue. As we look ahead, 49 strong momentum is a result of our vision for the AI era. A platform integration and a highly disciplined operation model. This combination positioned Fortinet exceptionally well to drive strong cash generation, high recurring revenue, and consistent gap profitability while executing our shareholder-focused capital allocation strategy. 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 Christiane.