Palo Alto Networks Inc (PANW) 2022 Q1 法說會逐字稿

(presentation)

（推介會）

Good day, everyone, and welcome to Palo Alto Networks' Fiscal First Quarter 2022 Earnings Conference Call. I am Clay Bilby, Head of Palo Alto Networks Investor Relations. Please note that this call is being recorded today, November 18 at 1:30 p.m. Pacific Time. With me on today's call are Nikesh Arora, our Chairman and Chief Executive Officer; and Dipak Golechha, our Chief Financial Officer. Our Chief Product Officer, Lee Klarich, will join us in the Q&A session following the prepared remarks.

大家好，歡迎參加 Palo Alto Networks 2022 財年第一季財報電話會議。我是 Palo Alto Networks 投資者關係主管 Clay Bilby。請注意，本次通話於今天（11 月 18 日）下午 1:30 進行錄音。太平洋時間。和我一起參加今天電話會議的還有我們的董事長兼執行長 Nikesh Arora 和我們的財務長 Dipak Golechha。我們的首席產品長 Lee Klarich 將在準備好的演講之後參加我們的問答環節。

You can find the press release and information to supplement today's discussion on our website at investors.paloaltonetworks.com. While there, please click on the link for Events and Presentations where you will find the investor presentation and supplemental information.

您可以在我們的網站 investors.paloaltonetworks.com 上找到新聞稿和補充今天討論的資訊。在那裡，請點擊活動和演示的鏈接，您將在其中找到投資者演示和補充資訊。

In the course of today's conference call, we will make forward-looking statements and projections that involve risks and uncertainties that could cause actual results to differ materially from forward-looking statements made in this presentation. These forward-looking statements are based on our current beliefs and information available to management as of today. Risks, uncertainties and other factors that could cause actual results to differ are identified in the safe harbor statements provided in our earnings release and presentation and in our SEC filings. Palo Alto Networks assumes no obligation to update the information provided on today's call.

在今天的電話會議中，我們將做出前瞻性的陳述和預測，其中涉及風險和不確定性，可能導致實際結果與本簡報中的前瞻性陳述有重大差異。這些前瞻性陳述是基於我們目前的信念以及管理階層目前所掌握的資訊。我們的收益報告和簡報以及美國證券交易委員會 (SEC) 文件中提供的安全港聲明中列明了可能導致實際結果不同的風險、不確定性和其他因素。Palo Alto Networks 不承擔更新今天電話會議上提供的資訊的義務。

We will also discuss non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for or superior to measures of financial performance prepared in accordance with GAAP. We have included tables which provide reconciliations between the non-GAAP and GAAP financial measures in the appendix to the presentation and in our earnings release, which we have filed with the SEC and which can be found in the Investors section of our website.

我們也將討論非公認會計準則財務指標。這些非 GAAP 財務指標並非依照 GAAP 編制，不應被視為替代或優於依照 GAAP 編製的財務績效指標。我們在簡報的附錄和收益報告中提供了非 GAAP 和 GAAP 財務指標之間的對帳表，這些表格已提交給美國證券交易委員會 (SEC)，您可以在我們網站的「投資者」部分找到。

We would like to note several upcoming events. Management is scheduled to participate in upcoming virtual investor conferences in December hosted by Credit Suisse and Barclays. And now I would like to turn the call over to Nikesh.

我們想指出幾項即將發生的事件。管理層計劃參加瑞士信貸和巴克萊銀行於 12 月主辦的虛擬投資者會議。現在我想把電話轉給 Nikesh。

Thank you, Clay. And good afternoon, everybody.

謝謝你，克萊。大家下午好。

As you can see, that was a video showing you some snippets from Ignite, our user and customer conference, which is just wrapping up. It has been a bit of a busy week at Palo Alto Networks where we've had 27,000 customers and partners register to engage with us virtually.

正如您所看到的，這是一個視頻，向您展示了我們的用戶和客戶會議 Ignite 的一些片段，該會議剛剛結束。這對 Palo Alto Networks 來說是相當忙碌的一周，已經有 27,000 名客戶和合作夥伴註冊與我們進行虛擬互動。

Moving on to where we are at the end of Q1. Q1 was quite a familiar story from a demand perspective. We saw strength across major geographies and industries driven by heightened cybersecurity awareness. We've seen people at the top of organizations across government and private sector. They understand that it's their responsibility to ensure they're securing their environments against the increasingly malicious threat landscape.

繼續討論第一季末的情況。從需求角度來看，第一季的情況相當熟悉。我們看到，由於網路安全意識的增強，各主要地區和產業都表現出強勁實力。我們見過政府和私部門各組織機構中的高層人士。他們明白，他們有責任確保自己的環境免受日益惡意的威脅。

This quarter, you saw a fair amount of press out of Washington, D.C. as cybersecurity funding was included in the recent infrastructure bill and executive orders are mandating focus from federal agencies. In the private sector, corporate boards are forming cybersecurity committees and directing their teams to raise the bar in terms of cybersecurity posture. We at Palo Alto Networks instituted our Security Committee as well this quarter.

本季度，您將看到來自華盛頓特區的大量新聞報道，因為網路安全資金被納入了最近的基礎設施法案中，並且行政命令要求聯邦機構關注網路安全問題。在私營部門，公司董事會正在組建網路安全委員會並指示其團隊提高網路安全態勢的標準。本季度，Palo Alto Networks 也成立了安全委員會。

Earlier in the year, Gartner updated its forecast for spending on information security and risk management technology and services calling for growth of 12% year-over-year in 2021. We see this backdrop as sustainable beyond this year as customers not only grapple with familiar events like ransomware and data breaches, but also new threats coming into light as they adopt cloud services and also try to hire enough qualified security professionals to keep their environment safe. All in all, I think demand is strong, attention to cybersecurity is high and there is a long-term positive secular trend in place, which gives us great comfort towards the 3-year plan we highlighted for you.

今年早些時候，Gartner 更新了對資訊安全和風險管理技術及服務支出的預測，預計 2021 年將年增 12%。我們認為這種情況將持續到今年以後，因為客戶不僅要應對勒索軟體和資料外洩等常見事件，還要應對在採用雲端服務時出現的新威脅，並試圖僱用足夠多的合格安全專業人員來確保其環境的安全。總而言之，我認為需求強勁，對網路安全的關注度很高，並且存在長期積極的長期趨勢，這讓我們對我們為您強調的三年計劃感到非常放心。

Diving into our results for the quarter. At our Analyst Day in September, we updated you on our company's strategy and outlined our 3-year financial targets. The last 3 months have bolstered our confidence in this strategy in the numbers that we shared with you.

深入了解本季的業績。在九月的分析師日上，我們向您介紹了公司的策略並概述了我們的三年財務目標。過去三個月我們與您分享的數據增強了我們對這項策略的信心。

We were extremely happy with our Q1 performance, which was ahead of our guidance on all measures. We saw revenues grow 32% year-over-year, our fastest Q1 in 5 years. Coming on the back of a strong Q4, our billings grew 28% year-over-year. Q1's strength was broad-based with exceptional performance from our hardware business, but also strength in our Prisma, both SASE and Cloud.

我們對第一季的業績感到非常滿意，所有指標都超出了我們的預期。我們的營收年增 32%，這是我們 5 年來最快的第一季。在第四季強勁表現的帶動下，我們的營業額年增了 28%。Q1 的優勢基礎廣泛，不僅包括硬體業務的出色表現，還包括 Prisma、SASE 和雲端的強勁表現。

Hardware strength fueled 25% product growth in Q1, a result of not only strong orders that we talked about in our Q4 call, but also a continuation of this trend in Q1 and our ability to ship those orders to our customers. Based on our strong performance in Q1 and visibility into our hardware pipeline in the second quarter, we're going to be raising our hardware forecast for the year and subsequent quarters.

硬體實力推動第一季產品成長 25%，這不僅是我們在第四季度電話會議上談到的強勁訂單的結果，也是第一季度延續這一趨勢以及我們有能力將這些訂單發送給客戶的結果。基於我們在第一季的強勁表現以及第二季硬體通路的透明度，我們將上調今年及後續季度的硬體預測。

Within our business, we continue to drive transformation towards a higher mix of software solutions as we continue to bring new innovations to market. You see this in our next-generation security ARR, which continues to increase with our business mix. Growth in our NGS solutions was driven by Prisma SASE and Cloud.

在我們的業務中，我們繼續推動向更高組合的軟體解決方案的轉型，同時繼續將新的創新推向市場。您可以在我們的下一代安全 ARR 中看到這一點，它會隨著我們的業務組合而持續成長。我們的 NGS 解決方案的成長由 Prisma SASE 和 Cloud 推動。

We balanced profitability well with non-GAAP operating income growing 9% year-over-year and non-GAAP EPS was $0.07 ahead of the midpoint of our guidance. The $554 million in adjusted free cash flow is the largest we have ever reported in a quarter as a company.

我們很好地平衡了獲利能力，非 GAAP 營業收入年增 9%，非 GAAP 每股收益比我們預期的中點高出 0.07 美元。5.54 億美元的調整後自由現金流是我們公司有史以來在一個季度內報告的最大自由現金流。

Beyond our financial results, we continue to see industry accolades highlighting the strong position of our best-of-breed products across our 3 platforms. I always maintain that to be a leader in cybersecurity, we have to be the leader in innovation in cybersecurity, something I personally believe has not been practiced in the past decades by cybersecurity companies. I'm delighted to see that we came out of FY '21 with a recognized strong position in 6 product areas. In Q1 we continued our position as a leader in the Gartner WAN Edge Magic Quadrant. We're again named a leader for the 10th straight year in the Gartner Network Firewall Magic Quadrant. Additionally, we added 2 new awards being named a leader in Forrester's Zero Trust Network Access New Wave and also a strong performer in Forrester's XDR New Wave. We look forward to earning further industry recognition driven by our strong innovation pipeline as well as the efforts of our product teams across the world.

除了財務表現之外，我們也持續獲得業界讚譽，彰顯了我們三大平台上最佳產品的強大地位。我始終認為，要成為網路安全的領導者，我們必須成為網路安全創新的領導者，我個人認為過去幾十年來網路安全公司都沒有做到這一點。我很高興地看到，我們在 21 財年在 6 個產品領域中獲得了公認的強勢地位。在第一季度，我們繼續保持 Gartner WAN Edge 魔力像限的領先地位。我們連續第十年被評為 Gartner 網路防火牆魔力像限的領導者。此外，我們還獲得了 2 個新獎項，被評為 Forrester 零信任網絡訪問新浪潮中的領導者，以及 Forrester XDR 新浪潮中的強勁表現者。我們期待憑藉強大的創新管道以及全球產品團隊的努力贏得業界的進一步認可。

Diving deeper into our 3 platforms, starting first with our network security business. We are benefiting from having the industry's most comprehensive platform across hardware appliance, virtual appliance and as a service form factors, supported by a consistent set of security subscriptions and world-class customer support. We continue to innovate rapidly in network security with the announcements we made this week at Ignite that I encourage you to review if you haven't already done so. Appliance demand was strong as our team capitalized on the broad opportunity across network security.

深入了解我們的三個平台，首先從我們的網路安全業務開始。我們受惠於擁有業界最全面的平台，涵蓋硬體設備、虛擬設備和服務形式，並由一致的安全訂閱和世界級的客戶支援提供支援。我們本週在 Ignite 大會上發布了多項公告，繼續在網路安全領域快速創新。如果您還沒有查看過這些公告，我鼓勵您查看一下。由於我們的團隊充分利用了網路安全領域的廣泛機遇，設備需求強勁。

As the pandemic conditions eased and offices started to open up, we saw an uptick in refresh activity. Our new appliances, with improved price/performance, saw strong demand from both new and existing customers. We saw strong competitive win activity as customers look to standardize on our broad network security platform. Lastly, we did see some impact from pricing actions and customers that were ordering product based on concerns around lead times and availability. These forces combined drove 25% growth in product revenue in Q1, a significant reacceleration, with strong demand continuing into Q2 as well.

隨著疫情情勢的緩解和辦公室開始開放，我們看到更新活動增加。我們的新設備具有更高的性價比，受到了新舊客戶的強烈歡迎。由於客戶希望在我們廣泛的網路安全平台上實現標準化，我們看到了強勁的競爭勝利。最後，我們確實看到了定價行動和基於對交貨時間和可用性的擔憂而訂購產品的客戶的一些影響。這些因素共同推動了第一季產品營收成長 25%，這是一個顯著的再加速，強勁的需求也持續到了第二季。

Let me comment a bit more on the supply chain challenges that the entire industry is dealing with and all of you continue to pay attention to. As you've seen, despite the challenges, we have managed to deliver against our orders. There have been some longer lead times selectively for some of our customers. But overall, I think our teams have done a phenomenal job in managing in this environment. We will continue to do our best effort to manage over the next few quarters. I expect these challenges to dissipate over the next 6 to 9 months, and we will do our best to continue to navigate them.

我再多評論一下整個產業正在應對、大家持續關注的供應鏈挑戰。如您所見，儘管面臨挑戰，我們仍然成功完成了訂單。對於某些客戶，我們選擇性地延長了交貨時間。但總的來說，我認為我們的團隊在管理這種環境方面做得非常出色。我們將在接下來的幾個季度繼續盡最大努力進行管理。我預計這些挑戰將在未來 6 到 9 個月內消失，我們將盡最大努力繼續應對這些挑戰。

During this period, the industry will probably end up having lead times which are 2 to 4 weeks more than normal. The scarcity of some components and needs to expedite are causing some short-term cost increases, which we are managing in the overall budget envelope at Palo Alto Networks. We expect to be able to manage our expenses within our guidance outlined to you for the full year. We do expect though that given the vagaries of supply chain, we will not be able to beat them as aggressively as we have been in the past.

在此期間，該行業的交貨時間可能會比正常情況多出 2 至 4 週。一些組件的稀缺和加速的需求導致了短期成本的增加，我們正在 Palo Alto Networks 的整體預算範圍內管理這些成本。我們希望能夠在向您概述的全年指導範圍內管理我們的開支。但我們確實預料到，鑑於供應鏈的變化無常，我們將無法像過去那樣積極地擊敗他們。

Our focus is on making it easy for our customers to consume our firewall technology across public cloud and on-prem deployment. We introduced Firewall FLEX late last year. On the back of this, have nearly 1,000 customers that have taken advantage of this license agreement. We continue to take share in the firewall industry. Between our various form factors, Firewall as a Platform billings grew 29%, the fastest growth we have seen in almost 3 years as customers consolidated network security spend with us on account of the breadth of our product line and our leadership position in each area. Software was 37% of our FWaaP billings in Q1, continuing to our transition to a higher mix of software.

我們的重點是讓客戶能夠輕鬆地在公有雲和內部部署中使用我們的防火牆技術。我們在去年年底推出了 Firewall FLEX。在此基礎上，已有近 1,000 名客戶利用了該授權協議。我們繼續在防火牆行業佔據份額。在我們各種形式的產品中，防火牆即平台的營業額成長了 29%，這是近 3 年來最快的成長，因為客戶憑藉我們廣泛的產品線和在各個領域的領導地位整合了網路安全支出。在第一季度，軟體占我們 FWaaP 帳單的 37%，我們繼續向更高比例的軟體組合過渡。

Switching to SASE. Prisma SASE continues to be a source of strength in our business as our customers proceed on their journey towards a permanent state of hybrid work. We see many customers in the very early stages as this journey involves network transformation to enable access to all apps from any location. Only Palo Alto Networks can provide a comprehensive solution with our consistent network security platform across all the form factors. We see many customers in our installed base recognizing this. So far, we have 1,400 of our over 57,000 next-generation firewall customers that have adopted our SASE technology. Our network security sellers and channel partners are becoming increasingly proficient in this natural extension of our core firewall offering. And we see this as a continuation of our growth in the SASE space, allowing us to gain share in Firewall as a Platform as a category as well as in SASE.

切換到 SASE。隨著我們的客戶繼續走向永久的混合工作狀態，Prisma SASE 將繼續成為我們業務的力量來源。我們看到許多客戶處於早期階段，因為這趟旅程涉及網路轉型，以便從任何位置存取所有應用程式。只有 Palo Alto Networks 能夠透過我們一致的網路安全平台為所有形式的使用者提供全面的解決方案。我們發現我們的許多客戶都認識到了這一點。到目前為止，我們超過 57,000 個新一代防火牆客戶中已有 1,400 個採用了我們的 SASE 技術。我們的網路安全銷售商和通路合作夥伴對我們核心防火牆產品的自然延伸越來越熟練。我們認為這是我們在 SASE 領域成長的延續，這將使我們在防火牆即平台類別以及 SASE 領域中獲得份額。

Overall, we saw our SASE customers grow 61% year-over-year to over 1,700. We're happy with our progress selling SASE into our installed base. What is also interesting is over the last 12 months, we have seen more than 25% of our SASE customers who have come from outside of our installed base, which is not just exciting to see because customers are choosing our network security stack despite having other people's firewalls, it is also a sign showing that in the future you can expect to share our innovation in hardware and software firewalls to those SASE customers, allowing us once again to expand our installed base. We believe this is an important indicator not just of the competitiveness of our SASE offering, but are also an opportunity for us to provide a comprehensive zero trust architecture to our customers. We're also seeing good initial interest in our Okyo appliance, which we expect to be part of our enterprise solution later in this fiscal year.

總體而言，我們的 SASE 客戶數量年增 61%，達到 1,700 多家。我們對將 SASE 銷售到我們的安裝基礎所取得的進展感到滿意。同樣有趣的是，在過去的 12 個月中，我們發現超過 25% 的 SASE 客戶來自我們的安裝基礎之外，這不僅令人興奮，因為儘管客戶有其他人的防火牆，他們還是選擇了我們的網路安全堆棧，這也表明未來您可以期待與那些 SASE 客戶分享我們在硬體和軟體防火牆方面的創新堆疊，這使我們能夠再次安裝我們的硬體基礎。我們相信這不僅是我們 SASE 產品競爭力的重要指標，也是我們提供客戶全面零信任架構的機會。我們也看到人們對 Okyo 設備的初步興趣，我們預計它將在本財年晚些時候成為我們企業解決方案的一部分。

Switching to Prisma Cloud. Our Prisma Cloud business continues to benefit from the dual drivers of customer adoption of hyperscale public cloud technology as well as the growing awareness of need for security in cloud environments, as I've noted earlier. We introduced significant new enhancements to our Prisma Cloud offering this week at Ignite. And again, I encourage you to check out the highlights from the session that Lee and our CMO, Zeynep, hosted on Tuesday.

切換到 Prisma Cloud。正如我之前提到的，我們的 Prisma Cloud 業務繼續受益於客戶採用超大規模公有雲技術以及對雲端環境安全需求日益增強的認識的雙重驅動因素。本週，我們在 Ignite 上推出了 Prisma Cloud 產品的重要新增強功能。我再次鼓勵您查看 Lee 和我們的首席行銷長 Zeynep 週二主持的會議的精彩內容。

Total Prisma Cloud customers grew 26% year-over-year. Beyond customer adds, we remain very focused with customers consuming credits across our platforms. Credits consumed increased to 2.2 million in Q1, including strength from some of our new modules. Credits being consumed are a validation of customers deriving value from our products. Beyond this broadening of consumption, we're also seeing an uptick in expansion as renewal volumes grow and greater participation in Prisma Cloud from our channel partners. This is all important as we grow the business and focus on SaaS economics.

Prisma Cloud 客戶總數較去年同期成長 26%。除了增加客戶之外，我們也非常關注客戶在我們平台上的信用消費。第一季消耗的積分增加到 220 萬，其中包括一些新模組的積分。所消耗的積分證明客戶從我們的產品中獲得了價值。除了消費範圍的擴大之外，隨著續訂量的成長以及通路合作夥伴對 Prisma Cloud 的參與度的提高，我們還看到了擴張的上升趨勢。當我們發展業務並專注於 SaaS 經濟時，這一切都很重要。

We have continued to see strong results from Bridgecrew. As a reminder, Bridgecrew has a sales motion where they target developers and combine with this popular open source offering, Checkov, we have seen strong traction in the market. On a stand-alone basis, a 5-figure opportunity is a large deal for Bridgecrew. As part of Palo Alto Networks, we have seen these deals get substantially larger as customers understand how to leverage Bridgecrew in our comprehensive Prisma Cloud road map. This quarter, Bridgecrew was an important driver of a million-dollar deal in the insurance vertical.

我們繼續看到 Bridgecrew 取得的強勁業績。提醒一下，Bridgecrew 的銷售活動針對的是開發人員，並結合這個流行的開源產品 Checkov，我們已經看到了市場的強勁吸引力。從獨立角度來看，五位數的機會對 Bridgecrew 來說是一件大事。作為 Palo Alto Networks 的一部分，隨著客戶了解如何在我們全面的 Prisma Cloud 路線圖中利用 Bridgecrew，我們看到這些交易變得越來越大。本季度，Bridgecrew 成為保險垂直領域百萬美元交易的重要推動者。

Overall, Prisma Cloud is leading this important trend towards securing the cloud-native environment. It's clear that the overall market has caught on to this trend that we identified early and has been aggressively funding companies in cloud-native security, as you might have noticed. I think we do more ARR in one quarter than pretty much the annual ARR of most of these companies that are being funded at extremely lofty levels. We're growing quickly and executing well across Prisma Cloud where we believe we have a long-term ability to win.

整體而言，Prisma Cloud 正在引領這項保護雲端原生環境的重要趨勢。很明顯，正如您可能已經注意到的，整個市場已經趕上了我們早期發現的這一趨勢，並且一直在積極資助雲端原生安全公司。我認為我們一個季度的 ARR 比大多數融資額極高的公司的年度 ARR 還要高。我們在 Prisma Cloud 上發展迅速，執行良好，我們相信我們有能力取得長期勝利。

Switching to our security automation capabilities. Our Cortex platform continues to deliver innovative integrated capabilities unifying our market-leading technologies across XDR, XSOAR and Xpanse. Total customers across XDR Pro and XSOAR reached almost 2,800, increasing over 75% year-over-year. Beyond new customer traction, we also saw an increase in expansion on the back of increased renewal activity in Q1.

切換到我們的安全自動化功能。我們的 Cortex 平台繼續提供創新的整合功能，統一我們在 XDR、XSOAR 和 Xpanse 方面的市場領先技術。XDR Pro 和 XSOAR 的客戶總數達到近 2,800 家，較去年同期成長超過 75%。除了新客戶的吸引力之外，我們還看到由於第一季續約活動增加而導致的擴張增加。

Our Cortex products again received strong industry recognition. XDR, as I said, was identified as a strong performer in the 2021 Forrester XDR New Tech Wave. This was based on our 2.9 version. And early in Q1, we just released XDR 3.0. 3.0 significantly enhances XDR's capability in the cloud and also includes a built-in forensics response capability to help SOC teams automate the full life cycle of threat detection, investigation and response. XSOAR continues its leadership position being named a leader in the GigaOm SOAR Evaluation.

我們的Cortex產品再次獲得了業界的強烈認可。正如我所說，XDR 在 2021 年 Forrester XDR 新科技浪潮中表現強勁。這是基於我們的 2.9 版本。在第一季初，我們剛剛發布了 XDR 3.0。3.0 顯著增強了 XDR 在雲端的功能，還包括內建的取證回應功能，以幫助 SOC 團隊自動化威脅偵測、調查和回應的整個生命週期。XSOAR 繼續保持其領導地位，並被評為 GigaOm SOAR 評估的領導者。

We also continue to see traction on the partnership front as well across Cortex. We saw strong partner activity continuing around the XSOAR marketplace with over 80% growth in bookings influenced by our systems integrators and MSP partners around Cortex. At Ignite, we have just launched an XMDR partner specialization with our partner program with launch alliance partners including PwC, Orange Cyberdefense, CRITICALSTART and Trustwave.

我們也繼續看到 Cortex 在合作方面的發展勢頭。我們看到 XSOAR 市場周圍的合作夥伴活動持續強勁，受我們圍繞 Cortex 的系統整合商和 MSP 合作夥伴的影響，預訂量增長了 80% 以上。在 Ignite，我們剛剛與合作夥伴計劃一起推出了 XMDR 合作夥伴專業化，啟動聯盟合作夥伴包括普華永道、Orange Cyber​​defense、CRITICALSTART 和 Trustwave。

On the back of very strong large deal performance in Q4, we followed this up with strength in Q1. Driving a broad, repeatable and efficient large deal motion is a key initiative for our sales organization in FY '22. Amit Singh, our Chief Business Officer, is focused in partnership with our President, BJ Jenkins, to drive deeper multi-platform relationships with a wider cohort of our customers.

在第四季大額交易表現強勁的推動下，我們在第一季也延續了這一強勁勢頭。推動廣泛、可重複且高效的大型交易動議是我們銷售組織在 22 財年的一項重要舉措。我們的商務長 Amit Singh 致力於與總裁 BJ Jenkins 合作，與更廣泛的客戶群建立更深層的多平台關係。

While Q1 is seasonally our lightest quarter of the year, we closed 160 7-figure deals within the quarter. Furthermore, the total dollar value of the 7-figure deals signed in the quarter were up 36% year-over-year. Our millionaire customers were 1,025 in Q1, approximately 29% year-over-year. This is our fourth consecutive quarter where ARR growth in millionaire customers was north of 30% or close to it.

雖然第一季是我們一年中業務最淡的一個季度，但我們在該季度完成了 160 筆七位數的交易。此外，本季簽署的七位數交易的總美元價值同比增長了 36%。第一季度，我們的百萬富翁客戶數量為 1,025 人，年增約 29%。這是我們連續第四個季度百萬富翁客戶的 ARR 成長率超過 30% 或接近這一水平。

Turning to some of our larger wins in the quarter. There are several trends that should be evident in these large deals. First, we're seeing success with multiproduct adoption. Second, customer commitments are increasing in size, reflecting both the growing importance of cybersecurity as well as our leadership position across our platforms. The value of our large deals is up materially year-over-year and growing faster than our business overall. This is becoming a more repeatable process for us and is also an area for us to continue to mature and drive efficiency in our sales organization.

談談我們本季取得的一些較大的勝利。從這些大型交易中可以看出幾個明顯的趨勢。首先，我們看到了多產品採用的成功。其次，客戶承諾的規模不斷擴大，這不僅反映了網路安全日益增長的重要性，也反映了我們在各個平台上的領導地位。我們的大額交易價值較去年同期大幅成長，且成長速度快於我們的整體業務。對我們來說，這正在成為一個更可重複的過程，也是我們銷售組織持續成熟和提高效率的領域。

Third, there are a few areas of success emerging where we see trends. These include an uptick in proxy replacement, significant expansion in SASE deployments on the back of initial purchases driven by work from home, standardization on Prisma Cloud across customers' cloud footprints and consolidation across customers' network security architecture. We highlight these deals because they are in line with our strategy to lead in each of our platform areas and also to drive cross-platform success.

第三，我們看到一些領域出現了成功的趨勢。這些包括代理替換的增加、在家庭辦公室推動的初始購買的支援下 SASE 部署的顯著擴展、跨客戶雲端足跡的 Prisma Cloud 標準化以及跨客戶網路安全架構的整合。我們強調這些交易，因為它們符合我們在各個平台領域處於領先地位並推動跨平台成功的策略。

Bringing it all together, as I said, I think we're on a much stronger long-term secular trend for cybersecurity and Palo Alto Networks is uniquely positioned in that trend to be able to leverage all of our investments and innovations that we've made over the last few years across all 3 of our platforms. We've had a strong Q1. I'm delighted by the innovation and execution of our teams. We laid out our strategy for the year and our medium-term vision in mid-September at Analyst Day, and we remain focused on these areas. We aspire to build a durable business and lead the industry through this unprecedented period of growth. Our focus is on driving innovation, building multi-platforms, embedding AI and machine learning across our platforms to shift the balance between our customers and cyber adversaries. We'll leverage our scale to grow our business and drive efficiencies across the company in order to be the trusted security partner of our customers.

總而言之，正如我所說，我認為我們正處於網路安全的長期強勁趨勢中，而 Palo Alto Networks 在這一趨勢中佔據獨特地位，能夠利用我們在過去幾年中在所有三個平台上進行的所有投資和創新。我們的第一季業績表現強勁。我對我們團隊的創新和執行力感到非常高興。我們在九月中旬的分析師日上製定了年度策略和中期願景，我們將繼續關注這些領域。我們渴望建立一個持久的企業並引領產業度過這個前所未有的成長時期。我們的重點是推動創新、建立多平台、在我們的平台上嵌入人工智慧和機器學習，以改變我們的客戶和網路對手之間的平衡。我們將利用我們的規模來發展我們的業務並提高整個公司的效率，以成為客戶值得信賴的安全合作夥伴。

Our revised guidance for the year reflects broad-based strength across our portfolio, resulting in higher revenue and billings for FY '22. We're holding our EPS guidance for the year to make sure we can deliver on strong demand with the current supply chain backdrop.

我們對今年的修訂指導反映了我們整個投資組合的廣泛實力，從而帶來了 22 財年更高的收入和帳單。我們維持今年的每股盈餘指導，以確保我們能夠在當前供應鏈背景下滿足強勁的需求。

With that, let me turn the call over to Dipak to go into more detail on the Q1 performance and our guidance.

接下來，我將把電話交給 Dipak，讓他更詳細地介紹第一季的業績和我們的指導。

Thank you very much, Nikesh. And good afternoon, everyone. Please note that all comparisons are on a year-over-year basis and financial figures are all non-GAAP, unless specifically noted otherwise.

非常感謝，Nikesh。大家下午好。請注意，除非另有特別說明，所有比較均為同比比較，且財務數據均為非 GAAP。

We delivered results ahead of our guidance provided in August across all metrics as we continue to grow and transform our business. In Q1, the acceleration of our top line continued driven by strength in our broad portfolio, including both our appliance offerings and our next-generation security offerings.

隨著我們業務的不斷發展和轉型，我們在所有指標上都取得了超越 8 月預期的業績。在第一季度，我們的營業收入持續加速成長，這得益於我們廣泛的產品組合的強勁成長，包括我們的設備產品和下一代安全產品。

For Q1, revenue of $1.25 billion grew 32% and was above the high end of the guidance range. Growth was driven by product revenue in all geographies and all 3 platforms. Total deferred revenue in Q1 was $5.16 billion, an increase of 31%.

第一季度，營收 12.5 億美元，成長 32%，高於預期範圍的上限。成長是由所有地區和所有 3 個平台的產品收入所推動的。第一季總遞延營收為 51.6 億美元，成長 31%。

By geography, Q1 revenue growth was strong across all regions. The Americas grew 30%, EMEA was up 35% and JPAC grew 38%. And next-generation security or NGS ARR finished the quarter at $1.27 billion, continuing a steady growth trajectory. Within NGS, we saw exceptional strength in our Prisma platform as well as XSOAR and XDR.

從地域來看，第一季所有地區的營收均成長強勁。美洲成長了 30%，歐洲、中東和非洲地區成長了 35%，日本和太平洋地區成長了 38%。下一代安全或 NGS ARR 本季達到 12.7 億美元，繼續保持穩定的成長軌跡。在 NGS 領域，我們看到了 Prisma 平台以及 XSOAR 和 XDR 的卓越實力。

In the first quarter of '22, we delivered billings of $1.38 billion, up 28% and above the high end of our guidance range. As a reminder, billings is total revenue plus the change in total deferred revenue, net of acquired deferred revenue. NGS billings of $366 million grew 38% year-over-year.

2022 年第一季度，我們的營業額達到 13.8 億美元，成長 28%，高於我們預期範圍的高端。提醒一下，帳單是總收入加上總遞延收入的變化，減去已獲得的遞延收入。NGS 營業額達 3.66 億美元，年增 38%。

Remaining performance obligation or RPO was $6.0 billion, increasing 37%, with current RPO growing in line with total RPO. As I mentioned at our Analyst Day, we believe RPO adds meaningful insight into our future revenue as it includes both prepaid and contractual commitments from our customers.

剩餘履約義務或RPO為60億美元，成長37%，目前RPO與總RPO同步成長。正如我在分析師日上提到的那樣，我們相信 RPO 為我們未來的收入提供了有意義的見解，因為它包括客戶的預付和合約承諾。

As we also forecasted during our recent Analyst Day in September, our appliance business accelerated in Q1 as we achieved 25% year-on-year product growth, the fastest product growth in 10 quarters. This was ahead of our guidance of low double-digit growth as we saw both fulfillment of strong Q4 orders and also follow-through in demand in our Q1 orders.

正如我們在 9 月最近的分析師日上所預測的那樣，我們的家電業務在第一季度加速發展，實現了 25% 的同比增長，這是 10 個季度以來最快的產品增長。這超出了我們預期的低兩位數增長，因為我們看到第四季度訂單的強勁履行以及第一季訂單的需求持續增長。

Customer reaction to the new appliance launch in late fiscal year '21 has been positive. As Nikesh noted, strength in our appliance business was broad-based. And whilst refresh was a positive driver, we also see signs that demand is sustainable beyond this refresh activity as customers return to pre-COVID patterns of purchasing.

客戶對 21 財年末推出的新設備的反應是正面的。正如 Nikesh 所指出的，我們的家電業務實力雄厚。雖然更新是一個積極的推動因素，但我們也看到一些跡象，表明隨著客戶恢復到疫情之前的購買模式，除了這種更新活動之外，需求仍然是可持續的。

Subscription revenue of $579 million increased 35%. Support revenue of $373 million increased 33%. In total, subscription and support revenue of $952 million increased 34% and accounted for 76% of our total revenue.

訂閱營收 5.79 億美元，成長 35%。支持收入為 3.73 億美元，成長 33%。總體而言，訂閱和支援收入為 9.52 億美元，成長 34%，占我們總收入的 76%。

Gross margin of 74.4% was down 140 basis points year-over-year as we incurred additional costs related to appliances. We will continue to ensure that we're focused on enabling shipments to our customers in the current environment.

毛利率為 74.4%，年減 140 個基點，因為我們產生了與家電相關的額外成本。我們將繼續確保在當前環境下專注於向客戶發貨。

Operating margin of 18% was up sequentially and down year-over-year as expected as we absorbed the strong rate of hiring we had in the second half of fiscal 2021. Our operating expenses came in below our forecasted levels as we focused on driving operating efficiencies to offset higher input costs on our products.

營業利益率為 18%，環比上升，年減，符合預期，因為我們吸收了 2021 財年下半年強勁的招聘率。我們的營運費用低於預測水平，因為我們專注於提高營運效率以抵消產品投入成本的增加。

Net income for the first quarter grew 8% to $170 million or $1.64 per diluted share. Our non-GAAP effective tax rate was 22%, and our GAAP net loss was $104 million or $1.06 per basic and diluted share.

第一季淨收入成長 8%，達到 1.7 億美元，即每股 1.64 美元。我們的非公認會計準則有效稅率為 22%，我們公認的會計準則淨虧損為 1.04 億美元，即每股基本虧損和稀釋虧損均為 1.06 美元。

Turning now to the balance sheet and cash flow statement. We finished October with cash, equivalents and investments of $4.4 billion. Days outstanding on sales was 74 days, a decrease of 7 days from a year ago, driven by a combination of strong collections and improved billings linearity. Cash flow from operations was $589 million, and we generated record free cash flow of $554 million at a free cash flow margin of 44.4%.

現在轉向資產負債表和現金流量表。截至 10 月底，我們的現金、等價物和投資總額為 44 億美元。銷售未償付天數為 74 天，比去年同期減少了 7 天，這得益於強勁的收款和帳單線性改善。經營活動現金流為 5.89 億美元，我們創造了創紀錄的 5.54 億美元自由現金流，自由現金流利潤率為 44.4%。

It's also worth noting that in Q1, we moved our customer count methodology to active customers from our historical method of sold-to customers. As we continue to transform our business with the growth in software form factors and ARR-based solutions in next-generation security, it's important for us to mature our customer acquisition, retention and expansion framework. As we're increasingly focused on active customers internally, we believe it makes sense to align our external reporting in this way. In the appendix of our presentation, we've adjusted the customer counts provided over the last 5 quarters in our investor slides to conform to the active customer methodology.

另外值得注意的是，在第一季度，我們將客戶計數方法從歷史上的銷售客戶方法轉變為活躍客戶方法。隨著我們繼續隨著下一代安全領域軟體形式和基於 ARR 的解決方案的成長而轉變我們的業務，完善我們的客戶獲取、保留和擴展框架對我們來說非常重要。隨著我們越來越關注內部活躍客戶，我們認為以這種方式調整我們的外部報告是有意義的。在我們簡報的附錄中，我們調整了投資者幻燈片中過去 5 個季度提供的客戶數量，以符合活躍客戶方法。

Our capital allocation priorities, as outlined in our September Analyst Day, are unchanged and aligned with the optimization of long-term shareholder returns. The pillars of our total shareholder return framework were in action in Q1. We delivered industry-leading growth for our revenue scale, highlighted by 32% revenue growth and the highest Q1 growth rate Palo Alto Networks has reported in 5 years. We're focused on investments that will continue to sustain this growth while delivering EPS ahead of our guidance and the Street for Q1. We did this with a bias towards making sure we could fulfill customer demand while driving operating efficiencies to help offset higher product-related costs. We believe this additional expense is a good investment for us as accrued value in our long-term customer relationships.

正如我們在九月分析師日所概述的，我們的資本配置重點保持不變，並與長期股東回報的優化保持一致。我們整體股東回報框架的支柱在第一季開始發揮作用。我們的營收規模實現了業界領先的成長，其中營收成長了 32%，是 Palo Alto Networks 5 年來第一季的最高成長率。我們專注於能夠繼續維持這種成長的投資，同時實現第一季超出我們預期和華爾街預期的每股盈餘。我們這樣做是為了確保我們能夠滿足客戶需求，同時提高營運效率以幫助抵消更高的產品相關成本。我們相信這筆額外支出對我們來說是一項很好的投資，因為它可以增加我們與長期客戶關係的價值。

Our free cash flow margin of 44% for this quarter was strong and puts us on track for our annual and multiyear goals. We remain focused on share repurchase as the largest use of our free cash flow generation. However, there were several material events in the quarter that made it challenging to buy back stock, including our mid-quarter Analyst Day and the transfer of our stock listing to NASDAQ. We'll continue to be opportunistic buyers of our stock, as you have seen over the last 12 months. We have $1 billion remaining on our share repurchase authorization expiring at December 31, 2022.

本季我們的自由現金流利潤率為 44%，表現強勁，並使我們有望實現年度和多年目標。我們仍然專注於股票回購，作為我們自由現金流產生的最大用途。然而，本季發生了幾起重大事件，使得回購股票變得困難，包括我們季度中期的分析師日和我們的股票上市轉移到納斯達克。正如您在過去 12 個月中所看到的，我們將繼續抓住機會購買我們的股票。我們的股票回購授權剩餘金額為 10 億美元，將於 2022 年 12 月 31 日到期。

Lastly on the TSR front, as many of you have likely seen in our 2021 proxy statement, our Compensation Committee revised Palo Alto Networks' executive compensation program to add in a TSR multiplier into our fiscal year '22 plan to better align executive pay with shareholder interests.

最後，在 TSR 方面，正如你們許多人可能在我們的 2021 年代理聲明中看到的那樣，我們的薪酬委員會修改了 Palo Alto Networks 的高管薪酬計劃，在我們的 22 財年計劃中增加了 TSR 乘數，以更好地使高管薪酬與股東利益保持一致。

We closed a very small acquisition during Q1, Gamma Networks, that brings us additional technology in the DLP area and was part of the announcement of our next-gen CASB this week at Ignite. As we have assembled the key pillars needed to execute on our platform strategy, we continue to expect only incremental M&A activity in fiscal year '22 as compared to the recent past.

我們在第一季完成了一項規模很小的收購，收購對像是 Gamma Networks，這為我們帶來了 DLP 領域的更多技術，也是我們本週在 Ignite 大會上宣布的下一代 CASB 的一部分。由於我們已經組成了執行平台策略所需的關鍵支柱，與近期相比，我們預計 22 財年的併購活動只會增加。

Lastly, moving now to guidance and modeling points. As Nikesh mentioned and you're undoubtedly aware, there is some disruption in the global supply chains. Our teams have navigated through these challenges extremely well, although we did incur some incremental cost of product revenue in Q1. The guidance we're giving today considers the latest inputs we have around the supply chain and other factors.

最後，現在轉到指導和建模點。正如 Nikesh 所提到的，而且您無疑也知道，全球供應鏈出現了一些中斷。儘管我們在第一季確實產生了一些產品收入的增量成本，但我們的團隊已經非常好地克服了這些挑戰。我們今天提供的指導考慮了我們在供應鏈和其他因素方面的最新投入。

We do expect that we will incur additional cost of product in Q2 and the fiscal year, which we have factored in. At the same time, we're focused on driving operational efficiencies in our overall business to help offset this. In that context, we're pleased in our ability to hold our operating margin, EPS and free cash flow margin guidance for the fiscal year 2022. We note that at the high end of our guidance range, we would achieve the Rule of 60, which was our aspiration at our Analyst Day, adding together our revenue growth and free cash flow margin.

我們確實預計第二季和財政年度將產生額外的產品成本，我們已經將其考慮在內。同時，我們專注於提高整體業務的營運效率，以幫助抵消這種影響。在此背景下，我們很高興能夠維持 2022 財年的營業利潤率、每股盈餘和自由現金流利潤率指引。我們注意到，在我們的指導範圍的高端，我們將實現 60 規則，這是我們在分析師日的願望，將我們的收入成長和自由現金流利潤率加在一起。

For the second fiscal quarter of 2022, we expect billings to be in the range of $1.51 billion to $1.53 billion, an increase of 24% to 26%. We expect revenue to be in a range of $1.265 billion to $1.285 billion, an increase of 24% to 26%. Non-GAAP EPS is expected to be in the range of $1.63 to $1.66 based on a weighted average dilution count of approximately 105 million to 107 million shares.

對於 2022 財年第二季度，我們預計營業額將在 15.1 億美元至 15.3 億美元之間，成長 24% 至 26%。我們預計營收將在 12.65 億美元至 12.85 億美元之間，成長 24% 至 26%。基於約 1.05 億至 1.07 億股的加權平均稀釋股數，非 GAAP 每股盈餘預計在 1.63 美元至 1.66 美元之間。

For the full fiscal year 2022, we expect billings to be in the range of $6.675 billion to $6.725 billion, an increase of 22% to 23%. We expect revenue to be in the range of $5.35 billion to $5.40 billion, an increase of 26% to 27%. We expect our next-gen security ARR to be $1.65 billion to $1.7 billion, an increase of 40% to 44%. And we expect our product revenue growth percent to be in the mid-teens year-over-year.

對於 2022 財年全年，我們預計營業額將在 66.75 億美元至 67.25 億美元之間，成長 22% 至 23%。我們預計營收將在 53.5 億美元至 54 億美元之間，成長 26% 至 27%。我們預計下一代安全 ARR 將達到 16.5 億美元至 17 億美元，成長 40% 至 44%。我們預計我們的產品收入成長率將達到十五六個百分點。

We expect our operating margins to be in the range of 18.5% to 19%. And our non-GAAP EPS is expected to be in the range of $7.15 to $7.25 based on an average diluted count of approximately 106 million to 108 million shares. Adjusted free cash flow margin is expected to be in the range of 32% to 33%.

我們預計營業利潤率將在 18.5% 至 19% 之間。基於平均稀釋股數約 1.06 億至 1.08 億股，我們的非 GAAP 每股盈餘預計在 7.15 美元至 7.25 美元之間。調整後的自由現金流利潤率預計在32%至33%之間。

Additionally, please consider the following additional modeling points. Based on the seasonality of spending we discussed last quarter as well as progress during the year so far, we're forecasting that we will deliver slightly more operating income in the first half of the year than we noted on our Q4 call. To help you further calibrate your modeling of our seasonality, we expect approximately 33% to 34% of our annual operating income to come in Q4. We expect our non-GAAP tax rate to remain at 22% for Q2 '22 and fiscal year '22, subject to the outcome of future tax legislation. We expect net interest and other expenses of $5 million to $6 million per quarter. And for Q2 '22, we expect capital expenditures of $80 million to $85 million. For fiscal year '22, we expect capital expenditures of $205 million to $215 million, which includes approximately $39 million related to our Santa Clara headquarters.

此外，請考慮以下額外的建模點。根據我們上個季度討論的支出季節性以及今年迄今為止的進展，我們預測今年上半年的營業收入將略高於我們在第四季度電話會議上預測的水平。為了幫助您進一步校準季節性模型，我們預計第四季度的年度營業收入將佔全年營業收入的約 33% 至 34%。我們預計，2022 年第二季和 2022 財年的非 GAAP 稅率將維持在 22%，但須遵守未來稅收立法的結果。我們預計每季淨利息和其他支出為 500 萬至 600 萬美元。對於 22 年第二季度，我們預計資本支出為 8,000 萬至 8,500 萬美元。對於 22 財年，我們預計資本支出為 2.05 億美元至 2.15 億美元，其中包括與聖克拉拉總部相關的約 3900 萬美元。

With that, I will turn the call back over to Clay for the Q&A portion of the call.

說完這些，我將把電話轉回給 Clay，讓他進行問答環節。

Great. Thank you, Dipak. (Operator Instructions) And our first question will be from Brent Thill of Jefferies, with Patrick Colville of Deutsche Bank to follow.

偉大的。謝謝你，迪帕克。（操作員指示）我們的第一個問題來自 Jefferies 的 Brent Thill，接下來是德意志銀行的 Patrick Colville。

Nikesh, when you think about some of the supply chain issues you're going through, are you seeing clients being willing to trade off for cloud? Are they accelerating their workloads faster to the cloud and therefore just substituting your solution there? Can you give us just color of what you're seeing in the customer behavior based on what's happening right now?

Nikesh，當您考慮您正在經歷的一些供應鏈問題時，您是否看到客戶願意選擇雲端運算？他們是否正在將工​​作負載更快地加速到雲端，並因此在那裡替代您的解決方案？您能否根據目前的情況，向我們介紹一下您所觀察到的客戶行為？

Brent, thank you for the question. Look, I think as Dipak highlighted and I said, we are seeing some customers get very sensitized around lead times, and hence, we are seeing them order ahead. We're also seeing customers think longer term what they want for capacity for the full year. Hence, we are seeing more visibility in terms of what their needs are on the hardware front.

布倫特，謝謝你的提問。看，我認為正如迪帕克強調和我所說的那樣，我們看到一些客戶對交貨時間非常敏感，因此，我們看到他們提前訂購。我們也看到客戶正在從更長遠的角度考慮他們想要的全年產能。因此，我們對他們在硬體方面的需求有了更清晰的了解。

I am also sure that there is some substitution going on because we know that not every player in the industry has consistent lead times as what we're offering to our customers. So there is some substitution going on in the market from other vendors to us where we're already in the infrastructure as a first or second provider or we have become a net new provider in there.

我還確信存在一些替代，因為我們知道並非行業中的每個參與者都具有與我們向客戶提供的產品一致的交貨時間。因此，市場上出現了一些其他供應商的替代，我們已經是基礎設施領域中的第一或第二供應商，或者我們已經成為該領域的全新供應商。

Outside of that, yes, to some degree we are seeing cloud adoption continue to accelerate across the market. I think it's partly a function of the fact that people have made the shift to cloud faster given the pandemic. And I think there may be a marginal impact of people running into the hardware issues. But it's not as widespread and broad-based as enough yet to call it a trend, but I'm sure on the margin that effect was there.

除此之外，是的，在某種程度上我們看到雲端運算的採用在整個市場繼續加速。我認為這在一定程度上是因為疫情期間人們更快地轉向了雲端運算。我認為人們遇到硬體問題可能會產生很小的影響。但它還不夠廣泛，不足以稱之為一種趨勢，但我確信，在某種程度上，這種影響是存在的。

All right. Great. And our next question comes from Patrick Colville of Deutsche Bank, with Sterling up to follow.

好的。偉大的。我們的下一個問題來自德意志銀行的派崔克‧科爾維爾 (Patrick Colville)，接下來是英鎊走勢。

Can I actually switch on to the NGS ARR? I mean, very impressive as always growing to $1.27 billion. I guess the sequential delta was maybe slightly less than we've kind of seen with the recent trends. If my math is correct, about $90 million increase sequentially, which is about 8% sequential growth, which is kind of a little bit below the trends we were seeing last year and before that. So I guess can you just help me understand the puts and takes there of momentum around NGS, please?

我真的可以切換到 NGS ARR 嗎？我的意思是，非常令人印象深刻的是，它一直成長到 12.7 億美元。我猜連續的增量可能比我們看到的最近的趨勢要小一些。如果我的計算正確的話，環比增長約 9000 萬美元，即環比增長約 8%，略低於去年及之前我們看到的趨勢。所以我想您能幫我理解一下 NGS 的勢頭的利弊嗎？

There's a lot of momentum on NGS, Patrick, as we highlighted, both in the Prisma Cloud side and the Prisma SASE side. As you experienced last year, our NGS business is very heavily back-end loaded in terms of Q3 and Q4 because the team spent a lot of time getting the customer to a, most of the products are either a part of their cloud transformation journey or the SOC transformation journey or the network transformation journey. The key word in all 3 is the transformation aspect. And transformational aspects require longer POCs, longer discussions with our customers. We have ample confidence that we will handily meet our expectations for the full year NGS ARR. We actually don't sweat the quarterly evolution because we look at it as annual pipeline. And as I said, we feel it's well in hand and couldn't be more enthusiastic about it.

正如我們所強調的，Patrick，NGS 的發展勢頭強勁，無論是在 Prisma Cloud 方面還是在 Prisma SASE 方面。正如您去年所經歷的，我們的 NGS 業務在第三季度和第四季度的後端負載非常大，因為團隊花費了大量時間讓客戶了解，大多數產品都是他們雲端轉型之旅或 SOC 轉型之旅或網路轉型之旅的一部分。這三個方面的關鍵字都是轉型方面。轉型方面需要更長的 POC，與客戶進行更長的討論。我們有充分的信心，我們將輕鬆實現全年 NGS ARR 的預期。實際上，我們並不擔心季度變化，因為我們將其視為年度管道。正如我所說的，我們覺得一切都在順利進行，並且對此充滿熱情。

Great. And our next question comes from Sterling Auty of JPMorgan, with Phil Winslow up next after that.

偉大的。下一個問題來自摩根大通的 Sterling Auty，接下來是 Phil Winslow。

All right. So I want to go back to the supply chain, which I'm sure a lot of us will. Is there a sense when you're talking to your customers how much of the timing of these orders is for lead time? Meaning that they're just doing it in the first half, maybe you would have gotten some of these orders in Q3 and Q4. And how much of this might just be increased ordering because they're utilizing the solution in more ways, so more microsegmentation and other kind of zero architecture use cases?

好的。所以我想回到供應鏈，我相信很多人都會這麼做。當您與客戶交談時，您是否意識到這些訂單的時間與交貨時間有關？意思是他們只是在上半年這樣做，也許你會在第三季和第四季收到一些訂單。其中有多少可能只是增加了訂購量，因為他們以更多方式利用了解決方案，因此有更多的微分段和其他類型的零架構用例？

Yes. That's a great question, Sterling. Honestly, I think if I was to rank order the impact, we've seen 25% product growth. Remember, we've just done a hardware refresh for part of our portfolio. And that always traditionally we see that whenever you do a hardware refresh, your customers will step up and want the newest piece of hardware. And they've kind of learned how to anticipate it. So that's clearly the #1 effect we're seeing in the quarter.

是的。史特林，這個問題問得非常好。老實說，我認為如果我要對影響進行排序，我們已經看到了 25% 的產品成長。請記住，我們剛剛對部分產品組合進行了硬體更新。我們傳統上總是看到，每當你進行硬體更新時，你的客戶就會升級並想要最新的硬體。他們已經學會如何預測它。所以這顯然是我們在本季看到的最大效應。

I think the second effect is, to your point, increased consumption and increased deployment requirements that we're seeing. Because you can tell, you can tell if a customer is preordering ahead or is a net new customer. A net new customer who has never been a customer of Palo Alto is not ordering ahead. They're actually transferring to Palo Alto. So I think that's the third impact. And the fourth one, to be honest, which I would consider a 10% impact, give or take, it's approximately what we are seeing in the ordering ahead category.

我認為第二個影響是，正如您所說，我們看到的消費增加和部署要求增加。因為您可以判斷，您可以判斷客戶是否提前預訂或是否為新客戶。從未成為 Palo Alto 客戶的淨新客戶不會提前訂購。他們實際上正在轉移到帕洛阿爾托。所以我認為這是第三個影響。而第四個，老實說，我認為影響大約有 10%，大約是我們在提前訂購類別中看到的。

All right. Our next question is from Phil Winslow of Credit Suisse, with Saket Kalia after that.

好的。下一個問題來自瑞士信貸的 Phil Winslow，之後是 Saket Kalia。

Nikesh, just a question for you on Prisma Cloud. Obviously, you continue to put up good customer metrics as well as those consumption numbers. There's obviously been a lot of focus of investors on the DevOps life cycle and shift left security. Two questions here. Where do you think are customers in terms of their sort of adoption of these technologies? What sort of inning are we in? And then second, when you are winning these deals, what are customers telling you about why, what's the differentiation?

Nikesh，我只想問您一個關於 Prisma Cloud 的問題。顯然，您繼續提供良好的客戶指標以及消費數字。顯然，投資者非常關注 DevOps 生命週期和左移安全性。這裡有兩個問題。您認為客戶對這些技術的採用情況如何？我們正處於什麼樣的境地？其次，當你贏得這些交易時，客戶會告訴你為什麼，有什麼不同？

So I have the pleasure of having Mr. Lee Klarich, our Chief Product Officer. And I don't want him to feel like he doesn't need to answer anything on these calls, so I'm going to ask him to jump in here, Phil.

我很高興邀請到我們的首席產品長 Lee Klarich 先生。我不想讓他覺得他不需要回答這些電話中的任何問題，所以我要請他插話，菲爾。

But the only two cents I'll give you is that, whenever the customer has been partly through their journey and they've decided their homegrown tools or their point solutions are not the right solution for their infrastructure is typically where we see large Prisma Cloud engagement. Having said that, I'm not saying that they don't use us for those individual use cases. They do. But eventually they step up and say, I need to make a comprehensive product bet. But I'm going to have Lee jump in and talk about some of the shift left stuff we're seeing. With Bridgecrew, a recent announcement yesterday of offering Wiz-like capabilities, which is agentless scanning, as well as integrating our shift left capabilities in the Prisma Cloud Enterprise platform so there is consistency. Anything you'd like add?

但我唯一要告訴你的是，每當客戶經歷了部分旅程並決定他們自己開發的工具或點解決方案不是適合其基礎設施的正確解決方案時，我們通常就會看到大量的 Prisma Cloud 參與。話雖如此，我並不是說他們不會利用我們來實現這些個別的用例。是的。但最終他們站出來說，我需要對產品進行全面的押注。但我要讓李加入進來，談談我們所看到的一些左移現象。Bridgecrew 昨天宣布將提供類似 Wiz 的功能，即無代理掃描，並將我們的左移功能整合到 Prisma Cloud Enterprise 平台中，以保持一致性。您想添加什麼嗎？

Thank you, Nikesh. Look, I think a lot of customers are still in their journey to fully operationalize cloud security. There's no question about it. To some extent, they're even just still in their journey to even their shift to the cloud and really understanding all the different dynamics that need to change in order to fully take advantage of cloud architectures versus traditional data center architectures. And so as we go through these shifts in a lot of cases, we're helping to enable and drive these changes. There's a few that I would just highlight for you here.

謝謝你，Nikesh。看，我認為很多客戶仍在全面實現雲端安全的道路上。毫無疑問。在某種程度上，他們甚至處於向雲端轉變的過程中，並且真正了解需要改變的所有不同動態，以便充分利用雲端架構而非傳統資料中心架構。因此，在許多情況下，當我們經歷這些轉變時，我們正在幫助實現和推動這些變化。我在這裡只想向大家重點介紹幾點。

One is, we believe very strongly that for cloud security to be effective, it has to be embedded in the development and DevOps processes. This is why the announcement from earlier this week where we're starting the Bridgecrew integration into Prisma Cloud is so important. It's what enables the Prisma Cloud security capabilities to be integrated into the CI/CD pipelines that the developers and DevOps teams use to develop their cloud applications, absolutely critical.

一是，我們堅信，要使雲端安全有效，就必須將其嵌入開發和 DevOps 流程中。這就是為什麼本週早些時候我們宣布開始將 Bridgecrew 整合到 Prisma Cloud 如此重要。這使得 Prisma Cloud 安全功能能夠整合到開發人員和 DevOps 團隊用於開發雲端應用程式的 CI/CD 管道中，這絕對至關重要。

Second, you're also seeing us with some of the recent advances we announced around agentless security. We're making it easier for customers to get that initial adoption. Then even supporting a hybrid model where they can use both agent-based and agentless scanning, where we're the only ones in the industry being able to offer our customers that choice.

其次，您還會看到我們最近宣布的一些有關無代理安全的進展。我們正在讓客戶更輕鬆地獲得初步採用。然後甚至支援混合模型，他們可以同時使用基於代理和無代理的掃描，我們是業內唯一能夠為客戶提供這種選擇的公司。

And we continue to put the attention around cloud identity and the permissions and entitlement and how that affects cloud security, which has long been an area overlooked and not well understood. And so these become some of the more advanced capabilities that our customers are now getting ready to adopt. And like our Prisma Cloud strategy, our goal is always try to stay a step ahead of those needs.

我們繼續關注雲端身分、權限和授權以及它們如何影響雲端安全，長期以來，雲端安全一直是一個被忽視且不太被理解的領域。因此，這些成為我們的客戶現在準備採用的一些更先進的功能。就像我們的 Prisma Cloud 策略一樣，我們的目標始終是努力領先這些需求。

Great. Thanks, Lee. Our next question comes from Saket Kalia of Barclays, with Brian Essex up after that.

偉大的。謝謝，李。下一個問題來自巴克萊銀行的 Saket Kalia，之後是 Brian Essex。

Nikesh, I thought it was interesting to see on the Prisma SASE side that roughly 1,400 of the 1,800 customers there are also next-gen firewall customers. And so the question was asked earlier about the short-term impact of substitution from one to the other. I'm kind of curious about how you think about that long term. Do you find that Prisma SASE is additive to customer spending? Or do you find that more often it is substituting or replacing what they are doing with firewall? Does that make sense?

Nikesh，我認為有趣的是，在 Prisma SASE 方面，1,800 個客戶中大約有 1,400 個也是下一代防火牆客戶。所以之前提出的問題是關於從一個產品替代到另一個產品的短期影響。我有點好奇你對這個長期計劃有何看法。您是否發現 Prisma SASE 會增加客戶支出？或者您發現更多時候它是在用防火牆取代或取代他們所做的事情？這樣有道理嗎？

Yes, of course. I think a few quarters ago, my colleague, Mr. Lee Klarich, had done a phenomenal job of highlighting that. The Prisma SASE customer is more valuable to us from an LTV perspective, i.e., on a like-for-like basis. And also is a lower TCO opportunity for the customer because now you're not upgrading every one of your hardware boxes. I mean, take a case, you have 1,400 stores somewhere. You're going to put a hardware box everywhere, and you got to upgrade them for every new software release we offer. And that's a truck roll and requires you to be comfortable that you want to do it.

是的當然。我想幾個季度前，我的同事李·克拉里奇先生已經出色地強調了這一點。從 LTV 角度來看，即在同類基礎上，Prisma SASE 客戶對我們來說更有價值。這對客戶來說也是一個降低 TCO 的機會，因為現在您不需要升級每個硬體盒。我的意思是，舉個例子，某個地方有 1,400 家商店。您將在各處放置一個硬體盒，並且必須針對我們提供的每個新軟體版本進行升級。這就是一次卡車運輸，需要你感到安心，願意去做這件事。

In the case of Prisma SASE, we roll it out. So all of our 1,400 customers, boom, in 2 weeks, we have them upgraded to the next version of software, which allows us to do multiple software releases in quarters. And in the case of our firewalls, it takes 1 year to write the next big major release and takes 4 months before our customers will tentatively agree to go deploy it across their 1,400 stores because they're not comfortable yet because it's going to be a big change and if that change doesn't work.

就 Prisma SASE 而言，我們將其推出。因此，在兩週內，我們將所有 1,400 名客戶升級到下一版本的軟體，這使我們能夠在幾個季度內發布多個軟體版本。就我們的防火牆而言，編寫下一個重要版本需要 1 年時間，而我們的客戶需要 4 個月的時間才會暫時同意在其 1,400 家商店中部署它，因為他們還不太放心，因為這將是一個很大的變化，如果這種變化不起作用的話。

So I think technically, conceptually, 5 years from now, are we looking back saying, what a stupid idea to go roll trucks and upgrade hardware. I'll give you a case. I apologize for distracting. But a friend of mine is very much into electric cars and he bought a new electric car. I have one too. Mine's a Tesla. It does over-the-air software updates. His, he has to drive to the dealership and wait in line when they put a USB stick and they're upgraded. You tell me which one you want.

所以我認為從技術上和概念上來說，五年後，當我們回過頭來看時，我們會說，推出卡車併升級硬體是一個多麼愚蠢的想法。我給你舉個例子。我為分散注意力道歉。但我的一個朋友非常喜歡電動車，他買了一輛新的電動車。我也有一個。我的是特斯拉。它可以透過無線方式進行軟體更新。他必須開車去經銷商排隊等候，直到他們插入 USB 記憶棒並進行升級。你告訴我你想要哪一個。

So I think in the long term I'm going to say SASE is like, is a Tesla to the drive the car to the dealership and stick a USB in it. So from my perspective, SASE is a better technical outcome. It's a better security outcome for the customer. It's a better value for us and is a better value for the customer in the long term.

所以我認為從長遠來看，SASE 就像一輛特斯拉，把車開到經銷商處，然後把 USB 插在車上。所以從我的角度來看，SASE 是一個更好的技術成果。這對客戶來說是一個更好的安全結果。從長遠來看，這對我們來說更有價值，對客戶來說也更有價值。

All right. Great. Thanks, Nikesh. Our next question comes from Brian Essex of Goldman Sachs, with Tal Liani up after that.

好的。偉大的。謝謝，Nikesh。下一個問題來自高盛的 Brian Essex，之後是 Tal Liani。

Don't give me (expletive), Brian, because it's his car, I forgot.

別對我（咒罵），布萊恩，因為這是他的車，我忘了。

Not my car. For Nikesh or Dipak, whichever one wants to field this one. I think we heard a commentary around increased costs related to product revenue. And I don't know, we're in an inflationary environment. Everyone's used to paying more for things. What levers might you have to offset that, whether it's vendor consolidation, attach rate, pricing increases? How might you think about ways you can offset those higher costs on the other side?

不是我的車。對於 Nikesh 或 Dipak 來說，無論誰想接手這場比賽。我認為我們聽到了有關產品收入相關成本增加的評論。我不知道，我們正處於通貨膨脹的環境。每個人都習慣為物品支付更多錢。您可以使用什麼手段來抵消這種影響，無論是供應商整合、附加率還是價格上漲？您如何考慮從另一方面抵消這些更高的成本？

Yes, on the, look, as Dipak highlighted, from a product revenue and product cost perspective, I guess translation, some of our chip suppliers are asking for more money for the scarce chips that they offer us. That's what it is. So in the short term, there's no offset. You want the chip, you pay for it, you buy it.

是的，正如 Dipak 所強調的那樣，從產品收入和產品成本的角度來看，我想翻譯一下，我們的一些晶片供應商要求為他們提供給我們的稀缺晶片支付更多的錢。就是這樣。因此，短期內不存在抵消。你想要晶片，你就付錢，你就買它。

In the broader scheme of Palo Alto, we can offset it with other cost containment strategies, which Dipak is on top of dealing with. And maybe you can talk about some of the supply chain efforts your team is doing because I'll tell you, it's kind of funny. As we said, this is one of our highest product growth quarters in recent history in the midst of a supply chain crisis. And you guys know, you can't book it until you ship it. So we've not only been able to book it, but ship it, so Dipak's team must be doing something. I don't know.

在帕洛阿爾托更廣泛的計劃中，我們可以用其他成本控制策略來抵消它，而 Dipak 正在處理這些策略。也許您可以談談您的團隊正在進行的一些供應鏈工作，因為我會告訴您，這有點有趣。正如我們所說，這是我們在供應鏈危機中近期產品成長最快的季度之一。你們知道，在發貨之前你不能預訂。因此，我們不僅能夠預訂，還能發貨，所以 Dipak 的團隊一定在做什麼。我不知道。

Look, just to come back to your overall question, we look at all of the different levers. We did take a price increase in September in the U.S., November 1 internationally. So we do look at that as a lever.

看，回到你的整體問題，我們看看所有不同的槓桿。我們確實在 9 月在美國提價，並在 11 月 1 日在國際上漲價。所以我們確實將其視為一種槓桿。

But fundamentally, I would say that one of the benefits of when you have very strong demand is you have better visibility. So with that strong demand, with longer lead times that have been out there, we have extended our lead times by a couple of weeks that Nikesh had said. That actually allows us a little bit more visibility. And we have a world-class team that uses that visibility to try and make sure that we can catch up as much as possible.

但從根本上來說，我想說，當你有非常強烈的需求時，好處之一就是你有更好的可見性。因此，由於需求強勁，交貨時間也更長，正如 Nikesh 所說，我們將交貨時間延長了幾週。這實際上讓我們的可見度更高一些。我們擁有一支世界一流的團隊，他們利用這種知名度來盡力確保我們能夠盡可能地趕上。

I think beyond that, the levers that you would expect us to look at is everything and anything we can. We're looking at all of our vendors trying to see how we can reduce cost there and leverage our scale, be able to get everything from better payment terms to lower costs and also looking at all of our OpEx. But I would say it's a very balanced approach under the framework of total shareholder return.

我認為除此之外，您希望我們專注的槓桿就是我們所能關注的一切。我們正在研究所有供應商，試圖找到如何降低成本、利用規模、獲得更好的付款條件、降低成本等各種好處，同時專注於所有的營運支出。但我想說，在股東總回報的框架下，這是一個非常平衡的方法。

And our shift to software helps.

我們向軟體的轉變有所幫助。

Yes.

是的。

Clay? Did we lose Clay? He got it, I think.

黏土？我們失去克萊了嗎？我想他明白了。

Okay. I was muted as well. Next question coming from Hamza Fodderwala of Morgan Stanley, with Adam Tindle to follow.

好的。我也被靜音了。下一個問題來自摩根士丹利的 Hamza Fodderwala，接著是 Adam Tindle。

Maybe just a quick one for Dipak in case he's getting lonely there. Dipak, you gave a really strong total RPO number. I'm wondering if you can tell us what the current RPO was. And do you think that the CRPO metric is going to be a cleaner metric to gauge Palo Alto's underlying bookings growth as you shift more from hardware to software?

也許只是為了讓迪帕克快速地喝一杯，以防他在那裡感到孤獨。Dipak，您給了一個非常強大的總 RPO 數字。我想知道您是否可以告訴我們目前的 RPO 是什麼。隨著您從硬體轉向軟體，您是否認為 CRPO 指標將成為衡量 Palo Alto 潛在預訂量成長的更清晰的指標？

Thanks, Hamza. So in my prepared remarks, I actually did say that current RPO grew at the same rate as total RPO. So I do think that both are important. The reality is, I think total RPO is critically important because that's all of our future obligations. I think current RPO is what I spend a lot of time looking at because that really gives you a good understanding of your predictability of revenue over the next 12 months. I think both are important. I think the macro comment is RPO is important. You have to look at both. You have to look at your contract lengths. You have to look at everything and anything around RPO. And candidly, I'm surprised that more companies don't spend more time on it.

謝謝，哈姆札。因此，在我準備好的發言中，我確實說過目前 RPO 的成長速度與總 RPO 的成長速度相同。所以我確實認為兩者都很重要。事實上，我認為整體 RPO 至關重要，因為這是我們未來的全部義務。我認為我花了很多時間關注目前的 RPO，因為它確實能讓你很好地了解未來 12 個月收入的可預測性。我認為兩者都很重要。我認為宏觀評論是 RPO 很重要。你必須同時考慮兩者。你必須考慮你的合約期限。您必須關注 RPO 周圍的一切。坦白說，我很驚訝更多的公司沒有花更多的時間在這上面。

Great. Thank you. And our next question comes from Adam Tindle of Raymond James, with Rob Owens up next.

偉大的。謝謝。下一個問題來自 Raymond James 的 Adam Tindle，接下來是 Rob Owens。

Nikesh, I wanted to ask on go to market. Maybe you could tie in some feedback from new management members like Amit and BJ since joining. But kind of a two-parter, first on the core sales team. On the last call, you talked about them driving the majority of Cortex revenue. And I'm wondering if that's something that you could continue to drive that motion and apply to areas beyond Cortex. And then in channel, you had an inflection in partner-led deals this quarter in Cortex. If you could maybe double click on the drivers of that and what the team can do to push further into other areas beyond Cortex?

Nikesh，我想問一下去市場的情況。也許您可以結合 Amit 和 BJ 等新管理成員加入以來的一些回饋。但分為兩部分，首先是核心銷售團隊。在上次電話會議中，您談到他們推動了 Cortex 的大部分收入。我想知道您是否可以繼續推動這項運動並將其應用到 Cortex 以外的領域。然後在通路方面，本季 Cortex 的合作夥伴主導的交易出現了變化。您能否雙擊一下其中的驅動因素，以及團隊可以做些什麼來進一步推動 Cortex 以外的其他領域？

Great. Thanks for the question. You know what, having BJ here has been amazing. This week and actually now, Amit is in a room elsewhere doing a CIO meeting. BJ is in Europe meeting customers. And I'm here doing an earnings call. So we've been able to divide and conquer in terms of being able to touch more and more customers.

偉大的。謝謝你的提問。你知道嗎，BJ 在這裡真是太棒了。實際上，本週現在，阿米特正在其他地方的房間裡參加 CIO 會議。BJ 正在歐洲會見客戶。我在這裡召開收益電話會議。因此，我們能夠透過分而治之的方式接觸到越來越多的客戶。

I would start with your question on Cortex and channel-led stuff. Look, we've been on a journey. We caught this cloud thing early in our mind. But we were getting our motion right and figuring it out and now we started to enable channel partners. So as we enable channel partners, we have been able to amplify our ability to go and approach our customers with cloud capability.

我想先從您關於 Cortex 和頻道主導內容的問題開始。看，我們已經踏上旅程了。我們很早就意識到了雲的這種特性。但我們已經採取了正確的行動並解決了問題，現在我們開始為通路合作夥伴提供支援。因此，當我們支援通路合作夥伴時，我們就能夠增強我們利用雲端功能來接觸客戶的能力。

So as you can imagine, this is still a nascent market in terms of, I think this is going to be a huge market in the next 5 to 7 years. No wonder you're seeing those lofty valuations for start-ups out there. I firmly believe we're 18 to 24 months ahead from a comprehensive platform perspective.

所以你可以想像，這仍然是一個新興市場，但我認為在未來 5 到 7 年內這將成為一個巨大的市場。難怪你會看到那些新創企業的估值如此之高。我堅信，從綜合平台的角度來看，我們領先了 18 到 24 個月。

We're not standing quietly. We still have more engineers at Palo Alto building cloud security capability than all of the other start-ups roughly combined. So we're not worried about our strength and our ability. We have to remain nimble. We have to remain agile, and we have to make sure we amplify our go-to-market capabilities.

我們不會袖手旁觀。我們在帕洛阿爾托建立雲端安全功能的工程師數量仍然比所有其他新創公司的總和還要多。所以我們並不擔心我們的實力和能力。我們必須保持靈活。我們必須保持敏捷，並且必須確保擴大我們的市場進入能力。

So from that perspective, yes, you will see us continuing to amplify our cloud go-to-market capabilities and our Cortex go-to-market capabilities. We are working on some very exciting product enhancements in our XDR front and Cortex front, more to come in future calls. But that gives us confidence that as we keep seeding the market with XDR, it's going to open up a very large TAM thereafter for us in future quarters or future years for the company, allowing us to strengthen that third pillar.

因此從這個角度來看，是的，您會看到我們繼續擴大我們的雲端上市能力和我們的 Cortex 上市能力。我們正在對 XDR 前端和 Cortex 前端進行一些非常令人興奮的產品增強，未來還會有更多內容推出。但這給了我們信心，隨著我們繼續用 XDR 播撒市場種子，它將在未來幾個季度或未來幾年為公司打開一個非常大的 TAM，使我們能夠加強第三個支柱。

And last but not the least, I will give you one more anecdote, Adam. In the last 90 days, I have met more CIOs personally than I met in the first 3 years of working at Palo Alto. And that's not because I was lazy at first. It's because I have had the opportunity to go engage with them because now we have a comprehensive cybersecurity platform. And many of them are saying, this point solution stuff is not working. I'm moving to the cloud. So now I have some sort of redundancy built-in in my DevOps environment. Therefore, I may be willing to go look at one vendor to help me in entire stack from one end to the other. So that's the go-to-market update.

最後但同樣重要的一點是，亞當，我再給你講一個軼事。在過去的 90 天裡，我親自見到的 CIO 比我在 Palo Alto 工作的前三年見到的還要多。這並不是因為我一開始就懶惰。這是因為我有機會與他們接觸，因為現在我們有一個全面的網路安全平台。他們中的許多人都說，這個點解決方案不起作用。我正在轉向雲端。所以現在我的 DevOps 環境中內建了某種冗餘。因此，我可能願意去尋找一個供應商來幫助我從一端到另一端提供整個堆疊。這就是上市更新。

All right. Great. Thanks, Nikesh. Our next question comes from Rob Owens of Piper Sandler, followed by Irvin Liu.

好的。偉大的。謝謝，Nikesh。下一個問題來自 Piper Sandler 的 Rob Owens，然後是 Irvin Liu。

Curious on the federal front given that your end of quarter did span the end of the federal fiscal year. How things came in? But I think more importantly, what you're seeing in terms of pipeline for the ensuing quarters given it feels like a more linear federal spend coming?

由於您的季度末確實跨越了聯邦財政年度的結束，因此對聯邦方面感到好奇。事情進展如何？但我認為更重要的是，鑑於聯邦支出看起來將更加線性，您對接下來幾季的計畫有何看法？

Yes. Thank you. Thank you for the question. Look, I think as we talked about probably at the end of last quarter, new administration, early days. They were still trying to put their authorized process to get this stuff in order. So we did see, obviously, because there was ample Fed business for us at the end of their fiscal year and in the midst of our quarter, that was strong.

是的。謝謝。謝謝你的提問。瞧，我想就像我們上個季度末討論的那樣，新政府上任之初。他們仍在嘗試按照授權程序來整理這些事情。因此，我們確實看到，顯然，由於聯準會財政年度末和本季中期我們有充足的業務，因此業績表現強勁。

What is even more heartening is, if you guys have time, I actually did a keynote with Jen Easterly yesterday morning for our Ignite event. And it's very fascinating to hear her because you are seeing there is a very strong directive and will in the U.S. government right now to really treat cybersecurity seriously. And you've seen that manifested at the various infrastructure bills where there are specific line items for cybersecurity spend to the extent there are line items for attack surface management in various bills.

更令人振奮的是，如果你們有時間，我昨天早上實際上與 Jen Easterly 一起為我們的 Ignite 活動做了主題演講。聽到她的演講非常有趣，因為您會看到美國政府現在有非常強烈的指示和意願來認真對待網路安全。您已經看到，各種基礎設施法案都明確列出了網路安全支出項目，甚至還列出了攻擊面管理項目。

So you can see that there is a lot of seeding of cybersecurity that's gone on in the federal sort of budget. As with everything with government, it's thoughtful, it takes time and it happens slightly slower than analysts and CEOs expect.

因此，你可以看到，聯邦預算中已經投入了大量的網路安全資金。正如政府所做的一切事情一樣，它需要深思熟慮，需要時間，而且其發生速度比分析師和執行長預期的要慢一些。

Great. Next question is from Irvin Liu of Evercore, with Matt Hedberg to follow.

偉大的。下一個問題來自 Evercore 的 Irvin Liu，接下來是 Matt Hedberg。

So you highlighted the completeness of your current platform and that any acquisitions in the near term would be incremental versus large scale. But I wanted to better understand, how do you weigh build versus buy decisions looking ahead? And which areas of the market do you see yourself potentially having a product gap?

因此，您強調了當前平台的完整性，並且近期的任何收購都將是漸進式的，而不是大規模的。但我想更好地理解，您如何權衡未來構建與購買的決策？您認為哪些市場領域可能有產品差距？

So Irvin, we have been very clear about certain areas of the market which work well with us through an API or a connectivity basis. Like for example, we've been clear in identity access management. We think there's ample good players out there. Us going into that space is not going to add any incremental value. Or similarly with e-mail security, we have steered clear of that space, not because we believe that eventually people migrating to Google, Microsoft and Proofpoint there and there's a bunch of other people.

因此，Irvin，我們非常清楚市場上的某些領域可以透過 API 或連接基礎與我們進行良好的合作。例如，我們在身分存取管理方面已經很明確了。我們認為那裡有很多優秀的球員。我們進入那個領域不會增加任何增量價值。或者類似地，對於電子郵件安全，我們避開了該領域，並不是因為我們相信人們最終會遷移到 Google、Microsoft 和 Proofpoint，而那裡還有一大堆其他人。

So there are some areas we've seen where I think the best way to think about it is, we did this exercise 3 years ago. We identified a blue ocean called cloud and the move to the cloud. And we said, there's going to be a lot of new security products created for the cloud, let's get ahead of the trend early, which is what we did. We bought 6 or 7 companies in that space, integrated it. And the results are in front of you. And I think we've announced $270 million ARR for Prisma Cloud last Q4. So you can expect that has grown this quarter, which puts us, as I said, at 6 to 10x while many of these start-ups are getting funded at $6 billion to $8 billion. So now clearly that's not a price I'd like to pay for that kind of ARR given I'm sitting on 5 to 10x that ARR myself.

所以，對於我們所看到的一些領域，我認為最好的思考方式是，我們三年前就做過這個練習。我們發現了一個名為「雲」的藍海，並且正在向雲端邁進。我們說過，將會有許多新的安全產品為雲端而創建，讓我們儘早引領潮流，而我們也確實這麼做了。我們收購了該領域的 6 到 7 家公司，並將其整合起來。結果就在你面前。我認為我們在去年第四季宣布 Prisma Cloud 的 ARR 為 2.7 億美元。因此，你可以預期本季我們的融資金額會有所成長，正如我所說，我們的融資金額將達到 6 到 10 倍，而許多新創公司獲得的融資額則達到 60 億到 80 億美元。所以現在很明顯這不是我願意為這種 ARR 付出的代價，因為我自己的 ARR 是這個的 5 到 10 倍。

So from that perspective, it's both an area of the market that we want to pursue, ideally a blue ocean, which is cloud security, or we have a disruptive technology which we believe will compel the customer to replace what they have today. And that you're seeing happen in the XDR space. There used to be an endpoint space with McAfee and Symantec, which is being structurally replaced by CrowdStrike, us, SentinelOne, Carbon Black and the others. So those are the areas where I pay attention to.

因此從這個角度來看，這既是我們想要涉足的市場領域，理想情況下是藍海，即雲端安全，也是我們擁有的顛覆性技術，我們相信它將迫使客戶更換他們現有的產品。而這正是您在 XDR 領域所看到的。曾經有一個由 McAfee 和 Symantec 組成的端點空間，現在正在被 CrowdStrike、我們、SentinelOne、Carbon Black 和其他公司結構性地取代。這些就是我關注的領域。

A third one is where our firewall teams are able to go upsell and attach that capability to the firewall. For example, yesterday, we launched next-generation CASB. I think that is a transformative product. I think it will replace majority of the CASB out there. You will not need to buy CASB separately from any other vendor.

第三個是我們的防火牆團隊能夠進行追加銷售並將該功能附加到防火牆上。例如，昨天我們推出了下一代CASB。我認為這是一個變革性的產品。我認為它將取代大多數 CASB。您無需從任何其他供應商單獨購買 CASB。

So again, 3 years ago we had a lot of gaps, and we are doing a lot of acquisitions. We've gotten to a point where it's almost in 8, 9 times out of 10, it's better for us to build because we have 60%, 50%, 70% of the sensors, the capabilities. We just have to build the other 30%.

所以，三年前我們有很多差距，我們正在進行大量收購。我們已經達到了這樣的程度，幾乎在 8、9 次中，我們都能更好地建造，因為我們擁有 60%、50%、70% 的感測器和能力。我們只需建造剩下的 30%。

In net new areas, that's the question. And so far, we haven't found any compelling area which makes us jump out of bed and say, I need to go look at it. Having said that, Walter, me, Lee, we still see 5 to 20 companies every quarter in seriousness, not to acquire, but to understand what they're doing, if that is meaningful to the industry, and we keep track of it.

在新領域中，這就是問題所在。到目前為止，我們還沒有發現任何引人注目的領域，讓我們跳起床並說，我需要去看看。話雖如此，沃爾特、我、李，我們每個季度仍然會認真考慮 5 到 20 家公司，不是為了收購，而是為了了解他們在做什麼，如果這對行業有意義，我們會持續跟踪。

All right. Our next question from Matt Hedberg of RBC, followed by Keith Bachman.

好的。下一個問題來自 RBC 的 Matt Hedberg，然後是 Keith Bachman。

A question for Nikesh or Lee. I think what stood out to me, I think you said 25% of SASE customers are from outside your core, which was great to hear. And I think really to the point of some of the earlier questions on Palo Alto is not only a consolidator but also best of breed in these cases. Can you talk to how that trend has progressed, that 25% of the customer concept? And are you seeing other things like that in other segments, like Cortex XDR or Prisma Cloud?

向 Nikesh 或 Lee 提問。我認為令我印象深刻的是，您說過 25% 的 SASE 客戶來自核心客戶之外，聽到這個消息我很高興。我認為，正如之前提到的一些問題所指出的，Palo Alto 不僅是一家整合商，而且在這些情況下也是最好的。您能談談這個趨勢是如何發展的嗎？ 25% 的客戶概念？您是否在其他領域看到過類似的東西，例如 Cortex XDR 或 Prisma Cloud？

Yes. So look first to your comment on being best of breed, not just a consolidator, that is 100% spot on. Our focus from a product perspective is everything we do, we strive to be best in class in that specific area, such that when we bring it together and integrate it for a customer, we're truly adding value and not just reducing number of vendors they have to do business with.

是的。因此，首先看一下您關於成為同類最佳而不僅僅是整合者的評論，這是 100% 正確的。從產品角度來看，我們所做的一切都是我們的重點，我們力爭在特定領域做到最好，這樣，當我們為客戶整合和整合產品時，我們真正增加了價值，而不僅僅是減少他們必須與之做生意的供應商數量。

And so along those lines, that's what fuels the number that you saw in terms of SASE adoption from net new customers to Palo Alto Networks. And it's a great starting point and it's an opportunity for us then to expand into other areas of network security, Prisma Cloud, Cortex after the fact.

因此，按照這個思路，這就是您在 Palo Alto Networks 淨新客戶採用 SASE 方面看到的推動力。這是一個很好的起點，也是我們隨後擴展到網路安全其他領域（Prisma Cloud、Cortex）的機會。

We've also shared similar numbers for Cortex in the past where we see a similar level of adoption of customers that come in for the very first time into XSOAR, into XDR, into Xpanse. And quite frankly, Prisma Cloud is right up there as well in terms of that new adoption. So all of that is made possible by being best in class in these different product areas and then affords the opportunity to expand, in some cases, fairly rapidly, once they get in or successful with the first product.

我們過去也分享過 Cortex 的類似數據，我們發現首次使用 XSOAR、XDR 和 Xpanse 的客戶的採用率也與 Cortex 類似。坦白說，就新採用率而言，Prisma Cloud 也名列前茅。因此，所有這一切都是透過在這些不同的產品領域中處於領先地位而實現的，一旦他們進入或成功推出第一個產品，就有機會進行擴展，在某些情況下，這種擴展是相當迅速的。

Thank you, Lee. Our next question from Keith Bachman of BMO, with Michael Turits next.

謝謝你，李。下一個問題來自 BMO 的 Keith Bachman，接下來是 Michael Turits。

I'd like to return to the supply chain, if I could, and direct this to you, Dipak. Can you help us understand what the price increases have been for your products thus far and the anticipation going forward? Just trying to understand what the impact to the top line may have been from price increases. And then the corollary question is, can you give us any quantification associated with the margin impact? You mentioned it was negatively impacted for the quarter and would likely be for the year. Just wondering if you could flesh that out. I know you're offsetting with the OpEx line and doing a good job of holding the margins, but I'm just wondering if you could quantify the costs associated with it in terms of the supply chain impact.

如果可以的話，我想回到供應鏈，並將這個問題交給你，迪帕克。您能否幫助我們了解迄今為止你們產品的價格上漲情況以及未來的預期？只是想了解價格上漲對營業收入可能產生什麼影響。那麼隨之而來的問題是，您能否提供我們與利潤影響相關的任何量化數據？您提到它對本季度產生了負面影響，並且很可能對全年產生影響。只是想知道你是否可以充實這一點。我知道您正在用營運支出線進行抵消，並很好地保持了利潤率，但我只是想知道您是否可以從供應鏈影響的角度量化與之相關的成本。

Sure. So let me just start off with your comment about pricing. So we took pricing on September 15 in the U.S., November 1 internationally. So the amount that you really see in Q1 is really quite minimal in terms of that because you'll see the majority of that come through in Q2 and beyond. So I wouldn't say that there's much there in our results to date. Obviously, it has been factored in our guidance.

當然。那麼，讓我先從您關於定價的評論開始。因此，我們於 9 月 15 日在美國定價，11 月 1 日在國際上定價。因此，就這一點而言，您在第一季真正看到的數量確實非常少，因為您會看到其中大部分將在第二季及以後出現。因此我不會說我們迄今為止所取得的成果有多大。顯然，這已在我們的指導中被考慮。

When it comes to the actual cost, it's been a couple of million dollars. Like for Q1, we expect that will continue in Q2, Q3 and beyond. And as I mentioned before, we're looking at everything on the table from OpEx to other things that we can do with our suppliers to offset to the best of our ability, but that's why we've really held our guidance where it is just to give us enough flexibility to manage the next few quarters.

至於實際成本，則高達數百萬美元。與第一季一樣，我們預計這種情況將在第二季、第三季及以後持續下去。正如我之前提到的，我們正在研究從營運支出到我們可以與供應商合作的其他事項等所有可能的解決方案，以盡我們所能抵消這些影響，但這也是我們真正堅持現有指導的原因，以便讓我們有足夠的靈活性來管理接下來的幾個季度。

All right. Well, we have a soft microphone on Dipak. We'll try to get that into the transcript if you didn't catch that. Our next question comes from Michael Turits of KeyBanc, followed by Jonathan Ho, who will be our last question for the day.

好的。嗯，我們在 Dipak 上有一個軟麥克風。如果您沒聽清楚，我們會盡力將其添加到記錄中。我們的下一個問題來自 KeyBanc 的 Michael Turits，接下來是 Jonathan Ho，這將是我們今天的最後一個問題。

Nikesh, a couple of quarters ago, you mentioned that you felt there were certain go-to-market challenges for both Cortex and for Prisma Cloud relative to some competitors. Are you now going to give us some of the stuff you were talking to, haven't told about. Do you feel like you're now doing what you needed to do there? Are you getting enough from those product lines to contribute to next-gen ARR as you might have hoped for this quarter?

Nikesh，幾個季度前，您提到，與一些競爭對手相比，您認為 Cortex 和 Prisma Cloud 在進入市場方面都面臨著一定的挑戰。現在您能告訴我們一些您正在談論但還沒有講過的事情嗎？您是否覺得現在正在做您需要做的事情？您是否從這些產品線中獲得足夠的收益來為本季的下一代 ARR 做出貢獻？

Michael, I'm going to take a little bit historical perspective. 3 years ago, we were not in these businesses. 18 months ago is when we launched many of these products. So today, am I delighted with where we are? 100%. Are we ahead of my expectations? For sure. Do I have high expectations going forward? Yes. Have we cleaned out some of the stuff? That's my job. Every day, every week, we clean out stuff in our processes to make sure our go-to-market capabilities, our product capabilities get better and better.

邁克爾，我想從歷史的角度來談談。三年前，我們還沒有從事這些業務。18個月前我們推出了許多這樣的產品。那麼今天，我對我們所處的狀況感到滿意嗎？100%。我們是否超出了我的預期？一定。我對未來抱有很高的期望嗎？是的。我們清理了一些東西嗎？這是我的工作。每天、每週，我們都會清理流程中的東西，以確保我們的行銷能力和產品能力越來越好。

As to the specific issues we were dealing with in Prisma Cloud and Cortex, we've hired some new people. They're doing a phenomenal job this past quarter. We expect them to continue that job based on the visibility we have on the Prisma Cloud front, similarly in the Cortex front. We're in a highly competitive market, yet we continue to deliver on our expectation and exceed them.

對於我們在 Prisma Cloud 和 Cortex 中處理的具體問題，我們僱用了一些新員工。上個季度他們表現非常出色。我們希望他們能夠根據我們在 Prisma Cloud 前端以及 Cortex 前端的可見性來繼續這項工作。我們處於一個競爭激烈的市場，但我們仍不斷滿足並超越我們的期望。

As I said, XDR is strategic in the context that I believe over time there will be a convergence between what we do in XDR and XSOAR. And our teams are working hard towards making that happen, also with everything that we do in Xpanse. So we think we have critical mass in that Cortex space to really, really continue to build product capability and over time build that into a very large business.

正如我所說，XDR 具有戰略意義，因為我相信隨著時間的推移，我們在 XDR 和 XSOAR 所做的事情將會融合。我們的團隊正在努力實現這一目標，並在 Xpanse 中盡一切努力。因此，我們認為我們在 Cortex 領域已經達到了臨界點，可以真正繼續建立產品能力，並隨著時間的推移將其打造成為一個非常大的業務。

Similarly on Prisma Cloud, again, I think you can see from all the valuations people are getting. This is not valuation envy. It's a validation that everybody has identified that as a big area. And I honestly believe that, I'm not just saying it, I believe that our teams have worked hard towards building an early lead. And our job is to sustain that lead, strengthen our product continually and make sure that capabilities are made apparent to our customers.

同樣，對於 Prisma Cloud，我想您可以從人們獲得的所有估值中看到這一點。這並不是估值嫉妒。這證實了每個人都認為這是一個很大的區域。我真誠地相信這一點，我不只是說說而已，我相信我們的團隊已經努力建立了早期的領先優勢。我們的工作是保持領先地位，不斷加強我們的產品，並確保我們的客戶能夠看到我們的能力。

Great. And our last question for today comes from Jonathan Ho of William Blair.

偉大的。今天的最後一個問題來自 William Blair 的 Jonathan Ho。

Just wanted to get a sense of where we are in terms of the return to work and refresh cycle uptick? And what is maybe giving you the confidence that these trends will sustain longer term?

只是想了解一下我們在重返工作崗位和更新周期上升方面的進展？那麼什麼讓您有信心這些趨勢將會長期持續下去呢？

So Jonathan, it's kind of interesting and thank you for asking the question. As I've mentioned, I've been able to meet a lot more CIOs in the last 90 days than I've had in my 3 years here. And I'll tell you, every conversation with a CIO is a conversation of adapting their information security and IT stack to the new reality in the market.

喬納森，這很有趣，謝謝你提出這個問題。正如我所提到的，過去 90 天裡我見到的 CIO 比我在這裡 3 年見到的 CIO 還要多。我會告訴你，與 CIO 的每次對話都是關於如何使他們的資訊安全和 IT 堆疊適應市場新現實的對話。

The new reality is majority of companies are not expecting everybody to come back to the office. They're all looking for architectures which can make everything consistent. The most number of cyberattacks we've seen in the last 1.5 years or so have been in remote working and VPNs because people have had to deploy their older VPN technology and make it be sort of functional from every corner of the world.

新的現實是，大多數公司並不期望每個人都回到辦公室。他們都在尋找能夠讓一切保持一致的架構。在過去 1.5 年左右的時間裡，我們看到的大多數網路攻擊都發生在遠端工作和 VPN 中，因為人們必須部署較舊的 VPN 技術，並使其能夠在世界各個角落發揮作用。

So people are seeing that, that is the new threat vector. They are thinking about, how do I take this and make this a sort of a long-term sustainable network architecture, couple that with their cloud transformation. It's funny. 2 years ago, when I had asked them the question, they were dipping their toes in the cloud. Today, all of them are in 2 or 3 clouds.

所以人們看到了這一點，這就是新的威脅載體。他們正在思考，如何利用這一點，使其成為長期可持續的網路架構，並將其與雲端轉型結合起來。很有趣。兩年前，當我問他們這個問題時，他們還在嘗試雲端運算。今天，它們全都在 2 到 3 片雲層中。

So there is a very strong secular trend behind the SASE opportunity as well as the cloud opportunity. And you pick your favorite sport analogy, I think we're in the first innings of baseball and we bowled the second over in cricket.

因此，SASE 機會和雲端機會背後都存在著非常強勁的長期趨勢。選擇你最喜歡的運動類比，我想我們正處於棒球比賽的第一局，而我們在板球比賽中投出了第二局。

I understand that one.

我明白這一點。

That's all right. I don't understand the first one either, so it's all good.

沒關係。我也不明白第一個，所以一切都很好。

Fantastic. Well, with that, we are going to conclude the Q&A portion of our call today. And I will turn it back over to Nikesh for his closing remarks.

極好的。好了，今天電話會議的問答部分就到此結束了。現在我將把時間交還給 Nikesh，請他做最後發言。

Yes. Thank you, everybody, for joining.

是的。謝謝大家的參與。

And I just want to reiterate, in my 3.5 years of being here, I haven't felt more bullish on the business as I feel today given the visibility into the pipeline and the results our teams have been able to deliver in Q4 as well as the visibility we have going into our 3-year plan after the first quarter. I want to thank you for attending. I want to thank you and look forward to seeing you in our upcoming investor events as well as I want to thank all of our customers, our partners, and most of all, our employees around the world for putting in the hard work to get us where we are. With that, see you next time.

我只想重申，在我在這裡工作的 3.5 年裡，我從未像今天這樣對業務感到如此樂觀，因為我們已經對渠道有了清晰的了解，我們的團隊在第四季度已經取得了成果，而且在第一季度之後我們對三年計劃的了解也十分清晰。我要感謝你們的出席。我要感謝你們，並期待在我們即將舉行的投資者活動中見到你們，同時我還要感謝我們所有的客戶、合作夥伴，最重要的是，感謝我們在世界各地的員工，感謝他們為使我們取得今天的成就而付出的辛勤努力。那麼，下次再見。