Palo Alto Networks Inc (PANW) 2026 Q1 法說會逐字稿

Good day, everyone, and welcome to Palo Alto Networks First Fiscal Quarter 2026 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, Wednesday, November 19, 2025, at 1:30 p.m. Pacific Time.

大家好，歡迎參加 Palo Alto Networks 2026 財年第一季財報電話會議。我是 Hamza Fodderwala，投資者關係和策略財務高級副總裁。請注意，本次通話將於太平洋時間 2025 年 11 月 19 日星期三下午 1:30 進行錄音。

With me on today's call to discuss our fiscal first quarter results are Nikesh Arora, our Chairman and Chief Executive Officer; and Dipak Golechha, our Chief Financial Officer. Following our prepared remarks, Lee Klarich, our Chief Product and Technology Officer and Board member, will join us for the question-and-answer portion. You can find the press release and other key information to supplement today's discussion on our website at investors.paloaltonetworks.com.

今天與我一起參加電話會議，討論我們第一財季業績的有：董事長兼執行長 Nikesh Arora；以及財務長 Dipak Golechha。在我們發表完準備好的演講後，我們的首席產品和技術長兼董事會成員 Lee Klarich 將與我們一起參加問答環節。您可以在我們的網站 investors.paloaltonetworks.com 上找到新聞稿和其他重要信息，以補充今天的討論。

While there, please click on the link for quarterly results to find the Q1 '26 supplemental information and Q1 '26 earnings presentation. 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 pending acquisitions.

在那裡，請點擊季度業績鏈接，查找 2026 年第一季度補充資訊和 2026 年第一季度收益演示文稿。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即將進行的收購做出前瞻性陳述和預測。

These statements made today are subject to a number of risks and uncertainties that could cause our actual results to differ from 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.

今天發表的這些聲明受到許多風險和不確定因素的影響，可能導致我們的實際結果與這些前瞻性聲明有差異。請查閱我們的新聞稿和近期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簡報中任何前瞻性陳述的義務。

This presentation contains non-GAAP financial measures and key metrics relating to the company's past and future expected 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 metrics and reconciliations are in the press release and the appendix of the investor presentation. Unless specifically otherwise noted, all results and comparisons are on a fiscal year-over-year basis. We also note that management is scheduled to participate in the UBS conference this quarter. I will now turn the call over to Nikesh.

本次簡報包含非公認會計準則財務指標和與公司過去和未來預期績效相關的關鍵指標。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指標。最直接可比較的 GAAP 財務指標和調節表在新聞稿和投資者簡報的附錄。除非另有特別說明，所有結果和比較均以財政年度同比為基礎。我們也注意到，管理層計劃在本季參加瑞銀集團的會議。現在我將把通話轉給尼克什。

Thank you, Hamza. Good afternoon, and thank you, everyone, for joining us for our earnings call today. As you can see, we had a strong start to the year in Q1. We exceeded expectations across every guided metric. Demand across our core business remains robust and customers continue to platformize with us. Year-over-year, RPO grew 24%, NGS ARR was up 29% and total revenue was up 16%. We saw strength across our portfolio in SASE, XSIAM, software firewalls and even saw early traction in our AI security platform, Prisma AIRS. Our top line growth was complemented by continued improvement in profitability, achieving our second straight quarter of 30-plus percent operating margin.

謝謝你，哈姆札。下午好，感謝各位今天參加我們的財報電話會議。如您所見，我們在第一季取得了強勁的開局。我們在所有指導指標上都超出了預期。我們核心業務的需求依然強勁，客戶繼續選擇我們的平台。與去年同期相比，RPO成長了24%，NGS ARR成長了29%，總營收成長了16%。我們在 SASE、XSIAM、軟體防火牆等產品組合中看到了強勁的勢頭，甚至在我們的 AI 安全平台 Prisma AIRS 中也看到了早期的市場反響。我們的營收成長與獲利能力的持續提升相輔相成，連續第二季實現了 30% 以上的營業利潤率。

These results are a direct outcome of our strategy to -- by delivering better security outcomes, our platform is earning more and more of the trust that used to be fragmented across dozens of point products. At the same time, the threat landscape continues to evolve faster than we expected because of AI. As many of you saw last week, with one of the major AI platforms, AI hackers aren't a future threat, they're here now. This was the first reported case of an AI agent autonomously conducting a large-scale nation-state cyber attack. The attacker was able to manipulate an agent to take steps on its own with minimal human intervention.

這些成果是我們策略的直接結果——透過提供更好的安全結果，我們的平台正在贏得越來越多的信任，而這些信任以前分散在數十個獨立產品中。同時，由於人工智慧的發展，威脅情勢的演變速度比我們預期的還要快。正如你們許多人上週所看到的，在某個主要的 AI 平台上，AI 駭客並非未來的威脅，他們現在已經存在了。這是首例有通報的人工智慧代理自主發動大規模國家級網路攻擊的案例。攻擊者能夠操縱代理程序，使其在極少人為幹預的情況下自主採取行動。

This is a turning point, proof that attackers are already weaponizing AI agents at scale. Even more importantly, they're able to attack fast and will be able to exfiltrate faster. AI is exposing the cracks in our enterprise architectures, which do not have robust security. Patches are incomplete, platforms are missing. There is a plethora of point products across the enterprise. This gap is exactly where attackers thrive. They're testing how far they can exploit the model. They're running prompt injections, jail breaks, model manipulation. And now we're seeing the next phase, autonomous AI agents being leveraged into the attack chain.

這是一個轉折點，證明攻擊者已經大規模地將人工智慧代理武器化。更重要的是，他們能夠快速發動攻擊，也能更快撤離。人工智慧正在暴露我們企業架構中的漏洞，這些架構缺乏強大的安全保障。補丁不完整，平台缺失。企業內部存在大量單點產品。攻擊者正是利用了這個漏洞。他們正在測試該模型能發揮到什麼程度。他們正在進行快速注入、越獄、模型操縱等操作。現在我們看到的是下一個階段，就是利用自主人工智慧代理進行攻擊。

AI is here and with it, AI attackers are here, too. Our messages to customers is clear, real-time visibility and security are essential for infrastructure. This reality necessitates a paradigm shift in the industry. We must move away from today's fragmented security landscape and towards platformization. AI requires a seamless cyber data strategy. This platform approach allows security agents to be utilized effectively by the good guys to detect attacks, protect customers and remediate security concerns. Fragmentation creates friction, which in turn causes latency.

人工智慧時代已經到來，隨之而來的是人工智慧攻擊者。我們向客戶傳達的訊息很明確：即時可見性和安全性對於基礎設施至關重要。這種現實需要產業進行典範轉移。我們必須擺脫目前碎片化的安全格局，走向平台化。人工智慧需要無縫銜接的網路數據策略。這種平台方法使得安全代理能夠被好人有效地利用，以偵測攻擊、保護客戶和解決安全問題。碎片化會造成摩擦，進而導致延遲。

Latency is a critical enemy of real-time cybersecurity. This is the backdrop that informs our strategy as we go forward. Now let's get into the quarter. In Q1, platformization once again drove large deals across multiple industry verticals. This included U.S. federal, where we had a strong quarter and notable competitive wins. One example was a $33 million SASE deal with a US cabinet agency securing 60,000 seats. This agency displaced a major SASE incumbent as they needed a platform to provide unified visibility across both their firewall estate and remote endpoints. Another example was a $100 million deal with a large US telecom provider. This included an $85 million commitment to XSIAM, which is our largest XSIAM deal ever.

延遲是即時網路安全的一大敵人。這是指導我們未來策略發展的背景。現在讓我們進入本季。第一季度，平台化再次推動了多個行業垂直領域的大額交易。這其中包括美國聯邦市場，我們在該市場取得了強勁的季度業績和顯著的競爭性勝利。其中一個例子是與美國某內閣機構達成的一項價值 3300 萬美元的 SASE 協議，該協議確保了 60000 個席位。由於該機構需要一個平台來提供對其防火牆環境和遠端端點的統一可視性，因此它取代了主要的 SASE 現有供應商。另一個例子是與美國大型電信業者達成的1億美元交易。其中包括對 XSIAM 的 8,500 萬美元投資，這是我們迄今為止對 XSIAM 的最大一筆交易。

This customer chose us to consolidate their disparate point products based on the ability of our platform to deliver materially faster mean time to respond. The common theme across these large transactions is clear. Customers are moving from managing vendor sprawl to demanding superior demonstrable security outcomes through platformization. The natural place for customers to start their journey is network security, which remains our largest business. In Q1, we continue to see strength in our next-generation software form factors. SASE had a phenomenal quarter. ARR grew 34% year-over-year and surpassed $1.3 billion in Q1, making us the fastest-growing SASE provider at scale.

這位客戶選擇我們來整合他們分散的單點產品，是因為我們的平台能夠顯著加快平均回應時間。這些大宗交易的共同主題很明確。客戶正在從管理供應商分散的問題轉向透過平台化來要求更卓越、更可靠的安全成果。客戶自然而然地從網路安全開始他們的旅程，而網路安全仍然是我們最大的業務。第一季度，我們的下一代軟體外形尺寸持續保持強勁勢頭。SASE本季業績非常出色。第一季 ARR 年成長 34%，超過 13 億美元，使我們成為規模化成長最快的 SASE 供應商。

We now have approximately 6,800 SASE customers, including 1/3 of the Fortune 500, including leading technology companies like IBM and Oracle. Even though it's early days, we continue to see strong momentum with secure browsers. The arrival of AI and agentic browsers will expose security cracks on them and focus the enterprise on ensuring widespread adoption of secure browsers. In Q1, we crossed 7.5 million browsers sold, while our bookings nearly quadrupled year-over-year. One more product, which I'm getting more and more excited about recently is the shift I'm observing in our customers to deploy more and more software firewalls and it's beginning to show in our results.

我們現在擁有約 6,800 家 SASE 客戶，其中包括財富 500 強企業中的三分之一，以及 IBM 和 Oracle 等領先的科技公司。儘管現在還處於早期階段，但我們持續看到安全瀏覽器的強勁發展勢頭。人工智慧和智慧瀏覽器的出現將暴露出它們的安全漏洞，並促使企業致力於確保安全瀏覽器的廣泛應用。第一季度，我們的瀏覽器銷售量突破 750 萬，而預訂量較去年同期成長近四倍。最近，我越來越興奮的另一個產品是，我觀察到我們的客戶正在越來越多地部署軟體防火牆，而這已經開始在我們的業績中得到體現。

Product revenues grew 23% year-over-year. Today, nearly half of our product revenues are driven by the software form factor. We now have over 12,500 customers and maintain our leading market position in software firewalls. As AI transformation accelerates, growth in cloud workloads, the software firewall provides essential runtime protection with new AI data center. And with its recent ability to step up with Protect AI, we expect continued momentum. Talking about protecting AI, let's talk for a bit about Prisma AIRS. As I mentioned earlier, AI is moving faster than expected. This creates a critical moment for enterprise innovation.

產品營收年增 23%。如今，我們近一半的產品收入都來自軟體產品。我們現在擁有超過 12,500 家客戶，並在軟體防火牆領域保持領先的市場地位。隨著人工智慧轉型加速，雲端工作負載不斷增長，軟體防火牆為新的人工智慧資料中心提供了必要的運行時保護。憑藉其最近在 Protect AI 方面的出色表現，我們預計其發展勢頭將持續下去。說到保護人工智慧，我們來談談 Prisma AIRS。正如我之前提到的，人工智慧的發展速度比預期的要快。這為企業創新創造了關鍵時刻。

The reality is that while 78% of organizations are embracing AI transformation, a staggering 94% still lack the necessary security guardrails presenting a massive risk. With our acquisition of Protect AI now fully integrated, we introduced Prisma AIRS 2.0 in Q1, the industry's most comprehensive end-to-end platform to secure AI, protecting everything from autonomous agents to the models that power them. And I'll predict here that AI agents will become a problematic insider threat if not secured. Prisma AIRS is the essential circuit breaker layer to stop them. It unites deep model inspection, real-time agent defense against threats like prompt injection and continuous autonomous AI red teaming in one platform.

現實情況是，雖然 78% 的組織正在接受人工智慧轉型，但高達 94% 的組織仍然缺乏必要的安全防護措施，這帶來了巨大的風險。隨著我們對 Protect AI 的收購完全整合，我們在第一季度推出了 Prisma AIRS 2.0，這是業界最全面的端到端 AI 安全平台，可保護從自主代理到驅動它們的模型的一切。我在此預測，如果人工智慧代理得不到安全保障，它們將成為棘手的內部威脅。Prisma AIRS 是阻止它們的關鍵斷路器層。它將深度模型檢測、針對快速注入等威脅的即時代理防禦以及持續自主 AI 紅隊演練整合到一個平台中。

And once our acquisition of CyberArk closes, the addition of identity security will be critical to this mission, providing the essential privilege controls to govern these new autonomous insider threats and prevent agent identity impersonation. Our commitment to AI security is driving new high-value partnerships, including a collaboration with NVIDIA to secure the AI factory with Prisma AIRS on BlueField and tight integrations with platforms like Glean, IBM, Factory and ServiceNow in securing the exploding number of agentic AI workflows.

一旦我們對 Cyber​​Ark 的收購完成，身份安全的加入對於這項使命至關重要，它將提供必要的權限控制來應對這些新的自主內部威脅，並防止代理身份冒充。我們對人工智慧安全的承諾正在推動新的高價值合作夥伴關係，包括與 NVIDIA 合作，利用 BlueField 上的 Prisma AIRS 來保護人工智慧工廠，以及與 Glean、IBM、Factory 和 ServiceNow 等平台緊密整合，以保護數量爆炸性增長的智慧人工智慧工作流程。

Early customer traction is strong, reflecting the genuine market needs and the number of AI deals in Q1 more than doubled versus last quarter. We believe we are the furthest ahead in AI security with marquee customers signing up with Palo Alto Networks. As they move from traditional to AI workloads, we believe we are going to continue to be in the pole position. And the same way AI surprised the world in this space, I want to talk about something else that is going to become relevant from a technology shift and security perspective, quantum. Quantum computing has seen significant innovation over the last year. We're getting more and more optimistic on the arrival of quantum and expect it to be commercialized by 2029. As is widely known, quantum computing has the ability to break current encryption across technology stacks. Enterprises have less than 5 years to get their states to quantum readiness.

早期客戶反應強勁，反映了真實的市場需求，第一季人工智慧交易數量比上一季翻了一番還多。我們相信我們在人工智慧安全領域處於領先地位，許多知名客戶都已簽約 Palo Alto Networks。隨著他們從傳統工作負載轉向人工智慧工作負載，我們相信我們將繼續保持領先地位。就像人工智慧在這個領域給世界帶來驚喜一樣，我想談談從技術變革和安全角度來看將變得重要的另一件事——量子技術。過去一年，量子計算領域取得了顯著的創新。我們對量子技術的到來越來越樂觀，並預計到 2029 年它將實現商業化。眾所周知，量子運算有能力破解當前各種技術堆疊的加密技術。企業必須在不到 5 年的時間內使其所在州做好量子躍遷的準備。

There is a fear that some nation-states will have quantum compute capability sooner than 2029. Just last month, our partner, IBM announced they were able to run a key quantum error correction algorithm on commonly available chips. US government and many other nations are emphasizing PQC or post-quantum cryptography to drive new cryptographic standards that are resistance to attacks from future large-scale quantum computers. To address this, we have launched and are going to be delivering a complete quantum-safe strategy.

人們擔心一些國家會在 2029 年之前就擁有量子運算能力。就在上個月，我們的合作夥伴 IBM 宣布他們能夠在常見的晶片上運行關鍵的量子糾錯演算法。美國政府和許多其他國家正在強調後量子密碼學（PQC），以推動新的密碼標準，從而抵禦未來大規模量子電腦的攻擊。為了解決這個問題，我們已經啟動並將實施一套完整的量子安全策略。

First, we help you discover. In August, we launched our new version of PAN-OS 12.1 Orion, which provides a quantum readiness solution to give customers an automated inventory of their cryptographic risk. Second, we help you protect. We launched our new fifth generation of firewalls, which are optimized for quantum security. Third, we help you accelerate. Our platform's unique cipher translation capability can make legacy systems quantum-safe immediately, even if the application itself cannot be upgraded.

首先，我們幫助您發現。8 月，我們推出了新版本的 PAN-OS 12.1 Orion，它提供了一個量子就緒解決方案，可以為客戶提供其加密風險的自動化清單。其次，我們幫助您保護自己。我們推出了第五代新型防火牆，針對量子安全進行了最佳化。第三，我們助您加速。我們平台的獨特密碼轉換能力可以立即使遺留系統具備量子安全能力，即使應用程式本身無法升級。

Beyond this, we have just announced that we're deepening our partnership with IBM to deliver the Quantum-safe readiness and remediation service, a complete end-to-end solution for PQC migration. Now moving to Cortex, which is a pillar of our security operations center strategy. XSIAM continued its incredible trajectory in Q1. We now have approximately 470 customers with the average customer paying over $1 million in ARR. This includes large referenceable customers in every major industry. The success is no coincidence. XSIAM was built for large-scale data processing, organizing it, normalizing it and making sense of it in real time.

除此之外，我們剛剛宣布，我們將深化與 IBM 的合作關係，以提供 Quantum 安全準備和補救服務，這是一個完整的 PQC 遷移端到端解決方案。現在轉向 Cortex，它是我們安全營運中心策略的支柱。XSIAM在第一季繼續保持了其令人矚目的成長動能。我們現在大約有 470 位客戶，平均每位客戶的年度經常性收入 (ARR) 超過 100 萬美元。這包括各大產業中可供參考的大客戶。這項成功絕非偶然。XSIAM 專為大規模資料處理而構建，能夠即時組織、標準化和理解資料。

Today, we're processing 15 petabytes of telemetry on a daily basis. The result is demonstrable security outcomes. Over 60% of our deployed XSIAM customers have reduced their MTTR or median time to respond from days or weeks down to minutes. I'm also thrilled to announce the launch of AgentiX this quarter. AgentiX brings powerful AI agents directly to the core of enterprise security challenges. In the future, the only effective countermeasure against hacker AI will be our own AI agents, purpose-built for advanced security detection and remediation.

如今，我們每天要處理 15 PB 的遙測資料。其結果是可證明的安全效益。超過 60% 的已部署 XSIAM 的客戶已將其 MTTR（平均回應時間）從幾天或幾週縮短到幾分鐘。我很高興地宣布，AgentiX 將於本季上線。AgentiX 將強大的 AI 代理直接引入企業安全挑戰的核心。未來，對抗駭客人工智慧的唯一有效措施將是我們自己的人工智慧代理，這些代理是專門為高階安全檢測和修復而建構的。

For years, the industry has struggled with 2 defining issues, overwhelming alert fatigue and a massive global talent shortage. Agentic is our definitive answer. This is a leap beyond mere automation. This is true autonomy. The ability to use predefined agents or build custom agents to secure enterprise is a step change in how security will work in the future. We are fundamentally transforming security operations and optimization by deploying autonomous AI agents that deliver enhanced speed, superior efficiency and greater control for security practitioners. Right out of the box, agentic leverages a broad integration ecosystem, connecting with thousands of existing security and IT tools and third-party environments.

多年來，該行業一直面臨兩個主要問題：警報疲勞嚴重和全球人才嚴重短缺。主動性是我們的最終答案。這已經超越了單純的自動化。這才是真正的自主。使用預定義代理或建立自訂代理來保護企業安全的能力，是未來安全工作方式的重大變革。我們正在透過部署自主人工智慧代理，從根本上改變安全營運和優化方式，從而為安全從業人員提供更快的速度、更高的效率和更大的控制力。agentic 開箱即用，利用廣泛的整合生態系統，可與數千種現有的安全和 IT 工具以及第三方環境連接。

It provides customers with an intelligent, fully governed and completely transparent teammate across the enterprise. Ready to operate on Day 1, AgentiX accelerates response, elevates quality and frees up scarce human talent to focus on higher order strategic work. Now shifting gears. I am pleased to announce our CyberArk integration plans remain fully on track, and we're proud to have received overwhelming shareholder support for the acquisition, which is now expected to close in fiscal Q3. Since our announcements in July, we spent more time with the CyberArk team.

它為客戶提供了一個智慧、完全受管控且完全透明的企業級合作夥伴。AgentiX 從第一天起即可投入運營，加快回應速度，提高質量，並釋放稀缺的人力資源，使其專注於更高層次的策略工作。現在換檔。我很高興地宣布，我們的 Cyber​​Ark 整合計劃仍在按計劃進行，我們很自豪地獲得了股東對此次收購的壓倒性支持，預計收購將於第三財季完成。自 7 月發佈公告以來，我們與 Cyber​​Ark 團隊進行了更多交流。

We are even more excited about the growth opportunity in future product road map. This includes our vision of democratizing identity security across the enterprise and making identity the next platform for Palo Alto Networks. Anecdotally, our customers share in our enthusiasm and the early feedback has been encouraging. As many of you saw, CyberArk's business continues to execute, achieving record net new ARR in their most recent quarter. And even as we invest ahead of the curve, our long-term financial model remains intact.

我們對未來產品路線圖中的成長機會感到更加興奮。這包括我們實現企業身分安全民主化的願景，以及將身分認同打造為 Palo Alto Networks 的下一個平台。據我們了解，客戶們和我們一樣充滿熱情，早期的回饋也令人鼓舞。正如許多人所看到的，Cyber​​Ark 的業務持續發展，在最近一個季度實現了創紀錄的淨新增 ARR。即使我們進行前瞻性投資，我們的長期財務模式也保持不變。

The scale of our platforms and operating leverage in our business reinforces our confidence in achieving 40-plus percent free cash flow margins by FY '28, inclusive of both the pending CyberArk and Chronosphere acquisitions. We are executing from a position of strength, and we see a clear path to drive both innovation and financial discipline. Now let's talk about our new announcement. I'm sure all of you are wondering why Palo Alto Networks, who is in the midst of a large acquisition of CyberArk would engage in an acquisition at the same time of Chronosphere. I think it's important to understand where we are in the AI cycle. The AI cycle is moving fast.

我們平台的規模和業務的營運槓桿增強了我們有信心在 2028 財年實現 40% 以上的自由現金流利潤率，其中包括即將完成的 Cyber​​Ark 和 Chronosphere 收購。我們正處於優勢地位，我們看到了一條清晰的道路，可以同時推動創新和財務紀律。現在我們來談談我們的新公告。我相信你們都很想知道，正在大規模收購 Cyber​​Ark 的 Palo Alto Networks 為什麼會在同一時間收購 Chronosphere。我認為了解我們目前處於人工智慧發展週期的哪個階段非常重要。人工智慧的發展週期正在快速推進。

There is never a day that goes by without significant announcements on investments in AI data centers, AI infrastructure. This large surge towards building AI compute is causing a lot of the AI players to think about newer models for software stacks and infrastructure stacks in the future. The 17-year-old observability industry was not designed for the AI era. AI requires always-on comprehensive observability at gigawatt scale. The challenge so far has been that full observability is cost prohibitive for the customer.

幾乎每天都有關於人工智慧資料中心和人工智慧基礎設施投資的重大公告發布。人工智慧運算領域的這股強勁成長勢頭，促使許多人工智慧領域的參與者思考未來軟體堆疊和基礎設施堆疊的新模型。已有17年歷史的可觀測性產業並非為人工智慧時代而設計。人工智慧需要千兆瓦級的持續全面可觀測性。目前面臨的挑戰是，完全可觀測性對客戶來說成本過高。

Chronosphere is one of the fastest-growing software companies in history. The observability solution for Chronosphere has already been deployed and has demonstrated scale at a large frontier model where they continue to move workloads across. Leading born-in-the-cloud consumer platforms are applying full comprehensive observability offering 9.9-plus percent availability to their customers. Chronosphere is able to deliver this capability at 1/3 of the cost of other industry-leading solutions. Yes, 1/3.

Chronosphere是史上發展最快的軟體公司之一。Chronosphere 的可觀測性解決方案已經部署完畢，並在大型前緣模型中展現了規模優勢，他們繼續將工作負載遷移到該模型上。領先的雲端原生消費平台正在應用全面的可觀測性，為客戶提供 9.9% 以上的可用性。Chronosphere能夠以其他業界領先解決方案三分之一的成本提供此功能。是的，三分之一。

With $1.5 trillion of compute coming online over the next few years, there will be continued demand for next-generation observability led by Chronosphere. We're really excited about the possibility of delivering remediation to the observability category by bringing together capabilities of Chronosphere and our newly announced AgentiX platform. Chronosphere also recently had acquired a company called Calyptia, a data pipeline provider. That was complementing their focus on observability and ensuring the right data got onto their observability platform. Calyptia, integrated with XSIAM will enable us to offer our XSIAM customers comprehensive security data pipeline and capabilities in line with current industry trends.

未來幾年，價值 1.5 兆美元的運算資源將投入使用，對以 Chronosphere 為代表的下一代可觀測性技術的需求將持續增長。我們非常高興能夠透過結合 Chronosphere 和我們新發布的 AgentiX 平台的功能，為可觀測性類別提供補救措施。Chronosphere 最近也收購了一家名為 Calyptia 的公司，該公司是一家資料管道供應商。這與他們對可觀測性的關注相輔相成，確保正確的數據進入他們的可觀測平台。Calyptia 與 XSIAM 整合後，將使我們能夠為 XSIAM 客戶提供符合當前產業趨勢的全面安全資料管道和功能。

This acquisition perfectly aligns with our strategic playbook. We acquired the best technology at an inflection point in the industry, we invested in this development and utilize our go-to-market scale to quickly deliver this game-changing innovation to our customers. Remember, this is barely 2.5% of our market cap, which is consistent with our tuck-in strategy over the last 7 years of acquiring companies. To summarize, we had a strong start to the year. Our core business is firing on all cylinders. Platformization continues to take hold and overall demand is strong.

此次收購與我們的策略規劃完全契合。我們在行業轉折點上獲得了最好的技術，我們投資開發了這項技術，並利用我們的市場規模優勢，迅速將這項顛覆性的創新交付給我們的客戶。請記住，這僅占我們市值的 2.5%，這與我們過去 7 年收購公司的策略是一致的。總而言之，我們今年開局強勁。我們的核心業務運作良好。平台化趨勢持續增強，整體需求強勁。

Over the last years, we have shown our ability to scale $1 billion-plus ARR business in SASE and Cortex. Looking ahead, we think software firewalls is our hidden gem and possibly the next billion dollar opportunity. We maintain a relentless focus on innovation by tackling new challenges in AI security and quantum. Finally, our ambitions continue to grow. This year, we'll be significantly expanding our opportunity in new markets as we closed the acquisition of CyberArk and Chronosphere in both categories of identity and observability, which we believe are in the midst of an inflection due to AI.

過去幾年，我們在 SASE 和 Cortex 領域展現了我們拓展年收入超過 10 億美元的業務的能力。展望未來，我們認為軟體防火牆是我們尚未發掘的瑰寶，也可能是下一個價值十億美元的商機。我們始終堅持不懈地專注於創新，致力於應對人工智慧安全和量子領域的新挑戰。最後，我們的雄心壯志還在不斷增長。今年，隨著我們完成對 Cyber​​Ark 和 Chronosphere 的收購，我們在身份和可觀測性這兩個領域都將大幅拓展我們在新市場的機會。我們認為，由於人工智慧的發展，這兩個領域正處於變革之中。

We are less than 5% penetrated into a TAM, reaching nearly $300 billion in the next 3 years. As such, we are raising our expectations from $15 billion to $20 billion in ARR for FY '30. With that, I will hand over the call to Dipak to review the quarterly results in detail.

我們目前在總市場規模（TAM）的滲透率不到 5%，而未來 3 年，TAM 將達到近 3,000 億美元。因此，我們將 2030 財年的 ARR 預期從 150 億美元上調至 200 億美元。接下來，我將把電話交給迪帕克，讓他詳細回顧季度業績。

Thank you, Nikesh, and good afternoon, everybody. We have an exciting opportunity ahead of us. We continue to execute with excellence, and our TAM is expanding through the pending acquisitions of 2 category leaders in CyberArk and Chronosphere. Given that, I would like to provide some additional color around our announced acquisition of Chronosphere as well as an update on the CyberArk integration planning before moving into detail on our Q1 financial results and guidance.

謝謝你，尼克什，大家下午好。我們面前有一個令人振奮的機會。我們繼續以卓越的執行力，並且透過即將收購 Cyber​​Ark 和 Chronosphere 這兩家行業領先企業，我們的潛在市場規模正在擴大。有鑑於此，我想就我們宣布收購 Chronosphere 以及 Cyber​​Ark 整合計劃的最新進展提供一些補充說明，然後再詳細介紹我們第一季的財務業績和預期。

As Nikesh mentioned, we announced our intent to acquire Chronosphere for a total consideration of $3.35 billion in cash and replacement equity awards. Chronosphere's co-founders, Martin Mao and Rob Skillington and their employees will join Palo Alto Networks post close. While Chronosphere does have significant ARR relative to most of our other acquisitions, we view this transaction to be more in line with the tuck-in acquisitions that we have done over the past 8 years. The business has just over 250 employees with a customer base focused on large AI and born-in-the-cloud enterprises. The momentum Chronosphere has achieved to reach over $160 million in ARR with triple-digit growth has been impressive.

正如 Nikesh 所提到的，我們宣布了收購 Chronosphere 的意向，總對價為 33.5 億美元現金和替代股權獎勵。Chronosphere 的聯合創始人 Martin Mao 和 Rob Skillington 以及他們的員工將在交易完成後加入 Palo Alto Networks。雖然 Chronosphere 相對於我們其他大多數收購項目而言具有顯著的 ARR，但我們認為這筆交易更符合我們過去 8 年進行的補充收購。該公司擁有 250 多名員工，客戶群主要集中在大型人工智慧和雲端原生企業。Chronosphere 的發展勢頭令人印象深刻，其年度經常性收入 (ARR) 已超過 1.6 億美元，並實現了三位數的增長。

For that reason, we expect Chronosphere to remain largely stand-alone post close and in the near term, enabling us to balance integration time lines with the pending CyberArk acquisition. We expect this transaction to close in the second half of our fiscal year 2026. On CyberArk, our integration planning is proceeding exceptionally well, reflecting the strong collaborative spirit between our teams. We've had excellent cross-functional collaboration at multiple levels, including dozens of integration planning workshops across various functions.

因此，我們預計 Chronosphere 在交易完成後以及短期內將基本保持獨立運營，使我們能夠平衡整合時間表與即將進行的 Cyber​​Ark 收購。我們預計這筆交易將於 2026 財年下半年完成。在 Cyber​​Ark 上，我們的整合規劃進展得非常順利，這體現了我們團隊之間強大的協作精神。我們在多個層面都進行了出色的跨職能合作，包括跨多個職能部門舉辦了數十次整合規劃研討會。

We are firmly on track to hit the ground running post deal close, which we expect in fiscal Q3, subject to customary closing conditions. As you can tell from our Q1 results, we're pursuing these acquisitions from a position of strength. With that, let's dive deeper into the quarter. Remaining performance obligation, or RPO, grew 24% to $15.5 billion. This metric is a key indicator of long-term revenue predictability and the scale of our committed business.

我們正穩步推進交易，預計將在第三財季完成交易，具體完成時間取決於慣例成交條件。從我們第一季的業績可以看出，我們正處於強勢地位，並以此為基礎進行這些收購。接下來，讓我們更深入地探討本季的情況。剩餘履約義務（RPO）成長 24%，達到 155 億美元。此指標是衡量長期收入可預測性和我們承諾業務規模的關鍵指標。

Note that our RPO from Q1 last year included $68 million acquired from our QRadar acquisition, which took place in that period. Our current RPO, which reflects near-term revenue realization stood at $6.9 billion, representing 16% growth. Reflecting stability in both the quality of our RPO and customer commitments, the average new contract duration remained consistent at approximately 3 years. NGS ARR ended the quarter at $5.85 billion, achieving 29% growth and exceeding the high end of our guidance. Adjusting for the $74 million contribution from the QRadar acquisition in the comparable prior period, our net new ARR in Q1 grew over 20%.

請注意，我們去年第一季的 RPO 包括從我們同期收購 QRadar 中獲得的 6,800 萬美元。我們目前的 RPO（反映近期營收實現）為 69 億美元，成長了 16%。鑑於我們的 RPO 品質和客戶承諾均保持穩定，平均新合約期限維持在約 3 年。NGS ARR 本季末達到 58.5 億美元，成長 29%，超過了我們預期的上限。考慮到去年同期收購 QRadar 帶來的 7,400 萬美元貢獻，我們第一季的淨新增 ARR 成長超過 20%。

The momentum was broad-based with strength from software firewalls, SASE and XSIAM. It is important to note that our NGS offerings drive all of our revenue line items, including product revenue, nearly half of which is from software over the last year, subscription revenue and a growing portion of our support revenue. Total revenue reached $2.47 billion, representing 16% growth, which exceeded the high end of our guided range. Product revenue grew 23% year-over-year. 44% of our trailing 12-month product revenue came from software form factors, an increase from 38% in the trailing 12 months ending Q1 '25.

這股勢頭十分強勁，軟體防火牆、SASE 和 XSIAM 等技術都發揮了重要作用。值得注意的是，我們的 NGS 產品是我們所有收入項目的驅動力，包括產品收入（其中近一半來自去年的軟體收入）、訂閱收入以及不斷增長的支援收入。總收入達到 24.7 億美元，成長 16%，超過了我們預期範圍的上限。產品營收年增 23%。過去 12 個月的產品收入中有 44% 來自軟體產品，高於截至 2025 年第一季末的過去 12 個月的 38%。

This acceleration is fueled by growth in our software firewalls and PAN-OS SD-WAN within product revenue. We continue to see stability in hardware appliances and early interest in our newly launched Gen 5 firewalls. Total services revenue grew 14%. Within this, both subscription and support revenues grew 14%. Geographically, we saw broad-based strength across all major theaters with Americas growing 14%, EMEA up 18% and JAPAC growing 22%. Having discussed our top line strength, I'd like to take a moment to give an update on our platformizations in Q1.

這種加速成長得益於我們軟體防火牆和 PAN-OS SD-WAN 產品收入的成長。我們看到硬體設備市場持續保持穩定，並且消費者對我們新推出的第五代防火牆表現出了濃厚的興趣。服務總收入成長了14%。其中，訂閱收入和支援收入均成長了 14%。從地域上看，所有主要地區都呈現全面強勁的成長勢頭，其中美洲增長了 14%，歐洲、中東和非洲地區增長了 18%，亞太地區增長了 22%。在討論了我們營收的優勢之後，我想花點時間介紹我們第一季的平台化進展。

As Nikesh highlighted, platformization continues to take hold as customers look for a strategic security partner that can continually adapt and innovate with shifts in the cybersecurity threat landscape. Our ability to deliver best-in-class products through our unified platforms, Prisma AIRS and quantum security in Q1, for example, is a critical motivation for customers to platformize with us. We completed approximately 60 net new platformizations this quarter.

正如 Nikesh 所強調的那樣，隨著客戶尋求能夠隨著網路安全威脅情勢的變化而不斷適應和創新的策略安全合作夥伴，平台化正在持續發展。例如，我們能夠透過統一的平台提供一流的產品，例如第一季的 Prisma AIRS 和量子安全，這對於客戶選擇與我們合作進行平台部署至關重要。本季我們完成了約 60 個新的平台化專案。

This momentum was driven by strength in XSIAM, where platformizations more than doubled year-over-year, affirming that customers are actively moving towards simplicity and integration to have real-time outcomes. We now have nearly 170 customers with NGS ARR over $5 million and 50 customers with NGS ARR over $10 million, both growing about 50% year-over-year. These results reinforce our target of $20 billion in NGS ARR by fiscal year '30, inclusive of the pending CyberArk and Chronosphere acquisitions. Moving down to the income statement.

這一勢頭得益於 XSIAM 的強勁表​​現，其中平台化程度同比增長超過一倍，這證實了客戶正在積極轉向簡化和整合，以獲得即時結果。我們現在有近 170 位 NGS ARR 超過 500 萬美元的客戶和 50 位 NGS ARR 超過 1000 萬美元的客戶，兩者的年增長率均約為 50%。這些結果鞏固了我們在 2030 財年 NGS ARR 達到 200 億美元的目標，其中包括即將完成的 Cyber​​Ark 和 Chronosphere 收購。接下來來看損益表。

Our disciplined focus on profitability and operational leverage is clearly visible in the performance metrics we delivered. Total gross margin for the quarter was 76.9%. We delivered product gross margins of 80.2%, an increase of 50 basis points year-over-year and reflected a significant sequential improvement of 340 basis points compared to Q4 '25. The Services segment also demonstrated positive margin trajectory, reaching 76.2%, which constitutes a sequential increase of 70 basis points. We continue to be pleased by the continued growth of our SaaS offerings and remain actively engaged in executing cloud cost efficiencies. We delivered an operating margin of 30.2%, achieving expansion of 140 basis points year-over-year and our second consecutive quarter above 30%.

我們對獲利能力和營運槓桿的嚴格把控，在我們所取得的績效指標中得到了充分體現。本季總毛利率為76.9%。我們實現了 80.2% 的產品毛利率，年增 50 個基點，與 2025 年第四季相比，季增了 340 個基點。服務業務類股也呈現正面的利潤率走勢，達到 76.2%，較上季成長 70 個基點。我們對 SaaS 產品持續成長感到欣慰，並將繼續積極致力於提高雲端成本效益。我們實現了 30.2% 的營業利潤率，年增 140 個基點，連續第二季超過 30%。

This strong expansion reflects not only improvements in gross margin, but critically our ability to drive sustained scale and efficiency across all of the OpEx line items. We continue to apply an AI-first lens to all of our processes and functions. Notably, we have been able to deploy AI in our global customer support organization to drive 3 consecutive quarters of case volume reduction and reduce time to resolve for 11 consecutive quarters.

這一強勁成長不僅反映了毛利率的提高，更重要的是反映了我們持續擴大規模和提高營運支出所有專案效率的能力。我們將繼續在所有流程和職能中貫徹人工智慧優先的理念。值得一提的是，我們已在全球客戶支援組織中部署了人工智慧，連續三個季度減少了案件數量，並連續 11 個季度縮短了問題解決時間。

As a direct outcome of this disciplined leverage, our diluted non-GAAP EPS reached $0.93, which exceeded the high end of our guidance. This execution provides the basis for strong adjusted free cash flow, which came in at $1.7 billion, up 17%. Our cash and cash equivalents at the end of the first quarter is now over $10 billion. Finally, regarding capital allocation, our approach remains prudent. We did not repurchase any shares in Q1. Our buyback strategy remains opportunistic. We have $1 billion in share repurchase authorization remaining through December 2026.

由於這種有紀律的槓桿操作，我們的稀釋後非GAAP每股收益達到0.93美元，超過了我們預期的上限。此次執行為強勁的調整後自由現金流奠定了基礎，該現金流達到 17 億美元，成長 17%。截至第一季末，我們的現金及現金等價物已超過100億美元。最後，關於資本配置，我們的做法依然是謹慎的。第一季我們沒有回購任何股票。我們的股票回購策略仍然是機會主義的。我們還有10億美元的股票回購授權，有效期至2026年12月。

Ultimately, we remain focused on leveraging this efficiency to maximize long-term shareholder value. With that, I will move on to Q2 and fiscal '26 guidance. For the second fiscal quarter 2026, we expect NGS ARR to be in the range of $6.11 billion to $6.14 billion, an increase of 28%. Remaining performance obligation of $15.75 billion to $15.85 billion, an increase of 21% to 22%. Revenue to be in the range of $2.57 billion to $2.59 billion, an increase of 14% to 15% and diluted non-GAAP EPS to be in the range of $0.93 or $0.95, an increase of 15% to 17%. For the fiscal year 2026, we expect NGS ARR in the range of $7 billion to $7.1 billion, an increase of 26% to 27%.

最終，我們將繼續專注於利用這種效率來最大限度地提高股東的長期價值。接下來，我將展望第二季和 2026 財年的業績指引。我們預計 2026 年第二財季 NGS ARR 將在 61.1 億美元至 61.4 億美元之間，成長 28%。剩餘履約義務為 157.5 億美元至 158.5 億美元，成長 21% 至 22%。營收預計在 25.7 億美元至 25.9 億美元之間，成長 14% 至 15%；稀釋後非 GAAP 每股盈餘預計在 0.93 美元或 0.95 美元之間，成長 15% 至 17%。我們預計 2026 財年 NGS ARR 將在 70 億美元至 71 億美元之間，成長 26% 至 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 $10.50 billion to $10.54 billion, an increase of 14%. Operating margins to be in the range of 29.5% to 30% diluted non-GAAP EPS to be in the range of $3.80 to $3.90, an increase of 14% to 17% and adjusted free cash flow margin in the range of 38% to 39%. As Nikesh mentioned earlier, we are also reiterating our 40% plus adjusted free cash flow margin target for fiscal year '28, inclusive of both CyberArk and Chronosphere.

剩餘履約義務為 186 億美元至 187 億美元，成長 17% 至 18%。營收預計在 105 億美元至 105.4 億美元之間，成長 14%。營業利潤率預計在 29.5% 至 30% 之間，稀釋後非 GAAP 每股收益預計在 3.80 美元至 3.90 美元之間，增長 14% 至 17%，調整後自由現金流利潤率預計在 38% 至 39% 之間。正如 Nikesh 先前提到的，我們重申 2028 財年調整後自由現金流利潤率目標為 40% 以上，其中包括 Cyber​​Ark 和 Chronosphere。

Furthermore, whilst we will provide more detailed guidance after closing the transaction, we expect to maintain an adjusted free cash flow margin of at least 37% for fiscal year 2026 inclusive of both CyberArk and Chronosphere, depending upon timing of close. We've included our typical modeling points in the presentation for your review, but I would like to highlight a few now. One, as we noted last quarter, we expect to -- we continue to expect our net new NGS ARR and revenue to be second half and Q4 weighted as we continue to platformize with our customers. Two, we expect product revenue growth for Q2 to be approximately 17% to 18%.

此外，雖然我們將在交易完成後提供更詳細的指導，但我們預計，在 2026 財年（包括 Cyber​​Ark 和 Chronosphere 在內的所有業務）將保持至少 37% 的調整後自由現金流利潤率，具體時間取決於交易完成的時間。我們在簡報中列出了我們典型的建模要點供您審閱，但我現在想重點介紹幾個要點。第一，正如我們上個季度所指出的，我們預計——我們繼續預計我們的淨新增 NGS ARR 和收入將以下半年和第四季度為重點，因為我們將繼續與客戶進行平台化。第二，我們預計第二季產品營收成長約為 17% 至 18%。

And finally, we expect $130 million to $140 million in CapEx in Q2 '26, which is inclusive of a $90 million nonrecurring real estate CapEx. This $90 million will be removed from adjusted free cash flow in accordance with our typical treatment for these nonrecurring items. With that, I will turn it over to Hamza for Q&A.

最後，我們預計 2026 年第二季資本支出為 1.3 億美元至 1.4 億美元，其中包括 9,000 萬美元的非經常性房地產資本支出。這9000萬美元將從調整後的自由現金流中扣除，這是我們對這些非經常性項目的常規處理方法。接下來，我會把問答環節交給哈姆札。

Okay. Great. To allow for broad participation, I would ask that each analyst ask one question. With that, we'll start with Brad Zelnick, Deutsche Bank, followed by Rob Owens, Piper Sandler.

好的。偉大的。為了讓更多人參與，我要求每位分析師提一個問題。接下來，我們將首先介紹德意志銀行的布拉德·澤爾尼克，然後是派珀·桑德勒公司的羅布·歐文斯。

And it's great to see vintage Nikesh coming out strong in Q1 even after a blowout Q4. So congrats to you and the team.

很高興看到老牌股 Nikesh 在經歷了第四季度的暴跌之後，第一季依然表現強勁。所以，恭喜你和你的團隊。

Pole position, Brad. First question.

杆位，布拉德。第一個問題。

I love it. I love it. Nikesh, 2026 is setting up as a perfect AI storm where every vendor has a story to tell. And it seems all roads lead back to identity where you clearly are in process of acquiring the best asset out there. But stepping back, it's rare that the winner in one technology generation remains the winner in the next. So what is it that you're doing outside of smart M&A to disrupt yesterday's Palo Alto to ensure success into an AI and quantum future?

我喜歡它。我喜歡它。Nikesh，2026 年將會是人工智慧發展的完美風暴，屆時每個供應商都有故事要說。看來所有道路最終都會指向身分認同，而你顯然正在獲取市場上最好的資產。但從長遠來看，上一代科技的贏家很少能在下一代科技中繼續保持領先。那麼，除了巧妙的併購之外，你們還在做些什麼來顛覆過去的帕洛阿爾托，以確保在人工智慧和量子未來取得成功？

Thank you, Brad. Well, I think there are enough examples in history of technology companies which have sustained multiple technology waves and continue to win. And I think you're seeing some of the multitrillion-dollar companies out there have been around for 4, 5, 6, 7 decades. So we hope we're one of those evergreen companies that persists and is able to execute on a similar trajectory.

謝謝你，布拉德。我認為歷史上有許多科技公司經受住了許多技術浪潮的考驗，並且持續取得成功。我認為你現在看到的一些市值數萬億美元的公司已經存在了 40 年、50 年、60 年甚至 70 年。所以我們希望自己能成為那種常青公司之一，能夠堅持下去，並沿著類似的軌跡繼續發展。

We are -- as you can see, we are very, very aware of the 2 biggest technology trends ahead of us, both AI and quantum. What's fascinating is the need for network inspection does not go away. From our perspective, AI and quantum are going to drive lots more volume. So as the more bits that fly around, the more they need to be inspected, which means the need for bit inspection technologies is not going to go away.

正如你所看到的，我們非常清楚未來兩大科技趨勢，也就是人工智慧和量子技術。令人驚訝的是，網路檢查的需求並沒有消失。從我們的角度來看，人工智慧和量子技術將推動更大的市場成長。因此，隨著飛舞的比特越多，需要檢查的比特就​​越多，這意味著對比特檢測技術的需求不會消失。

Just the way the need for server hasn't gone away since the time servers were created. So I think we don't have a threat to our core business of bit inspection, which is how I broadly describe our network security business. And AI is driving more volumes. I was just talking to the CEO of a large cloud service provider earlier today, and the conversation was about how they go to deploy gigawatts of capacity in short order given the large sort of thrust towards building AI compute and how do we make sure those bits are secured.

就像自從伺服器誕生以來，對伺服器的需求就從未消失一樣。所以我認為，我們的核心業務——比特檢測（我通常用比特檢測來概括我們的網路安全業務）——不會受到威脅。人工智慧正在推動銷售成長。今天早些時候，我和一家大型雲端服務供應商的執行長進行了交談，談話內容是關於在大力發展人工智慧運算的情況下，他們如何在短時間內部署千兆瓦的容量，以及我們如何確保這些容量的安全。

So I guess we are going to see sustained demand over time from a network security perspective. If you couple that with the trend that AI is driving is the idea that now data can be sensed real time and actions can be taken quickly as we discussed the recent cyber attack, that was an attack which is based purely on online availability of data and the ability of persistent access. From that perspective, we think the solution on the other side has to be a data-driven problem solution.

所以我認為，從網路安全的角度來看，我們將會看到持續的需求。如果將這一點與人工智慧正在推動的趨勢結合起來，那就是現在可以即時感知數據並迅速採取行動的想法，正如我們討論的最近網路攻擊一樣，那次攻擊完全基於數據的線上可用性和持續存取能力。從這個角度來看，我們認為另一邊的解決方案必須是數據驅動的問題解決方案。

And if you look at what we've been doing from an XSIAM perspective, we have 470 customers. Three years ago, I remember you and I talking about XSIAM as new product categories in the SOC space. And your question to me was, "What makes you think you will succeed in a space you've never played in before?" Well, Brad, we proved that we can get to close to 500 customers with $1 million ARR.

從 XSIAM 的角度來看，我們有 470 位客戶。三年前，我記得你我曾討論過 XSIAM 作為 SoC 領域的新產品類別。你問我的問題是：“你憑什麼認為自己會在一個你從未涉足的領域取得成功？”布拉德，我們已經證明，我們可以擁有近 500 位客戶，每年經常性收入達到 100 萬美元。

I don't think I know any company in recent history in cybersecurity, which has an average ARR per customer of $1 million on a product category. So I think we've proven that we are able to execute on the back of -- and last but not the least, and I'll give way to others, like, don't underestimate quantum. Quantum is going to break every key, which means every piece of infrastructure that hasn't been upgraded has to be upgraded.

就我所知，在網路安全領域，近期沒有任何一家公司能達到每個產品類別平均每位客戶的年度經常性收入 (ARR) 達到 100 萬美元。所以我認為我們已經證明我們能夠憑藉——最後但同樣重要的是，我把機會讓給其他人，例如，不要低估量子力學。量子技術將會破解所有金鑰，這意味著所有尚未升級的基礎設施都必須升級。

And I just learned something the other day, which Lee taught me is you don't even have to have a quantum computer to start breaking keys, you can actually start storing data today and break it later. So you can imagine nation-states getting forward and saying, let's just ingest the data, hold on to it. Nobody is paying attention and I've got the data, we'll crack it later.

前幾天我剛學到一件事，是李告訴我的，那就是你甚至不需要量子計算機就可以開始破解密鑰，你今天就可以開始存儲數據，以後再破解。所以你可以想像，各個民族國家會走上前來說，讓我們吸收這些數據，並保留它們。沒人注意，但我已經掌握了數據，我們以後再破解。

So I just think all these technology trends are in the right direction. We have products positioned in each category. And I'd tell you about in 3 years from now, we'll look back and say, damn, the Chronosphere acquisition was a very smart move because you need observability. If you want your stuff to work 99.99% of the time, you need to know something if goes down ASAP.

所以我認為所有這些技術發展趨勢都是朝著正確的方向發展的。我們在每個類別中都有產品。我會告訴你，三年後，我們會回頭看，然後說，天哪，收購 Chronosphere 是一個非常明智的舉動，因為你需要可觀測性。如果你希望你的裝置在 99.99% 的時間裡都能正常運作，那麼你需要盡快知道一旦故障會發生什麼事。

You can't know that if you don't have the data. And if you go back historically, the question has been the 2 largest category of data are security and observability. And that's where Splunk started, by the way. All we've done is we are now the new platform for security and observability once we close Chronosphere.

如果沒有數據，你就無法知道答案。回顧歷史，問題在於，數據的兩個最大類別是安全性和可觀測性。順便一提，Splunk 就是從那裡起家的。我們所做的就是，一旦 Chronosphere 關閉，我們現在就成為了安全性和可觀測性的新平台。

Next, we have Rob Owens, Piper Sandler, followed by Saket Kalia, Barclays.

接下來是羅布·歐文斯（Piper Sandler），然後是薩克特·卡利亞（巴克萊銀行）。

Nikesh, just building on those comments, I wanted to touch on Chronosphere. And it has been challenging, I think, for a lot of vendors in security to get into observability. So I would love to see or hear from you your perspective on, number one, that convergence happening right now.

Nikesh，我想藉用你剛才的評論，談談 Chronosphere。我認為，對於許多安全廠商來說，實現可觀測性一直是個挑戰。所以我很想聽聽您對當前正在發生的這種融合現象的看法。

And number two, I think Chronosphere has shown success with some of the largest AI native companies out there having 2 of the top 5 frontier models. Are there elements behind their product sets that are applicable to some of these other large AI natives that are growing rapidly that you think you can have success with?

第二，我認為 Chronosphere 已經取得了成功，一些最大的 AI 原生公司擁有排名前 5 的前沿模型中的 2 個。他們的產品組合中是否存在一些要素，可以應用到其他一些快速發展的大型人工智慧原生企業中，您認為這些要素也能讓您成功？

So, Rob, me and the team -- actually, it's my story. We actually found Chronosphere because we were looking around to see, oh my God, everybody is going and abstracting data pipelining and everybody is going to have a data pipelining capability in the future in the SIEM. And honestly, as a category, we think data pipelining is sort of an interim category, which is there because of data inefficiency, but we don't think it has a sustainable future.

所以，羅布、我和團隊——實際上，這是我的故事。我們找到 Chronosphere 的真正原因是，我們四處尋找，發現，天哪，每個人都在進行資料管道抽象，而且未來每個人都將在 SIEM 中擁有資料管道功能。坦白說，我們認為資料管道作為一個類別，只是一個過渡性的類別，它的存在是因為資料效率低下，但我們認為它沒有可持續的未來。

So we kind of like walked away from data pipelining vendors, which I know that some of the industry has tried to ingest as part of their SIEM solutions. But when we looked harder, we ran into Chronosphere, we discovered -- it's very rarely when your engineering team comes back and says, "These guys are good."

所以我們基本上放棄了數據管道供應商，我知道業內一些公司已經嘗試將數據管道納入他們的 SIEM 解決方案中。但當我們更深入地研究時，我們遇到了 Chronosphere，我們發現——很少有工程團隊會回來對我說：“這些人很棒。”

Generally, engineers have too much pride to tell you somebody else is good. But our team came back and said, these guys are the best engineers we run into. Now to be able to scale observability when you're ingesting petabytes of data at LLM model scale and be able to not create latency, provide observability in that kind of environment at a cost, which is 1/3.

一般來說，工程師都太驕傲了，不會輕易承認別人的優秀。但我們的團隊回來後表示，這些人是我們遇到的最優秀的工程師。現在，當您以 LLM 模型規模攝取 PB 級資料時，能夠擴展可觀測性，並且不會產生延遲，能夠在這種環境下以 1/3 的成本提供可觀測性。

Look, right now, if you go talk to every customer, even we turned down our observability vendor because it's too expensive at Palo Alto. Can't afford to have real-time observability on this platform because it's too expensive. The problem is you can't run financial services apps, you can't run large e-commerce businesses. You can't run large food delivery businesses without persistent observability.

你看，現在如果你去問每個客戶，就連我們自己都拒絕了我們的可觀測性供應商，因為在帕洛阿爾托，它太貴了。這個平台無法負擔即時可觀測性，因為成本太高了。問題是，你無法運行金融服務應用程序，也無法運行大型電子商務業務。如果沒有持續的可觀測性，就無法經營大型食品配送業務。

So what Chronosphere has done has changed the observability model by a combination of open source and techniques where they can do scale sort of data observability at the right price. So we think every born-in-the-cloud company, every company that has a platform that requires customers to really access it 7x24 is a potential customer. And I think, again, it's going to be another business like XSIAM, which we have an average ARR of $1 million at some point in time.

因此，Chronosphere 透過開源和技術的結合，改變了可觀測性模型，使其能夠以合適的價格實現某種規模化的資料可觀測性。因此，我們認為每一家誕生於雲端的公司，每個擁有需要客戶全天候存取的平台的公司，都是潛在客戶。而且我認為，它將會是像 XSIAM 這樣的另一家企業，我們曾經在某個時候實現過平均 ARR 100 萬美元。

Okay. Great. Next, we have Saket Kalia, Barclays, followed by Matt Hedberg, RBC.

好的。偉大的。接下來是巴克萊銀行的 Saket Kalia，然後是加拿大皇家銀行的 Matt Hedberg。

Nikesh, it's interesting to see you sign larger and larger XSIAM deals. I think you called out an $85 million deal in the quarter. While at the same time, incumbents in this space are really struggling to grow. And in the past, you've talked about how XSIAM...

Nikesh，看到你簽署的 XSIAM 合約金額越來越大，真是令人感興趣。我認為你在本季提到了一筆價值 8500 萬美元的交易。同時，該領域的現有企業卻很難成長。過去，您曾談過 XSIAM…

Saket, it makes sense. Incumbents don't grow, we take market share, which means we grow and they decline. That's how it works.

薩凱特，這很有道理。現有企業無法發展壯大，我們只能搶佔市場份額，這意味著我們發展壯大，而他們則衰落。就是這樣。

Totally understood. But maybe from a spending perspective, maybe the question is, do you find that XSIAM is able to capture at least what those customers were spending on incumbents? Or is there an opportunity to capture more because of that faster mean time to respond? Does that make sense?

完全理解。但從消費的角度來看，問題或許在於，您是否發現 XSIAM 至少能夠捕捉到這些客戶在現有供應商身上花費的金額？或者說，更快的平均回應時間是否帶來了獲得更多機會？這樣說得通嗎？

Makes sense, Saket. I think the way to think about it differently is we do capture at least what the incumbent is -- the customer is spending on the incumbent. But in the process of delivering XSIAM, we're able to consolidate multiple products. So not only do we get the incumbent spend of the SIEM provider, but you have UEBA, you have other carriers.

有道理，薩凱特。我認為可以換個角度來思考這個問題：我們至少捕捉到了現有供應商的情況——顧客正在為現有供應商消費。但在交付 XSIAM 的過程中，我們能夠整合多個產品。因此，我們不僅要考慮 SIEM 提供者的現有支出，還要考慮 UEBA 和其他營運商的支出。

Maybe Lee, it's a good time for you to say something.

李，或許現在是你說句話的好時機。

SOAR, ITDR, recent launches around e-mail security, exposure management. So we're able to consolidate these sort of surrounding product categories back onto a single platform. So customer saves money, but we expand the overall footprint that we can deliver.

SOAR、ITDR、近期推出的電子郵件安全和風險暴露管理等產品和服務。因此，我們可以將這些相關的產品類別整合到一個平台上。這樣一來，客戶節省了資金，而我們則擴大了能夠提供的整體服務範圍。

Okay. Next, we have Matt Hedberg, RBC followed by Tal Liani, Bank of America.

好的。接下來是加拿大皇家銀行的馬特·赫德伯格，然後是美國銀行的塔爾·利亞尼。

Congrats from me as well on the results. Obviously, a lot of really positive developments here. The $20 billion fiscal '30 NGS ARR target is obviously super-impressive relative to the prior targets that you had outlined. Obviously, there's some tuck-in sort of M&A assumptions in there. But I guess I'm curious, like from a high level, Nikesh, what are some of the biggest moving pieces that give you the confidence since you talked about the prior target just last quarter to raise it to such a significant margin?

我也要祝賀你們取得這樣的成績。顯然，這裡有很多非常積極的進展。與您之前概述的目標相比，2030 財年 NGS ARR 200 億美元的目標顯然非常令人印象深刻。顯然，其中包含了一些併購方面的假設。但我很好奇，從宏觀層面來說，Nikesh，是什麼讓你有信心在上個季度將目標提高到如此顯著的幅度？

Well, that's a great question, Matt. So first of all, as I said, our core business continues to show strength. And as every time we're doing forecasting, somebody says, oh, the law of large numbers is going to start making these growth rates go down. But as I mentioned, SASE continues to be strong at $1.3 billion in ARR. We're growing faster than independent public companies, which run SASE.

馬特，你問得好。首先，正如我所說，我們的核心業務持續保持強勁勢頭。每次我們進行預測時，總是會有人說，哦，大數定律將會導致這些成長率下降。但正如我之前提到的，SASE 的 ARR 仍然保持強勁，達到 13 億美元。我們的成長速度比經營 SASE 的獨立上市公司還要快。

So we feel that's a strong part of our business. Software firewalls, I think, is a hidden gem. 50% of our product or 44-plus percent of our product revenues coming from software. I don't think software firewall is going to stop. As you put more and more cloud workloads out there, people are discovering they need a software firewall.

所以我們認為這是我們業務的重要組成部分。我認為軟體防火牆是一顆被埋沒的寶石。我們產品收入的50%或44%以上都來自軟體。我認為軟體防火牆的發展不會停止。隨著越來越多的雲端工作負載投入使用，人們發現他們需要軟體防火牆。

We've been waiting for that trend to arrive. We are probably, outside of the CSPs, the only large vendor in the software firewall space. So we feel strong that our core business will keep performing, which allows us to sustain our current $7 billion target in FY '26 forward. If you take CyberArk and what we intend to do with it, we hope that business continues to transform from where they are to absorb more and more identity categories that we intend to do with them. I think Chronosphere, if you add all 3 of them up, that gets us very close. Will there be tuck-in between now and FY '30? Sure.

我們一直在等待這種趨勢的到來。除了雲端服務供應商 (CSP) 之外，我們可能是軟體防火牆領域唯一的大型供應商。因此，我們非常有信心，我們的核心業務將繼續保持良好的業績，這將使我們能夠在 2026 財年及以後維持目前的 70 億美元目標。如果你了解 Cyber​​Ark 以及我們打算如何利用它，我們希望企業能夠繼續轉型，從目前的狀況過渡到吸收我們計劃利用它們實現的越來越多的身份類別。我認為，如果把這三個因素加起來，《時空領域》就非常接近真相了。從現在到 2030 財年之間會有過渡期嗎？當然。

We will have tuck-ins. But as you've seen in the past, tuck-ins don't move the needles by billions of dollars. Tuck-ins move the needle by sustaining growth rates and giving you a few hundred million dollars. But I think the lion's share is going to come from the 3 categories you've just outlined in our core business, in identity and in observability.

我們將提供睡前小點心。但正如你過去所看到的，這種小規模的調整併不能帶來數十億美元的收益。短期投資能維持成長率，從而帶來數億美元的收益。但我認為，絕大部分收益將來自您剛才概述的我們核心業務的三個類別，即身份和可觀測性。

Great. Next, we have Tal Liani, Bank of America, followed by Meta Marshall, Morgan Stanley.

偉大的。接下來是美國銀行的塔爾·利亞尼，然後是摩根士丹利的梅塔·馬歇爾。

Two great acquisitions, long term, very promising. The question is the transitory period. What's the impact on dilution on margins or free cash flow margins? And then how long does it take to see the synergies? So the sum of parts is greater than 2.

兩項意義重大的收購，著眼長遠，前景非常光明。問題在於過渡期。股權稀釋對利潤率或自由現金流利潤率有何影響？那麼，需要多久才能看到協同效應呢？所以各部分總和大於 2。

Yes. I'm going to let Dipak answer the precise questions on the numbers. As I said, cyber -- Chronosphere, we will run independently. Martin and the team has done a great job. We will provide, obviously, the services from the HR finance marketing people, which is great because they don't have a large team in doing that. They're basically a bunch of really smart engineers and forward deployed engineers as well as a few salespeople.

是的。關於具體數字的問題，我將讓迪帕克來回答。正如我所說，網路空間——時間領域，我們將獨立運作。馬丁和他的團隊做得非常出色。我們當然會提供人力資源、財務、行銷人員的服務，這很好，因為他們在這方面沒有一個龐大的團隊。他們基本上是由一群非常聰明的工程師、前線部署工程師以及一些銷售人員組成。

So we're going to give them some support by introducing the right customers in a very targeted fashion. But Martin is very capable. He will run the business with his team, we trust him to do that. We're just going to provide the sort of the rocket fuel in him to go out and meet customers and execute on his plan. So that's sort of -- so it's kind of -- it's a low -- because for us, it's very important because all of our focus from an integration perspective is on CyberArk. From a CyberArk perspective, as I said, we've had some great meetings. We understand what it is.

因此，我們將透過有針對性地引入合適的客戶來為他們提供一些支援。但馬丁非常有能力。他將和他的團隊一起經營這家公司，我們相信他能做到。我們只是要給他那種讓他充滿動力、走出去會見客戶並執行計劃的「火箭燃料」。所以這有點——所以這有點——這是一個低谷——因為對我們來說，這非常重要，因為從整合的角度來看，我們所有的關注點都在於 Cyber​​Ark。從 Cyber​​Ark 的角度來看，正如我所說，我們已經舉行了一些非常棒的會議。我們明白它是什麼。

There will be some rational synergies on Day 1 because we don't need certain things in duplicate. We think by the time we get to the end of this fiscal year, our fiscal year FY '26, we have a much better handle. We'll be able to align their sales quotas and their teams and territories around our plans. So that's where I think a little bit of reshaping will happen. But I'm going to let Dipak talk about specific dilution and free cash flow margin.

第一天就會出現一些合理的綜效，因為我們不需要重複購買某些東西。我們認為，到本財年結束，也就是 2026 財年結束時，我們會對情況有更好的控制權。我們將能夠根據我們的計劃調整他們的銷售配額、團隊和區域。所以我認為，這方面會有一些調整。但我會讓迪帕克來談談具體的股權稀釋和自由現金流利潤率。

Yes. So I think Tal, the key part of just what I said in my prepared remarks is like with both acquisitions, we believe that we'll be able to get back to the 40% free cash flow by '28. Your question is really about what in the interim. And I specifically mentioned that we should be able to maintain at least 37% plus free cash flow margin even in the interim, like barring the onetime costs, which I think just highlights the bottom of the floor. So we're pretty deep into -- at our scale, we're pretty deep into understanding how much we can do, how fast, and it doesn't really move the needle as much as you think it might.

是的。所以我認為，塔爾，我事先準備好的演講稿中的關鍵部分是，透過這兩項收購，我們相信到 2028 年我們將能夠恢復到 40% 的自由現金流。你的問題實際上是關於在此期間會發生什麼。我特別提到，即使在過渡時期，我們也應該能夠維持至少 37% 以上的自由現金流利潤率，例如不計入一次性成本，我認為這正好凸顯了底線。所以，以我們的規模來說，我們已經相當深入地了解我們能做多少事，能做多快，但這並沒有像你想像的那樣產生巨大的影響。

So between 37% to 40% over the next 2 years and 40-plus percent by 2028. Hamza FodderwalaExecutive Next, we have Meta Marshall from Morgan Stanley, followed by Brian Essex from JPMorgan. Meta MarshallAnalyst Great. And I apologize for the voice. Great traction with XSIAM and Prisma this quarter. Just what inning are you seeing customers in, in terms of AI adoption?

因此，未來兩年內將達到 37% 至 40%，到 2028 年將超過 40%。Hamza FodderwalaExecutive 接下來是來自摩根士丹利的 Meta Marshall，然後是來自摩根大通的 Brian Essex。Meta MarshallAnalyst 很棒。我為我的聲音道歉。本季 XSIAM 和 Prisma 的業務進展非常順利。您認為客戶目前處於人工智慧應用的哪個階段？

And is it different on AI for security versus kind of security for AI? Lee KlarichExecutive Look, it's still early innings on AI adoption. I mean there's -- on one hand, what you see is this massive build-out of AI data centers and models and everything else.

人工智慧安全與人工智慧的其他安全措施之間是否存在差異？Lee Klarich 執行長：你看，人工智慧的應用還處於早期階段。我的意思是，一方面，你可以看到人工智慧資料中心、模型以及其他一切的大規模建設。

That's the leading indicator. But then when you start to look at enterprise adoption, there's huge scale of production pilots and early deployments and things like that, and that's really just the tip of the spear of what we think is coming.

這是領先指標。但當你開始關注企業採用情況時，你會發現有大規模的生產試點和早期部署等等，而這實際上只是我們認為即將到來的事情的冰山一角。

Having said that, though, the security of that tends to be trailing that. And so the recent attacks that we're seeing both of AI as well as AI launching attacks is obviously going to start driving more and more awareness of the importance really of trying to do both those things at the same time. It's -- what I see when I talk to customers is a growing desire for the production pilots of AI to be run in parallel to the production pilots of AI security so that they're moving in lockstep.

不過話雖如此，但其安全性往往落後於此。因此，我們最近看到的AI攻擊以及AI發起的攻擊，顯然會越來越讓人意識到同時進行這兩件事的重要性。我與客戶交談時發現，他們越來越希望人工智慧的生產試點計畫與人工智慧安全的生產試點計畫並行運行，以便兩者能夠步調一致地推進。

And so that's going to require a bit more urgency, I think, on the security side to be up in lockstep with the IT deployment side. And that's starting to happen, but it's still early.

因此，我認為安全性方面需要更迫切地與 IT 部署方面保持同步。這種情況已經開始出現了，但現在還為時過早。

Thank you and feel better, Meta. Next, we have Brian Essex, JPMorgan, followed by Joseph Gallo, Jefferies.

謝謝你，Meta，祝你早日康復。接下來是摩根大通的布萊恩·艾塞克斯，然後是傑富瑞的約瑟夫·加洛。

Congrats on the results, team. I wanted to circle back on quantum. I saw the partnership with IBM on quantum-safe readiness. I guess a question for Nikesh. Are customers focused on this yet? Is this going to require some evangelism on your part?

恭喜團隊取得好成績。我想再探討量子力學。我看到了與 IBM 在量子安全準備方面的合作。我想問尼克什一個問題。客戶們是否已經關注到這一點了？這需要你做一些宣傳工作嗎？

Or will this be kind of like a Y2K event where they wait until the end -- until the last minute to address their exposure? And then maybe for Lee, how do we think about the technology advantage that you have that gives you maybe a superior right to win for post-quantum readiness? Is it the depth of visibility that you have and observability into networks? Is it data protection? All of the above? How do you frame that out?

或者，這會不會像千年蟲危機那樣，他們等到最後時刻才採取行動來應對風險？那麼對李來說，我們該如何看待他所擁有的技術優勢，而這種優勢或許使他在後量子時代準備方面擁有更優越的獲勝條件呢？是您對網路的可見性和可觀測性的深度嗎？這是資料保護問題嗎？上述所有的？你如何闡述這一點？

Let's start with your question on timing. So there's a couple of things that are driving a level of urgency. One is as Nikesh was mentioning, this notion of harvest now, decrypt later is one of the concerns. So probably more nation-state level type attack, but collecting encrypted data and then waiting for quantum to become real in order to decrypt it later.

我們先來回答你關於時間安排的問題。所以，有兩個因素導致了這種迫切感。其中一個問題是，正如尼克什所提到的，這種先收穫後解密的做法是人們擔憂的問題之一。所以這很可能是國家級的攻擊，目的是收集加密數據，然後等待量子技術成為現實，以便稍後對其進行解密。

And so there are certain types of data that will still be valuable years into the future. And so that's one reason for urgency now. Second is it's not clear yet when quantum computers will be viable. And it's possible that they'll be viable before people are currently expecting. And so there's a certain -- that variability is also factored in.

因此，某些類型的數據在未來幾年仍然會很有價值。所以，這就是現在情況緊急的原因之一。其次，目前還不清楚量子電腦何時才能真正投入使用。而且它們有可能在人們目前預期懷孕之前就已經投入使用。因此，這種變異性也被考慮在內。

And I'd say third is this is likely for a lot of organizations a multiyear effort. And so if they don't start now, they won't be ready 2, 3, 4 years from now. And so all of that is adding up to what I've noticed over the last, let's say, 6, 9 months is a pretty significant inflection in the number of customers that are starting to talk about this and plan for this from an urgency perspective.

第三點是，對許多組織來說，這很可能是一項需要多年才能完成的工作。所以如果他們現在不開始，2年、3年、4年後他們就無法做好準備。因此，所有這些因素加起來，就構成了我在過去 6 到 9 個月裡觀察到的情況：越來越多的客戶開始談論這件事，並從緊迫性的角度為此制定計劃，這出現了一個相當大的轉折點。

On the technical side, the -- look, part of this is really just related to we started working on post-quantum several years ago. So we did not wait to start working on this. We've had capabilities rolling out over the last few years with the biggest launch being a few months ago with Orion.

從技術角度來看——你看，這其中一部分實際上與我們幾年前開始研究後量子技術有關。所以我們沒有等到時機成熟就開始著手這項工作。過去幾年，我們陸續推出了多項功能，其中規模最大的一次發布是幾個月前推出的獵戶座太空船。

And that has put us in a very good position simply in terms of being ahead of many of the people out there. Two, our ability to sort of see across hardware stack, software stack, SASE stacks, browser stacks now gives us, I think, probably one of the largest footprints where we can leverage existing deployments to get that visibility and to provide remediation versus having it all be net new.

這使我們在許多方面都處於非常有利的地位，領先許多其他競爭者。第二，我們現在能夠看到硬體堆疊、軟體堆疊、SASE 堆疊、瀏覽器堆疊，我認為這讓我們擁有了最大的優勢，可以利用現有的部署來獲得這種可見性並提供補救措施，而不是從頭開始。

And the partnerships we announced is really pretty powerful because it allows us to work with others that can complement the pieces that we already have. Nikesh AroraExecutive And the only thing I would say to that, Brian, is look, I understand I used to be on your side of the world when I was Y2K, we're all trying to figure out which stocks to buy, which ones not to buy. But the good news is in the Y2K like you had to go and reset everything. There was no quick fix across the enterprise.

我們宣布的合作關係非常強大，因為它使我們能夠與其他可以補充我們現有資源的夥伴合作。Nikesh AroraExecutive 布萊恩，我唯一想說的是，聽著，我明白，在千禧年危機時期，我也曾經和你一樣，我們都在努力弄清楚該買哪些股票，不該買哪些股票。但好消息是，在 Y2K 問題上，你必須重置一切。整個企業範圍內沒有快速的解決方案。

And in this case, yes, the long-term solution is to sense in everything and make it more robust. In the short term, we actually have a solution where we're using techniques, we can actually take existing legacy enterprise infrastructure and secure for quantum. So as a customer, CIO, would you rather take the risk or just rather spend a few million dollars and say, "I am quantum secure until I can upgrade my infrastructure." The answer is cybersecurity is insurance anyway. So buy a little more insurance.

是的，從長遠來看，解決辦法是感知一切並使其更加穩健。短期內，我們確實有一個解決方案，就是利用一些技術，我們可以將現有的傳統企業基礎設施改造為量子安全基礎設施。所以，作為客戶或首席資訊官，您是寧願承擔風險，還是寧願花費幾百萬美元，然後說：“在我升級基礎設施之前，我的系統是量子安全的。”答案是：網路安全本身就是一種保險。所以，不妨多買點保險。

Are you seeing a compliance push yet? Or is that still on the horizon?

你們那邊有加強合規力度的跡象了嗎？或者說，這仍然在計畫之中？

Early stages, Brian. Early stages. It's coming.

布萊恩，還處於早期階段。早期階段。它要來了。

Thank you, Brian. Next, we have Joe Gallo, Jefferies, followed by Patrick Colville, Scotiabank.

謝謝你，布萊恩。接下來是傑富瑞集團的喬·加洛，然後是加拿大豐業銀行的派崔克·科爾維爾。

You made some architectural changes to the cloud security product earlier this year. Can you just update us on that? How has that been received by customers? And any sense of how cloud security grew in 1Q versus 4Q?

今年早些時候，你們對雲端安全產品進行了一些架構上的更改。您能給我們更新一下情況嗎？顧客對此有何反應？您能否談談雲端安全在第一季與第四季相比的成長情況？

Yes. So we've made some changes, Joe, as you noted, with the launch of Cortex Cloud early in the year. This was made for a number of reasons. In large part, we were seeing an increased need from customers to be able to secure the full life cycle of their cloud deployments from code to cloud deployments to run time, even connected all the way into the SOC.

是的。正如你所指出的，喬，我們做出了一些改變，在今年年初推出了 Cortex Cloud。這樣做是出於多種原因。在很大程度上，我們看到客戶越來越需要能夠保護其雲端部署的整個生命週期，從程式碼到雲端部署再到運行時，甚至一直連接到安全營運中心 (SOC)。

And so the -- that was the impetus behind this, and we've seen a lot of very positive feedback from customers in terms of aligning to their strategies as well. And then since then, we've been able to continue to drive further capabilities on that.

因此，這就是我們推出這項產品的初衷，我們也從客戶那裡獲得了許多非常正面的回饋，認為這也能更好地契合他們的策略。從那時起，我們就能夠繼續推動這方面的進一步發展。

Earlier this year, we announced ASPM. So this is basically allowing us to prevent application security issues from working the way into production. And then most recently, we announced the new cloud security agents or CDR agent, we're able to be 50% more efficient in protecting cloud workloads with that. And so we continue to drive more and more innovation.

今年早些時候，我們發布了 ASPM。所以基本上可以防止應用程式安全問題滲透到生產環境中。最近，我們發布了新的雲端安全代理或 CDR 代理，借助它，我們在保護雲端工作負載方面的效率提高了 50%。因此，我們將繼續推動更多的創新。

Actually, the last one was with the launch of AgentiX, that is now natively available as part of the Cortex Cloud as well. So we're even bringing agents to the cloud security mix to help automate customer workflows in the cloud.

實際上，上一次更新是隨著 AgentiX 的發布，現在它也作為 Cortex Cloud 的一部分原生提供。因此，我們甚至將代理程式引入雲端安全領域，以協助自動化雲端的客戶工作流程。

Thank you, Joe. Next, we have Josh Tilton, Wolfe Research, followed by Patrick Colville, Scotiabank.

謝謝你，喬。接下來是沃爾夫研究公司的喬許·蒂爾頓，然後是加拿大豐業銀行的派崔克·科爾維爾。

I just want to follow up on the first question from Brad. I do think that today, the current investor view is that identity security is the market that is best positioned to benefit in an agentic future. But Nikesh, I think in response to his question, you did mention that AI is increasing volume and inspection. So what I'm trying to understand is how should investors expect the volume of network traffic to change in an agentic future? And what does that mean for the traditional firewall business and the SASE business?

我只想就布拉德提出的第一個問題做個後續說明。我認為，目前投資人普遍認為，身分安全市場最有可能在智慧代理的未來中受益。但是尼克什，我認為在回答他的問題時，你確實提到了人工智慧正在增加檢測量和檢測能力。所以我想了解的是，在智能體主導的未來，投資人該如何預期網路流量的變化？那麼，這對傳統防火牆業務和 SASE 業務意味著什麼？

Look, I think the way to maybe think about it, Josh, is the advent of AI has just created an extraordinary increase in the amount of data both data concentration, but also movement of data, right? So we're seeing environments now that are beyond any scale that we've ever seen before just in terms of the amount of data that's moving around.

喬希，我覺得你可以這樣理解：人工智慧的出現帶來了數據量的極大增長，包括數據集中度的增加和數據的流動，對吧？因此，我們現在看到的環境，就資料流動量而言，其規模已經遠遠超過了我們以前見過的任何規模。

For example, you think about how much training data has to be brought to bear to and train one of these models, let alone, all different models are being built in different versions and models. And so that by itself is creating a noticeable influx in the amount of network traffic, but it's somewhat concentrated, concentrated toward the AI platforms themselves.

例如，想想看，要訓練這些模型之一，需要多少訓練數據，更不用說所有不同的模型都是以不同的版本和模型構建的。因此，這本身就造成了網路流量的明顯激增，但這種激增在某種程度上是集中的，集中在人工智慧平臺本身。

The second part that comes with that, though, is as AI becomes more and more deployed across the enterprises that will also drive a similar pattern, albeit maybe at a slightly smaller scale and that's the part of what Nikesh was talking about both in terms of amount of data, but then that translates then to the observability needs, the application criticality needs and, of course, security on top of all of that.

但隨之而來的第二部分是，隨著人工智慧在企業中越來越廣泛地部署，也將推動類似的模式，儘管規模可能略小。這正是 Nikesh 所說的，無論是資料量方面，還是由此產生的可觀測性需求、應用程式關鍵性需求，當然還有所有這些之上的安全性。

Yes. And I think just -- I think you probably are alluding to the fact that we didn't explain the identity thing well enough. Look, identity is a market the products were designed 15, 20 years ago. And with all respect, in our view, IAM is not identity security, it's hygiene and it's IT capabilities, like the fact that you have a badge doesn't make me secure. I have to have a badge to enter Palo Alto. That's not security.

是的。我覺得──我覺得你可能是在暗示我們沒有把身分認同的問題解釋清楚。你看，身分認同是一個市場，而這些產品是15、20年前設計的。恕我直言，我們認為 IAM 不是身分安全，而是安全防護和 IT 能力，就像你擁有徽章並不能讓我感到安全一樣。我必須持有通行證才能進入帕洛阿爾托。那不是安全。

That keeps track of the fact that I'm in the building. It doesn't stop me from doing anything bad that I wanted. So we believe true security in the world of identity happens when you start enacting privileged access type controls across identities.

這樣就能記錄我是否在樓內。但這並不能阻止我去做任何我想做的壞事。因此，我們認為，在身分領域，真正的安全來自於對各種身分實施特權存取類型的控制。

And our view with CyberArk is that the fact that why are only 500 or 1,000 people in the enterprise privileged when pretty much the remaining 15,000 people at Palo Alto could cause equal amount of damage through other ways using systems. So our view is in the future, almost every identity will get some version of privileged access management and CyberArk is the best platform from our perspective and asset in the industry to be able to leverage those capabilities.

我們對 Cyber​​Ark 的看法是，為什麼企業中只有 500 或 1000 人擁有特權，而 Palo Alto 其餘的 15000 人幾乎可以透過其他方式使用系統造成同等程度的損害。因此，我們認為，未來幾乎每個身分都將獲得某種形式的特權存取管理，而從我們的角度來看，Cyber​​Ark 是業界能夠利用這些功能的最佳平台和資產。

Now we have to do some joint product work, which is not unlike the fact that when I came to Palo Alto, we had a network security company with 4 subscriptions. Today, we have 10. We'll possibly have 15 by the time the next 5 years come out. So can I have an identity platform with 15 different capabilities with the underpinnings of what is the CyberArk Privileged Access Management platform?

現在我們必須進行一些聯合產品開發工作，這與我剛到帕洛阿爾托時的情況非常相似，當時我們只有一家網路安全公司，卻有 4 個訂閱用戶。今天，我們有10個。到下一個五年結束時，我們可能會有 15 個。那麼，我能否擁有一個具備 15 種不同功能的身份平台，其基礎是 Cyber​​Ark 特權存取管理平台？

Yes. But that requires some degree of innovation, some degree of consolidation in the enterprise. And the more we look into what CyberArk has, the more excited we get that there is an opportunity here. But yes, there's a bunch of work that needs to be done. As Lee and I were joking yesterday, we call it back to the future.

是的。但這需要一定程度的創新，也需要企業內部一定程度的整合。我們越深入了解 Cyber​​Ark 的產品，就越興奮地意識到這裡蘊藏著機會。沒錯，還有很多工作要做。正如我和李昨天開玩笑說的那樣，我們稱之為「回到未來」。

Thank you, Josh. Next, we have Patrick Colville, Scotiabank, followed by Fatima Boolani, Citi.

謝謝你，喬希。接下來是加拿大豐業銀行的派崔克·科爾維爾，然後是花旗銀行的法蒂瑪·布拉尼。

My question is for Nikesh on Chronosphere. I mean we know many of the VC backers and I totally agree with your comments earlier that you're acquiring a top-quality asset with a toehold in a Tier 1 foundation model vendor. But my question is...

我的問題想問 Chronosphere 上的 Nikesh。我的意思是，我們認識很多創投人，我完全同意你之前的評論，即你正在收購一家頂級基礎模式供應商的優質資產，並以此立足。但我的問題是…

[indiscernible] get there, Patrick.

[聽不清楚] 到那裡去，派崔克。

Okay. Nice.

好的。好的。

It's more than a toe already, but we're working on getting the whole foot in there.

雖然現在已經不只一個腳趾了，但我們正在努力把整個腳都放進去。

Well, we're looking forward to seeing that. So I mean, maybe that -- I guess, why has the advent of AI driven you to pull the trigger right now on the Chronosphere deal? And then also, if I think about Chronosphere, the buyer is typically a dev or maybe a CIO, which is quite different to your current buyer profile. So just talk me through your thinking of how you're going to penetrate those new buyers.

我們很期待看到那一幕。所以我的意思是，也許是這樣——我想，為什麼人工智慧的出現促使你現在就決定收購 Chronosphere 呢？此外，如果我考慮 Chronosphere，買家通常是開發人員或資訊長，這與您目前的買家畫像截然不同。所以，請你詳細說說你​​打算如何打入這些新買家市場。

So Patrick, what's interesting is that -- let me answer that in 3 different ways. One, the actual buyer for Chronosphere is very often the CIO or even the CEO. I had a conversation as part of our diligence with the CEO of a financial -- fintech company. I said, "Hey, have you heard of Chronosphere?" He's like, "Yes." I said, "Are they good?" He's like, "Yes." I said, "How do you know them?" He looked at me and straightaway announced, "You think I don't know my tech stack?"

所以派崔克，有趣的是──讓我用三種不同的方式來回答這個問題。第一，Chronosphere 的實際購買者通常是首席資訊官，甚至是執行長。作為盡職調查的一部分，我與一家金融科技公司的執行長進行了交談。我說：“嘿，你聽說過時間領域嗎？”他回答說：“是的。”我問：“它們好嗎？”他回答說：“是的。”我說：“你是怎麼認識他們的？”他看著我，直接說：“你以為我不知道我的技術棧嗎？”

So, I mean, these guys understand -- remember, if your restaurant app goes down, your ride-hailing app goes down, every second is lost revenue. What observability does is make sure it keeps track of whether any element of that stack is decaying, is any element showing latency? Is there any performance issues across that stack? So you need constant, persistent observability.

所以，我的意思是，這些人明白——記住，如果你的餐廳應用程式宕機，你的叫車應用程式宕機，每一秒都是收入損失。可觀測性的作用是確保它能夠追蹤堆疊中的任何元素是否正在衰減，是否有任何元素出現延遲？該技術棧是否存在任何效能問題？所以你需要持續不斷的觀測能力。

The problem is it's expensive. The current vendors charge a lot of money for it. Now what Chronosphere was able to figure out is how to do the same thing and if there was a cost. So it's a combination of open source stack. It's a combination of enterprise-grade features, but they're pumping large amounts of data. So the 2 biggest problems are scalability and cost. They solve both problems.

問題是它很貴。目前供應商對它的收費很高。現在 Chronosphere 能夠弄清楚的是如何做同樣的事情，以及是否有代價。所以它是開源技術堆疊的組合。它結合了企業級功能，但同時也處理大量資料。因此，最大的兩個問題是可擴展性和成本。它們可以解決這兩個問題。

Now the cherry on the cake or the icing on the cake is we plan to take what you find in observability, marry that with AgentiX and provide remediation agents, which haven't been done before. So if you can take that entire life cycle, say, found a problem, solve the problem, build an agent, fix the problem, right? Now these agents will be built in partnership with the customers because no customer should allow us to independently reset their infrastructure, but they can now write capability on top of the platform saying, I found a problem, I'm going to automate it. I'm going to build an SRE agent and fix the problem. So I think this is a huge opportunity.

現在，錦上添花的是，我們計劃將您在可觀測性方面發現的東西與 AgentiX 結合起來，提供修復代理，這是以前從未做過的。所以，如果你能把整個生命週期都考慮進去，比如說，發現問題、解決問題、建立代理、修復問題，對吧？現在，這些代理商將與客戶合作構建，因為任何客戶都不應該允許我們獨立重置他們的基礎設施，但他們現在可以在平台之上編寫功能，說：“我發現了一個問題，我要自動化它。”我打算建立一個SRE代理來解決這個問題。所以我認為這是一個絕佳的機會。

And I'd say in the last year, 75% of my customer conversations are CIOs and 10% are CEOs. So I know the buyer. And that's why Martin is going to run the company. Listen, there are 173 companies in the world, which all need persistent observability. We know all of the names. We know exactly who's deployed. This is what Martin does for a living. We'll go one at a time and convince us as a platform to have. Each of those guys spends $5 million or $10 million a year with us, we're home.

在過去一年裡，我與客戶溝通的人員中，75%是資訊長 (CIO)，10%是執行長 (CEO)。所以我認識買家。所以，馬丁才會執掌這家公司。聽著，世界上有 173 家公司，它們都需要持續可觀測性。我們知道所有人的名字。我們確切地知道哪些人被部署了。這就是馬丁的職業。我們將逐一說服他們，讓他們相信我們能夠擁有這個平台。他們每個人每年在我們這裡消費 500 萬或 1000 萬美元，我們就回家了。

Thank you, Patrick. Next, we have Fatima Boolani, Citi, followed by Gregg Moskowitz, Mizuho.

謝謝你，派崔克。接下來是花旗銀行的 Fatima Boolani，然後是瑞穗銀行的 Gregg Moskowitz。

Nikesh, I was going to ask you an out-of-the-box question in accordance with how out of the box your thoughts around Chronosphere...

尼克什，我本來想問你一個出人意料的問題，因為這跟你對時空領域（Chronosphere）的思考方式一樣出人意料…

Nikesh AroraExecutive I don't -- wouldn't expect anything else.

Nikesh Arora 高層 我不——也不會期待別的。

It's my brand now. So what I wanted to ask you, you really have kept hitting home the point around TCO scalability, cost efficiency as a conduit for this convergence of security and observability, right? So in terms of the Chronosphere rationale, I wanted to ask you how much of the rationale there was for you to effectively modernize, in-source, whatever terminology you want to use to modernize or in-source the underlying fabric of your Cortex and XSIAM technology, right?

現在這是我的品牌了。所以我想問你的是，你一直在強調 TCO 可擴展性、成本效益是實現安全性和可觀測性融合的途徑，對吧？所以，就 Chronosphere 的原理而言，我想問您，您認為有多少理由可以有效地對 Cortex 和 XSIAM 技術的底層結構進行現代化改造（或者用任何您想用來描述現代化改造或內部化的術語），對嗎？

So in the context of everything you and Lee have talked about an absolute explosion of data, an explosion of telemetry that's going to be hitting your iron basically for all your appliances. How much of the rationale for Chronosphere was that versus wanting to enter right into a brand-new market where you're going to try to win budgets?

所以，結合你和李剛才討論的所有內容，數據將會爆炸式增長，遙測數據將會爆炸式增長，這基本上會影響到你所有的家用電器。Chronosphere 的開發理念有多少是基於此，又有多少是基於想要直接進入一個全新的市場並爭取預算？

I think the latter, not the former. And if you go back, and I'm sure you've asked the question and many of you guys have asked me the question, there's always been this sort of fantasy that observability and security will come together at some level. And I think this is what started when Splunk, half the data is used for observability, half the data is used for security.

我認為是後者，而不是前者。如果你回顧過去，我相信你們很多人都問過我這個問題，一直以來都存在著一種幻想，認為可觀察性和安全性會在某種程度上結合起來。我認為這就是 Splunk 的由來，一半的數據用於可觀測性，一半的數據用於安全。

So it started there. But it never progressed past that. Most of the observability vendors were so caught up in trying to solve the observability problem that they dipped their toes in security. And I always say, if it was so easy to build security with 20 more engineers, and God bless you, why do we exist? And the same thing applies to observability. Like if you don't -- these guys have spent -- they have like 200-plus engineers. They've spent the last 3 years doing this and have proven scale in the market.

事情就是從那裡開始的。但它始終沒有進一步的發展。大多數可觀測性供應商都過於專注於解決可觀測性問題，而對安全領域卻鮮有涉足。我總是說，如果只需要再加 20 個工程師就能建構安全系統，那我們存在的意義是什麼呢？同樣的道理也適用於可觀測性。如果你不這麼做──這些人投入了資金──他們有200多位工程師。他們過去三年一直致力於此，並在市場上證明了規模優勢。

So yes, it's a phenomenal and adjacent TAM, which is going to grow in double digits for the next 5 to 10 years. And yes, we want a part of that. And if you look at it from our ambition to get to $20 billion ARR, we're not going to get there if customers are not spending a lot of their IT and cybersecurity spend with us. Now there is a connective tissue between data across enterprises, right? Over time, the best enterprises will have seamless data access across many of their data lakes.

所以，是的，這是一個規模龐大且相鄰的潛在市場，未來 5 到 10 年將以兩位數的速度成長。是的，我們也想參與其中。從我們實現 200 億美元 ARR 的目標來看，如果客戶不把他們的大部分 IT 和網路安全支出花在我們這裡，我們就無法實現這個目標。現在企業間的數據之間存在著某種聯繫，對吧？隨著時間的推移，最優秀的企業將能夠無縫存取其多個資料湖中的資料。

Whether it's their observability data lake, their security data lake, their IT data lake. Because eventually, you want agents to go and go figure out what's going on across multiple data lakes and solve your problem. And sometimes problems cross across multiple data lakes, right? If something is down in application, maybe the firewall shut it down, so firewall is in security data lake.

無論是他們的可觀測性資料湖、安全資料湖或 IT 資料湖。因為最終，你希望代理商能夠去了解多個資料湖中發生的事情，並解決你的問題。有時問題會跨越多個資料湖，對吧？如果應用程式中的某些功能發生故障，可能是防火牆將其關閉，因此防火牆的資料記錄在安全資料湖中。

So if you want this agentic capability across data lakes, all we're trying to do is we're trying to build the enterprise fabric with our customers. So over time, we can provide more and more capability. When you think of what Lee said in XSIAM, we're building more and more modules on top because we can write more software on top of the existing data.

因此，如果您希望在資料湖中實現這種代理能力，我們所要做的就是與我們的客戶一起建立企業架構。因此，隨著時間的推移，我們可以提供越來越多的功能。想想李在 XSIAM 上說的話，我們正在建立越來越多的模組，因為我們可以基於現有資料編寫更多軟體。

Why does my firewall have 15 subscriptions in 2030? Why does have it 10 today? Same data, same data. How do I get quantum cryptography visibility? I watch network data. I watch network data from malware, I watch it for URLs. I watch it for quantum keys. So once you get the data right, you can build tremendous amount of software capability and one a time, take out slivers of the industry. This is the third data platform in the enterprise, which is observability. Once we get that data, imagine the amount of SRE activities and agents you can build over time.

為什麼我的防火牆在 2030 年會有 15 個訂閱？為什麼今天是10？同樣的數據，同樣的數據。如何實現量子密碼學的可見性？我查看網路數據。我監控惡意軟體的網路數據，監控其中的URL。我觀察它是為了尋找量子密鑰。所以一旦你掌握了正確的數據，你就可以建立大量的軟體功能，並逐步蠶食產業中的一小部分。這是企業中的第三個數據平台，即可觀測性平台。一旦我們獲得這些數據，想像一下隨著時間的推移，您可以建立多少 SRE 活動和代理。

So I just think this is foundational to our ambition to be a very large tech company. And 3 to 5 years from now, we'll be sitting back and saying, oh my God, we get it. Now you put a foray into the observability space. You got access to production data from enterprises that allows you to keep them running at 99.99% of the time. You can see I'm excited about this.

所以我認為這對我們成為大型科技公司的願景至關重要。3到5年後，我們會坐下來，然後說，哦，我的天哪，我們明白了。現在你涉足可觀測性領域。您可以存取企業生產數據，從而確保企業 99.99% 的時間都能正常運作。你可以看出我很興奮。

Thank you, Fatima. And as promised, our last question will be Gregg Moskowitz from Mizuho. Gregg MoskowitzAnalyst Nikesh, we continue to hear more and more adoption for your secure browser. Certainly, the data points you provided today back that up. But how pervasive can this become amongst your NetSec installed base? And how strong is the monetization opportunity associated with that?

謝謝你，法蒂瑪。如同先前所承諾的，我們的最後一個問題將來自瑞穗銀行的 Gregg Moskowitz。Gregg Moskowitz 分析師 Nikesh，我們不斷聽到越來越多的人採用您的安全瀏覽器。當然，您今天提供的數據點也證實了這一點。但是，這種現像在您的網路安全安裝用戶群中究竟會有多普遍呢？那麼，與此相關的獲利機會有多大呢？

So, I think, Gregg, this -- connecting it back to what I was talking to Fatima about, I think browsers are going to get more and more prevalent in the enterprise. And if you look historically, browsers have been a threat vector and they're not secure, right? Pretty much companies use the browser that come out of the box with the OSs. And there's a bunch of things like we did a test POC with a customer, 5,000 of their browsers were tested. We found 167 were compromised, right?

所以，格雷格，我認為——這和我之前跟法蒂瑪談論的內容聯繫起來——我認為瀏覽器在企業中會越來越普及。從歷史角度來看，瀏覽器一直是一種威脅載體，它們並不安全，對吧？幾乎所有公司都使用作業系統自帶的瀏覽器。還有很多其他事情，例如我們與客戶進行了測試概念驗證，測試了他們的 5000 個瀏覽器。我們發現有 167 個帳號被入侵，對嗎？

So there's a wild, wild West of browsers out there. And I think it's going to get worse when AI browsers come out with the agentic capability. So you have much more of a flood of all kinds of browsers in enterprise. But browser has become, I'd say, 80% to 90% of the workspace for most white collar workers, even developers. Exclude the legacy guys, but 80%, 90% of the work is being done in the browser. So browser does become a very strong entry point from a security threat perspective. It has both opportunities and challenges.

所以，現在的瀏覽器市場就像一片蠻荒之地。我認為，當具備智慧代理功能的 AI 瀏覽器出現時，情況會變得更糟。因此，企業中會湧現出各種不同的瀏覽器。但我認為，瀏覽器已經佔據了大多數白領員工（甚至包括開發人員）工作空間的 80% 到 90%。排除那些從事傳統技術開發的人，但 80% 到 90% 的工作都是在瀏覽器中完成的。因此，從安全威脅的角度來看，瀏覽器確實成為了一個非常重要的入口點。它既有機遇也有挑戰。

The opportunities are far higher from a security perspective of the browser. So we just think the browser becomes an important part of the foundational fabric for us to deliver services in the future, right? But we need to wait for its pervasiveness or its ubiquitousness in time. And that's why, again, it's one of those foundational things. If I can get 100 million browsers out there, which are secure, I can deliver all kinds of security capabilities but way higher than that.

從瀏覽器安全角度來看，機會要高得多。所以我們認為，瀏覽器將成為我們未來提供服務的基礎架構的重要組成部分，對吧？但我們需要等待它隨著時間的推移而普及或無處不在。所以，這再次證明，它是基礎性的事情之一。如果我能推出 1 億個安全的瀏覽器，我就可以提供各種安全功能，而且遠不止這些。

To that extent, I think the monetization opportunities sort of in the future at scale. Of course, there is monetization today. We don't give the browser way for free and effectively it's fungible as an endpoint agent from a SASE perspective. So, right now, we're very keen on deployment and adoption and ubiquity of the browser. It has obviously a financial impact on our SASE numbers. So you'll see the $1.3 billion. But I think from a strategic perspective, the more we can get out there, the better security outcomes we can give them in the future.

從這個意義上講，我認為未來大規模的獲利機會還比較多。當然，如今已經存在商業化途徑。我們不免費提供瀏覽器途徑，而且從 SASE 的角度來看，它作為端點代理實際上是可以互換的。所以，目前我們非常重視瀏覽器的部署、普及性和普及性。這顯然會對我們的SASE數據產生財務影響。所以你會看到這13億美元。但我認為從戰略角度來看，我們越能深入其中，未來就能為他們提供越好的安全保障。

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

至此，我們電話會議的問答環節就結束了。現在我將把發言權交還給尼克什，請他作總結發言。

Thank you again, everyone, for joining us today to discuss our results and the opportunities ahead. I also want to thank our partners, our employees and everybody who contributed to these great outcomes for us in Q1. We continue to plot along for Q2 and beyond. And I just want to reiterate, really excited that we are now able to establish a toehold or perhaps a footprint in the spaces of identity and observability in the future.

再次感謝各位今天蒞臨現場，與我們共同探討我們的研究成果和未來的機會。我還要感謝我們的合作夥伴、員工以及所有為我們在第一季取得這些優異成績做出貢獻的人。我們將繼續制定第二季及以後的發展計畫。我只想重申，我們真的很高興現在能夠在未來的身份和可觀察性領域站穩腳跟，或者說留下足跡。