Palo Alto Networks Inc (PANW) 2025 Q2 法說會逐字稿

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Good day everyone and welcome to Palo Alto Network's second quarter 2025 earnings conference call.

大家好，歡迎參加 Palo Alto Network 2025 年第二季財報電話會議。

I'm Walter Pritchard, Senior Vice President of Investor Relations and Corporate Development.

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, Thursday, February 13, 2025 at 1:30 PM Pacific Time.

請注意，本次通話是在今天，即 2025 年 2 月 13 日星期四太平洋時間下午 1:30 錄製的。

With me on today's call to discuss second quarter results are Nikesh Arora, our Chairman and Chief Executive Officer; and Dipak Golechha, our Chief Financial Officer.

今天與我一起參加電話會議討論第二季業績的有我們的董事長兼執行長 Nikesh Arora；以及我們的財務長 Dipak Golechha。

Following our prepared remarks, Lee Klarich, our Chief Product Officer, will join us for the question-and-answer portion.

在我們準備好的發言之後，我們的首席產品長 Lee Klarich 將加入我們的問答環節。

You can find the press release and other information to supplement today's discussion on our website at investors.paloaltonetworks.com. While there, please click on the link for quarterly results to find the Q2 '25 supplemental information and the Q2 '25 earnings presentation.

您可以在我們的網站 investor.paloaltonetworks.com 上找到新聞稿和其他資訊來補充今天的討論。在那裡，請點擊季度業績連結尋找 2025 年第二季的補充資訊和 2025 年第二季的收益報告。

During the course of today's call, we will make forward-looking statements and projections regarding the company's business operations and financial performance.

在今天的電話會議中，我們將對公司的業務營運和財務表現做出前瞻性的陳述和預測。

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.

今天所做的這些聲明受到多種風險和不確定因素的影響，可能導致我們的實際結果與這些前瞻性聲明不同。

Please review our press release and recent SEC filings for a description of these risks and uncertainties.

請查看我們的新聞稿和最近提交給美國證券交易委員會的文件，以了解這些風險和不確定性的描述。

We assume no obligation to update any forward-looking statements made in the presentation today.

我們不承擔更新今天演示中任何前瞻性陳述的義務。

This presentation contains non-GAAP financial measures and key metrics related to the company's past and expected future performance.

本報告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。

Non-GAAP financial measures should not be considered a substitute or financial measures prepared in accordance with GAAP.

非公認會計準則財務指標不應被視為依照公認會計準則編製的財務指標的替代品。

The most directly comparable GAAP financial metrics and reconciliations are in the press release and the appendix of the investor presentation.

最直接可比較的 GAAP 財務指標和對帳表位於新聞稿和投資者介紹的附錄。

Unless specifically noted otherwise, all results and comparisons are on a fiscal year to year basis.

除非另有特別說明，所有結果和比較均以財政年度為基礎。

All per share figures have been adjusted for the 2 for 1 stock split that we announced November 20, 2024, and affected after the close of trading on December 12, 2024.

所有每股數據均已根據我們於 2024 年 11 月 20 日宣布的二拆一股票分割進行了調整，並在 2024 年 12 月 12 日交易結束後受到影響。

We also note that management is scheduled to participate in the Morgan Stanley Technology Media and Telecom conference this quarter.

我們也注意到，管理層計劃本季參加摩根士丹利科技媒體和電信會議。

I will now turn the call over to Nikesh.

現在我將電話轉給 Nikesh。

Thank you, Walter.

謝謝你，沃特。

Good afternoon, everyone, and thank you for joining us today for our earnings call.

大家下午好，感謝大家今天參加我們的財報電話會議。

I'm excited about our Q2 results.

我對我們的第二季的業績感到非常興奮。

Our teams did a phenomenal job of executing its scale.

我們的團隊在執行其規模方面做得非常出色。

We've made considerable progress in platformization, allowing us to outperform both our top and bottom-line expectations for this quarter.

我們在平台化方面取得了長足的進步，使我們本季的營收和淨利潤都超出預期。

We delivered on our high RPO expectations towards the top of the range.

我們實現了對 RPO 的高期望，並且達到了最高水準。

This gave us strength in our NGS ARR and also allowed us to outperform our revenue expectations.

這增強了我們的NGS ARR，也使我們的收入超出了預期。

In Q2, growth was pretty broad across the entire portfolio with strength across all three geographies and platforms.

在第二季度，整個投資組合的成長相當廣泛，三個地區和平台均表現強勁。

In particular, we saw a strong performance from large deals internationally and also strong contribution from SASE, software firewalls, and XIM.

特別是，我們看到國際大型交易的強勁表現，以及 SASE、軟體防火牆和 XIM 的強勁貢獻。

On the profitability front, we deliver operating margins ahead of our internal target despite some one-time events.

在獲利能力方面，儘管存在一些一次性事件，但我們的營業利潤率仍超出了內部目標。

Our efficiency initiatives continue to bear fruit, including some promising early contributions from AI.

我們的效率舉措繼續取得成果，其中包括人工智慧的一些有希望的早期貢獻。

These results allow us to raise our operating margin and EPS guidance for the year.

這些結果使我們能夠提高今年的營業利潤率和每股盈餘預期。

We're also very happy with our free cash flow performance and continue to be confident in managing our free cash flow guidance over the next few years as outlined.

我們對我們的自由現金流表現也非常滿意，並繼續對未來幾年管理我們的自由現金流指導充滿信心。

More from Dipak on this, later.

稍後 Dipak 將對此發表更多評論。

From our vantage point, the outlook for cybersecurity seems to have been robust in Q2 and is likely to stay so over the rest of this year.

從我們的角度來看，網路安全前景在第二季度似乎表現強勁，並且在今年剩餘時間內可能仍將保持這種勢頭。

Despite the settling in process of the new administration, we see signs that we are going to be able to see reasonable growth through the rest of the year.

儘管新政府尚在籌備中，但我們看到的跡象表明，今年剩餘時間我們將能夠看到合理的成長。

As the conversation around AI continues to get omnipresent and companies race to evaluate, experiment, and deploy AI, they're discovering that some of the legacy architectures come in the way of their aspirations.

隨著人工智慧的討論變得越來越普遍，各家公司競相評估、試驗和部署人工智慧，他們發現一些遺留架構阻礙了他們的願望實現。

Interestingly, this is resulting in a resurgence of cloud transformation projects and consequently demand for network security, network transformation.

有趣的是，這導致雲端轉型專案的復甦，並進而帶來對網路安全和網路轉型的需求。

While cybersecurity is a derivative effect, it is clear to the longer term trend towards AI is going to continue to underpin technology transformation and hence continue to drive demand for security.

雖然網路安全是一種衍生效應，但很明顯，人工智慧的長期趨勢將繼續支撐技術轉型，從而繼續推動對安全的需求。

The transformations are all geared to embedding AI capabilities across infrastructure.

這些轉變都是為了在基礎設施中嵌入人工智慧功能。

Additionally, many of them involve changing strategies towards data and a growing understanding that data security will be more and more important in the future.

此外，其中許多涉及改變資料策略，並越來越認識到資料安全在未來將變得越來越重要。

We see that from the heightened interest in data security posture management where our acquisition of Dig seems to be proving pre-signed.

我們從人們對資料安全態勢管理的高度關注中看到這一點，我們對 Dig 的收購似乎已證明這一點。

To fully harness the power of AI, customers must unshackle their data from disparate legacy systems and providers and open up broader access and lean into the cloud.

為了充分利用人工智慧的力量，客戶必須將他們的資料從不同的遺留系統和供應商中解放出來，開放更廣泛的存取權並依靠雲端。

Cloud infrastructure is much more dynamic than on-prem IT creating risk.

雲端基礎架構比內部部署 IT 更具動態性，因此存在風險。

As cloud data volumes grow and customers utilize new services from the cloud service providers such as modern data repositories, they're doubling down and ensuring they're protecting their cloud environments from development to runtime.

隨著雲端資料量的成長和客戶利用雲端服務供應商提供的新服務（例如現代資料儲存庫），他們加倍努力並確保從開發到運行保護他們的雲端環境。

Understanding who's accessing what data in the cloud and putting controls around these new services.

了解誰在存取雲端中的哪些資料並對這些新服務進行控制。

In other words, the cloud is becoming an integral part of the enterprise, and the same level of security must be delivered.

換句話說，雲端正在成為企業不可或缺的一部分，並且必須提供相同等級的安全性。

A constantly changing attack backdrop is also compounding this inflection we've seen.

不斷變化的攻擊背景也加劇了我們所看到的這種轉變。

There are tangible signs that bad hackers use AI to accelerate attacks.

有明顯跡象表明，惡意駭客利用人工智慧來加速攻擊。

Google recently found that adversaries can use generative AI to more rapidly create attacks, including custom payloads, iterate on malicious scripts, and use evasion techniques.

谷歌最近發現，對手可以使用生成式人工智慧更快地發動攻擊，包括自訂負載、迭代惡意腳本以及使用逃避技術。

Additionally, bad hackers are using Gen AI to do reconnaissance of target organizations, including their infrastructure and hosting providers, which are often exploited in attacks.

此外，惡意駭客正在使用 Gen AI 對目標組織進行偵察，包括其基礎設施和託管服務提供者，而這些經常被利用來發動攻擊。

We have a new technological revolution that requires us to secure AI.

我們正面臨一場新的科技革命，這要求我們確保人工智慧的安全。

As customers leverage the cloud, transform on-prem infrastructure, and respond to the escalating threat environment driven by AI, they're transforming how they manage security operations.

隨著客戶利用雲端、轉變內部部署基礎設施並應對人工智慧驅動的不斷升級的威脅環境，他們正在改變管理安全營運的方式。

Legacy offerings cannot unify SecOps across cloud and on-prem, across multiple vendors, and also take advantage of AI.

傳統產品無法跨雲端和本地、跨多個供應商統一 SecOps，也無法利用 AI。

AI is key for providing automation to help stitch together overwhelming volumes of data and generate the near real-time analysis and remediation needed to keep pace.

人工智慧是提供自動化的關鍵，它有助於整合大量數據並產生近乎即時的分析和補救措施。

As I said, security is a data problem, and the data has to be all in one place for AI to have context and stop threats in their track.

正如我所說，安全是一個數據問題，數據必須集中在一個地方，以便人工智慧能夠了解背景資訊並阻止威脅。

Our industry has to change the paradigm by shifting from fragmentation to platformization to enable the best security outcomes.

我們的產業必須從碎片化轉向平台化，以實現最佳的安全結果。

In a recent study we did with IBM, platformized organizations take 72 days less to detect and 84 days less to contain a security incident.

在我們與 IBM 合作進行的最新研究中，平台化組織偵測安全事件所需的時間減少了 72 天，控制安全事件所需的時間減少了 84 天。

Our teams are busy helping customers as they accelerate cloud adoption and transformation across their environments.

我們的團隊正忙於幫助客戶加速其環境中的雲端採用和轉型。

They need integrated security products and platforms for AI to be most effective in staying out of its active cybersecurity landscape.

他們需要整合的安全產品和平台，以便人工智慧能夠最有效地遠離活躍的網路安全環境。

A year in, we're pleased with our progress in driving our platformization strategy and the adoption and endorsement of platformization broadly across the industry.

一年來，我們對推動平台化策略的進展以及整個產業對平台化的廣泛採用和認可感到非常高興。

As I mentioned a few quarters ago, I wish we had made this move earlier.

正如我幾個季度前提到的，我希望我們能早點採取這項措施。

We're seeing some interesting behavior that reinforces our conviction that the future state of cybersecurity will have to be AI enabled platforms that can markedly improve the speed of response.

我們看到一些有趣的行為，這強化了我們的信念：未來的網路安全必須是能夠顯著提高反應速度的人工智慧平台。

We delivered approximately 75 new platformization in Q2, up from approximately 45 in the year ago.

我們在第二季交付了約 75 個新平台，比去年同期的約 45 個有所增加。

We now have a total of over 1,150 platinizations within our top 5,000 customers.

目前，我們的前 5,000 名客戶中總共已獲得超過 1,150 項白金認證。

As you might expect, most of our platformization start with network security and are from customers that are platformized in one area.

如您所料，我們的大多數平台化都是從網路安全開始的，並且來自在某一領域實現平台化的客戶。

However, our number of two platform customers grew over 50% in Q2, and we're seeing a number of three platform customers up 3 times year over year.

然而，我們第二季的兩個平台客戶數量增加了 50% 以上，我們看到三個平台客戶的數量比去年同期增加了 3 倍。

Also, the number of customers platformizing on Cortex is up more than 3 times, reflecting our strong XIM momentum.

此外，基於 Cortex 平台的客戶數量增加了 3 倍多，反映出我們強勁的 XIM 勢頭。

We're excited to see the number of paths we have had success driving strategy so far and our Q2 performance keeps us on track to achieve our stated target of 2,500 to 3,500 platformizations by fiscal year 2030.

我們很高興看到迄今為止我們成功推動策略的路徑數量，並且我們第二季度的業績使我們有望實現到 2030 財年實現 2,500 至 3,500 個平台化的既定目標。

Investors have always asked me what platformization deals look like, so I want to provide a few examples based on deals we signed this quarter.

投資者一直問我平台化交易是什麼樣的，所以我想根據我們本季簽署的交易提供一些例子。

A bank in Asia signed a transaction worth over $65 million in Q2 platformizing with us, for the first time on Cortex was a significant XIM deployment.

亞洲一家銀行在第二季與我們簽署了一項價值超過 6500 萬美元的平台化交易，這是 Cortex 上首次重要的 XIM 部署。

They have been leveraging XTR and other Cortex capabilities several years ago.

幾年前他們就一直在利用 XTR 和其他 Cortex 功能。

We're also a network security customer and a QRadar customer.

我們也是網路安全客戶和 QRadar 客戶。

They had many point products in their sock and were not getting the outcomes they needed, but limitations in the time to discover and remediate security incidents resulting in compliance issues.

他們擁有許多點產品，但卻沒有得到他們需要的結果，而且發現和補救安全事件的時間有限，從而導致了合規性問題。

In platformizing on Cortex, our NGS ARR with this customer increased by 5 times to over $12 million every year.

在 Cortex 平台化過程中，我們與該客戶的 NGS ARR 成長了 5 倍，每年達到 1,200 萬美元以上。

We look forward to driving a successful deployment here which can be an avenue of platformizing a network or cloud security in the future for this customer.

我們期待在此推動成功的部署，這可以成為該客戶未來實現​​網路或雲端安全平台化的途徑。

A US municipality signed a transaction over $60 million thus, which included renewal of its network security estate and expansion across our portfolio.

一個美國市政當局簽署了一項超過 6000 萬美元的交易，其中包括更新其網路安全資產並擴大我們的投資組合。

The customer leverages all three of our four-form factor of our form factors within network security and is already platformtized there.

客戶利用我們網路安全中的四種形式中的所有三種形式，並且已經在那裡實現平台化。

The deal also included Cortex and Prisma Cloud, which positions us well for future platformization in these areas.

該交易還包括 Cortex 和 Prisma Cloud，為我們未來在這些領域的平台化奠定了良好的基礎。

Our NGS ARR here increased over 40% in the last 12 months to over $11 million.

在過去 12 個月中，我們的 NGS ARR 成長了 40% 以上，達到 1,100 多萬美元。

The European automotive manufacturers signed a $25 million transaction in Q2.

這家歐洲汽車製造商在第二季度簽署了一項價值 2500 萬美元的交易。

They already platformizes us in network security and cloud security, that its several capabilities as they renewed their firewalls and support footprints including IoT, virtual firewalls, and SASE.

他們已經在網路安全和雲端安全方面為我們實現了平台化，他們更新了防火牆和支援足跡，包括物聯網、虛擬防火牆和 SASE，從而實現了多種功能。

This is a complex customer, and we also secure business with them in Cortex with XDR, XSOAR and [XSIAM], as well as Prisma Cloud.

這是一個複雜的客戶，我們也透過 XDR、XSOAR 和 [XSIAM] 以及 Prisma Cloud 在 Cortex 中與他們開展業務。

In doing so, we're now well positioned in the future to consolidate the stock op opportunity with XIM.

這樣一來，我們就能在未來更能鞏固與 XIM 的股票操作機會。

For this customer, the NGS ARR grew 50% to $9 million.

對於這位客戶，NGS ARR 成長了 50%，達到 900 萬美元。

More broadly than these anecdotes, the growth in our large deals tells the story.

比這些軼事更廣泛地說，我們大額交易的成長說明了一切。

We had 74 accounts that did transactions over $5 million in Q2, up 25% year over year, and 32 accounts that transactions over $10 million up over 50%.

我們第二季有 74 個帳戶的交易額超過 500 萬美元，年增 25%，有 32 個帳戶的交易額超過 1,000 萬美元，年成長超過 50%。

Now moving on to an update about our first security platform network NetSec.

現在來了解我們的第一個安全平台網路 NetSec 的最新動態。

Our Q2 NetSec momentum was driven by strong software demand.

我們第二季的 NetSec 成長勢頭受到強勁的軟體需求的推動。

We continue to lead the market and network security, which is approximately 80% of our bookings.

我們繼續引領市場和網路安全，這約占我們訂單的80%。

Our Zero Trust platform combines three best to beat form factors built on a consistent architecture.

我們的零信任平台結合了在一致架構上建構的三種最佳外形尺寸。

This is fast becoming a requirement as applications proliferate across data centers, hyperscalars, SaaS, and leverage AI.

隨著應用程式在資料中心、超標量、SaaS 和 AI 中的激增，這正迅速成為一項要求。

Meanwhile, users are increasingly distributed across headquarters, remote locations at home and other places, and also there are now soon to be non-human users in the form of AI agents, where interactions with applications must be secured.

同時，用戶越來越多地分佈在總部、家庭等遠端位置，很快還會有以人工智慧代理形式出現的非人類用戶，必須確保與應用程式的互動安全。

Disjointed network security offerings require significant resource to be applied to integration, creating the possibility of gaps in security policies given the disparity of control pans, and more importantly, unless we can harmonize the data across the network, it will be challenging for customers to adopt AI enabled security capability in the future.

脫節的網路安全產品需要投入大量資源進行集成，由於控制面板的差異，安全策略可能會出現漏洞，更重要的是，除非我們能夠協調整個網路的數據，否則客戶在未來採用支援人工智慧的安全功能將面臨挑戰。

We have to believe that in the future, all solutions will need to integrate harmonized data and use that to train AI agents to solve security.

我們必須相信，在未來，所有的解決方案都需要整合協調的數據，並用它來訓練人工智慧代理來解決安全問題。

Looking deeper into Firewall as a platform, our bookings accelerated and grew by 21%.

深入研究防火牆平台後，我們的預訂量加速成長了 21%。

Within this, we continue to see stable demand in the appliance market.

其中，我們持續看到家電市場需求穩定。

That stability coupled with us continuing to take market share allowed us to grow our appliance bookings in the mid single digits.

這種穩定性加上我們繼續佔據市場份額，使我們的家電預訂量實現了中等個位數的成長。

There's a refresh cycle coming from many players in the industry, and we believe we are well positioned to benefit from it.

業內很多參與者正在經歷一個更新周期，我們相信我們有能力從中獲益。

Software and SASE make up app approximately two thirds of our firewalls of platform bookings and grow over 1.5 times faster than the rate of a total firewall as a platform business.

軟體和 SASE 約占我們防火牆平台預訂量的三分之二，其成長速度是平台業務整體防火牆成長速度的 1.5 倍以上。

We have been on a multi-year journey to reinvent our security subscriptions which we used consistently across all three form factors.

我們經過多年的努力，重新發明了我們在三種形態下一致使用的安全訂閱服務。

Each of these advanced subscriptions are cloud delivered and we believe significantly differentiates with what's in the market.

這些高級訂閱均透過雲端交付，我們相信它們與市場上的產品有顯著的不同。

Delivering these incremental innovations into our platform like advanced subscription and network security makes our customers' adoption seamless.

將這些漸進式創新（如高級訂閱和網路安全）引入我們的平台，使我們的客戶能夠無縫地採用。

This is core to our strategy of staying ahead of our customers security needs with futureproof innovation.

這是我們透過面向未來的創新來滿足客戶安全需求的策略核心。

It is also a win-win for Palo Alto and the customer.

這對 Palo Alto 和客戶而言也是雙贏的。

Next, let's dive deeper into SASE and our software firewall business.

接下來，讓我們深入了解 SASE 和我們的軟體防火牆業務。

As customers transform the networks to keep pace with delivering first class security capabilities for remote users and branch offices, we continue to see demand for SASE.

隨著客戶轉變網路以跟上為遠端用戶和分公司提供一流安全功能的步伐，我們持續看到對 SASE 的需求。

Many SASE projects are large and comprehensive, which is well suited to our rich offering.

許多 SASE 專案規模龐大、內容全面，非常適合我們豐富的產品。

SASE continues to be our fastest growing form factor in network security and a strong contributor to our growth.

SASE 繼續成為我們網路安全領域成長最快的形式，並成為我們成長的強大貢獻者。

We grew SASE customers by over 20% while we grew bookings well north of 50% and increased deals over $1 million in value by 2.5 times.

我們的 SASE 客戶數量增加了 20% 以上，而我們的預訂量增加了 50% 以上，價值超過 100 萬美元的交易增加了 2.5 倍。

We now have over 5,600 SASE customers and over 23 million individual seats.

我們目前擁有超過 5,600 個 SASE 客戶和超過 2,300 萬個個人席位。

Across our SASE base as well as our GP customers, we have been chosen to help protect the base of over 100 million users.

在我們的 SASE 基地以及 GP 客戶中，我們被選中來幫助保護超過 1 億用戶群。

Meanwhile the drivers of our SASE momentum are broadening.

與此同時，我們 SASE 發展勢頭的驅動因素正在不斷擴大。

Bookings of newer modules of the SASE platform, such as Autonomous Digital Experience Management or ADEM, Cloud Access Security Broker or CASB, Prisma Access browser, which you just saw an ad for, and AI access grew nearly fourfold this year.

今年，SASE 平台較新模組的預訂量增加了近四倍，例如自主數位體驗管理或 ADEM、雲端存取安全代理或 CASB、您剛剛看到廣告的 Prisma Access 瀏覽器和 AI 存取。

Customers are happy with their initial SASE deployments are adding these to derive a more modern security environment and streamline their vendor landscape.

客戶對他們最初的 SASE 部署感到滿意，並添加這些部署以獲得更現代的安全環境並簡化他們的供應商模式。

I'm particularly excited about the momentum we're seeing with Prisma Access browser.

我對 Prisma Access 瀏覽器的發展勢頭感到特別興奮。

Roughly one third of the new Prisma Access seats we sold in the quarter were for our secure browser.

我們在本季銷售的新 Prisma Access 席位中約有三分之一用於我們的安全瀏覽器。

We signed a transaction in Q2 for over north of $10 million with one customer. with a total of over $30 million in Prisma Access browser bookings in Q2, and growing seats by 95% quarter-over-quarter.

我們在第二季與一位客戶簽署了價值超過 1000 萬美元的交易。第二季 Prisma Access 瀏覽器預訂總額超過 3,000 萬美元，較上季成長 95%。

We also continue to innovate in SASE, releasing the mobile version of our integrated secure browser.

我們也繼續在 SASE 方面進行創新，發布了我們的整合式安全瀏覽器的行動版本。

This browser, integrated Prisma Access offers mobile phone and tablet users same robust security and access to private applications.

該瀏覽器整合了 Prisma Access，為手機和平板電腦用戶提供同樣強大的安全性和對私人應用程式的存取。

We added capabilities to AI access, ensuring organizations can apply controls to how their users interact with AI-based applications.

我們增加了 AI 存取功能，確保組織可以控制使用者與基於 AI 的應用程式互動的方式。

We can now provide real-time visibility into over 1,800 applications, up from 500, six months ago.

現在，我們可以提供 1,800 多個應用程式的即時可視性，而六個月前只有 500 個。

AI access comes with out-of-the-box policies to manage functions such as uploads, downloads, sharing capabilities.

AI 存取帶有開箱即用的策略來管理上傳、下載、共享功能等功能。

In a short period of time, this quarter, we crossed 300 customers who use the AI access capability.

在短短的時間內，本季使用 AI 存取功能的客戶就超過了 300 個。

We can also provide comprehensive data protection to secure sensitive data secrets and intellectual property.

我們還可以提供全面的資料保護，以保護敏感資料機密和智慧財產權的安全。

Now turning to software firewalls.

現在轉向軟體防火牆。

This has been a strong area of growth.

這是一個強勁成長的領域。

We saw 50% bookings growth in our software firewall business with AI and public cloud adoption continuing to be the strongest driver.

我們的軟體防火牆業務訂單成長了 50%，其中人工智慧和公有雲的採用持續成為最強勁的推動力。

Approximately 70% of our VM deployments are now in the public cloud.

目前，我們的大約 70% 的虛擬機器部署都在公有雲中。

We continue to see customers adopt our software firewalls alongside our hardware appliances.

我們不斷看到客戶在採用我們的硬體設備的同時採用我們的軟體防火牆。

As a testament to this, about two thirds of our software for our customers are also hardware for our customers. showing the hybrid nature of the solution and the need for platformization.

為了證明這一點，我們為客戶提供的軟體中約有三分之二也是硬體。展現了解決方案的混合性質和平台化的必要性。

We also continue to innovate in this business.

我們也在這個業務上不斷創新。

Early in Q2, we leased our API-based AI run time security capability, which added the ability of our product to directly secure AI applications without being the traffic part.

在第二季初期，我們出租了基於 API 的 AI 運行時安全功能，這增加了我們的產品直接保護 AI 應用程式而無需流量部分的能力。

Later in Q2, we leverage this capability to secure AI agents as many of our customers look forward towards the value propositions of agents but need to secure them as they would need to secure any other user or application.

在第二季後期，我們將利用此功能來保護 AI 代理，因為我們的許多客戶都期待代理的價值主張，但需要保護它們，就像他們需要保護任何其他用戶或應用程式一樣。

This capability helped drive our first seven-figure software firewall transaction for AI in the quarter, and we have a healthy 8-figure pipeline for AI firewalls for the future.

此功能幫助我們在本季度完成了首個七位數的 AI 軟體防火牆交易，並且我們為未來 AI 防火牆建立了健康的八位數管道。

Now moving on to Cortex.

現在轉到 Cortex。

This morning, we had an exciting announcement.

今天早上，我們宣布了一個令人興奮的消息。

We took our industry-leading Prisma Cloud platform, evolved it with more capability, merged it with our CDR capability and our Cortex platform to announce the introduction of Cortex Cloud.

我們採用了業界領先的 Prisma Cloud 平台，並對其進行了增強功能，並將其與我們的 CDR 功能和 Cortex 平台相結合，宣布推出 Cortex Cloud。

Cortex Cloud is now the industry's first end-to-end cloud security platform, which deeply integrates into the SOC.

Cortex Cloud是目前業界第一個端到端的雲端安全平台，深度整合到SOC。

As we have been delivering cloud security over time, we have learned that the customers are keen to ensure that they can trace the cloud security capability all the way into run time reduction and do real-time security against this.

隨著我們長期提供雲端安全，我們了解到客戶熱衷於確保他們能夠將雲端安全功能追溯到運行時間的減少，並針對此實施即時安全保護。

We're also delivering a powerful data security DSPM experience and real-time security capability with a cloud agent.

我們還透過雲端代理提供強大的資料安全 DSPM 體驗和即時安全功能。

Again, all of this is now natively connected to the Cortex platform.

再次，所有這些現在都以本機方式連接到 Cortex 平台。

This is where cloud security is going.

這就是雲端安全的發展方向。

We have anticipated the market change in cloud security and is one reason for our momentum and leadership in this space.

我們已經預見了雲端安全的市場變化，這也是我們在該領域保持強勁勢頭和領先地位的原因之一。

Recall that in our early days, we entered the cloud security market in 2018 with two acquisitions and continue to build up these capabilities, pioneering the category and leading with our initial posture capabilities.

回想一下，在我們成立初期，我們於 2018 年透過兩次收購進入雲端安全市場，並繼續建立這些能力，開拓該類別並以我們初始的姿態能力領先。

Soon after it being game apparent that too many security issues were reaching production and organizations could not keep up as intermediating them once applications were deployed.

遊戲結束後不久，就發現有太多的安全問題影響到生產，而應用程式部署後組織無法跟上這些問題的解決方案。

We led the trend to shift left, connecting this to the cloud posture to address security issues beyond before deployment.

我們引領了向左轉移的趨勢，並將其與雲端姿態相聯繫，以解決部署之前的安全問題。

Attackers took note as customer deployment of mission-critical applications and sensitive data accelerated into the cloud.

隨著客戶將關鍵任務應用程式和敏感資料加速部署到雲端，攻擊者註意到了這一點。

Our own Unit 42 research shows that 80% of security exposures are found in cloud attack services, with a 66% increase in threats targeting cloud environments.

我們自己的 Unit 42 研究顯示，80% 的安全漏洞出現在雲端攻擊服務中，針對雲端環境的威脅增加了 66%。

With these evolutions on the DAC backdrop, we believe cloud security and security operations must be extricably linked.

在 DAC 背景下的這些演進下，我們認為雲端安全和安全營運必須緊密連結在一起。

Existing Prisma Cloud customers will have a seamless upgrade to Cortex Cloud to benefit from AI-powered prioritization, automated remediation and new simplified powerful user experience.

現有的 Prisma Cloud 客戶將無縫升級至 Cortex Cloud，以受益於 AI 驅動的優先排序、自動修復和全新簡化的強大用戶體驗。

Additionally, they can also adopt Cortex's best-in-class CDR capability to gain real-time cloud security capability.

此外，他們還可以採用 Cortex 一流的 CDR 功能來獲得即時雲端安全功能。

The unification of enterprise to cloud can further drive the adoption of XSIAM into the customers' cloud environment.

企業到雲端的統一可以進一步推動XSIAM在客戶雲端環境中的採用。

Cortex Cloud, natively integrates cloud data, context and workflows within Cortex XSIAM, to significantly reduce the mean time to respond to modern threats as a single unified SecOp solution.

Cortex Cloud 在 Cortex XSIAM 中原生整合了雲端資料、上下文和工作流程，作為單一統一的 SecOp 解決方案，顯著縮短了回應現代威脅的平均時間。

More importantly, because we are natively integrating cloud solutions SOC, XSIAM has now transformed into both a cloud and enterprise set.

更重要的是，由於我們原生整合了雲端解決方案 SOC，XSIAM 現在已轉變為雲端和企業集合。

We're excited about the prospects for us to maintain or accelerate our strong XSIAM momentum.

我們對保持或加速強勁的 XSIAM 發展勢頭的前景感到非常興奮。

As I mentioned, we are making this announcement on the back of strong momentum in our cloud security and security ops business.

正如我所提到的，我們是在雲端安全和安全營運業務強勁發展勢頭的推動下宣布這一消息的。

I want to give you some highlights.

我想介紹一些重點內容給你。

We drove bookings growth of approximately 50% of both Cortex and Prisma Cloud in Q2.

我們在第二季度推動 Cortex 和 Prisma Cloud 的預訂量成長了約 50%。

In Cortex, we had healthy momentum with customer growth of approximately 20%.

在 Cortex，我們發展勢頭良好，客戶成長率約為 20%。

During this customer growth, we again signed hundreds of new XTR customers in Q2, which become opportunities for SOC transformation on the broader Cortex platform in the future.

在這個客戶成長的過程中，我們在第二季再次簽下了數百個新的XTR客戶，這成為未來在更廣泛的Cortex平台上進行SOC轉型的機會。

Our XTR momentum continues to be fueled by the efficacy of our product.

我們產品的功效繼續推動著我們的 XTR 勢頭。

This quarter, we achieved further external recognition of this achieving the leadership results in the most recent Mitratech evaluations.

本季度，我們獲得了進一步的外部認可，並在最近的 Mitratech 評估中取得了領導地位。

XSIAM, our AI-driven SecOps platform surpassed the $1 billion cumulative bookings milestone in Q2.

XSIAM 是我們的人工智慧驅動的 SecOps 平台，在第二季度累積預訂額突破了 10 億美元大關。

While we know we have a winning product with XSIAM, we're also starting to see external validation of our leadership with Frost and Sullivan and Omdia recognizing us as leaders in the [SIM] category.

我們知道 XSIAM 是一款成功的產品，同時，我們也開始看到外部對我們領導地位的認可，Frost and Sullivan 和 Omdia 將我們評為 [SIM] 類別的領導者。

Contributing to our Cortex strength in Q2 was over $100 million in QRadar related bookings.

超過 1 億美元的 QRadar 相關訂單為我們第二季的 Cortex 實力做出了貢獻。

Our pipeline on QRadar equally strong leaving us optimistic about our IBM partnership as a driver of Cortex.

我們在 QRadar 上的管道同樣強大，這讓我們對與 IBM 合作推動 Cortex 的發展充滿信心。

On the cloud side, we saw the adoption of our capabilities to continue to broaden.

在雲端，我們看到我們的能力被不斷拓寬。

With DSPM integrated Prisma Cloud, you've seen early adoption to be one of the strongest one of any of our new cloud security capabilities in the past.

透過 DSPM 整合的 Prisma Cloud，您會發現早期採用是我們過去所有新雲端安全功能中最強大的功能之一。

We're excited to see this success continue with DSPM as part of the Cortex Cloud product we announced this morning.

我們很高興看到 DSPM 作為我們今天上午宣布的 Cortex Cloud 產品的一部分繼續取得成功。

We're also seeing particular success among some of the largest companies in strategic industries.

我們也看到一些戰略產業最大的公司取得了特別的成功。

For example, several SaaS companies signed significant cloud security deals with us in Q2.

例如，幾家 SaaS 公司在第二季與我們簽署了重要的雲端安全協議。

In this industry, some of the top 10 SaaS companies outside of cybersecurity, leverage our cloud security capabilities to secure the customers' environment.

在這個行業中，網路安全以外的一些十大 SaaS 公司利用我們的雲端安全功能來保護客戶的環境。

As you can see, we saw strong momentum across the business in Q2.

如您所見，我們在第二季度看到了整個業務的強勁發展勢頭。

We're seeing customer imperatives around AI driving accelerated cloud adoption and infrastructure investment, which is supporting strong cybersecurity demand.

我們看到客戶對人工智慧的需求推動了雲端運算的加速採用和基礎設施投資，這支持了強勁的網路安全需求。

This healthy spending backdrop and strong execution from our team and platemization helped drive the healthy top line trends we saw in Q2 across RPO, NGS ARR and revenue.

健康的支出背景、我們團隊的強大執行力和平台化推動了我們在第二季度看到的 RPO、NGS ARR 和收入的健康營收趨勢。

We remain optimistic about sustaining this momentum as our sales teams leverage our ecosystem, continue to become more adept at aligning our many capabilities into a unique platformization journey for each customer.

隨著我們的銷售團隊利用我們的生態系統，繼續更善於將我們的眾多能力整合到每個客戶獨特的平台化旅程中，我們對於維持這一勢頭仍然保持樂觀。

We remain confident in our long term NGS ARR forecast.

我們對長期 NGS ARR 預測仍充滿信心。

Supporting this is a steady innovation stream and momentum across our portfolio.

支持這一點的是我們整個產品組合中穩定的創新流動和動力。

We're a leading early mover into new market categories like enterprise browser, security AI by design, the AI power SOC, which you're making it easy for our customers to adopt key new innovations with our platform approach.

我們是企業瀏覽器、安全 AI 設計、AI 動力 SOC 等新市場類別的領先先驅者，透過我們的平台方法，我們的客戶可以輕鬆採用關鍵的新創新。

Lastly, we're driving profitable growth, balancing operating margin improvements with strong cash flow.

最後，我們正在推動獲利性成長，平衡營業利潤率的提高和強勁的現金流。

We continue to make progress in driving a culture of efficiency at Palo Alto Networks and you've seen the results of this over the last few years.

我們在推動 Palo Alto Networks 的高效文化方面不斷取得進展，過去幾年您已經看到了成效。

This focus on efficiency and some early success in AI-based initiates gives us the confidence to continue delivering profitable growth.

對效率的關注以及基於人工智慧的計劃的一些早期成功使我們有信心繼續實現盈利增長。

I will now pass on to Dipak for his remarks.

現在我將請迪帕克發言。

Thank you, Nikesh, and good afternoon, everyone.

謝謝你，Nikesh，大家下午好。

To maximize our time spent on Q&A, I will provide you with highlights of Q2.

為了最大限度地利用我們的問答時間，我將為您提供第二季的亮點。

You can review the results in our press release and the supplemental financial information on our website.

您可以在我們的新聞稿和我們網站上的補充財務資訊中查看結果。

In Q2, total revenue was $2.26 billion and grew 14%, above the high end of our guidance.

第二季度，總營收為 22.6 億美元，成長 14%，高於我們預期的高點。

Within revenue, product revenue grew 8%, while total services revenue grew 16%.

其中，產品收入成長 8%，總服務收入成長 16%。

Drilling into total services revenue, subscription revenue grew 20% and support revenue rose 8%.

深入研究總服務收入，訂閱收入成長了 20%，支援收入成長了 8%。

Our product revenue is approaching 40% software on a trailing 12-month basis.

從過去 12 個月來看，我們的產品收入中有 40% 來自軟體。

We expect healthy software contribution to product revenue in the second half of this year which we expect will increase our product revenue into the double-digit growth range.

我們預計今年下半年軟體將對產品收入做出健康的貢獻，這將使我們的產品收入進入兩位數的成長範圍。

We also saw stable demand for firewall appliances in Q2, which we expect to continue through fiscal 2025, as the appliance market grow 0% to 5%, as we have previously discussed.

我們也看到第二季防火牆設備的需求保持穩定，我們預計這種需求將持續到 2025 財年，因為設備市場成長率為 0% 至 5%，正如我們之前討論過的。

Moving on to geographies.

繼續討論地理位置。

We saw double-digit revenue growth across all theaters, with the Americas growing 13%, EMEA up 18% and JPAC growing 17%.

我們看到所有影院的收入都實現了兩位數成長，其中美洲地區成長 13%，歐洲、中東和非洲地區成長 18%，日本和太平洋地區成長 17%。

We were particularly encouraged by the volume of large deals we closed with some notable large deals in EMEA and JPAC.

我們完成的大型交易數量令我們特別鼓舞，其中在歐洲、中東和非洲地區 (EMEA) 和日本和太平洋地區 (JPAC) 有一些值得注意的大型交易。

For example, we have our largest deals ever in both EMEA and JPAC this quarter, each in excess of $50 million.

例如，本季我們在 EMEA 和 JPAC 都達成了有史以來最大的交易，每筆交易超過 5,000 萬美元。

As Nikesh noted, these deals demonstrate the broadening of our large deal success in North America to our international theaters.

正如 Nikesh 所言，這些交易顯示我們在北美取得的大型交易成功已拓展至國際市場。

Also, I know many investors have had questions about the U.S. federal market.

此外，我知道許多投資者對美國聯邦市場有疑問。

We have had prudent expectations in this market this year, and we saw stable federal business in Q2.

我們今年對這個市場抱持審慎的預期，並且第二季的聯邦業務保持穩定。

Much of our federal business is tied to renewals, and existing programs with long-standing funding.

我們的聯邦業務大多與更新以及長期資助的現有項目有關。

During the quarter, we also received FedRAMP High authorization across our network, cloud and security operations platforms.

在本季度，我們還在網路、雲端和安全營運平台獲得了 FedRAMP High 授權。

We now have the most comprehensive suite of AI-powered cybersecurity solutions authorized for use in federal networks at the high impact level.

我們現在擁有最全面的人工智慧網路安全解決方案套件，並被授權在高影響力級別的聯邦網路中使用。

Total RPO grew 21% to $13 billion at the high end of our guided range.

總RPO成長21%，達到130億美元，處於我們指導範圍的高點。

Our current RPO grew 17% to $6.1 billion.

我們目前的 RPO 成長了 17%，達到 61 億美元。

The average duration of new contracts remained at approximately three years, it did trend towards the high end of our historical range in Q2 based on our performance in large platformization deals, particularly customers making longer-term commitments to XSIAM.

新合約的平均期限保持在三年左右，根據我們在大型平台化交易中的表現，特別是客戶對 XSIAM 的長期承諾，第二季的新合約平均期限確實趨向於歷史最高水平。

Our NGS ARR again delivered strong growth growing 37%, finishing Q2 at $4.78 billion.

我們的NGS ARR再次強勁成長，成長37％，第二季達到47.8億美元。

Our NGS ARR was driven by the strength across our advanced subscriptions, SASE and Cortex.

我們的 NGS ARR 受到我們高級訂閱、SASE 和 Cortex 的推動。

Moving down the income statement.

降低損益表。

Gross margin of 76.6% was down slightly as we continued to see the impact of some of our newer SaaS offerings that are growing quickly but have yet to achieve scale.

毛利率為 76.6%，略有下降，因為我們繼續看到一些較新的 SaaS 產品的影響，這些產品正在快速增長，但尚未實現規模。

Also, we had some costs in Q2 related to inventory and product transitions that were higher than typical, and we don't expect that, that will recur in the second half of the year.

此外，第二季與庫存和產品轉換相關的一些成本高於平均水平，我們預計這種情況不會在下半年再次出現。

It is worth noting we have been transitioning our contract manufacturing facility in Texas as our primary manufacturing and fulfillment center, not only to enable scale and innovation in our appliances, but also to take advantage of our foreign trade zone that can help mitigate tariffs and products we ship to international destinations as we assemble and manufacture all of our firewall appliance products in the U.S.

值得注意的是，我們已經將位於德克薩斯州的合約製造工廠轉變為我們的主要製造和履行中心，不僅是為了實現我們設備的規模和創新，而且還可以利用我們的對外貿易區來幫助降低關稅和我們運往國際目的地的產品，因為我們在美國組裝和製造所有的防火牆設備產品。

More broadly, we continue to see efficiencies across the company as we focus on driving profitable growth.

更廣泛地說，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提高。

We saw operating expenses as a percentage of revenue decrease by 120 basis points as we benefited from scale in our business model and initiatives as part of continuing to build our culture of efficiency.

我們看到，營業費用佔收入的百分比下降了 120 個基點，這得益於我們業務模式和計劃的規模化，也是我們繼續建立高效文化的一部分。

We delivered $0.81 of diluted non-GAAP EPS, and a diluted GAAP EPS of $0.38, continues to grow along with our overall profitability.

我們實現了 0.81 美元的非 GAAP 稀釋每股收益，以及 0.38 美元的 GAAP 稀釋每股收益，並且隨著我們的整體獲利能力繼續增長。

As a reminder, in the year ago period, we had a significantly positive impact to GAAP EPS from the large $1.5 billion release of tax valuation allowance that happened only in fiscal 2024.

提醒一下，在去年同期，我們僅在 2024 財年就釋放了 15 億美元的稅收估值準備金，這對 GAAP EPS 產生了顯著的正面影響。

We generated adjusted free cash flow of over $509 million in Q2.

我們第二季的調整後自由現金流超過 5.09 億美元。

On our balance sheet, you will see that our debt balance came down by over $100 million as we continue to see early conversions of our convertible debt which occurred at the discretion of the debt holders, and was settled by 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下降了 1 億多美元，因為我們繼續看到可轉換債務的提前轉換，這是由債權人自行決定的，並由我們以現金和股權形式結算。

Our remaining debt of just over $500 million matures in June 2025, although we may continue to see some early conversions.

我們剩餘的 5 億多美元債務將於 2025 年 6 月到期，儘管我們可能繼續看到一些提前轉換的情況。

We did not repurchase any shares in Q2, and our buyback strategy remains opportunistic.

我們在第二季沒有回購任何股票，我們的回購策略仍然是機會主義的。

We have $1 billion in authorization remaining through December 2025.

到 2025 年 12 月為止，我們還剩下 10 億美元的授權金額。

As Nikesh mentioned, we are pleased with the momentum we are seeing in our platformization strategy and the outcome in driving our financial results.

正如 Nikesh 所說，我們對平台化策略的發展動能以及推動財務績效的結果感到滿意。

I wanted to update you on what we are seeing a year into this strategy.

我想向你們介紹一下我們實施這項策略一年來取得的進展。

As you all no doubt remember, we announced our platformization strategy a year ago.

大家肯定還記得，我們​​一年前宣布了我們的平台化策略。

Over the last 12 months, we've learned from our success and adapted where it made sense.

在過去的 12 個月裡，我們從成功中吸取了教訓，並進行了合理的調整。

We launched a number of structured sales programs that we highlighted to jump start this initiative.

我們推出了一系列結構化的銷售計劃，重點是推動這項計劃。

Our goal was to remove friction, both related to technology risk and budget challenges for the customer.

我們的目標是消除與客戶技術風險和預算挑戰相關的摩擦。

We have now embedded these practices into how we do business.

現在，我們已將這些實踐融入我們的經營方式中。

At year-end, we have seen both the industry rally around this approach as well as some of our key ecosystem partners also put significant resources behind platformization.

截至年底，我們看到整個產業都支持這種方法，而我們的一些關鍵生態系統合作夥伴也為平台化投入了大量資源。

This has helped leverage our own investments on the sales and marketing side and brings us closer to enterprise accounts where ecosystem partners have strong relationships.

這有助於利用我們在銷售和行銷方面的投資，並使我們更接近生態系統合作夥伴擁有牢固關係的企業帳戶。

Many of our large platformization deals have been pursued and closed with global system integrators with these joint successes, partners collectively are putting more resources behind platformization.

我們許多大型平台化交易都是與全球系統整合商達成的，憑藉這些共同的成功，合作夥伴共同為平台化投入了更多的資源。

When we initially announced platformization, we had piloted the program, helping us build conviction in our aggressive launch.

當我們最初宣布平台化時，我們已經試行了該計劃，這有助於我們建立積極發布的信心。

Predating our broad announcement, some of our top reps were driving deals with the principles that embody platformization.

在我們發布廣泛聲明之前，我們的一些高層代表已經在推動體現平台化的原則的交易。

A year in, we have seen rep participation significantly increase with approximately 1/3 of our sales reps having already participated in a new platformization deal win in the last 12 months since we launched our accelerated strategy.

一年後，我們看到銷售代表的參與度顯著提高，自從我們啟動加速策略以來的 12 個月內，大約有 1/3 的銷售代表已經參與了新的平台化交易。

Lastly, when we launched the program, we had assumed the platformization would enable us to increase our ARR per customer.

最後，當我們啟動該計劃時，我們假設平台化將使我們能夠提高每個客戶的 ARR。

As you can see in some of the large deal highlights that Nikesh covered, we have seen success signing larger deals and further expanding our ARR and platformized customers.

正如您在 Nikesh 報導的一些大型交易亮點中所看到的，我們成功簽署了更大的交易，並進一步擴大了我們的 ARR 和平台化客戶。

As you can tell from both the tone and some of the details that we provided, we are very happy with our progress here.

從我們的語氣和提供的一些細節就可以看出，我們對這裡的進展非常滿意。

I'll reiterate what Nikesh noted last quarter and earlier, our biggest learning is that we should have made this move earlier.

我將重申 Nikesh 上個季度以及先前指出的內容，我們最大的教訓就是我們應該早點採取這項措施。

Now turning to the bottom line.

現在談談底線。

Our confidence in future operating margin expansion is rooted in our visibility to continued leverage across our P&L.

我們對未來營業利益率擴張的信心源自於我們對損益表中持續槓桿率的可見度。

As Nikesh mentioned, we've seen some encouraging results from our AI-based initiatives across multiple areas of the company that give me greater confidence in this ability to drive leverage.

正如 Nikesh 所提到的，我們在公司多個領域基於人工智慧的舉措已經看到了一些令人鼓舞的成果，這讓我對這種推動槓桿的能力更有信心。

I wanted to provide you with an update of some of these AI-based initiatives and what we're seeing so far.

我想向大家介紹一些基於人工智慧的舉措的最新進展以及我們目前看到的情況。

In the areas that we are focused on, we've seen meaningful efficiencies which either manifest as lower spending, enabling us to drive incremental innovation, or absorb expected increases in volume without additional spending.

在我們關注的領域，我們已經看到了有意義的效率，這種效率要么表現為更低的支出，使我們能夠推動漸進式創新，要么在不增加支出的情況下吸收預期的數量增長。

One of our first AI-based initiatives was focused on our employee-facing processes.

我們的首批基於人工智慧的舉措之一就是專注於面向員工的流程。

In the past, we have leveraged contractors in various business processes in IT.

過去，我們在 IT 領域的各個業務流程中都曾利用承包商。

We are on track to reduce this contract labor by about 50%, as we close out fiscal 2025, which will result directly in operating expense savings.

在 2025 財年結束時，我們預計將合約工數量減少約 50%，這將直接節省營運費用。

In our global customer support business, we've leveraged an internally developed copilot to assist in case resolution.

在我們的全球客戶支援業務中，我們利用內部開發的副駕駛來協助解決案例。

So far, we have seen our support copilot use in about 85% of cases in network security which is where we first rolled out this technology.

到目前為止，我們已經看到我們的支援副駕駛在網路安全領域約 85% 的案例中使用，這也是我們首次推出這項技術。

We're seeing approximately 50% reduction in the time to resolve cases.

我們發現解決案件的時間減少了約 50%。

This results in a better experience for our customers and also our team is being able to absorb more case volume while adding less head count than in the past.

這為我們的客戶帶來了更好的體驗，我們的團隊能夠處理更多的案件量，同時增加的員工數量也比過去更少。

Lastly, we are deploying copilot tools for our developers earlier and are seeing some exciting results.

最後，我們正在為我們的開發人員部署副駕駛工具，並且看到了一些令人興奮的結果。

We've recently deployed the technology to all of our engineers.

我們最近已將這項技術部署至我們所有的工程師。

These and other initiatives that are still in their early stages, give us consistent outcomes, and that gives me more confidence -- and confidence on the tangible benefits to our business, including our cost structure.

這些和其他仍處於早期階段的舉措為我們帶來了一致的成果，這給了我更多的信心——並且對我們的業務（包括我們的成本結構）帶來的切實利益充滿信心。

Before I turn to guidance, we have a lot of questions about how we get comfortable with the sustainability of our cash generation given some of the transitions happening in our business.

在我轉向指導之前，我們有很多問題，考慮到我們業務中正在發生的一些轉變，我們如何確保現金創造的可持續性。

We began to see an increase in deals with deferred payments in fiscal year 2022 and have seen a significant increase driven by larger transactions particularly in our SaaS offerings over the last 3.5 years.

我們開始看到 2022 財年的延期付款交易有所增加，並且在過去 3.5 年中，尤其是在我們的 SaaS 產品中，大額交易推動了延期付款交易的顯著增長。

As we have absorbed an increase in deferred payments, our visibility into our free cash flow each year has increased.

由於我們吸收了遞延付款的增加，我們每年對自由現金流的可見度都有所提高。

In fiscal year 2024, when we entered the year with $1 billion in deferred payments scheduled for the year.

在 2024 財年，我們進入這一年時，計劃延期付款金額為 10 億美元。

That was 32% of our fiscal year '24 adjusted free cash flow.

這占我們24財年調整後自由現金流的32%。

This year, that amount increased to $1.4 billion and our visibility increased to 41% of our expected adjusted free cash flow.

今年，該金額增加至 14 億美元，我們的預期調整後自由現金流可見度增加至 41%。

Looking forward, we expect to end to fiscal 2026 with $2 billion in deferred payments scheduled for the year, further increasing our visibility into free cash flow in fiscal year 2026.

展望未來，我們預計到 2026 財年結束時，該年度的延期付款將達到 20 億美元，這將進一步提高我們對 2026 財年自由現金流的可見度。

We've progressed substantially over the last several years through the transition of deferred payments.

過去幾年，我們透過延期付款的轉變取得了長足的進步。

We've also spent significant time over the course of this year, ensuring that we're balancing this transition with other uses of cash and opportunities cash flow optimization.

我們今年也花了大量時間來確保這種轉變與現金的其他用途以及現金流優化機會之間的平衡。

Because our appliance bookings and smaller bookings predominantly are paid upfront, and many of our large transactions already utilized deferred payments, we believe we can manage the trend towards more of our larger transaction bookings, utilizing deferred payments as we have done over the last several years.

由於我們的家電預訂和小額預訂主要都是預付款，而且我們的許多大額交易已經使用了延期付款，因此我們相信我們可以管理更多大額交易預訂的趨勢，使用延期付款，就像我們在過去幾年所做的那樣。

Consequently, our expected increasing profitability as we scale and these financial dynamics give us improved confidence in our free cash flow generation.

因此，隨著規模的擴大，我們預計獲利能力將不斷提高，這些財務動態使我們對自由現金流的產生更有信心。

Our confidence holds for fiscal year 2025, where we continue to expect 37% to 38% adjusted free cash flow margin, as well as our cash generation beyond this year.

我們對 2025 財年充滿信心，我們預計調整後的自由現金流利潤率將達到 37% 至 38%，並且今年以後我們的現金創造能力也將保持強勁。

We are comfortable that we can generate adjusted free cash flow margins for fiscal year 2026 and fiscal year 2027 of greater than 37%.

我們有信心，2026 財年和 2027 財年的調整後自由現金流利潤率將超過 37%。

As a reminder, we do not guide free cash flow on a quarterly basis, and we do see year-to-year fluctuations in our cash flow seasonality.

提醒一下，我們不會按季度指導自由現金流，而且我們的現金流季節性確實會逐年波動。

In fiscal year 2025 relative to prior years, we expect to see fluctuations in seasonality driven by the timing of deferred payments from customers, the timing of bookings within the year and the timing of cash tax payments.

與前幾年相比，2025 財年我們預計會出現季節性波動，這種波動受到客戶延期付款的時間、年內預訂的時間和現金稅款支付時間的影響。

But this year, we expect, relative to the street, that more of our free cash flow will come in Q4.

但今年，我們預計，相對於華爾街，我們更多的自由現金流將來自第四季。

With that, let me turn to guidance.

說到這裡，讓我來談談指導。

For 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%.

對於 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%。

Remaining performance obligation of $15.2 billion to $15.3 billion, an increase of 19% to 20%.

剩餘履約義務為152億美元至153億美元，成長19%至20%。

Revenue to be in the range of $9.14 billion to $9.19 billion, an increase of 14%.

營收在 91.4 億美元至 91.9 億美元之間，成長 14%。

Operating margins to be in the range of 28% to 28.5%.

營業利益率在28%至28.5%之間。

Diluted non-GAAP EPS to be in the range of $3.18 to $3.24, an increase of 12% to 14%.

稀釋非 GAAP 每股收益在 3.18 美元至 3.24 美元之間，成長 12% 至 14%。

And adjusted free cash flow margin in the range of 37% to 38%.

調整後的自由現金流利潤率在37%至38%之間。

For the third fiscal '25, we expect NGS ARR to be in the range of $5.03 billion to $5.08 billion, an increase of 33% to 34%.

對於25財年第三季度，我們預計NGS ARR將在50.3億美元至50.8億美元之間，成長33%至34%。

Remaining performance obligation of $13.5 billion to $13.6 billion, an increase of 19% to 20%.

剩餘履約義務為135億美元至136億美元，成長19%至20%。

Revenue to be in the range of $2.26 billion to $2.29 billion, an increase of 14% to 15%.

營收在 22.6 億美元至 22.9 億美元之間，成長 14% 至 15%。

And diluted non-GAAP EPS to be in the range of $0.76 to $0.77, an increase of 15% to 17%.

攤薄非 GAAP 每股收益在 0.76 美元至 0.77 美元之間，成長 15% 至 17%。

We've included our typical modeling points in the presentation for you to review.

我們在簡報中包含了典型的建模要點，供您查看。

Before I turn back to Walter for Q&A, we will roll one more video.

在我回到沃特進行問答之前，我們將再播放一個影片。

(video playing)

（影片播放）

Thank you.

謝謝。

(Conference Instructions)

（會議指示）

Saket Kalia, Barclays followed by Hamza Fodderwala, Morgan Stanley.

巴克萊的 Saket Kalia 之後是摩根士丹利的 Hamza Fodderwala。

Nice quarter.

不錯的季度。

Maybe a question for Nikesh and Dipak together.

這可能是針對 Nikesh 和 Dipak 共同提出的問題。

It's great to see free cash flow margins at 37% plus expected now through fiscal 27%.

很高興看到自由現金流利潤率達到 37%，預計目前財報中的自由現金流利潤率將達到 27%。

Nikesh, can you just maybe talk about some of the success you're seeing in driving better profitability?

Nikesh，您能否談談您在提高獲利能力方面取得的一些成功經驗？

And Dipak, can you just maybe go one level deeper into other drivers of that free cash flow like the deferred payments?

迪帕克，您能否更深入地探討一下自由現金流的其他驅動因素，例如延期付款？

Saket, first of all, thank you for the question.

Saket，首先感謝您的提問。

As Dipak highlighted, like we're beginning to hit scale.

正如迪帕克 (Dipak) 所強調的那樣，我們正開始實現規模化。

As you see platform deals are actually a lot more efficient from a sales perspective because the larger deals, I think if you see -- if you look at cybersecurity landscape, we're now clearly a large deal company compared to most of our competitors.

正如您所看到的，從銷售角度來看，平台交易實際上效率更高，因為交易規模越大，我想如果您看到——如果您看看網路安全格局，與大多數競爭對手相比，我們現在顯然是一家大型交易公司。

So that definitely drives efficiencies for us from a scale perspective.

因此，從規模的角度來看，這無疑會提高我們的效率。

If you look at any P&L in any enterprise business, 50% to 60% P&L is sales, marketing and customer support.

如果你查看任何企業業務的損益表，50% 到 60% 的損益表是銷售、行銷和客戶支援。

If you can find efficiencies in that process, that's where leverage lies.

如果你能在這個過程中發現效率，這就是槓桿作用所在。

So you've seen we've been improving our operating margins consistently now for over 2.5 years.

所以你已經看到了，我們的營業利益率已經連續提高兩年半多了。

That's being driven from that efficiency lens.

這是從效率角度出發的。

If you couple that with some of the early experiments we've shared on the AI, enterprise companies should operate at a much higher operating margin in the future from now.

如果將其與我們在人工智慧方面分享的一些早期實驗結合起來，企業公司未來的營業利潤率應該會高得多。

I'm not going to put a forecast just yet.

我暫時還不打算做出預測。

But I think the trend is our friend.

但我認為趨勢是我們的朋友。

And that gives us tremendous comfort that we can underpin our performance with strong operating margins over the course of the next few years.

這讓我們非常放心，我們可以在未來幾年以強勁的營業利潤率支撐我們的業績。

Couple that with the way Dipak and his team have been able to balance the deferred payment products which you can talk about, which as he said gives us tremendous amounts of visibility.

再加上迪帕克和他的團隊能夠平衡延期付款產品的方式，正如他所說，這給了我們極大的可視性。

And we feel confident that the range for the next few years is there and possibly higher after.

我們相信，未來幾年的範圍將會保持不變，並且可能會更高。

If I can just build, Saket, like a lot of this is in the prepared remarks, but we've had a lot more visibility with a growing balance of deferred payments already in the past few years.

Saket，如果我可以這麼說，其中很多內容已經包含在準備好的評論中，但在過去幾年中，隨著延期付款餘額的不斷增加，我們已經有了更多的可見性。

There's parts of our business that are really never going to go to deferred payments.

我們的部分業務實際上永遠不會出現延期付款的情況。

The smaller transactions that have a multi-tiered distribution network where everybody wants to get paid upfront, the appliance business where it's industry standards pay upfront.

對於規模較小的交易而言，它們擁有多層次的分銷網絡，每個人都希望預先獲得付款，對於家電行業而言，其行業標準是預先付款。

Then you're left over with everything else.

然後你就剩下其他東西了。

And we've already made a significant transition already.

我們已經完成了重大的轉變。

So there's not as much left to actually do.

因此實際上剩下要做的並不多。

We're quite far along the journey.

我們已經走了很遠的路了。

That's what gives us confidence and that's what I

這給了我們信心，這也是我

--

--

Thank you, Saket.

謝謝你，Saket。

Hamza Fodderwala, Morgan Stanley followed by Brian Essex from JPMorgan.

摩根士丹利的 Hamza Fodderwala 和摩根大通的 Brian Essex。

Nikesh, I had a bit of a bigger picture question for you.

Nikesh，我想問你一個更宏觀的問題。

Palo Alto (multiple speakers) I'll leave that to the others.

帕洛阿爾托 (多位發言者)我將這個話題留給其他人。

No, obviously, Palo Alto Networks has been at the forefront of AI, whether it's AI for security operations when it comes to Cortex or securing AI now with Digg and Prisma Cloud.

不，顯然，Palo Alto Networks 一直處於人工智慧的前沿，無論是 Cortex 的安全營運人工智慧，還是現在透過 Digg 和 Prisma Cloud 保護人工智慧。

DeepSeek was a big moment for the AI trend in the market earlier this year.

DeepSeek 是今年稍早市場 AI 趨勢的一個重要時刻。

I'm curious what do you think this means for the proliferation of AI in general.

我很好奇，您認為這對人工智慧的普及意味著什麼。

And how this impacts security and specifically Palo Alto Networks.

以及這對安全性（特別是 Palo Alto Networks）有何影響。

Not that -- I wouldn't expect that from you, but it's a great question.

並非如此——我並不期望您這樣回答，但這是一個很好的問題。

Look, I think DeepSeek is a phenomenal pivotal moment for AI, not just for us but across the industry.

我認為 DeepSeek 是人工智慧的一個非凡轉折點，不僅對我們而言如此，對整個產業而言也是如此。

And if you look at it across three parameters, right, there's the question on quality.

如果從三個參數來看，就會發現有品質問題。

Is it as good as the models that people are using out there like OpenAI, Gemini, or Llama, et cetera.

它是否與人們正在使用的模型（例如 OpenAI、Gemini 或 Llama 等）一樣好。

And at least if you read the ratings out there, it seems like it's equally good if not better for technical answers.

而且至少如果你讀過那裡的評級，你會發現它似乎在技術答案方面同樣好，甚至更好。

It does better coding, better math, better physics.

它的編碼、數學和物理能力都更好。

So it looks like for sort of, it has a better reasoning engine, out there.

因此看起來，它有一個更好的推理引擎。

So that's interesting.

這很有趣。

Then the next question becomes great, if it's so good at, if it's equally good, what are the economics?

那麼下一個問題就變得很大了，如果它如此優秀，如果它同樣優秀，那麼經濟學是什麼？

Did they actually get it done for a lot cheaper?

他們真的能以更低的成本完成任務嗎？

Now we can debate that, and I don't know if you'll ever get to the bottom of it, but what's interesting is today, and you pay $7.50 for every other model.

現在我們可以討論這個問題，我不知道你是否能弄清楚，但有趣的是，今天你為每個其他型號支付 7.50 美元。

So it's 2% of the cost of every other model.

因此其成本是其他每種型號成本的 2%。

Now that's driving experimentation.

現在，這正在推動實驗。

I have talked to many SaaS CEOs recently, and everybody's experimenting.

最近我與許多 SaaS 執行長進行了交談，發現每個人都在嘗試。

So are we to see if DeepSeek can deliver that degree of performance.

所以我們要看看 DeepSeek 是否能達到這種程度的效能。

And the third question comes, okay, wait, this has come from a nation state, maybe from somewhere where we don't want to trust the model.

第三個問題是，好吧，等等，這個模型來自一個民族國家，也許來自我們不想信任這個模型的地方。

We got to figure out how secure it is.

我們必須弄清楚它有多安全。

Now look, any AI model that is going to be used by enterprises will be used in a sequestered fashion either on-prem or in your own cloud instance or require AI firewalls around it.

現在看看，企業將要使用的任何 AI 模型都將以隔離的方式在本地或您自己的雲端實例中使用，或需要在其周圍設置 AI 防火牆。

If you can guarantee that your data doesn't get out of that sequestered sort of space, and if you can guarantee that you can put guard rails around the model, I think you'll see a lot more experimentation.

如果你能保證你的數據不會脫離這種隔離的空間，並且如果你能保證你可以在模型周圍設置護欄，我認為你會看到更多的實驗。

So from that perspective, I think it's going to pivotal.

所以從這個角度來看，我認為這將是關鍵。

My only recommendation to every enterprise out there is make sure you don't deploy AI without running firewalls around it.

我對每個企業的唯一建議是確保不要在沒有運行防火牆的情況下部署人工智慧。

Make sure you don't deploy in a multi-tenant environment.

確保您不在多租戶環境中部署。

But I think this is great for AI.

但我認為這對人工智慧來說很棒。

And look, any technology is great for security because any new technology requires you to put more security around it.

而且，任何技術對於安全性來說都是很重要的，因為任何新技術都需要你在其周圍加強安全性。

Brian Essex, JPMorgan followed by Gabriela Borges, Goldman Sachs.

摩根大通的 Brian Essex 和高盛的 Gabriela Borges 緊隨其後。

I have a bit of a different AI question.

我有一個稍微不同的人工智慧問題。

And it comes from the perspective of leveraging AI across the platform to provide better security outcomes.

這是從利用整個平台的人工智慧來提供更好的安全結果的角度來看的。

And maybe if you could talk about what you're seeing in cloud security as an example and win rates as you're able to provide code to cloud to SOC security across your entire platform?

也許您可以談談您在雲端安全方面看到的情況，作為示例，以及您能夠為整個平台上的雲端到 SOC 安全性提供程式碼的獲勝率？

How does that affect your ability to compete against point solution providers in that space?

這對您與該領域的點解決方案提供者競爭的能力有何影響？

And how is that enabling you to kind of leverage the platform maybe as an example in that cloud security space?

那麼，這如何使您能夠利用該平台？

Hey, Brian.

嘿，布萊恩。

Is any point solution business left?

還有點解決方案業務嗎？

Every security company seems to claim their platform now.

現在每家保全公司似乎都宣稱自己擁有這個平台。

So I don't think this -- I think that breed of point solution is gone.

所以我不認為這種——我認為那種點解決方案已經消失了。

But anyway

但無論如何

--

--

What's the difference between calling yourself a platform and actually being?

將自己稱為平台和實際上就是平台有什麼區別？

Yeah.

是的。

That's what they say about us too.

他們也是這麼評價我們的。

But that notwithstanding, look, I was -- I saw Lee last night and I said you know what, I found a new [Resident Director] for platformization.

但儘管如此，你看，我——我昨晚見到了李，我說你知道嗎，我找到了一位新的平台化[常駐主任]。

Our earlier sort of narrative was that you need a platform so you get a single pane of glass.

我們之前的說法是，你需要一個平台，這樣你就能獲得單一玻璃。

You can run zero trust networks.

您可以執行零信任網路。

You can be harmonized across policies.

您可以跨政策進行協調。

There are no security gaps.

沒有安全漏洞。

But as we go down this journey, we're discovering and we've been talking about deploying agents.

但隨著我們繼續這一旅程，我們發現並且一直在討論部署代理。

And why do we need human beings trying to do these complex tasks and trying to understand how security should be deployed?

為什麼我們需要人類嘗試完成這些複雜的任務並嘗試了解如何部署安全性？

Why can't we have agentic personas that say I'm your network configurator, I'm your phishing remediatoror?

為什麼我們不能擁有代理角色來表示我是你的網路配置者​​，我是你的網路釣魚修復者？

Why can't we design security agents?

為什麼我們不能設計安全代理？

That's when very quickly realized you can't design an agent unless you have the data.

那時我們很快就意識到，如果沒有資料就無法設計代理。

You can't have the data across 17 disparate products and make sense of it.

您無法取得 17 種不同產品的數據並對其進行解讀。

So what we're discovering is this strategy that we deployed of platformization about two years ago, right, these 1,150 customers who are platformized have data that is harmonized.

因此，我們發現，我們大約兩年前部署的平台化策略，對吧，這 1,150 個平台化客戶擁有協調的數據。

We can run and build agents on top of that.

我們可以在此基礎上運行和建置代理程式。

So from that perspective, the more platforms we sell, it creates tremendous opportunities for us.

因此從這個角度來看，我們銷售的平台越多，就越能為我們創造巨大的機會。

But I'm going to talk to -- let Lee talk about how this is helping us in the cloud security front.

但我要和李談談這對我們雲端安全方面有何幫助。

Yeah.

是的。

So you seen what we've done in number of places, right, Brian?

所以，你在很多地方都看到我們所做的事情，對吧，布萊恩？

So the -- in XSIAM, using AI for the SOC and reducing meantime remediation from days down to hours to minutes.

因此，在 XSIAM 中，使用 AI 進行 SOC 並將平均補救時間從幾天縮短到幾小時甚至幾分鐘。

You've seen us do this with in NetSec and across network security and SaaS and other places in cloud.

您已經看到我們在 NetSec、網路安全、SaaS 和雲端的其他地方做到了這一點。

What you can see is a couple of things.

您可以看到幾件事。

First is in the individual areas, so in AppSec, how we use AI in order to have better detection prevention of this configurations before they reach production.

首先是在各個領域，因此在 AppSec 中，我們如何使用 AI 以便在這些配置投入生產之前更好地檢測預防。

In production, how we use AI in order to better remediate and detect.

在生產中，我們如何使用人工智慧來更好地補救和檢測。

And then with Cortex Cloud, which we announced earlier this morning, what that allows us to do is now not only apply AI automation within each of these areas but now connect that across the full end to end from AppSec into cloud into runtime into SOC.

然後，透過我們今天早上宣布的 Cortex Cloud，我們現在不僅可以在每個領域應用 AI 自動化，還可以將其從 AppSec 連接到雲端、運行時和 SOC，實現端到端的完整連接。

And that is incredibly powerful when you think about trying to become much more proactive in real time in cloud security.

當您考慮嘗試在雲端安全方面變得更加即時主動時，這一點非常強大。

Is that translating into a better win rate?

這是否意味著更高的勝率？

So like if you look against a point solution vendor like a Wiz in the cloud security space, are you starting to see the improvement in win rates?

那麼，如果您將目光投向雲端安全領域像 Wiz 這樣的點解決方案供應商，您是否開始看到勝率的提高？

Yes.

是的。

It's -- go ahead.

這是--繼續。

Just jumped on that one.

剛剛跳到那個。

I'm going to let him answer the question and I'm going to say something else.

我要讓他回答這個問題，然後我要說點別的。

Go ahead.

前進。

Yes.

是的。

Because it not only achieves better security outcomes, but it also translates to more efficient security operations of the teams that actually have -- are responsible for managing all this on a day to day basis.

因為它不僅可以實現更好的安全結果，而且還意味著負責日常管理這一切的團隊的安全營運更有效率。

What I was going to say, Brian, is that I think cloud security is going to go through one more evolution.

布萊恩，我要說的是，我認為雲端安全將經歷另一個演進。

And that evolution will be as it's sort of started in the center, shifted left to go to code.

這種演變將從中心開始，向左移動到程式碼。

Now it's doing a hard shift right.

現在它正在艱難地向右轉。

Hard shift right is you need to be in the sensor in production environments understanding what's going on, protecting the production environment and using that to prioritize cloud security.

硬轉變是您需要在生產環境中的感測器中了解正在發生的事情，保護生產環境並使用它來優先考慮雲端安全。

So I think the bigger cloud security action is going to be in runtime with agents.

所以我認為更大的雲端安全行動將在代理的運行時進行。

And that's where more XDR players are playing.

這也是更多 XDR 玩家所關注的地方。

It's actually not the the CNAPP players who have had -- who won the last round, if that makes any sense.

實際上，贏得上一輪比賽的並不是 CNAPP 選手，如果這有任何意義的話。

Gabriela Borges, Goldman Sachs followed by Jonathan Ho, William Blair.

隨後是 Gabriela Borges、高盛，其次是 Jonathan Ho、William Blair。

Dipak, you mentioned earlier there are some deals that are always going to be up front.

迪帕克，你之前提到過，有些交易總是需要預付的。

Maybe just elaborate for us.

也許只是為我們詳細說明一下。

What are the guardrails or what is the framework for your sales people that determines when they go to multi-year versus one year billings and when they can offer financing versus when you don't want to offer financing?

對於您的銷售人員來說，有哪些防護措施或框架可以決定何時進行多年期或一年期結算，何時可以提供融資，何時不想提供融資？

Yeah. So I think it's all part of the actual sales motion and negotiations. So really, really where you see the majority of the requests for deferred payments is in the higher end. Like distributors don't really have to deal with lots of back and forth with customers at the lower end.

是的。所以我認為這都是實際銷售行動和談判的一部分。因此，實際上，您會看到大多數延期付款請求都處於較高水平。就像分銷商實際上不需要與低端客戶進行大量的來回溝通。

And therefore, that's typically all up front, right

因此，這通常都是預先考慮的，對吧

So it's really at the higher end deal.

因此這確實是一項高端交易。

And on firewall, we typically get the money up front because that's been budgeted based on a refresh cycle.

對於防火牆，我們通常會預先獲得資金，因為這是根據更新周期來預算的。

So those cases apart, it then becomes a negotiation.

因此，除了這些情況之外，它就變成了一場談判。

Our sales team will will basically go and they'll explain that there is value in the cost of money.

我們的銷售團隊基本上會去解釋金錢成本的價值。

We expect to be paid up front and then it becomes part of the negotiation based on what is required and what's not required.

我們希望先得到預先付款，然後根據所需和不需要的內容進行談判。

We do have guard rails in place.

我們確實有護欄。

Everything from sales comp to approvals that are in place to make sure that we manage that tightly.

從銷售補償到審批的一切，都確保我們嚴格管理。

But it really is with a view of enabling platformization at scale, which is why we've been working on this for a while and managed the transition pretty well so far.

但這實際上是為了實現大規模平台化，這就是為什麼我們一直在努力實現這一點，並且到目前為止很好地管理了過渡。

Jonathan Ho, William Blair followed by Peter Weed, Bernstein.

隨後是喬納森·何 (Jonathan Ho)、威廉·布萊爾 (William Blair) 和彼得·威德 (Peter Weed) 和伯恩斯坦 (Bernstein)。

Just wanted to understand a little bit better the decision to add in CNAPP as part of the Cortex platform.

只是想更好地理解將 CNAPP 添加為 Cortex 平台的一部分的決定。

And you can you talk a little bit about the ability to accelerate adoption or accelerate platformization as you take on this tactic?

您能否談談採用此策略來加速採用或加速平台化的能力？

Yeah.

是的。

Look, as Nikesh was mentioning, a lot of the action in cloud is shifting toward real time, which means shifting toward run time and even SOC.

看，正如 Nikesh 所提到的，雲端中的許多操作正在轉向即時，這意味著轉向運行時間甚至 SOC。

It's really critical though from our perspective that we bring in as much context as possible in order to be able to make -- take those automated actions, right?

但從我們的角度來看，為了能夠採取那些自動化行動，引入盡可能多的背景資訊是非常重要的，對嗎？

And that context often comes from CNAPP and even code security.

而這個上下文通常來自CNAPP甚至程式碼安全。

That's the first critical reason.

這是第一個關鍵原因。

Second is the cleaner your cloud environment can be from preventing issues from making inter protection or cloud posture where we're detecting and remediating those issues.

其次，您的雲端環境可以更清潔，可以防止問題，從而可以偵測和修復這些問題的相互保護或雲態勢。

The cleaner your cloud environment, the more -- the better that security posture is, the easier it is for the run time and SOC capabilities to fire in real time because there it's easier to pick out the attacks, using machine learning, AI, and other types of capabilities like that.

您的雲端環境越乾淨，安全態勢就越好，運行時和 SOC 功能就越容易即時觸發，因為在那裡使用機器學習、人工智慧和其他類似的功能更容易挑選出攻擊。

So ultimately, we believe that the best outcome for customers is achieved when they connect the -- all of the aspects of cloud together.

因此，最終，我們相信，當客戶將雲端的所有面向連接在一起時，他們就能獲得最好的結果。

And so you see that show up in terms of how we we package the offering as well.

所以您會看到，這也反映在我們的產品包裝方式上。

Peter Weed, Bernstein followed by Shaul Eyal, Cowen.

彼得·威德 (Peter Weed)、伯恩斯坦 (Bernstein) 之後是沙烏爾·埃亞爾 (Shaul Eyal)、考恩 (Cowen)。

Congrats on the continued success on the platform.

祝賀該平台繼續取得成功。

Maybe I asked the unsexy question, which is, on the product side, I think we saw some nice strength this quarter and I know kind of the guidance is that's going to remain a less exciting from a growth standpoint portion of the business.

也許我問了一個不太吸引人的問題，那就是，在產品方面，我認為我們本季看到了一些不錯的表現，而且我知道從成長的角度來看，這將是業務中不太令人興奮的部分。

But that strength was important for delivering on the revenue.

但這種優勢對於實現收入來說非常重要。

And if we look forward, is that type of strength something that we should be able to look at as a support as opposed to maybe a drag on the overall growth, or is this kind of a one time quarter?

如果我們展望未來，這種實力是否應該被視為一種支撐，而不是對整體成長的拖累，或者這只是一個季度而已？

How will that evolve looking forward?

展望未來將會如何發展？

So Peter, I think it's probably one I sound like a broken record, I've always been saying that the hardware industry, for us, at least our end is going to deliver somewhere between 5% to 8%.

所以彼得，我認為這可能聽起來像一張破唱片，我一直在說硬體產業，對我們來說，至少我們的終端將實現 5％ 到 8％ 之間的成長。

And sometimes it's been flat in a post pandemic there was a sort of splurge, surge, and it went back down.

有時，在疫情過後，它會趨於平穩，出現某種激增，然後又下降。

I think we're back to steady states.

我認為我們已經恢復穩定狀態。

So I think easily, you can expect us to be growing in low to mid single digits on the blind side.

所以我很容易就想到，你可以預期我們在盲點內的成長率會達到低到中個位數。

But I think the real action for us is I think you have to understand there's a series of transformations going on underneath like Dipak highlighted the cash flow transition.

但我認為，我們真正的行動是，你必須了解背後正在發生的一系列轉變，就像迪帕克強調的現金流轉變一樣。

We've been transitioning our network security business as you saw from harder to software.

正如您所看到的，我們一直在將網路安全業務從硬體轉向軟體。

This is why you see that we're growing that category 21% between hardware and software.

這就是為什麼你會看到我們在硬體和軟體之間該類別的成長率為 21%。

So that just over time reduces our reliance on hardware because I think that cloud transformation is underway, more and more cloud volume, but that's the good news.

所以隨著時間的推移，我們對硬體的依賴就會減少，因為我認為雲端轉型正在進行中，雲端量會越來越多，但這是好消息。

The cloud volume is going up faster than the data center volume is declining.

雲量的上升速度比資料中心量的下降速度還要快。

So if we can manage this transition in a way, we can drive more and more software firewalling capability.

因此，如果我們能夠以某種方式管理這種轉變，我們就可以推動越來越多的軟體防火牆功能。

And not just recompense for the hardware business being slow growth compared to that.

這並不僅僅是為了補償硬體業務相比之下增長緩慢的情況。

We can also over time drive higher growth across the entire network security category for ourselves.

隨著時間的推移，我們還可以推動整個網路安全類別的更高成長。

Shaul Eyal, Cowen followed by Tal Liani, BofA.

沙烏爾·埃亞爾 (Shaul Eyal)（科文公司 (Cowen)）之後是美國銀行的塔爾·利安尼 (Tal Liani)。

I'm interested in your views on the QRadar and overall IBM partnership this quarter.

我對您對本季 QRadar 和 IBM 整體合作夥伴關係的看法很感興趣。

And is it coming in line or better than your initial views a couple of quarters ago when you have gone after this asset?

當您追逐這一資產時，它是否符合或優於您幾個季度前最初的做法？

Shaul, we had our Board meeting yesterday and there was a comment that one day a Harvard Business school case would be written on this for the right reasons.

沙烏爾，我們昨天召開了董事會，有人評論說，有一天哈佛商學院會出於正確的理由就此寫一篇案例。

I'll say this has been a spectacular partners for us, not just our relationship with IBM, our go-to-market partnership together, where they have -- we talked to a large deal.

我想說的是，這對我們來說是一個很好的合作夥伴，不僅是我們與 IBM 的關係，還有我們共同的市場合作夥伴關係，我們已經談了一筆大交易。

It's actually public in the UK.

它在英國實際上是公開的。

The Home Office deal where IBM has partnered and it's a very large modernization contract.

IBM 與內政部達成了合作，這是一項非常大的現代化合約。

We partnered really well.

我們的合作非常愉快。

Some of our very large, deals, as we highlighted one of our largest deals this quarter, the Asian Bank was a QRadar customer which now we were able to take the ARR up 5 times.

我們的一些非常大的交易，正如我們本季強調的最大交易之一，亞洲銀行是 QRadar 的客戶，現在我們能夠將 ARR 提高 5 倍。

So you can see that the sort of inroads in the partnership that IBM had with many of these customers has translated into very, very large opportunities for us.

所以你可以看到，IBM 與許多客戶在合作上的進展為我們帶來了非常巨大的機會。

So it couldn't have been better.

所以不可能更好了。

Tal Liani, BofA followed by Andy Nowinski, Wells Fargo.

美國銀行的 Tal Liani 和富國銀行的 Andy Nowinski 緊隨其後。

I wanted to ask about margins.

我想問一下利潤率。

Can you go over kind of what happened to margins this quarter that I saw a little bit of pressure?

您能否介紹一下本季利潤率出現哪些變化，導致我感受到一些壓力？

And then what's the outlook for the year?

那麼今年的前景如何？

What are the puts and takes for margins?

保證金的看跌期權和看漲期權是多少？

Tal, so just clarifying question, you're talking gross margins.

塔爾，只是澄清一下問題，你談論的是毛利率。

Is that what you

這就是你

--

--

Gross, yes.

是的，太噁心了。

Gross margin and also a little bit on the operating margin I saw.

我看到的是毛利率和營業利益率。

Yeah.

是的。

So really it's mainly in the gross margin.

所以其實這主要體現在毛利率上。

And it was all in my prepared remarks like where, yeah, so there, the main parts were on the services gross margin.

這些都在我的準備好的發言中，是的，主要部分是關於服務毛利率。

It was driven by like faster growth on the newer SaaS offerings, which just have more time to mature and scale.

這是由較新的 SaaS 產品更快的成長所推動的，這些產品有更多的時間來成熟和擴展。

And on the hardware, we did have some one-time inventory write offs CNOs that will not repeat in the second half.

在硬體方面，我們確實有一些一次性庫存註銷 CNO，這些在下半年不會重複。

So I think it's -- we had a 40 basis point one-time write off which impacted our gross margin on the hardware side, which is why you it's a one time event.

所以我認為——我們進行了 40 個基點的一次性註銷，這影響了我們硬體方面的毛利率，這就是為什麼這是一次性事件。

But we still outperformed the margin expectations both internally and as for you guys.

但我們的利潤率仍然超出了內部和你們的預期。

Andy Nowinski, Wells Fargo and our final question will be from Matt Hedberg, RBC.

富國銀行的 Andy Nowinski，我們的最後一個問題來自加拿大皇家銀行的 Matt Hedberg。

And I thought your quarter overall was very good as well.

而且我認為你們整個季度的表現也非常好。

I want to ask maybe a more difficult question on the net new ARR side.

我想問一個關於網路新 ARR 方面的更難的問題。

If you pull out the $74 million from QRadar in Q1, it looks like your net new ARR declined on a year over year basis for the last two consecutive quarters.

如果您在第一季從 QRadar 中撤出 7400 萬美元，看起來您的淨新 ARR 在過去連續兩個季度同比下降。

And you have so many positive trends in these large platformization deals.

在這些大型平台化交易中，你看到了很多正面的趨勢。

Why aren't those translating into net new ARR growth over the last two quarters?

為什麼這些沒有轉化為過去兩季的淨新 ARR 成長？

Yeah.

是的。

So Andy, we talked about this a little bit last quarter.

安迪，我們上個季度討論過這個問題。

I mean we're very happy with the net new ARR growth.

我的意思是我們對淨新 ARR 成長非常滿意。

We did have some transitions of old attaches to cloud delivered, advanced subscriptions that led to a significant increase in net new ARR a year ago.

我們確實將一些舊的附加服務轉換為雲端交付的高級訂閱服務，這導致一年前淨新 ARR 顯著增加。

As we lap that, we don't have the same step up.

當我們繞過那個時，我們沒有相同的進步。

But the net new ARR on some of our newer products, what's driving a lot of the platformizations continues to go from strength to strength.

但是，我們一些新產品的淨新 ARR，推動大量平台化的因素繼續不斷增強。

And yeah, I think just to add to that, like the software firewall strengths we talked about, the SASE strengths we talked about, the cloud security strength, the XSIAM strength, all these things contribute to net new ARR.

是的，我想補充一點，就像我們談到的軟體防火牆優勢、我們談到的 SASE 優勢、雲端安全優勢、XSIAM 優勢，所有這些都有助於淨新 ARR。

That's what's allowing us to get it to the -- I still remember six years ago, this was zero.

這就是使我們能夠達到這一目標的原因——我還記得六年前，這個數字是零。

So we're very happy that it's climbing up close to $5 billion.

因此，我們很高興看到這一數字攀升至近 50 億美元。

And we still believe we're on track to get to $15 billion on NGS ARR.

我們仍然相信，我們預計在 NGS ARR 上達到 150 億美元。

Our last question is from Matt Hedberg.

我們的最後一個問題來自馬特·赫德伯格（Matt Hedberg）。

Congrats on the results.

恭喜你所取得的成果。

Not an easy environment here.

這裡的環境並不輕鬆。

Yeah, I had kind of a high level question maybe Lee for you.

是的，我有一個比較高層次的問題想問你，李。

I think we've all been talking about an agentic framework and I think Nikesh, you mentioned on the call.

我想我們都在談論代理框架，我想您在電話中提到了 Nikesh。

I guess Lee, from your perspective, a lot of people look at identity as sort of maybe the tip of the spear for agentic-based security.

我想，李，從您的角度來看，很多人將身份視為基於代理的安全的先鋒。

What your perspective on the security foundation for a broader agent rollout?

您對更廣泛代理推廣的安全基礎有何看法？

I think it's a lot more complicated than that, Matt, not necessarily in a bad way, but I think sometimes the industry can be quick to jump on a single magic bowl of identity, which is important, but there's a lot of other aspects to how these agentic platforms work.

馬特，我認為情況要複雜得多，這並不一定是壞事，但我認為有時這個行業可能會很快地跳上一個單一的身份魔力碗，這很重要，但這些代理平台的工作方式還有很多其他方面。

And I would actually start with how do you secure the AI portion of the agentic platform and making sure that it's providing.

我實際上首先會問如何保護代理平台的 AI 部分，並確保它能夠提供服務。

If you're going to give it the authority to take independent actions, which effectively what agentic AI will do, you better make sure that AI environment is fully secured from attackers and you have their proper guard rails enforced and everything else.

如果你要賦予它採取獨立行動的權力，這實際上是代理 AI 所做的，你最好確保 AI 環境完全免受攻擊者的攻擊，並且你已經執行了適當的防護措施等等。

Yes, that has to be combined with identity.

是的，這必須與身份結合。

All that has to be combined with -- it's going to ramp up even just machine to machine level communication, how we secure it.

所有這些都必須結合起來——它將提升甚至只是機器對機器級別的通信，以及我們如何確保它的安全。

So there'll be multiple facets to how agentic AI is secured as it matures.

因此，隨著代理人工智慧逐漸成熟，其安全性將呈現多種面向。

Just to add to that, Matt, I think one of the things which is from our perspective fascinating is that we have now sold XSIAM more than 200 times in the last 24 months, making it one of the fastest growing products in cybersecurity.

馬特，補充一點，我認為從我們的角度來看最令人著迷的事情之一是，在過去 24 個月中，我們已經銷售了 XSIAM 超過 200 次，使其成為網路安全領域增長最快的產品之一。

And in XSIAM, we see all the data.

在 XSIAM 中，我們可以看到所有資料。

So we expect we will start seeing agentic activity in XSIAM.

因此我們預計將開始看到 XSIAM 中的代理活動。

So identity is two parts.

因此身分由兩部分組成。

Identity is validating your credentials to make sure you are who you are, whether you're an agent or a human being, which is what typically MFA does the service accounts to SaaS applications.

身份正在驗證您的憑證以確保您的身份，無論您是代理還是人類，這通常是 MFA 對服務帳戶向 SaaS 應用程式執行的操作。

But watching the activity and being able to control the activity and stop the activity and change permissions will have to happen in some sort of AI enabled SOC.

但是，觀察活動、控制活動、停止活動和更改權限必須在某種支援 AI 的 SOC 中進行。

So we think there is an opportunity for us in the future as the definition of agents in the deployment agent starts to settle in that we will be able to build agentic sort of detection, remediation and management within the XSIAM capabilities that we have.

因此我們認為，隨著部署代理程式中的代理定義開始穩定下來，未來我們將有機會在我們擁有的 XSIAM 功能內建置代理程式類型的偵測、補救和管理。

Right.

正確的。

With that question, Matt, thanks for wrapping it up for us.

關於這個問題，馬特，謝謝你為我們總結。

I will turn the call back over to Nikesh for his closing remarks.

我將把電話轉回給 Nikesh，請他作最後發言。

I just want to say thank you very much to all of our customers, employees, and our ecosystem partners for all their hard work.

我只想向我們所有的客戶、員工和生態系統合作夥伴的辛勤工作表示衷心的感謝。

And thank you for all of you for taking the time to listen in our earnings call.

感謝大家抽空聆聽我們的收益電話會議。

We'll see you guys next quarter.

我們將於下個季度見到你們。