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

(presentation)

（介紹）

Good day, everyone, and welcome to Palo Alto Networks' Fiscal First Quarter 2022 Earnings Conference Call.

大家好，歡迎參加 Palo Alto Networks 的 2022 財年第一季度收益電話會議。

I am Clay Bilby, Head of Palo Alto Networks Investor Relations.

我是 Palo Alto Networks 投資者關係主管 Clay Bilby。

Please note that this call is being recorded today, November 18 at 1:30 p.m.

請注意，此電話將於 11 月 18 日今天下午 1:30 錄製。

Pacific Time.

太平洋時間。

With me on today's call are Nikesh Arora, our Chairman and Chief Executive Officer; and Dipak Golechha, our Chief Financial Officer.

今天與我通話的是我們的董事長兼首席執行官 Nikesh Arora；和我們的首席財務官 Dipak Golechha。

Our Chief Product Officer, Lee Klarich, will join us in the Q&A session following the prepared remarks.

我們的首席產品官 Lee Klarich 將在準備好的發言後加入我們的問答環節。

You can find the press release and information to supplement today's discussion on our website at investors.paloaltonetworks.com.

您可以在我們的網站 Investors.paloaltonetworks.com 上找到新聞稿和信息來補充今天的討論。

While there, please click on the link for Events and Presentations where you will find the investor presentation and supplemental information.

在那裡，請單擊活動和演示文稿的鏈接，您將在其中找到投資者演示文稿和補充信息。

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.

在今天的電話會議中，我們將做出涉及風險和不確定性的前瞻性陳述和預測，這些風險和不確定性可能導致實際結果與本演示文稿中的前瞻性陳述存在重大差異。

These forward-looking statements are based on our current beliefs and information available to management as of today.

這些前瞻性陳述是基於我們目前的信念和截至今天管理層可獲得的信息。

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.

我們的收益發布和演示文稿以及我們提交給美國證券交易委員會的文件中提供的安全港聲明中確定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 assumes no obligation to update the information provided on today's call.

Palo Alto Networks 不承擔更新今天電話會議中提供的信息的義務。

We will also discuss non-GAAP financial measures.

我們還將討論非公認會計準則財務指標。

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.

這些非公認會計原則財務指標並非根據公認會計原則編制，不應被視為替代或優於根據公認會計原則編制的財務業績指標。

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.

我們在演示文稿的附錄和我們已向 SEC 提交的收益報告中包含了提供非 GAAP 和 GAAP 財務指標之間對賬的表格，這些表格可以在我們網站的“投資者”部分找到。

We would like to note several upcoming events.

我們想指出幾個即將發生的事件。

Management is scheduled to participate in upcoming virtual investor conferences in December hosted by Credit Suisse and Barclays.

管理層計劃參加即將於 12 月由瑞士信貸和巴克萊主辦的虛擬投資者會議。

And now I would like to turn the call over to Nikesh.

現在我想把電話轉給 Nikesh。

Thank you, Clay.

謝謝你，克萊。

And good afternoon, everybody.

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.

如您所見，這是一段視頻，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。

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.

在 Palo Alto Networks 度過了忙碌的一周，我們已經有 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.

繼續我們在第一季度末的情況。

Q1 was quite a familiar story from a demand perspective.

從需求的角度來看，第一季度是一個非常熟悉的故事。

We saw strength across major geographies and industries driven by heightened cybersecurity awareness.

我們看到了網絡安全意識提高推動的主要地區和行業的實力。

We've seen people at the top of organizations across government and private sector.

我們已經看到政府和私營部門組織的高層人員。

They understand that it's their responsibility to ensure they're securing their environments against the increasingly malicious threat landscape.

他們明白，確保他們的環境免受日益嚴重的惡意威脅環境是他們的責任。

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.

本季度，您在華盛頓特區看到了相當多的媒體報導，因為網絡安全資金已包含在最近的基礎設施法案中，並且行政命令要求聯邦機構關注焦點。

In the private sector, corporate boards are forming cybersecurity committees and directing their teams to raise the bar in terms of cybersecurity posture.

在私營部門，公司董事會正在組建網絡安全委員會，並指導他們的團隊提高網絡安全態勢的標準。

We at Palo Alto Networks instituted our Security Committee as well this quarter.

我們 Palo Alto Networks 在本季度也成立了我們的安全委員會。

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.

今年早些時候，Gartner 更新了對信息安全和風險管理技術和服務支出的預測，要求 2021 年同比增長 12%。

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.

我們認為這一背景在今年之後將持續下去，因為客戶不僅要應對勒索軟件和數據洩露等熟悉的事件，而且還要應對在採用雲服務時出現的新威脅，並嘗試聘請足夠多的合格安全專業人員來確保他們的環境安全。

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.

總而言之，我認為需求強勁，對網絡安全的關注度很高，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 3 年計劃感到非常欣慰。

Diving into our results for the quarter.

深入了解我們本季度的業績。

At our Analyst Day in September, we updated you on our company's strategy and outlined our 3-year financial targets.

在 9 月的分析師日，我們向您介紹了我們公司的戰略並概述了我們的 3 年財務目標。

The last 3 months have bolstered our confidence in this strategy in the numbers that we shared with you.

過去 3 個月，我們與您分享的數字增強了我們對這一戰略的信心。

We were extremely happy with our Q1 performance, which was ahead of our guidance on all measures.

我們對第一季度的表現非常滿意，這超出了我們對所有指標的指導。

We saw revenues grow 32% year-over-year, our fastest Q1 in 5 years.

我們看到收入同比增長 32%，這是我們 5 年來最快的第一季度。

Coming on the back of a strong Q4, our billings grew 28% year-over-year.

在第四季度強勁的背景下，我們的賬單同比增長了 28%。

Q1's strength was broad-based with exceptional performance from our hardware business, but also strength in our Prisma, both SASE and Cloud.

第一季度的實力基礎廣泛，我們的硬件業務表現出色，而且我們的 Prisma、SASE 和雲也有實力。

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.

硬件實力在第一季度推動了 25% 的產品增長，這不僅是我們在第四季度電話會議中談到的強勁訂單的結果，也是第一季度這一趨勢的延續以及我們將這些訂單運送給客戶的能力。

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.

基於我們在第一季度的強勁表現以及對第二季度硬件管道的可見性，我們將提高對今年及後續季度的硬件預測。

Within our business, we continue to drive transformation towards a higher mix of software solutions as we continue to bring new innovations to market.

在我們的業務中，隨著我們繼續將新的創新推向市場，我們將繼續推動向更高組合的軟件解決方案轉型。

You see this in our next-generation security ARR, which continues to increase with our business mix.

您可以在我們的下一代安全 ARR 中看到這一點，隨著我們的業務組合不斷增加。

Growth in our NGS solutions was driven by Prisma SASE and Cloud.

Prisma SASE 和 Cloud 推動了我們 NGS 解決方案的增長。

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.

我們很好地平衡了盈利能力與非美國通用會計準則營業收入同比增長 9%，非美國通用會計準則每股收益為 0.07 美元，高於我們指導的中點。

The $554 million in adjusted free cash flow is the largest we have ever reported in a quarter as a company.

調整後的 5.54 億美元自由現金流是我們在一個季度中報告的最大的公司。

Beyond our financial results, we continue to see industry accolades highlighting the strong position of our best-of-breed products across our 3 platforms.

除了我們的財務業績之外，我們繼續看到行業讚譽突出了我們同類最佳產品在我們的 3 個平台上的強大地位。

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.

我始終堅持認為，要成為網絡安全的領導者，我們必須成為網絡安全創新的領導者，我個人認為，在過去的幾十年裡，網絡安全公司沒有這樣做。

I'm delighted to see that we came out of FY '21 with a recognized strong position in 6 product areas.

我很高興看到我們在 21 財年結束時在 6 個產品領域擁有公認的強勢地位。

In Q1 we continued our position as a leader in the Gartner WAN Edge Magic Quadrant.

在第一季度，我們繼續在 Gartner WAN 邊緣魔力像限中保持領先地位。

We're again named a leader for the 10th straight year in the Gartner Network Firewall Magic Quadrant.

我們再次連續 10 年在 Gartner 網絡防火牆魔力像限中被評為領導者。

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.

此外，我們還增加了 2 個新獎項，被評為 Forrester 的零信任網絡訪問新浪潮的領導者，以及 Forrester 的 XDR 新浪潮的出色表現者。

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.

我們期待在我們強大的創新渠道以及我們全球產品團隊的努力的推動下獲得進一步的行業認可。

Diving deeper into our 3 platforms, starting first with our network security business.

深入了解我們的 3 個平台，首先從我們的網絡安全業務開始。

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.

我們受益於擁有業界最全面的跨硬件設備、虛擬設備和服務形式因素的平台，並得到一組一致的安全訂閱和世界級客戶支持的支持。

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.

我們通過本週在 Ignite 上發布的公告繼續在網絡安全方面快速創新，如果您還沒有這樣做，我鼓勵您查看這些公告。

Appliance demand was strong as our team capitalized on the broad opportunity across network security.

由於我們的團隊利用了網絡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.

隨著大流行情況的緩解和辦公室開始開放，我們看到更新活動有所增加。

Our new appliances, with improved price/performance, saw strong demand from both new and existing customers.

我們的新電器具有更高的性價比，受到新老客戶的強烈需求。

We saw strong competitive win activity as customers look to standardize on our broad network security platform.

隨著客戶希望在我們廣泛的網絡安全平台上實現標準化，我們看到了強大的競爭獲勝活動。

Lastly, we did see some impact from pricing actions and customers that were ordering product based on concerns around lead times and availability.

最後，我們確實看到了定價行為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。

These forces combined drove 25% growth in product revenue in Q1, a significant reacceleration, with strong demand continuing into Q2 as well.

這些力量共同推動第一季度產品收入增長 25%，這是一個顯著的再加速，強勁的需求也持續到第二季度。

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.

讓我再談談整個行業正在處理的供應鏈挑戰，大家繼續關注。

As you've seen, despite the challenges, we have managed to deliver against our orders.

如您所見，儘管面臨挑戰，我們還是成功地按訂單交付。

There have been some longer lead times selectively for some of our customers.

我們的一些客戶有選擇地延長了交貨時間。

But overall, I think our teams have done a phenomenal job in managing in this environment.

但總的來說，我認為我們的團隊在這種環境下的管理方面做得非常出色。

We will continue to do our best effort to manage over the next few quarters.

在接下來的幾個季度中，我們將繼續盡最大努力進行管理。

I expect these challenges to dissipate over the next 6 to 9 months, and we will do our best to continue to navigate them.

我預計這些挑戰將在未來 6 到 9 個月內消散，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.

在此期間，該行業的交貨時間可能會比正常情況多出 2 到 4 週。

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.

一些組件的稀缺性和加速需求導致一些短期成本增加，我們正在 Palo Alto Networks 的總體預算範圍內進行管理。

We expect to be able to manage our expenses within our guidance outlined to you for the full year.

我們希望能夠在我們向您概述的全年指導範圍內管理我們的費用。

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.

我們確實希望，鑑於供應鏈的變幻莫測，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.

我們的重點是讓我們的客戶可以輕鬆地在公共雲和本地部署中使用我們的防火牆技術。

We introduced Firewall FLEX late last year.

我們在去年年底推出了 Firewall FLEX。

On the back of this, have nearly 1,000 customers that have taken advantage of this license agreement.

在此背景下，有近 1,000 家客戶已利用此許可協議。

We continue to take share in the firewall industry.

我們繼續在防火牆行業佔有一席之地。

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.

在我們的各種形式因素中，防火牆作為平台的賬單增長了 29%，這是我們近 3 年來看到的最快增長，因為客戶由於我們產品線的廣度和我們在每個領域的領導地位而鞏固了我們的網絡安全支出。

Software was 37% of our FWaaP billings in Q1, continuing to our transition to a higher mix of software.

在第一季度，軟件占我們 FWaaP 賬單的 37%，繼續向更高的軟件組合過渡。

Switching to SASE.

切換到 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.

隨著我們的客戶繼續邁向永久混合工作狀態，Prisma SASE 繼續成為我們業務的力量源泉。

We see many customers in the very early stages as this journey involves network transformation to enable access to all apps from any location.

我們看到許多客戶處於早期階段，因為這一旅程涉及網絡轉型，以便能夠從任何位置訪問所有應用程序。

Only Palo Alto Networks can provide a comprehensive solution with our consistent network security platform across all the form factors.

只有 Palo Alto Networks 可以通過我們一致的網絡安全平台跨所有形式提供全面的解決方案。

We see many customers in our installed base recognizing this.

我們看到我們的客戶群中的許多客戶都認識到了這一點。

So far, we have 1,400 of our over 57,000 next-generation firewall customers that have adopted our SASE technology.

到目前為止，我們有超過 57,000 家下一代防火牆客戶中的 1,400 家採用了我們的 SASE 技術。

Our network security sellers and channel partners are becoming increasingly proficient in this natural extension of our core firewall offering.

我們的網絡安全銷售商和渠道合作夥伴越來越精通我們核心防火牆產品的這種自然擴展。

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.

我們認為這是我們在 SASE 領域增長的延續，使我們能夠在防火牆作為一個平台以及 SASE 的類別中獲得份額。

Overall, we saw our SASE customers grow 61% year-over-year to over 1,700.

總體而言，我們看到我們的 SASE 客戶同比增長 61%，達到 1,700 多家。

We're happy with our progress selling SASE into our installed base.

我們對將 SASE 銷售到我們的安裝群的進展感到高興。

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.

同樣有趣的是在過去的 12 個月中，我們看到超過 25% 的 SASE 客戶來自我們的安裝基礎之外，這不僅令人興奮，因為客戶選擇了我們的網絡安全堆棧，儘管有其他人們的防火牆，這也是一個跡象，表明未來您可以期待與這些 SASE 客戶分享我們在硬件和軟件防火牆方面的創新，讓我們再次擴大我們的安裝基礎。

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.

我們相信，這不僅是我們 SASE 產品競爭力的重要指標，也是我們向客戶提供全面的零信任架構的機會。

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.

我們也看到了對我們 Okyo 設備的良好初步興趣，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.

切換到 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.

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共雲技術的雙重驅動因素，以及對雲環境安全需求日益增長的意識。

We introduced significant new enhancements to our Prisma Cloud offering this week at Ignite.

本週，我們在 Ignite 上為我們的 Prisma Cloud 產品引入了重要的新增強功能。

And again, I encourage you to check out the highlights from the session that Lee and our CMO, Zeynep, hosted on Tuesday.

再次，我鼓勵您查看 Lee 和我們的 CMO Zeynep 週二主持的會議的亮點。

Total Prisma Cloud customers grew 26% year-over-year.

Prisma Cloud 客戶總數同比增長 26%。

Beyond customer adds, we remain very focused with customers consuming credits across our platforms.

除了客戶添加之外，我們仍然非常關注在我們的平台上消費積分的客戶。

Credits consumed increased to 2.2 million in Q1, including strength from some of our new modules.

第一季度消耗的積分增加到 220 萬，包括我們的一些新模塊的強度。

Credits being consumed are a validation of customers deriving value from our products.

消費的積分是對客戶從我們的產品中獲得價值的驗證。

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.

除了這種消費範圍的擴大之外，隨著續訂量的增長以及我們的渠道合作夥伴對 Prisma Cloud 的更多參與，我們也看到了擴張的上升。

This is all important as we grow the business and focus on SaaS economics.

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.

我們繼續看到 Bridgecrew 的強勁業績。

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.

提醒一下，Bridgecrew 有一項銷售動議，他們針對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上的強大牽引力。

On a stand-alone basis, a 5-figure opportunity is a large deal for Bridgecrew.

在獨立的基礎上，5 位數的機會對 Bridgecrew 來說是一筆大買賣。

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.

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，我們已經看到這些交易變得更大。

This quarter, Bridgecrew was an important driver of a million-dollar deal in the insurance vertical.

本季度，Bridgecrew 是保險垂直領域百萬美元交易的重要推動力。

Overall, Prisma Cloud is leading this important trend towards securing the cloud-native environment.

總體而言，Prisma Cloud 正在引領這一重要趨勢，以保護雲原生環境。

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.

正如您可能已經註意到的那樣，很明顯，整個市場已經抓住了我們早期發現的這一趨勢，並且一直在積極地為雲原生安全領域的公司提供資金。

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.

我認為我們在一個季度內的 ARR 比大多數這些資金非常高的公司的年度 ARR 還要多。

We're growing quickly and executing well across Prisma Cloud where we believe we have a long-term ability to win.

我們在 Prisma Cloud 中發展迅速並且執行良好，我們相信我們有長期獲勝的能力。

Switching to our security automation capabilities.

切換到我們的安全自動化功能。

Our Cortex platform continues to deliver innovative integrated capabilities unifying our market-leading technologies across XDR, XSOAR and Xpanse.

我們的 Cortex 平台繼續提供創新的集成功能，統一了我們在 XDR、XSOAR 和 Xpanse 領域的市場領先技術。

Total customers across XDR Pro and XSOAR reached almost 2,800, increasing over 75% year-over-year.

XDR Pro 和 XSOAR 的總客戶數接近 2,800，同比增長超過 75%。

Beyond new customer traction, we also saw an increase in expansion on the back of increased renewal activity in Q1.

除了新客戶的吸引力，我們還看到第一季度續訂活動增加，擴張也有所增加。

Our Cortex products again received strong industry recognition.

我們的 Cortex 產品再次獲得業界的高度認可。

XDR, as I said, was identified as a strong performer in the 2021 Forrester XDR New Tech Wave.

正如我所說，XDR 在 2021 年 Forrester XDR 新技術浪潮中被確定為表現強勁的公司。

This was based on our 2.9 version.

這是基於我們的 2.9 版本。

And early in Q1, we just released XDR 3.0.

在第一季度初，我們剛剛發布了 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.

3.0 顯著增強了 XDR 在雲中的能力，還包括內置的取證響應能力，以幫助 SOC 團隊自動化威脅檢測、調查和響應的整個生命週期。

XSOAR continues its leadership position being named a leader in the GigaOm SOAR Evaluation.

XSOAR 繼續保持其領導地位，在 GigaOm SOAR 評估中被評為領導者。

We also continue to see traction on the partnership front as well across Cortex.

我們還繼續看到合作夥伴關係以及整個 Cortex 的吸引力。

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.

我們看到圍繞 XSOAR 市場的強勁合作夥伴活動仍在繼續，在我們的系統集成商和 Cortex 周圍的 MSP 合作夥伴的影響下，預訂量增長了 80% 以上。

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.

在 Ignite，我們剛剛通過我們的合作夥伴計劃啟動了 XMDR 合作夥伴專業化，其中包括普華永道、Orange Cyberdefense、CRITICALSTART 和 Trustwave 等啟動聯盟合作夥伴。

On the back of very strong large deal performance in Q4, we followed this up with strength in Q1.

在第四季度非常強勁的大宗交易表現的背景下，我們在第一季度以強勁的勢頭跟進。

Driving a broad, repeatable and efficient large deal motion is a key initiative for our sales organization in FY '22.

推動廣泛、可重複和高效的大宗交易動議是我們銷售組織在 22 財年的一項關鍵舉措。

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.

我們的首席商務官 Amit Singh 專注於與我們的總裁 BJ Jenkins 合作，與更廣泛的客戶群體建立更深層次的多平台關係。

While Q1 is seasonally our lightest quarter of the year, we closed 160 7-figure deals within the quarter.

雖然第一季度是我們一年中季節性最輕的季度，但我們在該季度完成了 160 筆 7 位數的交易。

Furthermore, the total dollar value of the 7-figure deals signed in the quarter were up 36% year-over-year.

此外，本季度簽署的 7 位數交易的總美元價值同比增長 36%。

Our millionaire customers were 1,025 in Q1, approximately 29% year-over-year.

我們的百萬富翁客戶在第一季度有 1,025 名，同比增長約 29%。

This is our fourth consecutive quarter where ARR growth in millionaire customers was north of 30% or close to it.

這是我們連續第四個季度百萬富翁客戶的 ARR 增長超過 30% 或接近。

Turning to some of our larger wins in the quarter.

談到我們在本季度的一些更大的勝利。

There are several trends that should be evident in these large deals.

在這些大宗交易中，有幾個趨勢應該很明顯。

First, we're seeing success with multiproduct adoption.

首先，我們看到了多產品採用的成功。

Second, customer commitments are increasing in size, reflecting both the growing importance of cybersecurity as well as our leadership position across our platforms.

其次，客戶承諾的規模越來越大，這既反映了網絡安全日益重要的重要性，也反映了我們在平台上的領導地位。

The value of our large deals is up materially year-over-year and growing faster than our business overall.

我們大宗交易的價值同比大幅增長，並且增長速度快於我們的整體業務。

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.

這對我們來說正在成為一個更可重複的過程，也是我們繼續成熟和提高銷售組織效率的一個領域。

Third, there are a few areas of success emerging where we see trends.

第三，在我們看到趨勢的地方出現了一些成功的領域。

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.

其中包括代理更換的增加、在在家工作的推動下初始購買後 SASE 部署的顯著擴展、跨客戶雲足蹟的 Prisma Cloud 標準化以及跨客戶網絡安全架構的整合。

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.

我們強調這些交易是因為它們符合我們在每個平台領域領先並推動跨平台成功的戰略。

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.

綜上所述，正如我所說，我認為我們正處於網絡安全的長期長期趨勢中，而 Palo Alto Networks 在這一趨勢中處於獨特的位置，能夠利用我們所有的投資和創新過去幾年在我們所有 3 個平台上製作的。

We've had a strong Q1.

我們的第一季度表現強勁。

I'm delighted by the innovation and execution of our teams.

我對我們團隊的創新和執行力感到高興。

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.

我們在 9 月中旬的分析師日制定了今年的戰略和中期願景，我們仍然專注於這些領域。

We aspire to build a durable business and lead the industry through this unprecedented period of growth.

我們渴望建立一個持久的業務，並在這個前所未有的增長時期引領行業。

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.

我們的重點是推動創新、構建多平台、在我們的平台上嵌入人工智能和機器學習，以改變我們的客戶和網絡對手之間的平衡。

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.

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.

我們修訂後的年度指引反映了我們投資組合的廣泛實力，從而提高了 22 財年的收入和賬單。

We're holding our EPS guidance for the year to make sure we can deliver on strong demand with the current supply chain backdrop.

我們將保持今年的每股收益指引，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.

有了這個，讓我把電話轉給 Dipak，以更詳細地了解第一季度的表現和我們的指導。

Thank you very much, Nikesh.

非常感謝你，耐克什。

And good afternoon, everyone.

大家下午好。

Please note that all comparisons are on a year-over-year basis and financial figures are all non-GAAP, unless specifically noted otherwise.

請注意，所有比較都是按年進行的，並且財務數據都是非公認會計原則，除非另有特別說明。

We delivered results ahead of our guidance provided in August across all metrics as we continue to grow and transform our business.

隨著我們繼續發展和轉變我們的業務，我們在 8 月份提供的所有指標指導之前交付了結果。

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.

在第一季度，我們的收入增長繼續受到我們廣泛的產品組合實力的推動，包括我們的設備產品和我們的下一代安全產品。

For Q1, revenue of $1.25 billion grew 32% and was above the high end of the guidance range.

第一季度，收入為 12.5 億美元，增長 32%，高於指導範圍的高端。

Growth was driven by product revenue in all geographies and all 3 platforms.

增長是由所有地區和所有 3 個平台的產品收入推動的。

Total deferred revenue in Q1 was $5.16 billion, an increase of 31%.

第一季度的總遞延收入為 51.6 億美元，增長 31%。

By geography, Q1 revenue growth was strong across all regions.

從地域來看，第一季度所有地區的收入增長都很強勁。

The Americas grew 30%, EMEA was up 35% and JPAC grew 38%.

美洲增長 30%，EMEA 增長 35%，JPAC 增長 38%。

And next-generation security or NGS ARR finished the quarter at $1.27 billion, continuing a steady growth trajectory.

下一代安全或 NGS ARR 在本季度結束時達到 12.7 億美元，繼續保持穩定的增長軌跡。

Within NGS, we saw exceptional strength in our Prisma platform as well as XSOAR and XDR.

在 NGS 中，我們看到了我們的 Prisma 平台以及 XSOAR 和 XDR 的非凡實力。

In the first quarter of '22, we delivered billings of $1.38 billion, up 28% and above the high end of our guidance range.

在 22 年第一季度，我們交付了 13.8 億美元的賬單，增長了 28%，高於我們指導範圍的高端。

As a reminder, billings is total revenue plus the change in total deferred revenue, net of acquired deferred revenue.

提醒一下，賬單是總收入加上總遞延收入的變化，減去獲得的遞延收入。

NGS billings of $366 million grew 38% year-over-year.

NGS 賬單為 3.66 億美元，同比增長 38%。

Remaining performance obligation or RPO was $6.0 billion, increasing 37%, with current RPO growing in line with total RPO.

剩餘履約義務或 RPO 為 60 億美元，增長 37%，當前 RPO 的增長與總 RPO 一致。

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.

正如我在分析師日提到的那樣，我們相信 RPO 為我們未來的收入增加了有意義的洞察力，因為它包括來自客戶的預付費和合同承諾。

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.

正如我們在 9 月最近的分析師日期間所預測的那樣，我們的家電業務在第一季度加速，因為我們實現了 25% 的同比產品增長，這是 10 個季度以來最快的產品增長。

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.

這超出了我們對兩位數低增長的指導，因為我們看到了強勁的第四季度訂單以及第一季度訂單的需求跟進。

Customer reaction to the new appliance launch in late fiscal year '21 has been positive.

客戶對 21 財年末推出的新設備的反應是積極的。

As Nikesh noted, strength in our appliance business was broad-based.

正如 Nikesh 所指出的，我們家電業務的實力基礎廣泛。

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.

雖然更新是一個積極的驅動因素，但隨著客戶恢復到 COVID 之前的購買模式，我們也看到了在更新活動之外需求是可持續的跡象。

Subscription revenue of $579 million increased 35%.

訂閱收入為 5.79 億美元，增長 35%。

Support revenue of $373 million increased 33%.

支持收入為 3.73 億美元，增長了 33%。

In total, subscription and support revenue of $952 million increased 34% and accounted for 76% of our total revenue.

訂閱和支持收入總計 9.52 億美元，增長 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.

由於我們產生了與電器相關的額外成本，毛利率為 74.4%，同比下降 140 個基點。

We will continue to ensure that we're focused on enabling shipments to our customers in the current environment.

我們將繼續確保我們專注於在當前環境下向我們的客戶發貨。

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.

由於我們吸收了 2021 財年下半年強勁的招聘率，因此 18% 的營業利潤率環比上升和同比下降，正如預期的那樣。

Our operating expenses came in below our forecasted levels as we focused on driving operating efficiencies to offset higher input costs on our products.

我們的運營費用低於我們的預測水平，因為我們專注於提高運營效率以抵消我們產品更高的投入成本。

Net income for the first quarter grew 8% to $170 million or $1.64 per diluted share.

第一季度的淨收入增長 8% 至 1.7 億美元或每股攤薄收益 1.64 美元。

Our non-GAAP effective tax rate was 22%, and our GAAP net loss was $104 million or $1.06 per basic and diluted share.

我們的非 GAAP 有效稅率為 22%，我們的 GAAP 淨虧損為 1.04 億美元或每股基本股和稀釋股 1.06 美元。

Turning now to the balance sheet and cash flow statement.

現在轉向資產負債表和現金流量表。

We finished October with cash, equivalents and investments of $4.4 billion.

我們在 10 月份結束時獲得了 44 億美元的現金、等價物和投資。

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.

銷售天數為 74 天，比一年前減少了 7 天，這得益於強大的收款和改進的帳單線性度。

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%.

運營現金流為 5.89 億美元，我們創造了創紀錄的 5.54 億美元的自由現金流，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.

還值得注意的是，在第一季度，我們將客戶計數方法從我們的銷售給客戶的歷史方法轉移到了活躍客戶。

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.

隨著我們繼續通過軟件形式因素的增長和下一代安全性中基於 ARR 的解決方案來轉變我們的業務，對我們而言，成熟我們的客戶獲取、保留和擴展框架非常重要。

As we're increasingly focused on active customers internally, we believe it makes sense to align our external reporting in this way.

隨著我們越來越關注內部活躍的客戶，我們認為以這種方式調整我們的外部報告是有意義的。

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.

在我們演示文稿的附錄中，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.

正如我們 9 月分析師日所述，我們的資本配置優先事項保持不變，並與長期股東回報的優化保持一致。

The pillars of our total shareholder return framework were in action in Q1.

我們股東總回報框架的支柱在第一季度開始發揮作用。

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.

我們的收入規模實現了行業領先的增長，其中收入增長 32% 和 Palo Alto Networks 報告的 5 年來最高的第一季度增長率。

We're focused on investments that will continue to sustain this growth while delivering EPS ahead of our guidance and the Street for Q1.

我們專注於將繼續維持這種增長的投資，同時在我們的指導和第一季度的華爾街之前提供每股收益。

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.

我們這樣做的目的是確保我們能夠滿足客戶需求，同時提高運營效率，以幫助抵消更高的產品相關成本。

We believe this additional expense is a good investment for us as accrued value in our long-term customer relationships.

我們認為，這筆額外費用對我們來說是一項很好的投資，作為我們長期客戶關係的應計價值。

Our free cash flow margin of 44% for this quarter was strong and puts us on track for our annual and multiyear goals.

我們本季度 44% 的自由現金流利潤率非常強勁，使我們能夠實現年度和多年目標。

We remain focused on share repurchase as the largest use of our free cash flow generation.

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。

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.

然而，本季度有幾件重大事件使回購股票變得困難，包括我們的季度中期分析師日和我們的股票上市轉移到納斯達克。

We'll continue to be opportunistic buyers of our stock, as you have seen over the last 12 months.

正如您在過去 12 個月中看到的那樣，我們將繼續成為我們股票的機會主義買家。

We have $1 billion remaining on our share repurchase authorization expiring at December 31, 2022.

我們的股票回購授權剩餘 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，正如你們中的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訂了 Palo Alto Networks 的高管薪酬計劃，將 TSR 乘數添加到我們的 22 財年計劃中，以更好地使高管薪酬與股東保持一致利益。

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.

我們在第一季度完成了一項非常小的收購，即 Gamma Networks，這為我們帶來了 DLP 領域的額外技術，並且是我們本週在 Ignite 上宣布的下一代 CASB 的一部分。

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.

由於我們已經組裝了執行平台戰略所需的關鍵支柱，我們繼續預計與最近的過去相比，22 財年的併購活動只會增加。

Lastly, moving now to guidance and modeling points.

最後，現在轉到指導和建模點。

As Nikesh mentioned and you're undoubtedly aware, there is some disruption in the global supply chains.

正如 Nikesh 提到的，您無疑已經意識到，全球供應鏈出現了一些中斷。

Our teams have navigated through these challenges extremely well, although we did incur some incremental cost of product revenue in Q1.

儘管我們確實在第一季度增加了一些產品收入成本，但我們的團隊已經很好地應對了這些挑戰。

The guidance we're giving today considers the latest inputs we have around the supply chain and other factors.

我們今天提供的指導考慮了我們對供應鍊和其他因素的最新投入。

We do expect that we will incur additional cost of product in Q2 and the fiscal year, which we have factored in.

我們確實預計我們將在第二季度和本財年產生額外的產品成本，我們已將其考慮在內。

At the same time, we're focused on driving operational efficiencies in our overall business to help offset this.

與此同時，我們專注於提高整體業務的運營效率，以幫助抵消這一點。

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.

在這種情況下，我們很高興能夠保持 2022 財年的營業利潤率、每股收益和自由現金流利潤率指導。

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.

我們注意到，在我們指導範圍的高端，我們將實現 60 規則，這是我們在分析師日的願望，將我們的收入增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%.

對於 2022 年第二財季，我們預計賬單將在 15.1 億美元至 15.3 億美元之間，增長 24% 至 26%。

We expect revenue to be in a range of $1.265 billion to $1.285 billion, an increase of 24% to 26%.

我們預計收入將在 12.65 億美元至 12.85 億美元之間，增長 24% 至 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.

根據約 1.05 億股至 1.07 億股的加權平均稀釋計數，非公認會計原則每股收益預計在 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%.

對於整個 2022 財年，我們預計賬單將在 66.75 億美元至 67.25 億美元之間，增長 22% 至 23%。

We expect revenue to be in the range of $5.35 billion to $5.40 billion, an increase of 26% to 27%.

我們預計收入將在 53.5 億美元至 54 億美元之間，增長 26% 至 27%。

We expect our next-gen security ARR to be $1.65 billion to $1.7 billion, an increase of 40% to 44%.

我們預計我們的下一代安全 ARR 為 16.5 億美元至 17 億美元，增長 40% 至 44%。

And we expect our product revenue growth percent to be in the mid-teens year-over-year.

我們預計我們的產品收入增長率將同比保持在十幾歲左右。

We expect our operating margins to be in the range of 18.5% to 19%.

我們預計我們的營業利潤率將在 18.5% 至 19% 之間。

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.

根據大約 1.06 億股至 1.08 億股的平均攤薄數量，我們的非公認會計原則每股收益預計在 7.15 美元至 7.25 美元之間。

Adjusted free cash flow margin is expected to be in the range of 32% to 33%.

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.

此外，請考慮以下附加建模點。

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.

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指出的。

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.

為了幫助您進一步校准我們的季節性模型，我們預計第四季度將有大約 33% 至 34% 的年營業收入來自我們。

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.

我們預計我們的非 GAAP 稅率將在 22 年第二季度和 22 財年保持在 22%，具體取決於未來稅收立法的結果。

We expect net interest and other expenses of $5 million to $6 million per quarter.

我們預計每季度的淨利息和其他費用為 500 萬至 600 萬美元。

And for Q2 '22, we expect capital expenditures of $80 million to $85 million.

對於 22 年第二季度，我們預計資本支出為 8000 萬至 8500 萬美元。

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.

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.

有了這個，我會將電話轉回給 Clay 進行電話的問答部分。

Great.

偉大的。

Thank you, Dipak.

謝謝你，迪帕克。

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

（操作員說明）我們的第一個問題將來自 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?

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為雲進行交易？

Are they accelerating their workloads faster to the cloud and therefore just substituting your solution there?

他們是否將他們的工作負載更快地加速到雲端，因此只是在那裡替換您的解決方案？

Can you give us just color of what you're seeing in the customer behavior based on what's happening right now?

您能否根據目前正在發生的事情，告訴我們您在客戶行為中看到的顏色？

Brent, thank you for the question.

布倫特，謝謝你的問題。

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.

看，我認為正如 Dipak 強調的那樣，我說，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。

We're also seeing customers think longer term what they want for capacity for the full year.

我們還看到客戶從長遠角度考慮他們想要的全年容量。

Hence, we are seeing more visibility in terms of what their needs are on the hardware front.

因此，我們在硬件方面的需求方面看到了更多的可見性。

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.

我也確信會發生一些替代，因為我們知道並非行業中的每個參與者都具有與我們為客戶提供的產品一樣的交貨時間。

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.

因此，市場上有一些從其他供應商到我們的替代品，我們已經在基礎設施中作為第一或第二供應商，或者我們已經成為那裡的全新供應商。

Outside of that, yes, to some degree we are seeing cloud adoption continue to accelerate across the market.

除此之外，是的，在某種程度上，我們看到雲採用在整個市場繼續加速。

I think it's partly a function of the fact that people have made the shift to cloud faster given the pandemic.

我認為這部分是因為人們在大流行的情況下更快地轉向了雲計算。

And I think there may be a marginal impact of people running into the hardware issues.

而且我認為人們遇到硬件問題可能會產生邊際影響。

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.

但它的廣泛性和廣泛性還不足以稱其為一種趨勢，但我敢肯定，這種影響是存在的。

All right.

好的。

Great.

偉大的。

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

我們的下一個問題來自德意志銀行的帕特里克科爾維爾，緊隨其後的是斯特林。

Can I actually switch on to the NGS ARR?

我真的可以切換到 NGS ARR 嗎？

I mean, very impressive as always growing to $1.27 billion.

我的意思是，非常令人印象深刻，因為總是增長到 12.7 億美元。

I guess the sequential delta was maybe slightly less than we've kind of seen with the recent trends.

我猜連續增量可能比我們在最近的趨勢中看到的略少。

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.

如果我的數學是正確的，大約 9000 萬美元的環比增長，大約 8% 的環比增長，這比我們去年和之前看到的趨勢略低。

So I guess can you just help me understand the puts and takes there of momentum around NGS, please?

所以我想你能幫我理解一下圍繞 NGS 的動力嗎？

There's a lot of momentum on NGS, Patrick, as we highlighted, both in the Prisma Cloud side and the Prisma SASE side.

正如我們強調的那樣，NGS 的發展勢頭很大，Patrick，無論是在 Prisma Cloud 方面還是在 Prisma SASE 方面。

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.

正如您去年所經歷的那樣，我們的 NGS 業務在第三季度和第四季度的後端負載非常重，因為團隊花了很多時間讓客戶獲得一個，大多數產品要么是他們雲轉型之旅的一部分，要么SOC 轉型之旅或網絡轉型之旅。

The key word in all 3 is the transformation aspect.

這三個方面的關鍵詞是轉型方面。

And transformational aspects require longer POCs, longer discussions with our customers.

轉型方面需要更長的 POC，與我們的客戶進行更長時間的討論。

We have ample confidence that we will handily meet our expectations for the full year NGS ARR.

我們有充分的信心，我們將輕鬆滿足我們對全年 NGS ARR 的期望。

We actually don't sweat the quarterly evolution because we look at it as annual pipeline.

實際上，我們不會為季度演變而汗流浹背，因為我們將其視為年度管道。

And as I said, we feel it's well in hand and couldn't be more enthusiastic about it.

正如我所說，我們覺得它已經掌握得很好，並且對此充滿熱情。

Great.

偉大的。

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

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

All right.

好的。

So I want to go back to the supply chain, which I'm sure a lot of us will.

所以我想回到供應鏈，我相信我們很多人都會這樣做。

Is there a sense when you're talking to your customers how much of the timing of these orders is for lead time?

當您與客戶交談時，這些訂單的時間有多少是提前期？

Meaning that they're just doing it in the first half, maybe you would have gotten some of these orders in Q3 and Q4.

這意味著他們只是在上半年這樣做，也許您會在第三季度和第四季度獲得其中一些訂單。

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?

其中有多少可能只是增加了訂購，因為他們以更多方式利用該解決方案，因此更多的微分段和其他類型的零架構用例？

Yes.

是的。

That's a great question, Sterling.

這是一個很好的問題，斯特林。

Honestly, I think if I was to rank order the impact, we've seen 25% product growth.

老實說，我認為如果按影響排序，我們已經看到了 25% 的產品增長。

Remember, we've just done a hardware refresh for part of our portfolio.

請記住，我們剛剛對我們的部分產品組合進行了硬件更新。

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.

傳統上，我們總是看到，每當您進行硬件更新時，您的客戶都會站出來並想要最新的硬件。

And they've kind of learned how to anticipate it.

他們已經學會瞭如何預測它。

So that's clearly the #1 effect we're seeing in the quarter.

所以這顯然是我們在本季度看到的第一效應。

I think the second effect is, to your point, increased consumption and increased deployment requirements that we're seeing.

我認為，就您的觀點而言，第二個影響是我們看到的消耗增加和部署要求增加。

Because you can tell, you can tell if a customer is preordering ahead or is a net new customer.

因為您可以判斷，所以您可以判斷客戶是提前預訂還是新客戶。

A net new customer who has never been a customer of Palo Alto is not ordering ahead.

從未成為 Palo Alto 客戶的淨新客戶不會提前訂購。

They're actually transferring to Palo Alto.

他們實際上正在轉移到帕洛阿爾托。

So I think that's the third impact.

所以我認為這是第三個影響。

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.

第四個，老實說，我會考慮 10% 的影響，給予或接受，這大約是我們在提前訂購類別中看到的。

All right.

好的。

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

我們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.

Nikesh，只是一個關於 Prisma Cloud 的問題。

Obviously, you continue to put up good customer metrics as well as those consumption numbers.

顯然，您繼續提供良好的客戶指標以及這些消費數據。

There's obviously been a lot of focus of investors on the DevOps life cycle and shift left security.

顯然，投資者非常關注 DevOps 生命週期和左移安全性。

Two questions here.

這裡有兩個問題。

Where do you think are customers in terms of their sort of adoption of these technologies?

您認為客戶對這些技術的採用程度如何？

What sort of inning are we in?

我們在哪一局？

And then second, when you are winning these deals, what are customers telling you about why, what's the differentiation?

其次，當您贏得這些交易時，客戶會告訴您為什麼，差異化是什麼？

So I have the pleasure of having Mr. Lee Klarich, our Chief Product Officer.

因此，我很高興見到我們的首席產品官 Lee Klarich 先生。

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.

而且我不希望他覺得他不需要在這些電話中接聽任何東西，所以我要請他加入這裡，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.

但是我給你的唯一兩分錢是，每當客戶已經部分完成他們的旅程並且他們認為他們的本土工具或他們的單點解決方案不是他們基礎設施的正確解決方案時，我們通常會看到大型 Prisma Cloud訂婚。

Having said that, I'm not saying that they don't use us for those individual use cases.

話雖如此，我並不是說他們不會將我們用於那些單獨的用例。

They do.

他們是這樣。

But eventually they step up and say, I need to make a comprehensive product bet.

但最終他們站出來說，我需要做一個全面的產品賭注。

But I'm going to have Lee jump in and talk about some of the shift left stuff we're seeing.

但我要讓 Lee 加入並談論我們看到的一些左移的東西。

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.

借助 Bridgecrew，昨天最近宣布提供類似 Wiz 的功能，即無代理掃描，以及將我們的左移功能集成到 Prisma Cloud Enterprise 平台中以保持一致性。

Anything you'd like add?

你有什麼要補充的嗎？

Thank you, Nikesh.

謝謝你，耐克什。

Look, I think a lot of customers are still in their journey to fully operationalize cloud security.

看，我認為很多客戶仍在全面實施雲安全的旅程中。

There's no question about it.

毫無疑問。

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.

在某種程度上，他們甚至還處於向雲遷移的旅程中，並真正了解需要改變的所有不同動態，以便充分利用雲架構與傳統數據中心架構的優勢。

And so as we go through these shifts in a lot of cases, we're helping to enable and drive these changes.

因此，當我們在很多情況下經歷這些轉變時，我們正在幫助實現和推動這些變化。

There's a few that I would just highlight for you here.

我想在這里為您重點介紹一些內容。

One is, we believe very strongly that for cloud security to be effective, it has to be embedded in the development and DevOps processes.

一是，我們堅信雲安全要有效，必須嵌入到開發和 DevOps 流程中。

This is why the announcement from earlier this week where we're starting the Bridgecrew integration into Prisma Cloud is so important.

這就是為什麼本週早些時候我們開始將 Bridgecrew 集成到 Prisma Cloud 的公告如此重要。

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.

這使得 Prisma Cloud 安全功能能夠集成到開發人員和 DevOps 團隊用來開發其云應用程序的 CI/CD 管道中，這絕對是至關重要的。

Second, you're also seeing us with some of the recent advances we announced around agentless security.

其次，您還會看到我們宣布的有關無代理安全性的一些最新進展。

We're making it easier for customers to get that initial adoption.

我們讓客戶更容易獲得最初的採用。

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.

然後甚至支持混合模型，他們可以同時使用基於代理和無代理掃描，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.

我們繼續關注云身份、權限和權利，以及它如何影響雲安全，這一直是一個被忽視且未被充分理解的領域。

And so these become some of the more advanced capabilities that our customers are now getting ready to adopt.

因此，這些成為我們的客戶現在準備採用的一些更高級的功能。

And like our Prisma Cloud strategy, our goal is always try to stay a step ahead of those needs.

就像我們的 Prisma Cloud 戰略一樣，我們的目標始終是努力領先於這些需求。

Great.

偉大的。

Thanks, Lee.

謝謝，李。

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

我們的下一個問題來自 Barclays 的 Saket Kalia，然後是 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.

Nikesh，我認為在 Prisma SASE 方面看到 1,800 名客戶中的大約 1,400 名也是下一代防火牆客戶很有趣。

And so the question was asked earlier about the short-term impact of substitution from one to the other.

因此，之前有人問過這個問題，關於從一個替代到另一個的短期影響。

I'm kind of curious about how you think about that long term.

我有點好奇你是如何看待這個長期的。

Do you find that Prisma SASE is additive to customer spending?

您是否發現 Prisma SASE 可以增加客戶支出？

Or do you find that more often it is substituting or replacing what they are doing with firewall?

或者您是否發現更多時候它正在替換或替換他們用防火牆所做的事情？

Does that make sense?

那有意義嗎？

Yes, of course.

是的當然。

I think a few quarters ago, my colleague, Mr. Lee Klarich, had done a phenomenal job of highlighting that.

我想幾個季度前，我的同事 Lee Klarich 先生在強調這一點方面做得非常出色。

The Prisma SASE customer is more valuable to us from an LTV perspective, i.e., on a like-for-like basis.

從 LTV 的角度來看，Prisma SASE 客戶對我們更有價值，即在同類產品的基礎上。

And also is a lower TCO opportunity for the customer because now you're not upgrading every one of your hardware boxes.

並且對於客戶來說也是一個較低的 TCO 機會，因為現在您不需要升級您的每一個硬件盒。

I mean, take a case, you have 1,400 stores somewhere.

我的意思是，舉個例子，你在某個地方有 1,400 家商店。

You're going to put a hardware box everywhere, and you got to upgrade them for every new software release we offer.

您將在任何地方放置一個硬件盒，並且您必須為我們提供的每個新軟件版本升級它們。

And that's a truck roll and requires you to be comfortable that you want to do it.

這是一個上門服務，需要你對自己想做的事情感到舒服。

In the case of Prisma SASE, we roll it out.

在 Prisma SASE 的情況下，我們推出了它。

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.

因此，我們所有的 1,400 名客戶，繁榮，在 2 週內，我們讓他們升級到下一個版本的軟件，這使我們能夠在季度內發布多個軟件。

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.

就我們的防火牆而言，編寫下一個大型主要版本需要 1 年時間，並且需要 4 個月才能讓我們的客戶暫時同意在其 1,400 家商店中部署它，因為他們還不舒服，因為這將是一個大的變化，如果這種變化不起作用。

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.

所以我認為從技術上，從概念上講，從現在起 5 年後，我們回首往事是否會說，去滾動卡車和升級硬件是多麼愚蠢的想法。

I'll give you a case.

我給你一個案例。

I apologize for distracting.

我為分散注意力而道歉。

But a friend of mine is very much into electric cars and he bought a new electric car.

但是我的一個朋友非常喜歡電動汽車，他買了一輛新的電動汽車。

I have one too.

我也有一個。

Mine's a Tesla.

我的是特斯拉。

It does over-the-air software updates.

它進行無線軟件更新。

His, he has to drive to the dealership and wait in line when they put a USB stick and they're upgraded.

他的，他必須開車去經銷店排隊等候，當他們放入 U 盤並進行升級時。

You tell me which one you want.

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.

所以我認為從長遠來看，我會說 SASE 就像是一輛特斯拉，可以將汽車開到經銷商處，並在其中插入一個 USB。

So from my perspective, SASE is a better technical outcome.

所以從我的角度來看，SASE 是一個更好的技術成果。

It's a better security outcome for the customer.

這對客戶來說是一個更好的安全結果。

It's a better value for us and is a better value for the customer in the long term.

從長遠來看，這對我們來說是一個更好的價值，對客戶來說也是一個更好的價值。

All right.

好的。

Great.

偉大的。

Thanks, Nikesh.

謝謝，耐克什。

Our next question comes from Brian Essex of Goldman Sachs, with Tal Liani up after that.

我們的下一個問題來自高盛的 Brian Essex，然後是 Tal Liani。

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

別給我（髒話），布賴恩，因為那是他的車，我忘了。

Not my car.

不是我的車。

For Nikesh or Dipak, whichever one wants to field this one.

對於 Nikesh 或 Dipak，無論誰想要上場。

I think we heard a commentary around increased costs related to product revenue.

我想我們聽到了有關與產品收入相關的成本增加的評論。

And I don't know, we're in an inflationary environment.

我不知道，我們正處於通貨膨脹的環境中。

Everyone's used to paying more for things.

每個人都習慣於為事物付出更多。

What levers might you have to offset that, whether it's vendor consolidation, attach rate, pricing increases?

您可能需要哪些槓桿來抵消這一點，無論是供應商整合、附加率還是價格上漲？

How might you think about ways you can offset those higher costs on the other side?

你會如何考慮如何抵消另一方面的更高成本？

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.

是的，就像 Dipak 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，我們的一些芯片供應商正在為他們提供給我們的稀缺芯片要求更多的錢。

That's what it is.

就是這樣。

So in the short term, there's no offset.

所以在短期內，沒有抵消。

You want the chip, you pay for it, you buy it.

你想要芯片，你付錢，你買。

In the broader scheme of Palo Alto, we can offset it with other cost containment strategies, which Dipak is on top of dealing with.

在更廣泛的帕洛阿爾托計劃中，我們可以用其他成本控制策略來抵消它，而 Dipak 則在處理這些策略。

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.

也許你可以談談你的團隊正在做的一些供應鏈工作，因為我會告訴你，這很有趣。

As we said, this is one of our highest product growth quarters in recent history in the midst of a supply chain crisis.

正如我們所說，在供應鏈危機中，這是我們近期歷史上產品增長最快的季度之一。

And you guys know, you can't book it until you ship it.

你們知道，在你發貨之前你不能預訂它。

So we've not only been able to book it, but ship it, so Dipak's team must be doing something.

所以我們不僅可以預訂它，還可以發貨，所以 Dipak 的團隊一定在做點什麼。

I don't know.

我不知道。

Look, just to come back to your overall question, we look at all of the different levers.

看，回到你的整體問題，我們看看所有不同的槓桿。

We did take a price increase in September in the U.S., November 1 internationally.

我們確實在 9 月在美國提高了價格，11 月 1 日在國際上進行了提價。

So we do look at that as a lever.

所以我們確實將其視為一個槓桿。

But fundamentally, I would say that one of the benefits of when you have very strong demand is you have better visibility.

但從根本上說，當你有非常強烈的需求時，我想說的好處之一就是你有更好的知名度。

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.

因此，由於需求強勁，交貨時間更長，我們將交貨時間延長了幾個星期，正如 Nikesh 所說。

That actually allows us a little bit more visibility.

這實際上讓我們有更多的知名度。

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.

我們擁有一支世界一流的團隊，他們利用這種可見性來嘗試並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.

我認為除此之外，您希望我們關注的槓桿是我們能做的一切。

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.

我們正在關注我們所有的供應商，試圖了解我們如何降低成本並利用我們的規模，能夠獲得從更好的付款條件到降低成本的一切，同時也關注我們所有的運營支出。

But I would say it's a very balanced approach under the framework of total shareholder return.

但我會說這是在股東總回報框架下非常平衡的方法。

And our shift to software helps.

我們向軟件的轉變會有所幫助。

Yes.

是的。

Clay?

粘土？

Did we lose Clay?

我們失去了克萊嗎？

He got it, I think.

他明白了，我想。

Okay.

好的。

I was muted as well.

我也被靜音了。

Next question coming from Hamza Fodderwala of Morgan Stanley, with Adam Tindle to follow.

下一個問題來自摩根士丹利的 Hamza Fodderwala，Adam Tindle 緊隨其後。

Maybe just a quick one for Dipak in case he's getting lonely there.

也許只是給迪帕克一個快速的，以防他在那裡變得孤獨。

Dipak, you gave a really strong total RPO number.

Dipak，您提供了一個非常強大的總 RPO 數。

I'm wondering if you can tell us what the current RPO was.

我想知道您能否告訴我們當前的 RPO 是什麼。

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?

隨著您從硬件轉向軟件，您認為 CRPO 指標是否會成為衡量帕洛阿爾托潛在預訂增長的更清晰指標？

Thanks, Hamza.

謝謝，哈姆扎。

So in my prepared remarks, I actually did say that current RPO grew at the same rate as total RPO.

因此，在我準備好的評論中，我確實說過當前 RPO 的增長速度與總 RPO 的增長速度相同。

So I do think that both are important.

所以我認為兩者都很重要。

The reality is, I think total RPO is critically important because that's all of our future obligations.

現實情況是，我認為總 RPO 至關重要，因為這是我們未來的所有義務。

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.

我認為當前的 RPO 是我花了很多時間研究的，因為這確實讓您很好地了解了您對未來 12 個月收入的可預測性。

I think both are important.

我認為兩者都很重要。

I think the macro comment is RPO is important.

我認為宏觀評論是 RPO 很重要。

You have to look at both.

你必須看看兩者。

You have to look at your contract lengths.

你必須看看你的合同期限。

You have to look at everything and anything around RPO.

您必須查看 RPO 周圍的所有內容。

And candidly, I'm surprised that more companies don't spend more time on it.

坦率地說，我很驚訝更多的公司沒有花更多的時間在這上面。

Great.

偉大的。

Thank you.

謝謝你。

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

我們的下一個問題來自 Raymond James 的 Adam Tindle，接下來是 Rob Owens。

Nikesh, I wanted to ask on go to market.

Nikesh，我想問一下去市場。

Maybe you could tie in some feedback from new management members like Amit and BJ since joining.

也許您可以從加入後的 Amit 和 BJ 等新管理成員那裡獲得一些反饋。

But kind of a two-parter, first on the core sales team.

但有點像兩方，首先是核心銷售團隊。

On the last call, you talked about them driving the majority of Cortex revenue.

在上次電話會議上，您談到他們推動了 Cortex 收入的大部分。

And I'm wondering if that's something that you could continue to drive that motion and apply to areas beyond Cortex.

我想知道你是否可以繼續推動這一運動並應用於 Cortex 以外的領域。

And then in channel, you had an inflection in partner-led deals this quarter in Cortex.

然後在渠道中，本季度合作夥伴主導的 Cortex 交易發生了變化。

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?

如果您可以雙擊驅動程序，團隊可以做些什麼來進一步推進 Cortex 以外的其他領域？

Great.

偉大的。

Thanks for the question.

謝謝你的問題。

You know what, having BJ here has been amazing.

你知道嗎，有 BJ 在這裡真是太棒了。

This week and actually now, Amit is in a room elsewhere doing a CIO meeting.

本週，實際上是現在，Amit 正在其他地方的一個房間裡召開 CIO 會議。

BJ is in Europe meeting customers.

BJ 在歐洲會見客戶。

And I'm here doing an earnings call.

我在這裡進行收益電話會議。

So we've been able to divide and conquer in terms of being able to touch more and more customers.

因此，在接觸越來越多的客戶方面，我們已經能夠分而治之。

I would start with your question on Cortex and channel-led stuff.

我將從您關於 Cortex 和渠道主導的東西的問題開始。

Look, we've been on a journey.

看，我們一直在旅行。

We caught this cloud thing early in our mind.

我們很早就想到了這個雲的東西。

But we were getting our motion right and figuring it out and now we started to enable channel partners.

但我們正在製定正確的行動並弄清楚它，現在我們開始啟用渠道合作夥伴。

So as we enable channel partners, we have been able to amplify our ability to go and approach our customers with cloud capability.

因此，當我們啟用渠道合作夥伴時，我們已經能夠增強我們通過雲功能接觸客戶的能力。

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.

所以你可以想像，這仍然是一個新興市場，我認為這將在未來 5 到 7 年內成為一個巨大的市場。

No wonder you're seeing those lofty valuations for start-ups out there.

難怪你會看到那些初創企業的高估值。

I firmly believe we're 18 to 24 months ahead from a comprehensive platform perspective.

我堅信從綜合平台的角度來看，我們領先 18 到 24 個月。

We're not standing quietly.

我們不是靜靜地站著。

We still have more engineers at Palo Alto building cloud security capability than all of the other start-ups roughly combined.

我們在 Palo Alto 構建雲安全能力的工程師仍然比所有其他初創企業的總和還要多。

So we're not worried about our strength and our ability.

所以我們並不擔心我們的實力和能力。

We have to remain nimble.

我們必須保持敏捷。

We have to remain agile, and we have to make sure we amplify our go-to-market capabilities.

我們必須保持敏捷，我們必須確保擴大我們的上市能力。

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.

所以從這個角度來看，是的，你會看到我們繼續擴大我們的雲上市能力和我們的 Cortex 上市能力。

We are working on some very exciting product enhancements in our XDR front and Cortex front, more to come in future calls.

我們正在對我們的 XDR 前端和 Cortex 前端進行一些非常令人興奮的產品增強，未來的電話中還會有更多。

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.

但這讓我們相信，隨著我們繼續用 XDR 播種市場，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.

最後但並非最不重要的一點是，亞當，我再給你一個軼事。

In the last 90 days, I have met more CIOs personally than I met in the first 3 years of working at Palo Alto.

在過去的 90 天裡，我親自遇到的 CIO 比我在 Palo Alto 工作的前 3 年中遇到的還要多。

And that's not because I was lazy at first.

這並不是因為我一開始很懶惰。

It's because I have had the opportunity to go engage with them because now we have a comprehensive cybersecurity platform.

這是因為我有機會與他們接觸，因為現在我們擁有一個全面的網絡安全平台。

And many of them are saying, this point solution stuff is not working.

他們中的許多人都在說，這一點解決方案不起作用。

I'm moving to the cloud.

我正在遷移到雲端。

So now I have some sort of redundancy built-in in my DevOps environment.

所以現在我的 DevOps 環境中內置了某種冗餘。

Therefore, I may be willing to go look at one vendor to help me in entire stack from one end to the other.

因此，我可能願意去看看一個供應商來幫助我從一端到另一端的整個堆棧。

So that's the go-to-market update.

這就是上市更新。

All right.

好的。

Great.

偉大的。

Thanks, Nikesh.

謝謝，耐克什。

Our next question comes from Rob Owens of Piper Sandler, followed by Irvin Liu.

我們的下一個問題來自 Piper Sandler 的 Rob Owens，接下來是 Irvin Liu。

Curious on the federal front given that your end of quarter did span the end of the federal fiscal year.

鑑於您的季度末確實跨越了聯邦財政年度末，因此對聯邦陣線感到好奇。

How things came in?

東西是怎麼進來的？

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?

但我認為更重要的是，你在接下來幾個季度的管道方面看到了什麼，因為感覺就像是一個更線性的聯邦支出即將到來？

Yes.

是的。

Thank you.

謝謝你。

Thank you for the question.

感謝你的提問。

Look, I think as we talked about probably at the end of last quarter, new administration, early days.

看，我認為正如我們可能在上個季度末談論的那樣，新政府，早期。

They were still trying to put their authorized process to get this stuff in order.

他們仍在嘗試通過授權流程來整理這些東西。

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.

所以我們確實看到了，很明顯，因為在他們的財政年度末和我們的季度中期有充足的美聯儲業務給我們，這是很強勁的。

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.

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 為我們的 Ignite 活動做了一個主題演講。

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.

聽到她的聲音非常有趣，因為您看到美國政府現在有一個非常強烈的指令，並且願意真正認真對待網絡安全。

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.

您已經在各種基礎設施賬單中看到了這一點，其中有特定的網絡安全支出項目，以及各種賬單中的攻擊面管理項目。

So you can see that there is a lot of seeding of cybersecurity that's gone on in the federal sort of budget.

所以你可以看到在聯邦預算中有很多網絡安全的種子。

As with everything with government, it's thoughtful, it takes time and it happens slightly slower than analysts and CEOs expect.

與政府的所有事情一樣，它是經過深思熟慮的，需要時間，而且比分析師和 CEO 預期的要慢一些。

Great.

偉大的。

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

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.

因此，您強調了您當前平台的完整性，並且短期內的任何收購都將是增量而非大規模。

But I wanted to better understand, how do you weigh build versus buy decisions looking ahead?

但我想更好地了解，您如何權衡未來的構建與購買決策？

And which areas of the market do you see yourself potentially having a product gap?

您認為自己在哪些市場領域可能存在產品缺口？

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.

所以歐文，我們非常清楚市場的某些領域通過 API 或連接基礎與我們合作得很好。

Like for example, we've been clear in identity access management.

例如，我們在身份訪問管理方面已經很清楚了。

We think there's ample good players out there.

我們認為那裡有很多優秀的球員。

Us going into that space is not going to add any incremental value.

我們進入那個領域不會增加任何增量價值。

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.

或者類似地，在電子郵件安全方面，我們已經避開了那個空間，並不是因為我們相信最終人們會遷移到谷歌、微軟和 Proofpoint，而且還有很多其他人。

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.

所以我們已經看到了一些領域，我認為最好的思考方式是，我們在 3 年前做過這個練習。

We identified a blue ocean called cloud and the move to the cloud.

我們確定了一個名為雲的藍色海洋以及向雲的遷移。

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.

我們說，將會有很多為雲創建的新安全產品，讓我們早日走在潮流的前面，這就是我們所做的。

We bought 6 or 7 companies in that space, integrated it.

我們在那個領域買了 6 到 7 家公司，整合了它。

And the results are in front of you.

結果就在你面前。

And I think we've announced $270 million ARR for Prisma Cloud last Q4.

我認為我們已經宣布了 Prisma Cloud 去年第四季度的 2.7 億美元 ARR。

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.

所以你可以預期這個季度已經增長，正如我所說，這使我們達到了 6 到 10 倍，而這些初創企業中的許多獲得了 60 億到 80 億美元的資金。

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 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.

因此，從這個角度來看，這既是我們想要追求的市場領域，理想情況下是一片藍海，也就是雲安全，或者我們擁有一項顛覆性技術，我們相信這將迫使客戶更換他們現有的技術。

And that you're seeing happen in the XDR space.

而你在 XDR 領域看到的情況。

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.

McAfee 和 Symantec 曾經有一個端點空間，在結構上被 CrowdStrike、us、SentinelOne、Carbon Black 和其他公司所取代。

So those are the areas where I pay attention to.

所以這些是我關注的領域。

A third one is where our firewall teams are able to go upsell and attach that capability to the firewall.

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的地方。

For example, yesterday, we launched next-generation CASB.

例如，昨天，我們推出了下一代 CASB。

I think that is a transformative product.

我認為這是一個變革性的產品。

I think it will replace majority of the CASB out there.

我認為它將取代大多數 CASB。

You will not need to buy CASB separately from any other vendor.

您無需從任何其他供應商處單獨購買 CASB。

So again, 3 years ago we had a lot of gaps, and we are doing a lot of acquisitions.

再說一次，3 年前我們有很多差距，我們正在做很多收購。

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.

我們已經到了這樣的程度，它幾乎是 10 次中的 8 次、9 次，對我們來說構建更好，因為我們擁有 60%、50%、70% 的傳感器和能力。

We just have to build the other 30%.

我們只需要建造另外的 30%。

In net new areas, that's the question.

在淨新領域，這就是問題所在。

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.

到目前為止，我們還沒有找到任何引人注目的區域讓我們從床上跳起來說，我需要去看看。

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.

話雖如此，沃爾特、我、李，我們仍然認真地看到每個季度有 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，我們會跟踪它。

All right.

好的。

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

我們的下一個問題來自 RBC 的 Matt Hedberg，接下來是 Keith Bachman。

A question for Nikesh or Lee.

耐克什或李的問題。

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.

我認為對我來說很突出的是，我認為您說 25% 的 SASE 客戶來自您的核心之外，這很高興聽到。

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.

而且我認為就帕洛阿爾託的一些早期問題而言，在這些情況下，它不僅是一個整合者，而且是同類中的佼佼者。

Can you talk to how that trend has progressed, that 25% of the customer concept?

你能談談這種趨勢是如何發展的，即 25% 的客戶概念嗎？

And are you seeing other things like that in other segments, like Cortex XDR or Prisma Cloud?

您是否在其他領域看到了類似的東西，比如 Cortex XDR 或 Prisma Cloud？

Yes.

是的。

So look first to your comment on being best of breed, not just a consolidator, that is 100% spot on.

因此，請首先查看您對成為最佳品種的評論，而不僅僅是一個整合者，這是 100% 正確的。

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.

從產品的角度來看，我們所做的一切都是我們的重點，我們努力在該特定領域做到一流，這樣當我們將其整合併為客戶集成時，我們真正在增加價值，而不僅僅是減少供應商的數量他們必須做生意。

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.

因此，沿著這些思路，這就是推動您看到從淨新客戶到 Palo Alto Networks 採用 SASE 的數字的原因。

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.

這是一個很好的起點，也是我們在事後擴展到網絡安全、Prisma Cloud、Cortex 的其他領域的機會。

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.

過去，我們還分享了 Cortex 的類似數字，我們看到第一次進入 XSOAR、XDR 和 Xpanse 的客戶的採用水平相似。

And quite frankly, Prisma Cloud is right up there as well in terms of that new adoption.

坦率地說，就新的採用而言，Prisma Cloud 也處於領先地位。

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.

因此，所有這一切都是通過在這些不同的產品領域中成為一流的而成為可能的，然後一旦他們進入或成功使用第一個產品，就有機會在某些情況下相當迅速地擴展。

Thank you, Lee.

謝謝你，李。

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

我們的下一個問題來自 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.

如果可以的話，我想回到供應鏈，把這個交給你，Dipak。

Can you help us understand what the price increases have been for your products thus far and the anticipation going forward?

您能否幫助我們了解您的產品到目前為止的價格上漲情況以及對未來的預期？

Just trying to understand what the impact to the top line may have been from price increases.

只是想了解價格上漲對收入的影響可能是什麼。

And then the corollary question is, can you give us any quantification associated with the margin impact?

然後推論的問題是，你能給我們任何與利潤率影響相關的量化嗎？

You mentioned it was negatively impacted for the quarter and would likely be for the year.

你提到它在本季度受到了負面影響，而且很可能是全年。

Just wondering if you could flesh that out.

只是想知道你是否可以充實它。

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.

我知道您正在抵消 OpEx 線並在保持利潤率方面做得很好，但我只是想知道您是否可以根據供應鏈影響量化與之相關的成本。

Sure.

當然。

So let me just start off with your comment about pricing.

因此，讓我從您對定價的評論開始。

So we took pricing on September 15 in the U.S., November 1 internationally.

所以我們在 9 月 15 日在美國定價，11 月 1 日在國際定價。

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.

因此，就這一點而言，您在第一季度真正看到的數量確實非常少，因為您會看到其中大部分是在第二季度及以後實現的。

So I wouldn't say that there's much there in our results to date.

所以我不會說我們迄今為止的結果有很多。

Obviously, it has been factored in our guidance.

顯然，它已被納入我們的指導。

When it comes to the actual cost, it's been a couple of million dollars.

當談到實際成本時，它是幾百萬美元。

Like for Q1, we expect that will continue in Q2, Q3 and beyond.

與第一季度一樣，我們預計這將在第二季度、第三季度及以後繼續。

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.

正如我之前提到的，我們正在研究桌面上的所有內容，從運營支出到我們可以與供應商一起做的其他事情，以最大限度地抵消我們的能力，但這就是為什麼我們真的把我們的指導放在了剛剛的地方給我們足夠的靈活性來管理接下來的幾個季度。

All right.

好的。

Well, we have a soft microphone on Dipak.

好吧，我們在 Dipak 上有一個軟麥克風。

We'll try to get that into the transcript if you didn't catch that.

如果你沒聽清楚，我們會試著把它寫進成績單。

Our next question comes from Michael Turits of KeyBanc, followed by Jonathan Ho, who will be our last question for the day.

我們的下一個問題來自 KeyBanc 的 Michael Turits，接下來是 Jonathan Ho，他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.

Nikesh，幾個季度前，你提到你覺得 Cortex 和 Prisma Cloud 相對於一些競爭對手來說都存在一定的市場挑戰。

Are you now going to give us some of the stuff you were talking to, haven't told about.

你現在要給我們一些你正在談論的東西，還沒有告訴我們。

Do you feel like you're now doing what you needed to do there?

你覺得你現在正在做你需要做的事情嗎？

Are you getting enough from those product lines to contribute to next-gen ARR as you might have hoped for this quarter?

您是否從這些產品線中獲得了足夠的收益來為下一代 ARR 做出貢獻，正如您在本季度所希望的那樣？

Michael, I'm going to take a little bit historical perspective.

邁克爾，我將採取一點歷史觀點。

3 years ago, we were not in these businesses.

3年前，我們不在這些行業。

18 months ago is when we launched many of these products.

18 個月前是我們推出許多此類產品的時候。

So today, am I delighted with where we are?

所以今天，我對我們所處的位置感到滿意嗎？

100%.

100%。

Are we ahead of my expectations?

我們是否超出了我的預期？

For sure.

當然。

Do I have high expectations going forward?

我對未來有很高的期望嗎？

Yes.

是的。

Have we cleaned out some of the stuff?

我們清理了一些東西嗎？

That's my job.

那是我的工作。

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.

每天、每週，我們都會清理流程中的內容，以確保我們的上市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.

至於我們在 Prisma Cloud 和 Cortex 中處理的具體問題，我們已經聘請了一些新人。

They're doing a phenomenal job this past quarter.

他們在上個季度做得非常出色。

We expect them to continue that job based on the visibility we have on the Prisma Cloud front, similarly in the Cortex front.

我們希望他們根據我們在 Prisma Cloud 前端的可見性繼續這項工作，在 Cortex 前端也是如此。

We're in a highly competitive market, yet we continue to deliver on our expectation and exceed them.

我們處於一個競爭激烈的市場中，但我們將繼續實現我們的期望並超越它們。

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.

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 中所做的工作將會趨於一致。

And our teams are working hard towards making that happen, also with everything that we do in Xpanse.

我們的團隊正在努力實現這一目標，我們在 Xpanse 中所做的一切也是如此。

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.

因此，我們認為我們在 Cortex 領域擁有臨界質量，可以真正、真正地繼續構建產品能力，並隨著時間的推移將其構建成一個非常大的業務。

Similarly on Prisma Cloud, again, I think you can see from all the valuations people are getting.

同樣，在 Prisma Cloud 上，我認為您可以從人們獲得的所有估值中看到。

This is not valuation envy.

這不是估值嫉妒。

It's a validation that everybody has identified that as a big area.

這是一個驗證，每個人都認為這是一個很大的領域。

And I honestly believe that, I'm not just saying it, I believe that our teams have worked hard towards building an early lead.

老實說，我不只是這麼說，我相信我們的團隊一直在努力建立早期領先優勢。

And our job is to sustain that lead, strengthen our product continually and make sure that capabilities are made apparent to our customers.

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清楚地看到這些能力。

Great.

偉大的。

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

我們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?

只是想了解我們在重返工作崗位和更新周期上升方面的情況？

And what is maybe giving you the confidence that these trends will sustain longer term?

是什麼讓你相信這些趨勢將長期持續下去？

So Jonathan, it's kind of interesting and thank you for asking the question.

喬納森，這很有趣，謝謝你提出這個問題。

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.

正如我所提到的，在過去的 90 天裡，我遇到的 CIO 比我在這裡的 3 年中遇到的要多得多。

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.

我會告訴你，與 CIO 的每一次談話都是關於調整他們的信息安全和 IT 堆棧以適應市場新現實的談話。

The new reality is majority of companies are not expecting everybody to come back to the office.

新的現實是大多數公司並不期望每個人都回到辦公室。

They're all looking for architectures which can make everything consistent.

他們都在尋找可以使一切保持一致的架構。

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.

在過去 1.5 年左右的時間裡，我們看到的最多的網絡攻擊發生在遠程工作和 VPN 中，因為人們不得不部署他們較舊的 VPN 技術，並使其在世界各個角落都能發揮作用。

So people are seeing that, that is the new threat vector.

所以人們看到了，那就是新的威脅載體。

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.

他們正在考慮，我如何將其變成一種長期可持續的網絡架構，並將其與他們的雲轉型相結合。

It's funny.

這很有趣。

2 years ago, when I had asked them the question, they were dipping their toes in the cloud.

2 年前，當我問他們這個問題時，他們正將腳趾伸入雲端。

Today, all of them are in 2 or 3 clouds.

今天，它們都在2或3層雲中。

So there is a very strong secular trend behind the SASE opportunity as well as the cloud opportunity.

因此，SASE 機會和雲機會背後有一個非常強烈的長期趨勢。

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.

你選擇你最喜歡的運動類比，我認為我們在棒球的第一局中，我們在板球中擊敗了第二局。

I understand that one.

我理解那個。

That's all right.

沒關係。

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

第一個我也看不懂，還好。

Fantastic.

極好的。

Well, with that, we are going to conclude the Q&A portion of our call today.

好了，到此，我們將結束今天電話會議的問答部分。

And I will turn it back over to Nikesh for his closing remarks.

我將把它交還給 Nikesh 的結束語。

Yes.

是的。

Thank you, everybody, for joining.

謝謝大家的加入。

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.

我只想重申，在我在這里工作的 3.5 年裡，鑑於對管道的可見性以及我們的團隊在第四季度以及我們在第一季度之後進入我們的 3 年計劃的可見性。

I want to thank you for attending.

我要感謝你的出席。

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.

我要感謝您並期待在我們即將舉行的投資者活動中見到您，我要感謝我們所有的客戶、我們的合作夥伴，最重要的是，感謝我們在世界各地的員工為獲得我們而付出的辛勤工作我們在哪裡。

With that, see you next time.

就這樣，我們下期再見。