(PANW) 2024 Q2 法說會逐字稿

Good day, everyone, and welcome to Palo Alto Networks Fiscal Second Quarter 2024 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, Tuesday, February 20, 2024, at 1:30 p.m. Pacific Time.

大家好，歡迎參加 Palo Alto Networks 2024 年第二季財報電話會議。我是沃爾特‧普里查德 (Walter Pritchard)，投資者關係與企業發展資深副總裁。請注意，本次通話錄音已於今天（2024 年 2 月 20 日星期二）下午 1:30 進行。太平洋時間。

With me on today's call to discuss second quarter results are Nikesh Arora, our Chairman and Chief Executive Officer; and Dipak Golechha, our Chief Financial Officer. Following our prepared remarks, Lee Klarich, our Chief Product Officer, will join us for the question-and-answer portion. You can find the press release and other information to supplement today's discussion on our website at investors.paloaltonetworks.com. While there, please click on the link for quarterly results to find the Q2 '24 supplemental information and the Q2 '24 earnings presentation.

今天與我一起討論第二季業績的電話會議是我們的董事長兼執行長 Nikesh Arora；以及我們的財務長 Dipak Golechha。在我們準備好的發言之後，我們的首席產品長 Lee Klarich 將加入我們的問答部分。您可以在我們的網站 Investors.paloaltonetworks.com 上找到新聞稿和其他資訊來補充今天的討論。在此期間，請點擊季度業績鏈接，查找 24 年第 2 季補充資訊和 24 年第 2 季度收益演示。

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 those forward-looking statements. 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.

在今天的電話會議中，我們將就公司的業務營運和財務表現做出前瞻性陳述和預測。今天所做的這些陳述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陳述有所不同。請查看我們的新聞稿和最近向 SEC 提交的文件，以了解這些風險和不確定性的描述。我們不承擔更新今天簡報中任何前瞻性陳述的義務。

We will also refer to non-GAAP financial measures. These measures should not be considered a substitute for financial measures prepared in accordance with GAAP. 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.

我們也將參考非公認會計準則財務指標。這些措施不應被視為替代根據公認會計準則制定的財務措施。最直接可比較的 GAAP 財務指標和調節表位於新聞稿和投資者簡報的附錄。除非另有特別說明，所有結果和比較均以財政年度為基礎。

We would also like to note that management is scheduled to participate in the Morgan Stanley TMT Conference in March. I will now turn the call over to Nikesh.

我們還想指出，管理層計劃參加 3 月的摩根士丹利 TMT 會議。我現在將把電話轉給尼科甚。

Thank you, Walter. Good afternoon, and thank you for joining us today for our earnings call. I am pleased to report another quarter in which we successfully executed our profitable growth strategy, driving a combination of top line growth, significant expansion in non-GAAP operating margin and strong free cash flow generation.

謝謝你，沃特。下午好，感謝您今天參加我們的財報電話會議。我很高興地向大家報告，我們又一個季度成功執行了獲利成長策略，推動了營收成長、非公認會計原則營業利潤率顯著擴張和強勁的自由現金流產生。

Revenues grew 19% year-over-year and RPO grew 22%, capturing the full value of our future revenue. Billings grew 16% year-over-year. Just as important as we focus on profitable growth, we again delivered substantial operating margin leverage and strong growth in free cash flow. Non-GAAP operating margins of 28.6% expanded nearly 600 basis points year-over-year and we generated $2.9 billion in adjusted free cash flow on a trailing 12-month basis.

營收年增 19%，RPO 成長 22%，反映了我們未來營收的全部價值。比林斯年增 16%。正如我們專注於獲利成長一樣重要，我們再次實現了可觀的營業利潤率槓桿和自由現金流的強勁成長。非 GAAP 營業利益率為 28.6%，年增近 600 個基點，過去 12 個月我們產生了 29 億美元的調整後自由現金流。

Our strong profitability drove non-GAAP EPS of $1.46, up 39% year-over-year and our GAAP net income continues to grow meaningfully, even without onetime items. Beyond our financial results, we achieved a number of notable milestones in Q2 worthy of spotlighting. We continue to drive larger deals, including a steady stream of $1 million-plus deals and success in our largest deals with 10 transactions over $20 million in the quarter. Our 10 highest spending customers in Q2 increased their spend with us by 36% in the period.

我們強勁的獲利能力推動非 GAAP 每股盈餘達到 1.46 美元，較去年同期成長 39%，即使沒有一次性項目，我們的 GAAP 淨利潤也持續大幅成長。除了財務表現之外，我們在第二季也實現了許多值得關注的重要里程碑。我們繼續推動更大的交易，包括源源不斷的超過 100 萬美元的交易，並在本季度成功完成了 10 筆超過 2000 萬美元的交易。第二季支出最高的 10 位客戶在此期間在我們的支出增加了 36%。

I also wanted to update you on key achievements across our 3 platforms. In our Network Security business, we continue to see progress driving ARR growth in our SASE business. Q2 was our fifth consecutive quarter of 50% ARR growth. Additionally, more than 30% of our new SASE customers we signed in the second quarter were new to Palo Alto Networks, showing that we can win head-to-head in the market when leading with SASE. We continue to drive innovation in network security, refreshing our high-end 7500 cities platform and investing new OT security capabilities, which garnered a net new leadership position for us.

我還想向您介紹我們 3 個平台的主要成就的最新情況。在我們的網路安全業務中，我們繼續看到推動 SASE 業務 ARR 成長的進展。第二季是我們連續第五個季度 ARR 成長 50%。此外，我們在第二季簽署的新 SASE 客戶中有超過 30% 是 Palo Alto Networks 的新客戶，這表明我們在憑藉 SASE 領先的情況下可以在市場上贏得正面競爭。我們持續推動網路安全創新，刷新7500個城市的高端平台並投資新的OT安全能力，為我們贏得了新的領先地位。

In Prisma Cloud, we have made significant investments in the first half of the year to drive new customers and saw this pay off in Q2 with our highest new ACV growth in 5 quarters. We continue to see strong trends in multi-module adoption with approximately 30% growth in customers with 2 or more modules and approximately 60% growth in customers with 3 or more modules. Additionally, about 1/4 of our customers are using 5 or more modules. Our external recognition in this market continued with Forrester Research, positioning us as a leader in its Cloud Workload Security Wave report.

在 Prisma Cloud 中，我們在上半年進行了大量投資來吸引新客戶，並在第二季度看到了回報，新 ACV 成長率達到了 5 個季度以來的最高水平。我們繼續看到多模組採用的強勁趨勢，擁有 2 個或更多模組的客戶成長了約 30%，擁有 3 個或更多模組的客戶成長了約 60%。此外，大約 1/4 的客戶正在使用 5 個或更多模組。 Forrester Research 繼續對我們在該市場的外部認可表示認可，在其雲端工作負載安全浪潮報告中將我們定位為領導者。

In Cortex, XSIAM continues to be a significant catalyst for large transactions and growth across the business. It is evidenced by ARR for XSIAM customers being more than 5x higher than that of Cortex customers who have not yet adopted XSIAM. We've seen significant progress in the milestone with XSIAM in Q2 including the most number of deals signed in a single quarter and bookings of over $90 million again this quarter.

在 Cortex 中，XSIAM 繼續成為大型交易和整個業務成長的重要催化劑。 XSIAM 客戶的 ARR 證明比尚未採用 XSIAM 的 Cortex 客戶高出 5 倍以上。我們在第二季度看到 XSIAM 的里程碑取得了重大進展，包括單季簽署的交易數量最多，本季的預訂量再次超過 9,000 萬美元。

We've already displaced 19 different SIM vendors to date and the confidence under our belt, we're now looking systematically on how we can accelerate this legacy SIM displacement.

到目前為止，我們已經取代了 19 家不同的 SIM 供應商，我們充滿信心，現在正在系統地研究如何加速傳統 SIM 的取代。

From a regional perspective, demand overall is healthy. We did see softness in the U.S. Federal Government market. We are positioned well for several large projects where we had requisite certifications and 1 technical selection, but these deals did not close. The situation started off towards the end of Q1 were worsened in Q2. And as a result, we had a significant shortfall in our U.S. federal government business. We expect this trend will continue into our Q3 and Q4. Offsetting the billing weakness in Fed was some non-product backlog that we shipped this quarter.

從區域角度來看，需求整體健康。我們確實看到美國聯邦政府市場疲軟。我們在幾個大型專案中處於有利地位，在這些專案中我們擁有必要的認證和 1 項技術選擇，但這些交易並未完成。第一季末開始的情況在第二季進一步惡化。結果，我們的美國聯邦政府業務出現了嚴重短缺。我們預計這種趨勢將持續到第三季和第四季。我們本季出貨的一些非產品積壓訂單抵銷了聯準會的帳單疲軟。

With several leadership positions awarded in second quarter, including our addition as a leader of the Gartner Endpoint Protection Magic Quadrant, we're now a recognized leader in 21 different categories across our 3 platforms. Five years ago when we began our strategy, the industry believed building leadership across multiple categories wasn't possible. No one was talking about security platform. Instead, the world was best of breed. Our success over the last 5 years has been driven by the shift to platformization. We're committed to investing in innovation to extend our industry leadership position and platform.

我們在第二季度獲得了多個領導地位，包括成為 Gartner 端點保護魔力像限的領導者，現在我們在 3 個平台的 21 個不同類別中成為公認的領導者。五年前，當我們開始製定策略時，業界認為在多個類別中建立領導地位是不可能的。沒有人談論安全平台。相反，世界是最好的。我們過去 5 年的成功得益於向平台化的轉變。我們致力於投資創新，以擴大我們的產業領導地位和平台。

This unique leadership across our 3 markets is driving strong adoption of our platforms in our target Global 2000 markets. As of Q2, 79% of Global 2000 have transacted with us on at least 2 of our platforms and 57% in all 3. This is up from 73% and 47% 2 years ago. In most of these accounts, while they have adopted products from multiple platforms, we are early in driving each of our platforms wall to wall. This is a major area of focus for us as we move forward, driving consolidation within our 3 platforms. We know this is the right strategy and see compelling economics of multi-platform wins. Our 2 platform customers have an average customer lifetime value that is more than 5 times that of our single platform customer. For our 3 platform customers, that is more than 40x larger.

我們在 3 個市場中的獨特領導地位正在推動我們的平台在全球 2000 大目標市場中廣泛採用。截至第二季度，全球2,000 強企業中有79% 的企業至少在我們的2 個平台上與我們進行過交易，在所有3 個平台上這一比例為57%。這一數字高於兩年前的73% 和47%。在大多數這些帳戶中，雖然他們採用了多個平台的產品，但我們很早就開始全面推動我們的每個平台。這是我們前進的一個主要關注領域，推動我們 3 個平台的整合。我們知道這是正確的策略，並且看到了多平台獲勝的令人信服的經濟效益。我們的 2 個平台客戶的平均客戶生命週期價值是我們單一平台客戶的 5 倍以上。對於我們的 3 個平台客戶來說，這個數字要大 40 倍以上。

While we are driving platformization, I personally think we should be doing this faster. Not only is this showing up in our deal statistics, but as we have established the portion of our platforms -- position of our platform, we're now seeing significant progress in consolidating vendors in our customer environments. We've built our Zero Trust platform through a consistent architecture across our appliance, software and SASE form factors. Customers can now consistently manage security policy across these form factors and then leverage a consistent set of security subscriptions to consolidate network security capabilities. These capabilities provided by point vendors can include intrusion prevention, web proxies, URL filtering, SD-WAN and DLP just to name a few.

在我們推動平台化的同時，我個人認為我們應該更快做到這一點。這不僅體現在我們的交易統計數據中，而且隨著我們已經建立了平台的一部分——我們平台的位置，我們現在看到在客戶環境中整合供應商方面取得了重大進展。我們透過跨裝置、軟體和 SASE 外形規格的一致架構建構了零信任平台。客戶現在可以跨這些外形尺寸一致地管理安全策略，然後利用一組一致的安全訂閱來整合網路安全功能。單點供應商提供的這些功能包括入侵防禦、Web 代理、URL 過濾、SD-WAN 和 DLP 等。

In Q2, we saw Zero Trust consolidation wins that included a large U.S. manufacturing company standardizing on our network security platform in a $40 million transaction, replacing end of life competitive hardware, leveraging our security subscription that are moving a point competitor in SSE. We were the only company with the right certifications across all these offerings that could support their broad geographic footprint.

在第二季度，我們看到了零信任整合的勝利，其中包括一家美國大型製造公司在一筆4000 萬美元的交易中標準化了我們的網路安全平台，更換了生命週期結束的競爭硬件，利用我們的安全訂閱來移動上證所的主要競爭對手。我們是唯一一家在所有這些產品中獲得正確認證的公司，可以支援其廣泛的地理足跡。

This deal was part of a consolidation and modernization effort across IT with positive ROI for the customer. We also had a 7-figure deal with a large law firm, expanding our firewall footprint in the new data center and expanding their hybrid workforce initiatives with Prisma Access. As part of this, we won versus other firewall and SSE competitors and also consolidate their URL filtering and VPN capabilities.

這筆交易是整個 IT 領域整合和現代化工作的一部分，為客戶帶來了積極的投資回報。我們還與一家大型律師事務所達成了 7 位數的協議，擴大我們在新資料中心的防火牆覆蓋範圍，並透過 Prisma Access 擴大他們的混合勞動力計劃。作為其中的一部分，我們戰勝了其他防火牆和 SSE 競爭對手，並鞏固了他們的 URL 過濾和 VPN 功能。

In Prisma Cloud, we have built a go-to cloud platform combining key best-of-breed capabilities that we have acquired or developed organically. Our common architecture and user experience spreads across 12 modules. As our customers adopt multiple modules, they can consolidate a wide variety of vendors, including those in cloud security posture management, cloud workload protection, API security, SCA or software composition analysis and infrastructure as code security amongst others.

在 Prisma Cloud 中，我們建立了一個首選雲端平台，結合了我們有機收購或開發的關鍵最佳功能。我們的通用架構和使用者體驗分佈在 12 個模組中。當我們的客戶採用多個模組時，他們可以整合各種供應商，包括雲端安全態勢管理、雲端工作負載保護、API 安全、SCA 或軟體組合分析以及基礎架構即程式碼安全等領域的供應商。

In Q2, we closed a 7-figure Prisma Cloud new logo deal with a financial services company, displacing multiple incumbent vendors. The customer was looking for CNAPP solution to support their multi-cloud journey. The Prisma Cloud CNAPP streamlined several previously deployed point solutions and tools.

在第二季度，我們與一家金融服務公司達成了一項價值 7 位數的 Prisma Cloud 新標誌協議，取代了多家現有供應商。客戶正在尋找 CNAPP 解決方案來支援他們的多雲之旅。 Prisma Cloud CNAPP 簡化了先前部署的多個單點解決方案和工具。

We also closed a 7-figure renew and expand deal with the leading North American technology company, where the customer intends to expand the use of Prisma Cloud to 7 modules and also value the consolidation and standardization delivered through Prisma Cloud.

我們還與北美領先的科技公司達成了一項價值 7 位數的續訂和擴展協議，該客戶打算將 Prisma Cloud 的使用擴展到 7 個模組，並重視透過 Prisma Cloud 提供的整合和標準化。

Finally, in our Cortex platform with our autonomous security operations platform, XSIAM, we were able to establish our offering, which has enabled us to accelerate platform value proposition with Cortex. A platform approach in the SOC is becoming a customer imperative as point products each of their own data stores cannot have full context, nor drive appropriate action without overly complex integration and high people cost.

最後，在我們的 Cortex 平台和自主安全操作平台 XSIAM 中，我們能夠建立我們的產品，這使我們能夠利用 Cortex 加速平台價值主張。 SOC 中的平台方法正在成為客戶的當務之急，因為每個自己的資料儲存點產品都無法擁有完整的上下文，也無法在沒有過於複雜的整合和高昂的人員成本的情況下推動適當的操作。

In Q2, we saw consolidation wins that include a large insurance company that renew the subscription and support of firewalls at the same time added XSIAM and expanse capability for a $25 million transaction. The XSIAM choice displays the 2 leading EDR and SIM competitors in the market, enable the customer to avoid the cost of adding other point products in their stock.

在第二季度，我們看到了整合的勝利，其中包括一家大型保險公司續訂了防火牆的訂閱和支持，同時為一筆 2500 萬美元的交易添加了 XSIAM 和擴展功能。 XSIAM 選擇顯示了市場上 2 個領先的 EDR 和 SIM 競爭對手，使客戶能夠避免在庫存中添加其他單點產品的成本。

Additionally, in Q2, we saw follow-on consolidation success with the Japanese manufacturing company. They had previously consolidated their network security across our SASE capabilities, leveraging Prisma Access in our DLP and CASB capabilities. The customer then added XSOAR into their SOC and expressed an interest in consolidating further. In Q2, they added XSIAM in a mid-7-figure deal.

此外，在第二季度，我們看到與這家日本製造公司的後續整合取得了成功。他們之前透過我們的 SASE 功能整合了網路安全，並利用我們的 DLP 和 CASB 功能中的 Prisma Access。隨後，客戶將 XSOAR 添加到他們的 SOC 中，並表示有興趣進一步整合。在第二季度，他們以 7 位數的交易增加了 XSIAM。

I know if you've had a chance to look at our guidance. Our guidance is not a consequence of a change in the demand outlook out there. Our guidance is a consequence of us driving a shift in our strategy in wanting to accelerate both our platformization and consolidation and activating our AI leadership. We believe this is the time for us to invest, given our leadership position in the market and our leadership position across platformization and consolidation.

我知道您是否有機會查看我們的指南。我們的指導不是需求前景變化的結果。我們的指導是我們推動策略轉變的結果，希望加速我們的平台化和整合，並啟動我們的人工智慧領導。鑑於我們在市場中的領導地位以及我們在平台化和整合方面的領導地位，我們相信現在是我們投資的時候了。

But before I talk about that more as to how we intend to accelerate our growth prospects in the future, and drive towards a much higher aspiration of $15 billion in ARR by 2030, I want to give you a candid view of where we see the cybersecurity market and the demand function out there.

但在我更多地談論我們打算如何加速未來的成長前景，並推動到 2030 年實現 ARR 150 億美元的更高目標之前，我想向您坦誠地介紹一下我們對網路安全的看法市場和需求函數。

The demand story is no different from prior quarters and the margin continues to get stronger. There are multiple drivers fueling this. The threat landscape continues to challenge our customers with increasing scale and sophistication of attacks. I'm personally getting calls from CEOs and members of Boards that have had bad incidents as well as those that have seen their peers adversely impacted. We're increasingly focusing on working with companies impacted by breaches, an important commitment as we continue to be the leader in this space.

需求情況與前幾季沒有什麼不同，而且利潤率持續增強。有多個驅動因素推動了這一點。隨著攻擊的規模和複雜性不斷增加，威脅情勢繼續為我們的客戶帶來挑戰。我個人經常接到曾發生過不良事件以及同事受到不利影響的執行長和董事會成員的電話。我們越來越注重與受違規影響的公司合作，這是我們繼續成為該領域領導者的重要承諾。

Last quarter, we offered 1,500 of our top customers an opportunity to get our pre-support during a breach. Surprisingly, 400 customers have signed up in the last 90 days out of 1,500 to get our help on this topic. Clearly, there is awareness and concern around cybersecurity as has never been before. Heightened geopolitical tensions are driving significant nation state activity with national infrastructure being targeted. Successful breaches and ransomware attacks are being perpetrated across many industries and we see a few repercussions of those attacks. Although we did see various law enforcement agencies this morning or over the weekend shut down lock pit, which is a promising sign.

上季度，我們為 1,500 名頂級客戶提供了在違規期間獲得預先支援的機會。令人驚訝的是，在過去 90 天內，1,500 名客戶中有 400 名註冊獲得我們有關此主題的協助。顯然，人們對網路安全的認識和擔憂是前所未有的。地緣政治緊張局勢加劇正在推動重大民族國家活動，其中國家基礎設施成為目標。許多行業都發生了成功的違規行為和勒索軟體攻擊，我們看到了這些攻擊的一些影響。儘管我們今天早上或週末確實看到各個執法機構關閉了鎖坑，但這是一個有希望的跡象。

The new SEC mandate requires prompt disclosure material incidents, which often result in companies reporting those incidents before a full assessment can be done or incidents remediated .We see some companies making several disclosures in succession as they grapple with understanding the full extent of what they are facing. We see the results of these disclosure mandates recognizing the need for expedited action and security visibility and remediation in (inaudible).

新的 SEC 授權要求及時披露重大事件，這通常會導致公司在進行全面評估或事件得到補救之前報告這些事件。我們看到一些公司在努力了解事件的全部範圍時連續進行了多項披露面對。我們看到這些揭露要求的結果認識到需要採取快速行動以及安全可見性和補救措施（聽不清楚）。

The part that is new, despite the many demand drivers we're seeing, we're beginning to notice customers are facing spending fatigue in cybersecurity. This is new. As adding incremental point products is not necessarily driving a better security outcome for them. This is driving a greater focus on ROI and total cost of ownership amongst most customers.

新的部分是，儘管我們看到了許多需求驅動因素，但我們開始注意到客戶在網路安全方面面臨支出疲勞。這是新的。因為增加增量點產品不一定能為他們帶來更好的安全結果。這促使大多數客戶更加關注投資回報率和總擁有成本。

There are also some key trends within the industry that I think are worth highlighting. Palo Alto Networks is unique in seeing gains in market share in hardware firewalls or in the product space. This market is changing rapidly with us seeing some of our competitors who had introduced price increases begin to roll them back. From our advantage point, we see the share shift happening in our favor because we see customers consolidating into our Zero Trust platform. Customers, as I mentioned, 30% net new network security customers for SASE or new to Palo Alto. Those are the customers who over time go ahead and consolidate their footprint and require our firewalls to be deployed to give them a consistent zero-trust architecture.

我認為行業內還有一些值得強調的主要趨勢。 Palo Alto Networks 的獨特之處在於它在硬體防火牆或產品領域的市場份額不斷增加。這個市場正在迅速變化，我們看到一些提高價格的競爭對手開始回檔。從我們的優勢來看，我們看到份額的轉變對我們有利，因為我們看到客戶整合到我們的零信任平台。正如我所提到的，30% 的客戶是 SASE 的淨新網路安全客戶或帕洛阿爾託的新客戶。隨著時間的推移，這些客戶會繼續鞏固其足跡，並要求部署我們的防火牆，為他們提供一致的零信任架構。

We see this as a promising trend. We intend to accelerate that opportunity. Along with the incremental focus on ROI and TCO, the single product vendor is having challenges in articulating compelling value. They're also forced to have platformization narrative. When they're not able to convince the customers that their strategy is competitive, they are many times resorting to uneconomic pricing and putting pressure on transactions in this manner. We're beginning to see rogue behavior by some vendors in the space who are keen to retain their customers, primarily in the legacy vendor space and the startup space. We intend to combat that with investing in this space and trying to accelerate platformization and consolidation for our customers.

我們認為這是一個有前途的趨勢。我們打算加速這個機會。隨著對 ROI 和 TCO 的日益關注，單一產品供應商在闡明令人信服的價值方面面臨挑戰。他們也被迫進行平台化敘事。當他們無法讓客戶相信他們的策略具有競爭力時，他們會多次訴諸不經濟的定價，並以這種方式對交易施加壓力。我們開始看到該領域一些熱衷於留住客戶的供應商的流氓行為，主要是在傳統供應商領域和新創公司領域。我們打算透過投資這一領域並努力加速客戶的平台和整合來應對這一問題。

We're also seeing increased demand for AI along with deploying AI in our products or big DCR customers asking us to help them protect for a successful and responsible deployment of AI in their infrastructure. Putting this all together, these trends of the market bolster our conviction that adopting platforms is the only viable strategy for customers and leveraging AI is imperative. We want to match faster to our aspiration to become the Salesforce, to become the ServiceNow or the Workday of cybersecurity. Customers have adopted platforms in other markets across technology, and this will inevitably happen in cybersecurity. These industry trends set up conditions that favor leaders that can drive consolidation. We intend to answer this challenge.

我們也看到，隨著在我們的產品中部署人工智慧，或者大型 DCR 客戶要求我們幫助他們在其基礎設施中成功、負責任地部署人工智慧，對人工智慧的需求也在增加。總而言之，這些市場趨勢增強了我們的信念，即採用平台是客戶唯一可行的策略，而利用人工智慧勢在必行。我們希望更快實現成為 Salesforce、成為網路安全領域的 ServiceNow 或 Workday 的願望。客戶已經跨技術採用了其他市場的平台，這在網路安全領域將不可避免地發生。這些行業趨勢創造了有利於推動整合的領導者的條件。我們打算應對這項挑戰。

With all the promise that platformization holds, adoption is not always easy for many of our customers. Until now, we have primarily assumed that our customers adopt our platforms in their own pace. The crux of challenge is around execution. Customers face risk in executing or making significant changes to their environments as well economic exposure from these changes. Key friction points we've noticed include the challenge of replacing multiple products simultaneously as well as the issues around double playing while working through complex contract terms.

儘管平台化前景廣闊，但對於我們的許多客戶來說，採用平台化並不總是那麼容易。到目前為止，我們主要假設我們的客戶按照自己的步調採用我們的平台。挑戰的關鍵在於執行力。客戶在執行或對其環境進行重大變更時面臨風險，以及這些變更所帶來的經濟風險。我們注意到的主要摩擦點包括同時更換多個產品的挑戰，以及在處理複雜的合約條款時圍繞雙重遊戲的問題。

Over the last 6 months, we have been quietly working to develop programs that enable us to help minimize and even share in the risk of our customer space. You will see us tomorrow launching a significant number of platform offers to our customers to help drive this consolidation and platformization strategy. We believe we can build customer confidence in our platforms by approaching them well before their point product contracts expire. After we gain their contractual commitment, we have offered an extended rollout period where we can demonstrate our ability to deliver these platform benefits. Customers can then start paying us after the obligation of legacy vendors ends.

在過去的 6 個月裡，我們一直在默默地努力開發計劃，使我們能夠幫助最大限度地減少甚至分擔客戶空間的風險。明天您將看到我們向客戶推出大量平台產品，以幫助推動此整合和平台化策略。我們相信，透過在客戶的單點產品合約到期之前與他們接觸，我們可以建立客戶對我們平台的信心。在我們獲得他們的合約承諾後，我們提供了延長的推出期，以便我們可以展示我們提供這些平台優勢的能力。在傳統供應商的義務結束後，客戶可以開始向我們付款。

With the experience we have gained over the last 6 months, we believe now is the right time to accelerate programs across our portfolio to drive this platformization. All these programs will have mechanisms to reduce customer friction, accelerate product deployment, help customers realize the value of our platforms and consume new innovation sooner. While this is not an exhaustive list, I wanted to give you some examples.

憑藉過去 6 個月獲得的經驗，我們相信現在是加快整個產品組合專案以推動平台化的最佳時機。所有這些計劃都將具有減少客戶摩擦、加速產品部署、幫助客戶實現我們平台的價值並更快地消費新創新的機制。雖然這不是詳盡的列表，但我想給您一些例子。

We have begun to launch programs already that include legacy trade-ins, no cost introductory offers and product add-ons and incentives to accelerate estate standardization. Each of these programs is elements of reducing execution risk and dealing with economic exposure that concern our customers. In that sense, we must bear the cost of the transition through lower upfront financial outcomes, but we are convinced these will yield amazing outcomes for us in the mid- to long term.

我們已經開始推出一些計劃，其中包括傳統以舊換新、免費介紹性優惠、產品附加產品以及加速房地產標準化的激勵措施。這些計劃中的每一個都是降低執行風險和處理與客戶相關的經濟風險的要素。從這個意義上說，我們必須透過降低前期財務成果來承擔轉型成本，但我們相信，從中長期來看，這些將為我們帶來驚人的成果。

We have developed these programs across all 3 platforms. And as I mentioned, we intend -- we have announced a few and we intend to announce more starting tomorrow in addition to expanding some of the programs that we already have.

我們已經在所有 3 個平台上開發了這些程式。正如我所提到的，我們打算——我們已經宣布了一些計劃，除了擴大我們已經擁有的一些計劃之外，我們還打算從明天開始宣布更多計劃。

Given this is an investor call, and you're all focused on these numbers, I want to provide you a high-level understanding of the aggregate impact we expect this will have in the medium term and long term. I will then have Dipak talk more about this in his section and explain this much more eloquently and elaborately.

鑑於這是一次投資者電話會議，而你們都關注這些數字，我想讓你們對我們預計這將在中長期產生的總體影響有一個高層次的了解。然後，我將讓迪帕克在他的部分中更多地談論這一點，並更雄辯和詳細地解釋這一點。

We expect a typical customer entering into a platformization transaction will not pay us for our technology for a period of time. As these programs ramp over the next year, we expect a change to our billings and revenue growth over the next 12 to 18 months. As customers move into the period where contracts of full billing and revenue contribution, we expect to see an acceleration in our top line metrics. Beyond this dip and acceleration in our top line metrics, we believe we can sustain higher growth rates for longer, driven by sticky and broad platform relationships with incremental customers, allowing us to aspire to goal of $15 billion in next-generation security in 2030.

我們預計，進行平台化交易的典型客戶在一段時間內不會為我們的技術付費。隨著這些計劃在明年逐步展開，我們預計未來 12 至 18 個月內我們的帳單和收入成長將會改變。隨著客戶進入全額計費和收入貢獻合約的時期，我們預計我們的營收指標將會加速成長。除了營收指標的下降和加速之外，我們相信，在與增量客戶的黏性和廣泛平台關係的推動下，我們可以在更長時間內維持更高的成長率，從而使我們能夠實現2030 年下一代安全領域價值150 億美元的目標。

We also expect to achieve our transformation to a business with greater than 90% recurring revenue and industry-leading non-GAAP operating margins in the low to mid-30s. As Dipak will explain, we believe we can do this in a financially prudent and strong manner.

我們也期望在 30 多歲到 30 歲左右的時間內實現向經常性收入超過 90% 且非 GAAP 營運利潤率產業領先的業務轉型。正如迪帕克將解釋的那樣，我們相信我們可以在財務上以審慎和強有力的方式做到這一點。

Talking about bigger platforms and ARR aspirations cannot be done today without talking about AI. We have been working on AI for a long time as a company. However, we did accelerate our efforts with the arrival of Generative AI. I personally believe AI is going to be one of the biggest inflection points in technology in over a decade and likely, more importantly, to significantly increase the total addressable market in cybersecurity.

今天，談論更大的平台和 ARR 願望就不能不談論人工智慧。作為一家公司，我們長期以來一直致力於人工智慧領域。然而，隨著生成式人工智慧的到來，我們確實加快了我們的努力。我個人認為人工智慧將成為十多年來最大的技術轉折點之一，更重要的是，它可能會顯著增加網路安全的潛在市場總量。

Gartner predicts by 2027, $300 billion will be spent on the AI software. This AI juggernaut continues to bring several challenges along with it from a security perspective, multiple vectors of attacks, ranging from fishing to malware to nation state activity had inflected negatively due to AI. Furthermore, customers are evaluating dozens of co-pilots type offerings for their end users, where security is not necessarily front and center.

Gartner 預測，到 2027 年，人工智慧軟體上的支出將達到 3,000 億美元。從安全角度來看，這個人工智慧巨頭繼續帶來一些挑戰，從釣魚到惡意軟體再到民族國家活動等多種攻擊媒介都因人工智慧而產生了負面影響。此外，客戶正在為其最終用戶評估數十種副駕駛類型的產品，其中安全性不一定是首要和中心。

We see 3 discrete opportunities to drive additional growth in cybersecurity through AI and we have internally put pen to paper to understand this opportunity and we're in alpha or beta stages of many of these across our product capabilities.

我們看到了透過人工智慧推動網路安全進一步成長的 3 個獨立機會，我們已經在內部用筆來了解這個機會，而我們的產品功能中的許多機會都處於 alpha 或 beta 階段。

First, organizations are concerned about their employees access to AI in an insecure manner. Where as a consequence of unintended leakage of open source, other data models tampering or AI-driven fishing, we see an opportunity to add value across the growing volume of users we secure. We currently secured north of 100 million users and their access to applications both in the public cloud and in the data center. We expect each of these users is an opportunity for us to deliver an AI security sub for them. We believe it's a $3 billion to $5 billion opportunity over the next 5 years.

首先，組織擔心員工以不安全的方式存取人工智慧。由於開源的無意洩漏、其他資料模型篡改或人工智慧驅動的釣魚，我們看到了一個為我們保護的不斷增長的用戶量增加價值的機會。目前，我們保護了超過 1 億的用戶以及他們對公有雲和資料中心中的應用程式的存取。我們希望這些用戶中的每一個都是我們為他們提供人工智慧安全子系統的機會。我們相信，未來 5 年這是一個價值 30 億至 50 億美元的機會。

Secondly, organizations are increasingly deploying AI-related workloads in the cloud, just like they need to understand the overall security posture of their cloud estates and expeditiously identify immediate issues. They must do this for AI-related workloads. We believe this in itself is a $5 billion to $6 billion opportunity in the next 5 years. Lastly, network traffic will increasingly have an AI context with interactions and transactions between applications and AI models.

其次，組織越來越多地在雲端部署與人工智慧相關的工作負載，就像他們需要了解其雲端資產的整體安全狀況並迅速識別緊迫問題一樣。他們必須為人工智慧相關的工作負載執行此操作。我們相信，這本身就是未來 5 年內價值 50 億至 60 億美元的機會。最後，網路流量將越來越多地具有人工智慧環境，包括應用程式和人工智慧模型之間的互動和交易。

Our more than 0.5 million installed firewalls is the perfect place to inspect this traffic. We believe this is a $5 billion to $6 billion opportunity in the next 5 years. Overall, this combined $13 million to $17 million opportunity drives our conviction that investing in AI and maintaining our leadership can help us accelerate our growth towards $15 billion by 2030.

我們安裝的超過 50 萬個防火牆是檢查此流量的完美場所。我們相信，這是未來 5 年內價值 50 億至 60 億美元的機會。整體而言，這價值 1,300 萬至 1,700 萬美元的機會讓我們堅信，投資人工智慧並保持領先地位可以幫助我們加速成長，到 2030 年實現 150 億美元的目標。

Beyond the large opportunity, we also believe we are uniquely positioned to garner our fair share of the TAM. Our proprietary data and large technology footprint is a significant advantage in driving AI outcomes.

除了巨大的機會之外，我們還相信我們具有獨特的優勢，可以在 TAM 中獲得公平的份額。我們的專有數據和龐大的技術足跡是推動人工智慧成果的顯著優勢。

We've already seen the early benefits of this AI in our newly developed product offerings. In Q2, our AI offerings, which include XSIAM, Autonomous Digital Experience Management, or ADEM and AI ops crossed $100 million in ARR milestone. We are possibly the first security companies to cross $100 million ARR in AI security. This is above and beyond the AI capabilities we have embedded across all of our platforms, including our advanced subscriptions and our Code-to-Cloud platforms.

我們已經在新開發的產品中看到了這種人工智慧的早期優勢。第二季度，我們的 AI 產品（包括 XSIAM、自主數位體驗管理或 ADEM 和 AI 操作）的 ARR 突破了 1 億美元的里程碑。我們可能是第一家在 AI 安全領域年收入突破 1 億美元的保全公司。這超出了我們在所有平台上嵌入的人工智慧功能，包括我們的高級訂閱和程式碼到雲端平台。

Our co-pilots are an alpha and are in the hands of leading customers who are giving us feedback before we move to general availability. Looking forward, we have aggressive plans to roll out additional AI-based offerings by the end of this fiscal year. We have plans to offer 3 new product offerings, 1 to address each of the stance I talked about.

我們的副駕駛是阿爾法，由主要客戶負責，他們在我們全面上市之前向我們提供回饋。展望未來，我們制定了積極的計劃，將在本財年末推出更多基於人工智慧的產品。我們計劃提供 3 種新產品，其中 1 種是為了解決我談到的每個立場。

Before I wrap up and pass it on to Dipak, I'd like to summarize. We have established our platformization notion, our clear industry leadership position with our best-of-breed platforms and the industry trends convince us, we're in the best position to capitalize on this early trend and now focus on the next phase of cybersecurity, which is going to be all about consolidation.

在我結束並將其傳遞給 Dipak 之前，我想總結一下。我們已經建立了我們的平台化理念，我們憑藉一流的平台確立了明確的行業領導地位，行業趨勢使我們相信，我們處於利用這一早期趨勢的最佳位置，現在專注於網路安全的下一階段，這一切都與整合有關。

One of the hardest things to do is to change the strategy that is working. We have spent time understanding how to accelerate our strategy further. We firmly believe as a management team that the changes we are making today are going to give us better prospects in the mid- to long term and allow us to drive this consolidation much faster whilst giving our customers better ROI and total cost of ownership. AI is an opportunity early stages. However, we are seeing the signs that there is significant demand there. It will prove to be an inflection point for cybersecurity and today will be marked as a day where we will see that inflection begin to take hold as we start to deliver more AI security products over the course of the rest of the year.

最困難的事情之一就是改變有效的策略。我們花了時間了解如何進一步加速我們的策略。作為管理團隊，我們堅信，我們今天所做的改變將為我們帶來更好的中長期前景，並使我們能夠更快地推動整合，同時為我們的客戶提供更好的投資回報率和總擁有成本。人工智慧是早期階段的一個機會。然而，我們看到有跡象表明那裡有巨大的需求。這將被證明是網路安全的一個拐點，今天將被標記為這一天，隨著我們在今年剩餘時間開始提供更多人工智慧安全產品，我們將看到拐點開始佔據主導地位。

We have confidence we can drive our top line growth trajectory higher for longer ahead of the growth trajectory we talked about back in August despite absorbing some short-term impacts. We have shown we run the business in a financial prudent manner, which we will continue to do as we drive this acceleration, hitting our original operating profitability and cash flow margin targets.

儘管吸收了一些短期影響，但我們有信心能夠在更長時間內推動我們的營收成長軌跡走得更高，早於我們八月談到的成長軌跡。我們已經證明，我們以審慎的財務方式經營業務，在推動加速發展的過程中，我們將繼續這樣做，達到我們最初的營業利潤率和現金流量利潤率目標。

With that, I will pass on to Dipak.

接下來，我將把話題轉交給 Dipak。

Thank you, Nikesh, and good afternoon, everyone. Given all that we have to talk about this quarter, I will do an abbreviated review of our Q2 results. You can refer to the press release and supplemental financial information on our website for our key numbers.

謝謝你，Nikesh，大家下午好。鑑於本季度我們要討論的所有內容，我將對我們第二季度的業績進行簡要回顧。您可以參閱我們網站上的新聞稿和補充財務信息，以了解我們的關鍵數據。

For Q2, revenue of $1.98 billion grew 19%. Product revenue grew 11% while total service revenue grew 22% with subscription revenue growing 26% and support revenue growing 14%.

第二季營收為 19.8 億美元，成長 19%。產品收入成長 11%，總服務收入成長 22%，訂閱收入成長 26%，支援收入成長 14%。

Moving on to geographies. We saw consistent revenue growth across all of our theaters with the Americas growing 19%, EMEA up 19%, and APAC also growing 19%. We had some puts and takes during the quarter related to billings. As Nikesh mentioned, we saw weakness in the U.S. federal vertical related to some specific programs. This U.S. federal weakness was a meaningful headwind to our billings in Q2 after we saw a slow start in the year to Fed. The impact of the federal deals on our revenue is significant as they are relatively shorter than our average contract term. At the same time, we saw a decrease in our non-backlog, which offset the Fed weakness in our billings. We continue to see customers closely watching cash outlays around deals, which we discussed last quarter, although this trend played out largely as we expected 90 days ago.

繼續討論地理。我們看到所有影院的收入持續成長，其中美洲成長 19%，歐洲、中東和非洲成長 19%，亞太地區也成長 19%。本季我們有一些與帳單相關的賣權和賣出選擇權。正如尼克什所提到的，我們看到美國聯邦垂直領域與某些特定計劃相關的弱點。在我們看到聯準會今年開局緩慢之後，美國聯邦的疲軟對我們第二季的帳單構成了重大阻力。聯邦交易對我們收入的影響很大，因為它們比我們的平均合約期限相對較短。同時，我們的非積壓訂單有所減少，這抵消了聯準會對我們帳單的疲軟影響。我們繼續看到客戶密切關注與我們上季度討論過的交易相關的現金支出，儘管這一趨勢基本上符合我們 90 天前的預期。

Remaining performance obligation, or RPO, was $10.8 billion, and current RPO was $5.2 billion. You likely notice that our GAAP EPS was $4.89 and GAAP net income was $1.75 billion. These benefited from a $1.5 billion release of a tax-related valuation allowance. This was a onetime item in fiscal year '24, which has been adjusted out of our non-GAAP results. This amount also does not impact our cash taxes. Our average duration on new contracts was relatively flat year-over-year with average duration for new contracts remaining at approximately 3 years, while total contract duration was down slightly year-over-year.

剩餘履約義務 (RPO) 為 108 億美元，目前 RPO 為 52 億美元。您可能會注意到，我們的 GAAP 每股收益為 4.89 美元，GAAP 淨利潤為 17.5 億美元。這些受益於 15 億美元的稅收相關估值津貼的發放。這是 24 財年的一次性項目，已根據我們的非 GAAP 業績進行調整。該金額也不會影響我們的現金稅。我們新合約的平均期限較去年同期相對持平，新合約的平均期限保持在約 3 年，而總合約期限較去年同期略有下降。

I did want to spend more time talking about our accelerated platformization and consolidation strategy and give you more of my perspective with some additional framing and detail with the financial lens. Nikesh talked about our programs to alleviate friction with customers. We believe that by moving from a deal-by-deal approach to a program-based and systematic approach, we can accelerate platformization with our customer base and drive then the consolidation faster by mitigating platformization friction. This results in a number of business benefits for us ranging from a faster capture of the customer estate and larger platform commitment to higher renewal and expansion rates and faster adoption of our new innovations.

我確實想花更多時間討論我們的加速平台化和整合策略，並透過一些額外的框架和財務視角的細節向您提供更多我的觀點。 Nikesh 談到了我們為減少與客戶摩擦而實施的計劃。我們相信，透過從逐筆交易的方法轉向基於計劃的系統方法，我們可以加速客戶群的平台化，並透過減輕平台化摩擦來更快地推動整合。這為我們帶來了許多商業利益，從更快地獲取客戶資產和更大的平台承諾，到更高的更新和擴展率以及更快地採用我們的新創新。

For the customer, they are able to execute on the platform deployment with lower risk and consolidate vendors while benefiting from a lower cost -- total cost of ownership and the better security posture. As Nikesh gave you the high-level trajectory in our pipeline, I want to help you understand how we think about the medium term. Our platformization offers to drive consolidation effectively provide customers a period of the contract for free as part of their commitment. We expect we may see a period of 12 to 18 months of pressure on our top line growth rate, notably billings. Some of our platformization programs embed deferred payments into deal structures, which we have spoken about in the past. We expect this will persist through fiscal year '25 as we anniversary the rollout of these programs and result in billings below the target we provided in August of 2023.

對於客戶而言，他們能夠以較低的風險執行平台部署並整合供應商，同時受益於較低的成本（總擁有成本）和更好的安全狀況。正如 Nikesh 向您介紹了我們管道的高級軌跡一樣，我想幫助您了解我們對中期的看法。我們的平台化可以有效地推動整合，為客戶提供一段免費的合約期，作為他們承諾的一部分。我們預計我們的營收成長率（尤其是比林斯）可能會面臨 12 至 18 個月的壓力。我們的一些平台化計劃將延期付款嵌入到交易結構中，我們過去曾談過。我們預計這種情況將持續到第 25 財年，也就是我們推出這些計畫週年紀念日，並導致帳單低於我們在 2023 年 8 月提供的目標。

Beyond this period, we expect we can sustain higher growth than we provided in these targets in August.

在此期間之後，我們預計我們能夠維持比 8 月目標更高的成長。

From an NGS ARR perspective, we expect less impact on our year-end metrics, and we expect we can continue to meet or exceed our target, which calls for 30% growth rate through fiscal year '26. As Nikesh noted, we are establishing a long-term target of $15 billion of NGS ARR in fiscal year '30. Underlying this trend, we expect customers deploying our full set of platforms to have a higher makeup of NGS products. These offerings tend to be deeply installed in our customers' infrastructure and once a customer deploys the platform, it's easier to continue to consolidate vendors and adopt new innovations. We expect this to drive a significant increase in our overall revenue mix that is recurring.

從 NGS ARR 的角度來看，我們預計對我們年終指標的影響較小，並且我們預計我們能夠繼續達到或超過我們的目標，即到 26 財年實現 30% 的成長率。正如 Nikesh 所指出的那樣，我們正在製定 30 財年 NGS ARR 達到 150 億美元的長期目標。在這一趨勢的基礎上，我們期望部署我們全套平台的客戶能夠擁有更高的 NGS 產品組成。這些產品往往深入安裝在客戶的基礎設施中，一旦客戶部署了該平台，就可以更輕鬆地繼續整合供應商並採用新的創新。我們預計這將推動我們經常性整體收入組合的顯著增加。

From a revenue perspective, we expect to see less pressure on revenue as compared to billings. Generally, we see a lag in changes in our revenue growth versus our billings growth, and we expect that this will happen here as well. As Nikesh mentioned, part of what gives us confidence to execute on the strategy and especially to do so now, is our success in driving profitable growth. As we embark on a strategy that we expect will negatively impact the top line in the short term, we have significant confidence that our business scales well and we can continue to see operating leverage from a number of drivers.

從收入角度來看，我們預期收入壓力將小於帳單壓力。一般來說，我們發現收入成長的變化與帳單成長的變化存在滯後性，我們預計這種情況也會發生在這裡。正如尼克什所提到的，我們在推動獲利成長方面取得的成功，讓我們有信心執行該策略，尤其是現在這樣做。當我們開始實施一項預計將在短期內對營收產生負面影響的策略時，我們對我們的業務規模良好並且可以繼續看到來自許多驅動因素的營運槓桿充滿信心。

As I have mentioned multiple times before, we scale well across every line item of our P&L, ranging from customer support, the cloud hosting, the sales and marketing to G&A. And we've seen significant payoff from focusing on internal efficiency across all areas of the business. Let me give you some specific examples for Q2. First, in cloud hosting, we signed a significant extension with our primary cloud provider. This contract is constructed to enable us to drive further margin benefits as we scale. Second, within G&A, we're progressing well on a significant employee experience program. This started by analyzing all of our service desk tickets across all channels and identifying all the manual responses needed to address requests. The combination of process reengineering, automation and AI is still in progress, but we have already seen positive savings and have a target of automating 90% of the more than 300,000 manual interventions.

正如我之前多次提到的，我們在損益表的每個項目上都進行了很好的擴展，從客戶支援、雲端託管、銷售和行銷到一般管理費用。我們已經看到，專注於所有業務領域的內部效率所帶來的巨大回報。讓我給大家舉一些 Q2 的具體例子。首先，在雲端託管方面，我們與我們的主要雲端供應商簽署了一項重要的延期協議。該合約旨在使我們能夠隨著規模的擴大而進一步提高利潤率。其次，在 G&A 內部，我們在一項重要的員工體驗計畫方面進展順利。首先分析我們所有管道的所有服務台票證，並確定解決請求所需的所有手動回應。流程重組、自動化和人工智慧的結合仍在進行中，但我們已經看到了積極的節省，並製定了將超過 300,000 次手動幹預中的 90% 實現自動化的目標。

By the end of Q2, we roughly halved the cost of our T&E servicing. We are now leveraging this program as a template across other business areas. In short, whilst we made a lot of progress, we still have significant opportunities on the profitability front. That gives us confidence that we can maintain our medium-term operating margin and free cash margin targets beyond this year. Specifically, we believe that we can expand our operating margins by 100 basis points beyond this year in line with the operating margin guidance we gave in August of 28% to 29%. And this can continue to support our medium-term free cash flow margin target of 37% plus. We expect that this will come despite us absorbing some billings impact as we have both the benefit of some prior arrangements with deferred payments contributing as well as efforts we have placed on optimizing the cash dynamics of our vendor spending.

到第二季末，我們的差旅與娛樂服務成本大約減少了一半。我們現在正在利用該計劃作為其他業務領域的模板。簡而言之，雖然我們取得了很大進步，但我們在盈利方面仍然存在重大機會。這讓我們有信心在今年之後維持中期營業利潤率和自由現金利潤率目標。具體來說，我們相信我們的營業利潤率可以比今年擴大 100 個基點，與我們 8 月給出的 28% 至 29% 的營業利潤率指導一致。這可以繼續支持我們 37% 以上的中期自由現金流利潤率目標。儘管我們吸收了一些帳單影響，但我們預計這種情況仍會發生，因為我們既受益於一些預先安排的延期付款貢獻，也受益於我們為優化供應商支出的現金動態所做的努力。

In short, I wanted to reiterate what Nikesh said that it is important for us to be able to manage through this platformization acceleration in a financially prudent manner, and we have set ourselves up well to do this over the next 12 to 18 months.

簡而言之，我想重申Nikesh 所說的，對我們來說，能夠以財務審慎的方式管理平台化加速非常重要，我們已經做好了在未來12 到18 個月內做到這一點的準備。

Now moving on to the guidance for Q3 and the year. For the third quarter of 2024, we expect billings to be in the range of $2.30 billion to $2.35 billion, an increase of 2% to 4%. We expect revenue to be in the range of $1.95 billion to $1.98 billion, an increase of 13% to 15%. We expect non-GAAP EPS to be in the range of $1.24 to $1.26, an increase of 13% to 15%.

現在轉向第三季和今年的指導。 2024 年第三季度，我們預計營收將在 23.0 億美元至 23.5 億美元之間，成長 2% 至 4%。我們預計營收將在 19.5 億美元至 19.8 億美元之間，成長 13% 至 15%。我們預計非 GAAP 每股盈餘將在 1.24 美元至 1.26 美元之間，成長 13% 至 15%。

For the fiscal year, we expect billings to be in the range of $10.10 billion to $10.20 billion, an increase of 10% to 11%. We expect NGS ARR to be in the range of $3.95 billion to $4 billion, an increase of 34% to 35%. We expect revenue to be in the range of $7.95 billion to $8 billion, an increase of 15% to 16%. We expect operating margins to be in the range 26.5% to 27%, an increase of 240 to 290 basis points year-over-year. And we expect non-GAAP EPS to be in the range of $5.45 to $5.55, an increase of 23% to 25%. We expect adjusted free cash flow margin to be 38% to 39%.

對於本財年，我們預計帳單將在 101 億美元至 102 億美元之間，成長 10% 至 11%。我們預計 NGS ARR 將在 39.5 億美元至 40 億美元之間，成長 34% 至 35%。我們預計營收將在 79.5 億美元至 80 億美元之間，成長 15% 至 16%。我們預計營業利潤率將在 26.5% 至 27% 之間，年增 240 至 290 個基點。我們預計非 GAAP 每股盈餘將在 5.45 美元至 5.55 美元之間，成長 23% 至 25%。我們預計調整後的自由現金流利潤率為 38% 至 39%。

In the interest of time and to get as many of your questions as possible, we've included the modeling points in the appendix of our earnings presentation. With that, I will turn the call back over to Walter for the Q&A portion of the call.

為了節省時間並盡可能回答您的問題，我們在收益演示的附錄中包含了建模點。這樣，我會將電話轉回沃特以進行電話問答部分。

Thanks. We'll now proceed with Q&A. (Operator Instructions) Our first question will come from Hamza Fodderwala from Morgan Stanley, followed by Brian Essex from JPMorgan.

謝謝。我們現在將繼續進行問答。 （操作員說明）我們的第一個問題將由摩根士丹利的 Hamza Fodderwala 提出，其次是摩根大通的 Brian Essex。

I just wanted to clarify, Nikesh, your comment on spending fatigue. What exactly were you referring to there, just given -- you also said demand was quite good. And then just the billings cut, it seems like it's a function of some bundling discounting as well as lower duration. Any way to quantify that at all?

尼凱什，我只是想澄清你對消費疲勞的評論。您剛才提到的具體指的是什麼——您也說需求非常好。然後只是賬單減少，這似乎是一些捆綁折扣和較短期限的函數。有什麼辦法可以量化這一點嗎？

Thanks, Hamza. Thanks for the question. Yes, I think I want to make sure there's no confusion in our characterization of spending fatigue. Over the last few years, most of our customers have ended up spending more on cybersecurity than on IT. As a consequence, they're feeling like my budget for cybersecurity keeps going up in double digits every year because I'm trying to protect against every new threat vector, yet you see the number of breaches continues to rise. So our customers are sitting down and saying, if I spend more money, can you show me how I get a lower total cost of ownership across my enterprise? How do I spend less on the services that I have to deploy? And how do we get better ROI.

謝謝，哈姆札。謝謝你的提問。是的，我想我想確保我們對消費疲勞的描述沒有混淆。在過去幾年中，我們的大多數客戶最終在網路安全上的支出超過了 IT 上的支出。因此，他們感覺我的網路安全預算每年都在以兩位數的速度增長，因為我正在努力防範每一個新的威脅媒介，但你會看到違規數量仍在持續增加。因此，我們的客戶坐下來問，如果我花更多的錢，你能告訴我如何降低整個企業的總擁有成本嗎？如何減少在必須部署的服務上的花費？以及我們如何獲得更好的投資報酬率。

So I think it's more about optimizing their current cybersecurity budgets as opposed to there being no demand. Demand continues to be very strong. The customers are demanding to get more for the amount of money they have allocated to cybersecurity. That's where platformization consolidation kicks in. In terms of trying to quantify duration versus...

因此，我認為更多的是優化他們當前的網路安全預算，而不是沒有需求。需求仍然非常強勁。客戶要求他們在網路安全方面投入的資金能夠得到更多的回報。這就是平台化整合發揮作用的地方。在嘗試量化持續時間與…方面

So just to be clear, Hamza, from a billings perspective, part of the billings guidance is related to the Fed that we talked about in the prepared remarks, part of it is also because of the platform initiatives -- platformization initiatives per se, but also part of it is we just expect there to be more deferred payments like annual billings, things like that as we roll out these programs. That's what makes it up.

因此，需要明確的是，哈姆扎，從比林斯的角度來看，比林斯指導的一部分與我們在準備好的演講中談到的美聯儲有關，一部分也是因為平台舉措——平台化舉措本身，但是還有一部分原因是，當我們推出這些計劃時，我們只是期望會有更多的延期付款，例如年度帳單之類的事情。這就是它的組成部分。

Great. Thank you, Hamza. Next question is from Brian Essex at JPMorgan, followed by Saket Kalia at Barclays.

偉大的。謝謝你，哈姆札。下一個問題來自摩根大通的 Brian Essex，接著是巴克萊銀行的 Saket Kalia。

Yes. Maybe to follow up on Hamza's question. Maybe for Dipak, one thing that caught my ear was the comment about discounting or offering a free period upfront for a certain period of time. Wanted to get a sense of what kind of headwind within that billings guidance is attributable to some of that discounting? And should we be looking at other metrics like average TCV or annualized TCV to get a sense of once those contracts hit a normal run rate, what would a normalized growth rate look like?

是的。也許是為了跟進哈姆札的問題。也許對於 Dipak 來說，引起我注意的一件事是關於折扣或在一段時間內預先提供免費期的評論。想了解比林斯指導中的哪些不利因素歸因於其中的一些折扣？我們是否應該考慮其他指標，例如平均 TCV 或年化 TCV，以了解一旦這些合約達到正常運作率，正常化成長率會是什麼樣子？

Thanks, Brian. Let me jump in here. I think let me clarify in terms of the discounting notion. What's happening today is when I go to a customer and say, listen, I'd like to replace your estate with the entire platform. The customer says, "Wait, wait a minute, I got this vendor for IPS, this for SD-WAN, this for SSC. And I got half of my firewalls from another vendor, and they all expire at different points in time. I'd love to deploy Zero Trust but it's going to take me 2, 3 years as the end of life, so these vendors happen. And I'm scared that if I rip and replace this at this point in time, is going to create execution risk, not just that, it's going to hit economic risk."

謝謝，布萊恩。讓我跳到這裡來。我想讓我澄清一下折扣概念。今天發生的事情是，當我去找客戶並說，聽著，我想用整個平台替換您的資產。客戶說：「等等，等一下，我從這個供應商獲得了IPS，這個供應商用於SD-WAN，這個供應商用於SSC。我從另一個供應商那裡獲得了一半的防火牆，它們都在不同的時間點到期。我我很想部署零信任，但這需要我2、3 年的時間才能結束，所以這些供應商就會出現。而且我擔心，如果我在這個時間點拆除並替換它，將會創建執行風險，不僅如此，還會影響經濟風險。”

So the propositions we're going to customers is, listen, let's lay out a 2-year, 3-year cybersecurity consolidation and platformization plan. We'll go start implementing today, you pay us when they're done. So what it is, is more of a sort of like you can use our services until you have to keep paying the other vendor, we'll take it from there. But that's taking away a lot of the economic exposure and the execution risk for our customers. Now you can call that discount or you can call that a free offer. Our estimate is approximately it works out at about 6 months' worth of free product capabilities to our customers on a rolling basis. I think in about 12 months, as our offers start lapping each other, we should go back to our growth rate we've been talking about. And I think the right metric is the time frame is to look at RPO.

因此，我們向客戶提出的建議是，聽著，讓我們制定一個 2 年、3 年的網路安全整合和平台化計畫。我們今天就開始實施，完成後你付錢給我們。所以它更像是您可以使用我們的服務，直到您必須繼續向其他供應商付款，我們將從那裡收取費用。但這為我們的客戶消除了許多經濟風險和執行風險。現在你可以稱之為折扣，也可以稱之為免費優惠。我們估計，大約可以為客戶滾動提供約 6 個月的免費產品功能。我認為大約 12 個月後，隨著我們的報價開始相互重疊，我們應該回到我們一直在談論的成長率。我認為正確的衡量標準是查看 RPO 的時間範圍。

Thank you, Brian. Next question from Andy Nowinski at Wells Fargo, followed by Gabriela Borges at Goldman Sachs.

謝謝你，布萊恩。下一個問題由富國銀行的安迪·諾溫斯基提出，隨後是高盛的加布里埃拉·博爾赫斯。

I wanted to ask about the U.S. federal spending. You said it was soft in Q2, Nikesh and I think it's going to remain soft for the next 6 months. But given your comments about how nation state activity targeting the national infrastructure was increasing, I guess, why do you think there's a disconnect between that trend? And were those comments specific to your Palo Alto customers in the U.S. Fed are more broad-based?

我想問一下美國聯邦支出的情況。你說第二季很疲軟，Nikesh，我認為未來 6 個月將保持疲軟。但鑑於您對針對國家基礎設施的民族國家活動如何增加的評論，我想，您為什麼認為這種趨勢之間存在脫節？這些針對聯準會帕洛阿爾托客戶的評論是否具有更廣泛的基礎？

Look, part of it is particular to us. As you are aware, there was a large program. We were part of down selected to be the only vendor. We'd expected and we staffed it to make sure we could implement it and we could get the orders. That program didn't materialize at the pace and at the spending levels we had expected. We saw an early glimpse in Q1 towards the end, we saw it not show up in Q2, and we have it staffed for Q3 and Q4. Remember, Fed is a lower duration number. So it has a much more significant impact to revenue because Fed pays on an annualized basis as opposed to a TCV basis.

看，其中一部分是我們特有的。如您所知，有一個大型計劃。我們被選為唯一的羽絨供應商。我們預料到了這一點，並為其配備了人員，以確保我們能夠實施它並獲得訂單。該計劃沒有按照我們預期的速度和支出水平實現。我們在第一季末看到了早期的一瞥，我們看到它沒有出現在第二季度，並且我們為第三季度和第四季度配備了人員。請記住，聯準會的久期數字較低。因此，它對收入的影響要大得多，因為聯準會按年化支付，而不是按 TCV 支付。

So you're seeing the impact of that to our revenue for Q3 and Q4 and some of the billings miss in Q2, which we had to make up with shipping from non-product backlog. So that's kind of what happened in the Fed business. One's bidding, twice shy. So we're being very cautious about how we expect it to come back or not in the second half of the year. So it's more pertinent to that as opposed to a broader comment around the federal space. And don't forget, Fed is, in general, is not a next-generation security adopter because they're usually slower on cloud services than they are on traditional cybersecurity products.

因此，您可以看到這對我們第三季和第四季的收入的影響，以及第二季的一些帳單缺失，我們必須透過非產品積壓的運輸來彌補。這就是聯準會業務中發生的事情。一人出價，雙倍羞澀。因此，我們對下半年是否會恢復持非常謹慎的態度。因此，與圍繞聯邦空間進行更廣泛的評論相比，它與此更相關。不要忘記，聯準會總體上不是下一代安全採用者，因為他們在雲端服務上的速度通常比在傳統網路安全產品上的速度慢。

Thanks, Andy, Apologies. We're going to go back to Saket Kalia from Barclays and then go to Gabriela Borges from Goldman.

謝謝，安迪，抱歉。我們將從巴克萊銀行回到 Saket Kalia，然後從高盛回到 Gabriela Borges。

Great. Nikesh, maybe for you, just to touch on the platformization item a little bit deeper. I almost think about these as ramping contracts and you tell me if that's off. But specifically, as you look at the second half, maybe putting the mechanics of the ramp aside, how do you sort of feel about sort of underlying demand with metrics like ACV or bookings and what percentage of your book of business do you sort of expect to shift to sort of this ramping structure? Does that make sense?

偉大的。 Nikesh，也許對你來說，只是為了更深入地接觸平台化專案。我幾乎把這些視為漸進合同，你告訴我這是否可行。但具體來說，當你看下半年時，也許把成長的機制放在一邊，你對 ACV 或預訂等指標的潛在需求有何感覺，以及你期望的業務量百分比是多少轉向這種斜坡結構？那有意義嗎？

Yes, yes, that makes a lot of sense. I think part of what we're noticing, Saket, is that we'd like to go from best-of-breed competitive behavior with legacy vendors or New Year vendors and go straight to platform competition. Because you noticed that we have a higher win rate on platform deals. We have a higher win rate and consolidation plays as opposed to best-of-breed head ones, which end up costing more time and energy and you see very, I call it rogue behavior where people start trying to desperately hold on to customers.

是的，是的，這很有意義。 Saket，我認為我們注意到的部分原因是，我們希望從與傳統供應商或新年供應商的同類最佳競爭行為轉向平台競爭。因為您注意到我們在平台交易上的獲勝率更高。與同類最佳的頭部遊戲相比，我們有更高的勝率和整合遊戲，這最終會花費更多的時間和精力，你會看到，我稱之為流氓行為，人們開始拼命地試圖留住客戶。

So we are trying to shift our go-to-market towards a consolidation in play and a platform play. I think, as I said to earlier, the right number to look at in this context is RPO. The underlying demand is strong. Our book of business is strong. Our pipeline is strong. There is nothing going on in the demand side. It's just that we see this pushing out of the billings towards later parts as we get more and more consolidation offers and platform offers out there.

因此，我們正在努力將我們的市場轉向整合遊戲和平台遊戲。我認為，正如我之前所說，在這種情況下應該考慮的正確數字是 RPO。潛在需求強勁。我們的業務實力雄厚。我們的管道很強大。需求方面沒有任何變化。只是隨著我們獲得越來越多的整合優惠和平台優惠，我們看到這種將帳單推向後期部分的情況。

To give you an example, when we acquired Talon, we made Talon free to every SASE customer, right? Is there going and trying to upsell that every SASE customer and run the risk of running the POCs or other secure browsers. We've decided to give it away free for the next 12 months until the customer's renewal comes up. Now that has a billing impact in the 12-month time frame and revenue impact. However, at the end of 12 months, all these will be renewed because our aspiration is to get 50% of our customers to use the enterprise browser.

舉個例子，當我們收購Talon時，我們向每個SASE客戶免費提供Talon，對吧？是否會嘗試向每個 SASE 客戶進行追加銷售，並冒著運行 POC 或其他安全瀏覽器的風險。我們決定在接下來的 12 個月內免費贈送它，直到客戶續訂為止。現在，這對 12 個月的時間範圍內的計費和收入產生影響。然而，在 12 個月結束時，所有這些都將更新，因為我們的願望是讓 50% 的客戶使用企業瀏覽器。

It's one of the best products we've acquired. It has tremendous market tractions. When we acquired it, there were 100 POCs in place going on at customers. And we told them, listen, if you're a Palo Alto customer, just use it. It's part of our product. It's part of the licensing. You don't have to pay us more, you don't have to do a new contract. What that does, it allows us to penetrate a market segment which would end up being competitive, we end up getting some share and spend the rest of our lives trying to create more traction and more market share in the future. Is that great. It's free.

這是我們獲得的最好的產品之一。它具有巨大的市場吸引力。當我們收購它時，客戶正在執行 100 個 POC。我們告訴他們，聽著，如果您是帕洛阿爾託的客戶，就使用它。這是我們產品的一部分。這是許可的一部分。您不必向我們支付更多費用，也不必簽訂新合約。這樣做的作用是，它使我們能夠滲透到一個最終具有競爭力的細分市場，我們最終獲得了一些份額，並用我們的餘生努力在未來創造更多的吸引力和更多的市場份額。那太好了嗎？免費。

Our incident response offer. We never had 400 Fortune 2000 customers dealing with us on incident response. We launched an offer, in 90 days, we've got 400 customers. We gave them 250 hours free, right? That's 100,000 hours of breach consulting for free but that drives a future business for us where they become a cybersecurity partner of choice. So we're trying to seed ourselves into our customers' platform and consolidation strategies so that we don't have to keep fighting on individual best-of-breed deal every time we go to a customer.

我們的事件響應服務。我們從未有過 400 名《財星 2000 強》客戶就事件回應問題與我們打交道。我們推出了一項優惠，在 90 天內，我們就有了 400 位客戶。我們給了他們 250 小時的免費時間，對吧？這相當於 100,000 小時的免費漏洞諮詢，但這為我們推動了未來的業務，讓他們成為首選的網路安全合作夥伴。因此，我們正在努力將自己融入客戶的平台和整合策略中，這樣我們就不必每次去找客戶時都在為個人最佳交易而奮鬥。

Great. Thanks, Saket. We're going to go next to Gabriela Borges with Fatima Boolani from Citi on deck.

偉大的。謝謝，薩凱特。我們將與來自花旗銀行的法蒂瑪·博拉尼 (Fatima Boolani) 一起前往加布里埃拉·博爾赫斯 (Gabriela Borges) 旁邊。

Nikesh, I wanted to ask how you think about the risk of potentially cannibalizing the customers that are willing to pay full price today as you implement the bundling strategy? And then how do you think about...

Nikesh，我想問一下，當您實施捆綁策略時，您如何看待今天願意支付全價的客戶可能被蠶食的風險？然後你怎麼想...

If you find then let me know. Sorry, go ahead, please ask the question. How do you...

如果你找到了請告訴我。抱歉，請繼續提問。你怎麼...

Yes. It's helpful, a longer-term question on how do you think about maybe catalyzing a race to the bottom with pricing pressure. So as you think about ramp deals, technology that maybe was $100 today or a year from now, by the time you get to renewal, is no longer worth $100 because you've created pricing competition or you've created a competitive response.

是的。這是一個很有幫助的長期問題，關於你如何看待透過定價壓力來催化逐底競爭。因此，當你考慮斜坡交易時，今天或一年後可能是100 美元的技術，到你進行更新時，就不再值100 美元，因為你已經創造了價格競爭，或者你已經創造了競爭性的反應。

I think there are 2 answers -- let me answer 2 parts of the question. I think this is -- to think about it as a price war is a wrong way to think about it. Actually, we're averting a price war by driving a platformization approach. I will explain how.

我認為有兩個答案——讓我回答問題的兩個部分。我認為將其視為價格戰是錯誤的思考方式。事實上，我們正​​在透過推動平台化方法來避免價格戰。我會解釋如何做。

First of all, all of our customer deals are discussed, negotiated POC. So it's very rarely that we have a customer who does not understand the value of what they're offering. Because the competitive market, we have a price. Our competitors -- normally rational competitors have a price. So we don't think that we're cannibalizing a full price paying customer possibly. I think what we are doing, Gabriela is that we're avoiding the unintended consequence where a customer says, oops, I have no time left. Because what happens to customers with all the right intentions we'll say, I'll renew, I'll buy Power Auto in 12 months from now when my current contract goes away. They take a little while analyzing and they get to 6 months my God, if I'm not able to deploy you in 6 months, I'm going to have an exposure, so I'm going to go try and get a renewal.

首先，我們所有的客戶交易都是經過討論、協商的 POC。因此，我們很少有客戶不了解他們所提供產品的價值。因為市場競爭激烈，所​​以我們有價格。我們的競爭對手－通常是理性的競爭對手是有價格的。因此，我們認為我們不可能蠶食全價付費客戶。加布里埃拉，我認為我們正在做的是避免意想不到的後果，即客戶說，哎呀，我沒有時間了。因為對於有正確意圖的客戶來說，我們會說，我會續約，12 個月後，當我目前的合約到期時，我會購買 Power Auto。他們花了一些時間進行分析，他們花了 6 個月的時間，天啊，如果我不能在 6 個月內部署你，我就有機會，所以我會嘗試續約。

When they're trying to get a renewal, the other vendors know this is not going to be their business for too long. So that's when international pricing behavior happens. It's not when they execute early and deploy early. So actually, we're averting the last minute race to the bottom like you called it, by making sure our customers don't have to worry about the execution risk and trying to get renewals and trying to get best pricing in the last 6 months.

當他們試圖續約時，其他供應商知道這不會成為他們的業務太久。這就是國際定價行為發生的時候。這不是他們儘早執行和部署的時候。所以實際上，我們正​​在避免像您所說的那樣最後一刻的底線競爭，確保我們的客戶不必擔心執行風險並嘗試續訂並嘗試在過去 6 個月內獲得最佳定價。

Great. Thanks, Gabriela. Next up is Fatima Boolani from Citi. And after that, Roger Boyd from UBS.

偉大的。謝謝，加布里埃拉。接下來是花旗銀行的法蒂瑪·布爾尼 (Fatima Boolani)。之後是瑞銀集團的羅傑·博伊德。

Nikesh, on the platformization strategy. I was hoping you could drill into what the catalyst was for this to be a midyear change. What were you hearing from customers where you said we've got to pull the trigger in the middle of the year because it's admittedly atypical. And then as a related note, when you're rolling this out, if you've got customers who are not paying you for 6 months, how are salespeople going to get compensated for that free freemium sort of stance you're taking. So just how are you protecting I guess, the piece of the go-to-market organization as it relates to the new strategy?

Nikesh，關於平台化戰略。我希望你能深入了解年中變化的催化劑是什麼。您從客戶那裡聽到了什麼，您說我們必須在年中扣動扳機，因為這確實是非典型的。然後，作為一個相關的說明，當您推出此服務時，如果您的客戶在 6 個月內沒有向您付款，那麼銷售人員將如何因您所採取的免費免費增值立場而獲得補償。那麼，我想，您如何保護與新策略相關的進入市場組織的一部分？

Thank you. Dipak did warn me this one will take a little bit of explaining. And -- so let me go back to what Saket said. For simplicity purposes, think about a ramp deal. So our salespeople still get paid on TCV, right? So they're still going to do a 3-year deal or a 5-year deal. We're not doing 6-month or 12-month deals. So you'll see that in our RPO. You'll still see us doing ramp deals where the first 6 months may not be charged, but the next 4.5 years is or the next 2.5 years is. So our salespeople will get paid on the TCV deals like they get paid today, right? That's not a problem. I think that's the best way to think about it and -- I'm sorry, there was another part that I missed, I apologize.

謝謝。迪帕克確實警告我，這需要一些解釋。那麼，讓我回到 Saket 所說的。為了簡單起見，請考慮斜坡交易。所以我們的銷售人員仍然透過 TCV 獲得報酬，對吧？所以他們還是會簽一份3年或5年的合約。我們不做 6 個月或 12 個月的交易。所以您會在我們的 RPO 中看到這一點。您仍然會看到我們進行斜坡交易，其中前 6 個月可能不收費，但接下來的 4.5 年或接下來的 2.5 年收費。那麼我們的銷售人員將像今天一樣獲得 TCV 交易的報酬，對嗎？那不是問題。我認為這是思考這個問題的最佳方式——對不起，我錯過了另一部分，我很抱歉。

Just the impetus of it being a -- yes, what now?

只是它的推動力——是的，現在怎麼辦？

I'd say the impetus, Fatima is fascinating. We are -- we've managed to double our business in the last 5 years. And for us to get to a double from here and more, we've had to step back and say, what did we do? We got 21 categories where we're best-in-breed to realize we're still fighting best-of-breed deals while we should be selling the platformization strategy and we realized selling the platformization strategy, which we have been for the last 6 months, as we said, we have been trialing this out, we've been running this play with about 6 months discovering, when we go in with the platform approach, we win more often than if we go into the best-of-breed only. Otherwise, we get whittled down on price, XDR to XDR or SASE to SASE.

我想說，法蒂瑪的動力令人著迷。我們在過去 5 年裡成功地將業務翻了一番。為了讓我們從這裡達到雙倍甚至更多，我們必須退後一步說，我們做了什麼？我們在21 個類別中是同類最佳的，我們意識到我們仍在與同類最佳交易作鬥爭，而我們應該推銷平台化策略，並且我們意識到推銷平台化策略，這是我們過去6 年一直在做的幾個月來，正如我們所說，我們一直在嘗試這一點，我們已經運行了大約 6 個月的遊戲，發現當我們採用平台方法時，我們比採用同類最佳方法更容易獲勝僅有的。否則，我們會降低價格，從 XDR 到 XDR，或從 SASE 到 SASE。

When you go with XSIAM with XDR, XSIAM and XSOAR, then we don't get a little down on price because customers see the TCO value and the ROI of doing the entire replacement together. But the moment we go up with that is like lots a lot of risk. I got to replace everything in the next 6 months. I'm not willing to commit, let's go one at a time. And they go one at a time, I get billed down on price with a legacy vendor.

當您將 XSIAM 與 XDR、XSIAM 和 XSOAR 結合使用時，我們的價格不會降低一點，因為客戶會看到整個更換的 TCO 價值和投資回報率。但一旦我們這樣做，就會面臨很大的風險。我必須在接下來的六個月內更換所有東西。我不願意承諾，我們一次一個吧。他們一次只買一個，我會向傳統供應商降低價格。

Great. Thanks, Fatima. Next up, we have Roger Boyd, and after that, it will be Jonathan Ho from William Blair.

偉大的。謝謝，法蒂瑪。接下來是羅傑·博伊德，之後是威廉·布萊爾的喬納森·何。

Great. Another follow-up on the platformization. But as you get more accommodative on some of these offerings, more aggressive on discounting. What are you expecting to see from a contract duration perspective? It sounds like the focus is going to be on RPO, but are you expecting to see contract duration actually extend in exchange for some of this economic and flexibility?

偉大的。平台化的另一個後續行動。但當你對其中一些產品變得更加寬鬆時，折扣就會更加激進。從合約期限的角度來看，您期望看到什麼？聽起來焦點將集中在 RPO 上，但您是否期望看到合約期限實際上延長以換取一些經濟性和靈活性？

I think that's a great question. I think the way to think about it is that we still have 2 parts of our business. We'll still have the regular part of our business, which is still growing and competing best-of-breed. We expect that business to continue. Remember, this platformization really applies to where customers have the opportunity to consolidate and platformize. There are still many who are in different parts of their cybersecurity journey or the IT journey. So to the extent that we are dealing with the customer who's willing to consolidate with us, you will see contract durations go up because we're not going to do this if you're not going to get a commitment for a 3- to 5-year deal because it does not behoove us to do those deals if you don't see a long-term commitment to the customer because we are going to be consolidating multiple security products to them and working with them to implement them across the enterprise.

我認為這是一個很好的問題。我認為思考這個問題的方法是我們仍然有兩個業務部分。我們仍將擁有常規業務，該業務仍在成長並與同類最佳企業競爭。我們預計該業務將繼續下去。請記住，這種平台化確實適用於客戶有機會整合和平台化的地方。仍有許多人處於網路安全之旅或 IT 之旅的不同階段。因此，就我們與願意與我們合併的客戶打交道而言，您會看到合約期限延長，因為如果您不打算獲得 3 到 5 個月的承諾，我們就不會這樣做。 - 年交易，因為如果您看不到對客戶的長期承諾，我們就不應該進行這些交易，因為我們將向他們整合多種安全產品，並與他們合作在整個企業中實施這些產品。

Next question, Jonathan Ho from William Blair. And after that, we've got Adam Borg from Stifel.

下一個問題是來自威廉布萊爾的喬納森何 (Jonathan Ho)。之後，我們邀請了來自 Stifel 的 Adam Borg。

Great. I guess one thing I'm trying to understand a little bit better is this ability to standardize on the platform, give you something similar to what Microsoft has done with their E5 bundling to sort of force customers or package very attractive terms for customers to switch. And I guess, how does that maybe play out in terms of customers' willingness to commit to a single vendor platform?

偉大的。我想我想更好地理解一件事，那就是在平台上進行標準化的能力，為您提供類似於微軟在E5 捆綁中所做的事情，以強制客戶或打包非常有吸引力的條款以供客戶轉換。我想，這對客戶承諾使用單一供應商平台的意願會如何發揮作用？

That's a great question, Jonathan. Very apt question. Look, it allows us to do a much better job of putting stuff together across our portfolio as opposed to having to do each of these deals on an individualized basis. So you're bang on the idea that the consolidation benefits us and allows us to drive towards that platform much faster. That's helpful.

這是一個很好的問題，喬納森。非常恰當的問題。看，它使我們能夠更好地將我們的投資組合中的東西整合在一起，而不是必須在個性化的基礎上完成每筆交易。因此，您認為整合對我們有利，並使我們能夠更快地邁向該平台，這一想法非常符合您的觀點。這很有幫助。

I think it also gives us financial flexibility in terms of pricing deals. That's also very important, very true. But I'll give you an example, right, just this morning, I was on the phone and the customer is trying to buy an IoT capability. Independently, that IoT capability is going to cost them north of $5 million. They already have our firewalls. We allowed them to activate IoT off our firewalls, which cost us a lot less than $5 million. But that allowed them to consolidate. And now when the renewal comes up in 6 months or 12 months, they're going to be able to renew for a higher amount. So that degree of flexibility that we can offer our customers, but they don't have to go end up spending more and building yet another vector that they have to go consolidate in the future is what we're trying to drive to.

我認為這也為我們在定價交易方面提供了財務彈性。這也是非常重要、非常正確的。但我給你舉個例子，就在今天早上，我正在打電話，客戶正在嘗試購買物聯網功能。獨立而言，物聯網功能將花費他們超過 500 萬美元。他們已經有了我們的防火牆。我們允許他們在我們的防火牆之外啟動 IoT，這花了我們不到 500 萬美元。但這使他們得以鞏固。現在，當 6 個月或 12 個月後續訂時，他們將能夠續訂更高的金額。因此，我們可以為客戶提供一定程度的靈活性，但他們最終不必花費更多資金來建立他們未來必須整合的另一個載體，這就是我們正在努力實現的目標。

Great. Thanks, Adam. Next up is Keith Bachman from BMO followed by Tal Liani of BofA.

偉大的。謝謝，亞當。接下來是蒙特利爾銀行的基思·巴赫曼 (Keith Bachman)，其次是美國銀行的塔爾·利亞尼 (Tal Liani)。

You confuse me, Walter. I think Dipak for you, you mentioned we certainly have the billings guide for Q3 and then implied for Q4, something like 10%. And you indicated that this was going to be a 12- to 18-month sort of impact as you try to anniversary consolidating spend. But is there any trough or any way to think about FY '25? I mean is it still double-digit billings growth that we should be thinking about? Or any kind of metrics on how you think about the 6 to -- or excuse me, 12 to 18-month impact where you're trying to anniversary the program?

你讓我困惑，沃特。我認為 Dipak 對你來說，你提到我們當然有第三季的帳單指南，然後暗示了第四季的帳單指南，大約是 10%。您表示，當您嘗試週年慶合併支出時，這將是一個 12 到 18 個月的影響。但是否有任何低谷或任何方式來思考 25 財年？我的意思是，我們是否仍然應該考慮兩位數的帳單成長？或者有任何一種指標可以說明您如何看待該計劃週年紀念日的 6 到（或對不起，12 到 18 個月）的影響？

Yes, our aspiration is that towards the second half of '25, we should revert back to our original expectations of mid- to high double-digit growth. But as I said, so 12 to 18 is obviously we have to go experience these programs to see how they persist. But at some point in time, they will start to lap and give us better upside in the larger size deals that we're able to do.

是的，我們的願望是，到 25 年下半年，我們應該會恢復到原來的中高兩位數成長預期。但正如我所說，所以12到18顯然我們必須去體驗這些程序，看看它們如何堅持下去。但在某個時間點，它們將開始出現下滑，並在我們能夠進行的較大規模交易中為我們帶來更好的優勢。

I just want to make one more point, sorry, on this context. One of the things that I think should not be lost what Dipak has said. We have maintained our absolute free cash flow guidance for the year and absolute EPS cuts for the year. So we believe we can make all this happen whilst holding our earnings and free cash flow constant.

抱歉，我只想就這一點再強調一點。我認為迪帕克所說的不應該丟失的事情之一。我們維持了今年的絕對自由現金流指引和今年絕對的每股盈餘削減。因此，我們相信我們可以在保持盈利和自由現金流不變的情況下實現這一切。

Great. Next, we're going to go back to Adam Borg, and then we're going to go to Tal Liani for BofA.

偉大的。接下來，我們將回到 Adam Borg，然後我們將前往美國銀行的 Tal Liani。

Awesome. Maybe just on XSIAM, it was good to see the traction there. Maybe talk more about the displacement opportunity that you saw in the quarter. I think you talked about replacing -- displacing up to 19 different vendors since being introduced and talk more about how you plan to further penetrate that as far as this broader platformization approach.

驚人的。也許就在 XSIAM 上，很高興看到那裡的吸引力。也許更多地談談您在本季度看到的替代機會。我認為您談到了替換——自推出以來取代了多達 19 個不同的供應商，並更多地討論了您計劃如何進一步滲透到這種更廣泛的平台化方法。

Thanks, Adam. So Adam, we've displaced 19 unique different SIM vendors. And the reason that's relevant for us is that tells us that our platform has capability that spans multiple use cases and different types of products in the market. It's not like we only replace 1 kind of SIM. We have been able to replace different kinds of SIM, which offer different capabilities in our customers. And we still believe this is the fastest and best cybersecurity product that has been created. We are north of 65 customers now in 9 months. As we said, we have signed a larger number of deals this quarter. And on a deal per deal basis, we did $90 million in TCV.

謝謝，亞當。 Adam，我們已經取代了 19 家不同的 SIM 供應商。這與我們相關的原因是，它告訴我們，我們的平台具有跨越市場上多個用例和不同類型產品的能力。我們不是只更換一種 SIM 卡。我們已經能夠更換不同種類的 SIM 卡，這些 SIM 卡為我們的客戶提供了不同的功能。我們仍然相信這是迄今為止最快、最好的網路安全產品。 9 個月內，我們的客戶數量已超過 65 家。正如我們所說，本季我們簽署了更多交易。以每筆交易計算，我們的 TCV 為 9000 萬美元。

So we're really excited about it. This does resonate with our customers. We are launching tomorrow an offer to replace end points for our customers who are stuck with legacy end points which is one of the things that holds us back in being able to deploy XSIAM.

所以我們對此感到非常興奮。這確實引起了我們客戶的共鳴。我們明天將推出一項服務，為那些受困於傳統端點的客戶提供端點替換服務，這是阻礙我們部署 XSIAM 的因素之一。

We've also announced support of other non-legacy vendors that they have in their infrastructure. So our customers have been asking for that so we can support some of the other leading edge XDR capabilities in the market. So we are making a sordid play to be able to be the SOC of choice. It is radically different and better than most other SIMs out in the marketplace. So we are putting a concerted effort, very excited about where we are with it.

我們也宣布支持他們基礎設施中的其他非傳統供應商。因此，我們的客戶一直要求這樣做，以便我們能夠支援市場上其他一些領先的 XDR 功能。因此，為了成為首選的 SOC，我們正在進行一場骯髒的比賽。它與市場上大多數其他 SIM 卡截然不同，而且更好。因此，我們正在齊心協力，對目前的進展感到非常興奮。

Thanks a lot, Adam. Next up, Tal Liani from BofA, followed by Brad Zelnick at Deutsche Bank.

非常感謝，亞當。接下來是美國銀行的塔爾·利亞尼（Tal Liani），德意志銀行的布拉德·澤爾尼克（Brad Zelnick）緊隨其後。

First, just clarification, you spoke about discounting or pricing. Is there any product where you see more discounting than others? Is it on the legacy firewall side? Or do we see it on SASE or Cortex? Or should we look at it as a complete kind of pricing for the platform?

首先，澄清一下，您談到了折扣或定價。您是否發現任何產品比其他產品折扣更多？是在舊防火牆一側嗎？或者我們在 SASE 或 Cortex 上看到它嗎？或者我們應該將其視為平台的完整定價？

I think the best analogy is Jonathan's analogy, which is the bundling of multiple things into 1 capability, more like I don't want to call it that 1. More like 1 of the other vendors has a certain bundling philosophy. I think it's more like that than it is about individual product categories because it's not about if you buy SASE, I'll make it cheap or if you buy XT, I will make it cheap. It's about if you commit to my network security platform, the combined whole of it will be much better TCO and ROI for you, and I'll take the execution risk.

我認為最好的類比是 Jonathan 的類比，即將多種事物捆綁為 1 個功能，更像是我不想稱其為 1。更像是其他供應商中的 1 個擁有一定的捆綁理念。我認為它更像是這樣，而不是關於單一產品類別，因為這不是關於如果你購買 SASE，我會讓它便宜，或者如果你購買 XT，我會讓它便宜。問題在於，如果您承諾使用我的網路安全平台，整個平台的綜合成本將為您帶來更好的 TCO 和 ROI，並且我將承擔執行風險。

You don't remember, the exit ARR for me is going to be no different than it is today and I think that's why I don't like the word discounting or reduced pricing. The exit ARR will be consistent with what I would get today. I would end up taking the execution risk away from the customer.

你不記得了，我的退出 ARR 與今天沒有什麼不同，我想這就是為什麼我不喜歡折扣或降價這個詞。退出 ARR 將與我今天得到的一致。我最終會消除客戶的執行風險。

Great. Thank you, Tal. Next up, we have Brad Zelnick from Deutsche Bank. And after that, Matt Hedberg from RBC.

偉大的。謝謝你，塔爾。接下來是德意志銀行的 Brad Zelnick。之後是加拿大皇家銀行 (RBC) 的 Matt Hedberg。

Great. I wanted to ask another question from a go-to-market perspective, just extending on Fatima's question. Nikesh, how do you align the channel to execute on this platformization strategy where for you to win, somebody else has to lose. And their economics are typically a function of present day billings, not LTV. And then also just extending on that, you've talked about the SIs as a real strategic opportunity for you. Where do they fit into this platform -- I got to practice the word, platformization strategy.

偉大的。我想從進入市場的角度問另一個問題，只是延伸法蒂瑪的問題。 Nikesh，你如何調整通路來執行這個平台化策略，你贏了，別人就輸了。他們的經濟效益通常取決於當前的帳單，而不是生命週期價值。在此基礎上，您也談到 SI 對您來說是一個真正的策略機會。他們在這個平台中的位置——我必須練習這個詞，平台化策略。

I know it's a new word. Only introduced 5 years ago when you didn't believe us. But now we've got to worry about consolidation. Thank you, Brad. So when I start to make fun with you, I start forgetting your question. So look, the 2 of your SI channel question, so 2 parts of it. It's a great question.

我知道這是一個新詞。 5 年前才推出，當時您還不相信我們。但現在我們得擔心整合問題。謝謝你，布拉德。所以當我開始取笑你時，我開始忘記你的問題。所以看，你的 SI 頻道問題有 2 個，所以它有 2 個部分。這是一個很好的問題。

First of all, channel does get compensated on TCV. So I think part of what we said is our deals are 40 times when they use all 3 platforms compared to a single platform deal. Our deals are north of 20 times than used 2 platforms, right? Our top 10 customers spent 36% more with us than everybody else. And that's all a function of the deal size. As we do the platformization, the deal size is going to get bigger. The channel gets paid on TCV. So channel has a lot of incentive to help us drive this platformization. I think you hit a very important point around SIs. We have been working really hard over the last 6 months with our SI partners to help activate and we're actually trying to get in front of their engagements with customers as opposed to wait for the RFPs. We have very strong relationships with almost every SI out there. It's been a concerted effort. We've just hired Kristy Friedrichs who is the CEO of New Relic to drive our partnerships, the Chief Partnership Officer. So we are putting a lot of attention and focus on it. And we're positively enthused about the traction we're getting with the SI.

首先，通道確實在 TCV 上得到了補償。所以我認為我們所說的部分內容是，與單一平台交易相比，當他們使用所有 3 個平台時，我們的交易量是 40 倍。我們的交易比使用的 2 個平台高出 20 倍以上，對嗎？我們的前 10 位客戶在我們這裡的花費比其他人多 36%。這都是交易規模的函數。當我們進行平台化時，交易規模將會變得更大。該頻道透過 TCV 獲得報酬。因此管道有很多動力來幫助我們推動這種平台化。我認為您在 SI 方面觸及了一個非常重要的觀點。在過去的 6 個月裡，我們一直在與 SI 合作夥伴一起努力幫助激活，我們實際上是在努力搶在他們與客戶的互動之前，而不是等待 RFP。我們與幾乎所有 SI 都擁有非常牢固的關係。這是大家齊心協力的努力。我們剛剛聘請了 New Relic 執行長 Kristy Friedrichs 擔任首席合作官，負責推動我們的合作夥伴關係。所以我們對此給予了很多關注和關注。我們對 SI 所獲得的關注感到非常興奮。

To think about it, the SIs are new to this business over the last 3 to 5 years. They used to have cybersecurity businesses, but they really doubled down and focused on it, you can take your favorite SI and they all have a very strong practice in cybersecurity. And they would much rather partner with 1 large player or a few large players in the entire gamut of 3,000 cybersecurity companies that are out there. So it fits their aspirations. It fits our aspirations, our getting ahead of it. So they are a critical part of this platformization approach because these platform offers actually spin out a lot more services revenue than individual best-of-breed offers.

想想看，SI 在過去 3 到 5 年裡還是這個行業的新手。他們曾經有網路安全業務，但他們確實加倍努力並專注於它，你可以選擇你最喜歡的 SI，他們在網路安全方面都有非常強大的實踐。他們更願意與 3,000 家網路安全公司中的一家或幾家大型企業合作。所以這也符合他們的願望。它符合我們的願望，我們超越它。因此，它們是這種平台化方法的關鍵部分，因為這些平台產品實際上比單一同類最佳產品帶來更多的服務收入。

Great. Thanks. Next up is Matt Hedberg from RBC followed by Joe Gallo from Jefferies.

偉大的。謝謝。接下來是來自加拿大皇家銀行 (RBC) 的 Matt Hedberg，其次是來自傑富瑞 (Jefferies) 的喬·加洛 (Joe Gallo)。

Great. I think one of the important points, Nikesh, you made is, despite all these changes, free cash flow margins are unchanged for fiscal '24 and the midterm targets, I guess the question for Dipak, I just wanted to make sure I understood why that's the case. It sounds like you said it was prior arrangements and optimizing vendor payments. First of all, did I get that right? And I guess, secondly, when we get into '25, are there other variables that we think of that could potentially change that margin target or kind of confidence level that, that margin target can hold into next year?

偉大的。我認為，Nikesh，你提出的重要觀點之一是，儘管有所有這些變化，24 財年和中期目標的自由現金流利潤率保持不變，我想這是迪帕克的問題，我只是想確保我理解為什麼就是這樣。聽起來你說這是事先安排和優化供應商付款。首先，我做對了嗎？其次，我想，當我們進入 25 年時，我們認為是否還有其他變數可能會改變利潤率目標或該利潤率目標可以維持到明年的信心水平？

So whilst we're not guiding to next year, we're pretty confident in our free cash flow margin, as I said in my prepared remarks going forward. Just to be clear, the thing that buttresses our free cash flow margin the most is our operating margin. Okay? So we do expect that to continue to increase. And that's kind of like 1 part of it. We -- secondly, we've got more business that's coming off prior contracts that we've signed. So we have visibility to that. We know when they're going to come. We also have some incremental focus on factors that impact our cash flow, for example, vendor payment terms. But when we put that all together, look, we're pretty confident on the cash flow side.

因此，雖然我們沒有對明年進行指導，但正如我在未來準備的演講中所說，我們對我們的自由現金流利潤率非常有信心。需要明確的是，最能支撐我們自由現金流利潤率的是我們的營業利益率。好的？因此，我們確實預計這一數字將繼續增加。這有點像其中的一部分。其次，我們已經從之前簽署的合約中獲得了更多業務。所以我們對此有可見性。我們知道他們什麼時候會來。我們也逐漸關注影響現金流的因素，例如供應商付款條件。但當我們把所有這些放在一起時，你看，我們對現金流方面非常有信心。

Great. Thank you. And we'll take our final question from Joe Gallo at Jefferies.

偉大的。謝謝。我們將接受傑富瑞 (Jefferies) 的喬·加洛 (Joe Gallo) 提出的最後一個問題。

I appreciate the candor in cash on spend and it's logical. But given your discounting comments, can you just give an update on the competitive environment on win rates or any metrics you're tracking, particularly in SASE. You have seen several vendors enter the market, several noting large 8-figure wins. You've certainly made 8-figure deals look easy over time, but what gives you confidence this is not competitive, and this is more of a short-term hiccup?

我很欣賞現金支出的坦誠，這是合乎邏輯的。但考慮到您的折扣評論，您能否提供有關勝率或您正在追蹤的任何指標（尤其是在 SASE 中）的競爭環境的最新資訊。您已經看到多家供應商進入市場，其中幾家取得了 8 位數的巨大勝利。隨著時間的推移，你確實讓 8 位數的交易看起來很容易，但是什麼讓你有信心這不具有競爭力，而且這更像是一個短期問題？

First of all, I would not classify this as a short-term hiccup. I know you guys would love life that was linearly nice in quarters and moved up in a beat-and-raise percentage basis. I'm trying to get this done in the next 3 to 5 years where we become even a bigger and larger platform in cybersecurity.

首先，我不會將其歸類為短期問題。我知道你們會喜歡季度線性成長並以擊敗和加註百分比為基礎上升的生活。我正努力在未來 3 到 5 年內完成這一目標，使我們成為網路安全領域越來越大的平台。

If I step back and look at what we've done over the last 5 years, we established the notion of the platform in cybersecurity. It wasn't a notion that existed. I'm trying to accelerate the deployment of the notion because I believe competitive advantaging product in this industry the last 2 to 3 years. At this point in time, I believe we have the largest competitive advantage across our platforms in the market starting with our XSIAM product in our SOC space. We think that is a 15-year-old legacy space, which we should get quickly and go and deploy as quickly as we can across the board and take you any friction in the process.

如果我退後一步，看看我們在過去 5 年所做的事情，我們就建立了網路安全平台的概念。這不是一個存在的概念。我正在努力加速這一概念的部署，因為我相信在過去的兩到三年內該行業的競爭優勢產品。目前，我相信我們在市場上跨平台擁有最大的競爭優勢，首先是我們在 SOC 領域的 XSIAM 產品。我們認為這是一個已有 15 年歷史的遺留空間，我們應該盡快獲得併儘快全面部署，並消除在此過程中的任何摩擦。

On network security, we did not have network securities, Zero Trust offers in the marketplace. We are starting to see our customer bought $40 million of SASE and then came and replaced all their firewalls with us in the last 6 months, right? So we are seeing the customers show that behavior. We're trying to take all the friction out of the way, so they can make that happen.

在網路安全方面，我們沒有市場上提供的網路證券、零信任服務。我們開始看到我們的客戶購買了 4000 萬美元的 SASE，然後在過去 6 個月內與我們更換了他們的所有防火牆，對吧？所以我們看到客戶表現出這種行為。我們正在努力消除所有的摩擦，以便他們能夠實現這一目標。

Now if I break it down into the 3 categories we're in, I think in network security, you'll see more and more zero trust offers where hardware, software and SASE have to combine. There's very few vendors in the space who can do that today. So they're trying to hold on to the legacy positions. We're accelerating combination across that category. You can make your own judgments as to which vendors are going to benefit, which ones are not going to benefit as much.

現在，如果我將其分為 3 個類別，我認為在網路安全中，您會看到越來越多的零信任產品，其中硬體、軟體和 SASE 必須結合。如今，該領域很少有供應商能夠做到這一點。因此，他們正試圖保住傳統職位。我們正在加速該類別的合併。您可以自行判斷哪些供應商將受益，哪些供應商不會受益那麼多。

In the SOC space, there is only 1 option, deploy AI in your SOC. The average technology in the SOC space is 13 to 15 years old, right? That was not made for AI. It was not ready for AI, it doesn't matter who you buy, it doesn't matter what gets acquired. What is important is that you can actually have an AI delivered data lake that delivers the capability of XSIAM. On cloud, it's a new space. And we're beginning to see what's fascinating is for us, our best cloud customers are the ones who are delivering SaaS software to their customers. So we take the large platform players, they use our cloud security because they understand the need to have an integrated cloud platform. So we have green shoots. We have trialed this. This is the time for us to double down and accelerate. That's what we're doing. It's not a hiccup.

在 SOC 領域，只有 1 個選擇，即在 SOC 中部署 AI。 SOC 領域的平均技術已有 13 到 15 年的歷史，對吧？那不是為人工智慧設計的。它還沒有為人工智慧做好準備，無論你買誰，無論收購什麼。重要的是，您實際上可以擁有一個提供 XSIAM 功能的 AI 資料湖。在雲端上，這是一個新的空間。我們開始看到對我們來說最有趣的事情，我們最好的雲端客戶是那些向其客戶提供 SaaS 軟體的客戶。因此，我們選擇大型平台參與者，他們使用我們的雲端安全性，因為他們了解擁有整合雲端平台的必要性。所以我們已經有綠芽了。我們已經對此進行了嘗試。現在是我們加倍努力、加速前進的時候了。這就是我們正在做的事情。這不是打嗝。

Great. Thanks, Joe, for that last question. With that, I'll pass it over to Nikesh for his closing remarks.

偉大的。謝謝喬提出最後一個問題。接下來，我將把它交給尼科甚，讓他作結束語。

No, I know this was exciting for all of you guys, even more exciting for us. We are committed. We believe this is the right way forward. We believe this is the way we can deliver a faster platformization, a faster way to consolidate the industry into a platform. We hope that in the next 5 years, this allows us to double our business from here, which is why I'm here. I want to say thank you to all of our employees, all of our partners, and of course, all of you for taking the time to listen to our earnings call.

不，我知道這對你們所有人來說都很令人興奮，對我們來說更令人興奮。我們承諾。我們相信這是正確的前進方向。我們相信，這是我們能夠提供更快平台化的方式，也是將產業整合為平台的更快方式。我們希望在未來 5 年內，我們能夠將這裡的業務翻一番，這就是我來這裡的原因。我想對我們所有的員工、所有的合作夥伴表示感謝，當然還有你們所有人花時間聆聽我們的財報電話會議。