(PANW) 2023 Q4 法說會逐字稿

Good day, everyone, and welcome to Palo Alto Networks Fiscal Fourth Quarter 2023 Earnings Conference Call. I'm Walter Pritchard, Senior Vice President of Investor Relations and Corporate Development. Please note that this call is being recorded today, Friday, August 18, 2023, at 1:30 Pacific Time.

大家好，歡迎參加 Palo Alto Networks 2023 年第四季度財報電話會議。我是沃爾特·普里查德 (Walter Pritchard)，投資者關係和企業發展高級副總裁。請注意，本次通話錄音於今天太平洋時間 2023 年 8 月 18 日星期五 1:30 進行。

With me on today's call to discuss fourth quarter results are Nikesh Arora, our Chairman and Chief Executive Officer; and Dipak Golechha, our Chief Financial Officer. Following the Q4 session, we will take questions on our results in the 2024 guidance with Lee Klarich, our Chief Product Officer, also joining us. We will then continue with the forward-looking portion of our program.

今天與我一起討論第四季度業績的電話會議是我們的董事長兼首席執行官 Nikesh Arora；以及我們的首席財務官 Dipak Golechha。在第四季度會議之後，我們將就 2024 年指南中的結果提出問題，我們的首席產品官 Lee Klarich 也將加入我們。然後我們將繼續我們計劃的前瞻性部分。

For this, Lee, along with several of his product leaders; and BJ Jenkins, our President, will present along with Dipak and Nikesh with additional Q&A session to follow. You can find the press release and other information to supplement today's discussion on our website at inders.poloaltonetworks.com. While there, please click on the link for events and presentations to find the fourth quarter 2023 earnings presentation and supplemental information. Following the event, we will post the full set of slides, including the forward-looking portion of our program.

為此，Lee 和他的幾位產品負責人；我們的總裁 BJ Jenkins 將與 Dipak 和 Nikesh 一起出席，並隨後舉行額外的問答環節。您可以在我們的網站 inders.poloaltonetworks.com 上找到新聞稿和其他信息來補充今天的討論。在此期間，請單擊活動和演示文稿鏈接，查找 2023 年第四季度收益演示文稿和補充信息。活動結束後，我們將發布全套幻燈片，包括我們計劃的前瞻性部分。

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 made today are subject to a number of risks and uncertainties that could cause our actual results to differ from these forward-looking statements.

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。今天發表的這些聲明受到許多風險和不確定性的影響，可能導致我們的實際結果與這些前瞻性聲明有所不同。

Please review our press release and recent SEC filings for a description of these risks and uncertainties. We assume no obligation to update any forward-looking statements made in the presentations today. 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.

請查看我們的新聞稿和最近向 SEC 提交的文件，了解這些風險和不確定性的描述。我們不承擔更新今天演示文稿中任何前瞻性陳述的義務。我們還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。

The most directly comparable GAAP financial metrics and reconciliations are in the press release and the appendix of the investor presentation. Unless specifically noted otherwise, all results and comparisons are on a fiscal year-over-year basis. We also note that management is participating in the Goldman Sachs Conference on September 7. With that, I'll now turn the call over to Nikesh.

最直接可比的 GAAP 財務指標和調節表位於新聞稿和投資者演示文稿的附錄中。除非另有特別說明，所有結果和比較均以財政年度為基礎。我們還注意到，管理層正在參加 9 月 7 日舉行的高盛會議。現在，我將把電話轉給 Nikesh。

Thank you, Walter, and good afternoon, everyone. Thank you for spending your Friday afternoon or perhaps some part of your Friday evening with us. Our choice of Friday has definitely made us the topic du jure these past 2 weeks and has made for some very interesting reading of all the analyst notes.

謝謝沃爾特，大家下午好。感謝您與我們一起度過週五下午或週五晚上的部分時間。我們選擇週五無疑使我們成為過去兩週的法律話題，並且使我們對所有分析師筆記進行了一些非常有趣的閱讀。

We apologize to people who are inconvenienced. But as we had mentioned in our press release, we wanted to give ample time to analysts to have one-on-one calls with us over the weekend, and we have a sales conference that kicks off on Sunday. We want to make sure all of our information was disclosed out there. So again, we apologize for the unique Friday afternoon earnings call.

我們向給您帶來不便的人們表示歉意。但正如我們在新聞稿中提到的，我們希望給分析師充足的時間在周末與我們進行一對一的通話，並且我們將在周日開始舉行銷售會議。我們希望確保我們的所有信息都被公開。因此，我們再次對周五下午的財報電話會議表示歉意。

But clearly, we have enjoyed the attention. Well, let me go and just straightaway dive into our Q4 results. We started off the year focusing on excellence in execution. We stayed true to that and delivered strong results in Q4, capping off a strong fiscal year 2023, where we met or exceeded our original top line guidance and significantly exceeded our profitability and cash flow guidance.

但顯然，我們很享受這種關注。好吧，讓我直接進入我們第四季度的結果。我們從新的一年開始就專注於卓越的執行力。我們堅持這一點，並在第四季度取得了強勁的業績，為2023 財年的強勁業績畫上了圓滿的句號，我們達到或超過了最初的營收指導，並大大超過了我們的盈利能力和現金流指導。

This year indeed required clear focus across our company, and we're all proud that our team delivered throughout the year and especially in Q4. Our Q4 revenue grew 26% making our -- marking our 12th consecutive quarter of revenue growth north of 20%. Our billings grew 18% of a very strong 44% growth in Q4 a year ago, and RPO grew 30% ahead of our revenue growth.

今年確實需要我們公司上下明確的重點，我們為我們的團隊在全年（尤其是第四季度）交付的成果感到自豪。我們第四季度的收入增長了 26%，這標誌著我們的收入增長連續第 12 個季度超過 20%。我們的賬單增長了 18%，而去年第四季度增長了 44%，RPO 增長了 30%，超過了我們的收入增長。

Our Q4 operating margins expanded by 760 basis points, driving $1.44 in non-GAAP earnings per share, and we achieved 39% adjusted free cash flow margins for the year. Our performance in Q4 did not come as a surprise to us. We've been investing in our next-generation security portfolio for sometime now to position ourselves in the leadership position for the future of the cybersecurity market.

我們第四季度的營業利潤率擴大了 760 個基點，推動非 GAAP 每股收益 1.44 美元，全年調整後自由現金流利潤率達到 39%。第四季度的表現並不令我們感到意外。一段時間以來，我們一直在投資下一代安全產品組合，以使自己在網絡安全市場的未來中處於領先地位。

It is this next-gen portfolio driving -- that is our growth transformation and enabling our leverage. Lee and his team will expand on this in the forward-looking part of our program. We achieved several important milestones in this quarter, especially in our software and cloud-based businesses this year. Our combined SASE, Cortex and cloud bookings were north of $1 billion in Q4.

正是這種下一代投資組合推動了我們的增長轉型並實現了我們的槓桿作用。李和他的團隊將在我們計劃的前瞻性部分對此進行擴展。我們在本季度實現了幾個重要的里程碑，特別是今年在我們的軟件和基於雲的業務方面。第四季度，我們的 SASE、Cortex 和雲預訂總額超過 10 億美元。

Our Cortex platform surpassed $1 billion in annual bookings last quarter, and we achieved the same milestone with SASE this quarter. We also exceeded $500 million in Prisma Cloud ARR. These product performances are all contributed to the strong growth we continue to enjoy in NGS ARR. Remember, that our NGS business is largely a capability new to us in the last 5 years and is primarily cloud delivered.

上季度我們的 Cortex 平台年度預訂量超過 10 億美元，本季度我們與 SASE 也實現了同樣的里程碑。我們的 Prisma Cloud ARR 也超過了 5 億美元。這些產品性能都有助於我們 NGS ARR 持續強勁增長。請記住，我們的 NGS 業務很大程度上是過去 5 年中的一項新功能，並且主要是通過雲交付的。

This quarter, we added more new ARR than any other pure-play cybersecurity company. Our platformization is continuing to drive large deal momentum. One way to illustrate the traction of our next-generation security capability across network security, cloud security and SOC automation, so look at the makeup of some of our largest deals.

本季度，我們新增的 ARR 數量比任何其他純網絡安全公司都多。我們的平台化正在繼續推動大宗交易的發展勢頭。展示我們下一代安全能力在網絡安全、雲安全和 SOC 自動化領域的吸引力的一種方法是，看看我們一些最大的交易的構成。

When we deliver best-of-breed products that are also integrated into platforms, we help customers simplify their architectures, lower their cost of ownership and benefit from differentiated cross-platform capabilities. This is a win-win scenario. 8 out of our top 10 deals saw a significant contribution from our next-generation security capabilities, 5 were essentially next-generation security deals.

當我們提供集成到平台中的同類最佳產品時，我們可以幫助客戶簡化其架構、降低擁有成本並從差異化的跨平台功能中受益。這是一個雙贏的局面。在我們的前 10 筆交易中，有 8 筆看到了我們的下一代安全能力的重大貢獻，其中 5 筆本質上是下一代安全交易。

Here are some examples: one, a large industrial manufacturer signed a transaction with a total value of $45 million. Our Prisma Access expansion led the transaction, but also included significant commitments to Prisma Cloud, XDR and our IoT security offerings. The customer success with Prisma Access and our executive level engagement were keys to winning this additional opportunity.

舉幾個例子：一、一家大型工業製造商簽署了一項總價值4500萬美元的交易。我們的 Prisma Access 擴展主導了此次交易，但也包括對 Prisma Cloud、XDR 和我們的物聯網安全產品的重大承諾。客戶通過 Prisma Access 取得成功以及我們高管層的參與是贏得這一額外機會的關鍵。

A large professional services firm, standardized on Prisma Access and a transaction exceeding $40 million, securing their hundreds of thousands of users. The completeness of our offering, particularly our strong capabilities and private access, differentiates us from the competition by standardizing on Prisma Access to customer consolidated legacy security offerings from many competitors to a single solution.

一家大型專業服務公司，採用 Prisma Access 進行標準化，交易金額超過 4000 萬美元，保護了數十萬用戶的安全。我們產品的完整性，特別是我們強大的能力和私人訪問，通過將 Prisma Access 標準化，將客戶整合的遺留安全產品從許多競爭對手整合到單一解決方案，使我們在競爭中脫穎而出。

A large retailer also signed a landmark transaction for more than $40 million, led by XSIAM. In this deal, we displaced the incumbent SIEM offering and also added our threat intelligence and attack surface management capabilities. Rounding out the examples, a large technology service provider chose our XDR and XSIAM capabilities in a transaction worth over $30 million. This deal started as an independent evaluation of replacement for both endpoint security in their SIEM.

一家大型零售商還簽署了由 XSIAM 牽頭的一項價值超過 4000 萬美元的里程碑式交易。在這筆交易中，我們取代了現有的 SIEM 產品，並增加了我們的威脅情報和攻擊面管理功能。最後，一家大型技術服務提供商在價值超過 3000 萬美元的交易中選擇了我們的 XDR 和 XSIAM 功能。該交易最初是對其 SIEM 中兩個端點安全性的替代品進行獨立評估。

This is the second quarter in a row where we have signed an 8-figure deal that was driven by a unique capability to provide both XDR and XSIAM, competing against separate competitors in each of these categories. This sample represents the success we see across industries and regions. As I mentioned, a critical part of our profitable growth formula is selling more to our largest customers.

這是我們連續第二個季度簽署了一項 8 位數的協議，該協議是由提供 XDR 和 XSIAM 的獨特能力推動的，在每個類別中與不同的競爭對手競爭。這個樣本代表了我們在各個行業和地區看到的成功。正如我所提到的，我們盈利增長公式的一個關鍵部分是向我們最大的客戶銷售更多產品。

In Q4, we saw our larger deals grow faster than our overall business. Notably, we saw the number of deals greater than $20 million grow faster than our deals over $10 million as our go-to-market motion becomes more and more increasingly successful in selling the platform and building the sort of trusted relationships required to close this quarter of our business.

在第四季度，我們看到較大交易的增長速度超過了整體業務的增長速度。值得注意的是，隨著我們的上市行動在銷售平台和建立本季度結束所需的信任關係方面變得越來越成功，超過 2000 萬美元的交易數量增長速度快於超過 1000 萬美元的交易數量我們的業務。

Now for the surprise of this quarter, starting with Cortex. There are a number of things I'm excited about in this business as we ended this year. We launched XSIAM to general availability last October and set an aggressive goal of booking north of $100 million in our first year. The year is not over yet. We have closed out the year achieving $200 million in XSIAM.

現在我們來看看本季度的驚喜，首先從 Cortex 開始。今年結束時，我們對這項業務中有很多事情感到興奮。去年 10 月，我們全面推出了 XSIAM，並製定了第一年預訂額超過 1 億美元的宏偉目標。年還沒有結束。今年我們的 XSIAM 收入已達 2 億美元。

This is strong validation that our outcome-based value proposition on XSIAM is resonating well with security organizations and also a sign that interest in applying AI to transform security operations is very high. Lee will talk extensively about this in our forward-looking section. Our customers have told us loud and clear that the legacy products powering their SOCs are no longer working and they need to reduce their mean time remediation by an order of magnitude.

這有力地證明了我們在 XSIAM 上基於結果的價值主張與安全組織產生了良好的共鳴，也表明人們對應用人工智能來轉變安全運營的興趣非常高。李將在我們的前瞻性部分廣泛討論這一點。我們的客戶大聲明確地告訴我們，為他們的 SOC 提供支持的舊產品不再工作，他們需要將平均修復時間減少一個數量級。

This becomes increasingly important with the new SEC rules detailing that all public companies will be required to report material breaches within 4 business days. XSIAM is shaping up to be our fastest-growing offering outside our original next-generation firewall releases. XSIAM transactions are large and long term, which helped to further our goal of evolving our customer relationships from vendor to partner.

隨著 SEC 的新規則詳細規定所有上市公司都必須在 4 個工作日內報告重大違規行為，這一點變得越來越重要。 XSIAM 正在成為我們最初的下一代防火牆版本之外增長最快的產品。 XSIAM 交易量大且長期，這有助於進一步實現我們將客戶關係從供應商發展為合作夥伴的目標。

As excited as we are about the early success of XSIAM, we are also seeing strong growth across the entire family of Cortex products, namely XDR, XSOAR and Expanse. We crossed the 5,000 customer milestone in Cortex as we continue to gain share in the market and see the opportunities for upsell to the platform. Our average Cortex deal size grew over 50% year-over-year, reflecting our success in cross Cortex adoption.

儘管我們對 XSIAM 的早期成功感到興奮，但我們也看到整個 Cortex 產品系列（即 XDR、XSOAR 和 Expanse）的強勁增長。隨著我們繼續獲得市場份額並看到平台追加銷售的機會，我們在 Cortex 上突破了 5,000 名客戶的里程碑。我們的平均 Cortex 交易規模同比增長超過 50%，反映了我們在跨 Cortex 採用方面的成功。

Moving on to the next star of the quarter, SASE. SASE continues to become our standout offering. We're seeing strong customer awareness and momentum following our new leadership position in the Gartner SSE Magic Quadrant last quarter. We were recognized this quarter with a leadership position of the Forrester Zero Trust edge wave that was published earlier in the week, establishing Palo Alto Networks as a clear industry leader in SASE.

接下來是本季度的下一個明星：SASE。 SASE 繼續成為我們的傑出產品。繼上季度在 Gartner SSE 魔力像限中取得新的領導地位後，我們看到了強大的客戶意識和勢頭。本季度，我們在本週早些時候發布的 Forrester 零信任邊緣浪潮中獲得了領導地位，使 Palo Alto Networks 成為 SASE 領域明顯的行業領導者。

We also have some breaking news on industry recognition, very excited that Palo Alto Networks has been recognized as the only, I repeat, the only leader in Gartner's first single vendor SASE Magic Quadrant just published on Wednesday. Our recent acceleration and external industry recognition has contributed to customer momentum, and we saw many new customers and large expansion transactions in Q4.

我們還有一些有關行業認可的重大新聞，非常高興 Palo Alto Networks 被認可為 Gartner 週三剛剛發布的第一個單一供應商 SASE 魔力像限中唯一的領導者。我們最近的加速和外部行業認可促進了客戶動力，我們在第四季度看到了許多新客戶和大規模擴張交易。

This included 4 transactions over $10 million and many 7-figure deals that span numerous industries and regions. Not to be left behind, Prisma Cloud went past $5 million in ARR. Our cloud security platform, where we believe all companies will eventually to manage security across multiple cloud applications and providers through a single platform, continues to show strength, ensuring customers consume our capabilities after committing to the platform is vital.

其中包括 4 筆超過 1000 萬美元的交易以及許多跨越眾多行業和地區的 7 位數交易。 Prisma Cloud 也不甘落後，ARR 突破了 500 萬美元。我們的雲安全平台，我們相信所有公司最終都將通過單一平台管理多個雲應用程序和提供商的安全性，繼續展現實力，確保客戶在使用該平台後使用我們的功能至關重要。

In Q4, we saw steady consumption growth with credits consumed up by 45%. We're also seeing strong growth in customer adoption of multiple modules this quarter. We are showing our growth in customers with 5 modules more as it is starting to become a meaningful trend with customers up 179% year-over-year.

第四季度，我們看到消費穩步增長，信貸消費增長了 45%。我們還看到本季度客戶採用多個模塊的情況出現強勁增長。我們通過 5 個模塊來展示我們的客戶增長情況，因為它開始成為一種有意義的趨勢，客戶同比增長 179%。

We continue to make significant organic investments in Prisma Cloud and grow the platform through acquisitions. We launched the CICD security module last week based on technology from the cybersecurity acquisition. This is our 11th module, and we continue to have the broadest cloud native application protection platform in the industry with capabilities spanning our customers' entire code to cloud needs.

我們繼續對 Prisma Cloud 進行重大有機投資，並通過收購來發展該平台。我們上週基於網絡安全收購的技術推出了 CICD 安全模塊。這是我們的第 11 個模塊，我們將繼續擁有業界最廣泛的雲原生應用程序保護平台，其功能涵蓋客戶的整個代碼到雲需求。

Later in our call, you will get a chance to see our exciting developments and glimpse into our plans for the future. Finishing where I started, I couldn't be more proud of our performance in Q4 and the year. Our teams helped drive steady performance, enabling us to maintain a strong outlook through macro challenges by focusing on crisply executing our differentiated strategy.

稍後在我們的電話會議中，您將有機會看到我們令人興奮的發展並了解我們的未來計劃。結束了我開始的地方，我對我們在第四季度和今年的表現感到非常自豪。我們的團隊幫助推動了穩定的業績，使我們能夠通過專注於敏捷執行我們的差異化戰略來應對宏觀挑戰，保持強勁的前景。

We continue to drive platformization and capitalize on the opportunity the changing landscape presents for products like XSIAM. We continued with our go-to-market transformation. For example, we consolidated our SASE sales team into our core a year ago, and we had a strong outcome, as you saw, with some large transactions and opportunities across the pipeline.

我們繼續推動平台化，並利用不斷變化的環境為 XSIAM 等產品帶來的機遇。我們繼續進行市場化轉型。例如，我們一年前將 SASE 銷售團隊整合為我們的核心團隊，正如您所看到的，我們取得了良好的成果，在整個管道中出現了一些大型交易和機會。

We have continued to not hold back on investing in innovation to ensure we can capture share in a market that constantly presents new opportunities. Lastly, we successfully accelerated some of our efficiency initiatives in fiscal year as we saw the environment change. I'll now pass the floor to Dipak to cover the detailed financial results and our 2024 guidance.

我們繼續毫不猶豫地投資於創新，以確保我們能夠在不斷提供新機遇的市場中佔據份額。最後，隨著環境的變化，我們在本財年成功加快了一些效率舉措。現在我將請 Dipak 介紹詳細的財務業績和我們的 2024 年指導。

Thank you, Nikesh, and good afternoon, everyone. Beyond providing the detailed results this quarter, I also wanted to highlight some additional business insights through the Q4 numbers to help you understand our results and provide context for our go-forward plans.

謝謝你，Nikesh，大家下午好。除了提供本季度的詳細結果之外，我還想通過第四季度的數據強調一些額外的業務見解，以幫助您了解我們的結果並為我們的未來計劃提供背景。

As Nikesh mentioned, we saw strength across our various metrics, starting with the top line. This was especially true in our NGS ARR and RPO. NGS ARR grew 56%, driven by strength across our portfolio. RPO grew 30%, well ahead of our revenue growth. Broadly, the industry has experienced an increase in deal scrutiny as well as deal pushouts.

正如 Nikesh 提到的，我們從營收開始，看到了各種指標的優勢。在我們的 NGS ARR 和 RPO 中尤其如此。在我們投資組合實力的推動下，NGS ARR 增長了 56%。 RPO 增長了 30%，遠遠超過我們的收入增長。總體而言，該行業經歷了交易審查和交易退出的增加。

The environment has become more challenging this year, and we started telling you about that at the beginning of our fiscal year. We got ahead of this changing environment by front-loading our sales hiring for the year, training our teams to address the tougher procurement processes and by having our sales management teams apply additional scrutiny to the pipeline earlier in the quarter.

今年的環境變得更具挑戰性，我們在本財年年初就開始告訴您這一點。我們提前進行了今年的銷售招聘，培訓我們的團隊應對更嚴格的採購流程，並讓我們的銷售管理團隊在本季度早些時候對渠道進行了額外的審查，從而領先於這種不斷變化的環境。

As a result of these efforts, we did not see a significant impact in Q4 from unexpected deal delays. We did see, however, see 2 impacts on the top line from the changing environment: first, the rising cost of money has caused customers to hold on to their cash and more frequently seek deferred payment terms. These deferred payment terms are delivered in the form of annual billing plans and through our PANFS financing capability.

由於這些努力，我們沒有看到第四季度意外交易延遲造成重大影響。然而，我們確實看到環境變化對營收產生了兩個影響：首先，資金成本上升導致客戶持有現金並更頻繁地尋求延期付款條件。這些延期付款條款以年度計費計劃的形式並通過我們的 PANFS 融資能力提供。

The percent of bookings that included deferred payments increased approximately 45% year-over-year. Additionally, the proportion of our bookings have included billing plans more than doubled from Q3 to Q4. This quarter-to-quarter increase negatively impacted our billings as compared to what we forecasted 90 days ago in our guidance.

包含延期付款的預訂百分比同比增長約 45%。此外，從第三季度到第四季度，我們的預訂中包含計費計劃的比例增加了一倍多。與我們 90 天前在指導中的預測相比，這一季度的增長對我們的賬單產生了負面影響。

As we see this shift in billing terms, RPO is becoming a more important leading indicator for our business as it's not impacted by billing terms. As a reminder, RPO represents the booked business we expect to recognize as revenue in future periods. Also, all customers' purchases, including an RPO, are noncancelable.

正如我們看到計費條款的這種轉變，RPO 正在成為我們業務更重要的領先指標，因為它不受計費條款的影響。提醒一下，RPO 代表我們預計在未來期間確認為收入的預訂業務。此外，所有客戶的購買（包括 RPO）都是不可取消的。

Second, we have seen the market return to a more normalized growth rate in hardware-based firewalls, and I wanted to help further the collective understanding of this. As many of you are aware, there have been several factors that have impacted industry hardware revenue. These include the COVID pandemic, the reopening-related hardware demand catch-up, post-COVID supply chain challenges, price changes and backlog release following supply chain easing.

其次，我們已經看到基於硬件的防火牆市場恢復到更正常的增長率，我想幫助進一步加深對此的集體理解。正如你們許多人所知，有幾個因素影響了行業硬件收入。其中包括新冠疫情、與重新開放相關的硬件需求追趕、新冠疫情后的供應鏈挑戰、價格變化以及供應鏈放鬆後的積壓訂單釋放。

Despite these positive and negative fluctuation, there's a relatively consistent level of underlying hardware growth that is in the low to mid-single digits. And we see the industry returning to those levels. This return to normalized appliance growth is also happening on the backdrop of a broader transition from hardware to software in network security and growth in new security markets.

儘管存在這些正負波動，但基礎硬件增長水平相對穩定，處於中低個位數。我們看到該行業回到了這些水平。設備增長正常化的回歸也是在網絡安全從硬件到軟件的更廣泛過渡以及新安全市場增長的背景下發生的。

We are unique in being recognized as a leader across different network security form factors, including our software-based VMs and our cloud-delivered SASE. Our firewalls or platform billings growth captures our business across these form factors and grew north of 20% in the last 3 years. Within this business, we have seen the mix of software increase substantially.

我們的獨特之處在於被公認為不同網絡安全形式的領導者，包括我們基於軟件的虛擬機和雲交付的 SASE。我們的防火牆或平台賬單增長反映了我們在這些外形尺寸上的業務，並且在過去 3 年中增長了 20% 以上。在這個行業中，我們看到軟件的組合大幅增加。

Over the medium term, this mix transition to software and cloud and network security as well as the growth we are seeing in the rest of our next-generation security portfolio and driving an increase in our occurring revenue mix. Our platform business model and our focus on efficiency drove significant improvements in operating margin in fiscal year '23, including 760 basis points of margin expansion in Q4.

從中期來看，這種組合將過渡到軟件、雲和網絡安全，以及我們在下一代安全產品組合的其餘部分中看到的增長，並推動我們現有收入組合的增加。我們的平台業務模式和對效率的關注推動了 23 財年營業利潤率的顯著提高，其中第四季度利潤率擴大了 760 個基點。

This higher operating profitability, strong bookings growth and interest income performed a baseline for our free cash flow at higher levels as we achieve 39% adjusted free cash flow margins in fiscal year '23. The same dynamic of higher deferred payment plans not only had an impact on our top line, but also on our free cash flow.

更高的營業利潤、強勁的預訂增長和利息收入為我們的自由現金流提供了更高水平的基準，我們在 23 財年實現了 39% 的調整後自由現金流利潤率。更高的延期付款計劃的同樣動態不僅對我們的營收產生了影響，而且還對我們的自由現金流產生了影響。

As I mentioned in my discussion of RPO, it is noteworthy that we absorbed the impact of the higher mix of bookings with deferred payment terms in Q4 and fiscal year '23. And we were still able to exceed our cash flow margin target for the year. If you look on a multiyear basis, we've seen the proportion of our bookings that occur with deferred payment plans increase over 4x in the last 3 years, while we grew our free cash flow margins over the same period.

正如我在討論 RPO 時提到的，值得注意的是，我們在第四季度和 23 財年吸收了具有延期付款條件的預訂組合增加的影響。我們仍然能夠超過今年的現金流量利潤率目標。如果從多年的角度來看，我們發現過去 3 年中採用延期付款計劃的預訂比例增加了 4 倍以上，而同期我們的自由現金流利潤率也有所增長。

As I will talk about when I come back in the second half of the program, this gives us confidence we can maintain our free cash flow margins at a high baseline. Moving on to the rest of the results. Product revenue grew 24% in Q4, driven by the impacts we noted last quarter from new go-to-market motions and SKUs that contributed more renewable software revenue to product than in the past.

正如我將在該計劃後半部分回來時談到的那樣，這讓我們有信心能夠將自由現金流利潤率維持在較高的基準水平。繼續查看其餘結果。第四季度產品收入增長了 24%，這是由於我們上季度注意到新的上市動議和 SKU 的影響，這些動議和 SKU 為產品貢獻了比過去更多的可再生軟件收入。

Total subscription and support revenue grew 27% with subscription revenue of $918 million, growing 31% and support revenue of $528 million, growing 20%. We saw consistent revenue growth across all our theaters with the Americas growing 26%, EMEA was also up 26% and JPAC growing 24%.

訂閱和支持總收入增長 27%，其中訂閱收入為 9.18 億美元，增長 31%，支持收入為 5.28 億美元，增長 20%。我們看到所有影院的收入持續增長，其中美洲增長了 26%，歐洲、中東和非洲也增長了 26%，日本太平洋地區增長了 24%。

Gross margin for Q4 of 77.3% increased over 400 basis points year-over-year. This caps off a year where gross margins expanded by 230 basis points as we saw a benefit from higher software mix and some scale synergies on our customer support spending. Our operating margin expanded well over 700 basis points in Q4 and over 500 basis points for the year.

第四季度毛利率為 77.3%，同比增長超過 400 個基點。今年毛利率增長了 230 個基點，因為我們看到了更高的軟件組合和客戶支持支出的一定規模協同效應帶來的好處。我們的營業利潤率在第四季度增長了 700 多個基點，全年增長了 500 多個基點。

We saw the higher gross margins and efficiency across our 3 operating expense lines as we accelerated some of our efficiency initiatives. As happy as we are about the outcomes here, we're only part of the way through executing on these multiyear efforts. The result of all of this is that we continue to see strong non-GAAP EPS growth due to substantial operating leverage, which also translated to strength in GAAP EPS, which more than doubled quarter-to-quarter.

隨著我們加快一些效率舉措，我們的 3 個運營費用項目的毛利率和效率都提高了。儘管我們對這裡的成果感到高興，但我們只是執行這些多年努力的一部分。所有這一切的結果是，由於巨大的運營槓桿，我們繼續看到強勁的非公認會計準則每股收益增長，這也轉化為公認會計準則每股收益的強勁增長，季度環比增長了一倍多。

We are now firmly GAAP profitable with GAAP net income of over $200 million in the quarter. Turning to the balance sheet and cash flow statement. We ended Q4 with cash equivalents and investments of $5.4 billion. We had our 2023 convertible notes mature on July 1, 2023, and we settled the principal obligation with cash of $1.7 billion. We settled the access in shares and had previously accounted for these in our non-GAAP diluted shares outstanding.

目前，我們已實現 GAAP 盈利，本季度 GAAP 淨利潤超過 2 億美元。轉向資產負債表和現金流量表。第四季度結束時，我們的現金等價物和投資為 54 億美元。我們的 2023 年可轉換票據於 2023 年 7 月 1 日到期，並以 17 億美元現金償還了本金義務。我們以股票的形式結算了准入權，並且之前已將其計入我們的非公認會計準則稀釋後的已發行股票中。

Q4 cash flow from operations was $414 million with total adjusted free cash flow of $388 million this quarter. Stock-based compensation expense declined by 310 basis points as a percent of revenue sequentially. On a year-over-year basis, stock-based compensation expense was down 220 basis points as a percent of revenue.

第四季度運營現金流為 4.14 億美元，本季度調整後自由現金流總額為 3.88 億美元。股票薪酬支出佔收入的百分比環比下降了 310 個基點。與去年同期相比，股票薪酬支出佔收入的百分比下降了 220 個基點。

I'd like to provide the details of our fiscal year 2024 guidance as well as guidance for Q1 before we move on to the broader forward-looking section of the presentation, where we will provide context for this guidance and talk about our medium-term targets. Overall, we are pleased we capped a strong year of growth and margins and look forward for more to come.

在我們進入演示文稿的更廣泛的前瞻性部分之前，我想提供 2024 財年指導以及第一季度指導的詳細信息，我們將在其中提供該指導的背景並討論我們的中期目標目標。總體而言，我們很高興今年實現了強勁的增長和利潤率，並期待未來取得更多成果。

For the fiscal year 2024, we expect billings to be in the range of $10.9 billion to $11 billion, an increase of 19% to 20%. We expect NGS ARR to be in the range of $3.95 billion to $4 billion, an increase of 34% to 36%. We expect revenue to be in the range of $8.15 billion to $8.2 billion, an increase of 18% to 19%. For fiscal '24, we expect operating margins to be in the range of 25% to 25.5%.

對於 2024 財年，我們預計賬單將在 109 億美元至 110 億美元之間，增長 19% 至 20%。我們預計 NGS ARR 將在 39.5 億美元至 40 億美元之間，增長 34% 至 36%。我們預計收入將在 81.5 億美元至 82 億美元之間，增長 18% 至 19%。對於 24 財年，我們預計營業利潤率將在 25% 至 25.5% 之間。

We expect non-GAAP EPS to be in the range of $527 million to $540 million, an increase of 19% to 22%, and we expect adjusted free cash flow margin to be 37% to 38%. For the first fiscal quarter of 2024, we expect billings to be in the range of $2.05 billion to $2.08 billion, an increase of 17% to 19%.

我們預計非 GAAP 每股收益將在 5.27 億美元至 5.4 億美元之間，增長 19% 至 22%，調整後自由現金流利潤率為 37% 至 38%。對於 2024 年第一財季，我們預計賬單將在 20.5 億美元至 20.8 億美元之間，增長 17% 至 19%。

We expect revenue to be in the range of $1.82 billion to $1.85 billion, an increase of 16% to 18%. We expect non-GAAP EPS to be in the range of $1.15 to $1.17, an increase of 39% to 41%. Additionally, please consider the following modeling points: first, we expect our non-GAAP tax rate to remain at 22% for the first quarter in fiscal year 2024, subject to the outcome of future tax legislation.

我們預計收入將在 18.2 億美元至 18.5 億美元之間，增長 16% 至 18%。我們預計非 GAAP 每股收益將在 1.15 美元至 1.17 美元之間，增長 39% 至 41%。此外，請考慮以下建模點：首先，我們預計 2024 財年第一季度的非 GAAP 稅率將保持在 22%，具體取決於未來稅收立法的結果。

We also expect cash taxes in the range of $230 million to $280 million. This is an increase as compared to the $150 million in cash taxes in fiscal year 2023. For the first quarter, we expect net interest and other income of $50 million to $55 million. We expect first quarter diluted shares outstanding of 336 million to 339 million shares. We expect fiscal year 2024 diluted shares outstanding of 338 million to 343 million shares.

我們還預計現金稅將在 2.3 億至 2.8 億美元之間。與 2023 財年 1.5 億美元的現金稅相比，這一數字有所增加。我們預計第一季度的淨利息和其他收入為 5000 萬至 5500 萬美元。我們預計第一季度稀釋後流通股數量為 3.36 億股至 3.39 億股。我們預計 2024 財年攤薄後已發行股數為 3.38 億股至 3.43 億股。

And we expect fiscal year 2024 capital expenditures of $160 million to $170 million. With that, I'd pass it back to Walter to start the short Q&A covering what we had discussed up to this point. Walter?

我們預計 2024 財年的資本支出為 1.6 億至 1.7 億美元。這樣，我會將其傳回給沃爾特，以開始簡短的問答，涵蓋我們到目前為止所討論的內容。沃爾特？

Thanks, Dipak. We'll take about 15 minutes now, and we'll have a few questions. (Operator Instructions). For the first question, we'll go to Matt Hedberg from RBC with Rob Owens from Piper Sandler on deck.

謝謝，迪帕克。我們現在大約需要 15 分鐘，我們會問幾個問題。 （操作員說明）。對於第一個問題，我們將邀請來自加拿大皇家銀行 (RBC) 的馬特·赫德伯格 (Matt Hedberg)，以及來自 Piper Sandler 的羅布·歐文斯 (Rob Owens)。

Great. Maybe, Nikesh, with you, the macro. Good results in the quarter. I wonder if you could just talk a bit more broadly about some of the broader trends that you're seeing. There's been some other -- obviously some comments from some competitors that are maybe a little bit different. But just broad brush strokes on high-level demand trends.

偉大的。也許，Nikesh，和你一起，宏觀。本季度業績良好。我想知道您是否可以更廣泛地談談您所看到的一些更廣泛的趨勢。還有一些其他的——顯然來自一些競爭對手的一些評論可能有點不同。但這只是對高水平需求趨勢的粗略描繪。

I think as I said, and as Dipak elaborated, look, it's -- interest rates are higher. CFOs are scrutinizing deals, which means you have to be better prepared to answer their question and show the business value that you bring to them with your cybersecurity products. We are lucky that we have been focusing on our platform strategy.

我認為正如我所說，正如迪帕克所闡述的那樣，利率更高了。首席財務官正在審查交易，這意味著您必須做好更好的準備來回答他們的問題，並展示您通過網絡安全產品為他們帶來的商業價值。我們很幸運，我們一直專注於我們的平台戰略。

So we can usually walk in and say, here, you can consolidate the following 5, it doesn't cost you anymore, but you get a better outcome and you get a modernized security infrastructure. So from that perspective, that strategy of ours is resonating. But there is more scrutiny. There are deals that go through multiple levels.

因此，我們通常可以走進來說，在這裡，您可以整合以下 5 個內容，這不再需要您花費，但您會得到更好的結果，並且獲得現代化的安全基礎設施。因此，從這個角度來看，我們的策略引起了共鳴。但還有更多的審查。有些交易會經歷多個級別。

There are some that get pushed. There are some that get canceled. And again, you just have to get more on the top of the funnel. And as Dipak very clearly highlighted that eventually end up and there's a conversation about saying, wait, I used to pay you upfront. And I need to understand the cost of money. And is there a way, either my cost has to be lower from you, so I can sort of account for the cost of money or you've going to allow me to pay you later. From a deferred plan perspective, those are really the 2 effects.

有些人被推了。有一些被取消了。再說一次，你只需要在漏斗的頂部獲得更多。正如 Dipak 非常明確地強調的那樣，最終結果是，有一場對話說，等等，我曾經預先付錢給你。我需要了解金錢的成本。有沒有辦法，要么我的成本必須低於你，這樣我就可以考慮金錢成本，要么你允許我稍後付款給你。從延期計劃的角度來看，這確實是兩個影響。

And I think the biggest -- and if I summarize Q4 for us, great execution. There's a lot of demand out there, and the 2 things which are -- were different is: one, we saw the hardware cycle start to normalize much faster and, not like we told you so, but we've been very consistent. I think one of you guys actually was kind enough to cut and paste every time we talked about hardware into their note.

我認為最大的——如果我為我們總結第四季度，那就是出色的執行力。那裡有很多需求，有兩件事是不同的：一是我們看到硬件週期開始正常化得更快，而且不像我們告訴你的那樣，但我們一直非常一致。我認為你們中的一個人實際上很友善，每次我們談論硬件時都會將其剪切並粘貼到他們的筆記中。

We've been very consistent that we think underlying hardware grows at single digits, low single -- low to mid-single digits. So we've seen that main reversion. Other than that, honestly, we've just got to go out there and get more stricter on execution. That's the outcome from a macro perspective.

我們一直非常一致地認為底層硬件以個位數增長，低個位數——低到中個位數。所以我們已經看到了主要的回歸。除此之外，老實說，我們必須走出去，更加嚴格地執行。這是從宏觀角度看的結果。

Next question will be from Saket Kalia of Barclays with Brad Zelnick from Deutsche Bank on deck.

下一個問題將由巴克萊銀行的 Saket Kalia 和德意志銀行的 Brad Zelnick 提出。

Okay. Great. Nice end to the year to the team. Dipak, maybe for you. Great to see the free cash flow margin for next year. I think a couple of things that we were all thinking about, as we model next year were cash taxes and the deferred payment plans that you referenced in your prepared commentary, of course, the profitability here is well ahead also. But maybe you could just talk us through some of the puts and takes you thought about within that free cash flow margin guide for next year.

好的。偉大的。給團隊帶來了美好的一年。迪帕克，也許適合你。很高興看到明年的自由現金流利潤率。我認為，在我們明年建模時，我們都在考慮的幾件事是現金稅和您在準備好的評論中提到的延期付款計劃，當然，這裡的盈利能力也遙遙領先。但也許您可以向我們介紹一下您在明年的自由現金流保證金指南中考慮的一些看跌期權和看跌期權。

Yes. So I think -- thanks for the question, Saket. I think the primary driver really is the stronger profitability, right? So that's really what underpins a lot of the cash flow confidence. We've also seen benefits of higher interest rates on the cash that we have, right? And that also helps. That's another put and take. But I would say, you're right, we've absorbed the additional headwinds from deferred payment terms. We've modeled in the cash taxes. And when you put all the different puts and takes, we feel pretty confident of where we are.

是的。所以我想——謝謝你的提問，Saket。我認為主要驅動力確實是更強的盈利能力，對嗎？所以這確實是現金流信心的基礎。我們也看到了我們擁有的現金利率提高的好處，對嗎？這也有幫助。這是另一個放和取。但我想說，你是對的，我們已經吸收了延期付款條件帶來的額外阻力。我們已經對現金稅進行了建模。當你考慮所有不同的看跌期權和看跌期權時，我們對自己的處境非常有信心。

We're going to go back to Rob Owens at Piper Sandler and then go to Brad Zelnick at Deutsche Bank.

我們將回到 Piper Sandler 的 Rob Owens，然後是德意志銀行的 Brad Zelnick。

I want to build on that question just a little bit relative to deferred payments. And is there discounting when you're doing these multiyear deals? And will we actually see a longer-term economic benefit as people start to move towards annual payments? And I guess, given the shift in the portfolio and what you guys are selling, this should be no surprise. So if you could just comment on if there is a broader economic benefit to kind of moving to annual terms and understand that we'll probably address the midterm guidance on the next portion of the call.

我想在這個問題的基礎上進一步探討與延期付款有關的問題。當你進行這些多年交易時有折扣嗎？當人們開始轉向按年付款時，我們真的會看到長期的經濟利益嗎？我想，考慮到產品組合的變化以及你們所銷售的產品，這應該不足為奇。因此，如果您可以評論一下轉向年度條款是否會帶來更廣泛的經濟效益，並了解我們可能會在電話會議的下一部分中討論中期指導。

Rob, I'm going to give you a little macro flavor and then Dipak can jump in as well. Look, on the macro front, the part I'm really excited about that Dipak and his team have basically navigated a significant part of our business into annual billings effectively through these deferred payment plans, right?

羅布，我會給你一些宏觀的了解，然後迪帕克也可以加入進來。看，在宏觀方面，我真的很興奮，迪帕克和他的團隊基本上通過這些延期付款計劃有效地將我們業務的很大一部分引導到年度賬單，對嗎？

And we were able to hold our free cash flow in spite of those downward sort of pressure. And we think we're going to keep absorbing some of that as it goes. In the end, it's an economic argument. It's like there's a cost of money. I can take the money up front and let the customers get a discount, and I can go try and get a return on that cash or I can let them pay when they're ready to pay and I can extract a better economic outcome in that context.

儘管面臨這些下行壓力，我們仍能夠保持自由現金流。我們認為我們將繼續吸收其中的一些內容。歸根結底，這是一個經濟爭論。好像是要花錢的。我可以預先拿錢，讓客戶獲得折扣，然後我可以嘗試獲得現金回報，或者我可以讓他們在準備付款時付款，這樣我就可以獲得更好的經濟成果語境。

And I think it's important to understand, given our portfolio-based approach, our customers -- different products lend themselves to different discussions. On cloud, we see a lot more of the shorter duration discussions because cloud is more of a consumptive event. On XSIAM, they want longer deals. They don't want even 3-year deals. They only want 5-year deals and they want price locks. So there also is a counter effect they're worried about inflation.

我認為，鑑於我們基於投資組合的方法，了解我們的客戶非常重要——不同的產品適合不同的討論。在雲方面，我們看到了更多持續時間較短的討論，因為雲更多的是一種消耗性事件。在 XSIAM 上，他們想要更長的交易。他們甚至不想要三年期的合同。他們只想要 5 年期的交易，並且想要鎖定價格。因此，他們擔心通貨膨脹也會產生反作用。

So if you put it all together, as Dipak said, we're very comfortable with the way we've modeled it. There's definitely levers that go in different directions. And our sort of aspiration and desire and hope is that we keep transitioning seamlessly into more and more annual billings over time while being able to hold these metrics and these outcomes for ourselves. And Dipak?

因此，如果你把它們放在一起，正如 Dipak 所說，我們對我們的建模方式非常滿意。肯定有不同方向的槓桿。我們的願望、渴望和希望是，隨著時間的推移，我們不斷無縫地過渡到越來越多的年度賬單，同時能夠為自己保留這些指標和結果。迪帕克呢？

Yes. No, I think Nikesh mentioned it well. The only comment that I would say is we're probably more focused on the economics of the actual deferred payments versus the upfront. I understand the argument that if you're more of a SaaS business, then you don't have to make as much like discounts to pull the deal through. We haven't really built that in, right? At this stage, we'll see how that goes. We're still going through the transformation.

是的。不，我認為尼凱什提到得很好。我想說的唯一評論是，我們可能更關注實際延期付款與預付款的經濟性。我理解這樣的論點：如果您更多地從事 SaaS 業務，那麼您不必提供盡可能多的折扣來完成交易。我們還沒有真正內置它，對吧？在此階段，我們將看看情況如何。我們仍在經歷轉型。

And don't forget, there's still a reasonable part of our business that still has to be paid upfront, which is the hardware business.

不要忘記，我們的業務中仍有相當一部分需要預先支付，這就是硬件業務。

We're going to take our last question in this segment from Brad Zelnick at Deutsche Bank. The IR team is available to take questions off-line, and we will return at the end of this program to take more questions from you all.

我們將回答德意志銀行的 Brad Zelnick 提出的本部分的最後一個問題。 IR 團隊可以離線回答問題，我們將在本計劃結束時返回，回答大家的更多問題。

So many questions to ask, but I'm going to keep it high level. Nikesh, heading next week into sales kickoff, you're going to once again rally the troops to perform even better next year, topping a fantastic fiscal '23. What are the highest level messages that you're going to focus on to ensure that they really step up their game and can overachieve and do even better next year?

有很多問題要問，但我會保持高水平。 Nikesh，下週將開始銷售，您將再次集結力量，爭取明年取得更好的業績，超越 23 財年的輝煌業績。您將重點關注哪些最高級別的信息，以確保他們真正提高自己的水平，並在明年取得超額成績並做得更好？

Brad, sort of how I worked in sales and interacted with salespeople, majority of my life, salespeople like to win. And I think what has become apparent in fiscal '23 for our teams that can -- that we can win in each of these categories. They were used to winning in firewalls.

布拉德，就像我從事銷售工作以及與銷售人員互動的方式一樣，在我一生的大部分時間裡，銷售人員都喜歡獲勝。我認為，對於我們的團隊來說，23 財年我們可以在每個類別中獲勝，這一點已經變得很明顯。他們習慣於在防火牆中獲勝。

I will tell you, our win rates have gone up tremendously in SASE. I mean we did $1 billion in SASE this past year. Winning in XSIAM has been a phenomenal surprise and a delight to all of us. And literally, I'm telling you what's going to happen on Sunday, every salesperson is going say, I want to be able to sell that product.

我會告訴你，我們在 SASE 的勝率已經大大提高了。我的意思是，去年我們在 SASE 上投入了 10 億美元。在 XSIAM 中獲胜對我們所有人來說都是一個巨大的驚喜和喜悅。從字面上看，我告訴你周日會發生什麼，每個銷售人員都會說，我希望能夠銷售該產品。

This product is selling with an average ACV of $1 million. Hasn't happened in security before. So I think the just generating enthusiasm towards all these capabilities and solutions is kind of a key message for our team. There are some structural changes. Like last year, we took the SASE team and merged that with the core team, and you saw the outcomes. We managed to do that seamlessly without an impact to our business, in fact grew faster.

該產品的平均 ACV 為 100 萬美元。安全方面以前沒發生過。因此，我認為對所有這些功能和解決方案產生的熱情對我們團隊來說是一個關鍵信息。有一些結構性變化。與去年一樣，我們將 SASE 團隊與核心團隊合併，您已經看到了結果。我們成功地做到了這一點，沒有對我們的業務產生影響，事實上，業務增長得更快。

We're doing that next year with Cortex. We're taking our Cortex team, and making them part of core. That's why Dipak talks about these constant ability to improve operating margins is we've hit sort of scale economics in our business. We've hit scale. Everybody has to do these deals. It's no longer a firewall business. So our teams want to do cross-product deals.

明年我們將在 Cortex 上實現這一目標。我們正在讓我們的 Cortex 團隊成為核心的一部分。這就是為什麼迪帕克談到這些持續提高營業利潤的能力是因為我們的業務已經達到了規模經濟。我們已經達到了規模。每個人都必須做這些交易。它不再是防火牆業務。因此，我們的團隊希望進行跨產品交易。

So the message really is, we're winning in major categories, go out and win those deals. The message is cross-platform is working for us. The message is you are now empowered and trained to sell everything. And every year, we use the opportunity to tweak certain things, which have worked better than the others.

因此，我們傳達的信息實際上是，我們正在主要類別中獲勝，走出去並贏得這些交易。這個信息是跨平台對我們有用。傳達的信息是，您現在已獲得授權並接受培訓，可以銷售所有產品。每年，我們都會利用這個機會調整某些事情，這些事情比其他事情效果更好。

So I mean, honestly, like sorry to drag you out on a Friday day afternoon, but I think it's important for a few thousand people next week that we shared all these results with them, and we just got caught in the trap. We're trying to get a Board meeting done and do that on Sunday, so here we are on Friday. But all I -- if it gives you any comfort, Dipak and me and the team are going to be working all Saturday and Sunday as well.

所以我的意思是，老實說，很抱歉在周五下午拖你出去，但我認為對於下週的幾千人來說，我們與他們分享所有這些結果很重要，但我們只是陷入了陷阱。我們正努力在周日完成董事會會議，所以我們在周五召開。但我——如果這能讓你感到安慰的話，迪帕克和我以及團隊也將在整個週六和周日工作。

Thanks, everybody, for your questions. We will come back at the end to do more. We're now going to move to the forward-looking portion of our program and talk about our medium-term update. And with that, I'll pass it back over to Nikesh.

謝謝大家的提問。我們最終會回來做更多事情。我們現在將進入計劃的前瞻性部分，並討論我們的中期更新。有了這個，我會把它傳回給尼科甚。

Well, that's a wrap on our Q4 results. The reason we wanted to make sure you had the opportunity to enjoy our Friday evening celebrations in the context of a long-term or midterm outlook from us was we wanted to make sure that you see our FY '24 guidance in the context of where we believe we are in the next 3- to 5-year journey.

好吧，這就是我們第四季度業績的總結。我們希望確保您有機會在我們的長期或中期展望的背景下享受我們週五晚上的慶祝活動，因為我們希望確保您在我們的背景下看到我們的 24 財年指導。相信我們正處於未來3到5 年的旅程中。

I think what's important to understand is that over the last 5 years, the cybersecurity TAM has continued to rise. It has grown at approximately 14%, and it has grown twice the pace at which the IT market has grown. Now the reasons for that are, as we get down these transformations that are going on in the world, we get more and more reliant on e-commerce, as we get more and more reliant on digital transformation movement is about and possibly now with the sort of arrival of AI as a mainstream opportunity, every one of us is trying to make sure we grab that with both hands.

我認為重要的是要理解，在過去 5 年中，網絡安全 TAM 持續上升。它的增長率約為 14%，是 IT 市場增長速度的兩倍。原因是，當我們了解世界上正在發生的這些變革時，我們越來越依賴電子商務，因為我們越來越依賴數字化轉型運動即將到來，並且可能現在隨著當人工智能成為一種主流機遇時，我們每個人都在努力確保我們能用雙手抓住它。

So we will continue to see the pace of technology spend go sort of up or forward. Similarly, we're going to see that cybersecurity is going to get more than its fair share of growth. So from an opportunity perspective from what's going on in the market, we believe the cybersecurity market is robust and will continue to be so in the next 3 to 5 years.

因此，我們將繼續看到技術支出的步伐有所加快或前進。同樣，我們將看到網絡安全將獲得超過其應有份額的增長。因此，從市場上正在發生的事情的機會角度來看，我們相信網絡安全市場是強勁的，並將在未來 3 到 5 年內繼續如此。

Having said that, if you look deeper, there are actually 3 things going on in that market: one, there are new markets being created. If you look at the last 5 years, we saw a sort of a surge in this concept called SASE. We saw SASE come on mainstream. Everybody is out there trying to build a SASE business. That's kind of been a big thing.

話雖如此，如果你深入觀察，這個市場實際上發生了三件事：第一，正在創建新的市場。如果你回顧一下過去 5 年，我們會發現這個稱為 SASE 的概念出現了某種程度的激增。我們看到 SASE 成為主流。每個人都在努力建立 SASE 業務。這真是一件大事。

As we had anticipated and talked about 5 years ago, cloud continues to become bigger and bigger. As companies go sign up with cloud service providers, they are beginning to go move their applications from on-prem or their hybrid cloud to the public cloud. Now it's important to understand is that approximately 80% of the applications in the world are actually homegrown applications, which are working on on-prem data centers.

正如我們 5 年前所預期和談論的那樣，雲繼續變得越來越大。隨著公司與雲服務提供商簽約，他們開始將應用程序從本地雲或混合雲遷移到公共雲。現在重要的是要了解，世界上大約 80% 的應用程序實際上是本土應用程序，它們在本地數據中心上運行。

As we go forward, we're seeing enterprises take those applications, reimagine them, rewrite them, rearchitect them and move them to the public cloud. Now that work has to be done by 33 million developers around the world, which work for these companies. As they write new code, as they put together a code by looking at open source and having stuff from here and there, there is this real opportunity to make sure that, that code that is written is written in such a way that is secure, is secured by design.

隨著我們的前進，我們看到企業採用這些應用程序，重新構想它們，重寫它們，重新構建它們並將它們移動到公共雲。現在，這項工作必須由全球 3300 萬為這些公司工作的開發人員來完成。當他們編寫新代碼時，當他們通過查看開源代碼並從各處獲取東西來組合代碼時，就有這個真正的機會來確保所編寫的代碼是以安全的方式編寫的，通過設計保證。

So you will continue to see that cloud security part of that market grow, but that's a market that's effectively been created in the last 5 years. Couple that with the arrival of IoT and OT as mainstream opportunities, we've seen even that market has been sort of a new market. Approximately it's a $30 billion market between those categories, which has been built over the last 5 years, driving some of the cybersecurity opportunity.

因此，您將繼續看到該市場的雲安全部分不斷增長，但這是一個在過去 5 年裡有效創建的市場。再加上物聯網和 OT 作為主流機會的到來，我們甚至看到該市場已經成為一個新市場。這些類別之間的市場價值約為 300 億美元，該市場是在過去 5 年中建立起來的，推動了一些網絡安全機會的發展。

Outside of that, in the underlying cybersecurity market, we've also noticed that some markets have undergone to transformation. We're seeing a large transformation in network security as people try and figure out how much to go in the public cloud, how much to leave in the data center, how much hardware to deploy, how much software to deploy.

除此之外，在底層的網絡安全市場中，我們也注意到一些市場已經發生了轉變。我們看到網絡安全發生了巨大的轉變，因為人們試圖弄清楚有多少需要進入公共雲，有多少需要留在數據中心，需要部署多少硬件，需要部署多少軟件。

We're seeing that network security is beginning to evolve from a hardware-only market to effectively a faster-growing software part of the network security market. Not just that, what we're also seeing is things like SD-WAN, which are part of the networking TAM are now moving into cybersecurity because people want an integrated solution as a SASE solution between SD-WAN and your security protocol. So it's interesting.

我們看到網絡安全開始從純硬件市場發展為網絡安全市場中增長更快的軟件部分。不僅如此，我們還看到像SD-WAN 這樣的東西，它是網絡TAM 的一部分，現在正在進入網絡安全領域，因為人們想要一個集成解決方案，作為SD-WAN 和安全協議之間的SASE 解決方案。所以這很有趣。

There are markets going -- undergoing inflection like network security. The market of endpoint has gone through a huge inflection in the last 5 years. We've seen people go from endpoint protection to EDR and XDR. We've seen an explosion, there are about 14 vendors at last count in the EDR XDR space, but you can see clear leaders emerging, which are down to 2 or 3 players in that space.

有些市場正在經歷像網絡安全這樣的變化。過去五年來，端點市場經歷了巨大的轉變。我們已經看到人們從端點保護轉向 EDR 和 XDR。我們看到了爆炸式增長，根據最新統計，EDR XDR 領域大約有 14 家供應商，但您可以看到明顯的領導者正在出現，該領域的參與者減少到 2 到 3 家。

And there's a huge inflection going on there. We think not just there. You're going to see a large inflection in effectively what is a 15-year-old market called SIEM and SOC. That market has been -- a technology that has not been evolved for the last 15 years. It's primarily been a reactive technology where if I am breached, I need to figure out what to do, and we collect a lot of data and analyze it.

那裡正在發生巨大的變化。我們認為不只限於此。您將看到 SIEM 和 SOC 這個已有 15 年曆史的市場發生了巨大的變化。該市場的技術在過去 15 年裡一直沒有發展。它主要是一種反應性技術，如果我被破壞，我需要弄清楚該怎麼做，我們會收集大量數據並對其進行分析。

That's no longer going to work, the arrival of AI, the need for automation, the need for normalized data, actually going to force that market to inflect. And that's something we'll talk about more. And you saw already in our Q4 results at something like XSIAM, which is targeted to that market, is where the real opportunity is for that inflection to continue, for that market to go through its own transformation.

這不再有效，人工智能的到來、對自動化的需求、對標準化數據的需求，實際上將迫使市場發生變化。我們將進一步討論這一點。您已經在我們第四季度的業績中看到了像 XSIAM 這樣的公司，它是針對該市場的，真正的機會是讓這種拐點繼續下去，讓該市場經歷自己的轉型。

Outside of that, there are still about $30-plus billion in sort of steady cybersecurity segments as well as about $80 million of services, which we think will also continue to evolve in the next 3 to 5 years. So with that in mind, I think it's important to think about where we were when we thought about the transformation of Palo Alto Networks 5 years ago, where we said, cloud is going to be big, AI is going to be big, and the networks are going to have to start getting reimagined as we go towards the cloud.

除此之外，仍有約 30 億美元以上的穩定網絡安全領域以及約 8000 萬美元的服務，我們認為這些服務也將在未來 3 至 5 年內繼續發展。因此，考慮到這一點，我認為重要的是要思考5 年前，當我們思考Palo Alto Networks 的轉型時，我們所處的位置，我們說，雲將變得更大，人工智能將變得更大，而當我們走向雲時，網絡將不得不開始重新構想。

So effectively, cloud was going to drive the cloud security market and the network transformation and AI and machine learning would have to start helping us do this transformation in the SIEM and SOC market. Now what we saw over the last 3 to 5 years is, we at Palo Alto Networks as well as, to some degree, different plays in the industry, started to look at the various parts of these markets and say, like, these things need to start getting integrated because you can't deliver great security outcomes without these things getting integrated.

因此，雲將有效地推動雲安全市場，而網絡轉型、人工智能和機器學習必須開始幫助我們在 SIEM 和 SOC 市場實現這一轉型。現在我們在過去 3 到 5 年中看到的是，我們在 Palo Alto Networks 以及在某種程度上，行業中的不同公司開始關注這些市場的各個部分，並說，這些東西需要開始集成，因為如果不集成這些東西，您就無法提供出色的安全成果。

So this is the thing. We talked about this. We were told that market does not need platforms. We were told that integration is not key. Customers can deal with the integration. What we want is best-of-breed products. So we decided we're going to do both. We're going to have phenomenal success in best-of-breed categories.

所以這就是事情。我們討論過這個。我們被告知市場不需要平台。我們被告知整合併不是關鍵。客戶可以處理集成。我們想要的是最好的產品。所以我們決定兩者都做。我們將在最佳類別中取得驚人的成功。

In addition, we're going to make sure our best-of-breed products were integrated. So in these 3 TAMs, in these 3 markets of network, cloud and SOC operation, what happened is we saw these point products, we started to get integrated into the larger platform vision we had, and we saw the TAM continue to grow because these are all markets which are undergoing transformation or rapid growth.

此外，我們將確保我們的同類最佳產品得到集成。因此，在這3 個TAM 中，在網絡、雲和SOC 運營這3 個市場中，我們看到了這些點產品，我們開始集成到我們擁有的更大的平台願景中，我們看到TAM 繼續增長，因為這些都是正在經歷轉型或快速增長的市場。

Now where we are today, we believe this is about a $100 billion opportunity across these 3 platforms. So for us, the opportunity has grown. It's almost gone up 2x from 5 years ago where we believe it's a $100 billion market today, which allows us to deliver the superior growth you've seen and the continued consolidation in the market that we've had at Palo Alto Networks. What's even more exciting within these markets will continue to drive future growth.

現在，我們相信這 3 個平台將帶來約 1000 億美元的機遇。所以對我們來說，機會已經增加了。與 5 年前相比，該數字幾乎增長了 2 倍，我們相信如今的市場規模已達 1000 億美元，這使我們能夠實現您所看到的卓越增長，並實現 Palo Alto Networks 的市場持續整合。這些市場中更令人興奮的事情將繼續推動未來的增長。

And you will see that because of the arrival of AI, the need for more real-time autonomous security, these markets will continue to drive opportunity. In the same period over the last 5 years, as I said, we have been able to transform Palo Alto Networks to get it to where it is today. A, we actually proved that platforms are relevant and important in the space of cybersecurity.

你會發現，由於人工智能的到來，以及對更多實時自主安全的需求，這些市場將繼續帶來機遇。正如我所說，在過去 5 年的同一時期，我們已經能夠對 Palo Alto Networks 進行轉型，使其達到今天的水平。答，我們實際上證明了平台在網絡安全領域的相關性和重要性。

Just imagine, it seems obvious now, possibly to many of us, but 5 years ago, we had customers who had more cybersecurity vendors than they had IT vendors. And it was a customer's responsibility to take these vendors, deploy them across their infrastructure, make them work together to deliver security outcomes. You're expecting 2,000 customers out there in the Global 2000 or possibly tens of thousands of customers having security experts trying to stitch together products made by fast growth cybersecurity companies, which are deeply technical and trying to figure out how to correlate what one vendor saw or one set of vendors is telling you versus another.

試想一下，這對我們許多人來說現在似乎是顯而易見的，但 5 年前，我們的客戶擁有的網絡安全供應商比他們的 IT 供應商還要多。客戶有責任接納這些供應商，在其基礎設施中部署它們，讓它們共同努力提供安全成果。您預計全球2000 強中有2,000 家客戶，或者可能有數万家客戶，他們的安全專家試圖將快速增長的網絡安全公司生產的產品拼湊在一起，這些產品技術含量很高，並試圖找出如何將一家供應商所看到的內容關聯起來或者一組供應商正在告訴您與另一組供應商的比較。

It just seemed like a problem that could not be solved. But over the last 5 years, you've seen that starting to stitch these together, starting to take this disparate solutions for security, trying to provide them in a common fabric has actually allowed us to deliver better security outcomes. And we've proven that by doing that in a way, they are -- each of those pieces work in a best-of-breed fashion are leading in their own category.

這似乎是一個無法解決的問題。但在過去的 5 年裡，您已經看到，開始將這些內容拼接在一起，開始採用不同的安全解決方案，嘗試在通用結構中提供它們，實際上使我們能夠提供更好的安全成果。我們已經證明，通過以某種方式做到這一點，它們中的每一件作品都以最佳的方式工作，在各自的類別中處於領先地位。

However, they're kind of better together in the platform. So the last 3 years -- the last 5 years, as we just shared in our Q4 results, we have been able to build a $1 billion business in security operations under Cortex, which was 0. We have been able to build a $1 billion SASE business in the last 12 months to be able to show that integration across this remote and hybrid network space is actually working.

然而，他們在平台上的配合會更好。因此，過去3 年——過去5 年，正如我們剛剛在第四季度的業績中分享的那樣，我們已經能夠在Cortex 下的安全運營方面建立10 億美元的業務，而該業務為0。我們已經能夠建立10 億美元的業務。過去 12 個月的 SASE 業務能夠證明跨這個遠程和混合網絡空間的集成實際上正在發揮作用。

Not only that, we actually built a $500 million ARR cloud security business, proving that, again, the ability to stitch across the entire cloud development life cycle is useful for our customers. So we think that we've established that these platforms are going to be around are important and necessary, and that is the way of doing security in the future.

不僅如此，我們實際上建立了價值 5 億美元的 ARR 雲安全業務，再次證明，跨越整個雲開發生命週期的能力對我們的客戶來說是有用的。因此，我們認為我們已經確定這些平台將是重要且必要的，這就是未來實現安全的方式。

Not only that, we've also proven that in the last 5 years that you can teach an old dog new tricks. Palo Alto Networks, which was a single product in one lane, we had the best firewall technology in the world as well as had amazing services that worked in the firewall, we have been able to take that and build multiple products across multiple security swim lanes and make them work better together.

不僅如此，我們還證明，在過去 5 年裡，你可以教老狗新把戲。 Palo Alto Networks 是單通道中的單一產品，我們擁有世界上最好的防火牆技術以及在防火牆中運行的出色服務，我們已經能夠利用這一點並跨多個安全通道構建多種產品並讓他們更好地合作。

And the only way you can do that in security is you have to keep driving innovation. You have to stay at the bleeding edge because you don't need your customers to be at the bleeding edge. It is our responsibility as a security company to make sure we take all the innovation, we distill it, we make it work in an integrated fashion and deliver it to our customers at the fastest pace possible because the bad actors are not waiting, they're constantly looking for ways to get to our customers, to get to penetrate their infrastructure and try and figure out how to go extract data from our customers or possibly hold them with ransomware.

在安全方面做到這一點的唯一方法就是必須不斷推動創新。您必須保持在最前沿，因為您不需要您的客戶處於最前沿。作為一家安全公司，我們有責任確保我們採用所有創新，提煉它，使其以集成的方式發揮作用，並以盡可能快的速度將其交付給我們的客戶，因為不良行為者不會等待，他們'我們不斷地尋找方法來接觸我們的客戶，滲透他們的基礎設施，並嘗試找出如何從我們的客戶那裡提取數據，或者可能用勒索軟件來控制他們。

So we have taken what was an amazing company in one category and actually built what we'd like to say is an innovation engine that allows us to stay at the bleeding edge. We've also done that, to be honest, not just by doing it ourselves because the fact that the cybersecurity industry has 3,000 startups out there, which are constantly funded because they're all working in a specialist way to solve more problems, which they believe is important for the end customer, we have to be vigilant and make sure that we don't have any issues in either building it for our customers or partnering or acquiring something that's out there that is important as part of the security fabric that we need to deliver to our customers.

因此，我們選擇了某個類別中的一家出色的公司，並實際上構建了我們想說的創新引擎，使我們能夠保持領先地位。說實話，我們也做到了這一點，不僅僅是我們自己做，因為事實上網絡安全行業有 3,000 家初創公司，它們不斷得到資助，因為它們都以專業的方式工作來解決更多問題，這他們認為這對最終客戶很重要，我們必須保持警惕，並確保我們在為客戶構建它或合作或獲取作為安全結構一部分的重要東西時不會出現任何問題我們需要交付給我們的客戶。

So as a team, we're really excited that where we are in our sort of juncture today allows us to go forward and build an even better, larger and a more compelling business for our shareholders. Not only that, to deliver phenomenal security outcomes for our customers across all these categories that we see inflecting as well as categories that we believe will be created in the next 3 to 5 years.

因此，作為一個團隊，我們感到非常興奮，因為我們今天所處的緊要關頭使我們能夠繼續前進，為我們的股東建立一個更好、更大、更有吸引力的業務。不僅如此，我們還要為我們的客戶提供卓越的安全成果，涵蓋我們認為正在發生變化的所有類別以及我們認為將在未來 3 到 5 年內創建的類別。

So with that in mind, if you think about what's our view going forward for the next 3 to 5 years or possibly the next decade, I said in the last 5 years, we saw that huge sort of technology trends, underlying it of cloud and AI allowed us to create the stitching to build what I would say, the building blocks of building the world's largest cybersecurity company actually prepares us phenomenally well for what we think lies ahead.

因此，考慮到這一點，如果你考慮一下我們對未來 3 到 5 年或可能的下一個十年的看法，我說在過去 5 年裡，我們看到了巨大的技術趨勢，其背後是雲和人工智能使我們能夠進行縫合，以構建我想說的，構建世界上最大的網絡安全公司的基石實際上為我們為我們認為的未來做好了充分的準備。

What we think lies ahead is the need for security to stop bad actors mid-flight, real-time, as it's happening. If you think about security today, the industry is only 30% or 40% real time. You know a bad URL, you know a bad DNS. You know how to stop your customers from something that is bad that we know. What we still aren't good at as an industry is being able to figure out unknowns and stop them before they happen.

我們認為未來需要安全措施來阻止不良行為者在飛行中實時發生。如果您考慮當今的安全性，就會發現該行業只有 30% 或 40% 是實時的。你知道一個錯誤的 URL，你也知道一個錯誤的 DNS。您知道如何阻止您的客戶遭受我們所知的不良行為。作為一個行業，我們仍然不擅長找出未知因素並在它們發生之前阻止它們。

To do that, it requires a fundamentally different way of thinking about security. Something we have been sort of leading having a point of view on. And that is the idea of having stitched products that work from end-to-end. The idea that as something is happening, you're able to analyze it real time, on the fly and understand it's good or bad.

要做到這一點，需要一種根本不同的安全思維方式。我們一直在主導一些有觀點的事情。這就是打造端到端工作的縫合產品的想法。當某件事發生時，你能夠實時、即時地分析它並了解它是好還是壞。

It is reducing the noise of security in the industry by eliminating all these super close alerts or the bad signal to noise ratio. So to get that right or to get security right, we will have to be more and more real time as an industry. Now we sit at a point where everybody is talking about AI. And actually, that is the solution.

它通過消除所有這些超近距離警報或不良信噪比來減少行業安全噪音。因此，為了實現這一點或實現安全性，我們作為一個行業必須越來越實時。現在我們正處在一個人人都在談論人工智能的時代。事實上，這就是解決方案。

The solution is to make sure you ingest large amounts of data, you analyze them on the fly, and you're able to deliver superior security. Something we talked about just in our Q4 earnings call, right before this, you saw that everything we're doing in XSIAM is driving us to that vision. But that's not enough.

解決方案是確保您獲取大量數據、動態分析它們，並且能夠提供卓越的安全性。我們在第四季度財報電話會議上談到了這一點，就在這之前，您看到我們在 XSIAM 所做的一切正在推動我們實現這一願景。但這還不夠。

We have to make sure every platform that we have continues to grow and continues to get more and more ubiquitous with our customers, at the same time, also stitches these things together. So we believe in the next 5 to 10 years, we're going to see this shift, which is going to be palpable. It is going to be big.

我們必須確保我們擁有的每個平台不斷發展，並繼續在我們的客戶中變得越來越普遍，同時也將這些東西縫合在一起。因此，我們相信在未來 5 到 10 年裡，我們將看到這種明顯的轉變。它將會變得很大。

It's going to be understandable where we have to become more and more real time. It will no longer be about putting a bunch of sensors and thinking about hygiene and security policies. It will be about how do you stop a bad act. And we'll talk more about this because today, the mean time to fix a bad act as we've talked to you about in our earnings is 4 to 6 days.

我們必須變得越來越實時，這是可以理解的。它不再是放置一堆傳感器並考慮衛生和安全政策。這將是關於如何阻止不良行為。我們將更多地討論這個問題，因為今天，正如我們在財報中與您討論的那樣，修復不良行為的平均時間是 4 到 6 天。

That's not acceptable. This thing will have to go down to minutes and near real time. So that's a big shift we see that's going to drive a lot of the innovation in our industry. That's going to drive a lot of our strategy and our vision because we think we're on our way to be able to deliver that future to our customers as the world's largest cybersecurity company.

這是不可接受的。這件事必須縮短到幾分鐘並且接近實時。因此，我們認為這是一個重大轉變，它將推動我們行業的大量創新。這將推動我們的許多戰略和願景，因為我們認為我們正在成為世界上最大的網絡安全公司，為我們的客戶提供這樣的未來。

In that context, we talked about those 3 categories. We think those 3 categories are going to continue to become bigger. And if you look at it, the biggest opportunity is that big green circle of security operations and automation because we think the current paradigm is broken. The current paradigm is a reactive security paradigm. It's the paradigm we say, let's hire 3 more million people to solve security problems.

在這種情況下，我們討論了這三個類別。我們認為這三個類別將繼續變得更大。如果你仔細觀察，就會發現最大的機會是安全操作和自動化的綠色大圓圈，因為我們認為當前的範式已經被打破。當前的範例是反應式安全範例。這就是我們所說的範式，讓我們再僱用 300 萬人來解決安全問題。

No, I don't think that's going to solve the problem. What's going to solve the problem is, let's collect good data, let's analyze good data. Let's find out the anomalous behavior. Let's block it while it's happening, so our customers have a better security outcome. I think that's where we're going to be going.

不，我不認為這能解決問題。解決問題的方法是，讓我們收集好的數據，讓我們分析好的數據。讓我們找出異常行為。讓我們在其發生時阻止它，以便我們的客戶獲得更好的安全結果。我想這就是我們要去的地方。

And we're going to have a phenomenal opportunity at Palo Alto Networks to go ahead and address a $200 billion market, which is primarily going to be a software-based market, which has its own benefits across the board because it's a lower cost of ownership for our customers, lower cost of integration for our customers. It's easy for us to go deploy and keep our customers all at -- what is the best and current best in -- sort of best-in-class capability.

Palo Alto Networks 將擁有一個絕佳的機會，可以繼續進軍 2000 億美元的市場，該市場主要是一個基於軟件的市場，該市場有其自身的全面優勢，因為它的成本較低。為客戶提供所有權，為客戶降低集成成本。對我們來說，部署並讓我們的客戶始終掌握最好的和當前最好的同類最佳功能是很容易的。

So a future that is driven by software capability, a future that's driven by software solutions with security and a future which has integration as part of so -- as part of it as a key tenet with the objective of delivering a real-time autonomous security outcome. So that's where we think the world is going, that's where we'd like to be, and we think we're best positioned in the industry to be able to deliver that future.

因此，一個由軟件功能驅動的未來，一個由具有安全性的軟件解決方案驅動的未來，以及一個將集成作為其一部分的未來——作為其關鍵宗旨的一部分，其目標是提供實時自主安全結果。因此，這就是我們認為世界正在走向的方向，這就是我們想要成為的方向，我們認為我們在行業中處於最佳位置，能夠實現這個未來。

Not only that, to deliver great security outcomes to our customers. So with that in mind, how are we going to do this? What are we doing in the next 3 years, how is that going to translate into numbers that are loved by our shareholders? So it's really the 5 things, part of it is something which we've been doing and some things we're going to have to keep pivoting harder.

不僅如此，還為我們的客戶提供出色的安全成果。考慮到這一點，我們將如何做到這一點？未來三年我們要做什麼，如何轉化為股東喜愛的數字？所以這實際上是五件事，其中一部分是我們一直在做的事情，還有一些我們必須更加努力地進行調整。

For example, one, we want to maintain this notion of being an evergreen innovation company. Our biggest insight is that if you want to lead in cybersecurity, you always have to be on the bleeding edge because the bad actors are. You always have to be scanning the market understanding, where the world is going, where technology is going to see what potential security risks are going to get created in the adoption of that technology, in the deployment of that technology to make sure we're ahead of the curve, and we start delivering security by design.

例如，第一，我們希望保持成為常青創新公司的理念。我們最大的見解是，如果你想在網絡安全領域處於領先地位，你就必須始終處於最前沿，因為不良行為者處於前沿。您始終必須掃描市場了解，世界正在走向何方，技術將走向何方，看看在採用該技術和部署該技術時會產生哪些潛在的安全風險，以確保我們領先潮流，我們開始通過設計提供安全性。

As in we're not going to come in and try and bolt it on afterwards as our customers have been through the transformation, it's to work with them, embed our architectures with customers as they go through their innovation journey, we're in lockstep with them delivering security innovation.

因為我們不會在客戶經歷轉型後介入並嘗試將其固定下來，而是與他們合作，在客戶經歷創新之旅時將我們的架構嵌入到客戶中，我們步調一致與他們一起提供安全創新。

I think the second part, which we talked about is we want to make sure that our platforms, which are now deployed in sort of different stages or different amount of sort of capacity with our customers, they become ubiquitous. We want to make sure that our customers have wall-to-wall platforms that allow them to look at it as a data problem, as an AI problem, not have to stitch our platform with 5 other security solutions out there and trying to build their own outcomes because it's impossible for every customer to go to a secure integration by themselves.

我認為我們討論的第二部分是我們希望確保我們的平台變得無處不在，這些平台現在部署在不同的階段或與我們的客戶不同的容量。我們希望確保我們的客戶擁有全面的平台，使他們能夠將其視為數據問題、人工智能問題，而不必將我們的平台與其他 5 種安全解決方案結合起來，並嘗試構建他們的平台。自己的結果，因為每個客戶不可能自己進行安全集成。

I think the way -- the best analogy I can come up with, I think in the next decade, we will see sort of a standard platform for security out there, just the way we've seen platforms in CRM or we've seen platforms in HR, as you've seen platforms and financial sort of software. We think it's time that in the next decade, we will see a security platform in our future, which just works for our customers, and the customers are not spending time integrating multiple vendors trying to stitch their own.

我認為，我能想到的最好的類比是，我認為在未來十年中，我們將看到一種標準的安全平台，就像我們在 CRM 中看到的平台或我們已經看到的那樣人力資源領域的平台，就像您所看到的平台和財務軟件一樣。我們認為，在下一個十年，我們將看到一個安全平台，它只為我們的客戶服務，而客戶不會花時間集成多個供應商來嘗試縫合自己的平台。

I just think that's the only way we're going to get to the future that we need for real-time and AI-based security. Third, the topic du jour, everybody is talking about AI. We're talking about AI. We are not only talking about it, we will demonstrate that we can deliver security outcomes and the vision and the future that security needs using AI across Palo Alto Networks, and we'll talk more about that.

我只是認為這是我們實現實時和基於人工智能的安全所需的未來的唯一途徑。第三，今天的話題，大家都在談論人工智能。我們正在談論人工智能。我們不僅在談論它，我們還將證明我們可以通過 Palo Alto Networks 使用人工智能來交付安全成果以及安全所需的願景和未來，我們將更多地討論這一點。

Well, that's great. We can build amazing products, but also as a company, for our shareholders, we have to make sure that we can deliver all this innovation to our customers, both effectively; and two, we have to make sure that it's easy to consume and deploy for our customers. And we're going to have to make changes as we go forward on how we actually go deliver all the wonderful capability to all of our customers, not just by ourselves, but actually working together with some of the bleeding edge partners in the world who are in this journey.

嗯，那太好了。我們可以打造令人驚嘆的產品，但作為一家公司，為了我們的股東，我們必須確保我們能夠有效地向客戶提供所有這些創新；第二，我們必須確保它易於為我們的客戶使用和部署。隨著我們繼續向所有客戶提供所有出色的功能，我們將不得不做出改變，不僅是我們自己，而且實際上是與世界上一些前沿的合作夥伴合作，他們都在這個旅程中。

Our partners are delivering these great security outcomes for our customers. And last but not the least, and one of the key things is we cannot do this unless and until our employees are fully bought into our strategy, our vision, feel excited every day to come to work and deliver a better security outcome to our customers to make them secure and be their cybersecurity partner choice.

我們的合作夥伴正在為我們的客戶提供這些出色的安全成果。最後但並非最不重要的一點是，關鍵的事情之一是，除非我們的員工完全接受我們的戰略、我們的願景，每天都興奮地上班並為我們的客戶提供更好的安全成果，否則我們無法做到這一點確保他們的安全並成為他們的網絡安全合作夥伴的選擇。

So with that, let's take a quick look into each of these categories to see how we're going to get there. And it sort of boils down to these 5 key strategic sort of requirements and directions from our perspective, innovation, continued platformization, leveraging AI, continue to transform our go-to-market capabilities. And last but not the least, again, is to make sure our team is along with us every step of the way.

因此，讓我們快速瀏覽一下每個類別，看看我們將如何實現這一目標。從我們的角度來看，這可以歸結為這 5 個關鍵的戰略要求和方向：創新、持續平台化、利用人工智能、繼續轉變我們的上市能力。最後但並非最不重要的一點是，再次確保我們的團隊與我們一路同行。

So getting into the topic of innovation. I think I'm very proud of the track record we have so far. We've gone from 13 products/acquisitions that we've integrated in 2019, to delivering 74 in 2023. It sounds like a lot, but actually, these 74 are delivered in an integrated fashion. So it actually improves the efficiency of security for our customer. It actually makes usability better. It actually makes it much easier for us to deliver security outcomes.

那麼進入創新的話題。我想我對我們迄今為止所取得的記錄感到非常自豪。我們已經從 2019 年集成的 13 種產品/收購增加到 2023 年交付 74 種。聽起來很多，但實際上，這 74 種產品是以集成的方式交付的。因此，它實際上提高了我們客戶的安全效率。它實際上使可用性更好。它實際上使我們更容易交付安全成果。

So really excited about that. I think this whole AI revolution that we're undergoing or we're looking at, witnessing, it's going to require us to keep investing, looking once again as to what capability AI is going to deliver across all of our products because we do collect the world's most amount of security data.

對此我真的很興奮。我認為我們正在經歷或正在觀察、見證的整個人工智能革命將要求我們繼續投資，再次審視人工智能將在我們所有產品中提供哪些功能，因為我們確實收集了世界上數量最多的安全數據。

So we will keep driving innovation by underpinning more and more machine learning and AI under our platforms. We'll keep looking at how to deliver more capability with the sensors that we have out there with our customers from an innovation perspective. We've talked about this. We are happy to make sure that we deliver innovation and security outcomes to our customers.

因此，我們將通過在我們的平台下支持越來越多的機器學習和人工智能來繼續推動創新。我們將繼續從創新的角度研究如何利用我們為客戶提供的傳感器提供更多功能。我們已經討論過這個了。我們很高興確保為客戶提供創新和安全成果。

It does not all have to be invented in Palo Alto. We will constantly keep scanning the market to make sure that there's something out there that our customers need to get and somebody else is doing really well. It's our job to make sure we partner, collaborate, integrate or acquire to deliver the outcome that the customer needs from an innovation perspective. And last but not the least, being at the bleeding edge of security.

並非所有這些都必須在帕洛阿爾托發明。我們將不斷審視市場，以確保有我們的客戶需要的東西，並且其他人做得很好。我們的工作是確保我們合作、協作、整合或收購，從創新的角度交付客戶所需的成果。最後但並非最不重要的一點是，處於安全的最前沿。

Being one of the largest players, it is our responsibility to make sure we're looking at all new technologies to see how they're going to impact our customers and their states, whether it's quantum, whether it's AI because there is a dark side to AI. It's our job working with our partners and the industry to make sure we deliver innovation in how to protect against AI getting abused or misused in the market.

作為最大的參與者之一，我們有責任確保我們關注所有新技術，看看它們將如何影響我們的客戶和他們的國家，無論是量子技術，還是人工智能技術，因為都有其黑暗的一面到人工智能。我們的工作是與合作夥伴和行業合作，確保我們在如何防止人工智能在市場上被濫用或誤用方面提供創新。

So I strongly believe for us to deliver on the next 3- to 5-year vision of Palo Alto Networks, we are going to have to continue to be an evergreen innovation company, which I think will give this company longevity and sustainability forever in the future and being the leader in cybersecurity.

因此，我堅信，要實現 Palo Alto Networks 未來 3 到 5 年的願景，我們必須繼續成為一家常青創新公司，我認為這將使這家公司在未來的發展中永遠長壽和可持續發展。未來並成為網絡安全的領導者。

We talked about platformization or you've heard that word, you will keep hearing it to the next sort of 45 minutes from our team because we believe that's the way to deliver security, is resonating with our customers. Our customers are seeing it. My team is going to show you some amazing UI.

我們談到了平台化，或者您已經聽過這個詞，您將在接下來的45 分鐘內繼續從我們的團隊中聽到它，因為我們相信這是提供安全性的方式，能夠與我們的客戶產生共鳴。我們的客戶正在看到這一點。我的團隊將向您展示一些令人驚嘆的用戶界面。

I think you're going to start seeing not only just we're talking about this sort of the next level of platformization. You will start seeing, right after me, how we actually bring it to life. So I cannot be more excited about some of the work we're doing on the product side, stuff that we haven't shown anybody yet. You are going to see it today because it's important for us not just to talk about it, be able to show you how we're going to deliver.

我認為您將開始看到的不僅僅是我們正在談論的這種下一級別的平台化。在我之後，您將開始看到我們如何將其變為現實。因此，我對我們在產品方面所做的一些工作感到非常興奮，這些工作我們還沒有向任何人展示過。您今天將會看到它，因為對我們來說重要的是不僅僅是談論它，而是能夠向您展示我們將如何交付。

So you will see a next level of integration and how we can deliver security outcomes. You'll see sneak peeks into how we're going to leverage AI copilots in each of our products to create the simplicity and usability that security has not had, to be honest, so far. So I couldn't be more excited about how our teams are going to keep driving more and more platformization, more and more integration, where things of integrating best-of-breed vendors as sort of DIY or do it yourself or do it home is going to be a thing of the past.

因此，您將看到更高水平的集成以及我們如何提供安全成果。您將看到我們將如何在每個產品中利用人工智能副駕駛來創建安全性迄今為止尚未具備的簡單性和可用性。因此，我對我們的團隊將如何繼續推動越來越多的平台化、越來越多的集成感到非常興奮，其中集成最好的供應商作為一種 DIY 或自己動手或在家做的事情是將成為過去。

So moving on to leveraging AI, I talked about this. But again, clearly, there's no Analyst Day out there today that you cannot -- you must talk about AI. So I think the reason is different for us. As a security company, we are always focused on figuring out how to leverage data. We have north of 100 machine learning models that run today at Palo Alto Networks across our products. So this is not new news. But the way I think about it is, let's call all of that precision AI.

接下來，我談到了利用人工智能。但同樣，顯然，今天的分析師日是你不能談論的——你必須談論人工智能。所以我認為我們的原因是不同的。作為一家安全公司，我們始終專注於弄清楚如何利用數據。目前，我們有超過 100 個機器學習模型在 Palo Alto Networks 的產品中運行。所以這並不是什麼新消息。但我的想法是，讓我們將所有這些稱為精准人工智能。

That's AI where I cannot afford for it to be wrong. If it's wrong, lives matter. If it's wrong, ransomware happens, if it's wrong, bad actors get in. So we have to be right 100% of the time. And to me, that's the definition of precision AI. And to deliver that future, we have to build a lot of our own models. We have to train them.

這就是人工智能，我不能讓它出錯。如果錯了，生命就很重要。如果錯誤，勒索軟件就會發生；如果錯誤，壞人就會侵入。所以我們必須 100% 正確。對我來說，這就是精准人工智能的定義。為了實現這樣的未來，我們必須構建許多自己的模型。我們必須訓練他們。

We have to collect first-party data. We have to understand the data. Today, we collect approximately 5 petabytes of data. Yes, 5 petabytes of data on behalf of our customers and analyze it for them to make sure we can separate signal from noise and take that signal and go create security outcomes for our customers. We still have 1.5 million net new attacks every day across our 60,000 customers.

我們必須收集第一方數據。我們必須了解數據。今天，我們收集了大約 5 PB 的數據。是的，代表我們的客戶提供 5 PB 的數據，並為他們進行分析，以確保我們能夠將信號與噪聲分開，並獲取該信號並為我們的客戶創建安全結果。我們的 60,000 名客戶每天仍面臨 150 萬次淨新攻擊。

So we know how to use AI, and we believe we are uniquely positioned in the industry given our presence in end points, our presence in firewalls, our presence in the cloud, our presence across the entire network security stack to be able to deliver those AI-based outcomes to our customers. And we're doubling down, we're quadrupling down to make sure that Precision AI is deployed across every product in Palo Alto, and we open up the floodgates of collecting good data with our customers for them to give them better security because we think that is the way we're going to solve this problem, to get to real-time security.

因此，我們知道如何使用人工智能，並且我們相信，鑑於我們在端點、防火牆、雲、整個網絡安全堆棧中的存在，我們在行業中處於獨特的地位，能夠提供這些服務。為我們的客戶提供基於人工智能的成果。我們正在加倍努力，我們正在加倍努力，以確保在帕洛阿爾託的所有產品中部署 Precision AI，並且我們為客戶打開了收集良好數據的大門，為他們提供更好的安全性，因為我們認為這就是我們解決這個問題、實現實時安全的方法。

But let's not underestimate the opportunity generative AI puts in front of us. On a very personal basis, I believe generative AI is amazing for data summarization, for natural language interaction, for doing all the things where there was an information decay between our products and our customers.

但我們不要低估生成人工智能給我們帶來的機會。就我個人而言，我相信生成式人工智能對於數據匯總、自然語言交互以及在我們的產品和客戶之間存在信息衰減的所有事情來說都是令人驚嘆的。

We build great products. By the time they get to our customers, there's a lot of translation that happens between our product developers and the customer and sometimes the breaches happen because the customers don't fully understand our product because they cannot configure them right. All those things can be eliminated if we can implement generative AI effectively through our products.

我們打造出色的產品。當他們到達我們的客戶時，我們的產品開發人員和客戶之間會發生很多翻譯，有時會發生違規，因為客戶不完全理解我們的產品，因為他們無法正確配置它們。如果我們能夠通過我們的產品有效地實施生成式人工智能，那麼所有這些事情都可以消除。

So our customers can interact with our products in natural language. They don't have to have complex security understanding to operate our products. They don't have to have complex security understanding to fix a problem. We can fix all of that if we, in our company, learn how to deliver generative AI-based interfaces, generative AI-based outcomes through our products.

因此我們的客戶可以用自然語言與我們的產品進行交互。他們無需具備複雜的安全理解即可操作我們的產品。他們無需具備複雜的安全理解即可解決問題。如果我們公司學習如何通過我們的產品提供基於人工智能的生成界面、基於人工智能的生成結果，我們就可以解決所有這些問題。

And you know what, our teams are going to show you a glimpse of that. We have been working diligently over the last 5 months across the board at Palo Alto Networks. And I couldn't be more excited about some of the stuff that you're going to see just after this from our product teams to give you a sneak peek. At the same time, we're going to do it in a deliberate fashion. We're going to crawl, walk, run.

您知道嗎，我們的團隊將向您展示這一點。過去 5 個月，我們在 Palo Alto Networks 的各個方面都在努力工作。我對您將在我們的產品團隊之後看到的一些東西感到非常興奮，讓您先睹為快。與此同時，我們將以一種深思熟慮的方式來做這件事。我們要爬、走、跑。

We think we are on the right path. We're going to work in lockstep with the industry. We have people analyzing and working with almost everybody out there. We understand where the best-in-class LLM activity is. We understand where technology is. We also understand what might be going in the next 3 to 6 months.

我們認為我們走在正確的道路上。我們將與業界保持同步。我們有專人分析並與幾乎所有人一起工作。我們了解一流的法學碩士活動在哪裡。我們了解技術的所在。我們還了解未來 3 到 6 個月可能會發生什麼。

So all I can say is that I think the combination of precision AI and generative AI is going to fundamentally change the way security outcomes are delivered to our customers because it will take away the complexity. It will take away the confusion, the sort of usability problems that you have with security, and it will start helping deliver great outcomes to our customers. I think it's just going to make our platforms amazing as we go forward.

所以我只能說，我認為精准人工智能和生成式人工智能的結合將從根本上改變向客戶提供安全結果的方式，因為它將消除複雜性。它將消除您在安全方面遇到的混亂和可用性問題，並將開始幫助我們的客戶交付出色的成果。我認為隨著我們的前進，這將使我們的平台變得令人驚嘆。

On the go-to-market side. In the last 5 years, we have done a phenomenal job, I think, of building the products that our customers need. Yet, we have to make sure that every customer understands our capability. Every customer has a road map with us where we can take them to deliver real-time security outcomes.

在進入市場方面。我認為，在過去 5 年裡，我們在打造客戶所需的產品方面做得非常出色。然而，我們必須確保每個客戶都了解我們的能力。每個客戶都有一份我們可以指導他們提供實時安全結果的路線圖。

For that, we need to skill -- upskill our team in some areas, which we have been doing very effectively. As you saw, our team was able to deliver some amazing results for Q4, and I think we're going to keep doing that. We are going to go from being just a security vendor to being a solution partner. For that, we have to work harder with many players out there, which is something we've geared up to do, and we're having some amazing early success.

為此，我們需要在某些領域提高我們團隊的技能，我們一直在非常有效地做到這一點。正如您所看到的，我們的團隊在第四季度取得了一些令人驚嘆的成果，我認為我們將繼續這樣做。我們將從單純的安全供應商轉變為解決方案合作夥伴。為此，我們必須與許多玩家一起更加努力地工作，這是我們已經做好準備的事情，並且我們已經取得了一些驚人的早期成功。

We've got to figure out how to institutionalize that capability at Palo Alto Networks. And that's one thing BJ and his team are going to focus very effectively on in the next 3 to 5 years. Not just that, as I said, we need to figure out how to deliver architectural outcomes to our customers. Our customers are tired of spending too much money in cybersecurity and ending up with the same mess and saying, wait, my security outcomes aren't getting much better, but I seem to be spending more money.

我們必須弄清楚如何在帕洛阿爾托網絡公司將這種能力製度化。這是 BJ 和他的團隊在未來 3 到 5 年內將非常有效地關注的一件事。不僅如此，正如我所說，我們需要弄清楚如何向客戶交付架構成果。我們的客戶厭倦了在網絡安全上花費太多資金，最終卻陷入同樣的​​混亂，並說，等等，我的安全結果並沒有好轉，但我似乎花了更多的錢。

It's important for us to work with every one of them to deliver those capabilities in a architectural way so they understand the long-term road map because I think it's fair to say that where we are today is not where we were 5 years ago. I think we have enough confidence in our customers to partner with us for the long term because they believe we're going to be around or we're going to be an evergreen cybersecurity company.

對我們來說，與他們每個人合作以架構方式提供這些功能非常重要，以便他們了解長期路線圖，因為我認為可以公平地說，我們今天所處的位置與 5 年前不同。我認為我們對客戶有足夠的信心與我們長期合作，因為他們相信我們將會存在，或者我們將成為一家常青的網絡安全公司。

And last but not the least, I think it's very important as part of our go-to-market efforts, we have a large team that delivers customer delight. Well, I just think we're about to see a step change in customer delight with the application of generative AI. Again, we've been working really hard. You'll see a bit of a glimpse of that in some of the things that teams are going to show you.

最後但並非最不重要的一點是，我認為作為我們進入市場努力的一部分非常重要，我們擁有一支能夠為客戶提供滿意服務的大型團隊。嗯，我只是認為，隨著生成式人工智能的應用，我們將看到客戶滿意度發生巨大變化。再說一遍，我們一直在努力工作。您將在團隊將向您展示的一些內容中看到這一點。

And over the next possibly 3, 6, 9 months, you will see more and more capability delivered to our customers using that generative AI framework or predictive AI or precision AI framework. I think in the next 3 to 5 years, that is going to fundamentally change what Palo Alto is able to do out there in the market. And as I said, we cannot do this without the best people.

在接下來的 3、6、9 個月內，您將看到使用生成式 AI 框架、預測式 AI 或精確式 AI 框架為我們的客戶提供越來越多的功能。我認為在未來 3 到 5 年內，這將從根本上改變帕洛阿爾託在市場上的表現。正如我所說，如果沒有最優秀的人才，我們就無法做到這一點。

Our employer brand has become phenomenal in the last 5 years. As we continue to deliver great innovation, great outcomes, people want to come work at Palo Alto Networks. People want to be part of the success of being the cybersecurity partner of choice for our customers. So we can only do this, we can only deliver our strategy if we have the best team.

我們的雇主品牌在過去五年中變得非凡。隨著我們不斷提供偉大的創新和偉大的成果，人們希望來 Palo Alto Networks 工作。人們希望成為我們客戶選擇的網絡安全合作夥伴的成功的一部分。所以我們只能做到這一點，只有擁有最好的團隊，我們才能實現我們的戰略。

We continue to track the best, we continue to empower them. We continue to make sure that they can deliver great outcomes for our customers. We plan to keep doing that over the next 3 to 5 years because we believe this is a mission-driven opportunity. It's an opportunity that allows us to make the world a better place by making sure that our customers can be secure.

我們繼續追踪最優秀的人才，繼續為他們提供支持。我們繼續確保他們能夠為我們的客戶帶來巨大的成果。我們計劃在未來 3 到 5 年內繼續這樣做，因為我們相信這是一個使命驅動的機會。這是一個機會，讓我們能夠確保客戶的安全，讓世界變得更美好。

So as I said, you will notice in the next 3 to 5 years, we will continue to transform Palo Alto Networks from where we are to where we would like to be. We will continue to focus on the demand function at the top. We believe the market is continuing to inflect, as I said, in the area of security operations. It's highly likely that some of the other steady areas are going to see some inflection as well. We're going to continue to relentlessly innovate and keep making our platforms more ubiquitous.

正如我所說，您會注意到，在未來 3 到 5 年內，我們將繼續將 Palo Alto Networks 從現狀轉變為我們想要的目標。我們將繼續關注頂部的需求函數。正如我所說，我們相信市場在安全運營領域正在繼續發生變化。其他一些穩定領域很可能也會出現一些變化。我們將繼續不懈創新，讓我們的平台更加普及。

We're going to make sure that we can deliver the amplification from our go-to-market teams. And also, we're going to make sure that we have the best team in the industry to deliver solutions to our customers. I couldn't be more excited about the prospects of Palo Alto Network. I couldn't be more excited that we are seeing tremendous success in our software-driven capabilities.

我們將確保我們的市場推廣團隊能夠提供放大效應。此外，我們將確保我們擁有業內最好的團隊來為客戶提供解決方案。我對 Palo Alto Network 的前景感到非常興奮。看到我們的軟件驅動能力取得了巨大成功，我感到非常興奮。

I think we are going to continue to be able to transform this company from where we started as a hardware vendor to a software-delivered security with real-time security outcomes. I believe we will continue to be the best cybersecurity partner of choice for our customers. With that, I'm going to hand over to Lee because he's going to show you some really cool stuff, which is hopefully going to excite you about our ability to deliver the future we've talked about.

我認為我們將繼續能夠將這家公司從最初的硬件供應商轉變為具有實時安全結果的軟件提供的安全性。我相信我們將繼續成為客戶選擇的最佳網絡安全合作夥伴。說到這裡，我將把時間交給 Lee，因為他將向您展示一些非常酷的東西，希望這些東西會讓您對我們實現我們所討論的未來的能力感到興奮。

Thank you, Nikesh. Now in a second, we're going to go into more detail on our 3 leading platforms. But first, I want to share some context. After all, we're a cybersecurity company, what's happening in the threat landscape. And I'll just give you the really obvious answer, it's bad. The threat landscape is intensifying. $8 trillion of cost due to cyber crime.

謝謝你，尼科甚。現在，我們將更詳細地介紹我們的 3 個領先平台。但首先，我想分享一些背景信息。畢竟，我們是一家網絡安全公司，威脅領域正在發生什麼。我只會給你一個非常明顯的答案，這很糟糕。威脅形勢正在加劇。網絡犯罪造成 8 萬億美元的損失。

Attackers are becoming very sophisticated with the tools they use, whether that's automation, attacking the supply chain, et cetera. And just the sheer volume is off the charts, growing about 20x since 2011 to over 1 billion new malicious programs. This is incredible. So clearly, that is a challenge, but it's even more challenging than that.

攻擊者使用的工具變得非常複雜，無論是自動化、攻擊供應鍊等等。僅僅其數量就已經超出了歷史記錄，自 2011 年以來增長了約 20 倍，新惡意程序數量超過 10 億個。這難以置信。顯然，這是一個挑戰，但比這更具挑戰性。

It wasn't that long ago when it took an attacker on average about 44 days from initial compromise to exfiltration. Now 44 days is basically the time period that an organization would have to detect, disrupt and potentially prevent the breach from happening. So in 44 days goes down to hours, which is what we're now starting to see. That is a huge problem.

就在不久前，攻擊者從最初的入侵到滲透平均需要大約 44 天的時間。現在，44 天基本上是組織必須檢測、破壞並可能防止違規行為發生的時間段。因此，44 天后就可以縮短到幾個小時，這就是我們現在開始看到的情況。這是一個大問題。

That requires a very different approach. But on average, the industry is able to respond and remediate attacks in about 6 days. That doesn't work. And even more challenging now with the SEC new rules of being able to disclose within 4 days, none of the math adds up. Now before we get comfortable in just solving these problems, there's one more challenge coming.

這需要一種非常不同的方法。但平均而言，業界能夠在大約 6 天的時間內響應和修復攻擊。那是行不通的。現在，隨著美國證券交易委員會 (SEC) 的新規則要求能夠在 4 天內披露信息，更具挑戰性的是，所有的數學計算都算不上。現在，在我們輕鬆解決這些問題之前，還有一個挑戰即將到來。

Attackers have recognized the power of AI, just as much as everyone else has recognized the power of AI to do good things. Whether it's fraud GPT or worm GPT or other use of AI, it is clear this is going to become the next major tool used by attackers to launch more attacks, more sophisticated attacks and faster attacks.

攻擊者已經認識到人工智能的力量，就像其他人也認識到人工智能做好事的力量一樣。無論是欺詐 GPT 還是蠕蟲 GPT 還是其他人工智能的使用，很明顯這將成為攻擊者用來發動更多攻擊、更複雜的攻擊和更快的攻擊的下一個主要工具。

So we have to innovate. And we recognize that, Palo Alto Networks was built for innovation from day 1. And today, we have over 4,400 product, engineering and other experts that are building and driving innovation. And you see just how fast we've ramped that over the last several years in part, by being able to scale our organization across 3 main R&D centers in the world.

所以我們必須創新。我們認識到，Palo Alto Networks 從第一天起就致力於創新。如今，我們擁有 4,400 多名產品、工程和其他專家正在構建和推動創新。您會看到我們在過去幾年中的發展速度有多快，部分原因是我們能夠在全球 3 個主要研發中心擴展我們的組織。

In addition to this organic innovation engine we've built, we look at about 250 private companies every year to identify the absolute best teams, the absolute best technology that could become part of Palo Alto Networks in order to further drive our innovation engine. And we combine these 2 together, and we will continue to combine them together to have the best innovation capability.

除了我們建立的有機創新引擎之外，我們每年還會考察約250 家私營公司，以確定絕對最佳的團隊和絕對最佳的技術，這些團隊和技術可以成為Palo Alto Networks 的一部分，以進一步推動我們的創新引擎。我們將這兩者結合在一起，並且我們將繼續將它們結合在一起，以擁有最好的創新能力。

And then we combine that with AI. We recognized early how important AI would be to our innovation. And over the last several years, we have been infusing AI into our products in very unique ways to solve very challenging problems that only AI can. And from this foundation, we're only going to do more and better.

然後我們將其與人工智能結合起來。我們很早就認識到人工智能對我們的創新有多麼重要。在過去的幾年裡，我們一直以非常獨特的方式將人工智能融入到我們的產品中，以解決只有人工智能才能解決的極具挑戰性的問題。在此基礎上，我們只會做得更多、更好。

We are going to accelerate our pace of innovation even further. We are going to leverage our proven playbook around M&A to be able to augment what we do organically. And we are going to take our capabilities in AI and turn that into an AI-first company. And why I'm so confident in our ability to leverage AI is we've built the right data foundation, we've combined that with the right architecture, and we've leveraged an amazing set of expertise across all of that.

我們將進一步加快創新步伐。我們將利用我們經過驗證的併購策略來有機地增強我們的業務。我們將利用我們在人工智能方面的能力，將其變成一家人工智能優先的公司。為什麼我對我們利用人工智能的能力如此有信心，是因為我們已經建立了正確的數據基礎，我們將其與正確的架構相結合，並且我們在所有這些方面都利用了一套令人驚嘆的專業知識。

We collect more data per customer than anyone else, security data, relevant data for AI. We combine that with an architecture that over the last several years, we've been migrating every product into a cloud-based architecture because we know that, that sets us up to use AI in everything we do.

我們為每個客戶收集的數據比其他任何人都多，包括安全數據、人工智能相關數據。我們將其與過去幾年的架構相結合，我們一直將每個產品遷移到基於雲的架構中，因為我們知道，這使我們能夠在我們所做的一切中使用人工智能。

And today, I have a team of over 150 AI experts that I can leverage across all 3 of our platforms to identify and drive even more AI capabilities and innovation. That's how we do innovation. How the industry does innovation is very different. The industry tends to look at this in the context of point products. Every time there's a new need, there is a new point product.

如今，我擁有一支由 150 多名人工智能專家組成的團隊，我可以在我們的所有 3 個平台上利用他們來識別和推動更多的人工智能功能和創新。這就是我們進行創新的方式。該行業的創新方式截然不同。業界傾向於在單點產品的背景下看待這一問題。每當有新的需求時，就會有新的單點產品。

This leads to incredible complexity for end customers. Think about having to stitch all of this together. Now it does create a large security market of about $210 billion, but it means that there is an incredible opportunity for disruption. And for a disruptive and innovative approach, which is why we've taken our platform-oriented approach because we recognize that the only way to achieve the real-time security outcomes that our customers need is by integrating natively all of those capabilities into a set of very focused platforms, around Zero Trust, code to cloud and security operations.

這給最終客戶帶來了難以置信的複雜性。考慮一下必須將所有這些縫合在一起。現在它確實創造了一個約 2100 億美元的大型安全市場，但這意味著存在著令人難以置信的顛覆機會。對於顛覆性和創新性的方法，這就是我們採用面向平台的方法的原因，因為我們認識到，實現客戶所需的實時安全結果的唯一方法是將所有這些功能本地集成到一個集合中圍繞零信任、代碼到雲和安全操作的非常集中的平台。

In a moment, we'll go into detail on that. But last and certainly not least point, not all platforms are created equally. I shared with you how we think about innovation because that is so fundamental to the outcomes of our platforms. In addition to that, our platforms are designed to be as comprehensive as possible. It doesn't mean we do everything, but it means that we do all of the core set of capabilities necessary such that we can then selectively integrate and enable third-party technology to complement the platforms.

稍後我們將詳細討論這一點。但最後一點也是最重要的一點，並非所有平台都是平等創建的。我與大家分享了我們如何看待創新，因為這對於我們平台的成果至關重要。除此之外，我們的平台設計得盡可能全面。這並不意味著我們會做所有事情，而是意味著我們會做所有必要的核心功能，以便我們可以有選擇地集成並啟用第三方技術來補充平台。

Everything we do is integrated. It's designed to solve hard problems through integration that cannot otherwise be solved with point products. And that combination enables our platforms to be real time and enable real-time security outcomes for our customers.

我們所做的一切都是集成的。它旨在通過集成解決單點產品無法解決的難題。這種組合使我們的平台變得實時，並為我們的客戶提供實時的安全結果。

So with that, let's start our first deep dive with our Zero Trust platform. It's very clear in the network security market what's happening. The point product approach that we've been fighting for so long as a company is getting harder and harder to sustain. There's more technologies, more capabilities needed. Those capabilities are needed across a broader attack surface with the advent of hybrid cloud and hybrid work.

因此，讓我們開始對零信任平台進行第一次深入研究。網絡安全市場正在發生的事情非常清楚。作為一家公司，我們一直在奮鬥的單點產品方法越來越難以維持。需要更多的技術、更多的能力。隨著混合雲和混合工作的出現，更廣泛的攻擊面需要這些功能。

The only way to solve this is with a platform. we're going to share that in a second. In addition, the next set of trends is going to further propel the need for platformization as passwordless becomes common, as quantum becomes common, as BYOD becomes enabled across enterprises.

解決這個問題的唯一方法是使用平台。我們稍後將分享這一點。此外，隨著無密碼變得普遍、量子變得普遍、隨著 BYOD 在企業中的啟用，下一組趨勢將進一步推動對平台化的需求。

All of these, there's going to be a decision. Do you want to try to enable them across 25 and 30 different stand-alone point products? Or do you want to enable them in a single platform? The answer is obvious and clear. And that is why we are well positioned to take advantage of the opportunity in front of us across all of network security with our Zero Trust platform. And to go into more detail is Anand Oswal, leader of our network security Zero Trust platform team. Anand?

所有這些，都會有一個決定。您想嘗試在 25 到 30 種不同的獨立單點產品中啟用它們嗎？或者您想在單一平台上啟用它們？答案是顯而易見且明確的。這就是為什麼我們能夠通過零信任平台在所有網絡安全領域充分利用擺在我們面前的機會。我們的網絡安全零信任平台團隊負責人阿南德·奧斯瓦爾 (Anand Oswal) 更詳細地介紹了這一點。阿南德？

Thank you, Lee. Before I talk about network security, let me first talk about the evolution of network security. Today, network security has become increasingly complex. In the past, when users were predominantly in the office and applications in the data center, network security was delivered by a centralized firewall.

謝謝你，李。在講網絡安全之前，我先講一下網絡安全的演進。如今，網絡安全變得越來越複雜。過去，當用戶主要在辦公室、應用程序在數據中心時，網絡安全是由集中式防火牆提供的。

Data center virtualization and migration to the cloud required inspection of traffic moving to the cloud. And many organizations had software firewalls. And with the hybrid workforce and protecting remote branches, many enterprises deployed a cloud-delivered stack, SASE. As you can see, many organizations today have 3 distinct and disparate stacks.

數據中心虛擬化和遷移到雲需要檢查遷移到雲的流量。許多組織都有軟件防火牆。通過混合勞動力和保護遠程分支機構，許多企業部署了雲交付的堆棧 SASE。正如您所看到的，當今許多組織都有 3 個不同且不同的堆棧。

This leads to complexity of architecture, poor operational experience, inconsistent security and poor user experience. What if you could take a radically different and new approach, ensuring that any user across any location, accessing any application and data is secured by unified security stack, which means we have one platform with a set of security services that ensure that users across all locations have consistent user experience.

這導致架構複雜、操作體驗差、安全性不一致、用戶體驗差。如果您可以採取一種完全不同的新方法，確保任何位置的任何用戶訪問任何應用程序和數據都受到統一安全堆棧的保護，這意味著我們擁有一個帶有一組安全服務的平台，可確保所有位置的用戶位置具有一致的用戶體驗。

And administrators can now author policies in a centralized manner. This is enterprise-wide Zero Trust. Over the last 5 years, we've developed a Zero Trust platform with best-in-class products, and it has 3 key components: first, network secure enforcing points, hardware firewalls, software firewalls and cloud-delivered SASE; second, cloud-delivered security services that run consistently across all form factors of network security and management that provides configuration, writing of policies, monitoring and analytics.

管理員現在可以集中方式製定策略。這是企業範圍內的零信任。在過去的5年裡，我們開發了一個擁有一流產品的零信任平台，它有3個關鍵組成部分：第一，網絡安全執行點、硬件防火牆、軟件防火牆和雲交付的SASE；其次，雲提供的安全服務可以在所有形式的網絡安全和管理中一致運行，提供配置、策略編寫、監控和分析。

And each of these 3 components ensure that we can provide our customers near real-time security, better operational outcomes and a simplified and consistent user experience. Let's now talk about the components of the platform. First, the network security enforcement points. The foundations, hardware firewalls, software firewalls and SASE. We're the leader in next-generation firewall now for over a decade, a Gartner Magic Quadrant leader 11 times.

這三個組件中的每一個都確保我們能夠為客戶提供近乎實時的安全性、更好的運營成果以及簡化且一致的用戶體驗。現在讓我們談談該平台的組件。一是網絡安全執法要點。基礎、硬件防火牆、軟件防火牆和 SASE。十多年來，我們一直是下一代防火牆的領導者，11 次成為 Gartner 魔力像限領導者。

And we're the only vendor that's a leader in both SSE and SD-WAN that make up the SASE market. We're also a leader in Zero Trust. Next, let's talk about cloud-delivered security services. Over the years, as Lee mentioned, the attackers have become more and more sophisticated. The old approach of signature and databases is not working. We've been working on using AI and the power of machine learning to ensure that we can provide our customers with protection against attacks that they have never seen before and ensuring that we can provide near real-time security.

我們是唯一一家在構成 SASE 市場的 SSE 和 SD-WAN 領域均處於領先地位的供應商。我們也是零信任領域的領導者。接下來，我們來談談雲交付的安全服務。正如李提到的，多年來，攻擊者變得越來越老練。簽名和數據庫的舊方法不起作用。我們一直致力於利用人工智能和機器學習的力量，確保我們能夠為客戶提供針對他們以前從未見過的攻擊的保護，並確保我們能夠提供近乎實時的安全性。

We also expanded from 3 services 5 years ago to 7, ensuring our customers can consolidate point products onto the platform. In addition, we've developed new services like ADEM and AIOps. ADEM, our autonomous digital experience management, provides customers segment by segment visibility from user to application, helping them understand exactly what's going on at every segment along the way.

我們還從 5 年前的 3 項服務擴展到 7 項，確保我們的客戶可以將單點產品整合到平台上。此外，我們還開發了 ADEM 和 AIOps 等新服務。 ADEM 是我們的自主數字體驗管理，為客戶提供從用戶到應用程序的分段可見性，幫助他們準確了解整個過程中每個分段的情況。

And with AI operations, we can automate many of the complex tasks for customers, ensure that they're using security with best practices, configuration with best practices and ensuring that we are able to predict things that may not -- they have seen before. Now as you can see, we've had some great success with different capabilities of our platform.

通過人工智能操作，我們可以為客戶自動化許多複雜的任務，確保他們使用最佳實踐的安全性、最佳實踐的配置，並確保我們能夠預測他們以前沒有見過的事情。現在，如您所見，我們通過平台的不同功能取得了一些巨大的成功。

However, if you think about the market, hardware firewalls to secure data centers and campuses, software firewalls to secure cloud networks and SASE to secure hybrid works and remote branches. These, for the most part, have acted as 3 distinct markets. And customers for the most part have made independent decisions.

然而，如果您考慮一下市場，就會發現硬件防火牆可以保護數據中心和園區的安全，軟件防火牆可以保護云網絡的安全，SASE 可以保護混合工作和遠程分支機構的安全。這些在很大程度上充當了三個不同的市場。大多數情況下，客戶都做出了獨立的決定。

I believe we're now at an inflection point. With unified management across the entire network security estate, we will change the way how customers buy, how customers deploy and how customers operate network security. Let me now show you a glimpse of our unified management, which I'm very excited about.

我相信我們現在正處於一個拐點。通過對整個網絡安全資產的統一管理，我們將改變客戶購買方式、部署方式以及運營網絡安全的方式。現在讓我向您展示一下我們的統一管理，對此我感到非常興奮。

As you can see, we have unprecedented visibility here. Users can be anywhere, in campuses, in branches, remote workers, on the go. And applications that are sitting everywhere, data centers, public cloud SaaS. And traffic flowing through all the enforcement points, hardware firewalls, software firewalls and SASE. And we have a complete comprehensive view of all the threats in the entire network security estate, the data risks, the posture and the experience.

正如您所看到的，我們在這裡擁有前所未有的知名度。用戶可以在任何地方，在校園、在分支機構、在遠程工作人員、在旅途中。以及無處不在的應用程序、數據中心、公共雲 SaaS。流量流經所有執行點、硬件防火牆、軟件防火牆和 SASE。我們對整個網絡安全領域的所有威脅、數據風險、態勢和體驗有一個完整的全面了解。

Now the threat landscape is constantly changing. And we always have new vulnerabilities that show up and are published often. And many times, network administrators want to know exactly if what happens for a particular vulnerability, is the enterprise affected by it or not? Now with this unified management, we can easily search for a given vulnerability.

現在，威脅形勢正在不斷變化。我們總是會經常出現和發布新的漏洞。很多時候，網絡管理員想確切地知道某個特定漏洞是否會發生什麼，企業是否受到它的影響？現在通過這種統一管理，我們可以輕鬆地搜索給定的漏洞。

And once we understand, like in this case, that we have compromised by this vulnerability, with a single click, we can get remediations of best actives and make sure that we can apply these best practices across the entire network security estate, which means our hardware firewalls, our software firewalls and Prisma SASE. That's the power of having complete end-to-end visibility of the entire estate.

一旦我們了解（就像在本例中）我們已受到此漏洞的危害，只需單擊一下，我們就可以獲得最佳活動的補救措施，並確保我們可以在整個網絡安全領域應用這些最佳實踐，這意味著我們的硬件防火牆、我們的軟件防火牆和 Prisma SASE。這就是對整個資產擁有完整的端到端可見性的力量。

Now let me talk to you about our network security copilot. With the power of generative AI, we're ensuring that customers can use our platform to the best of its capabilities, optimizing security, optimizing configuration and optimizing their operations. This is what you'll see when you come to the co-pilot.

現在我就跟大家聊聊我們的網絡安全副駕駛。借助生成式人工智能的力量，我們確保客戶能夠充分利用我們的平台，優化安全性、優化配置並優化其運營。當您來到副駕駛位置時，您會看到這一點。

As you can see, they tell you all the activity that happened in the last 24 hours. And now as you can see, we have 140,000 users that have a good experience, but over 10,000 users have a degraded experience. Now rather than point and click to understand what's going on, we can engage with the copilot with natural language and ask the co-pilot exactly what's happening for those 10,000 users.

正如您所看到的，它們會告訴您過去 24 小時內發生的所有活動。現在正如您所看到的，我們有 140,000 個用戶體驗良好，但超過 10,000 個用戶的體驗較差。現在，我們無需通過點擊來了解發生了什麼，而是可以使用自然語言與副駕駛互動，並向副駕駛詢問這 10,000 個用戶到底發生了什麼。

And behind the scenes, the power of AI and ML and getting data for all sources, endpoint, cloud identity engine, applications, network enforcement points, we can tell the customer that the users are having degraded experience accessing a geo application. Not only that, we can also give root cause, which is because they're authorization failures, open an ITSM ticket on their behalf with all the relevant information.

在幕後，借助人工智能和機器學習的力量以及獲取所有來源、端點、雲身份引擎、應用程序、網絡執行點的數據，我們可以告訴客戶，用戶訪問地理應用程序的體驗下降。不僅如此，我們還可以給出根本原因，即因為他們的授權失敗，代表他們打開一個包含所有相關信息的 ITSM 票證。

Let's take an example next about a network administrator wanting to know exactly what are the risky applications being accessed in the organization. Again, you're going through all the enforcement points, hardware firewalls, software firewalls and SASE. We can give a summarized view of all the 6 risky applications in this case.

接下來我們舉一個例子，網絡管理員想要確切地了解組織中正在訪問哪些有風險的應用程序。同樣，您將經歷所有執行點、硬件防火牆、軟件防火牆和 SASE。我們可以總結一下本例中所有 6 個有風險的應用程序。

Now once you know risky applications, the next step would be, what is the policy I need to apply to block access to risky application. And using best practices we're able to give them the right policy configuration, ask the customer to review the policy changes or apply them. And once they apply them, it's applied across all the enforcement points, making sure the customer is now protected.

現在，一旦您知道有風險的應用程序，下一步就是我需要應用什麼策略來阻止對有風險的應用程序的訪問。通過使用最佳實踐，我們能夠為他們提供正確的策略配置，要求客戶查看策略更改或應用它們。一旦他們應用它們，它就會應用於所有執行點，確保客戶現在受到保護。

As you can see, with the power of the unified management, with the power of the copilot, we're changing the way network security is deployed, operated on a managed -- on an ongoing basis. Super excited. To wrap things up, we have over 1,700 customers today using our platform. And over the next few years, we expect many more customers to use the platform to get the power of Zero Trust, to get the power of ensuring that they have consistency across the entire security estate to get unprecedented visibility.

正如您所看到的，借助統一管理的力量和副駕駛的力量，我們正在持續改變網絡安全的部署和託管運行方式。超級興奮。總而言之，目前有超過 1,700 名客戶使用我們的平台。在接下來的幾年裡，我們預計會有更多的客戶使用該平台來獲得零信任的力量，獲得確保他們在整個安全領域保持一致性的力量，從而獲得前所未有的可見性。

At the same time, we've seen customers use and adopt more of our security services. In the last 2 years, that number has increased, and we continue to see a trend, customers consolidating their point products onto the platform to make sure that they get the network effective data and simplify their operations.

與此同時，我們看到客戶更多地使用和採用我們的安全服務。在過去的兩年裡，這個數字有所增加，我們繼續看到一種趨勢，客戶將他們的單點產品整合到平台上，以確保他們獲得網絡有效數據並簡化他們的操作。

In summary, Zero Trust can only be delivered through a platform-centric approach. It's very hard to do it with point products and disparate solutions. Customers will continue to integrate more and more of the services onto the platform, and we'll continue to give a delightful experience to our customers the power of AI. With that, back over to you, Lee.

總之，零信任只能通過以平台為中心的方法來實現。使用單點產品和不同的解決方案很難做到這一點。客戶將繼續將越來越多的服務集成到平台上，我們將繼續利用人工智能的力量為客戶提供愉快的體驗。說到這裡，回到你身邊，李。

Thank you, Anand. so clearly, huge opportunity in network security Zero Trust platform. Now turning your attention to the cloud. Cloud had just absolutely gone through an incredible transformation. Today, there's over 500 million cloud native applications deployed. There's 33 million developers that are constantly pushing new capabilities and new applications.

謝謝你，阿南德。很明顯，網絡安全零信任平台存在巨大機遇。現在將您的注意力轉向雲。雲剛剛經歷了一次令人難以置信的轉變。如今，已部署超過 5 億個雲原生應用程序。有 3300 萬開發人員在不斷推出新功能和新應用程序。

Nearly all enterprises are multi-cloud. That is just an amazing starting point when you think about what is going on. And at the same time, there is a tremendous amount of innovation happening because of the cloud. And a lot of it is being driven through the ability to leverage open source that's being combined with custom code, that's being combined with infrastructures code.

幾乎所有企業都是多雲的。當你思考正在發生的事情時，這只是一個令人驚奇的起點。與此同時，雲帶來了大量的創新。其中很多是通過利用開源與自定義代碼、與基礎設施代碼相結合的能力來驅動的。

All of that just enables the speed, this dynamic nature of the cloud, and it all needs to be secured. And very much like the rest of enterprise cybersecurity, the industry approach has been a whole bunch of point products that customers are somehow expected to stitch together.

所有這些只是實現了雲的速度和動態特性，並且這一切都需要得到保護。與企業網絡安全的其他部分非常相似，行業方法是客戶希望以某種方式將一大堆單點產品拼接在一起。

We have a different approach. We believe that all of these capabilities should be modules natively integrated and delivered in the platform. And when we get this right, we cannot only secure in real time, but we can then fix at source so the issue doesn't happen again. And to go into more details on how we're able to achieve that is Ankur Shah, leader of our Prisma Cloud code-to-cloud platform. Ankur?

我們有不同的方法。我們認為所有這些功能都應該是平台中原生集成和交付的模塊。當我們做到這一點時，我們不僅可以實時保護，而且可以從源頭修復，這樣問題就不會再次發生。我們的 Prisma Cloud 代碼到雲平台的負責人 Ankur Shah 詳細介紹了我們如何實現這一目標。安庫爾？

Thanks, Lee. Like Lee mentioned, we live in an app economy. The average enterprise today uses over 100 applications, some for commercial and some for internal use. With AI-led code development, I expect this trend to continue. Before we talk about securing the apps, first, let's talk about how these applications are assembled. In the code phase, some custom code, a whole bunch of open source code gets deployed using infrastructure as code.

謝謝，李。正如李提到的，我們生活在應用經濟中。如今，企業平均使用 100 多個應用程序，其中一些用於商業，一些用於內部使用。隨著人工智能主導的代碼開發，我預計這種趨勢將持續下去。在我們討論保護應用程序之前，首先讓我們討論一下這些應用程序是如何組裝的。在代碼階段，一些自定義代碼和一大堆開源代碼使用基礎設施即代碼進行部署。

And ultimately, it moves through the pipeline, goes into the run time and construct what we call the application. The key thing to note here is that everything that happens in code phase gets multiplied in cloud, a single infrastructure as code or open source component can get deployed across hundreds of thousands of workloads and application component.

最終，它通過管道，進入運行時並構建我們所說的應用程序。這裡需要注意的關鍵是，代碼階段發生的所有事情都會在雲中成倍增加，單個基礎設施作為代碼或開源組件可以部署在數十萬個工作負載和應用程序組件中。

What is true for infrastructure and the application layer is also true for the security risk. A risk, like an open source vulnerability, secret, pipeline risk introduced in the code phase, gets multiplied in the run time where now you have hundreds of thousands of containers and application components running that risk.

對於基礎設施和應用程序層來說如此，對於安全風險來說也是如此。代碼階段引入的開源漏洞、秘密、管道風險等風險在運行時會成倍增加，現在您有數十萬個容器和應用程序組件正在運行該風險。

The attackers has more ways than ever before to exploit this risk and cause a data breach. Now there are 2 approaches to solving this problem. One approach is what the industry has always done, which is to have a point product per problem. In the code phase, there are about half a dozen different tools to scan security posture.

攻擊者比以往有更多的方法來利用此風險並造成數據洩露。現在有兩種方法可以解決這個問題。一種方法是業界一直採用的方法，即為每個問題提供一個點產品。在代碼階段，大約有六種不同的工具來掃描安全態勢。

In the infrastructure layer, you have yet another set of tools. And finally, in the run time, you have tools for cloud worker protection, network security and application security. Now this is not the right approach to solving this problem for 2 reasons: number one, each of those tools lack the context. So the customers have to stitch all of that together.

在基礎設施層，您還有另一組工具。最後，在運行時，您擁有用於雲工作人員保護、網絡安全和應用程序安全的工具。現在這不是解決這個問題的正確方法，原因有兩個：第一，每個工具都缺乏上下文。因此，客戶必須將所有這些整合在一起。

And the second thing is, like Lee described, there are 33 million developers and a really few security professionals who understand code and cloud. This is a battle that the security team simply can't win with this specific approach. We believe there is a better approach. And that's the approach that we have been steadfast in executing over the last 4 years, and that is an integrated code-to-cloud platform approach that can help customers prevent risks and breaches in near real time.

第二件事是，正如 Lee 所描述的，有 3300 萬開發人員，而了解代碼和雲的安全專業人員卻很少。安全團隊採用這種特定方法根本無法贏得這場戰鬥。我們相信有更好的方法。這就是我們在過去 4 年裡一直堅定執行的方法，這是一種集成的代碼到雲平台的方法，可以幫助客戶近乎實時地預防風險和違規。

Prisma Cloud does that today by scanning security vulnerabilities at each phase of the application life cycle and also have runtime protection to prevent breaches in runtime. Our strategy is resonating well with the customers and analyst community across different component parts as well as the entirety of the platform.

如今，Prisma Cloud 通過掃描應用程序生命週期每個階段的安全漏洞來做到這一點，並且還提供運行時保護以防止運行時出現漏洞。我們的策略在不同組成部分以及整個平台上與客戶和分析師社區產生了良好的共鳴。

Typical customers start their journey in the infrastructure layer, where we have now [68]% of the customers where we're securing over 4 billion cloud assets. Then they shift left, where they want to prevent the risk from happening to begin with, where we have today 20% of our customers, and we are today scanning millions of code assets.

典型的客戶從基礎設施層開始他們的旅程，我們現在有 [68]% 的客戶在其中保護超過 40 億的雲資產。然後他們向左移動，他們希望從一開始就防止風險發生，我們今天有 20% 的客戶，我們今天正在掃描數百萬個代碼資產。

And finally, customers want defense in depth and they want active prevention and protection technology in the cloud runtime should a bad actor cause a data breach, where today, we have 54% of the customers where we're scanning 13 million-plus containers. Let's see the entirety of the Prisma Cloud platform with a quick demo.

最後，客戶希望進行深度防禦，他們希望在雲運行時中採用主動預防和保護技術，以防不良行為者導致數據洩露，目前，我們有 54% 的客戶正在掃描超過 1300 萬個容器。讓我們通過快速演示了解整個 Prisma Cloud 平台。

What you see here is a code to cloud dashboard that gives the security practitioners visibility across the entire application pipeline. What you see here is as the code assets and the cloud assets are growing, so are the security risk. For example, in the code phase, you're seeing a whole bunch of security risk that Prisma Cloud has already scanned. The typical enterprise uses multiple tools just to do the security of the code.

您在這裡看到的是雲儀表板的代碼，它使安全從業者能夠了解整個應用程序管道。你在這裡看到的是，隨著代碼資產和雲資產的增長，安全風險也在增長。例如，在代碼階段，您會看到 Prisma Cloud 已經掃描的一大堆安全風險。典型的企業使用多種工具只是為了保證代碼的安全性。

And on the cloud phase, you're seeing a whole bunch of security scans that Prisma Cloud has done should things fall through the crack and go into production. The key thing to remember here is that risk introduced in the code phase gets multiplied in the cloud, 20 risk in the code got to be 2,000 in cloud.

在雲階段，您會看到 Prisma Cloud 已完成大量安全掃描，以防萬一出現問題並投入生產。這裡要記住的關鍵一點是，代碼階段引入的風險在雲中會成倍增加，代碼中的 20 個風險在雲中會變成 2,000 個。

Now typically, the security practitioner, it takes months and months to resolve these 2,000 issues because they don't have the context, don't have the traceability to fix the root cause of the problem. Let me show you how Prisma Cloud does that. So I clicked on the 2,000 security risk. What you see here is a code-to-cloud security graph, where we're tracing the 2,000 security risk back to the 2 problems in the code phase.

現在，安全從業者通常需要花費數月的時間來解決這 2,000 個問題，因為他們沒有上下文，沒有可追溯性來解決問題的根本原因。讓我向您展示 Prisma Cloud 如何做到這一點。於是我點擊了2000個安全風險。您在這裡看到的是代碼到雲的安全圖，我們將 2,000 個安全風險追溯到代碼階段的 2 個問題。

More specifically, these are the 2 Log4j components that the developers introduced that has the security risk that led to those 2,000 problems. You can see that those 2,000 risks belong to a single application. And like I described, a customer is using multiple applications. So now the customer has tens of thousands of different risks. With a single click of a button, Prisma Cloud is able to fix the root cause of the issue as you will see that momentarily.

更具體地說，開發人員引入的這 2 個 Log4j 組件存在導致這 2,000 個問題的安全風險。您可以看到這 2,000 個風險屬於單個應用程序。正如我所描述的，客戶正在使用多個應用程序。所以現在客戶面臨著數以萬計的不同風險。只需單擊一個按鈕，Prisma Cloud 就能解決問題的根本原因，您很快就會看到這一點。

We're able to upgrade the latest version of the Log4j, invoke the pipeline, reduce the risk at each stage of the application life cycle. And now you see that the 2,000 risks are reduced to 0 with a single click option. So that was the first demo. The key thing to remember here is anytime there is a risk in the cloud, you have to trace it back to the cloud, and we're the only platform that can do that today.

我們能夠升級最新版本的Log4j，調用管道，降低應用程序生命週期每個階段的風險。現在您會看到，只需單擊一下選項，2,000 種風險就降為 0。這就是第一個演示。這裡要記住的關鍵一點是，只要雲中存在風險，您就必須將其追溯到雲，而我們是當今唯一可以做到這一點的平台。

The second demo I want to show, and that's something we've been working on, which was with the AI co-pilot. So let me show you how our AI copilot experience is going to look like is going to show you all the things that it has done for you since you last logged in. The user, this time, I was going to ask the question around how many Log4 shell vulnerabilities do I have in my environment?

我想展示的第二個演示，也是我們一直在做的事情，是與人工智能副駕駛一起進行的。因此，讓我向您展示我們的人工智能副駕駛體驗將如何向您展示自您上次登錄以來它為您所做的所有事情。用戶，這一次，我要問的問題是如何我的環境中是否存在許多Log4 shell 漏洞？

Through a simple natural language processing, it was able to understand the question, was able to render a similar graph. As you can see, there are 1,000 cloud risks per Log4 shell, trace it back to the one source problem. The user is able to interact with the copilot, get a little bit more definition of these problems. And finally, just like you saw in the first demo, ask the copilot to go ahead and fix all this problem with a single click.

通過簡單的自然語言處理，它能夠理解問題，能夠渲染類似的圖表。如您所見，每個 Log4 shell 存在 1,000 個雲風險，將其追溯到單一源問題。用戶能夠與副駕駛互動，獲得這些問題的更多定義。最後，就像您在第一個演示中看到的那樣，請副駕駛繼續操作，只需單擊一下即可解決所有這些問題。

The key thing I want you to remember about the security copilot is that it's a resource multiplier for you. There are not enough security professionals and the copilot is going to help you burn down the risk and prevent breaches in cloud. As I wrap this, let me tell you the opportunity ahead of us.

關於安全副駕駛，我希望您記住的關鍵一點是，它對您來說是一個資源倍增器。沒有足夠的安全專業人員，而副駕駛將幫助您降低風險並防止雲中的漏洞。在結束本文時，讓我告訴您我們面臨的機會。

The average customer today doubles their credit consumption within a year and quadruples in 2 years by growing from 2 to 5 to 8 modules. We have a natural land-and-expand motion with our existing customers. When you add that with the new customers that we're going to be adding and enough headroom that we have with the installed base, the opportunity in front of us is massive. The last thing I'll leave you with is the market in front of us is huge. Prisma Cloud is the clear leader in this space, and we have the right strategy and the vision to win this market. Thank you all.

如今，通過從 2 個模塊增加到 5 個模塊，再到 8 個模塊，客戶的平均信用消費在一年內翻倍，並在 2 年內翻兩番。我們與現有客戶之間有一種自然的土地擴張動議。當你加上我們將要增加的新客戶以及我們在安裝基礎上擁有的足夠的空間時，我們面前的機會是巨大的。我要留給你們的最後一件事是我們面前的市場是巨大的。 Prisma Cloud 是這個領域明顯的領導者，我們擁有正確的戰略和願景來贏得這個市場。謝謝你們。

All right. Thank you, Ankur. Again, clearly, huge opportunity in cloud security with our unique approach in what we're driving, really excited with where we are and what we're working on. And now for our third platform, our AI-driven SecOps platform. This is a market that I believe is ready for a fundamental transformation.

好的。謝謝你，安庫爾。顯然，雲安全領域存在著巨大的機遇，我們在推動業務方面採用獨特的方法，我們對我們所處的位置和我們正在做的工作感到非常興奮。現在是我們的第三個平台，即人工智能驅動的 SecOps 平台。我相信這是一個已經準備好進行根本性轉變的市場。

Most of the technologies that companies use are -- or were developed 15, in some cases, 20 years ago. That clearly does not work. They were not designed for an attacker sophistication that we see today. They were not designed for real-time detection and automation remediation. These tools were not designed for supply chain attacks.

公司使用的大多數技術都是 15 年前（某些情況下甚至是 20 年前）開發的。這顯然行不通。它們並不是為我們今天看到的複雜攻擊者而設計的。它們並不是為實時檢測和自動修復而設計的。這些工具並不是為供應鏈攻擊而設計的。

These tools were not designed for the advent of attack AI being used by our adversaries. We have to reimagine security operations from the ground up. And in doing this, leveraging data, leveraging AI, leveraging automation as core tightly integrated foundational aspects to how an entire SecOps platform functions within the SOC.

這些工具並不是為我們的對手使用的攻擊人工智能的出現而設計的。我們必須從頭開始重新構想安全行動。在此過程中，利用數據、人工智能、自動化作為核心，緊密集成了整個 SecOps 平台如何在 SOC 中運行的基礎方面。

And this is the journey that we've been on for the last several years. building this platform, refining it, developing the capabilities necessary and then refining it again until we reach the point where we are today where we have a set of leading products and an incredible platform, delivering incredible outcomes to take advantage of this entire security operations market in front of us. And to share more details I'm joined from our Tel Aviv R&D center by Gonen Fink, who leads our entire Cortex product organization. Gonen?

這就是我們過去幾年一直在走的旅程。構建這個平台，完善它，開發必要的功能，然後再次完善它，直到我們達到今天的水平，我們擁有一套領先的產品和一個令人難以置信的平台，提供令人難以置信的成果以利用整個安全運營市場在我們前面。為了分享更多細節，我邀請了來自特拉維夫研發中心的 Gonen Fink，他負責領導我們整個 Cortex 產品組織。戈南？

Thank you, Lee. Let's take a deeper look at why existing SOC architecture doesn't work. With the growth of sophisticated alerts, multiple tools were created, each one designed to solve a specific problem. This leads to an extremely fragmented SOC, very hard to manage. It is the customer responsibility to integrate those tools into a human-driven workflow.

謝謝你，李。讓我們更深入地了解一下為什麼現有的 SOC 架構不起作用。隨著複雜警報的增長，創建了多種工具，每種工具都旨在解決特定問題。這導致 SOC 極其分散，非常難以管理。客戶有責任將這些工具集成到人工驅動的工作流程中。

The result of that is bad security outcome, low-confidence alert, energy shortage, unable to resolve those incidents in real time. So what is required to deliver real-time security operation? We need to replace this fragmented architecture with a unified single floor architecture.

其結果是安全結果不佳、警報可信度低、能源短缺、無法實時解決這些事件。那麼，實現實時安全運營需要什麼？我們需要用統一的單層架構來取代這種碎片化的架構。

We need to replace multiple products that collect data with a single data platform and silo detection tools with an AI engine that is trained on a full data center. And then automation should be natively integrated into the flow rather than being placed as an afterthought. Five years ago, we recognized the criticality of data, AI and automation for the future of cybersecurity.

我們需要用在完整數據中心上訓練的人工智能引擎來取代使用單一數據平台收集數據的多種產品和孤島檢測工具。然後自動化應該原生地集成到流程中，而不是作為事後的想法。五年前，我們認識到數據、人工智能和自動化對於網絡安全未來的重要性。

We built 3 amazing products. Each of them became a leader in its respective category, and we continue to innovate in each of those categories to maintain our leadership. This drove Cortex to become a $1 billion business for us, and it also brought us into thousands of customers' security operation centers.

我們打造了 3 款令人驚嘆的產品。他們每個人都成為各自類別的領導者，我們繼續在每個類別中進行創新，以保持我們的領先地位。這推動 Cortex 成為我們價值 10 億美元的業務，也讓我們進入了數千家客戶的安全運營中心。

Cortex XDR extended the EDR market, and it is the best AI tool for endpoint prevention and real-time detection of all security threats. Cortex XSOAR is the best-in-class security tool for automated threat response and Cortex Expanse proactively manage your attack surface and reduce threat. But to harness the full potential of AI and automation in order to build a real-time SOC requires more than that.

Cortex XDR 擴展了 EDR 市場，它是端點預防和實時檢測所有安全威脅的最佳 AI 工具。 Cortex XSOAR 是用於自動威脅響應的一流安全工具，而 Cortex Expanse 可以主動管理您的攻擊面並減少威脅。但要充分發揮人工智能和自動化的潛力來構建實時 SOC，需要的還不止於此。

We need an integrated AI-driven architecture that reimagine the legacy 20 years old SOC architecture from the ground up. And this is what we brought to the market with XSIAM last year. So what happens is legacy SOC and how it has changed with XSIAM. Let's look at that. In order to detect attacks, silent tools just get alerts. But we are living in a dynamic world. Unfortunately, looking at anomalies or alert in isolation might be suspicious, but there are many of them.

我們需要一個集成的人工智能驅動架構，從頭開始重新構想已有 20 年曆史的傳統 SOC 架構。這就是我們去年通過 XSIAM 向市場推出的產品。那麼所發生的是傳統 SOC 以及它如何隨著 XSIAM 發生變化。我們來看看。為了檢測攻擊，靜默工具只會收到警報。但我們生活在一個動態的世界。不幸的是，孤立地查看異常或警報可能會令人懷疑，但其中有很多。

Each of them look at the world from a very narrow standpoint. And the result is that high volume of alerts that overwhelm the SOC. This means that SOC gives up on reviewing all of those alerts. And eventually, the SOC is missing the important ones. With XSIAM, customer no longer needs to reveal low confidence in that and try to connect the dots themselves.

他們每個人都從非常狹隘的角度看待世界。結果是大量警報淹沒了 SOC。這意味著 SOC 放棄審查所有這些警報。最終，SOC 遺漏了重要的部分。有了 XSIAM，客戶不再需要表現出對此缺乏信心並嘗試自己將這些點聯繫起來。

XSIAM collect a large amount of data and uses AI to analyze low confidence signals, stitch them together with raw data and get enough context to resolve most of them automatically, presenting the user only with all of an incident and with a full context for each of those incidents.

XSIAM 收集大量數據，並使用 AI 分析低置信度信號，將它們與原始數據拼接在一起，並獲得足夠的上下文來自動解決其中的大部分問題，僅向用戶呈現所有事件以及每個事件的完整上下文那些事件。

By grouping this into incidents, prioritize them, restoring them, XSIAM provides a full picture view to the analysts, and allow the analysts to respond very quickly to the events. How do we do this management? Let me use our new product UI to explain the key elements that differentiate XSIAM on the rest of the products in the market. It starts with the data. We just normalized, stitch together petabytes of data from dozens and hundreds of data sources to recreate the full story of each and every event in your environment.

通過將其分組為事件、確定優先級、恢復事件，XSIAM 為分析師提供了全面的視圖，並允許分析師快速響應事件。我們如何進行這種管理呢？讓我用我們的新產品 UI 來解釋 XSIAM 區別於市場上其他產品的關鍵要素。它從數據開始。我們只是將來自數十個和數百個數據源的 PB 數據進行標準化和拼接，以重新創建您環境中每個事件的完整故事。

This stitched rich data set and sophisticated AI engine with over 3,000 models that produce high confidence alerts, that groups those alerts into incidents, assigns a risk score to each incident and then integrate natively built automation to resolve most of the incidents, leaving only a small number of incidents for human review and resolution.

該系統將豐富的數據集和復雜的人工智能引擎與3,000 多個模型相結合，產生高可信度警報，將這些警報分組為事件，為每個事件分配風險評分，然後集成本機構建的自動化來解決大多數事件，只留下一小部分事件。供人工審查和解決的事件數量。

Like the copilots, you saw for both network security and cloud security, our new Cortex UI, we incorporate a copilot with an early alpha testing starting next month. We started working with Palo Alto Network SOC as our first partner as we design and build Cortex and XSIAM. Palo Alto is the largest security vendor. And as such, we have a lot of assets that we need to protect.

就像副駕駛一樣，您看到了網絡安全和雲安全，我們新的 Cortex UI，我們將副駕駛與從下個月開始的早期 alpha 測試結合起來。在我們設計和構建 Cortex 和 XSIAM 時，我們開始與 Palo Alto Network SOC 作為我們的第一個合作夥伴合作。帕洛阿爾托是最大的安全供應商。因此，我們有很多資產需要保護。

And in order to do a proper job, we collect a lot of data. Over 1 trillion events are collected every month or 75 terabytes every day. With Cortex, Palo Alto Network's SOC can protect its network with a small team working on startup ships, resulting with less than 1 minute incident resolution. This is not heroic. This is relying on technology and AI and automation to achieve the right security outcomes.

為了做好工作，我們收集了大量數據。每月收集超過 1 萬億個事件，每天收集超過 75 TB。借助 Cortex，Palo Alto Network 的 SOC 可以通過在初創船上工作的小團隊來保護其網絡，從而在不到 1 分鐘的時間內解決事件。這不是英雄事蹟。這是依靠技術、人工智能和自動化來實現正確的安全結果。

So when we launched XSIAM, we wanted to see how this plays with customers. And the early indications are remarkable. Our customers are able to ingest a lot more data than before, which provides them with broader coverage for their attack service. Even though they ingest a lot more data, product generates a lot less false positive. And those true positive alerts are being grouped together, prioritized by AI, delivering much, much superior security outcomes, their coverage shifting the median time to response from day to hours.

因此，當我們推出 XSIAM 時，我們想看看這對客戶有何影響。早期跡像是顯著的。我們的客戶能夠獲取比以前更多的數據，這為他們的攻擊服務提供了更廣泛的覆蓋範圍。儘管他們吸收了更多的數據，但產品產生的誤報卻少得多。這些真正的積極警報被分組在一起，由人工智能確定優先級，提供非常非常出色的安全結果，其覆蓋範圍將平均響應時間從一天縮短為幾小時。

As we look forward and we see tremendous opportunity in growing Cortex and XSIAM. We continue to win and gain market shares with our best-of-breed products, XDR, XSOAR, and XPANSE, as there a basis to upsell our customers to the full XSIAM solution. Each of those customers is a candidate is becoming prospect to move to the full platform, XSIAM. And we demonstrate this over the past 12 months in being able to convert a lot of the customers that use part of the platform to become a full platform user.

展望未來，我們看到了 Cortex 和 XSIAM 發展的巨大機遇。我們繼續憑藉一流的產品 XDR、XSOAR 和 XPANSE 贏得市場份額，因為這是向客戶追加銷售完整 XSIAM 解決方案的基礎。這些客戶中的每一個都可能成為遷移到完整平台 XSIAM 的候選者。我們在過去 12 個月中證明了這一點，能夠將許多使用部分平台的客戶轉變為完整的平台用戶。

But the most exciting part is when we look at where we can expand XSIAM. We believe the era of AI and automation is just beginning. And XSIAM is quickly becoming the largest security data platforms. And the technology we built with AI information could be the basis to expand what we can deliver with XSIAM to new modules within the SOC and across the entire security landscape.

但最令人興奮的部分是當我們考慮可以在哪些方面擴展 XSIAM 時。我們相信人工智能和自動化的時代才剛剛開始。 XSIAM 正在迅速成為最大的安全數據平台。我們利用 AI 信息構建的技術可以作為基礎，將我們通過 XSIAM 提供的功能擴展到 SOC 內以及整個安全領域的新模塊。

Thank you all, and back to you, Lee.

謝謝大家，然後回到你，李。

Awesome. Thank you, Gonen. Clearly, an incredible opportunity in Cortex and specifically with XSIAM as we think about the journey ahead where we are going to transform security operations in just absolutely incredible amazing ways. And with that context across our 3 platforms, let me now turn it over to BJ to share with you how we take all of this wonderful stuff to market. BJ?

驚人的。謝謝你，戈南。顯然，在 Cortex，特別是 XSIAM 中，這是一個令人難以置信的機會，因為我們正在思考未來的旅程，我們將以絕對令人難以置信的驚人方式轉變安全操作。有了我們 3 個平台的背景，現在讓我將其交給 BJ，與您分享我們如何將所有這些精彩的東西推向市場。北京？

Thanks, Lee. And it's great to be here with all of you. I couldn't be more excited to talk about our go-to-market transformation that will allow us to take full advantage of the product innovation you heard about. I just had my 2-year anniversary at Palo Alto Networks, and the evolution of this go-to-market organization in step with our customer needs and product innovation has been incredible. To understand how we can best serve our customers, we need to understand how organizations are tackling cybersecurity challenges today. On average, large companies have 75-plus security solutions. This leads to fragmentation and growing complexity as customers try to stitch together all these individual products and data. To add to this, they are dealing with overlapping vendor solutions that don't talk to each other. Many customers are buying cybersecurity in this way. They recognize how unwieldly and ineffective it is, and they need our help. This is a call to action for our industry to do a better job at helping our customers. And at Palo Alto Networks, we will do this through 3 key go-to-market transformations.

謝謝，李。很高興能和大家在一起。我非常興奮地談論我們的市場轉型，這將使​​我們能夠充分利用您聽說過的產品創新。我剛剛度過了在 Palo Alto Networks 的兩週年紀念日，這個進入市場的組織隨著我們的客戶需求和產品創新而不斷發展，令人難以置信。為了了解我們如何最好地為客戶服務，我們需要了解組織如何應對當今的網絡安全挑戰。平均而言，大公司擁有 75 多個安全解決方案。當客戶試圖將所有這些單獨的產品和數據拼接在一起時，這會導致碎片化和日益複雜。除此之外，他們正在處理相互不通信的重疊供應商解決方案。許多客戶都以這種方式購買網絡安全。他們認識到它是多麼笨拙和低效，他們需要我們的幫助。這是對我們行業採取行動的號召，以更好地幫助我們的客戶。在 Palo Alto Networks，我們將通過 3 個關鍵的上市轉型來實現這一目標。

First, we are transitioning from a transactional vendor to a true strategic partner, guiding customers on their transformation journey. Customers are looking to us for direction on how to secure their enterprises and keep their employees and end user customers safe. Second, we are transforming from selling point products to architecting outcomes in partnership with our customers' most trusted ecosystem solution providers. Our customers' ecosystem partners will become even more important as we work with them to create more value through new services and joint offerings. Third, we are moving from a reactive help model where customers only call us when they need us to a more collaborative model, where we are proactively driving success for every customer with an in-it-together mentality. Palo Alto Networks is well positioned to help our customers through these 3 key shifts, and we have made significant headway on each of these fronts.

首先，我們正在從交易供應商轉變為真正的戰略合作夥伴，引導客戶踏上轉型之旅。客戶正在向我們尋求有關如何保護其企業並確保其員工和最終用戶客戶安全的指導。其次，我們正在從賣點產品轉型為與客戶最值得信賴的生態系統解決方案提供商合作構建成果。當我們與客戶的生態系統合作夥伴合作，通過新服務和聯合產品創造更多價值時，他們的生態系統合作夥伴將變得更加重要。第三，我們正在從被動式幫助模式（客戶僅在需要時才打電話給我們）轉向更具協作性的模式，在該模式中，我們以團結的心態積極推動每位客戶取得成功。 Palo Alto Networks 完全有能力幫助我們的客戶完成這 3 個關鍵轉變，並且我們在每個方面都取得了重大進展。

In the past, our go-to-market motion focused on technical domain experts solving very specific product requirements. These conversations often revolved around price, and they were transactional in nature. Today, C-suite executives are engaging us more and more. They are looking to transform their entire business, understand security strategy and deliver better security outcomes. We now have a seat at the table for key architectural decisions and ongoing multiyear road map engagement. Our 3,000 integrated sellers are set up to scale and have these strategic conversations with our customers.

過去，我們的上市動議側重於解決非常具體的產品要求的技術領域專家。這些對話通常圍繞價格展開，本質上是交易性的。如今，首席高管越來越多地與我們互動。他們希望改變整個業務、了解安全策略並提供更好的安全成果。我們現在在關鍵架構決策和持續的多年路線圖參與方面佔有一席之地。我們的 3,000 名綜合賣家已按規模建立，並與客戶進行這些戰略對話。

Our ecosystem is also playing a critical role as we move from selling products to architecting outcomes. 5 years ago, we sold a single product, primarily hardware firewalls as part of a larger partner-delivered motion. Most of our partners were focused on transactional fulfillment of customer orders. Today, we are deeply embedded with strategic partners across all routes to market and are co-leading the sales motions with our partners to deliver joint solutions. We have 150 $10 million plus strategic partners today in our ecosystem. In the future, we're going to continue to strengthen our sell together motion by building integrated offerings with a shared focus on improving client outcomes. Our top 30 partners will become even more important, and we're looking to drive $10 billion plus of business with them.

當我們從銷售產品轉向構建成果時，我們的生態系統也發揮著關鍵作用。 5 年前，我們銷售了單一產品，主要是硬件防火牆，作為合作夥伴交付的更大動議的一部分。我們的大多數合作夥伴都專注於客戶訂單的交易履行。如今，我們在所有市場途徑上都與戰略合作夥伴深入合作，並與我們的合作夥伴共同領導銷售行動，以提供聯合解決方案。如今，我們的生態系統中有 150 個價值超過 1000 萬美元的戰略合作夥伴。未來，我們將通過構建集成產品來繼續加強我們的共同銷售行動，共同關注改善客戶成果。我們的前 30 名合作夥伴將變得更加重要，我們希望與他們一起推動超過 100 億美元的業務。

Delivering the best security outcomes means that our customers post sales' experience must also undergo a shift. As I said, to an in-it-together model, allowing them to be successful faster and get the most value from our solutions. Although we have consistently achieved a 90-plus percent CSAT score, we aren't stopping there. Continuous improvement is the goal. As part of our strategic focus on AI, we will leverage AI to resolve customer issues more quickly with AI-enabled in-product support, we plan to reduce our mean time to resolve for calls by over 65%. We also plan to scale our global network of 300-plus fully certified professional service partners in order to further expand our ability to deploy our products with speed and agility. And last but not least, we will increase adoption by staying with our customers throughout their entire journey. We have a 600-plus person customer success team with deep expertise, helping to build customers for life.

提供最佳的安全結果意味著我們的客戶售後體驗也必須經歷轉變。正如我所說，採用一體化模式，使他們能夠更快地取得成功，並從我們的解決方案中獲得最大價值。儘管我們的 CSAT 分數一直保持在 90% 以上，但我們並沒有就此止步。持續改進是目標。作為我們人工智能戰略重點的一部分，我們將利用人工智能通過支持人工智能的產品內支持更快地解決客戶問題，我們計劃將解決呼叫的平均時間減少 65% 以上。我們還計劃擴大由 300 多家經過全面認證的專業服務合作夥伴組成的全球網絡，以進一步增強我們快速、敏捷地部署產品的能力。最後但並非最不重要的一點是，我們將通過在客戶的整個旅程中與他們保持聯繫來提高采用率。我們擁有一支 600 多人的客戶成功團隊，擁有深厚的專業知識，幫助建立終身客戶。

You've heard this from others today, but it bears repeating. We see massive opportunity add for Palo Alto Networks, and our go-to-market model is transforming to meet that head on. As you can see in the chart, we're already well on our way with our Global 2000 customers with 54% of our customers on the journey across all 3 platforms. And we have great potential to extend our breadth by selling the full portfolio across our installed base and our platform depth by covering our customers' full estate.

今天你已經從其他人那裡聽到了這一點，但值得重複一遍。我們看到 Palo Alto Networks 面臨著巨大的機遇，我們的上市模式正在轉變，以迎頭趕上。正如您在圖表中所看到的，我們與全球 2000 強客戶的合作已經進展順利，其中 54% 的客戶正在跨越所有 3 個平台。我們擁有巨大的潛力，可以通過在我們的安裝基礎上銷售完整的產品組合來擴展我們的廣度，並通過覆蓋客戶的全部資產來擴展我們的平台深度。

I'll end where I started with a reflection on the opportunity and unprecedented ability to help our customers secure and transform their business. Palo Alto Network platforms are the best in the industry, and we have a world-class go-to-market organization, uniquely positioned to bring them to our customers and partners. Our go-to-market model is ready to scale and deliver real-time security outcomes for every customer through the power of our platforms.

最後，我將回顧一下幫助我們的客戶保護和轉變其業務的機會和前所未有的能力。 Palo Alto Network 平台是業內最好的，我們擁有世界一流的上市組織，具有獨特的優勢，可以將這些平台帶給我們的客戶和合作夥伴。我們的上市模式已準備好通過我們平台的力量進行擴展並為每個客戶提供實時安全結果。

Thank you, everyone, and back over to you, Dipak.

謝謝大家，然後回到你，迪帕克。

As you heard from Nikesh about our strategy, Lee and his team on products and BJ around go-to-market, we have the entire company pointed in the same direction. I now wanted to bring this all together to help you understand why we are confident that we can capitalize on our opportunity and translate it into financial results that will drive superior total shareholder return. I will go through all 4 of the primary drivers of TSR, including revenue growth, profitability, cash conversion and capital structure.

正如您從 Nikesh 那裡聽到的關於我們的戰略、Lee 和他的團隊關於產品以及 BJ 圍繞進入市場的信息一樣，我們整個公司都指向同一個方向。現在我想將所有這些結合起來，幫助您了解為什麼我們有信心能夠利用我們的機會並將其轉化為財務業績，從而推動卓越的股東總回報。我將詳細介紹股東總回報率的所有 4 個主要驅動因素，包括收入增長、盈利能力、現金轉換和資本結構。

First, on the top line. You heard about our TAM from Nikesh. We have proven over the last 5 years that we target the largest and most attractive parts of the market. We've been able to capitalize on an expanding opportunity, taking share from within existing markets and positioning ourselves in new markets to drive further growth potential. Our share today stands at just 7% of our addressable market, which is lower than the share of leaders in many other markets outside of the cybersecurity industry. As we plot the course to the larger town that Nikesh outlined over the next 5 years, we continue to see the opportunity to gain share in our existing markets and continue to fuel above-market growth for Palo Alto Networks.

首先，在頂線上。您從 Nikesh 那裡聽說過我們的 TAM。過去 5 年我們已經證明，我們的目標是市場中最大、最具吸引力的部分。我們能夠利用不斷擴大的機會，從現有市場中獲取份額，並將自己定位於新市場，以進一步推動增長潛力。目前，我們的份額僅佔目標市場的 7%，低於網絡安全行業以外的許多其他市場的領先者的份額。當我們規劃未來 5 年內通往 Nikesh 概述的更大城鎮的路線時，我們繼續看到在現有市場中獲得份額的機會，並繼續推動 Palo Alto Networks 高於市場的增長。

Looking at this through the product lens, Lee and his team outlined our platform leadership in our 3 areas and showed you the innovation plans their teams have to continue to lead our markets. From my seat at the company, innovation is our lifeblood, and we will continue to spend aggressively on R&D. We do not focus on driving leverage to the bottom line, but rather we redeploy any savings we identify to invest in additional innovation. Our customers expect us to continue innovating, and we have consistently shown a strong return from these innovation investments. This includes recognition of our innovations such as the Gartner single vendor SASE leadership position that we mentioned today. We expect our innovation to show through in financial outcomes in each platform and the company overall.

從產品角度來看，Lee 和他的團隊概述了我們在 3 個領域的平台領導地位，並向您展示了他們的團隊必須繼續領導我們的市場的創新計劃。從我在公司的立場來看，創新是我們的命脈，我們將繼續在研發上積極投入。我們並不專注於提高槓桿率，而是重新部署我們發現的任何節省來投資於額外的創新。我們的客戶期望我們繼續創新，而我們也始終從這些創新投資中獲得了豐厚的回報。這包括對我們創新的認可，例如我們今天提到的 Gartner 單一供應商 SASE 領導地位。我們希望我們的創新能夠體現在每個平台和整個公司的財務成果中。

In network security, our investments across form factors, especially software-based and cloud delivered, enable us to further our market position and sustain our growth in FWaaP billings. Our market share in our software base of the M business is approximately 2x what it is in hardware. In SASE, we believe that we are the #2 player in this fast-growing market.

在網絡安全方面，我們對各種形式的投資，特別是基於軟件和雲交付的投資，使我們能夠進一步鞏固我們的市場地位並維持我們在 FWaaP 賬單方面的增長。我們在 M 業務軟件基礎上的市場份額大約是硬件市場份額的 2 倍。在 SASE，我們相信我們是這個快速增長的市場中的第二名。

In cloud security, the growth algorithm is leveraging product and go-to-market capabilities to drive credit consumption ahead of the growth rate customers are deploying public cloud. Along the way, we are confident we can increase multi-module consumption to solidify our position as the definitive code to cloud leader.

在雲安全方面，增長算法正在利用產品和上市能力來推動信貸消費，領先於客戶部署公共雲的增長率。一路走來，我們有信心能夠增加多模塊消耗，以鞏固我們作為雲領導者的權威代碼的地位。

In Cortex, we have a solid business with XDR, XSOAR and XPANSE, competing in attractive individual product markets. We've seen a shrinking number of players in the XDR market and have steadily added several hundred customers per quarter. Adding customers across Cortex is important to allow us to drive larger, more strategic deals in the future where we can further cross-sell our products, including XSIAM. XSIAM is truly game-changing innovation where we are selling outcomes, and I'm confident the momentum will beget momentum here after a very strong launch of the product in the first year.

在 Cortex，我們與 XDR、XSOAR 和 XPANSE 擁有穩固的業務，在有吸引力的單個產品市場中競爭。我們發現 XDR 市場的參與者數量不斷減少，並且每季度穩步增加數百個客戶。在 Cortex 中增加客戶對於我們在未來推動更大、更具戰略性的交易非常重要，這樣我們就可以進一步交叉銷售我們的產品，包括 XSIAM。 XSIAM 是真正改變遊戲規則的創新，我們銷售成果，我相信在第一年大力推出該產品後，這種勢頭將在這裡產生動力。

It should be clear from BJ's presentation that we've invested in building a large dedicated go-to-market organization and are transforming how we engage with the market. Transformation here has been a nonstop effort and has driven growth in our -- in the number of large deals each quarter. On the back of the core tenets BJ covered, we see the opportunity to continue to drive more strategic relationships with customers that can result in 8- and even 9-figure relationships. At the same time that we have seen these large deal outcomes, we've consistently improved the productivity of our core apps as they collectively become better at selling the broader portfolio.

從 BJ 的演講中可以清楚地看出，我們已經投資建立了一個大型的專門進入市場的組織，並且正在改變我們與市場互動的方式。這裡的轉型是不懈的努力，並推動了我們每個季度的大型交易數量的增長。在 BJ 所涵蓋的核心原則的支持下，我們看到了繼續推動與客戶更具戰略性關係的機會，這可能會帶來 8 甚至 9 位數的關係。在我們看到這些大宗交易成果的同時，我們不斷提高核心應用程序的生產力，因為它們共同變得更擅長銷售更廣泛的產品組合。

As Nikesh mentioned, SASE has been a big success here. Additionally, we have seen standout growth from new ecosystem partners, including the cloud service providers and global system integrators. Not only has our business transacted through these channels increased, but more importantly, so has our success leveraging these partners as influencers. We have the product portfolio that makes us an attractive partner to these players, along with the scale to make the investments to support the success of these partners.

正如 Nikesh 提到的，SASE 在這裡取得了巨大成功。此外，我們還看到新的生態系統合作夥伴（包括雲服務提供商和全球系統集成商）的顯著增長。我們通過這些渠道的業務交易不僅增加了，更重要的是，我們利用這些合作夥伴作為影響者的成功也增加了。我們擁有的產品組合使我們成為對這些參與者有吸引力的合作夥伴，並且我們的投資規模也足以支持這些合作夥伴的成功。

Bringing this together on the top line. As Nikesh noted, we're targeting growth of 17% to 19% in revenue and billings over the next 3 years, which is ahead of the cybersecurity market growth rate. We see hardware as a percentage of our total revenue decreasing to approximately 10%, with NGS ARR exiting fiscal year '26, above 55% of our fiscal year '26 revenue. RPO remains an important metric as it captures the full value of our customer contracts independent of payment terms, and we expect growth of 25% annually through fiscal year '26. Additionally, we see about 2/3 of our revenue in fiscal year '26 driven by current RPO entering the year, highlighting the increase in predictability of our revenue profile.

將其放在頂線上。正如 Nikesh 指出的那樣，我們的目標是未來 3 年收入和賬單增長 17% 至 19%，這超過了網絡安全市場的增長率。我們預計硬件占我們總收入的百分比將下降至約 10%，NGS ARR 將於 26 財年退出，占我們 26 財年收入的 55% 以上。 RPO 仍然是一個重要的指標，因為它反映了獨立於付款條件的客戶合同的全部價值，我們預計到 26 財年每年將增長 25%。此外，我們看到 26 財年約 2/3 的收入是由當前 RPO 推動的，這凸顯了我們收入狀況的可預測性的提高。

Now moving to the cost side and first with gross margin. As I hope Lee and BJ have impressed upon you, we have significant advantages inherent in building and delivering platforms. There are characteristics of our platform business model that benefit gross margins. A higher software mix in our network security business helps contribute to a higher gross margin, something we saw in fiscal year '23. On the cloud-delivered side, most notably in SASE and Cortex, we've aligned with public service providers to enable us to instantly leverage their scale and delivery capability as well as take advantage of their ongoing innovations and efficiencies. As we grow, we see improvement in our unit economics. Lastly, in customer support with multiple scale products in each of our platforms and common customer support needs, we see leverage within our platforms and across the company.

現在轉向成本方面，首先是毛利率。我希望 Lee 和 BJ 給您留下深刻的印象，我們在構建和交付平台方面擁有顯著的固有優勢。我們的平台業務模式的某些特徵有利於毛利率。我們的網絡安全業務中更高的軟件組合有助於提高毛利率，這是我們在 23 財年看到的。在雲交付方面，尤其是在 SASE 和 Cortex 方面，我們與公共服務提供商合作，使我們能夠立即利用他們的規模和交付能力，並利用他們持續的創新和效率。隨著我們的成長，我們看到單位經濟效益有所改善。最後，在我們每個平台上的多種規模產品的客戶支持以及常見的客戶支持需求中，我們看到了我們平台內和整個公司的槓桿作用。

Above and beyond these platform benefits, as we talked about earlier in fiscal year '23, we accelerated some efficiency initiatives that contributed to higher gross margins. We also saw a normalization of the supply chain during fiscal year '23. Starting in '23, we have increased our investments around generative AI to leverage this technology in customer support for efficiency and better medium-term customer outcomes. While we see these platform leverage and efficiency opportunities and gross margins, we also leave room to invest in new cloud-based offerings, which generally have subscale gross margins in their initial phases. For this reason, we expect a relatively steady gross margin in fiscal year '26 as compared to fiscal year '23.

正如我們在 23 財年早些時候談到的，除了這些平台優勢之外，我們還加快了一些有助於提高毛利率的效率舉措。我們還看到了 23 財年供應鏈的正常化。從 23 年開始，我們增加了對生成式人工智能的投資，以利用這項技術在客戶支持中提高效率和更好的中期客戶成果。雖然我們看到了這些平台槓桿、效率機會和毛利率，但我們也為投資新的基於雲的產品留有空間，這些產品在初始階段通常毛利率較低。因此，我們預計 26 財年的毛利率將比 23 財年相對穩定。

Moving on to operating expenses. We see similar benefits from being a platform company across our major functional areas. At the top of this list is the sales productivity improvements already discussed. It's important to reinforce my point around the platform benefits in R&D. We choose to redeploy those resources to ensure we are leaning into innovation instead of driving overall financial leverage in R&D. Our fiscal year '23 focus on accelerated efficiency did yield benefits in terms of leverage and OpEx, and we expect to continue many of these initiatives. One to highlight is the consolidation of sales specialists, similar to customer support, we also have generative AI initiatives to both improve outcomes across sales and marketing and our G&A functions that we expect will contribute to efficiency in fiscal year '24 and beyond.

接下來是運營費用。我們在主要職能領域中看到了作為平台公司的類似好處。在此列表的頂部是已經討論過的銷售生產力改進。強調我關於研發平台優勢的觀點很重要。我們選擇重新部署這些資源，以確保我們傾向於創新，而不是推動研發的整體財務槓桿。我們 23 財年對提高效率的關注確實在槓桿率和運營支出方面產生了效益，我們預計將繼續實施其中的許多舉措。值得強調的一點是銷售專家的整合，與客戶支持類似，我們也有生成人工智能計劃，以改善銷售和營銷以及我們的G&A 職能的成果，我們預計這將有助於提高24 財年及以後的效率。

Translating this to operating margins. While some may see a 500 basis point improvement in 1 year as a milestone achievement from our 2021 Analyst Day, we simply see that -- see this as a new beginning as we see many opportunities to drive this higher. We look for non-GAAP operating margins in the range of 28% to 29% in fiscal year '26 with a long-term opportunity for those to be in the low to mid-30s as we further scale our platforms and gain confidence in the power of AI and other business transformations. We're also committed to growing non-GAAP EPS on a compounded rate greater than 20% from fiscal year '23 to '26.

將其轉化為營業利潤率。雖然有些人可能將一年內 500 個基點的改善視為 2021 年分析師日的里程碑式成就，但我們只是將其視為一個新的開始，因為我們看到了許多推動這一進步的機會。我們預計 26 財年的非 GAAP 營業利潤率將在 28% 至 29% 之間，隨著我們進一步擴展我們的平台並獲得對未來發展的信心，這些利潤率將長期保持在 30 多歲左右。人工智能和其他業務轉型的力量。我們還致力於從 23 財年到 26 財年，非 GAAP 每股收益以超過 20% 的複合增長率增長。

Moving on to cash flow. Recall that in fiscal year '21, we guided to 33% free cash flow margins. In front of that guidance, we spent considerable effort looking at our entire business end-to-end, from the point of view of cash flow and understanding all the drivers. We have now had 2 years' operating in this manner. We're confident we can sustain our high cash conversion, focusing on areas such as best-in-class working capital management and low CapEx business models. Our top line growth and underlying improvement in operating margin form the foundation of our strong cash generation. There are other factors impacting cash flow that I want to highlight and that we have already included in our forward-looking guidance.

轉向現金流。回想一下，在 21 財年，我們指導自由現金流利潤率為 33%。在該指導意見之前，我們花費了大量精力從現金流的角度來端到端地審視整個業務並了解所有驅動因素。我們以這種方式運作已經有兩年了。我們有信心能夠維持高現金轉化率，重點關註一流的營運資本管理和低資本支出業務模式等領域。我們的營收增長和營業利潤率的根本改善構成了我們強勁的現金生成能力的基礎。我想強調的還有其他影響現金流的因素，我們已經將這些因素納入了我們的前瞻性指引中。

First, with the rising cost of money, we have seen more customers asking for deferred payments over the last 3 years, but especially in the last 12 months, as we previously talked about. Also, our rise in GAAP profitability and some changes in U.S. tax law, we see rising tax -- cash taxes. This has all been included in our forward-looking guidance.

首先，隨著資金成本的上升，我們看到過去 3 年，尤其是過去 12 個月，越來越多的客戶要求延期付款，正如我們之前談到的。此外，由於我們公認會計準則盈利能力的提高以及美國稅法的一些變化，我們看到稅收——現金稅的增加。這一切都已包含在我們的前瞻性指導中。

I wanted to double-click on the impact of deferred payments for a moment. We've already seen this have a significant effect on our cash flow. In the second half of fiscal year '20, along with the pandemic, we launched Palo Alto Networks Financial Services, or PANFS, to ease customers' challenges with short-term cash flow issues. As I mentioned, with the rising cost of money in the last year, we have seen this trend broaden. PANFS and deferred payments allow us to drive success partnering with our customers on long-term transformation of their security architectures while working with their cash flow constraints. The amount of bookings with deferred payments was up 4x in the fourth quarter as compared to 3 years ago. This impacted our reported cash flow in the last 3 years, yet we have maintained our strong cash generation.

我想雙擊一下延期付款的影響。我們已經看到這對我們的現金流產生了重大影響。在 20 財年下半年，隨著疫情的蔓延，我們推出了 Palo Alto Networks Financial Services（PANFS），以緩解客戶面臨的短期現金流問題的挑戰。正如我所提到的，隨著去年資金成本的上升，我們看到這種趨勢在擴大。 PANFS 和延期付款使我們能夠與客戶成功合作，對其安全架構進行長期轉型，同時解決他們的現金流限制。第四季度延期付款的預訂量比 3 年前增長了 4 倍。這影響了我們過去三年報告的現金流，但我們仍然保持了強勁的現金生成能力。

As we look to the next 3 years, we expect this impact to continue and have accounted for this in our medium-term targets. A byproduct of the rise in deferred payments is greater predictability of our cash flow over time. For example, we now expect about $1 billion in cash flow from deals entered into in prior years where payments will now come in fiscal year '24. This $1 billion is twice what it was in contribution to our fiscal year '23 cash flow when we entered the year.

展望未來 3 年，我們預計這種影響將持續下去，並已在我們的中期目標中考慮到這一點。延期付款增加的一個副產品是我們的現金流隨著時間的推移具有更大的可預測性。例如，我們現在預計前幾年達成的交易將產生約 10 億美元的現金流，這些交易現在將在第 24 財年支付。這 10 億美元是我們進入 23 財年現金流量的兩倍。

Summarizing cash flow, I'm confident we can maintain a baseline of 37% free cash flow margins over the next 3 years after accounting for the factors I noted. This and the revenue growth targets I covered should keep us on the aspirational path to Rule of 60 economics in our business. This combination of top line and cash generation puts us in a rare peer group and allows us the flexibility to navigate the changing environment.

總結現金流，我相信在考慮了我提到的因素後，我們可以在未來 3 年內保持 37% 的自由現金流利潤率基準。這一目標以及我所提到的收入增長目標應該會讓我們在業務中走上實現 60 經濟學規則的理想之路。這種收入和現金生成的結合使我們成為罕見的同行群體，並使我們能夠靈活地應對不斷變化的環境。

Finally, I'll cover the capital structure as the last tenant in TSR. With all the opportunities ahead of us, organic investment in our business to drive growth will remain our #1 priority. We have ample cash generation to make these investments. From here, we have 3 capital allocation priorities. As we've done previously, we will continue to balance these. Our first capital allocation priority is our M&A strategy. We have successfully acquired companies that are early leaders in adjacent and emerging cybersecurity markets. Many times, these are markets in which we have had an early organic effort but we see external innovation that can significantly accelerate our time to market. We target companies that have achieved product market fit with teams that can accelerate their innovation inside Palo Alto Networks. Revenue is not a focus for us, but we do ensure that we have a solid plan to accelerate the trajectory of our business. We've used $2.5 billion in cash over the last 5 years, pursuing the strategy successfully.

最後，我將介紹作為 TSR 中最後一個租戶的資本結構。面對我們面前的所有機遇，對我們業務的有機投資以推動增長仍將是我們的第一要務。我們有充足的現金來進行這些投資。從這裡開始，我們有 3 個資本配置優先事項。正如我們之前所做的那樣，我們將繼續平衡這些。我們的首要資本配置重點是我們的併購戰略。我們成功收購了鄰近和新興網絡安全市場的早期領導者公司。很多時候，我們在這些市場上進行了早期的有機努力，但我們看到外部創新可以顯著加快我們的上市時間。我們的目標是那些已經實現產品市場契合的公司，以及能夠在 Palo Alto Networks 內部加速創新的團隊。收入不是我們關注的重點，但我們確實確保有一個堅實的計劃來加速我們的業務發展。過去 5 年裡，我們已經使用了 25 億美元現金，成功地實施了這一戰略。

Secondly, we manage a capital structure that gives us flexibility. For example, we use our balance sheet as a competitive advantage with PANFS and deferred payments. We repaid our 2023 convertible debt in July and have another convert coming June about 2 years, which we also plan to settle for cash. Beyond enabling reasonable flexibility in our capital structure, we are also focused on minimizing dilution and reducing our organic stock-based compensation expense as a percent of revenue by at least 300 basis points over the next 3 years.

其次，我們管理的資本結構為我們提供了靈活性。例如，我們利用資產負債表作為 PANFS 和延期付款的競爭優勢。我們在 7 月份償還了 2023 年的可轉換債務，並在大約 2 年的 6 月份進行了另一次轉換，我們也計劃以現金結算。除了在我們的資本結構中實現合理的靈活性之外，我們還致力於在未來 3 年內最大限度地減少稀釋，並將我們的有機股票薪酬費用佔收入的百分比減少至少 300 個基點。

Lastly, we will use share buybacks opportunistically, something that you have seen from us over the last 5 years as we have repurchased nearly $4 billion cumulatively.

最後，我們將擇機利用股票回購，過去 5 年我們已經累計回購了近 40 億美元，這一點你已經從我們身上看到了。

In concluding my section on bringing it all together, I wanted to bring together the financial targets I've covered. As Nikesh mentioned at the outset, we're focused on an evergreen, innovation-led approach that will continue to fuel our transformation into a software and AI-driven cybersecurity company. I am more excited than ever about our growth prospects over the next several years and our plans to continue to do this profitably, benefiting from our platform business model. I hope my excitement comes through today, and you can clearly see the drivers are confident in these targets from the various presentations.

在結束關於將所有內容整合在一起的部分時，我想將我所涵蓋的財務目標整合在一起。正如 Nikesh 一開始提到的，我們專注於一種常青、創新主導的方法，這將繼續推動我們向軟件和人工智能驅動的網絡安全公司轉型。我對我們未來幾年的增長前景以及我們計劃繼續實現盈利並受益於我們的平台業務模式感到更加興奮。我希望今天我的興奮能夠延續下去，並且您可以從各種演示中清楚地看到車手對這些目標充滿信心。

With that, we will now transition to taking your questions, and I will hand the call back to Walter to manage this. Walter?

至此，我們現在將開始回答您的問題，我會將電話轉回沃爾特來處理此問題。沃爾特？

We'll now take questions on the entire program. We're going to start first with Hamza Fodderwala from Morgan Stanley and go next to Andrew Nowinski from Wells Fargo. Hamza, please go ahead.

我們現在將回答有關整個計劃的問題。我們首先從摩根士丹利的 Hamza Fodderwala 開始，然後是富國銀行的 Andrew Nowinski。哈姆扎，請繼續。

Apologies. Can you see me? I'm (inaudible) Morgan Stanley dialing in for Hamza. And really congrats on the great quarter. You did mention that AI is a very large opportunity for the company going forward. And I know that you broke down some of the gross margins as well as potential operating margin impact. But can you just let us know how we should think about the company's investment for AI going forward? Are there any upfront CapEx or margin that we should consider a little bit more?

道歉。你可以看到我嗎？我是（聽不清）摩根士丹利撥通哈姆扎的電話。衷心祝賀這個偉大的季度。您確實提到人工智能對於公司的未來來說是一個非常大的機會。我知道您細分了一些毛利率以及潛在的營業利潤率影響。但您能否讓我們知道我們應該如何考慮公司未來對人工智能的投資？我們是否應該多考慮一些前期資本支出或利潤？

Yes, thank you very much for your question. Look, it's early days in AI, as I mentioned. On the Precision AI side, we have been using it. We have been using it across our products. There's no incremental cost. It's embedded in our current product development capabilities. On the generative AI side, I'd say, you saw a sneak peek all the Copilots. The good news is all of those things should generate positive outcomes for us either in terms of incremental modules that customers would like to buy to enable certain functionality or possibly reduce costs from our capabilities to deliver much superior customer support.

是的，非常感謝您的提問。正如我提到的，人工智能現在還處於早期階段。在Precision AI方面，我們一直在使用它。我們一直在我們的產品中使用它。沒有增量成本。它已融入我們當前的產品開發能力中。我想說，在生成人工智能方面，你可以看到所有副駕駛的一瞥。好消息是，所有這些事情都應該為我們帶來積極的成果，無論是在客戶願意購買以實現某些功能的增量模塊方面，還是可能降低我們提供卓越客戶支持的能力的成本。

So I think, at this point in time, I would not in baking any incremental sort of spend expectations in our forecast as it relates to the implementation of AI. Dipak has given you guidance that we can continue to see operating leverage and operating margin. Clearly, some of that is driven by expectations in AI. But I'd say we're being normal about it. We're not workably aggressive, nor are we overly conservative around it. And hopefully, there will be upside in that if and when we start to see the fruits of deploying it effectively across Palo Alto Networks.

因此，我認為，目前，我不會在我們的預測中增加任何增量支出預期，因為這與人工智能的實施有關。迪帕克已向您提供指導，表明我們可以繼續看到運營槓桿和運營利潤率。顯然，其中一些是由對人工智能的期望驅動的。但我想說我們對此很正常。我們在工作上既不激進，也不過度保守。希望當我們開始看到在 Palo Alto Networks 上有效部署它的成果時，這將會帶來好處。

Next, we're going to go to Andrew Nowinski from Wells Fargo with Brian Essex from JPMorgan after that. Go ahead, Andrew.

接下來，我們將邀請來自富國銀行的 Andrew Nowinski 和來自摩根大通的 Brian Essex。繼續吧，安德魯。

Congrats on a nice quarter as well. So I wanted to ask about Zero Trust. That's clearly a top priority. And really, it seems like it's the only architecture that's capable of stopping a sophisticated attack. And you showed how it requires hardware, software and SASE component. So if we think about Zero Trust demand continuing to ramp going forward, why would firewall demand drop, I think you said the 10% of total revenue in fiscal '26, if it's such a critical component of the -- of your Zero Trust offering.

也祝賀您度過了一個美好的季度。所以我想問一下零信任。這顯然是重中之重。事實上，它似乎是唯一能夠阻止複雜攻擊的架構。您還展示了它如何需要硬件、軟件和 SASE 組件。因此，如果我們考慮到零信任需求繼續增長，為什麼防火牆需求會下降，我想你說過 26 財年總收入的 10%，如果它是你的零信任產品的關鍵組成部分。

It's important to understand. I didn't -- we didn't say it will drop to 10% of revenue. Everything else is growing really fast. I think it's important to understand like, it's not growing as fast as everything else. Look, for the last 5 years, I've always been asked that hardware question. I've been trying to avoid it for 5 years unsuccessfully. So thanks again, Andrew. It only took one question to get to it.

理解這一點很重要。我沒有——我們沒有說它將下降到收入的 10%。其他一切都增長得非常快。我認為重要的是要理解，它的增長速度不如其他一切。瞧，在過去的 5 年裡，我總是被問到這個硬件問題。五年來我一直試圖避免它，但沒有成功。再次感謝，安德魯。只需要問一個問題就可以得到答案。

I think it's important to understand, as we started moving to the cloud, people started coming the notion of software firewalls. And then with this whole pandemic thing, remote work and sort of distributed network became a real thing. So what you're seeing is that there are different form factors which are really good in different circumstances. Against the public cloud, you put a software firewall, you use VMs in various scenarios. When throughput becomes really important, hardware is still the best option. And I don't think the whole world is going to end up only in the public cloud. By the way, we also sell firewalls to the cloud providers. Believe it or not, they need firewalls in their data centers because eventually, the public cloud also runs at a data center. So I think in that context, the demand for hardware is not going to go away.

我認為了解這一點很重要，當我們開始轉向雲時，人們開始引入軟件防火牆的概念。然後，隨著整個大流行的發生，遠程工作和分佈式網絡成為現實。所以您看到的是，有不同的外形尺寸在不同的情況下確實很好。針對公共雲，您放置軟件防火牆，在各種場景中使用虛擬機。當吞吐量變得非常重要時，硬件仍然是最佳選擇。我不認為整個世界最終都會只存在於公共雲中。順便說一句，我們還向雲提供商出售防火牆。不管你相信與否，他們的數據中心需要防火牆，因為最終公共雲也會在數據中心運行。所以我認為在這種情況下，對硬件的需求不會消失。

I think what [uninsured] you beautifully that you're going to end up with all the form factors at most of our customers. And the key is these things need to work better together. I think if you go today, there are many customers who have a Palo Alto firewall and a firewall from another vendor. Now if we can give them SASE, we can give them software firewalls, there is no reason that they should be on 2 hardware vendors when they are a single software vendor and a single SASE vendor. So I think the point we want to highlight here is, there is a further consolidation opportunity in the firewall space, driven by the Zero Trust needs as well as UI that Anand gave you a sneak peek into it. So I think that's the way to think about it. We like hardware. That's great.

我認為[沒有保險]你最終會為我們大多數客戶提供所有的外形規格。關鍵是這些東西需要更好地協同工作。我想如果你今天去的話，有很多客戶擁有帕洛阿爾托防火牆和其他供應商的防火牆。現在，如果我們可以為他們提供 SASE，我們可以為他們提供軟件防火牆，當他們是單個軟件供應商和單個 SASE 供應商時，他們沒有理由應該使用 2 個硬件供應商。因此，我認為我們在這裡要強調的一點是，在零信任需求以及 Anand 讓您先睹為快的 UI 的推動下，防火牆領域存在進一步整合的機會。所以我認為這就是思考這個問題的方式。我們喜歡硬件。那太棒了。

Next question is going to be from Brian Essex at JPMorgan, followed by William or Jonathan Ho with William Blair. Go ahead, Brian.

下一個問題將由摩根大通的布萊恩·埃塞克斯 (Brian Essex) 提出，然後是威廉·或喬納森·何 (Jonathan Ho) 和威廉·布萊爾 (William Blair)。繼續吧，布萊恩。

Great. And Nikesh, thank you for making this a better Friday night than some of those conspiracy theories floating around implied. Maybe...

偉大的。尼科甚，謝謝你讓這個週五晚上比那些流傳的陰謀論暗示的更好。或許...

We have 5,500 people dialed in, Brian. That makes something like the last 6 earnings calls we've had. So I don't know, maybe there's a dare here.

布萊恩，我們有 5,500 人撥打了電話。這與我們最近召開的 6 次財報電話會議類似。所以我不知道，也許這裡有一個勇氣。

Yes. So I just want to touch on the Security Copilot, Prisma Cloud Copilot, XSIAM. I would imagine these work best with your platform products. But to what extent will you partner with other vendors? How you incentivize the use of Palo Alto's platform with these products in mind? And will we get metrics to help us assess any improvement in attach rate with these Copilots and AI tools may drive? And when we might expect general availability? I know that's a lot of (inaudible).

是的。我只想談談 Security Copilot、Prisma Cloud Copilot、XSIAM。我想這些最適合您的平台產品。但您會在多大程度上與其他供應商合作？考慮到這些產品，您如何激勵帕洛阿爾托平台的使用？我們能否獲得指標來幫助我們評估這些副駕駛和人工智能工具可能帶來的附加率的改善？我們什麼時候可以預期全面上市？我知道有很多（聽不清）。

Let me tell you. I think that we've all heard this concept called hallucination or the idea that it doesn't give you the perfect answer all the time, right? And I'd say we are working really hard to see how do we reduce the error rate in the answers that the Copilot comes up. But because it's a security, we can't afford, wrong answer. So I think our teams are working really hard. What we've discovered in the process is that irrespective of which LLM you deploy, you need better knowledge to articles, you need better integration of the UI. So our teams are busy doing a lot of nonregrettable work, and you saw them give you some sort of glimpse into what are the possible could be.

讓我告訴你。我想我們都聽說過“幻覺”這個概念，或者說它並不總是能給你完美的答案，對吧？我想說，我們正在非常努力地研究如何降低副駕駛給出的答案中的錯誤率。但因為它是一種證券，我們無法承受錯誤的答案。所以我認為我們的團隊工作非常努力。我們在這個過程中發現，無論您部署哪個法學碩士，您都需要更好的文章知識，需要更好的 UI 集成。因此，我們的團隊正忙著做很多無悔的工作，你看到他們讓你對可能發生的事情有所了解。

I would say sometime before the end of the year, we will start testing it with a bunch of customers to get real feedback from customers. I think the best way to think about it is like the examples you saw. It's like security is complicated. UI on security is also complicated. If you don't know where to look, sometimes it's right there. You just don't know where to look. If you can ask that question and give you the answer, that improves the productivity of all of our customers. It improves the configuration capability for all of our customers. It improves our ability to provide real-time customer support to our customers. So I think there's lots of advantages done right.

我想說，在今年年底之前的某個時候，我們將開始與一群客戶進行測試，以獲得客戶的真實反饋。我認為思考這個問題的最好方法就像你看到的例子一樣。好像安全性很複雜。安全方面的用戶界面也很複雜。如果您不知道去哪裡尋找，有時它就在那裡。你只是不知道該去哪裡尋找。如果您可以提出這個問題並給出答案，那就可以提高我們所有客戶的生產力。它提高了我們所有客戶的配置能力。它提高了我們為客戶提供實時客戶支持的能力。所以我認為如果做得好的話會有很多好處。

And I say it's always like people often overestimate the short term and underestimate the long term. That's why we give you a 3-year forecast. I think it may -- we may get to 3 months or 6 months around, or we're not going to 3-year or 5-year around. 3 to 5 years from now, the world will be different. UI will be 50% natural language. We'll be generating tons of efficiency from people using AI-driven tools, I think that's the opportunity. And you don't get there if you don't work hard now.

我說人們總是高估短期而低估長期。這就是我們為您提供 3 年預測的原因。我認為我們可能會持續 3 個月或 6 個月左右，或者我們不會持續 3 年或 5 年。 3到5年後，世界將會不同。 UI 將採用 50% 的自然語言。我們將通過使用人工智能驅動的工具來提高人們的效率，我認為這就是機會。如果你現在不努力工作，你就無法到達那裡。

Next is Jonathan Ho from William Blair. And after that, we're going to have Gabriela Borges from Goldman Sachs. Go ahead, Jonathan.

接下來是威廉·布萊爾的喬納森·何。之後，我們將邀請來自高盛的加布里埃拉·博爾赫斯 (Gabriela Borges)。繼續吧，喬納森。

And let me echo my congratulations as well. Just in terms of your comments around reducing vendor sprawl and platform consolidation. This has been a significant goal for the industry for some time. So why do you think it will be different this time? And how can you sort of sustain innovation across such a large set of products?

讓我也表達我的祝賀。只是就您關於減少供應商擴張和平台整合的評論而言。一段時間以來，這一直是該行業的一個重要目標。那麼為什麼你認為這次會有所不同呢？如何才能在如此眾多的產品中保持創新？

Jonathan, I think you saw, I think, Dipak, Lee, myself, all of us have made this point sort of, BJ, around the fact that without innovation, we're out of the game. We launched 74 different capabilities last year. And I think we will probably do more next year than 74%. But I think what's interesting, what you're seeing is these 74%, many of these are existing point products in the industry which we're relaunching by adapting them to our platforms. And the reason it's going to work this time, Jonathan, is because it's working. One of the deals we talked about, the SASE deal with a large professional services organization, we consolidated 7 vendors, right? Our XSIAM deals, which totaled $200 million, consolidate, on average, 3 to 7 vendors in the SOC. So it's working.

喬納森，我想你看到了，我想，迪帕克、李、我自己，我們所有人都已經提出了這一點，BJ，圍繞這樣一個事實：如果沒有創新，我們就會出局。去年我們推出了 74 種不同的功能。我認為明年我們可能會做得比 74% 還要多。但我認為有趣的是，你看到的是這 74%，其中許多是行業中現有的點產品，我們正在通過將它們適應我們的平台來重新推出它們。喬納森，這次它之所以會起作用，是因為它起作用了。我們談到的交易之一是 SASE 與一家大型專業服務組織的交易，我們整合了 7 家供應商，對吧？我們的 XSIAM 交易總額為 2 億美元，平均整合了 SOC 中的 3 至 7 家供應商。所以它正在發揮作用。

Now the question -- I'm already in the SOC. I've consolidated 7. I go to my customers wondering from saying, listen, you got the other 5 things hanging around, look, I've got these 5 new modules in XSIAM, why do you want to do 5 new vendors and solutions which don't talk to each other, right? So I think what we have an opportunity is, once -- it's kind of like -- I think you'd like to call it land and expand. I think we're landing with our platforms. We used to land with SASE. We use to land with firewalls. Now we're going saying, listen, you have a hardware file. We have our SASE with this beautiful UI, it brings it all together. Why don't you clean up the rest of the infrastructure? I think it's an evolution in the industry.

現在的問題是——我已經加入了 SOC。我已經整合了7。我對我的客戶說，聽著，你還有其他5 件事，看，我在XSIAM 中有這5 個新模塊，為什麼你想要做5 個新的供應商和解決方案它們不會互相交談，對嗎？所以我認為我們有一個機會，一旦——有點像——我想你會喜歡稱之為土地和擴張。我認為我們的平台正在落地。我們曾經與 SASE 合作。我們習慣用防火牆登陸。現在我們要說，聽著，你有一個硬件文件。我們的 SASE 具有漂亮的 UI，它將所有內容整合在一起。為什麼不清理其餘的基礎設施呢？我認為這是行業的一次演變。

I think 5 years ago, there was an idea, we're seeing it actually happen. You are seeing us put distance between ourselves and single product vendors in many categories because people are seeing the power of the platform. That's just the opportunity. And that's something BJ, Lee, Dipak, me and the gang have to execute on, and it's just relentless execution that's needed.

我認為 5 年前就有了一個想法，我們正在看到它實際發生。您會看到我們在許多類別中與單一產品供應商保持距離，因為人們看到了平台的力量。這就是機會。這是 BJ、Lee、Dipak、我和這幫人必須執行的事情，而且需要的是不懈的執行。

Jonathan, I'd add just to this. One is prior attempts to do this generally required a trade-off for the customer. It was the capabilities that were delivered on their attempts to do a platform were not industry-leading. And so the customer had to make a trade-off between worse capabilities, but in one place or best-in-class capabilities. And that's a hard trade-off in cybersecurity. That is one thing that we're not asking our customers to do. We're making sure that everything we do is industry-leading on its own.

喬納森，我想補充一點。一是之前的嘗試通常需要客戶進行權衡。他們嘗試打造一個平台時所提供的功能並不是行業領先的。因此，客戶必須在較差但單一的功能和一流的功能之間進行權衡。這是網絡安全方面的艱難權衡。這是我們不要求客戶做的一件事。我們確保我們所做的一切本身都是行業領先的。

The second thing we're doing is making sure that when we integrate it, they're actually integrated together and solving hard problems that can't be solved as stand-alone capabilities. So we're -- it's not just about consolidation, although there's a clear value. It's about delivering technical outcomes through the integration that cannot be achieved otherwise.

我們正在做的第二件事是確保當我們集成它時，它們實際上集成在一起並解決無法作為獨立功能解決的難題。所以我們——這不僅僅是整合，儘管它有明確的價值。它是通過集成提供其他方式無法實現的技術成果。

Next, we're going to go to Gabriela Borges from Goldman Sachs. And after that, Roger Boyd from UBS. Go ahead, Gabriela, with your question.

接下來，我們要請高盛的加布里埃拉·博爾赫斯 (Gabriela Borges)。之後是瑞銀集團的羅傑·博伊德。加布里埃拉，請提出你的問題。

My question is for BJ on the go-to-market. I'm looking to understand to what extent NGS cross-sell is or isn't still tied to the firewall refresh cycle? And as you think about the conversations you're having with customers in platformization, I'm curious to what extent Microsoft is coming up in those conversations as a potential security platform and how you help customers think through the advantages of standardizing on Palo Alto Network instead of potentially Microsoft [at one point in the future] for the security?

我的問題是關於 BJ 上市的問題。我想了解 NGS 交叉銷售在多大程度上仍與防火牆刷新周期相關？當您思考與客戶在平台化方面進行的對話時，我很好奇 Microsoft 在這些對話中會在多大程度上作為潛在的安全平台，以及您如何幫助客戶思考在 Palo Alto Network 上進行標準化的優勢而不是潛在的微軟（在未來的某一時刻）為了安全？

Thanks for the question. Look, I think all of this starts with what Lee ended with is, we get to sell, I think, the best products in the industry, and we deliver better customer outcomes. We have 3 primary consolidation motions. One has been around network security services on the firewall, but also in the SASE. And actually, we have within that now, we've landed customers with SASE and are going back and getting the network firewall business. So our core reps tend to focus on that. They are the account owner, but -- and represent the whole portfolio.

謝謝你的提問。聽著，我認為所有這一切都始於李最後的結論，我認為我們可以銷售業內最好的產品，並且我們可以提供更好的客戶成果。我們有 3 項主要整頓動議。網絡安全服務一方面一直圍繞在防火牆上，另一方面也在SASE上。實際上，我們現在已經通過 SASE 獲得了客戶，並且正在返回並獲得網絡防火牆業務。所以我們的核心代表傾向於關注這一點。他們是賬戶所有者，但代表整個投資組合。

The second motion is we talked about code to cloud. And we usually land with workload protection or posture management, and then branch out into other modules off of that to either shift left or get a complete platform for the customer on cloud security.

第二個動議是我們討論了代碼到雲。我們通常會進行工作負載保護或狀態管理，然後擴展到其他模塊，要么向左移動，要么為客戶提供一個完整的雲安全平台。

With Cortex, we have 3 outstanding solutions that we land with. We either win with XDR or if a customer is focused on automation, XSOAR is a great starting place for us, attack surface management with expanse. And many of our first wins with XSIAM have been leveraging that installed base to deliver a full SOC transformation. Again, on the surprising side, though, many of our XSIAM wins, we also didn't have an installed base in Cortex and the customer jumped completely in. We have specialists in those areas in both code to cloud and in Cortex. And so the core team works with those specialists to run those consolidation plays also.

借助 Cortex，我們擁有 3 個出色的解決方案。我們要么通過 XDR 獲勝，要么如果客戶專注於自動化，XSOAR 對我們來說是一個很好的起點，可以進行廣泛的攻擊面管理。我們通過 XSIAM 取得的許多首次勝利都是利用該安裝基礎來實現全面的 SOC 轉型。令人驚訝的是，雖然我們在 XSIAM 中取得了許多勝利，但我們在 Cortex 中也沒有安裝基礎，而客戶卻完全參與其中。我們在代碼到雲和 Cortex 方面都有這些領域的專家。因此，核心團隊也與這些專家合作來開展這些整合活動。

Next question is going to come from Roger Boyd at UBS, followed by Patrick Colville from Scotiabank. Roger, go ahead with your question.

下一個問題將由瑞銀集團的羅傑·博伊德提出，隨後是豐業銀行的帕特里克·科爾維爾。羅傑，繼續你的問題。

Great. Nikesh, you mentioned you're now extending the Cortex to the core sales force. I'm wondering how you think about the repeatability of the success you've seen with SASE? I think you mentioned last quarter, 80% pipeline contribution from the core reps within a year of selling that product. But if I think about SASE versus Cortex, and SASE may be benefiting by being a little closer to the core network operation function that's buying firewalls, how do you think about that as a challenge with the core upselling Cortex? Any thoughts there would be great.

偉大的。 Nikesh，您提到您現在正在將 Cortex 擴展到核心銷售隊伍。我想知道您如何看待 SASE 所取得的成功的可重複性？我想您在上個季度提到過，在銷售該產品的一年內，核心代表貢獻了 80% 的渠道貢獻。但是，如果我考慮一下 SASE 與 Cortex，並且 SASE 可能會因為更接近購買防火牆的核心網絡運營功能而受益，那麼您如何看待這對核心向上銷售 Cortex 的挑戰？任何想法都會很棒。

Look, the whole idea originally was to have sales specialists because we were in the early stages of our products. We're trying to build them out. We had lots of changes. We want to make sure they were trained and available as extra resources. Now think about it, we did a $44 million XSIAM deal. Everybody was involved. The core wasn't going to let that deal go. That's a lot of money of commission for the core rep if he or she can understand XSIAM.

看，最初的整個想法是擁有銷售專家，因為我們正處於產品的早期階段。我們正在努力構建它們。我們發生了很多變化。我們希望確保他們接受過培訓並可作為額外資源使用。現在想想，我們完成了一筆價值 4400 萬美元的 XSIAM 交易。每個人都參與其中。核心不會放棄這筆交易。如果核心代表能夠理解 XSIAM，那麼這對於他或她來說是一筆很大的佣金。

So I'll tell you, BJ and I are going to have this wonderful sales conference starting Sunday. I promise you, every one of those guys will be lined up for the XSIAM session because they want to learn more about it because, see, this deal size, deal size is equal to dollars for the company is equal to dollars for the salesperson. And they're all very smart people. So they're going to go gravitate towards where the real business is.

所以我告訴你，BJ 和我將從周日開始召開這次精彩的銷售會議。我向你保證，這些人中的每一個人都會排隊參加 XSIAM 會議，因為他們想了解更多相關信息，因為，看，這個交易規模，交易規模等於公司的美元，等於銷售人員的美元。他們都是非常聰明的人。因此，他們將傾向於真正的業務所在。

I think when you can get salespeople lean in to learn something, it creates a great outcome. And also, guess what, I mean it's not like people suddenly woke up yesterday and became Cortex specialist. They used to sell cybersecurity before. They just did a good job of embracing and getting trained. So our products are at a point where we believe they are mature. We understand the differentiation of the market. There is reputation out there in the market. We have people in the back who can stand up POCs. I think we can do this. I think we showed that with SASE we can do this, and we can do this with Cortex.

我認為，當你能讓銷售人員積極學習一些東西時，就會產生很好的結果。而且，你猜怎麼著，我的意思是，人們不像昨天突然醒來並成為皮質專家。他們以前曾經銷售網絡安全。他們只是在擁抱和接受訓練方面做得很好。因此，我們認為我們的產品已經成熟。我們了解市場的差異化。在市場上是有一定知名度的。我們在後面有人可以站出來維護 POC。我認為我們可以做到這一點。我認為我們證明了使用 SASE 我們可以做到這一點，我們也可以使用 Cortex 做到這一點。

The cloud thing is slightly different. Cloud is still early in the customer and from an adoption perspective. It's a consumptive model. It's an ACV ARR model. So that it lends itself to a slightly different sales motion and there, we're not going to be in a hurry to merge that. But I think from a Cortex perspective, it's not just merging the team. It's opening up the floodgates for 3,000 people to sell it. That's the way we think about it.

雲的情況略有不同。從採用的角度來看，雲對於客戶來說仍處於早期階段。這是一種消費模式。這是 ACV ARR 模型。因此，它適合於稍微不同的銷售動作，我們不會急於合併它。但我認為從 Cortex 的角度來看，這不僅僅是合併團隊。它為 3,000 人出售它打開了大門。這就是我們的想法。

Next question from Patrick Colville at Scotiabank followed by Michael Turits at KeyBanc. Go ahead, Patrick. Patrick, are you on? All right. We're going to go to Michael Turits at KeyBanc and will be followed by Tal Liani at Bank of America. Go ahead, Michael.

豐業銀行的帕特里克·科爾維爾 (Patrick Colville) 提出了下一個問題，隨後是 KeyBanc 的邁克爾·圖里茨 (Michael Turits)。繼續吧，帕特里克。帕特里克，你在嗎？好的。我們將邀請 KeyBanc 的 Michael Turits，然後是美國銀行的 Tal Liani。繼續吧，邁克爾。

And just a sort of question for Dipak. So you have the 10% bogey for out there for hardware in the out year. How should we think about product, which is a broader category at this point, both in terms of how that ramps over the years? And what other products or categories might falls into that? SD-WAN has been in there, portions of the M-Series. So how should we think about that line in a dynamic way?

這只是迪帕克的一個問題。因此，今年硬件方面存在 10% 的柏忌。我們應該如何看待產品，這是一個更廣泛的類別，無論是從多年來的增長情況來看？還有哪些其他產品或類別可能屬於其中？ SD-WAN 已經存在，是 M 系列的一部分。那麼我們應該如何動態地思考這條線呢？

So I think, obviously, we've got the technical side of WAFs in products. There's VMs, there's SD-WAN. There's all of those different things that are in there. I think a lot of it will depend on like what customers want in terms of their network security architecture. We believe that the software side of the product continues to grow faster. We've been talking about that a lot. I think last quarter, we talked about how 30% of product revenue was software. But honestly, we're not guiding to product anymore. And I think the reason for that is because it's not as relevant, right?

所以我認為，顯然我們已經在產品中掌握了 WAF 的技術方面。有虛擬機，有 SD-WAN。裡面有所有這些不同的東西。我認為這很大程度上取決於客戶對網絡安全架構的需求。我們相信該產品的軟件方面將繼續更快地增長。我們已經談論了很多。我想上個季度，我們談到了 30% 的產品收入是軟件。但老實說，我們不再指導產品了。我認為這樣做的原因是因為它不那麼相關，對吧？

I think, Michael, one of the things that, I think, we should tell you is that we're in the process of reexamining how to classify the revenue to make it much more easier for you guys to think about it because product was the artifact of hardware. It comes from -- in 1919 or 1930 -- SEC -- 1970 -- FASB requirement that has to be physically tangible. And I think with the emergence of SaaS companies, it's become sort of hard to do that. So I think we're going to take a look at that, and I didn't want to do it on a Friday night and to add one more exciting thing you guys have to think about.

我想，邁克爾，我們應該告訴你的一件事是，我們正在重新審查如何對收入進行分類，以使你們更容易考慮它，因為產品是硬件的神器。它來自 1919 年或 1930 年 SEC 1970 年 FASB 的要求，該要求必須是有形的。我認為隨著 SaaS 公司的出現，做到這一點變得有點困難。所以我想我們會看看這個，我不想在周五晚上這樣做，並添加一件你們必須考慮的更令人興奮的事情。

So as the year progresses, we'll find a better way of letting you think about our revenue, which is more measurable, more trackable and possibly more predictable for you guys, but this is like a product rehabilitate the percent of product that's not hardware every time to tell you how to split that within hardware and software. I think it suffice us to say we're looking at it as a business across the board. We look at RPO, we look at revenue, obviously. We look at margin. We look at free cash flow, which are the numbers we're guiding to. And that's what we manage on a sort of day-to-day basis to run the business.

因此，隨著時間的推移，我們將找到一種更好的方式讓你們考慮我們的收入，這對你們來說更可衡量、更可追踪，也可能更可預測，但這就像一個產品恢復了非硬件產品的百分比每次都會告訴您如何在硬件和軟件中拆分它。我認為只要說我們正在將其視為一項全面的業務就足夠了。顯然，我們關注 RPO，我們關注收入。我們看的是利潤率。我們關注自由現金流，這是我們所指導的數字。這就是我們日常管理業務的方式。

Just in case, I think like, you weren't thinking about our workload, we do appreciate not having to rebuild the model tonight. Thanks, Nikesh.

以防萬一，我想，您沒有考慮我們的工作量，我們很高興今晚不必重建模型。謝謝，尼科甚。

I was hoping one of you guys was going to show up with a glass of wine, at least, but...

我希望你們中的一個人至少能帶著一杯酒出現，但是……

(inaudible) on this as close as I'm going to get.

（聽不清）我將盡可能接近這一點。

All right. That's good.

好的。那挺好的。

We're actually going to go back to Patrick Colville, who I understand is now connected from Scotiabank, and then we'll go to Tal Liani from Bank of America. Patrick, go ahead.

我們實際上要回到帕特里克·科爾維爾（Patrick Colville），據我所知，他現在與豐業銀行（Scotiabank）聯繫，然後我們將與美國銀行（Bank of America）的塔爾·利亞尼（Tal Liani）聯繫。帕特里克，繼續吧。

I never thought I was going to hear The Cure - Friday I'm In Love on an earnings call. So a really quality way to start a Friday evening. Dipak, another one for you. I mean you've shared lots of like juicy metrics with us. The standout metric, to me at least, was Palo Alto guiding to, was it 17% to 19% billings CAGR to fiscal '26. I mean, clearly, implicit in that is the firm's consolidation message you see resonating with customers, which we see as well. But what I wanted to ask is in that billings target, you mentioned your M&A philosophy, but I just want to double click. Does that billings target need a steady stream of tuck-in acquisitions to hit it? And then also would Palo Alto ever do a transformative deal? I mean what would kind of change your mind there to do a transformative deal?

我從沒想過我會在財報電話會議上聽到 The Cure - Friday I'm In Love。這是開始週五晚上的真正優質方式。迪帕克，給你另一份。我的意思是，您與我們分享了很多類似的有趣指標。至少對我來說，最突出的指標是 Palo Alto 的指導，即 26 財年的賬單複合年增長率為 17% 至 19%。我的意思是，很明顯，這隱含著公司的整合信息，你會看到它與客戶產生共鳴，我們也看到了這一點。但我想問的是，在那個比林斯目標中，你提到了你的併購理念，但我只想雙擊。比林斯目標是否需要源源不斷的收購來實現？那麼帕洛阿爾托是否會做出一項變革性的交易呢？我的意思是，什麼會改變你的想法並進行變革性的交易？

Let me start with the second question first. If you don't think we've transformed the company in the last 5 years, I don't know, man. I don't know what else to do to make you happy, okay? I'm sorry. It's Friday night, I'm going home. So I think we've been doing transformative for the last 5 years, and what we've shown you is transformative in itself. And I'm just, in part, just -- I don't -- look, you don't need me to buy businesses for you. You guys, you're shareholders, you're smart, you can do it yourself. Unless there's a huge leverage that we can prove that something we can take 1 plus 1 and make that 2, possibly 2.5 for you guys, it's not sensible for us to do it. And so far, we looked at everything in the world. We look at everything every day. We see what -- how things operate. So far, we haven't felt compelled because we have a lot of work to do ourselves.

我先從第二個問題開始。如果你認為我們在過去五年裡沒有改變公司，我不知道，伙計。我不知道還能做什麼讓你開心，好嗎？對不起。今天是星期五晚上，我要回家了。因此，我認為過去 5 年我們一直在進行變革，我們向您展示的內容本身就是變革。我只是，部分地，只是——我不——看，你不需要我為你購買企業。你們，你們是股東，你們很聰明，你們自己就能做到。除非有巨大的槓桿作用，我們可以證明我們可以將 1 加 1 變成 2，對你們來說可能是 2.5，否則我們這樣做是不明智的。到目前為止，我們已經觀察了世界上的一切。我們每天都會審視一切。我們看到事物如何運作。到目前為止，我們還沒有感到被迫，因為我們自己還有很多工作要做。

I mean if we've been busy integrating a transformative acquisition, we'll miss the next 5 trends because we're busy. So that's how we think about it. It gives you some insight on how we think about it. As it relates to tuck-in acquisitions, I think the better way to see if it goes back to what I said. Look, there are technologies out there that other people are working on. But we are not the only security company in the world. We're not working on everything. And if something becomes relevant, something becomes an important feature that we think is needed by our customers, and we haven't been working on it, it behooves us to go out and partner or acquire, which is what I said.

我的意思是，如果我們一直忙於整合變革性收購，我們就會因為忙碌而錯過接下來的 5 個趨勢。這就是我們的想法。它讓您了解我們如何看待它。由於它與隱藏式收購有關，我認為更好的方法是看看它是否可以追溯到我所說的。看，其他人正在研究一些技術。但我們並不是世界上唯一的安全公司。我們並不是在做所有事情。如果某些東西變得相關，某些東西成為我們認為客戶需要的重要功能，而我們還沒有致力於它，那麼我們就應該出去合作或收購，這就是我所說的。

So should you expect us to maintain a rhythm around how we acquire companies? Yes. But you should understand, we have a 5-year track record of doing that responsibly, doing it judiciously, doing it in a way that we integrate the acquisition, doing it in a way that would generate more ARR. And pretty much most of the ones we bought in the last 5 years have really not contributed on day 1 to the ARR or revenue because they've been mostly tech acquisitions. So I think that's the way to think about it, if that helps.

那麼您是否應該期望我們在收購公司方面保持節奏？是的。但你應該明白，我們有 5 年的記錄，以負責任、明智的方式行事，以整合收購的方式行事，以產生更多 ARR 的方式行事。我們在過去 5 年裡購買的幾乎大多數公司在第一天實際上並沒有對 ARR 或收入做出貢獻，因為它們主要是技術收購。所以我認為這就是思考這個問題的方式，如果這有幫助的話。

Next question from Tal Liani at Bank of America, followed by Joe Gallo at Jefferies. Tal, go ahead with your question.

下一個問題由美國銀行的塔爾·利亞尼 (Tal Liani) 提出，隨後是傑富瑞 (Jefferies) 的喬·加洛 (Joe Gallo)。塔爾，繼續你的問題。

I want to ask about the synergy between the various components of next-generation security. When you talk about Prisma Cloud and Prisma Access and Cortex and even firewalls, talk about the synergy to a customer. Are these the same customers that they have benefits of buying multiple solutions from you? Or are you addressing conceptually different customers with different products and kind of addressing the entire market?

我想問一下下一代安全各個組成部分之間的協同作用。當您談論 Prisma Cloud、Prisma Access 和 Cortex 甚至防火牆時，請談論與客戶的協同作用。這些客戶是否可以從您那裡購買多種解決方案而受益？或者您是否正在使用不同的產品來應對概念上不同的客戶，並在某種程度上解決整個市場的問題？

Tal, you get the question of the evening award. In the last 5 years, we went out and we used our various products to do the land. We sold SASE where it was needed. We sold hardware firewalls where it's needed. We sold software firewalls where it was needed. 1,700 of our customers in some way, shape or form, have all of these things. I think the next step in our evolution is going back to them and saying, listen, you have the hardware firewalls. It works way better with SASE. You want to integrate this across as a network security platform? That's where we have to show value. And you started to see glimpses of that what I ensured you.

塔爾，你得到晚間獎項的問題。在過去的5年裡，我們走出去，用我們的各種產品來耕種土地。我們在需要的地方出售 SASE。我們在需要的地方出售硬件防火牆。我們在需要的地方出售軟件防火牆。我們的 1,700 名客戶以某種方式擁有所有這些東西。我認為我們發展的下一步是回到他們那裡並說，聽著，你有硬件防火牆。與 SASE 配合使用效果更好。您想將其集成為網絡安全平台嗎？這就是我們必須展示價值的地方。你開始看到我向你保證的事情。

Cloud, XDR is a combination of endpoint and firewall data. That has been now expanded to all the data that you have in XSIAM across your entire state. So now you're -- we're offering capabilities that Splunk has. We're offering capability that QRadar has. We're offering capability that Chronicle and Sentinel have in XSIAM, right? So we're doing that.

雲中，XDR 是端點和防火牆數據的組合。現在，該數據已擴展到整個州 XSIAM 中擁有的所有數據。現在，我們正在提供 Splunk 所具有的功能。我們提供 QRadar 所具備的功能。我們在 XSIAM 中提供 Chronicle 和 Sentinel 所具有的功能，對嗎？所以我們正在這樣做。

To your question, you should expect us to say, listen, you have XSIAM, if you had Prisma Cloud, it will work a lot better. If you have XDR, the Prisma Cloud host protection and XDR host protection should work a lot better. So you'll start to see us selectively start to create -- demonstrate value across our platforms. So it's a great question, I think. But it needs to -- customers need to be evolved to that because everybody has a bunch of products out there and not everybody is lined up with the same day for end of life. So I think you're right, you could see more of that from us in the next 3 to 5 years.

對於你的問題，你應該期待我們說，聽著，你有 XSIAM，如果你有 Prisma Cloud，它會工作得更好。如果您有 XDR，Prisma Cloud 主機保護和 XDR 主機保護應該會工作得更好。因此，您將開始看到我們有選擇地開始在我們的平台上創造並展示價值。所以我認為這是一個很好的問題。但它需要——客戶需要發展到這一點，因為每個人都有一堆產品，而不是每個人都在同一天排隊等待生命結束。所以我認為你是對的，在未來 3 到 5 年內你可以從我們身上看到更多這樣的事情。

I'd just add one thing. For many of the large deals that you saw in the presentation, it's not just looked at as a solution acquisition cost. We put together for that customer not only the solution acquisition costs and the better security outcome you get, we talk about their operating costs, how they have to train their people, how many people do they need to operate these solutions in the environment and the savings they get. So that when they go to justify an 8-figure deal with their CFO, they're talking about reducing capital and operating costs with better security outcomes. And I think Lee hit on this in his earlier answer. There hasn't been a company that's really been able to do that before in this industry. And when you combine those 2, I think it's what's helped us in a tough economic environment to continue to close larger and larger deals with those customers.

我只想補充一件事。對於您在演示中看到的許多大型交易，它不僅僅被視為解決方案採購成本。我們不僅為該客戶匯總了解決方案的採購成本和您獲得的更好的安全結果，我們還討論了他們的運營成本、他們如何培訓員工、他們需要多少人在環境中操作這些解決方案以及他們得到的儲蓄。因此，當他們向首席財務官證明 8 位數交易的合理性時，他們談論的是通過更好的安全結果來降低資本和運營成本。我認為李在他之前的回答中提到了這一點。在這個行業之前還沒有一家公司能夠真正做到這一點。當你將這兩者結合起來時，我認為這幫助我們在嚴峻的經濟環境中繼續與這些客戶達成越來越大的交易。

Next up, we have Joe Gallo from Jefferies. And our final question will come from Adam Borg at Stifel. Go ahead, Joe.

接下來是傑富瑞 (Jefferies) 的喬·加洛 (Joe Gallo)。我們的最後一個問題將來自 Stifel 的 Adam Borg。繼續吧，喬。

And great results, and I appreciate the long-term framework. Just wanted to drill into the visibility into fiscal '24 guidance. You guys just stood up 18% billings growth, which is incredible on a 44% comp. I imagine that had some backlog benefit, though. Now you're guiding to an acceleration in billings next year relative to 4Q which, as an opening guide, we would presume to be conservative. So what underpins the confidence in that, especially as you have hardware and duration headwinds?

取得了很好的成果，我很欣賞長期框架。只是想深入了解 24 財年指導的可見性。你們剛剛實現了 18% 的賬單增長，這對於 44% 的公司來說是令人難以置信的。不過，我想這會帶來一些積壓的好處。現在，您預計明年的賬單相對於第四季度將加速，作為開局指南，我們認為是保守的。那麼，是什麼支撐著對此的信心，尤其是在您面臨硬件和持續時間不利因素的情況下？

So first of all, Joe, you did a great job on CNBC today navigating the questions about our stock. So thank you very much. On your question, look, we have conviction in some of the platforms, like let's start with our favorite one today. It's like XSIAM came out of left field. It did $200 million for us. Even we -- we would have been happy at $100 million for our fiscal year. It came in at $200 million. So part of what you're seeing is that there are some products where we have tailwinds. And I think the part we're sort of normalizing for is the -- not normalizing for, the part we sort of we said to you, the part that we're careful about is the hardware normalization, which we've been anticipating. We're always positively surprised every quarter, and it finally came home in spades in Q4.

首先，喬，您今天在 CNBC 上出色地解答了有關我們股票的問題。非常感謝。關於你的問題，我們對某些平台有信心，比如讓我們從今天我們最喜歡的平台開始。就像 XSIAM 突然出現一樣。它為我們賺了 2 億美元。即使是我們，如果我們的財年收入達到 1 億美元，我們也會感到高興。它的收入為 2 億美元。因此，您所看到的部分內容是，我們在某些產品上有優勢。我認為我們要標準化的部分是——不是標準化的部分，我們對你們說過，我們要小心的部分是硬件標準化，這是我們一直在期待的。每個季度我們總是感到驚喜，最終在第四季度得到了回報。

So I think the forecast we have is what we represent to our Board. That's what we're saying we're going to go do. That's what we're telling you. Now are we going to try and work hard to go beat it? Yes, of course, that's what we do every time. There's lots of puts and takes. So based on the puts and takes, based on where we are in different products, based on what plans we have to launch different things, this is our best estimate as of now. And we're trying to give it our best to go out and deliver it. I think that's the best way to describe how we think about our numbers. Yes, of course, it's hardware headwinds. There's SASE tailwinds. I don't know if you saw, we became the only vendor in SASE far right in a single vendor, sort of SD-WAN plus SSE. So there's some good tailwinds we have. Customers pay attention to these kinds of things.

所以我認為我們的預測就是我們向董事會做出的預測。這就是我們所說的我們要做的。這就是我們要告訴你的。現在我們要努力去打敗它嗎？是的，當然，我們每次都是這麼做的。有很多的投入和採取。因此，根據看跌期權，根據我們在不同產品中的位置，根據我們必須推出不同產品的計劃，這是我們目前最好的估計。我們正在盡最大努力去交付它。我認為這是描述我們如何看待我們的數字的最佳方式。是的，當然，這是硬件的逆風。還有 SASE 的順風車。我不知道您是否看到，我們成為 SASE 中唯一的供應商，在單一供應商（SD-WAN 加 SSE）中極右。所以我們有一些好的順風。客戶會關注這些事情。

Our last question from Adam Borg at Stifel. Go ahead, Adam.

我們的最後一個問題來自 Stifel 的 Adam Borg。繼續吧，亞當。

Maybe just for Nikesh or BJ, just on the federal vertical talk of some large deals in the quarter. Maybe just talk about the opportunity that you're seeing, especially as we head into the fiscal year-end for the government next quarter?

也許只是針對 Nikesh 或 BJ，只是關於本季度一些大型交易的聯邦垂直討論。也許只是談談您看到的機會，尤其是在我們下個季度即將進入政府財政年度結束之際？

Yes. I think to Nikesh's credit, even before I came on board, there was a large investment in our federal team. And the knowledge that with many of the federal directives, the budget being put in, and obviously, some of the geopolitical events, it was an opportunity for the company. And so we're seeing the benefits of many of those forward investments, and we're going to continue to invest there. There's obviously large-scale projects that are occurring. We had one last year that we announced was our largest deal of the year.

是的。我認為值得讚揚的是，即使在我加入之前，尼科甚就已經對我們的聯邦團隊進行了大量投資。我們知道，根據許多聯邦指令、投入的預算，以及顯然的一些地緣政治事件，這對公司來說是一個機會。因此，我們看到了許多遠期投資的好處，我們將繼續在那裡投資。顯然正在發生大型項目。去年我們宣布了一項年度最大的交易。

There -- those take a long time to mature. And we're involved in many of them. So I feel like we have a great opportunity going forward in that space. There are specific ones obviously out there that we're looking to -- we've got some first orders and then gain momentum with them, and I think we'll be talking more about that in the coming quarters.

在那裡——這些需要很長時間才能成熟。我們參與了其中的許多活動。所以我覺得我們在這個領域有很好的發展機會。顯然，我們正在尋找一些特定的產品——我們已經獲得了一些第一筆訂單，然後通過它們獲得動力，我認為我們將在未來幾個季度更多地討論這一點。

With that, we're going to close it out, and I'm going to pass it back to Nikesh for some closing remarks.

至此，我們將結束本次會議，我將把它傳回給 Nikesh，讓其做一些結束語。

Thank you, Walter. I just want to take the opportunity one more time to thank all of you. I know this was a unique one. Will you be telling your future mentees that you're going to mentor in the analyst community, maybe talking about that one Friday afternoon call which Palo Alto hosted out of their sort of misdirected sense of trying to get you guys to go do this over the weekend for us. So we really appreciate taking the time. We apologize for taking up some of your Friday. We will be available tomorrow and day after for some of you who've been kind enough to schedule time to talk to us because we want to make sure you get all your questions answered.

謝謝你，沃爾特。我只是想再次藉此機會感謝大家。我知道這是獨一無二的。你是否會告訴你未來的受訓者，你將在分析師社區中進行指導，也許會談論帕洛阿爾托舉辦的一個週五下午的電話會議，他們出於某種誤導的感覺，試圖讓你們在整個過程中去做這件事。我們的周末。所以我們非常感謝您抽出時間。我們很抱歉佔用了您週五的一些時間。我們將在明天和後天為您安排時間與我們交談，因為我們希望確保您的所有問題都能得到解答。

It would be remiss of me not to both acknowledge and thank our employees, which is what makes all of this happen, and all of our partners out there who help us deliver this capability. And of course, I also want to thank my entire management team for delivering a really, really good FY '23 and what has been a yet another sort of different year. And I don't think I've had a normal year in the last 5 years between the pandemic and supply chain and inflation and money and this. So I look forward to possibly a normal year next year. And again, once again, thank you very, very much for all your support and your indulgence.

如果我不承認和感謝我們的員工，以及幫助我​​們實現這一能力的所有合作夥伴，那就是我的失職，正是他們讓這一切發生。當然，我還要感謝我的整個管理團隊，他們交付了一個非常非常好的 23 財年，這也是又一個不同的一年。我認為過去五年裡，在疫情、供應鏈、通貨膨脹、貨幣等方面，我過得併不正常。所以我期待明年可能會是正常的一年。再次，再次非常非常感謝您的支持和包容。