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 財年第三季度收益電話會議。我是 Palo Alto Networks 投資者關係主管 Clay Bilby。請注意，本次通話將於 2022 年 5 月 19 日星期四下午 1:30 錄製。太平洋時間。

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.

今天與我通話的是我們的董事長兼首席執行官 Nikesh Arora；和我們的首席財務官 Dipak Golechha。我們的首席產品官 Lee Klarich 將在準備好的發言後加入我們的問答環節。您可以在我們的網站 Investors.paloaltonetworks.com 上找到新聞稿和信息來補充今天的討論。在那裡，請單擊活動和演示文稿的鏈接，您可以在其中找到投資者演示文稿和補充信息。

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，我們將做出涉及風險和不確定性的前瞻性陳述和預測，這些風險和不確定性可能導致實際結果與本演示文稿中的前瞻性陳述存在重大差異。這些前瞻性陳述是基於我們目前的信念和截至今天管理層可獲得的信息。我們的收益發布和演示文稿以及我們提交給美國證券交易委員會的文件中提供的安全港聲明中確定了可能導致實際結果不同的風險、不確定性和其他因素。 Palo Alto Networks 不承擔更新作為今天演示的一部分提供的信息的義務。

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財務指標。這些非公認會計原則財務指標並非根據公認會計原則編制，不應被視為替代或優於根據公認會計原則編制的財務業績指標。我們在演示文稿的附錄和我們已向 SEC 提交的收益報告中包含了提供非 GAAP 和 GAAP 財務指標之間對賬的表格，這些表格也可以在我們網站的“投資者”部分找到。請注意，除非另有特別說明，否則所有比較都是按年進行的。

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，管理層計劃在接下來的幾週內參加即將舉行的摩根大通、傑富瑞和美國銀行投資者會議。我現在將把電話轉給 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，感謝您今天加入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.

在這個宏觀經濟波動加劇和地緣政治不確定性加劇的時期，我們看到強大的網絡安全市場需求和我們團隊的執行與我們推動第三季度財務業績的戰略相一致。我們報告了強勁的頂線指標，賬單和 RPO 同比增長 40%。這是我們在過去 4 年中報告的最高賬單增長，這得益於對我們下一代安全產品的強勁需求和客戶對我們網絡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.

在網絡安全方面，隨著我們繼續向軟件過渡，我們看到產品再次增長了 20% 以上。由於過去幾年我們訂閱能力的顯著擴展，客戶繼續將他們的網絡安全整合到 Palo Alto Networks。截至第三季度，我們的淨安全 ARR 為 16.1 億美元，同比增長 65%。我們的頂線業績轉化為非公認會計準則營業收入，其增長超過收入，並實現了強勁的現金流轉換。儘管供應鏈面臨挑戰，但我們能夠實現這些底線結果，我們感到很高興。

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.

談到全球背景，無論是供應鏈、地緣政治衝突還是利率和通脹上升，這種環境都在給我們的客戶帶來挑戰，並考驗我們的執行力。我很高興我們的團隊已經挺身而出，並在銷售、運營和支持業務的所有領域表現出了強大的執行力。從大流行和廣泛的網絡攻擊開始的趨勢，網絡轉型、雲轉型和加強基礎設施的趨勢繼續強勁。再加上網絡安全的整合，我們預計這將繼續推動行業的實力和增長，特別是考慮到我們獨特的 3 平台方法。

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，烏克蘭的事件在每個人的腦海中。我們與烏克蘭人民站在一起反對俄羅斯的侵略，並一直致力於為烏克蘭組織提供直接的網絡安全支持。就收入或我們的整體增長預期而言，這一地理位置對我們來說並不重要。對於本季度和我們最近幾個季度，我們在俄羅斯和烏克蘭的總收入遠低於 1%。我們已經停止在俄羅斯的新銷售，我們也遵守所有政府制裁。

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 12 月以來，我們為超過 3,400 種新的攻擊指標部署了保護措施，以保護組織免受破壞性和破壞性的俄羅斯網絡攻擊。正如您所料，我們看到歐洲商業和政府客戶對減輕這種民族國家活動的興趣越來越大。這種不斷挑戰的威脅形勢正在推動更廣泛和更具戰略性的客戶對話。我們繼續看到我們的客戶尋求更高水平的合作夥伴關係，這正在擴大我們的市場機會。

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.

我們在鞏固企業市場份額方面繼續取得成功，這已成為我們增長戰略的核心原則。我們從我們的多平台銷售中看到了這一點，全球 2000 家客戶中有 48% 現在在 Strata、Prisma 和 Cortex 的所有 3 個主要平台上與我們進行了交易。我們簽署的百萬美元交易數量在第三季度增長了 65%，我們百萬美元交易的平均規模在本季度有所增加。我們還看到 500 萬美元的交易數量同比增長 73%。隨著我們通過第二和第三平台進一步滲透全球 2000 強客戶，大宗交易對我們來說是一項重要的銷售活動。

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.

創新是支撐我們在市場上增長的引擎，Gartner 估計，到 2026 年，最終用戶的支出總額將超過 2500 億美元。隨著市場上供應商整合的趨勢，客戶欣賞我們在每個領域的同類最佳能力我們的 3 個平台。本季度，我們在同類最佳能力方面獲得的認可增加了 4 個額外的類別。請記住，它們都集成到我們的 3 個平台中。因此，客戶可以從我們的平台以及與我們行業中的獨立供應商進行有效競爭的同類最佳功能中受益。

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 認可了我們在雲工作負載安全方面的地位，並在其在該市場的首波浪潮中被指定為領導者，這是唯一一家獲得該認可的公司。我們在 2020 年通過收購 Xpanse 進入了對攻擊面管理重要性的早期認識，這一點得到了驗證，因為我們被 GigaOm 公認為表現出色的領導者。我們收到了 Forrester 在事件響應和 EDR 兩個類別中表現出色的指定。

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，我將向您提供我們平台的最新信息，以及我們在上個季度取得的進展，從 Prisma Cloud 開始。我們繼續看到新客戶推動的強勁勢頭，本季度值得注意的是，大量追加銷售和擴張承諾推動了 25 筆交易超過 100 萬美元。客戶的增長和現有客戶的擴張在我們的信貸消費中得到了證明，第三季度信貸消費同比增長 50%。我們繼續推動整個行業的雲安全領導地位。正如我之前所說，所有 Prisma Cloud 客戶本質上都是超大規模的客戶，但他們選擇了我們。客戶正在尋找 Prisma Cloud 提供的可擴展、集成的雲安全平台，使我們能夠實現兩位數的高速增長。

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，在雲中安全運行意味著確保為雲編寫的軟件是安全的。這要從開發商開始。我們對這一趨勢的早期觀察使我們在 2021 年初收購了 Bridgecrew。我們一直專注於構建針對開發人員的產品組合。這是我們的 Prisma Cloud 的第五個支柱。 Cloud Code 利用 Prisma Cloud 的所有現有功能，包括其信用消耗、部署和報告方法。自發布以來的一個季度，我們已經看到由 Cloud Code 驅動的 Prisma Cloud 承諾取得了 6 位數的成功，這也是 Prisma Cloud 在信用消耗方面採用的最快的模塊之一。對於我們的開發者戰略至關重要的是，我們繼續看到 Checkov 開源產品的強勁下載量，在第三季度達到了 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.

繼續前進到 Cortex。我們正在幫助客戶重新構想以自動化和 AI/ML 為核心的安全運營中心的運營方式。在 EMEA 和美洲的多產品 Cortex 交易的支持下，Cortex 客戶在第三季度增長了 60% 以上。我們在第三季度實現了一個重要的里程碑，Cortex ARR 約為 5 億美元。在第三季度，我們在每個已建立的 Cortex 產品領域都看到了實力，XDR 和 Xpanse 的交易數量創歷史新高，而 XSOAR 的業務水平幾乎達到了這一水平。 XDR 繼續在行業獎項和基準中大放異彩。本季度，XDR 在最近的 MITRE 評估中獲得了 100% 威脅預防和檢測的認可。 Forrester 還認可了我們在過去 9 個月的一系列版本中使用 XDR 取得的重大進展，認為 XDR 在其 EDR Wave 中表現出色。

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 性能在過去 12 個月中交易量增長了 100% 以上，這表明攻擊面管理現在看到主流需求出現拐點。在我們最近發布的 XSIAM 有限版本之後，我們正在朝著與 10 個合作夥伴啟動共同設計工作的目標取得進展，並有望在本季度末按我們的計劃進行。 XSIAM 最終將使我們能夠實現我們圍繞 SOC 自動化的 Cortex 願景，為我們的客戶提供我們期望的非常獨特的價值，並通過提供利用 AI 和 ML 的現代替代方案來顛覆價值數十億美元的 SIEM 類別。

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.

轉到 SASE。上週，我們呼籲業界採用 ZTNA 2.0，它基於關鍵的零信任原則（如最小權限訪問、持續信任驗證和跨所有應用程序的持續安全檢查）開創了混合勞動力安全的新時代。我們對 Prisma Access 的口號是提供零信任和零例外。大流行加速了 SASE 的採用。除了來自我們已安裝基礎的顯著牽引力之外，我們繼續看到來自淨新客戶的強勁勢頭，Prisma SASE 是他們對我們的首次重大購買。然後，這些客戶成為跨我們其他平台增加參與的機會。 SASE 在歐洲的大宗交易中取得了特別成功，我們在 EMEA 簽署了 11 筆大宗交易，進一步強化了 SASE 需求的全球性。 SASE 處於早期階段，我們正在進行大量投資，以確保我們在這一類別中繼續保持勢頭。

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.

轉到我們的硬件和訂閱服務平台 Strata。我們連續第三個季度實現了超過 20% 的產品收入增長。我們看到了我們產品組合的優勢，包括硬件設備和軟件形式因素。眾所周知，該行業正在處理前所未有的供應鏈問題，這些問題可能還會持續一年。我們的團隊正在與我們的合作夥伴巧妙地管理這些，使我們能夠保持比業內某些人更好的交貨時間。我們已經看到在競爭對手無法及時交貨的情況下，我們在供應方面具有優勢，我們相信這有助於提高市場份額。

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.

我們看到我們的勢頭得到了第三方對硬件和虛擬機外形市場份額增長的認可。在硬件方面，Omdia 認為 Palo Alto Networks 在家電市場的市場份額中排名第一，份額超過 27%，同比增長超過 5 個百分點。根據 Dell'Oro 的數據，在虛擬機市場，我們的市場份額同比增加了 6 個百分點，佔據了近 34% 的市場份額。

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.

我們繼續執行從第 3 代到第 4 代的過渡。我們現在已經發布了幾乎所有第 4 代設備型號。儘管客戶對第 4 代的評估和採用還很早，但我們預計第 4 代的採用將有助於推動我們的電器增長率領先於市場增長率。我們看到高級 URL 訂閱的強勁吸收和對我們新的高級威脅預防訂閱的強勁早期需求。我們上個季度發布了下一代 CASB，並在這裡看到了穩健的第三季度表現。

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，我們宣布了與超大規模企業的第二次合作，將我們的網絡安全嵌入到他們的雲結構中。這是利用我們的工程規模、我們的市場領導地位以及與超大規模企業的關係的差異化創新。 AWS 上的 Cloud Next-Generation Firewall 將 Palo Alto Networks 行業領先的網絡安全性與雲原生外形相結合，並將其與 Amazon Web Services 的易用性結合在一起。與 AWS 的這種關係是繼去年 7 月在 Google Cloud Platform 上推出 Cloud IDS 之後。

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.

我們預計下一代云防火牆將推動我們的防火牆作為一個平台，特別是我們的軟件形式因素的進一步增長。它還為客戶提供了另一個在我們的網絡安全平台上進行標準化的理由。 AWS 上的 Cloud Next-Generation Firewall、Google Cloud 上的 Cloud IDS 以及我們向 SaaS 提供商授權以保護其云應用程序的安全訂閱等創新是我們與主要關注設備外形的競爭對手的區別。

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，我們對第三季度的業績感到非常滿意，我們看到了非凡的收入增長。與此同時，即使增長更快，我們也在優先考慮投資並實現我們在 2021 年 9 月分析師日期間承諾的盈利目標。我們相信這是一門重要的學科，我們打算在最大化增長的同時保持對盈利目標的關注。我們繼續看到對網絡安全的需求不斷擴大，這使我們能夠從實力地位發展和投資。當我們專注於成為客戶今天和明天首選的網絡安全合作夥伴的使命時，我們也渴望為我們的股東提供出色的回報，作為網絡安全機會增長和世界級執行力的代表。

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 財年迄今為止實現的前 3 個季度感到非常滿意。我們期待在 3 個月內向您更新我們繼續加速增長、平衡盈利能力的計劃，並看看我們打算如何在不遠的將來。

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

有了這個，我將把電話轉給 Dipak，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%.

我們強勁的業績繼續受到我們產品範圍內的強勁需求的推動，結果再次超過我們在所有指標上的指導。在收入強勁的情況下，我們很好地平衡了盈利能力。憑藉這種勢頭的力量和我們良好的前景，我們再次提高了全年指導。第三季度，收入為 13.9 億美元，增長 29%，高於我們指導範圍的高端。產品增長 22%，總服務增長 32%。從地域來看，所有影院的增長均保持平衡，美洲增長 30%，歐洲、中東和非洲地區增長 28%，日本太平洋地區增長 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 增長 65% 至 16.1 億美元，這得益於該投資組合的均衡實力。正如我們在第二季度的收益中所指出的那樣，展望未來，我們將 NGS ARR 作為我們的核心指標之一，因為我們認為它表明了我們在增長投資中看到的回報，並幫助投資者在我們的內部跟踪該業務的增長組合收入。我們看到我們所有主要 NGS 產品與 Prisma Cloud、Prisma SASE 和 Cortex 的強勁兩位數增長，以及最近推出的 NGS 產品的貢獻不斷增長。我們對這種多元化的投資組合驅動的增長感到滿意。總體而言，這種表現以及我們的上市組織在銷售 NGS 能力方面的持續成熟，使我們有信心在第三季度再次提高 NGS ARR 的年度指導。

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，我們交付的總賬單為 18 億美元，增長 40%，也高於我們指導範圍的高端。第三季度的總遞延收入為 59 億美元，增長 34%。剩餘履約義務或 RPO 為 69 億美元，增長 40%，當前 RPO 佔總額的百分比與最近幾個季度相似。我們的團隊在第三季度再次表現出色，您可以看到這些領先收入的頂級指標的優勢。

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.

有幾個因素可以推動我們在本季度看到的實力。除了我們 NGS 業務的顯著優勢外，我們還看到了附加訂閱的優勢。我們已經看到客戶使用他們的預算對我們附加的訂閱做出增量承諾，因為他們預計防火牆升級和整體網絡安全容量增加。同樣，他們也看到了我們在過去 12 到 18 個月為市場帶來的新訂閱的價值。隨著客戶希望從我們一致的架構（包括訂閱功能）中受益，這使我們進一步確信對設備的持續需求以及我們基於軟件的 FWaaP 外形尺寸。

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，第三季度增長 22%，由於供應鏈挑戰，需求超出了我們的出貨能力。我們估計客戶每 4 到 7 年更新一次他們的產品，許多人現在正在評估我們的第 4 代硬件。我們處於這個更新周期的早期階段，只有一小部分人更新了他們的產品。正如我之前提到的，我們看到了客戶對我們的硬件平台做出承諾的跡象，這既是基於強勁的訂閱需求，也是我們安裝基礎更新活動的開始。

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.

我們的防火牆作為平台的賬單在去年第三季度加速增長的基礎上增長了 25%。我們繼續看到這種性能在我們的 FWaaP 外形尺寸中得到了很好的平衡。在我們的 FWaaP 產品中，我們的產品業務實力使我們的第三季度軟件組合保持在約 39%，與第二季度和去年同期一致。

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.

轉向我們結果的細節。產品收入為 3.52 億美元，增長 22%。訂閱收入為 6.4 億美元，增長 35%。 3.95 億美元的支持收入增長了 27%。訂閱和支持收入總計 10.4 億美元，增長 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.

非美國通用會計準則毛利率為 72.9%，下降 170 個基點。驅動因素仍然是與供應鏈相關的成本，因為我們產生了額外的組件和運輸費用。儘管我們的毛利率面臨壓力，非美國通用會計準則營業利潤率為 18.2%，同比增長 120 個基點。隨著我們提高整個業務的效率，我們能夠以較低的運營費用抵消較高的供應鏈成本。

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.

第三季度非 GAAP 淨收入增長 38% 至 1.93 億美元或每股攤薄收益 1.79 美元。我們的非公認會計原則有效稅率為 22%。 GAAP 淨虧損為 7300 萬美元，即每股基本股和稀釋股 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%.

現在轉向資產負債表和現金流量表。我們在 4 月份結束時擁有 46 億美元的現金等價物和投資。產品和相關訂閱出貨量向第 3 個月轉移，導致未結銷售天數為 71 天。運營現金流為 3.9 億美元。我們產生了 3.51 億美元的調整後自由現金流，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.

關於資本配置優先事項，我們在第三季度沒有回購股票。然而，如前所述，我們確實預計股票回購將成為現金流的主要用途。我們目前有大約 4.5 億美元的授權用於未來的股票回購。目前的授權將於 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，我們在第三季度沒有完成任何收購。管理基於股票的薪酬仍然是管理重點。本季度，我們將 SBC 佔收入的百分比同比降低了約 4 個百分點，環比降低了 2 個百分點。我們將繼續在這一過程中應用紀律，同時平衡網絡安全人才的減少與市場動態。我們持續成功的關鍵是保持平衡的收入和利潤增長，同時繼續獲取和留住頂尖人才。

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，轉到指導和建模點。正如 Nikesh 強調的那樣，我們繼續看到我們產品組合中客戶的需求非常平衡。這包括對我們設備外形尺寸的需求超出了我們在短期內實現的能力以及加強我們的下一代安全產品組合。我們的第四季度指導考慮到了強勁的需求情況、我們目前掌握的關於供應鏈的最佳信息和其他因素。回想一下，一年前在 '22 (sic) ['21] 財政年度的下半年，我們正在積極招聘。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擴張目標提供的評論。

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.

轉向我們對 2022 年第四季度的指導。我們預計賬單將在 23.2 億美元至 23.5 億美元之間，增長 24% 至 26%。我們預計收入將在 15.3 億美元至 15.5 億美元之間，增長 25% 至 27%。基於約 1.06 億股至 1.08 億股的加權平均攤薄數量，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。

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，我們預計賬單將在 71.06 億美元至 71.36 億美元之間，增長 30% 至 31%。我們預計收入將在 54.8 億美元至 55 億美元之間，增長約 29%。我們預計下一代安全 ARR 為 17.75 億美元至 18.25 億美元，與 21 財年第四季度的強勁表現相比增長 50% 至 55%。我們預計第四季度產品收入將繼續強勁，全年增長 20%。我們預計非美國通用會計準則營業利潤率為 18.5% 至 19%。根據約 1.06 億股至 1.07 億股的加權平均稀釋股數，我們預計非公認會計原則每股收益將在 7.43 美元至 7.46 美元之間。我們繼續預計今年調整後的自由現金流利潤率為 32% 至 33%。

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 規則是我們在 9 月 21 日分析師日中提出的願望。該規則結合了收入增長和調整後的自由現金流利潤率。根據我們的第四季度指導，我們很高興地預測，該組合將在 22 財年超過 60%，這超出了我們之前聲明的計劃。我們在 22 財年看到了強勁的增長。在收入的基礎上，我們今年的指導比我們開始時的中點高 3.6%，NGS ARR 的中點高 7.5%。除了這一頂線，我們還吸收了增加的供應鏈成本，並且很高興能夠繼續預測與年初相同的運營盈利範圍。

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，請考慮以下附加建模點。我們預計第四季度和 22 財年的非 GAAP 稅率將保持在 22%，具體取決於未來稅收立法的結果。對於 22 年第四季度，我們預計淨利息和其他費用為 100 萬至 200 萬美元。我們預計第四季度的資本支出為 3600 萬美元至 4100 萬美元，我們預計整個財年的資本支出為 1.9 億美元至 1.95 億美元，其中包括 22 年第二季度與我們的聖克拉拉總部相關的 3900 萬美元。

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.

退後一步，我們專注於平衡股東總回報的驅動因素。我們不僅認識到收入增長的重要性，因為我們專注於執行強勁的市場需求，而且還認識到盈利能力、現金轉換和我們的資本結構。平衡盈利能力是我們在分析師日做出的承諾，儘管與我們的供應鏈相關的成本增加，但我們已經能夠在 22 財年實現這一目標。我們將繼續在 50 至 100 個基點的經營利潤率擴張和 100 至 150 個基點的調整後現金流利潤率擴張承諾方面取得進展，並在 22 至 24 財年之後實現平衡，同時平衡收入增長機會。

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.

我們有望實現我們在 2021 年 9 月分析師日中概述的 24 財年目標，包括 100 億美元的賬單和 80 億美元的收入。我們相信，作為網絡安全機會增長和世界級執行力的代表，我們可以繼續為股東提供出色的回報。

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

有了這個，我會將電話轉回給 Clay 進行電話的問答部分。

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

偉大的。謝謝你，迪帕克。 （操作員說明）第一個問題將來自瑞士信貸的 Phil Winslow，隨後是 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?

恭喜又一個偉大的季度執行。現在，在一個很多數字真的跳出來的季度，超過 500 萬美元的交易增長了 73%，而且全球 2000 強中近一半的人已經購買了所有 3 個平台，這一事實真的讓我們眼前一亮。現在，如果您將這些數字放在上行的背景下，Strata 產品收入以及強大的 Prisma SASE 客戶數量，Nikesh，客戶告訴您他們為什麼選擇 Palo Alto Networks 的速度只是在加速與傳統的本地防火牆供應商相比，還是他們稱其為雲原生零信任競爭對手？是不是越來越了解投資組合的混合性質的價值，所有三者的價值等等？您如何看待這些競爭動態？

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

菲爾，我被指責說得太快了。伙計，你在這方面打敗了我。

That's why we get along.

這就是我們相處的原因。

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.

謝謝你的問題，菲爾。你說的都是這樣的。一段時間以來，我們一直在說網絡安全正在鞏固，像你這樣的人向我們展示的證據是，看，這從未發生過。而且我仍然提出以前從未發生過的原因，因為您沒有一家網絡安全公司可以向您展示其產品組合中的 20 種最佳產品。因為客戶並沒有暗示他們會購買你擁有的東西，因為它在你的平台上，所以他們仍然要求最好的品種。我們能夠向他們展示最好的品種。

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.

但不僅如此，我認為在過去的 3.5 年中，我們已經能夠證明我們的業績記錄，如果有重要的事情，我們將確保我們以一流的能力為您提供服務。所以我們看到了。這使我們能夠回到客戶那裡。可以想像，如果您只有 EDR 或 XDR 可供出售，而客戶剛剛購買了它，您就必須繼續前進。如果您只有 SASE，那麼如果客戶購買了 SASE，您就必須繼續前進。在我們的案例中，我們的銷售團隊有很多技巧。如果您不想要 SASE，那麼您已經進行了雲安全，讓我與您談談雲安全。如果您還沒有進行雲安全，您想談談購買更多防火牆或更換某人嗎？如果你沒有，你想讓我幫你自動化你的 SOC。

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，我們有能力證明我們可以幫助他們應對眾多網絡安全挑戰，並向他們展示我們並沒有試圖讓他們在我們的所有 3 個平台上做出非常大的承諾，他們可以走路和然後他們可以運行。他們實際上是從我們的一個平台開始的，讓我們展示我們的可信度和我們的安全能力，從而讓我們有機會競標他們擁有的下一個業務。我認為 100 萬美元的交易和 500 萬美元的交易只是一種看待它的方式，因為 100 萬美元的交易通常是單一平台交易。當你進入 5s 和 10s 時，你肯定會看到有更多的投資組合方法。所以看，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 和 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?

我會盡量說慢一點。也許只是在整合主題上，堅持這一點。一，從宏觀的角度來看，我想知道您是否聽到客戶對消費環境的看法有什麼不同？與此相關，鑑於 IT 預算面臨更廣泛的宏觀壓力，您是否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，這是一個很好的問題。看，有趣的是，如果你將我們今天所看到的與我們在 2.5 年前，2 年前大流行來襲時所看到的進行比較和對比，不管你信不信，受大流行影響的行業比現在受到影響的行業還多受通脹擔憂。石油行業並不強調 IT 預算。商品行業並不強調 IT 預算。 CPG 行業並不強調 IT 預算。科技行業並不擔心 IT 預算。所以這很有趣。如果你仔細想想，公司還沒有感受到這種影響。即使感覺到了，你也會在一些受限制的行業看到它，因為現在服務業正在蓬勃發展。工作崗位比需要雇用的人多。

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.

因此，我們沒有從通脹或經濟活動減少的角度看到壓力。我會告訴你，當大流行來襲時，我們收到了首席信息官的來信，說，聽著，我們的收入已經消失了。我們不確定它什麼時候會回來，以及它將如何回來。油價連續幾天處於 0 美元。所以在那個時候，他們都在你描述的那個場景中。

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。而且我不想過於樂觀，但事實上，我們作為一個行業能夠度過大流行時刻以在網絡安全方面保持公平，鑑於環境中正在發生的事情，我現在不太擔心因為我認為另一方面，正如我所說，您看到的安全意識和擔憂比我所見過的更多。在公開討論勒索軟件之前，我們不會聽到它的消息，但相信我，他們現在就在我們說話的時候。黏土？

Next is Fatima Boolani from Citigroup.

接下來是花旗集團的法蒂瑪·博拉尼。

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.

我有一個豆計數問題想問迪帕克。 Dipak，關於你的比林斯表現，只是為了稍微釋放一下實力。您能否將合同期限的任何變化聯繫起來，特別是協調您對本季度實現的巨額交易量的一些評論？還給我們一些關於帕洛阿爾托金融服務工具的味道，你兩年前推出的融資部門？第三，關於我們從 COVID 時代剝離的任何折扣？因此，為了獲得其中的一些動態，我們應該如何考慮真正超大的比林斯表現。

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.

那裡有幾個不同的問題，法蒂瑪。謝謝你的問題。所以總的來說，我想說，讓我開始吧，比林斯的增長非常普遍。我們的合同期限大致保持在 3 年左右。他們一直在那個時候。在任何一個給定的季度，它們都可能會發生一些變化，例如一個月或 2 個月，並不顯著。所以我們有可能得到一點，這是去年與今年的波動。但總的來說，它的基礎非常廣泛，我們並沒有看到很多與此相關的問題。

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，我認為我們已經實施了一段時間。我們的曝光率大致與以前相同。它沒有大規模增長。在這方面並沒有真正發生重大變化。所以我不認為這是一個像核對一樣的解包項目。這真的就像整體業務的實力。抱歉，請提醒我您問題的第三部分。

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 COVID 時代，我認為您在付款條件方面對客戶非常慷慨或靈活。因此，折扣可能會產生一兩點影響。所以我只是好奇那些在折扣方面是否已經完全從模型中剔除。

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，所以我們顯然非常非常密切地跟踪我們的折扣。在我們的折扣變化中，我們也沒有真正看到任何特別重要的東西。所以我想說，當你打開模型時，它真的很明顯是基礎廣泛的增長。

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

好的。高盛的布萊恩·埃塞克斯（Brian Essex）接下來是格雷·鮑威爾（Gray Powell）的下一個問題。

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?

偉大的。也祝賀我取得了一些不錯的成績。我也有一個豆計數問題。也許是為了迪帕克。你能幫助我們了解一下在等式的成本方面發生了什麼嗎？在這種環境下，在運營利潤率方面做得非常好。所以我想從毛利率的角度來看，價格上漲的影響，然後從運營支出的角度來看，你在哪裡獲得了更好的成本控制措施？它們的可持續性如何？

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.

所以讓我開始吧，成本壓力實際上都在供應鏈領域。我們確實採取了定價。我們在去年 9 月採用了 7.5% 的定價，後來在國際上也採用了這種定價方式。我們一直在監控這一點，並試圖捕捉我們將對未來通脹產生的影響。我們已經看到該定價相當不錯的實現，這很好。但顯然，供應鏈環境仍然不穩定。

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，當談到我們能夠專注於我們的運營費用以抵消這一點時，它真的只是一個激光焦點。沒有靈丹妙藥。這只是對執行的高度關注，確保我們正在關注每一美元，表現得像一個所有者，對旅行進行難以置信的嚴格審查，因為這是一個令人擔憂的問題，是否會以報復的方式回來。坦率地說，我們在那裡非常關注，著眼於在所有領域利用規模。我們在研發方面擁有良好的規模，在銷售、營銷方面擁有良好的規模，在 G&A 方面擁有良好的規模，但這實際上只是確保我們有目的地關注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?

知道了。其中很多是可持續的？我的意思是，在 T&E 中，我想它會相對靈活。但是，對於可持續成本措施，您要退回多少費用？

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.

我認為我們對可持續發展感到非常滿意，就像我們的指導中所反映的那樣。展望未來，我們只需要繼續以這種勤奮行事。

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

接下來是 BTIG 的 Gray Powell，其次是 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。並祝賀偉大的成果。所以，是的，產品方面的問題。 12 到 18 個月前，我們都認為產品收入應該在低個位數範圍內增長。它一直好得多，在過去幾個季度接近 20%。那麼我們應該如何看待未來產品收入增長的可持續性呢？然後，除了您今年早些時候提出的價格上漲之外，還有什麼可以幫助 '22 財年的產品收入增長，從而在 '23 財年創造更艱難的競爭嗎？

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，我們在上個季度說過。顯然，我們對產品的增長感到非常驚訝。 Lee 有一個非常有趣的解釋，解釋了為什麼隨著互聯網流量的增長人們需要更多的防火牆。我會讓他說話，否則，他不會來接聽這些電話。他告訴我。但在他這樣做之前，看，我們看到第 3 代、第 4 代評估導致人們經歷一個更新周期，該週期通常持續 12 到 18 個月，當時它處於全流程但尚未全流程。

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，市場份額發生了變化，但我們行業中的一些人無法維持長達 12 到 18 週的供應鏈並提供防火牆。我們看到了一些孤立的事件，客戶為我們的一些競爭對手起草了採購訂單並選擇了 Palo Alto Networks，因為我們有產品而其他人無法做到這一點，衡量這一點的最佳方法是通過市場份額增長。這些市場份額的增長將繼續存在。它們不會消失，因為您購買的產品使用壽命為 6 到 7 年，並且您基本上是在做出切換到 Palo Alto Networks 的技術決定。所以我認為市場份額增長、更新周期、銷量增加的結合。李，你想解釋一下嗎？

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。我認為遷移到雲的一種誤解是每個人都認為這將是硬件的消亡。但現實情況是，所有這些用戶現在都需要訪問在雲中運行的應用程序，而這些應用程序通常是更高帶寬類型的應用程序。這引發了升級防火牆基礎設施的需求，以確保更高帶寬的連接性。因此，這實際上是硬件銷售和硬件需求的積極趨勢，特別是當我們走出大流行病並且越來越多的公司正在回歸混合勞動力時，越來越多的員工也出現在辦公室.

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

我給你舉個例子。我們主要在雲中使用我們的能力，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，我們在總部有一對 1-gig 的互聯網鏈接。我們現在有一對 10 gig 的鏈接，只是為了給你一個數量級，我不認為這對公司來說是一個不尋常的情況。

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

因此，儘管我們遷移到雲端，但我們不得不升級總部的防火牆。

Makes a lot of sense.

很有意義。

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

巴克萊銀行的 Saket Kalia 的下一個問題是 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。偉大的。 Nikesh，也許適合你。再次回到比林斯，很高興看到加速。也許只是換個角度看。您已經談到了一些新的附加訂閱，其中一些可能具有更高的價值。當然，您也有 NGS 帳單。您能否談談其中的每一項在多大程度上推動了比林斯的加速，其中一些較新的附加訂閱核心防火牆以及 NGS 比林斯線。

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.

好吧，Saket，謝謝你的提問。您已經看到我們與您分享我們的 NGS 計費 ARR。所以它是相當透明的。你會看到，這個規模的數字繼續在 50%、60% 的範圍內增長，這顯然是我們的賬單的一個重要貢獻者。我們的產品佔 20% 也有助於產生賬單。我們已經強調了 Cortex 在這個數字中達到了 5 億美元的 ARR。很明顯，它在整個組合中達到了我們的里程碑。正如您正確指出的那樣，我們現在運行 10 個訂閱。當我 3 年前來的時候，我們曾經有 4 個。所以很明顯，你應該期望有一個重要的附加值正在發生，隨著我們繼續以我們目前的增長率銷售硬件，這種附加值將持續存在。因此，更高的硬件增長率推動了更多的訂閱和服務，而更高的附加值最終會大大提高我們的賬單。

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

接下來，我們有 KeyBanc 的 Michael Turits 和 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?

偉大的。所以我想，迪帕克，我會問你關於勞工和工資方面的問題。鑑於這方面的短缺，我們看到一些大公司，一些凍結了招聘，一些正在提高現有客戶的工資。那麼，A，你在僱傭盡可能多的人方面做得如何？然後 B，為了在熟練勞動力周圍不斷增加的工資環境中維持成本，您到底在做什麼？

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.

所以邁克爾，我們在這個市場上沒有像我們預期的那樣僱傭那麼多人。如您所見，目前這是一個非常緊張的勞動力市場。話雖如此，我個人的看法是勞動力市場將在未來 6 到 12 個月內變得更加容易。有趣的是，正如你所看到的，我們看到招聘凍結是軼事。如果你想想 6 個月前，我們正在為初創企業流失人才。我們正在向股價上漲的競爭對手流失人才。市場合理化導致人們盤點，然後說，等等，我真的要去做這件事嗎？

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.

我已經看到有傳聞稱初創企業開始停止招聘，因為他們試圖保留現金，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，在我們看來，勞動力市場實際上會有所緩解。我們預計會有一定程度的工資上漲，這是因為我們在矽谷，而且我們生活在一些非常大的科技公司周圍，這些公司正試圖讓人們來那里工作。因此，我們在計劃中已經考慮到我們的工資一定程度的通貨膨脹，但我個人認為這不會超出圖表。

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，耐克什。李，在產品上打你，但格雷先打你，所以我想我會打迪帕克，但謝謝你的回答。

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.

我只想在整體上添加一條評論，就像工資是人們選擇公司時考慮的一個因素。我們最近有一個歡迎回家計劃。我想幾個季度前，我們實際上向你們展示了它的視頻。這是非常成功的。我們發現很多將要離開的人都意識到，公司的文化與他們離開時可能獲得的短期收益同樣重要。是的。好吧，最終比收益重要得多，然後草並不總是更綠。我們在將他們帶回來方面取得了非凡的成功，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，其次是安迪諾溫斯基。

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?

祝賀本季度。回到宏觀對話。我想你注意到了歐洲、中東和非洲地區的一些大宗交易。只是好奇有關您在銷售週期中看到的任何評論，以及在威脅環境下您是否正在推動一些需求的任何感覺？

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。看，在每個季度，我們都會看到一些交易有時會與我們的銷售人員達成，因為他們試圖達到配額。有時客戶因為他們處於妥協的境地，他們試圖盡快將某些東西整理好。有時它與世界不同地區即將到期的預算有關。十二月成為那些時刻之一。八月變成了聯邦政府。所以我認為也許最好的答案是我們沒有看到圍繞該主題的任何異常活動。

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，我們看到民族國家的活動有所增加，特別是在靠近戰爭的地方。他們正試圖加強他們的防禦，並確保他們更好地了解他們作為一個國家的攻擊面，這是他們過去不必擔心的。他們應該擔心它，但他們沒有專注於它。但是現在，隨著人們試圖請願成為北約成員，他們必須確保他們的防禦能力很強，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，我們有來自富國銀行的 Andy Nowinski 和 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。祝賀一個偉大的季度。所以我有一個關於你的下一代 ARR 的問題。顯然，這是一個非常強勁的季度，您的淨新 ARR 也增長了約 32%。然而，您的指導表明，第四季度淨新 ARR 將下降約 7%。除了保守主義之外，我們還應該考慮哪些其他因素可能導致您的財年末淨新增 ARR 增長顯著減速？

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，我從鏡頭的另一邊看。鏡頭的另一面說，我們有一個很棒的季度。我們正在全面提高第四季度的指導。我們正在全面提高整個財年的指導，比我們在不久前的分析師日向市場承諾的要早，這似乎是一個精彩的故事，也是一個快樂的地方。

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

好的。接下來，我們有 Piper Sandler 的 Rob Owens 和 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?

偉大的。我想知道您是否可以深入了解您在準備好的腳本以及此處的問答中提到的一些供應鏈優勢。你在哪裡看到優勢？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.

我認為，Rob，這裡真正的機會是 Dipak 擁有一支專家團隊，他們花費大量時間試圖了解在訂購方面能夠提供防火牆的投入和投入。我認為這對我們來說已經解決了。我們已經能夠實現 20% 的增長，這基本上是出貨量，正如您在業內廣泛聽到的那樣，大多數硬件企業都在積壓。我們與大多數硬件企業沒有什麼不同。在這一年中，我們的積壓工作比開始時要多，或者根據我們可以在不同類別中運送的內容來回移動。

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.

因此，就他們需要出去尋找的東西而言，這些團隊已經有了某種行軍命令。我認為另一種思考方式是，從規模和範圍的角度來看，如果你正在做 300 多萬美元的產品，那麼其半導體成本可能是 6000 萬美元，7000 萬美元。因此，在一年內，我們將在價值數千億美元的行業中尋找價值 3 億美元的半導體。所以我開玩笑說，我們行業中的其他一些參與者需要整輛卡車。我只需要從卡車後面掉下來的盒子。所以我們在追逐卡車尋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.

因此，如果我可以添加喜歡，我唯一要添加的是，其中很多都歸結為人員以及人員的執行和紀律的質量。我認為，這真的就像，全面來說，我們投資組合幾乎每個部分的執行都是我們最自豪的，也是我們對未來指導最有信心的地方。

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

接下來，我們有 William Blair 的 Jonathan Ho 和 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?

Lee 的一個問題是確保他繼續接聽這些電話。我們應該如何看待 Prisma Cloud 的採用速度？您是否看到那裡出現了任何特定的驅動因素來推動這種加速需求？

Yes.

是的。

Thanks, Jonathan, for keeping him busy.

謝謝，喬納森，讓他忙得不可開交。

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.

欣賞它。謝謝你，喬納森。看，有一些明顯的驅動因素。雲消費量持續上升，您必須確保公司正在遷移到雲的工作負載的消費量。這可能是最明顯的一個。但它與對保護該雲環境實際所需的所有不同安全功能的認識密切相關。如果您回顧 3 或 4 年前，很多雲安全可能只是 1 或 2 個簡單的功能。而今天，整個企業都被雲計算所淘汰，並且對安全性的重要性以及如何做到這一點的理解。

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.

然後最終導致許多客戶的選擇。他們是否嘗試將來自不同供應商的一大堆不同的點產品拼湊在一起，並找到一種方法來集成它們並讓它們工作和操作它們，或者他們是否與 Prisma Cloud 一起使用，這作為一個平台在行業中是獨一無二的由可以保護其整個雲環境的同類最佳功能組成。

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.

這就是我們真正看到的地方，不僅推動了新客戶的採用，而且在他們採用這些新模塊時推動了我們現有安裝基礎的擴展。正如 Nikesh 在他準備好的評論中所說，雲代碼安全是我們推出的增長最快的新模塊。這只是展示了向客戶提供高價值新模塊的能力，以及他們可以輕鬆地將這些新功能應用到他們已經使用的平台中。

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，伙計們，堅持一個問題。接下來，RBC 的 Matt Hedberg 和 Ben Bollin 提出了問題。

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?

所以我有另一個給李。實際上，我們會讓李繼續走下去。 Lee，顯然，安全專家存在巨大的人才短缺。顯然，威脅形勢非常具有挑戰性。這是否使您的自動化、編排功能在今天變得更加重要？也許這如何在平台附加中體現出來，甚至超越 SOAR？

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。好問題，馬特。我實際上會顛倒你所說的。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性，這對於易於操作具有顯著優勢。所以這實際上是起點。然後，自動化成為一個層次，剩餘的手動工作流程開始循環，最重複的任務是什麼，我們如何將這些通過像 XSOAR 這樣的自動化工作流程引擎，並建立識別手動工作流程的肌肉，自動化，然後找到下一個手動工作流程並將其自動化。

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.

我將在我們自己的 IT 組織中舉一個例子。我們對此進行跟踪。實際上，我們每季度都會量化我們能夠自動化的小時數。對我們來說，一個典型的季度，我們將自動執行增量 30,000 小時的手動重複性任務。與其說是節省多少，不如說是能夠將注意力重新分配到人們需要完成的新的、高價值的任務上。

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

接下來是 Cleveland Research 的 Ben Bollin，緊隨其後的是 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，我希望你能量化你認為本季度留在桌面上的供應鏈的影響，以及你在指導中如何看待這一點？由於我們在過去幾個季度中看到的情況，您對圍繞供應鏈的戰略如何演變或變化有任何長期想法？

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.

好吧，你可以想像，團隊每個季度都與我們的供應商和合作夥伴一起努力工作，看看可能的藝術是什麼，不僅僅是本季度，而是接下來的 4 個季度甚至更長的時間，具體取決於交貨時間的項目。再一次，儘管如此，正如 Dipak 將其描述為一個流動的環境，即使在那個時間範圍內，事情也會繼續發展。因此，我們與合作夥伴制定了強有力的計劃。我們看庫存。我們了解庫存。請記住，整個行業已經從 JIT 變成了以防萬一，因為您可以擁有 3 個月的東西，因為在您必須去整合之前，所需的部分不會出現 3 個月。所以有一大堆東西被移動了。正如 Dipak 強調的那樣，有一個非凡的團隊專注於以我們可以提供數據的方式執行該任務。

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、積壓和我們一直承諾的內容而言，如果所有事情都按照我們可能每季度獲得的結果，我們有合理的視線。因此，我們的指導與我們對可用產品的最佳猜測是一致的，這就是為什麼我們一直告訴你們這不是需求問題。這是我們作為一個行業正在努力解決的供應挑戰。

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，事情正在走上正軌。就像在某個時間點一樣，這種情況必須減少。在那個時候，我們只是想確保我們不會被過多的供應所困，並且我們有合適的東西。因此，在預測、預測、了解產品路線圖、了解客戶的更新周期、了解哪些客戶更有可能訂購 Gen 3 或 Gen 4 方面有很多工作。所以很多計劃，很多數學就是進入這些東西，因為我的感覺是有一個很大的鐘擺轉變，很多人都在訂購很多東西。並且在某個時間點肯定會有更多的供應，我們只需要確保我們不會因供應過多而陷入困境。

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。我們的觀點是，我們不會進行太多的價格上漲，因為在高價供應大量供應的情況下，並不需要天才就能弄清楚後果是什麼。所以我們對價格上漲非常謹慎。我們讓他們保持適度。我們關注我們的折扣。而且我們確保我們不會訂購太多以至於我們會宿醉。我認為那樣工作，是嗎？好的。這對你有更好的幫助嗎？

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 Raymond James 的 Adam Tindle 和 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，您在準備好的評論中提到了近期的 GAAP 利潤。只是想挑戰這一點，但承認這是雙重談話，因為它是我論文的一部分。但是當我問自己時，為什麼現在是展示 GAAP 利潤和槓桿的時候了？另一方面，您會看到幾乎所有指標的勢頭。鑑於投資組合正在獲勝，你可以進一步踩油並進入市場。你在招聘方面取得了成功，但人力資本稀缺。而且你們的研發引擎已經開發出明顯表現出差異化的產品。 Dipak，如果您想對此添加任何評論，因為將來有一定程度的替代它來增加現金利潤率。那麼如何處理比更積極的內部投資策略具有更好投資回報率的增量現金呢？

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.

看，有點意思如果您看一下，我們過去一直與您分享我們引入現場部隊的產品數量。我們實際上已經要求 Lee 和他的優秀團隊在第四季度放慢產品推出速度，因為我想確保那裡的團隊專注於交付第四季度，這顯然是我們交付的較大季度之一。所以我認為我們在產品管道中不需要更多的燃料。我們需要確保產品管道能夠到達我們的很多客戶。

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，如您所見，隨著我們處理越來越大的交易規模，我們將繼續通過我們的上市能力提高效率。我們認為我們有，我想我在數，迪帕克可能說了 4 次，他在我的劇本中寫了兩次。所以他顯然是在傳遞信息。我們以正確的盈利願望管理增長。所以相信我，如果我覺得有機會並且我需要過度投資，我不會害羞。當我們以 35 億美元收購 15 家公司時，我們做到了這一點，當時正是建立產品組合的時候。因此，如果我們覺得我們把錢留在了桌面上，我們就會去收費。

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增長，我們將確保我們出去投資。但截至目前，我們認為我們的計劃中有足夠的資源符合我們的增長預期。我們的關鍵是隨著時間的推移維持這些增長預期，為我們的股東創造最大價值。你打算用這些免費現金做什麼？

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，我認為這是一個世界級的問題，但我想我只是要回應 Nikesh 所說的話。我認為一切都是平衡的，然後我們真的讓股東總回報和投資回報率決定了我們在我們承諾的範圍內做什麼。

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

好的。偉大的。 Jefferies 的 Brent Thill 今天的最後一個問題。

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，在 G4 更新周期中，您提到它還處於早期階段。有沒有一個百分比你會放在20%、30%？有沒有一個簡單的球場可以告訴我們你現在所處的位置？

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。這是一個很好的問題。這是一個很低的數字。請記住，第 4 代硬件的最大部分是在大約 3 個月前的 2 月底推出的。所以第一輪是去年六月，但更廣泛的平台實際上只是幾個月前。所以我們在這方面處於早期階段。我們已經看到非常好的早期採用和客戶的興趣。正如 Nikesh 所說，這些更新本質上是 12、18、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。偉大的。至此，我們將結束今天電話會議的問答部分。我現在將把它交還給 Nikesh 的結束語。

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.

聽著，我只想感謝我們的員工、合作夥伴和客戶，感謝你們讓我們成為他們的網絡安全合作夥伴，感謝我們的員工在世界各地的出色工作。我還要感謝您抽出寶貴時間。下個季度見。