Palo Alto Networks Inc (PANW) 2021 Q4 法說會逐字稿

(presentation)

（推介會）

Good day and welcome, everyone, to Palo Alto Networks' Fiscal Fourth Quarter 2021 Earnings Conference Call. I am Clay Bilby, Head of Palo Alto Networks Investor Relations. Please note that this call is being recorded today, Monday, August 23, 2021 at 1:30 p.m. Pacific Time.

美好的一天，歡迎大家參加 Palo Alto Networks 的 2021 財年第四季財報電話會議。我是 Palo Alto Networks 投資者關係主管 Clay Bilby。請注意，本次通話將於今天（2021 年 8 月 23 日星期一）下午 1:30 進行錄音。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. Our Chief Product Officer, Lee Klarich, will join us in the Q&A session following the prepared remarks.

與我一起參加今天電話會議的有我們的董事長兼執行長 Nikesh Arora；以及我們的財務長 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. While there, please click on the link for the Events & Presentations where you will find the investor presentation and supplemental information.

您可以在我們的網站 Investors.paloaltonetworks.com 上找到新聞稿和資訊來補充今天的討論。在那裡，請單擊活動和演示的鏈接，您可以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 risk and uncertainty 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 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，我們將做出前瞻性陳述和預測，這些陳述和預測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和截至目前管理層可獲得的資訊。我們的收益報告和美國證券交易委員會文件中提供的安全港聲明中指出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中提供的資訊的義務。

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 non-GAAP and GAAP financial measures in the appendix to the presentation and in our earnings release, which we have filed with the SEC.

我們也將討論非公認會計準則財務指標。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績效指標。我們在簡報的附錄和我們已向 SEC 提交的收益報告中提供了非 GAAP 和 GAAP 財務指標之間的調整表。

We have several upcoming events, including a Virtual Analyst Day on September 13, starting at 9:30 a.m. Pacific Time. Nikesh Arora, our Chairman and CEO, along with members of the executive team will provide an in-depth review of the company, including growth strategies, financial objectives and capital allocation framework. Management is also scheduled to participate in upcoming virtual investor conferences in September hosted by Citibank and Piper Sandler.

我們即將舉辦幾項活動，包括太平洋時間 9 月 13 日上午 9:30 開始的虛擬分析師日。我們的董事長兼執行長 Nikesh Arora 以及執行團隊成員將對公司進行深入審查，包括成長策略、財務目標和資本配置框架。管理層還計劃參加 9 月由花旗銀行和 Piper Sandler 主辦的虛擬投資者會議。

And now I will turn the call over to Nikesh.

現在我將把電話轉給尼科甚。

Good afternoon, everybody, and welcome to Palo Alto Networks' Q4 conference call.

大家下午好，歡迎參加 Palo Alto Networks 第四季電話會議。

I'm trying something new today, so please bear with me. You just got an opportunity to see our ad campaign. You're the first people to see it. We spent a lot of time working hard trying to understand what our customers really want to see from us. And the constant drumbeat we've got from them is innovation at the forefront of cybersecurity. Our ad campaign called We've Got Next amplifies the innovation that our teams have been delivering and our promise that we will be there with you as your partner. We've Got Next. I look forward to seeing this ad be the drumbeat for all of our broadcast media and covering our many platforms over time as we go out in the public domain and keep sharing this to our customers.

我今天正在嘗試一些新的東西，所以請耐心等待。您剛剛有機會觀看我們的廣告活動。你是第一批看到它的人。我們花了很多時間努力了解客戶真正希望從我們這裡看到什麼。我們從他們那裡得到的不斷的鼓動是網路安全前沿的創新。我們名為「We’ve Got Next」的廣告活動強化了我們團隊一直在提供的創新以及我們將作為您的合作夥伴與您並肩作戰的承諾。我們還有下一個。我期待看到這則廣告成為我們所有廣播媒體的鼓點，並隨著時間的推移覆蓋我們的許多平台，因為我們進入公共領域並不斷與我們的客戶分享。

Moving on. As you all are well aware, we've had a series of cybersecurity events over the last quarter. Against the backdrop where we've seen supply chain attacks where bad actors try to hack into core infrastructure pieces, which allows them access to enterprise or government systems. These vulnerabilities are being exploited by ransomware actors. The ransomware threat continues to rise. Our Unit 42 team research shows that the average ransom demand in the first half of this year grew to $5.3 million, which is up 518% year-over-year. What these attacks are highlighting is the constant shortcomings of enterprises and of government infrastructure, continually spurring demand and consolidation as companies re-evaluate their cybersecurity posture.

繼續前進。眾所周知，我們在上個季度發生了一系列網路安全事件。在我們看到供應鏈攻擊的背景下，不良行為者試圖侵入核心基礎設施部分，從而允許他們存取企業或政府系統。這些漏洞正在被勒索軟體攻擊者利用。勒索軟體威脅持續上升。我們的 Unit 42 團隊研究顯示，今年上半年的平均贖金需求成長至 530 萬美元，年增 518%。這些攻擊凸顯了企業和政府基礎設施的持續缺陷，隨著企業重新評估其網路安全態勢，不斷刺激需求和整合。

It's against this backdrop that our platform approach is working. 3 years ago at our Analyst Day, we set out the strategy of the company on 3 fundamental tenets. One, that the network will transform with the introduction of the cloud. This has accelerated with the pandemic, with SASE and virtual firewalls leading the transformation. Not only that, we supplemented our firewall platform strategy with software capabilities like DLP, IoT, SaaS visibility, DNS security and SD-WAN.

正是在這種背景下，我們的平台方法正在發揮作用。三年前的分析師日，我們根據 3 個基本原則制定了公司策略。第一，網路將隨著雲端的引進而轉變。隨著疫情的爆發，這種情況加速了，SASE 和虛擬防火牆引領了這一轉變。不僅如此，我們還透過 DLP、物聯網、SaaS 可見性、DNS 安全性和 SD-WAN 等軟體功能補充了我們的防火牆平台策略。

Our second insight was the cloud is going to be big and it's here to stay. We have now 7 modules in our cloud security platform, which is being used by over 75 Fortune 100 companies. And our third insight was more AI and machine learning will be needed to support the automation of our security platforms and our security operating centers. Our Cortex platform validates that for us every single day.

我們的第二個見解是雲端將會變得越來越大並且會持續下去。目前，我們的雲端安全平台擁有 7 個模組，超過 75 家財富 100 強公司正在使用該平台。我們的第三個見解是需要更多的人工智慧和機器學習來支援我們的安全平台和安全營運中心的自動化。我們的 Cortex 平台每天都在為我們驗證這一點。

Underpinning this innovation strategy has been a flurry of product releases from Palo Alto Networks. When I came to the company, we sat down and decided what we needed to do was to get our innovation and product strategy right. Something many cybersecurity companies have struggled to do is stay relevant. You can see from this slide, we've gone from 13 major releases to 29 this year, tripling our product release capability over 3 years. Of these 63-odd releases, 11 of these -- 64, sorry, 11 of these have been through acquisitions. The other 53 have been done through organic innovation in the company. And this is not all. We're going to see a lot more innovation coming down the pike as we unfold this year. We will tell you more about this in the Analyst Day.

Palo Alto Networks 發布的一系列產品為這項創新策略提供了支撐。當我來到公司時，我們坐下來決定我們需要做的是讓我們的創新和產品策略正確。許多網路安全公司一直在努力做的事情就是保持相關性。從這張投影片中您可以看到，我們的主要版本已從 13 個增加到今年的 29 個，三年內我們的產品發布能力增加了兩倍。在這 63 多個版本中，其中 11 個——64 個，抱歉，其中 11 個是透過收購實現的。其餘53項是透過公司內部有機創新完成的。這還不是全部。隨著今年的展開，我們將看到更多的創新不斷湧現。我們將在分析師日告訴您更多相關資訊。

Our rapid pace of innovation is also being validated by the industry. If you look at this slide, we used to be recognized in 2 categories for leadership in cybersecurity. In FY '21, we were awarded 6 different accolades to validate that now we're leaders in 6 different categories. Our aspiration is to grow that category leadership over this year and hopefully get into double digits by the end of this year. So our pace of innovation is alive and it continues.

我們快速的創新步伐也得到了業界的驗證。如果您查看這張投影片，您會發現我們在網路安全領域的領導地位曾在兩個類別中獲得認可。在 21 財年，我們獲得了 6 項不同的榮譽，證明我們現在是 6 個不同類別的領導者。我們的願望是在今年擴大該類別的領導地位，並希望在今年年底前達到兩位數。因此，我們的創新步伐充滿活力，並且仍在繼續。

Breaking down into the 3 different platform pillars. Our network-driven pillar, which has been driven by SASE and virtual firewalls. I know at the beginning of the pandemic there was a huge debate, like how long is the work-from-home trend going to last? Well, all I can tell you is, it's far from over as it's going to become the norm. Hybrid work is about to become the norm and SASE is going to lead that transformation. In this environment, all applications are going to need access to every app from any location. Only Palo Alto Networks can provide this comprehensive capability with our consistent network security across all of our platforms.

分為 3 個不同的平台支柱。我們的網路驅動支柱，由 SASE 和虛擬防火牆驅動。我知道在疫情爆發之初，存在著一場激烈的爭論，例如在家工作的趨勢會持續多久？好吧，我只能告訴你的是，這還遠遠沒有結束，因為它將成為常態。混合工作即將成為常態，而 SASE 將引領這一轉變。在這種環境中，所有應用程式都需要從任何位置存取每個應用程式。只有 Palo Alto Networks 能夠提供這種全面的功能，並在所有平台上提供一致的網路安全性。

We saw phenomenal number of large deals in this category. One of our largest deals was with a bank in the JPAC region, where it was highly competitive. And our customer spent over $10 million where Prisma Access was a cornerstone of that strategy.

我們看到這一類別的大宗交易數量驚人。我們最大的交易之一是與 JPAC 地區的一家銀行合作，該地區的競爭非常激烈。我們的客戶花費了超過 1000 萬美元，Prisma Access 是該策略的基石。

After a phenomenal amount of growth in our SASE product category, we have seen our customer count grow by 50%, and now it's almost 2,500 customers. Also, 25% of these customers are net new to Palo Alto Networks, which is great. Not only are our firewall customers buying products from Palo Alto Networks, but our many new product capabilities are allowing us to penetrate the customer base even further.

在 SASE 產品類別出現顯著成長之後，我們的客戶數量增加了 50%，現在客戶數量已接近 2,500 名。此外，這些客戶中有 25% 是 Palo Alto Networks 的新客戶，這非常棒。我們的防火牆客戶不僅從 Palo Alto Networks 購買產品，而且我們的許多新產品功能使我們能夠進一步滲透客戶群。

Beyond the initial demand received for Prisma Access in our SASE category, we've realized customers want more capability. We recently announced Autonomous Digital Experience Management, ADEM, which is fast becoming a standard. We've realized that bundling the ADEM capabilities or other capabilities around Prisma Access allows us to uplift our Prisma Access deals over time by 25%.

除了 SASE 類別中 Prisma Access 的初步需求之外，我們還意識到客戶需要更多功能。我們最近發布了自主數位體驗管理 ADEM，它正在迅速成為一項標準。我們已經意識到，圍繞 Prisma Access 捆綁 ADEM 功能或其他功能可以讓我們隨著時間的推移將 Prisma Access 交易量提高 25%。

In addition to our SASE leadership, last quarter, we introduced our fourth-generation hardware with high performance and attractively priced appliances. The newly introduced PA-400, which is 10x the performance of its predecessor, will expand our presence in the enterprise branch, SMB and international markets. Most recently in our quarter, a U.S. convenience store chain that previously used us only as a corporate infrastructure deployed the PA-400 series to 2,300 stores.

除了我們在 SASE 的領先地位外，上季我們還推出了具有高性能和價格極具吸引力的第四代硬體。新推出的 PA-400 性能是其前身的 10 倍，將擴大我們在企業分公司、中小企業和國際市場的影響力。最近在本季度，一家美國連鎖便利商店（之前僅將我們用作企業基礎設施）將 PA-400 系列部署到了 2,300 家商店。

Also on the high end of our hardware strategy, we're beginning to start seeing refreshes. This has been a trend which had been subdued. People were holding back, sweating their assets during the pandemic. And we realize, as the pandemic has eased up, as companies are starting to come back to work, they've seen volumes go up. They have not created more infrastructure. As a result, we're seeing customers who are coming back even in a hybrid form starting to do refreshes in the hardware category, which have led to the hardware growth you saw this quarter, which has also underpinned some of the network-driven growth or network platform-driven growth for us at Palo Alto Networks.

同樣在我們的硬體策略的高端，我們開始看到更新。這一趨勢已被抑制。在疫情期間，人們都在猶豫不決，揮霍著自己的資產。我們意識到，隨著疫情的緩解，隨著公司開始重返工作崗位，他們的銷量上升。他們沒有創建更多的基礎設施。因此，我們看到即使以混合形式回歸的客戶也開始在硬體類別中進行更新，這導致了您在本季度看到的硬體成長，這也支撐了一些網路驅動的成長或帕洛阿爾托網路公司的網路平台驅動的成長。

And last but not the least, we continue to maintain a leadership position in our virtual firewalls. We recently launched our partnership with Google, powering their new Cloud IDS with our VM-Series. As you can see, continued acceleration of our software firewall business in its multiple form factors has allowed us to deliver approximately 47% of FWaaP billings in the quarter where we even saw hardware growth accelerate. We finished our fiscal year '21 with our software firewall and Prisma SASE next-generation security ARR at $425 million. As you will see, these numbers will add up to show that our NGS ARR for the quarter was north of $1.180 billion.

最後但並非最不重要的一點是，我們繼續在虛擬防火牆領域保持領先地位。我們最近與 Google 建立了合作夥伴關係，透過我們的 VM 系列為其新的 Cloud IDS 提供支援。正如您所看到的，我們的多種形式的軟體防火牆業務持續加速，使我們能夠在本季度交付約 47% 的 FWaaP 帳單，我們甚至看到硬體成長加速。我們以 4.25 億美元的軟體防火牆和 Prisma SASE 新一代安全 ARR 結束了 21 財年。正如您將看到的，這些數字加起來表明我們本季的 NGS ARR 超過 11.8 億美元。

Moving to our cloud platform. As you know, we caught this trend early, investing 3 years ago in the cloud-native security opportunity. You might have all seen the flurry of activity from venture capitalists trying to flood this market with a lot more cloud security companies. We're delighted that they're validating our strategy, but we think we're far ahead.

遷移到我們的雲端平台。如您所知，我們很早就抓住了這一趨勢，並在 3 年前投資了雲端原生安全機會。你們可能都看到了創投家的一系列活動，試圖讓更多的雲端安全公司湧入這個市場。我們很高興他們正在驗證我們的策略，但我們認為我們已經遙遙領先。

A key measure we use for understanding how well our Prisma Cloud services are performing is the consumption of our Prisma Cloud service. In Q4, we had 2 million credits consumed. This consumption is broadening beyond our initial modules of cloud workload protection and CSPM. We've launched IAM and WAAS modules. We already have seen adoption by north of 100 customers in a quarter.

我們用於了解 Prisma Cloud 服務執行的關鍵指標是 Prisma Cloud 服務的消耗。第四季度，我們消耗了 200 萬個積分。這種消耗正在擴大到我們最初的雲端工作負載保護和 CSPM 模組之外。我們推出了 IAM 和 WAAS 模組。我們已經看到一個季度內就有超過 100 家客戶採用了該產品。

Over 1/4 of our Global 2000 customers are Prisma Cloud customers with total customers growing at 47%. We're also excited that with our Bridgecrew acquisition, we have seen increased adoption of Bridgecrew as customers shift left with cloud security. We're delighted with the results so far and the progress we're making in integrating Bridgecrew to Prisma Cloud.

我們的全球 2000 強客戶中有超過 1/4 是 Prisma Cloud 客戶，客戶總數增加了 47%。我們也很高興的是，透過收購 Bridgecrew，隨著客戶轉向雲端安全，我們看到 Bridgecrew 的採用率增加。我們對迄今為止的結果以及將 Bridgecrew 整合到 Prisma Cloud 所取得的進展感到高興。

And we continue to see very large deals with Prisma Cloud. Our top 3 customers in Prisma Cloud committed over $40 million to bookings this quarter. Our largest deal was $20 million in Prisma Cloud, with the customer expanding cloud workload protection and CSPM and adding Bridgecrew for their entire cloud platform. Including our Marketplace, VM- and CN-Series, our Prisma Cloud business finished FY '21 with ARR of $300 million.

我們繼續看到與 Prisma Cloud 的大量交易。本季 Prisma Cloud 的前 3 位客戶承諾預訂金額超過 4,000 萬美元。我們最大的交易是價值 2000 萬美元的 Prisma Cloud，客戶擴展了雲端工作負載保護和 CSPM，並為其整個雲端平台添加了 Bridgecrew。包括我們的 Marketplace、VM 和 CN 系列，我們的 Prisma Cloud 業務在 21 財年結束時的 ARR 為 3 億美元。

Moving on to Cortex. In Cortex, we have 2,900 customers for our XDR Pro and XSOAR products, nearly doubling year-over-year. We booked our very first over $10 million follow-on transaction for Cortex in the pharma industry. Driven by the platform approach, our customer bought most of the platform. They bought XDR. They bought network traffic analysis. They bought XSOAR.

繼續討論皮質。在 Cortex，我們的 XDR Pro 和 XSOAR 產品擁有 2,900 名客戶，較去年同期成長近一倍。我們為 Cortex 在製藥業預訂了第一筆超過 1000 萬美元的後續交易。在平台方法的推動下，我們的客戶購買了大部分平台。他們買了XDR。他們購買了網路流量分析。他們買了 XSOAR。

Today, we announced XDR 3.0. This expands our pioneering XDR service to cloud and identity-based threats, giving organizations a single console for holistic analysis. Xpanse continues to innovate as a leader in the emerging attack surface management space as well as delivering unique integrations with our Palo Alto portfolio. In Q4, we released Xpanse capability that enables unknown cloud assets to be discovered and brought under management of Prisma Cloud. We finished FY '21 with Cortex NGS ARR of over $400 million.

今天，我們發布了 XDR 3.0。這將我們開創性的 XDR 服務擴展到雲端和基於身分的威脅，為組織提供了一個用於整體分析的單一控制台。 Xpanse 作為新興攻擊面管理領域的領導者不斷創新，並與我們的 Palo Alto 產品組合提供獨特的整合。在第四季度，我們發布了 Xpanse 功能，可以發現未知的雲端資產並將其置於 Prisma Cloud 的管理之下。 21 財年結束時，Cortex NGS ARR 超過 4 億美元。

And last but not the least, we're very excited about Unit 42. Unit 42 is our capability where we can actually proactively support our customers. This is how we go from being a peacetime company that provides products to our customers to a wartime ally when we are there for them when they need us. We launched proactive capability last quarter in our Unit 42 team. Our business went up 11x in Q4 for the proactive services capability.

最後但並非最不重要的一點是，我們對 Unit 42 感到非常興奮。這就是我們如何從一家和平時期為客戶提供產品的公司，轉變為戰時盟友，當他們需要我們時我們就在他們身邊。上季我們在 Unit 42 團隊中推出了主動功能。由於主動的服務能力，我們的業務在第四季度成長了 11 倍。

One of the key engagements we are experiencing is ransomware readiness. We have 39 ransomware readiness assessments where we got engaged, and we have 300 more in the pipeline. Over time, we expect these service engagements to allow us to increase our product pull-through to our customers.

我們正在經歷的關鍵任務之一是勒索軟體準備。我們參與了 39 項勒索軟體準備評估，還有 300 項正在籌備中。隨著時間的推移，我們希望這些服務能讓我們提高產品對客戶的吸引力。

You can see that our leadership signs where customers are integrating security and consolidating. As a company, we've continued to focus on getting more presence in our customers and getting larger deals with them. I'm delighted to say we had 18 customers sign transactions over $10 million in the quarter. We had our first customer that surpassed $100 million in their book business during the fiscal year as they standardized on Palo Alto Networks across the entire enterprise. And our millionaire customers were up to 986 in Q4, approximately up 30% for the third quarter in a row.

您可以看到我們的領導力標誌著客戶正在整合安全性和整合。作為一家公司，我們繼續致力於擴大客戶影響力並與他們達成更大的交易。我很高興地說，本季我們有 18 名客戶簽署了超過 1000 萬美元的交易。我們的第一個客戶在本財年的圖書業務超過了 1 億美元，因為他們在整個企業內採用了 Palo Alto Networks 進行標準化。第四季度，我們的百萬富翁客戶數量達到 986 名，連續第三季成長約 30%。

The strategy is showing in our financial results. You can see we saw revenue acceleration in Q4 to $1.2 billion. You also saw that our billings went up to $1.868 billion, that's up 34%. And our NGS billing of $1.18 billion was in excess of our guidance. Also delighted that our FY '21 performance for ClaiSec had an ARR of $734 million and revenue of $602 million.

此策略體現在我們的財務表現。您可以看到我們第四季的營收加速成長至 12 億美元。您還看到我們的帳單達到 18.68 億美元，成長了 34%。我們的 NGS 帳單為 11.8 億美元，超出了我們的指導。我們也很高興 ClaiSec 的 21 財年業績實現了 7.34 億美元的 ARR 和 6.02 億美元的營收。

Going into FY '22, we're further aligned around our One Palo Alto Networks strategy where we see the benefits of being able to cross-sell our platform. Also, I'm very delighted to say we had our first $2 billion quarter ever. I know you see the billings of $1.868 billion. But if you look at the difference between our RPO and our revenue, we actually did more than $2 billion of booked business this quarter. It's kudos to our team out there in the field and our customers who trust us with their cybersecurity.

進入 22 財年，我們進一步圍繞 One Palo Alto Networks 策略進行調整，我們看到了能夠交叉銷售我們平台的好處。另外，我很高興地說我們迎來了有史以來第一個 20 億美元的季度。我知道您看到的帳單為 18.68 億美元。但如果你看看我們的 RPO 和收入之間的差異，我們本季的預訂業務實際上超過了 20 億美元。這要歸功於我們的現場團隊以及信任我們網路安全的客戶。

During Q4, it is clear that we continue to see momentum in our business. We saw product revenue accelerate at Palo Alto Networks. This is revenue which we believe will sustain into Q1 because we are seeing the refresh come in, and we didn't ship everything that we saw in our product business in Q4. We're not able to.

在第四季度，很明顯我們的業務繼續保持成長勢頭。我們看到 Palo Alto Networks 的產品收入加速成長。我們相信這筆收入將維持到第一季度，因為我們看到了更新，我們沒有發貨我們在第四季度的產品業務中看到的所有內容。我們做不到。

We've also seen phenomenal growth in our cross-platform adoption. You can see that customers, 43% of our customers purchase all 3 of our platforms, 28% purchased 2 platforms and 29% purchased 1 platform. What's interesting is, for customers that acquired 2 of our platforms, deal size were 3x the deal size for single platforms. Also, for Global 2000 customers that acquired all 3 of our platforms, some of the deals were 14x the deal size of the largest single platform deals. So it's very interesting to watch. Our platform approach of consolidation is beginning to show signs of success as we were able to go convince our customers that they should be deploying more than just one of our platform categories.

我們也看到跨平台採用率顯著成長。你可以看到客戶，43%的客戶購買了我們所有的3個平台，28%的客戶購買了2個平台，29%的客戶購買了1個平台。有趣的是，對於購買我們兩個平台的客戶來說，交易規模是單一平台交易規模的 3 倍。此外，對於收購我們所有 3 個平台的全球 2000 強客戶來說，部分交易的交易規模是最大單一平台交易的 14 倍。所以觀看起來非常有趣。我們的平台整合方法開始顯示出成功的跡象，因為我們能夠說服客戶，他們應該部署的不僅僅是我們的一個平台類別。

It is clear to us that our transformation is working. In September 2019 at our Analyst Day, we provided FY '22 targets. Our just released FY '22 guidance materially exceeds the FY '22 targets we set back in 2019, as you can see. As Dipak will highlight, our total company growth for revenue is in the mid-20s, ahead of our prior 20% CAGR target 2 years ago. Our business is transforming faster. NGS is growing faster. I look forward to sharing new guidance for you for the next phase of Palo Alto Networks over the next 3 years at our Analyst Day in September. What is clear is that over the last 3 years, our product and strategic transformation to being an innovator in cybersecurity is working. Now we have to share the strategy over the next 3 years of how we continue to scale this business effectively and efficiently.

我們很清楚，我們的轉型正在發揮作用。 2019 年 9 月的分析師日，我們提供了 22 財年目標。正如您所看到的，我們剛剛發布的 22 財年指引大大超出了我們在 2019 年設定的 22 財年目標。正如 Dipak 將強調的那樣，我們公司的總收入成長在 20 多歲，超過了我們兩年前 20% 的複合年增長率目標。我們的業務轉型速度更快。 NGS 成長更快。我期待在 9 月的分析師日上為您分享 Palo Alto Networks 未來 3 年下一階段的新指導。顯而易見的是，在過去的三年裡，我們向網路安全創新者的產品和策略轉型正在發揮作用。現在我們必須分享未來 3 年如何繼續有效且有效率地擴展這項業務的策略。

Multiple drivers give us conviction in objectives for FY '22 and beyond. Just to lay it out for you, how do I see growth for FY '22 and how do I see us scaling into that growth. One, I believe there's some pent-up hardware demand, and we're going to see that come through in Q1 and the rest of FY '22. We've also launched new form factor of hardware, and we are very excited about the initial response by the customers to this new category of hardware. We also continue to benefit from the cloud adoption around the industry, and we think that benefit continues going to FY '22. As I said, work from home is a new normal. It's not something that's over. I don't think the SASE train has barely left the station. I think they have a lot of room to go, not just for FY '22 but also beyond.

多重驅動因素讓我們對 22 財年及以後的目標充滿信心。只是為了向您介紹一下，我如何看待 22 財年的成長以及我如何看待我們擴大這種成長。第一，我相信存在一些被壓抑的硬體需求，我們將看到這種需求在第一季和 22 財年剩餘時間內實現。我們也推出了新的硬體外形，我們對客戶對這個新硬體類別的初步反應感到非常興奮。我們也繼續受益於整個產業的雲端採用，並且我們認為這種好處將持續到 22 財年。正如我所說，在家工作是一種新常態。這不是已經結束的事情。我認為 SASE 列車還沒有離開車站。我認為他們還有很大的發展空間，不僅在 22 財年，而且是以後。

And last but not the least, I don't believe manual processes can keep up with the accelerating pace of sophistication for cybersecurity. So I believe there is tremendous growth going forward both for the cybersecurity industry and for Palo Alto Networks.

最後但並非最不重要的一點是，我認為手動流程無法跟上網路安全日益複雜化的步伐。因此，我相信網路安全產業和 Palo Alto Networks 未來都會出現巨大的成長。

On the scale front, we introduced the concept of speedboat 3 years ago. Our speedboat model is working well. We continue to iterate and improve it for growth and productivity. You also see our multiple platform success. We believe there is room for synergies as we get into a more cohesive sales motion as we start to see these things working.

在規模方面，我們3年前引入了快艇的概念。我們的快艇模型運作良好。我們不斷迭代和改進它以實現成長和生產力。您還可以看到我們在多平台上的成功。我們相信，當我們開始看到這些事情發揮作用時，我們就會採取更有凝聚力的銷售行動，從而產生協同效應。

There's also some products which we have not yet launched, which you will see us launch during the course of the year. And we hope as we launch those products that you're going to start seeing the benefits of our innovation and investments during this year and following years.

還有一些我們尚未推出的產品，您將在今年內看到我們推出這些產品。我們希望，當我們推出這些產品時，您將開始看到我們今年和接下來幾年的創新和投資的好處。

And our journey to the cloud is well underway, but we also have much to go in terms of optimizing our cloud spend. So we believe there's opportunity to create margin expansion over the long term. We also believe there is sustainable growth in the cybersecurity industry. We expect to see these drivers of our top line combine with the continued but moderate pace of investment in FY '22 as we plan to add fewer employees in '22 than we did in FY '21. Part of this is our expectation that acquisitions will be incremental versus substantive in the coming year.

我們的雲端之旅正在順利進行，但在優化雲端支出方面我們還有很多工作要做。因此，我們相信，從長遠來看，有機會擴大利潤率。我們也相信網路安全產業將持續成長。我們預計，我們的收入驅動因素將與 22 財年持續但溫和的投資步伐相結合，因為我們計劃在 22 財年增加的員工數量少於 21 財年。部分原因是我們預計明年的收購將是增量而非實質的。

Beyond FY '22, we expect to grow operating income faster than revenue. We will update investors further on this at our September 13 Analyst Day. Ending where I started, you can see why we're excited to talk about We've Got Next as we head into FY '22.

22 財年之後，我們預期營業收入的成長速度將快於營收的成長速度。我們將在 9 月 13 日的分析師日進一步向投資人通報此情況。在我開始的地方結束，您可以明白為什麼我們很高興在進入 22 財年之際談論「我們已經有了下一步」。

With that, I will turn over the call to Dipak to talk about the details of our Q4 performance and our guidance.

接下來，我將把電話轉給 Dipak，討論我們第四季業績和指導的細節。

Thank you, Nikesh, and hello, everyone. Before I begin, please note that all comparisons are on a year-over-year basis unless specifically noted otherwise.

謝謝你，尼科甚，大家好。在開始之前，請注意，除非另有特別說明，所有比較都是逐年進行的。

We delivered results ahead of our guidance across all metrics as we continue to grow and transform our business. In Q4, we saw sequential revenue acceleration driven by strength in our hardware appliance business and in our next-generation security portfolio. We also continued to grow billings and our remaining performance obligation ahead of revenue as we build future predictability with a higher mix of recurring revenue. As a reminder, billings is total revenue plus the change in total deferred revenue, net of acquired deferred revenue.

隨著我們業務的不斷發展和轉型，我們在所有指標上取得的成果都超越了我們的指導。在第四季度，我們看到在硬體設備業務和下一代安全產品組合的推動下，收入連續加速。隨著我們透過更高的經常性收入組合建立未來的可預測性，我們也繼續在收入之前增加帳單和剩餘履約義務。提醒一下，帳單是總收入加上遞延收入總額的變化，扣除所獲得的遞延收入。

In the fourth quarter of 2021, we delivered billings of $1.87 billion, up 34% and well ahead of our guided 22% to 23% growth. The size of the deals with our large strategic customers grew and our total customer count expanded, with over 2,500 customers added in the quarter. Q4 revenue of $1.22 billion grew 28% and was above the high end of our guidance range. Growth was driven by strong demand across all geographies and major product areas.

2021 年第四季度，我們實現了 18.7 億美元的營收，成長 34%，遠高於我們 22% 至 23% 的成長預期。與大型策略客戶的交易規模有所成長，客戶總數也有所增加，本季新增客戶超過 2,500 家。第四季營收為 12.2 億美元，成長 28%，高於我們指導範圍的上限。所有地區和主要產品領域的強勁需求推動了成長。

Total deferred revenue in Q4 was $5.02 billion, an increase of 32%. The remaining performance obligation or RPO was $5.9 billion, increasing 36%. We believe that RPO adds meaningful insight into our backlog as it includes both prepaid and contractual commitments from customers.

第四季遞延收入總額為 50.2 億美元，成長 32%。剩餘履約義務或 RPO 為 59 億美元，成長 36%。我們相信，RPO 為我們的積壓工作增添了有意義的洞察力，因為它包括客戶的預付和合約承諾。

By geography, Q4 revenue growth was strong across all regions. The Americas grew 29%, EMEA was up 25% and APAC grew 28%.

從地理來看，第四季所有地區的營收成長均強勁。美洲成長 29%，歐洲、中東和非洲成長 25%，亞太地區成長 28%。

Our hardware appliance business accelerated in Q4, driving product revenue of $339 million, growing 11% and contributing 28% of revenue. Customer reaction to our refresh of the 400 Series and 5400 Series appliances was positive. We saw strength overall in network and data center refresh and appliance pull-through from customers standardizing on our platform.

我們的硬體設備業務在第四季度加速，帶動產品收入達到 3.39 億美元，成長 11%，貢獻了 28% 的收入。客戶對我們更新的 400 系列和 5400 系列設備反應正面。我們看到了客戶在我們平台上進行標準化的網路和資料中心更新以及設備拉通的整體實力。

Subscription revenue of $535 million increased 37%. Support revenue of $345 million increased 35%. In total, subscription and support revenue of $880 million increased 36% and accounted for 72% of our total revenue. Gross margin was 75.3%, up 100 basis points as compared to last year, driven by improvements in both our product and services gross margin.

訂閱收入達 5.35 億美元，成長 37%。支持收入達 3.45 億美元，成長 35%。訂閱和支援收入總計 8.8 億美元，成長 36%，占我們總收入的 72%。毛利率為 75.3%，比去年增長 100 個基點，主要得益於產品和服務毛利率的改善。

While the top line outperformed, operating margin was 17.5%, down year-over-year as expected as some pre-COVID expenses returned in the fourth quarter, and we continued to hire top talent, adding headcount in our go-to-market and engineering organizations. We ended the fourth quarter with 10,473 employees.

雖然營收表現優於大盤，但營業利潤率為17.5%，同比下降，符合預期，因為第四季度一些新冠疫情前的支出有所回升，而且我們繼續聘用頂尖人才，增加了上市和銷售人員數量。截至第四季末，我們擁有 10,473 名員工。

Net income for the fourth quarter increased 12% to $162 million or $1.60 per diluted share. Our non-GAAP effective tax rate was 22%. GAAP net loss was $119 million or $1.23 per basic and diluted share.

第四季淨利成長 12%，達到 1.62 億美元，即稀釋後每股收益 1.60 美元。我們的非 GAAP 有效稅率為 22%。 GAAP 淨虧損為 1.19 億美元，即每股基本股和稀釋股虧損 1.23 美元。

For the full year, billings of $5.45 billion grew 27% and total deferred revenue was $5.02 billion, an increase of 32%. Fiscal year revenue of $4.26 billion grew 25%, and operating margin of 18.9% was up 130 basis points as COVID-related impacts led to lower operating expenses throughout the year. Non-GAAP net income increased 27% to $614 million or $6.14 per diluted share.

全年營收為 54.5 億美元，成長 27%，遞延收入總額為 50.2 億美元，成長 32%。由於新冠肺炎相關影響導致全年營運費用下降，該財年營收成長 25%，達 42.6 億美元，營運利潤率成長 130 個基點，達 18.9%。非 GAAP 淨利潤成長 27%，達到 6.14 億美元，即稀釋後每股收益 6.14 美元。

Turning now to the balance sheet and cash flow statements. We finished July with cash equivalents and investments of $3.8 billion. Days sales outstanding was 74 days, a decrease of 7 days from a year ago, driven by a combination of strong collections and improved billings linearity.

現在轉向資產負債表和現金流量表。截至 7 月份，我們的現金等價物和投資為 38 億美元。在強勁的收款和改善的帳單線性相結合的推動下，應收帳款天數為 74 天，比去年同期減少了 7 天。

Cash flow from operations was $326 million. Free cash flow was $298 million as compared to $302 million last year with a margin of 24.5%. For the full year, free cash flow of $1.39 billion was up 69% with a margin of 32.6%. Adjusted free cash flow for the year was also $1.39 billion, up 43% with a full year margin of 32.6%. Cash conversion remains an important part of our framework in supporting total shareholder return.

營運現金流為 3.26 億美元。自由現金流為 2.98 億美元，去年為 3.02 億美元，利潤率為 24.5%。全年自由現金流達 13.9 億美元，成長 69%，利潤率為 32.6%。全年調整後自由現金流也為 13.9 億美元，成長 43%，全年利潤率為 32.6%。現金轉換仍然是我們支持股東總回報框架的重要組成部分。

Our Firewall as a Platform or FWaaP billings grew 26%, reflecting another strong quarter as we continue to grow faster than the market. While we saw an increased contribution to Firewall as a Platform growth due to increased product demand, a majority of Firewall as a Platform growth continues to be driven by software firewalls, including our VM-Series and Prisma SASE.

我們的防火牆即平台或 FWaaP 帳單成長了 26%，這反映出我們的成長速度持續快於市場，這又是一個強勁的季度。雖然由於產品需求的增加，我們對防火牆即平台成長的貢獻有所增加，但防火牆即平台成長的大部分仍由軟體防火牆驅動，包括我們的 VM 系列和 Prisma SASE。

Next-Generation Security or NGS ARR exited the year at $1.18 billion, exceeding our original guidance of $1.15 billion. Within NGS, we continue to see exceptional growth in our SASE and software firewall portfolio as well as strength in Prisma Cloud and Cortex.

下一代安全（NGS ARR）今年的投資額為 11.8 億美元，超過了我們最初指導的 11.5 億美元。在 NGS 中，我們繼續看到 SASE 和軟體防火牆產品組合的顯著成長以及 Prisma Cloud 和 Cortex 的實力。

For ClaiSec, we were happy to have achieved results that were consistent with our fiscal year '21 financial goals. As we have gone through our fiscal year '22 business planning and oriented the focus of the company around One Palo Alto Networks, we wanted to ensure our metrics reflect this One Palo Alto Networks strategy. We believe a focus on NGS ARR growth and our transformation metrics are the best measures of progress on our strategy. In the appendix of our earnings slide deck, we have included the fiscal year '21 results in NetSec and ClaiSec.

對於 ClaiSec，我們很高興取得了與我們 21 財年財務目標一致的成果。由於我們已經完成了 22 財年的業務規劃，並將公司的重點定位在 One Palo Alto Networks 周圍，因此我們希望確保我們的指標能反映 One Palo Alto Networks 的這項策略。我們相信，關注 NGS ARR 成長和我們的轉型指標是衡量我們策略進展的最佳指標。在我們收益幻燈片的附錄中，我們納入了 NetSec 和 ClaiSec 的 21 財年業績。

Our capital allocation priorities are unchanged and aligned with the optimization of long-term shareholder return. We remain focused on investments for organic growth and targeted value-creating acquisitions. We didn't close any acquisitions in Q4. And at this time, we believe we have assembled the key pillars needed to execute on our platform strategy. We expect only incremental M&A activity in fiscal year '22 as compared to the recent past.

我們的資本配置優先事項保持不變，並與長期股東回報的最佳化保持一致。我們仍然專注於有機成長的投資和有針對性的創造價值的收購。我們在第四季沒有完成任何收購。目前，我們相信我們已經整合了執行平台策略所需的關鍵支柱。我們預計與最近的過去相比，22 財年的併購活動只會增加。

Under our share repurchase authorization, during the quarter, we acquired approximately 846,000 shares on the open market at an average price of approximately $388 for a total consideration of $328 million. Our Board of Directors authorized an additional $676 million for share repurchase, increasing the remaining authorization for future share repurchases to $1 billion, expiring December 31, 2022.

根據我們的股票回購授權，本季我們在公開市場上以約 388 美元的平均價格收購了約 846,000 股股票，總代價為 3.28 億美元。我們的董事會額外授權 6.76 億美元用於股票回購，將未來股票回購的剩餘授權增加到 10 億美元，將於 2022 年 12 月 31 日到期。

Moving now to guidance and modeling points. For the first quarter of 2022, we expect billings to be in the range of $1.29 billion to $1.31 billion, an increase of 19% to 21%. Revenue is expected to be in the range of $1.19 billion to $1.21 billion, an increase of 26% to 28%. Q1 product revenue growth percent to be in the low double digits. We are providing this transparency this quarter. Non-GAAP EPS is expected to be in the range of $1.55 to $1.58 based on a weighted average diluted count of approximately 101 million to 103 million shares.

現在轉向指導和建模點。 2022 年第一季度，我們預計營收將在 12.9 億美元至 13.1 億美元之間，成長 19% 至 21%。營收預計在11.9億美元至12.1億美元之間，成長26%至28%。第一季產品營收成長率將處於低兩位數。我們本季將提供這種透明度。根據約 1.01 億股至 1.03 億股的加權平均稀釋股數，非 GAAP 每股盈餘預計在 1.55 美元至 1.58 美元之間。

For fiscal year 2022, we expect billings to be in the range of $6.6 billion to $6.65 billion, an increase of 21% to 22%. Revenue is expected to be in the range of $5.275 billion to $5.325 billion, an increase of 24% to 25%. We expect next-generation security ARR to be $1.65 billion to $1.7 billion, an increase of 40% to 44%. We expect product revenue growth percent to be in the mid-single-digit to high single-digit range year-over-year. We expect operating margins to be in the range of 18.5% to 19%.

2022 財年，我們預計帳單將在 66 億美元至 66.5 億美元之間，成長 21% 至 22%。營收預計在52.75億美元至53.25億美元之間，成長24%至25%。我們預計下一代安全ARR為16.5億美元至17億美元，成長40%至44%。我們預期產品收入年增率將在中個位數到高個位數範圍內。我們預計營業利潤率將在 18.5% 至 19% 之間。

Our non-GAAP EPS is expected to be in the range of $7.15 million to $7.25 based on a weighted average diluted count of approximately 104 million to 106 million shares. Adjusted free cash flow margin is expected to be greater than 30%. And we will report RPO and recommend this as a tracking metric as it captures the full value of our contractual arrangements and is a good indicator of future revenue.

根據約 1.04 億至 1.06 億股的加權平均稀釋計數，我們的非 GAAP 每股收益預計在 715 萬美元至 7.25 美元之間。調整後的自由現金流利潤率預計將大於30%。我們將報告 RPO 並建議將其作為追蹤指標，因為它捕獲了我們合約安排的全部價值，並且是未來收入的良好指標。

Additionally, please consider the following additional modeling points. As I mentioned earlier, we hired aggressively in the second half of fiscal year '21, supported by confidence in our fiscal year '22 outlook for revenue and billings growth. With expenses from this investment flowing into the first half of fiscal year '22 and some return of COVID expenses, we expect operating income will be shifted to the second half of the year in fiscal year '22 as compared to fiscal year '21. And we expect an approximate 43%-57% first half to second half split during fiscal year '22.

此外，請考慮以下附加建模點。正如我之前提到的，我們在 21 財年下半年積極招聘，這得益於對 22 財年收入和帳單成長前景的信心。由於這項投資的費用流入 22 財年上半年，加上新冠肺炎費用的部分回報，我們預計與 21 財年相比，22 財年的營業收入將轉移到下半年。我們預計 22 財年上半年到下半年的比例約為 43%-57%。

We expect our non-GAAP tax rate to remain at 22% for Q1 and fiscal year '22, subject to the outcome of future tax legislation. We expect net interest and other expenses of $4 million to $5 million per quarter. We expect fiscal year '22 diluted shares outstanding of 104 million to 106 million shares. And for Q1, we expect capital expenditures of $35 million to $40 million. For the fiscal year, we expect capital expenditures of $205 million to $215 million, which includes approximately $40 million related to our Santa Clara headquarters.

我們預計第一季和 22 財年的非 GAAP 稅率將保持在 22%，具體取決於未來稅收立法的結果。我們預計每季淨利息和其他費用為 400 萬至 500 萬美元。我們預計 22 財年攤薄後的流通股數量為 1.04 億至 1.06 億股。對於第一季度，我們預計資本支出為 3500 萬至 4000 萬美元。對於本財年，我們預計資本支出為 2.05 億至 2.15 億美元，其中包括與聖克拉拉總部相關的約 4,000 萬美元。

Finally, I would like to invite you to join us for our Virtual Analyst Day on September 13, where Nikesh, myself and others from our team will provide an update on our company and product strategy, financial outlook and ESG plans. In closing, we are entering fiscal year '22 with strong momentum. We're pleased with our operational execution and organic growth prospects as drivers of continued momentum.

最後，我想邀請您參加 9 月 13 日的虛擬分析師日，屆時 Nikesh、我本人和我們團隊的其他人將提供有關我們公司和產品策略、財務前景和 ESG 計劃的最新資訊。最後，我們正以強勁的勢頭進入 22 財年。我們對我們的營運執行和有機成長前景感到滿意，因為它們是持續發展勢頭的驅動力。

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

這樣，我會將電話轉回給克萊，以進行電話問答部分。

Thank you, Dipak. (Operator Instructions) The first question will be from Saket Kalia of Barclays with Keith Weiss of Morgan Stanley to follow.

謝謝你，迪帕克。 （操作員說明）第一個問題將由巴克萊銀行的 Saket Kalia 提出，隨後由摩根士丹利的 Keith Weiss 提出。

Nikesh, maybe for you, lots of good stuff to hit on in the quarter, but maybe I'll just focus on next year's billings guide to start. It was great to see, I think, the guide of 21% to 22% billings growth next year. That's better than where you started fiscal '21 in terms of billings growth expectations, and of course, subsequently beat. Can you just talk about what's going into that higher starting point for fiscal '22? And maybe as part of that, how you're thinking about overall security spending in the areas that Palo Alto competes in?

尼科甚，也許對你來說，本季有很多好東西，但也許我會先關註明年的帳單指南。我認為，很高興看到明年的收入成長 21% 至 22%。就比林斯成長預期而言，這比 21 財年開始時的情況要好，當然，隨後也超出了預期。能談談 22 財年更高起點的情況嗎？也許作為其中的一部分，您如何考慮帕洛阿爾托競爭領域的整體安全支出？

Well, Saket, thanks for your question. As you know, when we went into FY '21, we were all looking at what's happening with the pandemic. We were trying to figure out how the pandemic was going to impact security spend, how the pandemic was going to impact our customers coming back to work. What we realized in the course of the last year that business must continue. In that context, customers have come back and realized this way of working is fine, not only way of working in terms of creating productivity and delivering their services, but also this way of working in terms of upgrading their IT infrastructure, and of course, staying ahead of the cybersecurity threat landscape.

好吧，Saket，謝謝你的問題。如您所知，當我們進入 21 財年時，我們都在關注流感大流行的情況。我們試圖弄清楚這種流行病將如何影響安全支出，這種流行病將如何影響我們重返工作崗位的客戶。去年我們意識到業務必須繼續下去。在這種情況下，客戶回過頭來並意識到這種工作方式很好，不僅是在創造生產力和提供服務方面的工作方式，而且是在升級 IT 基礎設施方面的工作方式，當然，在網路安全威脅領域保持領先地位。

So in that context, we have a little more confidence going this year where we believe the customer is going to go. Of course, the pandemic hopefully will ease itself out over the course of the next few quarters. But in that context, we feel a little more confident. And therefore, we've been able to understand what we can do as a business and share that guidance with you.

因此，在這種情況下，我們今年對客戶會去的地方更有信心。當然，疫情有望在未來幾季內得到緩解。但在這種情況下，我們感覺更有信心了。因此，我們已經能夠了解作為一家企業我們可以做什麼，並與您分享該指導。

In terms of cybersecurity spend, as I said, the volumes of technology consumption have gone up in the pandemic, not down. I don't think this is a onetime blip that's going to normalize. I think this is a new normal, and that new normal needs to be protected. And to be able to protect it effectively, you're seeing customers are looking at consolidation strategies.

就網路安全支出而言，正如我所說，大流行期間技術消耗量增加，而不是下降。我不認為這只是短暫的現象，之後就會恢復正常。我認為這是一個新常態，需要保護這種新常態。為了能夠有效地保護它，您會看到客戶正在考慮整合策略。

I shared with you the 3 platform purchases, the 2 platform purchases. I don't know. In my 3 years at Palo Alto, I'm finally seeing customers wanting to consolidate and not deal with fragmentation. They're realizing, this is a losing battle if you're going to take point delivered products and try and integrate them to yourselves. Now that's our bet, has always been our bet. But it's not a bet which is contingent on us having a platform, you have to buy it all. It's continuing on us being able to deliver best-of-breed capabilities. And I shared, we've gone from 2 to 6, hopefully, from 6 to double digit this year, which means we actually deliver best-of-breed capability to our customers even if all they want is that. So that's what gives us the confidence, Saket.

我跟大家分享了3個平台購買，2個平台購買。我不知道。在帕洛阿爾託的三年裡，我終於看到客戶想要整合而不是處理碎片化問題。他們意識到，如果您打算採用點交付的產品並嘗試將它們整合到自己身上，那麼這將是一場失敗的戰鬥。現在這是我們的賭注，一直都是我們的賭注。但這並不是一個以我們擁有平台為條件的賭注，你必須全部購買。我們將繼續提供一流的功能。我分享說，我們今年已經從 2 增加到 6，希望能從 6 增加到兩位數，這意味著我們實際上為客戶提供了最好的功能，即使他們想要的只是這樣。這就是給我們信心的原因，Saket。

And our next question comes from Keith Weiss of Morgan Stanley with Rob Owens after that.

我們的下一個問題來自摩根士丹利的基思·韋斯（Keith Weiss）和羅布·歐文斯（Rob Owens）。

Very nice quarter. I think this quarter is probably going to surprise a lot of guys in terms of the level of overall strength you saw in billings, Next-Gen doing really well, operating margins outperforming, the guide for operating margins outperforming. Probably the biggest area of contention that you guys had coming into the print was product revenues. There's a lot of worry about supply chain issues and supply chain constraints. It doesn't really seem like that impacted you. Can you talk a little bit about product revenues heading into FY '22? Does this account for any -- the guide, does it account for any supply chain issues on a go-forward basis? And this new level for FY '22 of mid- to high single-digit growth, is that durable beyond FY '22 or is this a period of catch-up spend with that pent-up demand around hardware you were talking about previously?

非常好的季度。我認為這個季度可能會讓很多人感到驚訝，因為你在比林斯看到的整體實力水平，下一代表現非常好，營業利潤率表現出色，營業利潤率指南表現出色。也許你們在印刷品中爭論的最大領域是產品收入。人們對供應鏈問題和供應鏈限制有很多擔憂。這似乎並沒有真正影響你。能談談 22 財年的產品收入嗎？這是否說明了任何事——指南，它是否說明了任何未來的供應鏈問題？ 22 財年中高個位數成長的新水平是否會持續到 22 財年之後，或者這是一個追趕支出的時期，以彌補您之前談論的圍繞硬體的被壓抑的需求？

So Keith, thanks a lot for your question. I also want to thank you for your balanced note. I thought you had a good assessment of our opportunities and challenges going into the quarter.

基思，非常感謝你的問題。我還要感謝您的平衡說明。我認為您對本季的機會和挑戰有了很好的評估。

Like you said, we are seeing the pent-up demand get released. We are seeing some impact of refreshes. We are seeing some impact of some of our new form factors that we've launched. We are working diligently, as I'm sure everyone is, with our suppliers to make sure that we're able to bridge the supply and demand gap. So far, we've been able to make it through Q4. Based on current visibility, we don't see challenges for Q1 going into it, which is why we've given you guide for Q1. And we'll keep working with our suppliers.

正如您所說，我們看到被壓抑的需求被釋放。我們看到了刷新的一些影響。我們看到我們推出的一些新外形尺寸產生了一些影響。我相信每個人都在努力與我們的供應商合作，以確保我們能夠彌合供需差距。到目前為止，我們已經度過了第四季。根據目前的可見性，我們認為第一季不會遇到挑戰，這就是我們為您提供第一季指南的原因。我們將繼續與供應商合作。

I think the supply chain issue is going to sort of mitigate itself in Q3 or Q4 time frame anyway in the industry. I think that when there is a supply issue, a lot of the manufacturers, a lot of the chip companies are actually working twice as hard to try and bridge the gap. And we're also working hard with them to make sure we are very transparent about our needs in the quarter.

我認為供應鏈問題無論如何都會在第三季或第四季的時間範圍內得到緩解。我認為，當出現供應問題時，很多製造商、許多晶片公司實際上都在加倍努力嘗試彌合差距。我們也與他們努力合作，以確保我們對本季的需求非常透明。

So far, we have guided with the anticipation that we will be able to keep managing our supply chain balanced the way we have been able to manage for Q4. And in terms of your sustainability, I would welcome you to the Analyst Day on September 13, and we can talk more about it then.

到目前為止，我們預計我們將能夠像第四季一樣維持供應鏈平衡管理。就永續發展而言，我歡迎您參加 9 月 13 日的分析師日，屆時我們可以進一步討論。

Our next question comes from Rob Owens of Piper Sandler with Brian Essex to follow.

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

You talked a little bit in the prepared remarks about your success in the XDR segment. I was wondering given all the noise in that segment, Nikesh, if you could unpack a little bit where the competitive landscape is and why Palo Alto is winning at this point?

您在準備好的發言中談到了您在 XDR 領域的成功。我想知道考慮到該領域的所有噪音，Nikesh，您是否可以稍微解釋一下競爭格局以及為何帕洛阿爾託在這一點上獲勝？

Thanks, Rob. Look, XDR is a competitive space. It's the new transform endpoint space, which has a lot of players. And there were some legacy players in that space who lost ground to some of the newer players in the space, and we all know who they are. And Palo Alto came out with a product which was highly technically capable and competitive. As we've shared with you, we have won various benchmarks in the industry versus other players in the space. So we are seeing dog fights or cat fights or whichever the right analogy is in the customer space where we get in contention with a competitor and it gets competitive.

謝謝，羅布。看，XDR 是一個競爭激烈的領域。這是新的變換端點空間，有很多玩家。該領域的一些老牌玩家輸給了該領域的一些新玩家，我們都知道他們是誰。帕洛阿爾托推出了一款技術含量高、競爭力強的產品。正如我們與您分享的那樣，與該領域的其他參與者相比，我們贏得了行業內的各種基準。因此，我們在客戶空間中看到狗打架或貓打架，或任何正確的類比，我們與競爭對手競爭，從而變得具有競爭力。

And it becomes a question of, can you deliver the XDR capabilities they want? But I think over time what's happening is that customer is looking at it as a more expansive approach saying, this is not just about the EDR part, the endpoint part. It also needs to look at how do you commingle that with your network traffic analysis, how do you take that together and minimize the number of alerts that you're getting from different parts of your infrastructure.

問題是，您能否提供他們想要的 XDR 功能？但我認為隨著時間的推移，客戶將其視為更廣泛的方法，並表示這不僅僅是 EDR 部分，還有端點部分。它還需要考慮如何將其與網路流量分析結合起來，如何將其結合在一起並最大限度地減少從基礎設施的不同部分收到的警報數量。

As we just announced this morning, we've integrated cloud capability in there. So now you can take a look at your cloud estate and take the alerts from the cloud estate, commingle that with your endpoint, commingle that with your NTA and try and see how do you minimize the alert and how do you see correlation amongst all those alerts. Not just that, we introduced identity analytics this morning to it.

正如我們今天早上剛剛宣布的那樣，我們已經在那裡整合了雲端功能。因此，現在您可以查看您的雲端資產並從雲端資產中獲取警報，將其與端點混合，將其與 NTA 混合，然後嘗試看看如何最小化警報以及如何查看所有這些警報之間的相關性警報。不僅如此，我們今天早上還介紹了身分分析。

So I think over time, the XDR category is hurtling towards what used to be the SIEM. And what's going to happen over time is XDR will engulf that space but with a much more intelligent, normalized point of view, where you can actually look at it and say, this is valuable to me. The SIEM of the past was a data aggregation exercise and the intelligence was left with the customer to determine. I think XDR is bringing that next-generation capability to the SIEM, where it's cross-correlating prior to that, reducing your noise, giving you more relevant information. That's what's going to be the future.

因此，我認為隨著時間的推移，XDR 類別正在向過去的 SIEM 方向快速發展。隨著時間的推移，XDR 將吞噬這個空間，但將以更聰明、標準化的觀點，你可以真正看到它並說，這對我來說很有價值。過去的 SIEM 是一種資料聚合活動，情報由客戶決定。我認為 XDR 正在將下一代功能引入 SIEM，在此之前它會進行交叉關聯，減少噪音，為您提供更多相關資訊。這就是未來。

So that's why XDR, whilst competitive, highly strategic, and it behooves us because we have multiple pieces of the puzzle where we actually have cloud security capabilities. We have firewall capability, not just on hardware but across the virtual form factors. So being able to bring all that data, make sense of it and provide value to the SOC is where I think XDR is going. I think we're well placed in that space.

這就是為什麼 XDR 雖然具有競爭力，但具有高度策略性，而且它理應是我們的，因為我們實際上擁有雲端安全能力，解決了多個難題。我們擁有防火牆功能，不僅在硬體上，而且在虛擬設備上。因此，我認為 XDR 的目標是能夠獲取所有數據、理解這些數據並為 SOC 提供價值。我認為我們在這個領域處於有利地位。

The next question comes from Brian Essex of Goldman Sachs with Michael Turits next.

下一個問題來自高盛的布萊恩·埃塞克斯（Brian Essex）和邁克爾·圖里茨（Michael Turits）。

Congrats on the results, Nikesh. One quick question on the ClaiSec business. So wanted to understand, well, I guess maybe the next NGS overall. Confidence in the guidance, how much cushion is in that number? I understand, it's nice to see you leaning into ClaiSec with investment. Where are you investing for growth, particularly in sales and marketing? And maybe to cap it off, management changes that we saw this quarter, particularly inviting BJ to join the company, how that plays into the investment in ClaiSec as that remains a meaningful opportunity for you?

恭喜你的結果，尼科甚。關於 ClaiSec 業務的一個簡單問題。所以想了解一下，嗯，我想也許是下一個 NGS 整體。對指導的信心，這個數字有多少緩衝？我理解，很高興看到您投資 ClaiSec。您在哪些方面進行投資以實現成長，特別是在銷售和行銷方面？也許最後，我們本季看到的管理層變動，特別是邀請 BJ 加入公司，這對 ClaiSec 的投資有何影響，因為這對您來說仍然是一個有意義的機會？

Thanks, Brian. As we went on the speedboat strategy, our first job was to make sure that we had product market fit. And in the early part of our strategy we shared that we began to see product market fit, which really, I think Q4 2019 was when we started to see traction in the space. We spent a majority of the last 18 months after that trying to make sure that our sellers were able to understand the power of all the capabilities that Palo Alto has to offer.

謝謝，布萊恩。當我們實施快艇策略時，我們的首要任務是確保我們的產品適合市場。在我們策略的早期部分，我們分享了我們開始看到產品市場契合度，我認為實際上，我認為 2019 年第四季我們開始看到該領域的吸引力。此後，我們在過去 18 個月的大部分時間裡都在努力確保我們的賣家能夠了解帕洛阿爾託所提供的所有功能的威力。

And we have some phenomenal results in terms of what percent of our core sales team can sell Cortex, can sell Prisma. And those numbers keep rising because we're trying to make sure that our sales team is able to go pitch the entire portfolio to our customers. And that's exactly why we had the success we have been able to share with you in terms of customers buying 3 platforms, 2 platforms or 1. And we believe that opportunity is still further ahead in terms of us being able to penetrate our entire customer base with our cloud capabilities, our SASE capabilities, our Cortex capabilities. So we think there's more room to go. We are investing in more coverage and more capability both in the United States and North America as well as in international markets. So that's one part of it.

我們在核心銷售團隊中能夠銷售 Cortex 和 Prisma 的比例方面取得了一些驚人的成果。這些數字不斷上升，因為我們正在努力確保我們的銷售團隊能夠向客戶推銷整個產品組合。這正是我們能夠與您分享客戶購買 3 個平台、2 個或 1 個平台方面取得成功的原因。 SASE 功能、Cortex 功能。所以我們認為還有更多的空間。我們正在美國和北美以及國際市場投資擴大覆蓋範圍和增強能力。這就是其中的一部分。

In terms of the management change, delighted that BJ Jenkins has joined us at Palo Alto Networks. He was the CEO of Barracuda Networks. He understands security really well. He's a very seasoned, phenomenal sales leader and also a great human being. He's going to come manage our teams, drive that growth continually further.

在管理層變動方面，很高興 BJ Jenkins 加入 Palo Alto Networks。他曾擔任梭子魚網路公司的執行長。他非常了解安全。他是一位經驗豐富、出色的銷售領導者，也是一位偉大的人。他將來管理我們的團隊，並不斷推動我們的發展。

I also shared with you that part of our success as a company is being driven by very large deals. If you want to be the platform provider of choice, you have to be able to engage at the highest levels of our customers' organization and convince them of our not just portfolio approach but its best-to-breed capabilities. Amit is going to continue to do that. He's working closely with BJ and Rick Congdon, our Head of Global Sales, and they're going to partner together and try and address the needs of the customers to the top-down, which allows us more bandwidth, more capability and more management strength in being able to do that. So this is all part of the plan is to create ability to go target customers at the highest levels, try and create large deals where they see a long-term transformation and be their cybersecurity partner of choice.

我還與大家分享，我們作為一家公司的成功部分是由大型交易推動的。如果您想成為首選的平台提供者，您必須能夠與我們客戶組織的最高層進行互動，並讓他們相信我們不僅擁有產品組合方法，而且還擁有最佳的能力。阿米特將繼續這樣做。他與 BJ 和我們的全球銷售主管 Rick Congdon 密切合作，他們將共同合作，嘗試自上而下地滿足客戶的需求，這使我們能夠獲得更多的頻寬、更多的能力和更強的管理實力能夠做到這一點。因此，該計劃的全部內容是創造能力，瞄準最高級別的目標客戶，嘗試在他們看到長期轉型的地方達成大型交易，並成為他們選擇的網路安全合作夥伴。

Our next question comes from Michael Turits of KeyBanc with Jonathan Ho next.

我們的下一個問題來自 KeyBanc 的 Michael Turits 和 Jonathan Ho。

Congrats on the quarter. On both XDR and on Cortex and on Prisma Cloud, I think the impression that a lot of us got last quarter was the competition was very tight. There was significant incremental investment there that was needed. It sounds like those segments did well. And you've guided moderately in terms of margins for next year, but it doesn't seem like any big shift. So are things moving better than you expected or you're finding more streamlined way to approach this?

恭喜本季。在 XDR、Cortex 和 Prisma Cloud 上，我認為上個季度我們許多人的印像是競爭非常激烈。那裡需要大量的增量投資。聽起來這些部分做得很好。您對明年的利潤率進行了適度指導，但這似乎沒有任何重大轉變。那麼事情的進展是否比您預期的要好，或者您正在尋找更簡化的方法來解決這個問題？

Michael, I'll give you a quick sense of how things are, and I'm going to have Lee jump in and give you a sense of the capability we've built this year and capability we're planning to build over the next 12 months.

邁克爾，我將讓您快速了解情況，我將讓 Lee 介入並讓您了解我們今年建立的能力以及我們計劃在明年建立的能力12個月。

Look, there is a sales part or go-to-market part of it which is working, as I said. Our top 3 customers committed over $40 million in public cloud spend. I think many of the investors who have invested in these new start-ups in cloud security, their total ARR is not what we got from our top 3 customers. So I think we are seeing traction in the market. We are seeing resonance and product market fit, but it's not a static market. That market is continually evolving. We've gone from 0 to 7 modules. There's a lot more capability that people are looking for into next year, but I'm going to have Lee jump in and share some of the trends and where we're investing in XDR. Lee?

看，正如我所說，其中的銷售部分或進入市場部分正在發揮作用。我們的三大客戶承諾在公有雲上支出超過 4,000 萬美元。我認為許多投資於雲端安全領域新創企業的投資者，他們的總 ARR 並不是我們從前 3 名客戶那裡獲得的。所以我認為我們看到了市場的吸引力。我們看到了共鳴和產品市場契合，但這不是一個靜態的市場。該市場正在不斷發展。我們已經從 0 個模組增加到 7 個模組。人們期待明年有更多的功能，但我將邀請 Lee 加入並分享一些趨勢以及我們在 XDR 上的投資領域。李？

Yes. Absolutely. Look, over the last 12 months, we've made tremendous amount of progress in both these products. If you look at Prisma Cloud, about halfway through the year, we introduced 4 new modules, 3 of which had been built internally by the teams and one was the Aporeto acquisition being integrated for microsegmentation. We've seen a lot of very good early customer adoption of those. And going forward, I anticipate we're going to start to see mainstream adoption across the installed base and new customers as well.

是的。絕對地。看，在過去 12 個月裡，我們在這兩種產品上都取得了巨大的進步。如果你看看 Prisma Cloud，大約在今年中期，我們引入了 4 個新模組，其中 3 個是由團隊內部構建的，一個是為微分段而整合的 Aporeto 收購。我們已經看到很多非常好的早期客戶採用了這些技術。展望未來，我預計我們將開始看到已安裝基礎和新客戶的主流採用。

Bridgecrew is doing nicely as well with customers as they look more towards shift left. And in the not-too-distant future, we'll have that come out as an integrated module of Prisma Cloud, again, allowing us to more easily bring that to our existing installed base.

Bridgecrew 與客戶的關係也很好，因為他們更傾向於左移。在不久的將來，我們將再次將其作為 Prisma Cloud 的整合模組推出，使我們能夠更輕鬆地將其引入我們現有的安裝基礎。

XDR. Look, with the announcement this morning with XDR 3.0, I think it just shows the continued innovation, pace of innovation that we're able to drive: extending it to cloud, extending it to identity analytics, introducing the new forensics module and a whole host of other capabilities as well. And as Nikesh already alluded, you're seeing us start to extend the analytics as well as the data aggregation layer to additional data sources and additional intelligence.

XDR。看，今天早上發布的 XDR 3.0，我認為它只是展示了我們能夠推動的持續創新和創新步伐：將其擴展到雲，將其擴展到身份分析，引入新的取證模組和整個還有其他功能。正如 Nikesh 已經提到的，您會看到我們開始將分析和資料聚合層擴展到其他資料來源和其他智慧。

Our next question comes from Jonathan Ho of William Blair with Brent Thill up next.

我們的下一個問題來自威廉布萊爾 (William Blair) 的喬納森何 (Jonathan Ho)，接下來是布倫特蒂爾 (Brent Thill)。

I just wanted to go back to your comments around 2022 potentially as maybe a digestion year in terms of M&A. How can we think about sort of the further leverage in terms of the acquisitions you've already made? And is it accurate to think of 2022 as a digestion year?

我只是想回顧一下您對 2022 年左右的評論，這可能是併購方面的消化年。我們如何考慮您已經進行的收購的進一步槓桿作用？將 2022 年視為消化年是否準確？

Well, Jonathan, we digest as we eat. So if you took the 11 product capabilities and if you look at our NGS revenue or NGS billings, a lot of that NGS billing is from majority of acquisitions which we integrated into our platform. So it's not like we have undigested parts of our acquisitions. There are parts of our acquisitions where we'd like to see more traction and are putting more sort of wood behind the arrows.

好吧，喬納森，我們邊吃邊消化。因此，如果您查看 11 種產品功能，並查看我們的 NGS 收入或 NGS 帳單，您會發現許多 NGS 帳單來自我們整合到平台中的大部分收購。因此，我們的收購並不是有未消化的部分。我們希望在某些收購中看到更多的吸引力，並在箭頭後面添加更多的木材。

But for the most part, I think the way to interpret it, Jonathan, is that when I walked in 3 years ago, there were many trends in the cybersecurity industry where we were not a player. We were not a player in SASE. We were not a player in cloud security. We were not a full player in the XDR space and the SOC. We needed to become a player, and the cost and time required to build capability would take us 4 to 5 years. That is where being able to look at the markets, scour it, buy the best in the market, which has already teams which have already spent 4 to 5 years and shown product market fit was the right approach.

但在很大程度上，喬納森，我認為解釋它的方式是，當我三年前走進時，網路安全行業有很多趨勢，而我們不是其中的參與者。我們不是 SASE 的參與者。我們不是雲端安全領域的參與者。我們並不是 XDR 領域和 SOC 領域的正式參與者。我們需要成為一名參與者，而建構能力所需的成本和時間需要我們 4 到 5 年的時間。這就是能夠觀察市場、搜尋市場、購買市場上最好的產品的地方，這些團隊已經花了 4 到 5 年並展示了產品市場契合度，這是正確的方法。

Today, we have to be very careful as we evaluate companies because pretty much in categories where we think there is relevant trends, we already have a product. So acquiring anything in that space would require us to spend a lot more time integrating, figuring out what to do with their customers. We have 2 competing products. And I principally do not believe in having 2 products in the same category because that creates confusion, destroys the strategy and creates lots of unnecessary kerfuffle in the organization.

今天，我們在評估公司時必須非常小心，因為幾乎在我們認為有相關趨勢的類別中，我們已經擁有了產品。因此，在該領域獲取任何東西都需要我們花費更多的時間進行整合，並弄清楚如何與他們的客戶合作。我們有 2 個競爭產品。我主要不相信在同一類別中擁有兩種產品，因為這會造成混亂，破壞策略並在組織中造成許多不必要的混亂。

So that's why our opportunities to go expand in categories is limited. We've decided there are some places we want to play, and we want to play to win. There are some places we aren't going to play. We're not going to play in identity. So it doesn't matter if that's an open space and there are companies out there, we're not playing there. We're playing in cloud security, where we'll be very aggressive. We're playing in automating the SOC and providing capabilities on the SOC. And we're playing in network firewall business. And there, we believe we have a huge complement of capabilities. And as you saw from the slide, we're building lots and lots of organic capability. We did 53 product releases the last 3 years. These are all showing up, hopefully, in the billings that you're seeing that we are able to provide more capabilities, more subscription to our customers.

所以這就是為什麼我們擴大品類的機會是有限的。我們已經決定了我們想要在一些地方比賽，並且我們想要贏得比賽。有些地方我們不去玩。我們不會玩弄身分。因此，無論那是否是一個開放的空間並且那裡有公司，我們都不會在那裡玩。我們正在涉足雲端安全領域，我們將非常積極進取。我們致力於 SOC 自動化並提供 SOC 功能。我們正在從事網路防火牆業務。在這方面，我們相信我們擁有強大的能力補充。正如您從幻燈片中看到的，我們正在建立大量的有機能力。過去 3 年我們發布了 53 個產品。希望這些都顯示在您看到的帳單中，我們能夠為客戶提供更多功能、更多訂閱。

That's the way I would interpret the M&A answer. And does it mean we might tuck in a product company here or there? Yes. But it also means that we're not looking for substantive acquisitions at this current point in time.

這就是我對併購答案的解讀。這是否意味著我們可能會在這裡或那裡設立一家產品公司？是的。但這也意味著我們目前並不尋求實質收購。

Our next question comes from Brent Thill with Jefferies with Gray Powell after that.

我們的下一個問題來自布倫特·希爾、傑弗里斯和格雷·鮑威爾。

Nikesh, you mentioned the SASE train has barely left the station. I'm curious if you can just elaborate on that comment and talk through kind of the next couple stations that you expect to land in with this train.

Nikesh，您提到 SASE 列車剛離開車站。我很好奇您是否可以詳細說明該評論並談談您希望搭乘這列火車到達的接下來的幾個車站。

Thank you, Brent. Look, I think the pandemic is partly to blame or give credit to the fact that the SASE train is moving fast. Over the last 2 years, what you've seen is customers go commit to a large cloud purchase. They get involved in the development process of their cloud purchase. And then they start to move their workloads to the cloud.

謝謝你，布倫特。聽著，我認為這場流行病在一定程度上要歸咎於或歸功於 SASE 列車快速行駛的事實。在過去的兩年裡，您所看到的是客戶承諾大量購買雲端。他們參與雲端購買的開發過程。然後他們開始將工作負載轉移到雲端。

As you begin to do that, there's years of MPLS, of data center spend which has gone on where customers realize, I don't need to bring all that traffic back home. I need to start taking the traffic and have it go where the data is, whether it's in the public cloud or in my data center. Now those kind of traffic routing, splitting capabilities require you to have pushed that routing to the edge, put SD-WAN in there, but also requires you to have security at the edge.

當您開始這樣做時，多年來的 MPLS 和資料中心支出已經持續到客戶意識到，我不需要將所有流量帶回國內。我需要開始獲取流量並將其傳送到資料所在的位置，無論是在公有雲還是在我的資料中心中。現在，這些流量路由、分割功能要求您將該路由推到邊緣，將 SD-WAN 放入其中，但也要求您在邊緣擁有安全性。

Now the majority of our customers who have security in their data center with our firewalls can easily take that capability, push it to the edge with the Palo Alto capability of Prisma Access without having to change their policy infrastructure, allows them to be consistent across all form factors, all applications, all devices. It is actually true Zero Trust. And if you saw your leader in the Zero Trust Quadrant, pretty much everyone else in the industry is behind.

現在，透過我們的防火牆確保資料中心安全的大多數客戶都可以輕鬆利用該功能，利用Prisma Access 的Palo Alto 功能將其推向邊緣，而無需更改其策略基礎設施，從而使他們能夠在所有方面保持一致。這其實是真正的零信任。如果您在零信任象限中看到了自己的領導者，那麼行業中幾乎所有其他人都落後了。

So from that context, to deliver true Zero Trust with this SASE solution, we think we've reached a great position. We've also aggressively supplemented that with software capabilities. And I'm pretty sure every company out there in the Fortune 500 and Fortune 100, they're all going through that journey as we speak. I don't think the market is saturated by any means, shape or form. And it's not just a security play, actually is a fundamental network play. People are shifting their traffic, taking it away from the MPLS world to a more cloud-delivered security and a cloud-delivered network world where GCP, AWS, Azure, others are providing the underlying network capability in addition to our security capability.

因此，從這個角度來看，為了透過這個 SASE 解決方案提供真正的零信任，我們認為我們已經達到了一個很好的位置。我們也積極透過軟體功能來補充。我很確定財富 500 強和財富 100 強中的每一家公司都在經歷這趟旅程。我不認為市場在任何方面、形式上都已經飽和。這不僅僅是一個安全遊戲，實際上是一個基本的網路遊戲。人們正在轉移他們的流量，將其從 MPLS 世界轉移到更雲端交付的安全性和雲端交付的網路世界，其中 GCP、AWS、Azure 等除了我們的安全功能之外還提供底層網路功能。

Our next question comes from Gray Powell of BTIG with Matthew Hedberg up next.

我們的下一個問題來自 BTIG 的 Gray Powell，接下來是 Matthew Hedberg。

Congratulations on the good results. So you see on my side, I mean we've heard that Palo Alto has implemented some price increases on the appliance side of the business. Can you just talk about what you're doing there? Is that correct? How widespread are the price increases? And does that have any sort of pull-through on attached subscriptions and support?

恭喜取得好成績。所以你看，在我這邊，我的意思是我們聽說帕洛阿爾托已經在業務的電器方面實施了一些價格上漲。你能簡單談談你在那裡做什麼嗎？這是正確的嗎？價格上漲的範圍有多廣？這對附加訂閱和支援有任何形式的影響嗎？

So Gray, what has happened is with the supply chain issues that we saw in the industry, we've seen pretty much every player in the industry tweak their pricing for the upcoming year, and we've done something similar. It's in the low single digits from a price increase perspective. But as you know, the net yield is contingent on a competitive situation, what the customer pays, what discounts have been negotiated with them. So usually, typically, you don't see the yield fully drop to your P&L. It will have some pull-through to our numbers as and when those price changes are effected into the field, but it's low single digits. It is consistent with the supply chain issues that the industry is seeing.

格雷，我們在行業中看到的供應鏈問題已經發生了，我們看到行業中幾乎每個參與者都在調整來年的定價，我們也做了類似的事情。從價格上漲的角度來看，它處於較低的個位數。但如您所知，淨收益取決於競爭狀況、客戶支付的費用以及與他們協商的折扣。因此，通常情況下，您不會看到收益率完全下降到損益表中。當這些價格變化影響到現場時，它會對我們的數字產生一些影響，但它的個位數較低。這與業界所看到的供應鏈問題是一致的。

And our next question comes from Matthew Hedberg of RBC with Joel Fishbein next.

我們的下一個問題來自加拿大皇家銀行的馬修·赫德伯格和喬爾·菲什賓。

Nikesh, congrats on the quarter. You started out the call talking about all the cyber threats these days, all the cyber risks. I was curious from your perspective, as we head into the U.S. federal budget season, how do you think about that impacting your business? Is it a this year thing? Is it more so next year? Just kind of wondering about the cadence of federal cyber funding.

尼科甚，恭喜這個季度。您在通話開始時談論了當今所有的網路威脅、所有的網路風險。我很好奇，從您的角度來看，當我們進入美國聯邦預算季節時，您如何看待這對您的業務的影響？這是今年的事嗎？明年更是如此嗎？只是想知道聯邦網路資金的節奏。

Well, as you know, the federal year-end is September. So I think it's too late for them to have any material impact this fiscal year. I think they're busy trying to, with a new government in place, with changing a lot of those people in the administration, usually it takes in the first year of administration, it takes a few weeks, months to work through those changes. So I think we're going to see stuff happen in the next fiscal year for the government.

嗯，如您所知，聯邦年終日期是九月。因此，我認為他們在本財年無法產生任何實質影響，但為時已晚。我認為他們正忙著嘗試，隨著新政府的到位，政府中的許多人發生了變化，通常需要在執政的第一年，需要幾週、幾個月的時間來完成這些變化。所以我認為我們將在政府下一個財政年度看到一些事情發生。

They have great intentions. They want to make sure that the cybersecurity posture of the country, of the infrastructure is improved. You've seen some executive orders in that regard. There is a very positive mindset in terms of leaning in and solving many of these problems. I'm hoping that leads to positive impact for the cybersecurity industry.

他們有偉大的意圖。他們希望確保國家和基礎設施的網路安全狀況得到改善。您已經看到了這方面的一些行政命令。在學習和解決其中許多問題方面，存在著非常積極的心態。我希望這能為網路安全產業帶來正面影響。

Our next question comes from Joel Fishbein of Truist Securities with Keith Bachman up next.

我們的下一個問題來自 Truist Securities 的 Joel Fishbein，接下來是 Keith Bachman。

Just wanted to follow up on one of the themes that you talked about during the call, and that is vendor consolidation. It's something that we've been looking for, for a long time. What do you think the catalyst is there for that? And how are you positioned considering identity and endpoint are part of those 2 markets?

只是想跟進您在電話會議中討論的主題之一，那就是供應商整合。這是我們長期以來一直在尋找的東西。您認為其中的催化劑是什麼？考慮到身份和端點屬於這兩個市場，您如何定位？

So Joel, I think, look, my personal view, and I'm new to the industry, even if I've been here for 3 years is, I didn't think there were many options in the industry to consolidate cybersecurity spend. I think there were some phenomenal players in the market who had amazing capability in their lane, in their swim lane. What we've done in the last 3 years is build multiple swim lanes where you can buy the product and use in that swim lane or you can buy a product that connects across those swim lanes. And that's what we're proving with our Prisma Cloud, with our SASE strategy and our firewall strategy where we're adding more software capability.

所以喬爾，我認為，看，我個人的觀點，我是這個行業的新手，即使我已經在這裡工作了 3 年，我也不認為該行業有很多選擇來整合網路安全支出。我認為市場上有一些非凡的球員，他們在自己的泳道上擁有驚人的能力。我們在過去 3 年所做的就是建立多個泳道，您可以購買產品並在該泳道中使用，也可以購買連接這些泳道的產品。這就是我們透過 Prisma Cloud、SASE 策略和防火牆策略來證明的，我們在其中添加了更多軟體功能。

So I'm going to tell you about my book. I think we're well positioned for the consolidation around a majority of our platforms. At the same time, you don't have to buy it all from us if you don't want to. We still integrate with other players in the market if your infrastructure is so designed or you actually have infrastructure players that you deployed.

所以我要告訴你我的書。我認為我們已經做好了圍繞大多數平台進行整合的準備。同時，如果您不願意，也不必全部向我們購買。如果您的基礎設施是這樣設計的或您實際上已經部署了基礎設施參與者，我們仍然會與市場上的其他參與者整合。

In terms of correlating that to identity and endpoint, well, we have an endpoint. XDR is the new endpoint play, where we do both EDR capabilities and XDR capabilities. So as you see the transformation away from the traditional endpoint vendors to the XDR vendors, we have a play there.

就將其與身分和端點相關聯而言，我們有一個端點。 XDR 是新的端點遊戲，我們同時具備 EDR 功能和 XDR 功能。因此，當您看到從傳統端點供應商轉向 XDR 供應商的轉變時，我們就在那裡發揮作用。

In terms of identity, I think the identity market will exist. I think there are players in the market. But remember, identity is about two-factor authentication and validating who you are. Once you're in the network when you get past the initial identity checks, you're back in our network flow, you're back in our firewalls, you're back in our cloud instances. So we do participate, only participate after you've been validated at the point, at which we can get that information integrating with existing identity players in the market. I don't know if the investors want me to go buy an identity player and make it better because there are some very good identity players in the market.

在身份方面，我認為身份市場將會存在。我認為市場上有玩家。但請記住，身份是關於雙重認證和驗證您是誰。一旦您進入網路並通過了初始身分檢查，您就回到了我們的網路流、我們的防火牆、我們的雲端實例。因此，我們確實參與，只有在您經過驗證後才參與，此時我們可以獲得與市場上現有身份參與者整合的資訊。我不知道投資者是否希望我去買一個身份播放器並使其變得更好，因為市場上有一些非常好的身份播放器。

Our next question is from Keith Bachman of BMO with Ben Bollin next.

我們的下一個問題是 BMO 的 Keith Bachman 和 Ben Bollin。

Nikesh, I wanted to flesh out a little bit on the consolidation theme but in a different direction. If you could just talk about your SASE wins and is there some common themes within the SASE wins? Where are you winning and why? And perhaps on the other side, where are you not winning? And what I'm trying to understand as part of that theme is, how are you winning within SASE within your installed base versus perhaps even getting into some new customers that might turn into something more for Palo Alto? But if you could just talk about some common threads within your SASE environment.

Nikesh，我想在整合主題上充實一點，但方向不同。您能否談談您的 SASE 勝利？你在哪裡獲勝？也許另一方面，你在哪裡沒有贏？作為主題的一部分，我試圖理解的是，您如何在已安裝的 SASE 中獲勝，甚至可能贏得一些可能為帕洛阿爾托帶來更多好處的新客戶？但如果您可以只討論 SASE 環境中的一些常見主題。

Yes. Keith, I'm going to lean on Lee to tell you about why we win, where we win. But as I said in my prepared remarks, 25% of our Prisma Access customers are net new to Palo Alto. And this would typically be a customer who's got to deploy a firewall, which cannot give that extended SASE firewall, SASE capabilities. They'd like to eventually replace those firewalls, but they're in midlife on those firewalls. So they will go with us on SASE with at least a hope and anticipation that we can go back and reverse into that with our hardware over time as those firewalls from the competitors come to end of life. Lee, do you want to jump in?

是的。基思，我要請李告訴你我們為什麼會贏，我們在哪裡贏。但正如我在準備好的演講中所說，我們的 Prisma Access 客戶中有 25% 是帕洛阿爾託的新客戶。這通常是必須部署防火牆的客戶，而防火牆無法提供擴充的 SASE 防火牆、SASE 功能。他們希望最終能更換這些防火牆，但這些防火牆已經到了中年。因此，他們將與我們一起使用 SASE，至少希望並期待隨著時間的推移，隨著競爭對手的防火牆報廢，我們可以用我們的硬體返回並逆轉到 SASE。李，你想跳進去嗎？

Yes. I think there's been a significant change in the market in terms of what customers realize they need from sort of thinking about users and employees that are off the network and sort of being like a nice to have. Like maybe I can connect with a subset of applications some of the time and that will be acceptable, to the new realities of the hybrid workforce where it's very clear that employees need to be able to access all applications all of the time. And for the enterprise, there needs to be a full security stack to protect those with that connectivity. And that shift really favors our position with Prisma SASE, our ability to secure all applications, our ability to provide true enterprise-tested, enterprise-grade security and to do it in a way that is consistent with what many of our customers already have deployed for in their campus environments, branch office environments, et cetera.

是的。我認為市場已經發生了重大變化，客戶意識到他們需要什麼，因為他們考慮到了脫離網路的用戶和員工，並認為擁有是一件好事。就像也許我可以在某些時候連接應用程式的子集，這對於混合勞動力的新現實來說是可以接受的，很明顯，員工需要能夠始終訪問所有應用程式。對於企業來說，需要一個完整的安全堆疊來保護具有這種連接的人員。這種轉變確實有利於我們在Prisma SASE 中的地位，我們保護所有應用程式的能力，我們提供真正經過企業測試的企業級安全性的能力，並以與我們許多客戶已經部署的方式一致的方式實現這一點適用於校園環境、分公司環境等。

And as Nikesh mentioned, that trend can come from 2 different directions. It can come from an existing customer who's really happy with us and who's extending out to SASE or vice versa, customers that come in with SASE and then can extend into the campus and branch office environments.

正如 Nikesh 所提到的，這種趨勢可能來自兩個不同的方向。它可以來自對我們真正滿意並擴展到 SASE 的現有客戶，反之亦然，即使用 SASE 進入然後可以擴展到園區和分店環境的客戶。

And our last question for today comes from Ben Bollin of Cleveland Research.

今天我們的最後一個問題來自克利夫蘭研究中心的本·博林。

When you look at recent performance and even the forward outlook, how do you think about your share performance, your share gains versus wallet share expansion within your customers? And then, Nikesh, you talked a little bit about maybe within the networking, but what other IT silos do you feel like are donating spend into security as a whole?

當您審視最近的業績甚至未來的前景時，您如何看待您的股票表現、您的股票收益與客戶的錢包份額擴張？然後，Nikesh，您可能在網路方面談到了一些問題，但您認為還有哪些其他 IT 孤島正在將支出捐贈給整個安全領域？

Thanks, Ben. Look, you saw we highlighted that one of our customers became our first customer who spent $100 million a year with us. And we have a few who were just short of that. So it wasn't the only one who was getting there. So I think part of that gives you a sense of consolidation of spend and us getting a higher share of wallet. But I'd like to see that as us providing the capabilities to our customers so they're able to do everything with us. They don't have to go and go stitch together multiple vendors because today, there is a very high cost of stitching security because the cost is vulnerability, right? And we're doing all the stitching for our customers, at least giving them the ability that they can go secure the enterprise and go do other stuff.

謝謝，本。看，您看到我們強調了我們的一位客戶成為我們第一個每年在我們這裡花費 1 億美元的客戶。我們有一些人就達不到這一點。所以它並不是唯一到達那裡的人。因此，我認為這在一定程度上會給你一種支出整合的感覺，讓我們獲得更高的錢包份額。但我希望看到我們為客戶提供能力，以便他們可以與我們一起做所有事情。他們不必縫合多個供應商，因為今天，縫合安全性的成本非常高，因為成本就是漏洞，對吧？我們正在為客戶做所有的縫合工作，至少讓他們有能力保護企業並去做其他事情。

In terms of your question about where different parts of IT are probably contributing, I think there is a large network contribution around the whole SASE topic because SASE is effectively not just a security play. It also happens to be a network play. And that's where you'll see and you'll find many times that our firewalls are procured either by the network team or the security team. So you'll see that the whole network security space, there is a back and forth between whether it comes from network budget or the security budget.

關於 IT 的不同部分可能在哪些方面做出貢獻的問題，我認為圍繞整個 SASE 主題有大量的網路貢獻，因為 SASE 實際上不僅僅是一個安全遊戲。這也恰好是網路遊戲。這就是您會看到的地方，您會發現很多時候我們的防火牆是由網路團隊或安全團隊購買的。所以你會看到整個網路安全空間，無論是來自網路預算還是安全預算，都存在著一個來回的過程。

I think the same thing in the cloud. People haven't quite figured out that the cloud requires its own capability from a security perspective, and we're seeing that being baked into budgets. But very often that, that capability is coming out of the cloud spend, where we're also able to go get credits from the public cloud CSPs to have the customer pay for that capability. Does that answer the question?

我認為在雲端也是同樣的事情。人們還沒有完全弄清楚，從安全角度來看，雲端需要自己的功能，而且我們看到這一點已被納入預算。但通常情況下，該功能來自雲端支出，我們也可以從公有雲 CSP 獲得積分，讓客戶為此功能付費。這能回答問題嗎？

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

我們將結束今天電話會議的問答部分。現在我將把它轉回給尼科甚，讓他發表閉幕詞。

Well, I just want to say thank you, everyone, for joining us today. We look forward to seeing you at our upcoming investor events and especially at our Analyst Day. And I do want to take a moment to say thank you, thank you, thank you to our employees, our partners, our customers and everyone who made these results possible. Wonderful. Have a great day.

好吧，我只想說謝謝大家今天加入我們。我們期待在即將舉行的投資者活動，特別是分析師日見到您。我確實想花一點時間向我們的員工、合作夥伴、客戶以及所有使這些成果成為可能的人表示感謝。精彩的。祝你有美好的一天。