Palo Alto Networks Inc (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 財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，本次通話是在今天，即 2024 年 2 月 20 日星期二下午 1:30 錄製的。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.

今天與我一起參加電話會議討論第二季業績的有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 將加入我們的問答環節。您可以在我們的網站 investor.paloaltonetworks.com 上找到新聞稿和其他資訊來補充今天的討論。在那裡，請點擊季度業績連結尋找 2024 年第二季的補充資訊和 2024 年第二季的收益報告。

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，我們將對公司的業務營運和財務表現做出前瞻性的陳述和預測。今天所做的這些聲明受到多種風險和不確定因素的影響，可能導致我們的實際結果與這些前瞻性聲明不同。請查看我們的新聞稿和最近提交給美國證券交易委員會的文件，以了解這些風險和不確定性的描述。我們不承擔更新今天演示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。這些指標不應被視為依照 GAAP 編製的財務指標的替代品。最直接可比較的 GAAP 財務指標和對帳表位於新聞稿和投資者介紹的附錄。除非另有特別說明，所有結果和比較均按財政年度計算。

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。現在我將電話轉給 Nikesh。

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，感謝您今天的財報電話會議。我很高興地報告，我們在本季度又成功執行了獲利成長策略，推動了營收成長、非公認會計準則營業利潤率大幅提高以及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％，充分體現了我們未來收入的價值。比林斯的銷售額年增了 16%。與關注獲利成長同樣重要的是，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。非公認會計準則營業利益率為 28.6%，比去年同期擴大了近 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%，即使不計一次性項目，我們的 GAAP 淨收入仍持續大幅成長。除了財務表現之外，我們在第二季也取得了許多值得關注的重大里程碑。我們繼續推動更大規模的交易，包括源源不絕的 100 萬美元以上的交易，以及本季成功達成的最大交易，其中 10 筆交易價值超過 2000 萬美元。我們第二季消費最高的 10 位客戶在此期間對我們的消費增加了 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.

我也想向您介紹我們三個平台所取得的主要成就。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實現 50% 的 ARR 成長。此外，我們在第二季度簽約的新 SASE 客戶中，超過 30% 都是 Palo Alto Networks 的新客戶，這表明，憑藉 SASE 的領先，我們能夠在市場上贏得正面競爭。我們繼續推動網路安全創新，更新我們的高端 7500 個城市平台並投資新的 OT 安全功能，這為我們贏得了新的領導地位。

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，我們在今年上半年進行了大量投資以吸引新客戶，並在第二季度獲得了回報，實現了 5 個季度以來最高的新 ACV 成長。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，大約有四分之一的客戶正在使用 5 個或更多的模組。 Forrester Research 繼續給予我們在該市場的外部認可，將我們定位為《雲端工作負載安全浪潮》報告中的領導者。

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 繼續成為整個業務大額交易和成長的重要催化劑。事實證明，XSIAM 客戶的 ARR 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了 XSIAM 的重大進展，包括單季簽署的交易數量最多，並且本季預訂額再次超過 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 卡供應商，憑藉著我們的信心，我們現在正在系統地研究如何加速這傳統 SIM 卡的取代。

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.

從區域來看，整體需求健康。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，我們擁有必要的認證和一項技術選擇，但這些交易尚未完成。第一季末開始出現的情況在第二季變得更加嚴重。結果，我們在美國聯邦政府業務方面出現了嚴重缺口。我們預計這一趨勢將持續到第三季和第四季。我們本季運送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職位，包括被評為 Gartner 端點保護魔力像限的領導者，現在我們已成為 3 個平台 21 個不同類別中公認的領導者。五年前，當我們開始製定這項策略時，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，世界是同類中最好的。過去五年來，我們的成功得益於平台化的轉變。我們致力於投資創新以擴大我們的行業領導地位和平台。

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.

我們在三大市場中的獨特領導地位正在推動我們的平台在全球 2000 個目標市場中的廣泛應用。截至第二季度，全球 2000 強企業中有 79% 至少在我們的 2 個平台上與我們進行了交易，有 57% 在所有 3 個平台上進行了交易。對於大多數此類帳戶，雖然他們已經採用了來自多個平台的產品，但我們仍處於全面推廣各個平台的早期階段。這是我們未來關注的重點領域，推動我們三個平台的整合。我們知道這是正確的策略，並且看到了多平台勝利的顯著經濟效益。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平均客戶生命週期價值的 5 倍以上。對於我們的 3 個平台客戶來說，這個規模是 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.

當我們推動平台化時，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，而且隨著我們確定了平台的部分——平台的地位，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。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，其中包括一家大型美國製造公司以 4000 萬美元的交易在我們的網路安全平台上進行標準化，更換了壽命終止的競爭硬件，利用我們的安全訂閱，在 SSE 中推動了一個點競爭對手。我們是唯一擁有所有這些產品的正確認證，能夠支援其廣泛的地理覆蓋範圍的公司。

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 部門整合和現代化努力的一部分，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七位數的交易，擴大了我們在新資料中心的防火牆覆蓋範圍，並透過 Prisma Access 擴展了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，我們建立了一個可靠的雲端平台，該平台結合了我們收購或自然開發的關鍵最佳功能。我們的共同架構和使用者體驗涵蓋 12 個模組。由於我們的客戶採用多個模組，他們可以整合各種各樣的供應商，包括雲端安全態勢管理、雲端工作負載保護、API 安全、SCA 或軟體組合分析和基礎設施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 7 位數的 Prisma Cloud 新標誌交易，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 簡化了幾個先前部署的點解決方案和工具。

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.

我們也與北美領先的科技公司達成了一項 7 位數的續約和擴展協議，客戶打算將 Prisma Cloud 的使用範圍擴展到 7 個模組，同時也重視透過 Prisma Cloud 實現的整合和標準化。

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 平台上，透過我們的自主安全營運平台 XSIAM，我們能夠建立我們的產品，這使我們能夠透過 Cortex 加速平台價值主張。 SOC 中的平台方法正在成為客戶的必需品，因為每個點產品自己的資料儲存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力成本的情況下推動適當的行動。

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，同時增加了 XSIAM 和擴展功能，交易價值為 2500 萬美元。 XSIAM 選擇顯示了市場上領先的 2 個 EDR 和 SIM 競爭對手，使客戶能夠避免在庫存中添加其他點產品的成本。

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，我們看到與日本製造公司的後續合併成功。他們之前已透過我們的 SASE 功能整合了他們的網路安全，並利用了我們 DLP 和 CASB 功能中的 Prisma Access。然後，客戶將 XSOAR 加入他們的 SOC 並表示有興趣進一步合併。在第二季度，他們以七位數中段的交易價收購了 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.

我知道如果您有機會看過我們的指導。我們的指引並不是由於需求前景的改變而產生的。我們的指導是我們推動策略轉變的結果，我們希望加速我們的平台化和整合，並激發我們的人工智慧領導。鑑於我們在市場上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.

但在我進一步談論我們打算如何在未來加速我們的成長前景，並努力實現 2030 年 150 億美元的 ARR 更高目標之前，我想先坦誠地告訴大家我們對網路安全市場的看法以及市場的需求功能。

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.

需求狀況與前幾季沒有什麼不同，利潤率持續上升。有多種因素推動了這現象。威脅情勢繼續以不斷增加的規模和複雜的程度對我們的客戶提出挑戰。我親自接到一些執行長和董事會成員的電話，他們經歷過不愉快的事件，也看到同事受到不利影響。我們越來越注重與受到違規行為影響的公司合作，這是一項重要的承諾，因為我們將繼續成為該領域的領導者。

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.

上個季度，我們為 1,500 名頂級客戶提供了在發生違規行為時獲得預先支援的機會。令人驚訝的是，在過去 90 天內，在 1,500 名客戶中，有 400 名註冊以獲得我們關於此主題的幫助。顯然，人們對網路安全的認識和關注達到了前所未有的程度。地緣政治緊張局勢加劇，引發重大國家活動，國家基礎建設成為攻擊目標。許多行業都發生了成功的入侵和勒索軟體攻擊，我們看到了這些攻擊的一些後果。儘管我們今天早上或週末確實看到各執法機構關閉了船閘，但這是一個好兆頭。

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).

證券交易委員會的新規定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補救之前報告這些事件。我們看到了這些揭露要求的結果，認識到需要採取加快行動和安全可見度和補救措施（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.

新的一點是，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並不一定會為他們帶來更好的安全結果。這使得大多數客戶更加關注投資回報率和整體擁有成本。

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.

我也認為業界有一些值得強調的關鍵趨勢。 Palo Alto Networks 是唯一一家在硬體防火牆或產品領域的市佔率不斷成長的公司。這個市場正在迅速變化，我們看到一些已經提高價格的競爭對手開始降低價格。從我們的優勢角度來看，我們看到份額正在朝著有利於我們的方向轉變，因為我們看到客戶正在整合到我們的零信任平台中。正如我所提到的，30% 的客戶是 SASE 的新增網路安全客戶或 Palo Alto 的新客戶。隨著時間的推移，這些客戶會不斷鞏固他們的足跡，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希望的趨勢。我們打算加速這個機會。隨著對投資回報率 (ROI) 和總體擁有成本 (TCO) 的日益關注，單一產品供應商在表達引人注目的價值方面面臨挑戰。他們也被迫擁有平台化的敘事。當他們無法讓客戶相信他們的策略具有競爭力時，他們很多時候會採取不經濟的定價，並以這種方式對交易施加壓力。我們開始看到該領域一些渴望留住客戶的供應商的不規範行為，主要是在傳統供應商領域和新創公司領域。我們打算透過投資該領域並嘗試為客戶加速平台化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.

我們也看到對人工智慧的需求不斷增加，以及在我們的產品中部署人工智慧或大型 DCR 客戶要求我們幫助他們在其基礎設施中成功且負責任地部署人工智慧。綜合起來，這些市場趨勢堅定了我們的信念：採用平台是客戶唯一可行的策略，利用人工智慧勢在必行。我們希望更快實現成為 Salesforce、ServiceNow 或網路安全領域的 Workday 的願望。客戶已經採用了其他技術領域的市場平台，而這在網路安全領域也將不可避免地發生。這些產業趨勢為推動整合的領導者創造了有利條件。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.

儘管平台化前景光明，但對於我們的許多客戶來說，採用它並不容易。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。客戶在執行或對其環境進行重大變更時面臨風險，而這些變更也會為客戶帶來經濟風險。我們注意到的關鍵摩擦點包括同時更換多種產品的挑戰以及在處理複雜合約條款時出現的雙重問題。

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，我們一直在默默地致力於開發程序，以幫助我們最大限度地降低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，透過在客戶關鍵產品合約到期之前及時與客戶接洽，我們可以建立客戶對我們平台的信心。在獲得他們的合約承諾後，我們提供了延長的推出期，在此期間我們可以展示我們提供這些平台優勢的能力。客戶可以在傳統供應商的義務結束後開始向我們付款。

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 個月累積的經驗，我們相信現在是加速我們整個產品組合中的專案以推動平台化的最佳時機。所有這些計劃都將有機制來減少客戶摩擦，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的創新。雖然這不是一個詳盡的清單，但我想給你舉一些例子。

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.

我們已經開始推出包括舊車以舊換新、免費介紹優惠、產品附加服務和激勵措施在內的計劃，以加速房地產標準化。每個計劃都旨在降低執行風險並應對客戶關心的經濟風險。從這個意義上說，我們必須透過較低的前期財務成果來承擔轉型的成本，但我們相信，這將在中長期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，而且大家都關注這些數字，我想讓大家高層次地了解我們預計這將在中期和長期產生的整體影響。然後，我會讓 Dipak 在他的部分中更多地談論這一點，並更為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，參與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。隨著這些項目明年的不斷推進，我們預計未來 12 到 18 個月的帳單和收入成長將會發生變化。隨著客戶進入全額計費和收入貢獻合約期，我們預計我們的營收指標將會加速成長。除了我們的營收指標的下降和加速之外，我們相信，在與增量客戶建立的緊密而廣泛的平台關係的推動下，我們可以更長時間地維持更高的成長率，使我們能夠在 2030 年實現 150 億美元的下一代安全目標。

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.

我們也預計，我們的企業將轉型為經常性收入超過 90% 且非 GAAP 營業利潤率達到行業領先水平的企業。正如迪帕克所解釋的，我們相信我們可以以財務上審慎且強勁的方式做到這一點。

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 願望時，不能不談論 AI。我們公司在人工智慧領域已經耕耘很久了。然而，隨著生成式人工智慧的出現，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科技領域最大的轉捩點之一，更重要的是，它可能會大幅增加網路安全領域的潛在市場總量。

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，在 AI 軟體上的支出將達到 3,000 億美元。從安全角度來看，人工智慧的強大推動力持續帶來許多挑戰，從釣魚到惡意軟體再到民族國家活動的多種攻擊媒介都因人工智慧而產生負面影響。此外，客戶正在為他們的最終用戶評估數十種副駕駛類型的產品，而安全性並不一定是首要考慮的。

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三個獨立機會，我們已經在內部著手了解這一機會，而我們的許多產品功能都處於 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，組織擔心其員工以不安全的方式存取人工智慧。當開源資料意外外洩、其他資料模型被篡改或人工智慧驅動的釣魚行為發生時，我們看到了在我們保護的用戶數量不斷增長的情況下增加價值的機會。我們目前保護了超過 1 億用戶以及他們對公有雲和資料中心應用程式的存取。我們希望每個使用者都為我們提供一個 AI 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50億美元的商機。

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，越來越多的企業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態勢並迅速識別緊急問題一樣。他們必須為與人工智慧相關的工作量做到這一點。我們相信這本身就是未來5年內50億到60億美元的機會。最後，網路流量將越來越多地具有 AI 環境，即應用程式和 AI 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類流量的最佳場所。我們相信，這是未來5年價值50億至60億美元的商機。總體而言，這個總計 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我們的領導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，我們擁有獨特的優勢，可以獲得公平的 TAM 份額。我們的專有數據和龐大的技術足跡在推動人工智慧成果方面具有顯著優勢。

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。在第二季度，我們的 AI 產品（包括 XSIAM、自主數位體驗管理 (ADEM) 和 AI ops）的 ARR 突破了 1 億美元的里程碑。我們可能是第一家在人工智慧安全領域年經常性收入 (ARR) 突破 1 億美元的安全公司。這超出了我們在所有平台上嵌入的 AI 功能，包括我們的高級訂閱和我們的 Code-to-Cloud 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 alpha 版本，由主要客戶負責，他們會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，將在本財年結束前推出更多基於人工智慧的產品。我們計劃推出 3 種新產品，分別針對我所提到的每個立場。

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.

在我結束發言並將其交給迪帕克 (Dipak) 之前，我想先做個總結。我們已經確立了平台化理念，憑藉我們一流的平台，我們佔據了明確的行業領導地位，行業趨勢也讓我們相信，我們處於最佳位置來利用這一早期趨勢，現在我們將重點關注網路安全的下一階段，而這將是整合的關鍵。

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正在實施的策略。我們花了一些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中長期更好的前景，並使我們能夠更快地推動這一整合，同時為我們的客戶提供更好的投資回報率和整體擁有成本。人工智慧是早期階段的一個機會。然而，我們看到那裡存在巨大需求的跡象。事實證明，這是網路安全的一個轉折點，今天將被標記為這一轉折點開始生效的一天，因為我們將在今年剩餘時間內開始提供更多的人工智慧安全產品。

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.

我們有信心，儘管會受到一些短期影響，但我們能夠在更長時間內推動我們的營收成長軌跡，超越我們 8 月談到的成長軌跡。我們已經證明，我們以財務審慎的方式經營業務，我們將繼續這樣做，推動這一加速發展，實現我們原來的營業盈利能力和現金流利潤率目標。

With that, I will pass on to Dipak.

說完這些，我將把話題轉交給迪帕克 (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。考慮到本季度我們要討論的所有內容，我將對我們的第二季業績進行簡要回顧。您可以參閱我們網站上的新聞稿和補充財務資訊來了解我們的關鍵數字。

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 19.8 億美元，成長 19%。產品收入成長 11%，總服務收入成長 22%，其中訂閱收入成長 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.

繼續討論地理位置。我們所有影院的收入都實現了持續成長，其中美洲地區成長了 19%，歐洲、中東和非洲地區成長了 19%，亞太地區也成長了 19%。本季度，我們有一些與帳單相關的進出。正如 Nikesh 所提到的，我們發現美國聯邦垂直部門在某些特定項目方面存在弱點。在我們看到聯準會今年開局緩慢之後，美國聯邦政府的疲軟對我們第二季的營業額造成了重大阻力。聯邦協議對我們的收入影響很大，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交易的現金支出，正如我們上個季度討論的那樣，儘管這種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 EPS 為 4.89 美元，GAAP 淨收入為 17.5 億美元。這些都得益於 15 億美元的稅收相關估值準備金的釋放。這是 24 財年的一次性項目，已從我們的非 GAAP 結果中調整。這個金額也不會影響我們的現金稅。我們新合約的平均期限與去年同期相比相對持平，新合約的平均期限仍約為 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談論我們的加速平台化和整合策略，並從財務角度為您提供一些額外的框架和細節，讓您了解我的觀點。 Nikesh 談到了我們緩解與客戶摩擦的計劃。我們相信，透過從逐筆交易的方式轉變為基於程序的系統性方式，我們可以加速客戶群的平台化，並透過緩解平台化摩擦來更快地推動整合。這為我們帶來了一系列業務利益，包括更快地獲取客戶資產、更大的平台承諾、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.

對於客戶來說，他們能夠以較低的風險執行平台部署並整合供應商，同時受益於更低的成本——總擁有成本和更好的安全態勢。正如 Nikesh 向您介紹了我們管道中的高階軌跡一樣，我想幫助您了解我們對中期規劃的看法。我們的平台化服務旨在有效推動整合，並向客戶提供一段免費的合約期間作為其承諾的一部分。我們預計，我們的營收成長率（尤其是營業額）可能會在未來 12 至 18 個月內面臨壓力。我們的一些平台化計劃將延期付款嵌入到交易結構中，我們過去曾討論過這個。我們預計這種情況將持續到 25 財年，因為我們將慶祝這些計劃的推出，並導致帳單低於我們在 2023 年 8 月設定的目標。

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

在此之後，我們預計我們能夠維持比八月設定的目標更高的成長。

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，我們預計對我們的年終指標的影響較小，並且我們預計我們可以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 所說，我們設定的長期目標是在 30 財年實現 150 億美元的 NGS ARR。基於這一趨勢，我們預計部署我們全套平台的客戶將擁有更高的NGS產品組成。這些產品往往深深安裝在我們客戶的基礎設施中，一旦客戶部署了該平台，就更容易繼續整合供應商並採用新的創新。我們預計這將推動我們整體經常性收入組合的大幅成長。

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，我們預期收入壓力與帳單壓力相比會較小。總體而言，我們的收入成長變化與帳單成長變化存在滯後，我們預計這裡也會發生這種情況。正如 Nikesh 所提到的，我們之所以有信心執行這項策略，特別是現在這樣做，部分原因在於我們在推動獲利性成長方面取得了成功。當我們開始實施一項預計在短期內對營收產生負面影響的策略時，我們非常有信心，我們的業務能夠很好地擴展，並且我們可以繼續從多種驅動因素​​中看到經營槓桿。

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，我們的損益表的每一項都表現出色，包括客戶支援、雲端託管、銷售和行銷以及一般行政事務等。我們透過專注於業務各個領域的內部效率獲得了顯著的回報。讓我舉一些關於問題 2 的具體例子。首先，在雲端託管方面，我們與主要的雲端供應商簽署了一份重要的延期協議。制定此合約是為了使我們能夠在擴大規模的同時獲得進一步的利潤收益。其次，在一般和行政管理部門內部，我們一項重要的員工體驗計畫正在順利進行中。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。流程再造、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約，並計劃將 300,000 多個手動幹預中的 90％ 實現自動化。

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，我們的差旅和費用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，雖然我們取得了巨大進展，但在獲利方面我們仍有重大機會。這使我們有信心在今年稍後維持我們的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，今年以來我們的營業利潤率可以提高 100 個基點，與我們 8 月給出的 28% 至 29% 的營業利潤率預期一致。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。我們預計，儘管我們吸收了一些帳單影響，但這仍將發生，因為我們既受益於一些先前的安排，延期付款也有所貢獻，並且我們為優化供應商支出的現金動態做出了努力。

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 所說的話，對於我們來說，以財務審慎的方式管理這一平台化加速非常重要，並且我們已經為未來 12 到 18 個月做好了準備。

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%.

現在討論第三季和全年的指導。對於 2024 年第三季度，我們預計營業額將在 23 億美元至 23.5 億美元之間，成長 2% 至 4%。我們預計營收在 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%.

我們預計本財政年度的營業額將在 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在 26.5% 至 27% 之間，年增 240 至 290 個基點。我們預計非 GAAP 每股收益在 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，我們在收益報告的附錄中包含了建模要點。說完這些，我將把電話轉回給沃特，讓他進行電話的問答部分。

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。我們現在進行問答環節。 （操作員指示）我們的第一個問題來自摩根士丹利的 Hamza Fodderwala，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?

尼克什，我只是想澄清一下你關於消費疲勞的評論。您到底指的是什麼，只是鑑於──您也說需求相當好。然後只是賬單削減，這似乎是一些捆綁折扣以及更短持續時間的功能。有什麼方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，我想確保我們對支出疲勞的描述不會造成混淆。在過去幾年裡，我們的大多數客戶在網路安全上的花費都超過了 IT 上的花費。因此，他們覺得我的網路安全預算每年都在以兩位數的速度成長，因為我試圖防範每一個新的威脅載體，但你會看到違規行為的數量仍在持續上升。因此，我們的客戶坐下來討論，如果我花更多的錢，你能告訴我如何降低整個企業的整體擁有成本嗎？我如何減少必須部署的服務的開支？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...

因此我認為這更多的是關於優化他們當前的網路安全預算而不是沒有需求。需求持續強勁。客戶要求從他們為網路安全投入的資金中獲得更多收益。這就是平台化整合開始發揮作用的地方。

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，從賬單的角度來看，賬單指引的一部分與我們在準備好的評論中談到的美聯儲有關，部分原因也是因為平台計劃 - 平台化計劃本身，但也有一部分是我們只是預計會有更多的延期付款，比如年度賬單，諸如此類，隨著這些計劃的推出。這就是它的組成。

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，然後是巴克萊的 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 Hamza 的問題。也許對於 Dipak 來說，引起我注意的一件事是關於在一定時期內打折或提前提供免費期限的評論。想要了解帳單指引中的哪些不利因素可歸因於部分折扣嗎？我們是否應該關注其他指標，例如平均 TCV 或年度 TCV，以了解一旦這些合約達到正常運行率，正常化成長率會是什麼樣的？

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。讓我插話一下。我想讓我從折扣概念的角度來澄清一下。今天發生的事情是，當我去找一位客戶說，聽著，我想用整個平台取代你的財產。客戶說：「等等，我找了一家供應商提供 IPS，這家供應商提供 SD-WAN，這家供應商提供 SSC。而我的一半防火牆都是從另一家供應商那裡購買的，而且它們的到期時間都不一樣。我很想部署零信任，但要等 2、3 年才能到期，所以只能選擇這些供應商。我擔心如果現在就拆除風險，但要等 2、3 年才能到期，所以只能選擇這些供應商。我擔心如果現在就拆除

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，讓我們制定一個兩年、三年的網路安全整合和平台化計畫。我們今天就開始實施，完成後你付款給我們。所以，這更像是一種你可以使用我們的服務，直到你必須繼續向其他供應商付款，我們會從那裡開始。但這為我們的客戶消除了許多經濟風險和執行風險。現在您可以稱之為折扣，也可以稱之為免費優惠。我們的估計是，這將為我們的客戶持續提供約 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 的時間框架。

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

謝謝你，布萊恩。下一個問題來自富國銀行的 Andy Nowinski，然後是高盛的 Gabriela Borges。

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?

我想問一下有關美國聯邦支出的問題。您說第二季的情況比較疲軟，Nikesh，我認為未來 6 個月的情況還會繼續疲軟。但考慮到你關於國家針對國家基礎設施的活動日益增多的評論，我想，你認為為什麼這種趨勢存在脫節呢？這些評論是針對您在美國聯邦儲備委員會的 Palo Alto 客戶嗎？

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，其中一部分對我們來說很特別。正如您所知，有一個大型專案。我們是被選中的唯一供應商之一。我們已經預料到這種情況，並配備了人員以確保我們能夠實施它並能夠獲得訂單。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它的痕跡，但在第二季度卻沒有看到它，而且我們已經為第三季和第四季做好了準備。請記住，聯準會的持續時間數字較低。因此，它對收入的影響更為顯著，因為聯準會是按年支付，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產生了影響，而第二季的部分帳單未能如期完成，我們不得不透過非產品積壓的出貨來彌補。這正是聯準會發生的事情。一次出價，兩次害羞。因此，我們對它在今年下半年是否會復甦持非常謹慎的預期。因此，與圍繞聯邦領域的更廣泛的評論相比，它與此更相關。而且別忘了，聯準會總體上並不是下一代安全的採用者，因為他們在雲端服務上的速度通常比傳統網路安全產品慢。

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。我們將回到巴克萊的 Saket Kalia，然後前往高盛的 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，也許對您來說，只是想更深入地談談平台化專案。我幾乎把這些視為遞增合同，然後你告訴我是否正確。但具體來說，當您展望下半年時，也許將成長機制放在一邊，您如何看待 ACV 或預訂量等指標帶來的潛在需求，以及您預計有多少比例的業務將轉向這種成長結構？這樣有道理嗎？

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，這很有道理。 Saket，我認為我們注意到的部分是，我們希望從與傳統供應商或新年供應商的最佳競爭行為轉變為直接進入平台競爭。因為您注意到我們的平台交易的成功率更高。我們擁有更高的勝率和整合策略，而不是同類中最好的策略，這最終會耗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，我們正嘗試將我們的市場定位轉向整合模式和平台模式。我認為，正如我之前所說的，在這種情況下應該關注的正確數字是 RPO。潛在需求強勁。我們的業務表現強勁。我們的管道非常強大。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，我們看到這種帳單被推遲到後期。

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，對嗎？是否會嘗試向每個 SASE 客戶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 個月內免費提供服務，直到客戶續約。這對 12 個月時間範圍內的帳單和收入都有影響。然而，12個月後，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.

這是我們收購的最好的產品之一。它具有巨大的市場吸引力。當我們收購它時，客戶那裡已經有 100 個 POC 正在進行。我們告訴他們，聽著，如果你是 Palo Alto 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。這樣做可以讓我們滲透到一個競爭激烈的細分市場，最終獲得一些份額，並在未來用我們的餘生努力創造更多的吸引力和更多的市場份額。那太好了嗎？它是免費的。

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 家財富 2000 強客戶與我們打交道進行事件回應。我們推出了一項服務，在 90 天內，我們已經擁有了 400 名客戶。我們免費給了他們 250 小時，對嗎？這是免費的 100,000 小時違規諮詢服務，但這將推動我們未來的業務，使他們成為首選的網路安全合作夥伴。因此，我們試圖將自己融入客戶的平台和整合策略，這樣我們每次拜訪客戶時就不必繼續爭取單一最佳交易。

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

偉大的。謝謝，Saket。接下來我們將前往 Gabriela Borges，與花旗銀行的 Fatima Boolani 一起上甲板。

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，您如何看待可能蠶食那些今天願意支付全額的客戶的風險？那您覺得怎樣…

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

如果你發現了請告訴我。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。這很有幫助，一個長期問題是，您如何看待利用定價壓力來催化競相壓價。因此，當您考慮升級交易時，今天或一年後可能價值 100 美元的技術，到續約時，就不再值 100 美元了，因為您已經創造了價格競爭或創造了競爭反應。

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——讓我來回答問題的兩個部分。我認為——將其視為價格戰是一種錯誤的想法。實際上，我們正​​在透過推動平台化方法來避免價格戰。我將解釋如何做。

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，我們所有客戶的交易都是經過討論和協商的。因此，我們很少會遇到不了解其所提供產品的價值的客戶。因為市場競爭激烈，我們有價格。我們的競爭對手－通常理性的競爭對手都有價格。因此，我們認為我們不會蠶食全價付費客戶。加布里埃拉，我認為我們正在做的是，避免意想不到的後果，即顧客說，哎呀，我沒有時間了。因為對於那些有良好意願的客戶，我們會說，我要續約，我將在 12 個月後購買 Power Auto，那時我的現有合約將到期。他們花了一點時間進行分析，然後給了 6 個月的時間，天哪，如果我不能在 6 個月內部署你，我就會受到影響，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，其他供應商都知道這不會是他們的業務太久。這就是國際定價行為發生的時候。這並不是因為他們早點執行，早點部署。因此實際上，我們正​​在避免您所說的最後一刻的競相壓價，方法是確保我們的客戶不必擔心執行風險，並嘗試獲得續約，並嘗試在過去 6 個月內獲得最佳價格。

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。接下來是來自花旗銀行的 Fatima Boolani。接下來是瑞銀的羅傑·博伊德 (Roger Boyd)。

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，談論平台化戰略。我希望您能夠深入了解導致這一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採取行動，因為這確實是不典型的。然後作為相關說明，當您推出這項服務時，如果您的客戶 6 個月沒有向您付款，那麼銷售人員將如何獲得您採取的免費增值立場的補償。那麼，我想問一下，您是如何保護與新策略相關的行銷組織的部分呢？

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。 Dipak 確實警告過我，這一點需要一點解釋。那麼——讓我回到 Saket 所說的話。為了簡單起見，考慮一下坡道交易。所以我們的銷售人員仍然按 TCV 獲得報酬，對嗎？所以他們仍會簽訂一份 3 年期或 5 年期的合約。我們不做6個月或12個月的交易。因此您會在我們的 RPO 中看到這一點。您仍然會看到我們進行坡道交易，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 年則要收費。那麼我們的銷售人員將根據 TCV 交易獲得報酬，就像他們今天獲得的報酬一樣，對嗎？那不是問題。我認為這是思考這個問題的最好方式——抱歉，我還遺漏了另一部分，我很抱歉。

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

只是它的動力──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。在過去的五年裡，我們的業務已經翻了一番。為了從現在起獲得雙倍甚至更高的成績，我們必須回顧過去並問自己，我們做了什麼？我們在 21 個類別中都處於領先地位，我們意識到我們仍在與同類最佳的交易作鬥爭，而我們應該銷售平台化戰略，我們意識到銷售平台化戰略，正如我們所說的，我們在過去 6 個月裡一直在試驗這一點，我們已經運行了大約 6 個月，發現當我們採用平台方法時，我們獲勝的次數比僅僅採用同類最佳策略要多。否則，我們的價格就會降低，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，我們的價格並不會降低，因為客戶可以看到整個替換過程的 TCO 價值和 ROI。但一旦我們開始這麼做，就會面臨很多風險。我必須在接下來的六個月內更換所有東西。我不願意承諾，我們走一個吧。他們一次只做一件事，然後我向傳統供應商收取費用。

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。接下來有羅傑·博伊德 (Roger Boyd)，之後是威廉布萊爾 (William Blair) 的喬納森·何 (Jonathan Ho)。

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。關於平台化的另一個後續行動。但隨著您對某些產品變得更加包容，折扣也會更加激進。從合約期限的角度來看，您期望看到什麼？聽起來重點將放在 RPO 上，但您是否希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.

我認為這個問題問得很好。我認為應該這樣考慮：我們的業務仍然有兩個部分。我們的業務仍將保持常規部分，該部分仍在成長並且仍在進行最佳競爭。我們預計該業務將會繼續下去。請記住，這種平台化真正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，在我們與願意與我們整合的客戶打交道的範圍內，你會看到合約期限會增加，因為如果你不打算獲得 3 到 5 年的交易承諾，我們就不會這樣做，因為如果你沒有看到對客戶的長期承諾，我們就沒有必要做這些交易，因為我們將整合多種安全產品給他們，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 William Blair 的 Jonathan Ho。之後，我們迎來了來自 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。我想更好地理解的一件事就是這種在平台上標準化的能力，給你一些類似於微軟對其 E5 捆綁所做的事情，以強迫客戶或打包非常有吸引力的條款讓客戶進行轉換。我想，從客戶是否願意使用單一供應商平台的角度來看，這可能會產生什麼影響？

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。你看，它使我們能夠更好地整合整個投資組合，而不是必須單獨進行每筆交易。所以您完全同意這個觀點，合併對我們有利，可以讓我們更快地向這個平台邁進。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。這也非常重要，非常真實。但我給你舉個例子，就在今天早上，我打電話的時候，客戶正試著購買物聯網功能。單獨來看，該物聯網功能將花費他們 500 萬美元以上。他們已經擁有我們的防火牆。我們允許他們在防火牆外啟動物聯網，這花費我們不到 500 萬美元。但這使得他們得以鞏固。現在，當 6 個月或 12 個月後續保時，他們可以以更高的金額續保。因此，我們可以為客戶提供一定程度的靈活性，但他們不必花費更多，也不必建立另一個將來需要整合的載體，這就是我們努力追求的目標。

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 BMO 的 Keith Bachman，然後是 BofA 的 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?

你讓我困惑了，沃特。我認為 Dipak 對您來說，您提到我們肯定有第三季的出貨指南，然後暗示第四季的出貨指南會是 10% 左右。您曾表示，當您嘗試每年整合支出時，這種影響將持續 12 到 18 個月。但是是否存在低谷或有什麼方法可以思考25財年呢？我的意思是我們是否仍應該考慮兩位數的營業額成長？或者您如何看待 6 到——或者對不起，12 到 18 個月的影響，您試圖在這一計劃上進行週年紀念？

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2025年下半年，我們應該恢復到我們原來預期的中高兩位數成長。但正如我所說的，顯然我們必須在 12 到 18 歲時去體驗這些項目，看看它們如何堅持下去。但在某個時間點，它們將開始重疊，並在我們能夠進行的更大規模交易中為我們帶來更好的收益。

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，關於這一點，我只想再強調一點。我認為不應該忽視的事情之一是迪帕克所說的話。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幅度。因此我們相信我們可以實現這一切，同時保持我們的收益和自由現金流不變。

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，我們將回到亞當·博格 (Adam Borg)，然後我們將去拜訪美國銀行的塔爾·利阿尼 (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。也許只是在 XSIAM 上，很高興看到那裡的吸引力。也許可以多談談您在本季看到的置換機會。我想您談到了更換——自推出以來取代了多達 19 家不同的供應商，並更多地談談您計劃如何通過這種更廣泛的平台化方法進一步滲透。

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。所以亞當，我們已經取代了 19 家不同的 SIM 卡供應商。這與我們相關的原因是，它告訴我們，我們的平台具有涵蓋市場上多種用例和不同類型產品的能力。我們不是只更換 1 種 SIM 卡。我們已經能夠更換不同類型的 SIM 卡，為我們的客戶提供不同的功能。我們仍然相信這是迄今為止速度最快、最好的網路安全產品。九個月以來，我們的客戶數量已超過 65 個。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 9,000 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。明天我們將推出一項服務，為那些被困在傳統端點中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.

我們也宣布支持其基礎設施中的其他非傳統供應商。我們的客戶一直在要求這樣做，以便我們可以支援市場上其他一些領先的 XDR 功能。因此，為了成為首選 SOC，我們正在採取卑鄙的手段。它與市場上大多數其他 SIM 卡截然不同，而且性能更佳。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·利安尼 (Tal Liani)，然後是德意志銀行的布拉德·澤爾尼克 (Brad Zelnick)。

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，需要澄清的是，您談到的是折扣或定價。有沒有哪種產品的折扣比其他產品的更多？它是在傳統防火牆方面嗎？或者我們在 SASE 或 Cortex 上看到它？或者我們應該將其視為平台的一種完整定價？

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.

我認為最好的比喻是喬納森的比喻，即將多種事物捆綁為 1 種功能，更像是我不想稱之為 1。我認為這更像是那樣，而不是關於單一產品類別，因為這並不是說如果你購買 SASE，我就會讓它便宜，或者如果你購買 XT，我就會讓它便宜。如果您承諾使用我的網路安全平台，那麼整體擁有成本 (TCO) 和投資回報率 (ROI) 將大大提高，而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，對我來說，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 將與我今天獲得的一致。我最終會將執行風險從客戶身上轉移開。

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布拉德‧澤爾尼克 (Brad Zelnick)。之後是來自 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。我想從市場進入的角度提出另一個問題，只是延伸法蒂瑪的問題。 Nikesh，您如何協調頻道來執行這項平台化策略，如果你贏了，別人就得輸。而且他們的經濟狀況通常取決於當天的帳單，而不是 LTV。然後進一步延伸一下，您談到 SI 對您來說是一個真正的策略機會。他們在這個平台中處於什麼位置——我必須練習「平台化策略」這個詞。

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。五年前，當您不相信我們的時候，我們才介紹它。但現在我們必須擔心合併問題。謝謝你，布拉德。所以當我開始跟你開玩笑的時候，我開始忘記你的問題了。所以看，你的 SI 頻道問題中有 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，通路確實會得到TCV的補償。所以我認為我們所說的部分內容是，當他們使用所有 3 個平台時，我們的交易量是使用單一平台交易量的 40 倍。我們的交易量比使用 2 個平台的交易量高出 20 倍，對嗎？我們的十大客戶在我們這裡的消費比其他所有客戶多 36%。這一切都取決於交易規模。隨著我們平台化的推進，交易規模將會變得更大。該頻道透過 TCV 獲得報酬。因此管道有很大的動機來幫助我們推動這個平台化。我認為您觸及了有關 SI 的一個非常重要的觀點。在過去的 6 個月裡，我們一直與 SI 合作夥伴一起努力幫助啟動這項工作，我們實際上正試圖搶在他們與客戶的接觸之前，而不是等待 RFP。我們與幾乎所有 SI 都保持著非常牢固的關係。這是一次共同努力。我們剛剛聘請了 New Relic 的執行長 Kristy Friedrichs 來擔任首席合作夥伴官，以推動我們的合作夥伴關係。因此我們對此投入了大量的注意力和精力。我們對 SI 所取得的進展感到非常興奮。

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 年內才剛進入這個行業。他們曾經有過網路安全業務，但他們確實加倍努力並專注於此，您可以選擇您最喜歡的 SI，他們在網路安全方面都有非常強大的實踐。他們更願意與現有的 3,000 家網路安全公司中的一家或幾家大型公司合作。所以它符合他們的願望。它符合我們的願望，並且讓我們領先於它。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最佳產品產生的服務收入多得多。

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 RBC 的 Matt Hedberg，然後是來自 Jefferies 的 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。我認為你提到的一個重點，Nikesh，是儘管發生了這些變化，但 24 財年的自由現金流利潤率和中期目標並沒有變化，我想這個問題應該問 Dipak，我只是想確保我理解為什麼會這樣。聽起來你說的是事先安排和優化供應商付款。首先，我說得對嗎？其次，當我們進入 25 年後，我們是否會想到其他變數可能會改變利潤率目標或信心水平，以確保利潤率目標能夠維持到明年？

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做出指引，但我們對我們的自由現金流利潤率非常有信心，正如我在準備好的發言中所說的那樣。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，我們有更多的業務來自於我們之前簽署的合約。因此我們能夠看到這一點。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，例如供應商付款條款。但當我們把所有這些放在一起時，我們會發現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。我們將回答 Jefferies 的 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?

我很欣賞在現金支出方面的坦誠，這是合乎邏輯的。但考慮到您的折扣評論，您能否就勝率或您正在追蹤的任何指標的競爭環境（特別是在 SASE 中）進行更新。您已經看到幾家供應商進入市場，其中一些獲得了 8 位數的巨額收益。隨著時間的推移，您確實讓 8 位數的交易看起來很容易，但是什麼讓您確信這並不具有競爭力，而且這更像是一個短期障礙？

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，我不會將此歸類為短期障礙。我知道你們會喜歡這種按季度線性增長、按百分比不斷增長的生活。我希望在未來 3 到 5 年內實現這一目標，使我們成為網路安全領域更大的平台。

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.

如果我回顧過去五年我們所做的一切，我們會發現我們在網路安全領域建立了平台的概念。這不是一個存在的概念。我正在嘗試加速這個概念的部署，因為我相信過去 2 到 3 年內這個行業的競爭優勢產品。目前，我相信我們在市場上各個平台上都擁有最大的競爭優勢，從 SOC 領域的 XSIAM 產品開始。我們認為這是一個已有 15 年歷史的遺留領域，我們應該迅速獲得它並儘快全面部署，並消除過程中的任何摩擦。

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，我們沒有在市場上提供網路安全和零信任服務。我們開始看到我們的客戶購買了價值 4000 萬美元的 SASE，然後在過去的 6 個月內來找我們更換了他們所有的防火牆，對嗎？所以我們看到顧客表現出這種行為。我們正在努力消除所有摩擦，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，如果我將其分為我們所處的 3 個類別，我認為在網路安全方面，您會看到越來越多的零信任產品，其中硬體、軟體和 SASE 必須結合在一起。目前，該領域只有極少數供應商能夠做到這一點。因此他們試圖保住原有的地位。我們正在加速該類別的組合。您可以自行判斷哪些供應商將受益，哪些供應商不會受益太多。

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 個選項，那就是在 SOC 中部署 AI。 SOC領域的平均技術已經有13至15年的歷史了，對嗎？這不是為人工智慧而設計的。它還沒有為人工智慧做好準備，無論你收購誰，收購什麼都無所謂。重要的是，您實際上可以擁有一個可提供 XSIAM 功能的 AI 資料湖。在雲端，這是一個新的空間。我們開始意識到讓我們著迷的是，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，因為他們了解擁有整合雲端平台的必要性。因此，我們已經有了復甦的跡象。我們已經嘗試過這一點。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。這不是什麼小問題。

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，回答我最後一個問題。說完這些，我會把發言權交給 Nikesh，請他作最後發言。

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。我們決心如此。我們相信這是正確的前進方向。我們相信這是我們能夠更快實現平台化的方式，能夠更快地將產業整合為一個平​​台。我們希望在未來五年內，我們的業務能夠翻一番，這也是我來這裡的原因。我要向我們所有的員工、所有的合作夥伴，當然還有所有抽出時間聆聽我們財報電話會議的人們表示感謝。