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Clay Bilby - Head of IR
Clay Bilby - Head of IR
(presentation)
(介紹)
Good day, everyone, and welcome to Palo Alto Networks' Fiscal Second Quarter 2022 Earnings Conference Call. I am Clay Bilby, Head of Palo Alto Networks Investor Relations. Please note that this call is being recorded today, Tuesday, February 22, 2022 at 2 p.m. Pacific Time.
大家好,歡迎參加 Palo Alto Networks 的 2022 財年第二季度收益電話會議。我是 Palo Alto Networks 投資者關係主管 Clay Bilby。請注意,本次通話將於 2022 年 2 月 22 日星期二下午 2 點錄製。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. You can find the press release and information to supplement today's discussion on our investor website at investors.paloaltonetworks.com. While there, please click on the links for Events and Presentations where you will find the investor presentation and supplemental information.
今天與我通話的是我們的董事長兼首席執行官 Nikesh Arora;和我們的首席財務官 Dipak Golechha。我們的首席產品官 Lee Klarich 將在準備好的發言後加入我們的問答環節。您可以在我們的投資者網站 Investors.paloaltonetworks.com 上找到新聞稿和信息以補充今天的討論。在那裡,請點擊活動和演示文稿的鏈接,您可以在其中找到投資者演示文稿和補充信息。
In the course of today's 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 release and presentation and in our SEC filings. Palo Alto Networks assumes no obligation to update the information provided as a part of today's presentation.
在今天的電話會議中,我們將做出涉及風險和不確定性的前瞻性陳述和預測,這些風險和不確定性可能導致實際結果與本演示文稿中的前瞻性陳述存在重大差異。這些前瞻性陳述是基於我們目前的信念和截至今天管理層可獲得的信息。我們的收益發布和演示文稿以及我們提交給美國證券交易委員會的文件中提供的安全港聲明中確定了可能導致實際結果不同的風險、不確定性和其他因素。 Palo Alto Networks 不承擔更新作為今天演示的一部分提供的信息的義務。
We will also discuss non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for or superior to measures of financial performance prepared in accordance with GAAP. We have included tables which provide reconciliations between the non-GAAP and GAAP financial measures in the appendix to the presentation and in our earnings release, which we have filed with the SEC and can also be found in the Investors section of our website. Please also note that all comparisons are on a year-over-year basis unless specifically noted otherwise.
我們還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業績指標。我們在演示文稿的附錄和我們已向 SEC 提交的收益報告中包含了提供非 GAAP 和 GAAP 財務指標之間對賬的表格,這些表格也可以在我們網站的“投資者”部分找到。另請注意,除非另有特別說明,否則所有比較都是按年進行的。
We would also like to note that our management is scheduled to participate in the Morgan Stanley Investor Conference in March. I'd like to apologize for the delay in our start time. We experienced a technical issue that required delaying the call by 30 minutes.
我們還想指出,我們的管理層計劃參加三月份的摩根士丹利投資者會議。我想為我們的開始時間延遲道歉。我們遇到了一個技術問題,需要將通話延遲 30 分鐘。
I will now turn the call over to Nikesh.
我現在將把電話轉給 Nikesh。
Nikesh Arora - Chairman & CEO
Nikesh Arora - Chairman & CEO
Thank you, Clay. Good afternoon and thank you, everyone, for joining us today for our earnings call.
謝謝你,克萊。下午好,感謝大家今天加入我們的財報電話會議。
As you've seen by the results we released, we had an exceptional Q2. We continue to accelerate the growth of our business in line with our stated direction of fiscal year '22 being the year of focused execution. But first, let's talk about the market and the trends we're seeing.
正如您從我們發布的結果中看到的那樣,我們的第二季度表現出色。我們將繼續按照我們在 22 財年作為重點執行年的既定方向加速我們的業務增長。但首先,讓我們談談我們所看到的市場和趨勢。
Firstly, we continue to see a strong demand for cybersecurity. We have not seen any changes in the IT spending patterns of our customers or a slowdown in companies investing in IT systems to drive competitive advantage. On the contrary, we see acceleration around trends associated with the shift to the cloud as well as the continued efforts to redefine network architectures to enable employees to work effectively from anywhere, a trend which has been bolstered by the pandemic, and we continue to believe we are still in the early innings here. Both these factors underpin continued demand for cybersecurity services.
首先,我們繼續看到對網絡安全的強烈需求。我們沒有看到客戶的 IT 支出模式發生任何變化,也沒有看到公司投資 IT 系統以提高競爭優勢的放緩。相反,我們看到與向雲遷移相關的趨勢加速,以及重新定義網絡架構以使員工能夠在任何地方有效工作的持續努力,這一趨勢得到了大流行的支持,我們繼續相信我們還處於早期階段。這兩個因素都支撐了對網絡安全服務的持續需求。
Secondly, we continue to see an evolving and complicated threat landscape. We've highlighted in the past that cybersecurity is at the front and center of all conversations around risks and threats at companies as well as nation-state levels. We believe cybersecurity will continue to become more and more relevant and important. With increased reliance on technology and the prevalence of cyberattacks, there is an ability to disrupt businesses and critical systems, making cybersecurity an area that will need continued focus and investment.
其次,我們繼續看到不斷變化和復雜的威脅格局。我們過去曾強調,網絡安全是圍繞公司以及國家層面的風險和威脅進行的所有對話的前沿和中心。我們相信網絡安全將繼續變得越來越相關和重要。隨著對技術的日益依賴和網絡攻擊的盛行,有能力破壞業務和關鍵系統,使網絡安全成為需要持續關注和投資的領域。
In addition to industry-specific trends, we're seeing a trend that is unique to Palo Alto Networks. Given our investments in the areas and continued relevance across multiple platforms and needs of our customers, we're having more and more significant partnership conversations which encompass the entire Palo Alto Networks offering. Whilst early, we believe this is the true differentiation that Palo Alto Networks provides, both best-of-breed and integrated security that works.
除了特定行業的趨勢外,我們還看到了 Palo Alto Networks 獨有的趨勢。鑑於我們在這些領域的投資以及跨多個平台和客戶需求的持續相關性,我們正在進行越來越多的重要合作夥伴對話,其中包括整個 Palo Alto Networks 產品。雖然很早,但我們相信這是 Palo Alto Networks 提供的真正差異化,無論是同類最佳還是集成安全都有效。
Thirdly, our continued focus on execution. This focus is bearing fruit as we execute multiple dimensions across our business. Execution from our product teams means continuing our rapid pace of integrated platform delivery. We will talk about innovation across our platforms. But to highlight, just today, we unveiled our XSIAM product, which is poised to reimagine security operation centers and truly deploy technology to resolve cyberattacks in real-time.
第三,我們繼續專注於執行。隨著我們在業務中執行多個維度,這一重點正在結出碩果。我們產品團隊的執行意味著繼續我們快速的集成平台交付。我們將討論跨平台的創新。但要強調的是,就在今天,我們推出了 XSIAM 產品,該產品旨在重新構想安全運營中心並真正部署技術以實時解決網絡攻擊。
Execution from our go-to-market teams means focusing on the broader customer-driven priority of helping them significantly improve their cybersecurity posture. This is demonstrated by the multi-platform large deal commitments we're beginning to see.
我們的上市團隊的執行意味著專注於更廣泛的以客戶為導向的優先事項,幫助他們顯著改善網絡安全狀況。我們開始看到的多平台大宗交易承諾證明了這一點。
Execution from our supply chain team means we're able to work with our suppliers in this tough environment to deliver critical security appliances to our customers. We had to balance some of the increased costs with price increases as an offset, but we've been able to keep these increases modest in comparison to our peers.
我們供應鏈團隊的執行意味著我們能夠在這個艱難的環境中與我們的供應商合作,為我們的客戶提供關鍵的安全設備。我們必須平衡一些增加的成本和價格上漲作為抵消,但與我們的同行相比,我們已經能夠保持這些增長適度。
Execution from our people leaders means despite this being a hot market for great talent, we're able to attract and retain the best minds in cybersecurity. As you saw in the opening of the call, we launched a Welcome Home program to welcome back employees that had left our company. We have seen good initial success here.
我們的員工領導者的執行意味著儘管這是一個優秀人才的熱門市場,但我們能夠吸引和留住網絡安全領域的最優秀人才。正如您在電話會議開始時看到的那樣,我們啟動了歡迎回家計劃,以歡迎離開我們公司的員工回來。我們在這裡看到了良好的初步成功。
Let's take a quick look at some of the outcomes caused by the focus on execution. In Q2, revenue was up 30%, while the leading billing and RPO metrics were up 32% and 36%, respectively. We're building a more predictable business model. Our CRPO balance of $3.4 billion gives us significant visibility into our next 12 months revenue. Next-generation security or NGS ARR finished Q2 at $1.43 billion. As we hit our midyear point, we have greater confidence that our strategy is working, which is driving us to make further investments in these businesses.
讓我們快速看一下專注於執行所帶來的一些結果。在第二季度,收入增長了 30%,而領先的計費和 RPO 指標分別增長了 32% 和 36%。我們正在建立一個更可預測的商業模式。我們 34 億美元的 CRPO 餘額使我們對未來 12 個月的收入有了顯著的了解。下一代安全或 NGS ARR 在第二季度以 14.3 億美元結束。隨著我們達到年中點,我們對我們的戰略正在發揮更大的信心,這促使我們對這些業務進行進一步的投資。
At the same time, we continue to transform our core network security business where the software mix within our Firewall as a Platform billings came in at 40%, up 5 points versus last year. We grew these strong top line results while balancing non-GAAP profitability even as we absorbed some incremental expenses from supply chain challenges. Operating income grew 20% and adjusted free cash flow grew 33%. We outperformed our non-GAAP EPS guidance midpoint by $0.09.
與此同時,我們繼續轉變我們的核心網絡安全業務,我們的防火牆中的軟件組合即平台計費達到 40%,比去年增加 5 個百分點。儘管我們從供應鏈挑戰中吸收了一些增量費用,但我們在平衡非 GAAP 盈利能力的同時,實現了這些強勁的收入增長。營業收入增長 20%,調整後的自由現金流增長 33%。我們比我們的非公認會計原則每股收益指導中點高出 0.09 美元。
For a number of quarters, we've talked about our large deal momentum. To accelerate these results as we exited fiscal 2021, we layered on a sales strategy to elevate our focus and drive efficiency in our largest opportunities. With a growing portfolio of products across 3 platforms, making large deals selling a repeatable process is core to our sustaining and accelerated growth trajectory.
幾個季度以來,我們一直在談論我們的大筆交易勢頭。為了在我們退出 2021 財年時加速取得這些成果,我們制定了一項銷售戰略,以提高我們的重點並提高我們最大機會的效率。隨著跨 3 個平台的產品組合不斷增長,進行可重複流程的大宗交易是我們持續和加速增長軌蹟的核心。
With BJ Jenkins taking over the leadership role for our broader sales organization, we've had an ability to increase management attention on the largest deals in the form of Amit Singh, our CBO. We're pleased with the results we have seen in the first half of the year. These deeper, multi-platform relationships are a win-win for Palo Alto Networks and our customers. As a testament to this, at the end of Q2, 47% of our Global 2000 customers use products from all 3 of our platforms, up from 38% a year ago. In Q2, we closed 221 7-figure transactions, including 3 transactions over $20 million.
隨著 BJ Jenkins 接任我們更廣泛的銷售組織的領導角色,我們有能力以我們的 CBO Amit Singh 的形式增加管理層對最大交易的關注。我們對上半年取得的成果感到滿意。這些更深層次的多平台關係對 Palo Alto Networks 和我們的客戶來說是雙贏的。作為證明,在第二季度末,我們全球 2000 強客戶中有 47% 使用我們所有 3 個平台的產品,高於一年前的 38%。在第二季度,我們完成了 221 筆 7 位數的交易,其中包括 3 筆超過 2000 萬美元的交易。
Our millionaire customers were 1,077 in Q2, up 26% year-over-year. Our combined rate of growth in millionaire customers as well as an increase in size of our large deals has helped us sustain the accelerated level of growth you've seen over the last several quarters. In all, it's a strong quarter and I want to thank our global team for their strong execution across the board.
第二季度我們的百萬富翁客戶為 1,077 名,同比增長 26%。我們百萬富翁客戶的綜合增長率以及大宗交易規模的增加幫助我們維持了過去幾個季度所見的加速增長水平。總而言之,這是一個強勁的季度,我要感謝我們的全球團隊全面執行。
Driving these results are the transformation of our firewall business and our focus on capturing the growth in next-generation security. In particular, this quarter, our strengths were well balanced in both of these categories. Let's do a quick review of our progress across our 3 platforms.
推動這些結果的是我們防火牆業務的轉型以及我們對捕捉下一代安全增長的關注。特別是在本季度,我們在這兩個類別中的優勢得到了很好的平衡。讓我們快速回顧一下我們在 3 個平台上的進展情況。
As you know, we have them designed modularly so customers can initiate their partnership journey with Palo Networks whatever their current need is, but over time, we work with them to both expand across any one of our platforms and also work with them to adopt our other platforms in line with their plans.
如您所知,我們對它們進行了模塊化設計,因此客戶可以開始與 Palo Networks 的合作之旅,無論他們當前的需求是什麼,但隨著時間的推移,我們將與他們合作,在我們的任何一個平台上進行擴展,並與他們合作採用我們的其他平台符合他們的計劃。
At the heart of our 3-platform strategy is innovation. This is the fuel for our growth, especially in next-generation security where we play in markets that are early in their life cycle. In the first half of fiscal year 2022, we had 22 major product releases, which is equal to all the releases we had in the full year of fiscal 2020. Even more impressive is that this quarter marks the end of all integrations of our acquired businesses over the last few years, i.e., all of our products are now seamlessly integrated and can have organic development continue on them.
我們 3 平台戰略的核心是創新。這是我們增長的動力,尤其是在下一代安全領域,我們在處於生命週期早期的市場中發揮作用。在 2022 財年上半年,我們發布了 22 個主要產品,這與我們在 2020 財年全年發布的所有產品數量相等。更令人印象深刻的是,本季度標誌著我們收購業務的所有整合的結束在過去的幾年裡,即我們所有的產品現在都無縫集成,並且可以繼續有機發展。
We were also pleased to receive 2 new industry awards, adding one in developer security tools, another in secure web gateway. We now have a leadership position in 10 categories.
我們也很高興獲得 2 個新的行業獎項,其中一個是開發人員安全工具,另一個是安全 Web 網關。我們現在在 10 個類別中處於領先地位。
Focusing first on our firewall business. We're continuing to refresh our platform. And just last week, we announced 2 more new families with the PA-3400 and PA-5400. These new Generation 4 platforms have industry-leading performance on real-world encrypted traffic using our single-pass architecture and performance that is 3x faster than similar Gen 3 appliances. We also rolled out PAN-OS 10.2 Nebula release, which adds significant new capability in using machine learning to stop the current generation of highly malicious attacks inline. This capability powers our recently released advanced URL and new advanced threat prevention subscriptions as well as bring significant enhancements to the capability of our DNS security subscription.
首先關注我們的防火牆業務。我們將繼續更新我們的平台。就在上週,我們宣布了 PA-3400 和 PA-5400 的另外 2 個新系列。這些新的第 4 代平台使用我們的單通道架構在實際加密流量方面具有行業領先的性能,其性能比類似的第 3 代設備快 3 倍。我們還推出了 PAN-OS 10.2 Nebula 版本,它增加了重要的新功能,可以使用機器學習來阻止當前這一代高度惡意的內聯攻擊。此功能為我們最近發布的高級 URL 和新的高級威脅防護訂閱提供支持,並顯著增強了我們的 DNS 安全訂閱功能。
We added the industry's first integrated AIOps to our next-generation firewalls, our 10th subscription added to the firewall family. This capability assists customers to prevent firewall misconfigurations and proactively addresses performance issues before they impact customer networks.
我們將業界首個集成 AIOps 添加到我們的下一代防火牆中,這是防火牆系列中添加的第 10 個訂閱。此功能可幫助客戶防止防火牆配置錯誤,並在影響客戶網絡之前主動解決性能問題。
We were pleased with our ability to grow our product revenues at 21%. This contributed to our Q2 revenue upside and was ahead of our guided mid-teens growth for the full year, which we will be raising. Our teams worked tirelessly during Q2 to ensure we could fulfill product demands to customers as quickly as possible while also navigating through the Gen 3 to Gen 4 refresh. We did see demand for our next-generation firewall appliances outstrip our ability to ship in the quarter, and this is reflected in the growing RPO I spoke about earlier. Strong security demand, innovations we are bringing to customers such as our Nebula release as well as customer appetite for our Gen 4 gives us strong conviction and sustained product demand into fiscal year 2023.
我們對產品收入增長 21% 的能力感到滿意。這促成了我們第二季度的收入增長,並且領先於我們全年指導的青少年中期增長,我們將提高這一點。我們的團隊在第 2 季度不知疲倦地工作,以確保我們能夠盡快滿足客戶的產品需求,同時也能順利完成第 3 代到第 4 代的更新。我們確實看到對我們下一代防火牆設備的需求超過了我們在本季度的出貨能力,這反映在我之前談到的不斷增長的 RPO 中。強勁的安全需求、我們為客戶帶來的創新(例如我們的 Nebula 版本)以及客戶對我們的 Gen 4 的需求使我們對 2023 財年充滿信心和持續的產品需求。
Next, I want to spend some time on our NGS business. This is one where our teams have done work which I personally believe has not been done in the cybersecurity industry before. And this is what makes Palo Alto Networks special. We have built a formidable set of services which are cloud-first, and these services are resonating with our customers. This success is truly driven by us working with our customers to anticipate their challenges, delivering best-of-breed solutions in an integrated fashion whilst continuing to focus on security outcomes. This has resulted in us building an NGS ARR stream of $1.43 billion driven by billings growth of 79% in NGS.
接下來,我想花一些時間在我們的 NGS 業務上。這是我們的團隊所做的工作,我個人認為這是網絡安全行業以前沒有做過的工作。這就是使 Palo Alto Networks 與眾不同的原因。我們已經建立了一套強大的雲優先服務,這些服務正在與我們的客戶產生共鳴。這一成功真正得益於我們與客戶合作預測他們的挑戰,以集成方式提供最佳解決方案,同時繼續關注安全成果。這導致我們在 NGS 的賬單增長 79% 的推動下建立了 14.3 億美元的 NGS ARR 流。
Diving deeper into SASE, which has been a strong contributor to NGS, we continue to see strong uptake from our existing customers. We're also seeing marquee new customer wins which are reflected in our current customer count of 1,983, which is up 62%. A recent report from the IT industry analyst Enterprise Strategy Group noted that 78% of organizations have begun or are planning SASE implementations. We see this mirrored in our customer conversations, where hybrid work is now the way many of these companies are planning on supporting the future of work.
深入研究 SASE,它一直是 NGS 的重要貢獻者,我們繼續看到現有客戶的強勁吸收。我們還看到了大量新客戶的勝利,這反映在我們目前的客戶數量為 1,983 人,增長了 62%。 IT 行業分析師 Enterprise Strategy Group 最近的一份報告指出,78% 的組織已經開始或正在計劃實施 SASE。我們在我們的客戶對話中看到了這一點,混合工作現在是許多這些公司計劃支持未來工作的方式。
We are pleased to again stand on Okta's Business at Work report where we were identified as a leading provider of remote access solutions. We're seeing SASE emerge as a key platform for our customers with these customers looking to Prisma SASE to deploy leading capabilities. We rolled out integrated CASB within Prisma Access 3.0, including a new capability around inline DLP for SaaS and in particular, collaboration applications. We continue to see success attaching autonomous digital experience management or ADEM as an upsell in Prisma Access as customers rely more on SASE as a foundation of their network architecture.
我們很高興再次出現在 Okta 的工作報告中,我們被確定為遠程訪問解決方案的領先提供商。我們看到 SASE 成為我們客戶的關鍵平台,這些客戶希望 Prisma SASE 部署領先的功能。我們在 Prisma Access 3.0 中推出了集成的 CASB,包括針對 SaaS 尤其是協作應用程序的內聯 DLP 的新功能。我們繼續看到成功地將自主數字體驗管理或 ADEM 作為 Prisma Access 的追加銷售,因為客戶更多地依賴 SASE 作為其網絡架構的基礎。
On the cloud front, we're seeing mainstream adoption of hyperscale public cloud in our customer base as well as an acceleration in production workloads. This is driving sustained strength we're seeing from Prisma Cloud. 4 years ago, we made it a conscious strategy to be a first mover with multiple big bets to proactively invest where we believe the future of security was going. Our pivot began with several acquisitions targeting companies with the best technologies. We developed a unique go-to-market approach, allowing us to promote future modules as part of an integrated offering. We're seeing tremendous success with this approach.
在雲方面,我們看到我們的客戶群中主流採用超大規模公共雲,以及生產工作負載的加速。這推動了我們從 Prisma Cloud 看到的持續實力。 4 年前,我們制定了一項有意識的戰略,即成為具有多個大賭注的先行者,積極投資於我們認為安全的未來發展方向。我們的重心始於幾項針對擁有最佳技術的公司的收購。我們開發了一種獨特的進入市場的方法,使我們能夠將未來的模塊作為集成產品的一部分進行推廣。我們看到這種方法取得了巨大的成功。
While our active customers grew 27% to 1,810 in Q2, we saw north of 56% growth in credit consumption driven both by increased adoption of the cloud by our customers and their continued adoption of more security modules in Prisma Cloud. While our 2 core modules, cloud security posture management and cloud workload protection, are mainstream within most of our customer base, we're seeing an increased adoption of 3 and more modules.
雖然我們的活躍客戶在第二季度增長了 27% 至 1,810,但我們看到信貸消費增長了 56% 以上,這是由於我們的客戶越來越多地採用雲以及他們在 Prisma Cloud 中繼續採用更多安全模塊。雖然我們的 2 個核心模塊(雲安全狀態管理和雲工作負載保護)是我們大多數客戶群的主流,但我們看到 3 個或更多模塊的採用率正在增加。
There are 2 areas I would like to highlight in Prisma Cloud this quarter: first, the launch of Cloud Code Security; and second, the launch of agentless scanning. Approximately 1 year ago, we acquired Bridgecrew, which has strong early traction in DevSecOps, enabling security to be shifted left into the software development life cycle. This addresses security problems before they are created in production deployments and is far more efficient. A single deployment template can be propagated hundreds of times. If there are multiple vulnerabilities in the code, each deployment could create hundreds of security events once in production.
本季度我想在 Prisma Cloud 中強調兩個方面:第一,Cloud Code Security 的推出;二是推出無代理掃描。大約 1 年前,我們收購了在 DevSecOps 中具有強大早期吸引力的 Bridgecrew,從而將安全性轉移到軟件開發生命週期中。這可以在生產部署中創建之前解決安全問題,並且效率更高。一個部署模板可以傳播數百次。如果代碼中存在多個漏洞,則每次部署都可能在生產中創建數百個安全事件。
Bridgecrew had significant traction with its Checkov open-source tool. Momentum that has significantly accelerated since its acquisition closed with downloads of up to 5x year-over-year. Building on the Bridgecrew technology, in Q2, we released our fifth Prisma Cloud pillar, Cloud Code Security, which is part of our 3.0 release. Our stand-alone Bridgecrew product has about 70 customers. We're pleased to see DevSecOps customer momentum building as Prisma Cloud customers adopt Cloud Code Security just several weeks after its integrated release into our platform.
Bridgecrew 的 Checkov 開源工具具有很大的吸引力。自收購結束以來,勢頭顯著加快,下載量同比增長高達 5 倍。基於 Bridgecrew 技術,我們在第二季度發布了我們的第五個 Prisma Cloud 支柱雲代碼安全性,它是我們 3.0 版本的一部分。我們獨立的 Bridgecrew 產品擁有大約 70 個客戶。我們很高興看到 DevSecOps 客戶的勢頭正在增強,因為 Prisma Cloud 客戶在 Cloud Code Security 集成發佈到我們的平台後僅幾週就採用了它。
Let's talk about agentless scanning. You've seen a number of smaller providers focused on small initiatives in cloud-native security. Providing only agentless scanning is one of them. What we hear clearly from our customers is that they want a platform approach to cloud security, which offers the flexibility of both agent and agentless scanning, depending on their architecture and security need. Towards this end, our teams rallied and delivered agentless scanning in record time. This makes sure that our customers can deploy either approach via the integrated platform that is Prisma Cloud.
讓我們談談無代理掃描。您已經看到許多小型提供商專注於雲原生安全方面的小型計劃。僅提供無代理掃描就是其中之一。我們從客戶那裡清楚地聽到的是,他們想要一種雲安全的平台方法,根據他們的架構和安全需求,提供代理和無代理掃描的靈活性。為此,我們的團隊集結起來並在創紀錄的時間內交付了無代理掃描。這確保我們的客戶可以通過集成平台 Prisma Cloud 部署任何一種方法。
Now turning to Cortex, our endpoint security, security analytics and automation solution. We continue to see significant customer demand for automation in security as the threat data and volume of security events grow at exponential rates. The human-only approach to interpreting data and responding to events is not keeping pace. We're seeing strong customer adoption of our market-leading technologies across XDR, XSOAR and Xpanse. Total customers across XDR Pro and XSOAR reached 3,232 and increased over 69%. Q2 was a strong quarter for new customers, both those that are brand-new to Palo Alto Networks and also are cross-sells to Cortex. We also saw Q2 strength across all of our geographies for Cortex.
現在轉向 Cortex,我們的端點安全、安全分析和自動化解決方案。隨著威脅數據和安全事件的數量呈指數級增長,我們繼續看到客戶對安全自動化的巨大需求。僅人類解釋數據和響應事件的方法沒有跟上步伐。我們看到客戶在 XDR、XSOAR 和 Xpanse 中採用了我們市場領先的技術。 XDR Pro 和 XSOAR 的客戶總數達到 3,232,增長超過 69%。對於新客戶來說,第二季度是一個強勁的季度,這些新客戶都是 Palo Alto Networks 的全新客戶,也是 Cortex 的交叉銷售客戶。我們還看到了 Cortex 在我們所有地區的第二季度實力。
At our Ignite event last November, we launched our managed partnership program, XMDR, and we continue to see partners join the program to further align the opportunity across our Cortex portfolio. We now have 27 partners here and have a strong pipeline of interested partners working through the certification process.
在去年 11 月的 Ignite 活動中,我們啟動了託管合作夥伴計劃 XMDR,我們繼續看到合作夥伴加入該計劃,以進一步調整我們 Cortex 產品組合中的機會。我們現在在這裡有 27 個合作夥伴,並且有大量感興趣的合作夥伴正在完成認證過程。
Core to our growing success with Cortex is the innovation investments we have made over the last years in XDR, XSOAR and Xpanse with market-leading capabilities in each. Shortly after releasing XDR 3.0 in Q1 to enable cloud detection and response, we released XDR 3.1 in Q2 to further enhance our cloud asset visibility and insights. Q2 also marked the release of our intelligence module for XSOAR, providing end-to-end real-world threat intelligence to help identify and discover new malware families or campaigns or attack techniques that are related to security incidents.
我們在 Cortex 上不斷取得成功的核心是我們在過去幾年中在 XDR、XSOAR 和 Xpanse 方面進行的創新投資,在每一個領域都具有市場領先的能力。在第一季度發布 XDR 3.0 以啟用雲檢測和響應後不久,我們在第二季度發布了 XDR 3.1 以進一步增強我們的雲資產可見性和洞察力。 Q2 還標誌著我們的 XSOAR 情報模塊的發布,提供端到端的真實世界威脅情報,以幫助識別和發現與安全事件相關的新惡意軟件系列或活動或攻擊技術。
This morning, we announced our Cortex extended security intelligence and automation management or XSIAM platform and shared our vision to provide an autonomous cybersecurity solution as a modern alternative to SIEM solutions. We believe security operations teams have an urgent threat detection and remediation problem, and only by leaning into a natively AI-driven platform, we will be able to bring down response times from hours and days to seconds and minutes. We're on a mission to revolutionize how data, analytics and automation is leveraged in cybersecurity, and XSIAM is a product of years of research and development we've been doing in this area. XSIAM is currently available to a limited number of customers and will be broadly available later this year.
今天早上,我們宣布了我們的 Cortex 擴展安全智能和自動化管理或 XSIAM 平台,並分享了我們提供自主網絡安全解決方案作為 SIEM 解決方案的現代替代方案的願景。我們相信安全運營團隊面臨著緊迫的威脅檢測和補救問題,只有依靠原生 AI 驅動的平台,我們才能將響應時間從幾小時和幾天縮短到幾秒鐘和幾分鐘。我們的使命是徹底改變數據、分析和自動化在網絡安全中的利用方式,而 XSIAM 是我們在該領域多年研發的產物。 XSIAM 目前面向有限數量的客戶提供,並將在今年晚些時候廣泛提供。
In summary, I am very pleased with our Q2 results. We both continue to benefit from strength in our core next-generation firewall business and as a strong sign of our future growth prospects, significant strength across our next-generation security portfolio. This balanced performance is a hallmark of our long-term strategy to drive durable growth. On the back of this strength and based on what we're seeing in our pipeline heading in the second half of fiscal year 2022, we are raising our total revenue, product revenue and total billings guidance for the year.
總之,我對我們的第二季度業績感到非常滿意。我們都繼續受益於我們核心的下一代防火牆業務的優勢,並且作為我們未來增長前景的一個強有力的標誌,我們下一代安全產品組合的顯著優勢。這種平衡的表現是我們推動持久增長的長期戰略的標誌。憑藉這種實力,並根據我們在 2022 財年下半年看到的管道走向,我們正在提高今年的總收入、產品收入和總賬單指導。
Within this top line, given our confidence in both our pipeline and our sales execution in NGS, we're also raising NGS ARR for the year. Lastly, we're delivering this top line while we continue to make significant investments in our business for future growth. We not only continue to see strong near-term demand but also strong medium-term trends in cybersecurity, fueled by underlying strength in IT spending and secular trends like hybrid work and cloud-native adoption. We have aligned investments both to building sales capacity for fiscal year '23 as well as medium-term investments in product capability. These investments have been made while also absorbing unexpected supply chain-related costs this year. Despite this, we have been able to deliver upside to our non-GAAP EPS forecast so far this year. We're lifting our non-GAAP EPS guidance for the year, reflecting much of the upside we saw in Q2.
在這一頂線上,鑑於我們對 NGS 的管道和銷售執行的信心,我們還提高了今年的 NGS ARR。最後,在我們繼續對我們的業務進行重大投資以實現未來增長的同時,我們正在實現這一頂線。在 IT 支出的潛在優勢和混合工作和雲原生採用等長期趨勢的推動下,我們不僅繼續看到強勁的近期需求,而且看到網絡安全的強勁中期趨勢。我們已將投資與 23 財年的銷售能力建設以及產品能力的中期投資保持一致。在進行這些投資的同時,還吸收了今年意料之外的供應鏈相關成本。儘管如此,今年到目前為止,我們已經能夠為我們的非公認會計原則每股收益預測提供上行空間。我們正在提高我們今年的非公認會計原則每股收益指引,這反映了我們在第二季度看到的大部分上行空間。
With that, I will turn the call over to Dipak to go into more detail on the Q2 performance and our guidance.
有了這個,我將把電話轉給 Dipak,以更詳細地了解第二季度的表現和我們的指導。
Dipak Golechha - Executive VP & CFO
Dipak Golechha - Executive VP & CFO
Thank you, Nikesh, and good afternoon, everyone.
謝謝你,Nikesh,大家下午好。
We again delivered results ahead of our guidance across all metrics as we continue to transform our business. Top line growth remained strong in Q2 with balanced strength across our portfolio, including product and especially in our next-generation security offerings. Supported by the strength in our differentiated offerings, we're raising our full year guidance.
隨著我們繼續轉變我們的業務,我們再次在所有指標的指導下交付了結果。第二季度營收增長保持強勁,我們的投資組合實力均衡,包括產品,尤其是我們的下一代安全產品。在我們差異化產品實力的支持下,我們正在提高全年指導。
For Q2, revenue of $1.32 billion grew 30% and was above the high end of our guidance range. Product grew 21% and total services grew by 32%. We saw strong growth in all geographies and across all platforms. By geography, the Americas grew 33%, EMEA was up 22% and JAPAC grew 23%. NGS ARR finished the quarter at $1.43 billion, supported by broad strength across each of our platforms. Prisma Access ARR more than doubled year-on-year, and we continue to see especially strong growth from XDR and Prisma Cloud. This demonstrates that our portfolio approach to driving growth in our high-growth markets is working and what gives us confidence to raise our guidance here, which I will talk more about shortly.
第二季度,收入為 13.2 億美元,增長 30%,高於我們指導範圍的高端。產品增長 21%,總服務增長 32%。我們看到所有地區和所有平台的強勁增長。按地域劃分,美洲增長 33%,EMEA 增長 22%,日本增長 23%。 NGS ARR 在本季度結束時達到 14.3 億美元,這得益於我們每個平台的廣泛實力。 Prisma Access ARR 同比增長了一倍以上,我們繼續看到 XDR 和 Prisma Cloud 的強勁增長。這表明我們推動高增長市場增長的投資組合方法正在發揮作用,這讓我們有信心在這裡提高我們的指導,我將在稍後詳細討論。
In the second quarter of 2022, we delivered total billings of $1.61 billion, up 32% and also above the high end of our guidance range. Total deferred revenue in Q2 was $5.4 billion, an increase of 31%. As a reminder, billings is total revenue plus the change in total deferred revenue, net of acquired deferred revenue. Our NGS billings grew 79% year-over-year. Going forward, we encourage investors to focus on our NGS ARR metric as we view this measure as being more indicative of the underlying drivers of this business. We will not be updating NGS billings in the future.
2022 年第二季度,我們的總賬單為 16.1 億美元,增長 32%,也高於我們指導範圍的高端。第二季度的總遞延收入為 54 億美元,增長 31%。提醒一下,賬單是總收入加上總遞延收入的變化,減去獲得的遞延收入。我們的 NGS 賬單同比增長 79%。展望未來,我們鼓勵投資者關注我們的 NGS ARR 指標,因為我們認為該指標更能反映該業務的潛在驅動因素。我們將來不會更新 NGS 帳單。
Remaining performance obligation or RPO was $6.3 billion, increasing 36%, with current RPO growing largely in line with total RPO. As mentioned previously, we believe RPO adds meaningful insight into our future revenue as it includes both prepaid and contractual commitments from customers. The strength of our RPO growth gives us confidence in our future quarters as it effectively provides us a head start from a revenue perspective.
剩餘履約義務或 RPO 為 63 億美元,增長 36%,當前 RPO 的增長與總 RPO 基本一致。如前所述,我們相信 RPO 為我們未來的收入增加了有意義的洞察力,因為它包括來自客戶的預付和合同承諾。我們的 RPO 增長勢頭讓我們對未來幾個季度充滿信心,因為它有效地從收入角度為我們提供了領先優勢。
Our product growth was 21% in Q2 and above what we have seen historically, reflecting strong customer demand for our appliance and software offerings. Within our Firewall as a Platform business, we saw billings grow 26%, in line with the growth we have seen over the last year as customers purchase hardware, software and SASE form factors. Within FWaaP, our software mix increased 5 points to 40%.
我們的產品在第二季度增長了 21%,高於我們的歷史水平,反映了客戶對我們的設備和軟件產品的強勁需求。在我們的防火牆即平台業務中,我們看到賬單增長了 26%,與去年客戶購買硬件、軟件和 SASE 外形尺寸時我們看到的增長一致。在 FWaaP 中,我們的軟件組合增加了 5 個百分點,達到 40%。
Last quarter, we raised our fiscal year '22 outlook for product revenue growth to mid-teens. We're raising this outlook to high teens as we continue to balance the forces of very strong customer demand and supply chain constraints.
上個季度,我們將 22 財年的產品收入增長預期上調至十幾歲。隨著我們繼續平衡非常強勁的客戶需求和供應鏈限制的力量,我們將這一前景提高到十幾歲。
Turning to the details of our results. Product revenue was $308 million, growing 21%. Subscription revenue of $618 million increased 34%. Support revenue of $391 million increased 30%. And in total, subscription and support revenue of $1.01 billion increased 32% and accounted for 77% of our total revenue.
轉向我們結果的細節。產品收入為 3.08 億美元,增長 21%。訂閱收入為 6.18 億美元,增長 34%。支持收入為 3.91 億美元,增長了 30%。訂閱和支持收入總計 10.1 億美元,增長 32%,占我們總收入的 77%。
Non-GAAP gross margin of 74% was down 130 basis points, in part due to the ongoing costs associated with the supply chain. Our production teams have done an outstanding job in fulfilling the growing demand and keeping the priority focused on enabling shipments to customers. We will continue that posture moving forward.
Non-GAAP 毛利率為 74%,下降了 130 個基點,部分原因是與供應鏈相關的持續成本。我們的生產團隊在滿足不斷增長的需求和將重點放在向客戶發貨方面做得非常出色。我們將繼續保持這種姿態向前發展。
Non-GAAP operating margin of 18.4% was again up sequentially and down year-over-year as expected, with higher product and support costs impacting the year-over-year trend. Non-GAAP net income for the second quarter grew 20% to $185 million or $1.74 per diluted share. Our non-GAAP effective tax rate was 22%. Our GAAP net loss was $94 million or $0.95 per basic and diluted share.
非 GAAP 營業利潤率為 18.4%,如預期的那樣再次環比上升和同比下降,較高的產品和支持成本影響了同比趨勢。第二季度非美國通用會計準則淨收入增長 20% 至 1.85 億美元或每股攤薄收益 1.74 美元。我們的非公認會計原則有效稅率為 22%。我們的 GAAP 淨虧損為 9400 萬美元或每股基本股和稀釋股 0.95 美元。
Turning now to the balance sheet and cash flow statement. We finished January with cash equivalents and investments of $4.2 billion. Days sales outstanding was 60 days, unchanged from a year ago. Cash flow from operations was $483 million. We generated adjusted free cash flow of $441 million, a margin of 33.5%.
現在轉向資產負債表和現金流量表。我們在 1 月份完成了 42 億美元的現金等價物和投資。未結銷售天數為 60 天,與一年前持平。運營現金流為 4.83 億美元。我們產生了 4.41 億美元的調整後自由現金流,利潤率為 33.5%。
In Q2, we again balanced multiple financial priorities with strength in both top line, underlying non-GAAP profitability and in cash conversion. We believe it is important to hold ourselves to this discipline even when growth is robust in order to drive a best-in-class financial model as we scale into a larger company.
在第二季度,我們再次平衡了多個財務優先事項,同時在收入、潛在的非公認會計準則盈利能力和現金轉換方面都表現出色。我們認為,即使在增長強勁的情況下,堅持這一原則也很重要,以便在我們擴展到更大的公司時推動一流的財務模型。
We continue to execute on our capital allocation priorities as outlined in our September Analyst Day. During Q2, we repurchased approximately 1 million shares on the open market at an average price of approximately $534 per share for a total consideration of $550 million. We continue to expect a large part of our cash flow to be used for share repurchase. We have approximately $450 million remaining on our authorization for future share repurchases expiring December 31, 2022.
我們將繼續執行我們在 9 月分析師日中概述的資本配置優先事項。在第二季度,我們在公開市場上以每股約 534 美元的平均價格回購了約 100 萬股,總對價為 5.5 億美元。我們繼續預計我們的大部分現金流將用於股票回購。我們在 2022 年 12 月 31 日到期的未來股票回購授權中剩餘約 4.5 億美元。
On the M&A front, we did not close any acquisitions in Q2. As we noted at Analyst Day, we continue to focus on managing down our stock-based compensation as a percentage of revenue. This quarter, we reduced SBC by about 2 points year-over-year as we apply our overall discipline to this process whilst balancing the current market for cybersecurity talent. We look forward to continuing this trend. Similarly, we talked about an aspiration for achieving the Rule of 60, combining revenue growth and adjusted free cash flow margin. You will see that with the revised midpoint of our fiscal year guidance, we are now expecting to achieve this once aspirational goal.
在併購方面,我們在第二季度沒有完成任何收購。正如我們在分析師日所指出的那樣,我們將繼續專注於降低基於股票的薪酬佔收入的百分比。本季度,我們將 SBC 與去年同期相比降低了約 2 個百分點,因為我們將整體紀律應用於這一過程,同時平衡了當前的網絡安全人才市場。我們期待繼續這一趨勢。同樣,我們談到了實現 60 規則的願望,將收入增長和調整後的自由現金流利潤率結合起來。您會看到,隨著我們財政年度指導的修訂中點,我們現在期望實現這個曾經雄心勃勃的目標。
Lastly, moving to guidance and modeling points. As Nikesh highlighted, we continue to see very balanced demand. This includes demand from our appliance form factors that outstrips our ability to fulfill them in the short term as well as strength in our next-generation security portfolio. Our Q3 guidance takes into account the strong demand picture as well as the best information we have today on supply chain and other factors.
最後,轉到指導和建模點。正如 Nikesh 強調的那樣,我們繼續看到非常平衡的需求。這包括我們的設備外形需求超出了我們在短期內實現這些需求的能力,以及我們下一代安全產品組合的實力。我們的第三季度指導考慮了強勁的需求情況以及我們目前掌握的關於供應鍊和其他因素的最佳信息。
Turning to our guidance for the third quarter of fiscal '22. We expect billings to be in the range of $1.59 billion to $1.61 billion, an increase of 24% to 25%. We expect revenue to be in the range of $1.345 billion to $1.365 billion, an increase of 25% to 27%. Non-GAAP EPS is expected to be in the range of $1.65 to $1.68 based on a weighted average diluted count of approximately 106 million to 108 million shares.
轉向我們對 22 財年第三季度的指導。我們預計賬單將在 15.9 億美元至 16.1 億美元之間,增長 24% 至 25%。我們預計收入將在 13.45 億美元至 13.65 億美元之間,增長 25% 至 27%。根據約 1.06 億股至 1.08 億股的加權平均攤薄數量,非公認會計原則每股收益預計在 1.65 美元至 1.68 美元之間。
For fiscal year 2022, we expect billings to be in the range of $6.8 billion to $6.85 billion, an increase of 25% to 26%. We expect revenue to be in the range of $5.425 billion to $5.475 billion, an increase of 27% to 29%. We expect NGS ARR to be $1.725 billion to $1.775 billion, an increase of 46% to 50%. We expect product revenue to grow in the high teens with the seasonality weighted to Q4 as we have seen in prior years. We continue to expect operating margins to be in the range of 18.5% to 19%.
對於 2022 財年,我們預計賬單將在 68 億美元至 68.5 億美元之間,增長 25% 至 26%。我們預計收入將在 54.25 億美元至 54.75 億美元之間,增長 27% 至 29%。我們預計 NGS ARR 為 17.25 億美元至 17.75 億美元,增長 46% 至 50%。正如我們在前幾年看到的那樣,我們預計產品收入將在第四季度加權季節性增長。我們繼續預計營業利潤率將在 18.5% 至 19% 之間。
Non-GAAP EPS is expected to be in the range of $7.23 to $7.3 based on a weighted average diluted count of approximately 106 million to 108 million shares. Adjusted free cash flow margin is expected to be in the range of 32% to 33%.
根據約 1.06 億股至 1.08 億股的加權平均攤薄數量,非公認會計準則每股收益預計在 7.23 美元至 7.3 美元之間。調整後的自由現金流利潤率預計在 32% 至 33% 之間。
Additionally, please consider the following additional modeling points. We expect our non-GAAP tax rate to remain at 22% for Q3 '22 and fiscal year '22, subject to the outcome of future tax legislation. We expect net interest and other expenses of $5 million to $6 million per quarter. For Q3, we expect capital expenditures of $40 million to $45 million. For fiscal year '22, we expect capital expenditures of $185 million to $195 million, which includes $39 million outlaid in Q2 related to our Santa Clara headquarters.
此外,請考慮以下附加建模點。我們預計我們的非 GAAP 稅率將在 22 年第三季度和 22 財年保持在 22%,具體取決於未來稅收立法的結果。我們預計每季度的淨利息和其他費用為 500 萬至 600 萬美元。對於第三季度,我們預計資本支出為 4000 萬至 4500 萬美元。對於 22 財年,我們預計資本支出為 1.85 億美元至 1.95 億美元,其中包括與我們的聖克拉拉總部相關的第二季度支出的 3900 萬美元。
With that, I will turn the call back over to Clay for the Q&A portion of the call. Thank you.
有了這個,我會將電話轉回給 Clay 進行電話的問答部分。謝謝你。
Clay Bilby - Head of IR
Clay Bilby - Head of IR
Great. Thank you, Dipak. (Operator Instructions) The first question is coming from Saket Kalia of Barclays with Tal Liani of BofA to follow.
偉大的。謝謝你,迪帕克。 (操作員說明)第一個問題來自巴克萊銀行的 Saket Kalia,隨後是美國銀行的 Tal Liani。
Saket Kalia - Senior Analyst
Saket Kalia - Senior Analyst
Nikesh, maybe I'll start off with a product question since it's hot off the press this morning. I was wondering if you could talk a little bit about the XSIAM product a little bit. Again, brand new given the announcement today. But maybe the question is, how do you envision disrupting the SIEM market? And how can you maybe leverage your existing portfolio to cross-sell into the customer base?
Nikesh,也許我會從一個產品問題開始,因為今天早上新聞很熱門。我想知道您是否可以稍微談談 XSIAM 產品。再次,鑑於今天的公告是全新的。但也許問題是,您如何設想擾亂 SIEM 市場?您如何利用現有的產品組合向客戶群進行交叉銷售?
Nikesh Arora - Chairman & CEO
Nikesh Arora - Chairman & CEO
Well, thank you, Saket. Thanks for the question. Look, when I came to Palo Alto Networks, our mean time to respond at Palo Alto Networks was measured in tens of days. And for someone who did not work in the security industry, I found that a little flabbergasting because if it takes tens of days to figure out that you've been breached and all you're doing is closing the door after somebody is gone.
好吧,謝謝你,薩克特。謝謝你的問題。看,當我來到 Palo Alto Networks 時,我們在 Palo Alto Networks 的平均回复時間以數十天計算。對於沒有在安全行業工作的人來說,我發現這有點令人震驚,因為如果要花幾十天時間才能發現你被入侵了,而你所做的只是在有人離開後關上門。
So we challenged our team internally and said, can you take that and turn that into seconds or minutes because that's the only way we're going to have a chance to be able to protect not just ourselves, but our customers in the future. That required us internally to revamp from having north of, I'd say, 15 to 20 other security vendors even in our infrastructure down to less than 10 because in some areas, as you know, we don't play in cybersecurity.
所以我們在內部向我們的團隊提出了挑戰,並說,你能不能把它變成幾秒鐘或幾分鐘,因為這是我們將來有機會不僅保護自己,而且保護我們的客戶的唯一方法。這要求我們在內部進行改造,從我想說的 15 到 20 家其他安全供應商甚至在我們的基礎設施中減少到不到 10 家,因為在某些領域,如你所知,我們不參與網絡安全。
But that, coupled with automation, with data analytics, we're down at Palo Alto Networks just under 1 minute as a mean time to resolution, which is how we can resolve Log4j within our company or SolarWinds within our company. I think that's the capability that customers need.
但是,再加上自動化和數據分析,我們在 Palo Alto Networks 的平均解決時間不到 1 分鐘,這就是我們如何在公司內部解決 Log4j 或在公司內部解決 SolarWinds。我認為這是客戶需要的能力。
And Lee did a phenomenal job just in his video where he says, look, you take a car and you add adaptive control, you add park lane assist. You add all those features to an old car or as old as the new car, but some cars which have been around 20 years, that doesn't make it an autonomous vehicle. You have to start from scratch. You have to build the software. You have to build analyzing data. And that's kind of the right analogy to think about it. The future of protecting our customers will have to depend on being able to analyze data on the fly, remediate on the fly, not wait for humans to analyze it and come back 10 days later and say, now I know what happened.
李在他的視頻中做了一項了不起的工作,他說,看,你開車,你添加自適應控制,你添加停車車道輔助。您將所有這些功能添加到舊車或與新車一樣舊的汽車,但有些汽車已經使用了大約 20 年,這並不能使其成為自動駕駛汽車。你必須從頭開始。您必須構建軟件。你必須建立分析數據。這是一種正確的類比來思考它。保護我們客戶的未來將不得不依賴於能夠動態分析數據,即時修復,而不是等待人類分析它並在 10 天后回來說,現在我知道發生了什麼。
So towards that end, we have launched XSIAM. It is an early release working with a handful of design partners to work with them to go replace their security infrastructure in line with what we've done at Palo Alto that allow us to learn and to build with them, but we expect this product will be GA-ed later in the year, really excited.
為此,我們推出了 XSIAM。這是一個與少數設計合作夥伴合作的早期版本,與他們一起根據我們在 Palo Alto 所做的工作來替換他們的安全基礎設施,這使我們能夠與他們一起學習和構建,但我們希望這個產品能夠今年晚些時候被 GA-ed,真的很興奮。
The way it leverages our portfolio is we can do it quickly if you're using Palo Alto appliances, Palo Alto firewalls, Palo Alto endpoints, Palo Alto Prisma Cloud. It's an easy thing to do for us. We also integrate with other security vendors. But obviously, the quality of data becomes suspect as you keep going down to more and more legacy security technologies.
它利用我們產品組合的方式是,如果您使用 Palo Alto 設備、Palo Alto 防火牆、Palo Alto 端點、Palo Alto Prisma Cloud,我們可以快速完成。這對我們來說很容易。我們還與其他安全供應商集成。但顯然,隨著您繼續使用越來越多的傳統安全技術,數據的質量變得令人懷疑。
Clay Bilby - Head of IR
Clay Bilby - Head of IR
And our next question comes from Tal Liani of Bank of America with Brian Essex up next.
我們的下一個問題來自美國銀行的 Tal Liani,接下來是 Brian Essex。
Tal Liani - MD, Head of Technology Supersector & Senior Analyst
Tal Liani - MD, Head of Technology Supersector & Senior Analyst
I hope you can hear me. I have a balance sheet, I'm limited to one question, so I'll just ask the question that no one else will ask probably. I'll ask a balance sheet question. There is a long-term convertible note that was rolled into short-term liabilities. The magnitude is big. It's $1.6 billion. Can you explain this?
我希望你能聽到我的聲音。我有一張資產負債表,我只回答一個問題,所以我只會問其他人可能不會問的問題。我會問一個資產負債表問題。有一種長期可轉換票據被轉入短期負債。幅度很大。這是16億美元。你能解釋一下嗎?
Also, I'm looking at your SBC. It's getting to $290 million this quarter almost. It's a big number. And if I go back, you're not profitable if I take into account SBC, and that has been the historical trend. So can you first explain the SBC and the outlook? What's going to be the trend with this account? And when are you going to turn profitability on a GAAP basis? What's the plan for the company?
另外,我正在查看您的 SBC。本季度幾乎達到 2.9 億美元。這是一個很大的數字。如果我回去,如果我考慮到 SBC,你就不會盈利,這是歷史趨勢。那麼你能先解釋一下SBC和前景嗎?這個帳戶的趨勢是什麼?你打算什麼時候在 GAAP 基礎上實現盈利?公司有什麼計劃?
Nikesh Arora - Chairman & CEO
Nikesh Arora - Chairman & CEO
Let me start with the second. I'll hand over to Dipak to answer your question on the balance sheet and add to my answer. Look, when I came, we bought a bunch of companies. And the way we bought them was, we unvested the founders from their equity in their companies and revested them with Palo Alto stock over a period of 4 years. That was the only way we could secure the talent of all these founders of the companies we bought.
讓我從第二個開始。我將交給 Dipak 來回答你在資產負債表上的問題並補充我的答案。看,我來的時候,我們買了一堆公司。我們購買他們的方式是,我們將創始人從他們公司的股權中解脫出來,並在 4 年的時間裡用帕洛阿爾託的股票重新給他們。只有這樣,我們才能確保我們收購的公司的所有這些創始人的人才。
So a significant part of our SBC is the embedded M&A cost of retaining founders. As you've noticed, we have not done any significant M&A in the last 2 or 3 quarters. As that begins to roll off, you will see a step change down in our SBC when all those acquisitions begin to roll off. Obviously, the earliest one will start rolling off in about another 6 months. And then over the next year or so, 1.5 years, you'll see significant roll offs. So that should show you that.
因此,我們 SBC 的一個重要部分是留住創始人的嵌入式併購成本。如您所見,我們在過去 2 或 3 個季度沒有進行任何重大併購。隨著這種情況開始減少,當所有這些收購開始減少時,您將看到我們的 SBC 發生了一步變化。顯然,最早的將在大約 6 個月後開始滾動。然後在接下來的大約 1.5 年裡,你會看到顯著的下降。所以這應該告訴你。
In addition to that, as Dipak highlighted, we are working hard to make sure that the normal SBC continues to be managed down. And of course, as you know, as a percent of revenue, if revenue keeps going up, it also acts as a benefit towards that direction. So we will talk more about our forecast to achieve GAAP profitability as we lap Q4 this year because we have more visibility on the M&A stuff, but I will let Dipak add to that and as well talk about the balance sheet item.
除此之外,正如 Dipak 強調的那樣,我們正在努力確保正常的 SBC 繼續受到管理。當然,如您所知,作為收入的百分比,如果收入持續上升,它也可以作為朝著這個方向發展的好處。因此,我們將在今年第四季度結束時更多地談論我們實現 GAAP 盈利能力的預測,因為我們對併購的事情有了更多的了解,但我會讓 Dipak 補充這一點,並談論資產負債表項目。
Dipak Golechha - Executive VP & CFO
Dipak Golechha - Executive VP & CFO
Yes. I think the only thing that I would add is like what we found in the company is when we really focus on something, we find opportunities. You've seen that on pretty much every metric that we focus on. This now becomes another metric that we're focusing on. I just want to say that we're going to balance that with the need to retain our talent. Just as you saw from the Welcome Home video, we want to make sure that we get the best talent as well. But that's really on the SBC.
是的。我想我唯一要補充的是,就像我們在公司中發現的那樣,當我們真正專注於某件事時,我們就會找到機會。您已經在我們關注的幾乎每個指標上看到了這一點。這現在成為我們關注的另一個指標。我只想說,我們將在這與留住人才的需要之間取得平衡。正如您在“歡迎回家”視頻中看到的那樣,我們希望確保我們也能獲得最優秀的人才。但這確實是在 SBC 上。
On your balance sheet question, Tal, like a couple of different points. The 2023 and 2025 notes are eligible for early conversion from February 1 to April 30, 2022 due to the share price exceeding the price thresholds. Those notes continue to be classified on the balance sheet as current liabilities in Q2, unchanged from Q1. In Q4, the 2023 notes were classified as current liability and the 2025 notes were a long-term liability. So it's just a question of how they're classified on the balance sheet based on all the trigger events on the notes. But hopefully, that answers your question.
關於你的資產負債表問題,塔爾,有幾點不同。由於股價超過價格門檻,2023 年和 2025 年票據有資格在 2022 年 2 月 1 日至 4 月 30 日期間提前轉換。這些票據在第二季度繼續在資產負債表上分類為流動負債,與第一季度相同。在第四季度,2023 年票據被歸類為流動負債,2025 年票據被歸類為長期負債。因此,這只是一個問題,即如何根據票據上的所有觸發事件在資產負債表上對其進行分類。但希望這能回答你的問題。
Clay Bilby - Head of IR
Clay Bilby - Head of IR
All right. Great. Thank you. And the next question comes from Brian Essex of Goldman Sachs with Hamza Fodderwala up next. Brian, please proceed.
好的。偉大的。謝謝你。下一個問題來自高盛的 Brian Essex,接下來是 Hamza Fodderwala。布萊恩,請繼續。
Brian Lee Essex - Equity Analyst
Brian Lee Essex - Equity Analyst
Nikesh, I just want to touch on the hardware side of the business. I see the innovation with the updates of PAN-OS and Gen 4 hardware refresh. I guess first part of the question, have you adjusted sales incentives to drive better hardware adoption? And then maybe part B of that question is, how do you think about, I guess, the ability or the incentives to leverage the product side of the business to drive consolidation of share on your platform going forward?
Nikesh,我只想談談業務的硬件方面。我看到了 PAN-OS 更新和第 4 代硬件更新帶來的創新。我想問題的第一部分,您是否調整了銷售激勵措施以推動更好的硬件採用?然後也許這個問題的 B 部分是,你如何看待,我猜,利用業務產品方面的能力或激勵來推動平台上的份額整合?
Nikesh Arora - Chairman & CEO
Nikesh Arora - Chairman & CEO
Great question, Brian. So 2 parts, one, as you probably heard from everyone in the industry who's in the hardware business, demand is outstripping supply. I suspect it partly has to do with supply, partly has to do with volumes going up in a pandemic, inflation expectations. So we don't have to do a lot around sales incentives to drive even more hardware. We have customers who would like their hardware delivered sooner than later. So we are seeing demand. And as I said, our ability to supply despite the 21% growth, still demand outstrip that 21% number, which is why you see our RPO continuing to rise. So I think that's your answer to the first part.
好問題,布賴恩。所以兩部分,一個,正如你可能從硬件行業的每個人那裡聽到的那樣,需求超過供應。我懷疑這部分與供應有關,部分與大流行中的交易量增加和通脹預期有關。所以我們不需要圍繞銷售激勵做很多事情來推動更多的硬件。我們有客戶希望他們的硬件早日交付。所以我們看到了需求。正如我所說,儘管增長了 21%,但我們的供應能力仍然超過了 21% 的數字,這就是您看到我們的 RPO 繼續上升的原因。所以我認為這是你對第一部分的回答。
In terms of the ability for us to leverage hardware, and I'll highlight a metric we shared last time, that 25% of our customers in SASE were net new to Palo Alto last quarter. we haven't declared that number this quarter, but that gives you a sense. And typically, those conversations Brian are, hey, I love your security platform. I love your security policy. I'd like to deploy it, but my firewalls are still around, and they have 2, 3 years more to go. In that case, we end up with a SASE deal with the expectation that over time when that customer consolidates their firewall, it gets to be a Palo Alto end-to-end zero trust execution because the only way to do zero trust right is to make sure your hardware, your cloud and your remote users are all consistent in terms of security policies used.
就我們利用硬件的能力而言,我將強調我們上次分享的一個指標,即上季度我們在 SASE 中 25% 的客戶是帕洛阿爾託的新客戶。我們本季度尚未宣布該數字,但這讓您有所了解。通常,Brian 的這些對話是,嘿,我喜歡你的安全平台。我喜歡你的安全政策。我想部署它,但我的防火牆還在,而且還有 2、3 年的時間。在這種情況下,我們最終達成了一項 SASE 交易,期望隨著時間的推移,當該客戶整合他們的防火牆時,它將成為 Palo Alto 端到端零信任執行,因為實現零信任權的唯一方法是確保你的硬件、你的雲和你的遠程用戶在使用的安全策略方面都是一致的。
From that perspective, we see an opportunity to take hardware and further consolidate. In some cases, it's customers going from 2 hardware vendors to one. In some cases, it's customers doing a replacement of some other hardware vendor with Palo Alto networks because now they already deployed SASE in their environment. So we see all of that happening.
從這個角度來看,我們看到了利用硬件並進一步整合的機會。在某些情況下,客戶從 2 家硬件供應商變成了 1 家。在某些情況下,客戶正在用 Palo Alto 網絡替換其他一些硬件供應商,因為現在他們已經在他們的環境中部署了 SASE。所以我們看到所有這些正在發生。
And one of the beautiful features, some of the subscriptions I laid out, whether it's autonomous monitoring or AIOps or DNS security or URL filtering, et cetera, we can make that happen consistently for our customers across both platforms. So in that perspective, they already see the benefits of deploying that on a consistent basis.
還有一個漂亮的功能,我列出的一些訂閱,無論是自主監控、AIOps、DNS 安全還是 URL 過濾等等,我們都可以在兩個平台上為我們的客戶始終如一地做到這一點。所以從這個角度來看,他們已經看到了在一致的基礎上部署它的好處。
Clay Bilby - Head of IR
Clay Bilby - Head of IR
Great. Thank you. And our next question comes from Hamza Fodderwala of Morgan Stanley with Phil Winslow to follow.
偉大的。謝謝你。我們的下一個問題來自摩根士丹利的 Hamza Fodderwala,Phil Winslow 緊隨其後。
Hamza Fodderwala - Equity Analyst
Hamza Fodderwala - Equity Analyst
So the NGS ARR grew really nicely, and you raised the full year guide on that, too, which you normally don't do midway through the year. The Prisma SASE, Prisma Cloud doing really well, as usual, it seems. But there appears to be an inflection on Cortex. Can you talk about some of the strategic initiatives that are driving that in the last couple of quarters in particular? And then maybe just for Dipak, can you help us understand maybe the gap between NGS billings and ARR growth going forward as some of the lower-duration stuff becomes a higher percentage of the NGS mix?
所以 NGS ARR 增長得非常好,你也提出了全年指南,你通常不會在年中做這件事。 Prisma SASE,Prisma Cloud 看起來像往常一樣做得很好。但 Cortex 似乎存在變化。您能否談談在過去幾個季度推動這一趨勢的一些戰略舉措?然後也許只針對 Dipak,您能否幫助我們了解 NGS 賬單和未來 ARR 增長之間的差距,因為一些持續時間較短的東西在 NGS 組合中所佔的比例更高?
Nikesh Arora - Chairman & CEO
Nikesh Arora - Chairman & CEO
Thanks, Hamza. Thanks for the question. Look, I think this was an all-out quarter strength across every NGS category, whether it's cloud, SASE or Cortex. I think there's an inflection point both in Cortex as well as Prisma Cloud. More and more conversations around where customers are coming to the point of saying, yes, I cannot do this with the cloud-native tools because I've got multiple cloud providers I'm dealing with or I cannot do this with the next start-up from 2 guys who started it and I can cover one sliver. I need something that's more comprehensive.
謝謝,哈姆扎。謝謝你的問題。看,我認為這是每個 NGS 類別的全面季度優勢,無論是雲、SASE 還是 Cortex。我認為 Cortex 和 Prisma Cloud 都有一個轉折點。越來越多的對話圍繞著客戶說,是的,我不能使用雲原生工具來做到這一點,因為我有多個雲提供商我正在處理,或者我不能在下一次開始時做到這一點 -從開始它的兩個人開始,我可以覆蓋一個條子。我需要更全面的東西。
Because honestly, if I was going to replace a security capability with a start-up capability, AWS, Azure and GCP already had that capability. It's not like they're lacking in capability from a security perspective. But just to give you an example, if you deployed security using one cloud provider, whether it's AWS, GCP or Azure, you'd have to integrate 10 of their modules to get on Prisma Cloud. You have to do the integration work yourself. So we've already done that not just within their tools, also across all public cloud providers. So that's why the consolidation of security capabilities in Prisma Cloud makes sense.
因為老實說,如果我要用啟動功能替換安全功能,AWS、Azure 和 GCP 已經具備了這種功能。從安全的角度來看,他們並不是缺乏能力。但舉個例子,如果您使用一個雲提供商部署安全性,無論是 AWS、GCP 還是 Azure,您都必須集成他們的 10 個模塊才能進入 Prisma Cloud。您必須自己完成集成工作。因此,我們不僅在他們的工具中,而且在所有公共雲提供商中都已經做到了這一點。這就是為什麼在 Prisma Cloud 中整合安全功能是有意義的。
We're seeing that inflection. You see the number of customers. It's closing in on 2,000 customers, 80 of the Fortune 100. So we're not dealing with small enterprises trying to replace some features from CSPs. We're dealing with people who are now in complex production environment types and areas, and they are deploying Prisma Cloud. So we've seen that inflection there. And you're seeing that with 56% growth in credit consumption, you're seeing not only are we benefiting from people adopting multiple modules, but also benefiting from the fact that their native sort of production workloads are going up. And at Palo Alto Networks, I will tell you, our consumption of public cloud has always outstripped our forecast because of the success we're seeing in our NGS portfolio. So that's one part.
我們看到了這種變化。您會看到客戶的數量。它正在接近 2,000 家客戶,其中 80 家是財富 100 強企業。因此,我們不會與試圖替換 CSP 的某些功能的小企業打交道。我們正在與現在處於復雜生產環境類型和領域的人打交道,他們正在部署 Prisma Cloud。所以我們已經看到了這種變化。您會看到信貸消費增長了 56%,您看到我們不僅受益於人們採用多個模塊,而且還受益於他們的原生生產工作負載正在增加這一事實。在 Palo Alto Networks,我會告訴你,由於我們在 NGS 產品組合中看到的成功,我們對公共雲的消耗量總是超過我們的預測。所以這是一部分。
In Cortex, I'd say, again, remember, 3 years ago, we didn't have any of these products at Palo Alto Networks. We were busy selling firewalls. So I think part of it is the sales force getting behind it, understanding it. And on most technical tests out there, XDR fares better than most of the names you would know in the XDR space. So we have real technical differentiation advantage in the market. From that perspective, we are able to go now to our base. And say, look, I know we didn't have this product 2 years ago. It's time for you to renew. It's time for you to deploy XDR. Why don't you try Palo Alto Networks for XDR. So you're seeing both of those. I don't know, Lee, do you want to add something?
在 Cortex 中,我要再說一遍,請記住,3 年前,我們在 Palo Alto Networks 沒有任何這些產品。我們忙於銷售防火牆。所以我認為部分原因是銷售人員支持它,理解它。在大多數技術測試中,XDR 的表現比您在 XDR 空間中知道的大多數名稱都要好。所以我們在市場上有真正的技術差異化優勢。從這個角度來看,我們現在可以前往我們的基地。說,看,我知道我們兩年前還沒有這個產品。是你更新的時候了。現在是部署 XDR 的時候了。您為什麼不嘗試使用 Palo Alto Networks 的 XDR。所以你看到了這兩個。我不知道,李,你要補充什麼嗎?
Lee Klarich - Executive VP & Chief Product Officer
Lee Klarich - Executive VP & Chief Product Officer
No. It's fine.
不,還好。
Nikesh Arora - Chairman & CEO
Nikesh Arora - Chairman & CEO
Because I don't want to make Lee feel like he's not answering any questions. The next one is coming your way. It's a balance sheet question. Thanks, Hamza.
因為我不想讓李覺得他沒有回答任何問題。下一個正在向你走來。這是一個資產負債表問題。謝謝,哈姆扎。
Dipak Golechha - Executive VP & CFO
Dipak Golechha - Executive VP & CFO
Do you want me to answer the billings versus ARR? Hamza, it's a good question. It comes up quite often. I think fundamentally, the way I look at it is you're comparing apples with oranges a little bit here. ARR is really looking at your annual recurring revenue. Your billings is looking at whatever the duration is for what's out there. And so if you have like one deal that happened to be a long duration, right, you will get more billings than ARR within that quarter. Previous times, we've had that. So I think the last quarter, our NGS billings grew less than the ARR, which is why I'm probably more in the camp of, let's just focus on NGS ARR. It's the source of truth and the one that we will focus on. But that's all that's happening. It's quite variable quarter-to-quarter based on some of the larger deals that Nikesh mentioned.
你想讓我回答帳單和 ARR 嗎?哈姆扎,這是個好問題。它經常出現。我認為從根本上說,我看待它的方式是您在這裡將蘋果與橙子進行了一些比較。 ARR 真正關注的是您的年度經常性收入。您的帳單正在查看那裡的持續時間。因此,如果您喜歡的一筆交易恰好是長期的,對,您將在該季度獲得比 ARR 更多的賬單。以前,我們有過這種情況。所以我認為上個季度,我們的 NGS 賬單增長低於 ARR,這就是為什麼我可能更喜歡這個陣營,讓我們只關注 NGS ARR。它是真理的源泉,也是我們將關注的焦點。但這就是正在發生的一切。根據 Nikesh 提到的一些較大的交易,每個季度的變化都很大。
Clay Bilby - Head of IR
Clay Bilby - Head of IR
All right. Great. And up next is Phil Winslow of Credit Suisse with Brent Thill to follow.
好的。偉大的。接下來是瑞士信貸的菲爾·溫斯洛(Phil Winslow)和布倫特·希爾(Brent Thill)。
Philip Alan Winslow - MD & Software Analyst
Philip Alan Winslow - MD & Software Analyst
I just wanted to focus in on Prisma Cloud, Nikesh, maybe inception that question into my head with your fleece. But you mentioned increased attach to production environments as well as just being early in terms of consolidation, the functions at Palo Alto. What are you hearing from customers in terms of just adoption? Are we at that inflection point? And also, how are the competitive dynamics changing here?
我只是想專注於 Prisma Cloud,Nikesh,也許用你的羊毛開始這個問題。但是您提到了對生產環境的增加以及在整合帕洛阿爾託的功能方面還處於早期階段。在採用率方面,您從客戶那裡聽到了什麼?我們是否處於那個拐點?此外,這裡的競爭動態如何變化?
Nikesh Arora - Chairman & CEO
Nikesh Arora - Chairman & CEO
I'm going to hand over to Lee because I said if Lee doesn't answer a question, he won't come to the next earnings call so. But before I give it to him, I will say one thing. We've deployed an adoption team on Prisma Cloud in the last 6 months, which is seeing phenomenal outcomes. And also, I want you to take it the right way. Competitively, the option is customers are not ready to go to a production quality, high-end and fully integrated cloud security platform. I'm fine with my DIY plus my cloud-native tools. But we don't run into a POC or compete with somebody else. It's usually, we either lose against ourselves because the customer would rather stay where they are. Now in the case of XDR or SASE, we have competitive environments. It's not like we don't compete. But in the case of cloud, it's usually based on the customer needs. But I'm going to let Lee talk about what customers see from cloud, what typically does the trick.
我將交給李,因為我說如果李不回答問題,他將不會參加下一次財報電話會議。但在給他之前,我要說一件事。在過去的 6 個月中,我們在 Prisma Cloud 上部署了一個採用團隊,並取得了驚人的成果。而且,我希望你採取正確的方式。在競爭中,選擇是客戶還沒有準備好使用生產質量、高端和完全集成的雲安全平台。我的 DIY 加上我的雲原生工具很好。但我們不會遇到 POC 或與其他人競爭。通常,我們要么輸給自己,因為客戶寧願呆在原地。現在在 XDR 或 SASE 的情況下,我們有競爭環境。這不像我們不競爭。但在雲的情況下,它通常基於客戶的需求。但我要讓 Lee 談談客戶從雲中看到的東西,通常是什麼伎倆。
Lee Klarich - Executive VP & Chief Product Officer
Lee Klarich - Executive VP & Chief Product Officer
Yes. Thanks, Nikesh. There's a couple of, I think, key trends that we're seeing. One, and following on to what Nikesh was saying, there were a number of companies, probably early adopters of cloud, that built a lot of their own tooling, used a lot of open source. And it's interesting. A couple of years ago when we talked to them they would say, no, no, no, we've got this covered. We've built our own tools. We're happy to maintain them. And many of them are now coming back to us and saying, actually, it turns out, this is more work than we thought it was. It's surprising just how many distinct APIs exist in each of the different cloud products that you have to integrate with, pull data from and understand. Just using that as one example of many, right? So that's one trend that we're seeing is the challenge of doing it yourself.
是的。謝謝,耐克什。我認為,我們看到了幾個關鍵趨勢。第一,按照 Nikesh 的說法,有很多公司,可能是雲的早期採用者,他們構建了很多自己的工具,使用了很多開源。這很有趣。幾年前,當我們與他們交談時,他們會說,不,不,不,我們已經解決了這個問題。我們已經構建了自己的工具。我們很樂意維護它們。他們中的許多人現在回過頭來告訴我們,事實上,事實證明,這比我們想像的要多。令人驚訝的是,在每個不同的雲產品中存在多少不同的 API,您必須與之集成、從中提取數據並理解這些 API。只是將其作為眾多示例中的一個,對嗎?因此,我們看到的一個趨勢是自己動手的挑戰。
The second is the, I think the understanding of what actually needs to be accomplished. And again, early on, we saw it was, I just need compliance in the cloud. And now we're seeing customers fully understand the needs across all different 5 pillars that we have and the importance of each of those and our ability to deliver on those.
第二個是,我認為對真正需要完成的事情的理解。再一次,我們很早就看到了,我只需要雲中的合規性。現在,我們看到客戶完全了解我們擁有的所有不同 5 個支柱的需求,以及每個支柱的重要性以及我們實現這些支柱的能力。
And lastly, I'd say, we've actually gotten fairly good, and we continue to work on this of building in-product adoption capability. So we're not just dependent on people, customer success and adoption folks talking to our customers about adoption of new modules. We're building that into the product natively, suggesting to the customer what they need in order to be most secure, and we're seeing that drive a lot of adoption.
最後,我想說的是,我們實際上已經相當不錯了,我們將繼續致力於構建產品內採用能力。因此,我們不僅僅依賴於人員、客戶成功和採用人員與我們的客戶討論新模塊的採用。我們正在將其內置到產品中,向客戶建議他們需要什麼才能最安全,我們看到這推動了很多采用。
You saw the metrics on the Bridgecrew integration and just how quickly we've gotten to 70 customers adopting that in product in just a couple of weeks since it was released into production. So love to see this trend. Obviously, there's a lot more adoption we're going to see in the future, but I do think that we're seeing that inflection point.
您看到了有關 Bridgecrew 集成的指標,以及我們在產品發布後短短幾週內就讓 70 個客戶在產品中採用該產品的速度有多快。所以喜歡看到這種趨勢。顯然,我們將在未來看到更多的採用,但我確實認為我們正在看到那個拐點。
Clay Bilby - Head of IR
Clay Bilby - Head of IR
Great. Our next question comes from Brent Thill of Jefferies with Rob Owens to follow.
偉大的。我們的下一個問題來自 Jefferies 的 Brent Thill,接下來是 Rob Owens。
Brent John Thill - Equity Analyst
Brent John Thill - Equity Analyst
Nikesh, just on the demand environment, everyone's curious to hear your view on the strength of the pipeline relative to a year ago. And many are questioning that this, has there been a pull-forward or not? Can you just address what you're seeing in the pipeline and ultimately why this has not been a pull-forward of demand in your perspective?
Nikesh,就需求環境而言,每個人都很想听聽您對管道相對於一年前的實力的看法。許多人質疑這一點,有沒有向前推進?您能否僅說明您在管道中看到的內容,以及最終為什麼在您看來這不是需求的推動力?
Nikesh Arora - Chairman & CEO
Nikesh Arora - Chairman & CEO
I think, Brent, it will be a pull-forward demand if you saw everyone posting numbers at this rate. You are seeing some other players in the industry who are low single digit in firewalls. So we must be taking demand away from somebody else, whether it's us taking it or Fortinet taking it. Clearly, we're taking some demand away from somebody else.
我認為,布倫特,如果你看到每個人都以這種速度發布數字,這將是一個向前的需求。您會看到業內其他一些在防火牆方面處於低個位數的參與者。所以我們必須從其他人那里奪走需求,無論是我們接受它還是 Fortinet 接受它。顯然,我們正在從其他人那裡拿走一些需求。
Look, some of it is pent-up demand where people did not have anybody to go into the office and go deploy a firewall because nobody was going to the office. Now people are coming back slowly and steadily. There are people to go deploy. So it's part of that. Part of it is the refresh. As you know, we have now refreshed more than 65% of our portfolio, and that's still only 3 months in. So we're still seeing demand for Gen 4 products being created at Palo Alto Networks. I think a couple of that. And I think, to some degree, there's a little bit of fear that they won't get the firewall in time, so people are ordering to get them. But I think we will still, as I said, we're going to see this into fiscal year 2023 at least, and we'll keep you posted.
看,其中一些是被壓抑的需求,人們沒有人進入辦公室並部署防火牆,因為沒有人去辦公室。現在人們正在緩慢而穩定地回來。有人去部署。所以這是其中的一部分。其中一部分是刷新。如您所知,我們現在已經更新了超過 65% 的產品組合,而這仍然只有 3 個月的時間。所以我們仍然看到 Palo Alto Networks 對 Gen 4 產品的需求。我認為有幾個。而且我認為,在某種程度上,有點擔心他們無法及時獲得防火牆,所以人們下令獲得它們。但我認為,正如我所說,我們至少會在 2023 財年看到這種情況,我們會及時通知您。
Clay Bilby - Head of IR
Clay Bilby - Head of IR
All right. Great. And our next question comes from Rob Owens of Piper Sandler with Gregg Moskowitz to follow.
好的。偉大的。我們的下一個問題來自 Piper Sandler 的 Rob Owens,緊隨其後的是 Gregg Moskowitz。
Robbie David Owens - MD & Senior Research Analyst
Robbie David Owens - MD & Senior Research Analyst
With the success that you guys are currently seeing in cloud, can you talk about the channel model in terms of how you go to market and longer term, the potential economic implications, if there are any?
鑑於你們目前在雲中看到的成功,你們能否談談渠道模型如何進入市場和長期,潛在的經濟影響(如果有的話)?
Nikesh Arora - Chairman & CEO
Nikesh Arora - Chairman & CEO
Look, I think it's fair to say, in the large enterprise customers, the model hasn't changed from a channel perspective. On the margin, as you will appreciate, almost all cybersecurity products are slowly and steadily being listed on public cloud marketplaces. So all of us, including Palo Alto, we're seeing some customers buy on those marketplaces. In some cases, it makes sense. We've got an embedded native firewall in GCP, and you can deploy it by accessing it through the marketplace, you will.
看,我認為公平地說,在大型企業客戶中,從渠道角度來看,模式並沒有改變。正如您將意識到的那樣,幾乎所有的網絡安全產品都在緩慢而穩定地在公共雲市場上上市。所以我們所有人,包括帕洛阿爾托,我們都看到一些客戶在這些市場上購買。在某些情況下,這是有道理的。我們在 GCP 中有一個嵌入式本地防火牆,您可以通過市場訪問它來部署它,您會的。
In some cases, people are using unused credits on public cloud marketplaces to be able to buy security because that's a feature that public cloud marketplace have offered. I think that's on the margin. But I'll tell you what's more interesting about people. We're seeing channel partners get very savvy and start building adoption teams and sales teams that are specific to cloud and specific to our portfolio because they see the market is shifting in that direction there. There's a bit of an arms race amongst themselves in the channel where the more qualified people are likely to get more customers to buy it from them because -- and it's not always the person you use for your firewalls.
在某些情況下,人們使用公共雲市場上未使用的積分來購買安全性,因為這是公共雲市場提供的一項功能。我認為這是邊緣。但我會告訴你人們更有趣的是什麼。我們看到渠道合作夥伴變得非常精明,並開始建立專門針對雲和我們的產品組合的採用團隊和銷售團隊,因為他們看到那裡的市場正在朝著這個方向轉變。在渠道中,他們之間有一些軍備競賽,更有資格的人可能會吸引更多的客戶從他們那裡購買,因為——而且並不總是你用來做防火牆的人。
Clay Bilby - Head of IR
Clay Bilby - Head of IR
Our next question is from Gregg Moskowitz of Mizuho Securities with Adam Borg to follow.
我們的下一個問題來自瑞穗證券的 Gregg Moskowitz,隨後是 Adam Borg。
Gregg Steven Moskowitz - MD of Americas Research
Gregg Steven Moskowitz - MD of Americas Research
Congrats on a terrific quarter. Nikesh, last quarter, you sized the pull-forward at about 10% of product orders. How do you think about the net impact of this for the Q2? And then maybe as a sort of a little bit of a follow-on to Brent's question, is there any evidence of double ordering at either the partner or the customer level?
祝賀一個了不起的季度。 Nikesh,上個季度,您將前拉式調整為大約 10% 的產品訂單。您如何看待這對第二季度的淨影響?然後也許作為布倫特問題的一點點後續,是否有任何證據表明合作夥伴或客戶層面的雙重訂購?
Nikesh Arora - Chairman & CEO
Nikesh Arora - Chairman & CEO
So Gregg, on the first part, I think there's a net wash. There's a pull-through, but there's a lack of ability to fulfill. So whilst I might be seeing a pull-through, you're not seeing in my product revenue because that's kind of within the range of what I've not been able to ship because of the exceeded demand. So in my numbers, you're seeing a balance. You're seeing -- and you probably, if you had visibility, you see in the booking, but you wouldn't see in the revenue because I haven't been able to ship, not been able to build it. So I think that's the answer to the first question.
所以格雷格,在第一部分,我認為有一個淨洗。有一個拉通,但缺乏實現的能力。因此,雖然我可能會看到拉動,但您並沒有看到我的產品收入,因為這在我因需求過剩而無法發貨的範圍內。所以在我的數字中,你看到了平衡。你看到了——如果你有知名度,你可能會在預訂中看到,但你不會在收入中看到,因為我無法發貨,無法建造它。所以我認為這就是第一個問題的答案。
And in terms of, I know this question's been asked at least for the last 2 quarters about double ordering and shadow ordering. We don't work that way. When you order for us, you pay us. And I haven't seen a refund being asked for on a firewall or a canceled order yet for the last 2 quarters. So it's not in our numbers. And that may be true at the lower end where people have distribution channels, where channel will preorder and hold on to it. So you may see that there, where the end customer is not customer on record in the beginning, where you have distribution stocking that goes on. We don't do any distribution stocking. We basically have end customers in every purchase order, and we haven't seen a canceled order or refund. Dipak?
就雙重排序和影子排序而言,我知道至少在過去兩個季度中有人問過這個問題。我們不是那樣工作的。當您為我們訂購時,您向我們付款。在過去的兩個季度中,我還沒有看到防火牆要求退款或取消訂單。所以這不在我們的數字中。這在人們擁有分銷渠道的低端可能是正確的,渠道將預訂並保留它。因此,您可能會看到,最終客戶在開始時不是記錄在案的客戶,而您的分銷庫存仍在繼續。我們不做任何分銷庫存。我們基本上在每個採購訂單中都有最終客戶,我們還沒有看到訂單被取消或退款。迪帕克?
Dipak Golechha - Executive VP & CFO
Dipak Golechha - Executive VP & CFO
In fact, just to build on that, like our sales cycle, 6 to 9 months, and all of our purchase orders are noncancelable. So just to put a finer point on it that they are noncancelable.
事實上,僅以此為基礎,就像我們的銷售週期一樣,6 到 9 個月,而且我們所有的採購訂單都是不可取消的。所以只是為了更好地說明它們是不可取消的。
Clay Bilby - Head of IR
Clay Bilby - Head of IR
All right. The next question coming from Adam Borg of Stifel followed by Patrick Colville.
好的。下一個問題來自 Stifel 的 Adam Borg,緊隨其後的是 Patrick Colville。
Adam Charles Borg - Associate
Adam Charles Borg - Associate
Maybe just to drill down on Cortex for a minute just given the traction there. And maybe you can talk a little bit more about attack surface management. It just seems like that's the area of interesting importance just given the breach environment. So I was hoping you could talk more about traction there and the opportunities going forward.
也許只是為了在 Cortex 上鑽研一分鐘,只是因為那裡有牽引力。也許你可以多談談攻擊面管理。考慮到違規環境,這似乎是一個有趣的重要領域。所以我希望你能更多地談論那裡的牽引力和未來的機會。
Lee Klarich - Executive VP & Chief Product Officer
Lee Klarich - Executive VP & Chief Product Officer
Yes. Look, when we acquired Xpanse a little bit over a year ago, we talked about why we thought this was so important. And number one is the proactive side of it, the finding an issue so you can fix it before an attacker finds it. And attackers have increasingly automated tools and so it becomes even more important.
是的。看,一年多前我們收購 Xpanse 時,我們談到了為什麼我們認為這如此重要。第一是主動方面,即發現問題,以便您可以在攻擊者發現之前修復它。攻擊者擁有越來越多的自動化工具,因此變得更加重要。
For example, if you look at Log4j, shortly after Log4j information became available, what we saw was attackers building automated scripts to basically try to find vulnerable Apache servers, right? And so that's the kind of challenge that a lot of customers are up against. And Xpanse makes it very easy for customers to proactively find that and fix it, et cetera.
例如,如果您查看 Log4j,在 Log4j 信息可用後不久,我們看到攻擊者構建自動化腳本基本上試圖找到易受攻擊的 Apache 服務器,對嗎?這就是許多客戶面臨的挑戰。 Xpanse 讓客戶很容易主動找到並修復它,等等。
Second is in a reactive state, where something has become known publicly, Xpanse helps our customers find where they have exposure in order to address those issues first. And so both of these are examples of why Xpanse has become so important to our customer base. And we've seen our customer base really understand that better over the last couple of quarters and really embrace this as a sort of a must-have product in their security operations.
其次是處於被動狀態,在這種狀態下,某些事情已經被公開,Xpanse 幫助我們的客戶找到他們暴露在哪裡,以便首先解決這些問題。因此,這兩個都是為什麼 Xpanse 對我們的客戶群變得如此重要的例子。我們已經看到我們的客戶群在過去幾個季度中真正理解了這一點,並真正將其視為其安全運營中的一種必備產品。
Clay Bilby - Head of IR
Clay Bilby - Head of IR
And our last question for today will come from Patrick Colville of Deutsche Bank.
我們今天的最後一個問題將來自德意志銀行的帕特里克科爾維爾。
Patrick Edwin Ronald Colville - Research Analyst
Patrick Edwin Ronald Colville - Research Analyst
I guess congrats on a really excellent quarter. I mean, the numbers are so clean that I think I'm going to ask a philosophical question, if I may. It's going to be about M&A. Valuations are roughly 30% cheaper than when we last spoke 3 months ago. The start of your tenure, Nikesh, as CEO was quite acquisitive. Is the moderation in valuations for private companies, public companies as well, does that mean that your philosophy around M&A might have changed versus the messaging you gave us 6 months ago?
我想祝賀一個非常出色的季度。我的意思是,這些數字非常乾淨,如果可以的話,我想我會問一個哲學問題。這將是關於併購的。估值比我們 3 個月前上次談話時便宜了大約 30%。 Nikesh 在你擔任 CEO 的一開始就非常有進取心。私營公司和上市公司的估值放緩是否意味著與 6 個月前您給我們的信息相比,您的併購理念可能已經改變?
Nikesh Arora - Chairman & CEO
Nikesh Arora - Chairman & CEO
So there's no change, Patrick. I don't think the valuation in the private markets have quite normalized like the public markets have, first and foremost. I'd say the private markets are still enjoying the lack of liquidity as no reason to mark-to-market their valuation. So that's just more of a philosophical answer, not correlate with my M&A point, right? I would like you to have it purely because some of those companies are trying to come attract talent for Palo Alto Networks and I'd like them to get mark-to-market so people realize that these things can go down.
所以沒有變化,帕特里克。首先,我認為私人市場的估值並沒有像公開市場那樣正常化。我會說私人市場仍然缺乏流動性,因為沒有理由對其估值進行盯市。所以這只是一個哲學上的答案,與我的併購點無關,對吧?我希望您擁有它,純粹是因為其中一些公司正試圖為 Palo Alto Networks 吸引人才,我希望他們能夠按市值計算,以便人們意識到這些事情可能會下降。
But that having been said, there has been no change. Look, as I said, the reason we're acquisitive in the beginning, there were many areas of cybersecurity which were up and coming and going to be important, and we were not in there and we were behind the 8 ball or pick an analogy, we were late to the party. We hadn't done the work needed to be ready for that market.
但話雖如此,但沒有任何變化。看,正如我所說,我們一開始就貪婪的原因,有很多網絡安全領域正在興起,並且會變得很重要,而我們並不在那裡,我們落後於 8 號球或選擇一個類比,我們遲到了。我們還沒有完成為該市場做好準備所需的工作。
Take cloud security, right? We bought 6 or 7 companies in cloud security. Each of them had been in existence for 3 to 4 years. So that's 4 years of development that we were able to benefit from in a market we need to be first. With Prisma Cloud, it's abundantly clear why we did that.
採取雲安全,對吧?我們收購了 6 或 7 家云安全公司。他們每個人都已經存在了3到4年。因此,在我們需要成為第一的市場中,我們能夠從 4 年的發展中受益。使用 Prisma Cloud,我們非常清楚我們為什麼要這樣做。
Take XSOAR, we didn't have automation workflows and platforms. We did that. Take SASE, we didn't have endpoint monitoring. We didn't have SD-WAN. That's stuff that takes 4 to 7 years to build. We didn't have the time to go build it. Otherwise, we would not be in the market. Today, we compete with Zscaler, Netskope. In SASE, we compete with CrowdStrike, SentinelOne in XDR. We would not have been a player. So that made sense.
以 XSOAR 為例,我們沒有自動化工作流程和平台。我們做到了。以 SASE 為例,我們沒有端點監控。我們沒有 SD-WAN。那是需要 4 到 7 年才能建成的東西。我們沒有時間去建造它。否則,我們就不會進入市場。今天,我們與 Zscaler、Netskope 競爭。在 SASE 中,我們在 XDR 中與 CrowdStrike、SentinelOne 競爭。我們不會成為一名球員。所以這是有道理的。
Today, if you look forward, I don't see many areas of cybersecurity where we don't have a leading product or a leading product is not on development. If you look at Palo Alto's innovation cycle, I'd say creating firewalls continues to innovate, spend 3 years acquiring, getting up to snuff to a place where now we can compete in multiple categories. And now with XSIAM, we're delivering industry-leading innovation. I couldn't buy anything for XSIAM because I looked at everything in the SIEM space. And I said, wait a minute, why do we need to look at something which is 10 years old? I don't need customers. I have customers. I need to buy technology. So from that perspective, nothing has changed.
今天,如果你向前看,我看不到很多網絡安全領域我們沒有領先的產品或領先的產品沒有在開發中。如果你看看 Palo Alto 的創新周期,我會說創建防火牆會持續創新,花費 3 年的時間來獲取,直到達到現在我們可以在多個類別中競爭的地方。現在,通過 XSIAM,我們正在提供行業領先的創新。我無法為 XSIAM 購買任何東西,因為我查看了 SIEM 空間中的所有內容。我說,等一下,為什麼我們需要查看 10 年前的東西?我不需要客戶。我有客戶。我需要購買技術。所以從這個角度來看,一切都沒有改變。
I don't think there's any company out there that is valued in a place where, oh, my god, this could be accretive, we should go take this. Because I think the cost of integration in cybersecurity is going to make you from a leading player to a mediocre player because you've spent too much time merging sales forces, merging customers trying to run 2 competing technologies. So that's not our playbook. Our playbook is to go find good technology which we can absorb, make part of our go-to-market motion and use those founders. And we've done that, and we've left the door open saying, if we were to buy companies, it would be more in the product category, which will be more in line with the smaller to midsize acquisitions we made on anything else. So that philosophy hasn't changed, Patrick.
我不認為有任何公司在這樣一個地方被重視,哦,天哪,這可能是增值的,我們應該去接受這個。因為我認為網絡安全集成的成本將使你從領先者變成平庸者,因為你花費了太多時間合併銷售人員,合併試圖運行兩種競爭技術的客戶。所以這不是我們的劇本。我們的劇本是去尋找我們可以吸收的好的技術,成為我們進入市場的一部分,並利用這些創始人。我們已經做到了,我們敞開大門說,如果我們要收購公司,它將更多地出現在產品類別中,這將更符合我們在其他任何領域進行的中小型收購.所以這種哲學沒有改變,帕特里克。
Clay Bilby - Head of IR
Clay Bilby - Head of IR
All right. Great. Thank you. With that, we'll close the call. I'll turn it over to Nikesh for his final remarks.
好的。偉大的。謝謝你。這樣,我們將結束通話。我會把它交給 Nikesh 做最後的發言。
Nikesh Arora - Chairman & CEO
Nikesh Arora - Chairman & CEO
Well, once again, thank you, everybody, for joining us. And as like Clay said, we apologize for the 30-minute delay. We look forward to seeing many of you at upcoming investor events and some of you on calls after this. I just, once again, want to thank our customers, our partners, and most importantly, our employees around the world for helping us deliver a great quarter. Have a great day.
好吧,再次感謝大家加入我們。正如克萊所說,我們為 30 分鐘的延誤道歉。我們期待在即將舉行的投資者活動中見到你們中的許多人,並期待在此之後見到你們中的一些人。我只想再次感謝我們的客戶、我們的合作夥伴,最重要的是,感謝我們在世界各地的員工幫助我們實現了一個偉大的季度。祝你有美好的一天。