Netskope, Inc. (NTSK) 2026 Q4 法說會逐字稿

Thank you for standing by, and welcome to Netskope's fourth quarter and full year fiscal 2026 earnings conference call. (Operator Instructions)

感謝各位耐心等候，歡迎參加 Netskope 2026 會計年度第四季及全年財報電話會議。(接線員指示)

I would now like to hand the call over to Michelle Spolver, Chief Communications and Investor Relations Officer. You may begin.

現在我想將電話交給首席傳播與投資人關係長 Michelle Spolver。您可以開始。

Good afternoon, and thank you for joining us today. With me on the call are Netskope's CEO and Co-Founder, Sanjay Beri; and CFO, Drew Del Matto. The press release announcing our financial results for the fourth quarter and full year fiscal 2026 was issued earlier today and is posted to our Investor Relations website at investor.netskope.com, along with a supplemental presentation.

各位下午好，感謝今天加入我們的電話會議。與我一同參與的有 Netskope 執行長暨共同創辦人 Sanjay Beri，以及財務長 Drew Del Matto。我們先前已於今日稍早發布 2026 會計年度第四季及全年財務結果新聞稿，並已張貼於我們的投資人關係網站 investor.netskope.com，同時也提供補充簡報。

Before we begin, let me remind everyone that some of the statements we make on today's call are forward looking, including statements related to our guidance for the first quarter and full 2027 fiscal year, growth opportunities, competitive position, and the impact of AI adoption. These forward-looking statements are subject to known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated by these statements. Additionally, these statements apply only as of today, and we undertake no obligation to update them in the future. For a detailed description of risks and uncertainties, please refer to our SEC filings as well as our earnings press release.

在開始之前，我想提醒各位，我們今天通話中的部分陳述屬於前瞻性陳述，包括與我們對 2027 會計年度第一季及全年指引、成長機會、競爭地位，以及 AI 採用影響相關的陳述。這些前瞻性陳述受到已知與未知風險及不確定性的影響，可能導致實際結果與這些陳述所預期者出現重大差異。此外，這些陳述僅適用於今日，我們不承擔未來更新之義務。關於風險與不確定性的詳細說明，請參閱我們向 SEC 提交的文件以及我們的財報新聞稿。

Finally, unless otherwise noted, all financial metrics we discuss on this call other than revenue will be on an adjusted non-GAAP basis. We have provided reconciliations of these non-GAAP financial measures against the most directly comparable GAAP financial measures in our earnings press release.

最後，除非另有說明，本次電話會議中我們討論的所有財務指標（收入除外）皆以調整後的非 GAAP 基礎呈現。我們已在財報新聞稿中提供這些非 GAAP 財務衡量指標與最直接可比的 GAAP 財務衡量指標之調節表。

Now let me turn the call over to Sanjay to discuss our business and high-level Q4 financial performance.

現在我把電話交給 Sanjay，請他談談我們的業務以及第四季財務表現的高層次概況。

Thanks, Michelle. Welcome, everybody, and thank you for joining us to discuss Netskope's fourth quarter and fiscal year 2026 results. We ended the year on a high note with results that exceeded our guidance across all key metrics. Our focus on delivering a market-leading platform for networking security and analytics in the modern world of cloud and AI is resonating well with customers and driving both new and expansion business.

謝謝你，Michelle。各位好，感謝大家加入我們，一同討論 Netskope 2026 會計年度第四季與全年業績。我們以亮眼成績為本年度畫下句點，各項關鍵指標的結果皆超越我們的指引。我們專注於在雲端與 AI 的現代世界中，提供市場領先的網路安全與分析平台，正獲得客戶高度共鳴，並帶動新客與擴張業務。

Strong global execution resulted in robust fourth-quarter results, highlighted by record net new ARR of $57 million and ending ARR of $811 million, representing true organic growth of 31% year over year. Revenue in Q4 grew 32% year over year to $196 million, and revenue for the full fiscal year 2026 also grew 32% to $709 million. We continue to leverage the investments we've made in our Netskope One platform and NewEdge global private cloud network to drive efficient growth, which is reflected in the 5-percentage-point improvement in operating margin in Q4 and an 18-percentage-point improvement for the full fiscal year 2026.

強勁的全球執行帶來穩健的第四季成果，其中亮點包括創紀錄的淨新增 ARR 5,700 萬美元，以及期末 ARR 8.11 億美元，代表真正的有機年增 31%。第四季營收年增 32% 至 1.96 億美元；2026 會計年度全年營收亦年增 32% 至 7.09 億美元。我們持續運用對 Netskope One 平台與 NewEdge 全球私有雲網路的投資來推動高效率成長，這反映在第四季營業利益率提升 5 個百分點，以及 2026 會計年度全年提升 18 個百分點。

We are also very pleased to generate $12 million in free cash flow for fiscal year 2026, marking a notable milestone of Netskope's first ever year of positive free cash flow. We also saw a strong mix of both new logo growth and customer expansion across key verticals and geographies. The average number of products per customer increased to 4.4.

我們也非常高興在 2026 會計年度產生 1,200 萬美元自由現金流，這是一個重要里程碑，標誌著 Netskope 首次實現全年自由現金流為正。我們也在關鍵垂直產業與地理區域看到新客（新標誌）成長與既有客戶擴張的強勁組合。每位客戶平均採用的產品數提升至 4.4。

Customers are solving key use cases through the adoption of our Netskope One platform of 25 security networking analytics and AI products. This is reflected in our net retention rate of 116% and 22% growth in customers with over $100,000 in ARR year over year. Drew will give more color on our Q4 and full year fiscal 2026 financials in a few minutes.

客戶透過採用我們的 Netskope One 平台（涵蓋 25 項安全、網路、分析與 AI 產品）來解決關鍵使用情境。這反映在我們 116% 的淨留存率，以及 ARR 超過 10 萬美元的客戶數年增 22%。Drew 將在幾分鐘後就我們第四季與 2026 會計年度全年財務表現提供更多說明。

We've had many innovations, go-to-market, and operational highlights during the quarter. And one theme that's threaded prominently across all of these was AI. Netskope is uniquely positioned as a significant beneficiary of the AI supercycle because we have engineered a unified AI native fabric that eliminates the legacy trade-off between performance and security.

本季我們在創新、上市策略（go-to-market）與營運方面都有許多亮點。而貫穿其中的一個重要主題就是 AI。Netskope 具備獨特優勢，可望成為 AI 超級循環的重要受益者，因為我們打造了一個統一的 AI 原生架構（fabric），消除了傳統在效能與安全之間必須取捨的問題。

We have organically built the Netskope One platform as the intelligent edge and inherently adaptive architecture, where our native AI fluency and active context are seamlessly integrated into our global infrastructure, defined by its performance, resilience, and dynamic orchestration.

我們以有機方式打造 Netskope One 平台，作為智慧邊緣與內建自適應的架構；我們原生的 AI 能力與主動式情境（active context）無縫整合進全球基礎設施之中，而該基礎設施以效能、韌性與動態編排為特徵。

I'd like to spend some time today walking through the four pillars of our AI strategic framework, which demonstrate why Netskope is the essential engine powering the scale of the modern AI enterprise. First, Netskope is an AI-native platform with sovereignty and privacy by design. From day one, we were engineered as an AI-native platform. Our competitive moat is architectural, not a single bolt-on feature.

今天我想花一些時間說明我們 AI 策略框架的四大支柱，這些支柱展現了為何 Netskope 是推動現代 AI 企業規模化的關鍵引擎。第一，Netskope 是一個以主權與隱私為設計核心的 AI 原生平台。從第一天起，我們就以 AI 原生平台為目標進行工程設計。我們的競爭護城河來自架構，而非單一外掛式功能。

Since our inception, we have leveraged and integrated AI as foundational across our platform. In the early days, we use shallow and deep learning. And today, we further augment these capabilities with generative AI models to deliver maximum impact for our customers.

自創立以來，我們就將 AI 作為平台的基礎能力加以運用並整合。在早期，我們使用淺層與深度學習。而在今天，我們進一步以生成式 AI 模型強化這些能力，為客戶帶來最大效益。

Every implementation follows our core principle of privacy by design. We believe intelligence should never come at the cost of data privacy or sovereignty. And we operate a library of more than 190 proprietary purpose-built, specialized AI models optimized for security and network performance. This quarter, we continued to enhance those models, and our AI Labs released additional models that are used in our new AI security products. Unlike competitors using just generic LLMs Netskope's Intelligence is purpose-built, high-speed, and hyper-accurate.

每一項導入都遵循我們「隱私即設計」（privacy by design）的核心原則。我們相信，智慧不應以犧牲資料隱私或主權為代價。我們擁有超過 190 個專有、為特定目的打造的專精 AI 模型庫，並針對安全與網路效能進行最佳化。本季我們持續強化這些模型，而我們的 AI Labs 也發布了更多模型，並用於我們新的 AI 安全產品中。不同於競爭對手僅使用通用 LLM，Netskope 的 Intelligence 是為特定目的打造、速度快且精準度極高。

The second key pillar in our AI strategy is enabling and securing AI in real time. While legacy and first-generation SASE vendors perform so-called post-event autopsies with out-of-band scanners, Netskope provides real-time in-line AI security for corporate and shadow AI. We don't just see that an AI transaction is happening. We understand the data and intent within it, and take real-time granular action. Let me explain.

我們 AI 策略的第二個關鍵支柱，是即時啟用並保護 AI。當傳統與第一代 SASE 供應商透過帶外掃描器進行所謂的事後剖析（post-event autopsies）時，Netskope 為企業 AI 與影子 AI 提供即時、內聯（in-line）的 AI 安全防護。我們不只是看到 AI 交易正在發生。我們理解其中的資料與意圖，並採取即時且細粒度的行動。我來說明一下。

Most solutions simply see a connection. Netskope understands the deep interaction. Because our proxy is natively AI fluent, we possess the active context to determine dynamically in real time the specific AI app instances, activities, data, and more. We also determined the semantic intent of prompts and responses in real time and enforce in-line policy.

多數解決方案只看得到一個連線。Netskope 理解的是深層互動。因為我們的代理（proxy）原生具備 AI 語意理解能力，我們擁有主動式情境，可在即時狀態下動態判定特定的 AI 應用實例、活動、資料等。我們也能即時判定提示詞（prompts）與回應的語意意圖，並執行內聯政策控管。

Our Netskope One agentic broker, one of a number of new AI products we announced earlier today, also seamlessly applies this to all MCP transactions, either sanctioned or unsanctioned. This is why at Netskope, we aren't just observing and enabling the AI revolution. We are the engine generating the high-fidelity data that secures it. In today's world, the most valuable asset isn't just the AI model. It's the unique real-time data and transaction telemetry that understands the intent and lineage behind every interaction.

我們的 Netskope One 代理式（agentic）broker——也是我們今日稍早宣布的多項新 AI 產品之一——也能將這些能力無縫套用到所有 MCP 交易上，無論是核准或未核准。這就是為什麼在 Netskope，我們不只是觀察並促成 AI 革命。我們是產生高保真資料、用以保護這場革命的引擎。在當今世界，最有價值的資產不僅是 AI 模型。而是獨特的即時資料與交易遙測（telemetry），能理解每一次互動背後的意圖與譜系（lineage）。

Netskope One generates a vast and proprietary set of AI fluent metadata and data for trillions and trillions of transactions a month that traditional security tools simply cannot see or generate, decoding the complex language of AI agents generative AI apps, AI tools, and cloud JSON in mid-flight. But while the power of our unique data is a competitive moat, our purpose is singular, the dynamic protection of our customers and their non-humans and humans. We leverage this unprecedented visibility to protect our customers, ensuring that they can innovate at the speed of AI without ever compromising the integrity or sovereignty of their most sensitive information.

Netskope One 每月針對數兆又數兆筆交易產生龐大且專有、具 AI 語意理解能力的中繼資料與資料，這是傳統安全工具根本無法看見或產生的；它能在傳輸途中（mid-flight）解碼 AI 代理、生成式 AI 應用、AI 工具與雲端 JSON 的複雜語言。然而，儘管我們獨特資料的力量構成競爭護城河，我們的目的只有一個：為客戶及其非人類與人類提供動態防護。我們運用這種前所未有的可視性來保護客戶，確保他們能以 AI 的速度創新，同時絕不犧牲其最敏感資訊的完整性或主權。

We apply in-line decisiveness, or put in another way, we make granular go or no-go decisions in-flight. This allows us to stop sensitive data from entering prompts and block poisoned AI responses or injection attacks before they ever reach a customer's environment, protecting users, apps, and autonomous agents alike. And our Netskope One AI guardrails also announced today takes this to the next level. These deep contextual controls are necessary for enterprises to move from prohibiting AI to enabling AI with confidence.

我們採用即時的果斷決策；換句話說，我們在傳輸過程中進行細粒度的放行或不放行（go/no-go）決策。這使我們能在敏感資料進入提示（prompts）之前加以阻止，並在有毒的 AI 回應或提示注入攻擊到達客戶環境之前就予以封鎖，同時保護使用者、應用程式與自主代理（autonomous agents）。而我們同樣於今日宣布的 Netskope One AI 防護欄（guardrails）更將此提升到全新層級。這些深度情境式控制，對企業從「禁止 AI」轉向「有信心地啟用 AI」是必要的。

We don't just see more. We protect better, turning our unique data into the ultimate foundation of trust for the agentic era.

我們不只是看得更多。我們保護得更好，將我們獨特的資料轉化為代理時代（agentic era）最終極的信任基礎。

Our third AI strategy pillar centers around providing differentiated and unmatched performance and resilience through our NewEdge AI infrastructure. AI transactions are uniquely sensitive to legacy networks. Legacy networks create a latency tax that breaks AI performance. Conversely, our NewEdge infrastructure the world's largest, high-performance, private security cloud is the AI Fast Path. It is the most resilient high-speed highway for AI transactions globally, including AI applications and agents hosted in public, private, and neo clouds.

我們 AI 策略的第三個支柱，聚焦於透過 NewEdge AI 基礎設施提供差異化且無可匹敵的效能與韌性。AI 交易對傳統網路特別敏感。傳統網路會造成延遲稅（latency tax），進而破壞 AI 效能。相對地，我們的 NewEdge 基礎設施——全球最大、高效能的私有安全雲——就是 AI 的快速通道（AI Fast Path）。它是全球 AI 交易最具韌性的高速公路，涵蓋託管於公有雲、私有雲與新型雲（neo clouds）的 AI 應用與代理。

It is also an agile edge. Our infrastructure is defined by performance, resilience, and dynamic orchestration. We process complex security at the edge, closest to the agent, app or user, reducing lag for secure real-time inference while allowing the network to dynamically adapt to the high-velocity traffic patterns of the AI era.

它同時也是敏捷的邊緣（agile edge）。我們的基礎設施以效能、韌性與動態編排為核心。我們在邊緣端處理複雜的安全性——最貼近代理、應用或使用者——以降低延遲、支援安全的即時推論，同時讓網路能動態適應 AI 時代的高速流量型態。

And lastly, our fourth AI strategy pillar is a platform built organically and natively for the agentic economy. With an AI fluent proxy and for autonomous operations, the perimeter has shifted from being filled with people to entities. Netskope uniquely addresses this with a platform that specifically speaks the language of AI.

最後，我們 AI 策略的第四個支柱，是一個為代理經濟（agentic economy）有機打造、原生建構的平台。隨著 AI 流暢代理（AI fluent proxy）與自主營運的出現，邊界已從「充滿人」轉變為「充滿各種實體」。Netskope 以一個能夠專門「說 AI 語言」的平台，獨特地解決了這個問題。

As we mentioned, our architecture and native AI speaking proxy innately understands APIs and JSON. This AI-native visibility enables hypergranular zero trust control over AI transactions that other vendors simply cannot see. Through our just announced Netskope AI Gateway, we extend this enforcement anywhere, public cloud, private data center or the edge.

如同我們提到的，我們的架構與原生、能說 AI 語言的代理（proxy）天生就能理解 API 與 JSON。這種 AI 原生的可視性，讓我們能對 AI 交易實施超細粒度的零信任控制，而其他供應商根本看不到。透過我們剛宣布的 Netskope AI Gateway，我們將這種強制控管延伸到任何地方——公有雲、私有資料中心或邊緣端。

We also just released our first autonomous Netskope AI agents, which have already been met with exceptional customer feedback. One of the areas our agents will address will be automating operations. These classes of agents from Netskope automate complex network and security tasks, drastically reducing the human-in-the-loop requirements for global enterprises. Our recently released ZTNA AI agent has been received very well in this area.

我們也剛發布第一批自主式 Netskope AI 代理，且已獲得客戶極佳的回饋。我們的代理將著力的領域之一，是營運自動化。這些由 Netskope 提供的代理類別可自動化複雜的網路與安全任務，大幅降低全球企業對人工介入（human-in-the-loop）的需求。我們近期發布的 ZTNA AI 代理在這方面也獲得非常好的反響。

And finally, we offer universal governance. By marrying our market-leading data protection with our newly introduced Netskope AI guardrails, we secure and moderate for acceptable use all communications, either via model context protocol, MCP; via agentic broker; prompt or shadow AI for humans and non-humans alike.

最後，我們提供通用治理（universal governance）。透過結合我們市場領先的資料保護與新推出的 Netskope AI 防護欄，我們能針對所有通訊進行安全防護與可接受使用（acceptable use）的審核與調節——無論是透過模型情境協定（model context protocol, MCP）、透過代理經紀（agentic broker）、提示（prompt）或影子 AI（shadow AI），並同時涵蓋人類與非人類。

Because of these unique and highly differentiated four pillars of our AI strategic framework, many of the world's most sophisticated enterprises choose to secure, accelerate, and analyze their AI transactions through Netskope. As a result, Netskope has become one of the most definitive sources of enterprise AI data usage and trends in the world.

正因我們 AI 策略框架具備這四大獨特且高度差異化的支柱，全球許多最成熟的企業選擇透過 Netskope 來保護、加速並分析其 AI 交易。因此，Netskope 已成為全球最具代表性的企業 AI 資料使用與趨勢來源之一。

We were pleased to announce today the Netskope AI Index, which consists of a first-of-its-kind interactive view of real-time AI usage across the world; data covering virtually every country, industry vertical, and company size, providing a granular view of AI adoption; and attributable intelligence that positions Netskope as the authority that customers and the public can cite when describing the real-world trajectory of the AI economy.

我們很高興在今日宣布 Netskope AI Index，其包含：業界首創的互動式視圖，可呈現全球即時 AI 使用情況；涵蓋幾乎所有國家、各產業垂直領域與各種公司規模的資料，提供 AI 採用的細粒度視角；以及可歸因的洞察情報（attributable intelligence），使 Netskope 成為客戶與大眾在描述 AI 經濟真實世界發展軌跡時可引用的權威。

We have also kept our foot on the gas, innovating across our Netskope One platform of security networking and analytics products in other related areas. Let me share a few recent examples. On the data security front, we strengthened our competitive edge with the introduction of Netskope One Data Lineage. Data Lineage enables security teams to track and visualize the movement of sensitive data across their entire organization through various levels of origin, usage, and access, including visibility into when that data propagates or evolves.

我們也持續全速前進，在其他相關領域對我們的 Netskope One 安全網路與分析產品平台進行創新。我分享幾個近期例子。在資料安全方面，我們推出 Netskope One Data Lineage，強化了競爭優勢。Data Lineage 讓資安團隊能追蹤並視覺化敏感資料在整個組織中的流動，涵蓋不同層級的來源、使用與存取，並可看見資料何時擴散或演變。

We also introduced new capabilities and integrations to improve secure connections to enterprise applications from unmanaged or BYOD devices. Enterprise browser support was expanded to a new range of iOS and Android mobile devices. While deeper integration with our remote browser isolation and private access solutions provides a range of highly secured deployment models to enable users to connect to private apps through web browsers on their unmanaged devices.

我們也導入新的功能與整合，以改善從未受管控或 BYOD 裝置到企業應用程式的安全連線。企業瀏覽器支援已擴展至更多 iOS 與 Android 行動裝置。同時，與我們的遠端瀏覽器隔離（remote browser isolation）與私有存取（private access）解決方案更深度整合，提供一系列高度安全的部署模型，讓使用者能在其未受管控裝置上透過網頁瀏覽器連線至私有應用。

And on the networking and infrastructure side, we delivered our DNS as a service to enable customers to point their DNS traffic to Netskope for resolution, which can then use our DNS content filtering and security to provide secure access for often overlooked and unprotected use cases like guest WiFi access.

在網路與基礎設施方面，我們提供 DNS 即服務（DNS as a service），讓客戶可將其 DNS 流量指向 Netskope 進行解析，並進一步使用我們的 DNS 內容過濾與安全能力，為常被忽略且未受保護的使用情境（例如訪客 WiFi 存取）提供安全存取。

Our continued innovation expands our robust Netskope One unified platform of 25 security networking analytics and AI solutions, providing more opportunity to land and expand with customers. We are an organically built, truly integrated, modern platform for the AI and cloud era.

我們持續的創新擴展了強健的 Netskope One 統一平台，涵蓋 25 項安全、網路、分析與 AI 解決方案，為與客戶的落地與擴張（land and expand）提供更多機會。我們是一個有機打造、真正整合、面向 AI 與雲端時代的現代化平台。

I want to emphasize this point about platforms. In the context of what we repeatedly hear from customers, they are telling us that while they desire truly unify platforms over a slew of point solutions, they also are not seeking a single platform for all their security and networking needs. The unification they desire in a platform is what Netskope uniquely delivers.

我想強調平台這一點。根據我們反覆從客戶那裡聽到的回饋，他們表示：雖然他們希望真正統一的平台，而不是一堆點狀解決方案（point solutions），但他們也不尋求用單一平台滿足所有安全與網路需求。他們在平台中所渴望的那種「統一」，正是 Netskope 能獨特交付的。

We built our AI native Netskope One organically, not through M&A, which results in a disjointed cobble together solution and often frustration for customers. Our 25 products share one common code base, one engine, one console and one network, providing both better efficiency and a seamless customer experience. And our NewEdge private cloud runs Netskope's full stack of products at high speed at all of our more than 120 locations.

我們的 AI 原生 Netskope One 是有機打造，而非透過併購（M&A）堆疊而成；後者往往導致拼湊、割裂的解決方案，並常讓客戶感到挫折。我們的 25 項產品共享同一套程式碼基礎、同一個引擎、同一個主控台與同一張網路，帶來更高效率與無縫的客戶體驗。而我們的 NewEdge 私有雲在超過 120 個據點以高速運行 Netskope 的完整產品堆疊。

To illustrate how our customers are adopting our Netskope One platform, let me pivot to our go-to-market accomplishments during Q4. We saw significant customer wins across verticals and geographies, with customers turning to the Netskope One platform to enable AI adoption, modernize their security and infrastructure, consolidate vendors and replace legacy and first-generation cloud security products.

為了說明客戶如何採用我們的 Netskope One 平台，讓我轉到我們在第四季（Q4）的市場推進（go-to-market）成果。我們在各產業垂直領域與各地區都取得顯著的客戶勝利；客戶轉向 Netskope One 平台，以推動 AI 採用、現代化其安全與基礎設施、整併供應商，並取代傳統與第一代雲端安全產品。

I'll touch on some key wins and expansions across common use cases. First, customers are choosing the Netskope One platform for modernization to facilitate secure access from humans and non-human identities to their AI ecosystem, including generative AI apps and LLMs, cloud apps, web apps, and private apps. One notable win was a large global manufacturer who sought better data visibility and control and the ability to safely allow the use of AI and cloud. They chose six Netskope products to secure generative AI and cloud access, protect their data, and improve their network performance.

我將談一些在常見使用情境中的關鍵勝利與擴張。首先，客戶選擇 Netskope One 平台進行現代化，以促成從人類與非人類身分到其 AI 生態系的安全存取，涵蓋生成式 AI 應用與 LLM、雲端應用、Web 應用與私有應用。其中一個值得一提的勝利，是一家大型全球製造商希望獲得更好的資料可視性與控制能力，並能安全地允許使用 AI 與雲端。他們選擇了六項 Netskope 產品，用於保護生成式 AI 與雲端存取、保護其資料，並提升網路效能。

We also landed a top regional health system in the US, who initiated a modernization selection process to replace its legacy security network infrastructure after previously suffering a severe and costly breach. We shined in this competitive bake-off, and the customer purchased 11 products within our Netskope One platform, including our next-generation SWG with AI controls; ZTNA Next Advanced DLP, which includes proprietary AI models from our AI Labs team, borderless WAN, cloud firewall, enterprise browser, and other products to replace legacy firewall and networking products.

我們也成功拿下美國一家頂尖的區域醫療體系；該客戶在先前遭受嚴重且代價高昂的資安事件後，啟動現代化選型流程，以汰換其傳統安全網路基礎設施。我們在這場競爭性評選（bake-off）中表現出色，客戶在我們的 Netskope One 平台內採購了 11 項產品，包括具備 AI 控制的次世代 SWG；ZTNA Next Advanced DLP（內含我們 AI Labs 團隊的專有 AI 模型）、無邊界 WAN（borderless WAN）、雲端防火牆、企業瀏覽器及其他產品，用以取代傳統防火牆與網路產品。

Customers also continue to turn to Netskope for our superior unified data protection. For example, one of the largest hotel companies in the world with operations in nearly 150 countries was a notable unified data expansion win during the quarter. This client needed continuous real-time visibility into the full breadth of its data security posture. They also needed to confidently manage and protect sensitive data across cloud, on-premises, and hybrid environments, including AI and cloud data store. They purchased Netskope's DSPM solution and are now using 14 products in the Netskope One platform across its organization.

客戶也持續選擇 Netskope，因為我們在統一資料保護方面具備卓越優勢。例如，本季我們在統一資料擴展方面拿下一筆重要勝利：全球最大飯店集團之一，業務遍及近 150 個國家。該客戶需要對其整體資料安全態勢的完整範疇，具備持續的即時可視性。他們也需要能夠有信心地在雲端、地端與混合環境中（包含 AI 與雲端資料儲存）管理並保護敏感資料。他們採購了 Netskope 的 DSPM 解決方案，並且目前在其組織內使用 Netskope One 平台上的 14 項產品。

Many customers also deploy our suite of Netskope One products to modernize their infrastructure, including replacing legacy VPNs with our Zero Trust architecture, branch firewalls with our borderless SD-WANs, and migrating their networks to our high-performance private cloud, especially as they adopt more AI and cloud where performance becomes even more critical.

許多客戶也部署我們的 Netskope One 產品套件來現代化其基礎架構，包括以我們的零信任架構取代傳統 VPN、以我們的無邊界 SD-WAN 取代分支防火牆，並將其網路遷移至我們高效能的私有雲，特別是在他們採用更多 AI 與雲端之際，效能變得更加關鍵。

For example, we landed a Canadian gaming company that needed to modernize their network for AI and cloud, provide secure remote access to their global workforce and meet governmental regulatory requirements. This customer replaced legacy hardware products at more than 5,000 locations with Netskope's borderless SD-WAN and ZTNA Secure Access Solutions and purchased our NextGen Secure Web Gateway with added AI protections for secure generative AI usage.

例如，我們拿下一家加拿大遊戲公司；該公司需要為 AI 與雲端現代化其網路、為其全球員工提供安全的遠端存取，並符合政府監管要求。該客戶在超過 5,000 個據點以 Netskope 的無邊界 SD-WAN 與 ZTNA 安全存取解決方案取代傳統硬體產品，並採購我們的次世代安全 Web 閘道（NextGen Secure Web Gateway），加入額外的 AI 防護以確保生成式 AI 的安全使用。

In another win, a European government chose us to modernize its legacy on-prem security infrastructure and drive data sovereignty. They wanted to consolidate multiple point solutions into a single centrally managed platform to protect sensitive data while meeting strict government regulatory requirements. The organization purchased our comprehensive Netskope SSE platform, covering security for AI, web, cloud, and data.

在另一筆勝利中，某歐洲政府選擇我們來現代化其傳統地端安全基礎架構並推動資料主權。他們希望將多個點狀解決方案整合為單一、集中管理的平台，在符合嚴格政府監管要求的同時保護敏感資料。該組織採購了我們完整的 Netskope SSE 平台，涵蓋 AI、Web、雲端與資料的安全防護。

Finally, our global fast and resilient NewEdge private cloud network makes us particularly well suited to deliver globally distributed and highly regulated customers, the data sovereignty and regulatory compliance that they require. For example, we landed two of the largest banks in Africa in two separate deals. One was a unified data protection deal that we successfully baked off against a primary competitor. The other was a network modernization deal where we replaced the same competitor with Netskope's market-leading SSD solutions and higher-performing NewEdge private cloud.

最後，我們全球快速且具韌性的 NewEdge 私有雲網路，使我們特別適合為全球分散且高度受監管的客戶提供其所需的資料主權與法規遵循。例如，我們在兩筆獨立交易中拿下非洲最大的兩家銀行。其中一筆是統一資料保護交易，我們在與主要競爭對手的競標測試（bake-off）中成功勝出。另一筆是網路現代化交易，我們以 Netskope 市場領先的 SSD 解決方案與更高效能的 NewEdge 私有雲取代了同一競爭對手。

Our local data centers in Africa were our driver for the wins as we are able to deliver superior performance and data sovereignty to these customers. The geographic and vertical diversity of these customer wins and use cases is a testament to our clear technical differentiation and disciplined execution across all regions.

我們在非洲的在地資料中心是這些勝利的關鍵推動因素，因為我們能為這些客戶提供更優異的效能與資料主權。這些客戶勝利與使用案例在地理與產業垂直領域上的多元性，證明了我們明確的技術差異化，以及在所有地區的紀律化執行。

Our new customer wins were all competitive bake-offs against primary competitors, where the capabilities of the Netskope's platform proved itself in extensive POVs. We continue to land with multiple products and have seen strong growth in multiproduct adoption across our customer base. As of the end of Q4, 56% of our customers were using four or more Netskope One products and 27% were using six or more products.

我們的新客戶勝利皆是在與主要競爭對手的競標測試中取得，Netskope 平台的能力在廣泛的 POV（概念驗證）中證明了自身價值。我們持續以多產品切入，並看到客戶群中多產品採用呈現強勁成長。截至第四季末，56% 的客戶使用四項或以上的 Netskope One 產品，27% 的客戶使用六項或以上產品。

I'm pleased with the strong performance of our go-to-market team across the globe. Our newly hired sales reps are ramping, and our tenured reps are delivering strong productivity. We put great leaders in place and recently filled some of our remaining key sales leadership positions, including the appointment of Joe Welsh to lead our US public sector vertical, an area where we are underpenetrated but have strong opportunities. Joe is a seasoned veteran with decades of public sector experience in this space.

我對我們全球 go-to-market 團隊的強勁表現感到滿意。我們新聘的業務代表正在加速上手，而資深代表則展現出強勁的生產力。我們已配置優秀的領導者，並近期補齊部分剩餘的關鍵銷售領導職位，包括任命 Joe Welsh 領導我們美國公共部門垂直市場；該領域我們滲透率仍低，但機會非常強。Joe 是資深老將，在此領域擁有數十年的公共部門經驗。

We are also continuing to hire highly talented reps in all geographies, many of who are joining us from key competitors across our space. I just returned from our annual sales kickoff, and I can tell you that our team's excitement, energy and conviction is truly palpable. Our momentum is only building.

我們也持續在所有地區招募高度優秀的業務代表，其中許多人來自我們領域內的主要競爭對手。我剛從年度銷售啟動大會返程，可以告訴各位，我們團隊的興奮感、能量與信念確實非常強烈。我們的動能只會持續增強。

As part of our comprehensive go-to-market strategy, we also continue to strengthen our relationships with system integrators and strategic partners. During Q4, we partnered with the largest GSI in the world on a major enterprise deal in the energy sector, supporting digital transformation and Zero Trust for approximately 80,000 employees.

作為我們全面 go-to-market 策略的一部分，我們也持續強化與系統整合商及策略夥伴的關係。在第四季，我們與全球最大的 GSI 在能源產業的一筆重大企業交易中合作，支援約 80,000 名員工的數位轉型與零信任。

Other recent engagements include a large government defense customer in Asia Pacific and a major health care customer in North America. This key partner holds over 150 certifications on the Netskope platform, and their support extends our global operations. This is just one example of how we are partnering well on a large scale, partner-driven enterprise transformations globally.

其他近期合作案包括亞太地區的大型政府國防客戶，以及北美的重要醫療保健客戶。這家關鍵夥伴在 Netskope 平台上擁有超過 150 項認證，其支援也延伸了我們的全球營運能力。這只是我們如何在全球以大規模方式、透過夥伴驅動的企業轉型進行良好合作的一個例子。

On the technology partner side, Netskope also recently achieved the Amazon Web Services security competency status for AI security. This competency assures AWS customers that Netskope has met technical and quality standards to deliver best-in-class solutions for securing AI workloads across AI security use cases.

在技術夥伴方面，Netskope 近期也取得 Amazon Web Services 的 AI 安全能力認證（security competency status）。此能力認證向 AWS 客戶保證，Netskope 已符合技術與品質標準，能在各類 AI 安全使用情境中，提供用於保護 AI 工作負載的同級最佳解決方案。

In closing, I want to reiterate that we are in the early innings of an AI supercycle that is exposing a fundamental flaw in legacy and first-generation SASE architecture. Legacy security acts as a latency tax on AI performance, forcing enterprises to choose between safety and speed. We believe the next decade will be defined by a structural shift towards an intelligent edge architecture built specifically for an autonomous agentic economy.

最後我想再次強調，我們正處於 AI 超級循環的早期階段，而這正在暴露傳統與第一代 SASE 架構的一個根本缺陷。傳統安全會對 AI 效能形成延遲稅（latency tax），迫使企業在安全與速度之間做出取捨。我們相信，未來十年將由一個結構性轉變所定義：轉向專為自主代理（agentic）經濟打造的智慧邊緣架構。

Netskope is uniquely positioned for this era for three reasons. First, we have an architecture for the future. While legacy vendors proxy to pass, NetSkope is the distinctly AI-native proxy with innate fluency to secure the languages of the future, APIs, JSON, and the emerging protocols like MCP.

Netskope 之所以能在這個時代具備獨特優勢，原因有三。第一，我們擁有面向未來的架構。當傳統供應商以代理（proxy）方式「通過即放行」（proxy to pass）時，Netskope 則是明確的 AI 原生代理，天生具備保護未來語言的能力，包括 API、JSON，以及像 MCP 這類新興協定。

Two, we also scale without friction. We have eliminated the security tax. Our AI Fast Path infrastructure has unique capabilities to perform complex, real-time security at the speed of AI inference.

第二，我們也能無摩擦地擴展規模。我們已消除安全稅（security tax）。我們的 AI Fast Path 基礎架構具備獨特能力，能以 AI 推論的速度執行複雜、即時的安全防護。

And three, finally, we are an intelligence moat. Our advantage is rooted in active context and the real-time AI fluent proprietary data we generate. While others count traffic, we understand intent. Our proprietary data from trillions of real-time transactions validated by the Netskope AI index makes us the indispensable source of truth for the Ai economy.

第三，也是最後一點，我們擁有智慧護城河。我們的優勢根植於主動式情境（active context）以及我們所產生、即時且具 AI 語意理解的專有資料。當其他人只是在計算流量時，我們理解的是意圖。我們來自數兆筆即時交易的專有資料，並由 Netskope AI 指數驗證，使我們成為 AI 經濟不可或缺的真實來源（source of truth）。

Sitting squarely at the intersection of cloud, AI, networking, and security, Netskope has a massive market opportunity, which is projected to grow to at least $149 billion by 2028. We've just begun to scratch the surface and look forward to what's to come. The plumbing of the AI era is being laid today, and it will take many years to fully realize.

Netskope 正位於雲端、AI、網路與安全的交會點，擁有龐大的市場機會，預計到 2028 年至少成長至 1,490 億美元。我們才剛開始觸及表面，並期待未來的發展。AI 時代的「管線工程」（plumbing）正在今天鋪設，而要完全實現其價值仍需多年時間。

By unifying high-speed performance, with deep semantic intelligence, Netskope isn't just selling a platform. We are providing the essential adaptive fabric to the modern AI enterprise for the next decade-plus. This is a structural durable moat designed to stand the test of time.

透過將高速效能與深度語意智慧加以整合，Netskope 不只是銷售一個平台。我們正在為現代 AI 企業提供未來十年以上所需的關鍵自適應基底（adaptive fabric）。這是一道結構性且持久的護城河，旨在經得起時間考驗。

Fiscal 2026 was an incredible year of growth and expansion for Netskope, and our IPO in September was just the beginning of our public company journey. We see an incredible path ahead as we attack the AI security and network opportunity with exciting new products, continue to bring more customers onto our platform, expand business with existing ones, drive further innovation, ramp our sales team, and drive awareness globally.

2026 會計年度對 Netskope 而言是成長與擴張極為出色的一年，而我們在 9 月的 IPO 只是作為上市公司旅程的開始。我們看到前方有一條令人振奮的道路：以令人期待的新產品切入 AI 安全與網路機會、持續讓更多客戶上平台、擴大與既有客戶的業務、推動更多創新、加速擴編銷售團隊，並在全球提升市場認知。

I'm proud of what we have accomplished, particularly our first full year of positive free cash flow generation and industry-leading ARR growth at scale. I look forward to seeing many of you at RSA in a few weeks, where we'll demonstrate and share more about our AI strategy and new products and engage in other ways in the months ahead.

我為我們所達成的成果感到自豪，特別是我們首個完整年度實現正向自由現金流，以及在規模化下達成業界領先的 ARR 成長。我期待在幾週後於 RSA 與各位中的許多人見面，屆時我們將展示並分享更多關於我們的 AI 策略與新產品，並在未來幾個月以其他方式持續交流。

With that, let me now turn it over to Drew to provide financial details on the fourth quarter and our outlook for the first quarter and fiscal year 2027. Drew?

接下來，讓我把時間交給 Drew，請他提供第四季的財務細節，以及我們對 2027 會計年度第一季與全年展望。Drew？

Thank you, Sanjay, and hello, everyone. As Sanjay shared, Netskope had a very successful fourth quarter, closing out the year on a strong note. We continue to deliver significant growth as our investments in NewEdge, new product innovation, and our go-to-market organization continued to pay off.

謝謝你，Sanjay，各位大家好。如同 Sanjay 所分享的，Netskope 在第四季表現非常成功，為全年畫下強勁句點。我們持續交出顯著成長，因為我們在 NewEdge、新產品創新，以及我們的市場推進（go-to-market）組織上的投資持續見效。

Before I share Q4 and fiscal year 2026 results, let me remind you that all financial comparisons are on both a year-over-year and non-GAAP basis, unless stated otherwise.

在我分享第四季與 2026 會計年度的結果之前，先提醒各位：除非另有說明，所有財務比較皆以年對年（year-over-year）且以非 GAAP 基礎呈現。

For the full-year 2026, we are proud of what we accomplished. We delivered revenue of $709 million, or 32% growth. ARR of $811 million, up 31% year over year. Net new ARR of $193 million, up 35% versus fiscal 2025.

就 2026 全年而言，我們為所達成的成果感到自豪。我們實現營收 7.09 億美元，成長 32%。ARR 為 8.11 億美元，年增 31%。淨新增 ARR 為 1.93 億美元，較 2025 會計年度成長 35%。

Operating margin improvement of 18 percentage points while continuing to invest in our innovation and go-to-market engines. And we generated $12 million in positive free cash flow, which marks Netskope's first fiscal year of positive free cash flow and an improvement of $163 million over fiscal 2025. This translates to a 30-percentage-point free cash flow margin improvement year over year.

在持續投資於創新與市場推進引擎的同時，營業利益率改善了 18 個百分點。我們也產生了 1,200 萬美元的正向自由現金流，這是 Netskope 首個自由現金流轉正的會計年度，且較 2025 會計年度改善 1.63 億美元。這相當於自由現金流利潤率年對年改善 30 個百分點。

Moving on to Q4 results. ARR grew 31% to $811 million at the end of Q4. As Sanjay noted, we also had a record quarter for net new ARR of $57 million. Q4 revenue grew 32% to $196 million. We also experienced strength across geographies. In Q4, revenue in the Americas grew 32%, EMEA increased 36%, and APJ grew 26%. Our teams executed well, and our investments in our sales organization are paying off.

接著看第四季結果。截至第四季末，ARR 成長 31% 至 8.11 億美元。如 Sanjay 所提到，我們的淨新增 ARR 也創下單季新高，達 5,700 萬美元。第四季營收成長 32% 至 1.96 億美元。我們在各地區也都展現強勁動能。第四季，美洲營收成長 32%，EMEA 成長 36%，APJ 成長 26%。我們的團隊執行到位，對銷售組織的投資正在見效。

In terms of customer metrics, the number of customers generating more than $100,000 in ARR in Q4 grew 22% year over year to 1,531. Enterprise and large enterprise customers are our focus, and more than 85% of our ARR comes from $100,000-plus ARR customers. Note that the average ARR from this customer cohort grew to more than $450,000 per customer. This is indicative of our success in both expanding our installed base and securing significant new enterprise deployments.

就客戶指標而言，第四季 ARR 超過 10 萬美元的客戶數年增 22% 至 1,531 家。企業與大型企業客戶是我們的重點，且超過 85% 的 ARR 來自 ARR 10 萬美元以上的客戶。請注意，該客群的平均 ARR 已提升至每位客戶超過 45 萬美元。這顯示我們在擴大既有客戶部署規模，以及取得重要的新企業級部署方面都相當成功。

Our Q4 net retention rate, or NRR, was 116%, while our churn and downsell rates remained at historic lows. Composition of deals varies quarter by quarter, but our consistently strong NRR reflects our customers' ongoing confidence in Netskope's platform and expansion of their deployments as they consolidate vendors and modernize their infrastructure. Customers view Netskope as a long-term strategic partner given our commitment to innovation and ability to deliver products that solve the complex and evolving security challenges in the cloud and AI era.

我們第四季的淨留存率（NRR）為 116%，同時流失率與降級（downsell）率仍維持在歷史低點。交易組合每季都會有所不同，但我們一貫強勁的 NRR 反映出客戶對 Netskope 平台的持續信心，以及在其整併供應商並現代化基礎架構的過程中擴大部署。鑑於我們對創新的承諾，以及能提供解決雲端與 AI 時代複雜且持續演進之資安挑戰的產品，客戶將 Netskope 視為長期策略夥伴。

In addition to NRR, we look at multi-product adoption to demonstrate our expansion opportunity within our customer base. As Sanjay mentioned, at the end of Q4, 56% of our customers were using four or more products versus 48% a year ago. And 27% were using six or more products, up from 22% a year ago. We're pleased with this progress and believe our 25-product Netskope One platform gives us a clear opportunity continually expand within our growing customer base as they consolidate more of their security and networking stack with us.

除了 NRR 之外，我們也觀察多產品採用情況，以展現我們在既有客戶群中的擴張機會。如 Sanjay 所提到，截至第四季末，56% 的客戶使用四項或以上產品，高於一年前的 48%。另有 27% 的客戶使用六項或以上產品，高於一年前的 22%。我們對此進展感到滿意，並相信我們擁有 25 項產品的 Netskope One 平台，讓我們在持續成長的客戶群中具備明確的持續擴張機會，因為客戶會把更多資安與網路堆疊（stack）整併到我們的平台上。

Moving on to the rest of the income statement, where we saw the benefits of Netskope being built to scale. Gross margin was 76%, an increase of approximately 5 percentage points from Q4 last year. Our gross margin expansion is being driven by the efficiency of our NewEdge architecture, which is generating better unit economics as we scale.

接著看損益表的其餘部分，我們看到了 Netskope 以可擴展性為核心所帶來的效益。毛利率為 76%，較去年第四季提升約 5 個百分點。毛利率擴張主要來自 NewEdge 架構的效率，隨著規模擴大，帶來更佳的單位經濟效益。

Q4 operating expenses totaled $171 million, up approximately 3% sequentially. Operating margin improved 5 percentage points year over year to negative 10%. R&D expenses improved 100 basis points year over year to 36% of revenue, driven by earlier investments in common data platform and hiring and high talent cost-efficient locations. Sales and marketing expenses remained flat at 40% of revenue as we continue to invest in quota-carrying sales reps.

第四季營業費用合計 1.71 億美元，較前一季約增加 3%。營業利益率年對年改善 5 個百分點至負 10%。研發費用占營收比重年對年改善 100 個基點至 36%，主要受惠於先前在共通資料平台的投資，以及在高人才成本效率地點的招募。銷售與行銷費用占營收比重維持在 40% 不變，因我們持續投資於具配額責任的業務代表。

Our consistent improvement in gross margin and operating margin reflect the operating leverage we've unlocked as our earlier strategic investments in infrastructure and talent begin to compel. Net loss per share was $0.04 using 395 million weighted average shares outstanding. As a reminder, our non-GAAP EPS excludes the change in fair value of the convertible notes we issued prior to our IPO.

毛利率與營業利益率的持續改善，反映出我們在先前對基礎設施與人才的策略性投資開始發揮作用後所釋放的營運槓桿。以流通在外加權平均股數 3.95 億股計算，每股淨損為 0.04 美元。提醒各位，我們的非 GAAP EPS 排除了我們在 IPO 前發行之可轉換公司債公允價值變動的影響。

Fully diluted share count using the treasury stock method was approximately 503 million shares as of January 31, 2026. We generated $4 million in free cash flow in Q4, representing a 2% free cash flow margin. Note that this was driven by our laser focus on efficiencies and in the first year of our transition to annual billings. We're pleased with our ability to drive positive free cash flow as this demonstrates the leverage inherent in our model.

截至 2026 年 1 月 31 日，採庫藏股法計算的完全稀釋後股數約為 5.03 億股。我們第四季產生 400 萬美元自由現金流，代表 2% 的自由現金流利潤率。請注意，這主要來自我們對效率的高度聚焦，以及我們轉向年度計費的第一年。我們對能推動正向自由現金流感到滿意，因為這展現了我們商業模式內含的槓桿效益。

While we'll continue to realize the benefits of being built to scale on margins and cash flow, our path to sustainable positive free cash flow is not expected to be linear. The timing of cash collections can vary quarter to quarter, and we expect to continue investing in the business for long-term growth.

雖然我們將持續在利潤率與現金流方面享受可擴展性帶來的效益，但我們邁向可持續的正向自由現金流之路，預期不會是線性的。現金收款時點可能會因季度而異，我們也預期將持續投資於業務，以支持長期成長。

And finally, we ended the fourth quarter with $1.2 billion in cash, cash equivalents, and marketable securities.

最後，我們在第四季結束時持有 12 億美元的現金、約當現金與有價證券。

Before I share our guidance for the first quarter and fiscal year 2027, let me briefly outline some factors that should be considered. We're continuing to make investments in our business, most notably in R&D and sales and marketing. We're continuing to hire sales reps across the globe to support our expanding market opportunity aligned to the AI supercycle that Sanjay noted. At the same time, we are leaning further into our AI roadmap and expanding our AI native Netskope One platform with additional products to support our customers' AI adoption journey spoke today and in the future.

在我分享我們對 2027 會計年度第一季與全年的指引之前，先簡要說明幾項應納入考量的因素。我們將持續對業務進行投資，最主要是在研發以及銷售與行銷方面。我們持續在全球招募業務代表，以支援我們擴大的市場機會，並與 Sanjay 所提到的 AI 超級循環相呼應。同時，我們也將更深入推進 AI 路線圖，並以更多產品擴展我們的 AI 原生 Netskope One 平台，以支援客戶在今天與未來的 AI 採用旅程。

While we're adding AI engineers and data scientists to drive further innovation in this important emerging area, we're also empowering our teams with AI tools to drive efficiencies in development and other areas of our business. We expect to see most of the impact from these investments to operating margin during the first half of the year leading to improving operating margin in the second half of the year.

在我們增聘 AI 工程師與資料科學家以推動此一重要新興領域的進一步創新之際，我們也以 AI 工具賦能團隊，提升開發與其他業務領域的效率。我們預期這些投資對營業利益率的影響多數將出現在上半年，並在下半年帶動營業利益率改善。

As we look at gross margin, we are on track to achieve our long-term target of 80%. With the foundational investments we've made in NewEdge, we now expect margin gains to come through top-line growth and continued optimization. Now that gross margins improved into the mid-70s, we expect progress from here to be more gradual and may not follow the linear step function seen in recent quarters.

就毛利率而言，我們正按計畫朝著80%的長期目標邁進。隨著我們在NewEdge所做的基礎性投資到位，我們現在預期毛利率的提升將主要來自營收端成長以及持續的最佳化。在毛利率已改善至70%中段之後，我們預期後續進展將更為漸進，未必會延續近幾季所見的線性階梯式提升。

Also, as we've discussed in the past, we are shifting customers to annual billing on multi-year contracts where possible. Billing annually will improve the predictability and consistency of our cash flows. I'm pleased to highlight that this transition is occurring faster than we originally expected. While it's difficult to predict exactly how this will impact future free cash flow, we expect to see the most significant impact in Q1 with negative free cash flow in the range of $50 million to $60 million.

另外，如同我們過去討論過的，我們正盡可能將客戶轉為多年度合約的年度計費。採用年度計費將提升我們現金流的可預測性與一致性。我很高興強調，這項轉換的進度比我們原先預期更快。雖然很難精準預測這將如何影響未來的自由現金流，但我們預期最顯著的影響會出現在第一季，自由現金流為負，約在5,000萬至6,000萬美元之間。

We expect that to improve in the second quarter, return to positive free cash flow during the second half of the year and to end the full year with positive free cash flow in the range of 2% to 4%. We will continue to provide you with quarterly updates as we progress throughout the year. We began this billing transition a year ago and expect to see the bulk of the impact this year.

我們預期第二季會改善，下半年恢復為正的自由現金流，並在全年結束時達到正的自由現金流，全年自由現金流率約為2%至4%。隨著我們在全年推進，我們將持續按季向各位提供更新。我們在一年前開始這項計費轉換，並預期今年將看到大部分影響。

And finally, we believe we are uniquely positioned as a significant beneficiary of the AI supercycle due to our unified AI native fabric that eliminates the trade-off between performance and security. At the same time, we are early in the year, still have a large portion of our sales reps ramping, and we are continuing to establish our reporting cadence as a public company. And while AI and cloud adoption are driving significant investments in platforms like Netskope, we recognize that macro and geopolitical factors have the potential to impact customer spending plans. We've built our guidance with these factors in mind.

最後，我們相信，憑藉我們統一的AI原生架構（fabric），能消除效能與安全之間的取捨，因此我們具備獨特定位，可望成為AI超級循環的重要受益者。同時，年初時點我們仍有相當大比例的業務代表正在爬坡（ramping），且我們也在持續建立作為上市公司的資訊揭露節奏。此外，儘管AI與雲端採用正推動對Netskope等平台的大量投資，我們也認知到總體經濟與地緣政治因素可能影響客戶支出規劃。我們在制定指引時已將這些因素納入考量。

Let me now provide our guidance for Q1 and fiscal year 2027. As a reminder, these numbers are all non-GAAP, unless stated otherwise. For Q1, fiscal 2027, we expect revenue in the range of $197 million to $199 million, representing growth of approximately 26% at the midpoint. Operating margin of approximately negative 16%. Net loss per share of $0.06 to $0.07 using approximately 405 million weighted average common shares outstanding.

接下來我提供第一季與2027會計年度的指引。提醒一下，除非另有說明，以下數字皆為非GAAP。就2027會計年度第一季而言，我們預期營收介於1.97億至1.99億美元，中位數約成長26%。營業利益率約為負16%。以約4.05億股加權平均流通普通股計算，每股淨損為0.06至0.07美元。

We expect to see the largest free cash flow impact of our transition to annual billings in the first half of fiscal 2027, with much of that impact in Q1. As I mentioned, we expect negative free cash flow in Q1 of $50 million to $60 million.

我們預期，轉為年度計費對自由現金流的最大影響將出現在2027會計年度上半年，其中多數影響在第一季。如我所提，我們預期第一季自由現金流為負5,000萬至6,000萬美元。

For the full year, fiscal 2027, we expect revenue in the range of $870 million to $876 million, representing growth of approximately 23% at the midpoint; gross margin of approximately 77%; operating margin of approximately negative 10%, gradually improving from negative 16% in the first half of the year; net loss per share of $0.19 using approximately 415 million weighted average common shares outstanding; free cash flow margin in the range of 2% to 4%. Note that the annual billings transition is estimated to reduce our free cash flow margin by approximately 6 percentage points which is reflected in this guidance.

就2027會計年度全年而言，我們預期營收介於8.70億至8.76億美元，中位數約成長23%；毛利率約77%；營業利益率約為負10%，並將自上半年約負16%逐步改善；以約4.15億股加權平均流通普通股計算，每股淨損為0.19美元；自由現金流率介於2%至4%。請注意，年度計費轉換預估將使我們的自由現金流率降低約6個百分點，且已反映於本指引中。

As noted earlier, we expect that to improve in the second quarter, return positive free cash flow during the second half of the year and end the year with positive free cash flow. We've highlighted these modeling points in the Appendix of our investor presentation.

如先前所述，我們預期第二季會改善，下半年恢復為正的自由現金流，並在年底以正的自由現金流作結。我們已在投資人簡報的附錄中強調這些建模要點。

In closing, we remain confident in our ability to execute on our long-term strategy and innovation, driving strong and durable revenue growth and capturing share of our expanding opportunity. We remain focused on prioritizing disciplined execution and strategic investments that strengthen our competitive advantage and continue to drive growth and margin expansion.

總結來說，我們對於執行長期策略與持續創新仍充滿信心，將推動強勁且具持久性的營收成長，並在不斷擴大的機會中取得市占。我們仍專注於優先落實嚴謹的執行與策略性投資，以強化競爭優勢，並持續推動成長與利潤率擴張。

Innovation drives our flywheel for growth. As such, we will continue to invest in data and AI engineers while utilizing AI to drive efficiency and product velocity. We'll also continue to invest in go-to-market while remaining fiercely committed to delivering profitable growth.

創新驅動我們的成長飛輪。因此，我們將持續投資資料與AI工程師，同時運用AI提升效率與產品開發速度。我們也將持續投資市場推進（go-to-market），同時堅定致力於實現具獲利性的成長。

Thank you for your time today. With that, I'll turn it over to the operator for Q&A.

感謝各位今天撥冗參與。接下來我把時間交給主持人進行問答。

(Operator Instructions) Brian Essex, JPMorgan.

（主持人指示）Brian Essex，摩根大通。

Congrats on some solid results. Maybe one question for Sanjay and then a follow-up for Drew. I guess for Sanjay, where would you assess that we are in the maturation cycle with respect to enterprises knowing what they need to secure AI? Are your AI security announcements ahead of the curve? Or are these approaches that you're already seeing CIOs demand as they look to kind of secure their AI estate?

恭喜取得一些穩健的成果。我可能先問Sanjay一個問題，接著再追問Drew。我想請教Sanjay，就企業在了解自己需要什麼來保護AI這件事上，你會如何評估目前所處的成熟週期階段？你們的AI安全相關發布是走在趨勢前面嗎？還是說，當CIO們著手保護其AI資產版圖時，你們已經看到他們在要求這類作法？

And then for Drew, could you maybe just help us understand the context of the sequential revenue guide? It looks like 1Q would imply only up a couple of million dollars. So I'd love to understand the puts and takes there. Thank you both.

然後對Drew，你能否協助我們理解一下營收指引的季增背景？看起來第一季意味著只增加幾百萬美元。我很想了解其中的利多與利空因素。謝謝你們兩位。

Great question, Brian. So I think, first of all, from an AI perspective, most organizations are in the infancy. They're in the first inning. 90% of their usage of AI is shadow AI, meaning they actually didn't bring it in; their end users did. And so when you think about that concept, you harken back to this really seem very early.

很好的問題，Brian。我想首先，從AI的角度來看，多數組織仍處於萌芽階段。他們還在第一局。其AI使用量有90%是「影子AI」，也就是其實不是組織導入的，而是終端使用者自行使用的。因此當你從這個概念來思考，就會回到一個結論：這看起來仍非常早期。

And so from an AI security perspective, our focus is always to kind of skate to where the puck is going, anticipate what they'll need and deliver a best-of-breed solution to solve this problem, discover their AI, guardrail it and control it, and then enable it with precision.

因此從AI安全的角度，我們的重點一向是要「滑向冰球將要去的地方」，預判他們將需要什麼，並提供業界最佳（best-of-breed）的解決方案來解決這個問題：發現他們的AI、建立護欄並加以控管，然後以精準的方式啟用它。

And so that's what these new products do, building upon our previous capabilities to enable AI. So we'll share more at RSA and beyond as well on that. Drew?

這也正是這些新產品所做的事：在我們既有的AI賦能能力之上再加以建構。我們也會在RSA以及之後分享更多內容。Drew？

Yeah. Thanks, Brian. In terms of the Q1, I think you're talking about Q1 guidance. Again, first year as a public company, and so we're going to remain prudent as we've said in the past. And so there's that.

是的。謝謝，Brian。就第一季而言，我想你指的是第一季指引。再次強調，這是我們作為上市公司的第一年，因此我們會如同過去所說，保持審慎。所以有這一點。

We do have reps ramping. As we talked about before, they tend to ramp more later in the year, let's say. And so we still have a little bit of -- quite a bit of ramping going on with terms of the reps that's come in over the last year.

我們確實有業務代表正在爬坡。如同我們之前談到的，他們通常在一年較後段才會更明顯地爬坡。因此，就過去一年加入的業務代表而言，我們仍有一些——其實相當多——仍在爬坡中。

And then finally, there's some geopolitical macro headwinds have probably happened over the last -- I would say, the last couple of weeks.

最後，過去——我會說在最近幾週——也出現了一些地緣政治與總體環境的逆風。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Congratulations. Maybe for Sanjay, just in terms of -- are you seeing -- I think during the IPO process, you kind of talked about the four main use cases that people were kind of coming in with. Are you seeing any changes in what either those use cases are? Or as you start to expand more of the product portfolio that you're selling, just any changes to kind of where a majority of people are coming in?

恭喜。或許問Sanjay：就——你是否看到——我想在IPO過程中，你曾談到大家主要帶著四個主要使用情境（use cases）進來。你是否看到這些使用情境本身有任何變化？或者，隨著你開始擴大你所銷售的產品組合，大家主要從哪些切入點進來，是否有任何變化？

And then maybe a follow-up just in terms of maybe the net new ARR growth this quarter, net expansion stepping back from Q3. Just any commentary on kind of what you saw there would be helpful.

接著可能再追問一下，就本季淨新增 ARR 成長而言，淨擴張相較於 Q3 有所回落。想請你分享一下你們觀察到的情況，任何評論都會很有幫助。

Yeah. Great question. So from a use case perspective, when you look at our top use cases, they were come in to help people enable cloud and web, no matter where they are. The second was securing and enabling AI. I will say that has moved up in the stack. Every conversation I have people come to us and say, look, we already run all our AI traffic through you.

是的。問得很好。從使用情境的角度來看，當你檢視我們最主要的使用案例時，第一是協助客戶在任何所在地都能啟用雲端與網路。第二是保護並啟用 AI。我想說的是，這個已經在產品堆疊中往上移了。我每次對話，大家都會來跟我們說：你看，我們已經把所有 AI 流量都跑過你們。

We released the NetScope AI index today. It's probably the first definitive source of worldwide AI tracking by vertical, by geo, and by size of customer. Well, that kind of shows you the amount of AI traffic traversing the NewEdge network. And so what people have come to us to say is, look, you are the fast path to AI. Let us, like help us secure it, enable it, guardrail it, and let us say yes to it. And so that is a top, top use case that they're coming to us with, and that has been elevated.

我們今天發布了 NetScope AI 指數。這可能是第一個具權威性的全球 AI 追蹤來源，可按產業別、地理區域以及客戶規模來看。這也讓你看到有多少 AI 流量正在穿越 NewEdge 網路。因此客戶來找我們時會說：你們是通往 AI 的快速通道。請幫我們把它保護好、啟用它、設好護欄，讓我們能對它說「可以」。所以這是他們帶來的最、最重要的使用案例之一，而且其重要性已被提升。

Obviously, the other one is remote access, modernize my infrastructure, converge, consolidate, simplify my network security. All of those are still top of mind, but definitely, the AI one has been raised. And so we're very excited about that to be blunt because we feel like, hey, this is what we were born for, right? Our nuance -- our proxy is really a JSON API MCP fluent proxy. Start with cloud and now AI is sort of a one-two punch in a good way for us. And so we're very excited, obviously, about what's to come to be blunt in the many, many years because we're early, obviously, in the AI supercycle.

當然，另一個是遠端存取、讓我的基礎架構現代化、整合、收斂並簡化我的網路安全。這些仍然是大家關注的重點，但 AI 的確被拉高了優先順序。坦白說，我們對此非常興奮，因為我們覺得：嘿，這正是我們與生俱來要做的事，對吧？我們的獨特之處——我們的代理（proxy）其實是一個對 JSON API、MCP 都很流暢的代理。先從雲端開始，而現在 AI 對我們來說某種程度上形成一個很好的「一二連擊」。所以坦白說，我們對未來很多很多年的發展都非常期待，因為我們顯然仍處於 AI 超級循環的早期。

As far as net new ARR, we had obviously a high comp in Q4 of last year. You can see that as you kind of metric it and you watch through that growth. We're obviously happy to record the highest net new ARR we've ever had. You saw the growth in our customers of over $100,000 in ARR, right, and 23%-plus, and obviously strong upsell as well.

就淨新增 ARR 而言，去年 Q4 的比較基期顯然很高。你可以在量化指標上看到，並一路追蹤那個成長。我們當然很高興能創下史上最高的淨新增 ARR。你也看到 ARR 超過 10 萬美元的客戶數成長了 23% 以上，且加購（upsell）也很強勁。

And so for us, the other big point to remember is we really started hiring and ramping our reps mid-year, so beginning in Q3 last year. It takes about 12 months for them to ramp to full productivity. And so that's another big piece for us that we continue to drive.

對我們來說，另一個要記得的重點是，我們其實是在年中才開始大量招募並讓業務代表加速上線，也就是從去年 Q3 初開始。他們大約需要 12 個月才能爬坡到完全生產力。因此這也是我們持續推動的另一個重要面向。

Rob Owens, Piper Sandler.

Rob Owens，Piper Sandler。

Wanted to ask more high level just around revenue model and as you think forward. I know it's been disclosed here. You're primarily a seat-based model. And obviously, there are some concerns in the marketplace around what seat-based models look like going forward, especially in light of all the recent layoffs.

想從更高層次問一下營收模式，以及你們往前看的想法。我知道這裡已經揭露過。你們主要是以席位（seat）為基礎的模式。而且市場上對於席位制模式未來的樣貌確實有一些疑慮，特別是在近期大量裁員的背景下。

So as you add new modules and new capabilities, do you see that shifting more either towards traffic or capacity or think that it will be an underlying seat-based model that you're protected by adding more modules on top? So would just love some color. Thanks.

所以當你們加入新模組與新能力時，你們是否看到它會更偏向以流量或容量計費？或者你們認為仍會以底層的席位制為主，並透過在其上疊加更多模組來獲得保護？很希望你能多分享一些看法。謝謝。

Yeah, it's a great question. So when you look at what we do, we run the traffic for most enterprises. We run everything. All the generative AI traffic, all their agentic traffic, their cloud traffic, their on-prem traffic, it goes through us. The reality, though, is there is no free lunch on our network. And so if you're going to run users through our infrastructure, which is what obviously people do, you pay for that by user.

是的，這是個很好的問題。當你看我們在做什麼時，我們為大多數企業承載其流量。我們跑所有東西。所有生成式 AI 流量、所有代理式（agentic）流量、雲端流量、地端（on-prem）流量，都會經過我們。但現實是，在我們的網路上沒有免費午餐。所以如果你要讓使用者跑在我們的基礎設施上——而這顯然是大家在做的——你就按使用者付費。

If you're going to run agentic traffic, right? Either it's server-side reg, client-side reg, when you have an AI agent, you pay by transaction. And so all of the new products we released today, they're charged by transaction. What's a transaction? It's a prompt and a response, right? That's kind of the token for the agentic economy, and that's how we charge.

如果你要跑代理式流量呢？不論是伺服器端 reg、客戶端 reg，當你有一個 AI 代理時，你是按交易（transaction）付費。因此我們今天發布的所有新產品，都是按交易計費。什麼是交易？就是一個提示（prompt）加上一個回應（response），對吧？那有點像是代理式經濟的「代幣」，我們就是這樣收費。

So no matter what people run and what that balance is over time, we're going to make money off that. And so you will see, and you've already seen four new products today, all transaction-based, which is essentially maps to when you can think about tokens.

所以不管客戶跑的是什麼、以及隨時間推移那個組合如何變化，我們都能從中獲利。因此你會看到——而且你今天已經看到——四個新產品全部都是交易制，基本上可對應到你可以把它想成 token。

Gray Powell, BTIG.

Gray Powell，BTIG。

Maybe one on the product side. So one of your larger network security peers, they appear pretty bold up on the potential for improved demand in the SD-WAN market and the opportunity for legacy replacement this year. Netskope also often received high marks on SD-WAN capabilities.

我想問一個偏產品面的問題。你們某家較大型的網路安全同業，看起來對 SD-WAN 市場需求改善的潛力，以及今年汰換既有（legacy）方案的機會，相當樂觀。Netskope 在 SD-WAN 能力上也常常獲得很高評價。

So I'm just interested, what are you seeing in your pipeline? And then how often are you having discussions where both security and networking or the buying centers are involved in deals?

所以我想了解，你們在銷售管線（pipeline）中看到了什麼？另外，在交易洽談中，同時由安全與網路（或採購決策中心）一起參與討論的情況有多常見？

Yeah, great question. So first of all, you're right. Like in an organization, when you map out the structure, you have a CIO and you have the security leader and the infrastructure ops leader. You also now have an AI leader, and we often train all our reps go after that square. You got to hit all four.

是的，問得很好。首先，你說得沒錯。在一個組織裡，當你把架構攤開來看，你會有 CIO，也會有資安主管與基礎架構營運主管。現在你也會有 AI 負責人，而我們通常會訓練所有業務代表去攻那一塊。你得把這四個都打到。

Now, where buying decisions are made can be in one or it can be multiple, but we obviously hunt across all of those. For us, we are a networking and a security company for the cloud and AI era, right? And so we think about consolidation of both.

至於採購決策在哪裡做出，可能在其中一個單位，也可能跨多個單位，但我們顯然會在所有這些面向同時布局。對我們而言，我們是雲端與 AI 時代的網路與資安公司，對吧？因此我們思考的是兩者的整合（consolidation）。

The SD-WAN, what does it do? It's for speed, it's for performance, it's for resilience. And that's how we view it. And so we offer it in software form factor on your endpoint, right? You can put it in your infrastructure. And we've seen great growth in it.

SD-WAN 是做什麼的？它是為了速度、效能與韌性。我們就是這樣看待它。因此我們以軟體形態提供在你的端點上，對吧？你也可以把它放在你的基礎設施中。而我們看到它有很好的成長。

You saw a great win we had, a very large distributed organization, where they combined SD-WAN as an on-ramp, a smart on-ramp to our NewEdge network and all our security functionality. And so that concept often called Unified SASE by analysts. For us, we can deliver on that.

你也看到我們拿下的一個很好的案子：一家非常大型、據點分散的組織，他們把 SD-WAN 作為上線入口（on-ramp），也就是通往我們 NewEdge 網路的智慧上線入口，並結合我們所有的安全功能。分析師常把這個概念稱為 Unified SASE。對我們來說，我們能交付這件事。

And so, what do I see in the future? Well, look at the agentic traffic. The key is that agentic traffic going to come from a user work in remote. It's going to come from an oil rig, which is running AI on it. It's going to come from agents, right, many of them running on servers. All of that traffic needs to be accelerated.

那麼，我對未來看到什麼？嗯，看看代理式流量。關鍵在於，代理式流量會來自使用者在遠端工作的情境。它會來自一座正在運行 AI 的油井平台。它也會來自代理本身，對吧？其中很多是在伺服器上運行。所有這些流量都需要被加速。

And that's really what the AI Fast Path is. We are the best path for agentic and on non-agentic traffic, either doing inference or beyond. And so SD-WAN is just one small part of that fast story.

而這正是 AI Fast Path 的本質。無論是代理式（agentic）或非代理式流量，不管是在做推論或更進一步的工作，我們都是最佳路徑。因此，SD-WAN 只是這個 Fast 故事中的一小部分。

Matt Hedberg, RBC.

Matt Hedberg，RBC。

Drew, I think in your prepared remarks, you said deal composition can change from quarter to quarter. I'm curious, was that sort of the reason why NRR ticked down by a couple of hundred basis points? I'm just trying to get a little bit more clarity on that element.

Drew，我想你在事先準備的發言中提到，交易組成可能會因季度而異。我很好奇，這是否就是 NRR 下降了幾個百分點（數百個基點）的原因？我只是想對這個因素有更清楚的理解。

Well, first of all, we view 116% NRR as very strong, to be frank. I think anything in the mid- to upper-teens is something we'd be very happy with, Matt.

嗯，首先，坦白說，我們認為 116% 的 NRR 非常強勁。我認為任何落在 10% 中段到高段（mid- to upper-teens）的數字，Matt，我們都會非常滿意。

But look, NRR does vary quarter to quarter. Some quarters we have more upsell. Some quarters we have more new logo revenue. I think we've said that before.

不過你看，NRR 的確會隨季度波動。有些季度我們有更多加購（upsell）。有些季度我們有更多新客（new logo）收入。我想我們之前也說過。

And note that Q4 a year ago was one of the strongest, if not, a record quarter from an upsell perspective, Q4 of FY25. That being said, looking forward, we have a large installed base. Average customer has, I think, 4.4 products. We have 25-plus products, [four, two] products announced today.

另外請注意，一年前的第四季是從加購角度來看最強的季度之一，甚至可能是創紀錄的季度，也就是 FY25 的第四季。話雖如此，往前看，我們有龐大的既有客戶基礎。平均每位客戶大概有 4.4 個產品。我們有 25 個以上的產品，今天也宣布了 [four, two] 個產品。

Again, as Sanjay said, transaction-based. So a lot of white space and hopefully, a lot of upside there. And just want to mention that downsell and churn remains at historic lows. So retention remains very strong.

再次如 Sanjay 所說，是以交易為基礎（transaction-based）。因此仍有大量的空白市場（white space），也希望有很大的上行空間。另外也想提一下，降購（downsell）與流失（churn）仍處於歷史低點。所以留存依然非常強勁。

Brad Zelnick, Deutsche Bank.

Brad Zelnick，德意志銀行。

A lot of good information that you've revealed in the results. I've got one for Sanjay, one for Drew. Sanjay, you spoke to a lot of this in your remarks, but I just want to hit it head on. It's great to see the unveiling of Netskope One AI security today. And I think there's consensus that network traffic will grow exponentially as AI agents are rolled out into production.

你們在這次業績中揭露了很多很好的資訊。我有一題問 Sanjay，一題問 Drew。Sanjay，你在發言中談到不少，但我想直接切入重點。很高興看到今天揭曉 Netskope One AI security。而且我想大家都有共識，當 AI 代理被部署到正式環境後，網路流量將呈指數型成長。

My question is, with the massive throughput requirements that Agentic East-West traffic may demand, why is SASE a more specifically Netskope best positioned to secure this traffic versus maybe a virtual firewall vendor?

我的問題是，考量代理式東西向（East-West）流量可能帶來的巨大吞吐量需求，為什麼 SASE、尤其是 Netskope，相較於例如虛擬防火牆供應商，更具優勢來保護這類流量？

And then just quickly for Drew. Drew, just why is the shift to annual billings happening faster? And should we expect to see that result in maybe an unexpected benefit to ARR and revenue as you get better pricing? Thank you very much.

然後很快問 Drew 一題。Drew，為什麼轉向年度帳單（annual billings）的速度更快？而且，隨著你們取得更好的定價，我們是否應該預期這會對 ARR 與營收帶來某種意料之外的好處？非常感謝。

So when you look at agentic traffic, what is like an AI agent doing? And what are people most worried about it doing? Well, an AI agent, unleashed, will go access your endpoint. Guess what, Netskope, we monitor that. We have our endpoint data protection.

所以當你看代理式流量時，AI 代理到底在做什麼？而人們最擔心它做什麼？嗯，一個被釋放的 AI 代理會去存取你的端點。你猜怎麼著，Netskope 會監控這些。我們有端點資料保護。

It will go access your cloud apps over the Internet. That's what we do. We monitor it, understand what are they accessing, restrict what it can access dynamically, whether it's a shadow agent or not. Your on-prem data, that's what our AI-enabled ZTNA does.

它會透過網際網路去存取你的雲端應用。這正是我們在做的事。我們會監控它、理解它在存取什麼，並動態限制它能存取的內容，不管它是不是影子代理（shadow agent）。至於你的地端資料，這就是我們 AI 驅動的 ZTNA 所做的。

And so I guess the summary is when you look at what Netskope does, we have a sensor that sees all traffic that goes back on-prem to your cloud, to your AI applications no matter where it goes to a website. We also have a sensor on the endpoint where we do our data protection and beyond. And then we also have a sensor which looks at all out-of-band activity, right? When you look at our lineage around understanding how these applications work with CASB and beyond.

所以我想總結是：當你看 Netskope 在做什麼，我們有一個感測器能看到所有流量，無論是回到地端、到你的雲端、到你的 AI 應用，不管它去到哪個網站。我們也在端點上有感測器，用來做資料保護以及更多。然後我們還有一個感測器會查看所有帶外（out-of-band）活動，對吧？當你看我們在理解這些應用如何運作方面的脈絡（lineage），包含 CASB 以及更多。

And so we're in this unique spot where the world is about, do you have unique data? Can you generate proprietary data that no one else can see or has? And that's what we do because we are the most performing, largest cloud private network. Because we have the ability to interpret this data at a much more granular level, we understand the agentic interactions at that granular detail.

因此我們處在一個獨特的位置：這個世界的關鍵在於，你是否擁有獨特資料？你是否能產生別人看不到或沒有的專有資料？而這正是我們在做的，因為我們擁有效能最佳、規模最大的雲端私有網路。因為我們能以更細緻的層級解讀這些資料，我們也能在那樣的細節層級理解代理式互動。

And as a result, our policy enforcement, our analytics and everything else that we do and will do will be very, very precise, accurate, and enable people to be secure. And so that's really why I think customers over -- well, over 1,000 of them have chosen us to secure their agentic traffic.

因此，我們的政策執行、分析以及我們所做與將要做的一切，都會非常精準、準確，並讓人們能夠安全。所以這就是我認為客戶之所以選擇我們的原因——嗯，超過 1,000 家客戶選擇我們來保護他們的代理式流量。

And Brad, great question on the billings. Look, I would remind everybody that the billings transition provides strong predictability and consistency of both billings and free cash flow ultimately. We added a slide 24 to help illustrate the transition and where we are. I would point everybody to the 78% growth and the future billing commitments, the future committed buildings.

Brad，關於帳單（billings）的問題問得很好。我想提醒大家，帳單轉型最終能為帳單與自由現金流帶來更強的可預測性與一致性。我們新增了第 24 頁投影片，協助說明這個轉型以及我們目前的位置。我也想請大家留意未來帳單承諾（future billing commitments）、未來已承諾帳單（future committed billings）的 78% 成長。

And the interesting part about that is we can see what's coming. We can actually see the dates we built. We can obviously model collections better. And again, we have been free cash flow positive, and that will obviously tilt up later in the year. But as far as like why going faster, it is really strong execution.

而有趣的是，我們能看見接下來會發生什麼。我們其實能看到我們開立帳單的日期。我們當然也能更好地建模收款。而且再次強調，我們已經是自由現金流為正，且這在今年稍晚顯然會走高。但至於為什麼進展更快，這真的就是強勁的執行力。

We've been very focused on it internally. We've been inspecting the deal, so to speak, and make sure that we're communicating with the salespeople and helping them through the transition, along with our customers.

我們在內部一直非常專注於此。我們一直在檢視每一筆交易（可以這麼說），並確保我們與業務人員溝通，協助他們與客戶一起完成轉型。

And then just in terms of pricing, I mean, the way we really think about pricing is we focus on value. We have high win rates, and so pricing to us is more about selling the value of our products. And quite frankly, we'll continue to focus on that. We have new products to offer, I think, a stronger story with the new AI products coming out. And those are the things I'd really look to to be -- to strengthen the trend on pricing.

至於定價，我們看待定價的方式是聚焦在價值。我們的贏單率很高，因此對我們而言，定價更關乎把產品價值賣出去。坦白說，我們會持續聚焦在這點。我們有新產品可提供，我想隨著新的 AI 產品推出，我們也會有更強的敘事。而這些才是我會關注、用來——用來強化定價趨勢的因素。

Jonathan Ho, William Blair.

Jonathan Ho，William Blair。

In terms of your profitability guide for 2026, I know you talked a little bit about investments. Can you help us understand maybe where you see the most opportunity to place those investments? And what would be sort of the timeframe for us to see perhaps an inflection in growth as you spend more on R&D and sales and marketing? Thank you.

關於你們 2026 年的獲利能力指引，我知道你們稍微談到一些投資。你能否協助我們理解，你認為最有機會配置這些投資的領域在哪裡？以及當你們在研發與銷售與行銷上投入更多時，我們大概在什麼時間框架內，可能會看到成長出現拐點？謝謝。

Thanks for the question. So from an investment perspective, obviously, you've seen our yearly guide, but you also saw that we're investing upfront. And when that upfront investment is, it's really an AI enabling continuing to AI enabler our R&D team. So when you look at the world today that we live in, I believe that every engineer can be a 10 times engineer. And AI is not about by coding something or so on. It is about making your elite engineers 10 times more productive and 10 times more focused on architecture.

謝謝你的問題。從投資角度來看，顯然你已經看到我們的年度指引，但你也看到我們在前期就先行投資。而這些前期投資，主要是在 AI 賦能——持續用 AI 賦能我們的研發團隊。所以當你看我們今天所處的世界，我相信每位工程師都可以成為 10 倍工程師。而 AI 並不是在於寫程式之類的事情。它在於讓你最頂尖的工程師生產力提升 10 倍，並且能把更多精力聚焦在架構上。

And so what do you have to do to enable that? Well, you want to invest in AI orchestration. That could be to help them automate workflows to automate their validation and testing, to automate sort of that the road stuff that they have to do, so they can focus on the unique part. And so that's what we're doing in Q1, investing in that in the first half in that AI tooling.

那麼要如何才能做到這一點呢？嗯，你會想要投資於 AI 編排（orchestration）。這可以用來幫助他們自動化工作流程、自動化驗證與測試，並自動化他們必須做的那些「路上」的雜務，讓他們能把重心放在獨特的部分。所以這就是我們在第一季所做的事：在上半年投資這些 AI 工具。

Now what you'll see after that as you'll see in the second half and beyond that we really don't need to ramp our R&D in terms of headcount as what you may have thought, right? We can be a lot more efficient. And so this is about laying continually groundwork for R&D efficiency. You got to invest a little in the AI tooling, and then you see a lot of that benefit from an R&D leverage. And you'll see that obviously as we continue our R&D percentage of revenue downwards. And so one -- that's probably one of our bigger investments.

接下來你會看到的是，在下半年以及之後，我們其實不需要像你可能原先以為的那樣，在研發人力（headcount）上大幅拉升，對吧？我們可以更有效率。所以這是在持續打底，提升研發效率。你需要在 AI 工具上先小投資一下，然後你會從研發槓桿中看到很大的效益。而且你也會看到，隨著我們持續把研發費用占營收比重往下拉，這點會很明顯。因此，這大概是我們較大的投資之一。

The second is in sales and marketing. We mentioned that really mid last year. We started bringing on more reps, and those reps take about 12 months to ramp. Well, one, not only we continue to invest in enabling them, but we're hiring more teams, right? And we know what's in front of us in terms of the TAM for the next decade, one of the most durable TAMs you'll ever find in any industry, including security, where we operate on the far right of security, right?

第二個是在銷售與行銷。我們在去年年中左右就提過。我們開始招募更多業務代表，而這些業務代表大約需要 12 個月才能完全上手（ramp）。那麼，一方面我們持續投資來賦能他們，另一方面我們也在招募更多團隊，對吧？而且我們很清楚，未來十年在 TAM（可服務市場總量）方面擺在我們面前的是什麼——這可能是你在任何產業（包含我們所處的資安領域）都很難找到的、最具持久性的 TAM 之一；而我們是在資安的最右側（far right of security）運作，對吧？

We operate the network. We operate the infrastructure, the highway to everything that you can think of. And so we want to take advantage of that and continue to ramp and hire from a sales perspective. But we're doing that very responsibly with this notion of being very efficient in R&D by investing in tooling. And so that's really our upfront investments in the first half, and that's why you see what you saw from the guide on Q1, Q2 versus the rest.

我們營運的是網路。我們營運的是基礎設施，是通往你能想到的一切的高速公路。所以我們想把握這個優勢，並從銷售角度持續擴編與招募。但我們做得非常負責任，因為我們透過投資工具來讓研發非常有效率。因此，這就是我們在上半年所做的前期投資，也就是為什麼你會在第一季、第二季的指引相較於後續看到那樣的差異。

Richard Poland, Wells Fargo.

Richard Poland，富國銀行（Wells Fargo）。

Just a quick one for me. I think it was Drew, you mentioned the geopolitical macro headwinds kind of happening over the last couple of weeks. I just wanted to clarify on that.

我這邊很快一個問題。我想是 Drew 提到，過去幾週出現了地緣政治的宏觀逆風。我只是想釐清一下這點。

Is that something that you're starting to see show up in demand and pipeline? Or is it just kind of you're observing what's going on in the macro environment, so you're taking some extra cautionary steps in the guidance?

這是否已經開始反映在需求與銷售管線（pipeline）上？還是你們只是觀察到宏觀環境正在發生的事，所以在指引上採取一些更審慎的措施？

Fair question, Rich. I think it is something -- I think we can all recognize that there's been more events in the last couple of weeks. So it is something just to consider in terms of being prudent in our mind. So keep in mind, in terms of that area of the world, so to speak, we have a very small percentage of our business. So I don't -- it's less about that and just more about the, what I would call kind of a more macroeconomic risk.

問得好，Rich。我認為這確實是——我想我們都能認知到，過去幾週發生了更多事件。所以這是我們在思考上需要納入、保持審慎的一件事。請記得，就那個地區而言（姑且這麼說），我們的業務占比非常小。所以我不——這比較不是那個地區本身的問題，而更像是我所說的一種更宏觀的經濟風險。

Shrenik Kothari, Baird.

Shrenik Kothari，Baird。

So the AI Fast Path is really across things. As you said, it shifts focus from not just securing AI to securing [tax] rate with AI native fabric and the new modules that you announced. So as it pulls the conversation away from like traditional kind of FSC-based bake-offs towards more broader discussion, can you talk a little bit about how the AI Fast Path has been progressing in your pipeline right now? And then I have a quick follow-up. Thanks.

所以 AI Fast Path 其實是跨多個面向的。如你所說，它把焦點從不只是「保護 AI」，轉向用 AI 原生的 fabric 以及你們宣布的新模組，去「用 AI 來保護（[tax] rate）」。因此，當它把對話從傳統那種以 FSC 為基礎的競標（bake-offs）拉開，轉向更廣泛的討論時，你能否談談 AI Fast Path 目前在你們管線中的進展如何？然後我有個簡短的追問。謝謝。

Sure. Yeah, it's a great question. Like we've always believed that, ultimately, nobody implements security unless it has a great end user experience. In the agentic world, performance matters more. Agents talk constantly, right? They can talk at a rate that's 100 times a human. And so it accentuates the need for a fabric that can operate and perform and be resilient worldwide.

當然。是的，這是個很好的問題。我們一直相信，歸根結底，如果沒有很好的終端使用者體驗，沒有人會導入資安。在代理式（agentic）的世界裡，效能更重要。代理會不斷地互相溝通，對吧？它們的溝通頻率可以是人類的 100 倍。因此，這更凸顯需要一個能在全球運作、具備效能並且有韌性的 fabric。

If you look at our infrastructure, it is the largest private cloud in the world. It is the largest highway or airspace for AI. And so those 120-plus data centers with our architecture and software and memory, operating at high speed on all agentic traffic. That's a huge advantage for us. And what we tell customers is just try it, just measure it. You'll see a very, very noticeable performance difference, whether you're an AI agent or you're an application, you're a user, you're an IoT device.

如果你看我們的基礎設施，它是全球最大的私有雲。它也是 AI 的最大高速公路或空域。因此，這 120 多座資料中心，搭配我們的架構、軟體與記憶體，以高速處理所有代理式流量。這對我們而言是巨大的優勢。我們對客戶說的就是：試試看、量測看看。你會看到非常、非常明顯的效能差異——不論你是 AI 代理、應用程式、使用者，或是 IoT 裝置。

And so the AI Fast Path is the next evolution of that for the AI era. You're going to a coating application, right? You're going to any of the thousands of generative AI apps you can see on the AI index. We're going to be the fastest path to get there. We're going to handle that. We're not going to throw it on the public Internet. We're going to get you there directly.

所以 AI Fast Path 是在 AI 時代對此的下一次演進。你要去某個（coating）應用程式，對吧？你要去 AI 指數上你能看到的成千上萬個生成式 AI 應用中的任何一個。我們會是到達那裡的最快路徑。我們會處理這件事。我們不會把它丟到公共網際網路上。我們會直接把你送到那裡。

And so for us, the AI Fast Path is a big part of how we think about the agentic era, it's performance, resilience in addition to security, and we're combining them all.

因此，對我們來說，AI Fast Path 是我們思考代理式時代的一大部分：除了資安之外，還包含效能與韌性，而我們正在把它們全部結合在一起。

Eric Heath, KeyBanc.

Eric Heath，KeyBanc。

Solid finish to the year, Sanjay and Drew, [over 30%]. Maybe just one for you, Sanjay, and maybe a quick one for you, Drew. Sanjay, just following up on some of your comments about the customer wins in the quarter being, I think all of them competitive bake-offs and I think we all kind of fairly appreciate the static set of competitors that's been for a long time.

今年收官很強勁，Sanjay 和 Drew，[超過 30%]。也許我各問一個：Sanjay 一個，Drew 一個簡短的。Sanjay，我想追問你剛才提到本季的客戶贏單，我記得你說幾乎全部都是競爭性競標（competitive bake-offs），而且我想大家也都相當理解，多年來競爭對手的組合一直相對固定。

But there are some incremental competitors out there that have popped up in the last couple of years. So curious if you could just talk to whether the competitive set, who you're bumping into in these deals is changing at all.

但過去幾年確實也冒出一些新增的競爭者。所以我想了解一下，在這些案子裡你們遇到的競爭組合是否有任何變化？

And then Drew, if I could, just any high-level guardrails you want to give us on ARR for the year would be great. Thanks.

然後 Drew，如果可以的話，能否給我們一些關於今年 ARR 的高層次指引區間（guardrails）？會很有幫助。謝謝。

Great. So from a competitive perspective, we have 25 products, we just released four. One of the great things about efficiency in R&D that you've seen, obviously, R&D percentage of revenue going down. Obviously, the supercharging it with AI and the need to not to hire as many from an R&D perspective. You're also seeing velocity increase.

很好。就競爭面而言，我們有 25 個產品，我們剛發布了 4 個。你看到研發效率提升的一個很棒之處是——很明顯，研發費用占營收比重在下降。同時也很明顯，我們用 AI 來加速（supercharging），因此從研發角度不需要招募那麼多人。你也會看到速度（velocity）在提升。

I think I previously said that we released on average two products a year or so. Well, we've already released four-plus. And I think that trend will continue for us. And so we're very excited, obviously, about that supercharging. And as a result, because of the breadth of what we do, you do see different competitors.

我想我之前說過，我們平均大概一年推出兩項產品左右。嗯，我們其實已經推出了四項以上。而且我認為這個趨勢會持續下去。所以我們當然對這種加速非常興奮。也因此，因為我們所做事情的廣度，你確實會看到不同的競爭對手。

For example, in the data protection area, which data, frankly, is what drives the agentic world. We would have seen still some -- a lot of the legacy folks. You can't imagine how much legacy Broadcom Blue Coat and all the rest is out there in Symantec and Trelix and so on. Whereas perhaps in the traditional kind of web world proxy web, you would see your competitors that you may see in a Magic Quadrant that you would expect.

例如，在資料保護領域——坦白說，資料正是驅動代理式（agentic）世界的核心。我們仍然會看到一些——很多傳統舊世代的廠商。你難以想像市面上還有多少 Broadcom Blue Coat 這類舊產品，以及 Symantec、Trelix 等等。但在傳統的網頁世界、代理（proxy）網頁這一塊，你會看到你在魔力象限（Magic Quadrant）裡可能預期會出現的那些競爭對手。

And then when we delve into sort of what I called about the AI Fast Path, the performance. You really don't see anything there because the network is obviously just very different, very unique from that perspective. And so I think as we hit across a cross-section of competitors, but what is noteworthy is our win rate of over 80%. If we get to a POC, a proof of concept, right? That is held.

然後當我們深入到我所說的 AI Fast Path（AI 快速通道）、也就是效能這一塊時，你其實看不到什麼競品，因為從這個角度來看，我們的網路顯然非常不同、非常獨特。所以我認為我們面對的是一個橫跨多個面向的競爭對手組合；但值得注意的是，我們的贏單率超過 80%。只要我們能進到 POC（概念驗證），對吧？這個數字就能維持。

And so our Nirvana is just get to a POC, whether it's about enabling securing AI, securing cloud, converging, consolidating your network infrastructure. That's why we're growing our sales teams. That's why we announced the GSI partnership and that win with the largest GSI. And that's why we continue to power through in the mid-market with our MSPs. That's why we went public, to be blunt, drive awareness. And so that awareness takes time. It's coming, and we definitely have the platform that when you get to knock that door open, we'll win.

所以我們的「極致目標」就是先進到 POC——不論是啟用並保護 AI、保護雲端、做匯聚（converging）、整合（consolidating）你的網路基礎設施。這也是為什麼我們在擴編銷售團隊。這也是為什麼我們宣布了 GSI 合作夥伴關係，以及與最大 GSI 的那個贏單。這也是為什麼我們持續透過 MSP 在中型市場加速推進。坦白說，這也是為什麼我們上市——為了提升市場認知。而這種認知需要時間。它正在到來，而且我們絕對有這個平台：一旦你把那扇門敲開，我們就會贏。

And Eric, on ARR, again, why we don't guide, maybe I can be helpful with how to think about modeling. Last quarter, we pointed to history. I would do the same thing. You can see that I think we were -- ARR was about a point below revenue growth. So I would say if I were remodeling kind of at a point above, point below, something like that, right in that range.

Eric，關於 ARR，再次說明我們為什麼不提供指引；也許我可以用「如何建模」的角度提供一些幫助。上個季度我們指向歷史數據。我會做同樣的事。你可以看到，我想我們——ARR 大約比營收成長率低一個百分點左右。所以如果我要重新建模，我會說大概在高一個點、低一個點之間，類似那樣，就在那個區間。

Shaul Eyal, TD Cowen.

Shaul Eyal，TD Cowen。

Drew, maybe can you talk to us about ASP patterns in light rising memory prices?

Drew，考量到記憶體價格上漲，你能跟我們談談 ASP（平均售價）的走勢/型態嗎？

I'll take that question. So for us, when you look, first of all, at our landing and our average ARR per deal size and calculate it continues -- for our customers to continue to go up. When you look at memory, I think that in one case, people often talk about that as when you sell boxes and appliances and everything ships in memory.

我來回答這個問題。對我們而言，首先你看我們的落地（landing）情況、以及每筆交易的平均 ARR 規模去計算，這個數字持續——對我們的客戶而言持續上升。談到記憶體，我認為有一種情況是，人們常把它跟你賣硬體盒子、設備（appliances）聯想在一起，因為所有出貨都包含記憶體。

That's obviously not really what we do in the majority case for us. It's our infrastructure. It's our network. It's what runs on it, is our software. And so we feel good about our guide for this year in terms of incorporating what you just said. Obviously, that's a fluid environment. So we'll watch that for next year. But we definitely feel good about the guidance we've given from a financial metric perspective that incorporates all of what you described.

但這顯然不是我們大多數情況下的業務模式。我們賣的是基礎設施。是我們的網路。以及在其上運行的——也就是我們的軟體。因此，就把你剛才提到的因素納入考量而言，我們對今年的指引感到有信心。當然，那是一個變動的環境。所以我們會觀察明年的情況。但從財務指標角度來看，我們對已給出的指引非常有信心，因為它已經把你描述的所有因素都納入了。

The reality is that, for us, when you think about us, we process all this traffic. You can see it. You should go to the ai-index.netkcope.com. And when you look at that traffic, what matters there is what you do when you see it. And ultimately, that, in many cases, is our moat.

現實是，對我們來說，當你想到我們時，我們處理所有這些流量。你可以看得到。你應該去 ai-index.netkcope.com 看看。而當你看那些流量時，真正重要的是你在看見它之後做了什麼。而最終，在很多情況下，那就是我們的護城河。

It uniquely take those transactions and generate very unique granular data that can then inform your security policies, your security analytics, optimization of that, your guardrails and so on. And so for us, obviously, we're excited about continuing to drive more into our existing infrastructure, which can more than handle what we need to drive for this year.

它能以獨特方式把那些交易轉化並產生非常獨特、細緻的資料，進而用來指導你的安全政策、安全分析、相關最佳化、你的防護欄（guardrails）等等。因此對我們而言，顯然我們很期待持續在既有基礎設施上推進更多能力；而這套基礎設施完全足以承載我們今年需要推動的量。

Trevor Walsh, Citizens.

Trevor Walsh，Citizens。

Maybe just a quick one for you, Sanjay. I just wanted to square some of the comments that you made both in the prepared remarks and our responses to some of the questions. You said that the revolution is exposing legacy architectures within SASE. Is there something that -- is that going to result in like just breaking of those legacy architectures or more just dissatisfaction just generally with performance?

Sanjay，我這邊可能一個簡短的問題。我想把你在事先準備的發言，以及你對一些問題的回應中提到的評論做個對照確認。你說這場革命正在揭露 SASE 內的舊世代架構。這是否意味著——會導致那些舊架構像是被「打破」一樣崩解，還是更像是整體上對效能的不滿？

And then secondarily to that, is there some sort of leading indicator that investors could use to just determine whether or not more of that breaking or dissatisfaction is going to come once AI and agent traffic is getting to a certain point. Maybe the AI index you just released could give us clues there.

其次，有沒有某種領先指標，讓投資人可以用來判斷：當 AI 與代理流量達到某個程度時，是否會出現更多這種「崩解」或不滿？也許你剛發布的 AI 指數可以在這方面提供一些線索。

Just trying to get a sense of when we really start seeing that the wheels fall off potentially at other players if that makes sense.

我只是想了解一下：如果這樣說得通的話，我們何時會真的開始看到其他玩家可能出現「輪子掉下來」的情況。

Yeah, it's a good question. So I look at it in two sides. So one is the infrastructure in the network side. One is security, because you kind of need both.

是的，這是個好問題。我會從兩個面向來看。一個是基礎設施與網路面。另一個是安全面，因為你某種程度上兩者都需要。

On the infrastructure and network side, the agentic era will expose networks that were built, for example, in the public cloud, where you're going to get way worse performance. When you have more interactions back and forth, the performance difference becomes bigger, right? It became big with cloud, it will become bigger with AI. And so one, your infrastructure.

在基礎設施與網路面，代理式時代會暴露出那些例如建在公有雲上的網路——你會得到更差得多的效能。當你有更多來回互動時，效能差距就會變得更大，對吧？在雲端時差距就已經很大了，在 AI 時代會變得更大。所以第一點，是你的基礎設施。

The second is, for us, we run all services everywhere, 120 data centers, everything we do runs everywhere. We don't hairpin people to public cloud for one to your own infrastructure for another. And so just the purity and the modernness of our architecture and our infrastructure, it leads to just better performance, and AI accentuates that. So one, I do think the infrastructure and the network of others gets exposed.

第二點是，對我們而言，我們在所有地方運行所有服務——120 個資料中心，我們做的所有事情都在各處運行。我們不會把流量繞回（hairpin）到公有雲去做某一件事、再回到你自己的基礎設施去做另一件事。因此，我們架構與基礎設施的純粹性與現代化，會帶來更好的效能，而 AI 會放大這一點。所以第一，我確實認為其他人的基礎設施與網路會被暴露出問題。

The second is, remember, since the beginning of Netskope, we have always said, we're not trying to build a web proxy, right? We were building a modern API JASON proxy. And it sounds technical, but what does it mean? The language of AI is that. The language of AI is APIs and JASON. I have a patent sitting outside my door here, which is real-time interpretation of Internet traffic at the API level. And the reality is that the AI era is about that.

第二，請記得，從 Netskope 一開始我們就一直說：我們不是要打造一個網頁代理（web proxy），對吧？我們是在打造一個現代的 API JASON 代理。這聽起來很技術，但它代表什麼？AI 的語言就是那個。AI 的語言是 API 和 JASON。我門外這裡就放著一項專利，內容是以 API 層級即時解讀網際網路流量。而現實是，AI 時代就是關於這件事。

How do I say to someone that, hey, you can use a personal instance -- well, you can't use the personal instance in Gemini, but you can use a corporate version. And if you want to send sensitive data there, you can only do that with a corporate version. How do I have all these policies that guardrail and enable people to use AI, yet satisfy the business policies they want? You need something that truly understands the new language of the Internet which is really what AI accentuates.

我要怎麼跟別人說：嘿，你可以用個人版的執行個體——嗯，你在 Gemini 不能用個人版執行個體，但你可以用企業版。而且如果你想把敏感資料送到那裡，你只能用企業版才能這麼做。我要如何制定所有這些政策，既能設下護欄、讓大家使用 AI，同時又能符合他們想要的企業政策？你需要一個真正理解網際網路新語言的東西，而 AI 正是在強化這件事。

And so for us, one of the engines to our car is a high-speed distributed in memory, right, API JASON proxy. And that's unique. And so I remember this customer who came to me and said, Sanjay, I bought SASE. I bought it, and it was working. But then I started adopting AI and cloud, and I have to bypass 70% of all traffic because all it can do is block the app or allow it.

所以對我們來說，我們這台車的其中一個引擎，是一個高速、分散式的記憶體內（in-memory）API JSON 代理。而那是獨特的。我記得有位客戶來跟我說：Sanjay，我買了 SASE。我買了，而且運作得很好。但後來我開始導入 AI 和雲端，我不得不繞過 70% 的所有流量，因為它能做的只有封鎖應用程式或允許它。

I don't want to block AI. I don't want to allow it either. I want something more granular, right? And that customer moved all their traffic to Netskope, right? It's close to 100,000 users. And so -- and agents and beyond. And they're very happy.

我不想封鎖 AI。我也不想直接放行。我想要更細緻的控管，對吧？而那位客戶把他們所有流量都移到 Netskope，對吧？接近 100,000 名使用者。所以——還有代理程式等等。而且他們非常滿意。

And so I think that will happen more and more over time. But as you know, it's an enterprise. And enterprise doesn't do things instantly. And so that will be a transition that will happen over the next many years.

所以我認為，隨著時間推移，這種情況會越來越常發生。但如你所知，這是企業市場。而企業不會立刻做事。所以這會是一個在未來很多年逐步發生的轉換。

Thank you. Ladies and gentlemen, due to the interest of time, our last question will come from the line of Michael Romanelli with Mizuho.

謝謝。各位女士先生，因為時間關係，我們最後一個問題將由 Mizuho 的 Michael Romanelli 來提問。

Sanjay, you touched on this in a prior response, but how is your sales capacity today compared to where you were a year ago, both in total as well as in the number of ramp reps? And then separately, I guess, how would you characterize or assess your pipeline as we head into fiscal '27? Thanks.

Sanjay，你在先前的回覆中有提到這點，但你目前的銷售產能相較於一年前如何——不論是總量，或是正在爬坡（ramp）的業務代表人數？另外，我想問，你會如何描述或評估我們邁向 2027 財年的銷售管線（pipeline）狀況？謝謝。

Yeah, it's a great question. So for us, we obviously started ramping hiring more reps really full force last year. And you can see that in sort of the S&M spend as well as it ramped early midyear last year. And it takes about 12 months for us to ramp those reps.

是的，這是個很好的問題。對我們來說，我們顯然是在去年開始全力擴大招募更多業務代表。你也可以從銷售與行銷（S&M）支出看出來，去年年中前後開始加速爬坡。而我們大約需要 12 個月讓這些業務代表完成爬坡。

And so if you look at that, it's really for us in the second half of the year when a lot of those reps will be fully ramped. And by the way, for fully ramped, as you know, when you get a rep, we don't throw them into a place and give them a bunch of existing accounts. They're hunting new greenfield accounts.

所以如果你看這個節奏，對我們而言，很多業務代表會在下半年完全爬坡到位。順帶一提，所謂「完全爬坡到位」，如你所知，我們招進來一位業務代表，不會把他丟到某個區域就給他一堆既有客戶。他們是在獵取新的綠地（greenfield）客戶。

So they get on. They start hunting those accounts. They build their pipeline. They get the POC, do the MSA. And that's why you have those ramp times to be clear.

所以他們到位後，開始獵取那些客戶。建立他們的銷售管線。做 POC、簽 MSA。所以為了說清楚，這就是你會看到那些爬坡時間的原因。

And then we are continuing to hire. And so we are building that rep funnel for next year as well. And so really, that's the best way for you to think about it is a bunch of those reps, fully ramped reps coming online in the second half of the year.

另外，我們也持續在招募。所以我們也在為明年建立業務代表的人才漏斗。所以你理解這件事最好的方式是：下半年會有一批已完全爬坡到位的業務代表開始上線貢獻。

Thank you. I would now like to turn the call back over to Michelel for closing remarks.

謝謝。我現在想把電話會議交回給 Michelel 做結語。

Thank you, Twanda, and thank you all for joining us today and also staying a few minutes over. We look forward to engaging with you in the weeks and months ahead, including at RSA later this month where we will be sharing more about our AI strategy as well as demonstrating our newly announced AI products.

謝謝你，Twanda，也謝謝各位今天加入我們，並且也多留了幾分鐘。我們期待在接下來幾週與幾個月持續與各位交流，包括本月稍晚在 RSA 大會上，我們將分享更多關於我們的 AI 策略，也會展示我們新近宣布的 AI 產品。

Thank you all. Have a good evening.

謝謝各位。祝各位晚安。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect.

各位女士先生，今天的電話會議到此結束。感謝各位的參與。您現在可以掛線。