Palo Alto Networks Inc (PANW) 2025 Q4 法說會逐字稿

-- August 18 at 1:30 PM Pacific time. With me on today's call to discuss fourth quarter results are Nikesh Arora, our Chairman and Chief Executive Officer, and Dipak Golechha, our Chief Financial Officer. Following our prepared remarks, Lee Claridge, our Chief Product Officer, will join us for the question and answer portion.

——8 月 18 日太平洋時間下午 1:30。今天與我一起參加電話會議討論第四季度業績的有我們的董事長兼首席執行官 Nikesh Arora 和我們的首席財務官 Dipak Golechha。在我們準備好的發言之後，我們的首席產品長 Lee Claridge 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 Q4 2025 supplemental information and Q4 2025 earnings presentation.

您可以在我們的網站 investors.paloaltonetworks.com 上找到新聞稿及其他補充今天討論的資訊。點擊季度業績鏈接，即可查看 2025 年第四季度補充資訊和 2025 年第四季度收益報告。

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, as well as the company's proposed acquisition of CyberArk. 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.

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以及公司擬議的收購 Cyber​​Ark 做出前瞻性陳述和預測。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。

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

請查看我們的新聞稿和最近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. 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 Citi Global TMT conference this quarter. I will now turn the call over to Nikesh.

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。除非另有特別說明，所有結果和比較均按財政年度計算。我們也注意到，管理層計劃本季參加花旗全球 TMT 會議。現在我將把電話轉給 Nikesh。

Thank you, Hamza. Good afternoon. Thank you everyone for joining us today for our earnings call. As you can all see, we had a strong finish to the fiscal year. We've just closed a landmark quarter, capping a year of disciplined execution and strategic acceleration.

謝謝你，哈姆札。午安.感謝大家今天參加我們的收益電話會議。如大家所見，我們在本財年取得了強勁的成績。我們剛結束了一個具有里程碑意義的一個季度，為一年來的嚴格執行和策略加速畫上了圓滿的句號。

Our results this quarter are a direct reflection of a strategy we have been architecting for years, anticipating where the market is going and building the future of cybersecurity before it arrives. This is a moment of conviction, both for us and for our customers. We're proud to be the first dedicated cybersecurity company to surpass a $10 billion revenue run rate. While this milestone is significant, it is not the ultimate goal. Our focus has already shifted to leveraging the scale to define the next decade of cybersecurity.

我們本季的業績直接反映了我們多年來一直在建立的策略，即預測市場走向並在網路安全到來之前建立未來。無論對我們還是對我們的客戶來說，這都是一個堅定信念的時刻。我們很自豪能夠成為第一家營業收入超過 100 億美元的專業網路安全公司。雖然這個里程碑意義重大，但它並不是最終目標。我們的重點已經轉向利用規模來定義未來十年的網路安全。

The very fabric of technology is being re-woven by AI, creating a vast new and complex attack surface. In this new era, security is no longer a bolt on, it is a foundational enabler of transformational success. The record breaking number of platformization deals this quarter demonstrates that customers are not just buying products, they're buying into a strategic partnership. We believe that integrated, best of breed platforms deliver superior security outcomes, and our customers are validating this conviction by making larger, more strategic commitments with us than ever before.

人工智慧正在重塑技術的結構，創造出巨大而複雜的新攻擊面。在這個新時代，安全不再是附加物，而是轉型成功的基礎推動因素。本季平台化交易數量創歷史新高，顯示客戶購買的不僅是產品，他們還購買的是策略夥伴關係。我們相信，整合的最佳平台能夠帶來卓越的安全結果，我們的客戶透過與我們做出比以往更大、更具策略性的承諾來驗證這一信念。

During Q4, many of the deals our teams had been working on during our fiscal year came to fruition. We saw robust activity across the board. In Q4, our bookings growth turned a corner and was the highest we've seen in 2.5 years. This growth is driven by deals across our platforms and also as a result of strong renewals and upsells across our existing portfolio.

在第四季度，我們的團隊在整個財政年度中一直在努力達成的許多交易都取得了成果。我們看到各方面的活動都很活躍。在第四季度，我們的預訂量出現了轉機，達到了兩年半以來的最高成長水準。這一成長是由我們平台上的交易推動的，也是我們現有產品組合強勁續約和追加銷售的結果。

The robust bookings growth was coupled with strong next generation security ARR and revenue performance. This, coupled with prudent financial management, allowed us to exceed our full year guidance metrics across the Board.

強勁的預訂量成長與強勁的下一代安全 ARR 和收入表現相結合。再加上審慎的財務管理，我們整個董事會的業績都超出了全年預期。

RPO grew 24% year over year in Q4, an acceleration versus the prior year. It's early days, but we see the quality of revenue, ARR, and retention is consistently higher across our platform customers. This bodes well for our long term targets of Palo Alto Networks platform business.

第四季度，RPO 年增 24%，較上年同期有所加速。雖然還處於早期階段，但我們看到平台客戶的收入、ARR 和保留率的品質一直在不斷提高。這對我們 Palo Alto Networks 平台業務的長期目標來說是一個好兆頭。

Next Generation Security ARR grew 32% and net new ARR for the quarter was also up double digits year over year. We have strong contributions across our portfolio, particularly SASE, XSIAM, and software firewalls. Our investment in software firewalls and SASE are bearing fruit. As our customers end up in a hybrid compute environment across multiple clouds, we expect to continue to see strength in our software firewall business.

下一代安全 ARR 成長了 32%，本季淨新 ARR 也較去年同期成長了兩位數。我們對我們的產品組合做出了巨大貢獻，尤其是 SASE、XSIAM 和軟體防火牆。我們對軟體防火牆和 SASE 的投資正在取得成果。隨著我們的客戶最終進入跨多個雲端的混合運算環境，我們預計軟體防火牆業務將繼續保持強勁成長。

These offerings, each with very large TAMs, continue to gain momentum and reinforce our conviction in achieving $15 billion in next generation security ARR by FY30 on a stand-alone basis. This top line growth coupled with scale effects and our prudent financial management has allowed us once again to expand our operating margin. Additionally, continued deft management of our deferred payments, plan portfolio has allowed us to deliver 38%-plus free cash flow margins for the third consecutive year. Not just that, we now believe that structurally we have visibility to go even higher on our free cash flow margins. More from Dipak on this later.

這些產品均擁有非常大的 TAM，持續獲得發展勢頭，並增強了我們的信念，即到 2030 財年，下一代安全 ARR 將實現 150 億美元。這項營收成長加上規模經濟和我們審慎的財務管理使我們再次擴大了營業利潤率。此外，透過持續且靈活地管理我們的延期付款和計畫組合，我們連續第三年實現了 38% 以上的自由現金流利潤率。不僅如此，我們現在相信，從結構來看，我們的自由現金流利潤率還有望進一步提高。稍後 Dipak 將對此進行更多介紹。

Demand for cybersecurity remains strong. Our customers are looking to us to help them secure their cloud and AI transformation journeys. We continue to see GenAI conversations as it becomes imperative for our customers to deploy productivity tools, coding tools, or revamp their customer systems to enable natural language conversations.

網路安全的需求依然強勁。我們的客戶希望我們幫助他們確保其雲端和人工智慧轉型之旅的安全。我們繼續看到 GenAI 對話，因為我們的客戶必須部署生產力工具、編碼工具或改造他們的客戶系統以實現自然語言對話。

All these use cases for AI need to be protected, no pun intended. Our timely acquisition of Protect AI, which we completed this quarter, coupled with our native abilities around our AI firewalls are driving conversations across many platform customers and prospects around securing the AI infrastructure.

所有這些人工智慧用例都需要受到保護，這並不是雙關語。我們及時收購了 Protect AI，並於本季完成收購，再加上我們在 AI 防火牆的原生能力，正在推動許多平台客戶和潛在客戶圍繞著保護 AI 基礎設施展開對話。

Adoption of GenAI is happening faster than any previous technology trend. A recent internal study amongst our customers showed GenAI traffic is up over 890% in 2024. Following this, data security incidents related to GenAI more than doubled since last year.

GenAI 的採用速度比以往任何技術趨勢都要快。我們最近對客戶進行的一項內部研究表明，到 2024 年，GenAI 的流量將增加 890% 以上。隨之而來的是，與GenAI相關的資料安全事件自去年以來增加了一倍以上。

With this rapid adoption of AI comes a new and complex attack surface. That's why in early Q4, we introduced Prisma AIRS, industry's most comprehensive AI security platform.

隨著人工智慧的快速應用，新的、複雜的攻擊面也隨之而來。這就是為什麼我們在第四季初推出了業界最全面的 AI 安全平台 Prisma AIRS。

AIRS is a unified platform that empowers organizations to deploy AI bravely by providing inherent security across every AI app, agent, model, and data set. It closes critical blind spots and secures AI deployments everywhere, ensuring confidence and compliance.

AIRS 是一個統一的平台，透過為每個 AI 應用程式、代理程式、模型和資料集提供固有安全性，使組織能夠勇敢地部署 AI。它消除了關鍵的盲點並確保了各地人工智慧的部署，確保了信心和合規性。

But securing the AI you build is only half of the equation. The other equally critical side is securing how employees use third party AI. Our AI Access solutions provides the deep visibility and granular control needed for the safe adoption of those services. We are unique in providing a strategy for both sides of the AI landscape, each with integrated DLP controls to protect our customers' most sensitive data. This complete vision is resonating, and we have a strong combined pipeline for AI security offerings.

但保護你所建構的人工智慧只是整個方程式的一半。另一個同樣重要的方面是確保員工如何使用第三方人工智慧。我們的 AI Access 解決方案提供了安全採用這些服務所需的深度視覺和精細控制。我們獨特地為 AI 領域的雙方提供策略，每個策略都整合了 DLP 控制來保護客戶最敏感的資料。這個完整的願景引起了共鳴，我們擁有強大的人工智慧安全產品組合管道。

The chart you see here tells a powerful story. It's not just a graph of numbers going up, it's a visual representation of our customers' growing conviction in our strategy. The question is why is this happening? Because we made a promise to our customers that when they partner with us, they're investing in platforms that are constantly evolving, and we are going to stay ahead of the threat landscape.

您在此處看到的圖表講述了一個有力的故事。這不僅僅是一個數字上升的圖表，它也直觀地展現了客戶對我們策略日益增長的信心。問題是為什麼會發生這種情況？因為我們向客戶承諾，當他們與我們合作時，他們投資的是不斷發展的平台，而我們將始終領先於威脅情勢。

Time and again we've seen the future first. We saw it with the tectonic shift to the next generation firewall, which we pioneered 17 years ago. We saw it with the move to the cloud and with the rise of SASE, where we're now the clear leader.

我們一次又一次地率先看到了未來。我們在 17 年前率先推出的下一代防火牆上見證了這一巨大轉變。隨著向雲端的遷移以及 SASE 的興起，我們見證了這一點，現在我們已成為 SASE 領域的明顯領導者。

We saw the inevitable shift from reactive SIEM to proactive AI powered SOCs as well as in XSIAM, a platform that is now our fastest growing offering ever. And we saw the market's ultimate shift towards the word we define, platformization, integrated platforms that deliver superior security outcomes, a framework our peers once again are now rushing to imitate.

我們看到了從被動式 SIEM 到主動式 AI 驅動的 SOC 的必然轉變，XSIAM 平台也是這樣，XSIAM 是我們目前成長最快的產品平台。我們看到市場最終轉向我們定義的平台化，即提供卓越安全結果的整合平台，這是我們的同行現在再次爭相模仿的框架。

We continue to evolve our platforms, and this quarter was no exception. In our network security platform, we announced PAN-OS 12.1 Orion, which includes new appliances designed to provide an easy path to quantum readiness and multi-cloud security. We're anticipating the sets of tomorrow, so our customers don't have to. This commitment to futureproofing their investment is why we're seeing robust interest in integrated subscriptions like CASB and DLP.

我們繼續改進我們的平台，本季也不例外。在我們的網路安全平台中，我們宣布了 PAN-OS 12.1 Orion，其中包括旨在提供量子就緒和多雲安全的簡單途徑的新設備。我們正在預測明天的演出，因此我們的客戶不必擔心。正是由於這種對未來投資的承諾，我們看到了人們對 CASB 和 DLP 等整合訂閱的濃厚興趣。

Building on the launch of Cortex Cloud in Q3, we delivered powerful new capabilities like application security posture management, or ASPM, helping to redefine application security to meet the demands of the AI era. Natively built into our Cortex Cloud platform, ASPM provides a single source of truth, correlating data from our native scanners and third-party tools to secure the entire AI development lifecycle. This allows our customers to break down the silos between their teams and focus on remediating the critical vulnerabilities that truly matter.

在第三季推出 Cortex Cloud 的基礎上，我們提供了應用程式安全態勢管理 (ASPM) 等強大的新功能，協助重新定義應用程式安全以滿足人工智慧時代的需求。ASPM 內建於我們的 Cortex 雲端平台，提供單一事實來源，關聯來自我們原生掃描器和第三方工具的數據，以確保整個 AI 開發生命週期的安全。這使我們的客戶能夠打破團隊之間的孤島，並專注於修復真正重要的關鍵漏洞。

And our XSIAM platform continues to expand beyond its core wartime mission with new peacetime modules like exposure management that proactively identify and fix security gaps before an attack can ever happen. That confidence is translating directly into the maximization traction you see here. These platformizations are driving superior financial outcomes for us and better security outcomes for our customers.

我們的 XSIAM 平台繼續擴展其核心戰時任務，推出新的和平時期模組，如暴露管理，可以在攻擊發生之前主動識別和修復安全漏洞。這種信心直接轉化為您在此處看到的最大化牽引力。這些平台化為我們帶來了卓越的財務成果，也為我們的客戶帶來了更好的安全成果。

In Q4, our net retention rate amongst platform customers was an impressive 120%, with nearly zero churn. This is the ultimate proof of the value we deliver and the deep strategic partnerships we are building. As we aim to more than double the number of platformizations in the next five years, we believe our foundation for sustainable growth becomes stronger. This underpins our confidence in achieving $15 billion of NGS ARR on a stand-alone basis by FY30.

在第四季度，我們平台客戶的淨留存率高達 120%，客戶流失率幾乎為零。這是我們所傳遞的價值和我們正在建立的深度策略夥伴關係的最終證明。我們的目標是在未來五年內將平台數量增加一倍以上，我們相信我們可持續成長的基礎將更加堅實。這增強了我們對在 2030 財年實現 150 億美元 NGS ARR 的信心。

The clearest validation of our strategy is in the landmark deals we're signing. These are not product sales. These are deep partnerships with the world's leading organizations to transform their security posture. We have one of our strongest large deals quarters ever. Customers with $5 million and $10 million in ARR were up approximately 50% year over year, and $20 million-plus ARR customers were up nearly 80% year over year. These types of large multi-platform deals hardly existed a few years ago and showcase our customers' growing commitment to us.

我們簽署的具有里程碑意義的協議最清楚地驗證了我們的戰略。這些不是產品銷售。這是與世界領先組織建立的深度合作關係，旨在改變他們的安全態勢。我們迎來了有史以來最強勁的大型交易季度之一。擁有 500 萬美元和 1000 萬美元 ARR 的客戶同比增長約 50%，而擁有 2000 萬美元以上的 ARR 的客戶同比增長近 80%。幾年前，這種類型的大型多平台交易幾乎不存在，這表明客戶對我們的承諾日益增強。

Let's look at a few examples. A leading global consulting firm signed a deal for $100 million in Q4 on cloud security and SASE, including a purchase of our new AI access security product. The customer lacked identity entitlement controls over AI and cloud environments and also required comprehensive secure access offerings that could scale globally across its employees, contractors, and clients. Our deep relationship with the company C-suite was also critical to landing a deal of this size. With this deal, this customer is now fully platformized and provides us an ARR of $50 million.

讓我們來看幾個例子。一家全球領先的顧問公司在第四季度簽署了一項價值 1 億美元的雲端安全性和 SASE 協議，其中包括購買我們的新 AI 存取安全產品。客戶缺乏對人工智慧和雲端環境的身份授權控制，還需要能夠在全球範圍內擴展到其員工、承包商和客戶的全面安全存取產品。我們與公司高階主管的深厚關係對於達成如此規模的交易也至關重要。透過這筆交易，該客戶現已完全平台化，並為我們提供了 5000 萬美元的 ARR。

Next, a leading European bank signed a $60-plus million deal. This customer is going through a significant digital transformation and adopted XSIAM with multiple goals in mind. To address an expanding attack surface while simplifying their security stack and keeping costs under control. Platformization was a competitive edge as part of this deal, and we have become a true security partner, as now they have three platforms with us.

接下來，一家領先的歐洲銀行簽署了一項價值 6,000 多萬美元的交易。該客戶正在經歷重大的數位轉型，並採用 XSIAM 來實現多個目標。解決不斷擴大的攻擊面，同時簡化其安全堆疊並控製成本。平台化是這筆交易的競爭優勢，我們已經成為真正的安全合作夥伴，因為現在他們與我們合作了三個平台。

Finally, a leading US insurance company purchased $33 million across NetSec, SASE, SecOps, and cloud security. This customer needed to improve their security posture, level up their SOC analysts, and drive further automation to reach their goals of 15-minute mean time to contain. This involved using AI and machine learning to assist their analyst teams while also reducing their false positives. In addition to their existing Palo Alto Networks spend, this customer now platformized on network security, cloud, and security operations.

最後，一家領先的美國保險公司在 NetSec、SASE、SecOps 和雲端安全方面購買了價值 3,300 萬美元的產品。該客戶需要改善其安全態勢，提升其 SOC 分析師的水平，並推動進一步的自動化，以實現 15 分鐘平均控制時間的目標。這涉及使用人工智慧和機器學習來協助他們的分析團隊，同時減少他們的誤報。除了現有的 Palo Alto Networks 支出外，該客戶現在還在網路安全、雲端和安全營運方面進行了平台化。

There's a common theme developing across these platform deals. While customers are consolidating and simplifying their security stack in part to optimize costs, the larger benefit comes from their improved security outcomes. This includes faster incident response times, a better user experience, and removing the operational burden of stitching together point products. As our customers recognize the value of platformization, they're increasing their commitments to us, reaffirming our strategy and vision.

這些平台交易呈現出一個共同的主題。雖然客戶整合和簡化其安全堆疊的部分原因是為了優化成本，但更大的好處來自其安全結果的改善。這包括更快的事件回應時間、更好的使用者體驗以及消除拼接點產品的營運負擔。隨著我們的客戶認識到平台化的價值，他們對我們的承諾不斷增加，重申了我們的策略和願景。

Now shifting to network security, which had a strong Q4. Network security continues to account for over 75% of our bookings, although over the last five years we've transformed the nature of this business and now over 60% of our network security bookings are driven by software form factors across SASE and virtual firewalls. In addition to having an integrated platform that allows for a consistent pane of glass, policy, and more than 10 software subscriptions, we also continue to lead the market and gain share across the capabilities as a singular best-of-breed solution if our customers so desire.

現在轉向網路安全，該領域第四季表現強勁。網路安全仍然占我們訂單的 75% 以上，儘管在過去五年中我們已經改變了這項業務的性質，現在我們 60% 以上的網路安全訂單是由 SASE 和虛擬防火牆的軟體形式驅動的。除了擁有一個允許一致的玻璃面板、政策和超過 10 個軟體訂閱的整合平台之外，如果我們的客戶願意，我們還將繼續引領市場，並作為單一的最佳解決方案在各個功能中獲得份額。

As enterprises look to secure increasingly hybrid workforces and IT environments and AI, we believe our platform's well positioned to allow our customers of any of our products to consolidate on our platform. Our growing mix towards software form factors once again drove better than expected growth this quarter. Our software firewall business had another strong quarter in Q4, with ARR up nearly 20% year on year and almost double the total contract value. As a result of the strong showing of our software firewalls and with our steady growth in hardware, slightly ahead of industry growth, we saw product revenue growth of 19% year over year, which is market leading in its category at scale.

隨著企業尋求確保日益混合的勞動力、IT 環境和人工智慧的安全，我們相信我們的平台能夠很好地讓我們任何產品的客戶在我們的平台上整合。我們不斷增長的軟體形式組合再次推動了本季好於預期的成長。我們的軟體防火牆業務在第四季度再次表現強勁，ARR 年比成長近 20%，合約總價值幾乎翻了一番。由於我們的軟體防火牆表現強勁，加上我們硬體業務的穩定成長，略高於產業成長，我們的產品收入年增 19%，在同類產品中處於市場領先地位。

Our software firewall market share is nearly 50%, and our product is native in all major public clouds. This quarter, we signed a $60 million deal, significantly expanded our partnership with a leading US-based cloud provider. All in, we generated nine figures in deals across the major cloud service providers in Q4.

我們的軟體防火牆市佔率接近50%，我們的產品在所有主要公有雲中都是原生的。本季度，我們簽署了一項價值 6000 萬美元的協議，大大擴展了與美國領先的雲端供應商的合作夥伴關係。整體而言，我們在第四季與各大雲端服務供應商達成了九位數的交易。

As I shared earlier, we're also building momentum in AI runtime security with Prisma AIRS, as customers look to secure the growing AI attack surface. In Q4, this included an eight-figure deal with a global professional services company. With a strong pipeline, we see an opportunity for AIRS to become a growing contributor in the next five years.

正如我之前分享的，隨著客戶尋求保護日益增長的 AI 攻擊面，我們也正在利用 Prisma AIRS 在 AI 運行時安全性方面積聚動力。在第四季度，這包括與全球專業服務公司達成的八位數交易。憑藉強大的管道，我們看到 AIRS 有機會在未來五年內成為日益增長的貢獻者。

We also continue to gain share in hardware firewalls. As mentioned earlier, this past week, we launched PAN-OS 12.1 Orion and newer appliances designed to provide an easy path to quantum-safe and multi-cloud security. We saw modest improvements in hardware demand in Q4, but expect this will continue to be a mid-single-digit grower in FY26.

我們在硬體防火牆領域的份額也在不斷增加。如前所述，上週我們推出了 PAN-OS 12.1 Orion 和更新的設備，旨在為量子安全和多雲安全提供一條便捷的途徑。我們看到第四季硬體需求略有改善，但預計 2026 財年硬體需求將持續保持中等個位數成長。

All in, our next-generation network security business, which includes software form factors like SASE and software firewalls, reached $3.9 billion in ARR, up approximately 35% year on year. We believe this makes us the largest and fastest growing next-generation network security player at scale.

總體而言，我們的下一代網路安全業務（包括 SASE 和軟體防火牆等軟體形式）的 ARR 達到 39 億美元，年成長約 35%。我們相信，這將使我們成為規模最大、成長最快的下一代網路安全企業。

Speaking of SASE, this continues to be our fastest growing product in network security. As customers transform their networks to keep pace with delivering first-class security capabilities for remote users and branch offices, we continue to see strong growth for SASE.

說到 SASE，這仍然是我們網路安全領域成長最快的產品。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 transformational, which is well suited for our comprehensive enterprise-focused expertise. This quarter, we won our largest SASE deal ever, a $60 million contract with a global professional services firm covering nearly 200,000 seats. This was in addition to a record number of eight-figure SASE deals.

許多 SASE 專案規模龐大且具變革性，非常適合我們以企業為中心的綜合專業知識。本季度，我們贏得了有史以來最大的 SASE 交易，與一家全球專業服務公司簽訂了一份價值 6000 萬美元的合同，涵蓋近 200,000 個席位。除此之外，SASE 交易數量也創下了八位數的紀錄。

We're gaining share. Over the last year, we displaced incumbent SASE vendors in over 70 accounts exceeding $200 million in TCV. Our SASE ARR grew 35% year over year, more than twice as fast as the overall market. We now have over 6,300 SASE customers and account for a third of the Fortune 500.

我們的份額正在增加。在過去的一年裡，我們在 70 多個帳戶中取代了現有的 SASE 供應商，這些帳戶的 TCV 超過 2 億美元。我們的 SASE ARR 年成長 35%，是整體市場的兩倍多。我們現在擁有超過 6,300 個 SASE 客戶，佔財富 500 強的三分之一。

Meanwhile, the drivers of our SASE growth are broadening. This quarter, we once again saw particular strength in Prisma Access Browser. The browser is becoming the new operating system for the enterprise, the primary interface for AI and cloud applications.

與此同時，我們 SASE 成長的驅動力正在不斷擴大。本季度，我們再次看到了 Prisma Access Browser 的特殊優勢。瀏覽器正在成為企業的新作業系統、人工智慧和雲端應用程式的主要介面。

Securing it is not optional. We sold over 3 million licensed seats in Q4 alone, resulting in our cumulative seat count more than doubling on a sequential basis to over 6 million. Notable deals include an over $3 million transaction with a leading US pharmaceutical company who purchased Prisma Access Browser for over 80,000 seats.

確保其安全不是可選的。光是第四季度，我們就銷售了 300 多萬個授權座位，累計座位數季增了一倍多，達到 600 多萬個。值得注意的交易包括與一家美國領先的製藥公司達成的超過 300 萬美元的交易，該公司購買了超過 80,000 個席位的 Prisma Access Browser。

We are beginning to see browser wars as we see the adoption of AI. Understandably, this is a requirement as we march towards agent. Interestingly, it will become impossible to allow employees access to non-secure browsers in the future. And as more and more critical applications and data reside within the browser, it naturally becomes a target for cyberattacks.

隨著人工智慧的普及，我們開始看到瀏覽器之戰。可以理解，這是我們邁向代理的必要條件。有趣的是，將來將不可能允許員工存取不安全的瀏覽器。隨著越來越多的關鍵應用程式和資料駐留在瀏覽器中，它自然而然地成為網路攻擊的目標。

Prisma Access Browser’s built-in controls and real-time visibility are designed to help ensure that sensitive data remains safeguarded during browsing sessions regardless of the user's location or the application they're accessing, and we believe it is strategically positioned to be the future OS in enabling secure and productive work in an AI-driven world. We expect to see browsers become an integral part of the SASE stack for all of our customers.

Prisma Access Browser 的內建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得到保護，無論用戶身在何處或訪問什麼應用程序，我們相信它在戰略上定位為未來的操作系統，能夠在人工智能驅動的世界中實現安全高效的工作。我們希望看到瀏覽器成為所有客戶 SASE 堆疊不可或缺的一部分。

Moving on to Cortex and cloud, we saw broad-based strength in Cortex and cloud as well, with combined ARR up nearly 25% year over year in Q4. For years, the industry has been stuck in an old SIEM paradigm, collecting logs, writing rules, and overwhelming analysts with alerts.

談到 Cortex 和雲端運算，我們也看到了 Cortex 和雲端運算的廣泛優勢，第四季的綜合 ARR 年成長近 25%。多年來，該行業一直停留在舊的 SIEM 模式中，收集日誌、編寫規則，並用警報淹沒分析師。

We saw the writing on the wall. This model is not sustainable in the age of AI-powered attacks. It's a battle that humans alone cannot win, and our customers are seeing it too. XSIAM, our autonomous SOC platform, our fastest growing product ever, is modernizing and disrupting the SOC market with AI, and we continue to see amazing milestones. This includes reducing customers' mean time to respond from weeks to minutes. Today, over 60% of deployed customers cite mean time to respond in under 10 minutes.

我們看到了不祥之兆。在人工智慧攻擊時代，這種模式是不可持續的。這是一場人類無法獨自贏得的戰鬥，我們的客戶也看到了這一點。XSIAM 是我們的自主 SOC 平台，也是我們迄今為止成長最快的產品，它正在利用人工智慧實現 SOC 市場的現代化和顛覆，我們將繼續見證令人驚嘆的里程碑。這包括將客戶的平均回應時間從幾週縮短到幾分鐘。如今，超過 60% 的已部署客戶表示平均回應時間不到 10 分鐘。

We entered Q4 with approximately 400 customers in XSIAM, and the average ARR per customer continues to be over $1 million. Nearly 25% of XSIAM customers are represented in the Global 2000, creating a marquee list of referenceable customers across a number of major industries.

進入第四季度，XSIAM 擁有約 400 名客戶，每位客戶的平均 ARR 繼續超過 100 萬美元。XSIAM 的客戶中近 25% 都位居全球 2000 強，從而創建了涵蓋多個主要行業的可參考客戶名錄。

Beyond XSIAM, Cortex XDR saw deals over a million dollars grow 30% year on year. As we continue to build on our industry recognition, we are seeing opportunities in larger accounts. I also want to highlight the growing significance of Cortex Cloud as the market shifts from static posture management to the urgent needs for real-time runtime security, our thesis on the convergence of cloud security and security operations is proving correct once again.

除了 XSIAM 之外，Cortex XDR 的百萬美元以上交易額比去年同期成長了 30%。隨著我們不斷提高行業知名度，我們看到了更大客戶中的機會。我還想強調 Cortex Cloud 日益增長的重要性，因為市場從靜態姿態管理轉向對即時運行時安全的迫切需求，我們關於雲端安全和安全操作融合的論點再次被證明是正確的。

This is where we are fundamentally different from the competition. While others may offer a strong cloud posture tool or a separate SIEM, we're the only ones to natively unify a best-in-class CNAPP with our AI-powered SOC platform. This allows our customers to move beyond simply reporting on misconfiguration, instead actively stopping cloud attacks in real time.

這就是我們與競爭對手的根本差異。雖然其他人可能會提供強大的雲態勢工具或單獨的 SIEM，但我們是唯一將一流的 CNAPP 與我們的 AI 驅動的 SOC 平台原生統一起來的公司。這使得我們的客戶不僅能夠報告錯誤配置，還可以即時主動阻止雲端攻擊。

Cortex Cloud allows our customers to not only shift left to secure applications during development, but also shield right, protect them in production. The platform is already gaining significant validation. It was recently praised for its ability to fully secure the entire lifecycle of cloud-native applications and has achieved FedRAMP authorization, a critical credential for our public sector customers. This product set is resonating with the market, and early interest has driven a strong pipeline, spanning hundreds of customers who understand they need to stop cloud attacks in real time.

Cortex Cloud 不僅允許我們的客戶在開發過程中向左移動以保護應用程序，而且還允許向右移動以在生產過程中保護它們。該平台已經獲得了廣泛的認可。它最近因其能夠全面保護雲端原生應用程式的整個生命週期而受到稱讚，並獲得了 FedRAMP 授權，這對我們的公共部門客戶來說是一個關鍵的憑證。該產品系列引起了市場的共鳴，早期的興趣已經推動了強大的管道，涵蓋了數百名了解他們需要即時阻止雲端攻擊的客戶。

Our platforms are powerful data-centric engines for organic innovation. Our core thesis is that the integrated data we capture from across network, cloud, and security operations is the ground truth needed for a whole variety of security use cases. For AI to be effective, it needs this complete contextual data, a capability unique to our platform approach. This massive data stream is what makes our XSIAM platform so effective in its primary wartime mission of stopping active threats. But as the slide illustrates, we're now leveraging the same powerful data to expand into new peacetime missions.

我們的平台是強大的以數據為中心的有機創新引擎。我們的核心論點是，我們從網路、雲端和安全操作中捕獲的整合資料是各種安全用例所需的基本事實。為了使人工智慧有效，它需要完整的上下文數據，這是我們平台方法獨有的功能。正是這種海量資料流使得我們的 XSIAM 平台能夠非常有效地完成其在戰時執行阻止主動威脅的主要任務。但正如幻燈片所示，我們現在正在利用同樣強大的數據來擴展到新的和平時期任務。

By applying our AI to this rich data set, we are organically creating new modules and expanding into new TAMs like exposure management and email security. This represents an $18 billion opportunity for us in fiscal year 2026 and beyond. We see significant upsell opportunities from these modules as they attach to larger XSIAM deals.

透過將我們的人工智慧應用於這個豐富的資料集，我們正在有機地創建新的模組並擴展到新的 TAM，如曝光管理和電子郵件安全。這對我們在 2026 財年及以後而言是一個 180 億美元的機會。由於這些模組與更大的 XSIAM 交易相關，因此我們看到了巨大的追加銷售機會。

We're encouraged by the early customer feedback on these new capabilities. This is our data-to-market engine in action, allowing us to explore new frontiers in security and deliver continuous value to our platform customers.

我們對早期客戶對這些新功能的回饋感到鼓舞。這是我們的數據到市場引擎的實際運作，使我們能夠探索安全領域的新領域並為我們的平台客戶提供持續的價值。

To close, we're exiting FY25 with strong organic momentum as we march along our path to that $15 billion target. Our bookings and RPO accelerated this quarter, driven by large deal traction and a sharp focus on excellence and execution. The results of our customer-centric strategy are clear. We're seeing more customers platformize with us than ever before, not just to save money, but achieve a level of security that a fragmented approach simply cannot provide in an AI-driven world.

最後，我們以強勁的內生成長勢頭結束了 25 財年，並朝著 150 億美元的目標邁進。本季度，我們的預訂量和 RPO 加速成長，這得益於大規模交易的推動以及對卓越和執行力的高度關注。我們以客戶為中心的策略的成果是顯而易見的。我們看到與我們平台化合作的客戶比以往任何時候都多，這不僅是為了省錢，也是為了實現在人工智慧驅動的世界中分散式方法無法提供的安全等級。

This realization that platformization is the way forward is also the engine behind a strong Q4 result and our confident outlook. We see broad-based strength across our network security, cloud, and SecOps segment and strong pipeline as a majority of core sellers are now equipped to sell across multiple platforms.

認識到平台化是前進的方向也是我們第四季業績強勁和充滿信心的前景背後的動力。我們看到網路安全、雲端和 SecOps 領域具有廣泛的實力和強大的管道，因為大多數核心賣家現在都具備跨多個平台銷售的能力。

We have strong early traction with Prisma AIRS. And with a tremendous focus on innovation, we believe Palo Alto Networks can be the ideal partner to help organizations achieve and secure their AI transformation goals.

Prisma AIRS 早期就獲得了巨大的成功。透過高度重視創新，我們相信 Palo Alto Networks 可以成為幫助組織實現和確保其 AI 轉型目標的理想合作夥伴。

However, before I hand over to Dipak, let me also talk about what we see for FY26. Looking ahead, we have multiple tailwinds driving our business in FY26 and beyond. In network security, we have growing demand for software firewalls and SASE, which continue to grow well above the market. The higher mix of software gives us confidence in sustainability of double-digit product revenue growth in FY26. We have multiple newer products contributing to our growth, including Prisma AIRS, secure browsers, each with large pipelines.

不過，在交給 Dipak 之前，先來談談我們對 26 財年的展望。展望未來，我們將面臨多重有利因素推動 2026 財年及以後的業務發展。在網路安全方面，我們對軟體防火牆和 SASE 的需求不斷增長，其成長速度遠高於市場水準。更高的軟體組合使我們對26財年兩位數產品收入成長的可持續性充滿信心。我們有多個新產品為我們的成長做出貢獻，包括 Prisma AIRS、安全瀏覽器，每個產品都有大型管道。

In Cortex, XSIAM continues to deliver rapid growth at scale. AI is transforming the SOC, and we believe we are well positioned to capitalize and win. Our migration to Cortex Cloud continues to progress. We believe we are well positioned to capitalize as the market evolves from posture management to real-time security for AI.

在 Cortex 中，XSIAM 持續實現規模的快速成長。人工智慧正在改變 SOC，我們相信我們已做好準備，充分利用這一機會並取得勝利。我們向 Cortex Cloud 的遷移仍在繼續。我們相信，隨著市場從姿態管理向人工智慧即時安全發展，我們已做好準備，充分利用這一機會。

Of course, we've heard the market, and it's clear our customers are asking for comprehensive security platforms. Over the last seven years I have been asked often why are we not a player in identity? And for the longest time, I believed that identity was not at an inflection point. But as we saw the emergence of agentic AI, as we saw AI getting mass adoption, we're beginning to reach conviction that the identity market will inflect in the next 12 to 24 months.

當然，我們已經聽取了市場的意見，很明顯地我們的客戶要求全面的安全平台。在過去的七年裡，我常被問到為什麼我們沒有扮演身分角色？長期以來，我一直認為身份問題尚未到達轉折點。但隨著我們看到代理人工智慧的出現，隨著我們看到人工智慧大規模應用，我們開始確信身分市場將在未來 12 到 24 個月內發生變化。

If you believe that we have been able to identify inflections in a good way at Palo Alto Networks, it is important for you to believe that we have this one right as well. Similar to our roots in network, identity is a key enforcement point for enterprise security. Like most other forms of security, like network firewalls, identity is also a real-time product. And because of this, we believe that the future of identity will actually be owned by somebody who is well prepared to take on the challenges of identity going forward as opposed to a new player.

如果您相信我們能夠在 Palo Alto Networks 以良好的方式識別音調變化，那麼您也應該相信我們在這一點上也做得很好。與我們的網路根源類似，身分認同是企業安全的關鍵實施點。與大多數其他形式的安全措施（如網路防火牆）一樣，身分認同也是一種即時產品。正因為如此，我們相信，身分的未來實際上將掌握在那些已經做好充分準備迎接未來身分挑戰的人手中，而不是新手。

Hence, we have diverged from our original approach of going and buying first-in-market best-of-breed products to go and own market or categories. Instead, we believe the future in this category is going to belong to somebody who has already established a strong reputation and is a leader in identity security.

因此，我們改變了原來的做法，即購買市場上首創的最佳產品，轉而去擁有自己的市場或產品類別。相反，我們相信這一類別的未來將屬於那些已經建立良好聲譽並在身份安全領域處於領先地位的人。

So as the widespread deployment of AI agents makes privileged access more important, we believe security, not SSO or ID vendors, are best positioned to address emerging needs, and that growth in PAM data and census will further solidify category leaders like CyberArk. Second, with 90% of our breaches involving stolen or mismanaged credentials, every user, machine, and AI agent should be considered a privileged user rather than just a small set of IT administrators.

因此，隨著人工智慧代理的廣泛部署使特權存取變得更加重要，我們相信安全性（而不是 SSO 或 ID 供應商）最有能力滿足新興需求，並且 PAM 數據和人口普查的增長將進一步鞏固 Cyber​​Ark 等類別領導者的地位。其次，90% 的違規行為都涉及憑證被盜或管理不善，因此每個用戶、機器和 AI 代理都應被視為特權用戶，而不僅僅是一小部分 IT 管理員。

CyberArk's reach extends to over 8 million privileged end users and over 50% of the Fortune 500. With the right product strategy and go-to-market acceleration from Palo Alto Networks, we believe CyberArk will be able to both deepen their penetration in PAM and target the significantly larger base of global IAM users and machine identities. Thirdly, the identity industry is lacking a broader platform. Today, over 100 vendors are vying to capture the customer's attention across multiple functional domains. These domains are converging as the complexity of stitching together disparate solutions and the rise in identity-related breaches push enterprises to favor better integration.

Cyber​​Ark 的業務範圍涵蓋超過 800 萬特權終端用戶和超過 50% 的財富 500 強企業。我們相信，憑藉 Palo Alto Networks 正確的產品策略和加速上市的速度，Cyber​​Ark 將能夠深化其在 PAM 領域的滲透，並瞄準全球更大的 IAM 用戶和機器身份群體。第三，身份產業缺乏更廣闊的平台。如今，超過 100 家供應商正在多個功能領域爭相吸引客戶的注意。由於整合不同解決方案的複雜性以及身分相關違規行為的增加促使企業傾向於更好的整合，這些領域正在融合。

We believe Palo Alto can accelerate CyberArk’s platform vision as they look to expand across multiple identity domains. By combining their leadership in identity security with our industry-leading AI-powered security platforms and our platformization approach, coupled with our go-to-market, we will be able to offer the most complete integrated security solution on the market. We're building an evergreen security company that will define the industry for decades to come.

我們相信，Palo Alto 可以加速 Cyber​​Ark 平台願景的實現，因為他們希望擴展到多個身分領域。透過將他們在身分安全方面的領導地位與我們業界領先的人工智慧安全平台和我們的平台化方法相結合，再加上我們的行銷策略，我們將能夠提供市場上最完整的整合安全解決方案。我們正在打造一家常青的安全公司，在未來幾十年內引領產業發展。

After many detailed conversations, we have strategic alignment with the CyberArk team and a common culture of innovation. Following the close of the transaction, we will optimize our combined go-to-market resources and continue to lead innovation. To provide some context, we have nearly 10 times the number of core sellers, and we see an opportunity to expand CyberArk’s presence into a much larger 75,000 customer base.

經過多次詳細的對話，我們與 Cyber​​Ark 團隊達成了策略一致，並擁有共同的創新文化。交易完成後，我們將優化合併後的市場資源並持續引領創新。為了提供一些背景信息，我們的核心賣家數量幾乎是原來的 10 倍，我們看到了將 Cyber​​Ark 的業務擴展到更大的 75,000 個客戶群的機會。

Overall, we believe this accelerates our mission to double the value of our joint businesses over the next five years. We are strategically entering this category now to define the next chapter of cybersecurity for the AI era. We look forward to providing more details on our strategy once we close the transaction.

整體而言，我們相信這將加速我們實現未來五年內聯合業務價值翻倍的使命。我們現在正策略性地進入這個類別，以定義人工智慧時代網路安全的下一篇章。我們期待在交易完成後提供有關我們策略的更多細節。

Before I hand over to Dipak, I want to take a moment to speak from the heart on the important leadership announcement we made today. Our founder, our first innovator, and a true titan of this industry, Nir Zuk has decided to retire after more than 20 years. When you think about Palo Alto Networks, you think of Nir. It is impossible to overstate Nir's impact. He didn't just start a company, he started a revolution with the next-generation firewall, forever changing the security landscape.

在將權力移交給迪帕克之前，我想花一點時間，從內心談談我們今天宣布的重要領導任命。我們的創辦人、我們的第一位創新者、這個行業的真正巨頭 Nir ​​Zuk 決定在工作 20 多年後退休。當您想到 Palo Alto Networks 時，您就會想到 Nir。無論怎樣強調 Nir ​​的影響都是不為過。他不僅創辦了一家公司，還利用下一代防火牆發起了一場革命，永遠改變了安全格局。

Personally, it has been a privilege to call him a partner and a friend. The relentless competitive fire that defines our culture, that is his legacy. It is in our DNA. His legacy isn't just in our products, it is in our people. So Nir, on behalf of every single one of us, thank you.

就我個人而言，能夠稱他為合作夥伴和朋友是我的榮幸。永不停止的競爭熱情定義了我們的文化，這就是他的遺產。它存在於我們的 DNA 中。他的遺產不僅體現在我們的產品中，也體現在我們的員工中。所以，Nir，我代表我們每一個人向你表示感謝。

This marks a seamless and natural transition as we pass the torch to Lee Klarich, who will now serve as both Chief Product and Technology Officer and as a member of our Board. For years, almost as many as Nir, Lee has been the chief architect of our product strategy, masterfully turning our vision into the industry-leading platforms we have today. Appointing him as both CPO and CTO and to our Board of Directors is a reflection of the profound trust we have in his leadership. This ensures the soul of our innovation not only continues but accelerates into the future. With that, let me pass on to Dipak.

這標誌著我們將權力移交給 Lee Klarich，實現無縫且自然的過渡，他現在將擔任首席產品和技術長以及董事會成員。多年來，幾乎和 Nir ​​一樣，Lee 一直擔任我們產品策略的首席架構師，巧妙地將我們的願景轉變為我們今天所擁有的行業領先的平台。任命他為首席採購官、首席技術長和董事會成員，體現了我們對他領導能力的深切信任。這確保了我們創新的靈魂不僅能夠延續，而且能夠加速走向未來。接下來，請容許我把話題轉交給迪帕克。

Thank you, Nikesh, and good afternoon everyone. To maximize our time spent on Q&A, I will provide you with financial highlights of Q4. You can review the detailed results in our press release and in 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，我將向您提供第四季度的財務亮點。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詳細結果。

In Q4 '25, total revenue was $2.54 billion and grew 16%, above the high end of our guided range. Within total revenue, product revenue grew 19%, driven by growth in software form factors, while total services revenue grew 15%. Within total services, subscription revenue grew 17% and support revenue rose 11%.

2025 年第四季度，總營收為 25.4 億美元，成長 16%，高於我們預期的最高水準。在總收入中，產品收入成長了 19%，這得益於軟體形式的成長，而總服務收入成長了 15%。在整體服務中，訂閱收入成長了 17%，支援收入成長了 11%。

In the fourth quarter, 56% of product revenue was from software form factors, a significant driver of product revenue growth year over year. On a trailing 12-month basis, the proportion of our product revenue from software surpassed 40%, driven by growth in our software firewall form factors and PAN-OS SD-WAN. We continue to see firewall appliance growth in line with the ranges that we have described in past periods, namely 0 to 5%.

第四季度，56%的產品營收來自軟體形式，這是產品營收年增的重要推手。在過去 12 個月中，我們的產品收入中來自軟體的比例超過了 40%，這得益於我們的軟體防火牆形式和 PAN-OS SD-WAN 的成長。我們繼續看到防火牆設備的成長與我們在過去時期所描述的範圍一致，即 0 到 5%。

Moving on to geographies, we saw double-digit growth across all theaters with the Americas growing 15%, EMEA up 19%, and JAPAC growing 13%. We saw strength across our major verticals and saw a year-over-year bookings growth improvement in our public sector business.

從地理來看，我們看到所有影院都實現了兩位數成長，其中美洲成長 15%，歐洲、中東和非洲地區成長 19%，日本和太平洋地區成長 13%。我們在主要垂直領域都表現出強勁實力，公共部門業務的預訂量較去年同期成長也有所改善。

Remaining performance obligation, or RPO, grew 24% to $15.8 billion. This was our highest RPO growth in seven quarters at a significantly larger scale. Our current RPO was $7.0 billion, growing 17% year over year.

剩餘履約義務（RPO）成長 24%，達到 158 億美元。這是我們七個季度以來 RPO 成長最高的一次，而且規模顯著擴大。我們目前的 RPO 為 70 億美元，年增 17%。

As Nikesh noted, we saw customers making significant commitments to our platforms in Q4, as reflected by a large deal volume, net new platformizations, and RPO growth. Contract duration in the quarter increased slightly on both a year-over-year and a quarter-over-quarter basis, but remains within our historical range at approximately three years.

正如 Nikesh 所指出的，我們看到客戶在第四季度對我們的平台做出了重大承諾，這體現在大量的交易量、淨新平台化和 RPO 成長上。本季的合約期限年比和季均略有增加，但仍處於我們約三年的歷史範圍內。

Turning to next-generation security ARR, where we continue to see very healthy growth. We ended the quarter at $5.58 billion in NGS ARR, which grew 32%. Q4 NGS ARR included approximately $17.5 million in support where customers also purchased Strata Cloud Manager.

轉向下一代安全 ARR，我們繼續看到非常健康的成長。本季結束時，我們的 NGS ARR 達到 55.8 億美元，成長了 32%。Q4 NGS ARR 包括約 1750 萬美元的支持，其中客戶還購買了 Strata Cloud Manager。

For context, this AI-powered unified management platform, which utilizes rich telemetry to deliver deeper insights into threats, has significantly improved user experience and much faster mean time to resolve issues for our customers. We expect this to be a growing contributor going forward, but remain immaterial to total NGS ARR.

就背景而言，這個由人工智慧驅動的統一管理平台利用豐富的遙測技術提供對威脅的更深入洞察，顯著改善了用戶體驗，並大大縮短了為客戶解決問題的平均時間。我們預計這將成為未來不斷增長的貢獻者，但對於整體 NGS ARR 而言仍然無關緊要。

We added approximately $490 million in net new NGS ARR in Q4, up 12% from a year ago. Our momentum was broad-based this quarter. Notable growth drivers included software firewalls, SASE, and XSIAM. AI ARR is now approximately $545 million in Q4, up over 2.5 times year over year.

我們在第四季增加了約 4.9 億美元的淨新 NGS ARR，比去年同期成長了 12%。本季我們的發展動能十分廣泛。值得注意的成長動力包括軟體防火牆、SASE 和 XSIAM。第四季度，AI ARR 約為 5.45 億美元，年增 2.5 倍以上。

Moving down the income statement, total gross margin was 75.8%. Product gross margin was 76.8%. As we closed fiscal '25, we undertook a comprehensive review of our inventory, leading to Palo Alto Networks taking a reserve for excess and obsolete inventory and spares. This was a deliberate and prudent step, taking a disciplined and conservative view of our product lifecycle. This action solidifies our balance sheet and ensures we're well positioned into fiscal '26 and beyond.

順著損益表往下看，總毛利率為 75.8%。產品毛利率為76.8%。在結束 25 財年時，我們對庫存進行了全面審查，Palo Alto Networks 為此對多餘和過時的庫存及備件進行了儲備。這是一個深思熟慮且謹慎的舉措，對我們的產品生命週期採取了嚴謹而保守的看法。這項措施鞏固了我們的資產負債表，並確保我們在 26 財年及以後處於有利地位。

That being said, we expect product gross margins for fiscal year '26 to increase relative to '25 and be in the high 70%s or low 80%s. As I have mentioned in prior quarters, we've been transitioning our primary manufacturing and fulfillment center to a contract manufacturing facility in Texas to provide us with the benefit from scale and innovation, as well as to take advantage of a foreign trade zone that can help us mitigate the impact of any potential tariffs on products we ship to international customers and destinations.

話雖如此，我們預計26財年的產品毛利率將較25財年有所成長，達到70%以上或80%以下。正如我在前幾個季度提到的，我們一直在將主要的製造和配送中心轉型為位於德克薩斯州的一家合約製造工廠，以便我們獲得規模效益和創新優勢，並利用對外貿易區的優勢，幫助我們減輕任何潛在關稅對我們運往國際客戶和目的地的產品的影響。

We continue to believe that we differentiate ourselves in the industry by being the only pure-play cybersecurity firm to assemble all of our hardware in the USA at scale. As a result, the impact of tariffs on our business has been immaterial.

我們始終相信，我們是唯一一家在美國大規模組裝所有硬體的純網路安全公司，這使我們在業界脫穎而出。因此，關稅對我們業務的影響並不大。

Total services gross margin was 75.5%, a slight sequential increase from Q3. We are pleased by the sustained growth in our SaaS offerings and are executing on cloud cost efficiencies, including engaging with our cloud service providers to negotiate favorable procurement arrangements as the scale of our cloud-hosted products continues to grow. We continue to deliver profitable growth through the expansion of operating margins, which encompasses the gross margins that I just discussed.

服務總毛利率為 75.5%，較第三季略有成長。我們對 SaaS 產品的持續成長感到高興，並且正在努力提高雲端成本效率，包括隨著我們雲端託管產品規模的不斷成長，與我們的雲端服務供應商協商有利的採購安排。我們繼續透過擴大營業利潤率（包括我剛才討論的毛利率）來實現獲利成長。

In Q4, we expanded operating margins by 340 basis points and delivered operating margins above 30% for the first time in the company's history. On an annual basis, operating margins of 28.8% came in above the high end of our guided range, as we drove scale and efficiencies across sales and marketing, R&D, and G&A. Diluted non-GAAP EPS was $0.95 and also came in ahead of the high end of our guided range.

第四季度，我們的營業利潤率擴大了 340 個基點，並在公司歷史上首次實現了 30% 以上的營業利潤率。從年度來看，由於我們在銷售和行銷、研發以及一般行政管理方面推動了規模和效率的提高，我們的營業利潤率為 28.8%，高於我們指導範圍的高端。稀釋非公認會計準則每股收益為 0.95 美元，也高於我們指導範圍的高端。

Turning to the balance sheet, you will see that our debt balance came down by $383 million as our 2025 convertible notes reached maturity in June of this year. These notes were settled in cash and equity in Q4. We did not repurchase any shares in Q4, and our buyback strategy remains opportunistic. We have $1 billion in authorization remaining through December 2025.

翻到資產負債表，你會看到，由於我們的 2025 年可轉換票據於今年 6 月到期，我們的債務餘額下降了 3.83 億美元。這些票據於第四季以現金和股權結算。我們在第四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。

As many of you have heard from me in the past, we are focused on delivering profitable growth, and every decision we make is made within the context of maximizing long-term total shareholder return. For that reason, I'm extremely proud that Palo Alto Networks has delivered results that were above the Rule of 50 for the last 5 years.

正如你們許多人過去聽我說過的那樣，我們專注於實現盈利增長，我們做出的每一個決定都是在最大化長期股東總回報的背景下做出的。因此，我非常自豪 Palo Alto Networks 在過去 5 年中取得了高於 50 規則的成果。

We are unique in our ability to deliver top-line growth with leading free cash flow margins at a level that is best in class amongst scaled enterprise software companies. As you will see shortly, we expect to once again be above the Rule of 50 in fiscal year '26. As Nikesh discussed, our ability to deliver sustained growth can be attributed to both our continued focus on innovation and our platformization strategy, which is driving bigger deals for us and better outcomes for our customers.

我們擁有獨一無二的能力，能夠實現營收成長，並擁有領先的自由現金流利潤率，在規模化企業軟體公司中處於領先地位。您很快就會看到，我們預計 26 財年我們的業績將再次超過 50 法則。正如 Nikesh 所討論的，我們實現持續成長的能力可以歸功於我們對創新的持續關注以及我們的平台化策略，這為我們帶來了更大的交易，並為我們的客戶帶來了更好的結果。

On the free cash flow side of the equation, we've been able to expand our operating margins, providing a higher floor for our free cash flow, while improving our visibility to steady cash flows. Critical to our ability to be a continued Rule of 50 company has been the scalability of our business across every line item of the P&L. Since fiscal '22, we've expanded our operating margins by almost 1,000 basis points, and we expect to continue to deliver expanded operating efficiencies in fiscal year '26 and beyond.

在自由現金流方面，我們已經能夠擴大我們的營業利潤率，為我們的自由現金流提供更高的底線，同時提高我們對穩定現金流的可見度。我們能否繼續成為「50 規則」公司的關鍵在於我們業務在損益表每個項目上的可擴展性。自 22 財年起，我們的營業利潤率已提高近 1,000 個基點，我們預計 26 財年及以後的營運效率將持續提高。

Our ability to expand operating margins has enabled us to deliver sustained high free cash flow margins while steadily managing an increasing demand for deferred payments. We've been moving through this transition since fiscal '21, and as we lap deals with deferred payments from prior periods, we have increased visibility into our future free cash flows.

我們擴大營業利潤率的能力使我們能夠提供持續的高自由現金流利潤率，同時穩步管理日益增長的延期付款需求。自 21 財年以來，我們一直在經歷這一轉變，隨著我們處理前期遞延付款的交易，我們對未來自由現金流的可見度有所提高。

As I mentioned earlier, we delivered $3.5 billion of free cash flow at 38% margin in fiscal year '25. We had visibility to approximately 40% of that free cash flow from deferred payments on deals signed prior to the fiscal year. We continued through this transition to deferred payments in fiscal '25, and we expect about half of our fiscal '26 free cash flow to come from deferred payment deals signed in fiscal '25 or earlier.

正如我之前提到的，我們在 25 財年實現了 35 億美元的自由現金流，利潤率為 38%。我們可以看到，在財政年度之前簽署的交易的延期付款產生了大約 40% 的自由現金流。我們在 25 財年繼續過渡到延期付款，我們預計 26 財年約一半的自由現金流將來自 25 財年或之前簽署的延期付款協議。

Looking forward, we continue to see future free cash flow supported by ongoing operating margin expansion and a continued smooth transition to deferred payments. Specific to that topic, we continue to see increasing demand for annual payments, particularly on larger deals. We're absorbing this transition whilst maintaining our best-in-class adjusted free cash flow margins and guiding fiscal '26 adjusted free cash flow margin of 38% to 39%.

展望未來，我們將繼續看到未來的自由現金流受到持續的營業利潤率擴大和持續平穩過渡到延期付款的支持。具體到該主題，我們繼續看到對年度付款的需求不斷增加，特別是在較大的交易中。我們正在消化這一轉變，同時保持一流的調整後自由現金流利潤率，並預計 26 財年的調整後自由現金流利潤率將達到 38% 至 39%。

With that, let me turn to guidance. The Q1 '26 and fiscal '26 guidance I will provide is for Palo Alto on a stand-alone basis and does not include any anticipated impacts from the proposed acquisition of CyberArk announced on July 30, 2025.

有了這些，讓我來談談指導。我將提供的 2026 年第一季和 2026 財年指導是針對 Palo Alto 的獨立指導，並不包括 2025 年 7 月 30 日宣布的擬議收購 Cyber​​Ark 的任何預期影響。

For the fiscal year 2026, we expect NGS ARR to be in the range of $7.00 billion to $7.10 billion, an increase of 26% to 27%. Remaining performance obligation of $18.6 billion to $18.7 billion, an increase of 17% to 18%. Revenue to be in the range of $10.475 to $10.525 billion, an increase of 14%.

對於 2026 財年，我們預計 NGS ARR 將在 70 億美元至 71 億美元之間，成長 26% 至 27%。剩餘履約義務為186億美元至187億美元，成長17%至18%。營收將在 104.75 億美元至 105.25 億美元之間，成長 14%。

Operating margins to be in the range of 29.2% to 29.7%. Diluted non-GAAP EPS to be in the range of $3.75 to $3.85, an increase of 12% to 15%, and adjusted free cash flow margin in the range of 38% to 39%. For the first fiscal quarter of 2026, we expect NGS to be in the range of $5.82 to $5.84 billion, an increase of 29%. Remaining performance obligation of $15.4 billion to $15.5 billion, an increase of 23%. Revenue to be in the range of $2.45 billion to $2.47 billion, an increase of 15%, and diluted non-GAAP EPS to be in the range of $0.88 to $0.90, an increase of 13% to 15%.

營業利益率在29.2%至29.7%之間。稀釋非公認會計準則每股收益在 3.75 美元至 3.85 美元之間，成長 12% 至 15%，調整後自由現金流利潤率在 38% 至 39% 之間。對於 2026 財年第一季度，我們預計 NGS 規模將在 58.2 億美元至 58.4 億美元之間，成長 29%。剩餘履約義務為154億美元至155億美元，成長23%。營收將在 24.5 億美元至 24.7 億美元之間，成長 15%；稀釋非 GAAP 每股盈餘將在 0.88 美元至 0.90 美元之間，成長 13% 至 15%。

We've included our modeling points in the presentation for your review, but I would like to highlight two areas. Firstly, we expect Q1 '26 product revenue growth to be approximately 20%, and we expect fiscal year '26 product revenue growth to be in the low teens. This is largely driven by strength in our software form factors within product revenue.

我們已在簡報中包含了我們的建模要點供您審閱，但我想強調兩個方面。首先，我們預計 2026 年第一季產品營收成長率約為 20%，我們預期 2026 財年產品營收成長率將達到百分之十幾。這很大程度上得益於我們產品收入中軟體形式因素的優勢。

Furthermore, we expect our top-line seasonality to continue to be second-half and Q4 weighted as we continue to platformize with our customers. Finally, I'd like to give an update around our financial expectations for the combined Palo Alto Networks and CyberArk. As you can see, we are pursuing this acquisition from a position of strength and are excited about our integration efforts post-close.

此外，隨著我們繼續與客戶進行平台化，我們預計我們的營收季節性將繼續受到下半年和第四季的影響。最後，我想更新我們對 Palo Alto Networks 和 Cyber​​Ark 合併後的財務預期。正如您所看到的，我們正以實力優勢進行此次收購，並對收購後的整合工作感到興奮。

Based on our continued operating margin expansion and visibility into free cash flow and our continued smooth transition to deferred payments, we're targeting adjusted free cash flow of 40% plus for the combined company in fiscal '28, the first full year post-integration. This target assumes the impact of M&A-related synergies. We intend to provide more details on the full scope of synergies post the closing of the transaction, which we continue to expect will happen in the second half of fiscal year '26. We're excited about the outcomes the combined Palo Alto Networks and CyberArk businesses will deliver from a security perspective, as well as from a TSR perspective for the shareholders of both companies. With that, I will turn over to Hamza for Q&A.

基於我們持續的營業利潤率擴大和自由現金流的可見性以及我們持續平穩過渡到延期付款，我們的目標是在 28 財年（即整合後的第一個完整年度）實現合併後公司調整後的自由現金流達到 40% 以上。此目標假設了併購相關綜效的影響。我們打算在交易完成後提供有關協同效應的全部範圍的更多詳細信息，我們預計交易將在 26 財年下半年完成。我們對 Palo Alto Networks 和 Cyber​​Ark 合併後的業務從安全角度以及從 TSR 角度為兩家公司股東帶來的成果感到興奮。接下來，我將把問答環節交給 Hamza。

(Conference Instructions) Rob Owens from Piper Sandler, followed by Brad Zelnick from Deutsche Bank.

（會議指示）Piper Sandler 的 Rob Owens，隨後是德意志銀行的 Brad Zelnick。

Thank you, Hamza, and good afternoon. Thanks for taking my question. I was hoping to get a more strategic view on security consolidation both from your perspective, where we're at now, as well as any anecdotes you can share from customers.

謝謝你，哈姆扎，下午好。感謝您回答我的問題。我希望從您的角度、我們現在所處的位置以及您從客戶那裡分享的任何軼事中獲得有關安全整合的更具策略性的看法。

As you well know, security is one of the most fragmented IT markets of scale, with Palo Alto Networks as the independent leader, but still only kind of a mid-single-digit share relative to spend right now. Well, platformization, your SecOps strategy was clearly aimed at playing to this convergence. Can you speak to the rise of agentic right now and how it's catalyzing this market need? Thanks.

眾所周知，安全是規模最分散的 IT 市場之一，Palo Alto Networks 是獨立領導者，但相對於目前的支出而言，其份額仍然只有中等個位數。嗯，平台化，您的 SecOps 策略顯然是為了實現這種融合。您能談談目前 agentic 的興起以及它是如何催化這一市場需求的嗎？謝謝。

Rob, thanks for your question. I guess we should be more strategic in our answers, so. Like, the consolidation is 99% perspiration, and you see that. That's why we've set ourselves on this plan of platformization. And I think the reason we highlighted a $50 million ARR deal, that's a big number in technology, whether it's cybersecurity or anything else. That tells you the art of the possible.

羅布，謝謝你的提問。我想我們的回答應該要更具策略性，所以。就像，鞏固是 99% 的汗水，你看到了。這就是我們制定平台化計劃的原因。我認為我們之所以強調 5000 萬美元的 ARR 交易，是因為這對於技術領域來說是一個很大的數字，無論是網路安全還是其他領域。這告訴你可能性的藝術。

If one was able to consolidate the entire security spend of a large customer, you can get up to $50 million in ARR. I think if you look around our landscape, many companies are still reporting million-dollar customers, right? The art of the possible is $10 million to $20 million to $150 million in ARR. That shows you that's where consolidation is headed.

如果能夠整合大客戶的全部安全支出，則可以獲得高達 5,000 萬美元的 ARR。我想，如果你環顧我們的情況，許多公司仍然在報告百萬美元的客戶，對嗎？可能的 ARR 為 1000 萬美元至 2000 萬美元至 1.5 億美元。這顯示整合正在朝這個方向發展。

Now historically, whether it's CRM, whether it's ERP, whether it's HR workflow, it's ITSM, all these markets have started as fragmented markets. They've just been around 25 years longer than we have. So if you play this movie 10, 15 years out, there's no reason why our installed base of platform customers should not continue to rise at the pace we're trying to predict is going to rise.

從歷史上看，無論是 CRM、ERP、HR 工作流程或 ITSM，所有這些市場都是從分散的市場開始的。他們只是比我們多活了25年而已。因此，如果你在 10 年或 15 年後再看這部電影，那麼我們的平台客戶安裝群就沒有理由不繼續以我們預測的速度成長。

So, yeah, can I see ours going from 6% to 8% market share to 15%, 20%? Yes, I can. Is it going to happen in one quarter? Unfortunately not. It's going to take us this sort of, you know, deft art of convincing our customers to platformize with us, giving them good experiences on one platform, evolving them to the next one.

那麼，我們的市佔率能否從 6% 到 8% 上升到 15% 或 20% 呢？是的，我可以。這會在一個季度內發生嗎？不幸的是沒有。我們需要這種巧妙的技巧來說服客戶與我們一起平台化，讓他們在一個平台上獲得良好的體驗，並讓他們轉向下一個平台。

And I'll tell you, the benefit of AI is we're down to a 25-minute attack. Right? So it's no longer how much money are you spending to protect yourself. The question is how quickly are you going to find it and how quickly you're going to stop it. If the answer is more than 25 minutes, I got news for you. These wonderful agents are going to come and make sure they're able to exfiltrate data and breach your enterprise. It doesn't matter how much you're spending, in under 25 minutes.

我告訴你，人工智慧的好處是，我們的攻擊時間縮短到了 25 分鐘。正確的？因此，問題不再是你花了多少錢來保護自己。問題是你能多快發現它並多快阻止它。如果答案超過 25 分鐘，我就會為你帶來新聞。這些出色的特工將會來確保他們能夠竊取資料並入侵您的企業。不管您花多少錢，都只需 25 分鐘。

To get there, the only way to get near real-time is to have some consistency in your platform where data talks to each other and you're able to run agents on top of it. We can't run agents on top of disparate infrastructure. There's no agent out there that understands three different firewall vendors and infrastructure, two SASE vendors, a browser vendor, and seven other vendors on top. Well, there's one, we'd love to hire it.

為了實現這一目標，接近實時的唯一方法是在平台上保持一定的一致性，使數據能夠相互通信，並且能夠在其上運行代理。我們無法在不同的基礎架構上運行代理程式。沒有任何代理商能夠了解三家不同的防火牆供應商和基礎設施、兩家 SASE 供應商、一家瀏覽器供應商以及另外七家供應商。嗯，有一個，我們很樂意僱用它。

So I think agentic is only going to make this worse because there are agents that bad actors can deploy to try and reach you. So I think from our perspective, AI is going to act as an accelerant towards the desire to consolidate. Customers are beginning to feel the value of consolidated data, not just in security, in other areas, as you can see.

所以我認為 agentic 只會讓情況變得更糟，因為不法分子可以部署代理來嘗試聯繫你。因此我認為從我們的角度來看，人工智慧將成為整合願望的加速器。如您所見，客戶開始感受到整合資料的價值，而不僅僅是在安全性方面，在其他領域也是如此。

So it's all good, but it's going to have to be heads-down execution. And you know, in that light -- and I'm sorry for taking so long to answer a question like that that's what's driving us to say, look, we need to get identity as part of the fold because identity is I sort of have a word in my script, which I didn't say -- maybe it's time for identity firewall. Why is there no real-time clearing of identities in an enterprise that is disbanded and spread across seven or ten different identity providers?

所以一切都很好，但必須全力以赴地執行。你知道，從這個角度來看——我很抱歉花了這麼長時間才回答這樣的問題，這就是促使我們說，看，我們需要將身份作為其中的一部分，因為身份是我的腳本中有一個詞，但我沒有說——也許是時候建立身份防火牆了。為什麼在一個解散並分散在七個或十個不同身分提供者的企業中無法即時清除身分？

Next question will be Brad Zelnick from Deutsche Bank, followed by Saket Kalia from Barclays.

下一個提問者是德意志銀行的布拉德·澤爾尼克 (Brad Zelnick)，然後是巴克萊銀行的薩凱特·卡利亞 (Saket Kalia)。

Great. Thank you very much for taking the questions, and congrats on a monster near $5 billion bookings quarter. Nikesh, if you reflect back on the underlying drivers, how much of this is strong execution versus maybe improved macro since April versus seeing the fruits of platformization play out? Or is the platformization benefit still very much ahead of us? Thank you.

偉大的。非常感謝您回答這些問題，並祝賀本季預訂量接近 50 億美元。Nikesh，如果您回顧背後的驅動因素，那麼這其中有多少是強有力的執行，多少是自 4 月以來宏觀經濟的改善，多少是平台化成果的體現？或者平台化的好處還遠遠沒有到來？謝謝。

Well, first of all, thank you, Brad, for your positive note on our stock most recently. You found a low point to re-establish your credibility with us, so thank you. That notwithstanding, like -- I want to say it's the platformization story.

嗯，首先，感謝布拉德最近對我們股票的正面評價。您找到了低谷，並在我們的心中重新建立了信譽，所以謝謝您。儘管如此，我想說這是一個平台化的故事。

I think it takes a while to take our thousands of sellers out there, get them to understand that the value is in platformization and being able to multiply and deploy all of our products in a consistent fashion. I don't think the macro's bad. I think macro's fine. I think the challenge that you've been seeing is something that Rob just talked about.

我認為需要一段時間才能讓成千上萬的賣家認識到平台化的價值，並讓他們能夠以一致的方式增加和部署我們所有產品。我不認為這個宏不好。我認為宏很好。我認為您所看到的挑戰就是 Rob 剛才談到的。

We still have fragmented players in the industry. You get trapped in a hardware-only business. If you only have a hardware business, you don't have a software firewall where you have 50 years market share, you're not going to have double-digit product growth on a consistent basis. If you're not taking share in SASE and you only have SASE to deal with, then you're stuck in a situation where you're losing shares in SASE and you're still fighting three vendors in every SASE sort of POC or SASE deal. If you're not innovating, you're not out on the browser game, then you got to watch out because the world is moving towards the browser.

我們的行業中仍然存在分散的參與者。您陷入了僅從事硬體業務的困境。如果你只有硬體業務，而沒有擁有 50 年市場份額的軟體防火牆，那麼你就不可能持續實現兩位數的產品成長。如果您沒有佔據 SASE 的份額，而只需要處理 SASE，那麼您將陷入失去 SASE 份額的境地，並且在每種 SASE 類型的 POC 或 SASE 交易中您仍然需要與三家供應商競爭。如果你不創新，你就不會在瀏覽器遊戲中脫穎而出，那麼你必須小心，因為世界正在走向瀏覽器。

I think it's a combination of the innovation roadmap, the conviction of the customer that we have now demonstrated over the last five years that we will rush to deploy and embrace a technology that's out on the market. Two years ago we didn't have a browser. And a year ago we didn't have an AI firewall. Our customers see that, said, look, I know that if I commit to your platform, I will see a path to the next technology out there.

我認為這是我們創新路線圖和客戶信念的結合，我們在過去五年中已經證明了這一點，我們將急於部署和接受市場上現有的技術。兩年前我們還沒有瀏覽器。一年前我們還沒有人工智慧防火牆。我們的客戶看到這一點，說，看，我知道如果我致力於你們的平台，我會看到通往下一代技術的道路。

So I think it's partly us building conviction with our customers that we will provide them an evergreen path. I think it's partly the fact that people feel that there is a need to consolidate to get a better security outcome. I think macro is still what it is. I think the Fed is finally coming out of its machinations of a new administration trying to figure out how to keep business as usual going and how to make sure that we continue to protect the nation.

因此，我認為部分原因是我們要與客戶建立信心，相信我們會為他們提供一條常青之路。我認為部分原因是人們覺得有必要整合以獲得更好的安全結果。我認為宏觀依然如此。我認為聯準會終於擺脫了新政府的陰謀，試圖弄清楚如何保持正常運作以及如何確保我們繼續保護國家。

So I think from all those perspectives, macro is fine. I think there's no big step up or step down in macro. Now we'll see what happens forward, but I don't see anything different in the market going forward. I think we can continue to see the benefits of consolidation.

所以我認為從所有這些角度來看，宏觀都是好的。我認為宏觀層面上不會出現大的進步或退步。現在我們將看看未來會發生什麼，但我認為未來市場不會有什麼不同。我認為我們可以繼續看到整合的好處。

And as always, look, there's always the Q4 magic, as you all know, and there's no magic to July 31, but there's magic to Q4. So I think part of what you're seeing is our team saw that they were executing really well and they put their foot on the accelerator.

像往常一樣，你看，總是有第四季度的魔力，正如你們所知，7 月 31 日沒有魔力，但第四季有魔力。所以我認為，您所看到的部分情況是我們的團隊發現他們的執行效果非常好，因此他們加大了力度。

Thank you, Brad. Our next question is from Saket Kalia from Barclays, followed by Gabriela Borges from Goldman Sachs.

謝謝你，布拉德。下一個問題來自巴克萊銀行的 Saket Kalia，然後是高盛的 Gabriela Borges。

Okay, great. Hey guys, thanks for taking my question here. Nice finish to the year and congrats to Lee and Nir on their respective next steps.

好的，太好了。嘿夥計們，謝謝你們在這裡回答我的問題。今年圓滿結束，祝賀 Lee 和 Nir ​​各自的下一步進展。

The cash, maybe for you. I’d love to dig into the network security ARR a little bit more, particularly the form factor shift in firewall. You’ve talked about sort of more of a move to software there driven by cloud transformation. Maybe the question is, why do you think Palo Alto is taking share in the software part of the firewall market? And how do you think about lifetime value there versus appliances, if that makes sense?

這些現金也許適合你。我很想更深入地研究網路安全 ARR，特別是防火牆外形尺寸的轉變。您談到了由雲端轉型推動的軟體轉型。也許問題是，您認為 Palo Alto 為何能在防火牆市場的軟體部分佔有一席之地？您如何看待其終身價值與家用電器相比，如果這說得通的話？

Well, let me have our new Board member first answer the form factor shift from a technological perspective. You have to deliver visionary stuff as Chief Technology Officer. Then I’ll talk to you about the numbers. Go ahead.

好吧，首先請我們的新董事會成員從技術角度來回答外形尺寸的轉變。作為首席技術官，你必須提供有遠見的東西。然後我會和​​你討論這些數字。前進。

Thank you. Thank you very much. Look, if you think about the hardware space, it started in 1994, 1995, just to give you a sense of how long that space has been around, whereas the software network security market is much more recent. As customers made their shift toward the cloud, a lot of the incumbent vendors sort of treated it as a secondary market, possibly to features something that is hardware-based, put a little spit and shine on it.

謝謝。非常感謝。你看，如果你想想硬體領域，它始於 1994 年、1995 年，只是為了讓你了解這個領域已經存在了多長時間，而軟體網路安全市場則更為新近。隨著客戶轉向雲端運算，許多現有供應商將其視為二級市場，可能提供一些基於硬體的功能，並對其進行一些修飾。

The reality though is the cloud environments require a lot more focus than that. It’s not just someone else’s network and you put a software firewall into it. There’s a lot of unique innovation that has to be driven, and you saw this over the last few years from us. We launched Cloud NGFWs, which are designed to be cloud-native firewalls. So they’re not just a virtual appliance, they’re actually designed to fit seamlessly in the cloud.

但現實情況是，雲端環境需要更多的關注。它不僅僅是別人的網絡，你還可以在其中安裝軟體防火牆。有很多獨特的創新需要推動，過去幾年我們已經看到了這一點。我們推出了雲端 NGFW，旨在成為雲端原生防火牆。因此，它們不僅僅是虛擬設備，它們實際上被設計為無縫融入雲端。

With the PAN-OS Orion launch from last week, we talked about cloud networking and building out a whole cloud networking fabric that connects into that, not only for our Cloud NGFWs but also for our AI firewalls that run in the cloud as well.

隨著上週 PAN-OS Orion 的發布，我們討論了雲端網路以及建構與之連接的整體雲端網路結構，不僅適用於我們的雲端 NGFW，也適用於在雲端中運行的 AI 防火牆。

So I believe our traction and success in software firewalls is the amount of dedicated attention we put on them to drive unique innovation that’s specific to their deployment needs. And we see it in the numbers, and we see it in the customer traction we get.

因此，我相信我們在軟體防火牆方面的發展和成功在於我們投入了大量的精力來推動針對其部署需求的獨特創新。我們從數字中看到了這一點，從我們獲得的客戶吸引力中也看到了這一點。

Look, I think part of what you’re seeing from why now is, originally the view was that people will go with one cloud service provider, make that the mainstay of their cloud migration, and that’s where you’re going to get some of this network security capability. But today, I’d say if you get a Fortune 500, 80%, 90% of the customers are multi-cloud. It’s hard to find a single-cloud customer out in the market unless you’re the cloud provider yourself. Even they have sometimes too, because they make an acquisition where somebody else is using a different cloud provider.

看，我認為您現在看到的部分原因是，最初的觀點是人們會選擇一家雲端服務供應商，並將其作為雲端遷移的主要支柱，而這正是您將獲得部分網路安全能力的地方。但今天，我想說，如果你看看財富 500 強企業，你會發現 80%、90% 的客戶都是多雲的。除非您自己就是雲端供應商，否則很難在市場上找到單一雲端客戶。有時他們也會這樣做，因為他們收購了其他正在使用不同雲端供應商的公司。

So the moment you start having multiple cloud providers, then if you want a single pane of glass, you need to go off one of them and come to something like Palo Alto. We’re the only player in the market which has native embedded software firewalls in all of the cloud providers. So you want one pane of glass and native firewalls across all cloud providers, you come to us. That’s one reason.

因此，當您開始擁有多個雲端供應商時，如果您想要單一管理平台，您需要離開其中一個，然後轉向像 Palo Alto 這樣的地方。我們是市場上唯一一家在所有雲端供應商中都擁有原生嵌入式軟體防火牆的廠商。因此，如果您想要跨所有雲端供應商的單一管理平台和原生防火牆，您可以來找我們。這是一個原因。

Two is what you’ve noticed now, more and more production applications are in the public cloud. And when they get there, there’s no excuse not to have a firewall protecting that instance. So I think from both those vantage points, it’s that software firewall time has come now.

二是您現在已經注意到，越來越多的生產應用程式位於公有雲中。當他們到達那裡時，沒有理由不使用防火牆來保護該實例。因此我認為從這兩個角度來看，軟體防火牆的時代已經來臨。

And the good news is, as you’d appreciate, hardware, we ship a firewall, customers sandbox it, test it, deploy it, it takes six months. Software firewalls can get turned on overnight. You can provision them in under 24 hours. You can scale them as soon as you want. There’s no lag. You can upgrade them from a software perspective instantaneously. As in, when we deploy an upgrade, it gets deployed to all of our customers.

好消息是，正如您所了解的，硬體方面，我們發送防火牆，客戶對其進行沙盒測試、部署，整個過程需要六個月的時間。軟體防火牆可以在一夜之間開啟。您可以在 24 小時內完成設定。您可以根據需要隨時擴展它們。沒有滯後。您可以立即從軟體角度升級它們。例如，當我們部署升級時，它會部署給我們所有的客戶。

I think for all those reasons, it’s a much more efficient security appliance, in a way, software appliance than you could ever get with hardware. So you’re seeing that. I think from a lifetime value perspective, it’s kind of interesting. We announced a $60 million deal with one company for software firewalls TCV this quarter. It’s been a long time since we did a $60 million hardware firewall deal from a TCV perspective, because that would require you to buy, I don’t know, at least 3,000 firewalls. And nobody’s buying 3,000 firewalls.

我認為，由於所有這些原因，從某種意義上說，它是一種比硬體更有效率的安全設備，即軟體設備。所以你看到了這一點。我認為從終身價值的角度來看，這很有趣。本季度，我們宣布與一家公司達成一項價值 6,000 萬美元的軟體防火牆 TCV 交易。從 TCV 的角度來看，我們已經很久沒有做過價值 6000 萬美元的硬體防火牆交易了，因為那需要你購買至少 3000 個防火牆。沒有人會買 3,000 個防火牆。

Helpful. Thank you.

很有幫助。謝謝。

Just to build on that, Saket, we’d said multiple quarters ago, the transition from a hardware firewall to software firewall was roughly the same in terms of revenue. And Nikesh talked about how it's much easier to deploy. On SASE, actually, the lifetime value ends up being about 2.5 times larger than it typically is on a hardware firewall.

Saket，在此基礎上，我們在多個季度前就說過，從硬體防火牆到軟體防火牆的轉變在收入方面大致相同。Nikesh 也談到如何讓部署變得更容易。實際上，在 SASE 上，生命週期值最終比硬體防火牆的生命週期值高出約 2.5 倍。

Appreciate it. Thanks, guys.

非常感謝。謝謝大家。

Up next is Gabriela Borges from Goldman Sachs, followed by Matt Hedberg from RBC.

接下來是高盛的 Gabriela Borges，然後是加拿大皇家銀行的 Matt Hedberg。

Hey, good afternoon. Thanks for taking the question. Dipak, I wanted to follow up on some of the mixed commentary within NGS ARR from last quarter. Give us a little bit of a sense as we look through this year on how you're thinking about the advanced attached subscription versus the emerging portfolio mix in NGS ARR.

嘿，下午好。感謝您回答這個問題。Dipak，我想跟進上個季度 NGS ARR 中的一些混合評論。回顧今年，請讓我們稍微了解一下您如何看待高級附加訂閱與 NGS ARR 中的新興投資組合組合。

And to Saket’s question on virtual firewalls, do you think we can see similar step-ups in growth in virtual firewalls such that they contribute similar amounts to the growth algorithm for NGS ARR? How durable is that as a growth driver? Thanks.

對於 Saket 關於虛擬防火牆的問題，您是否認為我們可以看到虛擬防火牆在成長方面出現類似的提升，從而為 NGS ARR 的成長演算法貢獻類似的數量？作為成長動力，它的持久性如何？謝謝。

Yeah, so I think, Gabriela, maybe just the meta point is, we’re pretty much over a lot of the transitions of our advanced subscriptions at this stage. Like, we altered the definition really based on feedback from you to make sure that it's easier to see what's excluded at this stage, which is really just the hardware firewalls and legacy subscriptions and support.

是的，所以我認為，加布里埃拉，也許只是元點是，我們在這個階段基本上已經完成了許多高級訂閱的轉變。例如，我們根據您的回饋真正改變了定義，以確保更容易看到現階段排除的內容，這實際上只是硬體防火牆和傳統訂閱和支援。

You know, we will continue to see step-ups from those things that are legacy that we can transition over. But the reality is, more and more of the growth is coming from fast, durable next-generation products, whether it be software firewall, whether it be SASE, whether it be XSIAM, and some of the newer products that we're launching like Prisma AIRS, that will also be significant contributors to growth.

你知道，我們將繼續看到那些我們可以過渡的遺留事物的進步。但現實是，越來越多的成長來自快速、耐用的下一代產品，無論是軟體防火牆、SASE、XSIAM，還是我們推出的一些較新產品，如 Prisma AIRS，這些也將對成長做出重大貢獻。

Next question is from Shaul Eyal at Cowen, followed by Joe Gallo from Jefferies.

下一個問題來自 Cowen 的 Shaul Eyal，然後是 Jefferies 的 Joe Gallo。

Thanks, Hamzah. The top-line results are super impressive. I have a question for Dipak. The 40% free cash flow margins by '28 is also equally impressive. Maybe a question for you or even Lee from a product integration perspective.

謝謝，哈姆札。最終的結果非常令人印象深刻。我有一個問題想問迪帕克。到 28 年，40% 的自由現金流利潤率也同樣令人印象深刻。從產品整合的角度來看，這可能是您或李的一個問題。

Can you talk about some of the underlying components of how you get there and sort of your confidence level on that? Because that is obviously, I think, well above what a lot of us thought post-integration.

您能否談談您如何實現這一目標的一些基本要素以及您對此的信心程度？因為我認為，這顯然遠遠超出了我們許多人對整合後所想的程度。

Well, let me start. I mean, like, we wouldn’t be guiding to it if we didn’t have confidence in it, Shaul. But I think, look, it’s really underpinned by the operating margins. You’ve seen a lot of operating margin expansion occur over the last three years. We feel very confident that we have a business model that scales at every single line item of the P&L. I’ve talked through that before.

好吧，讓我開始吧。我的意思是，如果我們對它沒有信心，我們就不會引導它，沙烏爾。但我認為，這確實受到營業利潤率的支持。過去三年來，我們已經看到營業利潤率大幅擴大。我們非常有信心，我們的商業模式可以在損益表的每一項上擴展。我之前已經討論過這個問題。

We’re a low-capital business model, which always helps from a free cash flow point of view. So I’d say a pretty high degree of confidence. I think the meta point is, when the strategy is to platformize and customers are buying into it and we’re cross-correlating the data, that really helps us scale well as a company, and then that helps scale very well from a cash point of view as well. That’s effectively what we’re seeing as we guide into the future.

我們採用低資本商業模式，從自由現金流的角度來看，這總是有幫助的。所以我認為信心程度相當高。我認為核心觀點是，當策略是平台化，客戶接受它，並且我們正在交叉關聯數據時，這確實有助於我們作為一家公司很好地擴大規模，然後從現金角度來看，這也有助於我們很好地擴大規模。這實際上就是我們在展望未來時所看到的。

I do want to just add, I think he also showed you a bit of a slide about how we feel like some of our free cash flow has been sat upon because of the transition from effectively -- and to annual billings.

我想補充一點，我認為他還向你展示了一張幻燈片，介紹了我們如何感覺我們的部分自由現金流由於從有效到年度賬單的轉變而被擱置。

So now, given that a majority of our business has shifted towards annual billings, we know that the rest is still going to be upfront cash. So given that, we get a sense that we’ll get some relief on the free cash flow margin in the next 24 months.

因此現在，鑑於我們的大部分業務已轉向年度帳單，我們知道其餘部分仍將是預付現金。因此，考慮到這一點，我們預計未來 24 個月內我們的自由現金流利潤率將得到一定程度的緩解。

I think putting all those together in a box and mixing it, we believe we definitely can achieve more than 40% margin. And of course, it’ll require some degree of work with our cyber colleagues and partners when we get this deal done, but we feel confident that they’re equally aligned in terms of what we want to achieve.

我認為將所有這些放在一起並混合在一起，我們相信我們肯定可以實現超過 40% 的利潤率。當然，當我們達成協議時，這需要與我們的網路同事和合作夥伴進行一定程度的合作，但我們相信，他們在我們想要實現的目標方面是一致的。

Okay, great. Up next is Shaul Eyal, and we’ll wrap it up with Joe Gallo from Jefferies.

好的，太好了。接下來是 Shaul Eyal，最後我們將與 Jefferies 的 Joe Gallo 一起結束演講。

Thank you. Good afternoon, everybody. Congrats to everybody. Nikesh, enterprise browser momentuma nd also, browser wars. These wars, are these with privates? Are these with some other players out there? What’s the thinking along these lines? Great acceleration.

謝謝。大家下午好。恭喜大家。Nikesh，企業瀏覽器勢頭以及瀏覽器戰爭。這些戰爭是與士兵之間的戰爭嗎？還有其他球員在場嗎？您這樣的想法是怎麼樣的呢？加速度很大。

Look, if you look at what’s going on, it’s kind of, sometimes it’s better to be lucky than good, right? So we bought the browser because we felt there were certain use cases like VDI or third-party contractors or mobile devices which are not covered by SASE.

你看，如果你看看正在發生的事情，你會發現有時候幸運比優秀更重要，對吧？因此我們購買了瀏覽器，因為我們覺得某些用例（例如 VDI 或第三方承包商或行動裝置）不在 SASE 的覆蓋範圍內。

So we literally bought the browser business thinking we’re going to cover these edge use cases and life will go on as normal for regular employees with VPNs or SASE clients. And we built that strategy and we see a lot of adoption from a third-party contractor as well as VDI perspective, and we continue to make progress there.

因此，我們收購了瀏覽器業務，認為我們將涵蓋這些邊緣用例，而使用 VPN 或 SASE 用戶端的普通員工的生活將照常進行。我們制定了這項策略，並且從第三方承包商和 VDI 的角度看到了許多採用該策略的案例，並且我們將繼續在那裡取得進展。

Now what happened about six to eight months ago, you started hearing that the only way to deploy agents successfully for many consumer use cases is a browser. If you want to make a reservation on Booking.com and pick an OpenTable reservation or you want to run agentic tasks, you need to control the browser. That’s what Anthropic is figuring out. That’s what OpenAI is figuring out. That’s what Perplexity is figuring out. That’s what Google is figuring out.

大約六到八個月前發生的事情是，您開始聽說對於許多消費者用例來說，成功部署代理程式的唯一方法是使用瀏覽器。如果您想在 Booking.com 上預訂並選擇 OpenTable 預訂，或想要執行代理任務，則需要控制瀏覽器。這正是 Anthropic 正在研究的問題。這就是 OpenAI 正在研究的問題。這就是 Perplexity 正在解決的問題。這正是 Google 正在思考的問題。

Now suddenly you’re beginning to see these, let’s call it consumer browser wars that are beginning to start. Microsoft’s going to come back with more agentic features in browsers. Effectively, you deploy a browser on your device which is going to start doing agentic tasks for you.

現在你突然開始看到這些，我們稱之為剛開始的消費者瀏覽器大戰。微軟將帶著更多代理功能回歸瀏覽器。實際上，您在裝置上部署了一個瀏覽器，它將開始為您執行代理任務。

Now what’s great for the consumer is dangerous for the enterprise. Right? No enterprise is going to love a do as you please browser which can run agents without control. How do you control agents in a browser for an enterprise employee? You need a secure browser.

如今，對消費者來說好事對企業來說卻是危險的。正確的？沒有任何企業會喜歡一個可以不受控制地運行代理程式的隨心所欲的瀏覽器。如何在瀏覽器中控制企業員工的代理？您需要一個安全的瀏覽器。

You literally will come to a point where companies will say, you cannot use a consumer version of this product. And think about it, it happens in enterprise all the time. You’re not allowed to use a consumer version of DocuSign. You’re not allowed to use a consumer version of Dropbox. You’re not allowed to use a consumer version of a SaaS app in enterprise because it’s missing the enterprise controls.

你確實會遇到這樣的情況，公司會說，你不能使用該產品的消費者版本。想想看，這種事情在企業中時常發生。您無權使用 DocuSign 的消費者版本。您無權使用 Dropbox 的消費者版本。您不能在企業中使用 SaaS 應用程式的消費者版本，因為它缺少企業控制。

So if you believe that an agentic future is coming through browsers on the future for the desktop, then you have to believe that the case for secure browser just became a mainstream case in the enterprise use case.

因此，如果您相信代理商未來將透過桌面瀏覽器實現，那麼您必須相信安全瀏覽器的案例已成為企業用例中的主流案例。

So that’s what I meant by the browser wars, and consumers are going to drive the acknowledgment that we need to solve the browser problem in enterprise. Then it’s going to become a critical part of your SASE stack.

這就是我所說的瀏覽器之戰，消費者將推動人們認識到我們需要解決企業中的瀏覽器問題。然後它將成為您的 SASE 堆疊的關鍵部分。

Understood. Thank you.

明白了。謝謝。

And our last question will come from Joe Gallo from Jefferies.

我們的最後一個問題來自 Jefferies 的 Joe Gallo。

Hey guys, thanks for the question. Saw the blended Cortex and cloud numbers, but can you just talk more about cloud security specifically in detail? How's that doing? Are customers gravitating towards that runtime agent architecture? And any changes in the competitive landscape post the Wiz acquisition?

嘿夥計們，謝謝你的提問。看到了混合的 Cortex 和雲端數字，但是您能否更詳細地談談雲端安全性？怎麼樣？客戶是否傾向於該運行時代理架構？收購 Wiz 之後競爭格局有什麼改變嗎？

Look, I think the thesis we had with cloud security when we decided to make the change and launch Cortex Cloud was that the different elements of cloud security are all interconnected from application security to cloud posture security to runtime security and cloud SOC.

看起來，我認為當我們決定做出改變並推出 Cortex Cloud 時，我們對雲端安全的論點是，雲端安全的不同元素都是相互關聯的，從應用程式安全到雲端姿態安全到運行時安全性和雲端 SOC。

And I would say, six months since the Cortex Cloud launch, our belief and conviction in that thesis is even stronger. It is very clear that attacks are happening faster. We know that as more and more enterprises move critical applications to the cloud, that means cloud runtime protection becomes even more important than ever before.

我想說，自從 Cortex Cloud 推出六個月以來，我們對這一論點的信念和信心更加堅定了。很明顯，攻擊發生得更快了。我們知道，隨著越來越多的企業將關鍵應用程式遷移到雲端，這意味著雲端運行時保護變得比以往任何時候都更加重要。

And from that Nikesh made the comment about both shift-left and shift-right. There’s the shift-left aspect, which is, how do we shift all the way to the beginnings of code writing and application security? You saw us a couple of weeks ago launch Application Security Posture Management, which is our approach to making sure that everything developed for the cloud is done in a secure way, such that what is deployed in production is as secure as it can be.

從那時起，Nikesh 對左移和右移做出了評論。還有左移方面，也就是我們如何一路轉移到程式碼編寫和應用程式安全的開始階段？您看到我們幾週前推出了應用程式安全態勢管理，這是我們確保為雲端開發的所有內容都以安全的方式完成的方法，以便在生產中部署的內容盡可能安全。

With exposure management, we can then tie that across not only cloud but enterprise, runtime, etc. So our conviction in that strategy is still very strong, and we’re seeing the response from our customers being aligned with that strategy. Now, it’s a question of a lot of execution to take our customers through that transformation journey over to Cortex Cloud.

透過風險管理，我們不僅可以將其與雲端連結起來，還可以將其與企業、運行時等連結起來。因此，我們對該戰略的信念仍然非常堅定，我們看到客戶的反應與該戰略保持一致。現在，帶領我們的客戶完成向 Cortex Cloud 的轉型之旅需要大量的執行工作。

Thank you. Okay. With that, we'll conclude the Q&A portion of the call, and I'll turn it back to Nikesh for his closing remarks.

謝謝。好的。至此，我們將結束電話會議的問答部分，然後我將把時間交還給 Nikesh 進行總結發言。

Well, all I have to say is thank you again, everyone, for joining us today. I also want to once again say thank you to Nir for all his visionary leadership at Palo Alto Networks, and congratulations to Lee Klarich, our newest board member, who will continue our technological vision going forward.

好吧，我要說的是再次感謝大家今天的參加。我也想再次感謝 Nir ​​在 Palo Alto Networks 所展現的遠見卓識，並祝賀我們最新的董事會成員 Lee Klarich，他將繼續推進我們的技術願景。

I look forward to seeing many of you at future conferences. I also once again want to thank our customers, employees, and partners for helping us deliver a wonderful quarter and end to the year. And we look forward to FY26. Have a great day.

我期待在未來的會議上見到你們。我還要再次感謝我們的客戶、員工和合作夥伴，感謝他們幫助我們實現了一個美好的季度並結束了這一年。我們期待 26 財年。祝你有美好的一天。