Palo Alto Networks Inc (PANW) 2020 Q4 法說會逐字稿

(presentation)

（推介會）

Good afternoon, and thank you for joining us on today's conference call to discuss Palo Alto Networks' Fiscal Fourth Quarter and Fiscal Year 2020 Financial Results. I'm David Niederman, Vice President, Investor Relations. This call is being broadcast live over the web and can be accessed on the Investors section of our website at investors.paloaltonetworks.com.

下午好，感謝您參加今天的電話會議，討論 Palo Alto Networks 的第四財季和 2020 財年財務業績。我是投資人關係副總裁大衛‧尼德曼。本次電話會議正在透過網路進行現場直播，您可以在我們網站的投資者部分造訪 Investors.paloaltonetworks.com。

With me on today's call are Nikesh Arora, our Chairman and Chief Executive Officer; Luis Visoso, our Chief Financial Officer; and Lee Klarich, our Chief Product Officer. This afternoon, we issued a press release announcing our results for the fiscal fourth quarter ended July 31, 2020. If you'd like a copy of the release, you can access it online on our website.

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；路易斯‧維索索，我們的財務長；以及我們的首席產品長 Lee Klarich。今天下午，我們發布了一份新聞稿，公佈了截至 2020 年 7 月 31 日的第四財季業績。

We would like to remind you that during the course of this conference call, management will make forward-looking statements, including statements regarding the duration that impacts of COVID-19 in our business, our customers, the enterprise and cybersecurity, industry and global economic conditions, our financial guidance and modeling points for the fiscal first quarter 2021, our expectations with regard to certain financial results and operating metrics for fiscal year 2021, our competitive position and the demand and market opportunity for our products and subscriptions, benefits and timing of new products, features and subscription offerings, including those from our proposed acquisition of The Crypsis Group, ARR and various billing run rates as well as other financial and operating trends. These forward-looking statements involve a number of risks and uncertainties, some of which are beyond our control, which could cause actual results to differ materially from those anticipated by these statements. These forward-looking statements apply as of today. You should not rely on them as representing our views in the future, and we undertake no obligation to update these statements after this call. For a more detailed description of factors that could cause actual results to differ, please refer to our quarterly report on Form 10-Q filed with the SEC on May 22, 2020, and our earnings release posted a few minutes ago on our website and filed with the SEC on Form 8-K.

我們想提醒您，在本次電話會議期間，管理層將做出前瞻性聲明，包括有關 COVID-19 對我們的業務、客戶、企業和網路安全、行業和全球經濟的影響持續時間的聲明條件、我們對2021 財年第一季的財務指導和建模要點、我們對2021 財年某些財務業績和營運指標的預期、我們的競爭地位以及我們的產品和訂閱的需求和市場機會、收益和時機新產品、功能和訂閱產品，包括我們擬收購The Crypsis Group 帶來的產品、功能和訂閱產品、ARR 和各種計費運作率以及其他財務和營運趨勢。這些前瞻性陳述涉及許多風險和不確定性，其中一些是我們無法控制的，這可能導致實際結果與這些陳述預期的結果有重大差異。這些前瞻性陳述自今天起適用。您將來不應依賴它們來代表我們的觀點，並且我們不承擔在本次電話會議後更新這些聲明的義務。有關可能導致實際結果不同的因素的更詳細說明，請參閱我們於 2020 年 5 月 22 日向 SEC 提交的 10-Q 表格季度報告，以及幾分鐘前在我們的網站上發布並提交的收益報告。 SEC 提交表格8-K。

Also, please note that certain financial measures we use on this call are expressed on a non-GAAP basis and have been adjusted to exclude certain charges. For historical periods, we have provided reconciliations of these non-GAAP financial measures to GAAP financial measures in the supplemental financial information that can be found in the Investors section of our website located at investors.paloaltonetworks.com.

另請注意，我們在本次電話會議中使用的某些財務指標是在非公認會計原則的基礎上表示的，並已進行調整以排除某些費用。在歷史時期，我們在補充財務資訊中提供了這些非 GAAP 財務指標與 GAAP 財務指標的調整表，這些資訊可以在我們網站的投資者部分找到，網址為 Investors.paloaltonetworks.com。

And finally, once we have completed our formal remarks, we will be posting them to our Investor Relations website under the quarterly results section. We'd also like to inform you that we will be virtually participating in the Citi 2020 Global Technology Conference on September 8 and the Deutsche Bank's Technology Conference on September 14.

最後，一旦我們完成正式評論，我們將把它們發佈到我們的投資者關係網站的季度業績部分。我們也想通知您，我們將以虛擬方式參加 9 月 8 日舉行的花旗 2020 年全球技術會議和 9 月 14 日舉行的德意志銀行技術會議。

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

接下來，我會將電話轉給尼科甚。

Thank you, David. Good afternoon, everyone, and thank you for joining us today for our fiscal fourth quarter and full year 2020 results. I hope you enjoyed the video we showed you before, our employees made that to celebrate how Palo Alto Networks has responded over the course of the year. I thought it would be a fitting start to everything we're talking about today.

謝謝你，大衛。大家下午好，感謝您今天與我們一起了解我們的 2020 財年第四季和全年業績。我希望您喜歡我們之前向您展示的視頻，我們的員工製作該視頻是為了慶祝 Palo Alto Networks 在這一年中的應對措施。我認為這將是我們今天談論的一切的一個合適的開始。

As you can probably tell, we're delighted with our results this quarter and extremely thankful for the resilience that the team at Palo Alto Networks has shown in navigating the current environment. I cannot appreciate their efforts enough. I also want to acknowledge the challenges that people are experiencing globally as a result of COVID-19. This is a difficult time and we need to pull our strengths and find empathy to get through it.

正如您可能知道的那樣，我們對本季度的業績感到非常滿意，並且非常感謝 Palo Alto Networks 團隊在應對當前環境中所表現出的韌性。我對他們的努力感激不盡。我還想承認全球人民因新冠肺炎 (COVID-19) 而面臨的挑戰。這是一個困難的時期，我們需要發揮我們的優勢並找到同理心來度過難關。

Before we talk about the quarter, I wanted to go back and remind you of the journey over the last 2 years. 2 years ago, and my first and subsequent earnings calls, I've shared my observations about the cybersecurity industry. I talked about the need for integrated platform, need for setting platform with industry leading solutions. I also talked about the need for us to become more relevant in emerging cloud security and the need to focus on AI, ML and automation. 2 years later, we are well on our way to transforming from a single product category company to a 3-platform company, a company that secures the network with Strata, secures the cloud with Prisma and a platform for AI/ML applications in automation with Cortex. We have been building products and acquiring new businesses to make progress towards our vision of providing integrated solutions.

在我們談論本季之前，我想回顧一下過去兩年的歷程。兩年前，在我的第一次和隨後的財報電話會議上，我分享了我對網路安全產業的觀察。我談到了對整合平台的需求，需要用業界領先的解決方案來設定平台。我還談到了我們需要在新興的雲端安全領域變得更加重要，以及需要關注人工智慧、機器學習和自動化。兩年後，我們正在從單一產品類別的公司轉型為一家擁有 3 個平台的公司，一家透過 Strata 保護網路、透過 Prisma 保護雲以及透過皮質。我們一直在開發產品並收購新業務，以朝著提供整合解決方案的願景取得進展。

We are in early stages of our journey, but excited about the progress we've been able to achieve so far. The success of our transformation has strengthened our results to double down on the growth areas in cybersecurity and aspire to be the cybersecurity partner of choice; the partner, providing integrated, comprehensive and industry-leading solutions to our customers.

我們正處於旅程的早期階段，但對迄今為止所取得的進展感到興奮。我們轉型的成功增強了我們在網路安全成長領域加倍努力的成果，並立志成為首選的網路安全合作夥伴；合作夥伴，為客戶提供整合、全面、業界領先的解決方案。

We've had several conversations over the last 2 years around our M&A approach. As you have seen, successful M&A is an integral part of our approach. We have honed a disciplined framework to ensure that the companies require our productive investment and that they fit well within our long-term strategy. We look for industry-leading solutions that prepare us for tomorrow, and we focus on integration and retaining key talent, talent that has beat all odds and build solutions designed for tomorrow. We have been able to unlock value by activating our go-to-market and customer success machines with incremental technologies to accelerate the acquired businesses. When we analyze the performance of our acquired companies, we see that we are achieving our stated goal of increasing a given target company's internal business plan by 30% to 40% in the first 12 months of bringing them into the Palo Alto Networks family.

過去兩年，我們圍繞著我們的併購方法進行了許多對話。正如您所看到的，成功的併購是我們方法的一個組成部分。我們已經制定了嚴格的框架，以確保這些公司需要我們的生產性投資，並且它們符合我們的長期策略。我們尋找業界領先的解決方案，為明天做好準備，我們專注於整合和留住關鍵人才，這些人才克服了一切困難，並建立了為明天設計的解決方案。我們能夠透過增量技術啟動我們的上市和客戶成功機器來加速所收購的業務，從而釋放價值。當我們分析所收購公司的表現時，我們發現我們正在實現既定目標，即在將特定目標公司納入 Palo Alto Networks 家族後的前 12 個月內將其內部業務計劃提高 30% 至 40%。

We recently reviewed the M&A history of follow the networks with our Board. I'm delighted to report that the aggregate annual run rate of all businesses that we have acquired is 4x what it was pre-acquisition. Just as important, we've also been able to retain the key talent that had helped build the acquired company.

我們最近與董事會一起回顧了 follow the Networks 的併購歷史。我很高興地向大家報告，我們收購的所有企業的年總運轉率是收購前的 4 倍。同樣重要的是，我們也能夠留住幫助建立被收購公司的關鍵人才。

Let's look at some of the financial highlights from this quarter, starting with NGS. 2 years ago, these collective offerings made up approximately 8% of our total billings. We closed FY 2020 with $928 million in NGS billings representing approximately 20% of the total. Additionally, NGS ARR was approximately $650 million in Q4 2020. 2 years ago, we didn't have products that address the automation of cloud security markets. Today, we're doing multimillion-dollar deals in these areas, creating a strong foundation for our future growth. This is one of my favorite slides. NGS is growing faster than any of the single product newer public companies in the space. Let's take a deeper look in the piece parts of NGS.

讓我們從 NGS 開始看一下本季度的一些財務亮點。 2 年前，這些集體產品約占我們總帳單的 8%。截至 2020 財年，我們的 NGS 帳單為 9.28 億美元，約佔總額的 20%。此外，2020 年第四季 NGS ARR 約為 6.5 億美元。今天，我們正在這些領域進行數百萬美元的交易，為我們未來的成長奠定了堅實的基礎。這是我最喜歡的幻燈片之一。 NGS 的成長速度超過了該領域任何單一產品的新上市公司。讓我們更深入地了解 NGS 的各個部分。

Turning to Cortex. We drove incredible innovation during 2020. We established a new category by transforming EDR to XDR, delivering detection and response across not just endpoints but also firewalls and cloud assets. In November, we introduced XDR 2.0, which featured a unified management UI, powerful new endpoint features and ingestion of third-party data and alerts. XDR is rapidly gaining transaction -- traction, sorry, and is the fastest-growing product within NGS 2 in 1,000 customers. We recently added Managed Threat Hunting, industry's first threat hunting service, operating across integrated endpoint network and cloud data.

轉向皮質。我們在 2020 年推動了令人難以置信的創新。 11 月，我們推出了 XDR 2.0，它具有統一的管理 UI、強大的新端點功能以及第三方資料和警報的攝取。 XDR 正在迅速獲得交易——抱歉，它是 NGS 2 中 1,000 個客戶中成長最快的產品。我們最近新增了託管威脅搜尋，這是業界第一個威脅搜尋服務，跨整合端點網路和雲端資料運行。

Cortex XDR's momentum continues to accelerate, including a 7-figure deal with a major energy company that chose Palo Alto Network as a key partner in their digital transformation journey. Cortex XDR helped them drive down the complexity of security operations by standardizing independent detection and response tools onto one superior platform. Through Cortex XDR, they were able to significantly reduce the number of alerts that needed to be triaged and investigated by their security analysts, all while gaining holistic visibility across the enterprise.

Cortex XDR 的勢頭繼續加速，包括與一家大型能源公司達成了 7 位數的交易，該公司選擇 Palo Alto Network 作為其數位轉型之旅的關鍵合作夥伴。 Cortex XDR 透過將獨立偵測和回應工具標準化到一個卓越的平台上，幫助他們降低了安全操作的複雜性。透過 Cortex XDR，他們能夠大幅減少安全分析師需要分類和調查的警報數量，同時獲得整個企業的整體可見性。

As security products get more real time, it becomes more important to manage outcomes and respond rapidly. To aid our customers, we believe it is important to have a team of trained expert professionals to support them. To that end, we announced earlier today our intention to acquire The Crypsis Group, a fast-growing cyber consulting and incident response company. This acquisition allows us to serve current and new customers across a broad order set of their cybersecurity needs. Once the transaction closes, Crypsis will bring strong incident response, forensics and consulting capabilities to our XDR portfolio. They have served more than 1,700 organizations across the health care, financial services, retail, e-commerce and energy industries.

隨著安全產品變得更加即時，管理結果和快速回應變得更加重要。為了幫助我們的客戶，我們認為擁有一支訓練有素的專家團隊來支持他們非常重要。為此，我們今天稍早宣布打算收購 The Crypsis Group，這是一家快速發展的網路諮詢和事件回應公司。此次收購使我們能夠為現有和新客戶的網路安全需求提供廣泛的服務。交易完成後，Crypsis 將為我們的 XDR 產品組合帶來強大的事件回應、取證和諮詢能力。他們已為醫療保健、金融服務、零售、電子商務和能源行業的 1,700 多家組織提供服務。

In addition to being able to predict and prevent cyber attacks, Cortex will also now be able to mitigate the impact of any breach that our customers may face, thus strengthening Palo Alto Networks' position as a cybersecurity partner of choice for its customers. The Crypsis team, including the CEO, will join the Cortex speedboat.

除了能夠預測和預防網路攻擊之外，Cortex 現在還能夠減輕客戶可能面臨的任何違規行為的影響，從而鞏固 Palo Alto Networks 作為客戶首選網路安全合作夥伴的地位。 Crypsis 團隊，包括首席執行官，將加入 Cortex 快艇。

Let's turn to Cortex XDR -- XSOAR. XSOAR is the industry's first extended SOAR platform with native threat intelligence management. XSOAR more than doubled their customers and billings over the last year, making it one of 2 leading solutions in the market. With the most recent launch of the XSOAR Marketplace, we are opening up the platform to both our partners and customers to enable automation for their security solutions.

讓我們轉向 Cortex XDR——XSOAR。 XSOAR 是業界第一個具有本機威脅情報管理功能的擴展 SOAR 平台。去年，XSOAR 的客戶和帳單增加了一倍多，使其成為市場上兩大領先的解決方案之一。隨著 XSOAR Marketplace 最近的推出，我們向合作夥伴和客戶開放該平台，以實現其安全解決方案的自動化。

One of the key wins I'm most proud to highlight for Q4 was an 8-figure Cortex XSOAR deal, with a United States government agency. Cortex XSOAR was chosen as the cornerstone of their global SOC transformation initiative, resulting in a 75% reduction in their mean time to respond by automating key security processes across the organization. COVID further put XSOAR's real-time elaboration capability into focus, allowing the agency to rapidly shift their security operations to an entirely remote model, enabling them to defend the organization without any on-site personnel.

我最自豪地強調的第四季度的關鍵勝利之一是與美國政府機構達成的 8 位數 Cortex XSOAR 交易。 Cortex XSOAR 被選為其全球 SOC 轉型計畫的基石，透過自動化整個組織的關鍵安全流程，將平均回應時間縮短了 75%。 COVID 進一步使 XSOAR 的即時精細化能力成為焦點，使該機構能夠迅速將其安全操作轉變為完全遠端模式，使他們能夠在沒有任何現場人員的情況下保護組織。

Let's shift gears to Prisma. Prisma Cloud has come a long way this past year. We started with cloud security posture management and expanded our capabilities into cloud workload protection with container security and serverless security. Prisma Cloud, has by now acquired over 1,800 customers and boast 14% of the Global 2000 list. Our integrated platform approach in cloud security is working. We signed a 7-figure deal with a Fortune 10 company who will be using Prisma Cloud for both cloud security posture management and cloud workload protection. Several Prisma Cloud customers are consolidating multiple solutions with our unified cloud security platform. Today, 1/3 of our customers are using both these modules.

讓我們轉向 Prisma。 Prisma Cloud 在過去的一年裡取得了長足的進步。我們從雲端安全態勢管理開始，並將我們的能力擴展到具有容器安全性和無伺服器安全性的雲端工作負載保護。 Prisma Cloud 迄今已獲得 1,800 多個客戶，在全球 2000 強名單中佔據 14% 的份額。我們在雲端安全方面的整合平台方法正在發揮作用。我們與一家財富 10 強公司簽署了一份價值 7 位數的協議，該公司將使用 Prisma Cloud 進行雲端安全態勢管理和雲端工作負載保護。一些 Prisma Cloud 客戶正在將多個解決方案與我們的統一雲端安全平台整合。如今，我們 1/3 的客戶正在使用這兩個模組。

We will shortly launch new cloud security modules in data security, network security and IAM security. These modules will allow us to continue to execute on our vision of creating a fully integrated cloud security platform. Prisma Cloud continues to benefit from the overall global shift to cloud computing and the customer preference for platforms. We intend to work with our customers to continue to evolve this platform to serve their cloud security needs.

我們很快就會在資料安全、網路安全和IAM安全方面推出新的雲端安全模組。這些模組將使我們能夠繼續執行創建完全整合的雲端安全平台的願景。 Prisma Cloud 持續受益於全球整體向雲端運算的轉變以及客戶對平台的偏好。我們打算與客戶合作，繼續發展該平台，以滿足他們的雲端安全需求。

Let's talk about Prisma Access. Prisma Access has been through an amazing journey in the last year. Combined with our recent CloudGenix acquisition, this is the most comprehensive SASE solution in the market. Prisma Access has been a powerful security tool as our customers go through a network transformation and create robust solutions for work from home for the long term. This is showing up in our numbers, with the combination of Prisma Access and CloudGenix nearly doubling their customer accounts over the past 2 years and achieving $90 million in billings in our fiscal fourth quarter.

我們來談談 Prisma Access。 Prisma Access 在去年經歷了一段奇妙的旅程。結合我們最近收購的 CloudGenix，這是市場上最全面的 SASE 解決方案。隨著我們的客戶經歷網路轉型並為長期在家工作創建強大的解決方案，Prisma Access 一直是強大的安全工具。這一點在我們的數據中得到了體現，Prisma Access 和 CloudGenix 的結合在過去兩年中使客戶帳戶幾乎翻了一番，並在第四財季實現了 9000 萬美元的賬單。

We are very excited to sign a nearly 8-figure deal with a major health care provider for Prisma Access in the fourth quarter, winning against a competitor by providing clear evidence that our solution provides the most effective security for their needs. Additionally, we saw very strong conversion of Prisma Access trials that were launched in response to COVID and work from home. A notable example is a major enterprise that called us on the first Friday of COVID lockdown because their data center lacked sufficient bandwidth for all of their remote employees. By Monday, they had 1,000 users up and running. And by Wednesday, they had shifted enough users that pressure [data centers] was relieved. This quickly became their secure work-from-home solution, and they are now looking to extend Prisma Access out to all branch offices replacing their existing provider.

我們非常高興在第四季度與一家主要醫療保健提供者就Prisma Access 簽署了一項近8 位數的協議，透過提供明確的證據表明我們的解決方案為他們的需求提供了最有效的安全性來擊敗競爭對手。此外，我們也看到為應對新冠疫情和在家工作而啟動的 Prisma Access 試驗的轉換率非常高。一個顯著的例子是，一家大型企業在新冠疫情封鎖的第一個星期五給我們打電話，因為他們的資料中心缺乏足夠的頻寬供所有遠端員工使用。到週一，他們已經擁有 1,000 名用戶並正在運行。到週三，他們已經轉移了足夠的用戶，[資料中心]的壓力得到了緩解。這很快就成為他們安全的在家工作解決方案，他們現在希望將 Prisma Access 擴展到所有分支機構，以取代現有的提供者。

We have many more similar examples of customers converting from Prisma Access trials, and we're delighted to have been able to help companies and the people remaining productive during this challenging time.

我們還有許多類似的客戶從 Prisma Access 試用轉變的例子，我們很高興能夠幫助公司和人員在這個充滿挑戰的時期保持生產力。

While NGS is an important part of our go-forward strategy, we are equally proud of our progress and success of our firewall business. Recognized as an 8-time Gartner Magic Quadrant leader, we continue to relentlessly innovate to stay ahead of the pack. We continue to believe that firewall capability is essential and needs to evolve to deliver capability across all customer needs. Hence, we've been offering a consistent approach in our hardware, software and now containerized firewalls, and are also able to deliver them in the cloud with Prisma Access.

雖然 NGS 是我們前進策略的重要組成部分，但我們同樣為防火牆業務的進步和成功感到自豪。我們連續 8 次被評為 Gartner 魔力像限領導者，並持續不斷創新以保持領先地位。我們仍然相信防火牆功能至關重要，並且需要不斷發展以提供滿足所有客戶需求的功能。因此，我們一直在硬體、軟體以及現在的容器化防火牆中提供一致的方法，並且還能夠透過 Prisma Access 在雲端中提供它們。

We introduced our new PAN-OS 10.0 that features the industry's first machine learning-based powered next-generation firewall with advanced telemetry capabilities, the ability to secure containers, simplified decryption and many more groundbreaking features. To truly enable the firewall platform, we have worked on services that work seamlessly apart of our platform. The launch of IoT security subscription is our most recent example. In the last 18 months, we have doubled our subscription offerings from 4 to 8. DNS Security, which was launched in Q3 2019, has been our fastest-growing subscription with over 15% attach rate and now over 3,000 customers.

我們推出了新的 PAN-OS 10.0，它具有業界首款基於機器學習的新一代防火牆，具有先進的遙測功能、保護容器的能力、簡化的解密以及更多突破性功能。為了真正啟用防火牆平台，我們致力於開發與我們的平台無縫協作的服務。物聯網安全訂閱的推出是我們最近的一個例子。在過去18 個月中，我們的訂閱產品數量增加了一倍，從4 個增加到8 個。擁有超過3,000 名客戶。

Our software and next-generation firewalls continue to shine. VM-Series continues to capture new customers at a rapid rate with over 9,000 customers now using VM-Series, many of which are consumed through cloud marketplaces. And with the introduction of CN-Series, we can now apply next-generation firewall capabilities to containerize environments on-prem or in the cloud with consistent security and policy.

我們的軟體和下一代防火牆繼續大放異彩。 VM 系列持續快速吸引新客戶，目前有超過 9,000 名客戶使用 VM 系列，其中許多客戶是透過雲端市場消費的。隨著 CN 系列的推出，我們現在可以應用新一代防火牆功能來容器化本地或雲端中的環境，並具有一致的安全性和策略。

Turning to the topic of COVID-19 and its impact on both the global economy and our business. When we met with you to review our fiscal Q3 results in May, the pandemic was still in early stages. As we speak with our customers, we hear and see a range of impact and feedback. Many companies are becoming more cost and cash conscious. Companies are also adapting to the new environment by accelerating investment in technologies to ensure the more dispersed work is secured. I believe that we are in the very early stages of this acceleration and that the next several years present significant opportunities for cybersecurity as an industry and Palo Alto Networks in particular.

談到 COVID-19 及其對全球經濟和我們業務的影響的話題。當我們在 5 月與您會面回顧第三季財報時，疫情仍處於早期階段。當我們與客戶交談時，我們聽到並看到了一系列的影響和回饋。許多公司變得更加重視成本和現金。企業也正在透過加快技術投資來適應新環境，以確保更分散的工作得到保障。我相信我們正處於這種加速的早期階段，未來幾年將為網路安全產業，特別是 Palo Alto Networks 帶來重大機會。

For our own old employees, the second half of our fiscal 2020 was indelibly marked by COVID-19. We responded quickly, taking rapid action to ensure the safety of our employees by establishing protocols and tools to work from home. We quickly gather our early efforts and named it FLEXWORK, recognizing that we were in the early stages. Today, I'm delighted to announce that we're launching the next phase of FLEXWORK to help our employees maintain health while being in productivity during COVID-19.

對於我們自己的老員工來說，2020 財年下半年，COVID-19 給我們留下了不可磨滅的印記。我們迅速做出反應，採取快速行動，透過建立在家工作的協議和工具來確保員工的安全。我們很快就收集了早期的成果並將其命名為 FLEXWORK，並認識到我們還處於早期階段。今天，我很高興地宣布，我們將啟動下一階段的 FLEXWORK，以幫助我們的員工在 COVID-19 期間保持健康，同時保持生產力。

The FLEXWORK program includes a broad range of initiatives, including FLEXbenefits and FLEXlearn. These initiatives will ensure that our people can choose benefits that make most sense for their working family environments and follow personalized learning paths designed to help them do their jobs and manage team remotely. We plan to give our employees an additional allowance of $1,000, the choice of various flexible benefits, and over time, we intend to individualize benefits, making them an employee choice.

FLEXWORK 計劃包括廣泛的計劃，包括 FLEXbenefits 和 FLEXlearn。這些措施將確保我們的員工能夠選擇最適合其工作家庭環境的福利，並遵循旨在幫助他們完成工作和遠端管理團隊的個人化學習路徑。我們計劃給員工額外1000美元的津貼，各種彈性福利的選擇，隨著時間的推移，我們打算將福利個性化，讓它們成為員工的選擇。

Even with all the challenges presented by COVID, the Palo Alto Networks teams have been able to adapt and maintain focus, allowing us to post some great results. I know we cannot sit on the progress achieved so far and need to focus on what is ahead. As I mentioned, we are pleased with our progress so far. Yet, we have a lot of work ahead of us. The macro environment, while better than we anticipated, is still uncertain.

儘管面臨新冠疫情帶來的所有挑戰，Palo Alto Networks 團隊仍能適應並保持專注，使我們能夠發布一些出色的成果。我知道我們不能坐視目前的進展，而需要關注未來。正如我所提到的，我們對迄今為止的進展感到滿意。然而，我們還有很多工作要做。宏觀環境雖然好於我們的預期，但仍存在不確定性。

Here's what you can expect from us in 2021. We will continue to invest in our next-generation security and security subscriptions, both through organic and inorganic means to continue our transformation journey. We will do so in a financially prudent manner as we have been able to demonstrate. You can expect us to manage our organic operating margin in line with what was achieved this year.

以下是您在 2021 年對我們的期望。正如我們已經證明的那樣，我們將以財務上審慎的方式做到這一點。您可以期望我們按照今年所取得的成績來管理我們的有機營業利潤率。

The work-from-home transition has created a challenge in the industry around hardware, and we expect this trend to continue. We have been shifting our customers to software delivered security and we plan to continue to do so. We expect most of our growth to come from software and services.

在家工作的轉變給硬體行業帶來了挑戰，我們預計這一趨勢將持續下去。我們一直在將客戶轉向軟體交付的安全性，並且我們計劃繼續這樣做。我們預計我們的大部分成長將來自軟體和服務。

While there are some cost savings due to COVID, we are planning to reinvest those savings towards our employees. We'll be more generous over the coming years to drive this transition to a FLEXWORK environment. In the words of my friend, Mark Benioff, we will be responsive to and support all of our stakeholders, not just our shareholders, because we believe that is how true value is created in the long term.

雖然新冠疫情帶來了一些成本節省，但我們計劃將這些節省下來的資金重新投資給我們的員工。未來幾年，我們將更加慷慨地推動向 FLEXWORK 環境的過渡。用我的朋友馬克·貝尼奧夫的話來說，我們將響應並支持所有利益相關者，而不僅僅是我們的股東，因為我們相信這才是長期創造真正價值的方式。

I want to thank our amazing employees and partners for their contributions. Our success is only possible through our combined efforts.

我要感謝我們優秀的員工和合作夥伴的貢獻。只有透過我們的共同努力，我們的成功才有可能實現。

Now I want to take the opportunity to welcome Luis to Palo Alto Networks. Luis joined us almost 2 months ago from Amazon's AWS division and has been rapidly learning all things cybersecurity. We're extremely fortunate to have an executive Luis' caliber to lead our CFO organization.

現在我想藉此機會歡迎 Luis 加入 Palo Alto Networks。 Luis 大約 2 個月前從亞馬遜 AWS 部門加入我們，一直在快速學習網路安全的所有知識。我們非常幸運能夠擁有路易斯這樣的高階主管來領導我們的財務長組織。

With that, I will turn the call over to Luis.

這樣，我會將電話轉給路易斯。

Thank you, Nikesh, for a warm welcome. When I wasn't here for the first 2 years of the transformation, I can clearly see that it is working, and we're only getting started. I'm encouraged by the value that Palo Alto Networks can create going forward. And I look forward meeting you in the upcoming events.

謝謝尼科甚的熱烈歡迎。當我在轉型的前兩年不在這裡時，我可以清楚地看到它正在發揮作用，而我們才剛開始。 Palo Alto Networks 未來能夠創造的價值讓我深受鼓舞。我期待在即將舉行的活動中與您見面。

Moving on to our results. I'd like to note that except for revenue and billings, our financial figures are non-GAAP and growth rates are compared to the prior year periods unless stated otherwise. As Nikesh indicated, we had an extremely strong finish to our fiscal year, with fiscal Q4 billings of $1.39 billion, an increase of 32% year-over-year.

繼續我們的結果。我想指出的是，除非另有說明，除收入和帳單外，我們的財務數據均為非公認會計準則，且成長率與上一年期間進行比較。正如 Nikesh 所言，我們的財年收官非常出色，第四財季的營收為 13.9 億美元，較去年同期成長 32%。

Our Next-Generation Security business is performing strongly, with NGN billings of $357 million, which grew 86% year-over-year. Firewall as a Platform billings, which includes physical firewalls, VM, Prisma Access and CloudGenix grew 19%. In the fourth quarter, we beat our guidance across all guided metrics. Total revenue grew 18% to $950.4 million. For the fiscal year, we reported total revenue of $3.4 billion, an 18% increase year-over-year.

我們的下一代安全業務表現強勁，NGN 營收達 3.57 億美元，年增 86%。防火牆作為平台的帳單（包括實體防火牆、VM、Prisma Access 和 CloudGenix）增加了 19%。在第四季度，我們在所有指導指標上都超出了我們的指導。總營收成長 18%，達到 9.504 億美元。本財年，我們的總營收為 34 億美元，年增 18%。

Looking at growth by geography, Q4 revenue in the Americas grew 18%, EMEA grew 20% and APAC grew 16%. Q4 product revenue of $305.6 million was flat compared to the prior year. Q4 subscription revenue of $389.8 million increased 33%. Support revenue of $255 million increased 23%. In total, subscriptions and support revenue of $644.8 million increased 29% and accounted for 68% of total revenue.

從地理成長來看，美洲第四季營收成長 18%，歐洲、中東和非洲成長 20%，亞太地區成長 16%。第四季產品營收為 3.056 億美元，與上年持平。第四季訂閱營收為 3.898 億美元，成長 33%。支持收入達 2.55 億美元，成長 23%。訂閱和支援收入總計 6.448 億美元，成長 29%，佔總收入的 68%。

Turning to billings. Q4 total billings of $1.39 billion, net of acquired deferred revenue, increased 32%, driven by strong execution across the company, work-from-home tailwinds and continued success in Next-Generation Security. The dollar-weighted contract duration for new subscriptions and support billings in the quarter remained at approximately 3 years, flat year-over-year. We closed 5 additional Palo Alto Networks Financial Services deal, enabling our business by offering greater flexibility to customers.

轉向比林斯。由於整個公司強大的執行力、在家工作的推動力以及下一代安全領域的持續成功，第四季度的總營收達到 13.9 億美元（扣除已獲得的遞延收入），增長了 32%。本季新訂閱和支持帳單的美元加權合約期限維持在約 3 年，與去年同期持平。我們完成了另外 5 筆 Palo Alto Networks 金融服務交易，透過為客戶提供更大的靈活性來支援我們的業務。

Our fiscal 2020 total billings were $4.3 billion, up 23% year-over-year. Product billings were $1.07 billion, a decrease of 3% year-over-year and represent 25% of total billings. Support billings were $1.21 billion, up 28% and represented 28% of total billings. And subscription support -- sorry, and subscription billings were $2.02 billion, an increase of 40% year-over-year and represented 47% of total billings. Total deferred revenue at the end of Q4 was $3.8 billion, an increase of 32% year-over-year.

我們 2020 財年的總帳單為 43 億美元，年增 23%。產品營收為 10.7 億美元，年減 3%，佔總營收的 25%。支持帳單為 12.1 億美元，成長 28%，佔總帳單的 28%。訂閱支援——抱歉，訂閱帳單金額為 20.2 億美元，年增 40%，佔總帳單金額的 47%。第四季末遞延收入總額為 38 億美元，較去年同期成長 32%。

In the fourth quarter, we continued to add new customers at a healthy clip, adding approximately 2,400 new customers in the quarter. We also continue to increase our share of wallet of existing customers. Our top 25 customers, all of which made a purchase this quarter, spent a minimum of $55.3 million in lifetime value through the end of fiscal Q4 2020, a 35% increase over the $40.9 million in the comparable prior year period.

第四季度，我們繼續健康地增加新客戶，本季增加了約 2,400 名新客戶。我們也持續增加現有客戶的錢包份額。截至 2020 財年第四季末，我們的前 25 位客戶均在本季度進行了購買，其生命週期價值至少花費了 5,530 萬美元，比上年同期的 4,090 萬美元增長了 35%。

Q4 gross margin was 74.3%, which was down 320 basis points compared to last year, as some of our fastest-growing products are still gaining the scale required to have the right cost structure and higher freight costs associated with COVID. We expect these headwinds to continue into fiscal year 2021.

第四季毛利率為74.3%，與去年相比下降了320 個基點，因為我們的一些成長最快的產品仍在獲得適當的成本結構所需的規模以及與新冠疫情相關的更高的貨運成本。我們預計這些不利因素將持續到 2021 財年。

Q4 operating margin was 19.8%, a decline of 180 basis points year-over-year and includes the impact of approximately $14 million of net expense associated with our recent acquisitions. For full fiscal year 2020, operating margin was 17.6%, a decrease of 440 basis points year-over-year compared to fiscal year 2019 operating margin of 22%, and includes the impact of approximately $23 million of net expense associated with our recent acquisitions. We ended the fourth quarter with 8,014 employees.

第四季營業利潤率為 19.8%，年減 180 個基點，其中包括與我們最近收購相關的約 1,400 萬美元淨費用的影響。 2020 財年全年營業利潤率相比，年減 440 個基點，其中包括與我們近期收購相關的約 2,300 萬美元淨費用的影響。截至第四季末，我們共有 8,014 名員工。

On a GAAP basis, for the fourth quarter, net loss increased 182% year-over-year to $58.9 million or $0.61 per basic and diluted share. For the full fiscal year 2020, GAAP net loss increased 226% year-over-year to $267 million or $2.76 per basic and diluted share. Non-GAAP net income for the fourth quarter decreased 1% year-over-year to $144.9 million or $1.48 per diluted share. For the full fiscal year 2020, non-GAAP net income decreased 10% year-over-year to $484.6 million or $4.88 per diluted share. Our non-GAAP effective tax rate for Q4 was 22%.

以 GAAP 計算，第四季淨虧損年增 182% 至 5,890 萬美元，即每股基本虧損和稀釋每股虧損 0.61 美元。 2020 財年，GAAP 淨虧損年增 226%，達到 2.67 億美元，即每股基本虧損和稀釋每股虧損 2.76 美元。第四季非 GAAP 淨利潤年減 1% 至 1.449 億美元，即稀釋後每股收益 1.48 美元。 2020 財年，非 GAAP 淨利潤年減 10% 至 4.846 億美元，即稀釋後每股收益 4.88 美元。我們第四季的非 GAAP 有效稅率為 22%。

Turning to cash flow and balance sheet items. We finished July with cash, cash equivalents and investments of $4.3 billion. This includes net cash of approximately $2 billion raised through the June 2020 offering of convertible senior notes due in 2025. Q4 cash flow from operations of $333.7 million increased by 44% year-over-year. Free cash flow was $301.9 million, up 69% at a margin of 31.8%. Capital expenditure in the quarter was $31.8 million. DSO was 81 days, an increase 26 days from the prior year period, reflecting strong billings at the end of the quarter that will be collected in 2021.

轉向現金流量和資產負債表項目。截至 7 月份，我們的現金、現金等價物和投資為 43 億美元。其中包括透過 2020 年 6 月發行 2025 年到期的可轉換優先票據籌集的約 20 億美元淨現金。自由現金流為 3.019 億美元，成長 69%，利潤率為 31.8%。該季度的資本支出為 3,180 萬美元。 DSO 為 81 天，比去年同期增加 26 天，反映了 2021 年季度末的強勁帳單。

Lastly, in fiscal Q4, we completed a $1 billion accelerated share repurchase transaction announced in February, where we retired a total of 5.2 million shares.

最後，在第四財季，我們完成了 2 月宣布的 10 億美元加速股票回購交易，總共回購了 520 萬股股票。

For the first fiscal quarter of 2021, we expect billings to be in the range of $1.03 billion to $1.05 billion, an increase of 15% to 17% year-over-year. We expect revenue to be in the range of $915 million to $925 million, an increase of 19% to 20% year-over-year. We expect noncash EPS in the range of $1.32 to $1.35 using 99 million to 101 million shares. We do not expect Crypsis to have a material impact to Q1 results.

對於 2021 年第一財季，我們預計帳單將在 10.3 億至 10.5 億美元之間，年增 15% 至 17%。我們預計營收將在 9.15 億美元至 9.25 億美元之間，年增 19% 至 20%。我們預計，使用 9,900 萬至 1.01 億股股票時，非現金每股盈餘將在 1.32 至 1.35 美元之間。我們預計 Crypsis 不會對第一季業績產生重大影響。

Additionally, I would like to provide some additional modeling points. We expect non-GAAP effective tax rate to remain at 22%. CapEx will be approximately $35 million to $40 million.

此外，我想提供一些額外的建模點。我們預計非 GAAP 有效稅率將維持在 22%。資本支出約 3500 萬至 4000 萬美元。

Turning to the full fiscal year 2021, I would like to provide a few markers on how we expect to perform. We expect billings to grow in the mid-teens and revenue to grow the high teens, with product revenue flat to slightly down year-over-year. As Nikesh mentioned, we expect flat organic operating margins as we continue to invest in NGS and our employees during COVID times. EPS is expected to grow in the low to mid-teens as we face headwinds from lower interest income. Lastly, we expect our annual free cash flow margin to be consistent with 2020 margins. To note, we expect Q1 free cash flow margin to be higher than the year due to strong Q4 '20 billings.

談到 2021 年整個財年，我想提供一些關於我們預期表現的指標。我們預計帳單將增長到十幾歲，收入將增長到十幾歲，產品收入同比持平或略有下降。正如 Nikesh 所提到的，隨著我們在新冠疫情期間繼續投資 NGS 和我們的員工，我們預計有機營運利潤率將持平。由於我們面臨利息收入下降的阻力，預計每股收益將在十幾歲至十幾歲之間增長。最後，我們預計我們的年度自由現金流利潤率將與 2020 年的利潤率保持一致。值得注意的是，由於 20 年第 4 季的強勁帳單，我們預計第 1 季的自由現金流利潤率將高於去年同期。

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

至此，我想開始提問。大衛，請投票提問。

Thanks, Luis. (Operator Instructions) Our first question will come from Saket Kalia from Barclays. And our second question will come from Keith Weiss from Morgan Stanley.

謝謝，路易斯。 （操作員說明）我們的第一個問題將來自巴克萊銀行的 Saket Kalia。我們的第二個問題將來自摩根士丹利的基斯韋斯。

Welcome, Luis. Look forward to working with you. Nikesh, a lot to talk about on the next-gen security side. But maybe just to get it out of the way and touch on the core firewall business, can you just talk about what you saw this quarter in terms of customers' appetite for appliances? And which attached subscriptions perhaps maybe surprised you to the upside?

歡迎，路易斯。期待與您合作。 Nikesh，關於下一代安全方面有很多值得討論的內容。但也許只是為了擺脫它並觸及核心防火牆業務，您能否談談本季客戶對設備的需求？哪些附加訂閱的好處可能會讓您感到驚訝？

Well, Saket, thank you very much for your question. Look, as we've been talking about the macro environment for a while now, and a lot of customers are not in their offices. When customers are not in their office, it's very hard for hardware to be delivered or POCs to happen. So we are calling that hardware is going to continue to be a tough business in the next 12 months. It -- we saw appetite from existing customers who are expanding their state who are getting more firewalls because they need more capacity.

好的，Saket，非常感謝你的提問。看，我們已經討論宏觀環境有一段時間了，很多客戶都不在辦公室。當客戶不在辦公室時，很難交付硬體或進行 POC。因此我們認為，未來 12 個月硬體產業仍將是一項艱難的業務。我們看到了現有客戶的興趣，他們正在擴展他們的狀態，因為他們需要更多的容量，所以他們正在獲得更多的防火牆。

You don't see as much new firewall business out there or new hardware business out there. So we have to be very careful and cautious around it, but we are seeing that being supplemented by a lot more software-based solutions. So you saw the success and strength in Prisma Access. You all success in our VMs. So we are seeing people step up and solve that problem using our software solutions more and more. And in cases where they need more capacity for more VPNs or more remote users, they are expanding capacity of firewalls or if they are going to a cycle where there are some firewalls getting end of life, they are doing a refresh in those cases.

您不會看到那麼多新的防火牆業務或新的硬體業務。因此，我們必須對此非常小心和謹慎，但我們看到更多基於軟體的解決方案對此進行了補充。所以您看到了 Prisma Access 的成功和優勢。你們在我們的虛擬機器中都取得了成功。因此，我們看到人們越來越多地使用我們的軟體解決方案來解決這個問題。如果他們需要更多的容量來容納更多的 VPN 或更多的遠端用戶，他們就會擴大防火牆的容量，或者如果他們即將進入一些防火牆壽命終止的周期，他們就會在這些情況下進行更新。

But in terms of subscriptions, I have to say, as I highlighted, DNS, which we launched in Q3 2019, has hit 3,000 customers mark. We are in the process of allowing subscription capability in the future on software firewall format. So you will see us continue to drive the subscription thing with early priority, but we have a lot of expectation of IoT because we believe that's an important need from the enterprise perspective. So we have launched B1 with our most recent MLR firewall, and we hope to be able to add more enhancements to IoT and make a success of that as well. This is hardware, I can see myself. I'm used to doing this on the earnings call.

但就訂閱而言，我不得不說，正如我所強調的那樣，我們在 2019 年第三季推出的 DNS 已達到 3,000 個客戶大關。我們正在努力在未來允許軟體防火牆格式的訂閱功能。因此，您會看到我們繼續儘早推動訂閱業務，但我們對物聯網抱有很大的期望，因為我們認為從企業角度來看這是一個重要的需求。因此，我們推出了具有最新 MLR 防火牆的 B1，我們希望能夠為 IoT 添加更多增強功能，並取得成功。這是硬件，我可以看到自己。我習慣在財報電話會議上這樣做。

Great. Our next question comes from Keith from Morgan Stanley.

偉大的。我們的下一個問題來自摩根士丹利的基斯。

And a very nice quarter. Really impressive overall billings as well as those next-gen security billings really sustaining a ton of momentum. I wanted to tack on to Saket's question. And better understand, when we think about the kind of the overall firewall platform billings growing 19%, that's a very impressive number. Is there a substitution effect going on? And is there any way that you could quantify that in terms of people taking Prisma Cloud versus taking firewalls and maybe some substitution of dollars going from one side of the equation to the other versus product revenues?

這是一個非常美好的季度。令人印象深刻的整體帳單以及下一代安全帳單確實維持了巨大的勢頭。我想談談 Saket 的問題。更好地理解，當我們考慮整體防火牆平台帳單成長 19% 時，這是一個非常令人印象深刻的數字。是否存在替代效應？有沒有什麼方法可以量化使用 Prisma Cloud 與使用防火牆的人數以及從等式一側轉移到另一側的美元與產品收入之間的某種替代？

Yes. Thanks, Keith, for the question. I think yes, there is substitution going on. If you look at the example I highlighted in the call, where one of our customers was running out of capacity in their data center to be able to remote secure access and we went and deployed Prisma Access. They got 1,000 people live and -- over the weekend. They got more people live by the end next -- the following week, and now they're going to go put Prisma Access is across the entire state, across all their offices, and that would have been a box sale. 2 years ago, that will mean more boxes in data center running VPN. So there's clear substitution going on. Prisma Access is substituting hardware.

是的。謝謝基斯提出的問題。我想是的，替代正在發生。如果您看一下我在電話中強調的範例，其中我們的一位客戶的資料中心容量不足以進行遠端安全訪問，我們就部署了 Prisma Access。他們在周末讓 1,000 人活著。他們讓更多的人在接下來的一周內住進，現在他們將把 Prisma Access 推廣到整個州、所有辦公室，這將是一次盒裝銷售。 2 年前，這將意味著資料中心中有更多的裝置運行 VPN。因此，明顯的替代正在發生。 Prisma Access 正在取代硬體。

Now I like it because: A, it's a software form factor, which means we can update and upgrade that software on a more regular basis in hardware. So the customer has to do the updates and upgrades, and which is where the security risk comes in. So for us, having software form factors out there is a long-term amazing total cost of ownership benefit, not just for us, but our customers, allow us to keep updating security as we go on. So yes, the substitution is happening. It's happening from the hardware format to the software format in the case of Prisma Access. Or take the case when a customer says, as we at Palo Alto Networks, we have significantly shrunk our data center capacity. We basically shifted all of our own compute to Google Cloud or to AWS.

現在我喜歡它，因為： A，它是一種軟體形式因素，這意味著我們可以在硬體中更定期地更新和升級該軟體。因此，客戶必須進行更新和升級，這就是安全風險出現的地方。來說也是如此。所以是的，替代正在發生。就 Prisma Access 而言，它是從硬體格式到軟體格式發生的。或者以客戶所說的情況為例，就像我們在 Palo Alto Networks 一樣，我們已經大幅縮減了資料中心的容量。我們基本上將所有自己的運算轉移到了 Google Cloud 或 AWS。

And when that happens, we're not deploying more hardware in our data centers, we're actually buying more cloud from the public cloud providers. And to protect ourselves in those situations, we're putting our VM-Series firewalls or our CN-Series firewalls in the future against our cloud incident. So that's, again, because we're moving to the cloud, we're substituting our own hardware purchases or our own hardware deployment with what is a containerized or a VM firewall.

當這種情況發生時，我們並不是在資料中心部署更多的硬件，而是實際上從公有雲供應商購買了更多的雲端。為了在這些情況下保護自己，我們將在未來使用 VM 系列防火牆或 CN 系列防火牆來防禦雲端事件。因此，再次強調，因為我們正在遷移到雲，所以我們正在用容器化或虛擬機器防火牆取代我們自己購買的硬體或我們自己的硬體部署。

So in both cases, you're seeing the substitution happen. That's why we've been talking about this Firewall as a Platform number for the last 1.5 years, saying, look, pay attention to that number because when these substitutions happen, some vendors or some partners or some industry players have some of those solutions, not all of them. And the virtue of us having all 3 form factors, whether a cloud-based firewall or a firewall that can operate in the hardware form factor or to Prisma Access or against the public cloud instance that allows us consistency and allows us to pitch the right firewall for the right situation.

所以在這兩種情況下，你都會看到替換的發生。這就是為什麼我們在過去1.5 年裡一直將這個防火牆視為平台編號，說，看，注意這個數字，因為當這些替代發生時，一些供應商或一些合作夥伴或一些行業參與者擁有其中一些解決方案，不是全部。我們擁有所有 3 種外形規格，無論是基於雲端的防火牆還是可以在硬體外形規格中運​​行的防火牆，或者 Prisma Access 或針對公有雲實例，這都允許我們保持一致性並允許我們推出正確的防火牆對於正確的情況。

Our next question will come from Phil Winslow from Wells Fargo. Then we'll have Walt Pritchard from Citigroup.

我們的下一個問題將來自富國銀行的菲爾溫斯洛。然後我們請來花旗集團的 Walt Pritchard。

Congrats on a strong quarter. Wanted to focus in on just the go-to-market effort. Wondering if you can give us an update heading into this fiscal year, how do you feel about sales productivity, sales capacity and also just the incentive structure? And anything that you're changing this year, any priority focuses for fiscal '21?

恭喜季度表現強勁。希望專注於進入市場的工作。想知道您能否向我們介紹本財年的最新情況，您對銷售生產力、銷售能力以及激勵結構有何看法？今年您將做出哪些改變，21 財年的優先重點是什麼？

Well, we're going to make sure that we don't do what we did 2 years ago, that's your question. It's -- I don't want to use the word unprecedented because I think it's been used too often. But launching it -- right now, we're going through our sales kickoff. It's -- we've gone from a 3-day event, which used to be physical last year in Vegas, and I'm not missing Vegas, but is turning to a 6-week learning journey, and we're instrumented everything online, where people have to go through the learning process, and they're going to upload their video pitches up into a platform and each of them are going to rate each other and critic other.

好吧，我們將確保我們不會做兩年前所做的事情，這是你的問題。我不想使用史無前例這個詞，因為我認為它被使用得太頻繁了。但推出它 - 現在，我們正在經歷我們的銷售啟動。我們已經結束了為期 3 天的活動，去年在維加斯舉行了實體活動，我並沒有想念維加斯，而是轉向了為期 6 週的學習之旅，我們在網上準備了一切，人們必須經歷學習過程，他們將把自己的影片上傳到平台上，每個人都會互相評價和批評。

So we are all learning with the times in terms of how to go sort of initialize a sales force and new fiscal year. And I think we're -- our teams are doing a really good job of making that happen. So from that perspective, I am not concerned about our ability to go out there and create the opportunities from our sales teams. I think the real question going into next year is how do we continue to maintain the momentum. And as I've said, we intend to keep investing in our transformation that we've done so far with next generation security. We're all very pleased. If you'd asked me at the Analyst Day 2 years ago, what did -- one year ago, what did I think were the biggest risk was?

因此，我們都在與時俱進地學習如何組建銷售團隊和新的財政年度。我認為我們的團隊在實現這一目標方面做得非常好。因此，從這個角度來看，我並不擔心我們的銷售團隊是否有能力走出去並創造機會。我認為明年真正的問題是我們如何繼續保持這一勢頭。正如我所說，我們打算繼續投資迄今為止在下一代安全方面所做的轉型。我們都很高興。如果你在兩年前的分析師日上問我，一年前我認為最大的風險是什麼？

My biggest risk was can we get to $805 million of billings for Next-Generation Security because they're all sort of somewhat fledgling businesses we bought, we were going to integrate them. We're going to go and convince customers that this is the right way to go buy cybersecurity. And $928 million of billings, just was a welcome surprise also for us in a good way. Our teams love the products. Our customers are loving the product. So we're just going to try and keep that momentum going into next year. All of our sales tweaks or commission tweaks or go-to-market weeks that we make are going to be aligned towards meeting the objectives that we set out to ourselves. So we're hoping not to make any major shifts yet keep doing and investing in the direction that the teams have shown success in so far.

我最大的風險是我們能否為下一代安全獲得 8.05 億美元的帳單，因為它們都是我們購買的剛起步的業務，我們將整合它們。我們將去說服客戶這是購買網路安全的正確方式。 9.28 億美元的帳單對我們來說也是一個很好的驚喜。我們的團隊喜歡這些產品。我們的客戶非常喜歡這個產品。因此，我們將努力在明年保持這種勢頭。我們所做的所有銷售調整、佣金調整或上市週都將與實現我們為自己設定的目標保持一致。因此，我們希望不要做出任何重大轉變，而是繼續朝著團隊迄今為止成功的方向進行工作和投資。

Great. And should we expect Nir to drop an electronic flute this coming fiscal year?

偉大的。我們是否應該期望 Nir ​​在下一個財政年度推出電子長笛？

You know what? That video was sent to me by an employee 2 days ago, and it was very sort of amazing that they put it together, we thought it was a worthwhile thing to show. And I don't even know where or when Nir was caught playing the electric flute. My son trying to jump on my back while working on, so -- David?

你知道嗎？該影片是兩天前由一名員工發送給我的，他們把它放在一起真是太神奇了，我們認為這是一個值得展示的東西。我甚至不知道尼爾在何時何地吹奏電笛被抓到。我兒子在工作時試圖跳到我背上，所以——大衛？

Great. Can we go to Walt from Citigroup, please? Walt?

偉大的。我們可以從花旗集團去找華特嗎？沃特？

Yes. I'm here. So just a question on margins. I guess you took on pretty significant margin dilution in fiscal 2020. Could you help us understand the puts and takes around margins as we head into '21? And especially, you've seen that revenue on those acquisitions, it sounds like ramp quite a bit and take care of some of that dilution. Can you help us understand where the incremental investments are going relative to keeping those margins flat?

是的。我在這兒。所以這只是一個關於利潤率的問題。我猜你們在 2020 財年的利潤率被大幅稀釋。特別是，你已經看到這些收購的收入，聽起來像是大幅成長，並解決了一些稀釋問題。您能否幫助我們了解相對於維持利潤率持平而言，增量投資的去向？

Yes. Well, I think if you think about the success in NGS, so what we did was we deployed a speedboat model, which was we created a dedicated sales team that was helping us sell Prisma Cloud and helping us sell Cortex and Cortex XSOAR. And now what we're doing is we're trying to, a, keep that momentum. You saw that we grew that number 105%. And that requires us to make sure we continue to invest in the sales team, which can actually go compete with some of the other players in the market. And go into hand-to-hand combat for some of the larger deals.

是的。好吧，我想如果你考慮 NGS 的成功，那麼我們所做的就是部署了一個快艇模型，即我們創建了一個專門的銷售團隊，幫助我們銷售 Prisma Cloud 並幫助我們銷售 Cortex 和 Cortex XSOAR。現在我們正在做的是，我們正在努力保持這種勢頭。您看到我們這個數字成長了 105%。這要求我們確保繼續投資於銷售團隊，這實際上可以與市場上的其他一些參與者競爭。並為一些較大的交易進行肉搏戰。

What we've also done is we're deploying that capability across our entire core sales team, what they are able to take the products and done with it. So we track very carefully how people are spending time and how much of our new products they're able to sell. So we're glad that the proportion of our sales teams that are able to sell Next-Generation Security continues to rise, which is a good thing. But we continue to hope to make investments in that direction.

我們也所做的就是在我們的整個核心銷售團隊中部署這種能力，他們能夠獲得產品並完成工作。因此，我們非常仔細地追蹤人們如何度過時間以及他們能夠銷售多少我們的新產品。因此，我們很高興能夠銷售下一代安全的銷售團隊比例持續上升，這是一件好事。但我們仍然希望朝這個方向進行投資。

The other part, which Luis alluded to, is that as we see ramp-up in next-generation security because there's a significant amount of deployment expense and consulting expense, which is a onetime expense that happens early in the life cycle of us deploying this product, you see that we have some compression in the first year of the margin, both on the gross margin, the operating margin both sides when we deploy the services. So it's really -- you're seeing the margin impact of the significant ramp-up of our growth in Next-Generation Security. Luis, do you want to add something?

路易斯提到的另一部分是，正如我們所看到的下一代安全性的提升，因為存在大量的部署費用和諮詢費用，這是在我們部署此產品的生命週期早期發生的一次性費用。你看到我們在第一年的利潤率有一些壓縮，無論是毛利率，還是我們部署服務時的營業利潤率。所以，您確實看到了我們在下一代安全方面的顯著成長對利潤率的影響。路易斯，你想補充點什麼嗎？

No. I think you covered it well, Nikesh. Nothing to add.

不，我認為你講得很好，Nikesh。沒什麼好補充的。

Great. Our next question will come from Fatima Boolani from UBS and following Fatima we'll have Sterling Auty from JPMorgan.

偉大的。我們的下一個問題將來自瑞銀集團的法蒂瑪·布爾尼（Fatima Boolani），法蒂瑪之後我們將有來自摩根大通的斯特林·奧蒂（Sterling Auty）。

Great. Either for Nikesh or Luis, nice to meet you. I wanted to drill into your fiscal '21 outlook, appreciate sort of the high level trajectory of the key metrics in the business. But as I triangulate between a near triple-digit growth in your NGS portfolio, which is now 1/5 of the mix. As I think about the software business contribution accelerating and even substituting hardware, I'm wondering what's may be underpinning some of your conservatism on a mid-teens outlook. Would love to get some of your puts and takes and your thought process behind that outlook relative to the 32% you did this quarter?

偉大的。無論是尼科甚還是路易斯，很高興認識你。我想深入了解你們的 21 財年展望，了解業務關鍵指標的高層軌跡。但當我對你們的 NGS 投資組合中近三位數的成長進行三角測量時，現在已佔到組合的 1/5。當我想到軟體業務的貢獻正在加速甚至取代硬體時，我想知道是什麼支撐著您對青少年前景的保守主義。是否想了解您對這一前景的看法以及您相對於本季 32% 的看法背後的思考過程？

Yes. Thank you for the question, and nice to meet you. I think there -- we should take to account 2 factors. One is the strong performance of Palo Alto Networks, right? So we're performing very strongly, and you see that in our Q4 results, and you see that in our guidance. But we -- there is still a lot of uncertainty out there, and we want to be prudent as we give guidance for the year or as we set our framework for the full year. So we just want to be prudent as we think about it, just given the uncertainty.

是的。謝謝你的提問，很高興認識你。我認為我們應該考慮兩個因素。一是Palo Alto Networks的強勁表現吧？因此，我們的表現非常強勁，您可以在我們第四季度的業績中看到這一點，也可以在我們的指導中看到這一點。但我們仍然存在著許多不確定性，我們在提供今年的指導或製定全年框架時希望保持謹慎。因此，考慮到不確定性，我們在考慮時要保持謹慎。

Great. Our next question comes from Sterling Auty from JPMorgan.

偉大的。我們的下一個問題來自摩根大通的斯特林·奧蒂。

So I want to drill into the acquisition of Crypsis. So we're watching FireEye actually separate their product business from their services business. And I just want to make sure, is there an intention with this acquisition to have the incident response actually drive follow through purchasing of products. Is that what you're looking to accomplish with it? Or is it a different strategy in terms of the acquisition?

所以我想深入探討一下 Crypsis 的收購。因此，我們看到 FireEye 實際上將其產品業務與服務業務分開。我只是想確定，這次收購是否有意讓事件響應真正推動產品的後續購買。這就是你想用它實現的目標嗎？還是在收購方面採取了不同的策略？

Sterling, that's a great question, and I would not comment on FireEye. But we have noticed when it comes to XDR, the customers are both excited about having a managed capability around it as well as we've noticed that in the case of incident response, typically, if you have a good set of products, and those products help you protect in that or help you diagnose during that incident, the customers are reasonably keen on deploying those products on a larger scale. We've experienced that with XDR even without having incident response team. We've been called in by many of our large customers in certain cases where we've gone on sort of -- on a partnership basis, gone and help them in the case of an incident or in the case of a breach. And almost all times, invariably, we -- the customers have actually embraced XDR and deployed it in large numbers.

Sterling，這是一個很好的問題，我不會對 FireEye 發表評論。但我們注意到，當涉及 XDR 時，客戶都對擁有圍繞它的託管功能感到興奮，而且我們注意到，在事件響應的情況下，通常，如果您擁有一套好的產品，並且這些產品可以幫助您在該事件中提供保護或幫助您在該事件中進行診斷，因此客戶相當熱衷於更大規模地部署這些產品。即使沒有事件回應團隊，我們也透過 XDR 經歷過這種情況。在某些情況下，我們的許多大客戶都打電話過來，我們在合作夥伴的基礎上，在發生事件或違規的情況下幫助他們。幾乎所有時候，我們——客戶都實際上已經接受了 XDR 並大量部署了它。

So we've noticed that, and we believe that if we had a team that was being sort of canvassed and asked to come in and do -- help in this case, Crypsis has done 1,700 such responses from an incident perspective, we think the upsell or cross-sell possibility for XDR, if it's the right product, in that instance, is huge. So we think -- I think this will significantly allow us to amplify our success in XDR in the future.

所以我們注意到了這一點，我們相信，如果我們有一個團隊正在接受遊說並被要求進來提供幫助，在這種情況下，Crypsis 已經從事件的角度做出了 1,700 次此類響應，我們認為在在這種情況下，如果產品合適，XDR 追加銷售或交叉銷售的可能性是巨大的。所以我們認為——我認為這將使我們未來在 XDR 方面取得更大的成功。

Our next question will come from Catharine Trebnick from Colliers, and then we'll have Patrick Colville from Deutsche Bank.

我們的下一個問題將由高力國際的凱瑟琳·特雷布尼克提出，然後是德意志銀行的帕特里克·科爾維爾。

Nice quarter, gentlemen. During the quarter, several of the IT executives they spoke to, attacked a lot about Microsoft and the native firewall. Could you drill down for us on your capabilities versus theirs of where you think they are in achieving growth through their native firewall?

先生們，美好的季度。在本季度，他們採訪過的幾位 IT 主管對 Microsoft 和本機防火牆進行了許多攻擊。您能否為我們深入了解您與他們的能力，以及您認為他們透過本機防火牆實現成長的能力？

Well, thank you for asking the question. And I was hoping that there'll be a question whether I can point to Lee because he is wearing his nice cream shirt today. So Lee?

嗯，謝謝你提出這個問題。我希望有人問我是否可以指出李，因為他今天穿著漂亮的奶油色襯衫。那麼李呢？

Thank you, Nikesh. Good question, Catharine. What we have seen relative to the cloud providers is they -- it's very important to them to have a set of security capabilities that helps remove certain obstacles for getting customers to consume more and more cloud, but not necessarily going to the level of true enterprise class. And I think that's the underpinning of our success with VM-Series and just recently released CN-Series, Prisma Cloud as well. We're really focused on bringing the enterprise-class capabilities that our customers expect in a much more tightly integrated fashion, and being able to then take those capabilities and go multi-cloud as well as hybrid cloud. And so one of the key differences in our approach is our ability to support our larger customers as they have multi-cloud strategies, whereas the cloud providers themselves are almost by definition, going to be single cloud in their solutions.

謝謝你，尼科甚。好問題，凱瑟琳。我們相對於雲端供應商看到的是，他們擁有一套安全功能非常重要，這些功能有助於消除某些障礙，讓客戶使用越來越多的雲，但不一定達到真正企業的水平班級。我認為這是我們 VM 系列以及最近發布的 CN 系列和 Prisma Cloud 成功的基礎。我們真正專注於以更緊密整合的方式提供客戶期望的企業級功能，然後能夠利用這些功能進入多雲和混合雲。因此，我們方法的關鍵區別之一是我們支援大型客戶的能力，因為他們擁有多雲策略，而雲端提供者本身幾乎按照定義，在其解決方案中將是單一雲端。

Great. Now I'll let Patrick Colville from Deutsche Bank.

偉大的。現在我請德意志銀行的派崔克‧科爾維爾來發言。

Congrats on a great quarter. Can we just talk about the products, fiscal '21 kind of color you gave. I appreciate the world is changing. We're going to more software-driven world, nonetheless hardware. But the guidance you gave is suggestive of kind of market share bleed to Fortinet and Check Point. And so just any thoughts around does that matter? Are you guys now more focused on the kind of software components? Just help us, I guess, get your thinking around the hardware side and what used to be the core business.

恭喜您度過了一個出色的季度。我們可以談談您提供的 21 財年的產品嗎？我很欣賞世界正在改變。我們將進入更多由軟體驅動的世界，但仍然是硬體驅動的世界。但您給出的指導暗示著 Fortinet 和 Check Point 的市佔率正在流失。那麼任何想法都很重要嗎？你們現在更關注軟體組件的類型嗎？我想，請幫助我們思考硬體方面以及曾經的核心業務。

Yes. I think, Patrick, thank you for the question. I don't get to the same conclusion. So the way we think about the firewall platform, as you see, we consider a situation where we sell Prisma Access could have been a hardware situation. And if you sold Prisma Access with CloudGenix and SD-WAN solution, we think that's a like-for-like deal where we're not losing market share. And the reason we've been talking about Firewall as a Platform last 1.5 years or so is when we look at market share from the firewall perspective and say, am I selling more firewalling capability than the industry growth rate. I think the industry growth of firewalls is in the low single-digit range. And if we can deliver Firewall as a Platform growth rates in the high teens, that's a good outcome for us.

是的。我想，派崔克，謝謝你的提問。我沒有得出同樣的結論。因此，如您所見，我們考慮防火牆平台的方式是，我們認為銷售 Prisma Access 的情況可能是硬體情況。如果您出售帶有 CloudGenix 和 SD-WAN 解決方案的 Prisma Access，我們認為這是一筆同類交易，我們不會失去市場份額。我們在過去 1.5 年左右一直在談論防火牆作為平台的原因是，當我們從防火牆的角度來看市場份額時，我們會說，我銷售的防火牆功能是否超過了行業增長率。我認為防火牆的行業成長處於較低的個位數範圍內。如果我們能夠以十幾歲的速度提供防火牆作為平台，這對我們來說是一個很好的結果。

So we grew Firewall as a Platform at 19% industry probably grew 3%, 4%. We think we took share. I took share with software, which I think is in the long term, much better outcome for us, that could allow us to leave our customers in a better situation. And also, it's not a hardware dependent business where there's more risk. So we don't -- you don't get to the same conclusion on loss of market share. As long as I'm growing Firewall as a Platform in the ranges that we have, I think, we're taking share. We may be shifting share, to the earlier question, from hardware to software, but we don't have an intention of losing any share to anybody in the market. Hopefully, we intend to gain share in the market.

因此，我們將防火牆作為平台成長了 19%，產業可能成長了 3%、4%。我們認為我們佔據了份額。我透過軟體獲得了份額，我認為從長遠來看，這對我們來說是更好的結果，可以讓我們讓我們的客戶處於更好的境地。而且，這不是依賴硬體的業務，風險更大。所以我們不會——你不會對市場份額的損失得出同樣的結論。只要我在我們現有的範圍內將防火牆作為一個平台發展起來，我認為我們就能夠獲得份額。對於前面的問題，我們可能會將份額從硬體轉移到軟體，但我們無意將任何份額讓給市場上的任何人。希望我們打算獲得市場佔有率。

And I think you have to look at it more holistically across what Zscaler is doing, what Check Point is doing, what Microsoft firewalls are doing, what our firewalls are doing. If you look at that as a total firewall market, we want to be growing that share of that pie.

我認為你必須更全面地看待 Zscaler 正在做什麼、Check Point 正在做什麼、Microsoft 防火牆正在做什麼、我們的防火牆正在做什麼。如果您將其視為整個防火牆市場，我們希望擴大該市場的份額。

And even the current environment, as I've said, it's very hard to go deploy hardware or sell hardware customers because many of them are not there in the office to take delivery and do proof of concept even. So we're delighted that we have software form factors to be able to sell them in this environment and deploy them remotely because that's what the customers are looking for right now.

即使在當前環境下，正如我所說，部署硬體或向客戶銷售硬體也非常困難，因為他們中的許多人甚至不在辦公室提貨或進行概念驗證。因此，我們很高興我們擁有能夠在這種環境中銷售它們並遠端部署它們的軟體形式，因為這正是客戶現在所尋求的。

Our next question comes from Rob Owens from Piper Sandler, and then we'll Brian Essex from Goldman Sachs.

我們的下一個問題來自 Piper Sandler 的 Rob Owens，然後是高盛的 Brian Essex。

Wanted to drill down a little bit more into Prisma Cloud and some of the newer offerings that you guys discussed relative to data security, network security and IAM. Are those products going to be from Palo Alto exclusively? Would we expect you to partner with some of the other vendors in the market? Any incremental color in terms of timing or functionality be appreciated.

我想更深入地了解 Prisma Cloud 以及你們討論的與資料安全、網路安全和 IAM 相關的一些新產品。這些產品僅來自帕洛阿爾托嗎？我們希望您與市場上的其他一些供應商合作嗎？任何在時間或功能方面的增量顏色都是值得讚賞的。

So I'm going to give you a perspective, and I'm going to ask Lee to jump in and talk about the margin. Look, one of the points of view we have taken as we deploy our next-generation of products, whether it's cloud security or Cortex, we have tried to make sure that we give the customers the best-of-breed integrated solution for cloud security. So when we bought RedLock, we bought Twistlock and PureSec and Aporeto, we made sure they were integrated into 1 platform. The way we sell it is we go to a customer and say, buy credits. Our customers buy credits to use our products. And we keep introducing these new modules within our product and as the customers experience their product, they start exploring these new modules and start using them, which keeps decrementing credit.

因此，我將向您提供一個視角，並請 Lee 介入並討論利潤問題。看，我們在部署下一代產品時採取的觀點之一，無論是雲端安全還是 Cortex，我們都盡力確保為客戶提供最佳的雲端安全整合解決方案。因此，當我們購買 RedLock 時，我們購買了 Twistlock、PureSec 和 Aporeto，我們確保它們整合到 1 個平台中。我們銷售它的方式是我們去找客戶並說，購買積分。我們的客戶購買積分來使用我們的產品。我們不斷在我們的產品中引入這些新模組，當客戶體驗他們的產品時，他們開始探索這些新模組並開始使用它們，這不斷減少信用。

So we're trying to create scale from a go-to-market perspective and provide them the best capabilities. So towards that end, the 1,800 customers we have for Prisma Cloud, these customers barring on-prem versus cloud versions, they will have the opportunity of experiencing every one of our modules without having to come out and buy it from us. They would already have it as part of the product. And if they choose to use it, they will decrement their credits faster.

因此，我們試圖從進入市場的角度擴大規模，並為他們提供最好的能力。因此，為了實現這一目標，我們為 Prisma Cloud 擁有的 1,800 名客戶，除了本地版本和雲端版本之外，這些客戶將有機會體驗我們的每一個模組，而無需從我們這裡購買。他們已經將其作為產品的一部分了。而如果他們選擇使用它，他們的積分就會更快減少。

So that's our strategy. And towards that end, we believe that the true benefit for the security solution of the customer as well as for us economically is if we don't have to go do a sort of a sales role every time that we are launching a new module because we believe cloud security is not fully developed as a platform. So we will have 7 modules sometime later today, and I'll let Lee talk about the future functionality.

這就是我們的策略。為此，我們相信，對於客戶的安全解決方案以及我們的經濟而言，真正的好處是我們不必每次推出新模組時都扮演銷售角色，因為我們認為雲端安全還沒有完全發展成為一個平台。所以今天晚些時候我們將有 7 個模組，我將讓 Lee 談談未來的功能。

Yes. So one of the very strong points of feedback we're hearing from our customers with Prisma Cloud is our ability to give them both breadth of capability as well as depth in those capabilities is really resonating. They like the strategy of an integrated platform, delivering increasingly comprehensive set of cloud security capabilities that they need. So with that in mind, these 3 new modules that will be coming out, we expect this fiscal quarter are really exciting. The first one is data security. So this is effectively applying both [DOP] as well as malware scanning to cloud storage. Cloud storage -- basically, data breaches is one of the big challenges a lot of customers deal with. And this module will aim to address and fix that.

是的。因此，我們從 Prisma Cloud 客戶那裡聽到的最強烈的回饋意見之一是，我們能夠為他們提供廣泛的功能以及這些功能的深度，這確實引起了他們的共鳴。他們喜歡整合平台的策略，提供他們所需的越來越全面的雲端安全功能。因此，考慮到這一點，這 3 個即將推出的新模組，我們預計本財季將非常令人興奮。第一個是資料安全。因此，這有效地將 [DOP] 以及惡意軟體掃描應用於雲端儲存。雲端儲存—基本上，資料外洩是許多客戶面臨的重大挑戰之一。該模組旨在解決和解決這個問題。

Second is a module focused on web application and API security. So this will play in the sort of the WAF and RASP market categories. And fully integrated, leveraging the exact same agent that our customers have already deployed when using us to do container and serverless security. And then IAM security, which is focused on the cloud credentials that customers have and a really big challenge around overprovisioning and permissioning of those credentials. And so this will give visibility as well as security around how to lock those down with the right security policy and then tying this back to what cash as these new modules are available, our Prisma Cloud customers will simply be able to start using them, and decrementing the capacity they've already purchased from, is making the -- turning on and using these new modules super simple.

第二個模組專注於 Web 應用程式和 API 安全性。因此，這將在 WAF 和 RASP 市場類別中發揮作用。並且完全集成，利用我們的客戶在使用我們進行容器和無伺服器安全時已經部署的完全相同的代理。然後是 IAM 安全性，它專注於客戶擁有的雲端憑證以及圍繞這些憑證的過度配置和許可的真正巨大挑戰。因此，這將提供關於如何使用正確的安全策略鎖定這些模組的可見性和安全性，然後將其與這些新模組可用時的現金聯繫起來，我們的 Prisma Cloud 客戶將能夠簡單地開始使用它們，並且減少他們已經購買的容量，使打開和使用這些新模組變得超級簡單。

Next question is from Brian Essex from Goldman Sachs.

下一個問題來自高盛的布萊恩·艾塞克斯。

Nikesh, I just had a quick question on OS 10 and saw that you released it a few weeks ago. And I was wondering how meaningful that cycle should be relative to other releases. Is that something that customers are going to get automatically with their subscription? And how might we expect this to be rolled out throughout your installed base?

Nikesh，我剛剛有一個關於 OS 10 的快速問題，看到你幾週前發布了它。我想知道這個週期相對於其他版本應該有多大意義。這是客戶透過訂閱自動獲得的東西嗎？我們如何期望這一點能夠在您的安裝基礎上推廣？

So the -- obviously, super excited about the release and all of the capabilities, the ML powered next-gen firewall really just infusing machine learning into the core of the product. The -- I'd say to begin with any of our customers who have a hardware device or a software form factor able to use it. However, they need to be on some of the newer hardware platforms. So this will incent some customers who are still on older generation of hardware to want to upgrade in order to get these capabilities.

因此，顯然，我們對發布和所有功能感到非常興奮，而機器學習驅動的下一代防火牆實際上只是將機器學習融入產品的核心中。我想說，首先是擁有任何能夠使用它的硬體設備或軟體外形的客戶。但是，它們需要位於一些較新的硬體平台上。因此，這將激勵一些仍在使用舊一代硬體的客戶想要升級以獲得這些功能。

Second, this is the release that will unlock some of the newer subscriptions we talked about, including IoT security. And so there will be added incentive for our customers to get to 10.0 in order to take advantage of those new subscriptions.

其次，這個版本將解鎖我們談到的一些較新的訂閱，包括物聯網安全。因此，我們的客戶將有更多動力升級到 10.0，以便利用這些新訂閱。

Our next question will come from Brent Thill from Jefferies. Following Brent we'll have Jonathan Ho from William Blair.

我們的下一個問題將來自 Jefferies 的 Brent Thill。繼布倫特之後，我們將邀請來自威廉布萊爾的喬納森何 (Jonathan Ho)。

Nikesh, over the last year, you're now approximating well north of $800 million in M&A. We appreciate the payback that you gave us, but kind of just maybe give us a sense, do you expect this pace to continue? Or do you feel like you need to digest what you have now and you've got the core pieces to achieve would you like go forward at this point?

Nikesh，去年您的併購金額已接近 8 億美元。我們感謝您給予我們的回報，但也許只是給我們一種感覺，您希望這種步伐繼續下去嗎？或者你是否覺得你需要消化你現在所擁有的東西，並且你已經有了要實現的核心部分，你現在想繼續前進嗎？

Brent, as we highlighted in the prepared remarks, we have followed a very disciplined approach. We look at -- we're constantly looking at new cybersecurity capabilities in the industry. As you know that as soon as Antidote is found towards a cyber breach tactic, the hackers start working the next way to try and figure out how to hack the customers. So we have to be constantly on the lookout. And we've taken a very, very proactive point of view that we don't want our customers have to go integrate these solutions themselves, which is what causes the chaos in cybersecurity.

布倫特，正如我們在準備好的發言中所強調的那樣，我們遵循了非常嚴格的方法。我們不斷關注業界新的網路安全功能。如您所知，一旦發現針對網路漏洞策略的解毒劑，駭客就會開始採取下一種方法來嘗試找出如何攻擊客戶的方法。所以我們必須時時保持警惕。我們採取了非常非常積極的觀點，我們不希望我們的客戶必須自己整合這些解決方案，這才是導致網路安全混亂的原因。

So we've stepped up and said, we're going to become more and more comprehensive player in areas where we believe we can add value. So we're not going to -- we don't see value in going after old red oceans where there's enough players in the market. And we're not trying to create a place to get everything. We're trying to get to a place where the product that we deliver or the platform we deliver has all comprehensive capability. And as I've said, cloud security is not fully evolved because we are all moving to the cloud and discovering across the entire process. And our customers are having to integrate some solutions. That's why we've chosen to acquire some companies but also build these next few modules that Lee highlighted internally organically because we believe the cost of integration will be higher than doing organic development ourselves.

因此，我們站出來表示，我們將在我們認為可以增加價值的領域中成為越來越全面的參與者。所以我們不會——我們認為追逐市場上有足夠多參與者的老紅海沒有價值。我們並不想創造一個擁有一切的地方。我們正在努力讓我們提供的產品或我們提供的平台具有全面的功能。正如我所說，雲端安全尚未完全發展，因為我們都在遷移到雲端並在整個過程中進行發現。我們的客戶必須整合一些解決方案。這就是為什麼我們選擇收購一些公司，同時也建立李在內部有機強調的接下來的幾個模組，因為我們相信整合的成本將比我們自己進行有機開發更高。

So we're just -- we're constantly on the lookout to make sure that we are solving the problem with the customer. We will continue to stay on the lookout, Brent. And all we're trying to highlight is that we're not -- we're very thoughtful when we do M&A. We look at it both from an economic and a product perspective. And so far, our track record has shown that we are able to significantly accelerate the capabilities once we acquire these companies, both from a go-to-market perspective or a product perspective, and we're going to continue looking at the market from that lens.

所以我們只是——我們一直在尋找，以確保我們正在與客戶一起解決問題。布倫特，我們將繼續保持警惕。我們想要強調的是，我們在進行併購時非常深思熟慮。我們從經濟和產品的角度來看它。到目前為止，我們的業績記錄表明，一旦我們收購了這些公司，無論是從進入市場的角度還是從產品的角度來看，我們都能夠顯著加速我們的能力，並且我們將繼續從以下角度審視市場：那個鏡頭。

Jonathan Ho, William Blair.

喬納森·何，威廉·布萊爾。

Just with Strata, can you talk a little bit about whether -- where you're seeing the fastest growth in terms of that product set? And digital transformation maybe create a second wave of security investment around the CN-Series and some of the other products in Strata?

就 Strata 而言，您能談談您在該產品組方面是否看到成長最快的地方嗎？數位轉型可能會圍繞 CN 系列和 Strata 中的其他一些產品引發第二波安全投資？

Jonathan, so to your first question, where we're seeing the fastest growth. I mean I think, obviously, as you've seen, we're seeing great growth across the platform. Firewall as a Platform and inclusive of Prisma Access and the newly integrate CloudGenix, Prisma Cloud, certainly with the recent acceleration of the shift to cloud, Prisma Cloud has been a fantastic cloud security platform available for our customers to help them in that shift. And Cortex is really gaining traction both around XSOAR and XDR.

喬納森，關於你的第一個問題，我們看到成長最快的地方是哪裡。我的意思是，我認為，顯然，正如您所看到的，我們在整個平台上看到了巨大的成長。防火牆作為一個平台，包括 Prisma Access 和新整合的 CloudGenix、Prisma Cloud，當然隨著最近向雲端的轉變的加速，Prisma Cloud 已成為我們的客戶可以幫助他們實現這一轉變的出色的雲端安全平台。 Cortex 確實在 XSOAR 和 XDR 方面獲得了關注。

Great. Our next question comes from Brad Zelnick, Crédit Suisse. And this will be our final question.

偉大的。我們的下一個問題來自瑞士信貸銀行的 Brad Zelnick。這將是我們的最後一個問題。

Congratulations on the momentum into Q4, very impressive. I got an easy one for you guys. I just wanted to ask about the spike in DSOs. So it's completely natural to understand why this quarter you would see the month of July being so heavily back-end weighted. But if you were to normalize and assume a more normal linearity to this Q4, how much of this is because of extending payment terms, if at all? And what are you seeing with customers and their need to spread out payments?

恭喜進入第四季的勢頭，非常令人印象深刻。我為你們準備了一個簡單的。我只是想問一下 DSO 的激增情況。因此，很自然地就能理解為什麼本季您會看到 7 月的後端權重如此之大。但如果你要標準化並假設第四季有更正常的線性，那麼其中有多少是因為延長付款條件（如果有的話）？您對客戶的看法以及他們對分散付款的需求有何看法？

Yes. That's an easy question, as you said. No, we do not expect any -- from any structural changes. We do expect to get back to a normal levels in Q1. (inaudible) this is how our billings came in Q4, but we don't expect this to be an issue going forward.

是的。正如你所說，這是一個簡單的問題。不，我們不期望任何結構性變化。我們確實預計第一季會恢復到正常水平。 （聽不清楚）這就是我們第四季的帳單情況，但我們預計這不會成為未來的問題。

That concludes the Q&A portion of our call. Thank you for all your questions. Back to Nikesh for closing remarks.

我們電話會議的問答部分到此結束。感謝您提出的所有問題。回尼科甚的閉幕詞。

Thank you, again, everyone, for joining us today. Palo Alto Networks remains committed to helping our employees, partners and customers navigate the challenges posed by global pandemic in every way we can. We're striving to empathize with those suffering from the worst impacts and then help in our communities and networks where possible. I'm encouraged by the positive attitude and teamwork I see on display from our committed employees, and this helps fuel our drive to continue our mission of making each day safer and more secure than ever before. We look forward to connect virtually with all of you at one of the many upcoming investor calls. Be safe and stay healthy. Thank you again for joining our call. Have a great evening.

再次感謝大家今天加入我們。 Palo Alto Networks 仍然致力於盡一切努力幫助我們的員工、合作夥伴和客戶應對全球大流行帶來的挑戰。我們正在努力同情那些遭受最嚴重影響的人，然後盡可能為我們的社區和人脈提供幫助。我看到我們敬業的員工所表現出的積極態度和團隊合作精神讓我深受鼓舞，這有助於推動我們繼續履行我們的使命，讓每一天都比以往任何時候都更安全。我們期待在即將召開的眾多投資者電話會議中與大家進行虛擬聯繫。確保安全並保持健康。再次感謝您加入我們的通話。祝您有個美好的夜晚。

You can now disconnect.

您現在可以斷開連線。