Palo Alto Networks Inc (PANW) 2025 Q3 法說會逐字稿

Attackers are coming up with newer techniques. So you need to work with the security vendor who can keep pace with the attackers, and they keep on constantly making sure that they evolve the solution.

攻擊者正在想出更新的技術。因此，您需要與能夠跟上攻擊者步伐的安全供應商合作，並且他們會不斷確保解決方案的持續發展。

AI introduces an entirely new threat factor when it comes to securing our products through prompt injection attacks, through quantum moderation, through hallucinations and a bunch of these other things that did not exist in a world pre-AI.

在透過即時注入攻擊、量子調節、幻覺以及人工智慧出現之前的世界中不存在的許多其他事物來保護我們的產品時，人工智慧引入了一個全新的威脅因素。

Palo Alto Networks currently has the strongest solution in the market and a very compelling road map when it comes to agentic security.

在代理商安全方面，Palo Alto Networks 目前擁有市場上最強大的解決方案和非常引人注目的路線圖。

The most exciting thing for us is ensuring that our customers have access to the most secure AI system inside the enterprise, and with our partnership with Palo Alto Networks, the prospect of continuing to lead in terms of providing the most secure and performing AI system for our customers that are some of the biggest organizations operating in 100 plus countries, that is what excites us.

對我們來說，最令人興奮的事情是確保我們的客戶能夠訪問企業內部最安全的人工智慧系統，並且透過與 Palo Alto Networks 的合作，我們有望繼續在為我們的客戶提供最安全、性能最強的人工智慧系統方面保持領先地位，這些客戶是一些在 100 多個國家/地區運營的最大組織，這就是讓我們感到興奮的事情。

Good day, everyone, and welcome to Palo Alto Networks fiscal third quarter 2025 earnings conference call. I'm Hamza Fodderwala, Senior Vice President of Investor Relations, and Strategic Finance. Please note that this call is being recorded today, Tuesday, May 20, 2025, at 1:30 PM Pacific Time.

大家好，歡迎參加 Palo Alto Networks 2025 財年第三季財報電話會議。我是 Hamza Fodderwala，投資者關係和策略財務高級副總裁。請注意，本次通話將於今天（2025 年 5 月 20 日星期二）太平洋時間下午 1:30 進行錄音。

With me on today's call to discuss our fiscal third 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.

今天與我一起參加電話會議討論我們第三季財報業績的有我們的董事長兼首席執行官 Nikesh Arora；以及我們的首席財務官 Dipak Golechha。在我們準備好的發言之後，我們的首席產品長 Lee Klarich 將加入我們的問答環節。

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 Q3 '25 supplemental information and Q3 '25 earnings presentation.

您可以在我們的網站 investors.paloaltonetworks.com 上找到新聞稿和其他補充品今天討論的資訊。在那裡，請點擊季度業績鏈接，查找 2025 年第三季的補充資訊和 2025 年第三季的收益報告。

During the course of today's call, we will be making 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，我們將對公司的業務營運和財務表現做出前瞻性的陳述和預測。今天所做的這些聲明受到許多風險和不確定性的影響，可能導致我們的實際結果與這些前瞻性聲明不同。請查看我們的新聞稿和最近提交給美國證券交易委員會的文件，以了解這些風險和不確定性的描述。我們不承擔更新今天演示中任何前瞻性陳述的義務。

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 a substitute for financial measures prepared in accordance with GAAP. The most directly comparable GAAP financial measures 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。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-over-year basis. We also note that management is scheduled to participate in the Bank of America Technology Conference this quarter. I will now turn the call over to Nikesh.

除非另有特別說明，所有結果和比較均按財政年度同比計算。我們也注意到，管理層計劃本季參加美國銀行技術會議。現在我將把電話轉給 Nikesh。

Thank you, Hamza. Good afternoon, everyone, and thank you for joining us for our earnings call. I'm delighted with our Q3 results. We continue to make progress on our platformization strategy while releasing a number of unique innovations in Q3 that set the pace for our industry. It is becoming increasingly clear that as organizations aspire to simplify and modernize their security architectures in the age of AI with data at the center our strategy is resonating, resulting in larger deals.

謝謝你，哈姆札。大家下午好，感謝大家參加我們的財報電話會議。我對我們的第三季業績感到非常高興。我們繼續推進平台化策略，同時在第三季發布了許多獨特的創新，為我們的行業樹立了榜樣。越來越明顯的是，隨著組織渴望在以資料為中心的人工智慧時代簡化和現代化其安全架構，我們的策略正在引起共鳴，從而帶來更大的交易。

Most notably, we crossed an important milestone of $5 billion in next-generation security ARR up 34% year-over-year, delivering industry-leading growth at scale. Our net new ARR growth also showed positive momentum in the third quarter.

最值得注意的是，我們跨越了下一代安全 ARR 50 億美元的重要里程碑，年增 34%，實現了領先業界的規模成長。我們的淨新 ARR 成長在第三季也呈現出積極勢頭。

We believe we've reached an inflection point in our next-generation security story. As a growing majority of our incremental growth this year is derived from our AI-powered XSIAM, Sassy and software firewalls. These offerings with large TAMs should help underpin your confidence in the sustainability of our NGS AR growth as we march towards our $15 billion ARR target for FY30.

我們相信，我們已經到達了下一代安全故事的轉折點。由於我們今年的增量成長大部分來自於我們基於人工智慧的 XSIAM、Sassy 和軟體防火牆。在我們邁向 2030 財年 150 億美元的 ARR 目標之際，這些擁有龐大 TAM 的產品應該有助於增強您對我們 NGS AR 成長永續性的信心。

On profitability front, Q3 continues to show the leverage in our business model. As we drive efficiencies from our scale and benefit from the economies of larger, multiproduct deals in addition to continuing to drive AI efficiency benefits slowly and steadily. We also generated healthy free cash flow while continuing to manage our transition from a billing focus to RPO. As such, we remain confident in achieving our adjusted free cash flow margin targets over the next few years.

在獲利能力方面，第三季繼續展現我們商業模式的槓桿作用。我們不僅透過規模提高效率，並從更大規模、多產品交易的經濟中獲益，而且還繼續緩慢而穩定地推動人工智慧效率效益。我們也產生了健康的自由現金流，同時繼續管理從計費重點到 RPO 的轉變。因此，我們仍然有信心在未來幾年內實現調整後的自由現金流利潤率目標。

Let's be clear, you can't walk around a street corner or conference without hearing the words AI. The urgency adopt AI is omnipresent in all of our customers. It no longer seems to be a choice. It is becoming a strategic imperative for every customer as the risk of an action is too high. During every conference, every customer conversation, the topic of AI transformation is more and more frequent and now the conversation is shifting to Agentic AI.

讓我們明確一點，當你走在街角或參加會議時，你一定會聽到「AI」這個字。我們所有的客戶都迫切需要採用人工智慧。這似乎不再是個選擇。由於採取行動的風險太高，這正成為每個客戶的策略要務。在每次會議、每次客戶對話中，人工智慧轉型的話題越來越頻繁，現在對話正轉向 Agentic AI。

What's fascinating is this is actually creating a higher sense of urgency amongst our customers to undertake their technology transformation, transformations that require a fundamental change in the infrastructure. Traditional IT architectures won't build scale, speed, or complexity of AI to truly capitalize on the AI's potential, enterprises need modern cloud-delivered platforms that can ingest vast amounts of data and operate in real time at scale.

令人著迷的是，這實際上在我們的客戶中產生了更高的緊迫感，要求他們進行技術轉型，而這種轉型需要對基礎設施進行根本性的改變。傳統的 IT 架構無法建構 AI 的規模、速度或複雜性，無法真正發揮 AI 的潛力，企業需要能夠吸收大量資料並大規模即時運行的現代化雲端交付平台。

We've seen customers who are previously delaying their cloud migrations are now reaccelerating their investment. This is good news for cybersecurity. And as the AI becomes more deeply integrated into our customers' businesses, the need to protect the underlying data models and infrastructure will become parallel.

我們發現，先前推遲雲端遷移的客戶現在正在重新加速投資。這對網路安全來說是個好消息。隨著人工智慧越來越深入客戶的業務，保護底層資料模型和基礎設施的需求也將日益迫切。

Over the next year, an estimated more than $300 billion will be spent on AI infrastructure alone. That kind of spend on just power models. You saw the video of we opened with Glen and we're hard at work enabling secure adoption of this next wave AI-powered applications. This is precisely why industry must change the paradigm, shifting away from today's fragmented security landscape and to consolidation. The cost of fragmentation is friction.

預計未來一年僅在人工智慧基礎設施方面的支出就將超過 3000 億美元。這種花費只是為了電力模型。您看到了我們與 Glen 一起開場的視頻，我們正在努力確保下一波人工智慧應用程式的安全採用。這正是產業必須改變模式、擺脫當今分散的安全格局、走向整合的原因。分裂的代價就是摩擦。

Friction causes latency. Latency is the enemy of real-time cybersecurity. Now more than ever, bringing data together into a unified platform is critical. At its core, security is a data problem. We believe our depth and breadth of data is amongst the largest in the industry and is something that point solutions simply cannot access. This leads to superior threat detection efficacy, reduce false positives and faster incident response times. All critical metrics for our customers and key drivers of our market leadership.

摩擦會導致延遲。延遲是即時網路安全的敵人。現在，將資料整合到統一的平台比以往任何時候都更加重要。從本質上來說，安全是一個資料問題。我們相信，我們的資料深度和廣度在業界是最大的，是點解決方案根本無法存取的。這可提高威脅偵測效率、減少誤報並加快事件回應時間。所有對我們的客戶來說都是關鍵指標，也是我們市場領導地位的關鍵驅動因素。

The volume and complexity of threats are not slowing down either. Bad actors using AI to move faster than ever. Recently, our Unit 42 team was able to simulate an entire ransomware attack in under 25 minutes using AI at every stage of the attack chain. That's a staggering increase in speed, powered entirely by AI.

威脅的數量和複雜性也沒有減緩。不良分子利用人工智慧以比以往更快的速度行動。最近，我們的第 42 單元團隊能夠在 25 分鐘內使用人工智慧在攻擊鏈的每個階段模擬整個勒索軟體攻擊。這是一個驚人的速度提升，完全由人工智慧驅動。

Over a year ago, we doubled down on our platformization strategy. We're pleased with the large deal momentum we've had since and the endorsement of our strategy broadly across the industry. Our platform approach is working well with customers slowly and steadily.

一年多以前，我們加倍推進平台化策略。我們對自那時以來取得的大量交易勢頭以及我們策略得到整個行業的廣泛認可感到高興。我們的平台方法正在緩慢而穩定地與客戶合作。

Our approach, which favors better and speedier security outcomes and lower cost of membership is being adopted by more and more of our customers. In Q3, we delivered over 19 net new platformization deals and now have a total of approximately 1,250 platformization within our top 5,000 customers.

我們的方法有利於實現更好、更快速的安全結果並降低會員成本，越來越多的客戶正在採用這種方法。在第三季度，我們完成了超過 19 項新的平台化交易，目前我們前 5,000 名客戶中總共擁有約 1,250 個平台化交易。

Digging deeper, the number of customers of multiple platformization grew nearly 70% earner in Q3. In particular, the number of customers platformize on Cortex was up nearly three times, reflecting strong momentum with XSIAM.

深入挖掘，第三季多平台化客戶數量成長近70%。尤其是 Cortex 平台的客戶數量成長了近三倍，反映出 XSIAM 的強勁發展動能。

Teal-roll growth and largest customers also reinforces our success. We had 130 customers with over $5 million in NGS ARR in Q3, up over 40% year-over-year and 44 customers is over $10 million in NGS ARR, up over 60%. To give more color on what these platformization look like, I want to take a look at a few examples from Q3.

青綠色的成長和最大的客戶也鞏固了我們的成功。第三季度，我們有 130 位客戶的 NGS ARR 超過 500 萬美元，年成長超過 40%，有 44 位客戶的 NGS ARR 超過 1,000 萬美元，年成長超過 60%。為了更清楚地了解這些平台化是什麼樣子的，我想看幾個第三季的例子。

Of particular note, beyond the size and scope of our deals is the customer's ability to consolidate a significant number of products with Palo Alto Networks, a leading global consulting firm signed a transaction worth over $90 million in Q3. This customer platformized on Cortex for XSIAM, replacing a legacy incumbent SIM provider. Our differentiated value was centered in our ability to materially reduce mean time to respond.

特別值得注意的是，除了我們交易的規模和範圍之外，客戶還能夠與 Palo Alto Networks 整合大量產品，全球領先的顧問公司 Palo Alto Networks 在第三季度簽署了一項價值超過 9,000 萬美元的交易。該客戶在 Cortex 上為 XSIAM 平台化，取代了傳統的現有 SIM 供應商。我們的差異化價值在於我們能夠大幅縮短平均回應時間。

We also reduced costs by consolidating a total of four products in this deal. As a result, our NCR as customer nearly doubled year-over-year. A leading financial services company signed a $46 million transaction with us. The customer recognized the value of XSIAM and consolidated four products with us, including the displacement of their well-established EDR and SIM vendors. Beyond XSIAM, the customer also expanded and extended their platformization on our network security program in the quarter.

我們也透過在這筆交易中整合總共四種產品來降低成本。因此，我們作為客戶的 NCR 年比幾乎翻了一番。一家領先的金融服務公司與我們簽署了一項價值 4,600 萬美元的交易。客戶認識到了 XSIAM 的價值，並與我們整合了四種產品，包括取代他們成熟的 EDR 和 SIM 供應商。除了 XSIAM 之外，客戶還在本季擴展並延伸了我們網路安全計畫的平台化。

Our US financial services firm signed a $32 million transaction with us. This customer platformize our network security and consolidated cloud security vendors, driven by a company mandate to consolidate their security tools and reduce complexity in their cybersecurity stack. In this deal, they consolidated four products.

我們的美國金融服務公司與我們簽署了一項價值 3,200 萬美元的交易。該客戶將我們的網路安全和整合雲端安全供應商平台化，這是由公司要求整合其安全工具並降低其網路安全堆疊的複雜性所驅動的。在這筆交易中，他們合併了四種產品。

Now moving on -- so an update on Cortex. As you can tell from earlier comments, I'm particularly excited about the momentum we're seeing with XSIAM, which saw accelerating growth in Q3. XSIAM is not only our fastest-growing product ever, it is now more impactful to our overall growth rate. I believe that from a strategic perspective, XSIAM has the potential of being the game changer for both the industry and Palo Alto Networks.

現在繼續——關於 Cortex 的更新。從先前的評論中您可以看出，我對 XSIAM 的發展勢頭感到特別興奮，它在第三季度實現了加速成長。XSIAM 不僅是我們迄今為止成長最快的產品，而且對我們的整體成長率影響更大。我相信，從戰略角度來看，XSIAM 有潛力改變整個產業和 Palo Alto Networks 的遊戲規則。

In the first innings, of baseball, not Cricket of transforming the cybersecurity industry with XSIAM. By consolidating security data into a single AI-driven SOC platform, XSIAM is modernizing and disrupting the traditional SIEM market, we're continuing to see amazing milestones including customers mean time to respond from weeks to minutes. As security teams face growing complexity and talent shortages, we believe XSIAM is well positioned to be operating system for modern SecOps.

在棒球的第一局中，而不是在板球的第一局中，利用 XSIAM 改變網路安全產業。透過將安全資料整合到單一 AI 驅動的 SOC 平台，XSIAM 正在現代化並顛覆傳統的 SIEM 市場，我們不斷看到令人驚嘆的里程碑，包括客戶平均回應時間從幾週縮短到幾分鐘。隨著安全團隊面臨日益增長的複雜性和人才短缺，我們相信 XSIAM 完全有能力成為現代 SecOps 的作業系統。

The numbers speak for themselves. We now have approximately 270 customers in XSIAM and the average ARR per customer is over $1 million. This already makes it one of the most successful products in the history of cybersecurity. What's even more remarkable is that we've generated -- reached this level of adoption and impact just 30 months after XSIAM was made available to customers.

數字說明了一切。我們現在在 XSIAM 擁有約 270 個客戶，每位客戶的平均 ARR 超過 100 萬美元。這已經使其成為網路安全史上最成功的產品之一。更令人驚訝的是，在 XSIAM 向客戶推出僅 30 個月後，我們就達到了這種採用水準和影響力。

XSIAM ARR grew over 200% year-over-year in Q3, nearly twice as fast as our closest next-generation SIEM competitor. On a trailing 12-month basis, XSIAM bookings are now approaching $1 billion.

XSIAM ARR 在第三季年增超過 200%，幾乎是我們最接近的下一代 SIEM 競爭對手的兩倍。在過去 12 個月中，XSIAM 的預訂金額現已接近 10 億美元。

About three years into our XSIAM journey, our sustained strong momentum bolsters our confidence in a long growth runway as we increasingly tap into this estimated $40 billion SecOp STAM. Last quarter, we unveiled Cortex Cloud, our breakthrough in unifying cloud posture and stock operations. Over the last three months, we have seen strong early customer interest in Cortex Cloud, the nine-figure pipeline, spanning hundreds of customers.

在 XSIAM 研發歷程的大約三年中，隨著我們越來越多地利用這個價值約 400 億美元的 SecOp STAM，我們持續強勁的發展勢頭增強了我們對長期成長前景的信心。上個季度，我們推出了 Cortex Cloud，這是我們在統一雲端姿態和庫存操作方面取得的突破。在過去三個月中，我們看到早期客戶對 Cortex Cloud 表現出濃厚興趣，這是一個九位數的管道，涵蓋數百名客戶。

This quarter, we also announced two products that will enhance our ability to further expand XSIAM and its capability. XSIAM once deployed, has become the foundational security data platform for customers. We now understand the data we're capturing in this -- is the data you actually need for a whole variety of use cases. In April, we launched advanced e-mail security to help stop threats before the resin box and our exposure management capability was launched as well designed to cut through the noise and focus security teams on the risks that truly matter.

本季度，我們也發布了兩款產品，這將增強我們進一步擴展 XSIAM 及其功能的能力。XSIAM一旦部署，就成為客戶的基礎安全資料平台。我們現在了解了我們在此捕獲的數據——是您在各種用例中實際需要的數據。今年 4 月，我們推出了先進的電子郵件安全功能，以幫助在樹脂盒出現之前阻止威脅，同時還推出了風險管理功能，旨在消除噪音，讓安全團隊專注於真正重要的風險。

That's not all. Think of XSIAM is our data to market engine. Every bit on nearly 12 petabytes of telemetry in just daily around cloud identity endpoints in e-mail and more act as high octane fuel. This massive data stream isn't just powering XSIAM, it's igniting our ability to identify and accelerate our entry into entirely new markets, unlocking additional TAM in the tens of billions, we're now uniquely positioned to address. Through our comprehensive understanding of data sources and broad data ingestion capabilities or beginning to deliver solutions using multiple content capabilities of XSIAM.

這還不是全部。認為 XSIAM 是我們的數據市場引擎。每天圍繞雲端身分端點的電子郵件和更多內容中的近 12PB 遙測資料的每一位都充當高辛烷值燃料。這一海量資料流不僅為 XSIAM 提供動力，還激發了我們識別和加速進入全新市場的能力，釋放了數百億的額外 TAM，我們現在擁有獨特的優勢來應對這些挑戰。透過我們對資料來源的全面了解和廣泛的資料擷取能力，或開始使用 XSIAM 的多種內容功能提供解決方案。

Every piece of telemetry we ingest makes our platform smarter. The more data we put in, the further our engine can go and the smarter it gets. The faster we can build an trillion capabilities on top of it. We're encouraged by the early customer feedback and look forward to continuing to discuss this more in the future.

我們取得的每一個遙測資料都會讓我們的平台變得更聰明。我們輸入的資料越多，我們的引擎就能運作得越遠，變得越聰明。我們能夠更快地在其上建立萬億種能力。早期客戶的回饋令我們感到鼓舞，並期待將來繼續討論這個問題。

Now shifting our focus to network security. We continue to lead the market in security and in share across all three best-to-breed form factors. As enterprises into securely increasingly secure hybrid workforces and IT environments spanning headquarters, branch offices, data center on the cloud, we're uniquely positioned with a consistent security architecture.

現在我們將重點轉移到網路安全。我們繼續在安全性和三種最佳外形規格的市場份額上領先市場。隨著企業進入越來越安全的混合勞動力和橫跨總部、分公司、雲端資料中心的 IT 環境，我們憑藉一致的安全架構佔據了獨特的地位。

In Q3, our product revenue grew 16% year-over-year. This growth was broad-based, with software continuing to increase in the overall mix. We also saw stable demand in the appliance market. So the firewall ARR grew approximately 20% year-over-year in Q3 with public cloud deployments continuing to be the primary driver. AI is accelerating cloud adoption, and we believe this trend will expand the long-term need for software firewalls that scaled modern workloads.

第三季度，我們的產品營收年增16%。這種成長是廣泛的，軟體在整體結構中持續成長。我們也看到家電市場的需求穩定。因此，防火牆 ARR 在第三季年增約 20%，公有雲部署持續成為主要驅動力。人工智慧正在加速雲端運算的採用，我們相信這一趨勢將擴大對可擴展現代工作負載的軟體防火牆的長期需求。

Shifting to SASE, which continues to be our fastest-growing forte in network security and a strong contributor to our overall growth. As customers transform their network to keep pace with delivering first-class security capabilities for remote users and branch offices, we continue to see robust growth for SASE.

轉向 SASE，它仍然是我們在網路安全領域成長最快的優勢，也是我們整體成長的強大貢獻者。隨著客戶轉變其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，我們繼續看到 SASE 的強勁成長。

Many SASE projects are large and comprehensive, which is well suited to our rich offering and enterprise focused sales expertise. In Q3, our SASE ARR grew 36% year-over-year, more than twice as fast as the overall market and ahead of our key SASE competitors. Furthermore, 40% of new SASE customers were net new to Palo Alto Networks in Q3. We now have approximately 6,000 SASE customers, up 22% year-over-year.

許多 SASE 專案規模龐大、內容全面，非常適合我們豐富的產品和以企業為中心的銷售專業知識。第三季度，我們的 SASE ARR 年比成長 36%，是整體市場的兩倍多，並且領先我們的主要 SASE 競爭對手。此外，第三季 40% 的新 SASE 客戶都是 Palo Alto Networks 的新客戶。我們現在擁有大約 6,000 名 SASE 客戶，年增 22%。

Meanwhile, the drivers of our SASE momentum are broadening. This quarter, we saw particularly -- particular strength in Prisma Access browser, which again accounted for a third of our Prisma Access seats sold in the quarter. In just 18 months since our talent acquisition, we have now sold approximately 3 million license seats on Prisma Access Browser, up more than 10x from a year ago and we have a healthy nine-figure pipeline.

與此同時，我們 SASE 發展勢頭的驅動因素正在不斷擴大。本季度，我們看到 Prisma Access 瀏覽器尤其強勁，它再次佔據了我們本季 Prisma Access 席位銷量的三分之一。自從我們招募人才以來的短短 18 個月內，我們已經在 Prisma Access Browser 上銷售了大約 300 萬個許可證席位，比一年前增長了 10 倍多，並且我們擁有健康的九位數管道。

As AI drives more data and applications to the cloud, the browser is becoming the primary interface to accessing these resources, acting as the application runtime environment. The operating system in this scenario becomes less about local resources and more about securely connecting to and managing cloud-based services. And as more and more critical applications, data reside within the browser environment, it naturally becomes the target of cyber-attacks.

隨著人工智慧將越來越多的數據和應用程式推向雲端，瀏覽器正在成為存取這些資源的主要介面，充當應用程式運行時環境。在這種情況下，作業系統不再關注本地資源，而是更專注於安全連接和管理基於雲端的服務。隨著越來越多的關鍵應用程式和資料駐留在瀏覽器環境中，它自然而然地成為網路攻擊的目標。

Prisma Access Browser's native controls and real-time visibility are designed to help ensure that sensitive data remains safeguarded during browsing sessions regardless of the user location or the application they're accessing. And we believe Prisma Access Browser is strategically positioned to be the future OS and enabling secure and productive work in an evolving AI-driven world.

Prisma Access Browser 的本機控制和即時可見性旨在幫助確保敏感資料在瀏覽會話期間受到保護，無論使用者位於何處或他們正在存取什麼應用程式。我們相信，Prisma Access Browser 的策略定位是成為未來的作業系統，並在不斷發展的人工智慧驅動的世界中實現安全且高效的工作。

Now shifting to our newly launched Prisma AIRS or AI On Time Security. As I mentioned earlier, it's more important than ever to bring data together in order to leverage AI and enable customers to stay ahead of the attackers. We're also seeing customers demand for us to help them secure their AI transformation journey.

現在轉向我們新推出的 Prisma AIRS 或 AI On Time Security。正如我之前提到的，整合資料以利用人工智慧並使客戶領先於攻擊者比以往任何時候都更加重要。我們也看到客戶要求我們幫助他們確保其人工智慧轉型之旅的安全。

In this mad rush for AI in the industry, many of our customers are experimenting with the AI. At Palo Alto Networks itself, our teams are leveraging over 35 models across multiple products, each of which and the artifacts need to be discovered, scanned, constantly tested and protected against.

在業界對人工智慧的瘋狂熱潮中，我們的許多客戶都在嘗試人工智慧。在 Palo Alto Networks 本身，我們的團隊正在利用跨多個產品的 35 多個模型，每個模型及其工件都需要被發現、掃描、不斷測試和防護。

Prisma AIRS allows for just that. It helps enterprises discover, scan, and test all the artifacts to ensure they're safe. It allows for a world-class data security posture deployment and once in production, it ensures that applications using AI are constantly monitored and any security flows are both protected against as well as remediated across the enterprise.

Prisma AIRS 正好可以實現這一點。它可以幫助企業發現、掃描和測試所有工件以確保它們的安全。它允許部署世界一流的資料安全態勢，一旦投入生產，它就能確保使用人工智慧的應用程式受到持續監控，並且整個企業的任何安全流都受到保護和補救。

Prisma AIRS extends our existing capability in posture management and runtime security and will add security for AI agents in the future. And we recently announced the intent to acquire Protect AI, an early innovative leader in security for AI providing AI model scanning in the red teaming to further bolster our capabilities. Customer interest has been strong. We currently are in conversation with hundreds of prospects and already have an eight-figure pipeline since making the announcement last month.

Prisma AIRS 擴展了我們在姿勢管理和運行時安全方面的現有能力，並將在未來為 AI 代理增加安全性。我們最近宣布了收購 Protect AI 的意向，Protect AI 是人工智慧安全的早期創新領導者，在紅隊中提供人工智慧模型掃描，以進一步增強我們的能力。顧客的興趣一直很濃厚。我們目前正在與數百名潛在客戶進行洽談，自上個月宣布這項消息以來，我們已經擁有了八位數的收入管道。

In summary, we see strong momentum heading into our fiscal year-end, driven by continued transformation, and we look for our first north of $4 billion quarter. We see strong desire for consolidation and the desire to implement AI securely, including a robust Q4 pipeline.

總而言之，在持續轉型的推動下，我們預計財年末將出現強勁成長勢頭，我們期待本季的營收將首次突破 40 億美元。我們看到了強烈的整合願望和安全實施人工智慧的願望，包括強大的第四季度管道。

We continue to take share across multiple security categories driving strong growth in NGS ARR at an industry-leading scale. Our strategy translates into tangible business benefit for customers, including a strong security posture and improved operational efficiency throughout -- through vendor consolidation.

我們繼續在多個安全類別中佔據份額，推動 NGS ARR 在行業領先規模上強勁成長。我們的策略為客戶帶來了切實的商業利益，包括強大的安全態勢和透過供應商整合提高的營運效率。

As our relentless focus on innovation, we believe Palo Alto Networks is the ideal partner to help organizations achieve and secure their AI transformation goals. I'm particularly proud for our teams for driving phenomenal success in the Q3, which was fraught with geopolitical discussion state discussions yet our teams kept our heads down and continue setting up for what we hope will be a great Q4.

由於我們堅持不懈地專注於創新，我們相信 Palo Alto Networks 是幫助組織實現和確保其 AI 轉型目標的理想合作夥伴。我為我們的團隊在第三季度取得的巨大成功感到特別自豪，儘管第三季度充滿了地緣政治討論，但我們的團隊仍然保持低調，繼續為我們所希望的偉大的第四季度做好準備。

Let me hand it over to Dipak to review the quarterly results in detail.

讓我把它交給迪帕克來詳細審查季度業績。

Thank you, Nikesh, and good afternoon, everyone. To maximize our time spent on Q&A, I will provide you with highlights of Q3. You can review the details within our press release and the supplemental financial information on our website.

謝謝你，Nikesh，大家下午好。為了最大限度地利用我們的問答時間，我將為您提供第三季的亮點。您可以在我們的網站上查看新聞稿中的詳細資訊和補充財務資訊。

In Q3, total revenue was $2.29 billion and grew 15% at the high end of our guided range. Within total revenue, product revenue grew 16%, while total services revenue grew 15%. Within total services, subscription revenue grew 18% and support revenue rose 10%.

第三季總營收為 22.9 億美元，成長 15%，達到我們預期範圍的高點。在總收入中，產品收入成長了 16%，而總服務收入成長了 15%。在整體服務中，訂閱收入成長了 18%，支援收入成長了 10%。

On a trailing 12-month basis, the proportion of our product revenue from software is approaching 40%, driven by our growth in our virtual form factors and SD-WAN. We continue to see stable demand for firewall appliances with market growth in the 0% to 5% range as we have discussed previously.

在過去 12 個月中，我們的產品收入中來自軟體的比例接近 40%，這得益於我們的虛擬外形和 SD-WAN 的成長。我們繼續看到防火牆設備需求穩定，市場成長率在 0% 到 5% 之間，正如我們之前討論過的。

Moving on to geographies. We saw double-digit growth across all theaters with the Americas growing 12%, EMEA up 20% and JPAC growing 23%. Our remaining performance obligation, or RPO, grew 19% to $13.5 billion. Our current RPO was $6.2 growing 16% year-on-year. The average duration of new contracts remained at approximately three years, contract duration decrease slightly on both the year-over-year and quarter-over-quarter basis.

繼續討論地理位置。所有影院均實現了兩位數成長，其中美洲成長 12%，歐洲、中東和非洲地區成長 20%，日本太平洋地區成長 23%。我們的剩餘履約義務（RPO）成長了 19%，達到 135 億美元。我們目前的 RPO 為 6.2 美元，年增 16%。新簽合約平均期限維持在3年左右，合約期間年比、季均略為下降。

Customers continue to make significant commitments to Palo Alto Networks through our platformization deals, particularly when adopting XSIAM to transform their security operations center. We continue to see increasing demand for annual payments, particularly deals over $1 million, but we are absorbing this transition while maintaining the high end of our fiscal year 2025 annual adjusted free cash flow margin guidance, as well as reiterating confidence in our adjusted free cash flow margin targets of 37% plus in fiscal year '26 and '27.

客戶透過我們的平台化交易繼續對 Palo Alto Networks 做出重大承諾，尤其是在採用 XSIAM 改造其安全營運中心時。我們繼續看到對年度付款的需求不斷增加，特別是超過 100 萬美元的交易，但我們正在吸收這種轉變，同時保持 2025 財年年度調整後自由現金流利潤率指引的高端，並重申對 26 和 27 財年 37% 以上的調整後自由現金流利潤率目標的信心。

In line with what we talked about earlier in the year, we saw a year-over-year increase in bookings went into annual billings in Q3 and a decrease in deals leveraging with a neutral impact on cash flow.

與我們今年早些時候討論的情況一致，我們看到第三季度計入年度賬單的預訂量同比增長，而交易槓桿率下降，對現金流的影響為中性。

Turning to next-generation security ARR. As Nikesh highlighted, we surpassed the $5 billion mark in Q3 and ended the quarter at $5.09 billion in NGS ARR, a growth of 34%. Within NGS ARR, we continue to see significant momentum around our Cortex platform and our AI ARR is now approximately $400 million in Q3, up over 2.5 times year-over-year.

轉向下一代安全 ARR。正如 Nikesh 所強調的，我們在第三季突破了 50 億美元大關，本季末的 NGS ARR 達到 50.9 億美元，成長了 34%。在 NGS ARR 中，我們繼續看到 Cortex 平台的顯著成長勢頭，我們的 AI ARR 在第三季度目前約為 4 億美元，同比增長超過 2.5 倍。

I'm particularly excited about trends driving the NGS ARR, and I wanted to provide some additional insights around the evolution of our net new NGS ARR. We've made a number of significant investments over the last several years to both continue to lead the network security market as well as build leadership positions in new markets. You've seen the results of this effort in our NGS ARR.

我對推動 NGS ARR 的趨勢特別感興趣，我想就我們淨新 NGS ARR 的演變提供一些額外的見解。在過去幾年裡，我們進行了大量重大投資，以繼續引領網路安全市場並在新市場中建立領導地位。您已經在我們的 NGS ARR 中看到了這項努力的成果。

Over the last several years, in network security, we invested in advanced cloud-delivered versions of our subscriptions that attach to our appliances. We saw strong adoption of these advanced subscriptions as customers saw the value of adding these to their existing network security deployments, and this is meaningful -- and this has driven meaningful NGS ARR growth.

在過去的幾年裡，在網路安全方面，我們投資了與我們的設備相連的高級雲端交付版本的訂閱服務。我們看到這些高級訂閱得到了廣泛的採用，因為客戶看到了將這些訂閱添加到現有網路安全部署中的價值，這是有意義的——並且推動了 NGS ARR 的有意義的成長。

In addition, we have NGS product offerings beyond those advanced subscriptions in new markets across network security, cloud security and security operations. We refer to those as our new market offerings as they are also fueled our NGS ARR growth.

此外，除了高級訂閱之外，我們還在網路安全、雲端安全和安全營運等新市場提供 NGS 產品。我們將這些稱為我們的新市場產品，因為它們也推動了我們的 NGS ARR 成長。

We continue to see momentum from our advanced subscriptions of fiscal year '25, driving a healthy and relatively consistent level of net new ARR compared to prior years. At the same time, we've seen our net new NGS ARR from new market offerings grow significantly and these are becoming a larger proportion of our total net new NGS ARR dollars. This is a result of our strengthened position in these markets.

我們繼續看到 25 財年的預購勢頭，與前幾年相比，這推動了淨新 ARR 水平的健康和相對穩定。同時，我們看到來自新市場產品的淨新 NGS ARR 大幅成長，而這些產品在我們總淨新 NGS ARR 金額中所佔的比例越來越大。這是我們在這些市場中地位增強的結果。

Our La Dale's team becoming more adept at selling these offerings and platformization taking hold with our customers and in the industry. As we look forward, we expect to see the new market business to be the stronger driver of net new ARR dollars. It is this dynamic that gives us confidence in our long-term targets.

我們的 La Dale 團隊越來越擅長銷售這些產品，而且平台化在我們的客戶和產業中越來越受歡迎。展望未來，我們預期新市場業務將成為淨新 ARR 資金的更強勁推動力。正是這種活力讓我們對我們的長期目標充滿信心。

Moving down the income statement. Total gross margin was 76%. Product gross margin was 78.4% in the quarter. As a reminder, we have been transitioning to a contract manufacturing facility in Texas as our primary manufacturing and performance center to benefit from scale and innovation as well as to take advantage of a foreign trade zone that can help us mitigate tariffs in products that we ship to international destinations.

向下移動損益表。總毛利率為76%。本季產品毛利率為78.4%。提醒一下，我們一直在向位於德克薩斯州的合約製造工廠轉型，將其作為我們的主要製造和性能中心，以受益於規模和創新，並利用外貿區來幫助我們降低運往國際目的地的產品的關稅。

As we said on our previous call, we continue to believe that we differentiate ourselves by being the only pure-play cybersecurity firm at scale to assemble all of our hardware in the USA. As a result, tariff impact to our business has been immaterial. We expect product gross margins to remain in the high 70% or low 80% margins in Q4.

正如我們在上次電話會議上所說的那樣，我們仍然相信，我們是唯一一家在美國組裝所有硬體的大規模純網路安全公司，這使我們與眾不同。因此，關稅對我們業務的影響並不大。我們預計第四季產品毛利率將維持在70%左右或80%左右。

Our total services gross margin was 75.4%. We are excited to see continued strong adoption of our SaaS offerings. We continue to execute on cloud cost efficiencies, including engaging with our key cloud service providers to negotiate favorable procurement arrangements as the scale of our cloud-hosted products continues to increase.

我們的整體服務毛利率為75.4%。我們很高興看到我們的 SaaS 產品繼續受到廣泛歡迎。隨著我們雲端託管產品規模的不斷擴大，我們將繼續提高雲端成本效率，包括與我們的主要雲端服務供應商合作，協商有利的採購安排。

Encompassing those gross margin dynamics, we continue to focus on executing our operating margin targets, which delivered year-over-year improvements in operating margin. As I have often said, our business scales well across every single line item of the P&L.

綜合考慮這些毛利率動態，我們將繼續專注於實現營業利潤率目標，從而實現營業利潤率的同比增長。正如我經常說的那樣，我們的業務在損益表的每一項中都表現良好。

On an operating expense as a percentage of revenue basis, we saw 340 basis points of year-over-year leverage this quarter as we drove scale and efficiencies across sales and marketing, R&D and G&A. We delivered $0.80 of diluted non-GAAP EPS and diluted GAAP EPS of $0.37, our 12 consecutive quarter of positive GAAP EPS. We generated $578 million in adjusted free cash flow in Q3.

以營業費用佔收入的百分比計算，由於我們推動了銷售和營銷、研發和一般及行政管理方面的規模和效率，本季度我們的槓桿率同比增長了 340 個基點。我們實現了 0.80 美元的稀釋非 GAAP 每股收益和 0.37 美元的稀釋 GAAP 每股收益，這是我們連續 12 個季度實現正的 GAAP 每股收益。我們在第三季產生了 5.78 億美元的調整後自由現金流。

Turning to the balance sheet. You will see that our debt balance came down by $151 million as we continue to see early conversion of our convertible debt, which occurred at the discretion of the debt holders and were settled by us in cash and equity. As a reminder, our convertible notes reached final maturity in June and our convertible notes can no longer be early converted. We will settle the remaining convertible debt in cash and equity in Q4.

轉向資產負債表。您會發現，我們的債務餘額下降了 1.51 億美元，因為我們繼續看到可轉換債務的提前轉換，這是由債務持有人自行決定的，並由我們以現金和股權結算。提醒一下，我們的可轉換票據於 6 月最終到期，並且我們的可轉換票據不能再提前轉換。我們將在第四季以現金和股權形式償還剩餘的可轉換債務。

As Nikesh mentioned, we announced our intention to acquire PROTECT AI for a total consideration of $700 million in cash and replacement equity awards. We expect the transaction to close by our first quarter of fiscal year 2026. We did not repurchase any shares in Q3 and our buyback strategy remains opportunistic. We have $1 billion in authorization remaining through December 2025.

正如 Nikesh 所提到的，我們宣布有意以總價 7 億美元現金和替代股權獎勵收購 PROTECT AI。我們預計交易將於 2026 財年第一季完成。我們在第三季沒有回購任何股票，我們的回購策略仍然是機會主義的。截至 2025 年 12 月，我們還有 10 億美元的授權。

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%. Remaining performance obligation of $15.2 billion to $15.3 billion, an increase of 19% to 20%. Revenue to be in the range of $9.17 billion to $9.19 billion, an increase of 14%, operating margins to be in the range of 28.2% to 28.5%, our diluted non-GAAP EPS to be in the range of $3.26 to $3.28 per share, an increase of 15%. Adjusted free cash flow margin in the range of 37.5% to 38%.

有了這些，讓我來談談指導。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%。剩餘履約義務為152億美元至153億美元，成長19%至20%。營收將在 91.7 億美元至 91.9 億美元之間，成長 14%；營業利潤率將在 28.2% 至 28.5% 之間；攤薄非 GAAP 每股盈餘將在 3.26 美元至 3.28 美元之間，成長 15%。調整後的自由現金流利潤率在37.5%至38%之間。

As we noted last quarter, we do expect a higher Q4 contribution to our annual free cash flow and for Q4, specifically, 80% of the collections are from deals that have already been booked. Our annual cash flow seasonality is more second half and Q4 weighted this year influenced by the timing of deferred payments from customers that signed deals in prior periods and the timing of bookings within the year.

正如我們上個季度所指出的，我們確實預計第四季度對我們的年度自由現金流的貢獻會更高，具體來說，第四季度 80% 的收款來自已經預訂的交易。我們年度現金流的季節性在今年下半年和第四季更加明顯，受到前期簽署交易的客戶的延期付款時間和年內預訂時間的影響。

For the fourth fiscal quarter of 2025, we expect NGS ARR to be in the range of $5.52 to $5.57, an increase of 31% to 32%. Remaining performance obligation of 15.2% to 15.3%, an increase of 19% to 20%. Revenue to be in the range of $2.49 billion, $2.51 billion, an increase of 14% to 15%. And diluted non-GAAP EPS to be in the range of $0.87 to $0.89, an increase of 16% to 19%. We've included our typical modeling points in the presentation for your review.

對於 2025 財年第四季度，我們預計 NGS ARR 將在 5.52 美元至 5.57 美元之間，成長 31% 至 32%。剩餘履約義務為15.2%至15.3%，較去年同期成長19%至20%。營收將在 24.9 億美元至 25.1 億美元之間，成長 14% 至 15%。稀釋非 GAAP 每股盈餘將在 0.87 美元至 0.89 美元之間，成長 16% 至 19%。我們在簡報中加入了典型的建模點，供您審閱。

With that, I will turn it back to Hamza for the Q&A portion.

說完這些，我將把問答環節交還給 Hamza。

Okay. Great. Thank you. To allow for broad participation, I would ask that each analyst ask only one question.

好的。偉大的。謝謝。為了讓更多人參與，我要求每位分析師只問一個問題。

Saket Kalia; Brian Essex, JPMorgan.

薩凱特·卡利亞；摩根大通的布萊恩·艾塞克斯。

Okay. Great. Congrats Hamza on the move over. Nikesh, maybe for you. Lots of things.

好的。偉大的。恭喜 Hamza 轉會成功。Nikesh，也許適合你。很多事情。

There's life after, you can see.

你可以看到，之後還有生活。

Absolutely. Nikesh, maybe for you. Lots of things to be excited about with XSIAM. I wanted to dig into one part of that opportunity, in particular, which is the QRadar on-premise customer base. Clearly, a big base there that you can upgrade.

絕對地。Nikesh，也許適合你。XSIAM 有很多令人興奮的事情。我想深入挖掘這個機會的一部分，特別是 QRadar 內部客戶群。顯然，那裡有一個可以升級的大型基地。

Maybe the question is how are customers thinking about that upgrade? And how big of an ARR opportunity could that be for Palo Alto Networks on that path to $15 billion?

也許問題是客戶如何看待這次升級？那麼，對於 Palo Alto Networks 來說，在實現 150 億美元的道路上，這會是一個多大的 ARR 機會呢？

Saket, first of all, thank you for the question. But, I think we had this debate last quarter, how big is XSIAM I am going to be versus Prisma Access Browser because we believe they are both new trends in the industry, primarily driven by the AI way we're seeing around us. And whilst we started the XSIAM journey, and then we did the deal with IBM, where the first set of conversion we saw solar from where people who were already adapted SaaS already in the sort of cloud-delivered SIAM market, we saw that conversion.

Saket，首先感謝您的提問。但是，我認為我們上個季度進行了這場辯論，XSIAM 與 Prisma Access Browser 相比會有多大，因為我們相信它們都是行業的新趨勢，主要由我們在周圍看到的人工智慧方式驅動。當我們開始 XSIAM 之旅，然後與 IBM 達成交易時，我們看到了第一組轉換，從那些已經在雲端交付的 SIAM 市場中適應 SaaS 的人們那裡，我們看到了這種轉換。

But we've had a phenomenal partnership with IBM where we have been able to go with them to many of their large customers and work them through the transformation of going from an on-premise so to what is effectively now a cloud-delivered SOX. So the on-prem transition is not just moving XSIAM also moving from an on-prem delivered solution to cloud-based solution.

但我們與 IBM 建立了非凡的合作夥伴關係，我們能夠與他們一起去拜訪他們的許多大客戶，並幫助他們完成從內部部署到現在有效的雲端交付 SOX 的轉變。因此，內部部署轉型不僅僅是將 XSIAM 轉移到內部交付的解決方案，還將其轉移到基於雲端的解決方案。

And clearly, you've seen the uplifts. We announced the large deal -- one of the largest deals $90 million day, which had XSIAM component to it. The second largest deal we had also had XSIAM component. So clearly, large deals on XSIAM are possible. I mean you think about you've been covering security for a long time, which is the last product that came out where the average ARR was 1 million year, right?

顯然，你已經看到了提升。我們宣布了一項大交易——最大的交易之一，每日交易額達 9000 萬美元，其中包含 XSIAM 組件。我們的第二大交易也包含 XSIAM 元件。顯然，XSIAM 上進行大規模交易是可能的。我的意思是，您想想您已經從事安全行業很長時間了，最新推出的產品的平均 ARR 是每年 100 萬，對嗎？

There are companies out there in security to start and say, claim, they have 10 million customers or you say every customer XSIAM is a $1 million our customers. So I think the opportunity is huge. If you go back historically, and I've said this in cybersecurity, certain swim lanes reach inflection points where the next set of products are so much better that everybody has to be shaken out of their super and their old solutions to go replace.

一些安全公司聲稱他們擁有 1000 萬客戶，或者說每個 XSIAM 客戶都是我們價值 100 萬美元的客戶。所以我認為機會是巨大的。如果回顧歷史，我在網路安全方面說過，某些泳道會達到轉折點，下一組產品會好得多，每個人都必須擺脫他們的超級產品和舊的解決方案去替換。

I mean you saw that happen in the endpoint market where we had players who had to be replaced over time. You saw that historically when we came out of the next-generation firewall, and I think this is the moment of the SIAM market.

我的意思是，你看到這種情況發生在終端市場，我們的一些參與者必須隨著時間的推移而被取代。當我們推出下一代防火牆時，您從歷史上就看到了這一點，我認為這是 SIAM 市場的時刻。

It's a $40 billion TAM. I think in the next three to five years, it will get replaced. It will be replaced by new age players. The legacy players will drive their darndest to hang on to it, but the architectures are fundamentally different and the architectures of yester years, and it's not their fault. If you designed a product 17 years ago.

其總資產規模為 400 億美元。我認為在未來三到五年內它將會被取代。它將被新時代的球員所取代。傳統玩家會盡力堅持下去，但架構與昔日的架構有著根本的不同，這不是他們的錯。如果你 17 年前就設計了一款產品。

It was designed where data was expensive to store. Latency was high, things got on offline. Today, we'll revert with low latency. as you see hyperscalers announcing real-time translation this morning. So you can see that we can process data at immense speeds and deliver results immensely.

它的設計適用於資料儲存成本高昂的情況。延遲很高，一切都處於離線狀態。今天，我們將以低延遲恢復。正如您所看到的，超大規模企業今天早上宣布了即時翻譯。所以您可以看到，我們可以以極快的速度處理資料並提供巨大的成果。

If you can catenate that with what I said, we were able to regenerate a caring and some were attack in 25 minutes, right? If that's the base of the bad guys, the pace of the good guys has to be faster. So there's no way to get to the other side from an incident response and a management perspective if you don't transform what is fundamentally a legacy technology.

如果您能將其與我所說的內容聯繫起來，我們就能夠在 25 分鐘內重建關懷並抵禦一些攻擊，對嗎？如果那是壞人的基地，那麼好人的步伐就必須更快。因此，如果不從根本上改造遺留技術，就無法從事件回應和管理的角度取得進展。

So I think XSIAM is a huge potential one, and I apologize for taking longer than I should for your answer. But I said this in my prepared remarks, I want to make sure I emphasize is that what we've discovered is once we ingest all the data in an enterprise, we can actually go and make peace time products better.

因此我認為 XSIAM 具有巨大的潛力，對於您花費比應有的更長時間來回答我的問題，我深感抱歉。但我在準備好的發言中說過，我想確保強調的是，我們發現，一旦我們吸收了企業中的所有數據，我們實際上就可以去改進和平時期的產品。

So our launch of e-mail is actually a multi-context launch. E-mail security products are traditionally swingly products. I look at your e-mail, I protect you. We're able to look past e-mail in the SIAM and say, wait, when somebody click on a e-mail link, what happened? So we have the entire organizational context on the data that we have that allows us to go back and make the e-mail product spectacularly better.

所以我們的電子郵件的發布實際上是多上下文的發布。電子郵件安全產品傳統上屬於搖擺不定的產品。我查看你的電子郵件，我保護你。我們能夠查看 SIAM 中的電子郵件，然後說，等一下，當有人點擊電子郵件連結時，發生了什麼？因此，我們擁有關於所擁有數據的整個組織背景，這使我們能夠回過頭來使電子郵件產品得到顯著改進。

So we think there are many, many new swim lanes which will get discovered as we deploy XSIAM our customers. We've seen early examples of exposure management and e-mail management. We think those are the first two use cases. But I think there's many use cases that eventually we think something like XSIAM becomes the underlying security fabric of enterprises.

因此我們認為，當我們為客戶部署 XSIAM 時，將會發現許多新的泳道。我們已經看到了曝光管理和電子郵件管理的早期例子。我們認為這是前兩個用例。但我認為有很多用例，最終我們認為像 XSIAM 這樣的東西會成為企業的底層安全結構。

Brian Essex, JPMorgan; Keith Weiss, Morgan Stanley.

摩根大通的 Brian Essex；摩根士丹利的基斯‧韋斯。

Great. Hamza, congrats on the move from me as well. I was wondering if you could unpack Nikesh, the details behind the product revenue growth, really strong quarter of growth there. And I heard Dipak's comment that approaching 40% software in terms of mix. But I was wondering if maybe you can shed some light on how much of that is share shift? How much of that is pricing increase? And how much of that might be refresh?

偉大的。哈姆扎，我也祝賀你這次轉會。我想知道您是否可以解釋一下 Nikesh 產品收入成長背後的細節，以及該季度真正強勁的成長。我聽到 Dipak 的評論說，就混合而言，軟體的比例接近 40%。但我想知道您是否可以解釋其中有多少是份額轉移？其中價格上漲了多少？其中有多少可以刷新？

Brian, as you know that our product revenue growth is a combination of hardware and software. So it's not just the hardware part I think the core hardware business still continues to grow at -- I sound like a broken record. I've always maintained 5% to 8%. And I think the core hardware business is still growing at 5% to 8%. We highlighted sulfur firewalls in our prepared remarks for a reason.

布萊恩，正如你所知，我們的產品收入成長是硬體和軟體的結合。因此，我認為不僅僅是硬體部分，核心硬體業務仍在繼續成長——我聽起來像是在重複老話。我一直維持5%到8%。我認為核心硬體業務仍將以5%至8%的速度成長。我們在準備好的發言中強調硫防火牆是有原因的。

We think the sulfur firewall business is going to inflect. And I said this, and I want to reemphasize that. In the last six months, you always ask what changed this quarter. What changed this quarter is there is so much buzz about AI that even the people who are reluctant to deploy AI are dipping their tools on it. Now it's fascinating is if you want to stay on the bleeding edge of AI innovation, it's all coming cloud delivered, right?

我們認為硫防火牆業務將會轉變。我已經說過這​​一點，我想再次強調這一點。在過去的六個月裡，你總是問這個季度發生了什麼變化。本季的變化是，人們對人工智慧的關注度如此之高，甚至那些不願意部署人工智慧的人也開始嘗試使用人工智慧。現在令人著迷的是，如果你想保持人工智慧創新的前沿，那麼一切都將透過雲端交付，對嗎？

If you want to do an on-day implementation, it's about six months behind because there's no Gemini for on-prem, they'll open the eye for on-prem. There's no lambda or on-prem. You can deploy lambda on on-prem, but you have to be very smart, technically to go put all the bells and whistles required. So even the most reluctant organizations are going to have to move to the cloud, to be able to leverage the AI model that are coming out fast and furious.

如果你想進行當天實施，那麼大約需要落後六個月，因為沒有針對本地的 Gemini，他們會為本地睜開眼睛。沒有 lambda 或 on-prem。您可以在本地部署 lambda，但您必須非常聰明，從技術上講，才能安裝所有需要的花哨功能。因此，即使是最不情願的組織也必須轉向雲端，以便能夠利用快速發展的人工智慧模型。

Now at the moment you say, I have to go in the cloud, I have to go deploy a real time in the cloud, you have to secure it. And today, we have the best technology and allowed basis for cloud network traffic in our software firewalls. So part of what we're seeing is the software for our business is beginning to inflect which is underpinning both the transformation from hardware to software, but also bolstering our product revenue at Palo Alto.

現在你說，我必須進入雲端，我必須在雲端進行即時部署，你必須確保它的安全。如今，我們的軟體防火牆擁有最佳的技術和允許雲端網路流量的基礎。因此，我們看到的是，我們業務的軟體開始發生變化，這不僅支撐了從硬體到軟體的轉變，也增強了我們在 Palo Alto 的產品收入。

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

Excellent.

出色的。

Keith, why did they pick your third?

基思，他們為什麼選擇你的第三個？

I know it's a good question.

我知道這是一個好問題。

This does not what you get.

這並不是你所得到的。

That being said, Hamza, if you ever realize you made the wrong decision, there's always room it's never too late. I never too late to come back. But congratulation guys on a really solid quarter. I wanted to kind of expand on the next question on what you were talking about in terms of the -- the AI imperative. And what that opportunity means for Palo Alto Networks?

話雖如此，哈姆扎，如果你意識到自己做了錯誤的決定，那就永遠有時間，永遠不會太晚。我永遠不會回來太晚。但還是要祝賀大家本季業績表現穩健。我想進一步闡述下一個問題，關於您所談論的人工智慧的必要性。這個機會對 Palo Alto Networks 來說意味著什麼？

When you're talking to customers that are looking to secure these new AI infrastructures, is this just about errors or is there a wider opportunity? What is it like pull through from the Palo Alto portfolio when people are looking to secure this new surface area? And to what degree does this help give you guys confident in the growth in like the next-generation ARR into next year? That's where I hear the most concrete too aggressive for next year. Is it AI? Is it platformization like the elements that give you confidence in that out your forecast?

當您與希望保護這些新 AI 基礎設施的客戶交談時，這僅僅是錯誤還是有更廣泛的機會？當人們尋求保護這一新的表面積時，從帕洛阿爾托投資組合中抽身會是什麼樣子？這在多大程度上有助於你們對明年下一代 ARR 的成長充滿信心？這是我聽到的關於明年最具體的過於激進的政策。它是人工智慧嗎？平台化等因素是否讓您對自己的預測充滿信心？

That's it. So I think if you take the software firewall example and extend it, so our conversations now are beginning with, well, we've got to secure this AI implementation. And I highlighted, we had a Board meeting last week and our Infosec team presented how much AI are we using within Palo Alto. I was amused and amazed to find we have 35 models under evaluation and deployment right now at Palo Alto. It's not one model, it's 35 models because they use various models, but different things.

就是這樣。所以我認為如果你採用軟體防火牆的例子並擴展它，那麼我們現在的對話就開始了，好吧，我們必須確保這個人工智慧的實施。我強調，我們上週召開了董事會會議，我們的資訊安全團隊介紹了我們在帕洛阿爾托使用了多少人工智慧。我很高興也很驚訝地發現，目前我們在帕洛阿爾託有 35 個模型正在評估和部署。它不是一種模型，而是 35 種模型，因為它們使用各種模型，但不同的東西。

Now we talk about 35 models, our Board starts getting were about in my god, how are you securing these models because they could be from anywhere. And what you discover is that to be able to secure those models, you actually effectively have to envelop them with a runtime firewall or AI firewall, which is actually an extension of our software firewall capabilities, right?

現在我們討論 35 個模型，我們的董事會開始思考，天哪，你如何保護這些模型，因為它們可能來自任何地方。你會發現，為了能夠保護這些模型，你實際上必須用運行時防火牆或人工智慧防火牆來有效地包裹它們，這實際上是我們軟體防火牆功能的擴展，對嗎？

So what's going to happen the AI firewall is going to do a pull-through on the software firewall. And customers are going to lose the distinction between AI traffic and traditional cloud traffic, call it, traditional thought traffic. So what's happening to see is we are beginning to see the faster adoption of cloud firewalls because of the AI trend, which is like I highlighted, Brian, in terms of how that is driving some of the hardware to software transformation.

那麼，AI 防火牆將對軟體防火牆進行拉通。客戶將失去人工智慧流量和傳統雲端流量（即傳統思維流量）之間的差異。因此，我們看到的情況是，由於人工智慧趨勢，雲端防火牆的採用速度加快了，就像我強調的那樣，布萊恩，這正在推動一些硬體到軟體的轉變。

So the transformation we've sort of been slowly chugging along last five, six years, moving to a more balanced portfolio, but harder software is getting accelerated, which will cause the NGS ARR shift from hardware to software because that depletes our traditional ARR and increases our NGS ARR. So there's sort of tailwinds associated with that on the NGS ARR front from a software for perspective.

因此，在過去的五、六年裡，我們一直在緩慢地進行轉型，轉向更平衡的投資組合，但更難的軟體正在加速發展，這將導致 NGS ARR 從硬體轉向軟體，因為這會耗盡我們的傳統 ARR 並增加我們的 NGS ARR。因此，從軟體角度來看，NGS ARR 方面存在一些順風。

And Keith, one of the other things I'll say is that we do a lesson in cloud. In cloud security, we dwelled too long on the peace time capabilities, cloud security or the posture capabilities of Prisma Cloud. But in the firewall sort of AI business, we've actually double down on the product capability. So we are aggressively starting with runtime security, which actually was 18 months later in the cloud security industry, right?

基思，我想說的另一件事是我們在雲端方面做了一堂課。在雲端安全方面，我們在 Prisma Cloud 的平時能力、雲端安全或態勢能力上停留了太久。但在防火牆之類的人工智慧業務中，我們實際上加倍提高了產品能力。因此，我們積極地從運行時安全開始，這實際上比雲端安全產業晚了 18 個月，對嗎？

We are out of the gate with a run time capability. And as you can see with our acquisition of Protect.AI, we're not going to let this one go. We will relentlessly innovate and make sure that we don't get side-swiped by any vendor in the market.

我們已經具備了運行時間能力。正如你們從我們收購 Protect.AI 中看到的，我們不會放棄這個機會。我們將堅持不懈地創新，確保不會被市場上的任何供應商所超越。

Joe Gall, Jefferies; Gabriel, Goldman Sachs.

喬·加爾（Joe Gall），傑富瑞集團（Jefferies）加布里埃爾，高盛。

Congratulations, Hamza, on your new role. Nikesh, you briefly alluded to executing through geopolitical volatility. You're the first off quarter [cyberman] to report. Can you just elaborate on your conversations with CIOs, CSOs? Is it back to business as usual after the first couple of weeks of April? Or is there still a lot of uncertainty? Maybe just kind of talk through the pipeline conversations and what's embedded in 4Q guide?

恭喜哈姆扎獲得新職位。Nikesh，您簡要提到了在地緣政治波動中執行任務。你是第一個報告的[網路人]。您能詳細說明一下您與 CIO、CSO 的對話嗎？四月頭幾週之後一切恢復正常了嗎？還是仍存在許多不確定性？也許只是談論管道對話以及 4Q 指南中嵌入的內容？

That's a great question, Joe. I don't -- the reason I didn't dwell on it in our prepared remarks is because April was an anomalous month. I think we're back to normal in a way. But there was, as you can imagine, not too far long ago, there were conversations around tariffs around the world. There were all kinds of supply chain shocks that were anticipated, which did cause some of our customers to think, oh, my God, what's going to happen. Next time I ship a car across the border, it's going to be twice as expensive or I can't ship anything what am I doing over there?

喬，這個問題問得真好。我沒有——我之所以沒有在準備好的發言中詳細討論這個問題，是因為四月是一個異常的月份。我認為我們在某種程度上已經恢復正常了。但正如你可以想像的那樣，不久前，世界各地都在討論關稅問題。我們預計會出現各種供應鏈衝擊，這確實導致我們的一些客戶開始思考，天哪，會發生什麼。下次我再將汽車運過邊境時，費用將會加倍，或者我無法運送任何東西，我在那裡做什麼？

So you saw that little sort of uncertainty in the market, which happened to be in the last month of our quarter. So that's why I'm particularly delighted that our teams got their heads down and executed. It was not an easy quarter to execute -- had we not had the tariff conversation or geopolitical tensions, it much easier to sell through it, but we had our lessons from the pandemic, we had our lessons from supply chain crisis. So we had to go back and push shorts and execute the same practices that we did then.

所以你看到了市場上的一點不確定性，這恰好發生在我們這個季度的最後一個月。這就是為什麼我特別高興我們的團隊能夠埋頭苦幹並完成任務。這不是一個容易執行的季度——如果我們沒有關稅談判或地緣政治緊張局勢，銷售就會容易得多，但我們從疫情中吸取了教訓，從供應鏈危機中吸取了教訓。因此，我們必須回去推廣短褲並執行當時相同的做法。

And we're kind of like on the same sort of cadence now in Q4 because we are trying to stay ahead of the curve because I don't think many of our customers change their plans from a transformation perspective. But there was a pause for a few days where they were trying to figure out where the market goes. And thankfully, as you see, that we seem to have overcome that as a global economy, so there's a little more, I'd say, stability in the business climate, and there was towards the -- sort of, I'll say, the early to mid-part of April, but our teams did execute through it. So I'm very proud of that.

我們在第四季也保持著同樣的節奏，因為我們試圖保持領先地位，因為我認為我們的許多客戶不會從轉型的角度改變他們的計劃。但他們暫停了幾天，試圖弄清楚市場的走向。值得慶幸的是，正如您所見，作為全球經濟體，我們似乎已經克服了這一困難，因此，我想說，商業環境更加穩定了，而且，我想說，是在 4 月初到 4 月中旬，但我們的團隊確實克服了它。我對此感到非常自豪。

Gabriela Borges, Goldman Sachs; Matt Hedberg, RBC.

加布里埃拉·博爾赫斯，高盛；馬特·赫德伯格（Matt Hedberg），RBC。

Nikesh, I wanted to follow up on your comment on from cloud. Maybe just a little bit more on how you think about the AI product portfolio evolving from here. How do you think about what this looks like a couple of years out, the mix between organic and inorganic? And on your plan being pipeline, how do you think about including a fall from being lit logged in AI technologically specifically given how quickly the technology is evolving?

Nikesh，我想跟進你關於雲端的評論。也許只是想再多談談您對從現在開始的人工智慧產品組合發展的看法。您認為幾年後有機和無機的混合會是什麼樣子？在您的計劃中，考慮到人工智慧技術發展的速度如此之快，您如何看待從技術角度考慮人工智慧技術？

Thanks, Gabby, for the question. I think in the cloud world, if you go back five years ago, which is when I'd say five or six years ago when the whole cloud security evolution started, there was an over-indexation and focus on cloud posture. Trying to understand what's going on, trying to understand what the integrations are, trying to understand how do you configure GCP, how do you consider configure AWS, et cetera.

謝謝 Gabby 提出的問題。我認為在雲端世界中，如果你回顧五年前，也就是整個雲端安全演進開始的五、六年前，人們過度關注雲端姿態。試著了解發生了什麼，試著了解整合是什麼，試著了解如何設定 GCP，如何考慮配置 AWS 等等。

And there was a whole slurry of companies, the Dome9, Evident, RedLock, Twistlock, all the companies that some of us bought and turn into our sort of core cloud portfolios. But there's a lot less focus on run time because everybody was experimenting, everybody is trying to figure out what to do with cloud and deploying it.

當時有很多公司，例如 Dome9、Evident、RedLock、Twistlock，我們中的一些人收購了這些公司，並將其變成了我們的核心雲端投資組合。但是對運行時間的關注較少，因為每個人都在進行實驗，每個人都在試圖弄清楚如何使用雲端並進行部署。

So clearly, that's where the market was. That's where all of us are focused. But I think we did ourselves a disservice by not indexing harder on the run time scenarios, which is where eventually the market has evolved as you can see, now we see more action in cloud detection and response and cloud SIAMs than we see in cloud posture. And over time, cloud posture is getting commoditized.

顯然，這就是市場所在的地方。這是我們所有人關注的重點。但我認為，我們沒有在運行時場景中進行更嚴格的索引，這對我們自己不利，而這正是市場最終發展的方向，正如您所看到的，現在我們在雲檢測和響應以及雲 SIAM 方面看到的行動比在雲姿態方面看到的要多。隨著時間的推移，雲姿勢正在變得商品化。

Every vendor in our industry has a cloud posture module, whether you're in SASE here in endpoint detection or your cloud security matter. So it's a very commoditized industry and you've seen pricing sort of get rationalized because of many players in the market and it being an extension of many existing categories.

我們行業中的每個供應商都有一個雲端姿態模組，無論您是在這裡的 SASE 中進行端點偵測還是雲端安全性問題。因此，這是一個高度商品化的行業，由於市場參與者眾多，而且它是許多現有類別的延伸，因此你會看到定價變得合理化。

In AI, I think we're going to see an accelerated version of that because AI is moving a lot faster than any other technology transformation that's happened. And we are sort of -- is very lucky than good sometimes, and we were lucky that we deployed native firewalls in every public cloud provider that allows us to expand that capability because we want to watch AI transactions midstream in line, you have to be where the traffic is. The traffic is in the cloud service providers, right? If you think about it, 90% of AI implementations are running through cloud service providers, not on-prem.

在人工智慧領域，我認為我們將看到它的加速版本，因為人工智慧的發展速度比任何其他技術轉型都要快得多。我們有時真的很幸運，我們很幸運，我們在每個公有雲供應商中都部署了本機防火牆，這使我們能夠擴展這種功能，因為我們希望在線上觀察人工智慧交易的中游，所以你必須在流量所在的地方。流量是在雲端服務提供者中，對嗎？如果你仔細想想，90% 的人工智慧實作都是透過雲端服務供應商運行的，而不是在本地運行。

If that's the case, that traffic has to be looked at, it has to be bidirectional traffic because these things are going to have a brain of their own, right? They're going to have agency. When that happens, you have to look at what that brain is doing because sometimes it can be erratic. So from that perspective, AI runtime security becomes a very important pillar. And we sat around the team and have had done a really good job on our AI firewall and then you discover it.

如果是這樣的話，就必須注意流量，它必須是雙向流量，因為這些東西會有自己的大腦，對吧？他們將擁有代理權。當這種情況發生時，你必須觀察大腦在做什麼，因為有時它可能會不穩定。因此從這個角度來看，AI運行時安全性成為一個非常重要的支柱。我們全隊坐在一起，在人工智慧防火牆上做得非常好，然後你就發現了它。

Customers wanted to understand the veracity of the models, they want them scan, they want to persist in red teaming and say, oh, my god, it's going to take us six months to bit. Let's look at who's the best market we want to protect. Lucky, the founders found a fit with our team in terms of how they were going to work with us, and we're going to close that acquisition. And that team is actually going to run our AI security business.

客戶希望了解模型的真實性，他們希望進行掃描，他們希望堅持紅隊訓練，然後說，哦，天哪，我們要花六個月的時間才能完成。讓我們看看誰是我們想要保護的最佳市場。幸運的是，創辦人發現他們與我們的團隊在合作方式上很契合，我們將完成這項收購。該團隊實際上將負責我們的人工智慧安全業務。

Matt Hedberg, RBC; Shaul Liao.

赫德伯格（Matt Hedberg），加拿大皇家銀行；廖紹爾.

Congrats on the results, guys. I had a question for Lee. Walking around RSA really increasingly like it was an AI conference versus a cyber conference. And you guys talked about $400 million in AI ARR, which is great. I guess my question is, from a genic world, talk about why Palo Alto is best positioned to help customers think through that, which is a -- obviously, a whole new paradigm shift. But talk about some of the foundational aspects that you feel really good about from that from an agentic perspective?

大家，恭喜你們取得這樣的成績。我有一個問題想問李。在 RSA 上走走真的越來越覺得它是一場人工智慧會議而不是網路會議。你們談到了 4 億美元的 AI ARR，這很棒。我想我的問題是，從基因世界的角度來談談為什麼帕洛阿爾托最適合幫助客戶思考這個問題，這顯然是一個全新的典範轉移。但是從代理商的角度來看，您對此感覺非常好的一些基礎方面是什麼？

Yes. Great question. I think two years ago, RSA was AI. A year ago, it was AI security. And this year, it was Agentic AI, right? We're cycling through the different forms of AI. Look, with Agentic AI, I think the way I think about it starts with this idea that AI is going to move from being a sort of helper function to having autonomy, like it's going to be able to take actions on its own.

是的。好問題。我認為兩年前，RSA 就是 AI。一年前，是人工智慧安全。今年是 Agentic AI，對嗎？我們正在嘗試不同形式的人工智慧。看，對於 Agentic AI，我認為我對它的思考方式始於這樣的想法：AI 將從一種輔助功能轉變為具有自主性，就像它將能夠自行採取行動一樣。

Obviously, those actions will be metered out and increased over time as trust is built up. And when you think about that in concept, one of the -- there's a few key building blocks that are going to have to be present. And one of those is it's not just going to be sort of an open-ended let AI kind of create and do whatever it wants to, there'll have to be certain guardrails and constraints on that from an enterprise perspective and certainly from a cybersecurity perspective.

顯然，隨著信任的建立，這些行動將會逐漸被實施並增加。當你從概念上考慮這個問題時，其中之一就是必須存在幾個關鍵的建置模組。其中之一就是，它不會以一種開放式的方式讓人工智慧創造和做任何它想做的事情，從企業的角度，當然從網路安全的角度來看，必須對此有一定的護欄和限制。

And so -- the first aspect of that then that positions us very well is our breadth and strength is everything related to automation, right? Our X4 platform has over 1,000 integrations. We know how to integrate with all the different systems in the enterprise. We know how to programmatically approach this in a consistent reliability.

那麼——首先讓我們處於非常有利地位的是我們的廣度和實力與自動化有關，對嗎？我們的 X4 平台有超過 1,000 個整合。我們知道如何與企業中的所有不同系統整合。我們知道如何以程式設計的方式以一致的可靠性來解決這個問題。

What happens then if we put an AI engine behind that, and that's the agentic piece that can actually start to actually create and evolve and improve and learn over time. So no one else has that really same level of integration and automation capabilities that can be paired with AI.

那麼如果我們將人工智慧引擎置於其後會發生什麼事呢？這是一個可以隨著時間的推移真正開始創造、發展、改進和學習的代理部分。因此，沒有其他人擁有與 AI 配對的相同等級的整合和自動化能力。

The second piece is on a net headrest every customer I talked to was the sort of the permission infrastructure for how do you make sure that these agentic systems are actually allowed to do what they're allowed to do. And the -- our footprint in understanding the interconnectedness of all the different applications and enterprise put us at in a very good place to be able to understand it permissioning and the security implications of that. And so, we shared this in two forms.

第二部分是關於網路頭枕的，我與之交談過的每個客戶都涉及一種許可基礎設施，即如何確保這些代理系統確實被允許做他們被允許做的事情。而且——我們在理解所有不同應用程式和企業的互聯互通方面的足跡使我們處於一個非常好的位置，能夠理解它的許可及其安全影響。因此，我們以兩種形式分享了這一點。

One, what we're doing at Christmas errors to secure agentic systems; and two, we gave a preview of agentics which is going to be our approach to building agentic platforms for our customers, and I'm excited about both of those.

一、我們在聖誕節期間所做的事情是為了確保代理系統的安全；其次，我們對 agentics 進行了預覽，這將是我們為客戶構建 agentic 平台的方法，我對這兩者都感到興奮。

Shaul Eyal, Cowen; Jonathan Ho, William Blair.

沙烏爾·埃亞爾（Shaul Eyal），考恩；喬納森·何、威廉·布萊爾。

Congrats on solid results. Congrats to Hamza leading his first call. Nikesh, back to QRadar and talent, and I get these are two different products after core, both seem to be exceeding their targets internally, both should continue to show great results. From where you sit, would you rank them as Palo Alto's probably better acquisitions over the course of the past four or five years? Where is the bigger TAM opportunity longer term?

恭喜你取得了堅實的成果。恭喜 Hamza 主持他的第一次通話。Nikesh，回到 QRadar 和 Talent，我知道這是核心之後的兩種不同產品，兩者似乎都在內部超出了其目標，兩者都應該繼續表現出色。從您的角度來看，您是否認為它們是帕洛阿爾托過去四到五年來最好的收購對象？從長遠來看，更大的 TAM 機會在哪裡？

I think the -- you step back and you think five years out, I think five years out, security will be delivered on top of a large security data lake by some version of machine learning in AI. I think the traditional approach to security of writing policies and writing rules and writing human set of controls at the edge is going to fail.

我認為——退一步想想五年後，我認為五年後，安全性將透過某種版本的人工智慧機器學習在大型安全資料湖上實現。我認為，制定策略、制定規則以及在邊緣編寫人工控制集的傳統安全方法將會失敗。

Because AI will be incessantly banging at those edges trying to find the loopholes and the misconfiguration in the way humans have not secured the perimeter. If you believe that, and you say that the way to make sure that your perimeter is secured, is look at all the data, analyze it, pattern recognize it and have your agents, the same agents that Matt was asking about, those the agents should go back and say, I found a misconfiguration at the edge, let me go fix it, right?

因為人工智慧會不斷衝擊這些邊緣，試圖找到人類未能保護週邊安全的漏洞和錯誤配置。如果您相信這一點，並且您說確保您的周邊安全的方法是查看所有數據，分析它，對其進行模式識別並讓您的代理（與馬特詢問的相同代理）回去說，我在邊緣發現了一個錯誤配置，讓我去修復它，對嗎？

Why should that not happen? Why should security in the future be some security analysts writing a policy pain, saying, do this for traffic and do the stretch GPS, et cetera. So by definitive, it means you should have some version of agentic AI securing a perimeter five years from now. That requires that agentic AI to have the access to all the data across all your end points, right? It doesn't mean you have to have the same end point.

為什麼這種情況不應該發生呢？為什麼未來的安全應該是一些安全分析師編寫的政策痛苦，說，為交通做這件事並做延伸 GPS 等等。因此，從根本上來說，這意味著五年後你應該擁有某種版本的代理人工智慧來保護週邊安全。這就要求代理 AI 能夠存取所有端點的所有數據，對嗎？這並不意味著你必須擁有相同的終點。

It doesn't mean you have to have Prisma Access Browser or SASE or Palo Alto SASE, you can have anything you have Zscaler, Nets go, Palo Alto, whoever you want. But at the end of the day, the data has to get to one place. Now what's happened is we've been collecting data recently in a new paradigm for the incident respond use case. Well, guess what? That same data can be used for the policy remediation use case or protect your perimeter use case.

這並不意味著您必須擁有 Prisma Access Browser 或 SASE 或 Palo Alto SASE，您可以擁有任何您想要的東西，例如 Zscaler、Nets go、Palo Alto 等等。但最終，數據必須到達一個地方。現在發生的情況是，我們最近一直在為事件回應案例以新範式收集資料。好吧，猜猜怎麼著？相同的資料可用於策略補救用例或保護您的周邊用例。

So I think the evolution of security will be people will go to a harmonized security data lakes, which we used to multiple activities. And I think we're seeing the beginning of that. And I think three to five years when you look back and say, that was obvious. It's not obvious today because people are still going to sell best-of-breed products at the perimeter protected. But how can you protect the perimeter if you only have a singular lens on the problem.

因此，我認為安全的演進將是人們將進入一個協調的安全資料湖，我們用它來進行多種活動。我認為我們正見證著這一進程的開始。我認為，當你回顧過去三到五年時，你會發現這一點是顯而易見的。如今這一點並不明顯，因為人們仍然會在周邊保護區域銷售最好的產品。但如果你只從單一角度看待問題，你該如何保護週邊地區呢？

If you only see what you see with your product, how can you protect the perimeter, you have to see the entire enterprise to understand where the relative opportunities where the relative mistakes are, I think that's where security goes in two to five years. So in that context, I think Prisma Access Browser is a great edge device which actually be very interesting and useful because you have full visibility of the interactions of the endpoint or the human perhaps or the agent perhaps in that use case.

如果你只看到你的產品，你怎麼能保護週邊環境？你必須看到整個企業，才能了解相對的機會在哪裡，相對的錯誤在哪裡，我認為這就是未來兩到五年安全的發展方向。因此，在這種情況下，我認為 Prisma Access Browser 是一款出色的邊緣設備，它實際上非常有趣且有用，因為您可以完全了解該用例中端點或人類或代理的交互。

But you're going to need something in the back to try and make sense of the data and be able to respond in real time. And I think that's where the underpinning of the next-generation SIAMs of the world is going to be.

但你需要一些後台的東西來嘗試理解數據並能夠即時回應。我認為這就是世界下一代 SIAM 的基礎。

Joel Fishbein, Truist; Andy Nowinski, Wells Fargo.

喬爾·菲什拜因（Joel Fishbein），Truist；富國銀行的安迪·諾溫斯基。

Can you talk a little bit about the enterprise browser and why Talend has seen the inflection that it has? And does this perhaps help your platform approach, particularly around the AI opportunity?

您能否簡單談談企業瀏覽器以及 Talend 為何會出現這樣的轉變？這是否有助於您的平台方法，特別是在人工智慧機會方面？

Yes, absolutely. So the key if you think about this from a Secure Browser perspective is it's a niche sort of use case when it is disconnected from everything else, right? You have a user, the browse Internet, you secure it, that is interesting. When we deliver it and are able to integrate it with our platform, it completely transforms that from being a sort of one-off use case to being an everything use case. We can now secure users traffic to the Internet.

是的，絕對是。因此，如果您從安全瀏覽器的角度考慮這個問題，關鍵在於當它與其他所有內容斷開連接時，它是一種小眾用例，對嗎？你有一個用戶，瀏覽互聯網，你保護它，這很有趣。當我們交付它並能夠將其與我們的平台整合時，它就完全將其從一次性用例轉變為一種一切用例。我們現在可以確保用戶的網路流量安全。

We can secure their connections to SASE. We can secure their actions private applications with the recent announcements where we can even secure their connections to things that are not even browser-based. And so the -- what I just described is enabled by us delivering it as part of a comprehensive platform as opposed to stand-alone solution now.

我們可以保護他們與 SASE 的連結。我們可以透過最近的公告來保護他們的私人應用程序，我們甚至可以保護他們與非基於瀏覽器的事物的連接。因此，我剛才所描述的是我們將其作為綜合平台的一部分而不是獨立的解決方案。

We can deliver stand-alone, and we have some customers that are starting there as a first step toward broader adoption, which that's part of the flexibility and how our platforms work, but the comprehensive solution is really what's driving the inflection point as we see it.

我們可以提供獨立服務，我們的一些客戶從那裡開始邁向更廣泛的採用，這是靈活性的一部分以及我們的平台如何運作，但正如我們所看到的，全面的解決方案才是真正推動轉折點的因素。

And then to your point around how AI factors in, we're finding that through the secure browser, we're able to then deliver a differentiated solution to our customers for securely adopting AI, where they get better security and a better user experience when adopting AI because we can embed a lot of the security controls directly in the browser, which just makes it a lot easier from an adoption perspective.

然後關於您提到的人工智慧如何影響因素，我們發現透過安全瀏覽器，我們能夠為客戶提供差異化的解決方案，以安全地採用人工智慧，他們在採用人工智慧時可以獲得更好的安全性和更好的用戶體驗，因為我們可以直接在瀏覽器中嵌入許多安全控制，從採用的角度來看，這使得它變得更加容易。

Sorry about that, Jonathan.

很抱歉，喬納森。

Joel Fishbein, Truist; Nowinski, Wells Fargo.

喬爾‧菲什拜因（Joel Fishbein），Truist；諾溫斯基，富國銀行。

Hamza, congrats. Nikesh, I guess, a follow-up to Shaul's question, or your answer to Shaul's question, a pretty powerful statement about the data like security. I'm curious about how you view threat intelligence and the importance of sharing threat intelligence in this AI era and protecting against the bad guys. I'd love to hear your thoughts on that.

哈姆扎，恭喜。我想，Nikesh，這是對 Shaul 問題的後續回答，或者說您對 Shaul 問題的回答，是關於資料安全性的一個非常有力的聲明。我很好奇您如何看待威脅情報，以及在人工智慧時代共享威脅情報和防範壞人的重要性。我很想聽聽你對此的看法。

Look, we've always had a belief that threat Intelligence should be share the most part. There's obviously certain exceptions. But generally speaking, we've been opened we're one of the founding members of the Cyber Threat Alliance, which is focused on doing just that even amongst security vendors, so with our competitors. I actually think the to a certain extent the advent of AI and attacker AI is going to have an interesting impact on this.

瞧，我們一直相信威脅情報應該得到最大程度的分享。顯然存在某些例外。但總的來說，我們是網路威脅聯盟的創始成員之一，該聯盟致力於在安全供應商和競爭對手之間開展合作。我實際上認為，在一定程度上，人工智慧和攻擊者人工智慧的出現將對此產生有趣的影響。

A lot of threat intelligence is oriented toward the idea that if I know about a specific attack, a specific piece of a specific IOC, I can build a protection for that specific thing. And in the advent of AI, more and more attacks are going to be novel attacks. They're going to be new and different and it becomes much more important that protections then are AI-based.

許多威脅情報都傾向於這樣的想法：如果我知道某個特定的攻擊、某個特定 IOC 的特定部分，我就可以針對該特定事物建立保護。隨著人工智慧的出現，越來越多的攻擊將會是新穎的攻擊。它們將是全新的、與眾不同的，而且基於人工智慧的保護措施變得更加重要。

Now these AI-based protections will be informed by threat intelligence, but it will be less of a direct correlation. It will become much more important that what is being shared with threat intelligence perspective actually becomes more about attack techniques and approaches and that's actually going to require a bit of a change to the threat intelligence space.

現在，這些基於人工智慧的保護措施將由威脅情報提供信息，但直接相關性較低。更重要的是，從威脅情報角度分享的內容實際上更涉及攻擊技術和方法，而這實際上需要對威脅情報領域進行一些改變。

So, that'll need to happen or need to play out, it'll be interesting to see how that that shift manifests itself.

所以，這需要發生或需要發揮作用，看看這種轉變如何體現出來將會很有趣。

Andy Nowinski, Wells Fargo.

富國銀行的安迪諾溫斯基。

To go to one here. You guys had solid growth in platformization customers. I think you now have 1,250 that have deployed a platform. That's a small percentage of your total installed base of over 70,000 customers. So I'm wondering, is there any way to look at the percentage of ARR that those platform customers account for because I would guess that they account for a much higher percentage of ARR than the 2% they account for in your installed base. I'm really trying to understand the importance of the growth in these platform customers relative to reaching your $15 billion ARR target.

去這裡一個。你們的平台化客戶數量穩定成長。我認為現在已有 1,250 家公司部署了平台。這只是您超過 70,000 名客戶的總安裝群的一小部分。所以我想知道，有沒有辦法查看這些平台客戶佔 ARR 的百分比，因為我猜測他們佔 ARR 的百分比比他們在您的安裝基數中佔的 2% 要高得多。我確實想了解這些平台客戶的成長對於實現 150 億美元 ARR 目標的重要性。

So let's recap Andy. I think we had said we want to get to 2,500 to 3,500 platformizations. And we believe when we get there at the current trajectory of ARR per platform deals, we're going to get close to our $15 billion target. And that assumes somewhere between 60% to 70% of our NGS ARR is made up of these platform customers. Does that make sense?

讓我們回顧一下安迪。我想我們曾說過，我們希望實現 2,500 到 3,500 個平台化。我們相信，按照目前每個平台交易的 ARR 軌跡，我們將接近 150 億美元的目標。這假設我們的 NGS ARR 中有 60% 到 70% 是由這些平台客戶組成的。這樣有道理嗎？

Yes, certainly.

是的，當然。

That's our math. So you can do the math now yourself and say, what does that mean? 70% of $15 billion hard to compute then you can divide that by 2,500 to 3,500 whichever you like and see the average ARR per deal. And then we'll tell you if you work that back 5%, 6% a year over the next five years, you'll say, wow, that must be the average platform dealer that Palo Alto has, give or take.

這就是我們的數學。所以你現在可以自己算一下並說，這代表什麼？150 億美元的 70% 很難計算，那麼您可以將其除以 2,500 到 3,500（無論您喜歡哪一個），然後查看每筆交易的平均 ARR。然後我們會告訴你，如果你在未來五年內每年以 5% 或 6% 的成長率成長，你會說，哇，這肯定是帕洛阿爾託的平均平台經銷商數量，差不多。

Okay. Great. With that, we will conclude the Q&A portion of this call. I will now turn it back to Nikesh for his closing remarks.

好的。偉大的。至此，我們將結束本次電話會議的問答部分。現在請 Nikesh 致閉幕詞。

Again, thank you, everyone, again, for joining us for our earnings call. We look forward to seeing many of you at upcoming investor events. I also want to thank our customers, partners and as I said, our employees for powering through what was a tumultuous April, but we think now it's business as usual, all of us are heads down trying to execute on our big $4 billion-plus a quarter in Q4. Thanks again.

再次感謝大家參加我們的收益電話會議。我們期待在即將舉行的投資者活動中見到你們。我還要感謝我們的客戶、合作夥伴，以及像我所說的那樣，我們的員工，感謝他們在動蕩的四月所付出的努力，但我們認為現在一切照常，我們所有人都在努力實現第四季度 40 多億美元的大目標。再次感謝。