Netskope, Inc. (NTSK) 2027 Q2 法說會逐字稿

Thank you for standing by, and welcome to Netskope's second quarter fiscal 2027 earnings conference call. (Operator Instructions)

感謝各位稍候，歡迎參加 Netskope 2027 會計年度第二季財報電話會議。（接線員指示）

I would now like to hand the conference over to Michelle Spolver, Chief Communications and Investor Relations Officer. Please go ahead.

現在我想將會議交給 Michelle Spolver，首席傳播與投資人關係長。請開始。

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, Andrew Del Matto. The press release announcing our financial results for the second quarter of fiscal 2027 was issued earlier today and is posted to our Investor Relations website at investors.Netskope.com, along with the supplemental presentation.

各位下午好，感謝今天加入我們的電話會議。與我一同出席的有 Netskope 執行長暨共同創辦人 Sanjay Beri，以及財務長 Andrew Del Matto。我們已於今日稍早發布 2027 會計年度第二季財務結果新聞稿，並已連同補充簡報一併張貼於投資人關係網站 investors.Netskope.com。

Before we begin, let me remind everyone that certain statements we make on today's call are forward-looking, including statements related to our guidance for the third quarter and full 2027 fiscal year, market opportunity, growth prospects, sales ramping, competitive position, impact of AI and demand for AI security. 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，我們今天在電話會議中所做的某些陳述屬於前瞻性陳述，包括與我們對第三季及 2027 會計年度全年之財測指引、市場機會、成長前景、銷售爬坡、競爭地位、AI 的影響以及對 AI 安全的需求相關的陳述。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，我們在本次電話會議中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之 GAAP 財務衡量指標的調節表。

Now let me turn the call over to Sanjay to discuss our business momentum and highlights from our Q2 financial performance. Sanjay?

現在我把電話交給 Sanjay，請他談談我們的業務動能以及第二季財務表現的重點。Sanjay？

Thanks, Michelle. We had a strong second quarter with our results reflecting durable demand for Netskope's highly differentiated platform. In the age of AI, security and network modernization have become inseparable, and businesses can no longer afford to trade security for performance.

謝謝你，Michelle。我們第二季表現強勁，結果反映出市場對 Netskope 高度差異化平台的持續性需求。在 AI 時代，資安與網路現代化已密不可分，企業再也無法為了效能而犧牲安全。

As enterprises embrace AI and cloud, they need a modern architecture that understands the context and intent of today's internet, cloud and AI environments. This architecture must protect massive amounts of transactions and data spanning thousands of cloud and private applications and data stores, billions of websites and other destinations and a vast set of commercial and open-weight AI apps and models. It must inspect and control traffic in real time at high speed and with data sovereignty.

隨著企業擁抱 AI 與雲端，他們需要一套能理解當今網際網路、雲端與 AI 環境之情境與意圖的現代化架構。此架構必須保護涵蓋數千個雲端與私有應用程式及資料儲存庫、數十億個網站與其他目的地，以及大量商用與開放權重（open-weight）的 AI 應用與模型所產生的海量交易與資料。它必須以高速、即時的方式檢視並控管流量，同時符合資料主權要求。

The need for this architecture is becoming even more acute as the volume and velocity of transactions and data and the number of humans and AI agents originating these transactions and operating on data grows exponentially. Netskope uniquely delivers this modern, scalable, resilient and sovereign real-time architecture through the combination of our Netskope One platform and NewEdge Private Cloud network.

隨著交易與資料的量與速度，以及發起這些交易並在資料上運作的人類與 AI 代理（agents）數量呈指數成長，對此架構的需求正變得更加迫切。Netskope 透過結合 Netskope One 平台與 NewEdge Private Cloud 網路，獨特地提供這種現代化、可擴展、具韌性且符合主權要求的即時架構。

This is why customers are choosing us as the trusted partner to help them say yes to AI. They want to capture the enormous potential of one of the most defining technologies of our lifetime without compromising security, performance or control. This positions us exceptionally well to address a massive $170 billion greenfield opportunity in AI security within our $336 billion total addressable market. I'll come back to that in a moment.

這就是為什麼客戶選擇我們作為值得信賴的合作夥伴，協助他們對 AI 說「是」。他們希望在不犧牲安全、效能或控管的前提下，掌握我們這一生中最具代表性的技術之一所帶來的巨大潛力。這使我們在總可服務市場（TAM）達 3,360 億美元的範圍內，特別有利於切入 AI 安全這個 1,700 億美元的龐大綠地機會。我稍後會再回到這點。

First, a few highlights from the quarter. We ended Q2 with ARR of $899 million, up 27% year-over-year and delivered net new ARR of $54 million. Revenue grew 29% year-over-year to $221 million, ahead of our guidance, and our net retention rate, or NRR, increased to 114%. Our outperformance flowed through to the bottom line with our operating margin improving 11 percentage points year-over-year to negative 9%, significantly ahead of our guided range.

首先，分享本季幾項重點。我們在第二季結束時的年度經常性收入（ARR）為 8.99 億美元，年增 27%，並新增淨 ARR 5,400 萬美元。營收年增 29% 至 2.21 億美元，優於我們的指引；我們的淨留存率（NRR）提升至 114%。我們的優於預期也反映在獲利端，營業利益率年增 11 個百分點至負 9%，顯著優於我們指引區間。

Demand for our Netskope One platform of 25-plus security, networking, analytics and AI products remain strong as enterprises continue to modernize their infrastructure for the AI era. We were particularly encouraged by the traction from our recently announced AI security suite. While it's still early, we're seeing strong customer engagement and rapid pipeline generation for these products with some deals closed and many more currently in the proof of concept or POC stage. Enterprises globally remain strategically focused on modernizing their security and infrastructure, reducing technology sprawl, protecting sensitive transactions and data, ensuring data sovereignty and, of course, safely using AI.

隨著企業持續為 AI 時代現代化其基礎架構，市場對我們 Netskope One 平台（涵蓋 25 項以上的資安、網路、分析與 AI 產品）的需求依然強勁。我們尤其受到近期發布的 AI 安全套件所帶來的進展所鼓舞。雖然仍在早期階段，但我們看到客戶高度參與，且這些產品的管線快速生成；部分交易已成交，更多交易目前正處於概念驗證（proof of concept，POC）階段。全球企業仍在策略上聚焦於現代化其資安與基礎架構、降低技術蔓延、保護敏感交易與資料、確保資料主權，當然也包括安全地使用 AI。

A hot topic in my daily dialogues with CXOs is the fact AI creates exponentially more transactions and data and a much more complex attack surface and how modernization and AI adoption go hand-in-hand. The Mythos moment this past spring underscored just how quickly the landscape is changing. The pace of innovation across frontier models and increasingly capable open-weight models is accelerating the ability to discover vulnerabilities and strengthen defenses at AI speed.

在我每天與 CXO 的對話中，一個熱門話題是：AI 會以指數級增加交易與資料量，並帶來更複雜的攻擊面，以及現代化與 AI 導入如何相輔相成。今年春季的 Mythos 事件凸顯了環境變化的速度之快。前沿模型（frontier models）以及能力日益提升的開放權重模型的創新步伐正在加速，使得以 AI 速度發現弱點並強化防禦成為可能。

But that same acceleration works both ways. These models are also lowering the barrier for attackers, compressing the time from discovery to exploitation and expanding the attack surface, not only through human adversaries, but increasingly through autonomous AI agents operating at machine speed.

但同樣的加速也具有雙面性。這些模型也在降低攻擊者門檻，壓縮從發現到利用的時間，並擴大攻擊面，不僅來自人類對手，也日益來自以機器速度運作的自主 AI 代理。

We are already seeing this play out with AI agents escaping isolated environments, exploiting vulnerabilities, escalating privileges, moving laterally and stealing credentials, even when they were not explicitly instructed to attack. They were simply asked to complete a cybersecurity benchmark, and when the intended route proved difficult, found another path to the answer. This is perhaps the clearest example yet of cyber risk extending beyond human attackers leveraging AI.

我們已經看到這種情況正在發生：AI 代理逃離隔離環境、利用漏洞、提升權限、橫向移動並竊取憑證，即使並未被明確指示要發動攻擊。它們只是被要求完成一項資安基準測試，而當預期路徑變得困難時，便找到另一條通往答案的路徑。這或許是迄今最清楚的例子，顯示網路風險已超越人類攻擊者利用 AI 的範疇。

Malicious intent is no longer the security threshold. An agent does not need to be prompted to be a bad actor. Instead, a stated task, enough autonomy in an environment that can be circumvented can be enough to do damage. All this reinforces that rogue agent risk is not an isolated incident or a mishap. It is a real and emerging control risk that CISOs face today and considerably broadens the security problem. And this is why AI security is becoming such a critical priority for enterprises.

惡意意圖不再是安全的門檻。代理不需要被提示成為惡意行為者。相反地，只要有一個明確任務、在可被繞過的環境中具備足夠自主性，就可能造成損害。這一切都再次強化：失控代理（rogue agent）風險並非孤立事件或意外。它是 CISO 今日面臨的真實且正在浮現的控管風險，並大幅擴大了安全問題的範圍。也正因如此，AI 安全正成為企業極其關鍵的優先事項。

The challenge is no longer simply how to secure AI models or prevent employees from using AI. It's how to give enterprises the visibility, control, protection and performance they need as AI becomes deeply embedded across their people, applications, data and increasingly autonomous agents.

挑戰不再只是如何保護 AI 模型，或如何防止員工使用 AI。而是當 AI 深度嵌入企業的人員、應用程式、資料，以及日益自主的代理之中時，如何提供企業所需的可視性、控管、保護與效能。

I've had more than 100 conversations with customers this quarter. And in almost every one of them, a CISO or CIO comes back to the same question, how do we move faster with AI without losing control? Security, IT and infrastructure leaders don't want to say no to using AI. They want to say yes to it but do so safely.

本季我與客戶進行了超過 100 次對話。幾乎每一次，CISO 或 CIO 都會回到同一個問題：我們如何在不失去控管的情況下，更快推進 AI？資安、IT 與基礎架構領導者不想對使用 AI 說不。他們想對它說是，但要以安全的方式。

Let me share a few challenges they are facing and how Netskope is helping solve it. First, let's start with visibility. The majority of customers I talk to about AI security do not know what or how AI models and applications are being used, what corporate data is being fed into them, where agents are in their organization, what they have access to and what they are doing.

我來分享他們面臨的幾項挑戰，以及 Netskope 如何協助解決。首先，從可視性開始。我與多數客戶談到 AI 安全時，他們並不知道 AI 模型與應用程式正在被如何使用、哪些企業資料被輸入其中、組織內有哪些代理、它們能存取什麼，以及它們正在做什麼。

Netskope's platform solves this problem by allowing companies to answer the question of what AI am I using, including providing full visibility into agentic and MCP traffic via our Agentic Broker. It bridges the gap between human or agent and LLM interactions or machine-to-machine workflows. Agentic Broker has been a natural starting point for customers securing AI and a game changer as they tackle unsanctioned and unmonitored AI usage in their organizations. In addition, our recently released AI Command Center provides customers with a unified, real-time, continuous and correlated view of where their AI risk is and makes policy and remediation recommendations that help them act on it.

Netskope 的平台透過讓企業能回答「我正在使用哪些 AI？」這個問題來解決此難題，並透過我們的 Agentic Broker 提供對 agentic 與 MCP 流量的完整可視性。它彌合了人類或代理（agent）與 LLM 互動，以及機器對機器工作流程之間的落差。對於正在保護 AI 的客戶而言，Agentic Broker 一直是自然的起點；當他們著手處理組織內未經核准且未受監控的 AI 使用時，它更是改變遊戲規則的關鍵。此外，我們近期發布的 AI Command Center 為客戶提供統一、即時、持續且可關聯的視圖，呈現其 AI 風險所在，並提出政策與補救建議，協助他們採取行動。

The second issue customers are grappling with is how to put the right defense layer around AI to prevent AI-specific threats like prompt injection and jailbreaking and to ensure models adhere to company policy, preventing misuse or unwanted responses. Imagine a scenario where an adversary attempts to override system rules through a multi-turn attack in order to exfiltrate data. Our AI Guardrails solution is designed precisely to help customers address this. In addition, our AI Gateway secures API traffic between private applications, autonomous agents and LLMs and can be deployed on-premises or in the cloud.

客戶正在面對的第二個問題，是如何在 AI 周邊建立正確的防禦層，以防範提示注入（prompt injection）與越獄（jailbreaking）等 AI 特有威脅，並確保模型遵循公司政策，避免濫用或不想要的回應。想像一個情境：對手試圖透過多輪攻擊覆寫系統規則，以外洩資料。我們的 AI Guardrails 解決方案正是為了協助客戶應對此類問題而設計。此外，我們的 AI Gateway 可保護私有應用程式、自主代理（autonomous agents）與 LLM 之間的 API 流量，並可部署於內部（on-premises）或雲端。

Third, customers need a highly performing network that can handle the exceptional volume of AI transactions and data and the growing amount of highly interactive, latency-sensitive agentic communications while ensuring they're adhering to strict regulations, including data sovereignty. Our NewEdge Private Cloud spans more than 120 data centers around the globe, and we operate all our products in our unified platform in each location, creating distinct performance and sovereignty advantages. NewEdge also allows customers to define geo-based policies to control exactly where their AI, security and networking processing occurs, giving them sovereignty over their transactions and data wherever it lives or flows.

第三，客戶需要高效能的網路，能夠處理龐大的 AI 交易與資料量，以及日益增加、互動性極高且對延遲敏感的 agentic 通訊，同時確保遵循包含資料主權在內的嚴格法規。我們的 NewEdge Private Cloud 橫跨全球 120 多個資料中心，並在每個地點以統一平台運行所有產品，創造出獨特的效能與主權優勢。NewEdge 也讓客戶能定義以地理位置為基礎的政策，精準控制其 AI、安全與網路處理發生的位置，讓他們對交易與資料（無論其儲存或流動於何處）都能保有主權。

Customers are seeing that today's AI environment has become a watershed moment for security. AI security-related pipeline is growing at a rapid pace and deals are moving into proof-of-concept phases. In fact, we estimate that approximately 1/3 of our AI security pipeline is already in or entering the important POC phase. In general, enterprises are following their structured budgeting, validation, executive approval and procurement life cycle, which typically takes 6 to 12 months.

客戶正看到，當前的 AI 環境已成為安全領域的分水嶺時刻。AI 安全相關的銷售管線正以極快速度成長，交易也正進入概念驗證（POC）階段。事實上，我們估計約有 1/3 的 AI 安全管線已在或正進入關鍵的 POC 階段。整體而言，企業正遵循其結構化的預算編列、驗證、主管核准與採購生命週期，通常需要 6 到 12 個月。

Let me share a few early AI security wins closed during the second quarter and the use cases we solve for customers. First, a global electronics manufacturer in EMEA needed visibility into agentic or MCP traffic, a way to understand the associated risk, enable governance and apply a control point to enforce policy. In Q2, they expanded their existing Netskope deployment with a broad AI security upsell, including AI Guardrails, our DLP AISecOps Agent, Agentic Broker and AI Gateway. They're putting the controls in place to safely embrace agentic AI rather than having to slow down or shut it off.

我想分享幾個在第二季成交的早期 AI 安全勝利案例，以及我們為客戶解決的使用情境。首先，EMEA 地區的一家全球電子製造商需要對 agentic 或 MCP 流量的可視性、理解相關風險的方法、啟用治理能力，並設置控制點以強制執行政策。在第二季，他們在既有的 Netskope 部署上擴大採用，進行廣泛的 AI 安全加購（upsell），包含 AI Guardrails、我們的 DLP AISecOps Agent、Agentic Broker 與 AI Gateway。他們正在建立控制措施，以安全地擁抱 agentic AI，而不是必須放慢腳步或將其關閉。

In another example, a large auto insurer had a mandate from leadership to drive AI adoption company-wide, but they recognized that they couldn't move at that pace without the right security and governance foundation. In Q2, they expanded their Netskope One platform with AI Guardrails, AI Gateway, Agentic Broker with DLP and Red Teaming, giving them the visibility, controls and guardrails to move forward with AI confidently.

另一個例子是一家大型汽車保險公司，管理層要求在全公司推動 AI 採用，但他們也意識到，若沒有正確的安全與治理基礎，就無法以那樣的速度前進。在第二季，他們擴充了 Netskope One 平台，導入 AI Guardrails、AI Gateway、具備 DLP 與 Red Teaming 的 Agentic Broker，讓他們具備可視性、控制與防護欄（guardrails），得以更有信心地推進 AI。

These wins showcase how we are enabling customers to say yes to AI today, letting them safely use, not block, AI and move faster with it, but with the confidence that their transactions and data are protected, their AI usage is governed, and their agents are operating within appropriate boundaries. Netskope delivers that AI runtime security with the guardrails and high-performance network customers need to adopt AI broadly without compromising security or user experience.

這些成果展現了我們如何讓客戶今天就能對 AI 說「可以」：讓他們安全地使用 AI，而不是封鎖 AI，並以更快速度推進，同時確信其交易與資料受到保護、AI 使用受到治理，且其代理（agents）在適當的邊界內運作。Netskope 透過客戶所需的防護欄與高效能網路，提供 AI 執行期（runtime）安全，使客戶能在不犧牲安全或使用者體驗的情況下廣泛採用 AI。

As security leaders navigate an increasingly complex AI landscape from open-weight models to closed frontier models, from copilots to autonomous agents and from traditional AI applications to MCP-based interactions, they need a platform that can see, understand and govern all of it. That is what Netskope One was built to do.

當安全領導者在日益複雜的 AI 版圖中前行——從開放權重模型到封閉的前沿模型（frontier models）、從副駕（copilots）到自主代理、從傳統 AI 應用到基於 MCP 的互動——他們需要一個能看見、理解並治理所有這些內容的平台。這正是 Netskope One 的設計初衷。

From inception, our AI-native platform was built to give customers granular visibility and real-time context and control of all their transactions, users, agents, tool calls, data and more. This includes dynamically and intelligently understanding the nature, intent and risk of those transactions, combined with a high-performance private cloud network that delivers both security and performance and enables real-time policy and security enforcement. That foundation is now becoming even more important in the AI era. We're excited to see this important validation of our product market fit and strategy resonating with our existing customers as well as a strong AI pipeline of opportunity with new customers.

自一開始，我們的 AI 原生平台就旨在為客戶提供細緻的可視性，以及對其所有交易、使用者、代理、工具呼叫（tool calls）、資料等的即時情境與控制。這包括以動態且智慧的方式理解這些交易的性質、意圖與風險，並結合高效能的私有雲網路，同時提供安全與效能，並支援即時的政策與安全強制執行。在 AI 時代，這一基礎正變得更加重要。我們很高興看到，這項對我們產品市場契合度與策略的重要驗證，正在既有客戶中引起共鳴，同時也在新客戶方面形成強勁的 AI 機會管線。

In addition to our early success in AI security, our platform selling motion continues to drive momentum across our SSE and SASE business with customers increasingly adopting more products across our Netskope One portfolio. The number of customers spending more than $100,000 in ARR during Q2 grew 23% year-over-year and 59% of our customers are now using four or more Netskope One products, up from 51% a year ago. During the second quarter, we had great new logo and expansion wins across geographies and key verticals like financial services, manufacturing, health care, telecom and government.

除了在 AI 安全方面的早期成功之外，我們的平台式銷售動能也持續推動 SSE 與 SASE 業務的成長，客戶正愈來愈多地在 Netskope One 產品組合中採用更多產品。第二季 ARR 支出超過 10 萬美元的客戶數年增 23%，且目前有 59% 的客戶正在使用四項或以上的 Netskope One 產品，高於一年前的 51%。在第二季，我們在各地區與關鍵垂直產業（如金融服務、製造、醫療保健、電信與政府）都取得了亮眼的新客戶（new logo）與擴張（expansion）成果。

Let me share a few that illustrate the key problems we solve for customers across key use cases. First, customers continue to select our Netskope One platform to modernize for the cloud and AI. As I mentioned previously, modernization is an important precursor to AI-safe adoption. As such, customers are adopting our SSE and SASE offerings as the infrastructure and foundation to then build on and adopt our AI security offerings. We saw this in a great new logo win with a US financial services company in which cloud modernization and AI enablement are key initiatives driving their future growth and scale.

我想分享幾個案例，說明我們如何在關鍵使用情境中解決客戶的核心問題。首先，客戶持續選擇 Netskope One 平台來推動雲端與 AI 的現代化。如我先前所提，現代化是安全採用 AI 的重要前置條件。因此，客戶正採用我們的 SSE 與 SASE 方案作為基礎架構與底座，接著再在其上建置並採用我們的 AI 安全方案。我們在一家美國金融服務公司的全新客戶（new logo）勝利中看到了這點；雲端現代化與 AI 賦能是推動其未來成長與規模化的關鍵倡議。

Our platform differentiation across network and security helped us win a competitive deal in which they purchased eight products across our SASE suite. In addition, they also landed with our AI Guardrails and Agentic Broker AI security products. Similarly, we landed another cloud modernization and AI deal with a leading technology company who needed to improve SaaS and cloud visibility and data protection, protect and govern AI usage, including shadow AI, and monitor and control MCP traffic. Again, our single unified platform and highly performant NewEdge network were the differentiating factors against competitors in this deal.

我們在網路與安全方面的平台差異化，協助我們贏得一筆競爭性交易；該客戶在我們的 SASE 套件中採購了八項產品。此外，他們也以我們的 AI Guardrails 與 Agentic Broker 這兩項 AI 安全產品作為切入（land）。同樣地，我們也與一家領先的科技公司成交另一筆雲端現代化與 AI 交易；該公司需要提升 SaaS 與雲端可視性與資料保護、保護並治理 AI 使用（包含影子 AI），以及監控與控制 MCP 流量。在這筆交易中，我們單一統一的平台與高效能的 NewEdge 網路再次成為相較競爭對手的關鍵差異化因素。

We also continue to see customers replace legacy infrastructure with our modern SASE architecture built for scale. For example, a Fortune 500 health care provider selected Netskope to modernize security, replace fragmented legacy systems and consolidate vendor sprawl with a unified platform for a global distributed workforce. Doing so required protecting highly sensitive IP and other data for regulatory compliance and safely enabling and governing increased GenAI usage. Our highly granular contextual controls, unified data protection and NewEdge high performance were key drivers in winning the seven-figure multiproduct deal from an incumbent competitor.

我們也持續看到客戶以我們為可擴展性而打造的現代 SASE 架構，取代傳統的舊有基礎設施。例如，一家《財富》500 大的醫療保健服務提供者選擇 Netskope 來現代化安全架構、取代分散破碎的舊系統，並以統一平台整併供應商過度分散（vendor sprawl），以支援全球分散式勞動力。這需要保護高度敏感的智慧財產（IP）與其他資料以符合監管要求，並安全地啟用與治理日益增加的 GenAI 使用。我們高度細緻的情境式控制、統一的資料保護，以及 NewEdge 的高效能，是我們從既有競爭對手手中贏得這筆七位數多產品交易的關鍵驅動因素。

And finally, data sovereignty is increasingly important for customers in highly regulated industries and governments. For example, we expanded with a European government agency that chose us for our data sovereignty capabilities and bought our digital experience management to pair with our in-country NewEdge network for optimized user experience.

最後，對於高度受監管產業與政府客戶而言，資料主權的重要性日益提升。例如，我們與一家歐洲政府機構擴大合作；該機構因我們的資料主權能力而選擇我們，並採購我們的數位體驗管理，與其境內的 NewEdge 網路搭配，以最佳化使用者體驗。

Another example is a new win with a financial services company where data sovereignty is key to regulatory compliance. In addition to achieving this with our NewEdge Data Planes, which run all of our products at the Sovereign Edge, they also consolidated and modernized their legacy network security tools with Netskope's unified SSE platform. As these wins demonstrate, customers are gravitating to Netskope to modernize their network, become a core security platform for the cloud and AI era and eliminate the trade-off between security and network performance.

另一個例子是我們新拿下的一家金融服務公司客戶，資料主權是其符合法規要求的關鍵。除了透過我們的 NewEdge Data Planes（在 Sovereign Edge 上運行我們所有產品）達成此目標外，他們也以 Netskope 的統一 SSE 平台整併並現代化其既有的網路安全工具。正如這些勝出案例所示，客戶正轉向 Netskope，以現代化其網路、在雲端與 AI 時代成為核心安全平台，並消除安全性與網路效能之間的取捨。

Shifting gears a bit, we've long believed in openness, industry collaboration and integration across our ecosystem. Earlier this year, we joined Anthropic's Project Glasswing and OpenAI's Daybreak programs and released integrations with these and other cloud and AI partners. These partnerships demonstrate the important role Netskope plays within the broader AI and security landscape.

稍微換個話題，我們長期以來一直相信開放性、產業協作，以及在整個生態系中進行整合。今年稍早，我們加入 Anthropic 的 Project Glasswing 與 OpenAI 的 Daybreak 計畫，並發布與這些及其他雲端與 AI 夥伴的整合。這些合作關係展現了 Netskope 在更廣泛的 AI 與資安版圖中所扮演的重要角色。

In Q2, we continued to expand and deepen these collaborations in addition to announcing important new partnerships. We were pleased to join NVIDIA's Open Secure AI Alliance, a coalition of industry leaders committed to building open frontier AI tools that defenders can inspect, adapt and trust. The world needs both open and closed frontier models, orchestrated proactively and with care across the entire AI ecosystem to truly bring positive impactful outcomes to the world. NVIDIA has been a terrific partner to build alongside, and this initiative accelerates our commitment in building open AI tools, ensuring our enterprise customers can trust, adapt and securely deploy advanced AI across their environments.

在第二季，我們持續擴大並深化這些合作，同時也宣布了重要的新夥伴關係。我們很高興加入 NVIDIA 的 Open Secure AI Alliance，這是一個由產業領導者組成的聯盟，致力於打造開放的前沿 AI 工具，讓防禦方能夠檢視、調整並信任。世界同時需要開放與封閉的前沿模型，並在整個 AI 生態系中以審慎且主動的方式協同編排，才能真正為世界帶來正向且具影響力的成果。NVIDIA 一直是非常出色的合作夥伴，與我們並肩打造；此倡議加速了我們打造開放 AI 工具的承諾，確保企業客戶能夠信任、調適並在其環境中安全部署先進 AI。

We were also pleased to join CrowdStrike's Project QuiltWorks, integrating real-time data from Netskope into Falcon's Next-Gen SIEM, giving critical insight across users, applications and data and helping defenders correlate risk automatically and prioritize action faster. We also continued to broaden our collaboration with Anthropic, integrating our industry-recognized DLP and threat scanning with Claude Enterprise.

我們也很高興加入 CrowdStrike 的 Project QuiltWorks，將 Netskope 的即時資料整合至 Falcon 的次世代 SIEM，提供跨使用者、應用程式與資料的關鍵洞察，協助防禦方自動關聯風險並更快地優先採取行動。我們也持續擴大與 Anthropic 的合作，將我們業界公認的 DLP 與威脅掃描整合至 Claude Enterprise。

In addition, we announced an integration with Amazon Bedrock AgentCore, bringing Netskope AI Guardrails into agentic workflows for AWS customers. This lets organizations move AI agents into production with the confidence that what an AI agent is allowed to do and what it actually does are, in fact, the same thing. And finally, on the go-to-market partnership front, we launched the Netskope Catalyst Managed Service Provider program to streamline the delivery of managed services based on Netskope solutions. As we've mentioned in the past, we value our partnerships with MSPs around the globe and view them as an important vehicle and lever for growth within the mid-market.

此外，我們宣布與 Amazon Bedrock AgentCore 的整合，將 Netskope AI Guardrails 帶入 AWS 客戶的代理式（agentic）工作流程。這讓組織能夠有信心地將 AI 代理投入生產環境，確保 AI 代理被允許做的事與其實際所做的事，確實一致。最後，在市場推廣（go-to-market）合作方面，我們推出 Netskope Catalyst 受管服務供應商（MSP）計畫，以簡化基於 Netskope 解決方案的受管服務交付。如同我們過去提到的，我們重視與全球 MSP 的合作，並將其視為在中型市場成長的重要載體與槓桿。

Last quarter, I talked about how Netskope is transforming how we operate and how AI is accelerating our product velocity. In Q2, we kept up our relentless pace of innovation. Let me share some of these innovations. Last month, we introduced Netskope One DataSec Command Center, a unified control plane that discovers, understands and protects sensitive data everywhere it lives, in the cloud, on the network, on-premises, on endpoints, in e-mail and inside AI applications.

上個季度，我談到 Netskope 正在如何轉型我們的營運方式，以及 AI 如何加速我們的產品開發速度。在第二季，我們持續保持不懈的創新步伐。我來分享其中一些創新。上個月，我們推出 Netskope One DataSec Command Center，這是一個統一的控制平面，可在敏感資料所在的任何地方進行發現、理解與保護——包括雲端、網路、地端、端點、電子郵件以及 AI 應用程式內。

It goes right at a problem I hear from CISOs everywhere. They still lack a central overview of their sensitive data. That fragmentation represents a large underserved market opportunity for a platform that can unify it. DataSec Command Center is built to do that by correlating signals from DLP, DSPM, CASB, SWG and more, so teams can go from finding a risk to fixing it in a few clicks instead of a multi-day investigation across disconnected tools. DataSec Command Center sits alongside the DLP AISecOps agent we introduced in AgentSkope last quarter.

它正面解決我從各地 CISO 那裡聽到的問題。他們仍然缺乏對敏感資料的集中式總覽。這種碎片化代表著一個龐大且尚未被充分服務的市場機會：需要一個能將其統一的平台。DataSec Command Center 正是為此而打造，透過關聯來自 DLP、DSPM、CASB、SWG 等的訊號，讓團隊能從發現風險到修復風險，只需幾次點擊，而非在彼此分離的工具間進行長達數天的調查。DataSec Command Center 與我們上季在 AgentSkope 中推出的 DLP AISecOps 代理並列。

As customers scale their use of AI, they're increasingly focused on optimizing the cost and performance of each workload. This is creating a growing need for network optimization purpose-built for AI. In July, we announced the real-world results of our AI Fast Path technology. AI Fast Path optimizes the network path between users, sites, and agents to AI destinations for faster inference results and minimizes time to first token to accelerate agentic AI workflows.

隨著客戶擴大 AI 的使用規模，他們愈來愈專注於最佳化每個工作負載的成本與效能。這正在催生對專為 AI 打造的網路最佳化日益增長的需求。7 月，我們公布了 AI Fast Path 技術的真實世界成果。AI Fast Path 會最佳化使用者、站點與代理到 AI 目的地之間的網路路徑，以更快取得推論結果，並將首個 token 的時間（time to first token）降到最低，以加速代理式 AI 工作流程。

In real-world testing on our NewEdge network, AI Fast Path reduced latency by as much as 90%. NewEdge analyzes tens of millions of routes per day, evaluating latency, jitter, and packet loss, amongst other factors, and ultimately makes tens of thousands of route changes to identify the fastest, most reliable path for AI traffic.

在我們 NewEdge 網路的真實世界測試中，AI Fast Path 將延遲最多降低 90%。NewEdge 每天分析數千萬條路由，評估延遲、抖動與封包遺失等因素，並最終進行數萬次路由變更，以找出 AI 流量最快、最可靠的路徑。

Beyond AI, we're continuing to innovate across our Netskope One platform, including delivering enhancements to our enterprise browser and Zero Trust access solutions during Q2. And finally, we enhanced our platform to address advances in quantum computing that are shrinking the timeline for Q-Day when some of the existing cryptography algorithms that are central to secure communications on the internet will be compromised.

除了 AI 之外，我們也持續在 Netskope One 平台上推動創新，包括在第二季為我們的企業瀏覽器與零信任存取解決方案提供強化功能。最後，我們也強化平台以因應量子運算的進展；這些進展正在縮短 Q-Day 的時間表——屆時，一些對網際網路安全通訊至關重要的既有密碼學演算法將面臨被破解的風險。

Sophisticated threat actors are pursuing the harvest now, decrypt later technique to store away encrypted packets now to decrypt it later when powerful quantum computers are available. These trends have resulted in government mandates throughout the world on hard timelines for implementing post-quantum cryptography algorithms.

高階威脅行為者正採用「先收割、後解密」（harvest now, decrypt later）技術，先儲存目前的加密封包，待未來強大的量子電腦可用時再行解密。這些趨勢已促使全球各國政府發布具硬性期限的命令，要求導入後量子密碼學演算法。

In order to address this, Netskope engineered and natively integrated NIST-approved post-quantum cryptography algorithms in its SASE platform across our more than 120 data centers globally in Q2, bringing quantum-resilient encryption to the globe. This helps our customers transition to a quantum-safe environment and meet regulatory mandates for their sensitive communications to SaaS and AI services worldwide. We strongly believe that we have and are continuing to build upon the right platform for the right moment.

為了因應此一挑戰，Netskope 在第二季於其 SASE 平台中完成工程設計並原生整合 NIST 核准的後量子密碼學演算法，覆蓋我們全球超過 120 個資料中心，將具量子韌性的加密帶向全球。這有助於客戶轉型至量子安全環境，並滿足其對全球 SaaS 與 AI 服務之敏感通訊的法規要求。我們堅信，我們已經擁有並且仍在持續打造一個在此關鍵時刻最合適的平台。

In Q2, we are proud to receive important third-party validation of our leadership in key markets. Netskope was again named a leader in the prestigious Gartner Magic Quadrant for both SSE and SASE for the fifth year and third year in a row, respectively. Correspondingly, in Gartner's companion Critical Capabilities report for SSE, Netskope ranked amongst the two highest-scoring vendors for all four category use cases, including essential SSE, advanced SSE, private application access and secure SaaS and AI enablement. And in the corresponding critical capabilities report for SASE, Netskope was the only vendor ranked as the highest-scoring for three key use cases, including foundational SASE platform, Zero Trust SASE platform and sovereign SASE. Additionally, in IDC's Worldwide SASE MarketScape report published last month, Netskope was recognized for SASE leadership, pointing to our single policy engine, common data model and NewEdge's distributed enforcement as significant differentiators.

在第二季，我們很自豪獲得重要的第三方肯定，驗證我們在關鍵市場的領導地位。Netskope 再次在備受推崇的 Gartner 魔力象限（Magic Quadrant）中，分別連續第五年與連續第三年被評為 SSE 與 SASE 的領導者。相應地，在 Gartner 的 SSE 配套《Critical Capabilities》報告中，Netskope 在四個類別使用情境中皆名列得分最高的兩家供應商之一，包括基本 SSE、進階 SSE、私有應用程式存取，以及安全的 SaaS 與 AI 賦能。而在對應的 SASE《Critical Capabilities》報告中，Netskope 是唯一一家在三個關鍵使用情境中獲評為最高得分的供應商，包括基礎 SASE 平台、零信任 SASE 平台與主權 SASE。此外，在上月發布的 IDC《Worldwide SASE MarketScape》報告中，Netskope 亦因 SASE 領導地位而獲得肯定，並指出我們的單一政策引擎、通用資料模型，以及 NewEdge 的分散式強制執行是重要差異化優勢。

This also points to something crucial to understand. While AI is dominating the conversation, modern cloud and network security is the foundation for corporate AI adoption that is safe without compromising on performance. In fact, with growing agentic infrastructure, customers are increasingly recognizing that speed is a distinct competitive advantage and that Netskope offers the optimal path for inference.

這也指出了一個至關重要、需要理解的重點。儘管 AI 正主導討論，但現代雲端與網路安全是企業安全採用 AI、且不犧牲效能的基礎。事實上，隨著代理式（agentic）基礎設施的成長，客戶愈來愈認知到速度是一項明確的競爭優勢，而 Netskope 為推論提供了最佳路徑。

I've shared in the past, Netskope's AI-native philosophy, not only in how we build our market-leading platform, but in how we operate our business. Today, AI is accelerating how we work across the company, helping us innovate and expand our Netskope One platform faster than ever before, while also accelerating sales rep and SE training, streamlining customer support, recruiting and developing talent and automating other processes. Our teams have leaned into this new era, enabling us to move faster, operate more efficiently and scale with greater leverage.

我過去曾分享過，Netskope 的 AI 原生理念，不僅體現在我們如何打造市場領先的平台，也體現在我們如何營運業務。如今，AI 正在加速我們在全公司範圍內的工作方式，協助我們以前所未有的速度創新並擴展 Netskope One 平台，同時也加速業務代表與銷售工程師（SE）的訓練、精簡客戶支援、招募與培育人才，並自動化其他流程。我們的團隊已積極擁抱這個新時代，使我們能更快行動、更有效率地營運，並以更高的槓桿擴大規模。

In closing, Netskope sits at the intersection of cloud, AI, networking and security, positioning us to address a massive market opportunity that we are still in the early stages of capturing. We are scaling our go-to-market engine well to capitalize on that opportunity while continuing to innovate rapidly and deepen our strategic position with customers and partners. Our goal is to be the essential adaptive fabric for the modern AI enterprise. And we believe our differentiated architecture, technology leadership and growing customer footprint create a durable structural moat that will compound over time.

總結而言，Netskope 位於雲端、AI、網路與安全的交會點，使我們得以把握一個龐大的市場機會，而我們仍處於捕捉該機會的早期階段。我們正在良好地擴展我們的 go-to-market 引擎以把握該機會，同時持續快速創新，並深化我們與客戶及合作夥伴的策略地位。我們的目標是成為現代 AI 企業不可或缺的自適應基礎織網（adaptive fabric）。我們相信，我們差異化的架構、技術領導地位以及不斷成長的客戶版圖，將形成可長期維持的結構性護城河，並隨時間複利增長。

I am pleased with our second quarter outperformance across every key metric and proud of our team of Netskopers for continuously embodying the guts, resolve, integrity, and tenacity that define our culture and what we stand for. As well, I am grateful to the thousands of customers who trust Netskope to help steer them through two of the greatest technological revolutions in our lifetime, cloud and AI.

我對我們第二季在每一項關鍵指標上的超預期表現感到滿意，也為我們的 Netskopers 團隊感到自豪，因為他們持續展現出定義我們文化與立場的勇氣、決心、正直與韌性。同時，我也感謝數以千計的客戶信任 Netskope，協助他們度過我們一生中兩場最重大的科技革命：雲端與 AI。

With that, let me now turn the call over to Drew.

接下來，我把電話會議交給 Drew。

Thank you, Sanjay. And as you just heard, demand for our business is strong. Our platform selling motion continues to gain momentum, and we are innovating rapidly. Before I share more about our Q2 results, let me remind you that all financial comparisons are on both a year-over-year and non-GAAP basis, unless stated otherwise.

謝謝你，Sanjay。正如各位剛才所聽到的，我們業務的需求強勁。我們的平台銷售推進（selling motion）持續增強動能，我們也在快速創新。在我分享更多第二季（Q2）業績之前，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。

Moving to our Q2 results. ARR grew 27% to $899 million. Net new ARR of $54 million grew 9%. Revenue grew 29% to $220.5 million, ahead of our guided range. Demand continues to be durable across all of our regions. Revenue in EMEA grew 37%, APJ grew 31% and the Americas grew 25%.

接著看我們第二季（Q2）的結果。ARR 成長 27%，達到 8.99 億美元。淨新增 ARR 為 5,400 萬美元，成長 9%。營收成長 29%，達到 2.205 億美元，優於我們的指引區間。各區域的需求持續展現韌性。EMEA 營收成長 37%，APJ 成長 31%，美洲成長 25%。

We're also seeing the strength of our results reflected in our customer expansion and retention rates. NRR rose to 114%, and our gross retention rate, or GRR, hit another all-time high, ticking up again in Q2. Remaining performance obligations, or RPO, grew 36% year-over-year to $1.35 billion. Moving on to our customer metrics.

我們也看到，客戶擴張與留存率反映出我們結果的強勁。NRR 上升至 114%，而我們的總留存率（gross retention rate，GRR）再創歷史新高，並在第二季再度上升。剩餘履約義務（remaining performance obligations，RPO）年增 36%，達到 13.5 億美元。接下來談我們的客戶指標。

As Sanjay noted, the number of customers generating more than $100,000 in ARR grew 23% year-over-year in Q2 to 1,686. These customers composed 87% of our total ARR, and adoption of our Netskope One platform continues to increase. At the end of Q2, 59% of our customers were using four or more products versus 51% a year ago and 41% were using five or more products, up from 35% a year ago.

如 Sanjay 所提到，第二季 ARR 超過 10 萬美元的客戶數年增 23%，達到 1,686 家。這些客戶占我們總 ARR 的 87%，而我們的 Netskope One 平台採用率持續提升。截至第二季末，59% 的客戶使用四項或以上產品，高於一年前的 51%；41% 的客戶使用五項或以上產品，高於一年前的 35%。

Our platform expansion continues to gain steam as we add more products to our Netskope One platform of over 25 products. This continuing innovation expands our market opportunity to $336 billion and extends our runway for growth. Turning to the rest of the income statement.

隨著我們在擁有超過 25 項產品的 Netskope One 平台中加入更多產品，我們的平台擴張持續加速。這項持續創新將我們的市場機會擴大至 3,360 億美元，並延長我們的成長跑道。接著看損益表的其餘部分。

Our investments remain disciplined. We are demonstrating the operating leverage that comes from our platform and infrastructure being built to scale. Gross margin was 77%, increasingly -- increasing approximately 2 percentage points year-over-year. This increase is driven by the scale benefits of our NewEdge architecture as we continue to progress towards our long-term target of 80% gross margin.

我們的投資仍保持紀律。我們正展現出營運槓桿，這來自於我們的平台與基礎設施是為可擴展性而打造。毛利率為 77%，年對年提升約 2 個百分點。此提升主要來自 NewEdge 架構的規模效益，我們也持續朝長期 80% 毛利率目標邁進。

Q2 operating margin was negative 9%, an impressive 11 percentage point improvement compared to Q2 of last year and significantly ahead of our guidance. This improvement was driven by operating leverage across the P&L as revenue grows. The biggest contributor was R&D, which improved approximately 8 points as a percent of revenue compared to last year.

第二季營業利益率為負 9%，相較去年第二季改善了令人印象深刻的 11 個百分點，且顯著優於我們的指引。這項改善來自於營收成長帶動損益表（P&L）各項目的營運槓桿。最大貢獻來自研發（R&D），其占營收比重相較去年改善約 8 個百分點。

Netskope One's common platform architecture delivers the rapid product velocity Sanjay mentioned earlier, while we scale efficiently. Our AI investments are accelerating that velocity. Sales and marketing expenses were roughly flat year-over-year as a percent of revenue as we continue to ramp our existing sales force and invest in quota-carrying sales reps to address the massive market opportunity ahead of us.

Netskope One 的共用平台架構帶來 Sanjay 先前提到的快速產品迭代速度，同時讓我們能有效率地擴大規模。我們對 AI 的投資正在加速這種速度。在我們持續擴編既有銷售團隊，並投資於具配額責任（quota-carrying）的業務代表，以因應前方龐大的市場機會之際，銷售與行銷費用占營收比重年對年大致持平。

G&A expenses also improved by approximately 1 point as a percent of revenue compared to Q2 of last year, reflecting leverage across our infrastructure. Net loss per share was $0.03 using 405 million weighted average shares, exceeding our guidance. Fully diluted share count using the treasury stock method was approximately 511 million shares as of July 31, 2026. Negative free cash flow of $29.8 million was slightly ahead of our expectations. This benefit was driven by our outperformance on both the top and bottom line.

一般與行政（G&A）費用占營收比重相較去年第二季也改善約 1 個百分點，反映出我們基礎設施的槓桿效益。以 4.05 億股加權平均股數計算，每股淨損為 0.03 美元，優於我們的指引。截至 2026 年 7 月 31 日，採庫藏股法計算的完全稀釋股數約為 5.11 億股。自由現金流為負 2,980 萬美元，略優於我們的預期。此項利多來自我們在營收端與獲利端（top line 與 bottom line）的雙雙超預期表現。

Note that contracted future billings grew 75%, reflecting our transition to annual billings. As Sanjay noted, we are already seeing the impressive results that AI is delivering. This transformation includes shifting some of our investments to areas where we see the greatest opportunity and demand. As such, we reallocated spend towards our AI infrastructure and tokens in R&D and G&A. We made the hard decision to reduce around 5% of our workforce as we continue to drive AI-nativeness company-wide. Finally, we maintain a strong balance sheet and ended the second quarter with $1.1 billion in cash, cash equivalents and marketable securities.

請注意，已簽約的未來開立帳單（contracted future billings）成長 75%，反映我們正轉向年度開立帳單。如 Sanjay 所提到，我們已經看到 AI 帶來的令人印象深刻的成果。這項轉型包括將部分投資轉向我們看到最大機會與需求的領域。因此，我們在研發與一般與行政（R&D 與 G&A）中，將支出重新配置至 AI 基礎設施與 tokens。為了持續推動全公司 AI 原生化，我們做出艱難決定，將人力縮減約 5%。最後，我們維持強健的資產負債表，並在第二季末擁有 11 億美元的現金、約當現金與有價證券。

Here are a few modeling points and assumptions underlying our Q3 and fiscal year 2027 outlook. First, on ARR. We continue to expect net new ARR to grow year-over-year in the second half of our fiscal year. This follows our typical second half quarterly cadence with a seasonally stronger fourth quarter.

以下是支撐我們第三季（Q3）與 2027 會計年度展望的幾個建模要點與假設。首先，關於 ARR。我們仍預期在本會計年度下半年，淨新增 ARR 將年對年成長。這符合我們典型的下半年季度節奏，其中第四季季節性表現較強。

On billings, a reminder that we are transitioning customers to annual billings, which is proceeding faster than expected. We expect to be through the transition by the middle of next fiscal year. This shift temporarily defers cash collections but gives us strong forward visibility into cash flows and customer commitments.

關於 billings，再次提醒：我們正將客戶轉為年度開立帳單，且進度比預期更快。我們預期在下一個會計年度年中完成此轉換。此一轉變會暫時遞延現金收款，但能讓我們對現金流與客戶承諾具有更強的前瞻可視性。

On cash flow, we expect between $10 million and $20 million of free cash flow in Q3. For the full year, we now expect capital expenditure of approximately 4% to 5% of revenue related to the continued infrastructure investments in our NewEdge network. We've noted these modeling points in the appendix of our investor presentation.

就現金流而言，我們預期第三季自由現金流將介於1,000萬至2,000萬美元之間。就全年而言，考量我們在 NewEdge 網路持續進行基礎設施投資，我們目前預期資本支出約為營收的4%至5%。我們已在投資人簡報的附錄中註明這些建模要點。

I'll now share our guidance, which reflects the strong underlying demand, early traction with our AI security products and continued progress in sales reps ramping. As a reminder, these numbers are all non-GAAP, unless stated otherwise.

接下來我將分享我們的財測指引，該指引反映強勁的基本需求、我們 AI 安全產品的早期進展，以及銷售代表持續到位（ramping）的進度。提醒一下，除非另有說明，以下數字皆為非 GAAP。

For Q3 fiscal 2027, we expect revenue in the range of $227 million to $229 million, representing growth of approximately 24%, operating margin of approximately negative 8% and net loss per share of $0.03 to $0.04 using approximately 415 million weighted average common shares outstanding.

就2027會計年度第三季而言，我們預期營收介於2.27億至2.29億美元之間，約成長24%；營業利益率約為負8%；以約4.15億股加權平均流通普通股計算，每股淨損為0.03至0.04美元。

For the full fiscal year, we are raising our guidance. We now expect revenue in the range of $888 million to $892 million, representing growth of approximately 26%. We are pleased to raise our full year revenue guidance by more than our Q2 revenue beat. This reflects our momentum and confidence in the durability of demand.

就全年會計年度而言，我們上調財測指引。我們目前預期營收介於8.88億至8.92億美元之間，約成長26%。我們很高興將全年營收指引上調的幅度，超過我們第二季營收超預期（beat）的幅度。這反映我們的動能，以及我們對需求持久性的信心。

Gross margin of approximately 77%, operating margin of approximately negative 9%, net loss per share of $0.15 using approximately 415 million weighted average common shares outstanding and positive free cash flow margin of approximately 2%. In summary, demand for Netskope solutions is strong. Our platform momentum continues to grow, and our rapid pace of innovation places us center stage for the age of AI.

毛利率約77%，營業利益率約為負9%；以約4.15億股加權平均流通普通股計算，每股淨損為0.15美元；自由現金流利潤率約為正2%。總結而言，市場對 Netskope 解決方案的需求強勁。我們的平台動能持續增長，而我們快速的創新步伐，使我們在 AI 時代站上舞台中心。

With that, operator, let's open the line for questions.

接下來，接線員，請開放提問。

(Operator Instructions) Matt Hedberg, RBC Capital Markets.

(接線員指示) RBC Capital Markets 的 Matt Hedberg。

This is Simran on for Matt Hedberg. Congrats on the quarter. First for me, as we think about ARR and the decel from last quarter, could you talk a little bit more about the important building blocks that could point to ARR acceleration from here?

我是 Simran，代 Matt Hedberg 提問。恭喜本季表現。首先，談到 ARR 以及相較上季的放緩，能否再多談談哪些重要的組成要素，可能指向 ARR 從這裡開始再度加速？

Thanks for the question. And so first of all, we're obviously very happy with our Q2 performance and the growth in our pipeline across AI security and beyond. One of the key things for us, as we mentioned, is we see that AI security pipeline, and some of that closed in Q2, but we really see a lot of that in the back half, especially towards Q4. And with our reps ramping, obviously, that's a key for us. For growth, 50% roughly of our reps are ramping. And one of the key areas for us is not only the product innovation but continuing to grow that rep ramping count. And that will happen in the back half of the year, first in EMEA and APJ, where we really started growing our fully ramped reps first and then later in North America.

謝謝你的問題。首先，我們對第二季的表現以及在 AI 安全及其他領域的管線成長，顯然非常滿意。如我們提到的，其中一個關鍵是我們看到 AI 安全的管線；其中一部分在第二季已成交，但我們確實看到更多將落在下半年，尤其接近第四季。此外，業務代表的到位（ramping）顯然也是我們的關鍵。就成長而言，約有50%的業務代表仍在到位期。對我們來說的關鍵領域之一，不僅是產品創新，也包括持續提升完成到位的業務代表數量。這將在下半年發生，先在 EMEA 與 APJ，我們先在這些地區擴增已完全到位的業務代表，之後才會在北美跟進。

Great. That's helpful. And then double-clicking on the AI piece. Is there a way to quantify a bit more and help us size this contribution? And then just more generally, why you are well positioned for the AI era --

很好。這很有幫助。接著再深入一點談 AI 這塊。是否有方法能更量化一些，幫助我們衡量這部分的貢獻規模？另外更一般性地，你們為何在 AI 時代具備良好定位--

Yes, it's a great question. Sure. I can't get in a conversation with our customers or prospects. I was running an AI Fast Lane event. It's events we run across cities across the world. I was in New York, had a large global media CIO on stage with me and beyond, and we're having those events everywhere.

是的，這是個很好的問題。當然。我幾乎不可能在與客戶或潛在客戶的對話中不談到 AI。我最近在主持一場 AI Fast Lane 活動。這是我們在全球各城市舉辦的活動。我人在紐約，與一位大型全球媒體公司的 CIO 同台，還有其他與會者；而我們也在各地舉辦這類活動。

And why we're well positioned is really, one, when you look at our platform, and it really is a broad platform for over 1/3 now of the Fortune 100, we are their in-line processing point. They send their traffic through us. We have a public site, ai-index.netskope.com, where you can actually see what AI traffic is going through enterprises today. We're processing trillions of AI connections.

我們之所以具備良好定位，第一點是，從平台角度來看，我們的平台相當廣泛，目前已服務超過三分之一的《財富》100 大企業；我們是他們的線上（in-line）處理節點。他們會將流量導入我們的平台。我們有一個公開網站 ai-index.netskope.com，你可以在上面看到企業目前有哪些 AI 流量正在通行。我們正在處理數兆次的 AI 連線。

And so why we're in a great footprint is a lot of this traffic, we already see. It already goes through NewEdge, which is the fastest path for inference for AI transactions. And so now these new products that we released, right, Agentic Broker earlier in the year, Guardrails, right, our AI Command Center last quarter, they really shine a light on that traffic to say, wait, what is that traffic? Is it from agents? Is it from users? Is it prompts, responses? What kind of data? So we give them the visibility that they want with, frankly, not a lot of deployment. It's very easy to get the visibility, and then we allow them to enforce real-time policy. And so really, for us, it's a combination of the things that we always highlight, the fact that we run one of the world's largest private cloud networks.

因此，我們之所以擁有很好的佈局，是因為這些流量有很大一部分我們早已看得到。它本來就會經由 NewEdge，而 NewEdge 是 AI 交易推論（inference）最快的路徑。因此，現在我們推出的新產品——例如今年稍早推出的 Agentic Broker、Guardrails，以及上季推出的 AI Command Center——能把這些流量「照亮」，讓客戶能問：等等，這些流量是什麼？是來自代理（agents）嗎？是來自使用者嗎？是提示（prompts）、回應（responses）嗎？是什麼類型的資料？因此，我們在幾乎不需要太多部署的情況下，就能提供他們想要的可視性。取得可視性非常容易，接著我們也讓他們能夠即時執行政策。所以對我們而言，這是我們一貫強調的幾項能力的組合，其中包括我們營運全球最大的私有雲網路之一。

We've released AI Fast Path. You combine that with our ability to be very granular in understanding the language of internet for cloud and AI and our data protection, and you have a perfect almost traffic point to govern AI. So that's one.

我們也推出了 AI Fast Path。把這與我們能以非常細緻的方式理解雲端與 AI 的「網際網路語言」的能力，以及我們的資料防護能力結合起來，你就會得到一個幾乎完美的流量節點，用來治理 AI。這是第一點。

The second question related to that, which you asked, was around AI growth pipeline and so on. So we started releasing a lot of our AI security products in Q1. We released some more in Q2. And we actually already announced one related to it, our DataSec Command Center in Q3 this quarter. And so really for us, those are getting in the POC. I think we announced that close to 1/3 of them are in proof of concept now. Enterprises follow their normal cycle, POC, right?

你問到的第二個相關問題，是關於 AI 成長管線等等。我們在第一季開始推出許多 AI 安全產品。第二季又推出更多。而在本季第三季，我們其實也已宣布一項相關產品，也就是 DataSec Command Center。因此對我們來說，這些產品正在進入 POC。我想我們曾宣布，接近三分之一目前已在概念驗證（proof of concept）階段。企業會遵循其正常流程：先 POC，對吧？

Okay, after the POC, they go get budget, then they go through procurement and so on. And so we really see that normal 6- to 12-month cycle, and that's why we pointed to really the back half of the year where we see some of those deals closing in addition to the ones that will close this quarter. But good question.

好的，POC 之後，他們會去取得預算，接著進入採購流程等等。因此我們確實看到典型的6到12個月週期，這也是為什麼我們指出主要會在下半年看到部分交易結案，除了本季也會結案的那些之外。不過是個好問題。

Jonathan Ho, William Blair.

William Blair 的 Jonathan Ho。

Hi, good afternoon --

嗨，午安--

It looks like Jonathan's line has disconnected. We'll move on to the next one.

看起來 Jonathan 的線路已中斷。我們將進行下一位。

(Operator Instructions) Brad Zelnick, Deutsche Bank.

(接線員指示) Deutsche Bank 的 Brad Zelnick。

This is Bhavin on for Brad today. Sanjay, I want to stick to the same theme on kind of your AI security suite. It's great to see the strong interest in the product. Can you maybe provide more details on which products are resonating the best with customers within the suite as they embark on these POCs?

我是 Bhavin，今天代替 Brad。Sanjay，我想延續同一個主題，談談你們的 AI 安全套件。很高興看到市場對這項產品有強勁的興趣。當客戶在套件內展開這些 POC（概念驗證）時，你能否提供更多細節，說明套件中哪些產品最能引起客戶共鳴、反應最好？

And more broadly, are you seeing these new capabilities help you get in front of more prospects that you might have been more difficult to get in front of otherwise?

更廣泛來看，你是否看到這些新能力幫助你接觸到更多潛在客戶——也就是那些在過去可能更難接觸到的對象？

Yes, it's a good question. So are the products that are resonating? I come back to always use cases. And if you're a CISO or CIO and you look today, you know that a large portion of your AI usage in your company is business unit-led or shadow, 90% of AI usage in many companies is of that ilk.

是的，這是個好問題。所以哪些產品最能引起共鳴？我總是回到「使用情境」來看。如果你是 CISO 或 CIO，看看今天的情況，你會知道公司裡很大一部分 AI 使用是由業務單位主導或屬於影子使用；在許多公司，90% 的 AI 使用都屬於這一類。

And so the first question that you have in your mind is, well, wait a minute, tell me, what am I using? What AI exists in my company? What agents, what rogue agents, what sanctioned agents, what MCP servers, what -- give me that visibility. And then obviously enforces my policy. And so it's probably not surprising that the things that are resonating are, one, our Agentic Broker. What does that do? Shines a light on what agentic traffic and agents are in your company, right? Tell you what are those agents accessing? Are they going to my corporate Office 365, right? Are they accessing private data? What are they doing?

因此你腦中第一個問題會是：等等，先告訴我，我到底在用什麼？我公司裡有哪些 AI？有哪些代理（agents）、哪些未經授權的代理、哪些已核准的代理、哪些 MCP 伺服器——把這些可視性給我。然後當然要能落實我的政策。所以不意外地，最能引起共鳴的包括：第一，我們的 Agentic Broker。它做什麼？把你公司裡有哪些代理式（agentic）流量與代理照亮出來，對吧？告訴你這些代理在存取什麼？它們是否連到我的企業 Office 365，對吧？是否在存取私有資料？它們在做什麼？

And so, one, Agentic Broker. That is your way to understand agentic use, and then enforce policy because we're not a visibility platform. We're a real-time policy enforcement tool and platform as well. The second is Guardrails. Guardrails take a look at every prompt and every response and they say, well, wait, how do I make sure that in addition to what Netskope can give me on a granular context like tell me that's a corporate version of a Claude Code, a personal version and let me make governance decisions on what type of AI can be used.

所以，第一是 Agentic Broker。這是你理解代理式使用情況的方式，並且能夠執行政策，因為我們不是單純的可視性平台。我們同時也是即時政策執行的工具與平台。第二是 Guardrails（護欄）。Guardrails 會檢視每一個提示（prompt）與每一個回應，並且會說：等等，除了 Netskope 能在細緻情境下提供的能力之外——例如告訴我這是企業版的 Claude Code、還是個人版，讓我能對可使用的 AI 類型做治理決策——我還要如何確保……

How do I also, when it's used, make sure that it isn't spewing out data or content that is not part of my acceptable use policy? I don't want it spewing out weapons content or content that is not applicable to what I want my company to hear. And so Guardrails is the second piece to that. And those were actually the first two really that we started releasing. And then really, we released last quarter our AI Command Center. That is a central governance point where you can see all agentic use in your company. And so we foresee over time that, that will be another big driver for us.

我也要在它被使用時，確保它不會吐出不符合我可接受使用政策的資料或內容？我不希望它吐出武器相關內容，或是任何不符合我希望公司接收之內容的資訊。因此 Guardrails 是第二個組件。而這兩個其實是我們最早開始釋出的兩項。接著，我們在上一季釋出了 AI Command Center。那是一個中央治理節點，你可以在那裡看到公司內所有代理式使用情況。因此我們預期隨著時間推進，它也會成為另一個重要的成長驅動力。

I guess just one follow-up for Drew. Just in terms of the net new ARR ticking up sequentially from last quarter. Can you maybe talk about the drivers of that uptick and if there's anything that stands out there?

我想再追問 Drew 一個問題。關於淨新增 ARR（年度經常性收入）相較上一季呈現季增。你能否談談這個上升的驅動因素，以及是否有任何特別突出的地方？

No, I think just overall strong demand in the business. There were a few -- there were some AI deals. But I think overall, it was demand in the business. AI funnel remains strong. It's something we expect really, I think, driving over the long term and just strong durability of demand over the longer term.

沒有，我認為主要就是整體業務需求強勁。確實有幾筆——有一些 AI 相關交易。但我認為整體而言，就是業務需求帶動。AI 的商機漏斗仍然很強。我們預期它會在長期真正成為驅動力，同時也反映出更長期需求的強韌與持續性。

Jonathan Ho, William Blair.

Jonathan Ho，William Blair。

I'm back. Hopefully, I can answer your question this time. I wanted to dig a little bit more into sort of your commentary around quantum-proof cryptography. Can you talk a little bit about that capability? And is this opening up either new opportunities for you or increasing your ability to see win rates? I just want to get a little bit more color there.

我回來了。希望這次我能回答你的問題。我想再深入一點了解你對「抗量子密碼學（quantum-proof cryptography）」的評論。你能談談這項能力嗎？這是否為你帶來新的機會，或提升你們的勝率表現？我想多了解一些細節。

Yes. Great question. So when you think about what we have implemented now across the world, it really allows our customers. So either they're a user or they're coming from a manufacturing floor or they're coming from any system, it allows them to talk to Netskope using quantum-resilient encryption. And we're using Lattice-based encryption, which is pretty much the standard that NIST recommends. And as a result, that critical part, right, communicating out to the internet, right, is protected.

是的。很好的問題。當你想到我們現在在全球已部署的內容，它實際上讓我們的客戶能夠——無論是使用者、來自製造現場，或來自任何系統——都能使用抗量子（quantum-resilient）加密與 Netskope 通訊。

And so what does that open up for us? Well, really, it allows us to be well ahead of the timeline for when it is recommended people implement quantum-resilient encryption. And so for us and our customers, that means, well, wait a minute, if I'm a financial services company, I'm a health care organization, I know that without doing anything, really, like if you are a Netskope customer, you don't actually really have to do anything now to enable quantum resilient encryption, right? You have Netskope, you have the platform, and we've built that in there for you. And so really, it allows us to do that.

那這為我們帶來什麼機會？基本上，它讓我們能大幅領先於「建議導入抗量子加密」的時間表。對我們與客戶而言，這代表：等等，如果我是金融服務公司、醫療保健機構，我知道即使我什麼都不做——真的，如果你是 Netskope 客戶，你現在其實不需要做任何事就能啟用抗量子加密，對吧？你有 Netskope、有這個平台，而我們已把這能力內建給你。所以它確實讓我們能做到這件事。

And then as websites and AI applications adopt more and they support quantum, Netskope is ready, right? That site, when it supports it or that app, Netskope is going to be able to communicate with it using quantum-resilient encryption. So it's future proofing. It's now allowing people to meet their regulatory environments, and it's allowing people to use it now. And so that's really, for us, a key. We always want to skate to where the puck is going, and that's a good example of that. And so that will help us, obviously, in proof of concepts, continue our high win rates, which are above 80% when we get to a POC. That's probably a good way to look at it.

接著，當網站與 AI 應用採用得更多、並且開始支援抗量子時，Netskope 已經準備好了，對吧？當那個網站或那個 App 支援時，Netskope 就能用抗量子加密與其通訊。所以這是在做未來防護（future proofing）。它讓人們能符合其監管環境要求，也讓人們現在就能使用。因此這對我們來說是關鍵。我們總是希望滑向冰球將要去的地方，而這就是一個很好的例子。因此這也會在概念驗證（POC）中幫助我們維持高勝率——當我們進入 POC 時，勝率超過 80%。大概可以這樣看。

Excellent. And can you give us a little bit of an update in terms of the federal government space and some of the opportunities that you have with either FedRAMP High or some of your sponsoring agencies as well as some new opportunities that are coming up, especially with Zero Trust programs with the government side?

很好。另外，你能否就聯邦政府市場這一塊提供一些最新進展？包括你們在 FedRAMP High 方面的機會、一些贊助機構（sponsoring agencies）的進展，以及未來即將出現的新機會——特別是政府端的零信任（Zero Trust）計畫？

Yes. Great. So we feel we're very well positioned for the federal market. For us, as you know, we became FedRAMP certified, FedRAMP High certified. We started building our federal team. We brought on our federal leader this year in the US federal market. And then we've really just been ramping our sales team and building them. And so for us, federal is a small part, a small piece of our business, but a very important growing one where we have a great platform for it. And so we feel really good about that and being able to serve both the commercial and beyond side of the federal for years to come.

是的。很好。我們認為自己在聯邦市場的定位非常好。如你所知，我們已取得 FedRAMP 認證，也取得 FedRAMP High 認證。我們開始建立聯邦團隊。今年我們在美國聯邦市場延攬了聯邦業務負責人。接著我們確實一直在加速擴編並打造銷售團隊。因此對我們而言，聯邦業務目前在整體中占比不大，是一小部分，但它非常重要且正在成長；而我們也有很適合這個市場的平台。所以我們對此感到非常樂觀，並且能在未來多年同時服務聯邦的商業端以及更廣泛的需求。

(Operator Instructions) Richard Poland, Wells Fargo.

(接線員指示) Richard Poland，富國銀行。

Sanjay, I'm just curious, I think the AI commentary in general about how it's progressing was really encouraging. I think you mentioned 1/3 of the AI security pipeline is already entering kind of the POC phase and the general sales cycle 6 to 12 months. I guess from the POC phase, is there typically a rough ballpark of how far into the 6 to 12 months we are? And just kind of any visibility you might have into what the uplifts have looked like so far for the ones that have closed or just kind of contextualizing how the monetization side, while probably not too important yet, just any early indications you have on that side?

Sanjay，我只是好奇，我覺得整體而言，關於 AI 評述其進展的內容非常令人鼓舞。我記得你提到 AI 安全管線大約有 1/3 已經開始進入某種 POC 階段，而一般銷售週期是 6 到 12 個月。我想問從 POC 階段來看，通常大概相當於這 6 到 12 個月中的哪一段進度？另外，你是否能分享一些目前為止已成交案子的提升幅度大概如何，或是就變現面向做一些脈絡化說明——雖然可能現在還不是最重要——但想了解你在這方面看到的任何早期跡象？

Yes, it's a great question. And we are seeing AI security wins. We talked a little about them in my opening. And so either across financial services, either across tech companies and beyond. So we're seeing good traction in people really adopting our AI security. But a lot of -- if you just look back, we really released our AI security products. We started releasing them in Q1 of this year. We released some more in Q2 like AI Command Center. And then we released even a related product, our DataSec Command Center this quarter, just three, four weeks ago.

是的，這是個很好的問題。我們確實看到 AI 安全方面的勝利案例。我在開場時也稍微提到了一些。這些案例涵蓋金融服務業、科技公司以及其他領域。因此我們看到人們在採用我們的 AI 安全方案上有不錯的動能。但如果回頭看，我們其實是在今年第一季才開始推出 AI 安全產品。我們在今年 Q1 開始發布。Q2 又發布了更多，例如 AI Command Center。而且就在本季，大約三、四週前，我們還發布了一個相關產品 DataSec Command Center。

And when you think about a typical cycle for an enterprise, what they do is they evaluate. They look, okay, what's my problem? It's, okay, uncovering AI, understanding it, let me evaluate something, they go to POC. And then what they do is they, in many cases, for AI, they go ask for budget. It could be out of stream where they have a committee meeting every quarter and they ask, okay, I have to go get budget for this, get approved and then you move forward. That's just a normal enterprise sales cycle. And that really falls in that 6- to 12-month sales cycle process.

當你思考企業的典型週期時，他們通常會先評估。他們會先看：好，我的問題是什麼？例如，發掘 AI、理解 AI，然後評估某個方案，接著進入 POC。之後他們在很多情況下（尤其是 AI）會去申請預算。這可能是額外的預算流程，例如每季開一次委員會會議，然後提出：好，我需要為這個去爭取預算、取得核准，接著才往前推進。這就是一般正常的企業銷售週期。而這確實就落在 6 到 12 個月的銷售週期流程中。

And so for us, we converted and have converted some of our earlier beta customers because they got to look at it earlier, right? But really, we see some of that pipeline that has entered POC really in the back part of the year, right, more towards the end of the year, where some of that's converting. We expect to convert some of our more beta customers and beyond in Q3. But we see that pipeline building. We see the POCs building. And then as a result, we see the ARR building. And that's how I'd look at it.

所以對我們而言，我們已經把一些較早期的 beta 客戶轉換為正式客戶，因為他們更早就能看到產品，對吧？但整體來看，我們看到進入 POC 的那部分管線，主要是在今年較後段、也就是更接近年底時開始發生轉換。我們預期在 Q3 會轉換一些更多的 beta 客戶以及其他客戶。但我們看到管線在累積。我們看到 POC 在增加。因此我們也看到 ARR 在累積成長。我會用這樣的方式來看待。

The last comment I'd make is AI security for us; it's not a product. It is a part of our platform, and it's composed actually of multiple products. And so customers also, over time, will bite off pieces of it. And so for us, we're really building a big pillar of Netskope where you have many products over time. And as you grow in sophistication of AI security, you'll grow with Netskope. And our goal is obviously to release that functionality and new product well in advance of when you need it. So that's a good way for you to think about it.

我最後想補充的是：對我們來說，AI 安全不是一個單一產品。它是我們平台的一部分，而且實際上是由多個產品所組成。因此客戶也會隨著時間逐步採用其中的部分功能。對我們而言，我們正在為 Netskope 建立一個大的支柱，隨時間推進會有許多產品。當你在 AI 安全的成熟度與複雜度提升時，你也會與 Netskope 一起成長。而我們的目標顯然是在你需要之前，就提前很久釋出那些功能與新產品。你可以用這種方式來理解。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Yes. Great. This is Ryan on for Meta. Any additional details you could provide around the sale of the AI product portfolio and how that's impacting sales cycles? Are you seeing them compress as customers look to evolve their security stack much quicker or elongate given the potentially more complex cycle? Just any additional details there would be helpful.

是的。很好。我是 Ryan，代替 Meta 提問。你能否提供更多關於 AI 產品組合銷售的細節，以及這如何影響銷售週期？你們是否看到，因為客戶希望更快演進其資安堆疊而使週期縮短，或是因為可能更複雜的流程而拉長？任何額外細節都會很有幫助。

Sure, absolutely. So if you look at AI security, for us, there is -- there are existing customers and then there's obviously net new, and we go after both. And so if you're an existing customer to adopt our Guardrails and Agentic Broker, one of the beauties is we're an organically built platform, right? We built ground up. We release things when they're truly integrated, right? We don't just price-list integrate them. We actually integrate them with a common GUI, common policies, one data protection engine, one threat protection engine. That organic approach of being purely building properly a platform, that enables customers to adopt these products and implement them from a technical point of view in a very easy way. And so like the Agentic Broker and the Guardrails, you can enable that. You actually -- if you're deployed, for example, with our next-gen SWG product, you just enable it, and you can try it out. And so that's the beauty of having it. It's a common GUI and DLP. And so that's one.

當然，沒問題。如果你看 AI 安全，對我們而言，既有既存客戶，也有明顯的全新客戶（net new），而我們兩者都會去爭取。因此如果你是既有客戶，要採用我們的 Guardrails 和 Agentic Broker，其中一個優勢是我們的平台是有機打造的，對吧？我們是從零開始建構。我們在真正完成整合時才發布功能，對吧？我們不是只在價目表上做整合。我們是用共用的 GUI、共用的政策、一個資料防護引擎、一個威脅防護引擎來做真正的整合。這種以平台為核心、從根本正確建構的有機方式，使客戶在技術部署層面能非常容易地採用並導入這些產品。因此像 Agentic Broker 和 Guardrails，你可以直接啟用。實際上——例如如果你已部署我們的次世代 SWG 產品——你只要啟用它，就可以試用。這就是擁有它的好處。它是共用的 GUI 與 DLP。這是第一點。

There's the other set of products like the AI Gateway, where that's meant for east-west coverage of your AI traffic maybe within your public cloud or your data center. Obviously, you're going to install that, right? And so that's -- you're going to deploy it. And so our goal is just make it as easy as possible, make sure we cover North-South, East-West and all one GUI, common policies. And so I think that makes it easier for customers to technically deploy. They still have their sales cycle, though, right, outside of that. And -- but our goal is to make the POC part as easy as you can.

另外還有一組產品，例如 AI Gateway，它是用來涵蓋你 AI 流量的東西向（east-west）防護，可能是在你的公有雲或資料中心內部。很明顯，你需要安裝它，對吧？也就是你需要部署它。因此我們的目標就是盡可能讓它容易，並確保我們能涵蓋南北向（North-South）、東西向（East-West），而且全部都在同一個 GUI、共用政策之下。我認為這會讓客戶在技術部署上更容易。不過他們仍然會有其銷售週期，對吧，這是技術之外的部分。但我們的目標是讓 POC 的部分盡可能簡單。

Brian Essex, JPMorgan.

Brian Essex，摩根大通。

This is John on behalf of Brian. I just wanted to just touch on the CapEx part. You mentioned the full year CapEx is now expected to be around 4% to 5% of revenue tied to NewEdge. So I'm just curious, is this step-up primarily demand-driven capacity? Or is it a prebuild ahead of the anticipated agentic traffic?

我是 John，代表 Brian 提問。我想稍微談一下資本支出（CapEx）的部分。你提到全年 CapEx 現在預期約為營收的 4% 到 5%，與 NewEdge 相關。所以我想了解，這次上調主要是需求驅動的容量擴充嗎？還是為了預期中的 agentic 流量而提前建置？

And just curious, as those traffic grows, should we assume the CapEx to scale with it? Or would there be -- over time, would the architecture absorb the volume at a lower incremental cost?

另外也想請教，隨著這些流量成長，我們是否應假設 CapEx 也會隨之擴大？或者隨著時間推進，架構是否能以較低的邊際成本吸收這些流量？

No. Great question, John. Look, it's continued infrastructure investment. We've seen -- again, we see strong demand going forward. We've always kind of said it'd be low single digits. I think we said somewhere between 3% and 5%. We're saying 4% and 5% -- between 4% and 5%. So I think we're pretty consistent with what we've said all along.

不會。很好的問題，John。你看，這是持續的基礎設施投資。我們看到——再次強調——我們看到未來仍有強勁需求。我們一直以來大致都說會是低個位數百分比。我想我們曾說大約在 3% 到 5% 之間。現在我們說是 4% 到 5%——介於 4% 與 5% 之間。所以我認為我們與一路以來所說的其實相當一致。

Quite honestly, we've seen some growth, some -- we're overperforming a little bit. And so just maybe it scales up a little bit of that. The ARR comes in before the revenue. So just think of that in that sense. So I think we're well within the typical expectations what we had. The other considerations really aren't a factor as of yet, and we'll obviously update more on that front as we go forward.

老實說，我們確實看到了一些成長，有些——我們的表現略微超出預期。所以可能只是把其中一部分稍微放大了一點。ARR 會先於營收入帳。所以就用這個角度來理解。因此我認為我們完全落在我們原先的典型預期範圍內。其他考量目前其實還不是因素，當然我們會在後續進展中就那方面提供更多更新。

Shrenik Kothari, Baird.

Shrenik Kothari，Baird。

This is Zach on for Shrenik. So great to see NRR tick back up to 114% and 59% of customers now using four or more, 29% using six or more products. And so you guys offer still more than 25 products. So I guess the question is, how should we think about the natural ceiling for NRR, especially as AI security, data security, SD-WAN, other modules mature? And does the breadth of the portfolio create a path back toward sustainably higher expansion? Or does the increasing enterprise scale naturally constrain NRR despite stronger dollar expansion?

我是 Zach，代 Shrenik 提問。很高興看到 NRR 回升到 114%，而且目前有 59% 的客戶使用四個或以上產品、29% 使用六個或以上產品。你們目前仍提供超過 25 種產品。所以我想問的是，我們應該如何看待 NRR 的自然上限，特別是在 AI 安全、資料安全、SD-WAN 及其他模組逐步成熟之際？產品組合的廣度是否能帶來一條路徑，使擴張率回到可持續的更高水準？還是說，隨著企業客戶規模愈來愈大，即使美元擴張更強，NRR 也會自然受到限制？

Yes. I think from an NRR perspective, we mentioned before, it can fluctuate quarter by quarter. The range we're kind of in, right? We have 113, 114, 115. That range, which we've seen in the past quarters is -- that's what we've seen historically. And -- while we don't guide on NRR, I think qualitatively, we know that with average customers having four or five products, we have a lot of ability to upsell for many, many, many years. Customers and enterprises, as you know, with a platform like ours, which is quite broad, they often will start with one or two core use cases and then they'll grow the year after and the year after. And so we feel like what we have built with the platform and the number of products is just a durable right platform, which will grow with them. And AI security absolutely will be a part of that NRR in different timelines for different customers and verticals. But for us, it is a big pillar, and we feel really good about our position there, and that will help us drive expansion.

是的。我認為就 NRR 而言，我們之前提過，它可能會在每一季之間波動。我們目前大致落在一個區間，對吧？我們有 113、114、115。這個區間——我們在過去幾季看到的——也是我們歷史上一直看到的水準。而且——雖然我們不對 NRR 提供指引，但從質性角度來看，我們知道平均客戶使用四到五個產品，意味著我們在未來很多很多很多年都有很大的加購（upsell）空間。如你所知，客戶與企業在採用像我們這樣相當廣泛的平台時，通常會先從一到兩個核心使用情境開始，然後隔年再成長、再隔年再成長。因此我們覺得，我們打造的平台與產品數量是一個具備長期韌性的正確平台，能隨著他們一起成長。而 AI 安全絕對會在不同客戶與不同垂直產業的不同時間軸上，成為 NRR 的一部分。但對我們而言，它是一個重要支柱，我們對自身在那裡的定位感到非常有信心，也將幫助我們推動擴張。

Aidan Perry, Piper Sandler.

Aidan Perry，Piper Sandler。

This is Aidan on for Rob. I realize things may still be early, but can you talk about how customers are responding to the transaction-based pricing on the new AI products now that deployments are starting to scale? And are usage levels supporting larger commitments than initially expected?

我是 Aidan，代 Rob 提問。我知道可能還在早期，但你能談談隨著部署開始擴大規模，客戶對新 AI 產品採用以交易為基礎的定價（transaction-based pricing）的反應如何嗎？以及使用量是否支撐了比最初預期更大的承諾金額？

Yes. So on the transaction-based pricing part, when you think about how we price, like take an example, the Agentic Broker, an agent, right, it's not a user. And so we try to price in the way that makes sense for what we're actually doing. And so if you think about the Agentic Broker, it's covering agent transactions. And so we price by transaction. And I think a lot of what we'll see on the internet will be nonhuman. And as a result, perhaps user pricing, right, even just subjectively wouldn't make sense.

是的。關於以交易為基礎的定價，當你思考我們如何定價時，舉例來說，Agentic Broker，一個 agent（代理）對吧，它不是一個使用者。因此我們會嘗試用符合我們實際在做什麼的方式來定價。所以如果你想到 Agentic Broker，它涵蓋的是代理的交易。因此我們按交易次數計價。而我認為我們在網際網路上將會看到很多是非人類的活動。因此，按使用者計價，對吧，即使只是從直覺上來看，也可能不合理。

And so for us, I think people get it. They get the transaction-based pricing, makes sense. That's how agents think. They are used to inference pricing tokens. Transactions are sort of a prompt and a response. And what we have been trying to do is make sure they have visibility into it. So they can see how many transactions are happening right? And as a result, they have a sense of, okay, what's that going to look like, right, when I buy.

所以對我們而言，我認為大家能理解。他們理解以交易為基礎的定價是合理的。這就是 agents 的思維方式。他們也習慣以推理（inference）token 計價。交易某種程度上就是一個提示（prompt）與一個回應（response）。而我們一直在努力確保他們能看得到這些資訊。所以他們可以看到發生了多少交易，對吧？因此他們就能掌握，好吧，當我購買時，這會長什麼樣子。

So I think the key is with your customers, just make sure that you're transparent, you're giving a way for them to see it and then price in what makes sense from a usage perspective. And so yes, I think the transaction model has been received well. You've seen some of our other products like AgentSkope, which is our AI agents separate than AI security, right? We started releasing some of our AI agents like our DLP SecOps Agent. That's more outcome-based pricing. It's based on, for example, how many cases across the thousands or millions of DLP incidents do we create and find that needle in the haystack for you. And that's the outcome you want. And so for us, we're committed to the models of transaction-based and for AgentSkope, outcome-based pricing.

所以我認為關鍵在於，面對你的客戶，要確保你是透明的，提供一種方式讓他們看得到，然後以符合使用量角度的方式來定價。因此是的，我認為交易模式的接受度很好。你也看到我們其他一些產品，例如 AgentSkope，它是我們的 AI agents，與 AI 安全是分開的，對吧？我們開始發布一些 AI agents，例如我們的 DLP SecOps Agent。那更偏向以成果為基礎的定價（outcome-based pricing）。例如，它是基於在成千上萬或數百萬起 DLP 事件中，我們為你建立並找出多少個案例，替你在大海撈針。而那就是你想要的成果。因此對我們而言，我們承諾採用交易為基礎的模式，而對 AgentSkope 則採用以成果為基礎的定價。

Eshaan Shetty, KeyBanc Capital Markets.

Eshaan Shetty，KeyBanc Capital Markets。

This is Eshaan on for Eric Heath. Apologies in advance for the background noise. Sanjay, how do you view the current competitive landscape in SASE today? And particularly, do you think demand right now is healthy enough to support multiple scale vendors over the long term? And then just maybe a quick follow-up to that. In the competitive bake-offs, what are some of the primary reasons customers are choosing Netskope over competitors? And conversely, where are you seeing competitors win against Netskope? Congrats on the quarter.

我是 Eshaan，代 Eric Heath 提問。先為背景噪音致歉。Sanjay，你如何看待目前 SASE 的競爭格局？特別是，你認為目前的需求是否足夠健康，能在長期支撐多家具規模的供應商？然後再快速追問一下。在競爭性評選（bake-offs）中，客戶選擇 Netskope 而非競爭對手的一些主要原因是什麼？反過來說，你們在哪些地方看到競爭對手相較 Netskope 取得勝利？恭喜本季表現。

Yes. If you look at SASE, we have 25-plus products. They span everything from how to govern cloud and on-prem databases and to edge firewalls, to digital experience management, to enterprise browsers. I mean, if you think about the word SASE, it keeps expanding. More and more is being put into SASE. In fact, there used to be like 20, 30 vendors that you're consolidating now, right, into SASE.

是的。如果你看 SASE，我們有 25 種以上的產品。它們涵蓋從如何治理雲端與地端資料庫，到邊緣防火牆、數位體驗管理、到企業瀏覽器等各個面向。我的意思是，如果你想到 SASE 這個詞，它一直在擴張。越來越多東西被納入 SASE。事實上，過去你可能是在整併 20、30 家供應商，現在對吧，整合進 SASE。

And so really, the way I think more about it is one of the biggest markets in security and networking was data and network security, right? And you used to buy boxes and appliances and different data protection systems and different VPNs and different edge firewall. And all of that sort of is being converged and consolidated for simplicity, modernized from a security perspective, right, into SASE. And so yes, absolutely. SASE is a durable, I think, long-term market, supports multiple vendors, given especially what you're doing is you're converging so many things.

所以我更傾向用這樣的方式來思考：資安與網路領域最大的市場之一，是資料與網路安全，對吧？而過去你會購買硬體盒子與設備、不同的資料保護系統、不同的 VPN、以及不同的邊緣防火牆。而這一切正為了簡化而逐步匯聚與整合，並從資安角度進行現代化，對吧，整合進 SASE。所以是的，絕對如此。我認為 SASE 是一個具備長期韌性的市場，能支撐多家供應商，尤其因為你正在做的是把這麼多事情匯聚在一起。

In addition to that, you look at what we are talking about for some of this call, AI security. Well -- okay, well, is that really part of just SASE? Is that a totally new market? And we think about it as a pillar, right, that's even outside of SASE. And so for us, we know we have a very durable, long, good CAGR market in SASE. We're a leader. You saw that in all the analyst reports. SASE itself keeps growing in terms of what it encompasses. And so you get more and more TAM as SASE naturally subsumes more and more markets.

除此之外，你再看看我們在本次電話會議部分時間談到的內容：AI 安全。那麼——好吧，這真的只是 SASE 的一部分嗎？這是一個全新的市場嗎？我們把它視為一個支柱，對吧，甚至是在 SASE 之外。因此對我們而言，我們知道 SASE 是一個非常穩健、長期、良好的 CAGR 市場。我們是領導者。你在所有分析師報告中都看到了。SASE 本身在其涵蓋範圍上也持續擴大。因此，隨著 SASE 自然地吸納越來越多市場，你的 TAM 也會越來越大。

And then we've entered AI security, which is a completely new TAM and a massive TAM. And then you have AgentSkope, which is our AI agent. So look, we don't lack for TAM for a long, long time. And as always, to be blunt, in security and networking, most CIOs you talk to, they don't want one platform for all of security and networking, right? They don't. They want a few that are open. And that's what we're committed to being an open platform that converges many different systems, but integrates with the others, like your EDR, like we announced CrowdStrike, for example, some new integrations and beyond. And so we feel really good about that for the future and now.

接著我們進入了 AI 安全，這是一個完全新的 TAM，而且是非常龐大的 TAM。然後你還有 AgentSkope，也就是我們的 AI 代理。所以你看，我們在很長、很長一段時間內都不缺 TAM。而且一如既往，坦白說，在資安與網路領域，你跟多數 CIO 談，他們並不想要一個涵蓋所有資安與網路的單一平台，對吧？他們不想。他們想要少數幾個且是開放的。而我們致力於成為一個開放平台，匯聚許多不同系統，同時也能與其他系統整合，例如你的 EDR；就像我們宣布與 CrowdStrike 的一些新整合以及更多整合一樣。因此，我們對未來以及當下都感到非常有信心。

Ittai Kidron, Oppenheimer & Company.

Ittai Kidron，Oppenheimer & Company。

This is Nolan Jenevein on for Ittai Kidron. I just kind of wanted to double-click on some of the commentary around the sales force ramping. I think you had said earlier that roughly about 50% were ramped at this point and expecting that to improve through the year. Can you maybe just confirm, is that an increase sequentially when we think about the percentage of ramped reps? And any more color there would be great.

我是代替 Ittai Kidron 出席的 Nolan Jenevein。我想更深入追問一下你們對銷售團隊擴編（ramping）的部分評論。我記得你先前提到，目前大約有 50% 已經完成 ramp，並預期在今年內會持續改善。你能否確認一下：就已完成 ramp 的業務代表比例而言，這是否是相較上一季的提升？如果能再補充一些細節就太好了。

The second half of the year, if you just take us -- take back to like last year and towards the end of the year, we started investing, obviously, in new reps and ramping them. And we started there in EMEA and APJ, and you've seen the growth, obviously, in those regions.

如果你只看今年下半年——回到像去年、接近年底時，我們開始投入資源，顯然是在招募新業務並讓他們進入 ramp。我們先從 EMEA 和 APJ 開始，你也很明顯看到這些地區的成長。

And then later on in NAM, right? Because obviously, we were getting some of the leadership pieces in NAM for the next level of scale done last year. And that will result in an increased number of fully ramped reps. That's probably a better way to think about it. And over time, just continue to grow our capacity. Now in addition to that, we also announced, for example, on our earnings call, just earlier, the Catalyst program for managed services. That's just another sign of what we're continuing to growing our partnerships as well.

然後才是 NAM，對吧？因為很明顯，我們去年在 NAM 先把邁向下一階段規模所需的一些領導職缺補齊。而這將帶來已完全完成 ramp 的業務代表數量增加。這可能是更好的理解方式。並且隨著時間推進，持續提升我們的產能。此外，我們也在稍早的財報電話會議上宣布了 Catalyst 計畫，用於託管服務。這也是我們持續擴大合作夥伴關係的另一個跡象。

Yes, we're growing more feet on the street and more reps and more SEs, and we're ramping them and that capacity is coming live later in the year and next year, but we're also expanding our partnerships. And that's very important to us. The AI partnerships, Anthropic, right, for example, we talked about the Amazon partnership. We talked about the NVIDIA Open Secure AI Alliance. We talked as well about our partnerships with MSPs, SPs, SIs. All of those are also big pieces of our strategy and plan as we ramp and grow our go-to-market team, right? With such a great win rate, it's natural that we do that.

是的，我們正在增加更多一線人力、更多業務代表與更多 SE（售前系統工程師），並讓他們進入 ramp；這些產能會在今年稍晚與明年逐步到位，但我們也同時在擴大合作夥伴關係。這對我們非常重要。例如 AI 方面的合作夥伴 Anthropic；我們也談到與 Amazon 的合作。我們談到 NVIDIA Open Secure AI Alliance。我們也談到與 MSP、SP、SI 的合作夥伴關係。當我們擴編並壯大 go-to-market 團隊時，這些也都是我們策略與計畫中的重要組成部分，對吧？在如此高的勝率之下，我們這麼做是很自然的。

Ladies and gentlemen, I'm showing no further questions in the queue. I would now like to turn the call back over to Michelle for closing remarks.

各位女士先生，目前問題隊列中沒有更多提問。現在我想把電話會議交回給 Michelle 作結語。

Thank you, and thank you, everyone, for joining us today. We're pleased with our Q2 results and the momentum we're seeing across the business. We remain focused on helping enterprises with their cloud and AI transformation journeys, driving continued innovation across our robust platform and executing against a significant opportunity ahead of us. We appreciate your continued support and look forward to speaking with many of you over the coming weeks and months.

謝謝，也謝謝各位今天加入我們。我們對第二季（Q2）的結果以及我們在整個業務中看到的動能感到滿意。我們仍專注於協助企業推進其雲端與 AI 轉型旅程，在我們強健的平台上持續推動創新，並把握眼前重大的機會、落實執行。我們感謝各位持續的支持，並期待在接下來數週與數月內與各位中的許多人交流。

With that, we'll close the call. Thanks again.

那麼，我們將結束本次電話會議。再次感謝。

That concludes today's conference call. Thank you for your participation. You may now disconnect.

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。