Palo Alto Networks Inc (PANW) 2026 Q2 法說會逐字稿

(technical difficulty) ARR up 28% and revenue growth of 15%, excluding the impact of recently closed Chronosphere. We saw broad-based strength across our products from SASE, software firewalls and XSIAM in through our emerging leadership in AI security and Prisma AIRS.

（技術難題）ARR 成長 28%，營收成長 15%，不包括最近關閉的 Chronosphere 的影響。我們看到，從 SASE、軟體防火牆和 XSIAM 到我們在 AI 安全性和 Prisma AIRS 領域的新興領導地位，我們的產品都展現出了廣泛的實力。

We paired this growth with improving profitability achieving a 30% plus operating margin for the third consecutive quarter. We're excited to head into the second half of the year having closed both the CyberArk and Chronosphere acquisitions, and I want to extend a warm welcome to both teams. Both companies continue to deliver record numbers in their most recent quarters, and we look forward to building on the momentum as we hit the ground running on our integration plans. These investments are a direct response to the inflections we see taking shape in the market.

我們實現了成長的同時，獲利能力也在不斷提高，連續第三個季度實現了 30% 以上的營業利潤率。我們很高興能夠完成對 Cyber​​Ark 和 Chronosphere 的收購，並以此為契機進入下半年，我謹向這兩個團隊表示熱烈的歡迎。兩家公司在最近幾季都繼續創下業績新高，我們期待在推進整合計畫的同時，繼續保持這一勢頭。這些投資是對我們所看到的市場正在形成的轉變的直接回應。

And while it's still early, initial feedback from our customers has been very encouraging. We believe we are now entering the next phase of AI adoption. Large enterprises are moving beyond experimentation and beginning to integrate foundational models into real workflows. As AI becomes embedded in day-to-day work, the central question that organizations face is shifting from capability to control. That shift has meaningful implications for security.

雖然現在下結論還為時過早，但我們收到的初步客戶回饋非常令人鼓舞。我們認為，我們現在正進入人工智慧應用的下一個階段。大型企業正超越實驗階段，開始將基礎模型整合到實際工作流程中。隨著人工智慧融入日常工作，組織面臨的核心問題正從能力轉向控制。這一轉變對安全有重大影響。

As AI becomes more pervasive across the enterprise, it expands the attack surface area, more agents, more infrastructure, more machine-to-machine activity and new classes of risk that simply did not exist before. In that environment, security cannot sit on the sidelines. Despite the current sentiment about AI and software, we firmly believe that security is enabling layer that allows innovation to move forward safely and at scale. And as AI agents become autonomous employees, the old security playbook is not just slow, it's obsolete. Security must operate in real time at the critical control points where decisions are made across network, endpoint, cloud, browser and identity. This is where Palo Alto Networks operates.

隨著人工智慧在企業中日益普及，它擴大了攻擊面，增加了代理商、基礎設施、機器間活動，並帶來了以前根本不存在的新型風險。在這種情況下，安保工作不能袖手旁觀。儘管目前人們對人工智慧和軟體存在一些看法，但我們堅信安全是推動創新安全、大規模發展的保障層。隨著人工智慧代理成為自主員工，舊的安全策略不僅速度慢，而且已經過時了。安全性必須在關鍵控制點即時運行，這些控制點涉及網路、終端、雲端、瀏覽器和身分等方面的決策。這裡是 Palo Alto Networks 的營運地點。

And as AI becomes more embedded across the enterprise, those control points are converging. A fragmented defense of disparate products is no longer a viable strategy. The risk is simply too high and adversaries are moving at machine speed. Our latest Unit 42 research confirms this and in nearly a quarter of the cases, attackers were able to break in and exfiltrate data in under an hour.

隨著人工智慧在企業中日益普及，這些控制點正趨於融合。針對不同產品的零散防禦策略已不再可行。風險實在太高，對手的行動速度極快。我們最新的 Unit 42 研究證實了這一點，在近四分之一的案例中，攻擊者能夠在不到一小時內入侵並竊取資料。

The good news is that 90% of those breaches were preventable, caused by basic gaps in visibility and controls across multiple attack vectors. This is why we committed to our platformization strategy a few years ago.

好消息是，其中 90% 的漏洞是可以預防的，這些漏洞是由於多個攻擊途徑的可見性和控制方面存在基本漏洞造成的。這就是我們幾年前致力於平台化策略的原因。

A platformized approach built on a real-time data-driven model that gets smarter with scale is the only way to secure the modern enterprise and our results continue to prove that out. In Q2, we delivered approximately 110 net new platformizations, a quarterly record outside of our seasonally strong Q4. This brings our total platformization count to approximately 1,550, up 35%.

只有建立在即時數據驅動模型基礎上，並隨著規模擴大而變得更加智慧的平台化方法，才能保障現代企業的安全，而我們的成果也一直在證明這一點。第二季度，我們實現了約 110 個淨新增平台化項目，這是除季節性強勁的第四季度之外的季度記錄。這使得我們的平台總數達到約 1,550 個，成長了 35%。

The success of this strategy is also reflected in our best-in-class net retention rate amongst platformized customers, which stands at 119% with low single-digit churn. This proves that once customers adopt our platform, they not only stay, but continue to invest more with us over time. This momentum isn't accidental. It is a result of a deliberate flywheel motion we've built. When we committed to our platformization strategy years ago, we're betting the shift that has now become an industry standard. This approach allows us to not only solve today's problems, but also provides the foundation to address new ones as they emerge.

此策略的成功也體現在我們平台客戶中一流的淨留存率上，該留存率高達 119%，客戶流失率僅為個位數。這證明，一旦客戶採用我們的平台，他們不僅會留下來，而且隨著時間的推移還會繼續加大投入。這種勢頭並非偶然。這是我們精心設計的飛輪運動的結果。多年前，當我們致力於平台化策略時，我們押注的正是如今已成為業界標準的變革。這種方法不僅可以幫助我們解決當前的問題，還能為解決新出現的問題奠定基礎。

It starts by providing multiple clear landing paths. In network security, customers can begin with SASE, hardware or software firewalls and now AI security with Prisma AIRS. In the SOC, they can land on our Cortex platform via XDR, cloud security or directly under XSIAM. From any starting point, customer experienced the superior outcomes of an integrated platform, which leads them to adopt more deeply across our ecosystem.

首先，它提供了多個清晰的著陸路徑。在網路安全方面，客戶可以從 SASE、硬體或軟體防火牆入手，現在還可以使用 Prisma AIRS 實現 AI 安全。在 SOC 中，他們可以透過 XDR、雲端安全或直接透過 XSIAM 存取我們的 Cortex 平台。無論從哪個起點出發，客戶都能體驗到整合平台帶來的卓越成果，這促使他們更深入地採用我們生態系統中的產品和服務。

In a market changing this quickly, we believe our responsibility is to anticipate the next inflection and ensure our platform is ready. That philosophy guides our strategic investments and results give us the confidence to continue. A secure browser, for example, was one such early investment that is now accelerating our SASE business with over 9 million licenses sold to date.

在瞬息萬變的市場中，我們認為我們的責任是預測下一個轉折點，並確保我們的平台做好準備。這個理念指導著我們的策略投資，而投資成果也給了我們繼續前進的信心。例如，安全瀏覽器就是我們早期的一項投資，如今它正在加速我們的 SASE 業務發展，迄今已售出超過 900 萬張許可證。

Similarly, in AI security, Prisma AIRS, launched just a few quarters ago and already rapidly scaling with over 100 customers ending in Q2. This is the discipline we now plan to apply to two large established markets poised for inflection, identity and observability. If AI becomes a new interface for how work gets done, identity security will be required to create the permissions and boundaries that teams can trust. And as AI introduced unprecedented scale, observability is essential for building resilient systems that can operate reliably. By bringing our platformization discipline to these new pillars, we believe we can deliver even greater value to our customers and solidify our role as their trusted partner to navigate the complex security and data challenges of the AI era.

同樣，在人工智慧安全領域，Prisma AIRS 在幾個季度前推出，但已經迅速擴張，截至第二季末已擁有超過 100 位客戶。我們現在計劃將這種方法應用於兩個即將迎來轉折點、具有鮮明特色且可觀察性的成熟大型市場。如果人工智慧成為完成工作的新介面，那麼就需要身分安全來創造團隊可以信任的權限和邊界。隨著人工智慧引入前所未有的規模，可觀測性對於建立能夠可靠運作的彈性系統至關重要。透過將我們的平台化理念應用到這些新的支柱中，我們相信能夠為客戶創造更大的價值，並鞏固我們作為值得信賴的合作夥伴的地位，幫助他們應對人工智慧時代複雜的安全和數據挑戰。

Let me share a few examples of how this strategy is translating into deeper, more strategic customer relationships. First, a global automotive leader selected us for a major security transformation. Their goal was to modernize their security architecture and dramatically improve efficacy. This resulted in an over $50 million deal, including $30 million for SASE and $20 million for XSIAM to run their global SOC. Similarly, a global technology supplier selected us for our transformation initiative for over $40 million, choosing XSIAM to modernize their security operations globally while expanding their investment in SASE.

讓我分享幾個例子，說明這個策略是如何轉化為更深入、更具策略性的客戶關係的。首先，一家全球領先的汽車公司選擇我們為其進行重大安全轉型。他們的目標是實現安全架構現代化，並大幅提高效率。這筆交易金額超過 5000 萬美元，其中包括 SASE 的 3000 萬美元和 XSIAM 的 2000 萬美元，用於運營其全球 SOC。同樣，一家全球技術供應商選擇我們參與價值超過 4000 萬美元的轉型計劃，選擇 XSIAM 來使其全球安全運營現代化，同時擴大其在 SASE 方面的投資。

Finally, a transaction with a leading IT service provider perfectly illustrates our flywheel. Building on existing investments, they committed for a $20 million expansion centered on XSIAM and have now platformized across network security and security operations. These aren't just transactions, they're architectural decisions. When the stakes are highest, these wins validate that industry leaders are choosing the superior outcomes delivered by Palo Alto Networks. With that, let's dive deeper into the individual performance of our platforms, starting with our largest segment.

最後，與一家領先的IT服務提供商的交易完美地詮釋了我們的飛輪效應。在現有投資的基礎上，他們投入 2,000 萬美元進行擴張，以 XSIAM 為中心，現在已實現了網路安全和安全營運的平台化。這不僅是交易，更是架構決策。在關鍵時刻，這些勝利證明了行業領導者正在選擇 Palo Alto Networks 提供的卓越成果。接下來，讓我們深入了解我們各個平台的具體表現，首先從我們最大的板塊開始。

Our Network Security business delivered a standout quarter demonstrating the power of a platform designed to meet customers wherever they are in their hybrid journey. In Q2, our SASE business continued to go from stand to stand, surpassing the $1.5 billion ARR milestone while growing approximately 40% year-on-year, solidifying our position as the fastest-growing SASE provider at scale.

我們的網路安全業務在本季度取得了優異的業績，充分展現了旨在滿足客戶在混合雲轉型過程中各個階段需求的平台的強大功能。第二季度，我們的 SASE 業務繼續穩步發展，年經常性收入突破 15 億美元大關，同比增長約 40%，鞏固了我們作為規模化增長最快的 SASE 提供商的地位。

What's particularly telling in the shift we are seeing in the market, many early adopters of SASE, who made choices four or five years ago during the pandemic are now finding that those early solutions are not comprehensive enough for today's threats and complexity. As a result, they are reconsidering their first-generation point products in favor of a platform approach that provides a single unified architecture to secure the entire hybrid environment. from the data center to the cloud and the remote workforce.

市場正在轉變，尤其值得注意的是，許多四、五年前疫情期間做出選擇的 SASE 早期採用者現在發現，這些早期解決方案不足以應對當今的威脅和複雜性。因此，他們正在重新考慮其第一代獨立產品，轉而採用平台方法，提供單一的統一架構來保護從資料中心到雲端以及遠端辦公人員的整個混合環境。

A key driver of these wins is also our secure browser, which stems from a strategic bet we made a few years ago with the acquisition of Talon. Our thesis was that the browser is the most critical unmanaged edge for users, data and now AI agents intersect. The results show our customers agree. As of Q2, Prisma Browser has been adopted by over 1,500 customers 10% of which are in the Global 2000, with an additional 2 million licenses seats sold in Q2. This success has clearly not gone unnoticed. It's encouraging to see others in the industry waking up to the idea that they must secure the browser layer validating the importance of this increasingly critical control point.

這些勝利的關鍵驅動因素之一也是我們的安全瀏覽器，這源自於幾年前我們收購 Talon 時所做的一項策略性投資。我們的論點是，瀏覽器是用戶、資料以及現在的 AI 代理交匯的最關鍵的非託管邊緣。結果顯示我們的客戶也認同這一點。截至第二季度，Prisma Browser 已被超過 1500 家客戶採用，其中 10% 的客戶位居全球 2000 強，第二季度還售出了 200 萬個許可證席位。這項成功顯然沒有被忽視。令人鼓舞的是，業內其他人士也開始意識到必須保護瀏覽器層，這驗證了這個日益重要的控制點的重要性。

While many of these approaches similarly extend existing architectures into the browser, we continue to believe the browser itself should function as a native security platform, architected for real-time control rather than retrofitted through extensions. We also continue to see strong momentum in our software firewall business. Last quarter, we called it our hidden gem. That was validated once again in Q2. Our ARR growth was approximately 25%, driven by the need to secure increasingly dynamic multi-cloud environments, a need that grows as AI workloads scale. This is complemented by our strongest hardware performance in several quarters revenue up nearly 10%, driven in part by early adoption of our latest Gen 5 firewalls.

雖然這些方法大多都是將現有架構擴展到瀏覽器中，但我們仍然認為瀏覽器本身應該作為一個原生安全平台運行，其架構旨在實現即時控制，而不是透過擴充功能進行後期改造。我們的軟體防火牆業務也持續保持強勁成長動能。上個季度，我們稱它為我們的隱藏瑰寶。第二季度再次驗證了這一點。我們的 ARR 成長了約 25%，這主要得益於對日益動態的多雲環境的安全保障需求，而隨著 AI 工作負載的擴展，這種需求也在不斷增長。此外，我們的硬體業績在幾個季度以來表現最為強勁，營收成長近 10%，部分原因是我們最新的第五代防火牆得到了早期採用。

Finally, we remain focused on where the market is going, and that includes preparing our customers to the post-quantum era. The threat is already here. Adversaries are using a harvest now decrypt later strategy, stealing encrypted data today to break in the future. We're seeing this become a C-level priority in our early customer conversations. The broader interest in this topic was confirmed by nearly 5,000 attendees at our quantum summit last month. This is a critical part of our customers' long-term road map, and we believe we are uniquely positioned to guide them through this coming architectural uplift and shift.

最後，我們始終關注市場的發展方向，這包括幫助我們的客戶為後量子時代做好準備。威脅已經到來。攻擊者採用的是先竊取後解密的策略，即今天竊取加密數據，以便將來破解。在我們與客戶的早期溝通中，我們發現這已經成為高階主管的優先事項。上個月我們舉辦的量子高峰會吸引了近 5000 名與會者，證實了人們對這個主題的廣泛興趣。這是我們客戶長期發展路線圖的關鍵部分，我們相信我們擁有獨特的優勢，能夠引導他們完成即將到來的架構升級和轉換。

Now moving to Cortex. Customers continue to partner with us on their AI SOC modernization. In Q2, XSIAM surpassed the $0.5 billion ARR milestone. We welcomed almost 150 new customers, bringing our total base to over 600, paying an average of nearly $1 million in ARR. But the key story here remains not just the growth, it's the outcomes. Over 60% of our deployed customers are now achieving meantime remediation of less than 10 minutes, a profound shift from the days or weeks they measured before. The success of XSIAM is a great example of our ability to identify a market inflection early, invest aggressively and execute to scale.

現在轉到Cortex。客戶繼續與我們合作，共同推動其人工智慧安全營運中心的現代化改造。第二季度，XSIAM 的年度經常性收入 (ARR) 突破了 5 億美元大關。我們迎來了近 150 位新客戶，使我們的客戶總數超過 600 位，平均每年支付近 100 萬美元的 ARR。但關鍵不在於成長，而在於結果。超過 60% 的已部署客戶現在實現了不到 10 分鐘的臨時修復時間，與他們之前衡量的幾天或幾週相比，這是一個巨大的轉變。XSIAM 的成功很好地體現了我們能夠及早發現市場轉折點、積極投資並實現規模化營運的能力。

We made a bet on the AI-driven SOC well before he became an industry-wide team. The results are showing at scale just 3.5 years after GA. The same focus on what's next led us to develop AgentiX. The simplest way to think about it is we're enabling our customers to build a workforce of autonomous AI agents, but the key differentiator and what makes this a real breakthrough is where these agents can operate. Unlike traditional security tools confined to their own ecosystem, our agents can securely extend into first and third-party infrastructure.

早在他成為業界領導團隊之前，我們就押注於人工智慧驅動的 SOC。GA 僅 3.5 年後，結果就已大規模顯現。正是這種對未來發展的關注，促使我們開發了 AgentiX。最簡單的理解方式是，我們正在幫助客戶建立一支自主人工智慧代理隊伍，但關鍵的區別以及真正取得突破之處在於這些代理商可以在哪裡運行。與局限於自身生態系統的傳統安全工具不同，我們的代理商可以安全地擴展到第一方和第三方基礎設施。

This means an agent can not only detect the issue in XSIAM, but then can go out and or to remediate it directly in a cloud console, an identity provider or a firewall and machine speed. This capability already enabled by 200 XSIAM customers is the key to delivering true enterprise-wide automation.

這意味著代理程式不僅可以在 XSIAM 中偵測到問題，還可以直接在雲端控制台、身分識別提供者或防火牆和機器速度中修復問題。已有 200 家 XSIAM 客戶啟用了這項功能，這是實現真正企業級自動化的關鍵。

This is a powerful example of how we use to create better security outcome. But that's only one part of our AI security strategy. Over the last couple of years, we have expanded our AI security capabilities aligned to what our customers need as they deploy AI at scale. We're bringing those capabilities together as part of a universal AI security platform. One designed to protect AI deployments of models, agents and the environments in which they operate. It starts with Prisma AIRS to secure AI models and AI-powered applications across our life cycle from model sanding and red teaming to runtime defense.

這是一個強而有力的例子，說明了我們如何利用科技來創造更好的安全效果。但這只是我們人工智慧安全戰略的一部分。在過去的幾年裡，我們不斷擴展我們的人工智慧安全能力，以滿足客戶大規模部署人工智慧的需求。我們將這些功能整合到一個通用人工智慧安全平台中。旨在保護人工智慧模型、代理程式及其運行環境的部署。Prisma AIRS 可保護 AI 模型和 AI 應用的整個生命週期安全，從模型測試和紅隊演練到運行時防禦。

We launched this platform just a few quarters ago, and its adoption has been remarkably strong. From Q1 to Q2, we more than tripled our customer count to over 100. While bookings also doubled during the same period with the nine figure pipeline already materializing is clear, the market has been waiting for a comprehensive platform to secure AI. At the same point, we're also seeing a new class of autonomous agents emerge, software that can perform to us and interact with local systems on its own.

這個平台是我們幾個季度前推出的，但它的普及程度非常高。從第一季到第二季度，我們的客戶數量增加了兩倍多，超過 100 家。雖然同期預訂量也翻了一番，九位數的訂單儲備已經實現，這一點顯而易見，但市場一直在等待一個全面的平台來保障人工智慧安全。同時，我們也看到一種新型的自主代理正在出現，這種軟體可以為我們執行任務，並且能自主地與本地系統互動。

This naturally extends security requirements to the endpoint. This is why I'm excited to announce our intent to acquire Koi, a pioneer in securing the next major inflection point in security, the agentic endpoint. Koi will enhance our endpoint capabilities within XTR 2.0, while also becoming an integrated part of our universal AI security platform, extending security and governance to autonomous agents at the device layer. We are witnessing a dramatic shift in now software lives on the endpoint, traditional security tools are often blind to the new AI layer of software. The massive rise of MCP servers, browser extensions, plug-ins, an ephemeral code that bypasses standard security controls. This represents a significant unmanaged attack surface.

這自然而然地將安全要求擴展到了終端設備。因此，我很高興地宣布我們計劃收購 Koi，該公司是安全領域下一個重大轉折點——代理端點——的先驅。Koi 將增強我們在 XTR 2.0 中的終端功能，同時成為我們通用 AI 安全平台的整合部分，將安全性和治理擴展到設備層的自主代理。我們正在見證一場巨大的轉變，如今軟體運行在終端設備上，傳統的安全工具往往對新的 AI 層軟體視而不見。MCP 伺服器、瀏覽器擴充功能、插件以及繞過標準安全控制的臨時程式碼的大量湧現。這代表著一個巨大的、未受監管的攻擊面。

We identified this new threat vector early and Palo Alto Networks has been a customer of Koi since summer of 2025. On my recent trip to Israel in December, Lee Klarich and I met with the Koi team and were immediately impressed by their foresight into the next generation of endpoint threats. Since then, we've seen the risk pattern intensify, including security concerns that have been recently popularized by the widespread adoption of open cloud.

我們很早就發現了這個新的威脅載體，Palo Alto Networks 自 2025 年夏季以來一直是 Koi 的客戶。去年 12 月，我和 Lee Klarich 訪問以色列期間，與 Koi 團隊會面，他們對於下一代終端威脅的遠見卓識給我們留下了深刻的印象。自那時以來，我們看到風險模式加劇，包括最近因開放雲端的廣泛採用而引發的安全問題。

We believe this is the latest example of what the future of an AI attack surface will look like and Koi will help our XDR platform remain well positioned to provide the most innovative security solutions to our customers. After closing, Koi will also be able to buy unique extensions to Prisma AIRS and Prisma browser to ensure that our customers have visibility to any AI software and browser that are only present on the endpoint, resulting in the most comprehensive visibility to the AI attack surface.

我們相信這是人工智慧攻擊面未來發展趨勢的最新例證，Koi 將幫助我們的 XDR 平台保持領先地位，為我們的客戶提供最具創新性的安全解決方案。交易完成後，Koi 還將能夠購買 Prisma AIRS 和 Prisma 瀏覽器的獨特擴展程序，以確保我們的客戶能夠看到僅存在於終端上的任何 AI 軟體和瀏覽器，從而實現對 AI 攻擊面的最全面可見性。

Over time, this will help ensure that the end point becomes more agentic, our customers will remain fully protected. Now this focus on visibility is critical. But to act with precision, you first need to see with clarity. This is why a new level of observability is so essential which brings me to Chronosphere. In the age of AI, Chronosphere offers a unique value proposition, delivers observability at a massive scale, proven in production today by many of the world's leading born-in-the-cloud and AI native companies.

隨著時間的推移，這將有助於確保終端更具自主性，我們的客戶將始終受到全面保護。現在，這種對曝光度的重視至關重要。但要精準行動，首先需要看得清楚。這就是為什麼提高可觀測性如此重要的原因，這也引出了時間領域。在人工智慧時代，Chronosphere 提供了獨特的價值主張，實現了大規模的可觀測性，如今已被許多世界領先的雲端原生和人工智慧原生公司在生產環境中驗證。

During Q2 and after we closed the Chronosphere acquisition, we signed a multiyear nine figure expansion deal with the leading AI model provider, a testament to Chronosphere's ability to scale in the largest and most complex environments. The momentum is clear in the numbers with the company generating approximately $200 million in ARR as of Q2, well above our expectations. The end-to-end observability platform is also getting traction with over 80% of new logos last year, landing with multiple products such as metrics, logs and traces.

在第二季以及我們完成對 Chronosphere 的收購後，我們與領先的 AI 模型供應商簽署了多年期的九位數擴張協議，這證明了 Chronosphere 能夠在最大、最複雜的環境中擴展。從數據中可以明顯看出，公司發展勢頭強勁，截至第二季度，公司年度經常性收入約為 2 億美元，遠超我們的預期。端到端可觀測性平台也獲得了廣泛關注，去年新增客戶中有超過 80% 都採用了該平台，並推出了指標、日誌和追蹤等多種產品。

By combining Chronosphere deep visibility with the automated reaction of AgentiX, we are enabling our customers to build a self-healing autonomous enterprises of the future. So we have prevention, we have visibility and we have automation. But every action, whether by a human or any agent is governed by an identity, which brings me to our newest major pillar.

透過將 Chronosphere 的深度視覺性與 AgentiX 的自動反應相結合，我們正在幫助我們的客戶建立面向未來的自我修復型自主企業。所以我們具備了預防措施、視覺性和自動化功能。但是，無論是人類或任何主體的任何行為，都受身分的約束，這就引出了我們最新的主要支柱。

We're delighted to have closed the acquisition of CyberArk early in Q3 and are ready to execute on what I believe is a massive opportunity in identity security. As many of you noticed earlier this month, CyberArk is coming off an exceptional December quarter, the record net new ARR and 30% of subscription ARR growth at scale. We've been rigorously building and refining our integration plans and we're moving fast to put these plans into execution.

我們很高興在第三季初完成了對 Cyber​​Ark 的收購，並準備好抓住我認為在身份安全領域的巨大機會。正如你們許多人在本月初所注意到的，Cyber​​Ark 剛剛經歷了一個非凡的 12 月季度，淨新增 ARR 創下歷史新高，訂閱 ARR 規模增長了 30%。我們一直在認真制定和完善整合計劃，並且正在快速推進這些計劃的實施。

This includes aligning our go-to-market engines, we're already well underway on detailed account planning and aligned sales incentives to ensure our teams are collaborating from day one. From a product perspective, innovation road app here is massive. We aren't just looking at legacy IM which, in our view, is basic hygiene. We're building a next-generational identity security platform that protects across humans, machines and AI agents. We also look forward to delivering machine identity and certificate life cycle management to our 65,000-plus firewall customers. Longer term, we remain excited about the opportunity to address the growing needs of identity to secure AI agents.

這包括調整我們的市場推廣策略，我們已經在詳細的客戶規劃和協調銷售激勵措施方面取得了長足進展，以確保我們的團隊從一開始就能協同合作。從產品角度來看，這裡的創新之路應用程式規模龐大。我們關注的不僅是傳統的即時通訊工具，在我們看來，那隻是基本的衛生習慣。我們正在建立下一代身分安全平台，該平台可以保護人類、機器和人工智慧代理。我們也期待為超過 65,000 家防火牆客戶提供機器身分和憑證生命週期管理服務。從長遠來看，我們仍然對有機會滿足日益增長的身份保護需求，從而保障人工智慧代理的安全感到興奮。

We bought CyberArk because when AI agents start logging in at machine speed, logging in becomes a primary attack factor. We believe we are now the only company that can verify the who has secure the what simultaneously. Given the momentum in the business currently and our innovation road map, we believe we are well positioned to become the largest energy security player over time.

我們收購 Cyber​​Ark 的原因是，當 AI 代理開始以機器速度登入時，登入就成為主要的攻擊因素。我們相信，我們是目前唯一一家能夠同時驗證誰獲得了什麼的公司。鑑於公司目前的業務發展勢頭和我們的創新路線圖，我們相信，隨著時間的推移，我們有能力成為最大的能源安全企業。

In summary, we continue to execute against our platformization strategy in Q2 with momentum building across multiple areas of business. Our core innovation engine remains strong with great traction in new products like AIRS and AgentiX and are ready to put our integration plans into action with CyberArk and Chronosphere.

總而言之，我們在第二季度繼續推進平台化策略，並在多個業務領域取得了進展。我們的核心創新引擎依然強勁，AIRS 和 AgentiX 等新產品取得了巨大成功，我們已準備好將與 Cyber​​Ark 和 Chronosphere 的整合計劃付諸實施。

Before I hand over to Dipak, I want to take a few minutes to reflect on the recent advancements in AI. We're seeing significant innovation in new agentic platforms targeting the enterprise. And while it's still early, it is causing some companies to reassess how the applications are built, our workflows are automated and decisions are made. Long-standing assumptions about systems of record are being revisited and perhaps even more so, the analytics layer built on top of them.

在將發言權交給迪帕克之前，我想花幾分鐘時間回顧人工智慧領域的最新進展。我們看到，面向企業的新型代理平台正在發生顯著的創新。雖然現在還處於早期階段，但這已經促使一些公司重新評估應用程式的建置方式、工作流程的自動化方式以及決策的製定方式。長期以來人們對記錄系統的假設正在被重新審視，而建立在這些記錄系統之上的分析層更是如此。

In many enterprise applications, data reflects structured business processes within defined workflows. Security data is different. In our case, it is real-time threat activity generated at the control point where our platforms operate and continuously refine through more than 30 billion attacks blocked daily and 15 petabytes of telemetry processed in our AI SOC. That distinction matters. When we say precision AI, it is not AI layered on to a feature set.

在許多企業應用中，資料反映了定義工作流程中的結構化業務流程。安全資料有所不同。就我們而言，它是在我們平台運行的控制點上產生的即時威脅活動，並透過每天攔截超過 300 億次攻擊和在我們的 AI SOC 中處理 15 PB 的遙測數據不斷改進。這種區別很重要。我們所說的精準人工智慧，並不是指在特徵集上疊加人工智慧。

It is AI-trained on our proprietary asset and embedded directly at those critical control points. As AI begins interacting autonomously across application infrastructure, fragmented security introduces delay at precisely the wrong moment. Security must operate as according to system, unified, consistent and real time. Because our platform sits at these control points, we see these shifts as they happen.

它是基於我們專有資產進行人工智慧訓練的，並直接嵌入到這些關鍵控制點中。隨著人工智慧開始自主地與應用程式基礎設施進行交互，碎片化的安全措施會在最不恰當的時候引入延遲。安全運作必須符合系統規範，做到統一、一致和即時。因為我們的平台位於這些控制點上，所以我們能夠即時看到這些變化。

They data generated across the network, cloud, identity, endpoint and browser continually informs our models, creating a feedback loop that compounds at scale. But scale is not enough. Sustaining leadership requires a willingness to adapt and challenge our own assumptions. Technology cycles change, architectures evolve. For the past 7.5 years, we have consistently aimed to invest ahead of inflection points and technology even when the path is not fully defined. Maintaining this discipline is vital to ensuring that we remain the digital guardian for our consumers.

網路、雲端、身分、終端和瀏覽器產生的資料不斷為我們的模型提供訊息，形成一個規模化累積的回饋循環。但規模還不夠。保持領導地位需要我們願意適應變化並挑戰自身的固有觀念。技術週期不斷變化，架構也不斷演進。在過去的7.5年裡，我們始終致力於在轉折點和技術出現之前進行投資，即使發展路徑尚未完全明確。保持這種自律對於確保我們繼續成為消費者的數位守護者至關重要。

However, the technology stack could evolve. With that, I will hand over the call to Dipak to review the quarterly results in detail.

然而，技術棧可能會不斷發展演變。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, everyone. As Nikesh noted, our strong Q2 results reflect the consistent execution of our platformization strategy, coupled with a robust demand environment. The increasing adoption of our platforms is most evident in our next-generation security ARR, which grew 33% to $6.33 billion. This includes a $200 million contribution from our recent acquisition of Chronosphere. On an organic basis, NGS ARR was up 28% year over year and net new ARR was up 11% year over year.

謝謝你，尼克什，大家下午好。正如尼克許所指出的，我們強勁的第二季業績反映了我們平台化策略的持續執行，以及強勁的需求環境。我們的平台日益普及，這一點在我們的下一代安全 ARR 中體現得最為明顯，該 ARR 增長了 33%，達到 63.3 億美元。這其中包括我們近期收購 Chronosphere 所得的 2 億美元。以有機成長計算，NGS ARR 年增 28%，淨新增 ARR 年成長 11%。

This performance was driven by an acceleration in SASE and software firewall ARR, alongside continued momentum in XSIAM. A key contributor to our software firewall growth in recent quarters is Prisma AIRS. As customers increase their AI deployments, they're looking for a trusted partner to secure this critical transformation. Prisma AIRS directly addresses this need. And as Nikesh mentioned, it is scaling rapidly with over 100 customers ending Q2.

這一業績得益於 SASE 和軟體防火牆 ARR 的加速成長，以及 XSIAM 的持續成長動能。Prisma AIRS 是我們近幾季軟體防火牆成長的主要貢獻者。隨著客戶不斷增加人工智慧部署，他們正在尋找值得信賴的合作夥伴來確保這項關鍵轉型。Prisma AIRS 正好滿足了這項需求。正如 Nikesh 所提到的，該公司正在迅速擴張，第二季末客戶數量已超過 100 家。

Our remaining performance obligation, or RPO, grew 23% to $16.0 billion. This includes approximately $150 million of RPO from our Chronosphere acquisition. It's important to note that RPO balances for Chronosphere can fluctuate from period to period given usage-based pricing with ARR and revenue being more representative of business performance. Our current RPO, which represents a near-term revenue realization was $7.1 billion, representing 18% growth. Total revenue was $2.59 billion and grew 15%.

我們的剩餘履約義務（RPO）成長了 23%，達到 160 億美元。這其中包括我們從收購 Chronosphere 中獲得的約 1.5 億美元的 RPO。值得注意的是，鑑於 Chronosphere 採用基於使用量的定價模式，其 RPO 餘額可能會隨時間波動，而 ARR 和收入更能代表業務績效。我們目前的 RPO（近期營收實現目標）為 71 億美元，成長了 18%。總收入為 25.9 億美元，成長了 15%。

Given the close of our Chronosphere acquisition came near the end of fiscal Q2, the revenue contribution was immaterial during the quarter. Product revenue was up 22% with 45% of the product revenue coming from software form factors over the trailing 12 months, which was up from 38% in the trailing 12 months ending Q2 '25. This was driven in part by strong demand for software firewalls as noted earlier. Our software growth was complemented by improving hardware demand led by the adoption of our latest Gen 5 firewall appliances and SD-WAN. Total services revenue grew slightly above 13%.

鑑於我們對 Chronosphere 的收購完成時間接近第二財季末，因此該季度的營收貢獻微乎其微。過去 12 個月，產品收入成長了 22%，其中 45% 的產品收入來自軟體產品，高於截至 2025 年第二季末的過去 12 個月的 38%。這部分是由於前面提到的對軟體防火牆的強勁需求所致。我們的軟體成長得益於硬體需求的提高，這主要得益於我們最新推出的第五代防火牆設備和 SD-WAN 的普及。服務總收入成長略高於 13%。

Within this, subscription revenue was up 14%, while support revenue grew 12%. From a geographical perspective, we saw broad-based strength across all of our major theaters with the Americas growing 14%, EMEA growing 17% and JPAC growing 17%. Moving further down the income statement, our disciplined focus on profitability and operational leverage continued to deliver strong results in Q2.

其中，訂閱收入成長了 14%，而支援收入成長了 12%。從地理角度來看，我們在所有主要地區都看到了廣泛的成長勢頭，其中美洲成長了 14%，歐洲、中東和非洲地區成長了 17%，亞太地區成長了 17%。從損益表的更下方來看，我們對獲利能力和營運槓桿的嚴格關注在第二季度繼續取得了強勁的成果。

Given the timing of the Chronosphere acquisition, the impact of this transaction to our P&L financials was immaterial. Our total gross margin for the quarter was 76.1%. Within this, product gross margin was 78.2%, an increase of 150 basis points year over year, driven by a higher software mix compared to last year. As noted earlier, we did see improvement in our hardware business during Q2. Therefore, on a sequential basis, the higher mix of hardware and product revenue resulted in a 180 basis points decrease to product gross margin versus Q1.

鑑於 Chronosphere 收購的時機，該交易對我們的損益財務狀況的影響微乎其微。本季總毛利率為 76.1%。其中，產品毛利率為 78.2%，年增 150 個基點，主要得益於軟體產品比去年同期。如前所述，我們在第二季確實看到了硬體業務的改善。因此，從環比來看，硬體和產品收入佔比的提高導致產品毛利率較第一季下降了 180 個基點。

The services segment delivered gross margin of 75.6%, down 100 basis points year over year. The year-over-year change in services gross margin reflects a positive mix shift towards a high-growth SASE offerings, which remain in the earlier part of their scaling curve. We continue to be pleased by the growth of our SASE offerings and remain focused on driving efficiencies here. Now turning to the supply chain. We observed a marginal impact on product COGS this quarter from higher memory and storage pricing, but we believe we are well positioned to manage through these dynamics.

服務業務類股毛利率為75.6%，較去年同期下降100個基點。服務毛利率年變動反映產品組合向高成長的 SASE 產品方向的正向轉變，而 SASE 產品仍處於規模化曲線的早期階段。我們對SASE產品的成長感到欣慰，並將持續致力於提高這方面的效率。現在來看供應鏈。本季度，由於記憶體和儲存價格上漲，我們觀察到產品銷售成本略有增加，但我們相信我們有能力應對這些變化。

First, our high and growing software mix provides a natural hedge. Second, we will leverage our scale, deep supply chain expertise and lessons learned through COVID and prior supply chain constraints. And third, pricing actions taking effect later this fiscal year will help offset corresponding cost increases. We have proactively factored these considerations into our Q3 and full year outlook. We delivered our third consecutive quarter of 30%-plus operating margins with Q2 operating margin of 30.3%, a 190 basis points expansion versus Q2 of last year.

首先，我們龐大且不斷成長的軟體組合本身就構成了一種天然的避險。其次，我們將利用我們的規模、深厚的供應鏈專業知識以及從 COVID-19 和以往供應鏈限制中學到的經驗教訓。第三，本財年稍後實施的價格調整措施將有助於抵銷相應的成本成長。我們已將這些因素積極納入第三季和全年展望。我們連續第三個季度實現了 30% 以上的營業利潤率，第二季度營業利潤率為 30.3%，比去年第二季度增長了 190 個基點。

The strong expansion reflects our ability to drive consistent scale and efficiency across all OpEx line items. Our diluted non-GAAP EPS reached $1.03, which once again came in above the high end of our guidance. Q2 adjusted free cash flow was $502 million. On a trailing 12-month basis, we generated $3.75 billion in adjusted non-GAAP free cash flow, representing a margin of 37.9%. Our cash and cash equivalents for the period was $7.9 billion, reflecting a $2.6 billion cash consideration for the Chronosphere acquisition.

強勁的成長反映了我們能夠在所有營運支出項目中持續提升規模和效率的能力。我們稀釋後的非GAAP每股盈餘達到1.03美元，再次高於我們預期的上限。第二季調整後自由現金流為5.02億美元。過去 12 個月，我們產生了 37.5 億美元的調整後非 GAAP 自由現金流，利潤率為 37.9%。本期我們的現金及現金等價物為 79 億美元，其中包括收購 Chronosphere 的 26 億美元現金對價。

Given the recent close of our CyberArk acquisition, we expect the $2.3 billion cash outlay in Q3. This results in a total combined cash outlay of $4.9 billion. In connection with our acquisition of CyberArk, we guaranteed the payment obligations on the CyberArk's convertible senior notes due 2030. The acquisition resulted in a make-whole fundamental change under the notes, and we will be making an offer to repurchase the notes in the coming days. We also issued 112 million shares in consideration for the CyberArk acquisition.

鑑於我們最近完成了對 Cyber​​Ark 的收購，我們預計第三季將支出 23 億美元現金。這將導致總現金支出達到 49 億美元。就我們收購 Cyber​​Ark 而言，我們擔保了 Cyber​​Ark 2030 年到期的可轉換優先票據的支付義務。此次收購導致票據條款發生根本性變化，我們將在未來幾天內提出回購票據的要約。我們也發行了 1.12 億股股票，作為收購 Cyber​​Ark 的對價。

Before I turn to guidance, I also want to extend the warm welcome to the over 4,000 talented individuals from CyberArk and Chronosphere. We're thrilled to have them on board and excited to execute on our integration plans to unlock the full value of these acquisitions. Our focus is on a frictionless onboarding experience for our new colleagues. And within just the first few days, we've provided access to collaboration tools for every individual to work as one cohesive team. We remain confident in our ability to deliver significant scale and leverage across every line of each of our financial statements.

在提出指導意見之前，我也想向來自 Cyber​​Ark 和 Chronosphere 的 4000 多名優秀人才表示熱烈歡迎。我們非常高興他們加入我們，並期待執行我們的整合計劃，以充分釋放這些收購的價值。我們致力於為新同事提供流暢無阻的入職體驗。短短幾天內，我們就為每個人提供了協作工具，讓他們能夠像團結的團隊一樣工作。我們仍有信心在每份財務報表的每一項中實現顯著的規模和槓桿作用。

From an operational standpoint, integration is being executed with the same rigor that we apply to running our core business. We've established clear governance, defined work streams across all functions, including IT, finance, IT, HR, product and go-to-market and implemented measures to ensure continuity for customers, partners and employees. Our priority is maintaining business momentum while methodically bringing platforms, reporting structures and operating rhythms together. Taken together, we believe this disciplined approach to integration reinforces our confidence in delivering sustained growth and operating leverage, enabling us to achieve our target of 40% free cash flow margin by fiscal 2028. And our longer-term goal of $20 billion in NGS ARR by fiscal 2030.

從營運角度來看，我們以與營運核心業務相同的嚴謹態度來執行整合工作。我們建立了清晰的治理結構，明確了所有職能部門（包括 IT、財務、人力資源、產品和市場推廣）的工作流程，並實施了相關措施，以確保客戶、合作夥伴和員工的業務連續性。我們的首要任務是保持業務發展勢頭，同時有條不紊地將平台、報告結構和營運節奏整合起來。綜上所述，我們相信這種嚴謹的整合方法增強了我們對實現持續成長和營運槓桿的信心，使我們能夠在 2028 財年實現 40% 的自由現金流利潤率目標。我們的長期目標是到 2030 財年實現 NGS ARR 200 億美元。

Now let me take you through the guidance. Please note that our Q3 and full year 2026 guidance is inclusive of both the CyberArk and Chronosphere acquisitions, which have been aligned to our fiscal year and our definitions of certain non-GAAP metrics. This includes NGS ARR, which reflects only the subscription portion of CyberArk's ARR and has been conformed to our standard revenue-based definition. Our Q3 and full year 2026 guidance assumes reported NGS ARR for CyberArk will be approximately 2% to 3% lower than the equivalent on the CyberArk previous bookings-based ARR definition. Please see the appendix of our earnings presentation for more detail on the comparison of the two ARR definitions.

現在讓我帶你了解操作指南。請注意，我們對 2026 年第三季和全年業績的預測包括了 Cyber​​Ark 和 Chronosphere 的收購，這兩項收購均已與我們的財政年度和某些非 GAAP 指標的定義保持一致。這包括 NGS ARR，它僅反映 Cyber​​Ark ARR 的訂閱部分，並且符合我們基於收入的標準定義。我們對 2026 年第三季和全年業績的預測是，根據 Cyber​​Ark 先前基於預訂量的 ARR 定義計算出的 NGS ARR 將比實際值低約 2% 至 3%。有關兩種 ARR 定義比較的更多詳細信息，請參閱我們的收益簡報附錄。

For the fiscal third quarter 2026, we expect NGS ARR to be in the range of $7.94 billion to $7.96 billion, an increase of 56%. This includes a $1.47 billion contribution from M&A, remaining performance obligation of $17.85 billion to $17.95 billion, an increase of 32% to 33%. This includes a $1.6 billion contribution from M&A. Revenue to be in the range of $2.941 billion to $2.945 billion, an increase of 28% to 29%. This includes a $340 million contribution from M&A.

我們預計 2026 財年第三季 NGS ARR 將在 79.4 億美元至 79.6 億美元之間，成長 56%。這其中包括併購帶來的 14.7 億美元貢獻，剩餘履約義務為 178.5 億美元至 179.5 億美元，成長 32% 至 33%。其中包括併購帶來的 16 億美元貢獻。營收預計在 29.41 億美元至 29.45 億美元之間，成長 28% 至 29%。其中包括併購帶來的 3.4 億美元貢獻。

A fully diluted share count of 812 million to 817 million shares, which accounts for the close of the CyberArk acquisition on February 11. Diluted non-GAAP EPS to be in the range of $0.78 to $0.80. For the fiscal year 2026, we expect NGS ARR to be in the range of $8.52 billion to $8.62 billion an increase of 53% to 54%. This includes a $1.52 billion contribution from M&A, remaining performance obligation of $20.2 billion to $20.3 billion, an increase of 28% which includes a $1.6 billion contribution from M&A, revenue to be in the range of $11.28 billion to $11.31 billion, an increase of 22% to 23%. This includes a $760 million contribution from M&A.

完全稀釋後的股份數量為 8.12 億股至 8.17 億股，這反映了 2 月 11 日 Cyber​​Ark 收購案的完成。稀釋後的非GAAP每股盈餘預計在0.78美元至0.80美元之間。 2026財年，我們預期NGS年度經常性營收將在85.2億美元至86.2億美元之間，成長53%至54%。這包括併購帶來的 15.2 億美元貢獻，剩餘履約義務為 202 億美元至 203 億美元，成長 28%（其中包括併購帶來的 16 億美元貢獻），營收將在 112.8 億美元至 113.1 億美元之間，成長 22% 至 23%。其中包括併購帶來的 7.6 億美元貢獻。

Operating margins to be in the range of 28.5% to 29%, diluted non-GAAP EPS to be in the range of $3.65 to $3.70 per share. Our fully diluted share count of 768 million to 773 million shares, which accounts for the close of the CyberArk acquisition and adjusted free cash flow margin of 37%. We have included our typical modeling points in the presentation for your review, but I would like to highlight a few now. First, note that under our accounting policy, the upfront portion of term licenses and any perpetual license revenue from CyberArk will be recognized as product revenue, all of our Chronosphere revenue will be included in services. For Q3, we expect product revenue growth of 25%.

營業利潤率預計在 28.5% 至 29% 之間，稀釋後非 GAAP 每股收益預計在 3.65 美元至 3.70 美元之間。我們的完全稀釋後股份數量為 7.68 億股至 7.73 億股，這反映了 Cyber​​Ark 收購的完成以及調整後的自由現金流利潤率為 37%。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。首先，請注意，根據我們的會計政策，來自 Cyber​​Ark 的期限許可的預付款部分和任何永久許可收入將確認為產品收入，而我們所有的 Chronosphere 收入將計入服務收入。我們預計第三季產品營收將成長25%。

And for the year, we expect product revenue growth in the low 20s. With that, I will turn it back to Hamza for Q&A.

我們預計今年產品收入成長將達到 20% 左右。接下來，我將把問題交還給哈姆札，讓他回答問題。

(Event Instructions)

（活動須知）

Rob Owens, Piper Sandler.

羅布歐文斯，派珀桑德勒。

Nikesh, looking back at 2018, 2019, there was a prevailing fear that cloud computing would render parts of the Cybersecurity stack obsolete. At that time you leaned in via M&A, and repositioned the portfolio. Obviously, the business has tripled since that today. Now we entered this AI era and the narrative feels oddly similar. Could you compare that existential nature of this AI shift to what we saw in cloud, maybe what areas you think will be obsolesced. And then specifically, is M&A the primary lever again this time around? Or does your starting position differ at Palo Alto from where you were, let's say, at the start of the cloud cycle.

Nikesh 回顧 2018 年和 2019 年，當時普遍擔心雲端運算會使網路安全堆疊的部分內容過時。當時你透過併購加大投入，重新調整了投資組合。顯然，如今這家公司的業務規模已經成長了兩倍。現在我們進入了人工智慧時代，而故事的發展卻出奇地相似。您能否將人工智慧這種根本性的轉變與我們在雲端運算領域看到的轉變進行比較，並探討您認為哪些領域將會被淘汰。那麼具體來說，這次併購是否仍是主要手段？或者，您在帕洛阿爾託的起始位置是否與您在雲層週期開始時的位置不同？

That's the long one question, Rob. Nice to see you again. So that's a good question, Rob. Look, I think when we looked at in 2018, '19, we were trying to manage two challenges. One challenge was, how do we get customers to get off on-prem to cloud and then deliver them cloud security.

羅布，這真是個很長的問題。很高興再次見到你。羅布，你問得好。你看，我認為當我們回顧 2018 年和 2019 年時，我們試圖應對兩個挑戰。其中一個挑戰是，我們如何讓客戶從本地部署遷移到雲端，然後為他們提供雲端安全保障。

And the other challenge was how do we deliver services off the cloud, the customers would accept because they're being delivered from the cloud. And that's kind of where us, we had to refactor our entire security service in the firewall, delivered them from the cloud, which was a huge opportunity. We made a lot of acquisitions to deliver cloud security. We fundamentally architected XSIAM at that point in time as a cloud-delivered SOC, which is generally not a prevailing trend. I think this time, I'm still confused why the market is treating AI as a threat to at least cybersecurity.

另一個挑戰是，我們如何提供客戶能夠接受的雲端服務，因為這些服務是從雲端提供的。正是在這種情況下，我們不得不重構防火牆中的整個安全服務，並將其從雲端交付，這是一個巨大的機會。我們進行了大量收購，以提供雲端安全服務。當時，我們從根本上將 XSIAM 建置為一個雲端交付的 SOC，但這通常不是主流趨勢。我覺得這一次，我仍然不明白為什麼市場會將人工智慧視為至少對網路安全的威脅。

I can't speak for all the software because one thing we're definitely seeing that customers have figured out that they need to drive more consistency in their security stack to be able to respond faster using AI. You cannot respond fast if you've got 70 different vendors who have different data, different logs, different APIs running. So we are seeing a trend towards more consolidation, more platformization and that's evident in what we said. We did our best number of platformizations this quarter, and we've ever done, barring the Q4, which is seasonally strong.

我不能代表所有軟體發言，但我們確實看到客戶已經意識到，他們需要提高安全堆疊的一致性，以便能夠利用人工智慧更快地做出回應。如果70個不同的供應商擁有不同的資料、不同的日誌、不同的API，你就無法快速回應。因此，我們看到了一種趨勢，即更加整合、更加平台化，這一點在我們剛才所說的內容中顯而易見。本季我們完成了有史以來最多的平台化項目，除了第四季度（由於季節性因素，第四季度通常比較強勁）之外，其他季度都是如此。

So I think that's one trend we're seeing. And the other trend arcing is slow adoption on the enterprise side, slower than the consumer side of AI, but as the adoption is beginning to happen, we're begging to hear conversations around security, which as you see with Prisma AIRS, we delivered 100-plus customers. This is much faster than we did in cloud security. So people are adopting it faster. So from my perspective, AI is inevitable. It's going to be used by enterprises.

所以我覺得這是我們看到的一個趨勢。另一個趨勢是企業方面採用人工智慧的速度較慢，比消費方面慢，但隨著採用開始發生，我們迫切希望聽到關於安全性的討論，正如您在 Prisma AIRS 中看到的那樣，我們已經交付了 100 多個客戶。這比我們在雲端安全領域所取得的成就快得多。所以人們接受它的速度更快了。所以在我看來，人工智慧是不可避免的。它將被企業使用。

As enterprises start putting more critical functionality in the hands of AI, they will want control of AI agents or of their AI infrastructure. That requires more security. So I think generally, it's a positive trend towards more security adoption. I particularly believe it's a bigger trend towards platformization and consistency of data and harmonization of data in the enterprise. We're not collecting enough data right now to get good security outcomes.

隨著企業開始將更多關鍵功能交給人工智慧，他們會希望控制人工智慧代理或其人工智慧基礎設施。這就需要更安全的保障措施。所以我認為總體而言，這是一個朝著更廣泛採用安全措施的方向發展的積極趨勢。我尤其認為，這代表企業資料平台化、資料一致性和資料協調化的更大趨勢。我們目前收集的數據不足以取得良好的安全效果。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

Great. Nice to see everybody. Nikesh, I pay close attention to the acquisitions you make and the things that you tell us because you've proven very astute at identifying future opportunities. As we think about XSIAM and the AI-driven SOC, I've heard investors concerned lately that LLMs are going to kill SIEM tools. How do we think about the balance of opportunity and threat of LLMs doing a lot of the things that we relied upon SIEMs for. And even if you're competitive from a product standpoint, is there a risk that you now face a new strong competitor for these modernization opportunities?

偉大的。很高興見到大家。Nikesh，我非常關注你的收購決策和你告訴我們的事情，因為你已經證明自己非常擅長發現未來的機會。當我們思考 XSIAM 和 AI 驅動的 SOC 時，我最近聽到一些投資者擔心 LLM 將會扼殺 SIEM 工具。我們如何看待LLM承擔了許多我們過去依賴SIEM來完成的工作所帶來的機會和威脅的平衡？即使你從產品角度來看具有競爭力，現在是否存在這樣的風險：你即將面臨新的強大競爭對手，爭奪這些現代化機會？

So I think, Brad, the LLMs are a net positive and additive to our capability to diverse security. Like LLMs are very useful for data classification or doing DLP, because we've relied on very traditional approaches towards matching -- exact matching data and trying to do DLP, and LLM are much able to understand context and say, no, this definitely looks like something that is data that is restricted or PII. So I think there are certain examples where generative AI and LLMs are extremely useful.

所以我認為，布拉德，LLM 對我們多樣化的安全能力來說是積極的、有益的。LLM 對於資料分類或進行 DLP 非常有用，因為我們一直依賴非常傳統的匹配方法——精確匹配資料並嘗試進行 DLP，而 LLM 更能夠理解上下文並說，不，這看起來絕對像是受限資料或 PII。所以我認為，在某些情況下，生成式人工智慧和LLM非常有用。

All the examples you see, they're really good at looking at patterns and finding gaps and you'll see an offensive security or red teaming, LLMs are being helpful. I think the challenge that LLMs will face or do face in providing comprehensive security is it's not the 95% of the time they're right. It is the 5% of the time they're not right, you need to be right, right? This is like we're fighting bad guys who had to be right at once. We have to be write 100% of the time.

你看到的所有例子，它們都非常擅長觀察模式和發現漏洞，你會看到進攻安全或紅隊演練，LLM 都發揮了作用。我認為LLM在提供全面安全保障方面將面臨或正在面臨的挑戰是，它們並非95%的情況下都是正確的。因為他們有 5% 的機率是錯的，所以你必須是對的，對嗎？這就像我們在和一群必須時刻保持正確的壞人作鬥爭。我們必須百分之百正確。

So LLMs until they get to 99%, 99.9% accuracy are not a threat to delivering security. They are tools that can be used to summarize capabilities. There will be agentic actions that can be used to get a lot of the prework done from a precision AI perspective and get data together. So I think AI helps the cause. Every security company is going to have to use AI to deliver the capabilities that they deliver today. So I think it's not a secret. Every one of us is working hard. Almost every security product has some version of a copilot that now runs in tandem with the product.

因此，LLM 在達到 99%、99.9% 的準確率之前，不會對提供安全構成威脅。它們是可以用來概括能力的工具。從精準人工智慧的角度來看，可以使用一些智能體行動來完成許多前期工作並收集資料。所以我認為人工智慧有助於實現這一目標。未來，每家安保公司都必須利用人工智慧來實現他們目前所提供的功能。所以我覺得這並不是什麼秘密。我們每個人都在努力工作。幾乎所有安全產品都有某種形式的輔助程序，與產品協同運作。

This helps you understand the pattern, understand the capabilities and be able to answer questions faster. I don't think it's going to replace the security product anytime soon. And don't forget that, one more thing is, in most cases, our security products sit at edges and create new data and logs that didn't exist for everything that's around them. So to the extent we are creating proprietary data and security, that is not going to be replaced by an LLM. We're not a system of record. We're not a system of work. We are generating specific domain specific data based on threats we see out in the environment and then using that analytically to figure out how the customers should protect themselves.

這有助於你了解模式，了解功能，並能更快回答問題。我認為它短期內不會取代安防產品。還有一點不要忘記，在大多數情況下，我們的安全產品位於網路邊緣，會建立周圍環境中原本不存在的新資料和日誌。因此，就我們創建的專有資料和安全性而言，LLM 是無法取代的。我們不是記錄系統。我們不是一個工作系統。我們正在根據在環境中發現的威脅產生特定領域的特定數據，然後利用這些數據進行分析，以確定客戶應該如何保護自己。

Saket Kalia, Barclays.

薩克特·卡利亞，巴克萊銀行。

Congrats on closing Chronosphere and CyberArk. Nikesh, maybe on that point, I'd love to dig into the joint pipeline opportunity with CyberArk a little bit. You have a big go-to-market machine that we can leverage here. So I'm just kind of curious how you think that opportunity unfolds. And maybe relatedly, Dipak for you, you gave some breadcrumbs earlier on CyberArk, but -- on inorganic. But wondered if you could help us bridge maybe how much ARR we can include for CyberArk this year as we kind of think about that buildup of organic versus inorganic?

恭喜 Chronosphere 和 Cyber​​Ark 順利完工。Nikesh，或許在這一點上，我很想深入探討與 Cyber​​Ark 的聯合管道專案機會。你們擁有強大的市場推廣體系，我們可以加以利用。所以我很好奇你認為這個機會會如何發展。或許與此相關的是，Dipak，你之前在 Cyber​​Ark 上透露了一些線索，但是——關於無機物。但我想知道您是否能幫我們理清一下今年 Cyber​​Ark 的年度經常性收入 (ARR) 可以佔多少，因為我們正在考慮有機增長與無機增長之間的關係？

So Saket, the good news is that CyberArk has a phenomenal team out there in the field, so does Palo Alto Networks. We have very carefully sort of been working with them after the close. Both teams have been made aware of how to pursue joint opportunities together. We understand our pipeline. We understand their pipeline.

所以 Saket，好消息是 Cyber​​Ark 和 Palo Alto Networks 都擁有一支非常優秀的現場團隊。交易結束後，我們一直非常謹慎地與他們合作。雙方團隊都已了解如何共同尋求合作機會。我們了解我們的生產流程。我們了解他們的流程。

We've built a road map for overlapping pipeline where both customer has opportunities in the fray in the next 3 to 6 months. And we've already armed the teams with plans as to how to address the joint opportunity. But what's fascinating is just anecdotally, just as you were informing the teams, we already have had CyberArk reps coming us to have an opportunity for Palo Alto's products in an account. They're particularly strong at. And I know that Peter Jenkin, their President, was on a call over the weekend, trying to help close a customer for CyberArk's reps with Palo Alto capability. It's happening in both directions, but I think it's early days, but I think the opportunity is real.

我們已經制定了重疊管道的路線圖，在未來 3 到 6 個月內，兩個客戶都有機會競爭。我們已經為各團隊制定了應對這一共同機會的計劃。但有趣的是，正如您所告知團隊的那樣，我們已經有 Cyber​​Ark 的代表來找我們，希望有機會在客戶中推廣 Palo Alto 的產品。他們尤其擅長。我知道他們的總裁 Peter Jenkin 上週末一直在打電話，試圖幫助 Cyber​​Ark 的銷售代表拿下 Palo Alto 的客戶。這種情況正在雙向發生，但我認為現在還為時過早，不過我認為機會是真實存在的。

And as the teams get to know each other, as they get to know each other processes, I think, we're going to see more and more momentum with both the teams. It is going to be a bit of a crawl, walk, run because right now, both our systems are different. So we have to do this stuff manually, and we have people helping us build sort of a central acceleration team, which drives both. But as CyberArk teams understand more and more of the Palo Alto products and the capability of the platform and as the Palo Alto teams understands the CyberArk capabilities and also as we work with CyberArk team to build the next generation of products that we've been sort of ideating with them recently, I think, we're going to see continued momentum in both those pursuits.

隨著兩隊彼此了解，隨著他們逐漸熟悉彼此的訓練和比賽流程，我認為，我們會看到兩隊都取得越來越好的發展勢頭。這將會是一個循序漸進的過程，因為目前我們兩個的系統都不一樣。所以我們必須手動完成這些事情，有人幫助我們建立一個中央加速團隊，該團隊負責推動這兩件事。但是，隨著 Cyber​​Ark 團隊對 Palo Alto 產品和平台功能了解得越來越多，隨著 Palo Alto 團隊對 Cyber​​Ark 功能了解得越來越多，也隨著我們與 Cyber​​Ark 團隊合作，共同打造我們最近一直在構思的下一代產品，我認為，我們將在這兩個方面都看到持續的勢頭。

Yeah. And then if I can just take the breakout. So look, we're not breaking out every M&A deal that we do separately all the time. However, just as a baseline, Saket, we did say that CyberArk NGS ARR was about $1.2 billion at the -- as of December 2025. And I just said that in my prepared remarks that $200 million of ARR came from Chronosphere. And then I've also guided what the total M&A contribution is. So I think it's -- hopefully, you'll agree that it's a lot more than bread crumbs to be able to allow you to do the math there, yes.

是的。然後如果我能突破瓶頸就好了。所以你看，我們並不是每次都會把每一筆併購交易單獨列出來。不過，Saket，作為基準，我們確實說過，截至 2025 年 12 月，Cyber​​Ark NGS 的 ARR 約為 12 億美元。我在事先準備好的演講稿中也提到過，2億美元的年度經常性收入來自 Chronosphere。然後，我還指導了併購總貢獻金額是多少。所以我覺得——希望您也同意，能夠讓您進行計算，這不僅僅是提供一些線索那麼簡單，是的。

Full English breakfast.

全套英式早餐。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Great. Congrats on the quarter. Maybe just a question for me on the SASE business. We saw nice reacceleration in that business in fiscal Q2. Just any commentary about what you're kind of seeing driving some of that strength?

偉大的。恭喜你本季取得佳績。我可能想問一個關於SASE業務的問題。我們看到該業務在第二財季出現了良好的復甦勢頭。您能否就您觀察到的這種強勁勢頭背後的驅動因素發表一些看法？

Good question. We're obviously very excited by seeing that business accelerate at scale. The -- I think Nikesh said it fairly well when he talked about sort of this notion of a first-gen adoption of customers that was tended to be more sort of point product type adoption. They're trying to solve a particular problem. And the existing solution at the time, we're pretty good at solving that one problem. And now we're seeing both new customers as well as many of those customers come back and look for a more comprehensive solve.

問得好。看到業務規模化加速發展，我們當然感到非常興奮。我認為 Nikesh 對此描述得相當清楚，他談到第一代客戶採用產品時，往往更多是針對特定產品類型的採用。他們試圖解決一個特定的問題。而當時現有的解決方案，我們很擅長解決那一個問題。現在我們看到既有新客戶，也有很多老客戶回來尋求更全面的解決方案。

Their employees might all in one day, show up to an office and work, work from home and work while traveling. And if they get three completely different experiences and application access and everything else, it doesn't work for them from a productivity perspective. And so what we're able to do by delivering this as a platform is we can bridge how we apply network security from a hardware perspective, software perspective, SASE protective and even all the way down into the browser with Prisma browser, all in a very consistent way, both for security outcomes as well as the end user experience and the productivity they achieve. Like that is the overarching trend that I see and what's driving the business right now in SASE and the customer excitement about what we do.

他們的員工可能一天之內既到辦公室工作，又在家工作，甚至在出差途中工作。如果他們獲得三種完全不同的體驗、應用程式存取權限以及其他所有東西，從生產力的角度來看，這對他們來說是行不通的。因此，透過將其作為平台交付，我們可以將我們從硬體角度、軟體角度、SASE 保護，甚至一直到 Prisma 瀏覽器等各個層面應用網路安全的方式連接起來，所有這些都以非常一致的方式實現，既能帶來安全結果，又能提升最終用戶體驗和生產力。這就是我看到的整體趨勢，也是目前 SASE 業務發展的驅動力，以及客戶對我們工作的熱情。

Josh Tilton, Wolfe Research.

Josh Tilton，Wolfe Research。

Maybe just a high level one for me. What are you guys seeing in regards to the volume of network traffic from your customers as they move more out of the experimentation phase and actually start to really adopt agents enterprise-wide. And how, if at all, will that impact the demand for the broader network security suite, whether that's firewall or SASE.

對我來說，或許只是一個高階版本。隨著客戶逐漸走出試驗階段，開始在企業範圍內真正採用代理，你們觀察到來自客戶的網路流量有何變化？而這將如何影響對更廣泛的網路安全套件（無論是防火牆還是 SASE）的需求？如果有影響，又會如何影響？

It's too early to tell. I think if you look at the AI adoption in the enterprise, there is a surge of adoption in the coding space. So people using Codex, Cursor, Claude Code and equivalent. You're seeing a lot of that. Those are very application-specific.

現在下結論還為時過早。我認為，如果你觀察企業中人工智慧的應用情況，你會發現程式設計領域的應用出現了激增。所以使用 Codex、Cursor、Claude Code 及類似軟體的人。你經常會看到這種情況。這些都與具體應用密切相關。

And actually, that fits exactly where Koi operates. Because when you start doing coding and Vibe coding off your desktop, you'll see server -- MCP servers and clients spun up on edge -- edges. You'll see a whole bunch of code that is sitting at the edge, which is not visible to traditional XDR capability. And that's why that was a solution we were using Koi and there's where we saw they had traction. They had 40, 50 customers, and we were a customer of theirs. So this is an unsolved problem in security, and this is kind of where all the action is from an enterprise adoption perspective.

事實上，這完全符合 Koi 的業務模式。因為當你開始在桌面上進行編碼和 Vibe 編碼時，你會看到伺服器——MCP 伺服器和在邊緣——邊緣上啟動的客戶端。你會看到很多位於邊緣的程式碼，這些程式碼對於傳統的 XDR 功能來說是不可見的。這就是為什麼我們選擇 Koi 作為解決方案，並發現它很受歡迎的原因。他們有 40、50 個客戶，而我們就是他們的客戶之一。所以這是安全領域一個尚未解決的問題，也是企業採用該技術時所有行動的重點。

Outside of that, there is now enterprise adoption that we're beginning to see where customers are running perhaps millions of tokens in one or two particular applications they're working with some of the LLM providers on, and that's where we see the traffic. That traffic is again more within the network. I don't think it's traffic that networks cannot handle. I think the challenge right now is consolidating that traffic. How do you get all the AI traffic to be in one place.

除此之外，我們現在開始看到企業採用這種模式，客戶可能在與一些 LLM 提供者合作開發的一個或兩個特定應用程式中運行數百萬個代幣，而這正是我們看到流量的地方。這些流量再次更集中在網路內部。我不認為這是網路無法處理的流量問題。我認為目前的挑戰在於如何整合這些流量。如何將所有人工智慧流量集中到一個地方？

So you can understand it, provide visibility, look at the ability to control it and be able to act on it. So I think that's going to be the next bastion as to how do we figure out the solution for all this traffic that is beginning to have a different nature in enterprise, and it needs a different set of controls and tools, but it's not really impacting the network level traffic yet.

這樣你就能理解它，提高它的可見性，看看能否控制它，並且能夠採取行動。所以我認為這將成為下一個難關，我們需要找到解決方案來應對企業中開始呈現不同性質的流量，它需要一套不同的控制和工具，但目前還沒有真正影響到網路層面的流量。

And I say yet because as adoption grows, I fully expect, I mean, you can't build $600 billion worth of data centers and not expect traffic to grow and you can't expect that not to happen. So I think that's going to happen. The data centers being built. It's early days, and consumer actually are far outstripping enterprise for the moment, but we expect enterprise will surely and slowly get on that bandwagon.

我說“然而”，是因為隨著採用率的提高，我完全預期，我的意思是，你不可能建造價值 6000 億美元的數據中心而不期望流量增長，你也不能期望這種情況不會發生。所以我認為這件事會發生。正在建設中的資料中心。現在還處於早期階段，消費者目前遠遠超過了企業，但我們預期企業肯定會慢慢跟上這股潮流。

John DiFucci, Guggenheim.

約翰·迪富奇，古根漢美術館。

Nikesh, I agree with you on, everything you said --

尼克什，我完全同意你說的每一句話。--

Thank you, John. I am going to sleep better tonight. You can stop now. It's good. Great question.

謝謝你，約翰。今晚我肯定能睡個好覺了。你可以停下來了。很好。問得好。

I don't always agree with you, but I really do on this. I really do. I agree with you on everything you're saying about AI, its positive effects on security. I actually really like the acquisitions you've done here. But if AI is going to be good for security, and I think it will -- in both cases, both you need to secure AI.

我並非總是同意你的觀點，但在這件事上我真的非常同意。我真的這麼認為。我完全同意你對人工智慧及其對安全的正面影響的看法。我其實很喜歡你們在這裡進行的這些收購。但如果人工智慧對安全有益（我認為會的），那麼無論哪種情況，都需要確保人工智慧的安全。

Also AI is going to -- I could be a hacker if I want to be. But if that's the case, when are we going to see it? Because it doesn't show up in the number -- it doesn't show up -- I mean, not that -- it doesn't show up in your numbers yet. It doesn't show up in anybody's numbers yet, really, maybe a couple, but not really. I mean when -- is this -- I don't know.

人工智慧也將使——如果我想，我也可以成為駭客。但如果真是那樣的話，我們什麼時候才能看到呢？因為它還沒有顯示在數字裡——它還沒有顯示出來——我的意思是，不是那個——它還沒有顯示在你的數字裡。目前還沒有任何人的數據反映出這一點，也許有少數人反映出來，但不多。我的意思是，什麼時候——這是——我不知道。

No. I think that -- look, I think, John, if you -- I think the best analogy I can give you is we look at cloud security. You didn't see cloud security numbers for a while because typically, cloud adoption in enterprises lagged the consumer. And then even then, it was literally a two year cycle, a three year cycle before enterprises fully got all their applications and workloads moved onto the cloud. So I expect the -- right now, if you look at it, tell me how many enterprise AI apps are you using which are driving tremendous amounts of throughput. And I can't think of anything but coding apps.

不。我認為——聽著，約翰，如果你——我認為我能給你的最好類比就是我們來看看雲端安全。一段時間內，你都看不到雲端安全的數據，因為通常情況下，企業採用雲端技術的步伐落後於消費者。即使如此，企業也需要兩年甚至三年的時間才能將所有應用程式和工作負載完全遷移到雲端。所以我希望——現在，如果你看一下，告訴我你們正在使用多少個企業級 AI 應用，這些應用正在推動巨大的吞吐量。除了編寫應用程序，我什麼都想不起來。

Now coding apps are not resource-intensive on your infrastructure, they are resource intensive on the endpoint. So like endpoint capability and LLMs are where all the action is. So I think it's early days. What I'm heartened by the fact is that our number of customers with Prisma AIRS is kind of following the same trajectory as XSIAM. The volume isn't there because the throughput is not coming through LLMs right now.

現在，編寫應用程式並不會消耗基礎架構的資源，而是消耗終端的資源。所以，端點能力和 LLM 才是所有關鍵。所以我覺得現在下結論還太早。令我感到欣慰的是，我們 Prisma AIRS 的客戶數量與 XSIAM 的發展軌跡大致相同。目前吞吐量不足是因為 LLM 的吞吐量還沒有達到要求。

So I think it's early days. Look, you have to have one or two beliefs, John. You have to be in one camp or the other. Either you have to believe that the $600 billion of data centers are being built are going to be consumed. And if you believe that, which most people seem to do, so that consumption is going to be 80-20, 80% consumer, 20% enterprise. But those data centers is yet to be built.

所以我覺得現在下結論還太早。約翰，你總得有一兩個信仰吧。你必須選擇加入其中一方。要嘛你必須相信正在建造的價值 6000 億美元的資料中心將會被消耗掉。如果你相信這一點（大多數人似乎都相信這一點），那麼消費將是 80-20 的比例，即 80% 為消費者消費，20% 為企業消費。但這些資料中心尚未建成。

I think what's happening is we're all laying the groundwork right now is a bit of a sort of an arms race to try and see who can get the AI security sort of platform up and running as quickly as we can. And you can see innovation is happening in every direction. That's why you see us buy protect.ai, which is now well integrated. We took the firewall, made an AI firewall. Now we're taking Koi. We see that that's where the action is. The next question is going to be how do you consolidate all AI traffic in one place. So I think you're seeing the piece parts being built right. I think you just have to be a bit patient.

我認為現在的情況是，我們都在為建構人工智慧安全平台打基礎，這有點像是一場軍備競賽，看誰能最快建立並運行人工智慧安全平台。你可以看到，創新正在各個領域發生。這就是為什麼你會看到我們收購了 protect.ai，現在它已經很好地融入我們的業務中。我們改造了防火牆，使其成為人工智慧防火牆。現在我們來吃錦鯉。我們看到，那裡才是行動發生的地方。下一個問題是如何將所有人工智慧流量整合到一個地方。所以我覺得你看到的正是各個部件的正確組裝方式。我覺得你只需要多一點耐心。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

This one is for Lee. It's a CyberArk question, but it's a product-based CyberArk question. If we think about CyberArk historically being strong for privileged users at the high end, what is the technical lift that has to be done to make that technology more accessible for every user. And I'm curious what you've learned in the last 6 months or so from your customer base on the method to securing agentic identity between PAM, IGA and IAM. Any learnings from the last six months, would be curious to hear.

這是給李的。這是一個關於 Cyber​​Ark 的問題，但這是一個基於產品的 Cyber​​Ark 問題。如果我們認為 Cyber​​Ark 歷來是為高端特權用戶提供的強大工具，那麼要使這項技術更容易被每個用戶所使用，需要進行哪些技術改進呢？我很好奇，在過去的 6 個月左右的時間裡，您從客戶那裡了解到了在 PAM、IGA 和 IAM 之間保護代理身份的方法。很想聽聽過去六個月有哪些經驗教訓。

Good question. First, let me start with the first question. The -- I think just the general space of Privileged Access Management has largely been a more sort of sophisticated category. And as such, it's been the more sort of security-conscious enterprises have been the biggest adopters. And there's already sort of a transformation underfoot of sort of this notion of modern PAM and moving to just-in-time controls and 0 standing privileges and things like that. And part of that is actually improving security, but part of it actually is also about making it easier for the end user to actually interact with these systems. We -- so that's already happening.

問得好。首先，讓我從第一個問題開始。我認為，特權存取管理這一領域本身就是一個比較複雜的類別。因此，那些安全意識較強的企業成為了最大的採用者。現代 PAM 的概念正在發生某種轉變，轉向即時控制和零常設權限等等。其中一部分實際上是在提高安全性，但其中一部分實際上也是在讓最終用戶更容易與這些系統互動。我們——所以這種情況已經發生了。

The further we have ideas for how we can leverage integrations between CyberArk and, for example, Prisma Browser in terms of how do we integrate capabilities in the place where the user is already doing work in order to make it even easier for them to take advantage of these capabilities. So -- we -- there's already a lot of progress and we have more ideas for how we're going to continue to make that easier, so we can drive broader adoption across the existing customers, but also make it easier for noncustomers to adopt. And ultimately, we think that leads to the broader sort of full human identity solution that we're excited about.

我們越深入地思考如何利用 Cyber​​Ark 與 Prisma Browser 等工具之間的集成，就越能更好地將各種功能集成到用戶已經工作的地方，從而使他們更容易利用這些功能。所以——我們已經取得了很大進展，我們還有更多想法，可以繼續簡化這個過程，從而推動現有客戶更廣泛地採用，同時也讓非客戶更容易採用。最終，我們認為這將帶來我們所期望的更廣泛的、完整的人類身分解決方案。

Now as that is happening, yes, there is the agentic identity sort of market that is rapidly forming. And look, the -- my view on agentic identity is it's going to have sort of aspects of machine identity and privileged users sort of wrapped into one. And this is partly why I think CyberArk is well suited for being able to go after this because of their leadership in both of those foundational spaces. And then it's how do we adapt, add to and then optimize for agentic use cases. And again, some of that will be sort of call it, send alone CyberArk from an identity platform perspective.

現在，隨著這種情況的發生，確實存在一種代理人身分類型的市場正在迅速形成。而且，我對代理身份的看法是，它將機器身份和特權用戶身份的某些方面融合在一起。部分原因在於，我認為 Cyber​​Ark 非常適合開展這項業務，因為他們在這兩個基礎領域都處於領先地位。接下來，我們要考慮如何適應、擴展和優化智能體用例。而且，其中一些內容將以身份平台的角度單獨發送 Cyber​​Ark 的方式呈現。

And some of it will be how we think about that in concert with Prisma AIRS where we already have hooks into the AI infrastructure, and we'll have, again, integration opportunities to be able to bring solutions to our customers.

其中一部分將取決於我們如何與 Prisma AIRS 協同思考，我們已經與 AI 基礎設施建立了連接，我們將再次獲得整合機會，從而能夠為我們的客戶帶來解決方案。

Adam Tindle, Raymond James.

Adam Tindle，Raymond James。

Nikesh, in your comments, you talked about it with Chronosphere, a nine figure expansion deal with a leading AI provider. I just want to pick on that and just ask about the key attributes that help Chronosphere get that level of commitment. Were you displacing an existing vendor, the timing for that, the rationale for it? And maybe even the pipeline beyond that and just a quick clarification, Dipak, just because I know this is coming up in after hours after you talked about ARR in total. Think investors are shipping out the $1.47 billion from Q3 NGS ARR and looking like organic net new NGS ARR is down a lot. I think there's probably some flaws to that, but I just want to toss that out there to have you clear the air.

Nikesh，你在評論中提到了 Chronosphere 與一家領先的 AI 提供商達成的九位數擴張協議。我只是想就此打住，問問 Chronosphere 獲得如此高參與度的關鍵因素是什麼。你們是否打算取代現有供應商？如果是，請說明時機和理由。或許還可以進一步探討後續的管道，Dipak，我只是想快速澄清一下，因為我知道在你談到 ARR 總額之後，這個問題會在下班後討論。投資者似乎正在從第三季 NGS ARR 中支出 14.7 億美元，看起來 NGS 有機淨新增 ARR 大幅下降。我覺得這可能有一些缺陷，但我只是想提出來，讓你澄清一下。

All right, Adam. First thing first, look, Chronosphere is a highly scalable solution and its scalability is dependent on a net new architecture design for observability, which is different from what the current incumbents in the space have. So that capability allows them to deliver those capabilities at approximately half the price, if not more, than or less than some of the other players out there. So they are displacing another vendor in that space.

好的，亞當。首先，Chronosphere 是一個高度可擴展的解決方案，其可擴展性取決於全新的可觀測性架構設計，這與該領域現有產品的設計有所不同。因此，憑藉這種能力，他們能夠以大約一半的價格（甚至更低）提供其他一些競爭對手提供的功能。所以他們正在取代該領域的另一家供應商。

They have been partnering with the large language model over the last six months or so, and they have passed every technical hurdle, which allowed them to make a commitment to Chronosphere. We expect the full transformation over the next 6 to 12 months or a full transition from the other vendor. Part of the $200 million ARR is from one of those large LLM vendors. We expect that to continue to grow.

在過去的六個月左右的時間裡，他們一直在與大型語言模型合作，並且克服了每一個技術障礙，這使他們能夠致力於 Chronosphere。我們預計在未來 6 到 12 個月內完成全面轉型，或從另一供應商完全過渡過來。2億美元的年度經常性收入中，有一部分來自一家大型LLM供應商。我們預計這一數字將持續成長。

In addition to that, they have other customers who are significant customers, and they are going to pursue significant customers over the next three, six months in partnership with us. But that's why we bought the company because of the scalability, because of the capability from a technical as well as a commercial perspective. And we're at least going -- we can talk more about the product capabilities that we're going to give it. But we hope that will allow it to be a full sort of full-scale replacement option for both DIY. Many customers do DIY in the situation as well as being able to compete effectively with some of the big observability players out there.

除此之外，他們還有其他一些重要客戶，他們將在未來三到六個月內與我們合作，繼續擴展這些重要客戶。但也因為如此，我們收購了這家公司，因為它具有可擴展性，無論從技術角度或商業角度來看，它都具備強大的能力。至少我們現在可以進一步討論我們將賦予它的產品功能了。但我們希望這將使其成為 DIY 的全面替代方案。在這種情況下，許多客戶會自行解決問題，並且能夠有效地與一些大型可觀測性廠商競爭。

Look, I'll just give you a high level. There's -- look, they've built something very unique for that very high end of the market, scalability and the economic aspects even the start of some of the AI analytics and that will complement with AgentiX. The next phase is going to be how do we build out a lot of sort of enterprise sort of off-the-shelf kind of features that make it just really easy to do integrations to basically replace existing incumbent infrastructure, whether that's commercial products or open source. We think in both cases, the Chronosphere will scale down into that large enterprise segment very nicely.

聽著，我只能給你一個大致的概括。你看，他們為高端市場打造了非常獨特的產品，兼具可擴展性和經濟性，甚至開始進行一些人工智慧分析，這將與 AgentiX 相輔相成。下一階段我們將著重於如何建立大量企業級的現成功能，以便輕鬆進行集成，從而基本上取代現有的基礎設施，無論是商業產品還是開源產品。我們認為，無論哪種情況，Chronosphere 都能很好地擴展到大型企業市場。

And then, Adam, just on your question on NGS ARR just to be clearer, organic NGS ARR is roughly in line with consensus for Q3 and we reiterated the full year. So maybe folks just haven't fully appreciated that Chronosphere closed for 4Q, but we'll make sure that's all cleared up.

然後，Adam，關於你提出的 NGS ARR 問題，為了更清楚地說明，第三季的有機 NGS ARR 與市場普遍預期基本一致，我們重申了全年預期。所以，或許大家還沒有完全意識到 Chronosphere 在第四季度關閉了，但我們會確保把這件事都解釋清楚。

Adam Borg, Stifel.

Adam Borg，Stifel。

Great. Maybe, Nikesh, you talked about a little bit in the prepared remarks about the quantum opportunity. You talked about a little bit last quarter. Love to hear more about kind of the early learnings from kind of the discussions with the customers from the panel a few weeks back and ultimately how you're thinking about the opportunity in coming years.

偉大的。尼克什，或許你在事先準備好的發言稿中稍微談到了量子機會。上個季度你稍微談了一點。很想了解幾週前在小組討論中與客戶交流後所獲得的初步經驗，以及您最終如何看待未來幾年的發展機會。

As part of the CyberArk deal, we've acquired Venafi. And I'm going to have Lee talk about a new capability we're building called the next-generation trust subscription plus our quantum capability. We have been in discussion with 100 customers who are experimenting or beta customers of product. We have tremendous feedback from them. Our quantum capability is not just for Palo Alto firewalls. It actually looks at the enterprise capability. So we have actually integrated 10 other vendors worth of quantum data into our quantum sub, but I'm going to let Lee talk about the sub.

作為 Cyber​​Ark 交易的一部分，我們收購了 Venafi。接下來，我將請 Lee 談談我們正在建立的一項名為下一代信任訂閱的新功能，以及我們的量子能力。我們已經與 100 位正在試用或測試該產品的客戶進行了討論。我們收到了他們非常正面的回饋。我們的量子運算能力不僅限於 Palo Alto 防火牆。它實際上考察的是企業的能力。所以，我們實際上已經將其他 10 家供應商的量子數據整合到我們的量子潛艇中，但我還是讓 Lee 來談談這個潛艇。

I think the -- yeah, the -- in both of these cases, whether it's cryptography and PQC or certificates and managing the -- the alternative is largely a very manual sort of human-centric repetitive kind of task approach. It's either some poor person or people that have to constantly sort of manually go look at certificates, look at the renewal dates and ages and other things like that and then redo them manually or we can do it through technology.

我認為——是的，——在這兩種情況下，無論是密碼學和 PQC 還是證書和管理——替代方案在很大程度上是一種非常手動的、以人為中心的重複性任務方法。要嘛是一些窮人，要嘛是一些人不得不不斷地手動查看證書，查看續期日期、有效期等信息，然後手動重新辦理，而我們可以通過技術手段來完成這項工作。

The same is true with quantum cryptography. It's either a lot of manual consultation going through and trying to figure out what exists or we can use technology. And so in both cases, we figured out. Obviously, Venafi in one case that we'll be joining the team and then the NetSec team is how do we use technology, largely our next-gen firewalls, but not only our next-gen firewalls, other data sources as well to do that discovery to be able to technologically discover everything that is needed and then through automation to then also be able to automate the process of remediation. And so this has obviously security benefits, but it also has reliability and uptime benefits as well because you have to remember, in both of these cases, these are fundamental to how production systems operate.

量子密碼學也是如此。要嘛需要進行大量的人工諮詢，努力弄清楚有哪些資源存在，要嘛我們可以使用科技。所以，在這兩種情況下，我們都找到了答案。顯然，Venafi 是我們即將加入團隊的一個案例，而 NetSec 團隊則探討了我們如何利用技術，主要是我們的下一代防火牆，但不僅限於下一代防火牆，還有其他資料來源來進行發現，以便能夠從技術上發現所有需要的東西，然後透過自動化來實現修復過程的自動化。因此，這顯然具有安全優勢，同時也具有可靠性和正常運行時間優勢，因為您必須記住，在這兩種情況下，這些都是生產系統運作的基礎。

Gregg Moskowitz, Mizuho.

Gregg Moskowitz，瑞穗銀行。

All right. Last question. Thank you, Hamza. So closing in Palo Alto's two largest ever acquisitions within a couple of weeks of each other. It's exciting. The potential is tremendous. But it could also add an unprecedented amount of stress on the management team, engineering, go to market teams, et cetera. Nikesh, how do you keep everyone's eye on the ball, yourself included, and not be subject to execution or distraction issues?

好的。最後一個問題。謝謝你，哈姆札。因此，帕洛阿爾託在短短幾週內就完成了有史以來最大的兩筆收購。真令人興奮。潛力大。但這也可能會給管理團隊、工程團隊、市場推廣團隊等帶來前所未有的壓力。尼克什，你如何讓包括你自己在內的所有人都專注於比賽，並且不受執行或分心問題的影響？

Well, Gregg, these acquisitions, at least in the case of Chronosphere, has been in the works for the last two or three months, and CyberArk has been in the works for the last seven months. I've visited their Boston facility spend days there with them. Lee and I were in Israel with the team and spend time with them. So CyberArk just didn't come upon us this week. It has been in the works for the last many six or seven months. As you might have read, we had worked for the management team to fully understand what role every employee at CyberArk was going to have.

格雷格，至少就 Chronosphere 而言，這些收購已經進行了兩三個月，而 Cyber​​Ark 的收購也已經進行了七個月。我曾參觀過他們在波士頓的工廠，在那裡和他們待了好幾天。李和我當時和球隊一起在以色列，和他們待了一段時間。所以，Cyber​​Ark 本週並沒有主動找上門。這項工作已經籌備了六、七個月了。正如您可能已經讀到的，我們曾與管理團隊合作，以充分了解 Cyber​​Ark 的每位員工將扮演的角色。

So we were able to, on the date of close, inform every employee with their role in the future joint organization was going to be, what their plans are. Gave OKRs, give targets to every one of them. So they all have that within the first 48 hours. So it's not like we've been waiting. There are some system transitions that we do in the case of CyberArk, which the teams are working in hard, fast and furious on. We have had the opportunity to plan where they need to be. So where we have our eye on the ball. That's our job, right, from a CyberArk perspective.

因此，在合併完成之日，我們能夠告知每位員工他們在未來的聯合組織中將扮演的角色，以及他們的計劃是什麼。制定了 OKR，並給每個人設定了目標。所以他們都在最初的48小時內達到了這個目標。所以不是我們一直在等待。針對 Cyber​​Ark，我們進行了一些系統過渡，團隊正在努力、快速、全力以赴地進行這些過渡。我們有機會規劃它們應該出現在哪裡。所以我們現在把注意力集中在這一點上。從 Cyber​​Ark 的角度來看，這就是我們的工作，對吧。

And Chronosphere is, honestly, other than the fact that the price tag was big, that it's still a 250 people engineering team that does observability, which is fundamentally different from anything we've done. The only point of product interaction is they're working hard with the Cortex team to figure out how to incorporate AgentiX into their platforms, so they can have agents solve the observability problem just not just sort of be an observability company.

說實話，除了價格昂貴之外，Chronosphere 仍然是一個由 250 人組成的工程團隊，專門從事可觀測性方面的工作，這與我們以往所做的任何事情都有根本的不同。該產品互動的唯一點是，他們正與 Cortex 團隊努力合作，以找出如何將 AgentiX 整合到他們的平台中，以便他們能夠讓代理商解決可觀測性問題，而不僅僅是成為可觀測性公司。

And separate to that, because they are sort of they are whale hunters, they go after big observability clients. We are able to selectively and surgically help them on a client-by-client basis to help them drive what they need to do. So this is our thirty second or thirty third acquisition between two of them. We have a lot of lessons from prior acquisitions, which we have brought to bear. Our teams have been working really hard over the last many months, and we have been actually adding capacity at our end to make sure we can handle some of these transitions that are required.

除此之外，因為他們有點像是鯨魚獵人，所以他們會瞄準大型可觀測客戶。我們能夠根據每個客戶的具體情況，選擇性地、有針對性地幫助他們，以幫助他們實現自己需要做的事情。所以這是我們兩人之間的第三十二或第三十三筆收購。我們從先前的收購中吸取了很多經驗教訓，並將它們運用到這次收購中。在過去的幾個月裡，我們的團隊一直在努力工作，我們實際上也增加了自身的產能，以確保我們能夠應對這些必要的轉型。

That concludes the Q&A portion of this call. I'll pass it back to Nikesh for any closing remarks.

本次電話會議的問答環節到此結束。我將把發言權交還給尼克什，讓他做最後的總結發言。

Well, I just want to say thank you to all of our customers, to all of our employees around the world and thank you to all of you for joining us on our conference call. We will see you guys next quarter.

最後，我要感謝我們所有的客戶，感謝我們世界各地的所有員工，也感謝各位參加我們的電話會議。我們下個季度再見。

Portions of this transcript marked (technical difficulty) indicate audio problems. The missing text will be supplied if a replay becomes available.

本文字稿中標示（技術難題）的部分錶示有音訊問題。如果有重播視頻，我們會補充缺少的文本。