Palo Alto Networks Inc (PANW) 2022 Q3 法說會逐字稿

Good day, everyone, and welcome to the Palo Alto Networks Fiscal Third Quarter 2022 Earnings Conference Call. I am Clay Bilby, Head of Palo Alto Networks Investor Relations. Please note that this call is being recorded today, Thursday, May 19, 2022 at 1:30 p.m. Pacific Time.

大家好，歡迎參加 Palo Alto Networks 2022 財年第三季財報電話會議。我是 Palo Alto Networks 投資者關係主管 Clay Bilby。請注意，本次電話會議將於今天（2022 年 5 月 19 日，星期四）下午 1:30（太平洋時間）進行錄音。

With me on today's call are Nikesh Arora, our Chairman and Chief Executive Officer; and Dipak Golechha, our Chief Financial Officer. Our Chief Product Officer, Lee Klarich, will join us in the Q&A session following the prepared remarks. You can find the press release and information to supplement today's discussion on our website at investors.paloaltonetworks.com. While there, please click on the link for Events & Presentations where you'll find the investor presentation and supplemental information.

和我一起參加今天電話會議的還有我們的董事長兼執行長 Nikesh Arora 和財務長 Dipak Golechha。我們的首席產品長 Lee Klarich 將在準備好的演講後參加問答環節。您可以在我們的網站 investors.paloaltonetworks.com 上找到新聞稿和補充今天討論的資訊。訪問我們的網站後，請點擊“活動與演示”鏈接，查看投資者演示和補充信息。

In the course of today's conference call, we will make forward-looking statements and projections that involve risk and uncertainty that could cause actual results to differ materially from the forward-looking statements made in this presentation. These forward-looking statements are based on our current beliefs and information available to management as of today. Risks, uncertainties and other factors that could cause actual results to differ are identified in the safe harbor statements provided in our earnings release and presentation and in our SEC filings. Palo Alto Networks assumes no obligation to update the information provided as part of today's presentation.

在今天的電話會議中，我們將做出前瞻性陳述和預測，這些陳述和預測涉及風險和不確定性，可能導致實際結果與本簡報中的前瞻性陳述有重大差異。這些前瞻性陳述是基於我們目前的信念以及管理階層截至今日所掌握的資訊。可能導致實際結果出現差異的風險、不確定性和其他因素已在我們收益報告和簡報以及提交給美國證券交易委員會 (SEC) 的文件中的安全港聲明中列明。 Palo Alto Networks 不承擔更新今天簡報中提供的資訊的義務。

We will also discuss non-GAAP financial measures. These non-GAAP financial measures are not prepared in accordance with GAAP and should not be considered as a substitute for or superior to measures of financial performance prepared in accordance with GAAP. We have included tables which provide reconciliations between the non-GAAP and GAAP financial measures in the appendix to the presentation and in our earnings release, which we have filed with the SEC and can also be found in the Investors section of our website. Please note that all comparisons are on a year-over basis unless specifically noted otherwise.

我們還將討論非公認會計準則 (Non-GAAP) 財務指標。這些非公認會計準則 (Non-GAAP) 財務指標並非依照公認會計準則 (GAAP) 編制，不應被視為替代或優於依照公認會計準則 (GAAP) 編製的財務績效指標。我們在簡報附錄和收益報告中提供了非公認會計準則 (Non-GAAP) 和公認會計準則 (GAAP) 財務指標之間的對帳表。收益報告已提交給美國證券交易委員會 (SEC)，您也可以在我們網站的「投資者」版塊找到這些對帳表。請注意，除非另有說明，所有比較數據均為同比數據。

We would also like to note, management is scheduled to participate in the upcoming JPMorgan, Jefferies and Bank of America investor conferences in the next several weeks. I will now turn the call over to Nikesh.

我們還想指出，管理層計劃在未來幾週參加摩根大通、傑富瑞和美國銀行的投資者會議。現在我將把電話會議交給Nikesh。

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

謝謝你，克萊。大家下午好，感謝大家今天參加我們的財報電話會議。

In this time of increased macroeconomic volatility and geopolitical uncertainty, we saw a combination of strong cybersecurity market demand and our team's execution in line with our strategy to drive our Q3 financial results. We reported strong top line metrics with both billings and RPO growing 40% year-over-year. This is the highest billings growth we have reported looking back over the past 4 years and was driven both by strong demand for our next-generation security offerings and strong customer commitments to our network security business.

在宏觀經濟波動加劇、地緣政治不確定性加劇的時期，我們見證了網路安全市場需求的強勁成長，團隊執行力也符合我們的策略，從而推動了第三季的財務表現。我們報告了強勁的收入指標，營業額和恢復點目標 (RPO) 年比成長 40%。這是我們過去四年來最高的營業額成長，這得益於市場對我們下一代安全產品的強勁需求，以及客戶對我們網路安全業務的堅定承諾。

In network security, we saw product again grow over 20% as we continue the transition to software. Customers continue to consolidate their network security to Palo Alto Networks as a result of the significant expansion in our subscription capabilities over the last several years. Our net security ARR ended Q3 at $1.61 billion, up 65% year-over-year. Our top line performance translated into non-GAAP operating income that grew ahead of revenue and enabled strong cash flow conversion. We were pleased that we were able to achieve these bottom line results despite challenges in the supply chain.

在網路安全領域，隨著我們持續向軟體轉型，產品再次成長超過20%。由於我們過去幾年訂閱服務能力的顯著提升，客戶持續將其網路安全整合至Palo Alto Networks。截至第三季度，我們的淨安全年度經常性收入（ARR）達16.1億美元，年增65%。我們的營收表現轉化為非公認會計準則下的營業利潤，其成長速度超過收入，並實現了強勁的現金流轉換。儘管供應鏈面臨挑戰，我們仍然能夠實現這些獲利業績，對此我們感到欣慰。

Speaking of the global backdrop, whether it's supply chain, geopolitical conflict or rising interest rates and inflation, this environment is creating challenges for our customers and testing our execution. I'm pleased our teams have risen to the occasion and have shown strong execution across sales, operations and all areas that support the business. The trend that started with the pandemic and the widespread cyberattacks, the trend of network transformation, cloud transformation and fortifying one's infrastructure continue to be strong. Coupled with consolidation in cybersecurity, we expect this to continue to drive strength and growth both for the industry and us in particular given our unique 3-platform approach.

說到全球背景，無論是供應鏈、地緣政治衝突，或是利率和通膨上升，這種環境都在為我們的客戶帶來挑戰，並考驗著我們的執行力。我很高興我們的團隊能夠應對挑戰，並在銷售、營運以及所有支援業務的領域展現出強大的執行力。始於疫情和廣泛網路攻擊的趨勢，網路轉型、雲端轉型和強化基礎設施的趨勢持續強勁。再加上網路安全領域的整合，我們預計這將繼續推動產業以及我們自身的實力和成長，尤其考慮到我們獨特的三平台策略。

Of course, the events of Ukraine are on everyone's mind. We stand with the people of Ukraine against Russian aggression and have been working to provide direct cybersecurity support to Ukrainian organizations. This geography has not been significant for us in terms of revenue or our overall growth expectations. For this quarter and our most recent quarters, our combined Russia and Ukraine revenue was well below 1%. We have halted new sales in Russia and we're also complying with all government sanctions.

當然，烏克蘭局勢牽動著每個人的心。我們與烏克蘭人民站在一起，共同反對俄羅斯的侵略，並一直致力於為烏克蘭組織提供直接的網路安全支援。就營收或整體成長預期而言，該地區對我們的影響並不大。本季以及最近幾個季度，我們在俄羅斯和烏克蘭的合併收入遠低於1%。我們已經停止了在俄羅斯的新銷售，並且我們也在遵守所有政府制裁。

Since December, we've deployed protection for over 3,400 new indicators of attack that defend organizations from disruptive and destructive Russian cyberattacks. As you might expect, we're seeing heightened interest from commercial and government customers in Europe around mitigating this nation-state activity. This ever-challenging threat landscape is driving broader and more strategic customer conversations. We continue to see our customers look for an elevated level of partnership and this is expanding our market opportunity.

自去年12月以來，我們已部署了針對超過3,400個新攻擊指標的防護措施，幫助企業抵禦俄羅斯的破壞性網路攻擊。正如您所料，我們看到歐洲商業和政府客戶對緩解此類民族國家活動的興趣日益濃厚。這種日益嚴峻的威脅情勢正在推動更廣泛、更具策略性的客戶對話。我們持續看到客戶尋求更高層次的合作，這正在拓展我們的市場機會。

We continue to see success in consolidating share within the enterprise market, and this has become a core tenet of our growth strategy. We see evidence of this in our multi-platform sales with 48% of our Global 2000 customers having transacted now with us on all 3 of our major platforms of Strata, Prisma and Cortex. The number of million-dollar-deal transactions we signed was up 65% in Q3 and the average size of our million-dollar deals increased in the quarter. We also saw the number of $5 million deals increase by 73% year-over-year. Large deals are an important selling motion for us as we further penetrate Global 2000 customers with our second and third platforms.

我們在企業級市場份額的鞏固方面持續取得成功，這已成為我們成長策略的核心原則。多平台銷售就是明證：全球2,000強客戶中有48%已在我們三大平台（Strata、Prisma和Cortex）上與我們進行交易。我們簽署的百萬美元交易數量在第三季增加了65%，百萬美元交易的平均規模在本季也有所增加。 500萬美元交易數量較去年同期成長了73%。隨著我們透過第二和第三個平台進一步滲透全球2000強客戶，大額交易對我們來說是一個重要的銷售動因。

Innovation is the engine that underpins our growth in the market, which Gartner estimates will total over $250 billion in end-user spending by 2026. With the trend towards vendor consolidation in the market, customers appreciate our best-of-breed capabilities within each of our 3 platforms. This quarter, we added 4 additional categories to the recognition we received for our best-of-breed capabilities. Remember, they're all integrated into our 3 platforms. So the customer gets the benefit of our platforms as well as the individual best-of-breed capabilities which compete effectively against independent vendors in our industry.

創新是我們市場成長的引擎，Gartner 估計，到 2026 年，終端用戶支出總額將超過 2,500 億美元。隨著市場供應商整合的趨勢，客戶對我們三大平台各自提供的最佳功能表示讚賞。本季度，我們在最佳功能方面又增加了四個類別的認可。請記住，它們都整合在我們的三大平台中。因此，客戶不僅可以從我們的平台中獲益，還可以享受各自最佳功能，從而有效地與業界的獨立供應商競爭。

Forrester recognized our position in cloud workload security with a leader designation in their inaugural wave in this market, the only company to have that recognition. Early recognition of the importance of attack surface management, which we entered through the acquisition of Xpanse in 2020 was validated as we were recognized as an outperforming leader by GigaOm. We received strong performer designations from Forrester in 2 categories, incident response and EDR.

Forrester 在其雲端工作負載安全市場首輪評選中就授予我們領導者稱號，認可了我們在雲端工作負載安全領域的地位，我們是唯一一家獲得此項殊榮的公司。我們透過 2020 年收購 Xpanse 進入攻擊面管理領域，這證明了我們早期對攻擊面管理重要性的認識，而 GigaOm 則將我們評為卓越領導者，這再次印證了這一點。我們在事件回應和 EDR 兩個類別中獲得了 Forrester 的「卓越表現者」稱號。

I'll next provide you an update on our platforms and what progress we've made in the last quarter, starting with Prisma Cloud. We continue to see strong momentum driven by both new customers and notable for this quarter, large upsell and expansion commitments, which drove 25 deals north of $1 million. This growth in customers and existing customer expansion is evidenced in our credit consumption, which grew 50% year-over-year in Q3. We continue to drive cloud security leadership across the industry. And as I've said before, all Prisma Cloud customers are inherently customers of hyperscalers, yet they choose us. Customers are looking for a scaled, integrated cloud security platform that Prisma Cloud provides, enabling us to deliver high double-digit growth.

接下來，我將向您介紹我們平台的最新情況以及上個季度的進展，首先是 Prisma Cloud。我們繼續看到強勁的成長勢頭，這得益於新客戶的推動，尤其值得一提的是本季的大量追加銷售和擴張承諾，促成了 25 筆交易超過 100 萬美元。客戶數量的成長和現有客戶的擴張體現在我們的信用額度消費上，第三季信用額度年增了 50%。我們將繼續推動整個產業的雲端安全領導力。正如我之前所說，所有 Prisma Cloud 客戶本質上都是超大規模企業的客戶，但他們選擇了我們。客戶正在尋找 Prisma Cloud 提供的可擴展、整合的雲端安全平台，這使我們能夠實現兩位數的高成長。

Our customers are increasingly recognizing that operating securely in the cloud means ensuring that software that is written for the cloud is secure. This starts with the developer. Our early observation of this trend led us to acquire Bridgecrew in early 2021. We have been focused on building out a portfolio of offerings targeted at developers. This is our fifth pillar of Prisma Cloud. Cloud Code leverages all the existing capabilities of Prisma Cloud, including its approach to credit consumption, deployment and reporting. One quarter from release, we've seen success in 6-figure commitments to Prisma Cloud driven by Cloud Code and also this is amongst the fastest modules adopted in Prisma Cloud in terms of credit consumption. Critical to our developer strategy, we continue to see strong downloads of our Checkov open source offering, which reached over 7 million in Q3.

我們的客戶越來越認識到，在雲端中安全運行意味著確保為雲端編寫的軟體是安全的。這始於開發人員。我們早期對這一趨勢的觀察促使我們在 2021 年初收購了 Bridgecrew。我們一直專注於建立面向開發人員的產品組合。這是 Prisma Cloud 的第五大支柱。 Cloud Code 利用了 Prisma Cloud 的所有現有功能，包括其信用消耗、部署和報告方法。發布後一個季度，我們已看到由 Cloud Code 驅動的 Prisma Cloud 獲得了六位數的訂單承諾，並且就信用消耗而言，這也是 Prisma Cloud 中採用速度最快的模組之一。對我們的開發人員策略至關重要的是，我們的 Checkov 開源產品持續保持強勁下載量，第三季下載量超過 700 萬次。

Moving on to Cortex. We are helping customers reimagine how they operate their security operation centers with automation and AI/ML at the core. Cortex customers grew over 60% in Q3, supported by multiproduct Cortex transactions in EMEA and the Americas. We achieved an important milestone in Q3 with approximately $500 million in Cortex ARR. In Q3, we saw strength in each of our established Cortex product areas with a record number of transactions for XDR and Xpanse and nearly that level of business with XSOAR. XDR continues to shine with industry awards and benchmarks. This quarter, XDR was recognized for 100% threat prevention and detection in the recent MITRE evaluation. Forrester also recognized the significant progress we have made with XDR in our series of releases over the last 9 months, recognizing XDR as a strong performer in its EDR Wave.

再來說說Cortex。我們正幫助客戶重新構想以自動化和人工智慧/機器學習為核心的安全營運中心運作方式。第三季度，Cortex客戶成長超過60%，這得益於歐洲、中東和非洲地區以及美洲地區Cortex多產品交易的推動。我們在第三季取得了重要的里程碑，Cortex年度經常性收入（ARR）約為5億美元。在第三季度，我們各大Cortex產品領域均展現出強勁成長勢頭，XDR和Xpanse的交易數量創歷史新高，XSOAR的交易數量也接近這一水平。 XDR憑藉行業獎項和基準測試繼續閃耀光芒。本季度，XDR在最近的MITRE評估中因其100%的威脅預防和偵測能力而獲得認可。 Forrester也認可了我們在過去9個月的一系列發布中XDR所取得的顯著進展，並在其EDR Wave報告中將其評為強勁表現。

Our Xpanse performance, with transactions up well over 100% in the last 12 months, shows that attack surface management is now seeing an inflection in mainstream demand. After our recent limited releases of XSIAM, we are making progress in our goal to initiate co-design work with 10 partners and expect to be on track at the end of this quarter with our plans. XSIAM will ultimately enable us to achieve our Cortex vision around SOC automation, delivering what we expect to be a very unique value to our customers and disrupting the multibillion-dollar SIEM category by offering a modern alternative that leverages AI and ML.

我們的 Xpanse 表現優異，過去 12 個月交易量成長超過 100%，這表明攻擊面管理正成為主流需求的轉捩點。繼近期限量發布 XSIAM 之後，我們正朝著與 10 家合作夥伴啟動聯合設計工作的目標邁進，並預計在本季度末按計劃順利完成。 XSIAM 最終將幫助我們實現 Cortex 圍繞 SOC 自動化的願景，為客戶提供我們期望的獨特價值，並透過提供利用人工智慧和機器學習的現代化替代方案，顛覆價值數十億美元的 SIEM 領域。

Moving on to SASE. Last week, we made a call to the industry to adopt ZTNA 2.0, which ushers in a new era of hybrid workforce security based on key zero trust principles like least privilege access, continuous trust verification and continuous security inspection across all apps. Our mantra for Prisma Access is to provide zero trust with zero exceptions. The pandemic has accelerated the adoption of SASE. In addition to significant traction from our installed base, we continue to see strong momentum from net new customers for whom Prisma SASE is their first significant purchase for us. These customers then become opportunities for incremental engagements across our other platforms. SASE saw particular success with large transaction in Europe as we signed 11 large transactions in EMEA, further reinforcing the global nature of SASE demand. SASE is in the early innings, and we're making significant investments to ensure we continue our momentum in this category.

再來談談 SASE。上週，我們呼籲業界採用 ZTNA 2.0，它開啟了混合勞動力安全的新紀元，該理念基於關鍵的零信任原則，例如最小特權存取、持續信任驗證和所有應用的持續安全檢查。 Prisma Access 的宗旨是提供零信任，零例外。疫情加速了 SASE 的普及。除了現有客戶群的顯著成長外，我們還看到淨新增客戶的強勁成長勢頭，Prisma SASE 是他們首次購買我們的重要產品。這些客戶隨後成為我們在其他平台上進行漸進式合作的機會。 SASE 在歐洲的大筆交易中取得了特別的成功，我們在歐洲、中東和非洲地區簽署了 11 筆大筆交易，這進一步鞏固了 SASE 需求的全球性。 SASE 尚處於起步階段，我們正在進行大量投資，以確保在這一領域保持強勁勢頭。

Moving on to Strata, our hardware and subscription services platform. For the third consecutive quarter, we delivered north of 20% product revenue growth. We saw strength across our portfolio, both hardware appliances and software form factors. As you're all aware, the industry is dealing with unprecedented supply chain issues, which are likely to persist for yet another year. Our team is deftly managing these with our partners, allowing us to maintain better lead times than some in the industry. We have seen instances where we are advantaged in having supply where competitors cannot timely deliver and we believe this has helped contribute to market share gains.

接下來是我們的硬體和訂閱服務平台 Strata。我們連續三個季度實現了超過 20% 的產品收入成長。我們的產品組合（包括硬體設備和軟體）都表現出色。眾所周知，產業正面臨前所未有的供應鏈問題，而且這些問題很可能還會持續一年。我們的團隊正與合作夥伴巧妙地應對這些問題，使我們能夠保持比業內其他公司更短的交貨時間。我們曾經遇到一些情況，在競爭對手無法及時交付的情況下，我們擁有供應優勢，我們相信這有助於提升市場份額。

We saw our momentum validated by third-party recognition of market share gains in both hardware and VM form factors. In hardware, Omdia recognized Palo Alto Networks as being #1 in market share for the appliance market with over 27% share, up more than 5 points year-over-year. In the VM market, according to Dell'Oro, we added 6 points of market share year-over-year and command nearly 34% of the market.

我們看到了我們強勁的成長勢頭，第三方機構對硬體和虛擬機器形態市場份額的成長給予了認可。在硬體領域，Omdia 將 Palo Alto Networks 評為設備市場佔有率第一，市佔率超過 27%，較去年同期成長超過 5 個百分點。在虛擬機器市場，根據 Dell'Oro 的數據，我們的市佔率年增 6 個百分點，佔近 34% 的市佔率。

We continue to execute on our Generation 3 to Generation 4 transition. We have now released nearly all Gen 4 appliance models. Although customers are very early in their evaluation and adoption of Gen 4, we expect this Gen 4 adoption will help drive our appliance growth rates ahead of the market growth rate. We're seeing strong uptake of advanced URL subscriptions and strong early demand for our new advanced threat prevention subscription. We released next-generation CASB last quarter and saw solid Q3 performance here.

我們持續推進從第三代到第四代的過渡。我們目前已發布幾乎所有第四代設備型號。儘管客戶對第四代的評估和採用尚處於起步階段，但我們預計第四代的採用將有助於推動我們的設備成長率超越市場成長率。我們看到高級URL訂閱的強勁成長，以及對我們全新高級威脅防禦訂閱的強勁早期需求。我們上季發布了下一代CASB，並在第三季取得了穩健的表現。

Lastly, we announced our second partnership with a hyperscaler to embed our network security into the fabric of their cloud. This is differentiated innovation that leverages our engineering scale, our market leadership position and relationships with hyperscalers. Cloud Next-Generation Firewall on AWS brings the combination of Palo Alto Networks' industry-leading network security in a cloud-native form factor and marries it with the ease of use of Amazon Web Services. This relationship with AWS follows the launch of Cloud IDS on the Google Cloud Platform last July.

最後，我們宣布與一家超大規模雲端服務供應商建立第二份合作夥伴關係，將我們的網路安全解決方案嵌入其雲端架構中。這是一項差異化創新，充分利用了我們的工程規模、市場領導地位以及與超大規模雲端服務供應商的良好合作關係。 AWS 上的雲端新世代防火牆將 Palo Alto Networks 業界領先的網路安全功能與雲端原生形態結合，並將其與 Amazon Web Services 的易用性完美結合。這次與 AWS 的合作是繼去年 7 月在 Google Cloud Platform 上推出 Cloud IDS 之後的另一個舉措。

We expect Cloud Next-Generation Firewall will drive further growth of our Firewall as a Platform and specifically, our software form factors. It also gives customers another reason to standardize on our network security platform. Innovations like Cloud Next-Generation Firewall on AWS, Cloud IDS on Google Cloud and our licensing of security subscriptions to SaaS providers to protect their cloud applications are differentiators for us versus competitors that are primarily focused on the appliance form factor.

我們預計，下一代雲端防火牆將進一步推動我們防火牆平台（尤其是軟體形態）的成長。這也為客戶在我們的網路安全平台上實現標準化提供了另一個理由。諸如 AWS 上的下一代雲端防火牆、Google Cloud 上的雲端入侵偵測系統 (IDS)，以及我們向 SaaS 供應商提供安全訂閱許可可以保護其雲端應用程式等創新，是我們與主要專注於設備形態的競爭對手之間的差異化優勢。

Bringing it all together, we are very pleased with our Q3 results, where we saw exceptional top line growth. At the same time, even while growing faster, we are prioritizing investments and delivering on the profitability targets we committed during our September 2021 Analyst Day. We believe this is an important discipline, and we intend to maintain this focus on profitability targets while maximizing growth. We continue to see broadening demand for cybersecurity, which is enabling us to grow and invest from a position of strength. As we focus on our mission to be our customers' cybersecurity partner of choice for today and tomorrow, we also aspire to deliver to our shareholders outstanding returns as a proxy for growth of the cybersecurity opportunity as well as world-class execution.

綜上所述，我們對第三季的業績非常滿意，營收成長顯著。同時，即使在成長加速的同時，我們仍優先考慮投資，並致力於實現我們在2021年9月分析師日承諾的獲利目標。我們認為這是一項重要的原則，我們計劃在實現成長最大化的同時，繼續專注於獲利目標。我們持續看到網路安全需求的不斷增長，這使我們能夠憑藉優勢地位實現成長和投資。在我們專注於成為客戶當前和未來首選網路安全合作夥伴的使命的同時，我們也渴望為股東帶來卓越的回報，這體現了網路安全機會的成長以及世界一流的執行力。

We are very pleased with the first 3 quarters we have delivered so far in fiscal year 2022. We look forward to updating you in 3 months on our plans to continue accelerated growth, balanced profitability and look at how we intend to target GAAP profitability in the near future.

我們對 2022 財年迄今的前三個季度的業績感到非常滿意。我們期待在 3 個月後向您通報我們繼續加速成長、平衡獲利的計劃，並探討我們打算如何在不久的將來實現 GAAP 獲利目標。

With that, I will pass the call over to Dipak to talk about our results in more detail.

說完這些，我將把電話轉給迪帕克，讓他更詳細地討論我們的結果。

Thank you, Nikesh, and good afternoon, everyone.

謝謝你，Nikesh，大家下午好。

Our strong results continue to be driven by solid demand across the breadth of our offerings with results again ahead of our guidance across all metrics. In the midst of top line strength, we balance profitability well. With the strength of this momentum and our favorable outlook, we are again raising our full year guidance. For Q3, revenue of $1.39 billion grew 29% and was above the high end of our guidance range. Product grew 22% and total services grew by 32%. By geography, growth was balanced across all theaters, with the Americas growing 30%, EMEA up 28% and JAPAC growing by 29%.

我們強勁的業績持續得益於我們產品線的強勁需求，所有指標的業績都超出我們的預期。在營收強勁的同時，我們很好地平衡了獲利能力。憑藉著這一強勁勢頭和我們樂觀的前景，我們再次上調了全年業績預期。第三季度，營收成長29%，達到13.9億美元，高於我們預期區間的上限。產品成長22%，總服務成長32%。按地區劃分，所有影院的成長均衡，美洲地區成長30%，歐洲、中東和非洲地區成長28%，日本和太平洋地區成長29%。

NGS ARR grew 65% to $1.61 billion, supported by balanced strength across this portfolio. As noted in our Q2 earnings, going forward, we focus on NGS ARR as one of our core metrics as we believe it's indicative of the return we're seeing on our growth investments and also helps investors track the growing mix of this business within our revenue. We saw strong double-digit growth across all of our major NGS offerings with Prisma Cloud, Prisma SASE and Cortex as well as growing contributions from recently introduced NGS offerings. We are pleased with this diversified portfolio-driven growth. Overall, this performance as well as the continued maturity of our go-to-market organization in selling our NGS capabilities gives us confidence to raise our annual guidance for NGS ARR again in Q3.

NGS ARR 成長 65%，達到 16.1 億美元，這得益於該投資組合均衡的實力。正如我們在第二季財報中所述，展望未來，我們將 NGS ARR 作為核心指標之一，因為我們相信它能夠反映我們在成長投資中所看到的回報，並幫助投資者追蹤該業務在我們收入中不斷增長的組成。我們所有主要的 NGS 產品（包括 Prisma Cloud、Prisma SASE 和 Cortex）均實現了強勁的兩位數成長，並且新推出的 NGS 產品貢獻也在不斷增長。我們對這種由多元化投資組合驅動的成長感到滿意。總體而言，這樣的業績表現以及我們市場推廣團隊在銷售 NGS 產品方面的持續成熟，使我們有信心在第三季度再次上調 NGS ARR 的年度預期。

In the third quarter of 2022, we delivered total billings of $1.8 billion, up 40% and also above the high end of our guidance range. Total deferred revenue in Q3 was $5.9 billion, an increase of 34%. Remaining performance obligation, or RPO, was $6.9 billion, increasing 40% with current RPO representing a similar percentage of the total as in recent quarters. Our teams executed very well again in Q3, and you see the result of the strength in these top line metrics, which lead revenue.

2022年第三季度，我們的總營業收入達18億美元，成長40%，也高於我們預期區間的上限。第三季遞延收入總額為59億美元，成長34%。剩餘履約義務（RPO）為69億美元，成長40%，目前RPO佔總數的比例與最近幾季相似。我們的團隊在第三季再次表現出色，這些領先營收的營收指標強勁成長正是其成果。

There were a few factors to call out that drove the strength that we saw this quarter. In addition to the significant strength in our NGS business, we saw strength in our attached subscriptions. We've seen customers use their budget to make incremental commitments to our attached subscriptions as they anticipate firewall upgrades and overall network security capacity increases. As well, they're seeing the value in newer subscriptions we have brought to the market over the last 12 to 18 months. This gives us further conviction around sustained demand for appliances as well as our software-based FWaaP form factors as customers look to benefit from our consistent architecture, including the subscription capabilities.

本季我們取得的強勁業績主要歸功於幾個因素。除了新世代定序 (NGS) 業務的強勁表現外，我們的附加訂閱業務也表現出色。我們看到客戶預期防火牆升級和整體網路安全容量提升，因此利用預算逐步增加附加訂閱。此外，他們也看到了我們在過去 12 到 18 個月內推出的更新訂閱產品的價值。這讓我們更加確信，設備以及基於軟體的 FWaaP 產品將持續受到市場歡迎，因為客戶期待從我們一致的架構（包括訂閱功能）中獲益。

Product revenue again was strong, growing 22% in Q3 with demand exceeding our ability to ship due to supply chain challenges. We estimate customers refresh their products every 4 to 7 years, with many now evaluating our Gen 4 hardware. We're in the early days of this refresh cycle with only a small proportion having updated their products. As I noted earlier, we're seeing signs of customers making commitments to our hardware platform, both based on strong subscription demand and also the beginning of our installed base refresh activity.

產品收入再次強勁成長，第三季成長22%，由於供應鏈挑戰，需求超過了我們的出貨能力。我們估計客戶每4到7年更新一次產品，許多客戶目前正在評估我們的第四代硬體。我們正處於產品更新周期的早期階段，只有一小部分客戶更新了產品。正如我之前提到的，我們看到客戶對我們的硬體平台做出承諾的跡象，這既基於強勁的訂閱需求，也基於我們已開始的現有客戶群更新活動。

Our Firewall as a Platform billings grew 25% on top of the accelerated Q3 growth in the year ago period. We continue to see this performance well balanced across our FWaaP form factors. Within our FWaaP offerings, the strength of our product business held our Q3 software mix at approximately 39%, in line with Q2 and the year ago quarter.

我們的防火牆即平台 (FWaaP) 業務收入在去年第三季加速成長的基礎上，成長了 25%。我們繼續看到這一業績在我們各種 FWaaP 產品中保持著良好的均衡。在我們的 FWaaP 產品中，我們產品業務的強勁表現使我們第三季的軟體組合佔比保持在約 39%，與第二季和去年同期持平。

Turning to the details of our results. Product revenue was $352 million, growing 22%. Subscription revenue was $640 million, increasing by 35%. Support revenue of $395 million increased 27%. In total, subscription and support revenue of $1.04 billion increased 32% and accounted for 75% of total revenue.

來看看我們業績的具體細節。產品收入為3.52億美元，成長22%。訂閱收入為6.4億美元，成長35%。支持收入為3.95億美元，成長27%。整體而言，訂閱和支援收入為10.4億美元，成長32%，佔總收入的75%。

Non-GAAP gross margin of 72.9% was down 170 basis points. The driver continues to be supply chain-related costs as we incurred additional expense for components and shipping. Despite the pressure on our gross margins, non-GAAP operating margin of 18.2% was up 120 basis points year-over-year. We were able to offset higher supply chain costs with lower operating expenses as we drove efficiencies across the business.

非公認會計準則毛利率為72.9%，下降了170個基點。由於零件和運輸費用增加，供應鏈相關成本仍然是主要驅動因素。儘管毛利率面臨壓力，但非公認會計準則營業利益率為18.2%，較去年同期成長120個基點。我們透過降低營運費用來抵銷供應鏈成本的上升，這得益於我們提升了整個業務的效率。

Non-GAAP net income for the third quarter grew 38% to $193 million or $1.79 per diluted share. Our non-GAAP effective tax rate was 22%. GAAP net losses were $73 million or $0.74 per basic and diluted share.

第三季非公認會計準則淨利成長38%，達1.93億美元，即每股攤薄收益1.79美元。非公認會計準則有效稅率為22%。公認會計準則淨虧損為7,300萬美元，即每股基本虧損及稀釋虧損均為0.74美元。

Turning now to the balance sheet and cash flow statement. We finished April with cash equivalents and investments of $4.6 billion. Product and associated subscription shipments shifted toward month 3, resulting in days sales outstanding of 71 days. Cash flow from operations was $390 million. We generated adjusted free cash flow of $351 million, a margin of 25.3%.

現在來看看資產負債表和現金流量表。截至4月底，我們的現金等價物和投資總額為46億美元。產品及相關訂閱的出貨量已延至第三個月，導致應收帳款週轉天數為71天。經營活動產生的現金流為3.9億美元。我們產生的調整後自由現金流為3.51億美元，利潤率為25.3%。

With regard to capital allocation priorities, we did not repurchase stock during Q3. However, we do expect share repurchase to be a major use of cash flow as previously stated. We currently have approximately $450 million remaining on our authorization for future share repurchases. This current authorization expires on December 31, 2022.

關於資本配置重點，我們在第三季沒有回購股票。然而，如同先前所述，我們預計股票回購將成為現金流的主要用途。目前，我們授權的未來股票回購金額約為4.5億美元。該授權將於2022年12月31日到期。

On the M&A front, we did not close any acquisitions in Q3. Managing stock-based compensation remains a management focus. This quarter, we reduced SBC as a percentage of revenue by approximately 4 points year-over-year and 2 points quarter-over-quarter. We will continue to apply discipline to this process while balancing reductions against the market dynamics for cybersecurity talent. Key to our ongoing success is maintaining balanced top and bottom line growth while continuing to acquire and retain top talent.

在併購方面，我們第三季未完成任何收購。管理股票薪酬仍是管理階層的重點。本季度，我們將股票薪酬佔收入的百分比年減了約4個百分點，較上季下降了2個百分點。我們將繼續嚴格執行此流程，同時根據網路安全人才的市場動態平衡削減幅度。我們持續成功的關鍵在於維持營收和利潤的平衡成長，同時持續招募和留住頂尖人才。

Lastly, moving to guidance and modeling points. As Nikesh highlighted, we continue to see very balanced demand from customers across our portfolio. This includes demand for our appliance form factors that outstrips our ability to fulfill in the near term as well as strengthen our next-generation security portfolio. Our Q4 guidance takes into account the strong demand picture, the best information we have today on supply chain and other factors. Recall that a year ago in the second half of fiscal year '22 (sic) ['21], we were hiring aggressively. As we move beyond that comparison, investors should be considering the comments we provided around medium-term margin expansion goals.

最後，談談績效指引和模型要點。正如Nikesh所強調的，我們持續看到客戶對我們產品組合的需求非常均衡。這包括對我們設備形態的需求超出了我們短期內交付的能力，以及增強我們下一代安全產品組合的能力。我們的第四季業績指引考慮了強勁的需求前景、我們目前掌握的關於供應鏈的最佳資訊以及其他因素。回想一下，一年前，在22財年（原文如此）[21財年]下半年，我們積極招募。隨著我們超越這種比較，投資者應該考慮我們圍繞中期利潤率成長目標提供的評論。

Turning to our guidance for the fourth quarter of 2022. We expect billings to be in the range of $2.32 billion to $2.35 billion, an increase of 24% to 26%. We expect revenue to be in the range of $1.53 billion to $1.55 billion, an increase of 25% to 27%. We expect non-GAAP EPS to be in the range of $2.26 to $2.29 based on a weighted average diluted count of approximately 106 million to 108 million shares.

談到我們對2022年第四季的業績指引。我們預計營業額將在23.2億美元至23.5億美元之間，成長24%至26%。我們預計營收將在15.3億美元至15.5億美元之間，成長25%至27%。我們預計非公認會計準則每股收益將在2.26美元至2.29美元之間，基於約1.06億至1.08億股的加權平均稀釋股數。

For fiscal year 2022, we expect billings to be in the range of $7.106 billion to $7.136 billion, an increase of 30% to 31%. We expect revenue to be in the range of $5.48 billion to $5.50 billion, an increase of approximately 29%. We expect next-generation security ARR to be $1.775 billion to $1.825 billion, an increase of 50% to 55% versus a very strong performance in the fourth quarter of fiscal year '21. We expect strength in product revenue to continue in Q4 with full year growth of 20%. We expect non-GAAP operating margin to be 18.5% to 19%. We expect non-GAAP EPS to be in the range of $7.43 to $7.46 based on a weighted average diluted count of approximately 106 million to 107 million shares. We continue to expect an adjusted free cash flow margin for the year of 32% to 33%.

對於 2022 財年，我們預計營業額將在 71.06 億美元至 71.36 億美元之間，成長 30% 至 31%。我們預計營收將在 54.8 億美元至 55 億美元之間，成長約 29%。我們預計下一代安全 ARR 將達到 17.75 億美元至 18.25 億美元，與 2021 財年第四季的強勁表現相比成長 50% 至 55%。我們預計產品收入的強勁勢頭將在第四季度延續，全年增長 20%。我們預計非 GAAP 營業利潤率將介於 18.5% 至 19% 之間。基於約 1.06 億至 1.07 億股的加權平均稀釋股數，我們預計非 GAAP 每股盈餘將在 7.43 美元至 7.46 美元之間。我們繼續預計全年調整後的自由現金流利潤率將在 32% 至 33% 之間。

Achieving the rule of 60 was an aspiration we called out in our September 21 Analyst Day. The rule combines revenue growth and adjusted free cash flow margin. Based on our Q4 guidance, we're pleased to project that the combination will exceed 60% for fiscal year '22, which is ahead of our prior stated plan. We've seen strong growth in fiscal year '22. On a revenue basis, our guidance for the year is 3.6% higher at the midpoint than where we started and 7.5% higher at the midpoint for NGS ARR. Along with this top line, we've absorbed incremental supply chain costs and are happy to be able to continue to project the same operating profitability range as at the beginning of the year.

實現「60法則」是我們在9月21日分析師日上提出的願景。此法則結合了收入成長和調整後自由現金流利潤率。根據我們第四季的業績指引，我們很高興地預測，2022財年，這兩個指標的複合成長率將超過60%，這超出了我們先前的預期。 2022財年，我們實現了強勁成長。就營收而言，我們對今年的業績指引比年初高出3.6%，而下一代產品平均營收（NGS ARR）則比年初高出7.5%。除了這項營收成長之外，我們還吸收了增量的供應鏈成本，並很高興能夠繼續維持與年初相同的營運獲利預測區間。

Additionally, please consider the following additional modeling points. We expect non-GAAP tax rate to remain at 22% for Q4 and fiscal year '22, subject to the outcome of future tax legislation. For Q4 '22, we expect net interest and other expenses of $1 million to $2 million. We expect capital expenditures in Q4 of $36 million to $41 million, and we expect capital expenditures for the full fiscal year of $190 million to $195 million, which includes $39 million outlaid in Q2 '22 related to our Santa Clara headquarters.

此外，請考慮以下額外的建模要點。我們預計第四季和22財年的非公認會計準則稅率將維持在22%，但取決於未來稅法的結果。我們預計22財年第四季的淨利息及其他支出為100萬至200萬美元。我們預計第四季的資本支出為3,600萬至4,100萬美元，全年資本支出為1.9億至1.95億美元，其中包括2022財年第二季與聖克拉拉總部相關的3,900萬美元支出。

Stepping back, we're focused on balancing our drivers of total shareholder return. We're recognizing not only the importance of top line growth as we focus on executing strong market demand, but also profitability, cash conversion and our capital structure. Balancing profitability is a commitment we made at our Analyst Day, and we've been able to deliver on this in fiscal year '22 despite increased costs related to our supply chain. We will continue to make progress on our commitment of 50 to 100 basis points operating margin expansion and 100 to 150 basis points of adjusted cash flow margin expansion beyond fiscal year '22 through '24 whilst balancing top line growth opportunity.

退一步來說，我們專注於平衡股東總回報的驅動因素。我們不僅認識到營收成長的重要性，因為我們專注於滿足強勁的市場需求，而且也認識到獲利能力、現金週轉率和資本結構的重要性。平衡獲利能力是我們在分析師日所做的承諾，儘管供應鏈相關成本有所增加，但我們在22財年仍能兌現這項承諾。在22財年至24財年之後，我們將繼續推進我們的承諾，即營業利潤率提高50至100個基點，調整後現金流利潤率提高100至150個基點，同時平衡營收成長機會。

We're on track to achieving our fiscal year '24 targets we outlined in our September 2021 Analyst Day, including $10 billion in billings and $8 billion in revenue. We believe we can continue to deliver to shareholders outstanding returns as a proxy for the growth of the cybersecurity opportunity as well as world-class execution.

我們正穩步實現2021年9月分析師日上提出的2024財年目標，包括100億美元的營業額和80億美元的收入。我們相信，我們能夠繼續為股東帶來卓越的回報，這體現了網路安全機會的成長以及世界一流的執行力。

With that, I will turn the call back over to Clay for the Q&A portion of the call.

說完這些，我將把電話轉回給 Clay，讓他進行問答環節。

Great. Thank you, Dipak. (Operator Instructions) The first question will be from Phil Winslow of Credit Suisse, with Hamza Fodderwala to follow.

太好了。謝謝你，迪帕克。 （操作員指示）第一個問題來自瑞士信貸的菲爾·溫斯洛 (Phil Winslow)，接下來是哈姆扎·福德瓦拉 (Hamza Fodderwala)。

Congrats on just another great quarter of execution. Now in a quarter where a lot of numbers really jumped out, the one, 73% growth in $5 million-plus deals and the fact that nearly half the Global 2000 has purchased all 3 platforms really jumped out to us. Now if you put these numbers in the context of the upside, the Strata product revenues as well as the strong Prisma SASE customer count, Nikesh, what are customers telling you about why they're selecting Palo Alto Networks sort of at just an accelerating rate versus the traditional on-prem firewall vendors or they call it the cloud-native zero trust competitors? Is it just increasingly understanding the value of the hybrid nature of the portfolio, the value of all 3 together, et cetera? And how are you just seeing these competitive dynamics playing out?

恭喜您又一個出色的季度執行力。本季有許多數據非常亮眼，例如500萬美元以上交易成長了73%，而且全球2000強企業中近一半都購買了所有三個平台，這些都讓我們眼前一亮。現在，如果您將這些數字放在積極的方面來看，例如Strata產品的收入以及強大的Prisma SASE客戶數量，Nikesh，客戶是如何告訴您的，為什麼他們選擇Palo Alto Networks的速度比傳統的本地防火牆供應商（或者他們稱之為雲原生零信任競爭對手）更快？是因為他們越來越了解產品組合的混合特性的價值，還是這三種產品共同的價值，等等？您如何看待這些競爭態勢？

Phil, I'm accused of speaking fast. Dude, you're beating me at it.

菲爾，有人說我說話太快了。哥們，你們搶先了。

That's why we get along.

這就是我們相處融洽的原因。

Thank you for the question, Phil. It's kind of everything you said. And we've been saying this for a while that cybersecurity is consolidating and the evidence we've been shown by people like yourself is, look, it's never happened before. And I still submit that the reason it never happened before because you didn't have a cybersecurity company which would show you 20 best-of-breed products in its portfolio. Because customers are not suggesting they will buy something you have because it's in your platform, they are still demanding best-of-breed. And we're able to demonstrate to them the best-of-breed.

謝謝你的提問，菲爾。你說的這些都差不多。我們一直在說網路安全正在不斷鞏固，像你這樣的人給我們的證據是，這在以前從未發生過。我仍然認為，這種情況從未發生過，是因為沒有一家網路安全公司會向你展示其產品組合中20款最佳產品。因為客戶不會因為你的平台上有某種產品就購買它，他們仍然要求最佳產品。而我們能夠向他們展示最佳產品。

But not only that, I think in the last 3.5 years, we've been able to demonstrate our track record saying, if something is important, we will make sure we deliver to you with best-in-class capability. So we're seeing that. This allows us to go back into customers. As you can imagine, if all you got is EDR or XDR to sell, if the customer just bought it, you got to move on. If all you got is SASE, you got to move on if the customer has bought SASE. In our case, our sales teams have a very large bag of tricks. If you don't want SASE, you've got cloud security going on, let me talk to you about cloud security. If you don't have cloud security going on yet, do you want to talk about buying more firewalls or replacing somebody. If you don't have that, do you want me to help you automate your SOC.

不僅如此，我認為在過去的三年半里，我們已經能夠證明我們的業績記錄：如果某件事很重要，我們將確保以一流的能力交付給您。我們看到了這一點。這使我們能夠重新回到客戶身邊。你可以想像，如果你只賣 EDR 或 XDR，如果客戶剛購買，你就得繼續銷售。如果你只賣 SASE，如果顧客已經買了 SASE，你就得繼續賣。就我們而言，我們的銷售團隊有很多技巧。如果你不要 SASE，但你正在進行雲端安全，讓我來和你談談雲端安全。如果你還沒有進行雲端安全，你想談談購買更多防火牆或更換人員嗎？如果你還沒有，你想讓我幫你實現 SOC 自動化嗎？

So just the ability for us to demonstrate that we can help them with the multitude of their cybersecurity challenges and also show them that we're not trying to get them to make a very large commitment across all 3 of our platforms, they can walk and then they can run. They actually start by taking one of our platforms, allowing us to demonstrate our credibility and our security capabilities, thereby giving us the opportunity to then bid for the next business that they have. And I think the $1 million deals and $5 million deals are just a way to look at it because $1 million deals are typically single platform deals. And as you get into the 5s and the 10s, you certainly see that there is more of a portfolio approach. So look, it's what we said.

因此，我們只需證明我們能夠幫助他們應對眾多網路安全挑戰，並向他們表明我們不會要求他們在我們所有三個平台上做出非常大的承諾，他們可以先走，然後跑。實際上，他們可以從我們的一個平台開始，這讓我們能夠證明我們的信譽和安全能力，讓我們有機會競標他們的下一個業務。我認為100萬美元和500萬美元的交易只是一種看待它的方式，因為100萬美元的交易通常都是單一平台交易。而當你進入500萬美元和1000萬美元的交易時，你肯定會發現更多的是投資組合的方式。所以，這就是我們所說的。

Next, from Hamza Fodderwala of Morgan Stanley followed by Fatima Boolani.

接下來是摩根士丹利的 Hamza Fodderwala，接著是 Fatima Boolani。

I'll try to speak a little more slowly. Maybe just on the consolidation theme, sticking to that. One, just from a macro standpoint, I'm wondering if you're hearing anything different from customers around how they're thinking about the spending environment? And in relation to that, given the macro pressures on IT budgets more broadly, are you seeing more of a willingness to want to consolidate to fewer vendors as opposed to multiple different point products?

我盡量說得慢一點。也許就圍繞著整合這個主題，就此展開。首先，從宏觀角度來看，我想知道您是否聽到客戶對支出環境有什麼不同的看法？考慮到IT預算面臨的宏觀壓力，您是否看到客戶更願意整合到更少的供應商，而不是多個不同的單點產品？

Yes, Hamza, it's a great question. Look, interestingly, if you compare and contrast what we're seeing today with what we saw about 2.5 years ago, 2 years ago when the pandemic hit, believe it or not, there were more industries impacted by the pandemic than are impacted right now by inflation concerns. The oil industry is not stressing about IT budgets. The commodity industry is not stressing about IT budgets. The CPG industry is not stressing about IT budgets. The tech industry is not worried about IT budgets. So it's funny. If you think about it, the impact is yet to be felt in the companies. And even when it is felt, you'll see it in some constrained industries because there's a services boom right now. There's more jobs than people need to be hired.

是的，哈姆扎，這個問題問得很好。有趣的是，如果你把我們現在看到的情況與大約兩年半前，也就是兩年前疫情爆發時的情況進行比較，信不信由你，受疫情影響的行業比現在受通膨擔憂影響的行業還要多。石油業並不擔心IT預算。大宗商品業也不擔心IT預算。快速消費品產業也不擔心IT預算。科技業也不擔心IT預算。所以這很有意思。仔細想想，這些公司還沒有感受到影響。即使感受到了，你也會在一些業務受限的行業看到它，因為現在正值服務業繁榮時期。就業機會比需要雇用的人數還多。

So we're not seeing the pressure from an inflation or reduced economic activity perspective. I will tell you when the pandemic hit, we were getting letters from CIOs saying, listen, our revenue has gone away. We're not sure when it's going to come back and how it's going to come back. Oil prices were at $0 for a few days. So at that point in time, they were all in that scenario you described.

所以，從通膨或經濟活動減少的角度來看，我們並沒有看到壓力。我可以告訴你，疫情爆發時，我們收到資訊長的來信，說：聽著，我們的收入沒了。我們不確定什麼時候會恢復，也不知道會如何恢復。油價一度跌至零美元，跌了好幾天。所以在那個時候，他們都處於你描述的那種情況。

We haven't seen that scenario. And I don't want to be way too optimistic, but the fact that we were able to tide over that pandemic moment as an industry to be fair in cybersecurity, I'm less worried about it right now given what's going on in the environment because I think on the flip side, as I said, you're seeing way more security awareness and concern more than I've ever seen. And we don't hear about it until there's a big ransomware discussion publicly, but trust me, they're going on right now as we speak. Clay?

我們還沒有看到這種情況。我不想過於樂觀，但公平地說，我們作為一個行業能夠渡過疫情難關，所以考慮到目前的網路安全形勢，我現在不那麼擔心了。因為我認為，另一方面，正如我所說，你會看到人們的安全意識和擔憂比以往任何時候都要強烈。我們直到公開討論勒索軟體問題時才聽說這件事，但相信我，勒索軟體現在就在我們說話的時候發生。克萊？

Next is Fatima Boolani from Citigroup.

接下來是花旗集團的 Fatima Boolani。

I have a bean-counting question that I'd like to ask of Dipak. Dipak, on your billings performance, just to unpack the strength there a little bit. Can you contextualize any changes to contract duration, specifically reconciling some of the commentary on the megadeal volumes that you realized this quarter? And also giving us maybe some flavors on the Palo Alto Financial Services vehicle, the financing arm that you introduced 2 years ago? And then thirdly, just around any discounts that we're peeling off from the COVID era? So just to get some of those dynamics, how we should think about the really outsized billings performance.

我想問迪帕克一個比較實際的問題。迪帕克，關於你的營業額表現，請稍微分析一下其中的優點。你能否具體解釋合約期限的變化，特別是對本季你達成的巨額交易量的一些評論？能否再介紹一下帕洛阿爾托金融服務公司（Palo Alto Financial Services）的情況，這是你兩年前推出的融資部門？第三，關於新冠疫​​情期間我們取消的折扣？為了了解這些動態，我們該如何看待真正超額的營業額表現？

A couple of different questions there, Fatima. Thanks for the question. So overall, I would say, let me just start off with the billings growth was really quite widespread. Our contract durations have remained roughly at around 3 years. They've been around that time. At any one given quarter, they can change a little bit like a month or 2, not significant. So it's possible that we get a little bit of, which was the last year's fluctuation versus this year. But overall, it was very broad-based and we're not seeing really many issues related to that.

法蒂瑪，我有幾個不同的問題。謝謝你的提問。總的來說，我想先說一下，帳單收入的成長確實非常普遍。我們的合約期限大致維持在3年左右。在任何一個季度，合約期限可能會有1到2個月的波動，但幅度不大。所以，我們可能會遇到一些波動，例如去年與今年的波動。但總的來說，這種波動非常普遍，我們並沒有發現太多與此相關的問題。

With respect to the PANFS, I think we've had that in place for a while. We're roughly at the same level of exposure that we've had before. It's not massively growing. Nothing is really changing significantly on that. So I don't think that's an unpacked like reconciling item. It really is like strength of the overall business. And sorry, just remind me the third part of your question.

關於PANFS，我想我們已經實施了一段時間了。我們的曝光度大致與以前持平，並沒有大幅成長。這方面也沒有什麼顯著的改變。所以我認為這不是一個需要調整的項目。它實際上是整體業務的實力。抱歉，請提醒我你問題的第三部分。

Just in the COVID era, I think you had been generous or flexible with your customers with respect to payment terms. So there was maybe a point or 2 of impact of discounts that are probably rolling off. So I'm just curious if those have completely been flushed out of the model in terms of discounts.

就在新冠疫情期間，我認為你們在付款條件方面對客戶一直很慷慨或靈活。所以折扣的影響可能只有一兩個百分點，而這些影響可能也逐漸消失。所以我很好奇，這些折扣是否已經完全從折扣模式中剔除了。

Yes. No. So we track our discounts obviously very, very closely. We haven't really seen anything particularly significant in our discount changes either. So I would say that as you unpack the model, it really becomes pretty clear that it's broad-based growth.

是的，不是。所以我們顯然非常密切地跟踪我們的折扣。我們也沒有看到折扣有什麼特別顯著的變化。所以，我想說，當你分析這個模型時，你會很清楚地看到，這是一個廣泛的成長。

Okay. Next question from Brian Essex of Goldman Sachs followed by Gray Powell.

好的。下一個問題是高盛的 Brian Essex，然後是 Gray Powell。

Great. Congrats on some nice results for me as well. I have a bit of a bean-counting question as well. Maybe for Dipak. Could you help us understand a little bit what's going on, on the cost side of the equation? Really great job in this environment delivering on the operating margin side. So I guess from a gross margin perspective, impact of pricing increases and then from an OpEx perspective, where is it that you're getting better cost control measures? And how sustainable are they?

太好了。我也祝賀你取得了不錯的成績。我還有一個比較實際的問題，或許可以問迪帕克。你能不能幫我們稍微了解一下成本方面的狀況？在這種環境下，你的營業利益率確實很高。所以，我想從毛利率的角度來看，價格上漲的影響；再從營運成本的角度來看，你們在哪些方面取得了更好的成本控制措施？這些措施的可持續性如何？

So let me just start off with, the cost pressures are really all within the supply chain area. We did take pricing. We took 7.5% pricing in September of last year, followed later internationally. We monitor that all the time, and we try to capture the impacts we'll have on future inflation. We've seen reasonably good realization of that pricing, which has been good. But obviously, the supply chain environment remains fluid.

首先，我先說一下，成本壓力其實都來自供應鏈領域。我們確實考慮了定價。去年9月，我們採取了7.5%的定價措施，隨後國際市場也採取了類似的措施。我們一直在監測這種情況，並試圖捕捉其對未來通膨的影響。我們看到這項定價措施的實現情況相當不錯，這很好。但顯然，供應鏈環境仍不穩定。

I think when it comes to where we've been able to focus on our operating expenses to offset that, it really is just a laser focus. There's no magic silver bullet. It's just a laser focus on the execution, making sure that we're watching every single dollar, acting like an owner, incredible intense scrutiny on travel because that was a concern of, would that come back with a vengeance. We focused a lot there, looking at leveraging scale when it comes to all the areas, frankly. We've had good scale in R&D, good scale in sales, marketing, good scale in G&A, but it's really just making sure that we're purposefully looking at every single headcount and justifying it.

我認為，說到我們能夠專注於營運支出以抵消這些影響的地方，這真的只是一種雷射聚焦。沒有什麼靈丹妙藥。我們只是專注於執行，確保我們專注於每一美元，像主人一樣行事，對差旅進行極其嚴格的審查，因為擔心它會不會捲土重來。坦白說，我們在這方面投入了大量精力，在所有領域都注重規模經濟。我們在研發、銷售和行銷方面都擁有良好的規模，在一般及行政管理方面也擁有良好的規模，但實際上，我們只是確保我們認真審視每一個員工人數，並證明其合理性。

Got it. And a lot of that is sustainable? I mean, in T&E, I would imagine it would be relatively flexible. But how much are you going back for sustainable cost measures?

明白了。其中很多都是永續的嗎？我的意思是，在差旅和費用方面，我認為會相對靈活。但是，為了永續的成本措施，你們會投入多少資金呢？

I think we're very comfortable with the sustainability like as reflected in our guidance. Going forward, we just need to continue to act with that kind of diligence going forward.

我認為我們對永續性非常滿意，正如我們的指引所反映的那樣。展望未來，我們只需繼續秉持這種勤勉的態度。

The next is Gray Powell from BTIG followed by Saket Kalia.

接下來是來自 BTIG 的 Gray Powell，然後是 Saket Kalia。

Okay. And congratulations on the great results. So yes, a question on the product side. 12 to 18 months ago, we're all thinking that product revenue should be growing in like the low single-digit range. It has consistently been much better, closer to 20% the last few quarters. So how should we think about the sustainability of product revenue growth going forward? And then beyond the price increases that you called out earlier this year, is there anything helping product revenue growth in fiscal '22 that creates a tougher comp in fiscal '23?

好的。恭喜您取得如此出色的業績。是的，我想問一個關於產品方面的問題。 12到18個月前，我們都認為產品收入應該會以個位數低點成長。但最近幾個季度，情況一直好得多，接近20%。那麼，我們該如何看待未來產品收入成長的可持續性？除了今年稍早提到的漲價之外，還有什麼因素有助於22財年的產品營收成長，導致23財年的業績更加疲軟？

Gray, first of all, we said this last quarter. We have been positively surprised by the growth in product, obviously. And Lee has a very interesting explanation on why people need more firewalls as their Internet traffic grows. And I'll let him speak to it because otherwise, he won't come to these calls. He told me that. But before he does that, look, we are seeing the Gen 3, Gen 4 evals causing people to go through a refresh cycle, which typically lasts 12 to 18 months when it's in full flow and it's not yet in full flow.

格雷，首先，我們在上個季度就提到這一點。產品的成長顯然讓我們感到驚喜。李對人們在網路流量成長時需要更多防火牆的原因有一個非常有趣的解釋。我會讓他詳細解釋，否則他不會接這些電話。他告訴我的。但在他解釋之前，你看，我們看到第三代和第四代產品的評估導致人們經歷了一個更新周期，這個週期通常持續12到18個月，當它全面發展時，它還沒有全面發展。

As we highlighted, the market share changes, but there are people in our industry who are not able to keep up to 12 to 18 weeks of supply chain and sort of deliver firewalls. We have seen certain isolated incidents where customers have drawn up POs for some of our competitors and chosen Palo Alto Networks because we have product and others are not able to do that, which the best way to measure that is through market share gains. And these market share gains are here to stay. They're not going to go away because you're buying something which has a 6 to 7-year life and you're basically making a technology decision to switch to Palo Alto Networks. So I think the combination of market share gains, the refresh cycle, the increased volume. And Lee, do you want to give your explanation?

正如我們所強調的那樣，市場份額正在變化，但我們行業中有些人無法保持長達12到18週的供應鏈並交付防火牆。我們曾經遇到一些個別案例，客戶為我們的某些競爭對手製定了採購訂單，最終選擇了Palo Alto Networks，因為我們有產品，而其他公司無法做到這一點。衡量這一點的最佳方式是透過市場佔有率的成長。這些市場份額的成長將持續下去。它們不會消失，因為你購買的產品壽命為6到7年，你基本上是在做技術決策，選擇Palo Alto Networks。所以我認為市佔率成長、更新周期和銷售成長的綜合作用是不可忽視的。 Lee，可以解釋一下嗎？

Yes. I think one of the sort of misunderstandings with the move to the cloud is that everyone thought that, that would be the death of hardware. But the reality is, you have all of these users that need to now reach applications running in the cloud, and these applications generally are higher bandwidth-type applications. And so that triggers a need to upgrade the firewall infrastructure to be able to secure higher bandwidth connectivity. And so that, it actually is a positive trend toward hardware sales and hardware requirements, especially as we come out of the pandemic and more and more companies are moving back toward a hybrid workforce where more and more employees are showing up to the office as well.

是的。我認為人們對雲端遷移有一種誤解，那就是每個人都認為這會導致硬體的消亡。但現實是，所有這些用戶現在都需要存取在雲端運行的應用程序，而這些應用程式通常需要更高的頻寬。因此，這就需要升級防火牆基礎設施，以確保更高頻寬的連線。因此，這實際上對硬體銷售和硬體需求來說是一個積極的趨勢，尤其是在我們走出疫情、越來越多的公司回歸混合辦公模式，越來越多的員工也開始回到辦公室的情況下。

I'll give you an example. We're primarily in the cloud with our capabilities, but...

我給你舉個例子。我們的能力主要集中在雲端，但是…

Yes. A few years ago, we had a pair of 1-gig links to the Internet at our main headquarters. We now have a pair of 10-gig links, just to kind of give you an order of magnitude and I don't think that's an unusual situation for companies to do.

是的。幾年前，我們總部有兩條 1GB 的網路連結。現在我們有兩個 10GB 的連結，這相當於提升了一個數量級。我認為這對公司來說並不罕見。

So despite us moving to the cloud, we've had to upgrade our firewalls in our headquarters.

因此，儘管我們轉向了雲端，但我們也必須升級總部的防火牆。

Makes a lot of sense.

很有道理。

Next question from Saket Kalia of Barclays followed by Michael Turits.

下一個問題來自巴克萊銀行的 Saket Kalia，然後是 Michael Turits。

Okay. Great. Nikesh, maybe for you. Again, going back to the billings, great to see the acceleration. Maybe just to look at it from a different angle. You've talked about some new attached subscriptions that some of them might be higher value. Of course, you've got the NGS billings in there as well. Can you just talk to how much each of those are sort of driving that billings acceleration, some of those newer attached subscriptions to the core firewall as well as that NGS billings line.

好的。太好了。 Nikesh，也許對你來說是這樣。再說回帳單業務，很高興看到成長。或許我們可以換個角度來看。您提到了一些新的附加訂閱，其中一些可能價值更高。當然，您也提到了NGS帳單業務。您能否談談這些新附加訂閱對帳單成長的推動作用，包括核心防火牆的一些新附加訂閱以及NGS帳單業務。

Well, Saket, thanks for your question. You've seen we share our NGS billing ARR with you. So it's quite transparent. And you see that, that number at that scale continues to grow in the 50%, 60% range, which is clearly a big contributor to our billings. Our product being at 20% also contributes to billings. We've highlighted that Cortex hit $500 million ARR in that number. So clearly, it's reached a milestone for us in that entire mix. And as you rightfully identified, we have now 10 subscriptions that we run. When I came 3 years ago, we used to have 4. So clearly, you should expect that there is a significant attach that is going on, which will persist as we continue to sell hardware in the current growth rates that we are. So higher growth rate of hardware drives more subscription and services which with a higher attach ends up giving a nice lift on our billings.

好的，Saket，謝謝你的提問。你已經看到我們分享了我們的NGS帳單年經常性收入（ARR），所以它非常透明。而且你可以看到，在這種規模下，這個數字持續成長在50%到60%的範圍內，這顯然對我們的帳單收入貢獻很大。我們產品佔20%，也為帳單收入做出了貢獻。我們已經強調，Cortex的年經常性收入（ARR）達到了5億美元。顯然，它在整個組合中達到了一個里程碑。正如你正確指出的，我們現在經營10個訂閱服務。三年前我來的時候，我們只有4個。所以很明顯，你應該預料到，現在存在著大量的附加服務，而且隨著我們繼續以目前的增長率銷售硬件，這種附加服務將持續存在。因此，硬體的更高成長率會推動更多的訂閱和服務，而更高的附加服務最終會顯著提升我們的帳單收入。

Next, we've got Michael Turits of KeyBanc followed by Roger Boyd.

接下來是 KeyBanc 的 Michael Turits，然後是 Roger Boyd。

Great. So I think, Dipak, I'll ask you on the labor and wage front. Given the shortages out there on that side, we've seen some large corporations, some have hiring freezes, some are raising wages for their existing customers. So A, how are you doing in terms of hiring as many people that you need? And then B, what exactly are you doing in order to maintain costs in that increasing wage environment around skilled labor?

太好了。迪帕克，我想問您關於勞動力和工資方面的問題。鑑於這方面的勞動力短缺，我們看到一些大公司，有些凍結了招聘，有些則提高了現有客戶的薪資。那麼，A，您在招募所需人數方面做得怎麼樣？ B，在熟練勞工薪資不斷上漲的環境下，您究竟採取了哪些措施來維持成本？

So Michael, we haven't hired as many people as we were expecting to in this market. It's a very tight labor market at this current point as you see. Having said that, my personal view is the labor market is going to become easier in the next 6 to 12 months. And anecdotally, as you've seen, we're seeing hiring freezes anecdotally. If you think about it 6 months ago, we were losing people to start-ups. We were losing people to competitors whose stock prices were going up into the right. The market rationalization is causing people to take stock and say, wait, do I really want to go make this move.

邁克爾，我們在這個市場上招募的員工數量沒有預期那麼多。如你所見，目前的勞動市場非常緊張。話雖如此，我個人認為未來6到12個月，勞動市場將會變得更加寬鬆。而且，正如你所見，我們看到招聘正在凍結。想想6個月前，我們的員工流失到了新創公司。我們的員工流失到了股價一路飆漲的競爭對手那裡。市場理性化促使人們反思，並問自己：等等，我真的要這麼做嗎？

I've already seen anecdotally start-ups start to stop hiring because they're trying to hold on to their cash because they don't expect to be able to raise money in the market for the next 12 to 18 months. So I think from that perspective, the labor market actually, in our opinion, is going to ease up a little bit. We expect some degree of wage inflation, which is being caused because of the fact that we're in Silicon Valley, and we live around some very large tech companies who are trying to get people to come work there. So we have factored into our planning some degree of inflation on our wages, but I personally don't think it's going to be off the charts.

我已經看到一些傳聞，新創公司開始停止招聘，因為他們試圖保住現金，因為他們預計未來12到18個月內無法在市場上籌集資金。所以我認為從這個角度來看，我們認為勞動市場實際上會有所緩和。我們預計會出現一定程度的薪資上漲，這是因為我們身處矽谷，周圍有一些非常大型的科技公司，它們正在努力吸引人才來這裡工作。因此，我們在規劃中已經將一定程度的薪資上漲考慮在內，但我個人認為漲幅不會過大。

Thanks for answering, Nikesh. Lee, hit you on product, but Gray got you first, so I thought I'd hit Dipak, but thanks for answering.

謝謝你的回答，Nikesh。 Lee，我之前問過你產品的問題，但Gray先問了你，所以我想問Dipak，不過還是謝謝你的回答。

That's all right, no problem.

沒關係，沒問題。

I'll just add one comment maybe to the overall is like wages is one factor that people look at when they choose a company. We've recently had a Welcome Home program. I think a couple of quarters ago, we actually showed you guys a video of it. And that's been remarkably successful. We find a lot of people that will leave realize that the culture of the company is equally as important as what was potentially short-term gains when they leave. Yes. Well, a lot more important ultimately than the gains and then the grass is not always greener. We've had remarkable success bringing them back, and we'll continue to do that.

我只想補充一點，總的來說，薪水是人們選擇公司時會考慮的因素。我們最近推出了一個「歡迎回家」計畫。我記得幾個季度前，我們給你們播放了一段影片。這個項目非常成功。我們發現，許多即將離職的員工意識到，公司文化與離開時可能獲得的短期利益同等重要。是的。嗯，最終比收益重要得多，而且山​​望著那山高。我們在挽留員工方面取得了顯著的成功，我們將繼續這樣做。

Next is Roger Boyd of UBS followed by Andy Nowinski.

接下來是瑞銀的羅傑·博伊德 (Roger Boyd)，然後是安迪·諾溫斯基 (Andy Nowinski)。

Congrats on the quarter. Just going back to the macro conversation. I think you noted a couple of larger deals in EMEA. Just curious of any commentary on what you're seeing around sales cycles and any sense of whether maybe you're pulling forward some demand given the threat environment?

恭喜本季取得佳績。回到宏觀話題。我想您提到了歐洲、中東和非洲地區（EMEA）的幾筆大筆交易。我很好奇您對銷售週期有何評論，以及在當前威脅環境下，您是否正在提前推動一些需求？

Yes. Look, in every quarter, we've seen some deals get pulled forward sometimes with our salespeople because they're trying to hit quotas. Sometimes the customer because they're in a compromised situation, they're trying to get something sorted quickly as possible. Sometimes it has to do with budgets expiring in different parts of the world. December becomes one of those moments. August becomes that for the federal government. So I think perhaps the best answer is that we have not seen any unusual activity around that topic.

是的。你看，每個季度，我們都看到一些交易被提前，有時是我們的銷售人員為了完成配額而提前。有時是客戶因為處境艱難，想盡快解決問題。有時是因為世界各地的預算即將到期。十二月就是這樣一個時刻。八月是聯邦政府的預算到期日。所以我認為最好的答案或許是，我們沒有看到任何與此相關的異常活動。

Having said that, as we said, we are seeing heightened activity from nation states, especially with proximity to where the war is. They're trying to fortify their defenses and make sure they understand their attack surfaces as a nation better, which they have not had to worry about in the past. They should have worried about it, but they haven't focused on it. But now as people are trying to petition to go become members of NATO, they've got to make sure that their defenses are robust in case they see retaliation.

話雖如此，正如我們所說，我們看到民族國家（尤其是靠近戰爭地區）的活動日益增多。他們正在努力加強防禦，確保更好地了解國家面臨的攻擊面，而過去他們無需擔心這一點。他們本應擔心，但卻沒有集中精力。但現在，隨著各國試圖申請加入北約，他們必須確保自身防禦能力強大，以防遭到報復。

All right. And next, we've got Andy Nowinski from Wells Fargo followed by Rob Owens.

好的。接下來，我們有請富國銀行的安迪‧諾溫斯基 (Andy Nowinski) 和羅布‧歐文斯 (Rob Owens)。

All right. Congrats on a great quarter. So I had a question with regarding your next-gen ARR. Obviously, a very strong quarter, and your net new ARR was also up about 32%. Yet your guidance suggests that net new ARR will decline about 7% in Q4. Other than conservatism, are there any other factors that we should consider that might cause net new ARR growth to significantly decelerate in your fiscal year-end?

好的。恭喜您取得了出色的季度業績。所以我想問一下關於貴公司下一代年化收入 (NAR) 的問題。顯然，這是一個非常強勁的季度，您的淨新年化收入 (NAR) 也成長了約 32%。然而，您的指引顯示，第四季淨新年化收入 (NAR) 將下降約 7%。除了保守因素外，還有哪些因素值得我們考慮，可能導致貴公司財年末淨新年化收入 (NAR) 成長顯著放緩？

Andy, I look at it from the other side of the lens. The other side of the lens says, we had a great quarter. We're upping guidance across the board for Q4. We're upping guidance across the board for the full fiscal year way ahead of what we had promised to the markets in our Analyst Day not too long ago, and that seems to be a wonderful story and a happy place to be.

安迪，我從另一個角度來看。從另一個角度來看，我們這個季度表現很好。我們全面上調了第四季的業績預期。我們全面上調了全年業績預期，這比我們不久前在分析師日向市場做出的承諾要早得多，這似乎是一個美好的故事，一個令人欣喜的景象。

All right. Next, we've got Rob Owens of Piper Sandler followed by Jonathan Ho.

好的。接下來我們有邀請 Piper Sandler 樂團的 Rob Owens，然後是 Jonathan Ho。

Great. I was wondering if you could drill down a little bit into some of the supply chain advantages that you've alluded to both in the prepared script as well as Q&A here. Where do you see an advantage? How sustainable is it as well?

太好了。我想問一下，您能否深入講講您在準備好的講稿和問答環節中提到的一些供應鏈優勢。您認為優勢在哪裡？它的可持續性如何？

I think, Rob, the real opportunity here is Dipak has a team of experts who spend a lot of time trying to understand the puts and takes in terms of being able to deliver firewalls in terms of ordering forward. And I think that's worked out so far for us. We have been able to deliver 20% growth, which is basically shipping as you've heard across the board in the industry that most hardware businesses are building backlog. We're no different than most hardware businesses out there. During the year, we have more backlog than we started with or it moves back and forth depending on what we can ship in different categories.

羅布，我認為真正的機會在於迪帕克擁有一支專家團隊，他們投入大量時間，試圖了解提前訂購防火牆的利弊。我認為到目前為止，這對我們來說非常有效。我們實現了20%的成長，這基本上是出貨量的成長，正如你所聽到的，業內大多數硬體企業都在積壓訂單。我們和大多數硬體企業沒什麼不同。在這一年中，我們的積壓訂單量可能比年初增加，也可能有所波動，這取決於我們能夠以不同類別出貨的產品。

So the teams already have sort of their marching orders in terms of what they need to go out and find. And I think the other way to think about it is that from a scale and scope perspective, if you're doing $300-plus million of product, the semiconductor cost of that is probably $60 million, $70 million. So in a year, we're looking for $300 million semiconductors in a hundreds of billions of dollar industry. So I joke that some of our other players in the industry need the entire truck. I just need the box that falls off the back of the truck. So we're doing a good job chasing trucks to find the boxes.

所以，各個團隊已經大致確定了需要尋找什麼。我認為，從規模和範圍的角度來看，如果你的產品價值超過3億美元，那麼半導體的成本大概在6000萬到7000萬美元之間。所以，一年下來，我們要在這個數千億美元的產業中尋找價值3億美元的半導體產品。所以我開玩笑說，我們這個行業的其他一些參與者需要整輛卡車。而我只需要從卡車後面掉下來的那個箱子。所以，我們在追著卡車找箱子方面做得很好。

So if I can just add like, the only thing that I would add is like, a lot of it just comes down to the people and the quality of the execution and discipline of the people. And that's really been like, I think, across the board, the execution across pretty much every part of our portfolio is what we feel most proud of and what gives us the most confidence in our guidance going forward.

所以，如果可以補充的話，我唯一想補充的是，很多事情都取決於員工、執行力和紀律。我認為，我們投資組合中幾乎所有部分的執行力都是我們最引以為傲的，也是我們對未來發展方向最有信心的。

Next, we've got Jonathan Ho of William Blair followed by Matt Hedberg.

接下來是 William Blair 的 Jonathan Ho，然後是 Matt Hedberg。

One question for Lee to make sure he keeps coming on to these calls. How should we think about the pace of adoption for Prisma Cloud? And are you seeing any specific drivers emerge there to drive some of this accelerated demand?

我想問李先生一個問題，確保他能繼續接聽這些電話。我們該如何看待 Prisma Cloud 的採用速度？您是否看到有什麼具體的驅動因素在推動這種加速的需求？

Yes.

是的。

Thanks, Jonathan, for keeping him busy.

謝謝喬納森，讓他忙碌起來。

Appreciate it. Thank you, Jonathan. Look, there's some obvious drivers. Cloud consumption continues to rise and you have to secure that consumption of workloads that the companies are moving to the cloud. That's probably the most obvious one. But it goes hand in hand with that the recognition of all the different security capabilities that are actually needed to secure that cloud environment. If you look back just 3 or 4 years ago, a lot of cloud security was just maybe 1 or 2 simple capabilities. And today, whole businesses are being run out of the cloud and the understanding of how important the security is and what it takes to do that.

非常感謝。謝謝你，喬納森。你看，有一些顯而易見的驅動因素。雲端消費持續成長，你必須確保公司遷移到雲端的工作負載的安全。這可能是最明顯的一點。但同時，對雲端環境安全所需的各種安全功能的認識也至關重要。回顧三、四年前，很多雲端安全可能只是一兩項簡單的功能。而如今，整個企業都在使用雲，人們開始意識到安全的重要性以及實現安全所需的條件。

And then that then ends up leading to a choice for many customers. Do they try to patch together a whole bunch of different point products from different vendors and find a way to integrate them and get them to work and operate them or do they go with Prisma Cloud, which is really unique in the industry as being a platform made up of best-of-breed capabilities that can secure their whole cloud environments.

這最終會為許多客戶帶來選擇。他們是嘗試將來自不同供應商的一大堆不同的單點產品拼湊在一起，找到一種整合它們、使其正常工作和運行的方法，還是選擇 Prisma Cloud？ Prisma Cloud 在業界獨樹一幟，是一個由最佳功能組成的平台，可以保護他們的整個雲端環境。

And that's really where we're seeing that not only the driving new customer adoption, but driving the expansion within our existing installed base as they adopt these new modules. And as Nikesh said in his prepared remarks, Cloud Code Security is the fastest-growing new module that we've introduced. And that just shows the ability to deliver a high-value new module to customers and then also the ease with which they can adopt those new capabilities into the platform they're already using.

這正是我們所看到的，它不僅推動了新客戶的採用，也推動了我們現有客戶群的擴張，因為他們正在採用這些新模組。正如Nikesh在他的準備好的發言中所說，雲端程式碼安全是我們推出的成長最快的新模組。這不僅表明我們有能力向客戶提供高價值的新模組，也表明他們可以輕鬆地將這些新功能應用到他們已經在使用的平台中。

All right. Thanks, folks, for sticking with one question. Our next, a question from Matt Hedberg of RBC followed by Ben Bollin.

好的。謝謝大家，請繼續提問。下一個問題來自加拿大皇家銀行的馬特‧赫德伯格 (Matt Hedberg)，之後是本‧博林 (Ben Bollin)。

So I have another one for Lee. Actually, we'll keep Lee going here. Lee, obviously, there's a huge talent shortage out there for security experts. And obviously, the threat landscape is very challenging. Does that make your automation, orchestration capabilities even more important today? And maybe how does that manifest itself in platform attach maybe even beyond SOAR?

我還有另一個問題想問Lee。實際上，我們繼續問Lee。 Lee，顯然，安全專家的人才嚴重短缺。而且，威脅情勢也非常嚴峻。這是否使得您的自動化和編排能力在今天變得更加重要？這在平台連接，甚至超越SOAR方面，又將如何體現？

Yes. Great question, Matt. I'll actually reverse what you said. The first key value that customers are realizing in that shortage is being able to adopt security on top of platforms has a significant benefit toward the ease with which it can be operationalized. And so that actually is the starting point. Automation then becomes a layer on top of that where the remaining manual workflows then start to go through cycles of, what are the most repetitive tasks, how do we put those through an automation workflow engine like XSOAR and build that muscle of recognizing manual workflows, automating and then finding the next manual workflows and automating those.

是的。問得好，馬特。我實際上會反過來說你的話。客戶在這種短缺中意識到的第一個關鍵價值是，能夠在平台之上採用安全措施，這對於其易於操作有著顯著的好處。所以這其實是一個起點。自動化成為其上的一層，其餘的手動工作流程開始經歷一系列循環：哪些是最重複的任務，我們如何將它們放入像XSOAR這樣的自動化工作流程引擎中，並建立​​識別手動工作流程、自動化，然後找到下一個手動工作流程並使其自動化的能力。

I'll give you an example within our own IT organization. We track this. We actually quantify every quarter the number of hours that we've been able to automate. A typical quarter for us, we will automate an incremental 30,000 hours of manual repetitive tasks. And it's not so much about the savings, it's about being able to then reallocate that focus toward new, high-value tasks that people need to accomplish.

我舉個我們IT部門的例子。我們會追蹤這些情況。實際上，我們每季都會量化我們能夠自動化的小時數。通常情況下，一個季度我們就能自動化3萬小時的重複性手動任務。這與其說是為了節省成本，不如說是為了能夠將精力重新分配到人們需要完成的新的、高價值的任務。

Next up, Ben Bollin of Cleveland Research followed by Adam Tindle.

接下來是克利夫蘭研究公司的 Ben Bollin，然後是亞當廷德爾 (Adam Tindle)。

Dipak or Nikesh, I was hoping you could quantify the impact of supply chain you think was left on the table in the quarter and how you think about that in guidance? And any longer-term thoughts you have on how your strategy around supply chain has evolved or has changed because of what we've seen over the last several quarters?

Dipak 或 Nikesh，我希望您能能量化一下您認為本季供應鏈方面未得到充分重視的影響，以及您對此的預期是什麼？從過去幾季的情況來看，您對供應鏈策略的演變或變化有何長期看法？

Well, look, as you can imagine, the teams work hard every quarter with our suppliers and partners to see what the art of the possible is, not just this quarter, but over the next 4 quarters and even longer and depending on the lead times of the items. And again, despite that, as Dipak characterized it as a fluid environment, things keep moving around even in that time frame. So we have robust plans with our partners. We look at the inventory. We understand the inventory. Remember, the whole industry has gone from JIT to just-in-case because you can have stuff lying around for 3 months because the required part doesn't show up for 3 months until you got to go integrate it. So there's a whole bunch of stuff that's moved. And as Dipak highlighted, there's a phenomenal team focused on executing that in a way that we can deliver our numbers.

嗯，你可以想像，我們的團隊每個季度都會與我們的供應商和合作夥伴一起努力，探索各種可能性，不僅是本季度，還會持續到接下來的四個季度甚至更長時間，具體取決於產品的交付週期。儘管如此，正如迪帕克所言，這是一個不斷變化的環境，即使在這個時間段內，情況也在不斷變化。所以我們與合作夥伴制定了周詳的計劃。我們會查看庫存，以了解庫存狀況。記住，整個產業已經從準時生產（JIT）模式轉變為以防萬一模式，因為所需的零件可能要等到你去整合它之後才能到貨，所以你可能會把一些產品擱置三個月。所以有很多東西都在移動。正如迪帕克所強調的，我們擁有一支出色的團隊，專注於以我們能夠交付數據的方式執行這項計劃。

In terms of the demand, the backlog and what we have been promising, we have reasonable line of sight if all things work in terms of what we're likely to get on a quarterly basis. Hence, our guidance is consistent with what our best guess on what will be available is, and that's why we keep telling you guys that this is not a demand problem. This is a supply challenge that we're trying to address as an industry.

就需求、積壓訂單以及我們一直以來的承諾而言，如果一切順利，我們對季度產量的預期是合理的。因此，我們的預期與我們對未來供應量的最佳預測一致，這也是我們不斷告訴大家，這不是需求問題。這是一個供應挑戰，我們整個產業都在努力應對。

So I think from that perspective, things are on track. Like at some point in time, this has to abate. At that point in time, we just want to make sure that we're not stuck with too much supply and we have the right stuff out there. So there's a lot of work that goes into forecasting, predicting, understanding product road map, understanding the refresh cycles of our customers, understanding which customers more likely to order Gen 3 or Gen 4. So a lot of planning, a lot of math that's going into this stuff because my sense is there is a big pendulum shift and a lot of people are ordering a lot of stuff. And there's definitely, at some point in time, there will be more supply, and we just have to make sure that we don't get stuck with too much supply.

所以我認為從這個角度來看，事情正在步入正軌。就像在某個時間點，這種情況必須有所緩解。到那時，我們只需要確保我們不會陷入供應過剩的困境，並且我們擁有合適的產品。因此，我們投入了大量的工作來預測、了解產品路線圖、了解客戶的更新週期，以了解哪些客戶更有可能訂購第三代或第四代產品。因此，我們需要進行大量的規劃和計算，因為我感覺市場正在發生巨大的鐘擺式轉變，很多人都在訂購大量產品。而且，在某個時間點，供應肯定會增加，我們只需要確保我們不會陷入供應過剩的困境。

From a long-term perspective, we're trying to balance that. We've held a view that we're not going to do too many price increases because stuck with a lot of supply at a high price, it doesn't take a genius to figure out what the consequences are. So we've been very careful with our price increase. We're keeping them moderated. We watch our discounts. And we're making sure that we don't order so much that we're going to have a hangover. I think that works like that, does it? Okay. Does that help you better?

從長遠來看，我們正在努力平衡這一點。我們一直認為不會大幅提價，因為如果價格過高，大量供應被困，後果不言而喻。所以我們對提價一直非常謹慎。我們會保持適度，專注於折扣。我們會確保不會訂貨過多，以免造成後遺症。我想這樣行得通，對吧？好的。這樣對您有幫助嗎？

It does.

確實如此。

Okay. Next we've got Adam Tindle of Raymond James followed by Brent Thill.

好的。接下來我們有請 Raymond James 的 Adam Tindle，然後是 Brent Thill。

Okay. Nikesh, you alluded to a GAAP profit in the near future in your prepared comments. And just wanted to challenge this but admit it's double talk since it's part of my thesis. But as I question myself, why is now the time to show GAAP profit and leverage? The flip side is, you're seeing momentum across almost all metrics. You could step on the gas even further and go to market given the portfolio is winning. You're having success in hiring yet human capital is scarce. And your R&D engine has developed products that are clearly showing differentiation. And Dipak, if you wanted to add any comments to that because there's some level of substituting this for increased cash margin in the future. So what to do with the incremental cash that has a better ROI than a more aggressive internal investment strategy?

好的。 Nikesh，你在準備好的評論中提到了近期的GAAP利潤。我只是想反駁一下，但承認這有點模稜兩可，因為這是我論文的一部分。但我捫心自問，為什麼現在是展現GAAP利潤和槓桿率的時候？另一方面，你看到幾乎所有指標都呈現成長動能。鑑於投資組合正在取得成功，你可以進一步加大油門，進入市場。你在招募方面很成功，但人力資本卻很稀缺。而且你的研發部門已經開發出明顯差異化的產品。 Dipak，如果你想補充一些意見，因為未來這在某種程度上可以取代增加的現金利潤。那麼，如何處理這些比更積極的內部投資策略投資報酬率更高的增量現金呢？

Look, it's kind of interesting. If you look at, we've been sharing with you in the past the amount of products we introduced into our field force. And we've actually asked Lee and his great team to slow down product introduction in the fourth quarter because I want to make sure that the teams out there are focused on delivering Q4, which clearly is one of the larger quarters that we deliver. So I don't think we need more fuel in the product pipeline. We need to make sure that the product pipeline gets to a lot of our customers.

這挺有意思的。你看，我們過去一直在跟大家分享我們向第一線團隊推出的產品數量。實際上，我們已經要求Lee和他的優秀團隊在第四季度放慢產品推出的速度，因為我想確保所有團隊專注於第四季度的交付，而這顯然是我們交付量最大的季度之一。所以我認為我們不需要在產品線中投入更多精力。我們需要確保產品線能夠觸及我們的大量客戶。

Having said that, as you see, as we traverse to larger and larger deal sizes, we keep driving efficiency from our go-to-market capabilities. And we think we have, and I think I was counting, Dipak probably said it 4 times and he wrote in my script twice. So he's clearly sending a message. We are managing growth with the right aspiration for profitability. So trust me, I am not shy if I feel there's an opportunity and I need to go overinvest. We did that when we bought north of 15 companies with $3.5 billion when the time was right to be able to build the product portfolio. So if we feel that we're leaving money on the table, we will go charge at it.

話雖如此，正如你所見，隨著我們的交易規模越來越大，我們不斷透過提升市場進入能力來提高效率。我們認為我們做到了，而且我數了一下，迪帕克可能說了四遍，他在我的腳本裡寫了兩次。所以他明確地傳遞了一個訊息：我們正以正確的獲利目標來管理成長。所以相信我，如果我覺得有機會，我需要加大投資，我毫不猶豫。我們就是這樣做的，當時時機成熟，我們斥資35億美元收購了15家以上的公司，以便能夠建立產品組合。所以，如果我們覺得錯失了機會，我們就會全力以赴。

But I think we're striking the right balance. And if we see better growth, we will make sure we go out and invest. But as of now, we feel we have ample resources in our plan in line with our growth expectations. And our key is to sustain those growth expectations over time to generate most value for our shareholders. What are you going to do with all that free cash?

但我認為我們正在取得正確的平衡。如果我們看到更好的成長，我們一定會進行投資。但截至目前，我們認為我們的計劃中擁有充足的資源，符合我們的成長預期。我們的關鍵是長期維持這些成長預期，為股東創造最大價值。你們打算如何處理這些自由現金？

Look, I think it's a world-class problem to have, but I think I'm just going to echo what Nikesh said. I think everything in balance and then we really let total shareholder return and the ROI determine what we do within the boundaries of what we've committed to.

聽著，我認為這是世界級的問題，但我想我只是附和Nikesh的說法。我認為一切都要平衡，然後我們真正讓股東總回報和投資報酬率來決定我們在承諾的範圍內做什麼。

Okay. Great. Last question for today from Brent Thill of Jefferies.

好的。太好了。今天的最後一個問題來自 Jefferies 的 Brent Thill。

Nikesh, on the G4 refresh cycle, you mentioned it's early days. Is there a percentage through this you'd put on at 20%, 30%? Is there an easy ballpark you can give us on where you're at through that right now?

Nikesh，關於 G4 的更新週期，您提到現在還處於初期階段。您覺得這個週期的更新比例是 20% 還是 30%？能簡單介紹一下目前 G4 的更新進度嗎？

Lee?

李？

Yes. It's a great question. It's a low number. Remember, the biggest chunk of the Gen 4 hardware was just introduced about 3 months ago toward the end of February. So the first round was June of last year, but the broader set of platforms actually was just a few months ago. So we're very much early innings on this. We've seen very good early adoption and interest from customers. And as Nikesh said, these refreshes are 12, 18, 24 months in nature.

是的。這個問題問得很好。這個數字很低。要知道，第四代硬體的大部分產品大約在三個月前，也就是二月底才剛推出。所以第一輪更新是在去年六月，但更廣泛的平台實際上是幾個月前才推出的。所以我們在這方面還處於早期階段。我們已經看到了非常好的早期採用率和客戶的興趣。正如Nikesh所說，這些更新周期通常為12、18或24個月。

All right. Great. With that, we'll conclude the Q&A portion of our call today. I will now turn it back over to Nikesh for his closing remarks.

好的。太好了。今天電話會議的問答環節就到此結束。現在，我將把時間交還給Nikesh，請他作總結發言。

Look, I just want to say thank you to our employees, our partners, our customers for allowing us to be both their cybersecurity partners, of our employees for doing a phenomenal job all around the world. And I also want to thank you for taking the time. See you guys next quarter.

我只想感謝我們的員工、合作夥伴和客戶，感謝他們讓我們成為他們的網路安全合作夥伴，也感謝我們的員工在世界各地出色地完成工作。我也要感謝你們抽出時間。下個季度見。