Fortinet (FTNT) FY Conference Summary Company Overview - **Company**: Fortinet (FTNT) - **Industry**: Cybersecurity Software - **Date of Conference**: May 13, 2025 Key Points Industry Dynamics - There is a significant increase in cybersecurity threats, driven by factors such as AI, nation-state activities, and organized crime, creating a strong demand for Fortinet's solutions [6][8][9] - The market is experiencing a refresh cycle as many customers are expected to upgrade their firewalls due to end-of-support deadlines by the end of 2026 [37][38] Company Strategy and Performance - Fortinet has transitioned from a firewall-only company to a provider of a broad solution set, including secure networking, SASE, and SecOps [7][9] - The company is currently the leader in deployed firewalls, SD WAN, and OT security, with aspirations to lead in SASE as well [8][9] - Fortinet's sales leadership is confident, with a strong focus on execution and market share growth [17][24] Sales Leadership and Management Changes - The sales leadership team has undergone changes, with three leaders now providing input into the company's outlook, which has led to a more diversified perspective on market conditions [12][15] - The company is cautious in its guidance due to macroeconomic uncertainties, despite strong execution confidence [16][17][47] Financial Outlook - Fortinet's guidance for Q2 reflects a conservative approach due to uncertainties in the macro environment, despite a strong Q1 performance [16][42][47] - The company anticipates a 12% compound annual growth rate (CAGR) in the midterm, but current year guidance is more conservative due to economic conditions [42][44] Product Development and Innovation - Fortinet emphasizes organic growth over acquisitions, leveraging its R&D capabilities and a strong engineering team to innovate quickly [24][27] - The company is investing in AI for both internal efficiencies and product enhancements, with applications in threat intelligence and customer support [30][35][36] SASE and SD WAN Transition - The transition from SD WAN to SASE is a significant focus, with a strong upsell strategy in place [50][53] - Fortinet has partnered with Google Cloud Platform (GCP) to enhance its network availability, which has positively impacted demand [58][61] Operational Technology (OT) Security - OT security is a growing segment for Fortinet, with rugged devices designed for harsh environments contributing to growth [65][66] - The convergence of IT and OT is driving demand for Fortinet's solutions as companies seek to secure their operational environments [66][67] Maintenance Revenue and Churn - There was a noted decline in maintenance revenue, attributed to various factors including churn from Lacework customers and fewer billing days in Q1 [70][71] - The company is optimistic about reducing churn and improving customer retention moving forward [72] Additional Insights - Fortinet's entrepreneurial culture and founder-led approach are seen as competitive advantages, allowing for rapid response to market changes [24][25] - The company is focused on building solutions that work seamlessly together, avoiding the pitfalls of competitors who have struggled with integration post-acquisition [26][27] This summary encapsulates the key insights and strategic directions discussed during the Fortinet FY Conference, highlighting the company's position in the cybersecurity industry and its proactive approach to market challenges and opportunities.

May 9, 2025 DISCLAIMERS The information contained in this presentation does not constitute or form part of, and should not be construed as, any offer, sale or subscription of, or any invitation to offer, buy or subscribe for, any securities, nor shall there be any offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful. Telos Corporation (the "Company") will only make such an offer or sale pursuant to an effective registration statement with the Securities ...

Financial Data and Key Metrics Changes - Fiscal year 2025 total bookings reached a record $4 billion, up 4% year over year, with revenue exceeding the high end of annual guidance [8][25] - Non-GAAP operating margin was a record 58.4%, reflecting strong cost controls and operational efficiencies [9][26] - Non-GAAP EPS for the year was $2.22, up 15% year over year, and at the high end of annual guidance [9][26] - Q4 revenue exceeded $1 billion for the first time, reaching $1.01 billion, up 5% year over year [27][26] - Q4 operating income was $590 million, translating to an operating margin of 58.4% [33] Business Line Data and Key Metrics Changes - Direct revenue in Q4 was $877 million, up 4% in constant currency, with a customer base increase to 40.4 million, up 1.3 million year over year [27][28] - Partner revenue in Q4 was $121 million, up 15% year over year, driven by growth in the employee benefits channel [31][32] - The identity theft protection segment saw double-digit growth internationally, with increased demand for LifeLock [12][14] Market Data and Key Metrics Changes - The identity category grew double digits internationally, with privacy and identity products introduced in 15 new markets [14] - The overall customer base grew to over 65 million direct and indirect paid customers, with nearly 45% having comprehensive cyber safety memberships [15] Company Strategy and Development Direction - The company is focused on increasing innovation pace and expanding geographic reach to enhance its cyber safety platform [10][12] - The acquisition of MoneyLion aims to expand into financial wellness, enhancing the company's total addressable market [16][17] - The business will operate under two segments: Cyber Safety Platform and Trust Based Solutions, with a focus on driving profitable growth [18][20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of the business despite macroeconomic uncertainties, citing a strong subscription model [68][69] - For fiscal year 2026, the company expects revenue between $4.7 billion and $4.8 billion, representing 6% to 8% pro forma growth [22][39] - Non-GAAP EPS for fiscal year 2026 is projected to be between $2.46 and $2.54, indicating double-digit growth [39] Other Important Information - The company plans to continue a balanced capital allocation strategy, focusing on share repurchases and debt pay down [48][36] - The Q4 ending cash balance was over $1 billion, with liquidity exceeding $2.5 billion [34][35] Q&A Session Summary Question: Guidance for fiscal year 2026 and MoneyLion growth visibility - Management confirmed that guidance is based on maintaining current momentum in both the Cyber Safety Platform and MoneyLion, with expected growth rates of mid-single digits for Cyber Safety and around 24-25% for MoneyLion [44][45] Question: Capital allocation strategy regarding share repurchases - Management indicated a balanced approach to capital allocation, focusing on both share repurchases and debt pay down, with plans to resume share buybacks post-acquisition [48][49] Question: Impact of MoneyLion's customer network on potential subscribers - Management highlighted the opportunity to cross-sell to MoneyLion's customer base and enhance offerings through the integration of financial wellness features [55][58] Question: Resilience of the business amid macroeconomic uncertainty - Management reassured that the business model is resilient, with a strong subscription base and continued demand for cyber safety products [68][69] Question: Indirect revenue growth outlook - Management expects sustainable, profitable high single-digit growth in the indirect channel, particularly from employee benefits and telco partnerships [87][88]

Core Insights - Check Point Software Technologies has announced that its Quantum Firewall Software R82 has received Common Criteria EAL4+ certification, enhancing its reputation as a trusted security solution for critical infrastructure and government sectors globally [1][2][3] - The certification confirms that the R82 platform meets rigorous global standards for security, providing verifiable protection in highly regulated environments [2][3] - The evaluation was conducted by TÜV Informationstechnik GmbH, an accredited testing facility, and the certification is recognized in over 30 countries under international agreements [2][3] Company Overview - Check Point Software Technologies is a leader in cyber security solutions, protecting over 100,000 organizations worldwide with AI-powered technologies [4] - The company employs a hybrid mesh network architecture with SASE at its core, offering a unified management approach for on-premises, cloud, and workspace environments [4]

Core Insights - HUB Cyber Security Ltd. has reported significant year-over-year margin expansion and streamlined operations, positioning the company for scalable growth in 2025 [1][2] - The company has shifted its focus towards core strengths in secure data infrastructure for regulated industries, leading to improved financial performance [4][6] Financial Performance - Revenues for H2 2024 were $13.8 million, down from $17.6 million in H2 2023, reflecting a strategic pivot to optimize business mix [6] - Gross margin improved to 25.6% in H2 2024, up from 15.4% in H2 2023, indicating a positive impact from the strategic realignment [6] - Operating expenses decreased by 29% to $14.7 million in H2 2024 compared to $20.9 million in H2 2023, showcasing effective cost control [6] - Operating loss in H2 2024 was $11.1 million, a 38% improvement from the previous year, reflecting streamlined operations [6] Strategic Initiatives - The company has expanded into the banking sector, securing a €20 million digital banking modernization project with Cassa di Risparmio della Repubblica di San Marino S.p.A. [4] - HUB's Secured Data Fabric platform is being adopted by leading financial institutions, enhancing its role as a trusted partner in data modernization [5][11] - The company has resolved approximately $17 million in legacy liabilities and secured new financing on favorable terms, enhancing financial flexibility [6] Market Positioning - HUB's Secured Data Fabric technology consolidates data securely, enabling clients to navigate compliance challenges and protect sensitive information [9][10] - The company is witnessing growing interest across various sectors, including healthcare and transportation, indicating the versatility of its solutions [11][12] Leadership and Future Outlook - Recent leadership appointments aim to support HUB's expansion into new markets, with plans to further scale the leadership team [14] - The company is focused on building long-term trust and shareholder equity while delivering innovative solutions [8]

Core Insights - The article discusses the launch of Check Point Software Technologies' inaugural AI Security Report, highlighting how cyber criminals are leveraging artificial intelligence to enhance their attacks and the need for organizations to adapt their defenses accordingly [1][4]. AI-Driven Cyber Threats - Cyber criminals are using generative AI and large language models to create realistic impersonations, undermining trust in digital identities [2][3]. - The report identifies four key areas where AI is eroding trust: AI-enhanced impersonation, data poisoning, AI-created malware, and the hijacking of AI models [3][5]. Defensive Strategies - Organizations are advised to adopt AI-aware cybersecurity frameworks to counteract AI-driven threats [4]. - The report emphasizes the importance of integrating AI into cybersecurity defenses to keep pace with attackers [4]. Specific Threats Identified - AI-Enhanced Impersonation: Attackers are generating realistic phishing emails and audio impersonations, exemplified by a recent incident involving Italy's defense minister [5]. - LLM Data Poisoning: Malicious actors are manipulating AI training data, with evidence showing that AI chatbots can repeat false narratives 33% of the time [5]. - AI-Created Malware: Cyber criminals are using AI to optimize malware and automate attacks, enhancing the resale value of stolen data [5]. - Weaponization of AI Models: Attackers are commercializing AI tools for hacking and fraud on the dark web [5]. Recommendations for Organizations - Implement multi-layered identity verification methods to combat AI-powered impersonation [5]. - Utilize AI for threat detection and hunting to identify AI-generated threats [5]. - Equip security teams with tools to recognize and respond to AI-driven tactics [5].

Core Insights - Commvault has enhanced its Cleanroom Recovery technology, providing advanced capabilities for managed service providers (MSPs) to help enterprises recover from cyberattacks more efficiently [1][6]. Group 1: Cleanroom Recovery Technology - The Cleanroom Recovery offering allows companies to restore their infrastructure using a validated clean image, significantly reducing recovery time and ensuring that systems are free from ransomware [3][9]. - The introduction of "Factory Reset" enables rapid infrastructure recovery, allowing organizations to focus on validating recovered data rather than the underlying infrastructure [3][4]. - Commvault's Cleanroom Recovery can reduce recovery time from over seven hours to zero wait time for most applications, minimizing disruption and protecting revenue [4]. Group 2: Integration with Threat Scanning - Commvault is integrating its Cloud Threat Scan with Cleanroom Recovery, allowing organizations to scan recovered data for threats, enhancing confidence in data integrity post-recovery [5][7]. - The combination of real-time threat detection and automated recovery processes helps ensure that clients' systems are restored to a pristine state, reducing the risk of reinfection [7][8]. Group 3: Focus on Managed Service Providers - Commvault is extending Cleanroom Recovery capabilities to MSPs, enabling them to offer advanced recovery solutions to their customers, thereby enhancing enterprise resilience [6][11]. - The enhancements in Cleanroom Recovery provide MSPs with tools to deliver efficient and reliable recovery services, ensuring that clients' infrastructures are restored without malicious elements [7][9]. Group 4: Continuous Innovation and Testing - The Cleanroom Recovery technology allows organizations to regularly test and retest their cyber recovery plans, ensuring preparedness against future incidents [8][9]. - Commvault's cloud-native architecture supports multiple isolated recovery environments, facilitating proactive recovery strategies through automated testing [9].

Core Insights - Commvault has achieved GovRAMP Authorized status at a High Impact Level, making it the only cyber resilience vendor to hold this designation, along with FedRAMP High Authorization and FIPS 140-3 validation for its SaaS solutions [1][4][5] Group 1: Achievements and Significance - The GovRAMP Authorized status signifies that Commvault Cloud meets the highest security and risk management standards, reinforcing its commitment to cyber resilience in the public sector [3][4] - This achievement allows state and local government agencies, as well as educational institutions, to securely manage critical data while adhering to stringent security verification standards [1][2] Group 2: Benefits for Customers - Commvault Cloud's GovRAMP Authorized status provides significant advantages for SLED organizations, including enhanced data protection against breaches and unauthorized access [8] - The authorization supports compliance with federal and state regulations, thereby reducing non-compliance risks [8] - It builds trust among government agencies by adhering to recognized security frameworks, facilitating easier procurement and implementation of secure solutions [8] Group 3: Customer Testimonials - Customers, such as the Chief of Information Technology at the State of Delaware Department of Corrections, have noted that Commvault's solutions have significantly improved their cyber resilience capabilities and operational continuity [6][7]

WithSecure Corporation, Interim Report 1 January – 31 March 2025, 25 April 2025 at 8.00 EEST WithSecure Interim Report 1 January – 31 March 2025: Elements ARR growth continued, 70% ARR growth for Cloud Protection for Salesforce Highlights of January – March 2025 (“first quarter”) Annual Recurring Revenue (ARR)1 for Elements Cloud products and services increased by 8% to EUR 86.6 million (EUR 80.5 million)Elements Cloud ARR increase from previous quarter was 4%Net Revenue Retention (NRR) for Elements Cloud w ...

Core Insights - Check Point Software Technologies and Illumio have formed a strategic partnership to enhance cybersecurity and advance Zero Trust strategies through integration of their platforms [1][2][3] - The collaboration focuses on rapid identification and mitigation of lateral movement risks in hybrid and multi-cloud environments, utilizing advanced microsegmentation [1][3] - The integration combines Check Point's Quantum Force Firewalls and AI-driven security management with Illumio's segmentation and insights to neutralize threats effectively [1][2][3] Company Overview - Check Point Software Technologies is a global leader in cybersecurity solutions, protecting over 100,000 organizations worldwide with its AI-powered, cloud-delivered Infinity Platform [8] - Illumio specializes in ransomware and breach containment, utilizing its AI Security Graph to identify and contain threats across hybrid multi-cloud environments [9][10] Key Benefits of Integration - The partnership enhances visibility and adaptive policy enforcement, allowing organizations to contain threats quickly and effectively [2][3] - Check Point's Quantum Force firewalls block malicious traffic, while AI Security Management software provides dynamic policy updates to counter detected threats [2] - Illumio's Insights and Segmentation tools facilitate real-time threat detection and response, aligning with Zero Trust principles to improve overall cyber resilience [3][6] Advanced Threat Intelligence - The integration leverages combined threat intelligence from Check Point's ThreatCloud AI and Illumio Insights to mitigate risks and minimize security incidents [6]