Palo Alto Networks Inc (PANW) 2024 Q4 法說會逐字稿

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Good day, everyone, and welcome to Palo Alto Networks' fiscal fourth quarter 2024 earnings conference call. I'm Walter Pritchard, Senior Vice President of Investor Relations and Corporate Development.

大家好，歡迎參加 Palo Alto Networks 2024 年第四季財報電話會議。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。

Please note that this call is being recorded today, Monday, August 19, 2024 at 1:30PM, Pacific Time. With me on today's call to discuss fourth-quarter results are Nikesh Arora, our Chairman and Chief Exec*utive Officer; and Dipak Golechha, our Chief Financial Officer.

請注意，本次通話錄音於太平洋時間今天（2024 年 8 月 19 日星期一）下午 1:30 進行。今天與我一起討論第四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。

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 Q4 2024 supplemental information and the Q4 '24 earnings presentation.

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 2024 年第 4 季補充資訊和 2024 年第 4 季收益演示。

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.

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

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

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.

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。

Unless specifically noted otherwise, all results and comparisons are in a fiscal year-over-year basis. We also note that management is scheduled to participate in both the Goldman Sachs Communacopia and Technology Conference and the Citi Global TMT Conference in September.

除非另有特別說明，所有結果和比較均以財政年度為基礎。我們也注意到，管理層計劃參加 9 月的高盛 Communacopia 和技術會議以及花旗全球 TMT 會議。

I will now turn the call over to Nikesh.

我現在將把電話轉給尼科甚。

Thank you, Walter. Good afternoon, everybody, and thank you for joining us today for our earnings call.

謝謝你，沃特。大家下午好，感謝您今天參加我們的財報電話會議。

As most of you are aware, the intensity around technology reliance, connectedness and as a consequence, cybersecurity continues to accelerate. Supply chains and interconnected systems have become the norm for better [access] to target. By most metrics, cyber incidents and their impact continue to be on the rise.

正如你們大多數人所知，技術依賴、互聯性以及網路安全的強度持續加速。供應鏈和互聯繫統已成為更好地[存取]目標的規範。從大多數指標來看，網路事件及其影響持續上升。

And we saw it in spades in Q4, notably the large-scale breaches. A growing number of technology and business trends are further complicating the situation, creating additional challenges. The combination of these is getting further C-suite attention and focusing it on the cybersecurity organizations increasingly rely on their IT system and nothing makes this more evident in a significant outage or security breach.

我們在第四季就看到了這一點，特別是大規模的違規行為。越來越多的技術和商業趨勢使情況更加複雜，帶來了更多挑戰。這些因素的結合正在引起高階主管的進一步關注，並將其重點放在網路安全組織越來越依賴其 IT 系統上，而在重大中斷或安全漏洞中，沒有什麼比這一點更明顯了。

Over the last six months, financial damages from an individual breach topped to $1 billion. In other case, the impact on business was existential and required significant work dedicated to system recovery and rebuilding.

過去 6 個月中，個人違規造成的經濟損失高達 10 億美元。在其他情況下，對業務的影響是生死存亡的，需要大量的工作致力於系統恢復和重建。

Our Unit 42 group is being called into customer crisis situations. We see a wide variation in breach situations, but ransomware remains a significant threat tying many together. A relatively new phenomenon of public ransomware extortion is raising the profile's challenge as organizations need to deal with the pressures of public disclosure before they have had time to do an early assessment.

我們的 42 小組正在被召集來處理客戶危機情況。我們看到違規情況存在很大差異，但勒索軟體仍然是一個將許多人聯繫在一起的重大威脅。公開勒索軟體勒索的一種相對較新的現象正在給檔案帶來挑戰，因為組織需要在有時間進行早期評估之前應對公開披露的壓力。

In addition, the time customers have to address an issue before damages escalate is shrinking. In fact, our research has found that in nearly half of cases attackers can exfiltrate customer data less than a single day of compromise.

此外，客戶在損失升級之前解決問題的時間也在縮短。事實上，我們的研究發現，在近一半的情況下，攻擊者可以在不到一天的時間內竊取客戶資料。

Geopolitical tensions remain at high levels as evidenced by multiple regional conflicts in the news. Cybersecurity activity is often elevated in these environments and we see multiple nongovernment agencies impacted by this nation state activity. We have seen this trend building for a number of years.

地緣政治緊張局勢仍然處於高度緊張狀態，新聞中的多起地區衝突證明了這一點。在這些環境中，網路安全活動往往會增加，我們看到多個非政府機構受到這種民族國家活動的影響。多年來我們已經看到這種趨勢的形成。

Customer environments have been more complex with the adoption of capabilities such as work from anywhere, public cloud and more recently, AI. This complexity is additive with old technologies that have not been retired.

隨著隨時隨地工作、公有雲以及最近的人工智慧等功能的採用，客戶環境變得更加複雜。這種複雜性隨著尚未退役的舊技術而增加。

Meanwhile, a multitude of uncoordinated security defenses are simply layered on. The sprawling interconnectedness of business through their IT systems is multiplying the impact of a breach. Instead of breach impacts being isolated to a single company, we're seeing customers, suppliers, partners and others in the ecosystem because they're really impacted.

同時，大量不協調的安全防禦措施只是層層疊加。透過 IT 系統實現的業務範圍不斷擴大，資料外洩的影響也倍增。我們看到生態系統中的客戶、供應商、合作夥伴和其他人都受到了真正的影響，而不是孤立地影響到一家公司。

This has been most prevalent in the health care and retail industries, but this could happen anywhere. A recent high-profile outage involving security tools has elevated the cybersecurity conversation further.

這種情況在醫療保健和零售業最為普遍，但這也可能發生在任何地方。最近發生的涉及安全工具的備受矚目的故障進一步提升了網路安全話題。

In addition to wanting to better understand the security risks, the C-suite boards are also now digging deeper into the technologies being deployed to mitigate these risks. Meanwhile, AI continues to generate significant excitement in the market, and many organizations are starting to scale transformative use cases that can enable new sources of revenue and/or drive substantial efficiencies.

除了希望更了解安全風險之外，高階主管層董事會現在還在深入研究正在部署的用於減輕這些風險的技術。同時，人工智慧繼續在市場上引起巨大的興趣，許多組織開始擴展變革性用例，這些用例可以帶來新的收入來源和/或大幅提高效率。

AI adoption is proceeding at a rapid pace, faster than honestly, I have seen any other new technology. However, it is following a typical pattern. Innovation is driving the speed of adoption, while security might be an after thought.

人工智慧的採用正在快速進行，老實說，比我見過的任何其他新技術都要快。然而，它遵循一個典型的模式。創新正在推動採用的速度，而安全性可能是事後才想到的。

At the same time, adversaries are leveraging AI capabilities to broaden attacks, better target organizations and scale their malicious activity beyond the capabilities of defenses that relies solely in humans. This environment, paired with an ever more challenging threat landscape and a complex set of point products, that are not well integrated, or even coordinated, is driving a growing need for platformization.

同時，攻擊者正在利用人工智慧功能來擴大攻擊範圍，更好地瞄準組織，並將其惡意活動擴展到完全依賴人類的防禦能力之外。這種環境，加上更具挑戰性的威脅情況和一組複雜的單點產品，這些產品沒有很好地集成，甚至沒有協調，正在推動對平台化的需求不斷增長。

We saw this translate into an acceleration in our bookings in the second half of the year following the rollout of our profit (inaudible) strategy in fiscal year 2024. We're delighted with our Q4 results. We drove the top line ahead of the overall cybersecurity market and delivered improved profitability and strong cash generation.

在 2024 財年推出獲利（聽不清楚）策略後，我們看到這轉化為下半年預訂量的加速。我們的營收領先於整個網路安全市場，並提高了獲利能力和強勁的現金產生能力。

We exceeded our guidance range for quarterly revenue and EPS, while exceeding our original annual guidance ranges for operating margin and free cash flow. We also grew ARPU 20%. We saw strong growth in our next-generation security offerings, and we exceeded our next-generation security [hour] guidance significantly surpassing the $4 billion milestone in Q4.

我們超越了季度收入和每股盈餘的指導範圍，同時超出了營業利潤和自由現金流的原始年度指導範圍。我們的 ARPU 也成長了 20%。我們看到下一代安全產品的強勁成長，並且超出了下一代安全[小時]指導，大大超過了第四季度 40 億美元的里程碑。

We grew NGS ARR 43% with strong contributions across the portfolio. In yet another milestone with $4.2 billion of NGS ARR to close out there, it's more than half our fiscal year 2024 revenue.

我們的 NGS ARR 成長了 43%，整個投資組合做出了巨大貢獻。這是另一個里程碑，NGS ARR 即將結束，超過我們 2024 財年收入的一半。

Remember, six years ago when I started, this was zero. We completed the year by expanding operating margins by 220 basis points and achieving nearly 39% free cash flow margin, generating well over $3 billion of free cash flow. We also continue to deliver healthy GAAP profitability.

請記住，六年前當我開始時，這個數字為零。全年營業利潤率提高了 220 個基點，自由現金流利潤率接近 39%，產生了超過 30 億美元的自由現金流。我們也繼續提供健康的 GAAP 獲利能力。

I know there was significant consternation around our platformization strategy six months ago. All I want to say is, I wish we had started down that path sooner.

我知道六個月前我們的平台化策略引起了極大的恐慌。我想說的是，我希望我們早點開始走這條路。

The amount of interest and activity around it has certainly been heartening and shows promise. After a strong addition of approximately 65 new platformizations in Q3, we added over 90 new platformizations in Q4, now have well over 1,000 total platformizations amongst our 5,000 largest customers as we exit FY24.

圍繞它的大量興趣和活動無疑令人振奮並顯示出希望。在第三季大幅增加約65 個新平台化之後，我們在第四季又增加了90 多個新平台化，截至2024 財年，我們的5,000 家最大客戶中的總平台化數量遠遠超過1,000個。

Beyond the number of platformization, we saw something interesting. We saw a sequential increase in average ARR per platformized customer in Q4. For perspective, our average ARR per placimization is up over 10% since Q1.

除了平台化的數量之外，我們還看到了一些有趣的事情。我們看到第四季度每個平台化客戶的平均 ARR 連續成長。從長遠來看，自第一季以來，我們每次安撫的平均 ARR 增加了 10% 以上。

This effectively means as we convert our customers to platform customers, and single platform customers to multi-platform customers, we see an uplift in ARR. This is an exciting development.

這實際上意味著，當我們將客戶轉變為平台客戶、將單一平台客戶轉變為多平台客戶時，我們會看到 ARR 的提升。這是一個令人興奮的發展。

Revisiting the rise in interest around platomization, senior-level customer meetings increased 70% year-over-year in the second half of the year and grew even faster in Q4. This engagement is key to aligning the customers senior team with our platermization strategy and its benefits. We have a growing team of our executives and sales leaders focused on these engagements worldwide.

回顧人們對平台化興趣的成長，下半年高階客戶會議年增 70%，第四季成長更快。這種參與對於使客戶高階團隊與我們的平板化策略及其優勢保持一致至關重要。我們的高階主管和銷售領導團隊不斷壯大，專注於全球的這些活動。

We expect platformization to be a key driver towards achieving our goal of $15 billion in NGS ARR in fiscal year 2030 and our Q4 performance bolsters our confidence in our ability to reach this goal. You heard from a customer in the intro video, and I want to give you some more stories, to dimensionalize our success of platformization in Q4.

我們預計平台化將成為實現 2030 財年 NGS ARR 150 億美元目標的關鍵驅動力，而我們第四季的業績增強了我們對實現這一目標能力的信心。您在介紹影片中聽到了一位客戶的來信，我想給您更多故事，以具體化我們在第四季度平台化的成功。

As you saw in the video, we signed a high eight-figure deal. In fact, a very high eight-figure deal (inaudible) that started with executive engagement in our briefing center earlier in the year. They are an existing firewalls and [Exor] customer.

正如您在影片中看到的那樣，我們簽署了一份高達八位數的協議。事實上，這是一項高達八位數的交易（聽不清楚），始於今年早些時候我們簡報中心的高階主管參與。他們是現有的防火牆和 [Exor] 客戶。

As part of the platformization, we expanded our firewall footprint, added Prisma Access and moving them closer to a Zero Trust network security implementation. Additionally, we added Prisma Cloud for cloud security, placing an incumbent cloud security competitor.

作為平台化的一部分，我們擴大了防火牆覆蓋範圍，增加了 Prisma Access，並使它們更接近零信任網路安全實施。此外，我們也增加了用於雲端安全的 Prisma Cloud，成為現有的雲端安全競爭對手。

We also agreed to transfer their SIM, replacing two distinct SIM offerings with the AI-powered next-generation SIM, XSIAM. They are now one of our marquee customers platformized across all three. We had a mid-eight-figure platformization deal, a global semiconductor manufacturer, building on a five-year relationship.

我們也同意轉讓他們的 SIM 卡，以人工智慧驅動的下一代 SIM 卡 XSIAM 取代兩種不同的 SIM 卡產品。他們現在是我們在這三個平台上平台化的重要客戶之一。我們與一家全球半導體製造商達成了一項價值八位數的平台化交易，建立在五年合作關係的基礎上。

We worked with the customer on a project to reduce their costs and achieved a more consistent security outcome. This led to a discussion on transforming the network security to Zero Trust. Additionally, the customer agreed to deploy our Cortex platform.

我們與客戶合作進行一個項目，以降低他們的成本並實現更一致的安全結果。這引發了關於將網路安全轉變為零信任的討論。此外，客戶同意部署我們的 Cortex 平台。

This approach was deemed more comprehensive and superior to a solution that was proposed, which comprised various point products from competitors, which would have to be stitched together. Third, the platformized a global media company across all three of our network security form factors.

這種方法被認為比所提出的解決方案更全面、更優越，該解決方案包含競爭對手的各種單點產品，必須將這些產品縫合在一起。第三，將一家全球媒體公司平台化，涵蓋我們所有三種網路安全形式。

The customer prioritized and focused on driving Zero Trust network transformation for an increasingly mobile workforce while under significant cost pressures and dealing with the complexities of M&A integration.

該客戶優先考慮並專注於為日益移動的員工隊伍推動零信任網路轉型，同時面臨巨大的成本壓力並應對併購整合的複雜性。

The customer is also leveraging [Exon expanse] to improve automation and better understand their attack surface. Our team ultimately converted this lengthy sale cycle into a nine-figure deal. Lastly, the US financial services firm is moving 90% of the applications to the public cloud, significantly reducing its data center footprint in that process.

客戶還利用 [Exon expanse] 來提高自動化程度並更好地了解他們的攻擊面。我們的團隊最終將這個漫長的銷售週期轉化為一筆九位數的交易。最後，這家美國金融服務公司正在將 90% 的應用程式遷移到公有雲，從而顯著減少該過程中資料中心的佔用空間。

They're looking to consolidate point solutions and simplify the management of their security environment. This customer expanded from its existing Cortex XDR and XSOAR footprint to add XSIAM replacing, again, to incumbent SIMs. Additionally, the customer added firewall capacity and Prisma Cloud for cloud-native applications to deploy a comprehensive cloud security solution to secure their move to the cloud.

他們希望整合單點解決方案並簡化安全環境的管理。該客戶從其現有的 Cortex XDR 和 XSOAR 足跡擴展到添加 XSIAM，再次取代現有的 SIM。此外，客戶還為雲端原生應用程式添加了防火牆功能和 Prisma Cloud，以部署全面的雲端安全解決方案，以確保其向雲端的遷移。

Now I'll highlight the drivers of our momentum and key innovations across our three product platforms as we look towards fiscal 2025 and beyond. Over the last five years, we have driven a significant transition as an industry around more software-driven network security.

現在，我將重點介紹我們展望 2025 財年及以後的發展勢頭的驅動因素以及我們三個產品平台的關鍵創新。在過去五年中，我們圍繞著更多軟體驅動的網路安全推動了產業的重大轉型。

Our strategy to deliver a comprehensive approach towards network security with hardware software form factors for both (inaudible) and an industry-leading SAS solution is working. Not just that, our comprehensive set of software subscriptions work consistently across all these swing factors.

我們的策略是透過硬體軟體外形尺寸（聽不清楚）和業界領先的 SAS 解決方案提供全面的網路安全方法，而這項策略正在發揮作用。不僅如此，我們的全套軟體訂閱在所有這些波動因素上都能保持一致。

We continue to see our firewall platform billings growth growing in a healthy manner, up 17% in fiscal year 2024. While there is slower appliance growth around the industry, our net [set] growth has been driven by SaaS and the software firewall business. Our (inaudible) platform billings are now two-thirds of the total, up from just over 40% 2 years ago.

我們繼續看到我們的防火牆平台帳單成長健康，在 2024 財年成長了 17%。我們的（聽不清楚）平台帳單現在佔總帳單的三分之二，而兩年前僅為 40% 多一點。

This year, our VM and SASE business grew propelling this mix shift. Our software-based virtual firewall business continues to show strong results with bookings accelerating in the second half.

今年，我們的 VM 和 SASE 業務的成長推動了這種混合轉變。我們基於軟體的虛擬防火牆業務持續表現強勁，下半年預訂量加速成長。

Helping to drive this to double our cloud next-generation power business, which runs natively on top of our -- of the four hyperscalers. Along with cloud next-generation firewall, we're seeing an inflection on software (inaudible) business, as about 70% of the business this quarter. as being used to protect the public cloud.

幫助推動我們的雲端下一代電力業務翻一番，該業務本身運行在我們的四個超大規模企業之上。除了新一代雲端防火牆之外，我們還看到軟體（聽不清楚）業務的變化，約佔本季業務的 70%。用於保護公有雲。

These customers choose the Palo Alto firewall instead of the firewall from the cloud service provider. Our customer momentum and SASE remained strong, with customers growing by over 20%.

這些客戶選擇 Palo Alto 防火牆而不是雲端服務供應商的防火牆。我們的客戶動能和 SASE 保持強勁，客戶成長超過 20%。

Once again, in FY24, more than a third of our new SASE customers continue to be new to Palo Alto Networks. This is encouraging. We're effectively landing in network security with all three of our product families allowing us to eventually drive platformization and move these customers to a Zero Trust platform.

在 2024 財年，超過三分之一的新 SASE 客戶仍然是 Palo Alto Networks 的新客戶。這是令人鼓舞的。我們透過所有三個產品系列有效地實現了網路安全，使我們最終能夠推動平台化並將這些客戶轉移到零信任平台。

Our natively integrated enterprise browser has attracted more attention to our SASE offering since the [Talon] acquisition. Not only is it now an integral part of SASE, we're also able to provide the customers an ability to protect the [AIU] such as employees, both in our SASE and browser product. Beyond our software and SASE form factors, our cloud-based subscriptions are driving steady network security co.

自從收購 [Talon] 以來，我們的原生整合企業瀏覽器吸引了更多人對我們的 SASE 產品的關注。現在它不僅是 SASE 的一個組成部分，而且我們還能夠在我們的 SASE 和瀏覽器產品中為客戶提供保護 [AIU]（例如員工）的能力。除了我們的軟體和 SASE 外形規格之外，我們基於雲端的訂閱正在推動穩定的網路安全合作。

A significant driver is the advanced versions of four of our core subscriptions, modernized to be fully cloud delivered like neuro subscriptions such as IoT and DLP. We have seen strong adoption of our first (inaudible) advanced subscriptions, which carry a higher price point than our original subscriptions.

一個重要的推動因素是我們四個核心訂閱的高級版本，它們經過現代化改造，可以像 IoT 和 DLP 等神經訂閱一樣完全透過雲端交付。我們看到我們的第一個（聽不清楚）高級訂閱得到了廣泛採用，其價格比我們原來的訂閱更高。

Advanced (inaudible) filtering or first has been adopted by over half of our customers after three years on the market. We just launched Advanced DNS in Q4 and are excited to see it ramp as well. More broadly, we have seen the overall subscription attach rate per customer increased from 2.6 at the end of fiscal year 2022 to 3.5% today.

進入市場三年後，超過一半的客戶已採用高級（聽不清楚）過濾或優先過濾。我們剛剛在第四季度推出了高級 DNS，很高興看到它也有所成長。更廣泛地說，我們發現每位客戶的整體訂閱附加率從 2022 財年末的 2.6% 增加到如今的 3.5%。

We have 10 subscriptions that run across all of our network security offerings. Customers can buy these on our firewalls one by one in bundles, packaged for a specific network security use case or as an enterprise license agreement to cover the entire state.

我們有 10 個訂閱，涵蓋我們所有的網路安全產品。客戶可以在我們的防火牆上一一捆綁購買這些產品，打包用於特定的網路安全用例或作為覆蓋整個州的企業許可協議。

Beyond the strong network security momentum, we are innovating to ensure we can continue to lead the network security market as software and SASE further drives growth. Some of the most important highlights are, Prisma Access browser.

除了強勁的網路安全勢頭之外，我們還在不斷創新，以確保隨著軟體和 SASE 進一步推動成長，我們能夠繼續引領網路安全市場。一些最重要的亮點是 Prisma Access 瀏覽器。

Following the position of Talon in Q2, we launched the industry's first and only enterprise browser newly integrated with SASE this month. Leading up to the launch, we saw strong interest in this technology with over 100 customers adopting our talent-powered Prisma Access. The browser is available to our existing and new SASE customers.

繼第二季的 Talon 之後，我們在本月推出了業界第一個也是唯一一個新整合 SASE 的企業瀏覽器。在發布之前，我們看到了對這項技術的濃厚興趣，超過 100 家客戶採用了我們由人才驅動的 Prisma Access。該瀏覽器可供我們現有的和新的 SASE 客戶使用。

We have seen success with our autonomous digital experience management capability integrated with SASE, which helps customers proactively identify sources of downtime and ensure network availability for the hybrid worker and branch office. We followed that up by adding this capability to our firewall and have seen strong initial interest.

我們透過與 SASE 整合的自主數位體驗管理功能取得了成功，它可以幫助客戶主動識別停機來源並確保混合員工和分公司的網路可用性。我們隨後將此功能添加到我們的防火牆中，並看到了最初的強烈興趣。

We launched our AI access offering, enabling our organization's workforce to use AI tools with confidence while giving security teams full visibility, robust controls, data protection and proactive threat prevention measures. AI Acess can easily be turned on for our over 5,000 Prisma Access customers. Following our early Access program in July, we have now seen interest from over 1,000 customers to deploy AI Access.

我們推出了人工智慧存取產品，使我們組織的員工能夠自信地使用人工智慧工具，同時為安全團隊提供全面的可見性、強大的控制、資料保護和主動威脅預防措施。我們的 5,000 多名 Prisma Access 客戶可以輕鬆啟用 AI Acess。繼 7 月的早期 Access 計畫之後，我們現在已經看到超過 1,000 名客戶有興趣部署 AI Access。

Finally, leveraging our industry-leading virtual firewall capability, our AI run time offering is experiencing strong interest from Prisma Cloud and network security customers looking to protect their AI applications, models and data from threats.

最後，利用我們領先業界的虛擬防火牆功能，我們的 AI 運行時產品引起了 Prisma Cloud 和網路安全客戶的強烈興趣，這些客戶希望保護其 AI 應用程式、模型和資料免受威脅。

As we look forward, the direction of the network security market is as clear to us as it's ever been. We are focused on driving the benefits of platformization through our threehree network security form factors and getting our customers to a true Zero Trust architecture delivers the best security with the lowest cost to operate.

展望未來，網路安全市場的方向對我們來說一如既往地清晰。我們致力於透過三種網路安全形式因素推動平台化的優勢，並讓我們的客戶採用真正的零信任架構，以最低的營運成本提供最佳的安全性。

Turning to Prisma Cloud. The enterprise adoption of a public cloud is a generational change in IT that has been underway for at least half a decade.

轉向 Prisma 雲。企業採用公有雲是 IT 領域的變革，這種變革已經持續了至少五年。

More recently, this has been fueled by the adoption of AI services in the public cloud. The public cloud must be secured differently than on-premise environments, and we recognized this more than five years ago.

最近，公有雲中人工智慧服務的採用推動了這一趨勢。公有雲的安全保護必須與本地環境不同，我們在五年多前就認識到了這一點。

In this highly competitive market, we have not only established ourselves our largest pure-play cybersecurity cloud security business being the first seven -- to $700 million in ARR. We also have the broadest footprint of cloud security capabilities in the market. As a great confirmation of our leadership and innovation capability, leading (inaudible) SaaS players have chosen Prisma Cloud to secure their production environments.

在這個競爭激烈的市場中，我們不僅建立了我們最大的純網路安全雲端安全業務，位居前七，ARR 達到 7 億美元。我們還擁有市場上最廣泛的雲端安全功能。領先的（聽不清楚）SaaS 參與者選擇 Prisma Cloud 來保護其生產環境，這是對我們的領導力和創新能力的有力證明。

We have CRM, HR and collaboration leaders who all signed significant deals with us in fiscal year 2024. These players are amongst the most sophisticated users of public cloud technology and hundreds of thousands of organizations trust them to operate a secure, enterprise-grade SaaS offering, we are proud to be able to showcase them as customers.

我們的 CRM、HR 和協作領導者均在 2024 財政年度與我們簽署了重要協議。能夠向客戶展示它們。

Highlighting the comprehensiveness of our platform, we had a number of key innovations in Q4 that show our ability to stay in the lead in this competitive market. For example, we released our 13th Prisma Cloud module, data security posture management based on the acquisition of Big Security. The Big team has moved quickly, not only releasing this module, but also helping to integrate data security comprehensively within Prisma Cloud.

我們在第四季度推出了多項關鍵創新，凸顯了我們平台的全面性，這表明我們有能力在這個競爭激烈的市場中保持領先地位。例如，我們發布了第13個Prisma Cloud模組，基於收購Big Security的資料安全態勢管理。 Big團隊行動迅速，不僅發布了這個模組，還幫助將資料安全全面整合到Prisma Cloud中。

An important use case for securing data in the cloud is securing cloud native LLM based applications. To address this need, we released AI security posture management, our 14th module. Lastly, we released cloud detection and response capabilities, leveraging the best of Prisma Cloud in Cortex.

保護雲端中資料的一個重要用例是保護基於雲端原生 LLM 的應用程式。為了滿足這項需求，我們發布了人工智慧安全態勢管理，這是我們的第 14 個模組。最後，我們發布了雲端偵測和回應功能，充分利用了 Cortex 中 Prisma Cloud 的優點。

CDR gives us a full visibility into security events in the cloud as well as real-time tread detection and remediation. With an increasing frequency and scale of breaches targeting cloud environments, CDR capability is becoming a critical differentiator and a comprehensive cloud security platform.

CDR 使我們能夠全面了解雲端中的安全事件以及即時趨勢偵測和修復。隨著針對雲端環境的違規行為的頻率和規模不斷增加，CDR 功能正在成為一個關鍵的差異化因素和全面的雲端安全平台。

As we close out there, along with the overall acceleration we saw in our second half business, our large deal business in Prisma Cloud was up with strong growth in new and expand business in Q4. As we look forward, we will ensure Prisma Cloud stays ahead of the [CNP] market new capabilities.

當我們結束時，隨著下半年業務的整體加速，我們在 Prisma Cloud 的大宗交易業務隨著第四季度新業務和擴展業務的強勁增長而增長。展望未來，我們將確保 Prisma Cloud 在 [CNP] 市場新功能方面保持領先地位。

We will bring new real-time capabilities to the cloud and enable full cloud security integration to the (inaudible). These will be essential for our customers as public cloud and AI adoption broaden. Last but not the least, Cortex.

我們將為雲端帶來新的即時功能，並實現全面的雲端安全整合（聽不清楚）。隨著公有雲和人工智慧採用範圍的擴大，這些對我們的客戶來說至關重要。最後但並非最不重要的一點是，皮質。

Fiscal year 2024 was a watershed year for Cortex. We firmly established XSIAM as the transformation platform for security operations and continue to innovate across the broader Cortex portfolio. We also expanded the Cortex customer base bringing us future opportunities for XSIAM and maintain ARR growth on a significantly increased scale.

2024 財年是 Cortex 的分水嶺。我們堅定地將 XSIAM 打造為安全營運轉型平台，並在更廣泛的 Cortex 產品組合中繼續創新。我們也擴大了 Cortex 客戶群，為我們帶來了 XSIAM 的未來機會，並保持 ARR 大幅成長。

XSIAM achieved approximately $500 million in bookings in [FY24] alone, up more than 2 times versus our fiscal year 2023. Our active customers are up 4 times over the same time period.

光是 [2024 財年]，XSIAM 的預訂量就實現了約 5 億美元，比 2023 財年增長了 2 倍多。

We finished the year with over 30 customers north of $1 million in XSIAM ARR. Customers are seeing the security outcomes at XSIAM can deliver, namely, a dramatic reduction in the time to discover immediate security events. This is important in identifying signs of breach and stopping the activity before significant business interruption offers.

今年結束時，我們的 XSIAM ARR 客戶數量超過 100 萬美元，超過 30 個。客戶正在看到 XSIAM 可以提供的安全成果，即發現即時安全事件的時間大大縮短。這對於識別違規跡象並在重大業務中斷之前停止活動非常重要。

Our ability to deliver the substantial outcomes unlike any product we have sold since the introduction of our original next-generation firewall more than 15 years ago. And the group of XSIAM is following a similar path.

自 15 多年前推出最初的下一代防火牆以來，我們能夠提供與我們銷售的任何產品不同的實質成果。 XSIAM 團隊也走著類似的路。

Beyond XSIAM, our momentum in Cortex continues with the business passing $900 million in ARR this year. The focus of our platformization efforts for Cortex is with XSIAM. Having closed out fiscal year 2024 with well north of 100 XSIAM customers, we have seen some amazing outcomes of deployed customers.

除了 XSIAM 之外，我們在 Cortex 領域的勢頭仍在繼續，今年的 ARR 業務已超過 9 億美元。我們 Cortex 平台化工作的重點是 XSIAM。 2024 財年結束時，XSIAM 客戶已超過 100 家，我們已經看到了已部署客戶的一些驚人成果。

More than 50% have achieved a median time to resolution for security incidents of under 10 minutes coming from days. After the first quarter deployment, these customers have then seen an additional 2 times improvement in their median time to mediate.

過去幾天，超過 50% 的安全事件解決時間中位數已達 10 分鐘以內。第一季部署後，這些客戶的中位調解時間又延長了 2 倍。

Looking forward, we have increased conviction that we can lead the transformation of any organization security operations center with XSIAM. We see a growing list of customers is an appetite for the outcome we can deliver, and we believe the market is at a point that is ripe for disruption.

展望未來，我們更加堅信我們可以透過 XSIAM 引領任何組織安全營運中心的轉型。我們看到越來越多的客戶對我們所能提供的成果有興趣，我們相信市場已經到了顛覆的時機。

We have a strategy of delivering additional value to our Cortex XDR (inaudible) customers by enabling them to platformize XSIAM. We also see a significant opportunity to provide real-time capabilities in cloud security, where cloud detection and response capabilities can help drive this opportunity. Lastly, we expect to close the IBM created our SaaS assets acquisition by the end of September.

我們的策略是透過支援 Cortex XDR（聽不清楚）客戶將 XSIAM 平台化，為他們提供額外價值。我們還看到了在雲端安全領域提供即時功能的重要機會，其中雲端偵測和回應功能可以幫助推動這一機會。最後，我們預計在 9 月底之前完成對 IBM 創建的 SaaS 資產的收購。

We're excited to work with our colleagues at IBM to bring XSIAM to their customers. It doesn't stop with XSIAM platformization. We are also equally excited about our newest launch, XSIAM for cloud.

我們很高興與 IBM 的同事合作，將 XSIAM 帶給他們的客戶。 XSIAM 平台化不止於此。我們對最新推出的雲端 XSIAM 同樣感到興奮。

This allows organizations to comprehensively address cloud security issues as part of the security operations. Additionally, we are partnering with many service providers and system integrators to build capability together to continue accelerating our XSIAM opportunity.

這使組織能夠作為安全營運的一部分全面解決雲端安全問題。此外，我們還與許多服務提供者和系統整合商合作，共同建立能力，以繼續加速我們的 XSIAM 機會。

And finally, a quick note on the recent widespread outages in the industry. I want to reiterate our product uses an approach that deploys a 1% to 3% wide sample test cohort to ensure no issues and then we released content updates in a phased manner.

最後，簡單介紹一下最近該行業廣泛出現的停電情況。我想重申一下，我們的產品使用的方法是部署 1% 到 3% 的樣本測試佇列，以確保沒有問題，然後我們分階段發佈內容更新。

We have additionally enabled controls so customers can manage the update process and control it. The recent outage has caused a number of customers to reevaluate their options. They have initiated conversations with us around XDR and XSIAM.

我們還啟用了控件，以便客戶可以管理更新過程並控制它。最近的停電導致許多客戶重新評估他們的選擇。他們已開始與我們圍繞 XDR 和 XSIAM 進行對話。

This, plus our industry-leading Cortex technology is appealing as we've talked to -- everyone we have talked to so far, and we think it has potential to further drive our Cortex momentum. When I came to Palo Alto Networks, we articulated a clear strategy that for our continued success, we needed to ensure our products were constantly improving.

這一點，再加上我們領先業界的 Cortex 技術，正如我們迄今為止所採訪過的所有人所交談的那樣，非常有吸引力，我們認為它有潛力進一步推動我們的 Cortex 發展勢頭。當我來到 Palo Alto Networks 時，我們制定了一個明確的策略：為了我們的持續成功，我們需要確保我們的產品不斷改進。

They are solving problems for our customers the best way possible. And also, we are solving new problems. In other words, our success would depend on our product portfolio and product quality.

他們正在以盡可能最好的方式為我們的客戶解決問題。而且，我們正在解決新問題。換句話說，我們的成功將取決於我們的產品組合和產品品質。

I continue to be excited about continued growing leadership position in the cybersecurity categories with our products, customers adopt the best-of-breed offering and eventually evolve to a platform approach. The results of our innovation are evident in the broad analyst recognition of our leadership position across 24 categories.

我仍然對我們的產品在網路安全類別中不斷提升的領導地位感到興奮，客戶採用了同類最佳的產品並最終發展為平台方法。我們的創新成果體現在分析師對我們在 24 個類別的領導地位的廣泛認可中。

This quarter, we added a new recognition of incident response services, a testament to our industry-leading capabilities in (inaudible) response and recovery. We also added a leadership recognition data security posture management, our eighth for Prisma Cloud. One last area to highlight, we continue to believe in the opportunity around AI.

本季度，我們增加了對事件回應服務的新認可，這證明了我們在（聽不清楚）回應和復原方面領先業界的能力。我們也加入了領導認可資料安全態勢管理，這是 Prisma Cloud 的第八個。最後一個需要強調的領域是，我們仍然相信人工智慧帶來的機會。

We think we are in the very early innings, and AI will be both a threat and opportunity. I'm particularly proud of our team who stepped up and deliver this comprehensive suite of AI Security solutions for our customers.

我們認為我們正處於早期階段，人工智慧既是威脅也是機會。我對我們的團隊感到特別自豪，他們為我們的客戶提供了這套全面的人工智慧安全解決方案。

We also continue to infuse AI into our platforms allowing us to bring leading solutions to our customers. These AI solutions are off to a good start. We surpassed $200 million in ARR to close out the year, underscoring the traction, the AI-first products we have had in the market such as XSIAM and (inaudible).

我們也繼續將人工智慧融入我們的平台，使我們能夠為客戶帶來領先的解決方案。這些人工智慧解決方案有了一個很好的開始。今年結束時，我們的 ARR 超過了 2 億美元，突顯了我們在市場上擁有的人工智慧優先產品（例如 XSIAM 和（聽不清楚））的吸引力。

In May, we announced our suite of AI security offerings of [long star] precision AI campaign featuring the TV ad with Keanu Reeves. Over the last several weeks, we have released the announced product, namely AI access, AI Firewall or runtime security and AI security posture management.

五月份，我們宣布了我們的 [長星] 精準 AI 活動的 AI 安全產品套件，其中包括基努李維 (Keanu Reeves) 的電視廣告。在過去的幾周里，我們發布了已發布的產品，即人工智慧存取、人工智慧防火牆或運行時安全和人工智慧安全態勢管理。

We believe this makes us the first to market with a comprehensive portfolio for secure AI (inaudible) design. Before I hand over the call to Dipak, I want to reflect on our journey and set some context as we discuss fiscally in 2025. Throughout fiscal year 2024, you saw a backdrop helping create interest and demand for enhanced cybersecurity.

我們相信，這使我們成為第一個向市場推出用於安全人工智慧（聽不清楚）設計的全面產品組合的公司。在將電話交給Dipak 之前，我想回顧一下我們的歷程，並在我們討論2025 年財務時設定一些背景。和需求的背景。

This helped to accelerate our bookings in the second half of the year. It is also reflected in our new platformization as we closed the year with strong momentum and our strong NGS ARR. FY24 marked a seminal moment in our history.

這有助於加快我們下半年的預訂。這也反映在我們的新平台化中，我們以強勁的勢頭和強勁的 NGS ARR 結束了這一年。 2024 財年是我們歷史上的重要時刻。

I feel our innovation engine is now leading the market by showing enhancements to our SASE portfolio, our cloud security efforts or in the (inaudible). We have new integrated solutions for our customers.

我覺得我們的創新引擎現在透過展示我們的 SASE 產品組合、我們的雲端安全工作或（聽不清楚）方面的增強功能正在引領市場。我們為客戶提供新的整合解決方案。

Take AI. We believe we are the only scale cybersecurity player to lead the market in a comprehensive suite of AI solutions. We feel comfortable that we are on track towards our target of making Palo Alto Networks, the first $15 billion ARR security business.

以人工智慧為例。我們相信，我們是唯一一家在全面的人工智慧解決方案中引領市場的規模化網路安全參與者。我們感到很欣慰的是，我們正在朝著將 Palo Alto Networks 打造成第一個價值 150 億美元的 ARR 安全企業的目標邁進。

We have made decisions on how we run our business to maximize long-term ARR (inaudible) well with growing shareholder value. The select club of enterprise companies has scaled [near our] business in front of us, and we intend to join the [cloud].

我們已經就如何經營業務做出了決策，以最大限度地提高長期 ARR（聽不清楚）以及不斷增長的股東價值。精選的企業公司俱樂部已經在我們面前擴展了[靠近我們]的業務，我們打算加入[雲端]。

Dipak will cover in detail how we will evolve our external metrics in line with this. We closed the year with strong top line growth, expanded our operating margins and drove best-in-class cash conversion, and we are confident that we can continue this in fiscal year 2025 and beyond. With that, I will hand it over to Dipak.

Dipak 將詳細介紹我們將如何根據這一點發展我們的外部指標。我們以強勁的收入成長結束了這一年，擴大了營業利潤並推動了一流的現金轉換，我們有信心在 2025 財年及以後繼續保持這一勢頭。這樣，我就把它交給 Dipak。

Thank you, Nikesh, and good afternoon, everyone. To maximize our time spent on Q&A, I will provide you with highlights of Q4. You can review the results in our press release and the supplemental financial information on our website.

謝謝你，Nikesh，大家下午好。為了最大化我們花在問答上的時間，我將為您提供第四季度的亮點。您可以在我們的新聞稿中查看結果以及我們網站上的補充財務資訊。

In Q4, total revenue was $2.19 billion and grew 12%, above the high end of our guidance. Within revenue, product revenue declined 5%, while total services revenue grew 18%.

第四季度，總營收為 21.9 億美元，成長 12%，高於我們指引的上限。在收入方面，產品收入下降了 5%，而總服務收入增加了 18%。

Drilling into services revenue, subscription revenue grew 23% and support revenue grew 10%. It is worth noting that product revenue grew 24% a year ago as the supply chain normalized, resulting in growth above our underlying demand in that period.

深入研究服務收入，訂閱收入成長 23%，支持收入成長 10%。值得注意的是，隨著供應鏈正常化，產品收入在一年前成長了 24%，導致成長超過了我們同期的基本需求。

Despite the tough Q4 comparison due to supply chain constraint reversals in the second half, fiscal '24 the second half of '23 -- fiscal '24 product revenue grew in the low single-digit range, which is in line with our expectations. The firewall appliance market demand was stable in Q4, and we continue to expect growth of 0% to 5% as we have previously discussed.

儘管由於下半年供應鏈限制逆轉，第四季度的比較很艱難，但23 財年下半年的24 財年——24 財年產品收入增長在較低的個位數範圍內，這符合我們的預期。第四季防火牆設備市場需求穩定，正如我們之前討論的那樣，我們繼續預計將成長 0% 到 5%。

Moving on to geographies. We saw revenue growth across all theaters with the Americas growing 11%, EMEA up 14% and JPAC growing 15%. We saw strength across all of our geographic theaters. Total RPO, a metric that better represents our top line growth and billings grew 20% to $12.7 billion.

繼續討論地理。我們看到所有影院的收入都在成長，其中美洲成長了 11%，歐洲、中東和非洲成長了 14%，日本太平洋地區成長了 15%。我們在所有地域戰區都看到了實力。總 RPO 是一個更能代表我們營收成長的指標，帳單成長了 20%，達到 127 億美元。

Our current RPO grew 17% to $5.9 billion. The average duration of our new contracts remained at approximately three years, in line with our third quarter.

我們目前的 RPO 成長了 17%，達到 59 億美元。我們新合約的平均期限維持在三年左右，與第三季的情況一致。

As Nikesh mentioned, our NGS ARR grew well past the $4 billion, ending the year at $4.22 billion and growing 43%. Strength in NGS ARR was broad-based across our three security platforms. We reported Q4 billings above the high end of our guidance, driven primarily by double-digit booking growth and higher volumes transacted on (inaudible).

正如 Nikesh 所提到的，我們的 NGS ARR 成長遠遠超過了 40 億美元，年底達到 42.2 億美元，成長了 43%。 NGS ARR 的優勢在我們的三個安全平台上具有廣泛的基礎。我們報告的第四季度的帳單高於我們指導的上限，這主要是由兩位數的預訂成長和交易量增加（聽不清楚）推動的。

On our balance sheet, you will see that our debt balance came down by $199 million and is now under $1 billion. Like in Q3, this reduction was driven by the early conversion of our convertible debt which occurred at the option of the debt holders and were settled for us in cash and equity.

在我們的資產負債表上，您會看到我們的債務餘額減少了 1.99 億美元，目前低於 10 億美元。與第三季一樣，這一減少是由於我們的可轉換債務提前轉換所致，該轉換是由債務持有人選擇進行的，並以現金和股權形式為我們解決。

Our remaining debt matures in June 2025 although we may continue to see early conversions. We did not repurchase any shares in Q4, and our buyback strategy remains opportunistic. Our Board of Directors approved an additional $500 million buyback authorization such that we now have $1 billion in authorization remaining through December 2025.

我們的剩餘債務將於 2025 年 6 月到期，儘管我們可能會繼續看到提前轉換。第四季我們沒有回購任何股票，我們的回購策略仍然是機會主義的。我們的董事會額外批准了 5 億美元的回購授權，因此到 2025 年 12 月，我們還有 10 億美元的授權剩餘。

I wanted to give you some context around our NGS ARR RPO billings and total services revenue metrics. You can see the relatively steady trends in RPO and NGS ARR, which closely matched the trends in total services revenue, while we have seen more volatility in billings.

我想向您介紹一些有關我們的 NGS ARR RPO 帳單和總服務收入指標的背景資訊。您可以看到 RPO 和 NGS ARR 的趨勢相對穩定，這與總服務收入的趨勢密切相關，而我們看到帳單的波動更大。

We've talked through a year now about the factors that impact our billings. Over a year ago, we began to see the impact of rising interest rates, on how customers perceive the cost of money and procurement situations. This was causing many to ask for payments to be spread over multiple years instead of an upfront payment.

我們已經討論了一年來影響我們帳單的因素。一年前，我們開始看到利率上升對客戶如何看待資金成本和採購狀況的影響。這導致許多人要求分期付款而不是預付款。

In response, we leverage programs such as annual billings and our PANFS financing capability. The impact on billings varied based, based upon which program the customer chose and how the deal was structured.

作為回應，我們利用年度帳單和 PANFS 融資能力等計劃。對帳單的影響因客戶選擇的計劃以及交易的結構而異。

Also, during this fiscal year, we rolled out our platformization strategy, and we offered customers more flexibility in payment terms when making large strategic commitments. This has had a further impact on our billings.

此外，在本財年，我們推出了平台化策略，在做出重大策略承諾時為客戶提供了更大的付款條件彈性。這對我們的帳單產生了進一步的影響。

In both of these situations, we found ourselves facing the choice of maximizing billings or focusing on NGS ARR, and we want all to have all of the incentives aligned to (inaudible). RPO and revenue are both important to understanding our business momentum. Revenue gives you the near-term view of our growth.

在這兩種情況下，我們發現自己面臨著最大化賬單或專注於 NGS ARR 的選擇，並且我們希望所有激勵措施都保持一致（聽不清楚）。 RPO 和收入對於了解我們的業務動能都很重要。收入讓您了解我們的近期成長情況。

Our RPO helps you understand the longer-term trend and the scale of our book of business that will drive revenue. This aggregate measure is driven by contracts we signed each quarter and the long-term growth in RPO influences our revenue growth over time and gives you visibility into the future trend.

我們的 RPO 可協助您了解長期趨勢以及我們將推動營收成長的業務規模。這個總體指標是由我們每季簽署的合約所驅動的，RPO 的長期成長會隨著時間的推移影響我們的營收成長，並讓您了解未來的趨勢。

As a reminder, the contracts included in our RPO are all noncancelable and nonrefundable in nature. We aspire to continue to grow RPO ahead of our target forward revenue growth rate as that helps us build confidence in these growth rates. Now focusing further on NGS ARR.

請注意，我們的 RPO 中包含的合約本質上都是不可取消和不可退款的。我們渴望繼續在我們的預期收入成長率目標之前提高 RPO，因為這有助於我們建立對這些成長率的信心。現在進一步關注 NGS ARR。

As a reminder, NGS ARR is an important metric for us as it shows the return on the significant investments we've been making in the next-generation areas of our cybersecurity market that are also growing the fastest. We expect these offerings will disproportionately drive our growth as we transform our revenue. Our recent rollout of platformization has sharpened our focus on maximizing ARR.

提醒一下，NGS ARR 對我們來說是一個重要指標，因為它顯示了我們在網路安全市場的下一代領域進行的重大投資的回報，這些領域也是成長最快的。我們預計，隨著我們收入的轉變，這些產品將極大地推動我們的成長。我們最近推出的平台化加強了我們對最大化 ARR 的關注。

For example, we started the account review process early in fiscal year 2024 to identify white space amongst the largest organizations globally and maximize ARR. As we followed up with the rollout of our platformization strategy, we focus not only on the total deal value, or the cash collected upfront, but also on an exit ARR and profitability of the recurring revenue stream.

例如，我們在 2024 財年年初啟動了帳戶審核流程，以識別全球最大的組織之間的空白並最大限度地提高 ARR。隨著我們推出平台化策略，我們不僅關注總交易價值或預先收取的現金，還關注退出 ARR 和經常性收入流的獲利能力。

We can accommodate customer points of friction while maximizing this recurring revenue as we structure deals with customers to encourage their strategic adoption. These friction points include the challenge of replacing multiple products simultaneously and the issues around double paying while working through complex contract terms.

當我們與客戶建立交易以鼓勵他們的策略採用時，我們可以適應客戶的摩擦點，同時最大化經常性收入。這些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付款的問題。

In making these short-term concessions to billings, we ensure a valuable long-term relationship with a deal that meets our and the customers' needs. I've talked to you about how NGS ARR and RPO are becoming more prominent in our focus as we drive our platformization strategy. The shortcomings related to billings have become significant over the last 12 to 18 months and further increasing as we drive our optimization strategy.

透過對帳單做出這些短期讓步，我們確保與滿足我們和客戶需求的交易建立有價值的長期關係。我已經與您討論了在我們推動平台化策略的過程中，NGS ARR 和 RPO 如何在我們的重點中變得更加突出。與帳單相關的缺點在過去 12 到 18 個月中變得越來越嚴重，並且隨著我們推動優化策略而進一步增加。

In evolving our metrics, we solicited the input of some of our largest shareholders and looked at how our peer companies are giving guidance. Investor feedback was that quarter-to-quarter billing, volatility is merely a distraction, and it does not impact our assessment of the shareholder value we can create over the medium and long term.

在製定指標時，我們徵求了一些最大股東的意見，並研究了同行公司如何提供指導。投資人的回饋是，按季度計算，波動只是一種幹擾，它不會影響我們對中長期可以創造的股東價值的評估。

We've seen a number of companies disclose ARR and adopt an RPO-related metric to help investors better understand the business trajectory. Some of those companies include Adobe, Salesforce, ServiceNow and Workday. As a result, beginning this quarter, we will focus on NGS ARR as our key top line guidance metric in addition to revenue.

我們看到許多公司揭露了 ARR 並採用與 RPO 相關的指標來幫助投資者更好地了解業務軌跡。其中一些公司包括 Adob​​e、Salesforce、ServiceNow 和 Workday。因此，從本季度開始，我們將把 NGS ARR 作為收入之外的關鍵營收指導指標。

We will provide NGS ARR guidance both quarterly and annually. We will also provide total RPO guidance quarterly and annually this year to help investors understand the size of our book of committed contracts compared to their future expectations for our revenue.

我們將每季和每年提供 NGS ARR 指導。今年我們還將按季度和每年提供總 RPO 指導，以幫助投資者了解我們承諾合約的規模與他們對我們未來收入的預期相比。

Since we know this is a change for you after many years of guiding billings, I wanted to help provide a onetime bridge back to what we would expect our billings to look like if we were not to change any of the practices in our business that impacts billings. If we were to keep the mix between our PANFS and billing programs in fiscal year 2025, in line with what we had in fiscal year 2024, we would expect this to drive 12% growth in our billings in fiscal year 2025.

由於我們知道，經過多年指導帳單後，這對您來說是一個改變，因此我想幫助提供一個一次性的橋樑，回到我們期望的帳單樣子，如果我們不改變我們業務中影響的任何實踐的話比林斯。如果我們要在 2025 財年保持 PANFS 和計費計劃的混合，與 2024 財年的情況保持一致，我們預計這將推動 2025 財年的計費增長 12%。

Before I get to detailed guidance, I want to give investors some additional color on the drivers of our cash flow as that is an area that we continue to receive questions on.

在提供詳細指導之前，我想向投資者提供有關我們現金流驅動因素的一些額外信息，因為這是我們不斷收到問題的一個領域。

First and foremost, our improving operating margins have been the most important driver of our free cash flow margin. We have seen our operating margins improved by over 800 basis points since fiscal year '21, when we began a more intensive focus on profitable growth.

首先也是最重要的是，我們不斷提高的營業利潤率是我們自由現金流利潤率的最重要驅動因素。自 21 財年開始更加重視獲利成長以來，我們的營業利潤率提高了 800 多個基點。

This higher operating margin has helped us put a higher floor under our free cash flow margins. We continue to see ample opportunity to expand our operating margins supporting our free cash flow. Beyond improvements in our operating profitability, the timing of customer cash payments can impact our free cash flow.

較高的營業利潤率幫助我們為自由現金流利潤率設定了更高的下限。我們繼續看到擴大營業利潤率的充足機會，以支持我們的自由現金流。除了提高我們的營運獲利能力之外，客戶現金付款的時間也會影響我們的自由現金流。

Over the last four years, we have gradually absorbed an increase in customer preference for payments over time, increasing this proportion of our bookings from 6% in fiscal year 2020 to 30% as of the most recent quarter, while maintaining or even increasing our free cash flow margins. I'm happy that we've been able to do this, and we have confidence we can continue this gradual transition within the business and sustain our free cash flow margins at 37%-plus through fiscal year 2026.

在過去的四年裡，我們逐漸吸收了客戶對付款偏好的增加，將我們的預訂比例從 2020 財年的 6% 增加到最近一個季度的 30%，同時維持甚至增加了我們的免費服務現金流量利潤。我很高興我們能夠做到這一點，並且我們有信心能夠在業務範圍內繼續這種逐步過渡，並在 2026 財年將我們的自由現金流利潤率維持在 37% 以上。

I also wanted to update you on the pending transaction with IBM. We continue to expect the deal to close by the end of September, depending on the timing of regulatory approvals and other customary closing conditions.

我還想向您通報與 IBM 懸而未決的交易的最新情況。我們仍然預計該交易將在 9 月底完成，具體取決於監管部門批准的時間和其他慣例成交條件。

At this point, we have included several tens of millions in acquired revenue from legacy [QRadar] SaaS products and our fiscal year 2025 revenue guidance with this number decreasing over time based on the speed at which we migrate -- curate our customers to XSIAM.

目前，我們將從傳統[QRadar] SaaS 產品獲得的數千萬美元收入和我們的2025 財年收入指引納入其中，並且根據我們遷移的速度（將客戶策劃到XSIAM），這一數字會隨著時間的推移而減少。

We have also embedded the ongoing expenses in our operating margin, cash flow margin and EPS guidance. Now moving on to guidance. For the fiscal year 2025, we expect NGS ARR to be in the range of $5.42 billion to $5.47 billion, an increase of 28% to 30%.

我們還將持續支出納入我們的營業利潤率、現金流量利潤率和每股收益指引中。現在繼續指導。 2025財年，我們預計NGS ARR將在54.2億美元至54.7億美元之間，成長28%至30%。

Remaining performance obligation of $15.2 billion to $15.3 billion represents an increase of 19% to 20%. Revenue to be in the range of $9.10 billion to $9.15 billion, an increase of 13% to 14%, operating margins to be in the range of 27.5% to 28%.

剩餘履約義務為 152 億美元至 153 億美元，增幅為 19% 至 20%。營收將在 91.0 億美元至 91.5 億美元之間，成長 13% 至 14%，營業利潤率將在 27.5% 至 28% 之間。

Non-GAAP EPS to be in the range of $6.18 to $6.31, an increase of 9% to 11% and adjusted free cash flow margin to be 37% to 38%. For the first fiscal quarter of 2025, we expect NGS ARR to be in the range of $4.33 billion to $4.38 billion, an increase of 34% to 36%.

非 GAAP 每股盈餘將在 6.18 美元至 6.31 美元之間，成長 9% 至 11%，調整後自由現金流利潤率為 37% 至 38%。 2025年第一財季，我們預期NGS ARR將在43.3億美元至43.8億美元之間，成長34%至36%。

Remaining performance obligation of $12.4 billion to $12.5 billion, an increase of 19% to 20%, revenue to be in the range of $2.10 billion to $2.13 billion, an increase of 12% to 13% and non-GAAP EPS to be in the range of $1.47 to $1.49, an increase of 7% to 8%.

剩餘履約義務為 124 億美元至 125 億美元，成長 19% 至 20%，營收將在 21 億美元至 21.3 億美元之間，成長 12% 至 13%，非 GAAP 每股盈餘將在該範圍內1.47美元至1.49 美元，成長7% 至8%。

Since we know this is a change for you all after many years of guiding billings, I wanted to remind you of the onetime bridge back, which I talked about before. Finally, we included our typical modeling points in the presentation for you to review.

因為我們知道這對你們所有人來說是一個改變，在多年指導比林斯之後，我想提醒你們我之前談過的曾經的橋背。最後，我們在簡報中包含了典型的建模點供您回顧。

With that, we're going to play one more customer video, and then we will move to the Q&A portion of the call.

這樣，我們將再播放一段客戶視頻，然後我們將進入通話的問答部分。

(video playing)

（影片播放）

Thank you, Dipak. (Event Instructions) Saket Kalia, Barclays.

謝謝你，迪帕克。 （活動說明）Saket Kalia，巴克萊銀行。

Nikesh, maybe for you, it's been a great start to the platformization strategy. I guess the question is, as you look at the five -- those top 5,000 customers that we're targeting as part of that 2,500 to 3,500 goal, how much of that is white space versus competitive takeout?

Nikesh，也許對您來說，這是平台化策略的良好開端。我想問題是，當你看看我們作為 2,500 到 3,500 名目標一部分的前 5,000 名客戶時，你會發現其中有多少是空白空間，而不是競爭性外賣？

And maybe related to that, when we started thinking about the platformization strategy, you talked about giving customers more flexibility as they transition to off of legacy solutions. How is that additional flexibility helping with these platformization wins?

也許與此相關的是，當我們開始考慮平台化策略時，您談到在客戶過渡到遺留解決方案時為他們提供更大的靈活性。這種額外的靈活性如何幫助平台化取得勝利？

Well, first of all Saket, thank you. He always seem to manage to get the first question and so congratulations. As I said, very, very positively excited by the response to platformization. We've literally had customers reach out. Now most recent of the customer.

嗯，首先謝謝你。他似乎總是能回答第一個問題，所以恭喜你。正如我所說，人們對平台化的反應感到非常非常興奮。確實有客戶主動聯絡我們。現在是最近的客戶。

We were about to close a deal customers the done. I don't want to do this one deal. I actually want to sit down with the whole platformization discussion. We might do it next quarter, but let's not go to point solutions at a time. So these are these anecdotes there's moments where it gets really exciting for us and our sales teams.

我們即將與客戶達成一筆交易。我不想做這一筆交易。我實際上想坐下來討論整個平台化。我們可能會在下個季度這樣做，但我們不要一次只討論點解決方案。這些軼事讓我們和我們的銷售團隊感到非常興奮。

In terms of your question about where they're coming from. As you mentioned, one-third of our customers and SASE are net new to the company. So when we platformize them on SASE or Zero Trust network security, they're new to the company.

就你關於它們來自哪裡的問題而言。正如您所提到的，我們三分之一的客戶和 SASE 對公司來說都是全新的。因此，當我們在 SASE 或零信任網路安全上將它們平台化時，它們對公司來說是新的。

There's a lot of existing customers that are highlighted in our four of our largest deals or they already were Palo Alto customers, but they use the opportunity to go embrace the larger platform because they saw the vision they participated and they bought into it. And this is where it's really helpful where they say, listen, I really like the platformization idea.

有很多現有客戶在我們最大的四筆交易中得到了強調，或者他們已經是帕洛阿爾託的客戶，但他們利用這個機會擁抱更大的平台，因為他們看到了他們參與的願景併購買了它。這就是他們說的真正有用的地方，聽著，我真的很喜歡平台化的想法。

I have two parts of the puzzle. But my third part of the puzzle, I need the 12 months with the other vendor to expire so that I can go and raise Palo Alto. Don't worry about it, you have to, well, start implementing the third and will turn on our economics the moment the other vendor is done.

我有這個難題的兩個部分。但我的第三個難題是，我需要與其他供應商的 12 個月期限到期，這樣我才能去籌集帕洛阿爾托。別擔心，您必須開始實施第三個，並在其他供應商完成後立即啟動我們的經濟。

Now what that does, as I've said in the past, it takes with the execution risk because they're not worried that they'll stop paying, they'll start paying us then, and they have to worry it's going to work or not. At the same time, it also creates that economic bridge for them.

正如我過去所說，這會帶來執行風險，因為他們不擔心他們會停止付款，然後他們會開始向我們付款，他們必須擔心它會起作用或不會。同時，它也為他們搭建了經濟橋樑。

But for us, it's amazing because, like, I have a very simple view. This goes back to the days of when CRM was not a platform or ticketing -- management, IT infrastructure without a platform. At that point in time, we have four or five applications doing this.

但對我們來說，這很神奇，因為我有一個非常簡單的觀點。這可以追溯到 CRM 還不是平台或票務管理、沒有平台的 IT 基礎架構的時代。那時，我們有四、五個應用程式執行此操作。

But once you bought one that did all five things, you never went back and deployed four different things to solve the problem. So we believe we have a unique opportunity in the platforms we offer. And as I said, I wish we've gone there earlier than later. So I firmly believe this is what's going to help us get to the $15 billion number faster.

但一旦你買了一個可以完成所有五件事的產品，你就再也不會回去部署四種不同的東西來解決問題。因此，我們相信我們提供的平台擁有獨特的機會。正如我所說，我希望我們早點去那裡。所以我堅信這將幫助我們更快達到 150 億美元的目標。

Hamza Fodderwala, Morgan Stanley.

哈姆扎·福德瓦拉，摩根士丹利。

Congrats on a strong finish to the year. And Dipak, thank you for all the helpful guidance and modeling points. Nikesh, I really appreciate the disclosure on the AI security ARR. I think over $200 million of ARR there already. There's two parts to that.

恭喜您今年圓滿成功。 Dipak，感謝您提供的所有有用的指導和建模要點。 Nikesh，我非常感謝 AI 安全 ARR 的披露。我認為 ARR 已經超過 2 億美元。這有兩個部分。

There's the AI for security operations, which has been Cortex XSIAM, which has been the fastest-growing product, I think you guys have had in Palo Alto's history, and then the other part is Securing AI, which when we talk to [CISOs], teams to be a really big problem.

有用於安全操作的人工智慧，它是Cortex XSIAM，它是成長最快的產品，我想你們在帕洛阿爾託的歷史上已經擁有過，然後另一部分是保護人工智慧，當我們與[CISO]交談時，團隊是一個非常大的問題。

It's coming up more and more in all the various industry conferences. So I'm curious, I know it's early days, we just announced some of these products. But based on the pipeline you're seeing today, how fast a product cycle do you think this could be? Because it seems like an entirely new category altogether?

它在各種行業會議中越來越多地出現。所以我很好奇，我知道現在還為時過早，我們剛剛發布了其中一些產品。但根據您今天看到的管道，您認為產品週期可以有多快？因為它看起來完全是一個全新的類別？

That's a great question. Thank you, Hamza. So I think as you know, the XSIAM product is excellent in its own regard. We've shown you we did [$500 million] bookings this year, which I think the second year of a product is spectacular by all means. And that helped us drive the $900 million in ARR and Cortex.

這是一個很好的問題。謝謝你，哈姆札。所以我認為如您所知，XSIAM 產品就其本身而言非常出色。我們已經向您展示了我們今年的預訂量 [5 億美元]，我認為該產品的第二年無論如何都是令人驚嘆的。這幫助我們推動了 ARR 和 Cortex 的 9 億美元投資。

And we're seeing super related results from a median time to remediate. I just reviewed a bunch of this morning. we got some customers down to under 10 minutes. So it's really exciting. And that does form a part of the ARR.

我們看到中位數修復時間的超級相關結果。我今天早上剛複習了一些。我們讓一些客戶的等待時間縮短到了 10 分鐘以內。所以這真的很令人興奮。這確實構成了 ARR 的一部分。

There is a very reasonable part of the air that comes from our network security business. where we actually deployed AI operations into our firewalls, which is what I call infusing AI into network security. So that allows us to actually anticipate when the customer might run out of capacity, anticipate firewall issues.

有很合理的部分空氣來自於我們的網路安全業務。我們實際上將人工智慧操作部署到防火牆中，這就是我所說的將人工智慧融入網路安全。因此，這使我們能夠實際預測客戶何時可能耗盡容量，預測防火牆問題。

So that's part of it. Not a lot of that revenue is coming from the product we just launched, because we launched all of our three products pretty much this year, not even last year, we started launching on July 20 through August 16.

這就是其中的一部分。大部分收入並不是來自我們剛推出的產品，因為我們今年幾乎推出了所有三種產品，甚至去年也沒有推出，我們從 7 月 20 日到 8 月 16 日開始推出。

So all of our AI security suite is then. But as I mentioned, about 1,000 customers are interested in AI Access, which is the thing they're most interested in. There is a financial service organization which you might know.

所以我們所有的人工智慧安全套件都是如此。但正如我所提到的，大約有 1000 個客戶對 AI Access 感興趣，這是他們最感興趣的東西。

Is the first time in our history that the entire security team literally walk up to the screen and say, wait, what are you doing here? Yes, we want to talk to you about that. So early days, exciting.

這是我們歷史上第一次整個安全團隊真正走到螢幕前說，等等，你在這裡做什麼？是的，我們想和你談談這件事。這麼早，令人興奮。

And the reason it's exciting, as I said, it's seminal for me because it's very rare that you'd expect a large cybersecurity player to show up with innovation ahead of the market. And now that we can deploy AI Access to all of our 5,000, 6,000 Prisma Access customers or can deploy AI firewalls against all of our virtual firewall customers.

正如我所說，它令人興奮的原因是它對我來說具有開創性，因為你很少會期望大型網路安全參與者能夠領先於市場的創新。現在，我們可以向所有 5,000 個、6,000 個 Prisma Access 客戶部署 AI Access，或者可以針對所有虛擬防火牆客戶部署 AI 防火牆。

It's interesting because all they have to do is turn on a switch and they don't have to deploy new instances or new agents, it's just going to work. So early days, exciting, and I'm pretty sure these products will go through multiple versions as they get more and more robust.

這很有趣，因為他們所要做的就是打開開關，並且不需要部署新實例或新代理，它就會起作用。這麼早，令人興奮，我很確定這些產品將經歷多個版本，因為它們變得越來越強大。

Brian Essex, JPMorgan.

布萊恩‧艾塞克斯，摩根大通。

Nikesh, you mentioned on the call about the outage in July and how that impacted some of the demand in your platform. But what are you hearing from CISOs? Or what did you see in the quarter? One in terms of like follow through from the pipeline for the quarter? Was there a pause in that catch-up?

Nikesh，您在電話會議上提到了 7 月的停電以及這對您平台的部分需求的影響。但您從 CISO 那裡聽到了什麼？或者您在本季看到了什麼？就本季管道的跟進而言？追趕過程中有停頓嗎？

And then maybe an adjacent question, how are -- how might this be changing the way that some CIOs are looking at the exposure that they may have to one vendor, one type of technology. And I know sort at you highlighted the difference in the way that you roll out the updates, but just looking for a more higher level, one, deal experience and then two, CIO thought process as they approach next-gen technology?

然後也許是一個相鄰的問題，這會如何改變一些資訊長看待他們可能對某一供應商、一種技術的暴露的方式。我知道您強調了推出更新方式的差異，但只是尋找更高層次的，一是交易經驗，二是 CIO 在接近下一代技術時的思考過程？

Well, Brian, as I've said publicly as well, like, that was a tough event. It's simultaneously impacted tens of millions of users, which is unfortunate. I appreciate the way CrowdStrike handled it. At the same time, it caused two things to happen. One, customers started asking us, you have the same product, how do you deploy it?

好吧，布萊恩，正如我也公開說過的那樣，那是一場艱難的事件。不幸的是，它同時影響了數千萬用戶。我很欣賞 CrowdStrike 的處理方式。同時，它也導致了兩件事的發生。第一，客戶開始問我們，你們有同樣的產品，你們要如何部署它？

And as I highlighted to you, we have a fundamentally different way in which we do content updates and have been doing it for a very long time. So we were able to articulate that.

正如我向您強調的那樣，我們採用一種完全不同的方式進行內容更新，並且已經這樣做了很長時間。所以我們能夠清楚地表達這一點。

Funny enough, some of the customers busy remediating that issue while they're trying to get our deals done with them. So it's interesting, the I'm so busy fixing that. So we had to drag our deals kicking and screaming in some cases.

有趣的是，有些客戶一邊忙著解決這個問題，一邊試圖與我們完成交易。所以這很有趣，我正忙著解決這個問題。因此，在某些情況下，我們不得不拖延交易。

So that was interesting. But I think what it did do is, like you said, it causes customers to step back and say, wait a minute, I need to make sure that I'm evaluating all the XDR opportunities in the market. And for us who is not the number one player in the market. We're in top four, I think, in that market, hopefully trending towards three. It's exciting because customers are giving -- willing to give us consideration.

這很有趣。但我認為它所做的就是，就像你說的，它導致客戶退後一步說，等一下，我需要確保我正在評估市場上所有的 XDR 機會。而對我們來說誰不是市場上的第一玩家。我認為，我們在該市場上排名前四，並有望進入前三名。這是令人興奮的，因為客戶願意給予我們考慮。

On the XDR space is no longer a [stamp] done or some other players in the market, so which is helpful for us, helpful for our sales team. And I think we can build on that, coupled with our XSIAM capability and opportunities that we just talked about. I think it gives us comfort that it's going to keep helping us drive momentum in Cortex.

XDR 空間不再是[郵票]或市場上的其他一些參與者，所以這對我們有幫助，對我們的銷售團隊有幫助。我認為我們可以在此基礎上再接再厲，再加上我們剛才談到的 XSIAM 能力和機會。我認為這讓我們感到安慰，因為它將繼續幫助我們推動皮質的發展動能。

Andy Nowinski, Wells Fargo.

安迪諾溫斯基，富國銀行。

So Nikesh, it seemed like one of the common factors of those platformization deals that you talked about on the call, involved consolidation on the SIM side. So maybe once the deal with IBM closes, do you think your platformization deals could possibly accelerate if SIM conversion is actually a core driver or impetus of these deals?

因此，Nikesh，您在電話會議上談到的這些平台化交易的共同因素之一似乎涉及 SIM 方面的整合。因此，也許一旦與 IBM 的交易完成，如果 SIM 轉換實際上是這些交易的核心驅動力或推動力，您認為您的平台化交易可能會加速嗎？

I'm going to have Lee answer, otherwise he doesn't come to these calls.

我要讓李接聽，否則他不會接這些電話。

I think the -- our ability to land customers on any of the three platforms that expand is fundamental to how we can approach this with customers. With that being said, XSIAM this past year has been a bit of a revelation to see our ability to innovate with a new platform, launch it and quickly get some of the world's largest companies to adopt it, and adopt it as a large skilled soft transformation.

我認為，我們將客戶引入三個擴展平台中的任何一個的能力對於我們如何與客戶實現這一目標至關重要。話雖如此，去年的 XSIAM 為我們帶來了一些啟發，我們看到了我們透過新平台進行創新、推出它並迅速讓一些世界上最大的公司採用它，並將其作為大型技術軟體的能力。 。

And you're seeing that with the results of that with the medium time to resolution, driving down from days to minutes less than 10 minutes is world-class. And so to see some of these large customers of ours achieved that so quickly is phenomenal.

您會看到，透過中等解決時間的結果，將駕駛時間從幾天縮短到不到 10 分鐘，這是世界一流的。因此，看到我們的一些大客戶如此迅速地實現這一目標，真是了不起。

I believe that once we have that position in the SoC that will help to drive the other platforms because the other platforms will help bring -- we'll be able to show where good data sources are and less good, less valuable data sources are and actually help our customers walk through an ongoing security transformation based on the insights that XSIAM is able to glean from seeing all of the security data in one place.

我相信，一旦我們在SoC 中佔據了這一位置，這將有助於推動其他平台，因為其他平台將有助於帶來——我們將能夠展示好的資料來源在哪裡，以及不太好的、不太有價值的資料來源在哪裡，以及根據 XSIAM 從一處查看所有安全資料中收集到的見解，實際上可以幫助我們的客戶完成持續的安全轉型。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Nikesh either for you or for Dipak. You've talked in the past about some of your own internal leases of AI to drive operating efficiencies within your business, Give us a little bit of an update on how that's going?

Nikesh 要嘛為你，要嘛為 Dipak。您過去曾談到自己內部使用人工智慧來提高企業的營運效率，請給我們介紹一下進展嗎？

Where do you feel you are in that road map of being able to implement AI to, for example, saving your customer operations and around things like that? And a little bit maybe on how -- what you've learned from the last year in adopting AI for your sales in-house?

您覺得您在實施人工智慧的路線圖中處於什麼位置，例如，拯救您的客戶營運以及類似的事情？也許還有一點關於如何——去年您在採用人工智慧進行內部銷售時學到了什麼？

Great question. So there are three parts, as I said, one we've infused INR products, and we talked about that at length just now. The second part is using generative AI to create customer helpful AI Copilot as well as AI Copilots for our customer support teams because they can also use them. And then the third part is just driving internal efficiencies. Let me start with the third part first.

很好的問題。正如我所說，分為三個部分，其中一個部分是我們注入了印度盧比產品，我們剛剛詳細討論了這一點。第二部分是使用生成式 AI 來建立對客戶有幫助的 AI Copilot，以及為我們的客戶支援團隊建立 AI Copilot，因為他們也可以使用它們。第三部分只是提高內部效率。我先從第三部分開始。

We had approximately, give or take, 300 people who were involved in solving employee tickets for our employees. So about 2% of our 15,000 people. We have just launched, last week, what we call the internal AI employee experience, that has allowed us to reduce that head count by 50%.

我們約有 300 名員工參與為員工解決員工問題。我們 15,000 名員工中約有 2% 是這樣。上週，我們剛推出了所謂的內部人工智慧員工體驗，這使我們能夠將員工人數減少 50%。

And we think that can go down to 80% because we've been able to automate a lot of the tasks and also use generative AI to answer employees question. So you can think about 200 people odd, which we don't need, either our own employees or third-party contractors because it's boring work, it's horrible work to have to go keep solving IT problems you've been solved 1 million times before.

我們認為這個比例可以下降到 80%，因為我們已經能夠自動化許多任務，並且還使用生成式人工智慧來回答員工的問題。所以你可以想像200 個人，我們不需要，無論是我們自己的員工還是第三方承包商，因為這是一項無聊的工作，必須繼續解決你之前已經解決了100 萬次的IT 問題，這是一項可怕的工作。

Now we've automated a bunch of them, use AI to fix it. So that's one project. We've got some early results. Some of our best developers are 40% better in coding who have used our internal coding copilot. It's really as we expect that we should be able to deploy that capability across 3,000 of them.

現在我們已經自動化了其中的一些問題，使用人工智慧來修復它。這就是一個項目。我們已經得到了一些早期結果。我們一些最優秀的開發人員在使用我們的內部編碼副駕駛後，編碼能力提高了 40%。正如我們所期望的那樣，我們應該能夠在 3,000 個伺服器上部署該功能。

I remember, coding is only one-third of their job because they do other things for the other two-thirds of the job. But even in the third, if my best person is 40% better, an average person is 20% to 25% better, there's opportunities for better code and we can do more. So those are the two internal efforts, if you will.

我記得，編碼只是他們工作的三分之一，因為他們為另外三分之二的工作做其他事情。但即使在第三個階段，如果我最好的人要好 40%，普通人要好 20% 到 25%，那麼就有機會編寫更好的程式碼，我們可以做得更多。如果你願意的話，這就是兩項內部努力。

On the customer support side, again, the most fascinating discovery for us is we have an internal customer support copilot, which is consistent with our co-pilots we are sharing with our customers across Cortex, Prisma and Strata. And those customer support people, the best one is equally productive irrespective 10-year after three months.

在客戶支援方面，對我們來說最令人著迷的發現是我們有一個內部客戶支援副駕駛，這與我們在 Cortex、Prisma 和 Strata 上與客戶共享的副駕駛一致。對於那些客戶支援人員來說，最好的人無論三個月後十年還是同樣有效率。

So I can hire a net new person and have them solve customer problems and three months in, they're as good as somebody has been here for three, four years. So these are all very promising signs. There's a lot of work that we're doing. But part of our philosophy is if we don't go through the trials and tribulations and try it ourselves, we're not going to get to be a great company using AI. So early days, but very excited.

因此，我可以僱用一個新人，讓他們解決客戶問題，三個月後，他們就和在這裡工作了三、四年的人一樣出色。所以這些都是非常有希望的跡象。我們正在做很多工作。但我們的部分理念是，如果我們不經歷考驗和磨難並親自嘗試，我們就不會成為一家使用人工智慧的偉大公司。雖然還早，但非常興奮。

Fatima Boolani, Citi.

法蒂瑪·布拉尼，花旗銀行。

Nikesh, I wanted to zero in on some of your Prisma Cloud prepared remarks. You talked about a business acceleration in the back half. And your tone suggested a material improvement in that pillar.

Nikesh，我想將您的一些 Prisma Cloud 準備好的評論歸零。您談到了下半年的業務加速。你的語氣暗示了該支柱的實質改進。

And maybe a little bit more of a proverbial pep in your step in that segment of the business, especially when I think about last year, when you did allude to some irrational market behavior, market participant dynamics and activity. I wanted to get to the bottom of what's underpinning some of that back half acceleration and some of the more sanguine outlook on the Prisma Cloud franchise from here.

也許您在該業務領域的一步中更有一點眾所周知的鼓舞，特別是當我想到去年時，您確實提到了一些非理性的市場行為、市場參與者的動態和活動。我想從這裡深入了解後半部分加速的支撐因素以及對 Prisma Cloud 特許經營權的一些更樂觀的前景。

I'll have to go back and listen to the sentiment analyzer on my own call afterwards. But reacting to your [PeP] and my step. Like last year, as I said to your prior, that because of the aggressive new players, they cut prices down 30%, 40%. So whilst we saw the volume increases, pricing was impacted in the industry, causing effectively our growth rate not to be as exciting as we wanted it to be. That has stabilized for sure.

之後我必須回去聽我自己的電話中的情緒分析器。但對你的 [PeP] 和我的步驟做出反應。就像去年一樣，正如我之前對您所說的那樣，由於新玩家的積極進取，他們將價格降低了 30%、40%。因此，雖然我們看到銷量增加，但行業定價受到影響，實際上導致我們的成長率不如我們希望的那樣令人興奮。這肯定已經穩定下來了。

We also took some remedial steps in turning our business into an ACV business for Prisma Cloud, unlike the rest of our business because we wanted our sales team to act in a similar fashion as a market we're seeing. They made a bunch of product improvements, and we actually went to our biggest customers and ensured they were -- our products were effective for them.

我們也採取了一些補救措施，將我們的業務轉變為 Prisma Cloud 的 ACV 業務，這與我們的其他業務不同，因為我們希望我們的銷售團隊以與我們所看到的市場類似的方式行事。他們對產品進行了一系列改進，我們實際上去找了我們最大的客戶並確保他們——我們的產品對他們有效。

And I said, coupled with that, what has also happened is, as I mentioned, that some part of -- most of our customers are now using many modules, which are oriented towards network security in the cloud. We run on all four hyperscalers natively, which is most -- which is in addition to (inaudible), it's also our network security part and our real-time cloud security part.

我說，除此之外，正如我所提到的，我們的大多數客戶現在正在使用許多模組，這些模組面向雲端中的網路安全。我們在所有四個超大規模機器上運行，這是最重要的——除了（聽不清楚），它也是我們的網路安全部分和即時雲端安全部分。

So given the 14 modules we have from a comprehensiveness perspective, we found some of the customers where we can uniquely solve their use cases, allowing us to do those large deals.

因此，從全面性的角度來看，考慮到我們擁有的 14 個模組，我們發現了一些客戶，我們可以獨特地解決他們的用例，從而使我們能夠完成那些大筆交易。

And anyway, the platformization helps. And like with [Schlumberger], they bought all three, right? So it wasn't a separate decision for them to go buy Cortex from us and cloud from somebody else and network security from somebody else. So that ability to drive platform also helps drive our cloud security business.

不管怎樣，平台化是有幫助的。就像[斯倫貝謝]一樣，他們買了全部三個，對吧？因此，他們從我們這裡購買 Cortex、從其他人那裡購買雲端、從其他人那裡購買網路安全並不是一個單獨的決定。因此，推動平台的能力也有助於推動我們的雲端安全業務。

Tal Liani, BofA.

塔爾·利亞尼，美國銀行。

You spoke in the past about shorter contract duration. What are the implications on free cash flow generation? Are there any short-term or long-term implications? And then in general, can you talk about free cash flow improved so dramatically over the last few years. Can you talk about the long-term outlook for free cash flow margin?

您過去曾談到縮短合約期限。對自由現金流產生有何影響？有任何短期或長期影響嗎？總的來說，您能談談過去幾年自由現金流的顯著改善嗎？能談談自由現金流利潤率的長期前景嗎？

Sure, Tal. I'll take that one. Just to start off with, I think I said in my prepared remarks, our contract lengths actually did not shrink. They've been roughly consistent at three years. for our new deals, and they've been actually relatively constant for quite a while now.

當然，塔爾。我會接受那個。首先，我想我在準備好的發言中說過，我們的合約期限其實並沒有縮短。三年來，他們的情況基本一致。對於我們的新交易，它們實際上已經相對穩定相當長一段時間了。

So you do have some areas where the contract lengths may be small shorter, you have others like platformization deals where the more strategic in nature, but on average, it ends up being that much. I think in terms of the ability to generate free cash flow, frankly, I think the most important part about our free cash flow is really the operating margins.

因此，確實有一些領域的合約期限可能會較短，還有其他領域，例如平台化交易，本質上更具戰略性，但平均而言，最終會是這麼多。我認為就產生自由現金流的能力而言，坦白說，我認為我們自由現金流最重要的部分實際上是營業利潤率。

I mentioned that in my prepared remarks that since fiscal year '21, we've actually improved our operating margin by 800 basis points. That really is the biggest buttress to what has happened and we've been able to absorb the change in the amount of deferred payments going from 6% to 30% in the last quarter, like over that same time period.

我在準備好的發言中提到，自 21 財年以來，我們的營業利潤率實際上提高了 800 個基點。這確實是所發生的事情的最大支撐，我們已經能夠吸收上季延期付款金額從 6% 到 30% 的變化，就像同期一樣。

So I think we've proven that we've been able to deliver strong cash flow, like whilst being able to absorb all of these deferred payments, we feel very confident that we'll be able to continue to do that in the future.

因此，我認為我們已經證明我們能夠提供強勁的現金流，就像在能夠吸收所有這些延期付款的同時，我們非常有信心在未來能夠繼續這樣做。

Patrick Colville, Scotiabank.

派崔克‧科爾維爾，豐業銀行。

I mean Nikesh and Dipak, the financial disclose you guys gave us is terrific. You can vest a huge amount of metrics. But the metric I want to focus on is the new RPO guide. So RPO rose 20% in 4Q. And the guide implies, I think, 19.5% at the midpoint in fiscal '25.

我的意思是 Nikesh 和 Dipak，你們提供給我們的財務資訊非常棒。您可以授予大量指標。但我想關注的指標是新的 RPO 指南。因此，第四季 RPO 上漲了 20%。我認為指南暗示 25 財年中點為 19.5%。

So I guess what gives you the confidence that there's going to be no deceleration over the next 12 months? Is it specific business lines? Or is it IBM radar acquisition or hiring? Can you just (inaudible) on that, please.

那麼我想是什麼讓您有信心在未來 12 個月內不會減速？是具體的業務線嗎？還是IBM雷達收購或招聘？請您（聽不清楚）說一下好嗎？

Well, I think Patrick has a combination of factors. As I mentioned, we've seen the pipeline. We've seen the acceleration in the second half. If you look at our first half versus second half, implied bookings have gone up. We see the pipeline for next year.

嗯，我認為派崔克有多種因素。正如我所提到的，我們已經看到了管道。我們看到了下半場的加速。如果你看看我們的上半年和下半年，隱含預訂量有所增加。我們看到了明年的管道。

obviously, the IBM business is part of that. Obviously, the strength we're seeing in XSIAM is part of that. Our platemization efforts are part of that. And this year, we have tried to anticipate that with making sure we have resources in place for the coverage we need to deliver those numbers.

顯然，IBM 業務是其中的一部分。顯然，我們在 XSIAM 看到的實力就是其中的一部分。我們的平台化努力就是其中的一部分。今年，我們試圖預測，確保我們有足夠的資源來涵蓋我們需要提供的這些數字。

Roger Boyd, UBS.

羅傑·博伊德，瑞銀集團。

Maybe just a follow-up to Dipak's comments, a question ago on annualized billings. But you noted Dipak, that 12% would be the bridge to billings guide this year if you maintain a similar mix of financing and annual billings.

也許只是迪帕克評論的後續行動，之前有一個關於年化帳單的問題。但您提到 Dipak，如果您保持類似的融資和年度帳單組合，那麼 12% 將成為今年帳單指南的橋樑。

Given the shift towards RPO and ARR guidance, is it fair to assume that, that mix will probably not be that similar to what you saw last year? As well as probably additional factors around [interest] environment. Just any thoughts on what you might see from the mix of financing any billings?

鑑於向 RPO 和 ARR 指導的轉變，可以公平地假設，這種組合可能不會與您去年看到的那樣相似嗎？以及可能圍繞[興趣]環境的其他因素。您對帳單融資組合中可能看到的結果有什麼想法嗎？

Yes. Look, I think we'll see a mix more towards annualized billings and away from financing, like I think, the simplest way to think about it is, if you do financing, it's another piece of paperwork. It's a loan document at the end of the day, it does create like more work out in the field.

是的。聽著，我認為我們會看到更多的年化帳單和遠離融資的混合，就像我認為的，最簡單的思考方式是，如果你進行融資，那就是另一份文書工作。歸根結底，這是一份貸款文件，它確實在現場創造了更多的工作。

And so in line with our platformization strategy, we're all about like figuring out where all the friction points are and trying to eliminate them where we can and continue to do the best thing for the shareholders. So that's really what we're driving here and that's what I would expect --

因此，根據我們的平台化策略，我們要做的就是找出所有摩擦點在哪裡，並盡力消除它們，並繼續為股東做最好的事情。這就是我們在這裡推動的目標，也是我所期望的──

I think its code for that. It will look very different because we may not be doing as many PANFS deals because they contribute to billings, but they don't change RPO or they don't change cash flow. If you don't have too many PANFS deals, it saves time for the field.

我認為它的程式碼就是這樣的。它看起來會非常不同，因為我們可能不會做那麼多 PANFS 交易，因為它們會增加帳單，但它們不會改變 RPO 或不會改變現金流。如果您沒有太多 PANFS 交易，則可以節省現場時間。

Matt Hedberg.

馬特·赫德伯格。

Congrats on the quarter and a big fan of the new guidance philosophy. I think it really does tie to the business. Nikesh, a question for you. With the election coming up, and you guys have historically had a really strong federal business, just curious about how you're thinking about US Fed in 1Q?

恭喜這個季度，也是新指導理念的忠實粉絲。我認為這確實與業務有關。尼凱什，問你一個問題。隨著選舉的臨近，你們歷來擁有非常強大的聯邦業務，只是好奇你們如何看待第一季的聯準會？

And what could that mean for -- the -- it seems like there's a lot of pent-up demand there on the federal side. I'm just curious on your outlook there.

這對聯邦方面似乎有很多被壓抑的需求意味著什麼。我只是對你的看法感到好奇。

Yes.Matt, I've learned in my life never trying foreshadow the government. Usually it's not a winning strategy. Don't (inaudible) election. So we're over the punches. We have people.

是的，馬特，我一生都知道永遠不要試圖預示政府。通常這不是致勝策略。不要（聽不清楚）選舉。所以我們已經克服重重困難了。我們有人。

Clearly, we know there's business that we have to renew because they have our Palo Alto capabilities and products and working hard and getting all that done. There's a bunch of new ideas and new projects that we're working on, and we'll keep powering through them.

顯然，我們知道我們必須更新某些業務，因為他們擁有我們帕洛阿爾託的能力和產品，並且努力工作並完成所有工作。我們正在研究許多新想法和新項目，我們將繼續透過它們提供動力。

As the elections transpire, depending on what administration comes into place, is going to impact a bunch of the budgets. But as I said, we had significantly derisked our federal expectations as we told you earlier in this calendar year. So we're going with a muted set of expectations into the election to make sure that we don't see any bad surprises.

隨著選舉的進行，根據政府的到位，將影響大量預算。但正如我所說，正如我們在今年稍早告訴您的那樣，我們已經大大降低了聯邦期望的風險。因此，我們對選舉抱持溫和的期望，以確保我們不會看到任何糟糕的意外情況。

Keith Bachman, BMO.

基思·巴赫曼，BMO。

I wanted to ask about XSIAM a bit and break it into two parts. In your slide deck, you noted that your customer -- active customer count is up 4 times. And I just wanted to hear a little bit about where those customers are coming from. And what I mean by that is are these displacements? Are you sitting side by side?

我想稍微了解一下 XSIAM，並將其分為兩部分。在您的幻燈片中，您注意到您的客戶——活躍客戶數量增加了 4 倍。我只是想聽聽一些關於這些客戶來自哪裡的資訊。我的意思是這些位移是嗎？你們並排坐著嗎？

Just want to hear a little more about that. And then Deepak for you, in my discussions with IBM, I thought the [QAR] business was running about $100 million, a little bit less than that in ARR. And you said tens of million. So I just -- I wasn't sure what is being included when you think about the guidance there on what QRadar may add on a prospective basis over the next 12 months or so.

只是想多聽聽一點。然後是迪帕克（Deepak），在我與 IBM 的討論中，我認為 [QAR] 業務的營運規模約為 1 億美元，比 ARR 的業務少一點。你還說幾千萬。因此，當您考慮 QRadar 在未來 12 個月左右的預期基礎上可能添加的內容時，我不確定其中包含哪些內容。

Almost every one of the XSIAM sales is we're replacing an existing SIM. And in some cases, multiples as I mentioned, in case of Schlumberger, were replaced two, in case of the other eight-figure deal we placed two others.

幾乎每一次 XSIAM 銷售都是我們在更換現有的 SIM 卡。在某些情況下，正如我所提到的，在斯倫貝謝的情況下，倍數被替換為兩個，在其他八位數交易的情況下，我們又放置了另外兩個。

For the most part, it is if you looked at the market share of existing SIMs in the market, our acquisitions, is north of 100 customers would be a representation of us taking the same amount of share from each of those people. And if you look at the people out there, I think there's a bunch of people who's been around for 15, 17 years, who have shared the market. Those will be the people we'll be replacing for the most part.

在大多數情況下，如果你看看市場上現有 SIM 卡的市場份額，我們收購的客戶數量超過 100 名，就表明我們從每個人那裡獲得了相同數量的份額。如果你看看那裡的人，我認為有一群人已經存在了 15、17 年，分享了這個市場。這些人將是我們大部分要取代的人。

So there's no net new SIM. I don't think they're starting net new companies out there that scale will require $10 million, $20 million, $30 million SIM deal. So usually, we're replacing people who are out there. I will let Dipak answer the --

所以沒有新的SIM卡。我不認為他們正在創辦的新公司規模需要 1000 萬美元、2000 萬美元、3000 萬美元的 SIM 交易。所以通常情況下，我們會替換現有的人員。我會讓迪帕克回答——

The IBM question. Just to keep things very simple, Keith, and we can follow up with you in more detail off-line. There are certain contracts that will be part of the IBM ELA or something like that.

IBM 的問題。基思，為了讓事情變得簡單，我們可以在線下與您進行更詳細的跟進。有些合約將成為 IBM ELA 或類似合約的一部分。

We won't be able to recognize the revenue of just the way that the accounting treatment works, and there will also be some contracts that require consent from customers, like so those are the kinds of things. We do expect over time, things to move to XSIAM.

我們將無法僅按照會計處理的方式來確認收入，而且還會有一些合約需要得到客戶的同意，就像這樣的事情。我們確實預計隨著時間的推移，事情會轉移到 XSIAM。

Like our intention was never to do things and that's much more ratable revenue anyhow.

就像我們的意圖從來不是做事一樣，無論如何，這都是可評估的收入。

So it just takes some time to get those customers transferred over. Yes, fair enough.

所以需要一些時間才能讓這些客戶轉移過來。是的，很公平。

(inaudible), our real interest is in converting them to XSIAM as you'd appreciate. That's right .

（聽不清楚），我們真正的興趣是將它們轉換為 XSIAM，如您所願。這是正確的 。

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

好的。好了，我們就結束這通電話會議的問答部分。我將把它轉回給尼科甚，讓他作結束語。

I want to use the opportunity to thank all of you for supporting us and for joining our call. I also want to thank all of our customers, partners and entire ecosystem for supporting our business. And last, but most importantly, all of our employees who worked really hard to deliver these results. Thank you very much.

我想藉此機會感謝大家對我們的支持和加入我們的電話會議。我還要感謝所有客戶、合作夥伴和整個生態系統對我們業務的支持。最後但也是最重要的是，我們所有的員工都非常努力地實現這些成果。非常感謝。