Palo Alto Networks Inc (PANW) 2019 Q2 法說會逐字稿

Good day, and welcome to the Palo Alto Network's Fiscal Second Quarter 2019 Earnings Conference Call.

美好的一天，歡迎來到 Palo Alto Network 的 2019 財年第二季度收益電話會議。

Today's conference is being recorded.

今天的會議正在錄製中。

At this time, I'd like to turn the conference over to Jeff True.

現在，我想將會議轉交給 Jeff True。

Please go ahead, sir.

請繼續，先生。

Good afternoon, and thank you for joining us on today's conference call to discuss Palo Alto Networks' Fiscal Second Quarter 2019 Financial Results.

下午好，感謝您參加今天的電話會議，討論 Palo Alto Networks 2019 財年第二季度的財務業績。

This call is being broadcast live over the web and can be accessed on the Investors section of our website at investors.paloaltonetworks.com.

此電話會議正在網絡上直播，可以在我們網站 investors.paloaltonetworks.com 的“投資者”部分訪問。

With me on today's call are Nikesh Arora, our Chairman and Chief Executive Officer; Kathy Bonanno, our Chief Financial Officer; and Lee Klarich, our Chief Product Officer.

和我一起參加今天電話會議的有我們的董事長兼首席執行官 Nikesh Arora；我們的首席財務官 Kathy Bonanno；和我們的首席產品官 Lee Klarich。

This afternoon, we issued a press release announcing our results for the fiscal second quarter ended January 31, 2019.

今天下午，我們發布了一份新聞稿，宣布了我們截至 2019 年 1 月 31 日的第二財季業績。

If you would like a copy of the release, you can access it online on our website.

如果您想要該新聞稿的副本，您可以在我們的網站上在線訪問它。

We would like to remind you that during the course of this conference call, management will make forward-looking statements, including statements regarding our financial guidance and modeling points for the fiscal third quarter and full fiscal year 2019; our competitive position and the demand and market opportunity for our products and subscriptions, benefits and timing of new products and subscription offerings; our ability to drive outsized growth rates; and trends in certain financial results, operating metrics, mixed shift and seasonality.

我們想提醒您，在本次電話會議期間，管理層將做出前瞻性陳述，包括關於我們對 2019 財年第三季度和整個財政年度的財務指導和建模要點的陳述；我們的競爭地位以及我們的產品和訂閱的需求和市場機會，新產品和訂閱產品的好處和時機；我們推動超額增長率的能力；某些財務業績、運營指標、混合變化和季節性的趨勢。

These forward-looking statements involve a number of risks and uncertainties.

這些前瞻性陳述涉及許多風險和不確定性。

Some of which are beyond our control, and which could cause actual results to differ materially from those anticipated by these statements.

其中一些是我們無法控制的，可能導致實際結果與這些聲明預期的結果大不相同。

These forward-looking statements apply as of today, you should not rely on them as representing our views in the future and we undertake no obligation to update these statements after this call.

這些前瞻性陳述從今天起適用，您不應依賴它們代表我們未來的觀點，我們沒有義務在本次電話會議後更新這些陳述。

For a more detailed description of factors that could cause actual results to differ, please refer to our quarterly report on Form 10-Q filed with the SEC on November 30, 2018, and our earnings release posted a few minutes ago on our website and filed with the SEC on Form 8-K.

有關可能導致實際結果不同的因素的更詳細描述，請參閱我們於 2018 年 11 月 30 日向美國證券交易委員會提交的 10-Q 表季度報告，以及幾分鐘前在我們網站上發布並提交的收益報告在 8-K 表格上與 SEC 聯繫。

Also, please note that certain financial measures we use on this call are expressed on a non-GAAP basis and have been adjusted to exclude certain charges.

另外，請注意，我們在本次電話會議上使用的某些財務指標是在非 GAAP 基礎上表示的，並且已經過調整以排除某些費用。

For historical periods, we have provided reconciliations of these non-GAAP financial measures to GAAP financial measures in the supplemental financial information that can be found in the Investors Section of our website located at investors.paloaltonetworks.com.

對於歷史時期，我們在補充財務信息中提供了這些非 GAAP 財務措施與 GAAP 財務措施的對賬，這些信息可以在我們網站 investors.paloaltonetworks.com 的投資者部分找到。

We would also like to inform you that we will be presenting at the Morgan Stanley Technology Media and Telecom Conference in San Francisco on Wednesday, February 27.

我們還想通知您，我們將於 2 月 27 日星期三在舊金山舉行的摩根士丹利科技媒體和電信大會上發表演講。

And finally, once we have completed our formal remarks, we will be posting them to our Investor Relations website under Quarterly Results.

最後，一旦我們完成正式評論，我們將在季度業績下將其發佈到我們的投資者關係網站上。

And with that, I will turn the call over to Nikesh.

有了這個，我會把電話轉給 Nikesh。

Thank you, Jeff, and thank you, everyone, for joining us this afternoon for our fiscal second quarter 2019 results.

謝謝杰夫，也謝謝大家今天下午加入我們，了解我們 2019 財年第二季度的業績。

I'll go briefly through our financials, give you a progress update on our 3 focus areas of securing the enterprise, securing the cloud and securing to our Application Framework.

我將簡要介紹一下我們的財務狀況，向您介紹我們的 3 個重點領域的最新進展，即保護企業、保護雲和保護我們的應用程序框架。

And finally, I'll provide a little more color on the Demisto acquisition.

最後，我將提供更多關於 Demisto 收購的顏色。

Starting with our financials.

從我們的財務開始。

I'm pleased to report that the team has delivered another outstanding quarter.

我很高興地報告，該團隊又交付了一個出色的季度。

Fiscal Q2 revenues of $711 million represents year-over-year growth of 30% and non-GAAP earnings per share increased by 44% to $0.151 -- sorry, $1.51.

第二財季收入為 7.11 億美元，同比增長 30%，非 GAAP 每股收益增長 44% 至 0.151 美元——抱歉，為 1.51 美元。

We had a number of big wins this quarter.

本季度我們取得了多項重大勝利。

There are a few I'd like to highlight.

我想強調一些。

We continue to see success around the world in our next-generation firewall business.

我們繼續看到我們的下一代防火牆業務在世界範圍內取得成功。

People are getting more security conscious, and want to deploy our firewall with the attached subscription.

人們的安全意識越來越強，並希望通過附加訂閱來部署我們的防火牆。

To note, during the quarter, we did a large deal with a data center in Europe at one of Europe's most prestigious car manufacturers, and had a significant expansion of our hardware footprint, in one of the largest online gaming companies in the world, as well as in one of the largest retailers in the world.

需要注意的是，在本季度，我們與歐洲最負盛名的汽車製造商之一的歐洲數據中心進行了大量交易，並顯著擴大了我們在世界上最大的在線遊戲公司之一的硬件足跡，因為以及世界上最大的零售商之一。

We are beginning to see fruits of our speedboat strategy with our increased focus on GlobalProtect cloud services, we've had a few spectacular wins, one to secure 25,000 mobile users at a global financial services company and another to secure 80,000 mobile users for one of France's largest state-owned public services.

隨著我們越來越關注 GlobalProtect 雲服務，我們開始看到快艇戰略的成果，我們取得了一些驚人的勝利，一個是在一家全球金融服務公司獲得 25,000 名移動用戶，另一個是為其中一家公司獲得 80,000 名移動用戶。法國最大的國有公共服務機構。

We also won a very large VM-Series deal with several subsidiaries of one the largest broadcasting companies in the United States, and we won a deal to secure 47,000 endpoints at one of the largest university health care systems in the United States as well.

我們還贏得了與美國最大的廣播公司之一的幾家子公司的非常大的 VM 系列交易，我們還贏得了保護美國最大的大學醫療保健系統之一的 47,000 個端點的交易。

Expanding more on our 3 strategy focus areas.

進一步擴展我們的 3 個戰略重點領域。

First, let me talk about securing the enterprise.

首先，讓我談談保護企業。

Over the last 11 plus years, we transformed the network security market with our next-generation firewall.

在過去的 11 多年裡，我們通過下一代防火牆改變了網絡安全市場。

We use the firewall as a platform to deliver tightly integrated security services.

我們使用防火牆作為提供緊密集成的安全服務的平台。

We've had great success with our attached subscriptions, the most successful ones having attach rates of about 90%.

我們在附加訂閱方面取得了巨大成功，最成功的附加訂閱率約為 90%。

Earlier this month, we announced the release of PAN-OS version 9.0, which added over 60 new features, including the policy optimizer, which helps teams replace legacy rules with intuitive policies that provide better security and are easier to manage.

本月早些時候，我們宣布發布 PAN-OS 9.0 版，其中增加了 60 多項新功能，包括策略優化器，它可以幫助團隊用直觀的策略替換舊規則，從而提供更好的安全性和更易於管理。

I'm excited about our new DNS security subscription.

我對我們新的 DNS 安全訂閱感到興奮。

This is our first new DaaS subscription since 2011.

這是我們自 2011 年以來的第一個新的 DaaS 訂閱。

The subscription utilizes machine learning and predictive analytics to proactively block malicious domains and stop attacks in progress, the only service with this level of capability to be integrated with a firewall.

訂閱利用機器學習和預測分析來主動阻止惡意域並阻止正在進行的攻擊，這是唯一具有與防火牆集成的此級別功能的服務。

This continues our practice of reducing the number of disparate point products and making security better, easier and more effective.

這延續了我們減少不同點產品數量並使安全性更好、更容易和更有效的做法。

We are working hard on future subscription in our software releases, providing our customers more integration with our cybersecurity solutions in enterprise.

我們正努力在未來訂閱我們的軟件版本，為我們的客戶提供與我們在企業中的網絡安全解決方案的更多集成。

We believe the next-generation firewall will continue to serve as a platform for security services in the enterprise.

我們相信下一代防火牆將繼續作為企業安全服務的平台。

We also have expanded our hardware family.

我們還擴展了我們的硬件系列。

Our new PA-7000 series features throughput capabilities at 2x the nearest competitor, and will be especially useful to customers with large data centers and high volumes of encrypted traffic.

我們全新的 PA-7000 系列的吞吐量能力是最接近的競爭對手的 2 倍，對於擁有大型數據中心和大量加密流量的客戶特別有用。

Additionally, we announced the availability of our K2 series.

此外，我們還宣布了 K2 系列的可用性。

As we discussed on last quarter's conference call, the service provider market has become a lot more interesting to us with the adoption of IoT and the advent of 5G, where security will be a primary concern.

正如我們在上個季度的電話會議上討論的那樣，隨著物聯網的採用和 5G 的出現，服務提供商市場對我們來說變得更加有趣，安全將成為首要問題。

Our new K2 series aggressive this market, simplifying operations by offering unprecedented visibility, automation and consistent protection.

我們新的 K2 系列進軍這個市場，通過提供前所未有的可見性、自動化和一致的保護來簡化操作。

And finally, we continued our investments in Advanced Endpoint Protection with Traps 6.0, which we announced earlier today, endpoint security just got a lot better.

最後，我們繼續投資於今天早些時候宣布的 Traps 6.0 高級端點保護，端點安全性變得更好了。

The new behavior threat prevention engine allows Traps to prevent attacks based on their behavior.

新的行為威脅防禦引擎允許Traps根據他們的行為來防禦攻擊。

Traps 6.0 also introduces container security protections, and rich data collection for XDR, which I'll talk more about later.

Traps 6.0 還引入了容器安全保護，以及針對 XDR 的豐富數據收集，稍後我將詳細介紹。

We're proud to serve close to 4,000 Traps customers, almost half of whom manage Traps from the cloud.

我們很自豪能夠為近 4,000 名 Traps 客戶提供服務，其中近一半的客戶從雲端管理 Traps。

Turning to our second focus area, the cloud.

轉向我們的第二個重點領域，即云。

We continue to be laser focused on delivering technology that enables our customers in the cloud journey by delivering the broadest set of security capabilities across all clouds and cloud configurations.

我們繼續專注於交付技術，通過跨所有云和雲配置提供最廣泛的安全功能集，使我們的客戶能夠踏上雲之旅。

As of the second quarter, approximately 8,000 customers are using our cloud offering.

截至第二季度，大約有 8,000 名客戶正在使用我們的雲產品。

The speedboat we created around cloud and the acquisition of RedLock last quarter is already showing positive results.

我們圍繞雲創建的快艇和上個季度對 RedLock 的收購已經顯示出積極的成果。

We have exceeded the original forecast for our RedLock business by more than 50%.

我們的 RedLock 業務超出了最初的預測 50% 以上。

This is a great example of the power of combining a best-in-class product with Palo Alto Network's execution and distribution.

這是將一流產品與 Palo Alto Network 的執行和分發相結合的強大示例。

Additionally, our in-line cloud security VM-Series was recently expanded to include support for the Oracle cloud and initial trials of the Alibaba cloud.

此外，我們的在線雲安全 VM 系列最近得到擴展，包括對 Oracle 雲的支持和阿里雲的初步試用。

They improved cloud performance of the product by up to 2.5x and added many new and enhanced capabilities for operating in both public and private cloud environments.

他們將產品的雲性能提高了 2.5 倍，並添加了許多新的和增強的功能以在公共和私有云環境中運行。

We're very pleased with our continued progress with the VM-Series and success we're seeing with customers.

我們對 VM 系列的持續進步以及我們在客戶中看到的成功感到非常高興。

The third focus area of our strategy is harnessing the power of advanced AI and machine learning.

我們戰略的第三個重點領域是利用先進人工智能和機器學習的力量。

We started this strategy with the announcement of Application Framework 18 months ago and are proud to announce Application Framework 2.0, which is now called Cortex.

我們從 18 個月前發布應用程序框架開始了這一戰略，並自豪地宣布應用程序框架 2.0，現在稱為 Cortex。

We believe this is how security will be managed in the future.

我們相信這就是未來安全管理的方式。

Cortex is a significant evolution of the Application Framework.

Cortex 是應用程序框架的重大演變。

It is the industry's only open integrated AI-based continued security platform.

是業界唯一開放集成的基於AI的持續安全平台。

Cortex has been deployed in the public cloud, allowing us to leverage its features and scale, rapidly deployed AI.

Cortex 已部署在公共雲中，使我們能夠利用其功能和規模，快速部署 AI。

We're also announcing the first application available for Cortex called Cortex XDR.

我們還宣布了第一個適用於 Cortex 的應用程序，稱為 Cortex XDR。

Built to empower stock analysts, Cortex XDR enables teams to stop sophisticated attacks and adapt their defenses to prevent future threats.

Cortex XDR 旨在增強股票分析師的能力，使團隊能夠阻止複雜的攻擊並調整防禦措施以防止未來的威脅。

Cortex XDR goes far beyond traditional EDR than only works on endpoint data.

Cortex XDR 遠遠超出了傳統的 EDR，而不僅僅適用於端點數據。

It breaks down the silos created by legacy technologies to offer the first ever detection, investigation and response product that natively integrates network, endpoint and cloud data.

它打破了由傳統技術創建的孤島，提供有史以來第一個本地集成網絡、端點和雲數據的檢測、調查和響應產品。

It reduces the signal to noise ratio that has been plaguing security analysts.

它降低了一直困擾著安全分析師的信噪比。

It accurately uncovers threats using machine learning, simplifies investigations automation and stops attacks before damage is done to drive integration with existing and [important] points.

它使用機器學習準確地發現威脅，簡化調查自動化並在損害造成之前阻止攻擊，以推動與現有和 [重要] 點的集成。

Cortex XDR is being launched in conjunction with Traps 6.0, our new endpoint product that I mentioned before.

Cortex XDR 與我之前提到的我們的新端點產品 Traps 6.0 一起推出。

Now Traps is enhanced for even better endpoint protection, using its behavioral threat protection engine, it stops advanced threats in real-time by stitching together a chain of events to spot malicious activity.

現在，Traps 得到了增強，可提供更好的端點保護，使用其行為威脅保護引擎，它通過將事件鏈拼接在一起以發現惡意活動來實時阻止高級威脅。

When combined with Cortex XDR, customers can use Traps to extend their prevention capabilities, to include detection and response across the entire digital infrastructure from a single agent.

當與 Cortex XDR 結合使用時，客戶可以使用 Traps 來擴展他們的預防能力，包括通過單個代理在整個數字基礎設施中進行檢測和響應。

The more powerful Traps product acts as the ultimate data collection sensor for Cortex as well as, collecting the most comprehensive data in this, in the industry.

更強大的 Traps 產品充當 Cortex 的終極數據收集傳感器，並收集業內最全面的數據。

We're confident in the uniqueness of our approach, so to make sure our customers can take full advantage of Cortex XDR, we have decided today to include endpoint protection free of charge when they purchase Cortex XDR.

我們對我們方法的獨特性充滿信心，因此為了確保我們的客戶能夠充分利用 Cortex XDR，我們今天決定在他們購買 Cortex XDR 時免費提供端點保護。

Yes, we're declaring our new developed advanced Traps 6.0 product as free, if purchased with Cortex XDR.

是的，我們宣布，如果與 Cortex XDR 一起購買，我們新開發的高級 Traps 6.0 產品是免費的。

We believe that for true comprehensive investigational advanced attacks, the data is critical.

我們認為，對於真正全面的調查性高級攻擊，數據至關重要。

Customers can now deploy one single endpoint agent that prevents, detects and responds to attacks across an entire digital infrastructure.

客戶現在可以部署一個端點代理來預防、檢測和響應整個數字基礎設施中的攻擊。

And to help us roll out Cortex XDR, we're also announcing partnerships with 5 managed security service partners, partners who will deliver 24x7 threat monitoring detection and response services to our customers.

為了幫助我們推出 Cortex XDR，我們還宣布與 5 個託管安全服務合作夥伴建立合作夥伴關係，這些合作夥伴將為我們的客戶提供 24x7 威脅監控檢測和響應服務。

We are excited about these partnerships with Pricewaterhouse, Critical Start, ON2IT, BDO and Trustwave.

我們很高興與 Pricewaterhouse、Critical Start、ON2IT、BDO 和 Trustwave 建立這些合作夥伴關係。

They will provide important service to our customers and demonstrate industry confidence in our Cortex platform.

他們將為我們的客戶提供重要服務，並展示行業對我們 Cortex 平台的信心。

These are all exciting changes and I cannot thank our product team enough for stepping up to the challenge of integration and speed in solving our customers' problems.

這些都是令人興奮的變化，我非常感謝我們的產品團隊在解決客戶問題時迎接集成和速度的挑戰。

Lastly, I would like to provide more color on Demisto.

最後，我想在 Demisto 上提供更多顏色。

Last week we announced the proposed acquisition of Demisto.

上週我們宣布了對 Demisto 的擬議收購。

Demisto is a leader in the evolving space called SOAR.

Demisto 是不斷發展的 SOAR 領域的領導者。

We believe that Demisto's multivendor orchestration capabilities, and unique analytics and playbooks will help our customers further automate significant parts of their security operation and allow them to turn their attention to solving unique and complex threats.

我們相信 Demisto 的多供應商編排功能以及獨特的分析和劇本將幫助我們的客戶進一步自動化其安全操作的重要部分，並使他們能夠將注意力轉移到解決獨特和復雜的威脅上。

Demisto, already a partner of Cortex, now will integrate even more tightly into our plans for AI and ML on Cortex.

Demisto 已經是 Cortex 的合作夥伴，現在將更緊密地集成到我們在 Cortex 上的 AI 和 ML 計劃中。

Demisto has an ambitious plan for 2019, with billings projections of approximately $50 million to $55 million.

Demisto 對 2019 年制定了雄心勃勃的計劃，預計收入約為 5000 萬至 5500 萬美元。

To facilitate and support achievement of this plan, we will have Demisto operate as a separate speedboat under the leadership of Slavik Markovitch, their CEO, leveraging the broader Palo Alto Networks distribution engine.

為了促進和支持這一計劃的實現，我們將讓 Demisto 在其首席執行官 Slavik Markovitch 的領導下作為獨立的快艇運營，利用更廣泛的 Palo Alto Networks 分銷引擎。

At the same time, Slavik will work closely with Lee Klarich and me to facilitate the next step for customer solutions.

同時，Slavik 將與 Lee Klarich 和我密切合作，以促進客戶解決方案的下一步。

As I mentioned on the call we had last week, with the addition of Demisto, we now have made a couple of acquisitions over the last 6 months.

正如我在上週的電話會議上提到的那樣，隨著 Demisto 的加入，我們在過去 6 個月內進行了幾次收購。

While we continue to evaluate companies, my primary focus is on making sure these acquisitions are successful, and we are delighted with both customer reaction and our initial results.

在我們繼續評估公司的同時，我的主要重點是確保這些收購取得成功，我們對客戶的反應和我們的初步結果感到滿意。

In closing, as we approach RSA next week, we know there'll be a robust debate about whether the endpoint of the firewall is a center of security.

最後，當我們下週接近 RSA 時，我們知道將會有一場關於防火牆端點是否是安全中心的激烈辯論。

In our mind, this debate is looking at security through too narrow a lens.

在我們看來，這場辯論是通過過於狹隘的視角來看待安全問題。

We believe the future of security is about data.

我們相信安全的未來在於數據。

It's about data, it's about machine learning from that data and orchestrating and automating responses.

它是關於數據的，它是關於從數據中進行機器學習以及編排和自動化響應的。

And for customers who are struggling to manage too many disconnected security point products, we believe that our platform approach to security, with high levels of integration, analytics and automation is the answer for the future of security.

對於難以管理太多斷開連接的安全點產品的客戶，我們相信我們的安全平台方法，具有高水平的集成、分析和自動化，是未來安全的答案。

We believe Cortex is the future.

我們相信 Cortex 是未來。

And with that, I'll turn the call over to Kathy.

有了這個，我會把電話轉給凱西。

Thank you, Nikesh.

謝謝你，尼克什。

Before I start, I'd like to note that except for revenue and billings figures, all financial figures are non-GAAP and growth rates are compared to the prior year period unless stated otherwise.

在開始之前，我想指出，除了收入和賬單數據外，所有財務數據都是非 GAAP 數據，除非另有說明，否則增長率都是與去年同期相比。

All current and prior period financials discussed are reflected under ASC 606 as we adopted the new standard as of August 1, 2018.

由於我們自 2018 年 8 月 1 日起採用了新標準，因此討論的所有當前和前期財務數據均反映在 ASC 606 中。

In the second quarter, we once again added new customers at a rapid pace while also driving robust expansion business.

在第二季度，我們再次快速增加了新客戶，同時也推動了強勁的擴張業務。

Our top 25 customers, all of which made a purchase in Q2, spent a minimum of $35.6 million in lifetime value, a 39% increase compared to the same period last year.

我們排名前 25 位的客戶都在第二季度進行了購買，其終生價值至少花費了 3560 萬美元，與去年同期相比增長了 39%。

In the second quarter, total revenue grew 30% to $711.2 million.

第二季度，總收入增長 30% 至 7.112 億美元。

By geography, Q2 revenue grew 27% in the Americas, 38% in EMEA, 35% in APAC.

按地域劃分，美洲第二季度收入增長 27%，歐洲、中東和非洲增長 38%，亞太地區增長 35%。

Q2 product revenue of $271.6 million grew 33% compared to the prior year.

第二季度產品收入為 2.716 億美元，比上年增長 33%。

Q2 SaaS-based subscription revenue of $249.7 million increased 36%.

第二季度基於 SaaS 的訂閱收入為 2.497 億美元，增長 36%。

Support revenue of $189.9 million increased 21%.

支持收入為 1.899 億美元，增長 21%。

In total, subscription and support revenue of $439.6 million increased 29% and accounted for 62% of total revenue.

總的來說，訂閱和支持收入為 4.396 億美元，增長了 29%，佔總收入的 62%。

Our nonattached offerings continued to show strong momentum and we exited the second quarter with run rate billings of approximately $383 million, growing approximately 60% year-over-year.

我們的非附加產品繼續顯示出強勁勢頭，我們以約 3.83 億美元的運行率賬單退出第二季度，同比增長約 60%。

Q2 total billings of $852.5 million increased 27% year-over-year.

第二季度總賬單額為 8.525 億美元，同比增長 27%。

The dollar-weighted contract duration for new subscription and support billings in the quarter was approximately 3 years.

本季度新訂閱和支持賬單的美元加權合同期限約為 3 年。

For the first half of fiscal 2019, billings of $1.6 billion increased 27% year-over-year.

2019 財年上半年，16 億美元的賬單同比增長 27%。

Product billings were $514.9 million, up 33% and accounted for 32% of total billings.

產品賬單為 5.149 億美元，增長 33%，佔總賬單的 32%。

Subscription billings were $646.7 million, up 30%.

訂閱賬單為 6.467 億美元，增長 30%。

Support billings were $449.4 million, up 17%.

支持費用為 4.494 億美元，增長 17%。

Total deferred revenue at the end of Q2 was $2.5 billion, an increase of 32%.

第二季度末遞延收入總額為 25 億美元，增長 32%。

Q2 gross margin was 76.3%, an increase of 30 basis points compared to last year.

Q2毛利率為76.3%，較去年上升30個基點。

Q2 operating expenses were $367.5 million or 51.7% of revenue, which represents a 220 basis point improvement year-over-year.

第二季度運營費用為 3.675 億美元，佔收入的 51.7%，同比增長 220 個基點。

Operating margin was 24.6%, an increase of 250 basis points.

營業利潤率為 24.6%，增長 250 個基點。

We ended the second quarter with 5,856 employees.

我們在第二季度結束時擁有 5,856 名員工。

Non-GAAP net income for the second quarter grew 49% to $147 million or $1.51 per diluted share.

第二季度非 GAAP 淨收入增長 49% 至 1.47 億美元或每股攤薄收益 1.51 美元。

Our non-GAAP effective tax rate for Q2 was 22%.

我們第二季度的非 GAAP 有效稅率為 22%。

On a GAAP basis for the second quarter, net loss declined by 90% to $2.6 million or $0.03 per basic and diluted share.

根據第二季度的公認會計原則，淨虧損下降 90% 至 260 萬美元，即基本股和稀釋後每股虧損 0.03 美元。

Turning to cash flows and balance sheet items.

轉向現金流量和資產負債表項目。

We finished January with cash, cash equivalents and investments of $3.6 billion.

我們在 1 月份結束時擁有 36 億美元的現金、現金等價物和投資。

During the quarter, we completed our $1 billion share repurchase program, which was effective through December 31, 2018.

本季度，我們完成了 10 億美元的股票回購計劃，有效期至 2018 年 12 月 31 日。

We repurchased approximately 1.9 million shares of common stock at an average price of approximately $178 per share.

我們以每股約 178 美元的平均價格回購了約 190 萬股普通股。

On February 22, our Board of Directors approved a new $1 billion share repurchase program.

2 月 22 日，我們的董事會批准了一項價值 10 億美元的新股票回購計劃。

The new repurchase authorization will expire on December 31, 2020.

新的回購授權將於2020年12月31日到期。

Turning to cash flow.

轉向現金流。

Q2 cash flow from operations of $275.4 million increased 13%.

第二季度運營現金流為 2.754 億美元，增長 13%。

Free cash flow for the quarter was $251.9 million.

本季度的自由現金流為 2.519 億美元。

This figure was impacted by approximately $15 million of imputed interest expense associated with redemption of a 2019 convertible debt.

這一數字受到與贖回 2019 年可轉換債券相關的約 1500 萬美元的估算利息費用的影響。

Adjusting for this and other cash charges, free cash flow in the quarter was $271.4 million, up 21% at a margin of 38.2%.

調整此項和其他現金費用後，本季度自由現金流為 2.714 億美元，增長 21%，利潤率為 38.2%。

Capital expenditures during the quarter were $23.5 million.

本季度的資本支出為 2350 萬美元。

DSO was 50 days, a decline of 9 days from the prior year period.

DSO 為 50 天，比去年同期減少 9 天。

Turning now to guidance and modeling points.

現在轉向指導和建模要點。

For fiscal Q3 '19, we expect revenue to be in the range of $697 million to $707 million, an increase of 23% to 25% year-over-year.

對於 19 財年第三季度，我們預計收入將在 6.97 億美元至 7.07 億美元之間，同比增長 23% 至 25%。

We expect non-GAAP EPS to be in the range of $1.23 to $1.25, which includes expenses related to the proposed Demisto acquisition using approximately 99 million to 101 million shares.

我們預計非 GAAP 每股收益將在 1.23 美元至 1.25 美元之間，其中包括與擬議的 Demisto 收購相關的費用，使用約 9900 萬至 1.01 億股。

Before I conclude, I'd like to provide some additional modeling points.

在結束之前，我想提供一些額外的建模要點。

Our Q3 non-GAAP EPS guidance includes a net increase in M&A expense of approximately $5 million or $0.04 per share attributable to the proposed Demisto acquisition.

我們的第三季度非 GAAP 每股收益指引包括因擬議收購 Demisto 而導致的併購費用淨增加約 500 萬美元或每股 0.04 美元。

In the first 12 months following the acquisition, we expect Demisto billings of approximately $50 million to $55 million.

在收購後的前 12 個月，我們預計 Demisto 的賬單金額約為 5000 萬至 5500 萬美元。

Our EPS guidance also includes an expected $0.01 impact due to U.S. tariffs on Chinese origin goods.

我們的每股收益指引還包括因美國對中國原產商品徵收關稅而產生的 0.01 美元的預期影響。

We expect our non-GAAP effective tax rate to remain at 22%.

我們預計我們的非 GAAP 有效稅率將保持在 22%。

CapEx will be approximately $20 million to $25 million.

資本支出約為 2000 萬至 2500 萬美元。

To help you model billings for the remainder of the year, we are comfortable with current consensus for the second half of the year.

為了幫助您為今年剩餘時間的賬單建模，我們對今年下半年的當前共識感到滿意。

And for fiscal 2019, including acquisition-related operating expenses, we expect an adjusted free cash flow margin of approximately 36%.

對於 2019 財年，包括收購相關的運營費用，我們預計調整後的自由現金流利潤率約為 36%。

This fiscal 2019 number is adjusted for one-time items consisting of the previously communicated $97 million related to the settlement of 2019 convertible debt and between $35 million to $40 million of cash flow associated with our new headquarters in Santa Clara.

這一 2019 財年數字針對一次性項目進行了調整，這些項目包括之前公佈的與 2019 年可轉換債務結算相關的 9700 萬美元，以及與我們位於聖克拉拉的新總部相關的 3500 萬至 4000 萬美元現金流。

With that, I'd like to open the call for questions.

有了這個，我想打開問題的電話。

Operator, please poll for questions.

接線員，請投票提問。

(Operator Instructions) Our first question comes from Walter Pritchard, Citi.

（操作員說明）我們的第一個問題來自花旗銀行的 Walter Pritchard。

Can you give us an update on service provider?

你能給我們提供服務提供商的最新信息嗎？

It sounds like you're still pretty excited about that opportunity.

聽起來你對這個機會仍然很興奮。

I don't know if you're willing to express it as a percentage of revenue or what not, but curious, just an update on that, and then had a product-related follow-up.

我不知道你是否願意將其表示為收入的百分比或什麼不是，但很好奇，只是對此進行更新，然後進行與產品相關的跟進。

Hi Walter, thanks for your question.

嗨，沃爾特，謝謝你的問題。

Look, as I'd mentioned when we launched K2, and we talked about it last quarter, we believe the [treats] to the 5G opportunity is a unique opportunity and the whole focus in IoT, or you have been talking to a whole bunch of telcos and service providers out there.

看，正如我在推出 K2 時提到的那樣，我們在上個季度談到了它，我們相信 [對待] 5G 機會是一個獨特的機會，也是物聯網的全部重點，或者你一直在與一大群人交談那裡的電信公司和服務提供商。

And there's a twinkle in their eye when we start talking about the B2B use case for 5G, where they would not have cared as much if well, I shouldn't say that for them but, they were not as focused on individual consumers and the ability to hack their phones or to provide security.

當我們開始談論 5G 的 B2B 用例時，他們的眼中閃爍著光芒，他們不會那麼在意，我不應該對他們這麼說，但是，他們並沒有那麼關注個人消費者和破解手機或提供安全保障的能力。

But as it comes to be B2B use cases, providing bandwidth at the edge, they are very concerned of making sure that their B2B customers have a secure tunnel going from, all the way from their devices or their cars or whatever they choose to implement or health care devices are rigged, back to their cloud.

但是當談到 B2B 用例時，在邊緣提供帶寬，他們非常關心確保他們的 B2B 客戶有一個安全的隧道，從他們的設備或他們的汽車或他們選擇實施或醫療保健設備被操縱，回到他們的雲端。

And we believe our firewall is uniquely positioned to solve that problem for them in the K2 firewall space.

我們相信我們的防火牆具有獨特的優勢，可以在 K2 防火牆領域為他們解決這個問題。

So we're very happy with a lot of conversations we're having.

所以我們對我們正在進行的很多對話感到非常高興。

We're beginning to start seeing requests for integrating that in some sort of testing with them.

我們開始看到將其集成到某種測試中的請求。

So all I can say is, early days, but we're happy with the direction the conversations are taking.

所以我只能說，早期，但我們對對話的方向感到滿意。

And then, maybe for Kathy.

然後，也許是為了凱西。

On the endpoint side, I guess that's going to market where, you haven't really had a complete solution, arguably until now.

在端點方面，我想這將進入市場，你還沒有真正擁有完整的解決方案，可以說直到現在。

Should we think about seeing a pretty significant ramp in that revenue here as you go into the second half of your fiscal year, given you have a complete product, you have some of those new relationships, and so forth?

我們是否應該考慮在你進入財政年度下半年時看到這裡的收入大幅增加，因為你有一個完整的產品，你有一些新的關係等等？

Or is that maybe too ambitious and we should think about that as more of a fiscal 2020 driver?

或者這是否過於雄心勃勃，我們應該將其更多地視為 2020 財年的驅動力？

Well, look, we're very excited about the new Traps 6.0 and of course, Cortex XDR, which will leverage Traps 6.0, we think that is going to be a very compelling solution for our customers.

嗯，看，我們對新的 Traps 6.0 感到非常興奮，當然還有將利用 Traps 6.0 的 Cortex XDR，我們認為這對我們的客戶來說將是一個非常有吸引力的解決方案。

And so we obviously have a lot of confidence in our ability to drive acceptance of that product in the marketplace.

因此，我們顯然對推動市場接受該產品的能力充滿信心。

In terms of what's going to drive our overall revenue performance, I'm really not going to start to get into those kinds of details.

就推動我們整體收入表現的因素而言，我真的不會開始討論這些細節。

But we're very excited about Traps 6.0 and think that we, that it offers us great potential for the future.

但我們對 Traps 6.0 感到非常興奮，並認為我們，它為我們提供了未來的巨大潛力。

(Operator Instructions) Our next question comes from Karl Keirstead, Deutsche Bank.

（操作員說明）我們的下一個問題來自德意志銀行的 Karl Keirstead。

Maybe one for Nikesh, one for Kathy.

也許一份給 Nikesh，一份給 Kathy。

Nikesh, the product revenue growth acceleration to 33% I think was super impressive.

Nikesh，我認為產品收入增長加速到 33% 非常令人印象深刻。

I'm wondering if you could just comment on where you saw strength either by appliance family or vertical perhaps, maybe.

我想知道你是否可以評論一下你在哪些方面看到了家電系列或垂直領域的實力，也許吧。

Just give a little color on if there is any particular driver of that?

如果有任何特定的驅動因素，請給出一點顏色？

And then, Kathy, the question for you is really on the margin outperformance.

然後，凱西，你的問題真的是跑贏大盤。

I don't think anybody was modeling a 250 basis point margin improvement.

我認為沒有人在模擬 250 個基點的利潤率改善。

I'm assuming that something occurred on the sales and marketing line.

我假設銷售和營銷線上發生了一些事情。

Maybe you could offer some color as to whether any expenses were deferred out of 2Q into 3Q, or if there was anything else unusual.

也許你可以提供一些顏色，說明是否有任何費用從 2Q 推遲到 3Q，或者是否有任何其他異常情況。

Hey Karl, thanks for your question.

嘿卡爾，謝謝你的問題。

Look, I think I'd just say that, there's no specific driver, but a general level of activity we're seeing out of the marketplace.

看，我想我只是說，沒有具體的驅動因素，但我們在市場上看到的一般活動水平。

As we've talked about this in the past, that every time something happens in a market where a customer gets breached or somebody gets beat, there's a heightened sense of awareness in security.

正如我們過去談到的那樣，每當市場上發生客戶被破壞或有人被擊敗的事情時，安全意識就會增強。

All I can tell you is that the conversations are getting more and more up leveled in terms of preparedness for organizations for security, and we are seeing more and more security consciousness.

我只能告訴你的是，在組織安全準備方面的對話越來越高，我們看到越來越多的安全意識。

From a vertical perspective, we've always done better where people care more about security.

從垂直的角度來看，我們總是在人們更關心安全的地方做得更好。

Fed has been strong for us, the financial services have been strong for us, but we're seeing that pare down into other verticals.

美聯儲對我們來說一直很強大，金融服務對我們來說一直很強大，但我們看到這種情況正在減少到其他垂直領域。

So I'd just say generally, strength across the board, and that's probably what has driven the revenue and the product front this quarter.

所以我只想說，全面的實力，這可能是本季度推動收入和產品前沿的原因。

Yes.

是的。

And I'll just address the margin comment by saying they're very related.

我將通過說它們非常相關來解決邊距評論。

The strong product mix that we saw in the quarter obviously drives higher revenue yield.

我們在本季度看到的強大產品組合顯然推動了更高的收入收益率。

So that obviously is helping our margins.

所以這顯然有助於我們的利潤率。

But in addition, we have been driving leverage in the business.

但除此之外，我們一直在推動業務的槓桿作用。

And in Q2, we saw operating expense as a percentage of revenue decline by 220 basis points, as I mentioned in my remarks.

正如我在發言中提到的，在第二季度，我們看到營業費用佔收入的百分比下降了 220 個基點。

And you're right, that sales and marketing is driving that number and the leverage that we're seeing.

你是對的，銷售和營銷正在推動這個數字和我們所看到的槓桿作用。

And we've seen that for the last several quarters, good leverage in terms of sales and marketing expense overall.

我們已經看到，在過去的幾個季度中，整體銷售和營銷費用方面的槓桿作用很好。

Our next question comes from Fatima Boolani, UBS.

我們的下一個問題來自瑞銀的 Fatima Boolani。

One for Nikesh and one for Kathy.

一份給 Nikesh，一份給 Kathy。

Nikesh, one of the things that you've talked about and have been focusing on is packaging your cloud solutions in a better way and also taking steps to ensure the entire portfolio, which has expanded quite dramatically over the last couple of years, making sure the entire portfolio sort of better integrated.

Nikesh，你談到並一直關注的事情之一是以更好的方式打包你的雲解決方案，並採取措施確保整個產品組合在過去幾年中得到了相當大的擴展，確保整個投資組合在某種程度上得到了更好的整合。

So I wanted to understand sort of the mile markers and progress you've made on that front.

所以我想了解你在這方面取得的一些里程標記和進展。

And to what extent that has been influencing deal sizes, deal trends and especially that customer lifetime value metric that continues to grow a pace?

這在多大程度上影響了交易規模、交易趨勢，尤其是持續增長的客戶生命週期價值指標？

And then a follow-up for Kathy, if I may.

然後是凱西的後續行動，如果可以的話。

Sure, Fatima, thanks for your question.

當然，法蒂瑪，謝謝你的提問。

Look, I think I'm very excited that in 8 months we've been able to create real focus around the 3 areas I highlighted, the enterprise side and expanding your question a little bit more, on the enterprise side, as I said in our prepared remarks that I think this company had done a phenomenal job in building a firewall and putting subscriptions on top of firewalls.

看，我想我很興奮，在 8 個月內，我們能夠真正關注我強調的 3 個領域，即企業方面，並在企業方面進一步擴展你的問題，正如我在我們準備好的評論說，我認為這家公司在構建防火牆和將訂閱置於防火牆之上方面做得非常出色。

So basically, once you put a firewall in a customer's infrastructure, which is a hard decision because you're introducing another piece in their infrastructure, which is now delivered to you by a cybersecurity vendor.

所以基本上，一旦你在客戶的基礎設施中安裝了防火牆，這是一個艱難的決定，因為你在他們的基礎設施中引入了另一個部分，現在由網絡安全供應商提供給你。

It's incumbent upon us to provide more and more solutions so the customers that can be triggered off the firewall, and I think the product, it really rallied in the last 8 months, and we've built our first nonattached -- sorry, attached subscription after 2011 in our DNS security service.

我們有責任提供越來越多的解決方案，以便可以觸發防火牆的客戶，而且我認為該產品在過去 8 個月中確實上漲了，我們已經建立了第一個非附加 - 抱歉，附加訂閱2011 年之後在我們的 DNS 安全服務中。

And the team is really charged about building more capability to our firewall, we have 60,000 customers of firewalls.

該團隊真正負責為我們的防火牆構建更多功能，我們有 60,000 名防火牆客戶。

So the ability to take that to our customers and say look, you don't need another appliance in your infrastructure, you don't need another solution, it all works off of Palo Alto Networks' pane, management pane and you -- can give you a way -- we give you more and more capability from the firewall after you deploy it, and that's kind of, to me it's very exciting.

因此，能夠將其帶給我們的客戶並說，您不需要在您的基礎設施中使用其他設備，您不需要其他解決方案，這一切都可以在 Palo Alto Networks 的窗格、管理窗格中運行，而且您可以——給你一個方法——在你部署防火牆後，我們會為你提供越來越多的功能，這對我來說是非常令人興奮的。

So that's a point of integration and a mile marker like you called it, for integration for us on the enterprise side.

所以這是一個集成點和一個里程標記，就像你所說的那樣，用於我們在企業方面的集成。

On the cloud side, we're slowly and steadily working towards better integration, we're excited about our RedLock progress, we're excited about our GPCS progress as I highlighted, these are big wins for us and the team is getting more and more excited, we're deploying more people across the sort of regions, to make sure we have the capability and the ability to go compete with the people out there offering these solutions.

在雲方面，我們正在緩慢而穩定地努力實現更好的集成，我們對 RedLock 的進展感到興奮，我們對 GPCS 的進展感到興奮，正如我強調的那樣，這些對我們來說是巨大的勝利，團隊正在變得越來越更令人興奮的是，我們正在跨地區部署更多的人，以確保我們有能力與提供這些解決方案的人競爭。

You can expect us to provide more proof points in our integration in further quarters.

您可以期待我們在未來幾個季度的整合中提供更多證據。

We don't have anything to announce in the cloud side yet, and I think we just announced Cortex this morning, I think the marketing team has done a phenomenal job, the product team's done a phenomenal job in deploying Application Framework 2.0.

我們在雲端方面還沒有什麼要宣布的，我想我們今天早上剛剛宣布了 Cortex，我認為營銷團隊做得非常出色，產品團隊在部署 Application Framework 2.0 方面做得非常出色。

I was asked last quarter, what will be the proof point of us being able to show true integration across multiple data points, and Cortex XDR is that.

上個季度有人問我，我們能夠展示跨多個數據點的真正集成的證據是什麼，而 Cortex XDR 就是這樣。

It is the only service in the industry, which will have a planned endpoint, cloud and network data as a point of integration.

它是業內唯一的服務，將計劃的端點、雲和網絡數據作為集成點。

So we believe we are making tremendous progress towards our aspiration to provide more integrated services, and you can expect us to do more and more of that.

因此，我們相信我們正在朝著提供更多綜合服務的願望取得巨大進展，您可以期待我們在這方面做得越來越多。

Kathy, maybe a question for you on the gross margin.

凱西，也許有一個關於毛利率的問題。

Certainly a little bit better than we were looking for.

當然比我們想要的要好一點。

Just wanted to understand how you've been navigating some of the supply chain constraints as a consequence of the tariff.

只是想了解您是如何應對關稅導致的一些供應鏈限制的。

And how much longer should we expect that headwind to persist?

我們應該期望逆風持續多久？

And at the same time, as the cloud solution builds out and you probably have greater scale, how should we think about impacting -- how we should think about those investment impacting gross margins as well?

與此同時，隨著雲解決方案的建立，你可能擁有更大的規模，我們應該如何考慮影響——我們應該如何考慮那些影響毛利率的投資？

And that's it for me.

對我來說就是這樣。

Yes, sure.

是的，當然。

So in terms of our gross margin improvement during the quarter, yes, we've said that with the new products that we introduced now, almost 2 years ago, we've made a concerted effort to ensure that we're able to improve the margins on those products over time, and we've definitely been able to do that, and so we've seen some improvement in their product gross margins over time.

因此，就我們本季度的毛利率改善而言，是的，我們已經說過，通過我們現在推出的新產品，大約 2 年前，我們齊心協力確保我們能夠改善這些產品的利潤率隨著時間的推移而增加，我們肯定能夠做到這一點，因此我們看到他們的產品毛利率隨著時間的推移有所改善。

We also have seen some improvement in terms of just memory pricing, which we talked about, memory pricing seems to be stabilizing now.

我們也看到了我們談到的內存定價方面的一些改進，內存定價現在似乎正在穩定。

We do still have some issues in terms of more commoditized parts being more expensive than they have been in the past.

我們確實仍然存在一些問題，即更多商品化的零件比過去更貴。

But overall, we've indicated an impact of $0.01 to $0.02 in this quarter due to the tariff.

但總的來說，由於關稅，我們表示本季度的影響為 0.01 美元至 0.02 美元。

So it's kind of a mixed bag.

所以這是一個混合包。

We're seeing some improvements and we're also, we also have some negative influences.

我們看到了一些改進，我們也有一些負面影響。

Overall, we did see an increase of about 30 basis points year-over-year, which obviously we're very pleased about, given the current environment.

總體而言，我們確實看到同比增長約 30 個基點，鑑於當前環境，這顯然讓我們感到非常高興。

In terms of cloud investments and where we see that going, obviously the, you've also seen some declines in our services margin, as we have been investing in those businesses.

就雲投資以及我們所看到的發展方向而言，很明顯，你也看到我們的服務利潤率有所下降，因為我們一直在投資這些業務。

We think that there's a lot of potential for us to build really big, nicely sized businesses in the cloud and there's a great opportunity for us.

我們認為我們有很大的潛力在雲中建立非常大、規模適中的企業，這對我們來說是一個很好的機會。

So we're definitely investing in those areas in order to ensure that we can capture the market opportunity.

因此，我們肯定會在這些領域進行投資，以確保我們能夠抓住市場機會。

The next question comes from John DiFucci, Jefferies.

下一個問題來自 Jefferies 的 John DiFucci。

My first question is actually for Lee.

我的第一個問題實際上是給李的。

So Lee, I think you mentioned, or it might have been Nikesh on the last call that the new telco class appliance you're coming out with, I assume that's the PA-7000.

所以 Lee，我想你提到過，或者可能是 Nikesh 在上次電話會議上提到你要推出的新電信類設備，我認為是 PA-7000。

Just, I guess if you could just let us know that's right, or is that replacing other products?

只是，我想您是否可以讓我們知道這是對的，還是正在替換其他產品？

And I guess if it is, then another one is, should we expect further launches to address this market, a market you really haven't been in very much in the past?

我想如果是的話，那麼另一個問題是，我們是否應該期待進一步的發布來解決這個市場，一個你過去真的沒有進入過的市場？

Yes, good question.

是的，好問題。

So let me just start by clarifying.

因此，讓我先澄清一下。

The PA-7000 series and specifically the new modules that were introduced and launched as part of the 9.0 release earlier this month, that is the basis for the K2 series.

PA-7000 系列，特別是本月早些時候作為 9.0 版本的一部分引入和推出的新模塊，是 K2 系列的基礎。

But the K2 series is an optimized hardware platform targeted for service providers and specifically the mobile networks as we see those transitioning from 4G to 5G.

但 K2 系列是針對服務提供商的優化硬件平台，特別是我們看到的從 4G 到 5G 的移動網絡。

And then with 5G, the advent of much broader IoT and in particular, high-value and sensitive IoT devices coming onto those that need security.

然後隨著 5G 的出現，更廣泛的物聯網的出現，特別是高價值和敏感的物聯網設備出現在需要安全性的設備上。

So they're related but they are different offerings.

所以它們是相關的，但它們是不同的產品。

Relative to service provider overall, we have been in this space, in this market, selling to service providers.

相對於整體服務提供商，我們一直在這個領域，在這個市場上，向服務提供商銷售產品。

We have seen success across different parts of the portfolio.

我們已經看到了投資組合不同部分的成功。

The K2 series though is the first time we've designed and built a product specifically for that market, to really go capture the specialized opportunity that exists there.

不過，K2 系列是我們第一次專門為該市場設計和製造產品，以真正抓住那裡存在的專業機會。

And we're still waiting on the K2 series, is that correct, or...

我們還在等待 K2 系列，對嗎，或者......

No.

不。

The K2 series is now available as of earlier this month.

K2 系列將於本月早些時候上市。

Okay, perfect.

好的，完美。

And Kathy, just a clarification.

凱西，只是一個澄清。

I mean the results are strong across the board, all revenue categories, but especially in the product area.

我的意思是，所有收入類別的結果都很強勁，尤其是在產品領域。

So I just want to make sure we understand it correctly.

所以我只想確保我們正確理解它。

I mean, is all [detached] subscription something, I think both you and Nikesh talked about in your prepared remarks, is all of that in the subscription line?

我的意思是，所有 [獨立] 訂閱都是什麼，我想你和 Nikesh 在你準備好的發言中都談到了，所有這些都在訂閱行中嗎？

Or is there any of that in the license line due to ASC 606 in the way on-premise subscription's treated under that standard?

或者由於 ASC 606 在該標準下處理本地訂閱的方式，在許可行中是否有任何內容？

Yes.

是的。

A portion of the VM series, which we talked about and when we talked at the beginning of Q1, regarding ASC 606, the portion of our VM series is recognized upfront in that category.

我們在第一季度初談到 ASC 606 時談到的 VM 系列的一部分，我們的 VM 系列的一部分在該類別中被提前認可。

Okay.

好的。

And so it's in that line item in the, on the income statement, in the license line?

所以它在損益表的許可行中的那個行項目中？

That's correct.

這是正確的。

That's correct.

這是正確的。

Okay, and was there any shift, like is there a continuing shift to more subscription, or more on, what would be -- of that kind of revenue, on-premise subscription where you'd have more on the license line?

好的，有沒有任何轉變，比如是否有繼續轉向更多訂閱，或者更多，那種收入，在許可證線上有更多的本地訂閱會是什麼？

No, no.

不，不。

I mean, In terms of what's driving the growth there, that's really not a driver of the growth, not a significant driver of the growth in any respect.

我的意思是，就推動那裡增長的因素而言，這實際上不是增長的驅動力，在任何方面都不是增長的重要驅動力。

It's obviously, we've made the adjustment, both in this year's recognition of VM series and last year's recognition of VM series.

很明顯，無論是今年對VM系列的認可，還是去年對VM系列的認可，我們都做了調整。

And while we're seeing growth there, obviously, it's not as big a portion of our business as the rest of our product revenues are.

雖然我們在那裡看到了增長，但很明顯，它在我們業務中所佔的比例不如我們其他產品收入那麼大。

And so the real impact is what we're seeing in terms of the rest of the product category.

因此，真正的影響是我們在其他產品類別中看到的。

(Operator Instructions) Our next question comes from Gur Talpaz, Stifel.

（操作員說明）我們的下一個問題來自 Stifel 的 Gur Talpaz。

Congrats on the results.

祝賀結果。

A few product-centric questions here.

這裡有一些以產品為中心的問題。

One, how should we think about the efforts around XDR and Cortex, in conjunction with your vision for Demisto and the app framework?

第一，我們應該如何考慮圍繞 XDR 和 Cortex 所做的努力，以及您對 Demisto 和應用程序框架的願景？

And ultimately speaking, how intertwined are these initiatives?

歸根結底，這些舉措之間的交織程度如何？

Let me give you an overview and then perhaps Lee can jump in with the real answers.

讓我給你一個概述，然後也許李可以跳出真正的答案。

Look, for us, Cortex is a big deal.

看，對我們來說，Cortex 是一件大事。

We spent a lot of time in making sure we get the underlying platform right.

我們花了很多時間來確保我們的底層平台是正確的。

We think by deploying it on the public cloud and using the features that become, where you can handle massive amounts of data and being able to leverage the, [needing the eye tools,] and that is very useful.

我們認為，通過將其部署在公共雲上並使用所產生的功能，您可以在其中處理大量數據並能夠利用 [需要眼睛工具]，這非常有用。

I think XDR is very critical, I think XDR is a service, which there is a whole bunch of start-ups out there, trying to provide that kind of service.

我認為 XDR 非常關鍵，我認為 XDR 是一種服務，那裡有一大堆初創公司，試圖提供這種服務。

I think it's different when we deploy that service where you can leverage the data you collect from Palo Alto firewalls, and from Traps and from our cloud security sensors, where you actually, there are many customers who deployed all 3 from us.

我認為，當我們部署該服務時，您可以利用從 Palo Alto 防火牆、Traps 和我們的雲安全傳感器收集的數據，這是不同的，實際上，有許多客戶部署了我們的所有 3 種服務。

So we have the option to go to them and say, "Look, you already have them.

所以我們可以選擇去找他們說，“看，你已經擁有了。

Here's a real tool that can help you and your SOC deal with a whole bunch of stuff that would not be -- that was not available in the past." I think Demisto was something that, I think you and I even talked about this, and we didn't talk much about it, because I wasn't going to talk to you about it until we'd figured out we wanted.

這是一個真正的工具，可以幫助您和您的 SOC 處理一大堆過去無法獲得的東西。”我們沒有談論太多，因為在我們弄清楚我們想要之前我不會和你談論它。

But I think when we went out to our customers, the customers' big challenge is I've got so many cybersecurity solutions, I'm getting 3x to 10x more alerts than I was getting 2 to 5 years ago, and I'm going to have to hire more and more analysts to figure out how to solve the alerts.

但我認為，當我們與客戶接觸時，客戶面臨的最大挑戰是我有這麼多網絡安全解決方案，我收到的警報比 2 到 5 年前多 3 到 10 倍，我要不得不聘請越來越多的分析師來弄清楚如何解決警報。

So this cannot be a punitive damage.

所以這不能算是懲罰性損害賠償。

The more secure I want to feel, the more products I need to deploy, the more people I have to hire to solve the alerts that you guys send me.

我想要的感覺越安全，我需要部署的產品就越多，我就必須僱用更多的人來解決你們發給我的警報。

So we realized that there is a crescendo where people are saying, I need more help solving these alerts, then going out and generating them, I think Demisto fits squarely in that sore spot in the industry, no pun intended.

所以我們意識到人們說的越來越多，我需要更多幫助來解決這些警報，然後出去並生成它們，我認為 Demisto 正好適合這個行業的痛點，這不是雙關語。

And part of the opportunity we have is to be able to take that and leverage that across the entire Application Framework where we can leverage that across data from not just Palo Alto Networks, but other vendors and Demisto's already mastered that art.

我們擁有的部分機會是能夠利用它並在整個應用程序框架中利用它，我們不僅可以在 Palo Alto Networks 的數據中利用它，而且其他供應商和 Demisto 已經掌握了這門藝術。

Yes, and just to piggyback on top of what Nikesh said.

是的，只是為了搭載 Nikesh 所說的話。

I think one of the ways to think about this is, we do want to actually encourage customers to have more alerts, like more data is always a good thing, but only if for the majority of that, we can automatically deal with that, and that is where Demisto will fit in, is that, that automated playbooks and analytics to deal with sort of the large volume of alerts coming in.

我認為考慮這個問題的一種方法是，我們確實希望鼓勵客戶收到更多警報，就像更多數據總是一件好事，但前提是對於其中的大部分，我們可以自動處理，並且這就是 Demisto 適合的地方，那就是自動化的劇本和分析來處理大量傳入的警報。

And then XDR provides that ability to stitch together data from different sources, really understand it and proactively present it to the SOC analyst for the more sophisticated attacks, where you actually need an analyst to spend some time understanding it, investigating it and initiating responses.

然後 XDR 提供了將來自不同來源的數據拼接在一起的能力，真正理解它並主動將其呈現給 SOC 分析師以進行更複雜的攻擊，您實際上需要分析師花一些時間來理解它、調查它並啟動響應。

So they do work very sort of hand-in-hand in terms of how a SOC analyst would think of the capabilities.

因此，就 SOC 分析師如何看待這些功能而言，它們確實是密切相關的。

Yes, that's actually really helpful.

是的，這真的很有幫助。

And then Nikesh, you talked about a strong customer response for Demisto.

然後 Nikesh，你談到了 Demisto 的強烈客戶反響。

But I wanted to know if you've had a chance to talk with any integrated vendors yet.

但我想知道您是否有機會與任何集成供應商交談。

And if you've gotten any response yet from those that have worked directly with Demisto in the past and how they sort of viewed the integration and acquisition going forward?

如果您從過去直接與 Demisto 合作過的人那裡得到任何回應，以及他們如何看待未來的整合和收購？

We have had an opportunity.

我們有機會。

I think it's fair to understand that the biggest role in this process belongs to the customer, because Demisto is deployed in a customer's infrastructure with their explicit permission, to be able to access the data from the customer and remediate it back into their infrastructure.

我認為理解這個過程中最大的角色屬於客戶是公平的，因為 Demisto 在客戶的明確許可下部署在客戶的基礎設施中，以便能夠訪問客戶的數據並將其修復回他們的基礎設施。

And they build the product on the back of open connectors that are available from every vendor out there.

他們在每個供應商都提供的開放式連接器的背面構建產品。

So there's no proprietary connectivity that Demisto leverages, that is going to change by the acquisition, if that's where your question is headed.

因此，Demisto 沒有利用專有連接，如果這是您的問題所在，收購將改變這一點。

In addition, Demisto will also have access to a lot of Palo Alto data, which is just impossible for us to deploy anywhere else but in Cortex.

此外，Demisto 還可以訪問大量 Palo Alto 數據，這對我們來說是不可能部署在 Cortex 以外的任何地方的。

Your next question comes from Gabriela Borges, Goldman Sachs.

你的下一個問題來自高盛的 Gabriela Borges。

Nikesh, I was hoping you could expand a little bit on the monetization opportunities around XDR.

Nikesh，我希望你能稍微擴展一下圍繞 XDR 的貨幣化機會。

We've talked about monetization with the Application Framework more broadly, maybe just specifically on XDR.

我們已經更廣泛地討論了應用程序框架的貨幣化，也許只是專門針對 XDR。

And the decision to include Traps within the broader bundle, just some puts and takes on how you thought about that.

以及將 Traps 包含在更廣泛的捆綁包中的決定，只是一些 put 和 takes 你是如何考慮的。

Sure, thank you.

當然，謝謝。

Look, again, I'm going to give you a little overview and Lee will jump in, hopefully.

聽著，我將再次向您簡要介紹一下，希望 Lee 能參與進來。

From an XDR perspective, I think in our thesis, going into it was the thesis of integration, and that is something the company had already been working on for a while with the acquisitions of (inaudible).

從 XDR 的角度來看，我認為在我們的論文中，進入它是集成的論文，這是公司已經通過收購（聽不清）進行了一段時間的工作。

Maybe figured out how to take all this data and provide it consistently in one way as opposed to deploying more and more tools against the infrastructure.

也許想出瞭如何獲取所有這些數據並以一種方式一致地提供它，而不是針對基礎設施部署越來越多的工具。

So XDR for us is very, very important because it is actually the first critical application from our end which integrates data from all the 3 sensors that I mentioned.

所以 XDR 對我們來說非常非常重要，因為它實際上是我們這邊的第一個關鍵應用程序，它集成了我提到的所有 3 個傳感器的數據。

So it's very important as we get into the SOC business.

因此，當我們進入 SOC 業務時，這非常重要。

And also, part of the observation we've had is that as more and more sophisticated tools get developed, it becomes impossible for customers to train their SOC analysts across multiple tools.

而且，我們的部分觀察結果是，隨著開發出越來越複雜的工具，客戶不可能跨多種工具培訓他們的 SOC 分析師。

So if you notice, I mentioned this, but we want to highlight it that, we've actually partnered with 5 partners who are going to help us manage this, as it gets deployed in the SOC, because we believe, the true leverage is from being able to fully utilize the product across all the data that we've collected, or will be collecting for XDR.

所以如果你注意到了，我提到了這一點，但我們想強調的是，我們實際上已經與 5 個合作夥伴合作，他們將幫助我們管理它，因為它被部署在 SOC 中，因為我們相信，真正的影響力是能夠在我們已經收集或將為 XDR 收集的所有數據中充分利用該產品。

In terms of the Traps decision, I think, if you look at the endpoint industry, and I stared at it hard over the last 8 months, there's a lot of vendors and there's a lot of vendors who used to do a certain set of features as new vendors do turn a set of new features.

就陷阱決定而言，我認為，如果你看看端點行業，在過去的 8 個月裡我一直在認真地盯著它看，有很多供應商，而且有很多供應商曾經做過一組特定的功能作為新的供應商確實轉向了一組新功能。

And we've sat and thought about how we could make sure that Traps, over time, becomes the ubiquitous endpoint agent in the market.

我們坐下來思考如何確保 Traps 隨著時間的推移成為市場上無處不在的端點代理。

And we realized that endpoint production, in its most advanced form, should become table stakes, every customer should have it.

我們意識到端點生產，以其最先進的形式，應該成為賭注，每個客戶都應該擁有它。

But the endpoint agent has, in my mind, at least 2 major features, one is to provide protection at the endpoint, but more -- as importantly, is to provide data to be able to go back into a cloud sort of cloud database, if you will, which allows them both to leverage it across other security solutions, but also be able to set behavior and turn data back to the endpoint.

但在我看來，端點代理至少有兩個主要功能，一個是在端點提供保護，但更重要的是，提供數據以便能夠返回到雲數據庫中，如果你願意，這允許他們既可以在其他安全解決方案中利用它，也可以設置行為並將數據返回到端點。

So we thought bundling Traps and XDR would be the right outcome.

所以我們認為捆綁 Traps 和 XDR 是正確的結果。

And because we want ubiquity on Traps, we want to make sure that's available free to our customers, they can deploy it.

因為我們希望 Traps 無處不在，我們希望確保它對我們的客戶免費可用，他們可以部署它。

And as you probably know, customers have multiple endpoint agents running in their infrastructure, they're not required to replace anything, this is just a free product that they can deploy, which leverages -- which allows us to leverage XDR more effectively for that customer.

正如您可能知道的那樣，客戶在他們的基礎設施中運行了多個端點代理，他們不需要更換任何東西，這只是他們可以部署的免費產品，它利用 - 這使我們能夠更有效地利用 XDR顧客。

Lee thinks I've -- he has coached me well, and he's giving me a thumbs up, which means he doesn't want to add anything.

Lee 認為我——他把我指導得很好，他對我豎起大拇指，這意味著他不想添加任何內容。

The follow-up is for Lee.

後續是給李的。

I think he might know the answer to this.

我想他可能知道這個問題的答案。

When you look at you customer base on next-gen's firewall, do you have a sense for to what extent your customers have standardized on Palo Alto deployment for the firewall, versus maybe they're still dual sourcing, or have multiple firewall vendors?

當您查看下一代防火牆的客戶群時，您是否了解您的客戶在多大程度上對防火牆的 Palo Alto 部署進行了標準化，而不是他們仍然是雙重來源，或者擁有多個防火牆供應商？

Then, can some of the new policy rules and the features that you have in 9.0 help with that standardization effort?

那麼，9.0 中的一些新策略規則和功能是否有助於標準化工作？

Yes, great question.

是的，很好的問題。

The high level answer is obviously going to be, it depends.

高級答案顯然是，這取決於。

It depends on a number of things such as how large the customer is when they initially became a customer of Palo Alto Networks and where they are in that journey.

這取決於許多因素，例如客戶最初成為 Palo Alto Networks 客戶時的規模以及他們在該旅程中所處的位置。

We see, certainly a lot of our customers, they often will initially purchase for a particular project, deploy, gain success out of that and then use that success to leverage across other parts of their infrastructure over time.

我們看到，當然有很多客戶，他們通常最初會為特定項目購買、部署、從中獲得成功，然後隨著時間的推移利用這種成功來影響其基礎設施的其他部分。

Obviously, we try to accelerate that in capabilities like the policy optimizer, actually allow us to help accelerate that, by moving them more quickly into the kind of security policies we think and they think are better, both from a security perspective as well as a ease-of-operation perspective.

顯然，我們試圖在策略優化器等功能中加速這一點，實際上允許我們通過更快地將它們轉移到我們認為和他們認為更好的安全策略中來幫助加速它，無論是從安全角度還是易於操作的觀點。

The second aspect to that is, the more they are able to see the value and consume the value of additional subscription service on top of that, whether that's a threat prevention subscription, WildFire, (inaudible) filtering, GlobalProtect or now with 9.0, the DNS security service, the more value they see out of using us as their primary firewall in their infrastructure, which also then often drives broader consumption and usage.

第二個方面是，他們越能看到價值並在此基礎上消費額外訂閱服務的價值，無論是威脅預防訂閱、WildFire、（聽不清）過濾、GlobalProtect 還是現在的 9.0， DNS 安全服務，他們看到將我們用作其基礎架構中的主要防火牆的價值越大，這通常也會推動更廣泛的消費和使用。

And so it is a journey, but what we see both in terms of utilization as well as footprint does continue to expand.

所以這是一段旅程，但我們在利用率和足跡方面看到的確實在繼續擴大。

Our next question comes from Sterling Auty, JPMorgan.

我們的下一個問題來自摩根大通的 Sterling Auty。

I'm curious how you guys think about the need for product growth moving forward within the overall growth of total revenue.

我很好奇你們如何看待在總收入的整體增長中推動產品增長的需求。

You started as a razor and razorblade model, now you have a substantial amount of nonattached subscription.

您最初是剃須刀和剃須刀片型號，現在您擁有大量非附加訂閱。

So how fast does product have to grow moving forward for you to deliver on your growth goals?

那麼產品必須以多快的速度向前發展才能實現您的增長目標？

That's a good question.

這是個好問題。

I think, look, we like more and more customers to deploy our firewalls there.

我想，看，我們希望越來越多的客戶在那裡部署我們的防火牆。

So in that perspective, yes, we'd like to see product growth.

所以從這個角度來看，是的，我們希望看到產品增長。

But we want to see both depth and breadth, and that's why we're embarked on a rejuvenation on our subscription services, because we believe that a firewall can offer multiple subscriptions to our customers.

但我們希望同時看到深度和廣度，這就是我們著手對訂閱服務進行複興的原因，因為我們相信防火牆可以為我們的客戶提供多種訂閱。

And yes, we found good success and uptake every time we've deployed new subscription, we just want to increase the intensity of those subscriptions because today, there are still many point products that are being deployed in the infrastructure.

是的，每次我們部署新的訂閱時，我們都取得了很好的成功和採用，我們只是想增加這些訂閱的強度，因為今天，基礎設施中仍然部署了許多單點產品。

So we see the firewall not just as, as I said, like as a, as a in-line firewall that protects you, but we also see it as a platform to be able to deploy more and more services where the customers don't need to deploy more things, so.

因此，我們不僅將防火牆視為保護您的嵌入式防火牆，而且我們還將其視為能夠在客戶無法部署的地方部署越來越多服務的平台需要部署更多的東西，所以。

For our growth plan, it's important for us to get both depth and breadth on the product side.

對於我們的增長計劃，在產品方面獲得深度和廣度對我們來說很重要。

Makes sense.

說得通。

And I have one follow-up.

我有一個後續行動。

On Demisto, you gave us a sense of the aspirations on the billings front.

在 Demisto 上，您讓我們了解了比林斯戰線的雄心壯志。

But how does the contract structure look and how does -- how do we think about the billings flowing into revenue?

但是合同結構看起來如何以及如何 - 我們如何看待流入收入的賬單？

Kathy, did you want to not answer that?

凱西，你不想回答這個問題嗎？

Well, Demisto operates with a ratable model, for the most part.

好吧，在大多數情況下，Demisto 以評級模型運作。

And so we would expect a ratable revenue model with the Demisto acquisition.

因此，我們希望通過收購 Demisto 獲得可觀的收入模式。

Does that answer your question, Sterling?

這是否回答了你的問題，Sterling？

Well, sort of.

好吧，有點。

So in other words, we should expect the revenue contribution initially to be small but for it to layer in.

所以換句話說，我們應該預計最初的收入貢獻很小，但會逐漸增加。

So in that 4 quarter look, the second half should be substantially bigger than the first half?

那麼在第 4 季度中，下半年應該比上半年大得多？

Or is that the wrong way to look at it?

或者這是錯誤的看待方式？

Well, I think you're on the right track, that revenue does lag in terms of -- the revenue does lag bookings in a ratable revenue model.

好吧，我認為你走在正確的軌道上，收入確實落後於 - 在可估價的收入模式中，收入確實落後於預訂。

So you've got that correct.

所以你說對了。

Our next question comes from Keith Weiss, Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Keith Weiss。

This is Hamza Fodderwala, in for Keith Weiss.

這是 Keith Weiss 的 Hamza Fodderwala。

Just a couple of quick questions on my end.

我這邊只是幾個簡單的問題。

Looking at the fiscal Q3 guidance and it implies a slight sequential down tick in revenue versus Q2, which is unlike what we've seen in the past.

查看第三季度財政指引，這意味著收入與第二季度相比略有連續下降，這與我們過去看到的不同。

So to what extent is that caution related to the macro environment, whether it be tariffs or spillover effects from the federal government shutdown or just typical conservatism in your forward guidance?

那麼這種謹慎在多大程度上與宏觀環境相關，無論是關稅還是聯邦政府關閉的溢出效應，或者只是您前瞻性指引中的典型保守主義？

Yes.

是的。

Look, I wouldn't read any sort of macro comment into our guidance.

看，我不會在我們的指南中讀到任何宏觀評論。

We're guiding a very respectable 23% to 25% year-over-year revenue growth range on a pretty tough compare last year.

與去年相比，我們的收入同比增長幅度非常可觀，達到 23% 至 25%。

So we feel very comfortable with where we are in terms of our guidance.

因此，我們對我們的指導意見感到非常滿意。

Got it.

知道了。

And just a follow-up question on the free cash flow margin.

只是關於自由現金流利潤率的後續問題。

You mentioned a 36% free cash flow margin roughly for the full year.

你提到了全年大約 36% 的自由現金流量利潤率。

Does that include the onetime payments or does that -- does that exclude that?

這是否包括一次性付款，或者那是否不包括在內？

So the 36% full year free cash flow margin that we guided to includes the adjustments, that's an adjusted free cash flow margin.

因此，我們指導的 36% 全年自由現金流量利潤率包括調整，這是調整後的自由現金流量利潤率。

Our next question comes from Shaul Eyal, Oppenheimer & Company.

我們的下一個問題來自奧本海默公司的 Shaul Eyal。

Nikesh or Kathy, I think this quarter has shown the strongest level of growth in EMEA, I think at around 38% year-over-year.

Nikesh 或 Kathy，我認為本季度在 EMEA 地區表現出最強勁的增長水平，我認為同比增長約 38%。

What's driving this ongoing improvement?

是什麼推動了這種持續的改進？

Is that the work you've been doing with the biggest distributors?

這是您與最大的分銷商一起做的工作嗎？

Is it demand trends?

是需求趨勢嗎？

Help us understand.

幫助我們理解。

I think generally speaking, that, as Palo Alto Networks as a company has grown and we've expanded globally, we spend a lot more time making sure we have robust teams in every country in Europe.

我認為總的來說，隨著 Palo Alto Networks 作為一家公司的發展和我們在全球範圍內的擴張，我們花費了更多的時間來確保我們在歐洲的每個國家都擁有強大的團隊。

We have very strong leadership there.

我們在那裡有很強的領導力。

I think it's just, in my mind, it's really getting out there in front of customers and presenting our solutions and penetrating the market.

我認為這只是，在我看來，它真的出現在客戶面前，展示我們的解決方案並打入市場。

So it's just good execution on the part of our EMEA team and all I can say is, from prior experience, a U.S.-based company, is very focused in the U.S. where it starts over time, and tries expanding globally, and we have a lot more room, we think in our international markets, and we're going to be continuing to focus on execution, not just in the U.S. but in EMEA as we've shown, and various parts of Asia Pacific and Latin America.

因此，我們的 EMEA 團隊執行得很好，我只能說，根據以往的經驗，一家美國公司非常專注於美國，隨著時間的推移開始，並嘗試在全球範圍內擴張，我們有一個我們認為在我們的國際市場上還有更多的空間，我們將繼續專注於執行，不僅在美國，而且正如我們所展示的那樣在 EMEA，以及亞太地區和拉丁美洲的各個地區。

That's fair enough.

這很公平。

And a follow-up, if I may.

如果可以的話，還有後續行動。

Linearity trends, if I'm looking at the past few quarters, I think you'd be slightly improving, not as back-end loaded as prior ones.

線性趨勢，如果我回顧過去幾個季度，我認為你會略有改善，而不是像以前那樣後端加載。

Just looking for some color if possible on that specific point.

如果可能的話，只是在那個特定點上尋找一些顏色。

Yes.

是的。

Our linearity is, in terms of when our bookings come in, as -- remains fairly consistent over time.

就我們的預訂何時進入而言，我們的線性度隨著時間的推移保持相當一致。

We do see, depending on the quarter, for example, in the quarter just ended, December obviously is a year-end month.

我們確實看到，取決於季度，例如，在剛剛結束的季度中，12 月顯然是年末月份。

And so we see different linearity in that quarter than we do another quarters, but that's been very consistent over time.

因此，我們在該季度看到的線性與其他季度不同，但隨著時間的推移，這種情況非常一致。

So yes, I wouldn't really call out anything particularly new or different there.

所以是的，我真的不會在那裡說出任何特別新的或不同的東西。

Our next question comes from Philip Winslow, Wells Fargo.

我們的下一個問題來自富國銀行的 Philip Winslow。

On the site with the launch this morning, you said you had 60,000 enterprise customers.

在今天早上發布的網站上，你說你有 60,000 家企業客戶。

And if I just look at that versus the end of the year, it's up about, call it 6,000, which is actually ahead of where you were through the first half of fiscal '18.

如果我只看一下與今年年底相比，它上升了大約 6,000，這實際上超過了 18 財年上半年的水平。

So obviously you're going to add net new customers at a very healthy pace.

所以很明顯，你將以非常健康的速度增加淨新客戶。

When you start to think about sort of forward guidance, so like, even just medium-term planning, how are you thinking about sort of just prioritization of go-to-market between upsell, obviously, what is it, growing product portfolio in an existing install base versus continuing to land new customers.

當你開始考慮某種前瞻性指導時，比如，即使只是中期規劃，你如何考慮在追加銷售之間對上市進行優先排序，顯然，它是什麼，在一個不斷增長的產品組合中現有安裝基礎與繼續吸引新客戶。

Well, I think part of the challenge given to this sales team is, we've got to be able to walk and chew gum at the same time.

好吧，我認為這個銷售團隊面臨的部分挑戰是，我們必須能夠同時走路和嚼口香糖。

So we're going to have to do a bit of both.

所以我們將不得不兩者兼顧。

I think to be able to sustain the growth aspirations we have, you have to go out and expand in our existing base.

我認為，為了能夠維持我們的增長願望，你必須走出去，擴大我們現有的基地。

We also have to be able to land new customers, because we have a lot of new products that we're trying to deploy, which will be deployed both in our existing customers and newer customers.

我們還必須能夠吸引新客戶，因為我們有很多我們正在嘗試部署的新產品，這些產品將部署在我們現有的客戶和新客戶中。

So maybe more receptive to our new products, which we are deploying in the cloud space, in the Cortex space.

所以可能更容易接受我們在雲空間、Cortex 空間中部署的新產品。

So we really are trying to focus on both ends.

所以我們真的在努力把重點放在兩端。

The opportunity to go to existing customers and sell them new, existing product, new products is, of course, is great because they already have experienced our products, have deployed them and have the training and the experience on the products, but we're challenging our teams to try and do a bit of both.

向現有客戶銷售新產品、現有產品、新產品的機會當然很好，因為他們已經體驗過我們的產品，部署了它們，並接受了產品培訓和體驗，但我們挑戰我們的團隊嘗試兩者兼顧。

Got it.

知道了。

And just to follow-up on that, in terms of just obviously the healthy net new customer adds.

只是為了跟進，顯然健康的淨新客戶增加了。

Any changes that you're seeing in those deals in terms of just win rates versus the competition, your pricing in those deals, et cetera, just any sort of color on that would be great.

你在這些交易中看到的任何變化，就贏率與競爭而言，你在這些交易中的定價等等，任何一種顏色都會很棒。

Our win rates haven't changed substantially over the last 12 months or last 8 months at least, since I've been here.

自從我來到這里以來，我們的勝率在過去 12 個月或至少過去 8 個月內沒有發生重大變化。

I think it's been pretty consistent across the board.

我認為這是非常一致的。

We are seeing better traction obviously in some of our newer products, which we haven't seen in the past, hence the growth rates sustaining lower 60%, as Kathy mentioned.

正如凱西提到的，我們在一些新產品中明顯看到了更好的牽引力，這是我們過去從未見過的，因此增長率維持在 60% 以下。

So we are seeing traction there, we are seeing our dreams beginning, teams beginning to form around it.

所以我們在那裡看到了牽引力，我們看到了我們的夢想開始，團隊開始圍繞它形成。

So we have expect -- high expectations from the teams in that area.

因此，我們對該領域的團隊抱有很高的期望。

But generally across from a landscape perspective, one of you highlighted the success we're seeing more in EMEA.

但總的來說，從橫向的角度來看，你們中的一位強調了我們在歐洲、中東和非洲看到的更多成功。

So clearly, that's more of a penetration strategy.

很明顯，這更像是一種滲透策略。

So I think it's just steady execution across all fronts and wherever we feel that we need to go in step in and create more effort, we do by constantly inspecting our processes.

所以我認為這只是在所有方面的穩定執行，無論我們覺得我們需要介入並創造更多的努力，我們都會通過不斷檢查我們的流程來做到這一點。

Our last question comes from Ken Talanian, Evercore.

我們的最後一個問題來自 Evercore 的 Ken Talanian。

Are you seeing most customers make enterprise-wide purchases, GlobalProtect cloud?

您是否看到大多數客戶在企業範圍內購買 GlobalProtect 雲？

Or most of the deals thus far more representative of a land-and-expand opportunity?

或者大多數交易更能代表土地和擴張的機會？

Look, there are customers who already have Palo Alto's network firewalls deployed and they're used to our panorama management pane, so they understand how to set up policies, how to make them work, and then GlobalProtect cloud's become an extension of their security posture.

看，有些客戶已經部署了 Palo Alto 的網絡防火牆，他們已經習慣了我們的全景管理窗格，因此他們了解如何設置策略，如何使它們發揮作用，然後 GlobalProtect 云成為他們安全態勢的延伸.

But we've also seen, as I highlighted the 2 wins we have had, we've also seen situations where we walked in, and a customer has deployed GlobalProtect cloud service because they believe it's a more secure product than the other product, which is competitor, which I cannot name, I forget.

但我們也看到，正如我強調的我們已經取得的 2 次勝利，我們也看到了我們走進去的情況，並且客戶已經部署了 GlobalProtect 雲服務，因為他們認為它是一種比其他產品更安全的產品，是競爭對手，我不能說出名字，我忘記了。

Okay.

好的。

And last question, have you made or do you plan to make any changes this year to sales force compensation or the compensation terms?

最後一個問題，今年您是否或計劃對銷售人員薪酬或薪酬條款進行任何更改？

We're constantly adapting our sales force's compensation to make sure it meets the objectives we set for ourselves.

我們不斷調整銷售人員的薪酬，以確保它符合我們為自己設定的目標。

In the quarter, we also take feedback based on where our expectations were different from what has transpired in the market.

在本季度，我們還根據我們的預期與市場實際情況的不同之處收集反饋。

But there's nothing substantive that we have changed or we plan to change during the course of our year, because so far, it seems to be working.

但是我們沒有任何實質性的改變，或者我們計劃在這一年中改變，因為到目前為止，它似乎在起作用。

Well if there are no more questions, I just want to thank all of you for attending our call.

好吧，如果沒有其他問題，我只想感謝大家參加我們的電話會議。

I also want to shout out, give a big shout out to the team and the company, they've done a phenomenal job.

我也想大聲疾呼，為團隊和公司大聲疾呼，他們做得非常出色。

So thank you very much, and I look forward to meeting with many of you in the upcoming weeks and some of you at the Morgan Stanley conference.

非常感謝你們，我期待在接下來的幾週內與你們中的許多人會面，並期待在摩根士丹利會議上與你們中的一些人會面。

Thank you.

謝謝。

Thank you, ladies and gentlemen.

謝謝你們，女士們，先生們。

This concludes today's teleconference, you may now disconnect.

今天的電話會議到此結束，您現在可以斷開連接。