Robbie Owens

Ken cited Fortinet's in-house development advantage across 30 years of innovation and its integrated platform approach as key differentiators driving confidence in continued growth.

Ken declined to give specific Sovereign vs Public SASE mix but estimated roughly comparable with Sovereign growing faster. On services lag, Ken referenced Slide 20 showing 16-year product-to-service revenue leading indicator relationship. Christiane attributed the service lag to lower 2024 product revenue flowing through.

Christiane attributed North America underperformance to normal quarterly deal timing variability following strong Q2. No share losses.

Ken highlighted OT as fast-growing with over a decade of specialized investment. Christiane confirmed OT strength is consistent across all geographies with EMEA leading, and Rugged devices benefiting from 2026 refresh cohort.

Christiane confirmed large Q1 deals were in the pipeline and closed as expected, not pull-forwards. Noted most closed before end of March, before tariff escalation.

Ken positioned Linksys as entry into consumer/home security market with 25M active users and 250M devices shipped, combining Fortinet's ASIC/unified SaaS technology with Linksys's consumer brand.

Nikesh framed M&A as a consequence of product development rather than a strategy, noting the company watches 40 to 50 funded companies and steps in when another player has already built toward an emerging technology trend.

Nikesh argued AI drives more consolidation and platformization, not obsolescence. Record Q2 platformizations validate trend. Prisma AIRS scaling faster than cloud security did at the same stage. AI is a positive catalyst for security spending.

Nikesh explained engineering team endorsed Chronosphere's quality. Scaling observability at petabyte LLM scale at one-third cost solves the primary barrier. Dismissed data pipelining as interim category.

Nikesh argued AI attacks now possible in 25 minutes, requiring real-time consolidated data. Sees market share growing from 6-8% to 15-20%. Identity acquisition driven by same consolidation logic.

Lee Klarich described two pillars: AI-based data classification across all data locations, and Prisma Access Browser as a next-gen DLP enforcement point, with early adopters recognizing the browser as a key data security component.

George described exposure management as a rebirth where companies cannot patch fast enough against autonomous exploits, so they need CrowdStrike's real-time prioritization and attack-path view, displacing legacy vulnerability management vendors.

George leaned on the Flex model and a continued strategic acquisition cadence (buying tech and teams with heavy integration focus) to capture the opportunity.

Kurtz positioned SGNL.ai as game-changing for zero standing privilege across human and nonhuman identities. Seraphic protects the browser as AI front door. AIDR expected to become compliance mandate like EDR.

Mike pointed to 50% quarter-over-quarter growth in Rovo-assisted actions as a rough proxy for credit usage and the Teamwork Collection (~10x more Rovo credits) as an upgrade inducement. He cited existing consumptive elements plus the early-stage Flex model, but did not commit to timing for a broader consumption shift.

Joe attributed margin strength to revenue outperformance and lower cloud COGS. Long-term expects gross margin pressure from revenue mix shift to cloud despite optimization efforts.

Amit described Impact as digital tools plus expert advisory accelerating time to value through best practices and self-service. Gina added that attach rates are improving.

Remo confirmed it's a general comment with no change. Jay added cyber demand and cost reduction needs are helping offset scrutiny.