(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 財年第一季度收益電話會議。我是 Palo Alto Networks 投資者關係主管 Clay Bilby。請注意，本次通話的錄音時間為今天，即 2022 年 11 月 17 日，星期四，下午 1:30。太平洋時間。和我一起參加今天電話會議的有我們的董事長兼首席執行官 Nikesh Arora；和我們的首席財務官 Dipak Golechha。我們的首席產品官 Lee Klarich 將在準備好的發言後加入我們的問答環節。您可以在我們的網站 investors.paloaltonetworks.com 上找到新聞稿和信息以補充今天的討論。在那裡，請單擊“活動和演示”鏈接，您可以在其中找到投資者演示和補充信息。

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運營和財務業績做出前瞻性陳述和預測。這些聲明受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提交給美國證券交易委員會的文件，以討論這些風險和不確定性。

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.

我們還將參考非 GAAP 財務指標。這些措施不應被視為替代根據公認會計原則編制的財務措施。最直接可比的 GAAP 財務措施和對賬包含在新聞稿和本投資者介紹的附錄中。除非另有特別說明，否則所有比較均基於同比。

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，我們在第四季度宣布的 1 股 3 股拆分已經完成，現在的股份和每股數字都反映了這一點。

I will now turn the call over to Nikesh.

我現在將把電話轉給 Nikesh。

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。如您所見，我們在第一季度表現穩健，收入增長平衡，並且明顯關注盈利能力。本季度初，我們看到一些客戶行為發生了變化，並調整了我們的運營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.

最重要的是，賬單同比增長 27%，而 RPO 增長 38%。我們一直認為，網絡安全是科技行業最具創新性的領域。為了展示我們轉型的進展，我們分享了我們新的雲交付和雲支持產品如何通過我們的 NGS ARR 為我們的業務做出貢獻。在這種情況下，本季度，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，同比增長 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，以推動我們業務中的增量運營槓桿。鑑於我們是最大的獨立網絡安全企業，我們可以在公司下一周期的下一階段顯著提高利潤率。我們在本季度對盈利能力的關注推動營業收入同比增長 44%，營業利潤率同期增長 260 個基點。我們還在本季度產生了超過 10 億美元的自由現金流。由於我們專注於本財年的 GAAP 盈利能力，我們連續第二個季度在 GAAP 基礎上產生了淨收入。

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.

我們戰略的核心是推動整合以使客戶獲得更好的安全態勢的需要。為此，我們繼續看到大規模的跨平台購買，並以穩定的速度增加我們的百萬富翁客戶。我們的客戶一直在與我們一起旅行，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，導致客戶看到整合到我們平台之一的機會。當他們對 Strata、Prisma 或 Cortex 感到滿意時，我們看到他們正在考慮進一步整合我們的多個平台。這一戰略使我們能夠繼續與滿意的客戶一起改變我們的交易規模，我們預計這種情況會繼續下去。

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，我們在本季度進行了一些大型交易。美國聯邦政府機構選擇了我們的 Cortex 技術。此交易使總支出增長到 9 位數，客戶可以選擇額外的年限。這一選擇突出了我們 Expanse 技術的獨特能力和市場領導地位，這是本次交易的核心。我們在第一季度收到了交易前 3 年超過 6000 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項價值 7 位數的軟件防火牆交易，Prisma Cloud 中的安全訂閱。客戶擁有數百個基於設備的防火牆，因為我們一致的架構而選擇了我們的軟件防火牆，並選擇了 Prisma Cloud 作為跨 4 個公共雲的標準化安全。一家主要的歐洲媒體公司簽署了一項 8 位數的多產品交易，取代了幾個現有的網絡安全供應商，並整合了 Palo Alto Networks，包括我們全系列的雲交付安全訂閱。

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筆 7 位數的交易，涉及所有 3 個平台。客戶在他們的環境中沒有我們的物理防火牆，但重視我們在本地和雲端部署軟件防火牆的一致性、我們獨特的 Expanse 產品以及在我們平台上整合的總擁有成本優勢。您可以在我們活躍的百萬富翁客戶數量中看到我們在大量客戶承諾方面取得更廣泛成功的證據，我們在第一季度同比增加了 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.

我們不斷在我們的平台上進行創新，並以我們的能力獲得市場的認可。本季度，我們在 Prisma Cloud 中推出了軟件組成分析，在 SASE 中推出了 SaaS 安全態勢管理，就在本週，我們還推出了跨下一代防火牆的產品。最後，我們宣布了 XSIAM 在 Cortex 中的普遍可用性。外部對我們創新的認可對我們很重要，因為許多客戶都依賴這種第三方驗證作為他們評估過程的一部分。本季度，我們在 2 個新類別中獲得了領導認可，增加了雲安全態勢管理或 CSPM；和雲原生應用程序保護平台 (CNAPP) 到我們的列表。

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。我們繼續看到網絡安全業務的穩健增長。我們在設備防火牆外形方面的創新，包括我們的第 4 代更新和我們在虛擬外形方面的投資，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場份額增加了約 3 個百分點，在 VM 市場的市場份額增加了 7 個百分點。我們的客戶看到了推動標準化的機會，並決定擺脫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.

我們還看到許多客戶將標準化擴展到 SASE。許多公司處於執行 SASE 的相對早期階段，因為它涉及到對其安全網絡架構的更改。我們的 Prisma SASE 產品已獲得行業認可，我們已經看到越來越多的客戶在我們的現有客戶群和新客戶中獲勝。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啟用並執行 SASE 並將其推向安裝基礎，SASE 繼續代表我們最大的渠道。

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.

整合我們客戶的網絡安全功能正在推動附加訂閱進入我們跨所有防火牆形式的安裝基礎。自 15 年前進入市場以來，我們在網絡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的數量，但我們也重新構想了我們現有的功能。我們的高級 URL 過濾和威脅防禦版本利用深度學習實時阻止規避性的零日未知攻擊。昨天，作為我們 PAN-OS 11.0 Nova 版本的一部分，我們引入了 WildFire 的高級版本來阻止更多的零日雲攻擊。新訂閱為我們的安裝基礎提供了顯著的附加值，並且已經看到了有前途的採用。

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.

轉到 Prisma Cloud。 Prisma Cloud 繼續成為行業領先的 CNAPP 平台，建立在一流的收購和有機創新的基礎上。我們在 18 個月前收購了 Bridgecrew，向左移動並引入了雲代碼安全模塊，以及基礎架構即代碼掃描。在此基礎上，我們在第一季度發布了我們的 SCA，即軟件組合分析解決方案。 SCA 與 Prisma Cloud 平台的集成使開發人員和安全團隊能夠主動確定影響應用程序生命週期的已知漏洞的優先級。我們已經看到數百名 Prisma Cloud 客戶使用我們的 IaC 和 SCA 功能作為我們雲代碼安全模塊的一部分。

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 客戶增加他們的信用消費，因為他們擴大了他們的 hyperscaler 足跡並採用了我們的 9 個模塊中的更多模塊，例如 Cloud Code。我們一半的 Prisma Cloud 客戶使用 2 個或更多模塊，近 20% 使用 4 個或更多模塊。第一季度，我們的信貸消費同比增長 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，向左轉移到 IaC 安全和 SCA 的採用，我們正在加倍投資軟件供應鏈安全。今天，我們宣布了收購 Cider Security 的意向，這是該戰略的關鍵。 Cider 帶來了可視化客戶的應用程序開發和部署環境、分析工具、識別風險以及如何補救它們的能力。這種保護軟件供應鏈的能力得到了 Cider 領先的 CI/CD 安全研究團隊的支持。通過在收購完成後將 Cider 的功能整合到 Prisma Cloud 中，我們將進一步鞏固我們在雲安全領域的領導地位，幫助企業保護從代碼到雲端的應用程序。

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同類最佳的產品能力贏得客戶。在第一季度，我們看到了強勁的 Cortex 大宗交易表現。我們不僅在獨立的基礎上與 XDR、XSOAR 和 Expanse 取得了成功，而且許多著名的例子都是多產品交易。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 取代了他們現有的 SIEM 和 SOAR。一位政府客戶以 7 位數的價格採用了 XDR Pro 和 XSOAR，因為它為多個機構制定了新的 SOC。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.

我們在第一季度繼續在 Cortex 上進行創新，提供了一種新的託管檢測和響應服務，該服務建立在我們的 XDR 功能之上，並通過我們的 Unit 42 世界級威脅情報得到豐富。我對 XSIAM 的普遍可用性感到非常興奮，這是我們突破性的自主安全運營平台。我們的 XSIAM 發布活動被超額認購，隨著客戶重新構想 SOC 管理的世界，我們看到了對我們的產品及其未來路線圖的很多共鳴。

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劃。最近，我們從 XSIAM Design Partners 那裡獲得了 2 個數百萬美元的承諾，因為他們將擴展到生產部署。至此，我們的大部分設計客戶已經轉變為付費客戶。事實上，我們正在謹慎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。我們感興趣的客戶名單中有 50 家希望我們部署 XSIAM。我們正在對他們進行資格鑑定並謹慎地讓他們入職，以便我們可以適當地擴展業務並為他們提供價值。

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艱難的季度表現出色，宏觀經濟環境也在快速變化。我相信你們所有人都在努力弄清楚這一切在接下來的 3 個季度對我們意味著什麼。

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，美聯儲正在努力抑制影響增長的通脹。雖然網絡安全在一定程度上具有彈性，但我們確實看到了一些影響的邊際跡象。網絡安全交易受到越來越多的審查，這表明對轉型項目進行更深入和更長時間的審查。包括付款條款在內的新對話、折扣導致交易週期延長。

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，雖然一些交易被擱置並分階段進行，但我們很少遇到交易取消的情況。我們確實希望這種行為在明年成為常態。並非所有部門的影響都是一樣的，但那些感受到加息影響的人比那些在高利率環境中繁榮的人更有可能審查他們的預算。技術、CPG 和零售業的某些部分正在受到影響，而公用事業、石油和天然氣、國防和公共部門垂直行業繼續按照他們的計劃進行。

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 4 季度開始，第 1 季度往往是一個季節性更具挑戰性的季度，但我們能夠通過加倍執行來馴服其中一些早期趨勢。 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。我們提前招聘了我們的現場團隊，以擴大我們客戶群的覆蓋範圍。我們還擴大了圍繞新客戶和現有客戶的活動水平，以確保更快地實現我們產品的價值。

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.

正如我們上個季度所討論的那樣，我們已經看到一些客戶推遲了硬件更新計劃。雖然他們最終需要更新，但有些人選擇推遲並在以後重新評估。我仍然相信硬件的長期行業增長率將在 5% 到 8% 之間，我們可能會趨向於該範圍的低端。然而，加上寬鬆的供應鏈，我預計在短期內，我們將繼續報告產品收入的低兩位數增長率。

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.

供應商太多會導致複雜性和風險增加。考慮到審查和退貨要求的增加，Palo Alto Networks 的一線希望是我們圍繞整合平台進行的對話比以往任何時候都多。我們認為客戶不太可能購買更新的安全產品。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.

網絡安全對於 IT 轉型和超大規模採用至關重要。我們相信，雖然一些客戶的投資步伐可能會出現短期波動，但這些項目將在中長期內繼續進行。我們認為網絡安全支出具有彈性，但不能不受客戶針對當前環境進行調整的影響。話雖如此，我仍然相信，我們可以通過強有力和集中的執行來克服這些宏觀經濟影響，這正是我們計劃要做的。

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 6 到 9 個月前，我們還在談論我們在人才競爭中面臨的挑戰。我們現在發現招聘和僱用頂尖人才更容易，而且流失率也更低，這需要更少的新員工。我們將密切監控我們的招聘和整體支出，以進一步加強對效率的關注。

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

隨著我們繼續這一年並在內部關注我們如何應對外部環境，我們團隊的敏銳執行力將是最重要的。

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.

在我將電話轉給 Dipak 之前，我想就我們如何考慮預測提供一些觀點。我們正在調整今年收入賬單指導範圍的高端，以實現我們在第一季度看到的上行空間。在我們的收入中，我們確實預計產品收入增長率會略高於 10%，因為我們能夠運送一些訂單，這些訂單以前曾因我之前提到的更具挑戰性的供應鏈形勢而被推遲。

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.

我們還反映了我們在第一季度看到的 NGS ARR 的實力，今年的 NGS ARR 指導範圍更高。這不僅反映了我們的 Cortex Prisma Cloud SASE 和軟件防火牆的性能，還反映了我在高級雲交付訂閱中看到的成功。

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.

積極的一面是，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運營槓桿。為此，我們能夠採取措施加速我們之前在分析師日概述的盈利能力，這反映在我們第一季度的營業利潤率和每股收益表現中。我們將繼續專注於此。因此，我們將今年的營業利潤率指引提高了 50 個基點。這一點，以及更高的利息收入，正在推動我們的每股收益和現金流量指導的增加，正如 Dipak 將涵蓋的那樣。

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 3 年的複合基礎上，由於我們進行了大量投資，我們的每股收益和調整後的自由現金流的增長低於我們的收入增長率。我們現在的目標是每股收益和調整後的自由現金流都在我們的指導中點增長 30% 以上，這超過了我們的收入增長。

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.

我們對我們的戰略充滿信心，不會與任何其他網絡安全公司交換我們的立場。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正在分配新預算資金的新興領域，同時在客戶尋求整合支出時，也在更廣泛的網絡安全預算中獲得更多份額。我們將繼續致力於為創新提供資金，進行長期投資，同時我們還將尋求近期機會來提高我們的業務效率。

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

有了這個，我會把電話轉給 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 Nikesh，大家下午好。第一季度，收入 15.6 億美元，增長 25%，高於我們指導範圍的上限。產品增長 12%，總服務增長 30%。按地域劃分，我們看到所有影院都有增長，EMEA 增長 32%，美洲增長 24%，JPAC 增長 26%。我們的下一代安全功能越來越多地推動我們取得成果，我們的 NGS ARR 增長了 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推動的實力。這包括 Cortex、Prisma Cloud、Prisma SASE、軟件防火牆和雲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.

我們交付了 17.5 億美元的總賬單，增長了 27%，高於我們指導範圍的上限。第一季度遞延收入總額為 72 億美元，增長 39%。剩餘履約義務或 RPO 為 83 億美元，增長 38%，當前 RPO 約占我們 RPO 的一半，與前幾個季度相似。

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。我已經強調了 74.3% 的非 GAAP 毛利率同比下降 10 個基點，組件和運輸產生了一些與供應鏈相關的增量費用。

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.

營業利潤率為 20.6%，同比增長 260 個基點。營業利潤率的增長是由於研發、銷售和營銷以及一般與行政這 3 條支出項目的支出佔收入的百分比較低。我們已經專注於使我們的投資計劃與回報率最高的領域保持一致。因此，隨著我們在這種環境中前進，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.

第一季度非 GAAP 淨收入增長 56% 至 2.66 億美元或每股攤薄收益 0.83 美元。我們的非 GAAP 有效稅率為 22%。 GAAP 淨收入為 2000 萬美元或每股基本股 0.07 美元，稀釋後每股 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，第一季度末現金和可投資餘額最高，現金等價物和投資為 59 億美元。我們有足夠的靈活性來償還到期債務、投資業務、進行收購和向股東返還資本。我們處於令人羨慕的位置，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.

第一季度運營現金流為 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，本季度自由現金流總額為 12 億美元。這使我們有望實現我們今天提出的年度指導。這一現金流表現主要是由本季度強勁的收款推動的，我們根據第四季度的業務實力預計。第一季度，我們沒有回購任何股份。提醒一下，我們的股票回購計劃是機會主義的，我們致力於這種在中期向股東返還現金的方法。

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，我們達成了一項最終協議，以大約 1.95 億美元的現金收購 Cider Security，不包括置換股權獎勵的價值，可能會有所調整。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的 23 財年指引並不重要。

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 23 財年撥款的一部分發放，基於股票的薪酬佔收入的百分比環比略有上升。根據我們的長期計劃，與去年同期相比，我們繼續將我們的 SBC 作為收入的百分比進行管理。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為我們的產品定價，因此不會受到您可能會直接轉換為收入的影響從其他公司聽說。

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%.

現在繼續我們對第二季度和今年的指導。對於 2023 年第二財季，我們預計營業額將在 19.4 億美元至 19.9 億美元之間，增長 21% 至 24%。我們預計收入將在 16.3 億美元至 16.6 億美元之間，增長 24% 至 26%。我們預計非 GAAP 每股收益將在 0.76 美元至 0.78 美元之間，增長 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.

對於本財政年度，我們預計賬單將在 89.5 億美元至 91 億美元之間，增長 20% 至 22%。我們預計 NGS ARR 將在 26.5 億美元至 27 億美元之間，增長 40% 至 43%。我們預計收入將在 68.5 億美元至 69.1 億美元之間，增長 25% 至 26%。正如 Nikesh 在他的評論中概述的那樣，我們預計產品收入將增長 10%，略有上升。我們預計 23 財年營業利潤率將在 19.5% 至 20% 之間，比我們今年概述的範圍高出 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 每股收益將在 3.37 美元至 3.40 美元之間，增長 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 財年將實現 GAAP 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，請考慮以下建模要點。我們預計第二季度和 23 財年的非 GAAP 稅率將保持在 22%，具體取決於未來稅法的結果。對於 23 年第二季度，我們預計淨利息和其他收入為 1800 萬至 2000 萬美元。我們預計 23 年第二季度稀釋流通股為 3.2 億至 3.26 億股。我們預計 23 財年攤薄流通股為 3.25 億至 3.31 億股。我們預計第二季度資本支出為 4000 萬至 4500 萬美元，我們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 年第三季度的環比收入和賬單增長與去年持平。此外，我們預計第三季度的營業收入將與第二季度的水平大致持平。

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，我們對我們的戰略充滿信心，不會與任何其他網絡安全公司交換我們的立場。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。與此同時，正如我所指導的那樣，我們專注於採取措施加速我們的盈利能力。

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

有了這個，我將把電話轉回 Clay 進行電話的問答部分。

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

（操作員說明）我們當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。不錯的結果集。 Nikesh，也許適合你。您提到了一些早期客戶行為的變化。我想知道你是否可以稍微擴展一下，以及它在業務中的表現如何？ NGS 業務似乎並沒有受到太大影響，事實上，它逐年加速增長。我想知道您是否可以擴展客戶行為發生變化的地方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，首席財務官正在參與其中。因此，更大的交易受到更多的審查。我們在本季度初注意到了這一點，因此我們加快了努力，試圖以比本季度早些時候更快的速度將這些交易送到這些首席財務官面前，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，客戶回來說：“我現在就喜歡這個。我想等到下個季度再買。”這只是意味著我們必須更快、更努力地開發我們的管道，以確保我們可以用我們管道中的其他交易來彌補這些交易。在任何時候，正如您所期望的那樣，我們的管道都比我們預期在該季度交付的要大。所以我們有交易正在進行中，我們只需要與我們的客戶合作來鞏固它們。

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，我們加大了與銷售團隊的努力以領先於此，我們只是在增加執行活動。我們提前招聘了我們的員工。我們在本季度盡快聘請了 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是在現場獲得更多報導。獲得工作報導，更加專注於完成交易，讓他們完成交易。

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.

沒有需求問題，對吧？所發生的一切是人們正在推遲他們的一些購買，這意味著我們只需要與我們的客戶群更加活躍，以確保我們有更多的業務進入我們的渠道。這就是我們正在做的。

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?

準備好的評論中有很多非常清晰的內容。 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保護軟件供應鏈的行政命令。我知道現在是收購的早期階段，墨水還沒有乾，但你對管道、機會有什麼看法，Palo Alto Networks 現在是美國聯邦政府最大的網絡安全供應商？你在那裡看到什麼？那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，然後我要讓我們的生日男孩 Lee Klarich 對此發言，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，我們開始看到客戶對雲安全的重視程度越來越高。

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.

我突出顯示了一個部署了 4 個公共雲的客戶。他們不能那樣做。他們無法針對不同的原生雲 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，我不相信所有的雲安全產品都已創建。當你開始看到客戶移動時——所以我們看到了向左移動的移動，我們繼續前進並做了 Bridgecrew。它是完全集成的。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，一些新的應用程序技術供應商，他們正在部署這些供應商，他們正試圖用它來保護供應鏈安全。其中一些是較舊的架構，較舊的做事方式。但我們決定以不同的方式來做。如果我回答這個問題，李將無話可說。所以李，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，尼克什。問得好，哈姆扎。因此，讓我非常清楚地說明一件事。這不僅僅是美國聯邦政府的挑戰。任何在公共雲中開發和部署應用程序的人（今天基本上是每個人）都面臨著他們正在處理的供應鏈風險。供應鏈風險可以以軟件的形式出現，以他們在應用程序中構建的開源軟件的形式出現，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.

第二種類型是通過他們需要使用的所有工具和應用程序來實際構建應用程序。我們已經看到，這很容易是數百種不同的第三方工具，他們將這些工具整合到開發過程中，這些工具可以訪問他們的源代碼。這是供應鏈風險的第二種形式，有時也稱為 CI/CD 管道風險，這是 Cider 將添加到我們使用 Prisma Cloud 的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 Brad Zelnick。

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?

祝賀執行力強。 Nikesh，我想回過頭來談談你對供應鏈放鬆的評論以及對今年硬件增長高於長期趨勢的預期。我相信你說的是低兩位數。只是確保上漲是看產品毛利率，它似乎仍然面臨壓力。您能否幫助我們調和其中有多少與 COGS 以及任何其他需要升值的因素以及對硬件毛利率的預期？

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，Brad 提醒我要為您的辦公室送一幅畫，它看起來有點稀疏。但儘管如此，你看，我一直認為該行業的基礎硬件增長率約為 5% 至 8%。我沒有偏離。我們已經看到行為發生了變化，由於供應鏈的限制，人們試圖提前訂購，我們已經看到定價影響推動了一些增長。但我認為潛在的增長仍然是一樣的。

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.

在過去的 4 到 6 個月裡，緩慢而穩定地發生了什麼，我們看到供應鏈的某些要素正在放鬆。有些組件變得更容易獲得。正如您所見，一些半導體公司正在談論削減內存、NAND 和 DRAM 的供應或產量。因此，您開始看到各種 - 一些 - 一定數量的組件有所減少，這使我們能夠更快地交付產品。與此同時，一些，我想說的是，一些真實的，也許是一些人為的供應鏈限制正在行業中得到維持。我預計它們會隨著時間的推移而緩和，這也應該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部分支付了加急費用。這確實不是潛在的組件成本問題。因此，我們認為這些將在接下來緩解——這真的取決於供應商。我認為供應鏈放鬆正在發生，我們應該在 6 到 9 個月的時間框架內，在最遠的 12 個月內退出。這完全取決於供應商何時停止從我們這裡提取更多的東西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溫斯基。

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?

祝賀一個偉大的季度。我想，對我們來說最突出的關鍵指標之一是下一代 ARR 增長，尤其是新 ARR 淨增長。我想你提到過你看到了所有這些的力量。我只是想知道你是否可以對此提出更好的觀點，也許讓我們知道下一代安全的最大組成部分，以及本季度的 ARR 中是否包含了那筆大的 Expanse 交易？

So go ahead, Dipak.

所以繼續吧，Dipak。

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。所以我會說，看，我們對我們的 NGS ARR 的所有元素都感覺非常好。重複一遍，我們有 SASE，我們有 Cortex。我們有云，我們有一些新的雲交付服務。增長的大部分仍然是公司的 SASE 雲 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交易，但如果他們有合適的產品，那麼我們會為其中的 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，對於你的直接問題，是的，Expanse 交易在你看到的淨新 ARR 中。

Next up is Phil Winslow of Credit Suisse.

接下來是瑞士信貸的 Phil Winslow。

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?

祝賀又一個非凡的季度。我想專注於 Prisma SASE 和 Prisma Access。您在滲透到現有防火牆基礎方面提供了一些有趣的統計數據。但也在雲中獲勝——與不是您當前的內部部署防火牆客戶的客戶。當你看到你看到的勢頭時，你是否在滲透現有基地方面做得更好？客戶是否開始了解內部部署、外部部署一項政策的價值？或者你是否看到了更多的勢頭，甚至可以稱之為取代云中的競爭供應商？

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.

所以菲爾，首先，感謝您的讚美。謝謝你的好問題。正如 Saket 所問的那樣，我認為我一直堅持我所看到的，在過去的一個季度中，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活動或進行雲轉型活動。有趣的是，不僅我們的客戶開始看到與 GSI 的互動有所增加，全球系統集成商也是如此。因此，系統集成商被引入，試圖降低成本並進行轉型。所以我不會點名其中任何一個，但我會再次說更多的參與，全面與 SI 社區以及我們的直接客戶。

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.

關於您的問題，我們是否看到現有客戶和淨新客戶的參與？既有現有客戶在加緊步伐，也有他們在進行轉型的道路上，無論他們是否採用雲。

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.

大佬，菲爾，我們曾經是一家防火牆公司。我們以前賣防火牆。我有一個秘密要告訴你。 CIO 和 CISO 不購買防火牆。網絡架構師做，他們住在企業的一個角落。 CIO 和 CISO 負責轉型項目。他們會進行雲轉型，他們會進行網絡轉型，他們會進行軟轉型。老實說，我們直到大約 2.5 年才擁有投資組合，但實際上進行了那些對話。

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，開始發生的事情是，作為一家能夠與 CIO 和 CISO 互動的公司，我們真的在打造新的力量。我們讓 Amit 飛向一個方向，來自歐洲的 Helmut 飛向另一個方向。我們讓 BJ Jenkins 飛向第三方，我們偶爾也會讓 Lee 飛出去。因此，在所有這些人中，我們與客戶之間的互動要多得多。這些都是長期投資，但好消息是我們向您展示了其中一些總是在本季度落地。因此，我們在一個季度內獲得了 8 位數的大筆交易。這些是這些大型轉型對話的結果。需要 3 到 10 個月才能萌芽成為真正的大交易。

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.

所以我認為活動仍然很高，正如我所說的。在邊際上有審查，因為人們在說，“等等，這很重要，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的減少。

Next is Fatima Boolani from Citigroup.

接下來是來自花旗集團的 Fatima Boolani。

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 是針對更具挑戰性的宏觀環境對支付優惠和靈活性的評論嗎？我想更好地了解這些對話在您的客戶群中有多普遍？

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，Dipak，從遞延收入組合的角度來看，您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軌跡時，我們應該如何考慮發票持續時間和賬單持續時間。

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，讓我給你講講背景。我想確保我清楚。到目前為止，這些都處於邊緣，好嗎？這不是主流。我們確實希望活動朝著這個方向發展，因為你可以看到美聯儲繼續履行這一使命以推動經濟增長，我們預計這將引起更多客戶的關注。但是我們不要——現在正如我在發言中所說的那樣，有些行業正在賺錢。談談石油和天然氣。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，金融業正在賺更多的錢。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，市場的某些部分正在發生這些對話。這不是全面的。我們不期待。我認為 50% 的市場不會因利率上升而感到任何痛苦。所以把它放在一邊，我們把它的其餘部分。有些人有預算。他們制定了轉型計劃。所以在邊際上，是的，這些對話會增加。

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，鑑於此，我們構建了 PANFS。我們在提供融資方面有一個很好的動議。我們坐擁 59 億美元現金。因此，如果客戶需要能夠促進他們的轉型項目，我們能夠為他們提供資金。所以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。 Dipak，我不知道你是否想對延期計費和延期收入發表評論。

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，我只想說，Fatima，我認為 Nikesh 解釋得很好。我只想說一切都包含在我們的指南中，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，我們有 59 億美元的現金。我們去年的全部利息收入是 1900 萬美元。我認為我們第一季度的利息收入是它的兩倍。所以這是另一面。

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有一個穩定的季度。上個季度，Nikesh，我相信當你談到你的賬單指南時，你也評論說你可以在不減少產品積壓的情況下實現該賬單指南。那是 - 如果可以的話，也許你可以就本季度發生的事情，向上，向下，持平，以任何方式盡可能地談論積壓？而且，無論您是否仍然假設積壓，我認為產品積壓就是您所說的，直到年底才能達到您所擁有的數字。

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，我們不評論積壓。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，這對我們能夠運送的附加服務產生了積極影響。但請記住，我們的賬單增長了 27%。正如我們過去所說，總體計劃中的積壓並不像您想像的那麼多。

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

好的。那麼，上個季度關於保留積壓訂單數量的評論沒有變化嗎？

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，我們不保留積壓訂單來計算帳單數量。我們會盡快將我們的產品運送給我們的客戶，以確保他們盡快收到他們想要的產品。我們根據我們能夠發貨的情況報告本季度。

Next to Jonathan Ho with William Blair.

旁邊是 Jonathan Ho 和 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。讓我也表示祝賀。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移動時，也許可以幫助我們從追加銷售的潛在角度理解這意味著什麼？

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.

喬納森，這是一個很好的問題，因為我會告訴你什麼，我對希望直接參與 XSIAM 對話的客戶以及那裡的許多系統集成合作夥伴的反應感到非常驚訝。很明顯，似乎有一種被壓抑的重新構想他們的 SOC 的願望。人們依賴於舊的數據攝取平台。人們依賴於舊的基於警報的優化和優先級排序。他們都明白，通過手動攔截網絡威脅在物理上和人力上都是不可能的。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，在很長一段時間內，他們都沒有真正得到解決方案。所以我們認為我們會在設計合作夥伴中做的是我們簽署了 8、9 個設計合作夥伴。你猜怎麼著？ 3 個月後，他們都說，“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。”所以我們加快了產品的普遍可用性，因為我們必須確保它對這 9 個客戶可用，並且他們都轉向了客戶。

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嘗試 - 正在積極地嘗試去那裡推銷它，實際上我們必須維護一個等待名單以確保我們不需要實施資源來實施它。這是一部電梯。你正在撕掉一個數據攝取湖，你正在撕掉他們現有的 SIEM，但他們必須以我們可以改變它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，幫助他們構建功能，以便您可以與各種客戶一起完成這項工作。

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.

我以前說過，我仍然堅持這一點。四年前，當我們踏上這段旅程時，我們決定要建立雲安全業務，我們要建立 Cortex 業務，我們要建立 SASE 業務。正如我所說，這 3 家企業都有望成為價值 10 億美元的企業。我認為 XSIAM 在類似的時間框架內具有類似的潛力，成為我們將屬於同一類別的第四家企業。

Next up is Roger Boyd of UBS.

接下來是瑞銀集團的 Roger Boyd。

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?

祝賀你取得了不錯的成績。 Nikesh，上個季度你談到了將 Prisma Access、Prisma SASE 擴展到整個銷售團隊，並真正成為一個 SASE 優先的銷售組織。我只是想知道，相對於您的期望，您可以從銷售效率的角度對您所看到的內容提供任何評論嗎？

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，我們說過，我們正處於過渡之中。我們已培訓所有銷售人員成為 SASE-first。我們從 SASE 的競爭對手那裡聘請了一群人來為我們領導其中的一些領域。因此，我們繼續現場部隊轉型。與此同時，正如我所說，我們在第一季度僱用了 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，而無需在此基礎上創建專業的銷售團隊。

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也說過，我們正在加快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 優先的現場部隊來獲得我們預期的效率。但也做一些其他事情來提高整個組織的效率，而不僅僅是銷售。

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，我們感到非常欣慰的是，我們不僅會獲得銷售生產力，而且我們相信我們會在組織中獲得整體生產力，因此我們可以在我們在這里分享的 3 年計劃和季度前。

Next, John DiFucci from Guggenheim.

接下來是來自古根海姆的 John DiFucci。

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?

非常強大的 NGS ARR 季度，伙計們。我的問題更多關於產品線。我們聽說並且只是在我們檢查可能發生的任何產品更新的季度時可能正在延長。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 - 就像本季度一樣，產品增長比我們在過去幾個季度看到的要低一點，但產品增長可能會持續更長的時間？

I am trying to interpret your question.

我正在嘗試解釋您的問題。

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……的產品更新。

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

好的。好吧，我要讓李回答這個問題。我保證他會得到不止一個問題。

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模型有關，這些更新通常會持續相當長的一段時間。因此，當您考慮趨勢及其演變方式時，我建議不要將其視為一個單一的季度。我們的大多數客戶都是大型企業客戶。他們做出長期決策。這些決定發生在 1、2、3 年以上的時間裡。因此，這些更難的複習會在這樣的周期內進行，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.

好吧，它實際上影響了你上次在 2017 年進行的大約 2 年的結果。看起來你已經用了大約一年了。我只是想知道這次它是否可以持續超過 2 年。這真的是個問題。

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.

我目前唯一看到的是，我們已經看到許多外來因素削弱了該行業的成果，包括供應鏈危機、大流行病和整個供應鏈較弱。現在，隨著美聯儲提高利率，我會告訴你，我們的客戶最容易做出的決定之一就是讓他們的資產流失更長時間。因為它不像這些防火牆在生命的盡頭突然炸毀。它們可以擴展。所以聽著，我寧願把錢花在我的雲轉型上，讓資產多花點時間。

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，如果您將其全部添加到組合中，這就是我們經歷公司整個網絡安全轉型的原因。我們想消除任何一條產品線的影響。

Next is Joshua Tilton of Wolfe Research.

接下來是 Wolfe Research 的 Joshua Tilton。

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?

帕特里克替喬希上場。在過去的幾個第二季度中，連續的賬單指南一直在 9% 到 10% 的範圍內。但下個季度的指南暗示了 12% 的環比增長。那麼我們如何解釋呢？是不是比平時更激進了一點？

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.

我想可能是我會的方式——我不會在其中解釋太多。歸根結底，我們有一條管道。我們有很多大宗交易。這實際上取決於交易何時到來。它們會對您的賬單產生重大影響。因此，我們只是試圖在我們手頭的信息方面盡可能透明。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?

也許只是關於我們今天沒有聽說過的關於 OT 網絡安全的話題，這是一個我們在檢查中發現更多的領域，因為看到了更多的關注點。我喜歡思考——聽聽一點，Nikesh，你是如何看待這個機會的，以及所有遊戲的世界是什麼？

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，我們一直非常專注於確保我們將物聯網功能作為我們集成產品組合的一部分提供。因此，您不必再購買 1 個傳感器和 1 個網絡安全供應商。令人驚訝的是——你正在談論的舊約內容——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。你看，OT 環境長期以來一直通過與其他一切斷開連接來確保安全。對於那些已經存在了一段時間的人來說，還有仍在運行 Windows 95、Windows NT 的 OT 環境。這顯然有很大的風險。因此，控制它的方法就是簡單地將它分割開來，並將它與世界其他地方隔離開來。

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.

但過去幾年發生的事情是 OT 網絡越來越數字化，它們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，隨著這種情況的發生，人們對思考 OT 環境的下一代安全是什麼樣子產生了更大的興趣。因此，這就是我們引入下一代防火牆基礎設施的能力所在，該基礎設施可以在需要的地方提供分段，但最重要的是，旨在確保轉型的物聯網/OT 安全功能開始帶來回報。

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.

我仍然認為這是轉型的早期階段，但肯定對這些類型的組織有濃厚的興趣。正如 Nikesh 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，這也是現在利用和進行投資的機會的一部分。

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

接下來，我們請來了 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?

你能否深入了解一下美聯儲以及你在這段時間內看到的情況，顯然，需要進行幾筆大額交易。但如果我回過頭來看，當時的想法是，美聯儲將獲得更多的線性和更少的預算充裕，這是典型的 9 月季度。那麼你看到這些趨勢了嗎？或者這更像是一個預算充裕的季度？是否符合您的預期？

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。正如您可以想像的那樣，我們一直在努力達成交易，我們宣布了很長時間。這些規模的交易不會在一夜之間發生。從時間的角度來看，它恰好在我們合適的時間匯聚。但我們開始看到美聯儲的活動變得更加強大，因為我們正處於本屆政府的那個時間點，他們已經在各個機構中收集了他們的東西，並且他們實際上已經開始執行該戰略。

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.

所以我們認為，是的，美聯儲支出將繼續保持強勁，隨著時間的推移，隨著我們度過本屆政府任期的剩餘時間，我們將繼續保持線性。第一年總是很冒險，前 1.5 年，因為它是一組全新的角色，特別是如果你改變機構，他們仍在努力弄清楚他們想要認可什麼或他們不想認可什麼。因此，我認為情況更加穩定，並且該領域的情況將繼續保持強勁。

Next is Matt Hedberg from RBC.

接下來是來自 RBC 的 Matt Hedberg。

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.

我也祝賀這個季度。 Dipak，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，顯然存在巨大的貨幣波動。我知道從歷史上看，合作夥伴會吸收很多價格變動。我只是有點好奇，在美元大幅升值的一些客戶談話中，這是怎麼發生的。

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，在討論中總會有孤立的實例。但在大多數情況下，我們的銷售代表將嘗試通過他們可用的不同工具來管理它，僅此而已。

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 Dipak 所說的之外，這是一個公平的問題，有客戶回來說，“看，貨幣波動很大。我們的價格在過去兩週內上漲了。現在我們能做什麼怎麼辦？”在那種情況下，它就變成了對話。在某些情況下，我們不得不調整價格。但與此同時，就像你說的，有些會被渠道吸收，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.

我們今晚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?

祝賀你取得了優異的成績。所以，是的，NGS ARR 對我來說真的很突出。在那裡面，你能不能——你能提醒我們將 SASE 與傳統防火牆相結合的經濟性嗎？是否有類似 1 年的權衡？或者就像我們應該如何考慮隨著 SASE 成為一個更大的組合而發揮作用？

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。我認為我們所有的 SASE 交易都比我們的防火牆交易大得多，即使是同一個客戶。它們的範圍從 2 倍到 3 倍不等，有時甚至高達 5 倍，具體取決於需求的全面性和客戶部署它的願望。因此，您在 SASE 領域有很多 8 位數的交易正在競爭。我認為有 2.5 家供應商為這些交易而戰。

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 年前我們還不是那個領域的參與者。現在我們幾乎參與了每一筆大型交易。因此，無論交易成功還是失敗，但我們參與其中的每一筆交易。它們通常是大尺寸的。而且經濟性更好。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件升級時，他們都會開著卡車升級所有這些防火牆，因為他們想在沙箱中進行升級，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，我可以——我實際上——我們實際上進行升級，我們可以在 2 週內升級整個客戶群。在某些情況下，我們剛剛發布了 PAN-OS 11.0，我們還有很多客戶還沒有升級到 10.2，對吧？所以這確實改善了安全狀況，提高了總擁有成本。這會以更大的交易規模出現，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軟件。

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——從利潤率的角度來看，它們非常一致。所以我認為，正如我過去所說，SASE 市場仍然存在 80 億至 100 億美元，而且這個空間正在以兩位數的速度增長，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，我們將結束電話的問答部分，我將把它轉回給 Nikesh，聽取他的結束語。

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中的許多人。我還要感謝我們在世界各地的客戶、合作夥伴和員工幫助我們在如此艱難的環境中取得這些偉大的成果。有了這個，祝你有美好的一天。