Palo Alto Networks Inc (PANW) 2023 Q1 法說會逐字稿

Good day, everyone, and welcome to Palo Alto Networks Fiscal First Quarter 2023 Earnings Conference Call. I am Clay Bilby, Head of Palo Alto Networks Investor Relations. Please note that this call is being recorded today, Thursday, November 17, 2022, at 1:30 p.m. Pacific Time. 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 website at investors.paloaltonetworks.com. While there, please click on the link for Events and Presentations where you will find the investor presentation and supplemental information.

大家好，歡迎參加 Palo Alto Networks 2023 年第一季財報電話會議。我是 Palo Alto Networks 投資者關係主管 Clay Bilby。請注意，本次電話錄音將於今天（2022 年 11 月 17 日星期四）下午 1:30 進行。太平洋時間。與我一起參加今天電話會議的有我們的董事長兼執行長 Nikesh Arora；以及我們的財務長 Dipak Golechha。我們的首席產品長 Lee Klarich 將在準備好的演講後加入我們的問答環節。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。

During the course of today's call, we will make forward-looking statements and projections regarding the company's business operations and financial performance. These statements are subject to risks and uncertainties that are made as of today. We assume no obligation to update them. Please review the press release and our recent SEC filings for a discussion of these risks and uncertainties.

在今天的電話會議中，我們將就公司的業務營運和財務表現做出前瞻性陳述和預測。這些聲明受到截至今天的風險和不確定性的影響。我們不承擔更新它們的義務。請查看新聞稿和我們最近向 SEC 提交的文件，以了解有關這些風險和不確定性的討論。

We will also refer to non-GAAP financial measures. These measures should not be considered as a substitute for financial measures prepared in accordance with GAAP. The most directly comparable GAAP financial measures and reconciliations are included in the press release and the Appendix of this investor presentation. All comparisons are on a year-over-year basis, unless specifically noted otherwise.

我們也將參考非公認會計準則財務指標。這些措施不應被視為替代根據公認會計準則制定的財務措施。最直接可比較的 GAAP 財務指標和調節表包含在本投資者簡報的新聞稿和附錄中。除非另有特別說明，所有比較均以同比為基礎。

Please also note that the 3-for-1 stock split announced during our Q4 was completed, with share and per share numbers now reflecting this.

另請注意，第四季宣布的一拆三股票分割已完成，現在的股數和每股數據反映了這一點。

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, everyone, for joining us for our earnings call. As you can see, we had a solid first quarter where we showed balanced top line growth and a demonstrable focus on profitability. Early in the quarter, we saw some customer behavior changes and have adapted our operations to align with the changing market conditions.

謝謝你，克萊。下午好，謝謝大家參加我們的財報電話會議。正如您所看到的，我們第一季表現強勁，顯示出平衡的營收成長和對獲利能力的明顯關注。本季初，我們看到了一些客戶行為的變化，並調整了我們的營運以適應不斷變化的市場條件。

On the top line, billings grew 27% year-over-year, while RPO grew 38%. We have consistently maintained that cybersecurity is the most innovative sector of the technology industry. Demonstrate progress on our transformation, we have shared how our new cloud-delivered and cloud-enabled offerings are contributing to our business via our NGS ARR. In that context, this quarter, our NGS ARR hit a key milestone. It crossed the $2 billion mark and grew 67% year-over-year.

營業收入較去年同期成長 27%，RPO 成長 38%。我們始終認為網路安全是科技業最具創新性的領域。為了展示我們的轉型進展，我們分享了新的雲端交付和雲端支援產品如何透過 NGS ARR 為我們的業務做出貢獻。在此背景下，本季我們的 NGS ARR 達到了一個重要的里程碑。它突破了 20 億美元大關，年增 67%。

As the macroeconomic environment changes, we are accelerating our efforts to drive incremental operating leverage in our business. Given that we're the largest independent cybersecurity business, we can meaningfully improve our margins over the next phase of our company's next cycle. Our focus on profitability in the quarter drove operating income growth of 44% year-over-year, with operating margins up 260 basis points during the same period. We also generated over $1 billion in free cash flow in the quarter. For the second quarter in a row, we generated net income on a GAAP basis as we focus on GAAP profitability for the fiscal year.

隨著宏觀經濟環境的變化，我們正在加緊努力，提高業務的營運槓桿。鑑於我們是最大的獨立網路安全企業，我們可以在公司下一個週期的下一階段顯著提高我們的利潤率。本季我們對獲利能力的關注推動營業收入年增 44%，同期營業利益率成長 260 個基點。本季我們也產生了超過 10 億美元的自由現金流。由於我們關注本財年的 GAAP 獲利能力，我們連續第二個季度產生了以 GAAP 計算的淨利潤。

At the center of our strategies, the need to drive consolidation to get customers to a better security posture. Towards that end, we continue to see large cross-platform buys and grow our millionaire customers at a steady clip. Our customers have been in a journey with us, initial deals that give them comfort with our products and help distinguish our abilities from our competition, over time, lead to customers seeing an opportunity to consolidate into one of our platforms. As they get comfortable with either Strata, Prisma or Cortex, we see them looking at further consolidation across multiple platforms from us. This strategy has allowed us to continue to transition our deal sizes with satisfied customers, and we expect this to continue.

我們策略的核心是需要推動整合，讓客戶獲得更好的安全態勢。為此，我們繼續看到大規模的跨平台購買，並穩步成長我們的百萬富翁客戶。我們的客戶與我們一起經歷了一段旅程，最初的交易讓他們對我們的產品感到滿意，並有助於將我們的能力與競爭對手區分開來，隨著時間的推移，使客戶看到有機會整合到我們的平台之一。當他們熟悉 Strata、Prisma 或 Cortex 後，我們看到他們正在考慮在我們的多個平台上進行進一步整合。這項策略使我們能夠繼續調整我們的交易規模，讓客戶滿意，我們預計這種情況將持續下去。

Consistent with that approach, we have had some marquee deals this quarter. The U.S. federal government agency chose our Cortex technology. This transaction allows the total spend to grow into 9 figures, with additional years in customer option. This selection highlights unique capabilities and market leadership of our Expanse technology, which was at the center of this transaction. We received the purchase order for the first 3 years of the deal for over $60 million in Q1.

與這種方法一致，我們本季達成了一些大額交易。美國聯邦政府機構選擇了我們的 Cortex 技術。此次交易使總支出增長到 9 位數，並且客戶可以選擇額外的年限。此選擇突顯了我們的 Expanse 技術的獨特能力和市場領導地位，這是本次交易的核心。我們在第一季收到了該交易前 3 年價值超過 6,000 萬美元的採購訂單。

A large U.S. utility signed a 7-figure deal for software firewalls, security subscription in Prisma Cloud. The customer has hundreds of appliance-based firewalls, and chose our software firewalls because of our consistent architecture, and chose Prisma Cloud as a standardized security across 4 public clouds. A major European media company signed an 8-figure multiproduct deal, replacing several incumbent network security vendors and consolidating on Palo Alto Networks, including our full line of cloud-delivered security subscriptions.

美國一家大型公用事業公司簽署了一份價值 7 位數的軟體防火牆和 Prisma Cloud 安全訂閱協議。客戶擁有數百個基於裝置的防火牆，由於我們一致的架構而選擇了我們的軟體防火牆，並選擇 Prisma Cloud 作為跨 4 個公有雲的標準化安全性。一家歐洲大型媒體公司簽署了一項價值 8 位數的多產品協議，取代了多家現有網路安全供應商，並在 Palo Alto Networks 上進行了整合，其中包括我們全系列的雲端交付安全訂閱。

We closed a 7-figure deal with a U.S. technology company, spanning all 3 platforms. The customer did not have our physical firewalls in their environment but valued our consistency of software firewall deployment across on-premise and cloud, our unique Expanse offering and the total cost of ownership benefits of consolidating on our platforms. You can see evidence of our broader success with large customer commitments in our active millionaire customer count where we added over 230 year-over-year in the first quarter.

我們與一家美國科技公司達成了一項價值 7 位數的交易，涵蓋所有 3 個平台。客戶在他們的環境中沒有我們的實體防火牆，但重視我們在本地和雲端中軟體防火牆部署的一致性、我們獨特的 Expanse 產品以及在我們的平台上進行整合的總擁有成本優勢。您可以從我們的活躍百萬富翁客戶數量中看到我們透過大量客戶承諾取得更廣泛成功的證據，第一季我們比去年同期增加了 230 多個。

We continue to innovate across our platforms and get recognized by the market for our abilities. This quarter saw us launch software composition analysis in Prisma Cloud, SaaS security posture management in SASE, and just this week, across our next-generation firewalls. Lastly, we announced the general availability of XSIAM in Cortex. External recognition of our innovation is important to us as many customers rely on this third-party validation as a part of their evaluation process. This quarter, we received leadership recognition in 2 new categories, adding cloud security posture management, or CSPM; and cloud-native application protection platform, or CNAPP, to our list.

我們不斷在平台上進行創新，並憑藉我們的能力獲得市場的認可。本季度，我們在 Prisma Cloud 中推出了軟體組合分析，在 SASE 中推出了 SaaS 安全態勢管理，就在本週，我們在下一代防火牆中推出了軟體組合分析。最後，我們宣布 XSIAM 在 Cortex 中全面可用。外部對我們創新的認可對我們來說非常重要，因為許多客戶依賴第三方驗證作為其評估過程的一部分。本季度，我們在 2 個新類別中獲得了領導地位認可，增加了雲端安全態勢管理 (CSPM)；以及雲端原生應用程式保護平台（CNAPP）都在我們的清單中。

Let's take a deeper look at our 3 platforms. We have continued to see solid growth in our network security business. Our innovations in the appliance firewall form factor, including our Gen 4 refresh and our investments in the virtual form factor, have continued to drive our share of gains. On a year-over-year basis, we have gained approximately 3 percentage points of market share in the appliance market and 7 percentage points in the VM market. Our customers see an opportunity to drive standardization and make decisions to move away from competitors that have not kept up with our pace of innovation.

讓我們更深入地了解我們的 3 個平台。我們的網路安全業務持續穩健成長。我們在設備防火牆外形尺寸方面的創新，包括第四代更新和對虛擬外形尺寸的投資，繼續推動我們的收益份額。與去年同期相比，我們在設備市場的市佔率增加了約 3 個百分點，在 VM 市場的市佔率增加了 7 個百分點。我們的客戶看到了推動標準化的機會，並做出決定遠離那些跟不上我們創新步伐的競爭對手。

We also see many customers extending the standardization to SASE. Many are in the relatively early stages of executing SASE, given it involves changes to their security network architectures. Our Prisma SASE offering has gained industry recognition, and we've seen an increasing number of wins within our installed base as well as with new customers. To put this into perspective, our firewall customer base is over 15x larger than our SASE customer base. With our core sellers now enabled and executing and driving SASE into the installed base, SASE continues to represent our largest pipeline.

我們也看到許多客戶將標準化擴展到 SASE。鑑於 SASE 涉及對其安全網路架構的更改，許多公司仍處於執行 SASE 的相對早期階段。我們的 Prisma SASE 產品已獲得業界認可，我們在安裝基礎和新客戶中贏得了越來越多的勝利。從這個角度來看，我們的防火牆客戶群比我們的 SASE 客戶群大 15 倍以上。隨著我們的核心銷售商現在已啟用、執行並將 SASE 推向安裝基礎，SASE 繼續代表我們最大的通路。

Consolidation of network security capabilities of our customers is driving attached subscription into our installed base across all firewall form factors. Our constant innovation and capability expansion in network security has been a hallmark of our platform since we entered the market over 15 years ago. While we have highlighted the number of new subscriptions we offer, we have also reimagined our existing capabilities. Our advanced URL filtering and threat prevention versions leverage deep learning to block evasive, zero-day unknown attacks in real time. Yesterday, we introduced the advanced version of WildFire to stop more zero-day cloud attacks as part of our PAN-OS 11.0 Nova release. The new subscriptions provide significant additional value to our installed base and have already seen promising adoption.

我們客戶的網路安全能力的整合正在推動所有防火牆形式的附加訂閱進入我們的安裝基礎。自 15 年前進入市場以來，我們在網路安全方面的不斷創新和能力擴展一直是我們平台的標誌。雖然我們強調了我們提供的新訂閱數量，但我們也重新構想了我們現有的功能。我們的進階 URL 過濾和威脅防禦版本利用深度學習來即時阻止規避的零日未知攻擊。昨天，作為 PAN-OS 11.0 Nova 版本的一部分，我們推出了 WildFire 的高級版本，以阻止更多零日雲攻擊。新的訂閱為我們的安裝基礎提供了顯著的附加價值，並且已經得到了廣泛的採用。

Moving on to Prisma Cloud. Prisma Cloud continues to be the industry's leading CNAPP platform, built from best-in-class acquisition and organic innovation. We acquired Bridgecrew 18 months ago to shift left and introduced the Cloud Code Security module, with Infrastructure as Code scanning. Building on this, released our SCA, or Software Composition Analysis solution in Q1. The integration of SCA with the Prisma Cloud platform, enables developers and security teams to prioritize known vulnerabilities that impact the application life cycle proactively. We have seen hundreds of Prisma Cloud customers use our IaC and SCA capabilities as part of our Cloud Code Security module.

轉向 Prisma 雲。 Prisma Cloud 仍然是業界領先的 CNAPP 平台，由一流的收購和有機創新建構而成。 18 個月前，我們收購了 Bridgecrew，並引入了雲端程式碼安全模組，以及基礎設施即程式碼掃描。在此基礎上，我們在第一季發布了 SCA（軟體組合分析解決方案）。 SCA 與 Prisma Cloud 平台的整合使開發人員和安全團隊能夠主動確定影響應用程式生命週期的已知漏洞的優先順序。我們已經看到數百名 Prisma Cloud 客戶使用我們的 IaC 和 SCA 功能作為我們的雲端程式碼安全模組的一部分。

We continue to see Prisma Cloud customers increase their credit consumption as they expand their hyperscaler footprint and adopt more of our 9 modules such as Cloud Code. Half of our Prisma Cloud customers are using 2 or more modules, and nearly 20% are using 4 or more modules. In Q1, our credit consumption grew 55% year-over-year.

我們繼續看到 Prisma Cloud 客戶隨著其超大規模擴展足跡的擴大以及採用更多我們的 9 個模組（例如 Cloud Code）而增加信用消耗。我們的 Prisma Cloud 客戶中有一半使用 2 個或更多模組，近 20% 使用 4 個或更多模組。一季度，我們的信貸消費年增55%。

Building further upon our success, shifting left to the IaC Security and SCA adoption, we're doubling down on investing in software supply chain security. Today, we announced our intent to acquire Cider Security, which is key to the strategy. Cider brings the ability to visualize customers' application development and deployment environment, analyze the tools, identify risks and how to remediate them. This ability to secure the software supply chain is backed up by Cider's leading CI/CD security research team. With the integration of Cider's capabilities into Prisma Cloud after the closing of the acquisition, we will further our leadership in cloud security, helping enterprises secure applications from code to cloud.

在我們成功的基礎上，向左轉向 IaC 安全性和 SCA 採用，我們正在加倍投資於軟體供應鏈安全。今天，我們宣布有意收購 Cider Security，這是該策略的關鍵。 Cider 能夠視覺化客戶的應用程式開發和部署環境、分析工具、識別風險以及如何修復這些風險。這種保護軟體供應鏈安全的能力得到了 Cider 領先的 CI/CD 安全研究團隊的支持。收購完成後，隨著 Cider 的功能整合到 Prisma Cloud 中，我們將進一步鞏固我們在雲端安全領域的領先地位，幫助企業保護從程式碼到雲端的應用程式安全。

Across Cortex, we are focused on driving momentum in a number of areas. The first key is ensuring we are winning customers with our best-of-breed product capability. In Q1, we saw strong Cortex large deal performance. We had success not only with XDR, XSOAR and Expanse on a stand-alone basis, but a number of notable examples are multiproduct deals. This included a multimillion dollar transaction at a European construction company, which replaced their existing SIEM and SOAR with XDR Pro and XSOAR. One of the government customer adopted XDR Pro and XSOAR in a 7-figure deal as it formalized a new SOC for multiple agencies. These are in addition to the federal customer we already talked about.

在 Cortex 中，我們專注於推動多個領域的發展勢頭。第一個關鍵是確保我們以一流的產品能力贏得客戶。在第一季度，我們看到了 Cortex 大宗交易的強勁表現。我們不僅在獨立的 XDR、XSOAR 和 Expanse 方面取得了成功，而且還有許多值得注意的例子是多產品交易。其中包括一家歐洲建築公司的數百萬美元交易，該公司用 XDR Pro 和 XSOAR 取代了現有的 SIEM 和 SOAR。一位政府客戶在為多個機構正式製定新的 SOC 時以 7 位數的交易採用了 XDR Pro 和 XSOAR。這些是我們已經討論過的聯邦客戶的補充。

We continued to innovate across Cortex during Q1, delivering a new managed detection and response service built on our XDR capability and enriched by our Unit 42 world-class threat intelligence. I'm most excited about the general availability of XSIAM, our breakthrough autonomous security operations platform. Our launch events for XSIAM were oversubscribed, and we see a lot of resonance with our product and its future road map as customers reimagine the world of SOC management.

第一季度，我們繼續在 Cortex 上進行創新，提供了基於 XDR 功能並透過我們的 Unit 42 世界級威脅情報進行豐富的新的託管偵測和回應服務。我對 XSIAM 的普遍可用性感到非常興奮，XSIAM 是我們突破性的自主安全營運平台。我們的 XSIAM 發布活動獲得了超額認購，隨著客戶重新構想 SOC 管理的世界，我們發現我們的產品及其未來路線圖引起了許多共鳴。

Just a few months ago, we had launched the Design Partner Program. Most recently, we've had 2 multimillion-dollar commitments from XSIAM Design Partners as they expanded into production deployments. At this point, the majority of our design customers have transitioned to paying customers. In fact, we are carefully managing how we onboard future XSIAM customers because we want to ensure fast customer time to value. Our interest list is north of 50 customers who would like us to deploy XSIAM. We're qualifying them and carefully onboarding them so that we can scale the business appropriately and give them value.

就在幾個月前，我們啟動了設計合作夥伴計畫。最近，當 XSIAM 設計合作夥伴擴展到生產部署時，我們獲得了 2 筆數百萬美元的承諾。至此，我們的設計客戶大多已轉變為付費客戶。事實上，我們正​​在仔細管理如何吸引未來的 XSIAM 客戶，因為我們希望確保客戶快速實現價值。我們的興趣清單中有 50 位希望我們部署 XSIAM 的客戶。我們正在對他們進行資格審查並仔細地引導他們，以便我們能夠適當地擴展業務並賦予他們價值。

In summary, I feel our teams did a good job in a seasonally tough quarter, where also the macroeconomic climate is fast changing. I'm sure all of you are trying to figure out what all of this means for us over the next 3 quarters.

總而言之，我認為我們的團隊在季節性困難的季度中做得很好，而且宏觀經濟環境也在快速變化。我相信你們所有人都在試圖弄清楚這一切對我們未來三個季度意味著什麼。

As we all know, the Fed is working to tame inflation impacting growth. While cybersecurity is somewhat resilient, we do see some marginal signs of impact. Cybersecurity deals are getting more scrutiny, suggesting deeper and longer reviews of transformational projects. New conversations that include payment terms, the discounts are causing deal cycles to elongate.

眾所周知，聯準會正在努力抑制影響經濟成長的通膨。雖然網路安全具有一定的彈性，但我們確實看到了一些影響的邊際跡象。網路安全交易受到越來越多的審查，這意味著對轉型項目進行更深入、更長的審查。包括付款條件、折扣在內的新對話正在導致交易週期延長。

On a positive front, while some deals have been side down and broken to phases, we are experiencing few deal cancellations. We do expect this behavior to become the norm over the next year. The impact is not uniform across all sectors, but those feeling the impact of interest rate increases are more likely to scrutinize their budgets than those prospering in the high interest rate environment. Technology, CPG and some parts of retail are feeling an impact, while utilities, oil and gas, defense and public sector verticals continue to be on course with their plans.

從積極的方面來看，雖然一些交易已經被擱置並分階段進行，但我們很少遇到交易被取消的情況。我們確實希望這種行為在明年成為常態。所有行業的影響並不相同，但那些感受到升息影響的人比那些在高利率環境中繁榮的人更有可能仔細審查自己的預算。科技、消費品和零售業的某些部分正受到影響，而公用事業、石油和天然氣、國防和公共部門垂直行業則繼續按計劃進行。

Coming off Q4, Q1 tends to be a seasonally more challenging quarter, but we were able to tame some of these early trends by doubling down on execution. FY '23 will require continued excellent execution to overcome some of these macro impacts.

從第四季度開始，第一季往往是季節性更具挑戰性的季度，但我們能夠透過加倍執行來抑制其中一些早期趨勢。 23 財年將需要持續出色的執行力來克服其中一些宏觀影響。

Towards that end, we have already taken concrete action. We have front-loaded hiring of our field teams to increase coverage across our customer base. We have also expanded our level of activity around both new accounts and existing customers to ensure faster time to value with our products.

為此，我們已經採取了具體行動。我們提前招募了現場團隊，以擴大對客戶群的覆蓋範圍。我們還擴大了圍繞新客戶和現有客戶的活動水平，以確保我們的產品更快實現價值。

As we discussed last quarter, we have seen some customers delay hardware refresh plans. While they will ultimately need to refresh, some are choosing to defer and reassess at a later date. I continue to believe that hardware will have a long-term industry growth rate in the 5% to 8% range, and we might trend to the lower end of the range. However, coupled with an easing supply chain, I expect that near term, we'll continue to report a low double-digit growth rate for product revenue.

正如我們上季度討論的那樣，我們看到一些客戶推遲了硬體更新計劃。雖然他們最終需要更新，但有些人選擇推遲並稍後重新評估。我仍然相信硬體產業的長期成長率將在 5% 到 8% 的範圍內，我們可能會趨向於該範圍的下限。然而，加上供應鏈的寬鬆，我預計短期內我們將繼續報告產品收入的低兩位數成長率。

Too many vendors leads to complexity and increased risk. Given the increased scrutiny and return requirements, the silver lining for Palo Alto Networks is that we are having more conversations around consolidating platforms than we've ever had before. We think customers are less likely to purchase newer security products. Instead, they will continue to consolidate towards like-for-like capabilities from fewer vendors.

供應商過多會導致複雜性和風險增加。鑑於審查和退貨要求日益嚴格，Palo Alto Networks 的一線希望是，我們圍繞整合平台的對話比以往任何時候都多。我們認為客戶購買更新的安全產品的可能性較小。相反，他們將繼續整合更少供應商的同類功能。

Cybersecurity is critical to IT transformation and hyperscaler adoption. We believe that whilst there may be short-term bumps to the pace of investment by some of the customers, these projects will continue for the medium and long term. We see cybersecurity spending as resilient but not immune to customers adjusting for the current environment. Having said that, I continue to believe that we can overcome these macroeconomic impacts with strong and focused execution, which is what we plan to do.

網路安全對於 IT 轉型和超大規模應用至關重要。我們相信，雖然一些客戶的投資步伐可能會出現短期放緩，但這些項目將在中長期持續存在。我們認為網路安全支出具有彈性，但不能避免客戶根據當前環境進行調整。話雖如此，我仍然相信我們可以透過強大和專注的執行來克服這些宏觀經濟影響，這就是我們計劃要做的。

It was just 6 to 9 months ago that we were talking about the challenges we face in the competition for talent. We're now finding it easier to recruit and hire top talent, but also seeing lower attrition rates, which necessitates fewer overall new hires. We will closely monitor our hiring as well as our overall spending to further sharpen our focus on efficiency.

就在六到九個月前，我們還在談論我們在人才競爭中面臨的挑戰。我們現在發現招募和聘用頂尖人才變得更加容易，但人員流動率也較低，因此需要更少的新員工。我們將密切監控我們的招募以及整體支出，以進一步加強我們對效率的關注。

As we proceed through the year and focus internally how we respond to the external landscape, sharp execution from our teams will be paramount.

當我們在這一年中專注於如何應對外部情況時，我們團隊的敏銳執行力將至關重要。

Before I turn the call over to Dipak, I want to provide some perspectives on how we're thinking about the forecast. We are adjusting the high end of our guidance ranges for revenue billings for the year for the upside we saw in Q1. Within our revenue, we do expect slightly higher product revenue growth in the range of 10-plus percent as we are able to ship some orders that had previously been held back by the more challenging supply chain situation I mentioned earlier.

在將電話轉給 Dipak 之前，我想就我們如何看待預測提供一些觀點。我們正在調整今年營收帳單指導範圍的上限，以應對第一季的上漲。在我們的收入中，我們確實預計產品收入成長率會略高，在 10% 以上，因為我們能夠運送一些先前因我之前提到的更具挑戰性的供應鏈情況而受阻的訂單。

We're also reflecting the strength we saw in NGS ARR during Q1, with higher NGS ARR guidance range for the year. This reflects not only the performance of our Cortex Prisma Cloud SASE and software firewalls, but also the success we have seen in advanced cloud-delivered subscriptions that I noted.

我們也反映了第一季 NGS ARR 的強勁表​​現，今年 NGS ARR 指導範圍較高。這不僅反映了我們的 Cortex Prisma Cloud SASE 和軟體防火牆的效能，而且還反映了我在高階雲端交付訂閱方面所取得的成功。

On a positive note, we're focusing more and more on execution and how our teams focus on driving incremental operating leverage. Towards that end, we were able to take steps to accelerate the profitability we previously outlined at our Analyst Day, which was reflected in our Q1 operating margin and EPS performance. We will remain focused here. And as a result, we're raising our operating margin guidance for the year by 50 basis points. This, as well as higher interest income, is driving the increase to our EPS and cash flow guidance as Dipak will cover.

從積極的方面來看，我們越來越關注執行以及我們的團隊如何專注於推動增量營運槓桿。為此，我們能夠採取措施加速我們先前在分析師日概述的獲利能力，這反映在我們第一季的營業利潤率和每股盈餘表現中。我們將繼續專注於此。因此，我們將今年的營業利潤率指導上調了 50 個基點。正如 Dipak 將介紹的那樣，這一點以及更高的利息收入正在推動我們的每股盈餘和現金流指引的增加。

Over the last 3 years on a compounded basis, our EPS and adjusted free cash flow have grown below our revenue growth rate as we made significant investments. We are now targeting EPS and adjusted free cash flow to both grow north of 30% at our guidance midpoint, which is ahead of our revenue growth.

在過去的三年裡，由於我們進行了大量投資，我們的每股盈餘和調整後的自由現金流的複合成長率低於我們的收入成長率。我們現在的目標是 EPS 和調整後的自由現金流均按我們的指導中點增長 30% 以上，這超出了我們的收入增長。

We are confident in our strategy and wouldn't trade our position with any other cybersecurity company. We believe our broad portfolio focus as an advantage as we focus on emerging areas where customers are allocating new budget dollars, while also capturing an increased portion of the customers broader cybersecurity budget as they look to consolidate spending. We will continue to invest for the long term with our commitment to fund innovation, while we also pursue near-term opportunities to drive efficiencies in our business.

我們對我們的策略充滿信心，不會與任何其他網路安全公司交換我們的地位。我們相信，我們廣泛的投資組合重點是一個優勢，因為我們專注於客戶分配新預算資金的新興領域，同時在客戶尋求整合支出時，也抓住了客戶更廣泛的網路安全預算的增加部分。我們將繼續進行長期投資，致力於資助創新，同時我們也將尋求短期機會來提高我們的業務效率。

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

這樣，我會將電話轉給 Dipak。

Thank you, Nikesh, and good afternoon, everyone. For Q1, revenue of $1.56 billion grew 25% and was above the high end of our guidance range. Product grew 12%, and total services grew by 30%. By geography, we saw growth across all theaters, with EMEA up 32%, the Americas growing 24% and JPAC growing 26%. Our next-generation security capabilities are increasingly driving our results, and our NGS ARR grew 67% and at $2.11 billion exceeded $2 billion for the first time. We continue to see strength driven by our broad portfolio within next-generation security. This includes Cortex, Prisma Cloud, Prisma SASE, software firewalls and the advanced versions of cloud-delivered subscriptions. We remain optimistic about the prospects of this broad and diverse portfolio.

謝謝你，Nikesh，大家下午好。第一季的營收為 15.6 億美元，成長 25%，高於我們指引範圍的上限。產品成長 12%，總服務成長 30%。按地理劃分，我們看到所有影院均實現成長，其中 EMEA 成長 32%，美洲成長 24%，JPAC 成長 26%。我們的下一代安全能力日益推動我們取得成果，我們的 NGS ARR 成長了 67%，達到 21.1 億美元，首次超過 20 億美元。我們繼續看到我們在下一代安全領域的廣泛產品組合所驅動的力量。這包括 Cortex、Prisma Cloud、Prisma SASE、軟體防火牆和雲端交付訂閱的高級版本。我們對這一廣泛而多樣化的投資組合的前景保持樂觀。

We delivered total billings of $1.75 billion, up 27%, which was above the high end of our guidance range. Total deferred revenue in Q1 was $7.2 billion, an increase of 39%. Remaining performance obligation, or RPO, was $8.3 billion, increasing 38%, with current RPO representing about half of our RPO, similar to previous quarters.

我們的總銷售額達到 17.5 億美元，成長 27%，高於我們指導範圍的上限。第一季遞延收入總額為 72 億美元，成長 39%。剩餘履約義務 (RPO) 為 83 億美元，成長 38%，目前 RPO 約占我們 RPO 的一半，與前幾季類似。

Moving beyond the top line metrics. I already highlighted non-GAAP gross margin of 74.3% was down 10 basis points year-over-year, with some incremental supply chain-related expenses being incurred for components and shipping.

超越頂線指標。我已經強調過，非 GAAP 毛利率為 74.3%，年減 10 個基點，其中一些增量供應鏈相關費用來自零件和運輸。

Operating margin was 20.6%, an increase of 260 basis points year-over-year. This strength in operating margin was the result of lower expenses as a percent of revenue across all 3 expense lines, R&D, sales and marketing and G&A. We have already focused on aligning our investment plans to the areas of highest return. And thus, as we proceed through this environment, it is sharpening of these efforts.

營業利益率為20.6%，較去年同期成長260個基點。營業利潤率的強勁成長是由於所有 3 個費用項目（研發、銷售和行銷以及一般管理費用）的費用佔收入的百分比降低的結果。我們已經專注於將我們的投資計劃調整到回報率最高的領域。因此，當我們在這種環境中前進時，這些努力正在加強。

Non-GAAP net income for the first quarter grew 56% to $266 million or $0.83 per diluted share. Our non-GAAP effective tax rate was 22%. GAAP net income was $20 million or $0.07 per basic share and $0.06 per diluted share.

第一季非 GAAP 淨利成長 56%，達到 2.66 億美元，即稀釋後每股收益 0.83 美元。我們的非 GAAP 有效稅率為 22%。 GAAP 淨利為 2,000 萬美元，即每股基本股 0.07 美元，每股稀釋股 0.06 美元。

Now turning to the balance sheet and cash flow statement. Our balance sheet is strong, closing Q1 with the highest cash and investable balance ever with cash equivalents and investments of $5.9 billion. We have ample flexibility to repay debt coming due, invest in the business, do tuck-in acquisitions and return capital to shareholders. We're in the enviable position to be able to do all of these at the same time.

現在轉向資產負債表和現金流量表。我們的資產負債表強勁，第一季末現金和可投資餘額達到歷史最高水平，現金等價物和投資達到 59 億美元。我們有足夠的彈性來償還到期債務、投資業務、進行收購並向股東返還資本。我們處於令人羨慕的地位，能夠同時完成所有這些工作。

Q1 cash flow from operations was $1.24 billion. We generated more than $1 billion in free cash flow for the first time in our history, with total free cash flow of $1.2 billion this quarter. This puts us well on track to hit our annual guidance, which we are raising today. This cash flow performance was largely driven by strong collections in the quarter, that we expected based on the strength of our business in Q4. During Q1, we did not repurchase any of our shares. As a reminder, our share repurchase program is opportunistic, and we're committed to this method of returning cash to shareholders over the medium term.

第一季營運現金流為 12.4 億美元。我們歷史上首次產生了超過 10 億美元的自由現金流，本季自由現金流總額為 12 億美元。這使我們有望達到我們今天提出的年度指導方針。這種現金流表現主要是由本季強勁的收款所推動的，這是我們根據第四季業務實力所預期的。在第一季度，我們沒有回購任何股票。提醒一下，我們的股票回購計畫是機會主義的，我們致力於在中期內向股東返還現金的這種方法。

As Nikesh discussed, on the M&A front, we entered into a definitive agreement to purchase Cider Security for approximately $195 million in cash, excluding the value of replacement equity awards, subject to adjustments. We expect this deal to close in the fiscal second quarter. We expect the financial impact of the transaction to be immaterial to our fiscal '23 guidance.

正如 Nikesh 所討論的，在併購方面，我們簽訂了一項最終協議，以約 1.95 億美元的現金收購 Cider Security，其中不包括可調整的替代股權獎勵的價值。我們預計這筆交易將在第二財季完成。我們預計該交易的財務影響對我們 23 財年的指導並不重要。

Stock-based compensation ticked up slightly as a percentage of revenue quarter-over-quarter, as expected, with the issuance of a portion of our fiscal year '23 grants. On a year-over-year basis, we continue to manage our SBC down as a percent of revenue, in line with our long-term plans. As we've had a number of questions about the impact of foreign exchange volatility on our business, I wanted to remind investors that we price our products in dollars around the world and therefore are not exposed to the direct translation impact to revenue that you may be hearing about from other companies.

正如預期的那樣，隨著我們發放了 23 財年的部分補助金，基於股票的薪酬佔收入的百分比略有上升。與去年同期相比，我們繼續將 SBC 佔收入的百分比降低，這符合我們的長期計劃。由於我們對外匯波動對我們業務的影響有很多疑問，我想提醒投資者，我們在全球範圍內以美元定價我們的產品，因此不會受到您可能會受到的收入直接換算影響。的消息。

Now moving on to our guidance for Q2 and for the year. For the second fiscal quarter of 2023, we expect billings to be in the range of $1.94 billion to $1.99 billion, an increase of 21% to 24%. We expect revenue to be in the range of $1.63 billion to $1.66 billion, an increase of 24% to 26%. We expect non-GAAP EPS to be in the range of $0.76 to $0.78, an increase of 31% to 35%.

現在轉向我們對第二季和全年的指導。對於 2023 年第二財季，我們預計帳單將在 19.4 億美元至 19.9 億美元之間，成長 21% 至 24%。我們預計營收將在 16.3 億美元至 16.6 億美元之間，成長 24% 至 26%。我們預計非 GAAP 每股盈餘將在 0.76 美元至 0.78 美元之間，成長 31% 至 35%。

For the fiscal year, we expect billings to be in the range of $8.95 billion to $9.1 billion, an increase of 20% to 22%. We expect NGS ARR to be in the range of $2.65 billion to $2.7 billion, an increase of 40% to 43%. We expect revenue to be in the range of $6.85 billion to $6.91 billion, an increase of 25% to 26%. We expect product revenue growth in the range of 10%, up slightly, as Nikesh outlined in his remarks. We expect fiscal '23 operating margins to be in the range of 19.5% to 20%, up 50 basis points versus the range we outlined coming into the year.

我們預計本財年的帳單將在 89.5 億美元至 91 億美元之間，成長 20% 至 22%。我們預計 NGS ARR 將在 26.5 億美元至 27 億美元之間，成長 40% 至 43%。我們預計營收將在 68.5 億美元至 69.1 億美元之間，成長 25% 至 26%。正如 Nikesh 在他的演講中所概述的那樣，我們預計產品收入將成長在 10% 左右，略有上升。我們預計 23 財年的營業利潤率將在 19.5% 至 20% 之間，比我們今年概述的範圍上升 50 個基點。

We expect non-GAAP EPS to be in the range of $3.37 to $3.40, an increase of 34% to 37%. We expect adjusted free cash flow margin to be 34.5% to $35.5%, and we continue to expect to be GAAP profitable for fiscal year 2023.

我們預計非 GAAP 每股盈餘將在 3.37 美元至 3.40 美元之間，成長 34% 至 37%。我們預計調整後的自由現金流利潤率為 34.5% 至 35.5%，我們繼續預計 2023 財年將按照 GAAP 原則實現盈利。

Additionally, please consider the following modeling points. We expect our non-GAAP tax rate to remain at 22% for Q2 and fiscal '23, subject to the outcome of future tax legislation. For Q2 '23, we expect net interest and other income of $18 million to $20 million. We expect Q2 '23 diluted shares outstanding of 320 million to 326 million shares. We expect fiscal year '23 diluted shares outstanding of 325 million to 331 million. We expect Q2 capital expenditures of $40 million to $45 million, and we expect fiscal year capital expenditures of $190 million, $200 million.

此外，請考慮以下建模點。我們預計第二季和 23 財年的非 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 年第二季度，我們預計淨利息和其他收入為 1800 萬美元至 2000 萬美元。我們預計 23 年第 2 季攤薄後的流通股數為 3.2 億至 3.26 億股。我們預計 23 財年攤薄後的流通股數量為 3.25 億至 3.31 億股。我們預計第二季資本支出為 4,000 萬至 4,500 萬美元，預計本財年資本支出為 1.9 億美元、2 億美元。

As an additional modeling support based on our prior seasonality, we expect the quarter-over-quarter revenue and billings growth for Q3 '23 to be in line with last year. Also, we expect operating income in Q3 to be roughly flat with our Q2 levels.

作為基於我們先前季節性的額外建模支持，我們預計 23 年第 3 季的季度環比收入和帳單成長將與去年一致。此外，我們預計第三季的營業收入將與第二季的水平大致持平。

To wrap up, we are confident in our strategy and wouldn't trade our position with any other cybersecurity company. We're focused on sharp execution and sales intensity to stay ahead of the changing macroeconomic environment. At the same time, we're focused on taking steps to accelerate our profitability, as I guided.

總而言之，我們對我們的策略充滿信心，不會與任何其他網路安全公司交換我們的地位。我們專注於敏銳的執行力和銷售強度，以在不斷變化的宏觀經濟環境中保持領先地位。同時，正如我所指導的那樣，我們專注於採取措施提高獲利能力。

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

這樣，我會將電話轉回給克萊，以進行電話問答部分。

(Operator Instructions) Our first question of the evening comes from Saket Kalia of Barclays.

（操作員說明）我們今晚的第一個問題來自巴克萊銀行的 Saket Kalia。

Okay. Great. Nice set of results. Nikesh, maybe for you. You mentioned some early customer behavior changes. I was wondering if you could just expand on that a little bit and how that manifested in the business? It doesn't seem like there was much of an impact in the NGS business, in fact, that accelerated growth year-over-year. I wonder if you could just expand on where that customer behavior changed and how you've incorporated that into the full year guide?

好的。偉大的。一組不錯的結果。尼科甚，也許適合你。您提到了一些早期客戶行為的改變。我想知道您是否可以稍微擴展一下這一點，以及這在業務中如何體現？ NGS 業務似乎並沒有受到太大影響，事實上，同比成長加速了。我想知道您是否可以詳細說明客戶行為發生的變化以及您如何將其納入全年指南？

Look, Saket, as I mentioned, we are seeing customers spend more time trying to understand what they're spending money on. There's more questions, the CFOs are getting involved. So larger deals are getting more scrutiny. We noticed that early in the quarter, so we accelerated our efforts in trying to get those deals in front of those CFOs much faster than earlier in the quarter as opposed to waiting towards the end.

聽著，Saket，正如我所提到的，我們看到客戶花更多的時間試圖了解他們把錢花在了什麼地方。還有更多問題，財務長正在介入。因此，規模較大的交易會受到更嚴格的審查。我們在本季初就注意到了這一點，因此我們加快了努力，試圖比本季早些時候更快地將這些交易提交給首席財務官，而不是等到年底。

In certain cases, customers came back and said, "I'd like this now. I'd like to hold off on this and buy it next quarter." That just means we have to go farm our pipeline much faster and much harder to make sure we can make up for those deals with other deals in our pipeline. At any point in time, our pipeline, as you will expect, is larger than what we expect to deliver in that quarter. So we have deals in the pipeline, we just have to work with our customers to solidify them.

在某些情況下，顧客回來說：“我現在就想要這個。我想推遲一下，下個季度購買。”這只是意味著我們必須更快、更努力地開發我們的管道，以確保我們能夠用我們管道中的其他交易來彌補這些交易。正如您所期望的那樣，在任何時間點，我們的管道都比我們預期在該季度交付的管道要大。因此，我們正在醞釀交易，我們只需與客戶合作來鞏固這些交易。

And what we have done is, because of that behavior, we have increased scrutiny internally, we've increased efforts with our sales teams to get ahead of this, and we're just increasing the activity of execution. We front-loaded our hires. We hired 550 direct sales rep as quickly as we could in the quarter because we think this environment is going to continue. And the only way to fight this is to get more coverage out of the field. Get work coverage, get more focus on getting deals done, get them across the line.

我們所做的是，由於這種行為，我們加強了內部審查，我們加大了銷售團隊的努力以領先於這一點，而且我們只是增加了執行活動。我們提前招募了員工。我們在本季盡快招募了 550 名直銷代表，因為我們認為這種環境將持續下去。解決這個問題的唯一方法就是擴大現場報道範圍。獲得工作保障，更專注於完成交易，讓它們成功。

There's not a demand problem, right? All that is happening is that people are pushing out some of their purchases, it means we just need to get more active with our customer base to make sure we get more business into our pipeline. This is what we're doing.

不存在需求問題吧？所發生的一切是人們正在放棄一些購買，這意味著我們只需要更積極地與我們的客戶群合作，以確保我們獲得更多的業務進入我們的管道。這就是我們正在做的事情。

Next question from Hamza Fodderwala of Morgan Stanley..

下一個問題來自摩根士丹利的 Hamza Fodderwala。

And a lot of great clarity in the prepared remarks. Nikesh, I wanted to talk a little bit about supply chain security and Cider. I think a few months ago, there was an executive order from the Biden administration around securing software supply chains. I know it's early days in the acquisition, the ink is not even dry yet, but what do you feel about sort of the pipeline, the opportunity, with Palo Alto Networks being now the largest cybersecurity vendor for the U.S. federal government? What are you seeing there? And is there interest already from that front?

準備好的發言非常清晰。 Nikesh，我想談談供應鏈安全和蘋果酒。我想幾個月前，拜登政府發布了一項關於確保軟體供應鏈安全的行政命令。我知道現在還處於收購的早期階段，墨水還沒有乾，但是帕洛阿爾托網路公司現在已經成為美國聯邦政府最大的網路安全供應商，您對這種管道和機會有何看法？你在那裡看到什麼？這方面已經有興趣了嗎？

Let me comment, and then I'm going to let our birthday boy, Lee Klarich, speak to this, because we've got to give him work to do. It's his birthday today and he came to work. As you know, Prisma Cloud continues to go from strength-to-strength. We see very large deals in the hopper, in our pipeline, and we're beginning to see more and more seriousness on cloud security from our customers.

讓我發表評論，然後我將讓我們的生日男孩 Lee Klarich 對此發表評論，因為我們必須給他工作。今天是他的生日，他來上班了。如您所知，Prisma Cloud 不斷發展壯大。我們在漏斗中看到非常大的交易，在我們的管道中，我們開始看到我們的客戶對雲端安全越來越重視。

I highlighted a customer which has 4 public clouds deployed. They can't do that. They can't secure it with for different native cloud CSP platform security. So we are seeing more interest. We are seeing more engagement. As I've always maintained, I don't believe all the cloud security products have been created. And as you start to see the customers move -- so we saw the shift left movement, we went ahead and did Bridgecrew. It's fully integrated. We've seen a significant percent of our customers begin to use that.

我重點介紹了一個部署了 4 個公有雲的客戶。他們不能那樣做。他們無法使用不同的原生雲端 CSP 平台安全性來保護它。所以我們看到了更多的興趣。我們看到更多的參與。正如我一直堅持的那樣，我不相信所有的雲端安全產品都已被創建。當你開始看到客戶移動時——所以我們看到了左移趨勢，我們繼續做 Bridgecrew。它是完全整合的。我們已經看到很大一部分客戶開始使用它。

As we're talking to them, we're realizing they have some legacy, some new apps tech vendors in place, which they're deploying, and they're trying to use that to take care of supply chain security. Some of that is older architectures, older ways of doing things. But we decided we're going to do it differently. If I answer the question, Lee won't have a thing to say. So Lee, answer the rest of this question.

當我們與他們交談時，我們意識到他們有一些遺產，一些新的應用程式技術供應商正在部署，他們正在嘗試利用這些來保護供應鏈安全。其中一些是舊的架構、舊的做事方式。但我們決定採取不同的做法。如果我回答這個問題，李就無話可說了。那麼李，回答這個問題的其餘部分。

Thank you, Nikesh. Good question, Hamza. So let me make one thing very clear. It's not just a U.S. federal government challenge. Anyone who is developing and deploying applications into public cloud, which today is basically everybody, has a supply chain risk that they're dealing with. That supply chain risk can come in the form of software, in the form of open source software that they are building into their applications, which brings a certain type of supply chain risk.

謝謝你，尼科甚。好問題，哈姆札。所以讓我說清楚一件事。這不僅僅是美國聯邦政府的挑戰。任何在公有雲中開發和部署應用程式的人（今天基本上是每個人）都面臨供應鏈風險。供應鏈風險可能以軟體的形式出現，以他們建構到應用程式中的開源軟體的形式出現，這帶來了某種類型的供應鏈風險。

And the second type is through all of the tools and applications that they need to use in order to actually build an application. And we've seen that this can easily be hundreds of different third-party tools that they incorporate into the development process, that have access to their source code. That is the second form of supply chain risk and sometimes referred to as CI/CD pipeline risk, and that is a key component of what Cider will add to the broader capabilities we have with Prisma Cloud.

第二種類型是透過他們實際建立應用程式所需使用的所有工具和應用程式。我們已經看到，這很容易是他們納入開發過程的數百種不同的第三方工具，這些工具可以存取其原始程式碼。這是第二種形式的供應鏈風險，有時稱為 CI/CD 管道風險，這是 Cider 將添加到我們 Prisma Cloud 更廣泛功能中的關鍵組成部分。

Okay, Brad Zelnick of Deutsche Bank.

好的，德意志銀行的布拉德·澤爾尼克。

Congrats on the strong execution. Nikesh, I wanted to circle back on your comments about the easing supply chain and expectations for hardware growth to be above long-term trend this year. I believe you said low double digit. Just making sure the uptick is look at product gross margin, it still seems to be under pressure. Can you help us just reconcile how much of this is mix versus COGS and any other factors to appreciate and what to expect of hardware gross margin?

祝賀強大的執行力。 Nikesh，我想回顧一下您對供應鏈寬鬆的評論以及對今年硬體成長高於長期趨勢的預期。我相信你說的是低兩位數。只要確保產品毛利率的上升，它似乎仍然面臨壓力。您能否幫助我們協調其中的混合成本與銷貨成本和任何其他需要升值的因素以及硬體毛利率的預期？

First of all, Brad remind me to send you a painting for your office, it looks a bit sparse. But that notwithstanding, look, I've always maintained the underlying hardware growth in the industry is about 5% to 8%. And I'm not deviated. We've seen changed behavior, people have tried to order ahead because of supply chain constraints, We've seen pricing impacts to drive some of the growth. But I think the underlying growth continues to be the same.

首先，布萊德提醒我寄一張辦公室的畫，它看起來有點稀疏。但儘管如此，你看，我始終保持行業底層硬體成長約為 5% 至 8%。而且我並沒有走偏。我們看到了行為的改變，由於供應鏈的限制，人們試圖提前訂購，我們看到定價的影響推動了部分成長。但我認為潛在的成長仍然是一樣的。

What has happened in the last, I'd say, 4 to 6 months, slowly and steadily, we are seeing easing of some elements of supply chain. There are some components that become easier to get. As you've seen some semiconductor companies are talking about cutting supply or cutting production in memory and NAND and DRAMs. So you are beginning to see easing in various -- some -- certain amount of components, which is allowing us to ship product faster. At the same time, some, I'd say, real and perhaps some artificial supply chain constraints are being maintained in the industry. I expect them to ease over time, which should also ease up somewhat the pressure on gross margin.

我想說的是，過去 4 到 6 個月發生的事情，緩慢而穩定地，我們看到供應鏈的某些要素有所放鬆。有些組件變得更容易獲得。正如您所看到的，一些半導體公司正在討論削減記憶體、NAND 和 DRAM 的供應或產量。因此，您開始看到各種（某些）組件數量的減少，這使我們能夠更快地交付產品。同時，我想說，產業中仍然存在一些真實的、或許還有一些人為的供應鏈限制。我預計它們會隨著時間的推移而緩解，這也會在一定程度上緩解毛利率的壓力。

The gross margin impact is purely us having paid expedited fees for certain parts. It's really not an underlying component cost issue. So we think those will ease over the next -- it really depends on suppliers. I think the supply chain easing is happening as we speak, and we should be out of it in the 6 to 9 months' time frame, at the far end 12. It all depends on when the suppliers stop extracting more from us to try and get us those parts.

毛利率的影響純粹是我們為某些零件支付了加急費用。這實際上不是一個潛在的組件成本問題。因此，我們認為這些問題將在未來緩解——這實際上取決於供應商。我認為就在我們說話的時候，供應鏈正在放鬆，我們應該在6 到9 個月的時間框架內（最遠的12 個月）擺脫供應鏈的束縛。從我們這裡獲取更多資金來嘗試和給我們那些零件。

Next is Andy Nowinski of Wells Fargo.

接下來是富國銀行的安迪諾文斯基。

Congrats on a great quarter. One of the key metrics that stood out to us, I guess, was the next-gen ARR growth, particularly your net new ARR growth. And I think you mentioned you saw strength across all of that. I was just wondering if you could put a finer point on that and maybe let us know the largest component of next-gen security and whether that big Expanse deal was included in that ARR this quarter?

恭喜您度過了一個出色的季度。我想，對我們來說最突出的關鍵指標之一是下一代 ARR 成長，特別是新 ARR 淨成長。我想你提到你在這一切中看到了力量。我只是想知道您是否可以對此提出更詳細的觀點，也許讓我們知道下一代安全性的最大組成部分，以及本季度的 ARR 中是否包含這筆大額 Expanse 交易？

So go ahead, Dipak.

所以繼續吧，迪帕克。

Yes. So I would say, look, we feel very good about all the elements of our NGS ARR. Like just to repeat, we've got SASE, we've got Cortex. We've got cloud and we have some of the new cloud-delivered services. The majority of the growth continues to be the SASE cloud Cortex side of the house. So I think all of that is good. There are portions of deals we don't comment on deals like specifically, but if they have the appropriate products, then we contribute the appropriate amount to the ARR in them.

是的。所以我想說，看，我們對 NGS ARR 的所有要素都感覺非常好。重複一遍，我們有 SASE，我們有 Cortex。我們擁有雲，並且擁有一些新的雲端交付服務。大部分成長仍然來自 SASE 雲端 Cortex 方面。所以我認為這一切都很好。有些交易我們不會具體評論，但如果他們有合適的產品，那麼我們會向其中的 ARR 貢獻適當的金額。

Yes, to your direct question, yes, the Expanse deal is in the net new ARR that you've seen.

是的，對於您直接提出的問題，是的，Expanse 交易包含在您所看到的淨新 ARR 中。

Next up is Phil Winslow of Credit Suisse.

接下來是瑞士信貸銀行的菲爾溫斯洛。

Congrats on another phenomenal quarter. I wanted to focus in on Prisma SASE and Prisma Access. You gave some interesting stats there in terms of penetration into your existing firewall base. But also wins in the cloud for -- with customers that are not current on-premise firewall customers of yours. When you look at the momentum you're seeing, are you getting better at penetrating that existing base? And are customers starting to understand the value of on-premise, off-premise one policy? Or are you seeing more momentum even in, call it, displacing competing vendors in the cloud though?

恭喜又一個非凡的季度。我想專注於 Prisma SASE 和 Prisma Access。您在現有防火牆基礎的滲透方面提供了一些有趣的統計數據。而且還可以在雲端中贏得非當前本地防火牆客戶的客戶。當你看到你所看到的勢頭時，你是否在滲透現有基礎方面做得更好了？客戶是否開始了解內部部署、外部部署同一份政策的價值？或者您看到了更大的動力，甚至可以稱之為取代雲端中的競爭供應商？

So Phil, first of all, thanks for the compliment. Thanks for the great question. As Saket asked, and I think I've maintained that I have seen, again more activity this past quarter in C-level executives, some our customers engaging on consolidation plays or getting cloud transformation plays going. And what is interesting is not only our customers are beginning to see increased engagement with GSIs, so global system integrators. So the system integrators are being brought in to try and keep costs down and create a transformation. So I'm not going to name any one of them, but I'd say more engagement, again, across the board with the SI community as well as our direct customers.

菲爾，首先感謝您的讚美。感謝您提出的好問題。正如 Saket 所問的那樣，我認為我一直堅持認為，上個季度 C 級高管再次開展了更多活動，我們的一些客戶參與了整合或進行雲端轉型。有趣的是，不僅我們的客戶開始看到與 GSI 以及全球系統整合商的互動增加。因此，系統整合商正在嘗試降低成本並進行轉型。因此，我不會說出其中任何一個的名字，但我會再次強調，與 SI 社區以及我們的直接客戶進行全面的接觸。

In terms of your question, are we seeing engagement from existing customers and net new customers? It's both there are existing customers who are stepping up and they are on a path to do their transformations, whether they're adopting the cloud.

就您的問題而言，我們是否看到現有客戶和淨新客戶的參與？無論是否採用雲，現有客戶都在加緊努力，而且他們正在走上轉型之路。

The big highs, Phil, we used to be a firewall company. We used to sell firewalls. I got a secret for you. CIOs and CISOs don't buy firewalls. Network architects do, and they live in one corner of the enterprise. CIOs and CISOs do transformation projects. They'll do cloud transformations, they'll do network transformations, they will do soft transformations. And to be honest, we never had a portfolio until about 2.5 years, but actually had those conversations.

菲爾，我們曾經是一家防火牆公司。我們以前是賣防火牆的。我有一個秘密要告訴你。 CIO 和 CISO 不買防火牆。網路架構師就是這麼做的，而且他們住在企業的某個角落。首席資訊長和首席資訊安全長負責轉型專案。他們將進行雲端轉型、網路轉型、軟轉型。老實說，我們直到大約 2.5 年才擁有投資組合，但實際上進行了這些對話。

So what's beginning to happen is we are really building a new muscle as a company where we are able to engage with CIOs and CISOs. We've got Amit flying in one direction, Helmut from Europe flying in the other direction. We got BJ Jenkins flying in a third direction, and we let Lee out as well once in a while. So across all of these people, we're having a lot more engagement across customers. And these are long-term plays, but the good news is we show you that a few of these always land in the quarter. So we get a large 8-figure deals in a quarter. These are consequences of these large transformation conversations. It would take between 3 to 10 months to germinate into real big deals.

因此，我們正在真正為公司打造新的力量，讓我們能夠與資訊長和首席資訊安全長互動。阿米特（Amit）朝著一個方向飛行，來自歐洲的赫爾穆特（Helmut）朝另一個方向飛行。我們讓 BJ Jenkins 朝著第三方方向飛行，偶爾也會讓 Lee 出去。因此，在所有這些人中，我們與客戶之間的互動更加頻繁。這些都是長期投資，但好消息是我們向您展示其中一些總是會在本季落地。所以我們在一個季度內就獲得了一筆 8 位數的大筆交易。這些都是這些大型轉型對話的結果。需要 3 到 10 個月的時間才能萌芽成真正的大交易。

So I think the activity is still high, as I've said. On the margin there's scrutiny because people are saying, "Wait, this is a big deal, can we parse it out and adapt it to our budget?" But we're not seeing a reduction in conversation or activity.

因此，正如我所說，我認為活動仍然很高。在邊緣，人們會進行審查，因為人們會說，“等等，這是一件大事，我們可以解析它並使其適應我們的預算嗎？”但我們並沒有看到對話或活動減少。

Next is Fatima Boolani from Citigroup.

接下來是花旗集團的法蒂瑪·布爾尼。

Happy birthday, Lee. My gift to you is I won't be asking you a question. Nikesh and Dipak for you, is the commentary on the payment concessions and flexibility in light of a more challenged macro? I want to get a better sense of how pervasive these conversations have been for you in the installed base?

生日快樂，李。我給你的禮物是我不會問你問題。 Nikesh 和 Dipak 對您來說，是針對更具挑戰性的宏觀環境對付款優惠和靈活性的評論嗎？我想更了解這些對話在您的安裝基礎上有多普遍？

And maybe more directly, what are some of the impacts, Dipak, that maybe you're seeing from a deferred revenue mix standpoint?

也許更直接的是，迪帕克，您從遞延收入組合的角度來看可能會看到哪些影響？

And how we should think about invoicing duration and billings duration when we think about our cash flow trajectory in the context of some of those comments.

當我們在其中一些評論的背景下考慮我們的現金流量軌跡時，我們應該如何考慮發票持續時間和帳單持續時間。

So Fatima, let me give you context. I want to make sure I'm clear. So far, these are on the margin, okay? This is not mainstream. We do expect the activity to get more in that direction because you can see the Fed continuing to be on this mission to go steam growth, and we expect that's going to cause more customers to pay attention. But let's not -- now as I said in my remarks, there are some industries which are making money hand over fist. Talk to oil and gas. They've never made so much money. So the public sector continues to spend with all the geopolitical issues that are out there. So -- and financials, they're making more money, believe it or not. They're fine.

法蒂瑪，讓我來為你介紹一下背景。我想確保我說清楚了。到目前為止，這些還處於邊緣，好嗎？這不是主流。我們確實預期活動將朝著這個方向發展，因為你可以看到聯準會繼續履行推動經濟成長的使命，我們預計這將引起更多客戶的注意。但我們不要——正如我在發言中所說，有些行業正在大手大腳地賺錢。談石油和天然氣。他們從來沒有賺過這麼多錢。因此，公共部門繼續花錢解決所有存在的地緣政治問題。所以，不管你信不信，在金融方面，他們賺了更多的錢。他們很好。

So there are certain segments of the market where these conversations are happening. It's not across the board. We don't expect. I think 50% market is not feeling any pain with the interest rate increases. So take that aside, we take the rest of it. Some have budgets in place. They have transformation plans in place. So on the margin, yes, those conversations will increase.

因此，這些對話正在某些市場領域發生。這並不是一刀切的。我們不期待。我認為 50% 的市場並未因升息而感到任何痛苦。所以把它放在一邊，我們把剩下的部分放在一邊。有些已經制定了預算。他們已經制定了轉型計劃。所以從某種程度上來說，是的，這些對話將會增加。

As you know, in anticipation of this, we've built PANFS. We have a very good motion around providing financing. We're sitting on $5.9 billion of cash. So we are able to finance our customers if they so need to be able to facilitate their transformation project. So the conversation happens between us or our third-party vendors, they're able to go make this happen. I don't know, Dipak, if you want to comment on the deferred billing and deferred revenue comment.

如您所知，鑑於這一點，我們構建了 PANFS。我們有一個關於提供融資的非常好的動議。我們坐擁 59 億美元現金。因此，如果客戶需要促進其轉型項目，我們可以為他們提供融資。因此，對話發生在我們或我們的第三方供應商之間，他們能夠實現這一目標。我不知道，Dipak，您是否想對延期計費和延期收入評論發表評論。

No, I think, all I would say, Fatima, I think Nikesh explained it excellently. And I would just say everything is included in our guidance, like in terms of what we think.

不，我想，我想說的是，法蒂瑪，我認為尼科甚解釋得很好。我想說的是，一切都包含在我們的指導中，就像我們的想法一樣。

Cover the flip side, as we've said, we have $5.9 billion in cash. Our entire interest income last year was $19 million. I think our Q1 interest income was twice that. So there's the flip side of that.

另一方面，正如我們所說，我們擁有 59 億美元現金。去年我們的全部利息收入為 1900 萬美元。我認為我們第一季的利息收入是這個數字的兩倍。所以還有另一面。

Okay. Next is Michael Turits of KeyBanc.

好的。接下來是 KeyBanc 的 Michael Turits。

Congrats on a solid quarter in a tough environment. Last quarter, Nikesh, I believe that when you talked about your billings guide, you also commented that you could achieve that billings guide with no reduction in product backlog. Is that -- maybe you could talk a little bit, if you could, about backlog in any way to the extent you can in terms of what happened with it this quarter, up, down, flat? And whether you still assume backlog, product backlog, I think, is what you said, flat into the end of the year in order to make the numbers that you've got.

祝賀在艱難的環境中取得了穩定的季度業績。上個季度，Nikesh，我相信當您談到您的帳單指南時，您也評論說您可以在不減少產品積壓的情況下實現該帳單指南。是不是——如果可以的話，您可以就本季度發生的情況（上升、下降、持平）以任何方式談論一下積壓問題嗎？無論你是否仍然假設積壓，我認為產品積壓，就像你所說的那樣，一直持續到年底，以便達到你所得到的數字。

Michael, we don't comment on backlog. As I have said and as Dipak has said, because of supply chain constraints having eased a bit, we have been able to ship product to our customers much faster, which has a positive impact on attached services that we're able to ship them. But remember, our billings grew at 27%. And as we've said in the past, backlog in the overall scheme of things is not as substantial as you might think.

邁克爾，我們不對積壓問題發表評論。正如我和 Dipak 所說，由於供應鏈限制有所緩解，我們能夠更快地將產品運送給客戶，這對我們能夠運送產品的附加服務產生了積極影響。但請記住，我們的帳單增加了 27%。正如我們過去所說，整體計劃中的積壓並不像您想像的那麼嚴重。

Okay. So no change to that comment from last quarter about holding backlog to make the billings number?

好的。那麼上個季度關於積壓訂單以達到帳單數字的評論沒有改變嗎？

No. We don't hold backlog to make billings numbers. We try and ship our products to our customers as soon as we can to ensure that they get their products as quickly as they would like. And we report the quarter based on what we've been able to ship.

不會。我們嘗試盡快將產品運送給客戶，以確保他們盡快獲得產品。我們根據我們已經交付的產品來報告本季的情況。

Next to Jonathan Ho with William Blair.

旁邊是喬納森·何（Jonathan Ho）和威廉·布萊爾（William Blair）。

Great. Let me echo my congratulations as well. And happy birthday, Lee. Can you talk a little bit about the XSIAM traction that you're seeing? And maybe help us understand what this means from an upsell potential standpoint when customers start to move in this direction?

偉大的。讓我也表達我的祝賀。生日快樂，李。您能談談您所看到的 XSIAM 吸引力嗎？當客戶開始朝這個方向發展時，也許可以幫助我們從追加銷售潛力的角度來理解這代表什麼？

Jonathan, that's a great question, because I'll tell you what, I was positively surprised by the reaction of our customers wanting to engage in an XSIAM conversation, both directly, as well as many of the system integration partners who are there. So clearly, there seems to be a pent-up desire to reimagine their SOC. People are relying on old data ingestion platforms. People are relying on old alert-based optimization and prioritization things. And they all understand that it's physically and humanly impossible to intercept cyber threats by doing it manually. That seems to be a common realization.

Jonathan，這是一個很好的問題，因為我會告訴您，我對想要直接參與 XSIAM 對話的客戶以及那裡的許多系統整合合作夥伴的反應感到非常驚訝。很明顯，人們似乎有一種被壓抑的重新構想他們的 SOC 的願望。人們依賴舊的資料攝取平台。人們依賴舊的基於警報的優化和優先劃分。他們都明白，從物理和人力來說，手動攔截網路威脅都是不可能的。這似乎是一個普遍的認識。

Yet, none of them actually had a solution presented to them for a long period of time. So what we thought we would do in Design Partner is we signed up 8, 9 design partners. Guess what? In 3 months, all of them said, "We don't want to be a design partner, we'd like to start using the product on a commercial basis." So we accelerated our general availability of the product because we had to make sure it's available for those 9 customers, and all of them turned to customers.

然而，很長一段時間以來，他們都沒有真正提出解決方案。所以我們認為在設計夥伴中我們會做的是我們簽了 8、9 個設計夥伴。你猜怎麼著？三個月後，他們所有人都說：“我們不想成為設計合作夥伴，我們想開始在商業基礎上使用該產品。”因此，我們加快了產品的普遍可用性，因為我們必須確保它可供這 9 位客戶使用，並且所有客戶都轉向客戶。

Now our sales teams are trying -- are aggressively trying to go out there and pitch it, and we actually have to maintain a wait list to make sure we won't need implementation resources to be able to implement it. This is a lift. You're ripping out a data ingestion lake, you're ripping out their existing SIEM, yet they have to keep running their SOC in a way that we can transform that. So we're working with GSIs. We're working with third-party partners for them to build the capabilities so you can get this done with a variety of customers.

現在，我們的銷售團隊正在努力 - 積極地嘗試去那裡推銷它，我們實際上必須保留一個等待名單，以確保我們不需要實施資源來能夠實施它。這是電梯。你正在拆除資料攝取湖，你正在拆除他們現有的 SIEM，但他們必須以我們可以改變的方式繼續運行他們的 SOC。所以我們正在與 GSI 合作。我們正在與第三方合作夥伴合作，為他們建立功能，以便您可以與各種客戶一起完成此任務。

I've said this before and I still maintain this. Four years ago, when we embarked on this journey, we decided we're going to build a cloud security business, we're going to build a Cortex business, we're going to build a SASE business. As I said, all 3 businesses are on track to be $1 billion businesses. I think XSIAM has a similar potential in a similar time frame to be our fourth business that's going to be in the same category.

我以前就說過這一點，現在仍然堅持這一點。四年前，當我們踏上這趟旅程時，我們決定要建立雲端安全業務，我們要建立 Cortex 業務，我們要建立 SASE 業務。正如我所說，所有 3 家企業都有望成為價值 10 億美元的企業。我認為 XSIAM 在相似的時間範圍內具有類似的潛力，成為我們同一類別的第四個業務。

Next up is Roger Boyd of UBS.

接下來是瑞銀集團的羅傑·博伊德。

Congrats on the nice results. Nikesh, you had talked last quarter about extending Prisma Access, Prisma SASE to the entire sales force and really becoming a SASE-first sales organization. I'm just wondering, relative to your expectations, any comments you can provide on what you're seeing from a sales productivity efficiency standpoint?

恭喜取得好成績。 Nikesh，您上個季度曾談到將 Prisma Access、Prisma SASE 擴展到整個銷售隊伍，並真正成為 SASE 優先的銷售組織。我只是想知道，相對於您的期望，您可以從銷售生產力效率的角度對您所看到的情況提供任何評論嗎？

Well, we said that, and we are in the midst of that transition. We have trained all of our salespeople to become SASE-first. We have hired a bunch of people from SASE competitors to lead some of these areas for us. So we continue that field force transformation. At the same time, and as I said, we've hired 550 direct salespeople in the first quarter because we want to increase the coverage. At the same time, we've been able to do that without having to create a specialist sales force on top of that.

好吧，我們已經說過了，而且我們正處於這種轉變之中。我們對所有銷售人員進行了 SASE 優先培訓。我們從 SASE 競爭對手那裡聘請了許多人來為我們領導其中一些領域。因此，我們繼續進行現場人員轉型。同時，正如我所說，我們在第一季僱用了 550 名直銷人員，因為我們希望擴大覆蓋範圍。同時，我們已經能夠做到這一點，而無需在此基礎上建立一支專業的銷售團隊。

So you can see, we also said in our prepared remarks, we are accelerating our path to more profitability because we believe we are going to get those efficiencies, we anticipate it, by making a SASE-first field force. But also doing some other things to drive more and more efficiency across the organization, not just in sales.

所以你可以看到，我們在準備好的發言中還說過，我們正在加速實現更高盈利能力的道路，因為我們相信，我們將通過建立一支SASE 優先的現場隊伍來提高效率，我們預計這一點。而且還做一些其他事情來提高整個組織的效率，而不僅僅是銷售方面。

So we feel pretty comfortable that not only will we get sales productivity, but we also believe we'll get overall productivity in the organization so we can accelerate our operating margin aspirations ahead of our 3-year plan we had shared about in here and a quarter ago.

因此，我們感到非常放心，我們不僅會獲得銷售生產力，而且我們還相信我們將獲得組織的整體生產力，因此我們可以在我們在此分享的三年計劃和四分之一前。

Next, John DiFucci from Guggenheim.

接下來是古根漢的約翰·迪福奇。

So really strong NGS ARR quarter, guys. My question is more on the product line. We heard and just in our checks into the quarter of any product refresh that might be happening perhaps is getting extended. And perhaps, I think it sounds like maybe because of the macro backdrop, some of the stuff you talked about, Nikesh. I guess, first of all, is this accurate? And if so, should we be thinking about perhaps a little -- like in this quarter, a little bit lower product growth than we saw over the last several quarters, but decent product growth, nevertheless, for perhaps a longer period of time?

夥計們，NGS ARR 季度非常強勁。我的問題比較是關於產品線。我們聽說，在我們對可能發生的任何產品更新的季度進行檢查時，可能會延長。也許，我認為這聽起來可能是因為宏觀背景，你談到的一些東西，Nikesh。我想，首先，這是準確的嗎？如果是這樣，我們是否應該考慮一下——就像本季一樣，產品成長比過去幾季稍低一些，但產品成長可能會在更長的時間內保持不錯的成長？

I am trying to interpret your question.

我正在嘗試解釋你的問題。

Okay. So I'm talking about the -- what I think is a product refresh in the...

好的。所以我說的是——我認為是產品更新...

Okay. Well, I'm going to let Lee answer it. I promised that he'd get more than one question.

好的。那我就讓李老師來回答吧。我向他保證他會收到不只一個問題。

So John, one of the things I've said in the past in talking about product refresh, as it pertains to the new models that we release is these refreshes typically play out over a fairly long period of time. And so I would suggest like not looking at it as a singular quarter when you think about the trend and how this evolves. Most of our customers are large enterprise customers. They make long-term decisions. These decisions take place over 1, 2, 3-plus years of time. And so these harder refreshers play out over cycles like that as opposed to on specific quarters.

所以約翰，我過去在談論產品更新時說過的一件事，因為它與我們發布的新型號有關，這些更新通常會在相當長的一段時間內進行。因此，我建議在考慮這一趨勢及其演變方式時，不要將其視為單一季度。我們的客戶大多是大型企業客戶。他們做出長期的決定。這些決定需要一年、兩年、三年多的時間。因此，這些更難的複習是在這樣的周期中進行的，而不是在特定的季度進行。

Well, it actually affected the results the last time you did it in 2017 for about 2 years. And it looks like you're about a year into it. And I was just wondering if perhaps it could last longer than 2 years this time. That's really the question.

嗯，它實際上影響了你上次在 2017 年做的結果，持續了大約兩年。看起來你已經進入這個行業大約一年了。我只是想知道這次是否可以持續超過兩年。這確實是個問題。

The only thing I am seeing at this time, we've seen a lot of extraneous factors which have muted the outcomes for the industry, with the supply chain crisis, with the pandemic, with full the weaker supply chain. Now with the Fed increasing interest rates, I'll tell you, one of the easiest decisions for our customers to make is to sweat their assets a little longer. Because it's not like these firewalls suddenly blow up at the end of life. They can be extended. So listen, I'd much rather put the money in my cloud transformation and sweat the asset a little longer.

我目前看到的唯一一件事是，我們看到了許多無關因素，這些因素削弱了該行業的成果，包括供應鏈危機、疫情大流行以及供應鏈的疲軟。現在，隨著聯準會升息，我告訴你，我們的客戶做出的最簡單的決定之一就是讓他們的資產多花一點時間。因為這些防火牆不會在生命結束時突然爆炸。它們可以被擴展。所以聽著，我寧願把錢投入到雲端轉型中，並為資產多花點時間。

So if you add it all to the mix, that's why we went through this whole cybersecurity transformation of the company. We wanted to take away the impact of any one product line.

因此，如果將所有這些都添加到組合中，這就是我們經歷公司整個網路安全轉型的原因。我們希望消除任何一種產品線的影響。

Next is Joshua Tilton of Wolfe Research.

接下來是沃爾夫研究公司的約書亞·蒂爾頓。

It's Patrick on for Josh. Over the last several second quarters, the sequential billings guides have been in the 9% to 10% range. But the guide for next quarter implies a 12% sequential growth. So how do we interpret that? Is it a little more aggressive than usual?

派崔克替補喬許。在過去的幾個第二季度中，連續營收指引一直在 9% 到 10% 的範圍內。但下個季度的指導暗示環比增長 12%。那我們該如何解釋呢？是不是比平常更加激進了一些？

I think probably the way that I would -- I wouldn't interpret too much in it. At the end of the day, we have a pipeline. We have lots of large deals. It really depends on when deals come in. They can have a significant impact on your billings. And so we're just trying to be as transparent as we can in terms of the information that we have on hand. There's no magical math behind the guide.

我想可能是這樣的——我不會在其中解釋太多。最終，我們有了一條管道。我們有很多大額交易。這實際上取決於交易何時到來。因此，我們只是盡力讓現有資訊保持透明。該指南背後沒有神奇的數學原理。

Next is Adam Borg of Stifel.

接下來是 Stifel 的 Adam Borg。

Maybe just on a topic we haven't heard today on OT cybersecurity, that's an area that we're just picking up more in our checks as seeing some more focus. And I love to think about -- hear a little bit, Nikesh, how you're thinking about the opportunity and what world that all plays?

也許只是我們今天沒有聽說過的關於 OT 網路安全的話題，這是我們在檢查中發現的更多領域，因為看到了更多關注。我喜歡思考──尼可什，請聽一下，你是如何思考這個機會的，以及它所扮演的世界是什麼？

Yes, we've been very focused on making sure that we make IoT capability available as part of our integrated portfolio. So you don't have to get 1 more sensor and get 1 more cybersecurity vendor. Surprisingly -- the OT stuff you're talking about -- we'll let Lee talk about it.

是的，我們一直非常注重確保將物聯網功能作為我們整合產品組合的一部分提供。因此，您不必再購買 1 個感測器並再購買 1 個網路安全供應商。令人驚訝的是——你正在談論的加班的事情——我們會讓李來談論它。

Sure. Look, OT environments have long been secured by keeping them disconnected from everything else. And there's OT environments that are still running Windows 95, Windows NT, for those who have been around for a while. That obviously has significant risk. And so the way to control that is simply segment it and wall it up from the rest of the world.

當然。看，OT 環境長期以來一直透過保持與其他一切的隔離來確保安全。對於使用了一段時間的人來說，有些 OT 環境仍然運行 Windows 95、Windows NT。這顯然存在很大的風險。因此，控制它的方法就是簡單地將其分割開來，並將其與世界其他地方隔離。

But what's been happening over the last couple of years is OT networks are increasingly being digitized, specific parts of them are having to be connected to the cloud, which also means the OT and the IoT are starting to merge together a little bit more. And so as that happens, there's a greater interest in thinking about what the next generation of security for an OT environment looks like. And so this is where our ability to come in with a next-gen firewall infrastructure that can provide the segmentation where it's needed, but layer on top of that, the IoT/OT security capabilities designed to secure that transformation is starting to pay dividends.

但過去幾年發生的情況是，OT 網路越來越數位化，其中的特定部分必須連接到雲，這也意味著 OT 和 IoT 開始更多地融合在一起。因此，當這種情況發生時，人們就會更有興趣思考 OT 環境的下一代安全性是什麼樣子。因此，這就是我們提供下一代防火牆基礎設施的能力，該基礎設施可以在需要的地方提供分段，但在此基礎上，旨在確保轉型的物聯網/OT 安全功能開始帶來紅利。

I still think this is early days in transformation, but there definitely is a strong interest in these types of organizations. And as Nikesh mentioned earlier, many of these are oil and gas utilities and others that actually are seeing some of the benefits of some of the recent macro environments. And so that's also part of an opportunity to leverage and make investments now.

我仍然認為現在還處於轉型的早期階段，但人們肯定對這些類型的組織有濃厚的興趣。正如尼克什之前提到的，其中許多是石油和天然氣公用事業公司以及其他實際上看到了近期宏觀環境的一些好處的公司。因此，這也是現在利用槓桿和進行投資的機會的一部分。

Next, we've got Rob Owens of Piper Sandler.

接下來請來 Piper Sandler 的 Rob Owens。

Could you drill down a little bit in terms of Fed and what you saw in-period, obviously, calling out a couple of large deals. But if I rewind, the thought process was that Fed was going to get more linear and less budget flush typical to the September quarter. So are you seeing those trends play out? Or was this more a budget flush type of quarter? And was it in line with your expectations?

您能否深入了解聯準會以及您在這段時間內看到的情況，顯然，有幾筆大型交易。但如果我回顧一下，我的想法是，聯準會將採取更線性的方式，並減少九月季度典型的預算沖刷。那麼您看到這些趨勢了嗎？或者這更像是一個預算充裕的季度？符合您的預期嗎？

No. It wasn't a budget flush quarter. We've been working the deal, which we announced for a very long time, as you can imagine. Those size deals don't happen overnight. It just happened to converge at the right time for us from a timing perspective. But we're beginning to see the Fed activity get stronger because we're at that point in time with this administration where they've gotten their stuff together across the various agencies, and they've actually started executing against the strategy.

不，這不是一個預算充裕的季度。正如你可以想像的那樣，我們一直在努力達成這項交易，我們宣布這項交易已經很長時間了。這些規模的交易不是一朝一夕就能完成的。從時間的角度來看，它恰好在正確的時間聚合。但我們開始看到聯準會的活動變得更加強勁，因為我們正處於本屆政府的那個時間點，他們已經將各個機構的工作整合在一起，並且他們實際上已經開始執行該策略。

So we think, yes, the Fed spend will continue to stay strong and we continue to get linear as time passes, as we get through the rest of this administration's term. It's always dicey in the first year, the first 1.5 years because it's a whole new set of characters, especially if you change institutions, where they're still trying to figure out what they want to endorse or what they don't want to. So I think things are more stable and things are going to continue to stay strong in that space.

因此，我們認為，是的，聯準會支出將繼續保持強勁，並且隨著時間的推移，隨著本屆政府任期的剩餘時間的推移，我們將繼續保持線性。第一年，前 1.5 年總是很冒險，因為這是一組全新的角色，特別是如果你改變機構，他們仍然試圖弄清楚他們想要認可或不想認可什麼。所以我認為事情變得更加穩定，並且在這個領域將繼續保持強勁。

Next is Matt Hedberg from RBC.

接下來是加拿大皇家銀行的馬特·赫德伯格。

Congrats from me as well on the quarter. Dipak, a question for you. Obviously, you price in U.S. dollars. But I'm wondering, in international markets, obviously, there's been a huge currency movement. I know historically, partners would absorb a lot of that price movement. I'm just sort of curious how that's happening in some of these customer conversation where the dollar has appreciated pretty materially.

我也對本季表示祝賀。迪帕克，問你一個問題。顯然，您以美元定價。但我想知道，在國際市場上，顯然存在著巨大的貨幣波動。我知道從歷史上看，合作夥伴會吸收大量的價格變動。我只是有點好奇，在美元大幅升值的客戶對話中，這種情況是如何發生的。

Yes. So I think, look, there's always going to be the isolated instances where it comes up in discussion. But for the most part, our sales reps will try to manage that through different tools that they have available to them and then that's pretty much it.

是的。所以我認為，看，在討論中總會有一些孤立的例子。但在大多數情況下，我們的銷售代表將嘗試透過他們可用的不同工具來管理這一點，然後就差不多了。

I think, Matt, that's a fair question in addition to what Dipak said, there have customers who come back and said, "Look, the currency has moved a lot. Our price has gone up in the last 2 weeks. Now what can we do about it?" In that case, it becomes a conversation. In some cases, we've had to adjust prices. But at the same time, like you said, some of them get absorbed by the channel, some of them will get absorbed by the customer, some get absorbed by us.

我認為，馬特，除了迪帕克所說的之外，這是一個公平的問題，有些客戶回來說，「看，貨幣波動很大。過去兩週我們的價格上漲了。現在我們能做什麼？ 」做什麼？在這種情況下，它變成了一場對話。在某些情況下，我們不得不調整價格。但同時，就像你說的，有些會被通路吸收，有些會被客戶吸收，有些會被我們吸收。

Our last question for the evening will be from Gray Powell of BTIG.

今晚我們的最後一個問題將來自 BTIG 的 Gray Powell。

Congratulations on the strong results. So yes, the NGS ARR really stood out to me. Within that, can you just sort of -- can you remind us on the economics of settling SASE to that of the traditional firewall? Is there any sort of like a 1-year trade-off? Or just like how should we think about that playing out as SASE becomes a bigger piece of the mix?

祝賀取得了優異的成績。所以，是的，NGS ARR 對我來說確實很突出。其中，您能否提醒我們將 SASE 與傳統防火牆結合的經濟性？是否存在類似一年期的權衡？或者就像我們應該如何考慮隨著 SASE 成為組合中更大的一部分而發生的情況一樣？

I think it's kind of interesting, Gray. All of our SASE deals, I think like-for-like, are much larger than our firewalls deals, even with the same customer. And they can range from 2x to 3x, and sometimes even up to 5x, depending on the comprehensiveness of the requirement and the customers' desire to deploy it. So you have lots and lots of 8-figure deals out there that are being competed for in the SASE space. And I think there's 2.5 vendors fighting for those deals.

我覺得這很有趣，格雷。我認為，即使針對同一客戶，我們所有的 SASE 交易都比我們的防火牆交易大得多。它們的範圍可以從 2 倍到 3 倍，有時甚至高達 5 倍，這取決於需求的全面性和客戶部署的願望。因此，SASE 領域有很多很多 8 位數的交易正在爭取中。我認為有 2.5 家供應商正在爭奪這些交易。

We were not a player, as you know, 2.5 years ago in that space. Now we're almost in every one of the large deals out there head-to-head. So either the deal gets won or lost, but we're in every one of them. And they're typically large sizes. And the economics are better. And the security posture is better for the customer. Because imagine, if I sell 500 firewalls, it takes customers a serious amount of time to go deploy them, and every time I give a software upgrade to customers, they go drive a truck and upgrade all those firewalls because they want to sandbox the upgrade, which leaves them exposed from a security perspective.

如您所知，2.5 年前我們還不是該領域的參與者。現在，我們幾乎在每一筆大型交易中都是正面交鋒的。因此，這筆交易要么成功，要么失敗，但我們參與其中的每一筆交易。而且它們通常尺寸較大。而且經濟性也比較好。而且安全狀況對客戶來說更好。因為想像一下，如果我銷售 500 個防火牆，客戶需要花費大量時間來部署它們，每次我向客戶提供軟體升級時，他們都會開一輛卡車併升級所有這些防火牆，因為他們想要沙箱升級，從安全角度來看，這使它們暴露在外。

On SASE, I can -- I actually -- we actually do the upgrades, and we can get the entire customer base upgraded in a span of 2 weeks. In some cases, we just announced PAN-OS 11.0, and we still have a lot of customers who have not upgraded to 10.2, right? So this does improve the security posture, improves the total cost of ownership. And that shows up in a larger deal size because we're shifting costs from the customer to having the software managed by us and our partners.

在 SASE 上，我實際上可以進行升級，我們可以在 2 週內完成整個客戶群的升級。在某些情況下，我們剛剛發布了 PAN-OS 11.0，但仍有許多客戶尚未升級到 10.2，對吧？因此，這確實改善了安全狀況，並提高了總擁有成本。這體現在更大的交易規模上，因為我們正在將成本從客戶轉移到由我們和我們的合作夥伴管理的軟體上。

So look, the economics of SASE are phenomenal from a deal size perspective as well as from -- they're pretty consistent from a margin perspective. So I think there's still, as I've said in the past, is an $8 billion to $10 billion SASE market out there, and that space is growing in double digits as an opportunity.

所以看，從交易規模的角度來看，SASE 的經濟效益是驚人的，從利潤的角度來看，它們也非常一致。因此，我認為，正如我過去所說，仍然存在 80 億至 100 億美元的 SASE 市場，而這個空間正在以兩位數的速度成長，這是一個機會。

All right. And with that, we'll conclude the Q&A portion of our call, and I'll turn it back over to Nikesh for his closing remarks.

好的。至此，我們將結束電話會議的問答部分，我將把它轉回給尼科甚做結束語。

Thank you, Clay. Thank you, everyone, again, for joining us. We look forward to seeing many of you at upcoming investor events. I also want to thank our customers, partners and employees around the world for helping us deliver these great results in such a tough environment. With that, have a great day.

謝謝你，克萊。再次感謝大家加入我們。我們期待在即將舉行的投資者活動中見到你們。我還要感謝我們世界各地的客戶、合作夥伴和員工幫助我們在如此艱難的環境中取得了這些偉大的成果。就這樣，祝你有美好的一天。