Palo Alto Networks Inc (PANW) 2022 Q4 法說會逐字稿

(presentation)

（推介會）

Good day, everyone, and welcome to Palo Alto Networks Fiscal Fourth 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, Monday, August 22, 2022, at 1:30 p.m. Pacific Time.

大家好，歡迎參加 Palo Alto Networks 2022 年第四季財報電話會議。我是 Palo Alto Networks 投資者關係主管 Clay Bilby。請注意，本次通話錄音已於今天（2022 年 8 月 22 日星期一）下午 1:30 進行。太平洋時間。

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

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； Lee Klarich，我們的首席產品長；以及我們的財務長 Dipak Golechha。

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

您可以在我們的網站 Investors.paloaltonetworks.com 上找到新聞稿和資訊來補充今天的討論。在那裡，請單擊“活動和演示”鏈接，您可以在其中找到投資者演示和補充資訊。

In the course of today's conference call, we will make forward-looking statements and projections that involve risks and uncertainties that could cause actual results to differ materially from the 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，我們將做出前瞻性陳述和預測，這些陳述和預測涉及風險和不確定性，可能導致實際結果與本簡報中的前瞻性陳述有重大差異。這些前瞻性陳述是基於我們目前的信念和截至目前管理層可獲得的資訊。我們的收益發布和演示以及我們向 SEC 提交的文件中提供的安全港聲明中指出了可能導致實際結果不同的風險、不確定性和其他因素。 Palo Alto Networks 不承擔更新今天演示中提供的資訊的義務。

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

我們也將討論非公認會計準則財務指標。這些非公認會計原則財務指標並非根據公認會計原則編制，不應被視為替代或優於根據公認會計原則編制的財務績效指標。我們在簡報的附錄和收益發布中提供了提供非公認會計原則和公認會計原則財務指標之間調節的表格，這些表格已向美國證券交易委員會備案，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，所有比較均以同比為基礎。

We would like to note management is scheduled to participate in the Citibank Global Technology Conference in Goldman Sachs [Communacopia] and Technology Conference in September.

我們想指出，管理層計劃參加 9 月在高盛舉行的花旗銀行全球技術會議 [Communacopia] 和技術會議。

I will now turn the call over to Nikesh.

我現在將把電話轉給尼科甚。

Thank you, Clay. Good afternoon, and thank you for joining us today for our earnings call.

謝謝你，克萊。下午好，感謝您今天參加我們的財報電話會議。

As you can see from the video, we were excited to celebrate the 10th anniversary of our IPO in early July. Our employees are engaged and excited as we continue confidently on our mission to be the cybersecurity partner of choice.

正如您從影片中看到的，我們很高興在 7 月初慶祝我們的 IPO 十週年。我們的員工充滿熱情並興奮不已，我們滿懷信心地繼續履行成為首選網路安全合作夥伴的使命。

Moving to Q4, I'm pleased to report that we again saw very strong results, starting with top line results that were well ahead of guidance we initially outlined for the fiscal year '22. We delivered this growth while balancing our profitability commitments. We also made significant investments to continue to transform our company and take advantage of the large and rapidly growing market opportunity we see in cybersecurity.

進入第四季度，我很高興地向大家報告，我們再次看到了非常強勁的業績，首先是遠遠超出了我們最初為 22 財年概述的指導的頂線業績。我們在實現這一成長的同時平衡了我們的獲利承諾。我們也進行了大量投資，以繼續改造我們的公司，並利用我們在網路安全領域看到的巨大且快速成長的市場機會。

On the top line, billings growth of 44% was the highest we've reported in 4 years. We also grew RPO ahead of our revenue growth rate. The key focus of our team has been rapidly positioning us as a constant cybersecurity innovator. And one way we measure our progress is how our NGS ARR develops. We're delighted to report this metric grew 60%, reaching $1.9 billion exiting the year. We are expecting it to reach $2.6 billion in FY '23. If this was an independent start-up, it would be amongst the fastest-growing cybersecurity businesses to achieve scale.

從營收來看，44% 的帳單成長率是我們 4 年來報告的最高水準。我們的 RPO 成長速度也超過了營收成長速度。我們團隊的重點一直是迅速將我們定位為持續的網路安全創新者。我們衡量進展的一種方法是 NGS ARR 的發展。我們很高興地報告這項指標成長了 60%，今年達到 19 億美元。我們預計 23 財年將達到 26 億美元。如果這是一家獨立的新創企業，它將成為實現規模成長最快的網路安全企業之一。

Within our core network security business, Firewall as a Platform, billings grew 26%. When we started reporting this metric, the intent was always to show that we continue to take share in the network security market. At the same time, transform the business to a software business. Today, close to 50% of that comes from software form factors. Operating income grew 52% in Q4 and our operating margin for the year finished to the high end of the guidance range, with adjusted free cash flow margin coming in above the high end of the range we provided. We achieved a major internal goal we've had on the profitability front, delivering GAAP profitability this quarter. Looking forward, we're guiding to full year GAAP profitability in fiscal 2023.

在我們的核心網路安全業務「防火牆即平台」中，帳單成長了 26%。當我們開始報告此指標時，目的始終是表明我們繼續在網路安全市場中佔據份額。同時，將業務轉型為軟體業務。如今，其中近 50% 來自軟體外型因素。第四季營業收入成長了 52%，我們今年的營業利潤率達到了指導範圍的高端，調整後的自由現金流利潤率高於我們提供的範圍的高端。我們實現了在獲利能力方面的主要內部目標，本季實現了 GAAP 獲利能力。展望未來，我們將指導 2023 財年全年 GAAP 獲利能力。

We've had many of you asked us about the macro environment and how is it impacting our business and the markets we serve. In the last year, we arguably saw the most challenging supply chain conditions the technology industry has ever seen. We executed through this well during the year with modest impacts to our gross margins. We expect conditions will eventually ease. For our planning, we're assuming a material improvement won't be seen prior to the end of fiscal year '23. However, as the supply challenges fade, we expect this will start to have a favorable impact on our product gross margins.

很多人向我們詢問宏觀環境以及它如何影響我們的業務和我們服務的市場。去年，我們可以說看到了科技業有史以來最具挑戰性的供應鏈狀況。我們在這一年表現良好，對我們的毛利率影響不大。我們預計情況最終會有所緩解。對於我們的規劃，我們假設在 23 財年結束之前不會看到實質改進。然而，隨著供應挑戰的消退，我們預計這將開始對我們的產品毛利率產生有利影響。

There's a continuing debate on inflation, it's nature and duration. We saw some labor and other inflationary pressures in the second half of the fiscal year. We do not anticipate these pressures going away in the next fiscal year and we have planned for it to persist through fiscal year '23. And hence, it is included in our plan and is reflected in our guidance.

關於通貨膨脹、通貨膨脹的性質和持續時間的爭論一直在持續。我們在本財年下半年看到了一些勞動力和其他通膨壓力。我們預計這些壓力不會在下一財年消失，並且我們計劃讓它持續到 23 財年。因此，它包含在我們的計劃中並反映在我們的指導中。

With respect to the macro impact on demand, we've just come out of Q4 with exceptional 44% billings growth. In enterprise sales, as most of you know, there is Q4 magic. We did, however, see some marginal changes in the macro environment in Q4. Whilst early, it is important to see how the overall macroeconomic conditions develop over the next year.

就需求的宏觀影響而言，我們剛結束第四季度，營業額成長了 44%。正如大多數人所知，在企業銷售中，第四季有魔力。然而，我們確實看到第四季宏觀環境發生了一些邊際變化。雖然為時過早，但重要的是要了解明年整體宏觀經濟狀況的發展。

First, we saw more longer duration deals as customers increasingly have the confidence to make large long-term commitments with us. This is important to the transformation objectives we set out for Palo Alto Networks. It confirms and validates our view that customers will consolidate if we give them constant best-of-breed products and ensure that they are integrated to deliver better security outcomes.

首先，隨著客戶越來越有信心與我們做出大量長期承諾，我們看到了更多長期交易。這對我們為 Palo Alto Networks 制定的轉型目標非常重要。它證實並驗證了我們的觀點，即如果我們為客戶提供持續的同類最佳產品並確保將它們整合以提供更好的安全結果，客戶就會整合。

Second, we saw some isolated instances of customers extending the life of hardware potentially driven by macro forces. We expect that on the margin. This could continue into FY '23. It is counterbalanced by some customers refreshing their state and our continued share gains in the hardware form factor.

其次，我們看到了一些孤立的案例，客戶可能在宏觀力量的驅動下延長了硬體的使用壽命。我們預計這一點是有限的。這種情況可能會持續到 23 財年。一些客戶刷新了他們的狀態以及我們在硬體外形尺寸方面的持續份額增長抵消了這一點。

Third, in transformational projects, the vast majority of our customers continue on their investments here despite the expected short-term macro impacts. Security spending is tied into our customers' desires to move to the cloud, drive more direct relationship with their customers, modernize their IT infrastructure as well as drive efficiencies while adapting to a new way of working. Those efforts continue. Coupled with a heightened awareness and need to do something around cybersecurity, we expect secular tailwinds to persist in cybersecurity, and we are best positioned to deliver against our customer needs.

第三，在轉型專案中，儘管預期有短期宏觀影響，我們絕大多數客戶仍繼續在這裡投資。安全支出與客戶遷移到雲端、推動與客戶建立更直接的關係、實現 IT 基礎設施現代化以及在適應新工作方式的同時提高效率的願望密切相關。這些努力仍在繼續。再加上人們對網路安全的認識不斷提高，需要採取一些措施，我們預期網路安全將持續保持長期順風，並且我們最有能力滿足客戶的需求。

Another trend I would like to highlight is the return to Palo Alto Networks by employees who had left for seemingly greener pastures. Over a 6-month period, as part of our Welcome Home program, we have engaged with many former employees. To date, dozens of top performers have been rehired with many more in the funnel. Over 70% of of people reached out to have expressed a desire to come back to us and a significant number already have. 50% are returning from start-ups, the next largest percentage coming from peer companies. We're happy to welcome these employees back to Palo Alto Networks.

我想強調的另一個趨勢是，那些為了看似更美好的工作而離開的員工重返 Palo Alto Networks。在 6 個月的時間裡，作為「歡迎回家」計畫的一部分，我們與許多前員工進行了接觸。迄今為止，已有數十名表現出色的員工被重新聘用，還有更多的員工正在招募中。超過 70% 的人表示他們願意回到我們身邊，而且相當多的人已經這麼做了。 50% 是從新創公司返回的，其次是來自同行公司。我們很高興歡迎這些員工回到 Palo Alto Networks。

As we embark on new fiscal year, my fifth as Palo Alto Networks CEO, is worth reflecting where we came from. Our transformation strategy has not been easy, but we are unwavering in our resolve to build the most comprehensive and relevant offerings for our customers, taking away their complexity and delivering a better security outcome for them. We see a path to being the largest cybersecurity company backed by constant innovation and excellent execution becoming our customers' cybersecurity partner of choice while delivering increasing value to our shareholders.

當我們開始新的財政年度時，這是我擔任 Palo Alto Networks 執行長的第五個財年，值得反思我們的出身。我們的轉型策略並不容易，但我們堅定不移地決心為客戶建立最全面、最相關的產品，消除他們的複雜性並為他們提供更好的安全結果。我們看到了一條成為最大的網路安全公司的道路，以不斷的創新和卓越的執行力為後盾，成為我們客戶的首選網路安全合作夥伴，同時為我們的股東提供不斷增加的價值。

Just 4 years ago, we were a different company. We have reinvented the firewall market and captured the market share leadership position. There were glimmers of our next-generation security strategy, but it made up just 8% of our billings. Our software story in network and security was early, with some traction in our virtual firewalls and a fledgling precursor to SASE called GlobalProtect Cloud Services. We made our first acquisition in cloud native security and had early point products that will become part of Cortex.

就在四年前，我們還是一家不同的公司。我們重塑了防火牆市場並佔據了市場份額的領先地位。我們的下一代安全策略已經有了一些曙光，但它只占我們帳單的 8%。我們在網路和安全方面的軟體故事很早，在我們的虛擬防火牆和名為 GlobalProtect 雲端服務的 SASE 的雛形前身中具有一定的吸引力。我們在雲端原生安全領域進行了首次收購，並擁有將成為 Cortex 一部分的早期單點產品。

When we step back and took stock in the industry, we had a key hypothesis, which we then tested, proved to ourselves and have reproduced across the business today. There has not previously been a cybersecurity company with a leadership position in multiple categories. Now the customers believe that our cybersecurity platform could anchor their architecture. We set out on this ambitious journey as you see at Prisma Cloud and Cortex as well as innovated significantly in our network security capabilities.

當我們退後一步，對行業進行盤點時，我們有了一個關鍵假設，然後我們對其進行了測試、證明，並在今天的整個企業中得到了重現。此前還沒有一家網路安全公司在多個類別中處於領先地位。現在，客戶相信我們的網路安全平台可以鞏固他們的架構。正如您在 Prisma Cloud 和 Cortex 中看到的那樣，我們開始了這一雄心勃勃的旅程，並在我們的網路安全功能方面進行了重大創新。

Fast forward to today, our transformation has taken us far. We are a recognized leader in 11 cybersecurity categories across our 3 platforms. Next-generation security contributed more than 38% of our billings, helping to accelerate our growth. In network security, we now have the most comprehensive solution across 3 form factors that share a common architecture and also offer a suite of market-leading security subscriptions. We have built, assembled and integrated capabilities in 9 modules that make up Prisma Cloud, which is now the leader in cloud native security. Lastly, we have 3 anchor products in Cortex, which with our new XSIAM product showing promise in the revolutionized security operations is going to hold us in good stead.

快進到今天，我們的轉型已經走得很遠。我們在 3 個平台的 11 個網路安全類別中是公認的領導者。下一代安全貢獻了我們超過 38% 的帳單，有助於加速我們的成長。在網路安全方面，我們現在擁有跨 3 種外形尺寸的最全面的解決方案，這些外形尺寸共享通用架構，並提供一套市場領先的安全訂閱。我們在構成 Prisma Cloud 的 9 個模組中建置、組裝和整合了功能，Prisma Cloud 現在是雲端原生安全領域的領導者。最後，我們在 Cortex 中有 3 個主力產品，我們的新 XSIAM 產品在革命性的安全操作中顯示出希望，這將使我們保持良好的地位。

The proof that this transformation is working is in the momentum we are seeing in our customers. The number of customers that spend over $1 million annually with us continues to grow, with the millionaire count now in excess of 1,200 and the number of Global 2000 customers that have purchased products in all 3 of our platforms is now 50%.

我們在客戶身上看到的勢頭證明了這種轉變正在發揮作用。每年在我們這裡消費超過 100 萬美元的客戶數量持續增長，百萬富翁人數現已超過 1,200 人，在我們所有 3 個平台購買過產品的全球 2000 強客戶數量現已達到 50%。

While we've had many large customer wins recently, I want to highlight a team in 3 transactions. The first is a technology company that purchased products in all 3 of our platforms in a transaction over $75 million of value. The second is a financial service company that standardized its network security in our platform, including adding VMs and deploying Prisma Cloud spending north of $40 million. And third is a professional services company that spent over $75 million across Strata, Prisma and Cortex.

雖然我們最近贏得了許多大客戶，但我想在 3 筆交易中強調一個團隊。第一個是一家科技公司，它在我們所有 3 個平台上購買了產品，交易價值超過 7,500 萬美元。第二家是一家金融服務公司，在我們的平台中標準化了其網路安全，包括添加虛擬機器和部署 Prisma Cloud，花費超過 4000 萬美元。第三是一家專業服務公司，在 Strata、Prisma 和 Cortex 上花費了超過 7500 萬美元。

One of the outcomes from our transformation over the past 4 years is a steady increase in our subscription and support mix primarily driven by the growth of our next-generation security business. Subscription support now exceed 80% of our billings. This has resulted in greater predictability in our revenues. We have seen growing commitments from our customers represent a greater portion of our next year's revenue. As we enter fiscal year '23, that number is 59% at the midpoint of our guidance.

過去 4 年我們轉型的成果之一是我們的訂閱和支援組合穩定成長，這主要是由我們下一代安全業務的成長所推動的。訂閱支援現已超過我們帳單的 80%。這使得我們的收入具有更大的可預測性。我們看到客戶的承諾不斷增加，占我們明年收入的很大一部分。當我們進入 23 財年時，該數字為我們指導中位數的 59%。

Increasing revenue visibility gives us further confidence in our ability to invest and drive future growth. This number is over 70% for the revenue we expect in Q1. All of this has occurred while our revenue growth has accelerated from FY '20 to FY '22, in part due to the accelerated growth in our next-generation security offerings, while we have also taken share in traditional network security appliance form factors as reported by third parties.

收入可見度的提高使我們對投資和推動未來成長的能力更加充滿信心。這個數字超過了我們預計第一季營收的 70%。所有這一切都是在我們的收入成長從20 財年到22 財年加速的情況下發生的，部分原因是我們下一代安全產品的加速成長，同時我們也佔據了傳統網路安全設備外形尺寸的份額（如報告所述）由第三方。

Despite the success so far in our transformation, we still see significant potential ahead of us. We estimate our large addressable market to be growing at a rate of 14%. At 29%, our fiscal year '22 revenue growth more than doubled this market growth rate. As we have transformed the business, we have seen our revenue growth reaccelerate. Even with this significant growth over the last 4 years, we still only represent approximately 6% of our TAM we last presented at our Analyst Day in September 2021. 6% share of the market is low for the market leader as compared to other categories and technology. So we see there is ample room to grow.

儘管迄今為止我們的轉型取得了成功，但我們仍然看到了巨大的潛力。我們估計我們龐大的潛在市場將以 14% 的速度成長。我們 22 財年的營收成長率為 29%，是該市場成長率的兩倍多。隨著業務轉型，我們的營收成長再次加速。即使在過去4 年中實現瞭如此顯著的成長，我們仍然只占我們上次在2021 年9 月的分析師日上展示的TAM 的約6%。 % 的市場佔有率較低，且技術。所以我們看到有足夠的成長空間。

There are numerous trends that excite us around our ability to drive this growth and continue our share gains. You may soon see a day where there will be $1 trillion in public cloud consumed. Our observation thus far in this early market is that companies allocate 2% to 5% of the cloud budgeted security, creating a significant Prisma Cloud opportunity.

有許多趨勢令我們興奮，因為我們有能力推動這種成長並繼續增加我們的份額。您可能很快就會看到公有雲的消耗量將達到 1 兆美元。迄今為止，我們在這個早期市場的觀察結果是，公司分配了 2% 到 5% 的雲端預算安全性，創造了重要的 Prisma Cloud 機會。

There are 3.5 million worldwide cybersecurity jobs that are unfulfilled. Our view is that more training and hiring alone will not effectively and efficiently counter the growing use of automation employed in attacks and the volume of alerts that is overwhelming the security operations center. We believe a new paradigm and security ops is needed that heavily leverages AI and automation. We are targeting this opportunity with our Cortex products and XSIAM products specifically. Lastly, hybrid work is here to stay. There are more than 1 billion knowledge workers globally. We believe we have a strong position in SASE with our coverage of users and branch offices today, just catching the surface of loss opportunity. We have a clear mission in front of us in each of our security platforms to harness the opportunity that we have outlined.

全球有 350 萬個網路安全工作尚未填補。我們的觀點是，僅靠更多的培訓和招聘並不能有效地應對攻擊中越來越多地使用自動化以及令安全運營中心不堪重負的警報量。我們認為需要一種充分利用人工智慧和自動化的新範例和安全操作。我們專門針對此機會推出了 Cortex 產品和 XSIAM 產品。最後，混合工作將持續存在。全球有超過 10 億名知識工作者。我們相信，憑藉今天對用戶和分支機構的覆蓋，我們在 SASE 中擁有強大的地位，只是抓住了損失機會的表面。我們的每個安全平台都面臨著明確的使命，以利用我們所概述的機會。

As this is Q4, I figured, rather than having me outline all the accomplishments from our product team, I would invite Lee Klarich, who patiently listens and sits in our calls, to give you a more detailed update to help you understand how we will continue to build on our success we had in FY '22.

由於這是第四季度，我想，我不會讓我概述我們產品團隊的所有成就，而是會邀請Lee Klarich，他耐心地傾聽並參加我們的電話會議，為您提供更詳細的更新，以幫助您了解我們將如何繼續鞏固我們在 22 財年的成功。

Thank you, Nikesh.

謝謝你，尼科甚。

As Nikesh highlighted, across cybersecurity, one of the biggest challenges has always been the overwhelming number of point products that customers must deploy, integrate and operationalize to achieve the security they need. In most cases, this has never fully achieved, leading to expensive yet suboptimal security outcomes. We are bringing a new approach, one that delivers market-leading capabilities tightly integrated in 3 platforms.

正如 Nikesh 所強調的那樣，在網路安全領域，最大的挑戰之一始終是客戶必須部署、整合和操作才能實現所需的安全性的大量單點產品。在大多數情況下，這一點從未完全實現，從而導致昂貴但次優的安全結果。我們正在推出一種新方法，可提供緊密整合在 3 個平台中的市場領先功能。

FY '22 has been a significant year for us in network security, where we have furthered our position delivering a consistent security architecture across hardware, software and SASE. We neared completion of our Gen 4 hardware rollout, which on some models delivers close to 10x performance over Gen 3. As a result, we saw over 50% of NGFW hardware sales in Q4 on Gen 4.

22 財年對我們的網路安全來說是重要的一年，我們進一步鞏固了自己的地位，在硬體、軟體和 SASE 上提供一致的安全架構。我們即將完成第 4 代硬體的推出，在某些型號上，其性能比第 3 代接近 10 倍。

Also in FY '22, we introduced the cloud NGFW across 3 of the major clouds, enabling our customers to adopt best-in-class network security in a cloud native service. And Prisma SASE had 3 major launches in FY '22, including the most recent ZTNA 2.0 launch, firmly establishing our next-gen approach to Zero Trust.

同樣在 22 財年，我們在 3 個主要雲端中引進了雲端 NGFW，使我們的客戶能夠在雲端原生服務中採用一流的網路安全性。 Prisma SASE 在 22 財年進行了 3 次重大發布，包括最近發布的 ZTNA 2.0，堅定地確立了我們的下一代零信任方法。

Across our hardware, software and SASE form factors, we are able to deliver a consistent set of core security capabilities as ML-powered cloud services. In FY '22, we saw the rapid adoption of advanced URL filtering, and we now see nearly all URL filtering sales on this advanced ML-based service. Advanced Threat Prevention, which was introduced in fiscal Q3, is also now off to a strong start. And perhaps most importantly, customers can manage all form factors and security subscriptions from a single management console to deliver consistent user experience and tremendous operational leverage.

在我們的硬體、軟體和 SASE 外形規格中，我們能夠提供一組一致的核心安全功能作為 ML 支援的雲端服務。在 22 財年，我們看到了高級 URL 過濾的快速採用，現在我們看到幾乎所有 URL 過濾銷售都是基於這種基於 ML 的高級服務。第三財季推出的高級威脅預防現在也有了一個好的開始。也許最重要的是，客戶可以從單一管理控制台管理所有外形規格和安全訂閱，以提供一致的用戶體驗和巨大的營運槓桿。

While we believe the full platform is where customers will end up, we want to ensure customers can start their adoption with any form factor and receive a truly best-in-class solution. The number of $1 million lifetime value SASE customers that are also customers of our 2 other network security form factors ended FY '22 at 210. This is up eightfold since FY '19.

雖然我們相信客戶最終會選擇完整的平台，但我們希望確保客戶可以開始採用任何外形尺寸，並獲得真正一流的解決方案。截至 22 財年，終身價值為 100 萬美元的 SASE 客戶（同時也是我們另外 2 種網路安全形式的客戶）數量為 210 個。

We have 7 customers that have purchased all 3 of our form factors with $100 million in lifetime value in network security. More broadly, when we look at our network security customer base, customers that have bought all 3 platforms from us spend 10x more than those who are customers of only 1 form factor. This showcases the true value of our network security platform.

我們有 7 位客戶購買了我們的全部 3 種外形尺寸，網路安全方面的終身價值為 1 億美元。更廣泛地說，當我們審視我們的網路安全客戶群時，從我們這裡購買了全部 3 個平台的客戶的支出比僅購買 1 種規格的客戶多出 10 倍。這展示了我們網路安全平台的真正價值。

In Q4, we introduced ZTNA 2.0, which redefines state-of-the-art and Zero Trust network access to bring uncompromised security and deliver 0 trust with 0 exceptions. We have seen significant momentum in our customer traction on SASE in FY '22 on a number of fronts. Our overall active SASE customer base grew by 51% in Q4, and our $1 million SASE deals also accelerated this year, up 83% with over 50 $1 million deals in Q4 alone.

在第四季度，我們推出了 ZTNA 2.0，它重新定義了最先進的零信任網路訪問，以帶來毫不妥協的安全性並提供 0 信任、0 例外。 22 財年，我們在多個方面都看到了 SASE 的客戶吸引力的顯著增長。我們的整體活躍 SASE 客戶群在第四季度成長了 51%，我們的 100 萬美元 SASE 交易今年也加速成長，光是第四季就成長了 83%，超過 50 筆 100 萬美元交易。

While many of these large deals are coming from our installed base as they see the value across our form factors, it is equally important that over 30% of our new SASE customers in Q4 were new to Palo Alto Networks. This highlights the competitiveness of our SASE solution and enables us to reach net new customers. Additionally, once we land with the new SASE customer, we are seeing customers look to standardize on our hardware and software appliances.

雖然這些大額交易中有許多來自我們的安裝基礎，因為他們看到了我們外形尺寸的價值，但同樣重要的是，我們在第四季度超過 30% 的新 SASE 客戶是 Palo Alto Networks 的新客戶。這凸顯了我們 SASE 解決方案的競爭力，並使我們能夠吸引新客戶。此外，一旦我們與新的 SASE 客戶合作，我們就會看到客戶希望對我們的硬體和軟體設備進行標準化。

In the cloud, we see that most customers are still relatively early in their journey. They are migrating workloads to the cloud and building new applications, growing their footprints, consuming more sophisticated services and adopting multiple clouds. With this has come an expansion in their cloud security needs. Our approach with Prisma Cloud delivers a comprehensive platform with a growing set of capabilities to stay ahead of our customers' needs.

在雲端中，我們發現大多數客戶仍處於其旅程的相對早期階段。他們正在將工作負載遷移到雲端並建立新的應用程序，擴大其足跡，使用更複雜的服務並採用多種雲端。隨之而來的是他們的雲端安全需求的擴大。我們的 Prisma Cloud 方法提供了一個具有不斷增長的功能的綜合平台，可以領先於客戶的需求。

Increasingly, cloud security needs to start at the moment, developers write their first lines of code through to deploying and running this code in public cloud. The acquisition of Bridgecrew brought us infrastructure [as] code, a way of detecting and fixing security issues during development. IAC became our ninth integrated module of Prisma Cloud at the end of January. And in the first 6 months of availability, we already have over 200 customers, making it our fastest-growing new module.

雲端安全性越來越需要從現在開始，開發人員編寫第一行程式碼，直到在公有雲中部署和執行該程式碼。收購 Bridgecrew 為我們帶來了基礎架構（即程式碼），這是一種在開發過程中偵測和修復安全問題的方法。 IAC 在一月底成為我們 Prisma Cloud 的第九個整合模組。在推出的前 6 個月內，我們已經擁有 200 多家客戶，這使其成為我們成長最快的新模組。

We designed an incredibly easy way for our customers to activate any of the 9 modules and have grown the number of customers that use more than 3 modules to over 1/3 and those using 4 modules to nearly 20%. This frictionless module adoption has helped to fuel our 55% growth in credits consumed on the platform. We are also closing in on 2,000 customers for Prisma Cloud.

我們為客戶設計了一種極其簡單的方法來啟動9 個模組中的任何一個，並將使用3 個以上模組的客戶數量增加到超過1/3，使用4 個模組的客戶數量增加到近20% 。這種無摩擦的模組採用有助於推動我們在平台上消耗的積分成長 55%。我們也將為 Prisma Cloud 爭取 2,000 名客戶。

It's great to see all the third-party recognition like the SC award as Best Cloud Workload Protection Solution that we announced today, but we're not done yet. We see several opportunities for new modules and we'll continue to look at both organic development and external technology to drive continued expansion of the Prisma Cloud platform.

很高興看到所有第三方認可，例如我們今天宣布的 SC 獎“最佳雲端工作負載保護解決方案”，但我們還沒有完成。我們看到了新模組的一些機會，我們將繼續專注於有機開發和外部技術，以推動 Prisma Cloud 平台的持續擴展。

We are earlier in our Cortex platform journey, executing well across our 3 core product categories of XDR, security orchestration and automation, and attack surface management. We saw significant progress in FY '22 as we drove sales of our key products and increased traction, combining offerings in larger cross Cortex transactions. Our customer count surpassed 4,000, and we also signed 52 transactions greater than $1 million in Q4. Combined with this customer success, we also continued the rapid innovation that we believe will be required to be a leader in security operations more holistically.

我們處於 Cortex 平台之旅的早期階段，在 XDR、安全編排和自動化以及攻擊面管理這 3 個核心產品類別中表現良好。我們在 22 財年取得了重大進展，因為我們推動了關鍵產品的銷售並增加了吸引力，將產品組合到了更大的跨 Cortex 交易中。我們的客戶數量超過 4,000 名，第四季還簽署了 52 筆超過 100 萬美元的交易。結合客戶的成功，我們也持續進行快速創新，我們相信這是更全面地成為安全營運領域領導者所必需的。

When we envision the future of cybersecurity, I don't see a path to success that is not heavily driven by AI and automation. Attackers are too well funded and determined while customer networks, clouds, applications and users are too complex to manually defend. The only way to deliver meaningful security outcomes is by collecting rich useful data normalizing all data sources to a single source of truth and then applying AI models to detect attacks and automate responses in real time.

當我們展望網路安全的未來時，我認為沒有一條成功之路不是由人工智慧和自動化驅動的。攻擊者資金充足且意志堅定，而客戶網路、雲端、應用程式和用戶又過於複雜而無法進行手動防禦。提供有意義的安全成果的唯一方法是收集豐富的有用數據，將所有資料來源標準化為單一事實來源，然後應用人工智慧模型來偵測攻擊並即時自動回應。

We are now taking this to the next level. Earlier this year, we announced XSIAM, a fully integrated AI-driven SOC platform and kicked off a program with a limited number of design partners to ensure we had strong product market fit. The results of this design partner program are incredibly encouraging, proving our assumptions about the value of good quality data powering AI-based attack detection and native automation simplifying and speeding response. And I'm happy to say our first paid customer was a 7-figure purchase and most of the other design partners are likely to purchase in the coming months. We are on track to launch the product into a broader set of our customers in the first half of fiscal '23.

我們現在正在將其提升到一個新的水平。今年早些時候，我們發布了 XSIAM，這是一個完全整合的人工智慧驅動的 SOC 平台，並與有限數量的設計合作夥伴啟動了一項計劃，以確保我們擁有強大的產品市場契合度。這個設計合作夥伴計畫的結果非常令人鼓舞，證明了我們對優質數據的價值的假設，這些數據支持基於人工智慧的攻擊檢測和本機自動化，從而簡化和加速回應。我很高興地說，我們的第一個付費客戶的購買金額為 7 位數，大多數其他設計合作夥伴可能會在未來幾個月內購買。我們預計在 23 財年上半年向更廣泛的客戶群推出產品。

We could not have accomplished all we have in the last several years in advancing our lead in network security, standing up our cloud-native security platform and progressing towards the autonomous stock without our investments in innovation. Over the last several years, our R&D spending has grown in order to enable our ambition to lead with the 3 platforms. You see this in major product releases, which reached nearly 50 in FY '22.

如果沒有對創新的投資，我們不可能在過去幾年實現我們在網路安全領域的領先地位、建立我們的雲端原生安全平台以及邁向自主股票方面所取得的一切。在過去的幾年裡，我們的研發支出不斷成長，以實現我們在 3 個平台上處於領先地位的雄心壯志。您可以在主要產品發布中看到這一點，在 22 財年發布的產品已達到近 50 個。

As we move into FY '23, we are more committed than ever to leading in cybersecurity innovation. My team went through a rigorous process of prioritizing our most important investment areas across our 3 platforms. With the continued investment in R&D, I'm confident we're set up to deliver a great set of innovations in the coming year with focus on the most important areas for our success.

隨著我們進入 23 財年，我們比以往任何時候都更加致力於引領網路安全創新。我的團隊經歷了嚴格的流程，對 3 個平台上最重要的投資領域進行優先排序。透過對研發的持續投資，我相信我們將在來年提供一系列出色的創新，並專注於對我們成功最重要的領域。

With that, I'll pass it back to Nikesh.

這樣，我會將其傳回給 Nikesh。

Thanks, Lee. Before I wrap up and pass it to Dipak, I want to provide you with a high-level overview of how we are thinking about our financial targets in FY '23.

謝謝，李。在我結束並將其傳遞給 Dipak 之前，我想向您提供一個關於我們如何考慮 23 財年財務目標的高級概述。

I highlighted the strong drivers at play, including technology sector forces as well as drivers within cybersecurity. Lee just talked to you about all the innovation we have underway. We continue to have confidence in our team's execution and the traction we're seeing across our platforms. We expect to continue to deliver strong results, in line with the profile we have talked about for the last year since our Analyst Day.

我強調了發揮作用的強大驅動因素，包括技術部門力量以及網路安全領域的驅動因素。李剛剛向您介紹了我們正在進行的所有創新。我們仍然對團隊的執行力以及我們在平台上看到的吸引力充滿信心。我們預計將繼續取得強勁的業績，這與我們自分析師日以來去年討論的情況一致。

For fiscal year 2023, this includes billings growth of 20% to 21% and revenue growth with increasing predictability that is in the mid-20s. After achieving operating margins at the high end of our guidance in fiscal year '22, we intend to deliver operating margin expansion of 50 basis points to the high end of our guidance, with adjusted free cash flow margins of over 100 basis points at the high end of our guidance while absorbing increased supply chain costs and inflationary impacts. We achieved GAAP profitability in Q4 fiscal year '22 and we project this will continue for fiscal year '23.

對於 2023 財年，這包括 20% 至 21% 的帳單成長以及 20 多歲的可預測性收入成長。在 22 財年實現營業利潤率達到指導上限後，我們打算將營業利潤率擴大到指導上限 50 個基點，調整後的自由現金流利潤率將達到指導上限 100 個基點以上我們的指導結束，同時吸收增加的供應鏈成本和通膨影響。我們在 22 財年第四季實現了 GAAP 獲利能力，我們預計這種情況將持續到 23 財年。

Lastly, today, we also announced a 3-for-1 stock split. This was done to help ensure our shares are accessible to all employees and investors. The stock split also demonstrates our belief in the future of the company and the momentum and confidence we have in our strategy.

最後，今天我們也宣布進行一拆三的股票分割。這樣做是為了幫助確保所有員工和投資者都能獲得我們的股票。此次股票分割也顯示了我們對公司未來的信心以及對我們策略的動力和信心。

With that, I will pass on to Dipak to discuss our Q4 results in more detail as well as our Q1 and fiscal year '23 guidance.

接下來，我將請 Dipak 更詳細地討論我們第四季的業績以及我們第一季和 23 財年的指導。

Thank you, Nikesh, and good afternoon, everyone.

謝謝你，Nikesh，大家下午好。

Today, we again reported another strong quarter, which culminates in a strong fiscal year for Palo Alto Networks. For Q4, revenue of $1.55 billion grew 27% and was at the high end of our guidance range. Products grew 20% and total services grew by 30%. By geography, we saw strong growth across all theaters with EMEA up 33%, the Americas growing 26% and JAPAC growing 24%.

今天，我們再次報告了另一個強勁的季度，這為 Palo Alto Networks 帶來了強勁的財年。第四季的營收為 15.5 億美元，成長 27%，處於我們指引範圍的高端。產品成長 20%，總服務成長 30%。從地理來看，我們看到所有影院均出現強勁成長，其中歐洲、中東和非洲地區成長了 33%，美洲地區成長了 26%，日本地區成長了 24%。

Next-Generation Security ARR grew 60% to $1.89 billion with strength across the portfolio. In the fourth quarter of 2022, we delivered total billings of $2.69 billion, up 44%, which was above the high end of our guidance range. Total deferred revenue in Q4 was $6.99 billion, an increase of 39%. Remaining performance obligation, or RPO, was $8.2 billion increasing 40% with current RPO representing about half of our RPO similar to recent quarters.

下一代安全 ARR 成長 60%，達到 18.9 億美元，整個產品組合均表現強勁。 2022 年第四季度，我們的總營收達 26.9 億美元，成長 44%，高於我們指引範圍的上限。第四季遞延收入總額為 69.9 億美元，成長 39%。剩餘履約義務 (RPO) 為 82 億美元，成長了 40%，目前 RPO 約占我們 RPO 的一半，與最近幾季類似。

With nearly all of our hardware products now refreshed, as Lee had mentioned, over 50% of our Q4 product orders were booked with Generation 4. Customer reception has been positive, with the majority of customers still in the early phases of their upgrade. Our Firewall as a Platform billings grew 26%. We also continue to see an increasing software mix within our FWaaP billings, up 2 points to 48% in Q4.

正如Lee 所提到的，我們幾乎所有的硬體產品現在都已更新，我們第四季度超過50% 的產品訂單都是用第四代產品預訂的。升級的早期階段。我們的防火牆平台銷售額成長了 26%。我們也繼續看到 FWaaP 帳單中的軟體組合不斷增加，第四季成長了 2 個百分點，達到 48%。

Moving beyond the top line metrics I've already highlighted, non-GAAP gross margin of 73.2% was down 210 basis points year-over-year as we continue to incur additional expense for components and shipping. We expect this headwind to persist through much of fiscal year '23. Last Q4, we guided for a fiscal '22 operating margin of 18.5% to 19%. We're pleased to have achieved the high end of our goal by delivering 19% operating margin for fiscal year '22, while absorbing higher-than-expected supply chain costs. Non-GAAP net income for the fourth quarter grew 57% to $254 million or $2.39 per diluted share. Our non-GAAP effective tax rate was 22%, GAAP net income was $3 million or $0.03 per basic and diluted share.

除了我已經強調過的頂線指標之外，由於我們繼續承擔組件和運輸的額外費用，非 GAAP 毛利率為 73.2%，同比下降 210 個基點。我們預計這種逆風將持續整個 23 財年的大部分時間。上個季度，我們預計 22 財年的營運利潤率為 18.5% 至 19%。我們很高興實現了我們目標的高端，在 22 財年實現了 19% 的營業利潤率，同時吸收了高於預期的供應鏈成本。第四季非 GAAP 淨利成長 57%，達到 2.54 億美元，即稀釋後每股收益 2.39 美元。我們的非 GAAP 有效稅率為 22%，GAAP 淨利潤為 300 萬美元，即每股基本股和稀釋股 0.03 美元。

Turning now to the balance sheet and cash flow statement. We finished Q4 with cash, equivalents and investments of $4.69 billion. Days' sales outstanding was 98 days, several days above where it would have landed without the impact of late quarter shipments. Our discounts continue to be in line with what we have seen over the last year. Q4 cash flow from operations was $524 million. We generated adjusted free cash flow of $485 million. We achieved 33.3% adjusted free cash flow margins for the year, above the high end of our 32% to 33% guide for fiscal year '22.

現在轉向資產負債表和現金流量表。在第四季結束時，我們的現金、等價物和投資為 46.9 億美元。應收帳款天數為 98 天，比沒有受到季末出貨影響的情況下的銷售天數高出幾天。我們的折扣繼續與去年一致。第四季營運現金流為 5.24 億美元。我們產生了 4.85 億美元的調整後自由現金流。我們今年調整後的自由現金流利潤率為 33.3%，高於 22 財年 32% 至 33% 指導值的上限。

During Q4, we repurchased approximately 755,000 shares on the open market at an average price of approximately $483 per share for a total consideration of $365 million. Additionally, our Board of Directors authorized an additional $915 million for share repurchase, refreshing our authorization for future share repurchases back to $1 billion expiring December 31, 2023.

第四季度，我們在公開市場上回購了約 755,000 股股票，平均價格約為每股 483 美元，總代價為 3.65 億美元。此外，我們的董事會還額外授權 9.15 億美元用於股票回購，將我們對未來股票回購的授權重新調整至 10 億美元，截止日期為 2023 年 12 月 31 日。

On the M&A front, we closed 1 very small acquisition in Q4. We reduced our stock-based compensation as a percent of revenue by approximately 3% year-over-year and quarter-to-quarter. SBC will remain a focus area in fiscal '23 as we balance the use of SBC to attract and retain top cybersecurity talent with scale leverage we expect in this area.

在併購方面，我們在第四季完成了一項非常小的收購。我們將股票薪酬佔收入的百分比比去年同期降低了約 3%。 SBC 仍將是 23 財年的重點領域，因為我們將平衡 SBC 的使用，以吸引和留住頂尖網路安全人才，並利用我們預期在該領域的規模優勢。

Lastly, moving to guidance and modeling points. It is worth noting that in fiscal '22, we have flexibility built into our plans that allowed us to execute through some real-time developments during the year, such as supply chain and labor inflation. We've used the same approach in building our fiscal year '23 plans, incorporating a degree of flexibility of outcomes. It's also worth noting that we saw a very strong Q4 business activity. In some cases, this was from customers taking advantage of ordering hardware and especially subscriptions ahead of a price increase that took effect on August 1. We also saw some customers make large commitments in the fourth quarter that might have otherwise happened in fiscal year '23. As you think about next year, note that in the second half of fiscal '22, we have very strong billings with some benefit from an increase in invoicing of multiyear contracts for a few large customers. In Q4, without this impact, our billings would have been in the mid to high 30s.

最後，轉向指導和建模點。值得注意的是，在 22 財年，我們的計畫具有靈活性，使我們能夠執行年內的一些即時發展，例如供應鏈和勞動力通膨。我們在製定 23 財年計畫時使用了相同的方法，並納入了一定程度的結果彈性。另外值得注意的是，我們看到第四季的業務活動非常強勁。在某些情況下，這是由於客戶利用訂購硬體的優勢，特別是在8 月1 日生效的價格上漲之前進行的訂閱。這些承諾本來可能發生在'23 財年。當您考慮明年時，請注意，在 22 財年下半年，我們的帳單非常強勁，一些大客戶的多年合約發票增加帶來了一些好處。在第四季度，如果沒有這種影響，我們的帳單將在 30 多歲左右。

Turning to our guidance for the fiscal quarter of 2023. We expect billings to be in the range of $1.68 billion to $1.70 billion, an increase of 22% to 23%. We expect revenue to be in the range of $1.535 billion to $1.555 billion, an increase of 23% to 25%. We expect non-GAAP EPS to be in the range of $2.03 to $2.06.

轉向我們對 2023 財季的指導。我們預計營收將在 15.35 億美元至 15.55 億美元之間，成長 23% 至 25%。我們預計非 GAAP 每股盈餘將在 2.03 美元至 2.06 美元之間。

For the fiscal year '23, we expect billings to be in the range of $8.95 billion to $9.05 billion, an increase of 20% to 21%. We expect NGS ARR to be in the range of $2.60 billion to $2.65 billion, an increase of 37% to 40%. We expect revenue to be in the range of $6.85 billion to $6.9 billion, an increase of 25%. We expect product revenue to be in the mid to high single-digit percent range year-over-year. We expect fiscal '23 operating margins to be in the range of 19% to 19.5%, which is 50 basis points ahead of the range we provided at our fiscal -- for fiscal '22 and consistent with the growth targets we presented to our fiscal -- during our fiscal year '21 Analyst Day. We expect non-GAAP EPS to be in the range of $9.40 to $9.50. We expect adjusted free cash flow margin to be 33.5% to 34.5%, and we expect to be GAAP profitable for fiscal year 2023.

對於 23 財年，我們預計帳單將在 89.5 億美元至 90.5 億美元之間，成長 20% 至 21%。我們預計 NGS ARR 將在 26 億美元至 26.5 億美元之間，成長 37% 至 40%。我們預計營收將在 68.5 億美元至 69 億美元之間，成長 25%。我們預計產品收入將年比將處於中高個位數百分比範圍內。我們預計 23 財年的營業利潤率將在 19% 至 19.5% 的範圍內，這比我們在 22 財年提供的範圍高出 50 個基點，並且與我們向我們的財年提出的增長目標一致— —在我們會計年度的「21 分析師日」期間。我們預計非 GAAP 每股盈餘將在 9.40 美元至 9.50 美元之間。我們預計調整後的自由現金流利潤率為 33.5% 至 34.5%，我們預計 2023 財年將實現 GAAP 獲利。

Regarding our fiscal year '24 financial targets, which we outlined at our September 21 Analyst Day, we have strong confidence in achieving those objectives and we hope you take away from our call today some of the reasons behind this confidence.

關於我們在 9 月 21 日分析師日概述的 24 財年財務目標，我們對實現這些目標充滿信心，希望您能從我們今天的電話會議中了解這種信心背後的一些原因。

Additionally, please consider the following modeling points. We expect approximately 42% of our operating income to come in the first half of the fiscal year and approximately 58% in the second half. We expect our non-GAAP tax rate to remain at 22% for Q1 fiscal year '23, subject to the outcome of future tax legislation. For Q1 '23, we expect net interest and other income of $6 million to $8 million. We expect Q1 '23 diluted shares outstanding of 108 million to 110 million shares. We expect fiscal year '23 diluted shares outstanding of 111 million to 113 million shares. We expect our Q1 capital expenditures of $35 million to $40 million. And we expect fiscal year '23 capital expenditures of $190 million to $200 million.

此外，請考慮以下建模點。我們預計約 42% 的營業收入將來自本財年上半年，約 58% 將來自下半年。我們預計 23 財年第一季的非 GAAP 稅率將維持在 22%，具體取決於未來稅收立法的結果。對於 23 年第一季度，我們預計淨利息和其他收入為 600 萬至 800 萬美元。我們預計 23 年第一季稀釋後的已發行股數為 1.08 億至 1.1 億股。我們預計 23 財年攤薄後的流通股數量為 1.11 億至 1.13 億股。我們預計第一季的資本支出為 3,500 萬美元至 4,000 萬美元。我們預期 23 財年的資本支出為 1.9 億至 2 億美元。

And finally, as Nikesh noted, we announced today a 3-for-1 split of Palo Alto Networks common stock. The decision was driven by a desire to make our stock more accessible to our employees and the broader group of investors. It is also supported by our underlying confidence in our continued business momentum. Shareholders of record at the close of business on September 6, 2022, will receive 2 additional shares after the close of business on September 13, 2022, for every outstanding share held on September 6. Our stock will be trading on a split-adjusted basis on September 14, 2022.

最後，正如 Nikesh 指出的，我們今天宣布對 Palo Alto Networks 普通股進行 3 比 1 的分割。這項決定是出於讓我們的員工和更廣泛的投資者群體更容易獲得我們的股票的願望。我們對持續業務動能的基本信心也支持了這一點。 2022 年9 月6 日收盤時登記在冊的股東，將在2022 年9 月13 日收盤後，每9 月6 日持有的每一股流通股獲得2 股額外股份。的基礎上進行交易2022 年 9 月 14 日。

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

這樣，我會將電話轉回給克萊，以進行電話的問答部分。

Great. Thank you, Dipak. (Operator Instructions) The first question comes from Hamza Fodderwala of Morgan Stanley, with Rob Owens to follow.

偉大的。謝謝你，迪帕克。 （操作員說明）第一個問題來自摩根士丹利的 Hamza Fodderwala，接下來是 Rob Owens。

A really nice set of results. Dipak, just a clarification question for you real quick. Did you say that the billings growth in Q4 would have been mid to high 30s, excluding the estimated pull forward? And then also for Nikesh, you mentioned some early macro commentary about longer duration deals. Are you also seeing any changes in the sales cycle as you guys do more [7, 8-figure 9] deals? And then is that reflected in the guidance at all?

一組非常好的結果。 Dipak，我只是想快速向您澄清一個問題。您是否說過，不包括預計的提前拉動，第四季度的帳單增長將在 30 多歲左右？然後，對於 Nikesh，您提到了一些關於長期交易的早期宏觀評論。隨著你們進行更多 [7、8-數字 9] 交易，你們是否也看到銷售週期有任何變化？那麼這是否反映在指導上呢？

Yes. I just keep the efficiency of time. Yes, Dipak did say that if some of the -- it's important to understand, not just pull forwards, we had some large long-duration deals, having normalized for them. We just want to make sure we set expectations for next year, that 44% was exceptional and some of that was because of some large longer-duration deals. I mean normalize for that, then you'd end up in the mid to high 30s. So this is more precautionary in our part as opposed to telling you that we're not doing well.

是的。我只是保持時間的效率。是的，迪帕克確實說過，如果其中一些——重要的是要理解，而不僅僅是向前推進，我們有一些大型的長期交易，並已將它們標準化。我們只是想確保為明年設定預期，44% 是例外，其中一些是因為一些大型長期交易。我的意思是，對此進行正常化，那麼你最終會達到 30 多歲。因此，這對我們來說更具預防性，而不是告訴您我們做得不好。

On the front of like -- deal life cycles have been elongating at the top end of the market for us as the deal size have grown. This is not net new to us. This has been happening over the last 2 or 3 years. When I came, the largest deal we did was $28 million, now we've done deals closer to $100 million. Obviously, it takes a longer time to get a $100 million deal in place and requires a lot more validation from our customers' POCs and getting engaged.

首先，隨著交易規模的擴大，我們高端市場的交易生命週期一直在延長。這對我們來說並不新鮮。這種情況在過去兩三年裡一直在發生。當我來的時候，我們做過的最大一筆交易是 2800 萬美元，現在我們已經完成了接近 1 億美元的交易。顯然，達成 1 億美元的交易需要更長的時間，並且需要客戶的 POC 進行更多驗證並參與其中。

So that trend is consistent. We have not seen any change in that driven by economic factors. So that is your question. As I said, the 3 effects we saw, we shared a little bit of sweating of hardware assets to push them out a little longer. We've seen some people look at transformation projects. You can see them not go away from transformation. We've seen consolidation, those 3 things we've seen.

所以這個趨勢是一致的。我們沒有看到經濟因素帶​​來的任何改變。這就是你的問題。正如我所說，我們看到的 3 個效果，我們分享了一些硬體資產的汗水，以將它們推得更長時間。我們看到一些人正在考慮轉型專案。你可以看到他們並沒有擺脫轉型。我們已經看到了整合，我們已經看到了這三件事。

Great. Next question from Rob Owens of Piper Sandler with Phil Winslow to follow.

偉大的。下一個問題是 Piper Sandler 的 Rob Owens 和 Phil Winslow 提出的。

Would love to drill down into the success you guys are seeing in Prisma Cloud. And what are the biggest factors and/or technical differentiation that's driving your success right now?

我很想深入了解你們在 Prisma Cloud 中看到的成功。目前推動您成功的最大因素和/或技術差異是什麼？

Let me give you sort of an overarching picture, and Lee has been kind enough to elicit our product capabilities. But like -- very quickly, we're noticing that if you go out look that there's hundreds of billions of dollars of cloud being sold by our cloud service providers, the top 5 around the world. And what is becoming clear is most of the top end or large customers are in multiple clouds. They're not just in one. We ourselves are in GCP and AWS instances and in the (inaudible) of Azure. So we're seeing ourselves in multi-cloud scenario.

讓我為您提供一個整體概況，Lee 非常友善地介紹了我們的產品功能。但很快，我們注意到，如果你出去看看，我們的雲端服務供應商（全球排名前五名）正在銷售數千億美元的雲端服務。越來越清楚的是，大多數高階或大型客戶都位於多個雲端。他們不只合而為一。我們自己位於 GCP 和 AWS 執行個體以及 Azure（聽不清楚）中。所以我們看到自己處於多雲場景中。

So one, that multi-cloud development is causing customers to look for a multi-cloud solution, and that's normally not driven by one cloud service provider typically somebody like us. That's one part of it. The other part is if the customer is looking for a point solution, it's harder for us, but most customers are migrating away from point solutions, looking for a more platform approach. As Lee highlighted, which -- Bridgecrew, which we acquired operates on the left side of the development life cycle, the build life cycle. Prisma Cloud used to traditionally operate in the run cycle where you put things into production.

因此，多雲開發正在促使客戶尋找多雲解決方案，而這通常不是由像我們這樣的雲端服務供應商驅動的。這是其中的一部分。另一部分是，如果客戶正在尋找單點解決方案，這對我們來說會更困難，但大多數客戶正在放棄單點解決方案，尋找更多平台的方法。正如 Lee 所強調的，我們收購的 Bridgecrew 在開發生命週期的左側（即建造生命週期）運行。 Prisma Cloud 過去通常在將事物投入生產的運作週期中運作。

By connecting build and run, we've created the sort of even the extension to the development life cycle. So we are seeing people who are taking a serious view towards cybersecurity in the cloud come to Palo Alto Networks and not chase some point solutions. If you look at the industry, there are no platform solutions available. Most industry groups have already validated that as the SC awards we heard about this morning. So Lee, do you want to add something? Technical differentiation?

透過連接建置和運行，我們創建了開發生命週期的某種擴展。因此，我們看到認真對待雲端中網路安全的人們來到 Palo Alto Networks，而不是追求某些單點解決方案。如果你看看這個產業，你會發現沒有可用的平台解決方案。大多數行業團體已經證實了這一點，正如我們今天早上聽到的 SC 獎項一樣。那麼李，你想補充一下嗎？ 技術差異化？

You've been well-trained, Nikesh.

你受過良好的訓練，尼科甚。

All right.

好的。

I'll add one piece, and actually, Nikesh said it in his prepared remarks. Not only do we have a platform approach, but everything that we deliver from the platform is best in class. And that combination is critically important for our customers to have the trust and confidence in using Prisma Cloud.

我會添加一篇文章，實際上，尼科甚在他準備好的演講中說了這一點。我們不僅擁有平台方法，而且我們從該平台提供的一切都是一流的。這種組合對於我們的客戶對使用 Prisma Cloud 的信任和信心至關重要。

Great. Next, Phil Winslow of Credit Suisse with Adam to follow.

偉大的。接下來是瑞士信貸的菲爾溫斯洛（Phil Winslow）和亞當（Adam）。

Congratulations on a great end to the fiscal year. Now when we speak to your partners, a growing message back has been an increasing amount of demand for Prisma access, obviously had a great quarter. It's coming from enterprises that have been customers of other competing on-premise firewall vendors. However, they do not offer as robust as set of cloud services Palo Alto Networks does. And Lee, to your point, during your slides, the number that jumped out to us today was that more than 30% of new SASE logos in Q4 were new to Palo Alto Networks. So Nikesh, maybe Lee, if you could comment too. If you think forward here, what is the opportunity to not only monetize SASE and Prisma Access but also to potentially transition that largely on-premise installed base of those competing firewall vendors to Palo Alto Networks platform, what are you hearing from customers and why?

恭喜本財年圓滿結束。現在，當我們與您的合作夥伴交談時，越來越多的反饋是對 Prisma 訪問的需求不斷增加，顯然這個季度表現出色。它來自曾經是其他競爭性本地防火牆供應商客戶的企業。然而，它們提供的雲端服務不如 Palo Alto Networks 那麼強大。 Lee，就您的觀點而言，在您的幻燈片中，今天我們跳出的數字是，第四季度超過 30% 的新 SASE 徽標是 Palo Alto Networks 的新徽標。那麼 Nikesh，也許是 Lee，如果你也可以發表評論的話。如果您在此思考，不僅可以透過SASE 和Prisma Access 獲利，還可以將這些競爭性防火牆供應商的大部分本地安裝基礎遷移到Palo Alto Networks 平台，有什麼機會？為什麼？

Phil, I think in the last year, I would say, our ability to deliver, deploy and sell SASE has grown. And as you picked up the number, 30% of these customers are net new to Palo Alto. And the way it works is we go to them, they appreciate our firewalls, but the problem is they now have bought firewalls from somebody 2 years ago, 3 years ago, 5 years ago, and there's still a lot [end] of life on them. So they like us, they like our solutions, but they're not able to execute because somebody before them bought them or they bought them at a moment when they were deluded. So it now comes to a point where we are able to convince them that our SASE solution is right.

Phil，我認為去年我們交付、部署和銷售 SASE 的能力有所增強。當您收到這個數字時，您會發現這些客戶中有 30% 是帕洛阿爾託的新客戶。它的工作方式是我們去找他們，他們很欣賞我們的防火牆，但問題是他們現在已經從2 年前、3 年前、5 年前的某人那裡購買了防火牆，而且仍然有很多[終結]生命他們。所以他們喜歡我們，他們喜歡我們的解決方案，但他們無法執行，因為他們之前的人購買了它們，或者他們在被欺騙的時候購買了它們。因此，現在我們能夠讓他們相信我們的 SASE 解決方案是正確的。

Our excitement for these 30% customers is that, over time, they will then migrate their on-prem hardware to Palo Alto as well. And we're noticing early days, but we're noticing some of these customers who bought our SASE solution because they understand our security fabric then have deployed it, then it's a simple attach of putting hardware because security solutions have already been put into place.

我們對這 30% 的客戶感到興奮的是，隨著時間的推移，他們也將把本地硬體遷移到帕洛阿爾托。我們注意到早期，但我們注意到其中一些客戶購買了我們的 SASE 解決方案，因為他們了解我們的安全結構，然後部署了它，然後這是一個簡單的硬體連接，因為安全解決方案已經到位。

So we have taken share in the firewall market by most third-party estimates 300 to 400 basis points. And we think part of the driver is us being able to deliver a more comprehensive Zero Trust network security capability. As Lee highlighted, we have customers who have spent north of $100 million of lifetime value and network security with us, which is hard to do.

因此，我們在防火牆市場的份額被大多數第三方估計提高了 300 到 400 個基點。我們認為部分驅動因素是我們能夠提供更全面的零信任網路安全功能。正如 Lee 所強調的那樣，我們的客戶在我們的終身價值和網路安全方面花費了超過 1 億美元，這是很難做到的。

Great. Next is Adam Tindle of Raymond James with Brian Essex to follow.

偉大的。接下來是雷蒙德詹姆斯 (Raymond James) 的亞當廷德爾 (Adam Tindle) 和布萊恩埃塞克斯 (Brian Essex)。

Okay. Nikesh on the NGS portfolio, congrats on the success. You're just under $2 billion at this point. And I thought I'd maybe touch on the growth versus profitability algorithm for that piece of the business now that at this level of scale. If I look at the fiscal '23 guidance, it implies that new NGS ARR is going to be just over $700 million, which is a big number, but it's about the same dollar amount as you added in fiscal '22. Could you maybe speak to kind of the crossroads of opportunity to invest more for NGS ARR, maybe a new step function level of new ARR growth versus is it a better opportunity now to harvest and improve profitability? And certainly, any metrics you can provide on where you are and where you can go and NGS profitability would be great.

好的。 Nikesh 談及 NGS 產品組合，恭喜您取得成功。此時你的資產還不到 20 億美元。我想我可能會討論一下該業務在這種規模水平上的成長與獲利演算法。如果我看一下 23 財年的指導，這意味著新的 NGS ARR 將略高於 7 億美元，這是一個很大的數字，但與您在 22 財年添加的金額大致相同。您能否談談對 NGS ARR 進行更多投資的機會十字路口，也許是新 ARR 增長的新台階功能水平，還是現在收穫和提高盈利能力的更好機會？當然，如果您能提供任何關於您現在的位置、您可以去往的地方以及 NGS 盈利能力的指標，那就太好了。

So I'm sorry, I'm confused. Are you saying 50%, 60% growth is time to harvest or time to grow faster? Sometimes I can never make you guys happy. It's like 3 years ago, we said $1 billion, you guys said, that's a big number, you won't get there. We get you to $1.9 billion in 4 years, and you sit and say, that's part of the course now, just like start making more money. Like, as Lee highlighted, we are trying to balance our R&D spend with our growth aspirations.

所以我很抱歉，我很困惑。你說50%、60%的成長是收穫的時間還是更快成長的時間？有時我永遠無法讓你們幸福。就像3年前，我們說10億美元，你們說，這是一個很大的數字，你們達不到那裡。我們在 4 年內讓你達到 19 億美元，然後你坐下來說，這是現在課程的一部分，就像開始賺更多錢一樣。就像李強調的那樣，我們正在努力平衡我們的研發支出和我們的成長意願。

I personally believe there is so much room in the cybersecurity market as we've demonstrated. Since I came, we've -- revenue growth is up 50% in terms of percentage growth. So we used to grow in the 19%, 20% range, growing at 20% to 29%. And I think that's a good place. It's such large numbers. We're growing at a good number. We're going to keep balancing our investment yet showing you fiscal prudence.

我個人認為，正如我們所展示的那樣，網路安全市場有很大的空間。自從我加入以來，我們的收入成長百分比增加了 50%。所以我們過去的成長率是19%、20%，現在是20%到29%。我認為那是個好地方。這是如此大的數字。我們正在以良好的數字成長。我們將繼續平衡我們的投資，同時向您展示財政審慎。

Could I go spend more money and let the operating margin (inaudible) lower? Yes. But I don't want to. We promised that we keep extracting operating margin to make sure we're fiscally prudent, and we're going to do that. But at the same time, we use the opportunity of every dollar to make it more efficient and keep spending for growth. We think our growth profile, obviously, as you would expect, has improved for most of our products that we were taking bets on about 3 or 4 years ago.

我可以花更多的錢並降低營業利潤率（聽不清楚）嗎？是的。但我不想。我們承諾將繼續提取營業利潤率，以確保我們在財務上保持審慎，我們將會這樣做。但同時，我們利用每一塊錢的機會來提高效率並持續支出以促進成長。我們認為，正如您所期望的那樣，我們的成長狀況顯然已經改善，我們在大約三、四年前押注的大多數產品都有所改善。

I think it's also important to understand ARR is a leading indicator of revenue. So revenue comes in after ARR and then you have costs come in on day 1. So yes, our operating margins for these new areas are getting better, in some cases, getting to positive from negative. But I think we're still further away until you see the impact of the [$700 million, $800 million] we added this year. As that flows into revenue, the next 700 flows in revenue, we hopefully will keep expanding operating margins, which is fueling our ability to give you that 50 basis point expansion over the years. But we're going to keep striking the balance.

我認為了解 ARR 是收入的領先指標也很重要。因此，收入是在ARR 之後產生的，然後第一天就會產生成本。 所以，是的，我們在這些新領域的營業利潤率正在變得更好，在某些情況下，從負值變為正值。但我認為，在您看到我們今年增加的 [7 億美元、8 億美元] 的影響之前，我們還很遙遠。隨著這流入收入，接下來的 700 個收入流入，我們希望能夠繼續擴大營業利潤率，這將增強我們多年來為您提供 50 個基點擴張的能力。但我們將繼續保持平衡。

Great. Next is Brian Essex of Goldman Sachs, with Fatima Boolani to follow.

偉大的。接下來是高盛 (Goldman Sachs) 的布萊恩·埃塞克斯 (Brian Essex)，接下來是法蒂瑪·布爾尼 (Fatima Boolani)。

My congratulations on the results as well. It's great to see. Maybe, Nikesh, if you could help us reconcile what you're seeing on the product revenue side, particularly within the context of your guidance next year, particularly given what you said about consolidating, sharing your platform, early stages of refresh cycle, but it sounds like you've got some great VM series traction and the percentage of revenue of total Firewall as a Platform business is accelerating. What are the underlying assumptions behind that mid to high single-digit product revenue growth? Where could you see upside? And how are things different underlying those expectations compared to what you're seeing today?

我也對結果表示祝賀。很高興看到。也許，Nikesh，如果你能幫助我們協調你在產品收入方面看到的情況，特別是在你明年的指導背景下，特別是考慮到你所說的整合、共享平台、更新周期的早期階段，但是聽起來您已經獲得了一些巨大的VM 系列吸引力，而防火牆作為平台業務的總收入百分比正在加速成長。產品收入中高個位數成長背後的基本假設是什麼？在哪裡可以看到好處？與您今天所看到的相比，這些期望背後的情況有何不同？

Yes, Brian, as you know, thank you for the question, and thank you for your kind words. Look, we had the similar set of expectations last year going into this fiscal year. And we benefited from some price increases, as you know. We also benefited from some pull-through activities by customers because there were supply chain prices and people were trying to make sure, they're stocking up. We just want to be prudent. We don't anticipate more price increases because our philosophy is we don't want to keep driving prices up. Because when you keep increasing prices, when supply chain settles down, you have to cut prices. And I don't want to be in that scenario where we're showing you tremendous volatility in our product revenue. So that's kind of one factor is the price normalization.

是的，布萊恩，如你所知，謝謝你的提問，也謝謝你的客氣話。看，我們去年對本財年有類似的預期。如您所知，我們從價格上漲中受益。我們也受益於客戶的一些拉動活動，因為有供應鏈價格，而且人們試圖確保他們正在備貨。我們只是想保持謹慎。我們預計價格不會進一步上漲，因為我們的理念是我們不想繼續推高價格。因為當你不斷提高價格時，當供應鏈穩定下來時，你必須降價。我不想出現這樣的情況：我們向您展示我們產品收入的巨大波動。所以其中一個因素就是價格正常化。

The second factor is potential pull-in by customers because of supply chain constraints and ordering ahead. If you balance that out, we think the number is still in the low to high single-digits. But again, as I've told you from perhaps 5 years ago, we are focusing on Firewall as a Platform. The more I drive SASE, the more I drive virtual firewalls, the better off we are as transitioning our business. It's going to be highlighted. 70% of our revenue now is predictable going into next quarter. We highlighted that 80% of our software subscription is coming from software.

第二個因素是由於供應鏈限制和提前訂購而可能吸引客戶。如果你平衡一下，我們認為這個數字仍然是從低到高的個位數。但正如我大約 5 年前告訴過您的那樣，我們將重點放在防火牆作為平台上。我越多推動 SASE，就越多地推動虛擬防火牆，我們的業務轉型就越好。它將被突出顯示。現在我們 70% 的收入預計會進入下個季度。我們強調，我們 80% 的軟體訂閱來自於軟體。

So we are trying to make sure we keep transforming this business and software business. We love our hardware business. It drives a lot of its installed base. It lies with lots of refreshes. It drives a lot of our advanced Threat Prevention capability. So please don't take away, that's not now a favorite child of ours. But at the same time, we are cautious and we're making sure we balance the growth in our hardware business with the thrust we're putting into SASE and Cloud and Cortex.

因此，我們正在努力確保我們不斷改變這項業務和軟體業務。我們熱愛我們的硬體業務。它帶動了很多安裝基礎。它有很多刷新。它推動了我們許多先進的威脅防禦能力。所以請不要帶走，那現在已經不是我們最喜歡的孩子了。但同時，我們持謹慎態度，確保在硬體業務的成長與 SASE、雲端和 Cortex 的推動之間取得平衡。

Great. Next from Fatima Boolani of Citigroup with Saket Kalia next.

偉大的。接下來是花旗集團的 Fatima Boolani 和 Saket Kalia。

Nikesh, for you, if I calculate rough back at the envelope math, you had roughly maybe 10% of your billings tied to a handful of transactions. So as I think about large deal dependency and $75 million, $100 million deals becoming the norm at Palo Alto, how do you put your head together with Dipak to sort put guardrails around the guidance as the business becomes a little bit more levered to some of these larger deals, especially given your scale?

Nikesh，對於你來說，如果我粗略地計算一下信封數學，你大約有 10% 的帳單與少數交易相關。因此，當我想到大筆交易的依賴性以及7500 萬美元、1 億美元的交易成為帕洛阿爾託的常態時，隨著業務變得更加槓桿化，您如何與Dipak 一起在指導方針周圍設置護欄？

Let me [go] back. First of all, we were careful, we said mid-to-high 30s. So it's not exactly 10%. It's somewhere between 5% and 8%, if you will, if you were bringing back of the math envelope. But yes, 5% to 8%. But look, part of it is we also told we have 1,200 millionaire customers. I think in cybersecurity, that makes us the largest number of millionaire customers you're going to expect. There's a large amount of customers between that and the $1 million customers, $100 million and $1 million, there's a lot of people -- there are lots of numbers between 1 and 100. So you can expect we have people pretty much at every number.

讓我回去吧。首先，我們很小心，我們說的是中高30歲。所以不完全是10%。如果你願意的話，如果你帶回數學信封的話，它在 5% 到 8% 之間。但是是的，5% 到 8%。但看，部分原因是我們也告訴我們我們有 1,200 位百萬富翁客戶。我認為在網路安全方面，這使我們成為您所期望的數量最多的百萬富翁客戶。介於 100 萬美元和 1 億美元到 100 萬美元之間的客戶數量很大，有很多人 - 1 到 100 之間有很多數字。

Part of it is a balancing act in terms of what deals we prioritize and what deals we focus on. Remember, $100 million deals don't go away. They just take longer. So we [couldn't] get it done in Q1. We'll get it done in Q2. So our customer doesn't wake up one morning and say, you know that deal have been discussing in the last 9 months for $100, it's not going to happen. It typically it becomes a $60 million deal or you say it's going to happen in the following quarter. So our job is to have a lot more pipeline in our portfolio to make sure that we're able to bring enough of them in, to be able to keep you hungry analysts away from destroying our credibility or whatever the right phrase is. Have we got you convinced yet, Fatima or not? I'm still waiting.

其中一部分是在我們優先考慮的交易和我們關注的交易方面進行平衡。請記住，1 億美元的交易不會消失。他們只是需要更長的時間。所以我們[無法]在第一季完成它。我們將在第二季完成。因此，我們的客戶不會有一天早上醒來來說，你知道過去 9 個月裡一直在討論 100 美元的交易，這不會發生。通常它會成為一筆 6000 萬美元的交易，或者你說它將在下個季度發生。因此，我們的工作是在我們的投資組合中擁有更多的管道，以確保我們能夠引入足夠的管道，從而能夠讓你們飢餓的分析師遠離破壞我們的信譽或任何正確的措辭。無論法蒂瑪與否，我們已經讓您信服了嗎？我還在等。

I'm on the bullet train.

我在子彈列車上。

All right, good. Fantastic. Thank you.

好吧，很好。極好的。謝謝。

All right. Great. Next question from Saket Kalia of Barclays with Brent Thill next.

好的。偉大的。巴克萊銀行的 Saket Kalia 和 Brent Thill 提出了下一個問題。

Okay. Great. Echo my congrats on a very strong quarter. Dipak, maybe for you. You mentioned in your prepared remarks that you took the same approach with FY '23 guide as you did with FY '22, which was obviously very strong. So maybe the question for you is, as we all contemplate the impact of macro uncertainty for next year, how did you sort of think about that when you were kind of thinking about that billings guide for next year, which, again, was very strong at a higher base for '22?

好的。偉大的。恭喜這個季度的強勁表現。迪帕克，也許適合你。您在準備好的發言中提到，您對 23 財年指南採取了與 22 財年指南相同的方法，這顯然非常有力。因此，也許您面臨的問題是，當我們都在考慮明年宏觀不確定性的影響時，當您考慮明年的比林斯指南時，您是如何考慮的，該指南再次非常強大'22 的基數更高？

Yes. I don't think there's anything different that I'm going to tell you, Saket, that's already -- that's not already in our prepared remarks. I mean, I think it's really a question of just dissecting what are the impacts of the macro, figuring out what supply chain-related, what's inflation-related, what's demand-related and then just making sure that we methodically work through it, like Nikesh and I and the leadership team have a lot of debates, right, during the course of the annual planning process, and then we just try to make sure that we're thinking through scenarios and having enough flexibility for different scenarios. But really nothing to add beyond the prepared remarks.

是的。 Saket，我不認為我要告訴你什麼不同的事情，這在我們準備好的發言中還沒有。我的意思是，我認為這實際上是一個剖析宏觀影響的問題，弄清楚哪些與供應鏈相關，哪些與通膨相關，哪些與需求相關，然後確保我們有條不紊地解決它，例如尼科甚和我以及領導團隊在年度規劃過程中進行了很多辯論，對吧，然後我們只是盡力確保我們正在考慮各種場景，並對不同的場景有足夠的靈活性。但除了準備好的言論之外，真的沒有什麼好補充的。

Great. Next is Brent Thill of Jefferies with Andy Nowinski next.

偉大的。接下來是 Jefferies 的 Brent Thill 和 Andy Nowinski。

You have [Joe] on for Brent. Congrats on the result. Maybe just a follow-up to that last question. Appreciate the extra prudence, and I know that it's your fiscal first quarter, but is there any reason why the growth rate would half? I know there's some duration in 4Q, but just maybe talk about the billings guidance as it relates to [F 1Q].

你讓[喬]代替布倫特。恭喜結果。也許只是最後一個問題的後續。感謝您的額外謹慎，我知道這是您的第一財季，但有什麼原因導致成長率減半嗎？我知道第四季度有一些持續時間，但也許只是談論與 [F 1Q] 相關的比林斯指導。

So I think again, ultimately, we talked about how you've got to normalize it for some large deals. We did also take a price increase on August 1. I think, again, we're just trying to be prudent at the beginning of the fiscal year and make sure that we're not getting ahead of our SKUs. I mean the 20% to 21% is the fiscal year guide. I think we've guided a little bit higher in Q1, specifically, but I think -- yes, and still ahead of consensus. So I think we feel pretty good about the pipeline, all the metrics that we look at.

所以我再次認為，最終我們討論瞭如何在一些大型交易中使其正常化。我們也在 8 月 1 日進行了提價。我的意思是 20% 到 21% 是財政年度的指導。具體來說，我認為我們在第一季的指引有點高，但我認為 - 是的，而且仍然領先於共識。所以我認為我們對管道以及我們關注的所有指標都感覺很好。

(inaudible) Important to understand the overall market context. You've got companies which are reducing guidance, companies which are cutting EPS guidance. There are companies which are warning a potential customer deal life cycles being smaller. So we're trying to make sure that we are prepared for both the upside and downside scenario. I think it's fair for us to be prudent in that market.

（聽不清楚）了解整體市場背景很重要。有些公司正在削減指導，有些公司正在削減每股收益指引。有些公司警告潛在客戶的交易生命週期正在變短。因此，我們正在努力確保我們為上行和下行情況做好準備。我認為我們在這個市場上保持謹慎是公平的。

Okay, great. Next, we've got Andy Nowinski of Wells Fargo with Joel Fishbein next.

好的，太好了。接下來是富國銀行的安迪·諾文斯基和喬爾·菲什拜因。

Great. First, I just want to extend my congrats on a great quarter and the billings guidance, particularly in light of the much higher comp you have this year. So for a question, I wanted to ask about your win rates on Prisma SASE because none of your competitors have firewalls or other solutions to offer beyond their SASE solutions. So I'm wondering if the rest of your portfolio might actually be your most sustainable competitive advantage that's driving that growth in new logos you're seeing with Prisma SASE.

偉大的。首先，我只想對出色的季度和比林斯指引表示祝賀，特別是考慮到今年的薪酬要高得多。因此，對於一個問題，我想問一下你們在 Prisma SASE 上的勝率，因為除了他們的 SASE 解決方案之外，你們的競爭對手都沒有防火牆或其他解決方案。因此，我想知道您的產品組合的其餘部分實際上是否可能是您最可持續的競爭優勢，從而推動您透過 Prisma SASE 看到的新徽標的成長。

Andy, I think part of -- if you look at it historically, until about 3 years ago, we didn't have a SASE product that we could actually go head-to-head with the industry leader, let's just say, right? What has happened in the last 1.5 years or 2, we've become a force to reckon with. I'd say in the most -- the largest enterprise deal is head-to-head with 2 vendors. Very rarely do we see a third. This doesn't take a lot to guess who the second vendor is. And 2 years ago, we were not showing up to the party. 2 years ago, getting 1 or 2 deals out of 10. Now we think we're in 5 to 6 out of 10 deals. And our aspiration is next year to be 10 out of 10 deals.

安迪，我認為，如果你回顧歷史，直到大約 3 年前，我們還沒有一款可以真正與行業領導者正面交鋒的 SASE 產品，我們可以這樣說，對嗎？過去 1.5 年或 2 年發生的事情，我們已經成為一股不可忽視的力量。我想說的是，最大的企業交易是與兩家供應商正面交鋒。我們很少看到第三個。不需要太多就能猜出第二個供應商是誰。兩年前，我們沒有參加聚會。 2 年前，每 10 筆交易中有 1 到 2 筆。我們的願望是明年達到 10 筆交易中的 10 筆。

You know what, hopefully, if we can win half the deals that we're in, we'll be growing at big numbers like we did this year. So we think we are coming of age in our SASE business. We have a lot of respect for the other player in the market. We think we have a better solution technically. We're seeing that when enterprise architectures come to play where customers want to integrate a Zero Trust strategy across hardware, software and remote access driven solutions. We believe that we have a technical edge. At the same time, we made the early decision to deploy that on the public cloud. We actually are the only company that can deliver your SASE solution on the public cloud with redundancy. So GCP goes down, we hot switch to AWS. As AWS goes down, we hot switch to GCP. So we give you the highest level SLA in the SASE business in the market today.

你知道嗎，如果我們能夠贏得一半的交易，我們將像今年一樣大幅成長。因此，我們認為我們的 SASE 業務已經成熟。我們非常尊重市場上的其他參與者。我們認為我們在技術上有更好的解決方案。我們看到，當企業架構發揮作用時，客戶希望跨硬體、軟體和遠端存取驅動的解決方案整合零信任策略。我們相信我們擁有技術優勢。同時，我們很早就決定將其部署在公有雲上。實際上，我們是唯一一家能夠在公有雲上提供冗餘 SASE 解決方案的公司。所以 GCP 宕機了，我們熱切換到 AWS。當 AWS 發生故障時，我們會熱切換到 GCP。因此，我們為您提供當今市場上 SASE 業務中最高等級的 SLA。

All right. Next, we've got Joel Fishbein of Truist Securities, followed by Keith Bachman.

好的。接下來是 Truist Securities 的 Joel Fishbein，其次是 Keith Bachman。

So I was on mute. Nikesh, just wanted to follow up on Fed spending and SLED spending, particularly since Palo Alto is probably in the pull position to deal with the Zero Trust environment that the federal government's espousing a strategy around it, and I would love to just get an update. It seems like there's a lot of rhetoric, but not a lot of spending.

所以我就靜音了。 Nikesh，只是想跟進美聯儲支出和 SLED 支出，特別是因為帕洛阿爾托可能處於處理零信任環境的拉動位置，聯邦政府正在支持圍繞它的戰略，我很想了解最新情況。看起來說詞很多，但花錢不多。

Joel, as you'll appreciate, what typically happens when a new administration comes into place. The first 6 months, they spend the time getting to know each other. The next 6 months, they write a lot of executive orders and then we get into implementation, if we're lucky in year 2. So yes, we have seen great signs of alignment in the Fed market. We have seen some good executive orders that align towards more awareness around cybersecurity.

喬爾，正如你所理解的，新政府上任時通常會發生什麼。前六個月，他們花時間互相了解。接下來的 6 個月，他們會制定大量行政命令，然後如果我們在第二年幸運的話，我們就會開始實施。我們已經看到了一些好的行政命令，這些命令旨在提高人們對網路安全的認識。

As you know, the SEC is also looking at it how to make it a more relevant conversation (inaudible). So all the signs are headed in the right direction. The fiscal year close for Fed comes in, in the next 1.5 months. So we should hopefully see some activity in Q1 around that. And I think next year should be a better year for Fed spending, especially around Zero Trust and SASE and Cloud.

如您所知，美國證券交易委員會也在研究如何使其成為更具相關性的對話（聽不清楚）。因此，所有跡像都在朝著正確的方向發展。聯準會將在未來 1.5 個月內結束本財年。因此，我們應該希望在第一季看到一些圍繞這方面的活動。我認為明年對聯準會支出來說應該是更好的一年，尤其是在零信任、SASE 和雲端。

All right. Next is Keith Bachman with BMO, with Gregg Moskowitz to follow.

好的。接下來是 BMO 的 Keith Bachman，接著是 Gregg Moskowitz。

Great. Lee, I want to bring you into the conversation for a second, if I could. Lots of good metrics around Cortex. And I was just wondering how you're thinking about the growth potential in Cortex and particularly with XSIAM coming in the first half, does that you think actually cause an acceleration in growth in Cortex? And Dipak, if I could just ask a clarification, sneak one in here. For the billings guide, are you assuming duration neutral in FY '23? Or any kind of assumptions around duration and pricing that we should be thinking about in that '20 to '21 billings guide when you compare this year to last year?

偉大的。李，如果可以的話，我想請你參與對話。圍繞 Cortex 有很多好的指標。我只是想知道您如何看待 Cortex 的成長潛力，特別是 XSIAM 在上半年推出，您認為這實際上會導致 Cortex 的成長加速嗎？迪帕克（Dipak），如果我能要求澄清的話，請偷偷溜進來。對於帳單指南，您是否假設 23 財年的久期為中性？或者，當您將今年與去年進行比較時，我們應該在「20 至 21 年帳單指南」中考慮有關持續時間和定價的任何假設？

Yes. Thanks for the question, Keith. The -- we saw another year of good traction with Cortex across XDR, XSOAR and Xpanse. And I anticipate that we'll continue to see that traction in FY '23 given the product innovation that we've driven and will continue to drive across those 3 products and the value they provide.

是的。謝謝你的提問，基斯。我們又看到 Cortex 在 XDR、XSOAR 和 Xpanse 上取得了良好的進展。鑑於我們推動的產品創新並將繼續推動這 3 種產品及其提供的價值，我預計我們將在 23 財年繼續看到這種吸引力。

When I think about XSIAM, I think of it as being the start of a fairly exciting journey, but it's going to be a multiyear journey. I don't see it as being just a quick hit. It's a more architectural transformation. It is truly what I believe customers need but it will take a little bit longer for that to fully play out. And I'm very encouraged by the design partner program we ran, but there's -- we're going to see that play out over the course of the next year, and hopefully, that sets the foundation for the years to come.

當我想到 XSIAM 時，我認為它是一個相當令人興奮的旅程的開始，但這將是一個多年的旅程。我不認為這只是一個快速打擊。這是一個更多的架構轉變。我相信這確實是客戶所需要的，但需要更長的時間才能完全發揮作用。我對我們運行的設計合作夥伴計劃感到非常鼓舞，但是我們將看到該計劃在明年的過程中發揮作用，並希望這為未來幾年奠定了基礎。

Okay. Great.

好的。偉大的。

And then just to answer your question on duration and pricing. No significant changes on duration and no additional pricing beyond the ones that we've already announced. We call August 1, we did have a price increase that was about 5% on our hardware.

然後回答您有關期限和定價的問題。除了我們已經宣布的價格之外，期限沒有重大變化，也沒有額外的價格。 8 月 1 日，我們的硬體價格確實上漲了約 5%。

Right. Gregg Moskowitz, Mizuho Securities, followed by Matt Hedberg.

正確的。瑞穗證券的格雷格·莫斯科維茨（Gregg Moskowitz）和馬特·赫德伯格（Matt Hedberg）緊隨其後。

All right. So Nikesh, at the beginning of your fiscal '22 year, you spoke about a more incremental period, a more moderate period, if you will, as it relates to acquisitions. But earlier, Lee did also mention several opportunities for new modules and valuation multiples having generally come in, I'm curious how you're thinking about M&A in fiscal '23.

好的。因此，Nikesh，在您的 22 財年伊始，您談到了一個更加增量的時期，一個更加溫和的時期，如果您願意的話，因為它與收購有關。但早些時候，Lee 也提到了新模組和估值倍數的幾個機會，我很好奇你如何看待 23 財年的併購。

So we outlined that we -- it's harder to do M&A now than it was 3 or 4 years ago because we had such a wide canvas or blank canvas in terms of various opportunities where we could go make acquisitions. Today, we have to balance the idea of an acquisition to make sure that is it consistent with our product strategy, is it an overlapping acquisition or is it a complementary acquisition where we can integrate over time. So that reduces the amount of the opportunity out there.

所以我們概述說，現在進行併購比三、四年前更難了，因為我們在各種可以進行收購的機會方面有如此廣泛的畫布或空白畫布。今天，我們必須平衡收購的想法，以確保它與我們的產品策略一致，是重疊收購，還是我們可以隨著時間的推移進行整合的補充收購。這樣就減少了機會的數量。

As I've always said, we're very focused on product area acquisitions as opposed to go-to-market acquisitions because we have a -- as you can see, from our ARR or NGS, $1.9 billion. We have the ability to go sell good stuff if we get good stuff from our product better than here. So I think we will continue to stay on the lookout and scan the market. We are not in the mindset of acquiring large deals. We're in the mindset of looking for great product teams that we can complementarily attach to our capabilities.

正如我一直說的，我們非常關注產品領域的收購，而不是進入市場的收購，因為正如你所看到的，我們的 ARR 或 NGS 價值為 19 億美元。如果我們從我們的產品中獲得比這裡更好的好東西，我們就有能力去銷售好東西。因此，我認為我們將繼續保持警惕並掃描市場。我們不打算收購大筆交易。我們的想法是尋找能夠補充我們能力的優秀產品團隊。

So we keep scanning the market and if something shows up, we'll do it. But again, I don't think it has ever been a significant part of our effort in terms of our market cap. When we did the first $2.5 billion, the market cap was $20 million, $25 million, now it's $50 million. So you can imagine it's a small scale relative to what the opportunity for the company is, and that's how we think about it.

因此，我們不斷掃描市場，如果有任何東西出現，我們就會這樣做。但同樣，我認為就我們的市值而言，這從來都不是我們努力的重要組成部分。當我們完成第一個 25 億美元時，市值是 2000 萬美元、2500 萬美元，現在是 5000 萬美元。所以你可以想像，相對於公司的機會來說，它的規模很小，這就是我們的想法。

We're not jumping at the bid right now. The market -- I think it's kind of like -- the public market has rationalized, the private markets probably haven't yet. It's a bit like real estate and people remember the last the neighbor's house, what is sold at, they kind of forget what their house is worth. So until people realize the true value of their house, it's going to be a little longer before acquisitions come into the security market again.

我們現在不會急於出價。市場——我認為這有點像——公共市場已經合理化，但私人市場可能還沒有。這有點像房地產，人們記得鄰居的房子最後賣的價格，他們有點忘記自己的房子值多少錢。因此，在人們意識到自己的房子的真正價值之前，收購再次進入安全市場還需要一段時間。

Great. Matt Hedberg, RBC followed by Gray Powell.

偉大的。馬特·赫德伯格（Matt Hedberg），加拿大皇家銀行，其次是格雷·鮑威爾（Gray Powell）。

Nikesh and team, congrats on the results. The success of your SASE portfolio is obviously impressive. I'm wondering, as you approach the fiscal year, are there things that you're doing from a go-to-market perspective to even drive higher cross-sell? I believe you have about 54,000 firewall customers and now just shy of 3,600 SASE customers. Just kind of curious how you think about maybe driving even more cross-sell what is obviously (inaudible).

尼科甚和他的團隊，祝賀我們的成果。您的 SASE 產品組合的成功顯然令人印象深刻。我想知道，當您接近本財年時，您是否從進入市場的角度正在做一些事情來推動更高的交叉銷售？我相信您有大約 54,000 個防火牆客戶，現在只有 3,600 個 SASE 客戶。只是有點好奇你如何看待可能推動更多的交叉銷售（聽不清楚）。

So Matt, thank you for the question. It's a great question. It's something our management team has spent a lot of time thinking about. And what we are doing going into this fiscal year is we used to have SASE sales specialists. And what we've done is we have merged them into our core sales team, and we've been running boot camps for the last 6 to 8 weeks training everybody out in the field for SASE. So we're converting our entire core field team, our network security team into a SASE-first team which is the way -- only way we can get amplification across 2,000 sellers and actually go make sure there's a SASE opportunity to be uncovered to every customer.

馬特，謝謝你的提問。這是一個很好的問題。這是我們的管理團隊花了很多時間思考的事情。我們在本財年所做的事情是我們過去擁有 SASE 銷售專家。我們所做的就是將他們合併到我們的核心銷售團隊中，並且在過去 6 到 8 週內我們一直在舉辦新手訓練營，對 SASE 領域的每個人進行培訓。因此，我們正在將整個核心現場團隊、我們的網路安全團隊轉變為 SASE 優先團隊，這是我們能夠在 2,000 名賣家中獲得放大效果的唯一方法，並真正確保每個人都能發現 SASE 機會。

So we think SASE has come of age. We think SASE is the linchpin towards our network security strategy. We think this is going to be a very, very large market in the next 5 to 10 years. And we think we're 1 of 2 vendors in the market who will be invited to every opportunity, and we hope to win our disproportionate share.

所以我們認為 SASE 已經成熟。我們認為 SASE 是我們網路安全策略的關鍵。我們認為未來5到10年這將會是一個非常非常大的市場。我們認為我們是市場上將被邀請利用每個機會的兩家供應商之一，我們希望贏得不成比例的份額。

Right. Yes. Great. Our last question for the day from Gray Powell with BTIG.

正確的。是的。偉大的。今天的最後一個問題來自 BTIG 的 Gray Powell。

All right. And congratulations on the strong results. So yes, I guess I'll stick with the SASE theme. And I'd be really curious, I mean a lot of other companies that have reported earnings in the security space, they're talking about longer sales cycles, particularly for larger, more complex deals. How does that play into the Prisma SASE portfolio? Are you seeing any macro impact there, particularly in terms of pipeline? And then was that like a consideration in the NGS ARR guidance.

好的。並祝賀取得的優異成績。所以是的，我想我會堅持使用 SASE 主題。我真的很好奇，我的意思是許多其他公司在安全領域報告了收益，他們正在談論更長的銷售週期，特別是對於更大、更複雜的交易。這對 Prisma SASE 產品組合有何影響？您是否看到了任何宏觀影響，特別是在管道方面？然後，這就像 NGS ARR 指南中的考慮因素一樣。

Look, Gray, as I said, first and foremost, the large complex deals take longer to get done. And SASE does take longer because customers -- SASE is just not buying a security and bolting it on. It's actually re-architecting your network access. It actually just how your laptop dolls in into your work if you're using Palo Alto SASE or Prisma SASE. So it's kind of important because if your laptop doesn't get access to BTIG's infrastructure, you're in trouble. So it becomes a network play as much as a security play. So teams take a little longer to get it done. So I think that's kind of part of the process, less so the macroeconomic concerns, if you will, it's really doing the technology transformation agreeing to do it as an organization. That's what takes a little longer.

看，格雷，正如我所說，首先也是最重要的是，大型複雜交易需要更長的時間才能完成。 SASE 確實需要更長的時間，因為客戶 - SASE 只是不購買證券並將其固定下來。它實際上是在重新建構您的網路存取。如果您使用 Palo Alto SASE 或 Prisma SASE，這實際上就是您的筆記型電腦如何融入您的工作。所以這很重要，因為如果您的筆記型電腦無法訪問 BTIG 的基礎設施，您就會遇到麻煩。因此，它既是一場網路遊戲，也是一場安全遊戲。因此團隊需要更長的時間才能完成任務。所以我認為這是這個過程的一部分，而不是宏觀經濟問題，如果你願意的話，這實際上是在同意作為一個組織進行技術轉型。這就是需要更長一點的時間。

In terms of our guidance, look, there's a whole bunches of puts and takes that are going in there. There are secular tailwinds. We obviously have a sense of the pipeline going into next year. As Fatima asked, we did some big deals, guess what, we didn't do some big deals, right? You couldn't have done every deal, so there's a bunch of deals that are still waiting in the wings. Yes, they're larger, and they're binary that if they all don't come in, we'll have to go hustle. If they all come in, we'll be in a great place. But our job as management is to just balance all these factors, you've got to balance inflation, supply chain, deal cycles, various product investments.

就我們的指導而言，看，那裡有一大堆看跌期權和看跌期權。還有長期的順風車。我們顯然對明年的進展有預感。正如法蒂瑪所問，我們做了一些大交易，你猜怎麼著，我們沒有做一些大交易，對吧？您不可能完成所有交易，因此還有大量交易仍在等待中。是的，它們更大，而且是二元的，如果它們都不進來，我們就不得不忙起來。如果他們都進來，我們將會處於一個很棒的位置。但我們身為管理階層的工作就是平衡所有這些因素，你必須平衡通貨膨脹、供應鏈、交易週期、各種產品投資。

So I think across the balance, if you look, we think our guidance is prudent across all of these factors where we think some of them might be better for us. Some of them may be worse. But on the margin, we think we can deliver the guidance as presented to you.

因此，我認為總的來說，如果你看的話，我們認為我們的指導對所有這些因素都是謹慎的，我們認為其中一些因素可能對我們更好。其中一些可能更糟。但在某種程度上，我們認為我們可以提供給您的指導。

Great. Thanks. That will conclude our Q&A. I'll turn it back over to Nikesh for his closing remarks.

偉大的。謝謝。我們的問答就到此結束。我將把它轉回給尼科甚，讓他作結束語。

Well, first of all, thank you, everyone, for your attention and your questions and for joining us. We look forward to seeing many of you after this in separate calls as well as upcoming conferences. I also want to thank our customers, partners and of course, most of all, our employees who make us the great place that we are. With that, go Palo Alto Networks.

首先，感謝大家的關注、提問以及加入我們。我們期待在此之後在單獨的電話會議以及即將舉行的會議中見到你們中的許多人。我還要感謝我們的客戶、合作夥伴，當然，最重要的是我們的員工，是他們讓我們成為如此偉大的地方。有了這個，就去帕洛阿爾托網路吧。