Palo Alto Networks Inc (PANW) 2025 Q1 法說會逐字稿

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Good day, everyone, and welcome to Palo Alto Networks first-quarter 2025 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, Wednesday, November 20, 2024, at 1:30 PM Pacific Time.

大家好，歡迎參加 Palo Alto Networks 2025 年第一季財報電話會議。我是沃爾特‧普里查德 (Walter Pritchard)，投資者關係與企業發展資深副總裁。請注意，本次通話錄音於今天（太平洋時間）2024 年 11 月 20 日星期三下午 1:30 進行。

With me on today's call to discuss first-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.

今天與我一起討論第一季業績的電話會議是我們的董事長兼執行長 Nikesh Arora；以及我們的財務長 Dipak Golechha。在我們準備好的發言之後，我們的首席產品長 Lee Klarich 將加入我們的問答部分。

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 1Q '25 supplemental information and 1Q '25 earnings presentation.

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 25 年 1 季度補充資訊和 25 年 1 季度收益演示。

During the course of today's call, we will make forward-looking statements and projections regarding the company's business operations and financial performance. These statements made today are subject to a number of risks and uncertainties that could cause our actual results to differ from these 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 presentation today.

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

This presentation contains non-GAAP financial measures and key metrics relating to the company's past and expected future performance. Non-GAAP financial measures should not be considered as 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.

本簡報包含與公司過去和預期未來績效相關的非公認會計準則財務指標和關鍵指標。非 GAAP 財務指標不應被視為替代根據 GAAP 制定的財務指標。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 otherwise noted today, all results and comparisons are on a fiscal year-over-year basis. Also note that management is scheduled to participate in the UBS Global Technology Conference.

除非今天另有說明，所有結果和比較均以財政年度為基礎。另請注意，管理層計劃參加瑞銀全球技術會議。

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 and thank you, everyone, for joining us today for our earnings call. We're delighted to report a strong start to fiscal year 2025. And our first quarter of focusing on RPO and NGS ARR, we saw strength in both metrics and saw them performed well ahead of our expectations. The market for cybersecurity continues to be robust and continues to grow faster than the overall technology market despite the acceleration of technology spend due to AI, cybersecurity continues to outpace technology spend.

謝謝你，沃特。下午好，謝謝大家今天參加我們的財報電話會議。我們很高興地報告 2025 財年的強勁開局。儘管人工智慧導致技術支出加速，但網路安全市場仍然強勁，且成長速度持續快於整體技術市場，但網路安全仍超過技術支出。

We saw a particular strength in our next-generation security offerings, notably in Cortex and in NetSec. NGS ARR grew 40% to $4.5 billion. It is still well ahead of our industry's expectations independent of a one-time increase due to the IBM deal.

我們看到了下一代安全產品的特殊優勢，尤其是 Cortex 和 NetSec。 NGS ARR 成長了 40%，達到 45 億美元。儘管與 IBM 交易導致的一次性成長無關，但它仍然遠遠超出了我們行業的預期。

On profitability front, we expanded our operating margin by 60 basis points year over year as we continue to see benefits from our broad efficiency focus while making the necessary investments to sustain our growth. This translated into a 13% EPS growth and strong cash generation. We are particularly pleased with our continued execution at scale, where we are able to balance our growth initiatives within our financial investment envelope, allowing us to deliver upside to our EPS guidance.

在獲利能力方面，我們的營業利潤率同比增長了 60 個基點，因為我們繼續從廣泛的效率關注中獲益，同時進行必要的投資以維持我們的成長。這轉化為每股收益成長 13% 和強勁的現金產生。我們對我們的持續大規模執行感到特別滿意，我們能夠在金融投資範圍內平衡我們的成長計劃，從而使我們能夠實現每股收益指導的上行。

We've been talking about the benefits of simplifying security architectures and consolidating point products into platforms for a while now. I'm sure all of you remember our eventful quarter where we changed gears on platformization. And as I've said before, I wish we could have made our good decisions faster. We continue to see momentum across our partner ecosystem and our customers. More recently, our industry peers have been evangelizing the virtues of platformization and industry experts have begun to weigh in.

一段時間以來，我們一直在討論簡化安全架構和將單點產品整合到平台中的好處。我相信你們所有人都記得我們多事的季度，我們在平台化方面改變了方向。正如我之前所說，我希望我們能夠更快地做出正確的決定。我們繼續看到我們的合作夥伴生態系統和客戶的發展勢頭。最近，我們的行業同行一直在宣傳平台化的優點，行業專家也開始發表意見。

I had our teams go back and compare the growth in the mentions of the word platform on cybersecurity earnings calls this year versus last year, we found an overall 50% increase amongst our peers. As they say, imitation is the highest form of flattery.

我讓我們的團隊回過頭來比較今年網路安全財報電話會議上「平台」一詞的提及增長情況與去年相比，我們發現同行總體增長了 50%。正如他們所說，模仿是最高形式的奉承。

As another point of reference in recent research, Gartner sees 75% of secured leaders actively pursuing a vendor consolidation strategy, although less than 15% of large enterprise customers have implemented at least any one security platform solution. Gartner expects that by 2028, 45% of organizations will use fewer than 15 cybersecurity tools in their product portfolio, up from 13% of organization in 2023.

作為最近研究的另一個參考點，Gartner 發現 75% 的安全領導者積極推行供應商整合策略，儘管只有不到 15% 的大型企業客戶至少實施了任何一種安全平台解決方案。 Gartner 預計，到 2028 年，45% 的組織將在其產品組合中使用少於 15 個網路安全工具，而 2023 年這一比例為 13%。

I do want to reiterate the definition of what we want to achieve as a platform. Central to stopping threats of the future is a robust AI and automation platformization strategy, and data is at the heart of it all. Our approach is to ingest all relevant security data once, stitch and analyze this with precision AI technology, and natively automate end-to-end workflows. It's a tall order to take data from many different security vendors, analyze it on the fly and make a decision to stop an attack fast enough, but we're encouraged with the early success of our Exxon cloud platform to do exactly this.

我確實想重申我們作為一個平台想要實現的目標的定義。阻止未來威脅的核心是強大的人工智慧和自動化平台化策略，而數據是這一切的核心。我們的方法是一次提取所有相關的安全數據，使用精確的人工智慧技術進行拼接和分析，並進行本地自動化端到端工作流程。從許多不同的安全供應商那裡獲取數據、動態分析並做出足夠快的決定來阻止攻擊是一項艱鉅的任務，但我們對埃克森雲端平台的早期成功感到鼓舞，能夠做到這一點。

In network security, we also collect all data across all Palo Alto Network security products and enable our customers to operate on a single pane of glass with consistent services, which work across all our form factors. We believe our network security strategy is the most comprehensive platform available in the industry, encompassing a majority of the use cases via a single consistent interface. As one of our customers recently said, that's one pane of glass versus many classes of pain.

在網路安全方面，我們還收集所有 Palo Alto Network 安全產品的所有數據，並使我們的客戶能夠在單一管理平台上進行操作，並提供一致的服務，這些服務適用於我們所有的外形規格。我們相信我們的網路安全策略是業界最全面的平台，透過單一一致的介面涵蓋大多數用例。正如我們的一位客戶最近所說，這只是一塊玻璃對抗多種痛苦的方法。

So while many of our competitors are talking about their platform approach, we don't believe they're equipped to deliver it in the way we can. We feel the cybersecurity industry is embarking into its next phase, where the market will continue to convert towards a fewer set of platformization players over the next 5 to 10 years. Point solutions will continue to get subsumed in these platform plays. Having started this trend, we intend to be one of those few players.

因此，雖然我們的許多競爭對手都在談論他們的平台方法，但我們認為他們沒有能力以我們的方式提供它。我們認為網路安全產業正在進入下一階段，在未來 5 到 10 年內，市場將繼續轉向更少的平台化參與者。單點解決方案將繼續納入這些平台遊戲中。開啟這一趨勢後，我們打算成為少數參與者之一。

With this being the first quarter fiscal new year, we further oriented our go-to-market enablement around platformization, our goal is to broaden the effectiveness of our solutions selling across thousands of sellers and arm them to sell the value of our differentiated security outcomes across network security, cloud security, and security operations. With platform-specific domain consultants and architects, we are able to bring tremendous focus to our go-to-market efforts.

今年是第一季財年，我們進一步圍繞平台化進行市場支持，我們的目標是擴大我們在數千個賣家中銷售的解決方案的有效性，並武裝他們銷售我們差異化安全成果的價值涵蓋網絡安全、雲端安全和安全營運。有了特定於平台的領域顧問和架構師，我們能​​夠將重點放在我們的市場推廣工作上。

I'm again pleased with the results we're seeing. These came through in our Q1 metrics. We added more than 70 new platformizations with about one-third coming from our acquisition of QRadar SaaS. We ended Q1 with approximately 1,100 platformization. Beyond the number of new platformization in Q1, we also stress strength in ARR per platformized customer.

我對我們所看到的結果再次感到滿意。這些都體現在我們的第一季指標中。我們增加了 70 多個新平台，其中約三分之一來自對 QRadar SaaS 的收購。第一季結束時，我們有大約 1,100 個平台化。除了第一季新平台化的數量之外，我們還強調每個平台化客戶的 ARR 強度。

Our Q1 ARR or platformized customer was up 6% versus the average we saw during fiscal year 2024. The improvement in ARR is driven not only by our success signing larger transactions, it is also driven by our team's ability to expand existing platformized deployments continuously with new innovation that is delivered.

與我們在2024 財年看到的平均值相比，我們第一季的ARR 或平台化客戶成長了6%。擴展現有平台化部署的能力交付的新創新。

For example, in network security, we have seen significant value from the adoption of advanced subscription services and uptake of add-on modules and SASE, such as ADEM or Autonomous Digital Experience Management, or CASB. ADEM and CASB are essential for us to be able to deliver AI solutions and AI access capabilities in the future, and we believe this capability will become existential for all SASE customers. Our Q1 performance keeps us on track to achieve 2,500 to 3,500 platformization deals by fiscal year 2030.

例如，在網路安全方面，我們看到了採用高級訂閱服務以及採用附加模組和 SASE（例如 ADEM 或自主數位體驗管理或 CASB）的巨大價值。 ADEM 和 CASB 對於我們未來提供 AI 解決方案和 AI 存取能力至關重要，我們相信這種能力將成為所有 SASE 客戶的生存之本。第一季的業績使我們預計在 2030 財年實現 2,500 至 3,500 筆平台化交易。

We're happy with our continued strong growth in NGS ARR in Q1, fueled by our continued costimization momentum. We see multiple drivers here. Network security customers are ill deploying our software and SASE form factors, including adopting advanced Zero Trust security subscriptions across them. Over time, these customers have a significant incentive to converge the network security architecture towards adoption of our full suite of three form factors.

在我們持續的成本優化勢頭的推動下，我們對第一季 NGS ARR 的持續強勁成長感到滿意。我們在這裡看到多個驅動程式。網路安全客戶無法部署我們的軟體和 SASE 外形規格，包括在其中採用先進的零信任安全訂閱。隨著時間的推移，這些客戶將會有很大的動力將網路安全架構整合到採用我們的全套三種外形規格。

Outside of network security, where we now have well over $2 billion in NGS ARR, we are also seeing our cloud security and Cortex security operations business become significant as well. Last quarter, cloud security crossed the $700 million milestone, and this quarter, Cortex crossed the $1 billion milestone.

除了網路安全之外，我們現在擁有超過 20 億美元的 NGS ARR，我們還看到我們的雲端安全和 Cortex 安全營運業務也變得越來越重要。上個季度，雲端安全性突破了 7 億美元的里程碑，本季度，Cortex 突破了 10 億美元的里程碑。

Looking at the large platform deals, we see a variety of opportunities across all of our customers. We signed a transaction with a large technology firm for over more than $50 million. This deal was headlined by a soft transformation, where we both replaced multiple SIMs, XSIAM, and add XDR.

縱觀大型平台交易，我們在所有客戶中看到了各種各樣的機會。我們與一家大型科技公司簽署了一項超過 5000 萬美元的交易。這筆交易的重點是軟轉型，我們都更換了多個 SIM、XSIAM，並添加了 XDR。

The customer is facing rising costs in the stock with little automation and adequate visibility into the rising number of tailored attacks that leverage AI. The customer was QRadar customer and a year ago had platformized with us in network security. In this transaction, they added SD-WAN as well.

客戶面臨庫存成本上升的問題，幾乎沒有自動化，也無法充分了解利用人工智慧的客製化攻擊數量不斷增加的情況。該客戶是 QRadar 客戶，一年前與我們在網路安全方面進行了平台化合作。在這次交易中，他們還增加了 SD-WAN。

Next, we had a deal north of $15 million in value, the national hospital system platformizing their network security, which include an ELA for our firewalls. The customer is focused on both preventing a breach after observing the many high-profile incidents in the health care industry as well as reducing operating costs. We displaced a legacy for vendor and also set ourselves up for future SASE deployments. In SecOps, we also have an initial Cortex footprint and the secured our customer with an deployment.

接下來，我們達成了一項價值超過 1500 萬美元的交易，國家醫院系統將其網路安全平台化，其中包括用於我們防火牆的 ELA。在觀察到醫療保健行業的許多引人注目的事件後，客戶專注於防止違規以及降低營運成本。我們取代了供應商的遺留問題，並為未來的 SASE 部署做好了準備。在 SecOps 中，我們還擁有初始 Cortex 足跡，並透過部署來保護我們的客戶。

Our financial institution customer standardizing our firewalls, including in LA in a transaction for over $20 million, after standardizing our network security platform with SASE in fiscal year 2024. While we had to win the firewall business based on the capability lines, our SASE platformization and our consistent NetSec architecture across form factors was a big differentiator. With the benefit of our consistent network security architecture, we were able to streamline operations across the network to drive lower cost.

在2024 財年使用SASE 標準化我們的網路安全平台後，我們的金融機構客戶對我們的防火牆進行了標準化，包括在洛杉磯進行了一筆超過2000 萬美元的交易。 ，但我們的SASE 平台化和我們跨外形尺寸的一致 NetSec 架構是一個很大的差異化因素。憑藉我們一致的網路安全架構的優勢，我們能夠簡化整個網路的運營，從而降低成本。

Last but not the least, we tried the transaction greater than $30 million for the physical security services company. The customer signed a large transaction with us the last year, platformizing network security and security operations. In this quarter, the customer expanded both XSIAM and XDR deployments and added SASE network security.

最後但並非最不重要的一點是，我們為實體安全服務公司嘗試了超過 3000 萬美元的交易。該客戶去年與我們簽署了一項大型交易，將網路安全和安全營運平台化。在本季度，客戶擴展了 XSIAM 和 XDR 部署，並新增了 SASE 網路安全性。

This is a challenging deal as there were significant changes to the customer with new IT leadership, including someone who previously deployed a SASE point product from a competitor. We were able to show both cost savings and a better security outcome from our consistent NetSec architecture.

這是一項具有挑戰性的交易，因為新的 IT 領導層為客戶帶來了重大變化，其中包括先前部署了競爭對手的 SASE 單點產品的客戶。我們能夠透過一致的 NetSec 架構展示成本節約和更好的安全成果。

Our expanded Cortex footprint was driven by the customer's confidence that we are helping them identify and stop attacks. Overall, these are representative of a large deal momentum, where we saw 305 transactions over $1 million, up 13% and 60 transactions over $5 million, up 30% this quarter.

我們擴大 Cortex 足跡是因為客戶相信我們正在幫助他們識別和阻止攻擊。總體而言，這些代表了大型交易的勢頭，本季我們看到 305 筆超過 100 萬美元的交易，成長了 13%，60 筆超過 500 萬美元的交易，成長了 30%。

Switching gears, let's take a look at our three platforms and how they're supporting our growth. In network security, we continue to see steady demand in our product business. The demand continues to be a function of customer refreshes, capacity expansion, and selective competitive take outs, driven by the customer's desire to deploy our network security platform across the category.

切換話題，讓我們來看看我們的三個平台以及它們如何支援我們的成長。在網路安全方面，我們的產品業務需求持續穩定。需求仍然是客戶更新、容量擴展和選擇性競爭淘汰的函數，而客戶希望在整個類別中部署我們的網路安全平台。

We're also seeing customers who has to move to the cloud are beginning to deploy more and more software firewalls to protect their cloud instances. With the recent upgrade of our products to be able to solve AI use cases, we continue to feel positively about strength in publicly cloud-deployed software firewalls. These represent 70% of our total virtual firewalls ARR and are driving our growth in this area.

我們也看到必須遷移到雲端的客戶開始部署越來越多的軟體防火牆來保護他們的雲端執行個體。隨著我們的產品最近升級為能夠解決人工智慧用例，我們繼續對公有雲部署的軟體防火牆的實力感到積極。這些占我們虛擬防火牆 ARR 總量的 70%，正在推動我們在這一領域的成長。

SASE continues to drive transformation deals that you saw in our customer stories. The true power of SASE and its extensibility now to our newer use cases helps validate the case from any of our new customers. Our SASE platform has recently integrated AI-based monitoring, incremental capabilities to manage AI applications, and even more recently, the Prisma Access browser, which we will talk more about in a minute.

SASE 繼續推動您在我們的客戶案例中看到的轉型交易。 SASE 的真正力量及其現在對我們新用例的可擴展性有助於驗證我們任何新客戶的案例。我們的 SASE 平台最近整合了基於 AI 的監控、管理 AI 應用程式的增量功能，甚至最近整合了 Prisma Access 瀏覽器，我們將在一分鐘內詳細討論。

Whilst our SASE customers grew 20%, more interestingly, 40% of our SASE customers this quarter are net new to Palo Alto Networks. This is exciting since it creates a future opportunity post-implementation to drive consistency by evolving these customers to the full network security platform. This was true for the financial services customer I mentioned. In addition to landing these SASE customers, we also have seen success driving large deals with SASE transactions over $1 million in contract value, up 40% in Q1.

雖然我們的 SASE 客戶成長了 20%，但更有趣的是，本季我們的 SASE 客戶中有 40% 是 Palo Alto Networks 的新客戶。這是令人興奮的，因為它創造了未來實施後的機會，透過將這些客戶發展到完整的網路安全平台來推動一致性。我提到的金融服務客戶就是如此。除了吸引這些 SASE 客戶之外，我們還成功推動了合約價值超過 100 萬美元的 SASE 大型交易，第一季成長了 40%。

Critical sustaining our NetSec performance are investments we're making innovating. We released an enhanced security capability for operational technology environments to address the growing challenges our customers face as a number of non-IT connected devices accelerate. Challenges and OT environments include a need for more visibility, a lack of segmentation, and unsanctioned remote access. We have brought Precision AI to bear on this challenge, along with our new line of ruggedized firewalls.

維持我們的 NetSec 績效的關鍵是我們正在進行的創新投資。我們針對營運技術環境發布了增強的安全功能，以應對隨著大量非 IT 連接設備的加速發展，客戶面臨的日益嚴峻的挑戰。挑戰和 OT 環境包括需要更多的可見性、缺乏細分以及未經批准的遠端存取。我們採用 Precision AI 以及新的加固型防火牆系列來應對這項挑戰。

We also saw strong interest from customers in our broad Secure AI by Design portfolio with the AI Access letting the way. Our teams have been busy driving customer engagement. We have hundreds of customers leveraging AI Access. We currently secure over 750 AI applications, a volume which we believe leads the industry and are growing this figure by the day. We are also providing in-line data loss prevention for more than 65 applications with this number growing as well.

我們也看到客戶對我們廣泛的安全 AI by Design 產品組合表現出濃厚的興趣，其中 AI Access 為我們提供了支援。我們的團隊一直忙於提高客戶參與度。我們有數百名客戶正在利用 AI Access。目前，我們保護了超過 750 個人工智慧應用程序，我們認為這一數量處於行業領先地位，而這一數字正在與日俱增。我們還為超過 65 個應用程式提供線上資料遺失防護，而且這個數字還在不斷增長。

Lastly, as part of our general availability release of our copilot capabilities across our three platforms, we rolled out the Strata Copilot. In our development process, we prioritize delivering superior accuracy and we've had fantastic feedback.

最後，作為跨三個平台全面發布 Copilot 功能的一部分，我們推出了 Strata Copilot。在我們的開發過程中，我們優先考慮提供卓越的準確性，並且我們得到了很好的回饋。

The Strata Copilot trained on nearly 50,000 vetted forces, leverages best practices to help guide customers to faster decisions, and help accelerate remediation. We have made a version of this copilot available to our customer support teams, which is beginning to positively impact our time to resolving customer issues, which we believe will continue to improve significantly going forward.

Strata Copilot 接受了近 50,000 名經過審查的人員的培訓，利用最佳實踐來幫助指導客戶更快地做出決策，並幫助加快補救速度。我們已經為我們的客戶支援團隊提供了該副駕駛的一個版本，這開始對我們解決客戶問題的時間產生積極影響，我們相信這將繼續顯著改進。

I want to spend a few minutes on the Prisma Access browser. We acquired Talon Cyber Security in December of last year. We knew this technology would become increasingly important to secure unmanaged devices such as those used by contractors.

我想花幾分鐘了解 Prisma Access 瀏覽器。我們在去年 12 月收購了 Talon Cyber​​ Security。我們知道這項技術對於保護非託管設備（例如承包商使用的設備）將變得越來越重要。

We saw an opportunity to acquire high-quality scarce asset and be first to natively integrate a secure browser into a SASE offering. Since then, we have been integrating the Talon browser with our leading security, DLP, and access services and leveraging a broader network security capabilities. This has resulted in a much more robust secure enterprise browser, our Prisma Access browser.

我們看到了獲得高品質稀缺資產的機會，並率先將安全瀏覽器本地整合到 SASE 產品中。從那時起，我們一直將 Talon 瀏覽器與我們領先的安全、DLP 和存取服務集成，並利用更廣泛的網路安全功能。這催生了更強大、更安全的企業瀏覽器，也就是我們的 Prisma Access 瀏覽器。

What has been rewarding has been a surge in interest in emergence of various use cases. The browser is the ideal place to counter targeted attacks such as issuing secure privileged users, and enable access to risky web applications. Customers are deploying Prisma Access browser as an additional security control that is transparent to the end user.

令人欣慰的是人們對各種用例的興趣激增。瀏覽器是抵禦有針對性的攻擊（例如發放安全特權使用者）並允許存取有風險的 Web 應用程式的理想場所。客戶正在部署 Prisma Access 瀏覽器作為對最終使用者透明的額外安全控制。

Customers running the heart of business or SaaS applications and leveraging emerging AI applications are especially seeing the benefits of Prisma Access browser as a critical end user security control.

運行核心業務或 SaaS 應用程式並利用新興 AI 應用程式的客戶特別看到 Prisma Access 瀏覽器作為關鍵的最終用戶安全控制的優勢。

Also, the replacement of virtual desktop infrastructure, or VDI, is also starting to emerge as an opportunity. This is a legacy technology for which you are collectively unhappy. We are working to expand the pool of VDI users, which you can address by adding new protocols such as SSH and RDP and securely enabling mobile device users.

此外，虛擬桌面基礎架構（VDI）的替代也開始成為一個機會。這是你們都不滿意的遺留技術。我們正在努力擴大 VDI 用戶池，您可以透過新增 SSH 和 RDP 等新協定並安全地啟用行動裝置用戶來解決這個問題。

Adding our ADEM capabilities browser can further enhance the end user experience with Prisma Access browser compared to VDI. We've seen significant commercial transaction for Prisma Access browser with over 115 new customers and 1 million licenses sold since the time of the Talon acquisition.

與 VDI 相比，新增我們的 ADEM 功能瀏覽器可進一步增強 Prisma Access 瀏覽器的最終使用者體驗。自 Talon 收購以來，我們見證了 Prisma Access 瀏覽器的重大商業交易，擁有超過 115 個新客戶和 100 萬個許可證。

This traction of all all of the network SASE customers, including some of our largest customers, highlights our ability to successfully integrate the innovation and the innovative technologies that we acquire and rapidly take to market.

所有網路 SASE 客戶（包括我們的一些最大客戶）的這種吸引力凸顯了我們成功整合我們獲得的創新和創新技術並快速推向市場的能力。

Prisma Access has about 16 million active licenses today. Our enterprise customers, the largest Prisma Access cohort, are now eligible to leverage this license to adopt Prisma Access browser. We're seeing strong interest in this newly integrated capability.

Prisma Access 目前擁有約 1,600 萬個有效許可證。我們的企業客戶（最大的 Prisma Access 群組）現在有資格利用此授權來採用 Prisma Access 瀏覽器。我們看到人們對這種新整合的功能產生了濃厚的興趣。

Now moving on to Cortex. A strong momentum in this business continued with us crossing the $1 billion ARR milestone in Q1, as I mentioned before. We have built the Cortex portfolio steadily over the last six years, starting with XDR.

現在轉向皮質。正如我之前提到的，該業務繼續保持強勁勢頭，我們在第一季突破了 10 億美元的 ARR 里程碑。從 XDR 開始，我們在過去六年中穩步建立了 Cortex 產品組合。

Our Cortex offerings have both been recognized as leaders in their markets, but also work together seamlessly, the platform that can deliver superior security operations outcomes for our customers. In Q1, our leadership position continue to be reinforced by third-party recognitions, including from Gartner, in endpoint protection; Forrester in attack surface management; and KuppingerCole in security automation, orchestration, and response or SOAR. XSIAM is a stand out within Cortex and we have made significant progress since its release to GA about two years ago.

我們的 Cortex 產品不僅被公認為市場中的領導者，而且還能無縫協作，該平台可以為我們的客戶提供卓越的安全營運成果。第一季度，我們在端點保護方面的領先地位繼續得到第三方認可（包括來自 Gartner 的認可）的鞏固； Forrester 攻擊面管理；和 KuppingerCole 在安全自動化、編排和回應或 SOAR 領域。 XSIAM 是 Cortex 中的佼佼者，自從大約兩年前發佈到 GA 以來，我們已經取得了重大進展。

We continue to deliver both strong innovation and commercial momentum at XSIAM, released over 400 new machine learning detection modules, leveraging Precision AI to broaden the scope of our autonomous SOC capabilities. We now have over 150 active XSIAM customers, about 40 of which have more than $1 million in ARR. We also rolled out a program for managed security service providers in Q1.

我們繼續在 XSIAM 提供強勁的創新和商業動力，發布了 400 多個新的機器學習偵測模組，利用 Precision AI 擴大我們自主 SOC 能力的範圍。我們現在擁有超過 150 個活躍的 XSIAM 客戶，其中約 40 個 ARR 超過 100 萬美元。我們也在第一季推出了針對託管安全服務提供者的計畫。

One of the key highlights this quarter has been our partnership with IBM, including the QRadar transaction that closed this quarter. This is an amazing burgeoning relationship. I'm excited about the early momentum we are seeing from customers to migrate from QRadar to XSIAM.

本季的主要亮點之一是我們與 IBM 的合作夥伴關係，包括本季完成的 QRadar 交易。這是一種令人驚奇的新興關係。我對客戶從 QRadar 遷移到 XSIAM 的早期勢頭感到興奮。

Following the close of the deal at the end of August, we have added over 550 QRadar SaaS customers to our Cortex customer base. Since announcing the transaction, we have seen a number of customers signed QRadar to XSIAM transaction for a total TCV so far, over $80 million as we execute against our well-planned go-to-market programs.

8 月底交易結束後，我們的 Cortex 客戶群中新增了超過 550 個 QRadar SaaS 客戶。自從宣布交易以來，我們已經看到許多客戶簽署了 QRadar 到 XSIAM 的交易，到目前為止，總 TCV 超過 8000 萬美元，因為我們執行了精心策劃的上市計劃。

Over predative XSIAM customer opportunities in the pipeline across the full SaaS and on-prem QRadar base worth of $1 billion in total value. We're also seeing further opportunity across this customer set with our broader Cortex offerings. This opportunity we see global with over half of the installed base outside the United States. We believe that this deal will help us to become one of the top 3 players in the SIM space over the upcoming years.

整個 SaaS 和本地 QRadar 基礎管道中的掠奪性 XSIAM 客戶機會總價值達 10 億美元。我們也透過更廣泛的 Cortex 產品在該客戶群中看到了更多機會。我們在全球範圍內看到了這個機會，超過一半的安裝基數在美國以外。我們相信，這筆交易將幫助我們在未來幾年成為 SIM 領域的三大參與者之一。

Beyond our success in Cortex and with XSIAM specifically, I want to highlight another trend we see in the market. Many of the attacks we see our customers are targeting their cloud environments. The pace of change in cloud is far faster than on-prem is challenging for security teams to keep up with.

除了我們在 Cortex 和 XSIAM 方面的成功之外，我想強調我們在市場上看到的另一個趨勢。我們看到客戶的許多攻擊都是針對他們的雲端環境。雲端中的變化速度遠遠快於本地部署，這對安全團隊來說是一個挑戰。

As new Cortex sometimes being pushed multiple times per day, and new cloud services are constantly being adopted by developers. This demand for real-time cloud security is driving us to bring together the capabilities of our leading CNAP portfolio, Prisma Cloud and our Cortex set operations capabilities to cloud attacks.

由於新的 Cortex 有時每天會推送多次，並且新的雲端服務不斷被開發人員採用。這種對即時雲端安全的需求促使我們將領先的 CNAP 產品組合、Prisma Cloud 的功能和我們的 Cortex 集操作功能結合起來應對雲端攻擊。

This is black drop. We have sold millions of cloud detection and response agents, these deployments up 10x in the two quarters since the April launch of new offering. This has helped drive our combined Prisma Cloud and Cortex customer base, which is up 15% year over year. Interestingly, about one-third of our Prisma Cloud customers already use at least one Cortex product.

這是黑色的水滴。我們已經售出了數百萬個雲端偵測和回應代理，自 4 月推出新產品以來，這些部署在兩個季度內成長了 10 倍。這有助於推動我們的 Prisma Cloud 和 Cortex 客戶群的綜合成長，年成長 15%。有趣的是，大約三分之一的 Prisma Cloud 客戶已經使用至少一種 Cortex 產品。

Our combined portfolio can bring superior security value and operational improvement to our customers. We recently released a new capability, integrating our ex automation capability in Cortex with our data security posture management, or DSPM in cloud, to automate the remediation of data security risks identified.

我們的組合產品組合可以為我們的客戶帶來卓越的安全價值和營運改善。我們最近發布了一項新功能，將 Cortex 中的前自動化功能與雲端中的資料安全態勢管理或 DSPM 集成，以自動修復已識別的資料安全風險。

We also released our AI Copilots for Prisma Cloud and Cortex to general availability, while early in their adoption, we see significant promise here, driving towards security operations that are machine led and human empowered. And our Cortex Copilot beta, nearly half of users trusted to take security actions that we have.

我們也發布了適用於 Prisma Cloud 和 Cortex 的 AI Copilots，在其採用初期，我們看到了巨大的前景，推動機器主導和人類授權的安全操作。在我們的 Cortex Copilot 測試版中，近一半的使用者信任我們會採取安全措施。

With the recent or conversations around genetic AI, we have begun embedding agent capabilities across our copilots. We believe this agenetic vision of AI will be hugely impactful in security, and we're moving swiftly to adopt that into our product. We continue to drive innovation in our cloud security offerings. We released ESPM from our acquisition. We integrated that into Prisma Cloud to counter the rise in cloud data attacks.

隨著最近圍繞基因人工智慧的討論，我們已經開始在副駕駛中嵌入代理功能。我們相信人工智慧的這種遺傳願景將對安全產生巨大影響，我們正在迅速採取行動，將其應用到我們的產品中。我們持續推動雲端安全產品的創新。我們透過收購發布了 ESPM。我們將其整合到 Prisma Cloud 中，以應對雲端資料攻擊的增加。

These critical DSPM capabilities enable customers to trace potential attack paths in their cloud environment to determine what sensitive data is at risk appropriately prioritize their response and remediate automatically. Along with our overall launch of secure by design, our run time and ISPM offerings targeted at cloud environments have also seen positive early traction. Lastly, we also launched another program for managed security providers as customers to enable partners to deliver security services in the customer cloud environment.

這些關鍵的 DSPM 功能使客戶能夠追蹤雲端環境中的潛在攻擊路徑，以確定哪些敏感資料面臨風險，並適當地確定其回應的優先順序並自動進行修復。隨著我們全面推出安全設計，我們針對雲端環境的運行時間和 ISPM 產品也獲得了積極的早期吸引力。最後，我們還針對託管安全提供者作為客戶啟動了另一個計劃，使合作夥伴能夠在客戶雲端環境中提供安全服務。

Before I wrap up and hand the call over to Dipak and I'll leave you with a few thoughts. One, we're seeing growing industry validation of our strategy with Q1 marking yet as a steady quarter progress. Platformization is fueling the growth of our NGS ARR and puts us on track to hit our long-range targets as we drive sustainable, profitable growth. We're signing large transactions with leading global organizations because our approach delivers better security outcomes than the alternative.

在我結束並將電話轉交給 Dipak 之前，我想給您留下一些想法。第一，我們看到產業對我們的策略的驗證越來越多，第一季的標記仍然是一個穩定的季度進展。平台化正在推動我們 NGS ARR 的成長，並使我們在推動永續獲利成長的同時有望實現我們的長期目標。我們正在與全球領先的組織簽署大型交易，因為我們的方法比其他方法提供更好的安全結果。

Over the last 6 years, we have integrated our solution across three AI power platforms, and this approach is driving our business. We believe we have the best network cloud and security operation platforms, and we will continue to invest across these areas and keep them at the forefront of the nexus of cybersecurity in the AI.

在過去 6 年裡，我們將我們的解決方案整合到了三個人工智慧平台上，這種方法正在推動我們的業務發展。我們相信我們擁有最好的網路雲端和安全營運平台，我們將繼續在這些領域進行投資，讓它們處於人工智慧網路安全的前沿。

Over time, we will steadily bring these platforms closer together to solve problems, leveraging our integrated capabilities and common data. We hear our customers asking for it and we are delivering on it today with real-time security across cloud and Cortex.

隨著時間的推移，我們將穩步將這些平台更加緊密地結合在一起，利用我們的整合能力和通用數據來解決問題。我們聽到客戶提出這樣的要求，今天我們就透過跨雲端和 Cortex 的即時安全性來實現這一目標。

We also intend to lead these platform convergence opportunities that arise in the future. As you can see in Q1, our conviction and platformization and momentum gives us the confidence to make significant investments, notably in innovation. I believe we are the only dedicated cybersecurity company with resources and focus to drive consistent innovation and harness a substantial dedicated go-to-market capability to fuel our differentiated strategy.

我們也打算引領未來出現的這些平台融合機會。正如您在第一季所看到的，我們的信念、平台化和動力使我們有信心進行重大投資，特別是在創新方面。我相信，我們是唯一一家擁有資源並專注於推動持續創新並利用強大的專業進入市場能力來推動我們的差異化策略的專業網路安全公司。

We are releasing capabilities that our single form factor competitors network security are not able to offer such as our leading integrated browser in SASE. Our leading cloud and sets will fully position us to lead in real-time cloud detection and response. We're also seeing good early signs from product and go-to-market investments around the opportunity to create our customer base to exceed our XSIAM momentum further.

我們正在發布我們的單一形式競爭對手網路安全無法提供的功能，例如我們在 SASE 中領先的整合瀏覽器。我們領先的雲端和套件將使我們在即時雲端偵測和回應方面處於領先地位。我們也從產品和上市投資中看到了良好的早期跡象，圍繞著創建客戶群以進一步超越我們的 XSIAM 勢頭的機會。

As for securing AI itself, our secure AI by design portfolio is off to a good start, enabling organizations to confidently and securely leverage AI in the enterprise. If I look at the broader technology industry, we have seen evergreen companies that successfully execute on the platform approach in markets such as CRM, HR, ITSM. We think this will happen in cybersecurity, and we are poised to be that company.

至於保護人工智慧本身，我們的安全人工智慧設計產品組合已經有了一個良好的開端，使組織能夠自信、安全地在企業中利用人工智慧。如果我放眼更廣泛的科技產業，我們會看到長青公司在 CRM、HR、ITSM 等市場成功執行平台方法。我們認為這將在網路安全領域發生，我們也準備好成為那樣的公司。

Boiling this down to the impact on our fiscal year 2025 outlook, we are raising our full year '25 NGS ARR, revenue and EPS in the back of a strong performance. Also reflecting our belief in the company's future and the momentum and confidence we have in our strategy, we announced a 2-for-1 stock split. This is also done to help ensure our shareholders accessible to all our shares are accessible to all employees and investors.

歸根結底，這對我們 2025 財年前景的影響，在強勁業績的支持下，我們上調了 25 年全年 NGS ARR、收入和每股收益。我們宣布進行 2 比 1 的股票分割，這也反映了我們對公司未來的信心以及我們對策略的動力和信心。這樣做也是為了幫助確保所有員工和投資者都可以讓我們的股東獲得我們所有的股票。

I'll now turn the call over to Dipak to give you more details of our Q1 performance and our guidance.

現在我將把電話轉給 Dipak，向您提供有關我們第一季業績和指導的更多詳細資訊。

Thank you, Nikesh, and good afternoon, everyone. To maximize our time spent on Q&A, I will provide you with highlights of Q1. You can review the results in our press release and the supplemental financial information on our website. Note that we have removed billings and added NGS ARR and RPO to our supplemental financials, reflecting our focus on the latter metrics.

謝謝你，Nikesh，大家下午好。為了最大限度地利用我們在問答上的時間，我將為您提供第一季的亮點。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。請注意，我們已經刪除了帳單，並將 NGS ARR 和 RPO 添加到我們的補充財務數據中，這反映了我們對後者指標的關注。

In Q1, total revenue was $2.14 billion and grew 14%, above the high end of our guidance. Within revenue, product revenue grew 4%, while total services revenue grew 16%. Going into services revenue. Subscription revenue grew 21% and support revenue rose 8%.

第一季度，總營收為 21.4 億美元，成長 14%，高於我們指引的上限。在收入方面，產品收入成長了 4%，而總服務收入成長了 16%。進入服務收入。訂閱收入成長 21%，支持收入成長 8%。

As Nikesh mentioned, the demand for firewall appliances was stable in Q1, and we continue to expect growth of 0% to 5%, as we have previously discussed. Our support revenue is mainly tied to our appliance factor.

正如 Nikesh 所提到的，第一季防火牆設備的需求穩定，正如我們之前討論的那樣，我們繼續預計將成長 0% 到 5%。我們的支援收入主要與我們的設備因素相關。

Moving on to geographies, we saw double-digit revenue growth across all of our theaters with the Americas growing 12%, EMEA up 21%, and JPAC growing 13%. Total RPO grew 20% to $12.6 billion. We added approximately $68 million in RPO sequentially from the acquisition of the QRadar SaaS business. Approximately $30 million of this IPO was also included in our deferred revenue.

轉向地理區域，我們所有影院的營收均達到兩位數成長，其中美洲成長 12%，歐洲、中東和非洲成長 21%，日本太平洋地區成長 13%。 RPO 總額成長了 20%，達到 126 億美元。透過收購 QRadar SaaS 業務，我們的 RPO 連續增加了約 6,800 萬美元。此次 IPO 中約 3,000 萬美元也計入我們的遞延收入。

Our current RPO grew 18% to $5.9 billion. The average duration of our new contracts remained at approximately 3 years, in line with the year ago quarter and slightly down from Q4.

我們目前的 RPO 成長了 18%，達到 59 億美元。我們新合約的平均期限維持在約 3 年，與去年同期一致，略低於第四季。

Our NGR grew 40% finishing Q1 at $4.52 billion. We added $74 million in NGS ARR from QRadar SaaS. We expect this QRadar NGS ARR to decline to approximately half this amount by Q4 as we focus on upgrading these customers to XSIAM and growing our XSIAM ARR.

截至第一季度，我們的 NGR 成長了 40%，達到 45.2 億美元。我們從 QRadar SaaS 增加了 7,400 萬美元的 NGS ARR。我們預計 QRadar NGS ARR 將在第四季度下降到大約一半，因為我們專注於將這些客戶升級到 XSIAM 並增加我們的 XSIAM ARR。

Also, it is worth noting that about 1/3 of our new platformization in Q1 came from QRadar. These customers have both have over 100,000 in QRadar ARR and our active customers of Cortex XDR and Cortex XOR. That is a onetime increase as we completed the acquisition.

另外，值得注意的是，我們第一季的新平台約有 1/3 來自 QRadar。這些客戶在 QRadar ARR 中都擁有超過 100,000 個客戶，同時也是我們 Cortex XDR 和 Cortex XOR 的活躍客戶。這是我們完成收購後的一次性成長。

Moving down the income statement. Gross margin of 77.3% was down slightly as we saw the impact of some of our new SaaS offerings that haven't yet scaled. We continue to see efficiencies across the company as we focused on driving profitable growth. This resulted in 60 basis points of operating margin expansion and along with some higher interest and other income, drove upside to our earnings per share.

將損益表向下移動。由於我們看到一些尚未擴展的新 SaaS 產品的影響，77.3% 的毛利率略有下降。當我們專注於推動獲利成長時，我們繼續看到整個公司的效率不斷提高。這導致營業利潤率擴大了 60 個基點，再加上利息和其他收入的增加，推動了我們的每股盈餘上升。

Our diluted GAAP EPS continues to grow along with our overall profitability and we generated strong free cash flow in Q1 based on collections of our substantial Q4 bookings.

我們的稀釋後 GAAP 每股收益隨著我們的整體盈利能力而繼續增長，並且基於第四季度的大量預訂，我們在第一季度產生了強勁的自由現金流。

On our balance sheet, you will see that our debt balance came down by over $300 million. We have continued to see early conversion of our convertible debt, which occurred at the option of the debt holders and was settled by us in cash and equity. Our remaining debt matures in June 2025 although we continue to see early conversions. We did not repurchase any shares in Q1, and our buyback strategy remains opportunistic. We continue -- we have $1 billion in authorization remaining through December 2025.

在我們的資產負債表上，您會看到我們的債務餘額減少了 3 億多美元。我們繼續看到我們的可轉換債務提前轉換，這是由債務持有人選擇進行的，並由我們以現金和股權結算。儘管我們繼續看到早期轉換，但我們的剩餘債務將於 2025 年 6 月到期。第一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。我們繼續——到 2025 年 12 月，我們還有 10 億美元的授權剩餘。

Before I turn to guidance, I wanted to touch on the early impact we saw as we shifted our focus squarely to RPO and NGS ARR as our top line metrics. We did this believing it would help further drive company-wide behavior to optimize our business for long-term value creation, and we are encouraged by the early results in Q1.

在轉向指導之前，我想談談我們在將重點轉向 RPO 和 NGS ARR 作為我們的頂線指標時所看到的早期影響。我們這樣做是相信這將有助於進一步推動全公司範圍的行為，以優化我們的業務以創造長期價值，並且我們對第一季的早期結果感到鼓舞。

As we drove sales enablement and training to kick off the year, we focus the teams on maximizing exit ARR and deal profitability as compared to specific invoicing structures. I'm encouraged by some early signs we saw in Q1 where we reduced cycle times within certain steps of our deal close process. We also saw a handful of larger deals that work their way through the process, more smoothly than in the past.

當我們推動銷售支援和培訓以迎接新的一年時，我們將團隊的重點放在與特定的發票結構相比最大化退出 ARR 和交易盈利能力上。我們在第一季看到的一些早期跡象令我感到鼓舞，我們在交易完成流程的某些步驟中縮短了周期時間。我們也看到一些規模較大的交易正在順利完成整個過程，比過去更順利。

For example, a 7-figure SASE deal with one of the world's largest semiconductor companies accelerated through our process, we structured the deal around annual billings as compared to prior Panes proposals which would have needed longer scrutiny and approvals at our customer.

例如，與世界上最大的半導體公司之一達成的 7 位數的 SASE 交易透過我們的流程加速，我們圍繞年度帳單建立了該交易，而先前的 Panes 提案需要更長的審查和客戶批准。

In another 7-figure transaction for XDR with a health care customer, we were able to structure a deal to accommodate the customers payment terms requirements while focusing on maximizing exit ARR. We look forward to building on this to drive further improvements in predictability in our business as we focus squarely on NGS ARR and profitability in our deals.

在與醫療保健客戶進行的另一筆 7 位數的 XDR 交易中，我們能夠建立一筆交易來滿足客戶的付款條件要求，同時專注於最大化退出 ARR。我們期待以此為基礎，進一步提高我們業務的可預測性，因為我們專注於 NGS ARR 和交易的獲利能力。

In Q1, we focused our Pan financing capability on transaction where it was best suited, resulting in a meaningful reduction in the volume of these transactions. Instead of Pan we leveraged annual invoicing, which can be simpler for customers, especially when procuring SaaS offerings.

第一季度，我們將泛融資能力集中在最適合的交易上，導致這些交易量大幅減少。我們沒有使用 Pan，而是採用年度發票，這對客戶來說更簡單，尤其是在採購 SaaS 產品時。

Last quarter, I mentioned to you that we would have expected our billings to grow 12% this fiscal year if we did not change any of the practices in our business that impact billings. After reviewing Q1 results, this would continue to be true under the same assumptions. The quarterly analysis of billings is no longer meaningful as it does not reflect how we now run the business. Based on our Q1 performance, we also remain confident in our cash flow outlook for the year.

上個季度，我向大家提到，如果我們不改變業務中影響帳單的任何做法，我們預計本財年的帳單將增加 12%。在審查第一季的結果後，在相同的假設下，這種情況仍然成立。帳單的季度分析不再有意義，因為它不能反映我們現在的業務運作方式。基於我們第一季的業績，我們對今年的現金流前景也仍然充滿信心。

With that, let me turn to guidance. For the fiscal year 2025, we expect NGS ARR to be in the range of $5.52 billion to $5.57 billion, an increase of 31% to 32%. As a reminder, this guidance includes the contribution of QRadar SaaS of about half of the approximately $74 million in ARR from QRadar in Q1 as well as incremental momentum in our offerings Nikesh and I discussed. Remaining performance obligation of $15.2 billion, $15.3 billion, an increase of 19% to 20%.

接下來，讓我談談指引。 2025財年，我們預計NGS ARR將在55.2億美元至55.7億美元之間，成長31%至32%。提醒一下，本指南包括 QRadar SaaS 的貢獻，佔第一季 QRadar 約 7,400 萬美元 ARR 的一半左右，以及我和 Nikesh 討論的我們產品的增量動力。剩餘履約義務152億美元、153億美元，成長19%至20%。

Revenue to be in the range of $9.12 billion to $9.17 billion, an increase of 14%. Operating margins to be in the range of 27.5% to 28%. Diluted non-GAAP EPS to be in the range of $6.26 to $6.39, an increase of 10%, 13% and adjusted free cash flow margin in the range of 37% to 38%.

營收將在 91.2 億美元至 91.7 億美元之間，成長 14%。營業利益率將在 27.5% 至 28% 之間。稀釋後非公認會計準則每股收益將在 6.26 美元至 6.39 美元之間，分別成長 10% 和 13%，調整後自由現金流利潤率在 37% 至 38% 之間。

For the second fiscal quarter, we expect NGS ARR to be in the range of $4.70 billion to $4.75 billion, an increase of 35% to 36%. Remaining performance obligation of $12.9 million to $13.0 billion, an increase of 20% to 21% and revenue to be in the range of $2.22 billion to $2.25 billion of 12% to 14%. We expect diluted non-GAAP EPS to be in the range of $1.54 to $1.56 per share, an increase of 5% to 6%. We included our typical modeling points in the presentation for you to review.

對於第二財季，我們預計 NGS ARR 將在 47 億美元至 47.5 億美元之間，成長 35% 至 36%。剩餘履約義務為 1,290 萬美元至 130 億美元，成長 20% 至 21%，營收在 22.2 億美元至 22.5 億美元之間，成長 12% 至 14%。我們預計稀釋後的非 GAAP 每股盈餘將在 1.54 美元至 1.56 美元之間，成長 5% 至 6%。我們在簡報中包含了典型的建模點供您查看。

Finally, as Nikesh noted, we announced today a 2-for-1 split of Palo Alto Networks common stock. This decision is supported by underlying confidence in our continued business momentum and by our desire to make our stock more accessible to our employees and the broader group of investors.

最後，正如 Nikesh 指出的那樣，我們今天宣布對 Palo Alto Networks 普通股進行二比一的分割。這項決定的支持是因為我們對持續的業務動能充滿信心，我們希望讓我們的員工和更廣泛的投資者群體更容易獲得我們的股票。

Shareholders of record at the close of trading on December 12, 2024, we'll receive one additional share after the close of training on December 13, 2024, for every outstanding share held on December 12. Our stock will begin trading on a split-adjusted basis on December 16, 2024.

對於2024 年12 月12 日交易結束時登記在冊的股東，我們將在2024 年12 月13 日培訓結束後，每12 月12 日持有的每一股流通股額外獲得一股股票。將開始分拆交易。

With that, we will roll on more video, and then we will start Q&A.

接下來，我們將播放更多視頻，然後開始問答。

(video playing)

（影片播放）

(Conference Instructions) Our first question will come from Saket Kalia from Barclays followed by Brad Zelnick from Deutsche Bank.

（會議說明）我們的第一個問題將由巴克萊銀行的 Saket Kalia 提出，隨後是德意志銀行的 Brad Zelnick。

Okay. Great. Hey, guys. Thanks for taking my question and a nice start to the year. Maybe this is a question for both you and Nikesh and Dipak. The platformization strategy is clearly starting to hit its stride. And we've talked about the ARR implications of that longer term, specifically the long-term ARR target. But I'm curious if we can just talk about the margin implications from platformization long term as those deals tend to be bigger and also tend to have higher lifetime value.

好的。偉大的。嘿，夥計們。感謝您提出我的問題，並為這一年帶來了美好的開始。也許這對你、尼科甚和迪帕克來說都是一個問題。平台化策略顯然已開始取得進展。我們已經討論了長期的 ARR 影響，特別是長期 ARR 目標。但我很好奇我們是否可以只討論長期平台化對利潤的影響，因為這些交易往往規模更大，而且往往具有更高的生命週期價值。

Well, I'm going to add Dipak to add. Pike look at margin, if you look at the biggest cost on any enterprise company's P&L, it's a cost of sales by far. The second largest cost is your COGS as it relates to cloud spend. Now we are privileged to have some amazing deals with two large cloud service providers, which allow us to maintain margins that are consistent almost with on-prem solutions that other people do because of our scale, and we expect that to continue to improve over time. So that -- at one end, that's a significant factor.

好吧，我要添加 Dipak 來添加。派克看看利潤率，如果你看看任何企業公司損益表上最大的成本，那麼到目前為止，它是銷售成本。第二大成本是 COGS，因為它與雲端支出相關。現在，我們很榮幸與兩家大型雲端服務提供商達成了一些令人驚嘆的協議，這使我們能夠保持與其他人由於我們的規模而所做的本地解決方案幾乎一致的利潤，並且我們預計隨著時間的推移，這一情況將繼續改善。因此，從一方面來說，這是一個重要因素。

The second significant factor towards margin improvement is, as I mentioned, cost of sales. So the more we can platformize with existing customers and have large deal sizes with customers, it reduces our effort but you don't have to get 20 deals to get $200 million like some of our peers, you get one deal for $200 million, which means the cost of sales is lower on an incremental basis as we established a land and expand strategy from a customer perspective.

正如我所提到的，提高利潤率的第二個重要因素是銷售成本。因此，我們與現有客戶的平台化程度越高，與客戶的交易規模越大，就會減少我們的工作量，但你不必像我們的一些同行那樣獲得20 筆交易才能獲得2 億美元，你可以以2 億美元的價格獲得一筆交易，這意味著隨著我們從客戶角度製定土地和擴張策略，銷售成本會逐漸降低。

And last but not the least, I sort of alluded to it, we're noticing some very interesting outcomes from a customer support perspective, which ends up being the third largest area of cost we're seeing, in some cases, our Tier 1 support cases are getting solved by support coals, which our support teams are using.

最後但並非最不重要的一點是，我提到了這一點，我們從客戶支援的角度注意到了一些非常有趣的結果，這最終成為我們看到的第三大成本領域，在某些情況下，我們的一級成本支援案例透過我們的支援團隊正在使用的支援煤炭來解決。

So we're significantly reducing the time to resolution of support tickets at least on the sort of simpler end for now. But as I said, we've trained 50,000 data points into our network security copilot. I think as we get better and better at training our models and training their customer support copilots, where we've fully revamp the way we collect data on customer issues. I think there's tremendous potential there to give us future margin expansion.

因此，我們正在大幅縮短解決支援票證的時間，至少目前是如此。但正如我所說，我們已經將 50,000 個數據點訓練成了我們的網路安全副駕駛。我認為，隨著我們在訓練模型和培訓客戶支援副駕駛方面做得越來越好，我們已經全面改進了收集客戶問題資料的方式。我認為那裡有巨大的潛力可以讓我們未來的利潤率擴大。

So I think across the board, margin expansion on COGS, margin expansion from lower cost of sales and margin expansion from customer support automation.

因此，我認為，從整體來看，銷貨成本的利潤率成長、銷售成本降低的利潤率成長以及客戶支援自動化的利潤率成長。

Great. Thanks, Saket, for the question. Next up is Brad Zelnick from Deutsche Bank, followed by Hamza Fodderwala from Morgan Stanley. Go ahead, Brad.

偉大的。謝謝薩基特提出的問題。接下來是德意志銀行的 Brad Zelnick，其次是摩根士丹利的 Hamza Fodderwala。繼續吧，布拉德。

Great. Thanks so much and congrats on a strong start to the year. Nikesh, your NetSec competitors are talking about hardware refresh cycles. And I appreciate hardware is a much smaller part of your mix. So I won't bother asking why you're not expecting a refresh benefit like they are.

偉大的。非常感謝並祝賀今年有一個好的開始。 Nikesh，您的 NetSec 競爭對手正在談論硬體更新周期。我很欣賞硬體在你的組合中所佔的比例要小得多。所以我不會費心去問為什麼你不期待像他們那樣的刷新福利。

But we look forward to their refresh cycle. So we get a chance to take out their customers last Palo Alto. So I'm delighted there's a refresh cycle in the market.

但我們期待他們的更新周期。所以我們去年有機會消滅他們的客戶帕洛阿爾托。所以我很高興市場上有一個更新周期。

And that's exactly what I wanted to ask. Instead, how should we think about their refresh impacting your opportunity, both in the positive sense that you can go in and displace them as their boxes reach end of life, but also perhaps as a headwind. If they're using the event to bundle in ops and other next-gen capabilities. Are you running campaigns actively to go after this? Thank you.

這正是我想問的。相反，我們應該如何看待它們的更新對您的機會的影響，這既是積極的意義，即當它們的盒子達到使用壽命時您可以進入並取代它們，但也可能是一種逆風。如果他們使用該事件來捆綁操作和其他下一代功能。您是否正在積極開展活動來解決這個問題？謝謝。

So Brad, let me parse that out actually I know I spoke faster and English on my second language. So I did try to suddenly land in there that I am positive about hardware, where I said we're seeing steady growth in hardware, both from refreshes of boxes for our customers. We're seeing expanded demand for new use cases like ruggedized and IoT, et cetera.

所以布拉德，讓我解析一下，實際上我知道我用我的第二語言說得更快，而且是英語。因此，我確實嘗試突然表明我對硬體持積極態度，我說我們看到硬體的穩定增長，這都來自於為客戶提供的盒子的更新。我們看到對加固和物聯網等新用例的需求不斷擴大。

And last but not the least, we are seeing slow and steady takeouts of other customers. So what's happening is our SASE cohort from two or three years ago, very landed with SASE as that end of life happens in that customer base for firewalls, they turn to us and say, now I know the Palo Alto security interface, I don't have to learn it and they can just put firewalls, hardware firewalls against that SASE management pain because we have the same security management pain across SASE.

最後但並非最不重要的一點是，我們看到其他客戶的外送緩慢而穩定。所以發生的事情是我們兩三年前的 SASE 團隊，他們非常關注 SASE，因為防火牆的客戶群已經壽終正寢，他們轉向我們說，現在我知道帕洛阿爾托安全接口了，我不知道不必學習它，他們只需放置防火牆、硬體防火牆來應對SASE 管理難題，因為我們在整個SASE 中都面臨相同的安全管理難題。

It's not going to be revolutionary, but it is going to be evolutionary. If you look every year, our market share in hardware firewalls goes up 200 to 300 basis points. So we think there are donors in the market of market share who will constantly keep donate market share as they hit their refresh cycles. And there are acquirers of market share, and we're hopefully one of those. So I actually have a steady expectation from product hardware which I think is going to underpin our growth across the board over the next few years.

它不會是革命性的，但它將是漸進式的。如果你每年觀察一下，我們在硬體防火牆的市佔率都會上升 200 到 300 個基點。因此，我們認為市佔率市場的捐款者會在進入刷新周期時持續維持捐贈市場佔有率。還有市場佔有率的收購者，我們希望是其中之一。因此，我實際上對產品硬體抱有穩定的期望，我認為這將支撐我們未來幾年的全面成長。

Great. Thank youfor the question, Brad. Next is Hamza Fodderwala from Morgan Stanley, followed by Brian Essex from JPMorgan. Hamza, go ahead.

偉大的。謝謝你的提問，布拉德。接下來是摩根士丹利的哈姆扎·福德瓦拉（Hamza Fodderwala），其次是摩根大通的布萊恩·埃塞克斯（Brian Essex）。哈姆扎，繼續吧。

All right. Great. Good afternoon. Thanks for taking my question and great to see the success with Prisma Access browser, you're into that acquisition. Nikesh, I wanted to get your -- just maybe early view into 2025. I mean, on the one hand, there's some optimism on the macro. You have a lot of new products. On the other hand, CIO, CSOs they still want value for what they're spending.

好的。偉大的。午安.感謝您提出我的問題，很高興看到 Prisma Access 瀏覽器取得成功，您對此次收購很感興趣。 Nikesh，我想聽聽您對 2025 年的早期看法。你們有很多新產品。另一方面，CIO、CSO 仍然希望他們的支出物有所值。

There's some talks about the incoming administration looking to perhaps roll back certain regulations, maybe cut entire civilian agencies. You're a big seller into the federal government. So I'm just curious how you weigh those puts and takes as you look into 2025? Thank you.

有一些討論稱，即將上任的政府可能會取消某些法規，甚至削減整個民事機構。你是聯邦政府的大賣家。所以我很好奇，在展望 2025 年時，您如何權衡這些看跌期權和看跌期權？謝謝。

Thank you, Hamza, for a great question. Look, I think the most -- if you separate signal and noise, the biggest signal is AI in the next 12 to 48 months. NAI is already having significant impact both on the attack side, attacks are getting faster and faster and quicker. AI is possibly being used to evaluate what are the more vulnerable parts of your infrastructure, so we can go after that. So I think from a cyber incident perspective, unfortunately, it's not going to slow down.

謝謝哈姆札提出了一個很好的問題。看，我認為最重要的是——如果你將訊號和噪音分開，最大的訊號是未來 12 到 48 個月的人工智慧。 NAI 已經對攻擊方產生了重大影響，攻擊變得越來越快。人工智慧可能會被用來評估您的基礎設施中哪些部分更脆弱，所以我們可以去解決這個問題。因此，不幸的是，我認為從網路事件的角度來看，它不會放緩。

And that's the biggest driver of improved security posture and improve higher spend from CIOs. I think you're right. There is a consolidation. Let me spend less money for security. And there, we are discovering -- it's a more top-down motion than it is a bottom-up motion.

這是改善安全狀況和提高資訊長支出的最大驅動力。我認為你是對的。有一個整合。讓我在安全上少花點錢。在那裡，我們發現──這是一種自上而下的運動，而不是自下而上的運動。

And as you're aware, we are expending a lot of effort to interacting with CIOs and C-level executives. And actually, we're spending a lot more time with our partners trying to address that issue because they are typically involved in the transformation stage where say, let's take all of the stuff and put it together and replace it. So we're seeing early success.

如您所知，我們正在花費大量精力與 CIO 和 C 級管理人員互動。事實上，我們花了更多的時間與我們的合作夥伴一起試圖解決這個問題，因為他們通常參與轉型階段，比如說，讓我們把所有的東西放在一起並替換它。所以我們看到了早期的成功。

As I said, we should have done that sooner because when you sit across this as I say, look, you have nine different products, you could bundle it together, take it down, have one management pain and you'll save a lot of cost because and they understand, because we're not ingesting data 9 times across nine products or in just to get once analyzing it 9x, and giving them the outcomes they want. So I think the trend is in our favor.

正如我所說，我們應該早點這樣做，因為當你坐下來，就像我說的那樣，你看，你有九種不同的產品，你可以將它們捆綁在一起，將其拆下來，減少管理上的痛苦，你會節省很多成本，因為他們理解，因為我們不會在九種產品中提取數據 9 次，或者只是為了分析一次 9 次，並為他們提供他們想要的結果。所以我認為趨勢對我們有利。

As regards the incoming administration, I think clearly, a higher standard deviation administration by the sounds of it, and higher standard deviation implies more risk and more risk implies possibly a more return.

至於即將上任的政府，我清楚地認為，聽起來更高的標準差政府，更高的標準差意味著更大的風險，而更大的風險可能意味著更多的回報。

All right. Thank you, Hamza. Next up is Brian Essex from JPMorgan, followed by Joe Gallo from Jefferies. Go ahead, Brian.

好的。謝謝你，哈姆札。接下來是摩根大通的布萊恩·埃塞克斯 (Brian Essex)，其次是傑富瑞 (Jefferies) 的喬·加洛 (Joe Gallo)。繼續吧，布萊恩。

Thanks, Walter. Thank you for taking the question. And great to see the strong profitability and cash flow, by the way. I want to ask about the integration between Cortex and cloud. And I wanted to understand when did that kind of hit the market? Is it typically led by Cortex or cloud? And how should we think about how that positions you competitively, not just in the cloud security market, but across all of Strata, Prisma, Cortex segments of the business?

謝謝，沃爾特。感謝您提出問題。順便說一句，很高興看到強勁的盈利能力和現金流。我想問一下Cortex和雲端之間的整合。我想了解這種產品何時會進入市場？它通常是由皮質還是雲主導？我們應該如何考慮這如何讓您處於競爭地位，不僅在雲端安全市場，而且在所有 Strata、Prisma、Cortex 業務領域？

So look, at a higher level, the cloud market is effectively right now, three parts, right? There's the entire configuration management part, which is the snap part and posture management part. There is the blocking real-time threats and protecting enterprises part, which is the CDR cloud detection response part. And then there's a cloud the network traffic that needs to be inspected from a firewall perspective. We're clearly leaders in the network traffic part.

因此，從更高的層面來看，雲端市場目前實際上分為三個部分，對嗎？有整個組態管理部分，即快照部分和姿勢管理部分。其中有攔截即時威脅、保護企業的部分，也就是CDR雲端偵測回應部分。然後還有需要從防火牆角度檢查的雲端網路流量。我們顯然是網路流量部分的領導者。

As we talked about, 70% of our use case is not public-facing cloud service provider traffic. We are still one of the leaders in the CNAP space from our early start in Prisma Cloud. But what I think is going to happen in the next few years, this market is going to shift more and more towards the real-time security side on cloud, which is where CDR, cloud SOCs, XSIAM become more and more important.

正如我們所討論的，我們 70% 的用例不是面向公眾的雲端服務提供者流量。從 Prisma Cloud 早期開始，我們仍然是 CNAP 領域的領導者之一。但我認為未來幾年將會發生的情況是，這個市場將越來越轉向雲端上的即時安全方面，這就是 CDR、雲端 SOC、XSIAM 變得越來越重要的地方。

So almost every one of our XSIAM deals, there is a portion of that is deployed toward cloud security now. And having that data together allows us to prioritize all the configuration issues and separate again, noise.

因此，幾乎我們的每項 XSIAM 交易現在都有一部分部署在雲端安全方面。將這些數據放在一起使我們能夠優先考慮所有配置問題並再次分離噪音。

So I'm going to let Lee describe a bit more about how we see that evolving. But I think that will change the cast of characters who are going to win in cloud security in the future.

因此，我將讓 Lee 詳細描述我們如何看待這種演變。但我認為這將改變未來在雲端安全領域獲勝的角色。

Yeah. Thanks, Nikesh. Thanks, Brian, for the question. The you picking upward whre Nikesh left off, the -- if you think about sort of end-to-end cloud security, there's the -- all of the work that goes into sort of the cloud posture side, generates a lot of data and understanding about what assets are deployed, what workloads are deployed, how they're configured, how they might be vulnerable or susceptible to attack, connecting that with CDR, it allows us to both leverage that for better protection of the cloud workloads in real time. And vice versa, it allows us to leverage all the run time, cloud run time components back into posture from a remediation perspective.

是的。謝謝，尼科甚。謝謝布萊恩提出這個問題。你從 Nikesh 停下來的地方向上看，如果你考慮某種端到端的雲端安全，那麼所有的工作都會涉及到雲端安全方面，產生大量數據，並且了解部署了哪些資產、部署了哪些工作負載、如何配置它們、它們如何容易受到攻擊或容易受到攻擊，將其與CDR 連接起來，它使我們能夠利用它來更好地即時保護雲端工作負載。反之亦然，它允許我們從補救的角度利用所有運行時、雲端運行時元件恢復狀態。

And so -- we initiated this earlier this year with the initial launch of CDR, which basically connects Prisma Cloud with Cortex. And then since then, we've been continuing to iterate on that and drive closer and closer integration between those two platforms.

因此，我們在今年早些時候首次推出了 CDR，它基本上將 Prisma Cloud 與 Cortex 連接起來。從那時起，我們一直在不斷迭代，推動這兩個平台之間越來越緊密的整合。

Great. Thank you.

偉大的。謝謝。

Great. Thanks, Brian. Next up, Joe Gallo from Jefferies, followed by Matt Hedberg from RBC. Go ahead, Joe.

偉大的。謝謝，布萊恩。接下來是來自 Jefferies 的 Joe Gallo，隨後是來自 RBC 的 Matt Hedberg。繼續吧，喬。

Hey, guys. Thanks for the question. I think you could characterize cyber guidance broadly for calendar 4Q, is tepid at best. But yet your F 2Q guide calls for an acceleration in RPO and really strong ARR. So I mean, what are you seeing with budget flush or Fed or pipeline that's allowing you to kind of defy the gravity that others are feeling? Thanks.

嘿，夥計們。謝謝你的提問。我認為你可以概括地描述第四季度的網路指導，充其量是不溫不火。但是，您的 F 2Q 指南要求加快 RPO 和真正強勁的 ARR。所以我的意思是，你認為預算充裕、聯準會或管道的情況如何，可以讓你擺脫其他人感受到的重力？謝謝。

Well, I think we covered a lot of these, Joe, in our prepared remarks. I mean, we've got a product portfolio that we feel very proud of. We've just recently done an IBM acquisition, where we have a lot of additional pipeline that's coming through the pipe there. And hopefully, we've proven over the last few years that we have a forecasting process that we feel comfortable, like manages the business.

喬，我想我們在準備好的演講中涵蓋了很多這些內容。我的意思是，我們擁有令我們感到非常自豪的產品組合。我們最近剛完成了對 IBM 的收購，在那裡我們有許多額外的管道正在通過那裡的管道。希望我們在過去幾年中已經證明，我們有一個讓我們感到舒服的預測流程，就像管理業務一樣。

So I don't want to comment about others, but we really focus more on what we see. And maybe your comment is just proof positive that our platformization strategy is working and is somewhat unique.

所以我不想評論別人，但我們確實更關注我們所看到的。也許您的評論只是證明我們的平台化策略正在發揮作用並且有些獨特。

Great. Thanks for the question, Joe. Matt Hedberg go ahead, followed by Gregg Moskowitz after that.

偉大的。謝謝你的提問，喬。馬特·赫德伯格（Matt Hedberg）先行，格雷格·莫斯科維茨（Gregg Moskowitz）緊隨其後。

Thanks for taking my questions, guys. What stood out to me the large deal success was striking. I know you spent a lot of time talking about platformization. It seems like Q1 brings a whole another level to it. Could you talk about specifically on the SIM side of it, the NGS? It really does seem like there's a next-gen sum replacement opportunity here.

謝謝你們回答我的問題，夥伴們。對我來說，這筆大筆交易的成功是驚人的。我知道您花了很多時間談論平台化。看起來第一季為它帶來了一個全新的水平。能具體談談 SIM 方面的 NGS 嗎？這裡確實似乎存在下一代總和替換機會。

And we've talked a lot about some of the competitors with Splunk. Can you talk about just like what could -- what are some of the catalysts that could unlock some of these large replacement deals? I know they take a long time, but curious if there's anything that you guys can do to accelerate that.

我們已經就 Splunk 的一些競爭對手進行了許多討論。您能否談談可以實現這些大型替代交易的催化劑有哪些？我知道這需要很長時間，但我很好奇你們能做些什麼來加速這個過程。

Matt, look, we're very happy in two years since going GA on XSIAM, we're positively enthused about the progress we've made. We've crossed $1 billion in ARR and Cortex. We're seeing larger and larger IM deals. We have 150 customers. And as we know, men have a robust pipeline north of $1 billion.

Matt，看，自從 XSIAM 正式發布兩年以來，我們非常高興，我們對所取得的進展感到非常興奮。我們的 ARR 和 Cortex 價值已突破 10 億美元。我們看到即時通訊交易規模越來越大。我們有 150 個客戶。眾所周知，男性擁有超過 10 億美元的強大管道。

And this is the fastest-growing product in the history of cybersecurity at scale. Now the good news is, there are 2 or 3 very interesting characteristics of the SIM market. If you look at the SIM market, SIMs are off technology that is 10 to 15 years old. If you go back and look at the history of what SIMs are whether QRadar, Exabeam, Jazz, Sumo Logic, Splunk. These things are 10 -- 7, 10, 15 years old.

這是網路安全史上規模成長最快的產品。現在的好消息是，SIM 市場有 2 到 3 個非常有趣的特徵。如果你看看 SIM 市場，你會發現 SIM 的技術已經有 10 到 15 年的歷史了。如果您回顧一下 SIM 的歷史，無論是 QRadar、Exabeam、Jazz、Sumo Logic 還是 Splunk。這些東西已經有 10 年、7 歲、10 歲、15 歲了。

I think there's a new breed of SIM players that is fast coming in to replace these legacy SIMs. I think we're going to go through a SIM replacement cycle that we went through the endpoint replacement cycle from Symantec and McAfee to the XDR vendors. I think it is a moment of SIM now for the next five years.

我認為新一代的 SIM 播放器正在快速出現，以取代這些傳統的 SIM 卡。我認為我們將經歷一個 SIM 更換週期，就像我們經歷從 Symantec 和 McAfee 到 XDR 供應商的端點更換週期一樣。我認為現在是 SIM 未來五年的重要時刻。

Now interestingly, every SIM deal that we see, we are able to deliver a much better security posture and median time to remediate and detect, which is better than the current deployment and we're able to save cost. So from a compelling proposition perspective, this is a no-brainer.

現在有趣的是，我們看到的每筆 SIM 卡交易，我們都能夠提供更好的安全狀況和修復和檢測的中位數時間，這比目前的部署更好，而且我們能夠節省成本。因此，從令人信服的命題角度來看，這是理所當然的。

You come and say, I know you're spending $10 million a year running your stock. I can do it for $9 million. I can consolidate and I can improve your median time to remediate from four days in many cases from 19 minutes to 4 hours. So that's a compelling proposition.

你過來說，我知道你每年花費 1000 萬美元來管理你的股票。我可以花 900 萬美元做到這一點。我可以進行整合，並將您的平均修復時間從四天（在許多情況下）從 19 分鐘縮短到 4 小時。所以這是一個令人信服的提議。

We are seeing tremendous amount of interest in the market. We have created a compelling event in the case of QRadar customers because they have to migrate to us or elsewhere, and we're seeing enough traction where people are considering Palo Alto instead. So I think in the next three to five years, you will notice that the entire $20 billion TAM of SIM is going to go through upheaval.

我們看到市場表現出極大的興趣。我們針對 QRadar 客戶舉辦了一場引人注目的活動，因為他們必須遷移到我們或其他地方，我們看到人們正在考慮帕洛阿爾托，以獲得足夠的吸引力。因此，我認為在未來三到五年內，您會注意到整個 200 億美元的 SIM TAM 將經歷劇變。

Great. Thanks for the question, Matt. Next up, Gregg Moskowitz from Mizuho followed by Rob Owens from Piper Sandler. Go ahead, Gregg.

偉大的。謝謝你的提問，馬特。接下來是來自瑞穗的 Gregg Moskowitz，隨後是來自 Piper Sandler 的 Rob Owens。繼續吧，格雷格。

Great. Thanks for taking the question. Nikesh, now that we're a few quarters into the platformization go-to-market, I'd love to get a little more of a flavor of how it's going. Is there and ask for two of the strategy that's been most successful so far. For example, if you were to look at traction with legacy trade-ins versus introductory offers or more multiproduct incentives. What would you say is resonating the most with customers?

偉大的。感謝您提出問題。 Nikesh，現在我們已經進入平台化市場幾個季度了，我很想更多地了解它的進展。是否存在並要求迄今為止最成功的兩個策略？例如，如果您要考慮傳統以舊換新與介紹性優惠或更多種產品激勵措施的吸引力。您認為什麼最能引起客戶的共鳴？

I think that resonates the most, Gregg, is elimination of execution risk. And what I mean by that is when I go to go to a customer saying, okay, let's go do this in a phased manner. We'll replace your SASE or deploy SASE for you.

格雷格，我認為最能引起共鳴的是消除執行風險。我的意思是，當我去找客戶時說，好吧，讓我們分階段進行。我們將為您替換您的 SASE 或部署 SASE。

And then Phase 2 will come in and replace their firewalls, they like that. If I say don't worry, I'll start executing today and you can start paying me when you stop being the other vendor, that's kind of the -- that's like the golden bare hog because the biggest risk they have is wait I have to go extend another deal by one year.

然後第二階段將到來並取代他們的防火牆，他們喜歡這樣。如果我說不用擔心，我今天就會開始執行，當你不再是其他供應商時，你可以開始向我付款，這就像金裸豬，因為他們面臨的最大風險是等待我將另一筆交易延長一年。

Guess what, that you're sending a signal to the other vendor, you're out in air, so the prices go up. And I say, don't worry about it. Let's start executing now were deployed, you can pay me when the current contract expires. So that elimination risk is resonating the most. Again, the customers fully understand that we're going to get our pound of flesh in the year two or year three of that deal.

你猜怎麼著，你向其他供應商發送了一個訊號，你已經沒空了，所以價格就會上漲。我說，別擔心。我們現在開始執行部署，您可以在當前合約到期時向我付款。因此，消除風險最能引起共鳴。同樣，客戶完全理解我們將在該交易的第二年或第三年獲得一磅肉。

So they understand there is no free lunch. But eliminating that execution risk goes a long way. I think the -- as I said to Hamza and I said in our prepared remarks, it really helps us step back and say, like, what are you trying to achieve?

所以他們明白天下沒有白吃的午餐。但消除執行風險還有很長的路要走。我認為——正如我對哈姆扎所說的話以及我在準備好的發言中所說的那樣，這確實有助於我們退一步說，比如，你想實現什麼目標？

I mean, in many cases, we've been able to converge XDR and SIM RFPs, for example, saying, listen, 50% of the data is going to go into XDR, which is going to be one vendor. That data is needed for AI-based or machine learning-based analysis across the entire stack.

我的意思是，在許多情況下，我們已經能夠融合 XDR 和 SIM RFP，例如，聽著，50% 的資料將進入 XDR，這將是一個供應商。整個堆疊中基於人工智慧或機器學習的分析需要這些數據。

Why wouldn't you make sure that, that data can be part of the same and be used to improve your posture and get better, faster outcomes.

為什麼不確保這些數據可以成為相同數據的一部分，並用於改善您的姿勢並獲得更好、更快的結果。

Thank you.

謝謝。

Great. Thank you, Gregg. Next question, Rob Owens from Piper Sandler, followed by Gray Powell from BTIG.

偉大的。謝謝你，格雷格。下一個問題是來自 Piper Sandler 的 Rob Owens，隨後是來自 BTIG 的 Gray Powell。

Yeah. Thanks, Walter. Nikesh, in your prepared remarks, I love for you to build on the data security. And another one of the holy grails alongside next-generation SIEM, of course, is data that everybody is chasing. So what you're seeing from end customers? I know you made acquisitions of a DSPM capability in the space. But how you see Palo Alto's evolution longer term relative to the data opportunity?

是的。謝謝，沃爾特。 Nikesh，在您準備好的發言中，我喜歡您以資料安全為基礎。當然，下一代 SIEM 的另一個聖杯是每個人都在追逐的數據。那麼您從最終客戶身上看到了什麼？我知道您在該領域收購了 DSPM 功能。但您如何看待帕洛阿爾托相對於數據機會的長期演變？

Thanks, Rob, this is my perfunctory question I have to give to Lee otherwise he turns it off.

謝謝，羅布，這是我的敷衍問題，我必須向李提出，否則他會把它關掉。

Sounds good.

聽起來不錯。

Thanks, Rob. The -- look, if you take a step back, data securities is a long-standing sort of product category that's often been very painful. It's difficult to be after in data classification. It's difficult to figure out what policy is to enforce and it's difficult to do that holistically everywhere the data might exist and need to be protected, right? So there's two pieces to our data security strategy that you've seen us evolve.

謝謝，羅布。如果你退一步看，數據證券是長期存在的產品類別，而且常常非常痛苦。在資料分類方面很難被追隨。很難弄清楚要執行什麼策略，也很難在資料可能存在且需要保護的地方全面執行此操作，對吧？您已經看到我們不斷發展的資料安全策略有兩個部分。

First is around getting coverage of all the places where data might exist and improving the data classification capabilities within those. So over the last 6 months, we've launched AI-based data classification, leveraging large language models, machine learning models to get more and more accurate in the data classification, being able to apply that to all different places where data can exist and move.

首先是覆蓋資料可能存在的所有地方，並提高這些地方的資料分類能力。因此，在過去的 6 個月裡，我們推出了基於人工智慧的資料分類，利用大型語言模型、機器學習模型來使資料分類越來越準確，能夠將其應用於資料可以存在的所有不同地方，移動。

The second piece and very importantly, is the tie-in with Prisma Access browser. The way that users interact with data, access it, download it, share it is one of the highest risk areas for data security. And historically, it's been very difficult to get all of the necessary context for enforcing an accurate policy. Within the Secure Browser, we get all of the context needed.

第二部分也是非常重要的，是與 Prisma Access 瀏覽器的搭配。使用者與資料互動、存取、下載、分享資料的方式是資料安全風險最高的領域之一。從歷史上看，獲得執行準確政策所需的所有必要背景非常困難。在安全瀏覽器中，我們可以獲得所需的所有上下文。

And what we're already seeing with the early adopters of Prisma Access browser is the realization that this One component of what it does is effectively a next-gen data security component for how they secure data interaction with all of their employees.

我們已經看到 Prisma Access 瀏覽器的早期採用者認識到，它所做的這個元件實際上是下一代資料安全元件，用於保護與所有員工的資料互動。

And this is part of the reason why the browser is expanding from being primarily focused on unmanaged device and third-party contractors to actually being something that applies to all devices and all users across the entire enterprise.

這就是瀏覽器從主要關注非託管設備和第三方承包商擴展到實際上適用於整個企業的所有設備和所有用戶的部分原因。

Great. Thanks, Rob, for the question there. Next up is Gray Powell, BTIG, followed by Andy Nowinski from Wells Fargo. Go ahead, Gray.

偉大的。謝謝羅布提出的問題。接下來是 BTIG 的 Gray Powell，其次是富國銀行 (Wells Fargo) 的安迪諾溫斯基 (Andy Nowinski)。來吧，格雷。

All right. Great. Thanks for letting me ask a question on the call. I really appreciate it. So [Acton], I'm a little confused on the NGS ARR statistics. If I look at the numbers, and back out the QRadar deal, you added around $230 million in net new ARR this quarter versus $270 million a year ago. That metric has never been down on a year-over-year basis before.

好的。偉大的。感謝您讓我在電話中提問。我真的很感激。 [Acton]，我對 NGS ARR 統計數據有點困惑。如果我看一下這些數字，並取消 QRadar 交易，就會發現本季的淨新 ARR 增加了約 2.3 億美元，而一年前為 2.7 億美元。該指標以前從未同比下降過。

So is there something or something with the acquisition that maybe I'm not thinking about? Or just like what was the driver there? And then for the full year increase in NGS ARR, how much of that is organic versus full visibility on the QRadar asset?

那麼這次收購是否有一些我沒有考慮到的事情？或者就像那裡的司機一樣？那麼，對於 NGS ARR 的全年成長來說，其中有多少是自然成長，而不是 QRadar 資產的完全可見性？

So let me answer both, Gray. Let me just start off with the NGS ARR was above our guidance. So some of this, we already knew when we provided the guidance, but -- some of the products that move into NGS ARR have also been the advanced forms of our cloud subscriptions from a year ago, so things that were attached to our firewalls, where we made them cloud-enabled. Some of that happened last year, which is what led to a lot of the increase in the ARR. We're now lapping that. We're not -- so that's really the bigger explanation of the base.

所以讓我來回答這兩個問題，格雷。首先，NGS ARR 超出了我們的指導。因此，其中一些內容，我們在提供指導時就已經知道了，但是 - 一些進入 NGS ARR 的產品也是我們一年前雲訂閱的高級形式，所以附加到我們防火牆的東西，我們讓它們支持雲。其中一些發生在去年，這導致了 ARR 大幅成長。我們現在正在研磨它。我們不是——所以這確實是對基地的更大解釋。

We knew that. That's why we included that in our guidance to begin with. When it comes to what's happening with QRadar, we talked about the onetime benefit. Our strategy is to convert all of the customers to XSIAM. Over time, we expect about half of that to occur within this year.

我們知道這一點。這就是為什麼我們首先將其納入我們的指南中。當談到 QRadar 發生的事情時，我們談到了一次性的好處。我們的策略是將所有客戶轉變為 XSIAM。隨著時間的推移，我們預計其中大約一半將在今年內發生。

So we would expect maybe half of that additional NGS ARR to be there by the end of the year.

因此，我們預計到今年年底，額外的 NGS ARR 可能會達到一半。

Great, I think to recast what Dipak said, you have seen the peak inorganic NGR this quarter at $74 million or the number from IBM. And half of that, we will migrate to us, and we expect half of that still stay on QRadar for -- through the end of this fiscal year. So there's no more net new inorganic NGS ARR expected this year.

太好了，我想重述一下 Dipak 所說的，您已經看到本季無機 NGR 的峰值為 7400 萬美元，或者是來自 IBM 的數字。其中一半將遷移到我們這裡，我們預計其中一半仍保留在 QRadar 上——直到本財年結束。因此，預計今年不會再有新的淨無機 NGS ARR。

Understood. Okay. Thank you.

明白了。好的。謝謝。

All right. Great. Thanks, Gray. Next up, Andy Nowinski from Wells Fargo, followed by Fatima Boolani from Citi. Go ahead, Andy.

好的。偉大的。謝謝，格雷。接下來是富國銀行的安迪諾溫斯基 (Andy Nowinski)，其次是花旗銀行 (Citi) 的法蒂瑪布爾尼 (Fatima Boolani)。繼續吧，安迪。

Great. Thank you. Good afternoon and great results this afternoon. I wanted to ask you about the Prisma SASE. You highlighted a number of large deals that either deployed SASE or the expanded with SASE? And I know it's bringing a lot of new customers, which is great.

偉大的。謝謝。下午好，今天下午取得了很好的成績。我想向您詢問有關 Prisma SASE 的情況。您重點介紹了許多部署 SASE 或透過 SASE 進行擴充的大型交易？我知道它帶來了很多新客戶，這很棒。

But I was wondering if you could provide an update on the growth of ARR from that solution, whether those new customers you're bringing into Palo Alto onto the platform, are coming at the expense of other vendors? Or are those -- were they just not using any SASE solution previously? Thank you.

但我想知道您是否可以提供該解決方案中 ARR 增長的最新信息，您將帕洛阿爾托引入該平台的那些新客戶是否會以犧牲其他供應商為代價？或者他們只是之前沒有使用任何 SASE 解決方案？謝謝。

So -- and all of the above, there are some customers who are going through a network transformation and they're now replacing their legacy VPN clients or other solutions they've had in the past. In some cases, there are competitor vendors who only had an Internet proxy-based deployment with the legacy VPN or in some cases, with Palo Alto VPN, which is converting to a full SASE solution from us. So we see all variants of that, as we said, 40% of that are net new logos to us, which means they are not deploying a Palo Alto VPN. They're deploying our SASE solution. So we're seeing all of that.

因此，綜上所述，有些客戶正在經歷網路轉型，他們現在正在更換傳統的 VPN 用戶端或過去使用的其他解決方案。在某些情況下，有些競爭對手供應商僅使用傳統 VPN 進行基於互聯網代理的部署，或在某些情況下使用 Palo Alto VPN，後者正在轉換為我們的完整 SASE 解決方案。因此，我們看到了所有變體，正如我們所說，其中 40% 對我們來說是淨新徽標，這意味著他們沒有部署 Palo Alto VPN。他們正在部署我們的 SASE 解決方案。所以我們看到了這一切。

I just think the SASE market, as I said in the past, is a fast-growing market. We have clearly established ourselves one of the top three players in the market. I think we're definitely growing faster than some of the others, one or at least one more of the other top three players in the market.

我只是認為SASE市場，正如我過去所說的，是一個快速成長的市場。我們已經明確地將自己確立為市場上的三大參與者之一。我認為我們的成長速度肯定比其他一些公司、市場上其他前三名的一個或至少一個以上的公司更快。

And we particularly like the SASE space because we're always innovating, providing new stuff as we basically -- as I said in my remarks, we've made it available to every existing SASE customers. They can deploy Prisma Access browser for the unused licenses. So they can actually experience the browser. It's integrated. It's in the same management pain. It's the same UI.

我們特別喜歡 SASE 領域，因為我們總是在創新，提供新的東西，就像我在演講中所說的那樣，我們已經將其提供給每個現有的 SASE 客戶。他們可以為未使用的許可證部署 Prisma Access 瀏覽器。這樣他們就可以實際體驗瀏覽器。它是集成的。這也面臨同樣的管理難題。這是相同的使用者介面。

Yeah. So I guess I feel positive about it. We haven't quite $1 billion yet as the way we told you, but we're looking forward to it.

是的。所以我想我對此感到積極。正如我們告訴您的那樣，我們還沒有達到 10 億美元，但我們對此充滿期待。

Thank you.

謝謝。

Great. Thanks, Andy. Fatima Boolani from Citi's up next. And our last question will be from Roger Boyd from UBS. Fatima, go ahead.

偉大的。謝謝，安迪。接下來是花旗銀行的法蒂瑪·布爾尼 (Fatima Boolani)。我們的最後一個問題將來自瑞銀集團的羅傑·博伊德。法蒂瑪，繼續吧。

Thank you. Good afternoon. I appreciate you taking my questions. I think the topic jour is definitely QRadar and a lot of the momentum that you've been seeing that $80 million or more than $80 million of bookings that you've already seen in the short amount of time. What I wanted to actually shift gears on is on the on-premise side of the QRadar business.

謝謝。午安.感謝您回答我的問題。我認為本期的主題絕對是 QRadar，以及您已經看到的大量勢頭，您在短時間內已經看到了 8000 萬美元或超過 8000 萬美元的預訂。我真正想要改變的是 QRadar 業務的本地部署方面。

And Nikesh, some of your commentary, which I think is so there is just a stage stale technology in the SIM market, right? So that $500 million or so of revenue that is just still captive in the QRadar on-premise space, what is the thought process, the strategy to really forklift those customers to the Goodies in XSIAM? And as you think about the arc of the next 12 to 24 months, how should we think about a multiplier effect on that business to really give Cortex booster shot to have it potentially be your biggest pillar?

Nikesh，您的一些評論，我認為 SIM 市場中只是一種過時的技術，對嗎？那麼，QRadar 本地空間中仍有 5 億美元左右的收入，真正將這些客戶轉移到 XSIAM 中的好東西的思維過程和策略是什麼？當您思考未來 12 到 24 個月的發展軌跡時，我們應該如何考慮對該業務的乘數效應，以真正為 Cortex 提供助推器，使其可能成為您最大的支柱？

Yeah, Fatima, I -- we had our Board meeting yesterday and one of my Board members and I had this debate about which deal is going to look like the best deal Palo Alto ever did. And my bet is in the IBM deal, he bet on the Talend deal. Of course, I like both of them equally successful. But specifically, as it relates to QRadar, our teams are very focused. Since close, we've called the top 500 customers and reached out to see if we can support the migration from QRadar to Palo Alto.

是的，法蒂瑪，我 - 我們昨天召開了董事會會議，我和我的一位董事會成員就哪筆交易看起來像是帕洛阿爾託有史以來最好的交易進行了辯論。我押注於 IBM 交易，他押注於 Talend 交易。當然，我喜歡他們兩個都同樣成功。但具體來說，因為它與 QRadar 有關，我們的團隊非常專注。自交易結束以來，我們已致電前 500 名客戶，詢問我們是否可以支援從 QRadar 到帕洛阿爾託的遷移。

This is irrespective of whether they are QRC or on-prem. I mentioned $1 billion pipeline. That $1 billion pipeline is a hybrid pipeline at both QRock and on-prem customers. The message is out there to on-prem customers that this technology will also over time be migrated.

這與它們是 QRC 還是本地部署無關。我提到了 10 億美元的管道。這條價值 10 億美元的管道是 QRock 和本地客戶的混合管道。向本地客戶傳達的訊息是，隨著時間的推移，這項技術也將被遷移。

And I have to say IBM is doing a phenomenal job working with us and being proactive with those customers where we go -- I had a call yesterday with the CIO or IBM and elsewhere together in the room where we're talking to the customers saying they will provide the migration services, they'll work on the migrating the rules from QRadar to Palo Alto XSIAM and we're going to do it together.

我必須說，IBM 在與我們合作方面做得非常出色，並且積極主動地與我們所到之處的客戶打交道- 昨天我與CIO 或IBM 以及我們在房間裡與客戶交談的其他地方一起通了電話，說他們將提供遷移服務，他們將致力於將規則從 QRadar 遷移到帕洛阿爾托 XSIAM，我們將共同完成。

So look, it's -- we haven't done a partnership like this ever in the history of our company. I have seen one in the cybersecurity industry yet. We have a lot of expectations, but it's a lot of execution, a lot of hard work. It's not going to happen because I snap my fingers, but -- our teams are focused, we're dedicated. We're trying to do that.

所以看，我們公司歷史上從未建立過這樣的合作關係。我在網路安全產業見過一個。我們有很多期望，但需要大量執行、大量努力。這不會發生，因為我打了個響指，但──我們的團隊很專注，我們很奉獻。我們正在努力做到這一點。

I think this will propel us into the top three SIM players in the market in the next two years from nowhere. We did not play in this space two years ago.

我認為這將推動我們在未來兩年內躋身市場前三名。兩年前我們沒有在這個空間玩過。

Thank you. I appreciate that.

謝謝。我很欣賞這一點。

Last question, Roger Boyd, to wrap it up. Go ahead, Roger.

最後一個問題，羅傑·博伊德，總結一下。繼續吧，羅傑。

Great. Thanks, Walter. Dipak, you noted that contract duration on new business remain constant at roughly three years. Can you comment on what you're seeing with renewal and upsell business? And particularly when customers are renewing on a platform deals and adopting XSIAM, which carries longer duration. I guess as we look to gauge the success of some of these platformization deals, shouldn't we expect to see contracts lengthen as customers place more strategic bets on your platform? Thanks.

偉大的。謝謝，沃爾特。 Dipak，您注意到新業務的合約期限保持在大約三年不變。您能否評論一下您對續訂和追加銷售業務的看法？尤其是當客戶續訂平台交易並採用 XSIAM 時，其持續時間較長。我想，當我們評估其中一些平台化交易的成功時，我們是否應該期望看到合約隨著客戶在您的平台上進行更多策略性押注而延長？謝謝。

Yeah. So I think we're, Roger, thanks a lot for the question. Look, at the end of the day, we're a large company with lots of different customers. We're definitely seeing the dynamic that you mentioned on some customers -- we also see dynamics where other customers are saying, look, I know there's a lot more innovation to come. Let me go shorter duration on the renewals because that could be ahead of the large platformization in the future.

是的。所以我想我們，羅傑，非常感謝你提出這個問題。看，歸根結底，我們是一家擁有許多不同客戶的大公司。我們確實看到了您提到的一些客戶的動態 - 我們也看到了其他客戶說的動態，看，我知道還會有更多的創新。讓我縮短續訂的持續時間，因為這可能會領先於未來的大型平台化。

So we see a little bit of everything. I think on the renewals, just the data trended slightly up, but nothing significant.

所以我們對一切都看到一點點。我認為在續訂方面，只是數據略有上升，但沒有什麼重大意義。

Got it. That's super helpful. Thank you.

知道了。這非常有幫助。謝謝。

Great. Thank you, Roger. And that'll end the Q&A. I'll turn the call back over to Nikesh for his closing remarks.

偉大的。謝謝你，羅傑。問答就到此結束。我會將電話轉回給尼可什，讓他作結語。

Thank you, everyone, once again for joining us. As I said, I'm very excited about great start to FY25. I really look forward to seeing many of you at upcoming investor events. I also want to thank all of our employees who put in a lot of hard work to help us deliver these amazing results. And also, of course, want to thank all of our customers for trusting Palo Alto for delivering cybersecurity solutions to them. For that, have a wonderful day.

再次感謝大家加入我們。正如我所說，我對 25 財年的良好開局感到非常興奮。我真的很期待在即將舉行的投資者活動中見到你們。我還要感謝我們所有的員工，他們付出了大量的辛勤工作，幫助我們取得了這些令人驚嘆的成果。當然，也要感謝我們所有的客戶信任帕洛阿爾托為他們提供網路安全解決方案。為此，祝您有美好的一天。