Zscaler Inc (ZS) 2022 Q4 法說會逐字稿

And welcome to the Zscaler fourth quarter and fiscal year-end earnings conference call. (Operator Instructions) As a reminder, today's conference call is being recorded.

歡迎參加 Zscaler 第四季度和財年末收益電話會議。 （操作員說明）作為提醒，今天的電話會議正在錄音中。

I will now turn the conference over to your host, Mr. Bill Choi, Senior Vice President of Investor Relations and Strategic Finance. Sir, you may begin.

我現在將會議轉交給您的主持人，投資者關係和戰略財務高級副總裁 Bill Choi 先生。先生，您可以開始了。

Good afternoon, everyone, and welcome to the Zscaler Fiscal Fourth Quarter and Full Year 2022 Earnings Conference Call. On the call with me today are Jay Chaudhry, Chairman and CEO; and Remo Canessa, CFO.

大家下午好，歡迎參加 Zscaler 2022 財年第四季度和全年收益電話會議。今天與我通話的是董事長兼首席執行官 Jay Chaudhry；和首席財務官雷莫·卡內薩。

Please note that we have posted our earnings release and a supplemental financial schedule to our Investor Relations website. Unless otherwise noted, all numbers we talk about today will be on an adjusted non-GAAP basis. You will find a reconciliation of GAAP to the non-GAAP financial measures in our earnings release.

請注意，我們已在我們的投資者關係網站上發布了我們的收益發布和補充財務時間表。除非另有說明，否則我們今天討論的所有數字都將基於調整後的非公認會計原則。您將在我們的收益發布中找到 GAAP 與非 GAAP 財務指標的對賬。

I'd like to remind you that today's discussion will contain forward-looking statements, including, but not limited to, the company's anticipated future revenue, calculated billings, operating performance, gross margin, operating expenses, operating income, net income, free cash flow, dollar-based net retention rate, future hiring decisions, remaining performance obligations, income taxes, earnings per share, our objectives and outlook, our customer response to our products and our market share and market opportunity.

我想提醒您，今天的討論將包含前瞻性陳述，包括但不限於公司預期的未來收入、計算的賬單、經營業績、毛利率、經營費用、經營收入、淨收入、自由現金流量、基於美元的淨保留率、未來的招聘決定、剩餘的履約義務、所得稅、每股收益、我們的目標和前景、客戶對我們產品的反應以及我們的市場份額和市場機會。

These statements and other comments are not guarantees of future performance but rather are subject to risks and uncertainties, some of which are beyond our control. These forward-looking statements apply as of today, and you should not rely on them as representing our views in the future. We undertake no obligation to update these statements after this call. For a more complete discussion of the risks and uncertainties, please see our filings with the SEC as well as in today's earnings release.

這些陳述和其他評論不是對未來業績的保證，而是受到風險和不確定性的影響，其中一些是我們無法控制的。這些前瞻性陳述自今天起適用，您不應依賴它們來代表我們未來的觀點。我們不承擔在本次電話會議後更新這些聲明的義務。有關風險和不確定性的更完整討論，請參閱我們向美國證券交易委員會提交的文件以及今天的收益報告。

I would also like to inform you that we'll be attending the following upcoming events in September: Goldman Sachs Communacopia and Technology Conference on September 13; Mizuho Software Summit on September 28.

我還想通知您，我們將參加 9 月即將舉行的以下活動： 9 月 13 日的高盛 Communacopia 和技術會議；瑞穗軟件峰會 9 月 28 日。

Now I'll turn the call over to Jay.

現在我將把電話轉給傑伊。

Thank you, Bill. I'm very pleased to share our strong Q4 results to end another outstanding year. In the quarter, we delivered 61% revenue growth and 57% billings growth as customers continue to embrace our Zero Trust Exchange platform to secure their digital transformation. We are delivering the strong growth while generating strong profitability. Our free cash flow margin was 24%, which was a record for Q4. While many public SaaS companies are happy to get to Rule of 40, we surpassed the Rule of 80 for the quarter and for the full year.

謝謝你，比爾。我很高興與大家分享我們強勁的第四季度業績，以結束又一個出色的一年。在本季度，隨著客戶繼續採用我們的零信任交換平台來確保他們的數字化轉型，我們實現了 61% 的收入增長和 57% 的賬單增長。我們正在實現強勁的增長，同時產生強勁的盈利能力。我們的自由現金流利潤率為 24%，這是第四季度的記錄。雖然許多上市 SaaS 公司很高興達到 40 條規則，但我們在本季度和全年都超過了 80 條規則。

These outstanding results reflect the strong underlying unit economics of our business that has high 90% gross retention rate and over 80% gross margins. This is possible because of our differentiated service and purpose-built multi-tenant cloud platform that scales efficiently.

這些出色的業績反映了我們業務強勁的基本單位經濟性，該業務具有高達 90% 的毛保留率和超過 80% 的毛利率。這是可能的，因為我們的差異化服務和專門構建的多租戶雲平台可有效擴展。

For the full year, our revenue grew 62% to $1.1 billion, and billings grew 59% to $1.5 billion. We're seeing revenue growth across all products, industry verticals, market segments and geographies. Our platform is securing over 34 million users for over 6,700 customers, and we are making great progress towards our goal of protecting 200 million users.

全年，我們的收入增長 62% 至 11 億美元，賬單增長 59% 至 15 億美元。我們看到所有產品、垂直行業、細分市場和地區的收入都在增長。我們的平台正在為 6,700 多個客戶保護超過 3400 萬用戶，我們正在朝著保護 2 億用戶的目標邁進。

To reach our goal, we will continue to invest aggressively in growing our business and driving innovation while focusing on operational efficiencies to drive the bottom line. Let me share with you some of my observations and how we plan to manage through the uncertain macro environment in fiscal '23.

為了實現我們的目標，我們將繼續大力投資於發展我們的業務和推動創新，同時專注於提高運營效率以推動盈利。讓我與您分享一些我的觀察，以及我們計劃如何在 23 財年不確定的宏觀環境中進行管理。

First, my conversations with hundreds of IT executives confirm that cybersecurity remains the #1 IT priority and a top Board-level issue. Independent CIO surveys confirm zero trust security and SASE will continue to be a top priority. Zscaler's proxy-based cloud platform is the best solution for tackling sophisticated cybersecurity challenges.

首先，我與數百名 IT 高管的對話證實，網絡安全仍然是 IT 的第一要務，也是董事會層面的首要問題。獨立的 CIO 調查確認零信任安全，SASE 將繼續成為重中之重。 Zscaler 基於代理的雲平台是應對複雜網絡安全挑戰的最佳解決方案。

In addition, the rise of hybrid work and the need for secure digital transformation are driving the demand for Zscaler. We believe periods of macro uncertainty can accelerate adoption of disruptive technologies like ours, which offer better security and user experience while substantially reducing cost and IT complexity. As the pioneer and recognized leader in security service edge, we are well positioned to capture this ongoing market shift towards zero trust.

此外，混合工作的興起和對安全數字化轉型的需求正在推動對 Zscaler 的需求。我們認為，宏觀不確定時期可以加速採用像我們這樣的顛覆性技術，這些技術提供更好的安全性和用戶體驗，同時大幅降低成本和 IT 複雜性。作為安全服務邊緣領域的先驅和公認的領導者，我們有能力抓住這一持續的市場向零信任的轉變。

Second, we address a $72 billion market with significant new customer and upsell opportunities. Our superior architecture and proven experience delivering measurable outcomes at the CXO level elevate us above the competitive noise. We drove 62% year-over-year growth in customers with greater than $1 million in ARR, ending with over 320 of these customers, including over 20 customers exceeding $5 million in ARR.

其次，我們為 720 億美元的市場提供重要的新客戶和追加銷售機會。我們卓越的架構和在 CXO 級別提供可衡量成果的成熟經驗使我們超越了競爭噪音。我們推動 ARR 超過 100 萬美元的客戶同比增長 62%，最終有超過 320 家客戶，其中包括超過 20 家 ARR 超過 500 萬美元的客戶。

We have a blueprint for delivering great value, which drives strong upsell for us. Approximately 60% of our new business comes from existing customers. And our net retention rate has again exceeded 125% NOV for 7 consecutive quarters. Happy customers buy more. And our Net Promoter Score continues to exceed 70, which is more than 2x the average NPS for SaaS companies.

我們有一個提供巨大價值的藍圖，這推動了我們的強勁追加銷售。我們大約 60% 的新業務來自現有客戶。我們的淨留存率在 11 月再次連續 7 個季度超過 125%。滿意的客戶購買更多。我們的淨推薦值繼續超過 70，是 SaaS 公司平均 NPS 的 2 倍多。

In addition, we expect our deep and wide platform, together with our enviable customer base of large enterprises, to continue to drive upsells, as we have indicated before. We have a 6x upsell opportunity with our existing customers just for our core ZIA and ZPA product pillars.

此外，正如我們之前所指出的，我們預計我們的深度和廣泛的平台，連同我們令人羨慕的大型企業客戶群，將繼續推動追加銷售。對於我們的核心 ZIA 和 ZPA 產品支柱，我們與現有客戶有 6 倍的追加銷售機會。

Lastly, our consultative sales process plays a major role in our success and enables us to maintain a high level of engagement with our customers, especially at the C level. As part of this process, we produce CFO-ready business cases with ROI and payback periods calculated in collaboration with our customers.

最後，我們的諮詢式銷售流程在我們的成功中發揮著重要作用，使我們能夠與客戶保持高水平的互動，尤其是在 C 級。作為此流程的一部分，我們與客戶合作計算出具有投資回報率和投資回收期的 CFO 就緒業務案例。

In Q4, as we saw more deals getting scrutinized, we delivered more of these business value assessments, which helped us close many large multiyear, multiproduct pillar deals. We believe our adaptive sales process makes us resilient to changing business environment and will continue to drive our business.

在第四季度，隨著我們看到更多交易受到審查，我們提供了更多此類商業價值評估，這幫助我們完成了許多大型多年、多產品支柱交易。我們相信，我們的適應性銷售流程使我們能夠適應不斷變化的商業環境，並將繼續推動我們的業務。

Looking forward, I'm excited about fiscal '23 as we continue to win opportunities with new and existing customers. Increasingly, customers are buying ZIA, ZPA and ZDX together to deliver a complete zero trust solution for users. This accelerates our customers' transformation journey and makes us a critical partner for them.

展望未來，我對 23 財年感到興奮，因為我們將繼續贏得新客戶和現有客戶的機會。越來越多的客戶同時購買 ZIA、ZPA 和 ZDX，以為用戶提供完整的零信任解決方案。這加速了我們客戶的轉型之旅，並使我們成為他們的重要合作夥伴。

Let me discuss 2 such deals in Q4. In a new logo win, a Fortune 50 pharmaceutical company purchased ZIA, ZPA and ZDX for all 145,000 employees. This deal started with a regional need to improve security without compromising user experience in China. With multiple data centers in China covering various regions with premium connectivity options, Zscaler has superior zero trust access for multinationals out of China.

讓我在第四季度討論兩筆這樣的交易。在新的徽標中，一家財富 50 強製藥公司為所有 145,000 名員工購買了 ZIA、ZPA 和 ZDX。這筆交易始於該地區需要在不影響中國用戶體驗的情況下提高安全性。 Zscaler 在中國擁有多個數據中心，覆蓋各個地區並提供優質的連接選項，為中國以外的跨國公司提供卓越的零信任訪問。

Next, this customer engaged us for global M&A IT integration and hybrid work use cases. Impressed with these results, they accelerated their company-wide zero trust adoption with us. It disqualified an incumbent next-gen final vendor who had no referenceable customer at the required scale for its SASE cloud VPN product. This customer understands that a VPN, either as an appliance all hosted in the cloud under any name, is not zero trust and is the biggest security risk. This customer also purchased Zscaler for Workloads for 10,000 workloads to enable multi-cloud app to have connectivity to support their M&A strategy. This was the 3-year, 8-figure deal for all 4 pillars of our platform: ZIA, ZPA, ZDX and Zscaler for Workloads or what we used to call Cloud Protection. We closed this deal with AWS Marketplace, which is becoming a larger channel for us.

接下來，該客戶聘請我們進行全球併購 IT 集成和混合工作用例。他們對這些結果印象深刻，與我們一起加快了全公司零信任的採用。它取消了現有的下一代最終供應商的資格，該供應商沒有其 SASE 雲 VPN 產品所需規模的可參考客戶。該客戶了解，VPN，無論是作為以任何名稱託管在雲中的設備，都不是零信任，而是最大的安全風險。該客戶還為 10,000 個工作負載購買了 Zscaler for Workloads，以使多雲應用程序能夠連接以支持其併購戰略。這是我們平台所有 4 個支柱的 3 年 8 位數交易：ZIA、ZPA、ZDX 和 Zscaler for Workloads 或我們過去稱為雲保護的東西。我們與 AWS Marketplace 完成了這筆交易，這對我們來說正在成為一個更大的渠道。

Next, one of our largest deals in the quarter came from a delighted Fortune 500 tech customer who deployed the entire Zscaler for users offering, including ZIA, ZPA and ZDX. This provided fast and direct access for users working from any payer to applications in the data center or in the cloud. With dramatic improvements in user experience, employees are buzzing about the change. One employee Slacked, and I quote, "Every morning, I log into my machine, I'm thankful for Zscaler." This customer doubled their seats to 120,000 users and extended the commitment for another 3 years.

接下來，我們本季度最大的一筆交易來自一位高興的財富 500 強技術客戶，他為用戶提供了整個 Zscaler，包括 ZIA、ZPA 和 ZDX。這為從任何付款人工作的用戶提供了對數據中心或云中的應用程序的快速和直接訪問。隨著用戶體驗的顯著改善，員工們對這種變化議論紛紛。一位員工 Slack，我引用，“每天早上，我登錄我的機器，我感謝 Zscaler。”該客戶將其席位翻了一番，達到 120,000 個用戶，並將承諾再延長 3 年。

The journey with us started with a small M&A IT integration use case, which quickly expanded into a company-wide zero trust initiative. In less than 2 years, this customer's annual spend with Zscaler grew 13x to well over $10 million.

我們的旅程從一個小型併購 IT 集成用例開始，該用例迅速擴展到公司範圍內的零信任計劃。在不到 2 年的時間裡，該客戶在 Zscaler 上的年度支出增長了 13 倍，達到超過 1000 萬美元。

Next, from a product perspective, we saw strong performance across all pillars of our platform. Our core pillars, ZIA and ZPA, have never been stronger. And we are excited about the rapid adoption of our emerging products: ZDX to manage digital user experience and Zscaler for Workloads to secure servers and workloads. Emerging products contributed 14% of our new business in fiscal '22, and we expect continued growth in fiscal '23.

接下來，從產品的角度來看，我們看到了我們平台所有支柱的強勁表現。我們的核心支柱 ZIA 和 ZPA 從未如此強大。我們對新興產品的快速採用感到興奮：用於管理數字用戶體驗的 ZDX 和用於保護服務器和工作負載的 Zscaler for Workloads。新興產品在 22 財年貢獻了我們新業務的 14%，我們預計 23 財年將繼續增長。

We continue to innovate rapidly and expand our platform. At our Zenith Live Conference in June, we launched Posture Control for public clouds as a fully integrated solution that correlates vulnerabilities and risks across CSPM, CIEM and infrastructure as code scanning. In addition, we integrated our recently acquired deception technology into our platform and saw great adoption by our customers. This is an example of a highly targeted early-stage acquisition strategy, shortening our time to market for new innovations and expanding our market opportunity.

我們繼續快速創新並擴展我們的平台。在 6 月的 Zenith 現場會議上，我們推出了針對公共雲的姿態控制，作為一種完全集成的解決方案，將 CSPM、CIEM 和基礎設施中的漏洞和風險關聯爲代碼掃描。此外，我們將最近獲得的欺騙技術集成到我們的平台中，並得到客戶的廣泛採用。這是一個高度針對性的早期收購戰略的例子，它縮短了我們的新創新產品上市時間並擴大了我們的市場機會。

Let me highlight 3 deals that are driven by our emerging products. We won a 7-figure ACV with a government agency in Australia for ZIA, ZPA and ZDX, where ZDX accounted for approximately $1 million of the total ACV value. ZDX pinpoints and resolves performance issues in real time by monitoring experience of every user, every network hub and every application, regardless of their location. The customer said ZDX is a must-have as it delivered immediate value by reducing troubleshooting time and improving employee productivity.

讓我重點介紹由我們的新興產品推動的 3 項交易。我們為 ZIA、ZPA 和 ZDX 贏得了澳大利亞政府機構的 7 位數 ACV，其中 ZDX 佔 ACV 總價值約 100 萬美元。 ZDX 通過監控每個用戶、每個網絡集線器和每個應用程序的體驗來實時查明並解決性能問題，無論其位於何處。該客戶表示，ZDX 是必不可少的，因為它通過減少故障排除時間和提高員工工作效率來提供即時價值。

In a 7-figure ACV upsell win, a Fortune 50 insurance company purchased ZPA transformation bundle for zero trust access to implement user-to-app segmentation. This customer understands that if a user connects to the network with an on-prem or cloud VPN, that's not zero trust. With this latest purchase, they plan to replace the legacy network security, including VPN, Network Access Control or NAC, network-based segmentation and VDI infrastructure. They purchased Zscaler Deception to detect and intercept bad actors trying to infiltrate the network.

在 7 位數的 ACV 追加銷售中，一家財富 50 強保險公司購買了 ZPA 轉換包以實現零信任訪問，以實現用戶到應用程序的細分。該客戶了解，如果用戶使用本地或云 VPN 連接到網絡，這不是零信任。通過此次最新購買，他們計劃取代傳統的網絡安全，包括 VPN、網絡訪問控製或 NAC、基於網絡的分段和 VDI 基礎設施。他們購買了 Zscaler Deception 來檢測和攔截試圖滲透網絡的不良行為者。

Finally, a Global 500 financial services customer in APJ purchased Zscaler for Workloads for 36,000 workloads to complement the ZIA and CPS service for users. With many apps running in AWS and Azure, they wanted to implement a zero trust architecture to prevent lateral threat movement and eliminate backhauling workload traffic through the data center for inspection. We reduced cost and complexity by eliminating the need for virtual firewalls and site-to-site VPN networks while improving security and operational efficiency.

最後，APJ 的一家全球 500 強金融服務客戶為 36,000 個工作負載購買了 Zscaler for Workloads，以補充為用戶提供的 ZIA 和 CPS 服務。由於許多應用程序在 AWS 和 Azure 中運行，他們希望實施零信任架構，以防止橫向威脅移動並消除通過數據中心進行檢查的回程工作負載流量。通過消除對虛擬防火牆和站點到站點 VPN 網絡的需求，我們降低了成本和復雜性，同時提高了安全性和運營效率。

Next, let me discuss the progress we're making in federal vertical. We now have FedRAMP high authorization for ZIA, which, together with CPA, makes us the only cloud security service to have 2 products at the highest level of FedRAMP certification. In addition, ZPA is the only zero trust solution with DoD IL-5 certification. These certifications are driving our federal business.

接下來，讓我討論一下我們在聯邦垂直領域取得的進展。我們現在擁有 ZIA 的 FedRAMP 高度授權，它與 CPA 一起，使我們成為唯一擁有 2 個產品在 FedRAMP 最高級別認證的雲安全服務。此外，ZPA 是唯一獲得 DoD IL-5 認證的零信任解決方案。這些認證正在推動我們的聯邦業務。

In Q4, we added over 25 new federal customers, and over half of them purchased ZIA and ZPA together. Now we have landed 10 of the 15 cabinet-level agencies as customers, with plenty of opportunities for upsell at these large organizations.

在第四季度，我們新增了超過 25 家聯邦客戶，其中超過一半的客戶同時購買了 ZIA 和 ZPA。現在，我們已經將 15 個內閣級機構中的 10 個作為客戶，在這些大型組織中擁有大量追加銷售的機會。

I want to highlight one federal deal that I am particularly excited about. We were awarded a 5-year $46 million contract by a large cabinet agency with over 100,000 users. The value of this contract will be granted over time based on deployment. Against this award, we received an initial low 7-figure ACV task order for ZIA and ZPA.

我想強調一項令我特別興奮的聯邦協議。一家擁有超過 100,000 名用戶的大型內閣機構授予我們一份為期 5 年 4600 萬美元的合同。該合同的價值將根據部署隨著時間的推移而授予。針對這個獎項，我們收到了 ZIA 和 ZPA 的初始低 7 位數 ACV 任務訂單。

Next, let me comment on the increased leverage we are driving with our channel programs. We saw over 50% year-over-year growth in channel-sourced deal registrations. Working closely with our cloud-centric world partners, we are building momentum down market in the enterprise and commercial segments, which is providing higher contribution to our new business. At RSA Conference, you heard a key partner often talk about the plan to grow with us and further invest in Zscaler certifications for their consultants. I'm also excited about the opportunities we can unlock together with the global SIs that are building large zero trust and SASE transformation practices.

接下來，讓我評論一下我們通過渠道計劃推動的槓桿率增加。我們看到渠道採購交易註冊量同比增長超過 50%。我們與以雲為中心的全球合作夥伴密切合作，在企業和商業領域建立了下行市場的勢頭，這為我們的新業務提供了更高的貢獻。在 RSA 會議上，您聽到一位重要合作夥伴經常談論與我們一起發展並進一步投資於其顧問的 Zscaler 認證的計劃。我也對我們可以與正在建立大型零信任和 SASE 轉型實踐的全球 SI 一起釋放的機會感到興奮。

Moving to cloud marketplaces. This channel is growing very well for us. We have made strategic investments in our collaboration with AWS and Azure, including deep technology integrations, core selling opportunities and demand generation programs. In Q4, our new business through cloud marketplaces grew nearly 5x year-over-year. For example, we signed 5 greater than $1 million deals through the AWS Marketplace, including 2 of our top 5 new and upsell deals of the quarter. Our strengthening Azure and AWS partnerships also give us access to their customers' sizable cloud budgets, which can streamline the deal close process.

遷移到雲市場。這個渠道對我們來說發展得很好。我們對與 AWS 和 Azure 的合作進行了戰略投資，包括深度技術集成、核心銷售機會和需求生成計劃。在第四季度，我們通過雲市場開展的新業務同比增長近 5 倍。例如，我們通過 AWS Marketplace 簽署了 5 筆價值超過 100 萬美元的交易，其中包括本季度前 5 名新交易和追加銷售交易中的 2 筆。我們不斷加強的 Azure 和 AWS 合作夥伴關係也讓我們能夠訪問他們客戶的大量雲預算，這可以簡化交易完成流程。

I want to highlight another important area for our customers, their ESG goals. Our highly efficient cloud eliminates the need for on-prem appliances, which significantly decreases IT base, energy users and carbon emissions. We are also committed to our own ESG goals. Since achieving 100% renewable energy last year, we are proud to be carbon-neutral for calendar '22, covering relevant Scope 1, 2 and 3 categories, including travel, customer use, public cloud use and procurement. I'm excited to announce our goal to be net zero by 2025, joining our customers in a collective effort to transition to a low-carbon economy.

我想強調我們客戶的另一個重要領域，即他們的 ESG 目標。我們的高效雲消除了對本地設備的需求，從而顯著減少了 IT 基礎、能源用戶和碳排放。我們也致力於實現我們自己的 ESG 目標。自去年實現 100% 可再生能源以來，我們很自豪能夠在 '22 日曆中實現碳中和，涵蓋相關的範圍 1、2 和 3 類別，包括旅行、客戶使用、公共雲使用和採購。我很高興地宣布我們的目標是到 2025 年實現淨零排放，與我們的客戶一起共同努力過渡到低碳經濟。

In closing, even with uncertain macro conditions, we continue to see favorable demand for our Zero Trust Exchange platform, which makes businesses more agile and competitive, simplifies IT, consolidates point products and reduces cost. We believe customers trust Zscaler more than any other provider for securing their cloud journey. We have grown our global team to approximately 5,000 employees who share a mission to secure the hyperconnected world of cloud and mobility.

最後，即使在不確定的宏觀條件下，我們仍然看到對我們的零信任交換平台的良好需求，這使企業更加靈活和有競爭力，簡化了 IT，整合了單點產品並降低了成本。我們相信客戶比任何其他提供商都更信任 Zscaler 來保護他們的雲之旅。我們的全球團隊已經發展到大約 5,000 名員工，他們的共同使命是保護超連接的雲和移動世界。

I'm extremely proud of the strong growth and profitability we delivered in 2022. I want to thank our employees and our partners for their tireless efforts and commitment to our customers' success. We will continue to invest aggressively to delight our customers and capture the large opportunity ahead of us while delivering operational excellence.

我為我們在 2022 年實現的強勁增長和盈利感到非常自豪。我要感謝我們的員工和合作夥伴為客戶的成功所做的不懈努力和承諾。我們將繼續積極投資，以取悅我們的客戶，並在提供卓越運營的同時抓住我們面前的巨大機遇。

Now I'd like to turn over the call to Remo for our financial results.

現在，我想將電話轉給 Remo，以了解我們的財務業績。

Thank you, Jay. We're pleased with the results for the fourth quarter and full year. Revenue for the quarter was $318 million, up 61% year-over-year and up 11% sequentially. ZPA product revenue was approximately 19% of total revenue, growing 8% year-over-year. From a geographic perspective, we had broad strength across our 3 major regions. Americas represented 52% of revenue, EMEA was 33% and APJ was 15%. APJ continues to be our fastest-growing region with revenue growth of 88% year-over-year.

謝謝你，傑。我們對第四季度和全年的結果感到滿意。本季度收入為 3.18 億美元，同比增長 61%，環比增長 11%。 ZPA 產品收入約佔總收入的 19%，同比增長 8%。從地理角度來看，我們在 3 個主要地區擁有廣泛的實力。美洲佔收入的 52%，EMEA 為 33%，APJ 為 15%。 APJ 繼續成為我們增長最快的地區，收入同比增長 88%。

For the full year, revenue was $1.09 billion, up 62% year-over-year. This is an acceleration from the 56% growth we delivered in fiscal 2021. Our total calculated billings in Q4 grew 57% year-over-year to $520 million, with billing duration comparable to a year ago and slightly above the midpoint of our normal 10 to 14 months range.

全年收入為 10.9 億美元，同比增長 62%。這比我們在 2021 財年實現的 56% 增長有所加速。我們在第四季度的總計算賬單同比增長 57% 至 5.2 億美元，賬單持續時間與一年前相當，略高於我們正常 10 年的中點到 14 個月的範圍。

We saw strong growth in our top 5 verticals: finance, manufacturing, health care, technology and services. Our remaining performance obligations, or RPO, grew 68% from 1 year ago to $2.607 billion. The current RPO is 49% of the total RPO. As a point of clarification, the total contract value of the 5-year $46 million award from a U.S. federal government agency that Jay mentioned is not included in our RPO. RPO for this contract will be recognized as the individual task orders are received, which are 12 months in term length, as is typical for our federal customers.

我們在前 5 個垂直領域看到了強勁的增長：金融、製造、醫療保健、技術和服務。我們剩餘的履約義務（RPO）比一年前增長了 68%，達到 26.07 億美元。當前的 RPO 是總 RPO 的 49%。作為澄清點，Jay 提到的美國聯邦政府機構授予的 5 年 4600 萬美元的合同總價值不包括在我們的 RPO 中。此合同的 RPO 將被確認為收到單個任務訂單，期限為 12 個月，這對於我們的聯邦客戶來說是典型的。

Moving on to our product pillars. For the full year, emerging products, which include ZDX and Zscaler for Workloads, or what we used to call Cloud Protection, met our targets and contributed 14% to our total new business. Including our new CNAPP and Deception offering and the Zscaler for Workloads pillar, we expect emerging products to contribute high-teens percentage of our total new business in fiscal 2023.

繼續我們的產品支柱。全年，包括 ZDX 和 Zscaler for Workloads 在內的新興產品，或者我們過去稱為雲保護的產品，都達到了我們的目標，並為我們的新業務總量貢獻了 14%。包括我們新的 CNAPP 和 Deception 產品以及 Zscaler for Workloads 支柱，我們預計新興產品將在 2023 財年為我們的新業務總額貢獻高達十幾歲的百分比。

ZPA was 27% of our total new business in fiscal 2022 and grew as a mix between the 2 core ZIA and ZPA pillars. We have a large opportunity in all our pillars, and we will continue to innovate and expand our portfolio to strengthen our leadership position in the zero trust security market. Our strong customer retention rate and our ability to upsell the broader platform have resulted in a high dollar-based net retention rate, which is again above 125% for the last 7 quarters. We have a strong base of large enterprise customers, which provides us with a significant opportunity to upsell our broader platform.

ZPA 占我們 2022 財年新業務總額的 27%，並作為 ZIA 和 ZPA 兩個核心支柱的混合體而增長。我們的所有支柱都有很大的機會，我們將繼續創新和擴大我們的產品組合，以加強我們在零信任安全市場的領導地位。我們強大的客戶保留率和我們追加銷售更廣泛平台的能力導致了以美元為基礎的高淨保留率，在過去 7 個季度再次超過 125%。我們擁有強大的大型企業客戶基礎，這為我們提供了一個重要的機會來追加銷售我們更廣泛的平台。

We had 327 customers paying us more than $1 million annually, up 62% from 202 in the prior year. The continued strength of this metric speaks to our large enterprise focus and strategic role we play in our customers' digital transformation initiatives. We added 198 customers in the quarter paying us more than $100,000 annually, and in the year had 2,089 such customers. Expanding our field engagement with small enterprises with 2,000 to 6,000 employees and the increased investments in our Summit Partner program are contributing to our overall customer growth.

我們有 327 位客戶每年向我們支付的費用超過 100 萬美元，比上一年的 202 位增長了 62%。該指標的持續優勢說明了我們對大型企業的關注以及我們在客戶的數字化轉型計劃中發揮的戰略作用。我們在本季度增加了 198 位客戶，每年向我們支付超過 100,000 美元，並且在這一年有 2,089 位此類客戶。擴大我們與擁有 2,000 至 6,000 名員工的小型企業的實地合作，以及增加對我們的峰會合作夥伴計劃的投資，都有助於我們的整體客戶增長。

Turning to the rest of our Q4 financial performance. Total gross margin of 81.6% was up nearly 1 percentage point quarter-over-quarter and year-over-year. Our total operating expenses increased 8% sequentially and 60% year-over-year to $221 million. Operating margin was 12% and free cash flow margin was 24%. We continue to expect data center CapEx to be around the high single-digit percent of revenue for the full year. We ended the quarter with over $1.73 billion in cash, cash equivalents and short-term investments.

轉向我們第四季度財務業績的其餘部分。總毛利率為 81.6%，環比和同比增長近 1 個百分點。我們的總運營費用環比增長 8%，同比增長 60%，達到 2.21 億美元。營業利潤率為 12%，自由現金流利潤率為 24%。我們繼續預計數據中心資本支出將佔全年收入的個位數百分比左右。我們在本季度末擁有超過 17.3 億美元的現金、現金等價物和短期投資。

Before providing our guidance, I would like to share a few thoughts about the framework for our business outlook and the current environment. Zscaler is operating from a position of strength. We are entering this fiscal year with a record pipeline and a large set of customer opportunities. We have confidence in the durability of our business model with very high contribution margins after the initial land and proven ability to retain and upsell to our enterprise customer base. With customers increasingly adopting the broader platform with long-term commitment, we plan to continue to invest in capturing our large market opportunity.

在提供我們的指導之前，我想分享一些關於我們的業務前景框架和當前環境的想法。 Zscaler 從實力的位置運作。我們正以創紀錄的管道和大量的客戶機會進入本財年。我們對我們的商業模式的持久性充滿信心，在初始土地後具有非常高的利潤率，並且有能力保留和追加銷售給我們的企業客戶群。隨著客戶越來越多地採用具有長期承諾的更廣泛的平台，我們計劃繼續投資以抓住我們巨大的市場機會。

As Jay mentioned, there was more deal scrutiny at the end of Q4, which resulted in business being more back-end loaded. We think it's prudent to expect this higher level of review and scrutiny by our customers to continue given the uncertain macroeconomic outlook. While demand for the Zscaler platform remains very strong, if the business environment changes, our business model allows us to adapt quickly and to deliver on our operating profit and margin goals. In fiscal '23, in our guidance, we intend to deliver operating margin expansion of approximately 150 basis points.

正如 Jay 所提到的，第四季度末有更多的交易審查，這導致業務的後端負載更多。鑑於不確定的宏觀經濟前景，我們認為謹慎的做法是期望我們的客戶繼續進行這種更高水平的審查和審查。雖然對 Zscaler 平台的需求仍然非常強勁，但如果業務環境發生變化，我們的業務模式使我們能夠快速適應並實現我們的運營利潤和利潤率目標。在 '23 財年，在我們的指導中，我們打算將營業利潤率擴大約 150 個基點。

Now moving on to guidance and modeling points. As a reminder, these numbers are all non-GAAP, which excludes stock-based compensation expenses and related payroll taxes and amortization of intangible assets. For the first quarter of fiscal 2023, we expect revenue in the range of $339 million to $341 million, reflecting a year-over-year growth of 47% to 48%. Gross margins of approximately 80%. I would like to remind investors that a number of our merchant products will initially have lower gross margins in our core products because we're more focused on time to market and growth rather than optimizing them for gross margins. Operating profit in the range of $37 million to $38 million, net other income of $5 million; income taxes of $2.5 million; earnings per share of approximately $0.26, assuming 155 million fully diluted shares.

現在轉到指導和建模點。提醒一下，這些數字都是非公認會計原則，不包括基於股票的薪酬費用和相關的工資稅和無形資產的攤銷。對於 2023 財年第一季度，我們預計收入在 3.39 億美元至 3.41 億美元之間，同比增長 47% 至 48%。毛利率約為80%。我想提醒投資者，我們的一些商業產品最初將在我們的核心產品中具有較低的毛利率，因為我們更關注上市時間和增長，而不是針對毛利率進行優化。營業利潤在 3700 萬美元至 3800 萬美元之間，其他淨收入為 500 萬美元； 250萬美元的所得稅；假設有 1.55 億股完全稀釋的股票，每股收益約為 0.26 美元。

Please note that starting in fiscal 2023, we adopted the new accounting standard, which requires the use of if converted method for calculating EPS. To account for our convertible notes, you will need to add back $360,000 in quarterly interest expense and include 7.63 million shares to the fully diluted share count.

請注意，從 2023 財年開始，我們採用了新的會計準則，要求使用如果轉換的方法來計算每股收益。為計算我們的可轉換票據，您需要將 360,000 美元的季度利息費用加回，並將 763 萬股納入完全攤薄後的股數中。

For the full year fiscal 2023, we expect revenue in the range of $1.49 billion to $1.5 billion or a year-over-year growth of approximately 37%, calculated billings in the range of $1.92 billion to $1.94 billion or year-over-year growth of 30% to 31%. While we don't normally guide to quarterly billings, I want to remind you that we will have a difficult year-over-year comparison in Q1. In the year ago quarter, we had a one-off deal and multiyear invoices that resulted in billings duration at the high end of our normal 10- to 14-month range.

對於 2023 財年全年，我們預計收入在 14.9 億美元至 15 億美元之間，或同比增長約 37%，計算的賬單在 19.2 億美元至 19.4 億美元之間或同比增長30% 到 31%。雖然我們通常不指導季度賬單，但我想提醒您，我們將在第一季度進行艱難的同比比較。去年同期，我們有一次性交易和多年發票，導致賬單持續時間處於我們正常 10 到 14 個月範圍的高端。

With that in mind, we expect Q1 '23 billings to grow [approximately] 30% year-over-year. We also expect our first half mix to be approximately 42% to 43% of our full year billings guide, which is higher than the first half mix in the last few years; operating profit in the range of $173 million to $176 million; income taxes of $14 million; earnings per share in the range of $1.16 to $1.18, assuming approximately 157 million fully diluted shares.

考慮到這一點，我們預計 23 年第一季度的賬單將同比增長 [大約] 30%。我們還預計我們的上半年組合將占我們全年賬單指南的 42% 至 43%，這高於過去幾年的上半年組合；營業利潤在 1.73 億美元至 1.76 億美元之間； 1400萬美元的所得稅；假設大約有 1.57 億股完全稀釋的股票，每股收益在 1.16 美元至 1.18 美元之間。

As noted earlier, to account for convertible notes in EPS, you will need to add back $1.44 million in annual interest expense and include 7.63 million shares to the fully diluted share count.

如前所述，要在每股收益中計算可轉換票據，您需要增加 144 萬美元的年度利息費用，並將 763 萬股納入完全攤薄後的股數。

Let me conclude with comments on our investment framework. We'll balance growth and profitability based on how our business is growing. If we continue to have higher growth, we'll prioritize investing in the business. As we have discussed, if we're growing revenue faster than 30%, you can expect less than 300 basis points of margin expansion in the year. We remain confident of reaching 20% to 22% operating margins in the long term.

最後讓我對我們的投資框架發表評論。我們將根據我們的業務增長方式平衡增長和盈利能力。如果我們繼續有更高的增長，我們將優先投資於業務。正如我們所討論的，如果我們的收入增長速度超過 30%，那麼您預計今年的利潤率增長將不到 300 個基點。從長遠來看，我們仍然有信心達到 20% 至 22% 的營業利潤率。

With a huge market opportunity and customers increasingly adopting the broader platform, we're committed to investing aggressively in our company while balancing this with our operating profit goals. However, if we see a deteriorating economic environment, we have the flexibility to place a higher priority on operating profitability.

隨著巨大的市場機會和客戶越來越多地採用更廣泛的平台，我們致力於積極投資於我們的公司，同時平衡我們的運營利潤目標。但是，如果我們看到經濟環境惡化，我們可以靈活地將經營盈利能力放在更高的優先級。

Operator, you may now open the call for questions.

接線員，您現在可以打開問題電話了。

(Operator Instructions) Our first question comes from Andrew Nowinski of Wells Fargo.

（操作員說明）我們的第一個問題來自 Wells Fargo 的 Andrew Nowinski。

A lot of interesting data points, I guess, but I'll start with the big Fed deal. It doesn't sound like it contributed maybe any revenue in Q4 given that it's not in RPO yet, but wanted to clarify that. And I'd imagine a deal that size was likely competitive. So just wondering if you could discuss which vendors you beat in that deal? And then finally, given the upcoming fiscal year end with the Fed, how does the remaining pipeline in the Fed look this quarter given the strong results you just put up?

我猜有很多有趣的數據點，但我將從美聯儲的大交易開始。鑑於它尚未進入 RPO，聽起來它在第四季度可能沒有貢獻任何收入，但想澄清這一點。而且我認為這樣規模的交易可能具有競爭力。所以只是想知道你是否可以討論你在那筆交易中擊敗了哪些供應商？最後，鑑於美聯儲即將到來的財政年度結束，鑑於您剛剛提出的強勁業績，本季度美聯儲的剩餘管道如何？

I'll take the first part, Andy. You're absolutely right. There's not much revenue in the quarter for that large deal. But your call-out also that it's not in the RPO is a great call-out also, which is what we've been talking about with RPO growth, it's better for Zscaler to look at billings growth because that entire $46 million or most -- almost all that $46 million is not in RPO. Now I'll turn it over to Jay.

我將參加第一部分，安迪。你是絕對正確的。對於這筆大筆交易，本季度的收入並不多。但是，您還指出它不在 RPO 中也是一個很好的呼籲，這就是我們一直在談論的 RPO 增長，Zscaler 最好關注賬單增長，因為整個 4600 萬美元或大部分 - - 幾乎所有 4600 萬美元都不在 RPO 中。現在我會把它交給傑伊。

Good. So regarding the deal, the nature and competitiveness, you can imagine that almost all federal deals need to go through a very competitive offer process. And all the obvious names you would expect were all competing, all legacy vendors, network security firewalls and the like. They all competed for it. But it was the architecture that won at the end of the day. We are excited about it. But as you know, some of these federal deals take time. We do have 10 of the 15 cabinet-level agencies as our customers, and there's a lot of opportunity for us in the federal market.

好的。所以關於交易、性質和競爭力，你可以想像幾乎所有的聯邦交易都需要經過一個非常有競爭力的報價流程。你所期望的所有明顯的名字都是競爭的，所有的傳統供應商，網絡安全防火牆等等。他們都為此而競爭。但最終獲勝的是架構。我們對此感到興奮。但如您所知，其中一些聯邦交易需要時間。我們確實有 15 個內閣級機構中的 10 個作為我們的客戶，在聯邦市場對我們來說有很多機會。

Our next question comes from Brad Zelnick of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brad Zelnick。

Congrats on a fantastic end and unbelievable execution against a tough environment, which leads to my question, Jay, I think it's well understood that security and connectivity are essential nondiscretionary budget items for customers. But 2 related questions. One, it would seem in tougher times, it's more difficult to land new logo customers. And I'm curious if that's true for Zscaler and how you mitigate that? And just related, is there any shift that you're seeing in terms of where the budget is coming from for customers to fund their network and IT transformation initiatives?

恭喜在艱難的環境中取得了出色的結局和令人難以置信的執行力，這引出了我的問題，傑伊，我認為安全性和連接性是客戶必不可少的非自由裁量預算項目，這一點已經很清楚了。但是2個相關問題。一，在更艱難的時期似乎更難吸引新的徽標客戶。我很好奇這對 Zscaler 是否屬實以及你如何減輕這種情況？與此相關的是，您是否看到客戶的預算來自何處以資助他們的網絡和 IT 轉型計劃？

Thanks, Brad. It is true that it takes more time and effort to land new logos, especially when your current customers are very happy and delighted. That's why our business is coming from all size, expansion and new logos. And what are we trying to do to get new logos in current market? I'll tell you one very exciting thing which is very unusual. A bit for new logos for us is when CXOs who frequently move from company A to company B. They often call us. I mean I can tell you I've personally seen probably well over 100 -- probably a few hundred tests the CXOs went, then called us. And once they do, the discussion -- the conversation goes a lot faster.

謝謝，布拉德。確實，登陸新徽標需要更多時間和精力，尤其是當您當前的客戶非常高興和高興時。這就是為什麼我們的業務來自各種規模、擴展和新標識。我們正在努力做些什麼來在當前市場上獲得新的標誌？我會告訴你一件非常不尋常的非常令人興奮的事情。對我們來說，新標識的一點是經常從 A 公司搬到 B 公司的 CXO。他們經常給我們打電話。我的意思是我可以告訴你，我個人看到的可能遠遠超過 100 次——可能是 CXO 進行了幾百次測試，然後打電話給我們。一旦他們這樣做了，討論——對話就會變得更快。

In addition, we are doing a lot of demand gen program. A lot of demand-gen programs are doing to help our channel partners and the like are largely focused on new logos because we want to do both new logos as well as upsell. Both are important for us.

另外，我們正在做很多需求生成計劃。許多需求生成計劃正在幫助我們的渠道合作夥伴等主要關注新徽標，因為我們既想做新徽標也想做追加銷售。兩者對我們都很重要。

Second part of your question is where the budget is coming from to fund. We -- yes, we are driving transformation, but the nature of our transformation has been changing. First of all, before COVID, network transformation used to be a big problem. COVID killed all of that discussion and said, Internet is the corporate network. So network transformation evangelists has gone away. It's mainstream that you should be able to go and work from [anywhere].

你問題的第二部分是預算來自哪裡來資助。我們——是的，我們正在推動轉型，但我們轉型的性質一直在變化。首先，在 COVID 之前，網絡轉型曾經是一個大問題。 COVID 扼殺了所有討論，並說，互聯網是企業網絡。所以網絡轉型的傳道者已經離開了。您應該能夠在 [任何地方] 去工作，這是主流。

Now where is the budget coming from? Number one thing CIOs and CFOs are asking now is, please help me eliminate a lot of point products. Help me save money. So cost reduction by elimination is a big thing, and especially a platform for wireline Zscaler, which can eliminate lots of products. We actually end up showing good ROI and in the process of getting a bigger budget sale. That's one part.

現在預算從哪裡來？首席信息官和首席財務官現在要問的第一件事是，請幫我消除很多重點產品。幫我省錢。所以通過淘汰來降低成本是一件大事，尤其是有線Zscaler的平台，可以淘汰很多產品。實際上，我們最終顯示出良好的投資回報率，並且正在獲得更大的預算銷售。那是一部分。

The second part is, I highlighted in my prepared remarks that marketplace vendors are helping us. Some of these large deals are actually coming out of our hyperscaler budgets because their revenues already commit for them. And it is true that customers are asking for better business value and quantification, and that's what we're doing with a very mature business value process. That's why you've seen us do very well in spite of increased scrutiny.

第二部分是，我在準備好的評論中強調了市場供應商正在幫助我們。其中一些大型交易實際上來自我們的超大規模預算，因為它們的收入已經為它們承諾。確實，客戶要求更好的商業價值和量化，這就是我們正在做的一個非常成熟的商業價值流程。這就是為什麼你看到我們在審查增加的情況下做得很好的原因。

Fantastic. And congrats again, guys.

極好的。再次恭喜，伙計們。

Thank you.

謝謝你。

Thank you.

謝謝你。

Our next question comes from Alex Henderson.

我們的下一個問題來自 Alex Henderson。

I think, back at your Zenith Live event, you talked about conditions such that, yes, there may be some stretching of duration. But that, in turn, is resulting in a higher adoption rate, mainly because you're able to help them lower cost and lower the amount of employees they need to run their operations as well eliminating the point products. So as the conditions have tightened further over the last 1.5 months, have you seen an increased win rate and some larger deal sizes as a result of that ability to help companies significantly diminish their staffing and cost requirements?

我想，在你的 Zenith Live 活動中，你談到了這樣的條件，是的，可能會有一些持續時間的延長。但這反過來又會導致更高的採用率，主要是因為您能夠幫助他們降低成本並減少他們運營運營所需的員工數量以及消除點產品。因此，隨著過去 1.5 個月條件進一步收緊，您是否看到由於能夠幫助公司顯著減少人員配備和成本要求而提高了贏率和一些更大的交易規模？

We have actually many, many customers who have publicly stated in our conferences that the number of resources needed to run or operate Zscaler service is much lower. Often, it's kind of configured as a fit of what it takes to run appliance companies, firewall companies and the like. So that's part of the operational cost that you talk about.

實際上，我們有很多很多客戶在我們的會議上公開表示，運行或操作 Zscaler 服務所需的資源數量要少得多。通常，它的配置適合運行設備公司、防火牆公司等。這就是你所說的運營成本的一部分。

There are 4 pieces of cost that customer looks at from reduction from Zscaler. Operational is obviously one part of it. Cost savings from elimination of point products is an important area. You won't believe so many security products are sitting at any large enterprises. And one CISO called it appliance fatigue.

客戶從 Zscaler 減少了 4 項成本。運營顯然是其中的一部分。通過消除單點產品節省成本是一個重要領域。您不會相信任何大型企業都擁有如此多的安全產品。一位 CISO 將其稱為設備疲勞。

Third area is improved business productivity, which is linked to user experience. It is interesting as users are working from everywhere accessing very critical information out in the cloud, users are very, how should I say it, intolerant of any slowness and -- slow experience.

第三個領域是提高業務生產力，這與用戶體驗有關。有趣的是，用戶從任何地方工作，訪問云中非常關鍵的信息，用戶非常，我該怎麼說，不能容忍任何緩慢和 - 緩慢的體驗。

And fourth thing is risk reduction. It's hard to quantify risk, but our customers are looking and saying, "What's the cost of breach? What's the cost of downtime and the like?" So we have always had a good business value assessment process. It has sharpened. And also when we work the C level and the C level becomes sponsor of the process, it helps us show them savings and it helps us get our deal done.

第四件事是降低風險。很難量化風險，但我們的客戶正在尋找並說：“違規成本是多少？停機等成本是多少？”所以我們一直有一個很好的商業價值評估流程。它已經銳化了。而且，當我們在 C 級別工作並且 C 級別成為流程的發起人時，它可以幫助我們向他們展示節省並幫助我們完成交易。

The question, just to be clear, was, has there been a change in that environment that is then amplified the benefit of those 4 factors?

需要明確的是，問題是，環境是否發生了變化，從而放大了這四個因素的好處？

Yes. Probably the direct answer would be it is more and more need to do a strong assessment, quantification and commitment to delivering those results. Absolutely, yes.

是的。可能直接的答案是越來越需要進行強有力的評估、量化和承諾以實現這些結果。絕對沒錯。

Our next question comes from Joel Fishbein of Truist.

我們的下一個問題來自 Truist 的 Joel Fishbein。

Congrats on the great execution. Remo, just 2 -- 1 question, 2 parts. Great outperformance on the gross margin side of the business. Want to understand what the drivers of leverage going forward will be? I know you gave us some -- a little bit of color on FY '23. And then also, $1.7 billion in cash, what do you -- what's the best use of cash at this point in the evolution?

祝賀偉大的執行。 Remo，只有 2 - 1 個問題，2 個部分。在業務的毛利率方面表現出色。想了解未來槓桿的驅動因素是什麼？我知道你在 23 財年給了我們一些 - 一點顏色。然後還有 17 億美元的現金，你是什麼——在發展的這個階段，現金的最佳用途是什麼？

I mean good questions. So the outperformance in gross margins in Q4, we did 81.6%. Basically, it's the efficiency that we've created with our software authorization and just overall lower cost, bandwidth cost, colo cost depreciation as well as the outperformance on the top line. Those are the primary reasons.

我的意思是好問題。因此，第四季度毛利率表現出色，我們達到了 81.6%。基本上，這是我們通過軟件授權創造的效率，以及整體更低的成本、帶寬成本、託管成本折舊以及頂線的出色表現。這些是主要原因。

Key thing to recognize with our gross margin, we have the ability to come out with applications faster by putting basically applications in public cloud. We will continue to do that. Again, from our perspective, we are going to deliver the best products as quickly as we can to our customers. And our gross margin, we expect in fiscal '23 and also the midterm is 80%. From a long-term perspective, we expect gross margins between 78% and 82%. So as long as we're within that bound, it just gives tremendous flexibility from a modeling perspective for Zscaler because we have such high gross margins with high growth to invest in the business.

我們的毛利率要認識到的關鍵是，我們有能力通過將應用程序基本上放在公共雲中來更快地推出應用程序。我們將繼續這樣做。同樣，從我們的角度來看，我們將盡快為客戶提供最好的產品。我們的毛利率，我們預計在 23 財年和中期為 80%。從長期來看，我們預計毛利率在 78% 至 82% 之間。因此，只要我們在這個範圍內，它就會從建模的角度為 Zscaler 提供巨大的靈活性，因為我們擁有如此高的毛利率和高增長來投資該業務。

From a perspective of the $1.7 billion in cash, really no plans for that. It will be used for strategic purposes. We clearly don't need it for working capital as our free cash flow last year was significant. And also from a free cash flow perspective in fiscal '23, I'd expect free cash flow margin to be 20% or above. So really just for strategic purposes with that cash.

從 17 億美元的現金來看，真的沒有計劃。它將用於戰略目的。我們顯然不需要它作為營運資金，因為我們去年的自由現金流量很大。而且從 23 財年的自由現金流角度來看，我預計自由現金流利潤率將達到 20% 或以上。所以真的只是為了用這筆現金進行戰略目的。

Our next question comes from John DiFucci of Guggenheim.

我們的下一個問題來自古根海姆的 John DiFucci。

My question is sort of a high-level question, and it goes back to Brad's a little bit. And it's on the macro environment, which no one really escapes. And it's good to hear you acknowledge it, even though you really don't see it in your financial results. Your new ACV per our calculations accelerated against a more difficult comp, and your guidance implies some confidence in the future, right? So -- but you kind of talked about how you think about the macro softness and why it's not affecting your business right now. But I think this is probably for Remo.

我的問題有點像一個高級別的問題，它可以追溯到 Brad 的一點。它是在宏觀環境中，沒有人真正逃脫。很高興聽到您承認這一點，即使您真的沒有在財務業績中看到它。根據我們的計算，您的新 ACV 加速了更困難的比賽，您的指導意味著對未來的一些信心，對嗎？所以 - 但你有點談到你如何看待宏觀柔軟度以及為什麼它現在不會影響你的業務。但我認為這可能是為了雷莫。

How did you think about it? Or how is it implied in your annual guidance, if at all? Like any -- the softness or whether it can get worse? Other than -- I mean you did mention businesses being more back-end loaded, and that was sort of assumed, but you've closed it anyway. It's just back-end loaded. Is there any other color you can give us on that?

你是怎麼想的？或者它在你的年度指導中是如何暗示的，如果有的話？像任何一樣 - 柔軟度或是否會變得更糟？除了 - 我的意思是您確實提到了更多後端負載的業務，這是假設的，但無論如何您已經關閉了它。它只是後端加載。有沒有其他顏色可以給我們？

No. I mean, I think it's a great question. I think it's one of the key questions, and thank you for asking it. We did see higher deal scrutiny in Q4. So that played into our guidance. And that higher deal scrutiny related mostly to large, multiyear, multi-product pillar-type deals. As you mentioned, John, not a significant impact on our business. And from our perspective, when we took a look at our guidance, many customers have not put their budgets in place for calendar '23. That will happen in a few months or a couple of quarters. So that does create a level of uncertainty in the second half of our fiscal '23.

不，我的意思是，我認為這是一個很好的問題。我認為這是關鍵問題之一，感謝您提出這個問題。我們確實在第四季度看到了更高的交易審查。所以這在我們的指導中發揮了作用。更嚴格的交易審查主要與大型、多年、多產品支柱型交易有關。正如你提到的，約翰，對我們的業務沒有重大影響。從我們的角度來看，當我們查看我們的指南時，許多客戶還沒有為 23 年日曆制定預算。這將在幾個月或幾個季度內發生。因此，這確實在我們 23 財年的下半年產生了一定程度的不確定性。

So we took a look at all those factors in consideration when we did our guidance, and that is the reason that we guided for a higher contribution in the first half of our billings, between 42% and 43%. And that compares to last year, which was 41.5%. So a lot of thought went into the guidance. We feel it's prudent. And also, again, we're recognizing that the second half of our fiscal year, there's -- we don't have as good a visibility. And that's why we have better visibility in the first half.

因此，我們在進行指導時考慮了所有這些因素，這就是我們指導在上半年賬單中做出更高貢獻的原因，在 42% 和 43% 之間。相比之下，去年為 41.5%。因此，在指導中進行了很多思考。我們認為這是謹慎的。而且，我們再次認識到，我們財政年度的下半年，有 - 我們沒有那麼好的能見度。這就是為什麼我們在上半年有更好的知名度。

And if I may add 2 things they've done to make sure we do a good job. One is we are working more closely with our customers to identify what needs to go, what needs to change from a savings point of view. We are a lot more focused on helping customers save money because CIO is asking us, "What can you do to save money? I have a lot of legacy debt products, please help." So our sales process is focused more on that than it used to be before. That's one point. And the second, we alluded to it, but the business value assessment needs to be much sharper now than it used to be.

如果我可以添加他們所做的兩件事，以確保我們做得很好。一是我們正在與客戶更密切地合作，從節省的角度確定需要做什麼，需要改變什麼。我們更專注於幫助客戶省錢，因為首席信息官問我們，“你能做些什麼來省錢？我有很多遺留的債務產品，請幫忙。”因此，我們的銷售流程比以前更加關注這一點。這是一點。第二個，我們提到過，但現在的商業價值評估需要比過去更加清晰。

Our next question comes from Roger Boyd of UBS.

我們的下一個問題來自瑞銀的羅傑博伊德。

Just to touch on the cloud marketplaces, it seems for a couple of quarters now, you've highlighted the momentum with AWS and Azure, but 5x growth really stuck up this quarter. Any sense for how big of a channel that is for Zscaler today and how big that could get given it seems like a win-win for customers, VARs and ISVs like yourself?

就雲市場而言，似乎有幾個季度以來，您已經強調了 AWS 和 Azure 的發展勢頭，但本季度確實實現了 5 倍的增長。對於今天的 Zscaler 有多大的渠道以及對於像您這樣的客戶、VAR 和 ISV 來說似乎是雙贏的渠道有多大意義？

Yes. I'll start, then I'll have Jay. It's still relatively early. It's still relatively a small part of our business. But the cloud marketplace is increasing, and we do see it as a very important and strategic basically channel for us. So with that, I'll turn it over to Jay.

是的。我會開始，然後我會請傑。現在還比較早。它仍然是我們業務的一小部分。但是雲市場正在增加，我們確實認為它對我們來說是一個非常重要且具有戰略意義的基本渠道。所以有了這個，我會把它交給傑伊。

Yes. It becomes a new channel of revenue for us. Over the -- let me put this way. Probably in the past 3 years, it has gone from nothing to pretty significant. That's why from a small base, the numbers are looking big. But those big providers are now working with us and co-selling to curate net new pipeline for us. That's good.

是的。它成為我們新的收入渠道。在 - 讓我這樣說。可能在過去的 3 年裡，它已經從無到有變得非常重要。這就是為什麼從一個小基數來看，這些數字看起來很大。但那些大型供應商現在正在與我們合作並共同銷售，為我們策劃全新的管道。那挺好的。

The other part that's helping us, it's kind of interesting, is some of these budgets are committed for hyperscalers on an annual basis. And our solutions qualify to become after those budgets. That becomes one more justification with a little bit easier budget approval becomes one more area for us. We are dedicating resources. We are making investment in this channel to become bigger.

對我們有所幫助的另一部分，有點意思是，其中一些預算每年都會用於超大規模企業。我們的解決方案符合這些預算。這成為另一個理由，預算批准更容易成為我們的另一個領域。我們正在投入資源。我們正在這個渠道上進行投資以做大。

Our next question comes from Mike Walkley of CGF.

我們的下一個問題來自 CGF 的 Mike Walkley。

Congratulations on the strong results. Jay, I just wanted to get your thoughts. Just given the economic uncertainty and increased deal scrutiny, given Zscaler's value proposition, why wouldn't this year be a year you even accelerate share gains in the market? Or alternatively, are you just seeing customers, given the uncertainty, just tighten budgets and sticking with what they currently have?

祝賀你取得了不錯的成績。傑，我只是想听聽你的想法。鑑於經濟不確定性和交易審查的增加，鑑於 Zscaler 的價值主張，為什麼今年不能成為加速市場份額增長的一年？或者，您是否只是看到客戶，考慮到不確定性，只是收緊預算並堅持他們目前擁有的東西？

I mean that's what I tell Remo. Come on, let's be more aggressive, more dollars. Remo, go ahead.

我的意思是這就是我告訴雷莫的。來吧，讓我們更積極一點，更多的錢。雷莫，繼續。

It's a great question. We'll have to wait and see. I mean you've got our guidance. When we give guidance, we would like to be prudent. However, when -- again, from my perspective, and you take a look at Zscaler, it was purpose-built for this world, the highest level of security, proxy-based, going down to SSL traffic. As Jay talked about, lower complexity. The number of security professionals in the world, there's a major need for it. And that's going to get worse. And then lower cost.

這是一個很好的問題。我們將不得不拭目以待。我的意思是你得到了我們的指導。當我們提供指導時，我們希望保持謹慎。然而，當——再次，從我的角度來看，你看看 Zscaler，它是為這個世界專門構建的，最高級別的安全性，基於代理，一直到 SSL 流量。正如 Jay 所說，降低複雜性。世界上安全專業人員的數量，對它有很大的需求。而且情況會變得更糟。然後降低成本。

Again, we like to do our guidance. We like to be prudent, and we'll see how things play through. But I don't see any other -- well, I shouldn't say -- we are well positioned. Let's just say that we're well positioned as a company.

同樣，我們喜歡做我們的指導。我們喜歡謹慎行事，我們會看看事情如何發展。但我沒有看到其他任何人——好吧，我不應該說——我們處於有利位置。假設我們作為一家公司處於有利地位。

Yes. That's what I would say. I mean certain hard times obviously require a lot extra effort to make things happen. I would say with all the great things that are positioning us well, I expect us to do far better than most of the vendors out there.

是的。這就是我要說的。我的意思是某些困難時期顯然需要付出很多額外的努力才能使事情發生。我想說的是，所有讓我們定位良好的偉大事物，我希望我們比那裡的大多數供應商做得更好。

Our next question comes from Hamza Fodderwala of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Hamza Fodderwala。

Jay, we've obviously had a lot of change over the last couple of years in terms of the nature of work and IT. But to me, it seems like security architectures still haven't fully caught up to that, and there's still a lot of technical debt. I'm curious, when Zscaler does come in and do some of these transformational deals, is there more pressure for CIOs and CISOs to want to replace existing solutions? And who do you -- who are you or what technologies are you seeing yourself replace more often these days as we are entering into a more hybrid world going forward?

Jay，在過去的幾年裡，我們顯然在工作性質和 IT 方面發生了很大變化。但對我來說，安全架構似乎還沒有完全趕上這一點，而且還有很多技術債務。我很好奇，當 Zscaler 確實進來並進行一些轉型交易時，CIO 和 CISO 是否有更大的壓力想要替換現有的解決方案？你是誰？隨著我們進入一個更加混合的世界，這些天來，你是誰或者你看到自己更頻繁地更換了哪些技術？

It's a very good question. So if you think about our big product portfolio with ZIA and ZPA, we are essentially replacing all branch kind of devices or any of the firewall boxes and the like out there. It's the first wave of the replacement out there.

這是一個很好的問題。因此，如果您考慮我們使用 ZIA 和 ZPA 的大型產品組合，我們實際上是在替換所有分支類型的設備或任何防火牆盒等。這是第一波替換。

Number two, with ZPA, they need to replace. Obviously, the VPN was a starting point. But think of the entire inbound DMZ that many customers have to deploy. That's the second point. So branch firewalls, branch proxies, all this stuff is #1. The cloud workload, with the announcement of the new solutions we have done with Zscaler for Workloads where zero trust is being brought to the cloud, and this is relatively new, more like in the past 8 or 9 months. We have now quite a few customers who have no firewalls in the cloud today. So typically, they buy a bunch of virtual firewalls in the cloud. We see, we like, we think our customers will be firewall-free in the cloud.

第二，對於 ZPA，他們需要更換。顯然，VPN 是一個起點。但想想許多客戶必須部署的整個入站 DMZ。這是第二點。所以分支防火牆，分支代理，所有這些都是#1。雲工作負載，隨著我們使用 Zscaler for Workloads 完成的新解決方案的發布，零信任被帶到雲中，這是相對較新的，更像是在過去 8 或 9 個月。我們現在有不少客戶在雲中沒有防火牆。因此，他們通常會在雲中購買一堆虛擬防火牆。我們看到，我們喜歡，我們認為我們的客戶將在雲中沒有防火牆。

The third part is data center. That's the slowest moving part. The data center, DMZ, all these boxes are very complicated. And we actually don't like to go and fight in that area because that area is kind of pretty clumsy and cluttered, and data centers are shrinking over time. I would rather put my focus on where the pack is headed rather than the pack is. So that's where we see a number of customers buying firewalls for data centers and the like because there's also a little bit of demand coming from the corporate side of it. But all the branches replace almost everything out there. Public cloud, early stage with very promising signs. And data center, we'll leave it alone for a while. Did I answer your question?

第三部分是數據中心。那是移動最慢的部分。數據中心、DMZ，所有這些盒子都非常複雜。而且我們實際上不喜歡去那個地區打架，因為那個地區有點笨拙和雜亂，而且數據中心隨著時間的推移而縮小。我寧願把注意力放在背包的去向而不是背包的位置上。這就是我們看到許多客戶為數據中心等購買防火牆的地方，因為也有一些來自企業方面的需求。但是所有的分支幾乎都取代了那裡的所有東西。公有云，處於早期階段，非常有希望的跡象。還有數據中心，我們暫時擱置它。我回答你的問題了嗎？

That's helpful.

這很有幫助。

Our next question comes from Joshua Tilton of Wolfe Research.

我們的下一個問題來自 Wolfe Research 的 Joshua Tilton。

I'll echo my congratulations on the quarter. You guys obviously gave operating margin guidance for next year. Are there any guardrails you can provide us and how we should think about maybe the delta between the operating margin and the free cash flow margin for the full year?

我將對本季度表示祝賀。你們顯然給出了明年的營業利潤率指導。您是否可以為我們提供任何護欄，以及我們應該如何考慮全年營業利潤率和自由現金流利潤率之間的差異？

Yes. I mean, when you take a look at the last 2 years, our free cash flow has been above 20%. When you take a look at our guidance that we gave for fiscal '23, it's the same. Basically, it should follow what we've done in the last 2 years being over 20%.

是的。我的意思是，當您查看過去 2 年時，我們的自由現金流一直在 20% 以上。當您查看我們為 '23 財年提供的指導時，情況是一樣的。基本上，它應該遵循我們在過去 2 年中所做的超過 20% 的工作。

The value that Zscaler has, we're a very efficient company. You take a look at our cloud. Typically, our cloud capital expenditure or expenses are high single digits in any one quarter, which is relatively low. Our high gross margins, just our overall operating profitability.

Zscaler 的價值在於，我們是一家非常高效的公司。你看看我們的雲。通常，我們的雲資本支出或支出在任何一個季度都是高個位數，這是相對較低的。我們的高毛利率，只是我們的整體運營盈利能力。

The key thing also with the -- our cash flow is that we typically bill annually. So our billing range is between 10 and 14 months. So it's just -- we're just in a really good position. It's a very efficient model. And again, looking at the last 2 years, I wouldn't expect anything different from a free cash flow margin perspective. And I would expect things to be similar, higher than 20%.

關鍵還在於 - 我們的現金流量是我們通常每年計費。所以我們的計費範圍在 10 到 14 個月之間。所以它只是 - 我們只是處於一個非常好的位置。這是一個非常有效的模型。再一次，回顧過去兩年，我認為從自由現金流利潤率的角度來看不會有什麼不同。我預計情況會相似，高於 20%。

Our next question comes from Gregg Moskowitz of Mizuho Group.

我們的下一個問題來自瑞穗集團的 Gregg Moskowitz。

Congrats on ZIA's FedRAMP authorization. Given that you're clearly already seeing a lot of momentum in your federal business, Jay, maybe you could expand on what having dual FedRAMP high authority will add to Zscaler incrementally? And then for Remo, it's interesting to me that your headcount growth actually accelerated in fiscal '22 to 58%, especially since you grew a robust mid-50s in the prior year. Given the macro uncertainty, how are you thinking about hiring growth over the next 6 to 12 months?

恭喜 ZIA 獲得 FedRAMP 授權。鑑於您顯然已經在您的聯邦業務中看到了很大的發展勢頭，Jay，也許您可以擴展一下擁有雙重 FedRAMP 高權限將逐步添加到 Zscaler 的內容？然後對於 Remo，我很感興趣的是，您的員工人數實際上在 22 財年加速增長至 58%，特別是因為您在前一年的 50 年代中期增長強勁。鑑於宏觀不確定性，您如何看待未來 6 至 12 個月的招聘增長？

I will start. We did good results in Q4. We are expecting good and healthy results for federal business in Q1. But we do know that federal business takes time. It has taken off years to get the very high-level certification [coming], probably more painful than any other certification I've seen, but they're good ones. So they are positioning us well. But on the certification still is on us with smaller deals, and there's a lot of opportunity to expand.

我會開始的。我們在第四季度取得了不錯的成績。我們預計第一季度聯邦業務將取得良好和健康的結果。但我們確實知道聯邦事務需要時間。獲得非常高級別的認證 [來] 花了好幾年的時間，可能比我見過的任何其他認證都更痛苦，但它們是好的。所以他們很好地定位了我們。但是，我們仍然可以通過較小的交易獲得認證，並且有很多擴展的機會。

For example, 10 of the 15 Cabinet-level agencies we talked about, they have -- mostly, they've started small, with plan to give opportunity for us to expand. So we are investing in these sources. Our pipeline is growing, and we have high expectations from our Fed business.

例如，我們談到的 15 個內閣級機構中的 10 個，他們——大多數情況下，他們從小規模開始，計劃為我們提供擴張的機會。所以我們正在投資這些資源。我們的管道正在增長，我們對美聯儲業務寄予厚望。

From a head count perspective, Gregg, you're absolutely right. It was a great year for us with head count expansion in fiscal '22. What we talked about, we are excited about the opportunity. We feel it's in the best interest for everyone to continue to prioritize growth but being mindful of operating profitability. We plan to continue to still prioritize growth going forward. But because of the leverage in our model, we're able to deliver -- we're planning to deliver 150 basis points, basically, margin expansion.

從人數的角度來看，格雷格，你是絕對正確的。對我們來說，這是一個偉大的一年，在 22 財年員工人數有所增加。我們談到的，我們對這個機會感到興奮。我們認為，繼續優先考慮增長並註意運營盈利能力對每個人來說都是最有利的。我們計劃繼續優先考慮未來的增長。但由於我們模型中的槓桿作用，我們能夠交付——我們計劃交付 150 個基點，基本上是利潤率擴張。

The reason for that, that we're able to do that is a SaaS model with ratable revenue with the ARR balance. You've got pretty good visibility coming into the year. When you couple that with the high gross margins at 80%-plus, it just makes it a very attractive model for us to really manage our business. Right now, where we're at, we feel we have the right product at the right time, which addresses a significant need for our customers.

我們之所以能夠做到這一點，是因為 SaaS 模型具有可評估的收入和 ARR 餘額。進入這一年，你的能見度很高。當您將其與 80% 以上的高毛利率相結合時，它只會使其成為我們真正管理業務的非常有吸引力的模式。現在，在我們所處的位置，我們覺得我們在正確的時間擁有正確的產品，這解決了我們客戶的重大需求。

We plan to invest across the board in the company. We're going to be investing in go-to-market, R&D and our cloud to really help customers navigate through this difficult time where they can lower their cost, increase their security and basically decrease their complexity. So from my perspective, we will continue to prioritize growth and we will continue to hire. So that is our plan for fiscal '23.

我們計劃全面投資該公司。我們將投資於上市、研發和我們的雲計算，以真正幫助客戶度過這個困難時期，在那裡他們可以降低成本、提高安全性並從根本上降低複雜性。所以從我的角度來看，我們將繼續優先考慮增長，我們將繼續招聘。這就是我們 23 財年的計劃。

Remo, if I may add, just to comment on hiring. We did well last year. We are the best [reminding] this year. We have become the top destination for top talent. I mean in R&D and in sales, we're probably the best organization that you got at this point. 6, 9 months ago, some of these start-ups that are funded like nothing out there, they're all trying to hire people, they're all laying people off, and we are investing heavily in it. And by that way, we hired Brendan Castle, our new Chief People Officer. He comes from Google with a deep expertise in scaling talent acquisition and development. So very, very excited and bullish about the business opportunity.

Remo，如果我可以補充的話，只是對招聘發表評論。去年我們做得很好。我們是今年最好的[提醒]。我們已成為頂尖人才的首選目的地。我的意思是在研發和銷售方面，我們可能是目前最好的組織。 6、9 個月前，這些初創企業中的一些獲得了空前的資金支持，他們都在試圖招聘人員，他們都在裁員，我們正在大力投資。通過這種方式，我們聘請了新任首席人事官 Brendan Castle。他來自谷歌，在擴大人才獲取和發展方面擁有深厚的專業知識。對這個商機非常非常興奮和看好。

Our next question comes from Shaul Eyal of Cowen.

我們的下一個問題來自 Cowen 的 Shaul Eyal。

Guys, congrats on the ongoing strong performance and guidance. A question for either Remo or Jay. So clearly, Jay, as you've indicated, you're showing great ROI for your customers. I want to actually focus on your ARPU trends. Maybe can you provide us with some color on recent ARPU trends? Are they on par with recent quarters? Have they been moving up in recent months? Have you instituted any pricing increase over the course of the past few months?

伙計們，祝賀持續強勁的表現和指導。雷莫或傑伊的問題。很明顯，Jay，正如您所指出的，您為您的客戶展示了巨大的投資回報率。我想真正關注您的 ARPU 趨勢。也許你能給我們提供一些關於最近 ARPU 趨勢的顏色嗎？他們與最近幾個季度持平嗎？他們最近幾個月有上升嗎？在過去的幾個月中，您是否實施了任何價格上漲？

Yes. I'll take that. ARPU has been increasing on a year-over-year basis. Our ARPU has increased 20%. Related to price increases, we typically do it on an annual basis. And really, it's related to additional applications and bundling. So -- and with that, prices do go up, but they go up probably in the mid-single-digit-type range, nothing really significant, but it relates to additional applications and bundling. But that's typically done on an annual basis.

是的。我會接受的。 ARPU 一直在逐年增加。我們的 ARPU 增加了 20%。與價格上漲相關，我們通常每年進行一次。實際上，它與其他應用程序和捆綁有關。所以 - 隨之而來的是，價格確實上漲了，但它們可能會在中個位數的範圍內上漲，沒有什麼真正重要的，但它與額外的應用程序和捆綁有關。但這通常每年進行一次。

Yes. We haven't done anything. Just like some of the hardware vendors you saw recently, they talked about is the deadline of price. You kind of give the order before that. We have no deadline. So none of that -- any of the pricing type of stuff got pulled into our business in Q3.

是的。我們什麼都沒做。就像你最近看到的一些硬件供應商一樣，他們談到的是價格的最後期限。你有點在那之前下訂單。我們沒有最後期限。所以這些都沒有——任何定價類型的東西都在第三季度進入了我們的業務。

Our next question comes from Keith Bachman of BMO.

我們的下一個問題來自 BMO 的 Keith Bachman。

And the question is, how are you thinking about mix in particular? And what I mean by that is, I think, Jay, you said about 60% of your new biz is from existing customers. Do you see that changing as perhaps new logos get more challenging? And/or do you see a different composition associated with the solution set, meaning VPN replacements has been a really strong business for the last couple of years. Is there any saturation there? Just any comments on how we should be thinking about mix?

問題是，你如何特別考慮混合？我的意思是，我想，Jay，你說你的新業務中大約 60% 來自現有客戶。您是否看到隨著新徽標變得更具挑戰性而發生變化？和/或您是否看到與解決方案集相關的不同組合，這意味著 VPN 替代品在過去幾年中一直是一項非常強大的業務。那裡有飽和嗎？關於我們應該如何考慮混音的任何評論？

And finally, within the guidance, I also wanted to ask, Remo, you mentioned visibility is lower in the second half of the year, which I think is completely understandable. But did you take a heavier cut, so to speak, or a more prudent approach, shall we say, versus what you're seeing in the current macro environment as you thought about the second half of that guidance?

最後，在指導下，我還想問，Remo，你提到下半年能見度較低，我認為這是完全可以理解的。但是，與您在考慮該指引的後半部分時在當前宏觀環境中所看到的情況相比，您是否採取了更大幅度的削減，或者可以說，或更謹慎的方法？

I'll start, Remo. By the way, regarding the mix, I think the 60% I said is upsell, 40% is new. It's not the other way around. So with that, we are (inaudible) at this point. Now historically, we've grown our enterprise business very well. The large enterprise will come from there. As our business is getting bigger, our customer base is getting bigger. So upsell is getting bigger. Because the platform is bigger, more customers to sell to, the bigger platforms to sell to is naturally increasing our upsell percentage of the total business we're doing. And you'll see both, upsell and new large customers.

我要開始了，雷莫。順便說一句，關於組合，我認為我說的 60% 是追加銷售，40% 是新的。情況並非相反。因此，我們在這一點上（聽不清）。現在，從歷史上看，我們的企業業務發展得非常好。大型企業將來自那裡。隨著我們的業務越來越大，我們的客戶群越來越大。所以追加銷售越來越大。因為平台更大，要銷售的客戶更多，所以要銷售的更大平台自然會增加我們在我們所做的總業務中的追加銷售百分比。您會同時看到追加銷售和新的大客戶。

When it comes to lower end of the market, that's relatively newer for us. We are largely focused on getting new logos in that market. Our demand gen and channel programs are helping us to get more logos there. And our channel partners, sorry, are helping us with logo there. So I think you'll see a combination. But Remo, you probably can give a little bit more guidance, but I expect our upsell to go higher over time because our customer base is growing.

當談到低端市場時，這對我們來說相對較新。我們主要專注於在該市場獲得新徽標。我們的需求生成和渠道計劃正在幫助我們在那裡獲得更多徽標。抱歉，我們的渠道合作夥伴正在那裡幫助我們製作徽標。所以我想你會看到一個組合。但是 Remo，您可能可以提供更多指導，但我預計隨著時間的推移，我們的追加銷售會更高，因為我們的客戶群正在增長。

Absolutely, Jay. I think the upsell will go above the 60%, which it was this past year, just for the reasons Jay mentioned. We've got 6,700 customers. And when you take a look at -- we've talked about a 6x opportunity to sell just the ZIA and ZPA at our last Analyst Day. That does not include Workloads, so another part of our business. So significant opportunity to upsell to customers.

絕對的，傑。我認為加售將超過去年的 60%，這正是傑伊提到的原因。我們有 6,700 名客戶。當你看一下 - 我們已經談到了在我們上一個分析師日僅出售 ZIA 和 ZPA 的 6 倍機會。這不包括工作負載，因此是我們業務的另一部分。如此重要的機會向客戶追加銷售。

Related to -- consideration related to second half, yes, that's why we gave the first half contribution of our total billings being at the midpoint, 42.5% versus 41.5%, which we had last year. So again, we're saying of our total guide of the 30%, 31% billings growth year-over-year, we expect to see 42% of that in the first half this year versus 41.5% last year. That's how we took it into account.

與 - 與下半年有關的考慮，是的，這就是為什麼我們將上半年總賬單的貢獻設為中點，42.5% 與去年的 41.5%。因此，我們再次提到我們對 30%、31% 的賬單同比增長的總體指導，我們預計今年上半年將達到 42%，而去年為 41.5%。我們就是這樣考慮的。

Our next question comes from Phil Winslow of Credit Suisse.

我們的下一個問題來自瑞士信貸的菲爾溫斯洛。

Congrats on another great quarter. I mean, obviously, the sales productivity metrics that we can follow from the outside looking in remain super strong. I wonder if you could give us just more color on sort of what you're seeing there, particularly in terms of the time to ramp new reps, their productivity metrics. And as you think about just the forward guidance, obviously, you're talking about continuing to lean in on the go-to-market in terms of headcount. But when you think about what's implied in terms of guidance, what sort of productivity levels relative to what we have been seeing are baked in there?

祝賀另一個偉大的季度。我的意思是，顯然，我們可以從外部觀察到的銷售生產力指標仍然非常強大。我想知道你是否可以給我們更多關於你在那裡看到的東西的顏色，特別是在增加新代表的時間、他們的生產力指標方面。當您僅考慮前瞻性指導時，顯然，您正在談論在員工人數方面繼續依靠進入市場。但是，當您考慮指導方面所暗示的內容時，與我們所看到的相比，其中包含了什麼樣的生產力水平？

Yes. I mean great questions. So time to ramp is faster. I mean there's no doubt. And that's basically the market is more mature as well as our sales operation, our sales enablement group. We have an absolutely outstanding sales enablement group, which gets our sales reps basically trained very quickly.

是的。我的意思是很好的問題。因此，加速時間會更快。我的意思是毫無疑問。這基本上是市場更加成熟以及我們的銷售運營，我們的銷售支持團隊。我們有一個絕對出色的銷售支持團隊，基本上可以很快地培訓我們的銷售代表。

In addition to that, the channel, as Jay talked about, the contribution to the channels of the marketplace, the cloud marketplace also. All those things basically are helping for these sales reps to ramp faster. Related to what's embedded in the guidance for fiscal '23 for sales rep productivity, we're expecting sales rep productivity to be flattish to down. The reason for that is basically, again, we talked about, we're still going to prioritize growth over operating profitability. But even with flattish to down sales productivity, we can still bring in about 150 basis points of operating margin expansion year-over-year, which is what our guidance is.

除此之外，正如 Jay 所說，渠道對市場渠道的貢獻，雲市場也是如此。所有這些事情基本上都在幫助這些銷售代表更快地成長。與 '23 財年銷售代表生產力指南中的內容相關，我們預計銷售代表生產力將持平或下降。其原因基本上是，我們再次談到，我們仍將優先考慮增長而不是運營盈利能力。但即使銷售生產力持平或下降，我們仍然可以實現營業利潤率同比增長約 150 個基點，這就是我們的指導方針。

Again, the model we have with the high gross margin and the high top line growth gives us the flexibility to what we feel we can do to make the right decisions to really capture this market.

同樣，我們擁有的高毛利率和高收入增長的模型使我們能夠靈活地做出我們認為可以做的正確決策以真正佔領這個市場。

Yes. And if I may add, I think I understand the importance of operating profitability, especially in today's market. We'll definitely be mindful of that. Remo said more balanced growth and profitability.

是的。如果我可以補充一點，我想我理解運營盈利能力的重要性，尤其是在當今市場上。我們一定會注意這一點。雷莫表示，增長和盈利能力更加平衡。

This does conclude our conference. I'd like to turn the call back over to Jay Chaudhry for any closing remarks.

這確實結束了我們的會議。我想把電話轉回給 Jay Chaudhry 來做結束語。

Thank you for your continued interest in Zscaler. I hope to see many of you at the upcoming sell-side events. Goodbye.

感謝您對 Zscaler 的持續關注。我希望在即將舉行的賣方活動中見到你們中的許多人。再見。

Thank you.

謝謝你。

Thank you. Ladies and gentlemen, this does conclude today's conference. Thank you all for participating. You may now disconnect. Have a great day.

謝謝你。女士們，先生們，今天的會議到此結束。謝謝大家的參與。您現在可以斷開連接。祝你有美好的一天。