(ZS) 2023 Q1 法說會逐字稿

Thank you for standing by, and welcome to the Zscaler Fiscal Year '23 First Quarter Results Earnings Conference Call. (Operator Instructions) As a reminder, today's call is being recorded.

感謝您的支持，歡迎來到 Zscaler 23 財年第一季度業績收益電話會議。 （操作員說明）提醒一下，今天的通話正在錄音中。

I will now turn the conference to your host, Mr. Bill Choi, Senior Vice President, Investor Relations and Strategic Finance. Please go ahead, sir.

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。請繼續，先生。

Good afternoon, everyone, and welcome to the Zscaler First Quarter Fiscal Year 2023 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 2023 財年第一季度收益電話會議。今天與我通電話的是董事長兼首席執行官 Jay Chaudhry；和首席財務官 Remo Canessa。

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，我們已將收益發布和補充財務時間表發佈到我們的投資者關係網站上。除非另有說明，否則我們今天談論的所有數字都將基於調整後的非 GAAP 基礎。您會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 opportunity. 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.

我想提醒您，今天的討論將包含前瞻性陳述，包括但不限於公司的預期未來收入、計算的賬單、經營業績、毛利率、經營費用、營業收入、淨收入、自由現金流量、基於美元的淨保留率、未來的僱傭決定、剩餘的履約義務、所得稅、每股收益、我們的目標和前景、我們的客戶對我們產品的反應以及我們的市場機會。這些聲明和其他評論不是對未來業績的保證，而是受風險和不確定性的影響，其中一些是我們無法控制的。

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.

這些前瞻性陳述適用於今天，您不應依賴它們代表我們未來的觀點。我們沒有義務在本次電話會議後更新這些聲明。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發布。

I would also like to inform you that we'll be attending the following upcoming events in December, UBS Global TMT Conference in New York City on December 5. Nasdaq Investor Conference in London on December 6.

我還想通知您，我們將參加 12 月即將舉行的以下活動：12 月 5 日在紐約市舉行的瑞銀全球 TMT 大會。12 月 6 日在倫敦舉行的納斯達克投資者大會。

Now I'll turn the call over to Jay.

現在我會把電話轉給 Jay。

Thank you, Bill. I am pleased to share our Q1 results. For the quarter, our revenue grew 54% year-over-year and billings grew 37% against a difficult comparison. Normalized for higher billings duration a year ago, billings grew 42% as customers continue to embrace our Zero Trust Exchange platform to secure the digital transformation.

謝謝你，比爾。我很高興分享我們第一季度的結果。本季度，我們的收入同比增長 54%，而營業額增長 37%，這是一個艱難的比較。由於客戶繼續採用我們的零信任交換平台來確保數字化轉型，因此一年前由於較長的賬單持續時間而標準化，賬單增長了 42%。

Our disciplined approach to growth is enabling our operating profits to grow 76% year-over-year, with operating margins expanding by 150 basis points over the same period. Our free cash flow margin was 27%, which once again placed our performance above the Rule of 80 for the quarter, a combination of growth and profitability that we believe only 1% of the public SaaS companies achieve.

我們嚴格的增長方式使我們的營業利潤同比增長 76%，營業利潤率同期增長 150 個基點。我們的自由現金流利潤率為 27%，這再次使我們本季度的業績高於 80 規則，我們認為只有 1% 的上市 SaaS 公司實現了增長和盈利能力的結合。

As the world's largest security cloud platform, we have outstanding unit economics in our business reflecting high 90% gross retention rate and over 80% gross margins. These industry-leading retention and margins are possible because of our differentiated service and highly scalable multi-tenant cloud platform.

作為全球最大的安全雲平台，我們的業務單位經濟效益非常出色，反映出高達 90% 的毛留存率和超過 80% 的毛利率。由於我們的差異化服務和高度可擴展的多租戶雲平台，這些行業領先的保留率和利潤率成為可能。

In September, Zscaler celebrated our 15th anniversary when cloud and mobility were in their infancy, we founded the company with a bold idea to transform security and the corporate network. We started with a clean slate and created the Zscaler multi-tenant in-line cloud platform, establishing modern zero trust architecture. This approach is now recommended by NIST, one of the most respected standards bodies in the industry.

9 月，Zscaler 慶祝了我們成立 15 週年，當時雲計算和移動性還處於起步階段，我們以一個大膽的想法創立了這家公司，以轉變安全和企業網絡。我們從頭開始，創建了 Zscaler 多租戶在線雲平台，建立了現代零信任架構。 NIST 現在推薦這種方法，NIST 是業內最受尊敬的標準機構之一。

Our Zero Trust Exchange is built on a unique architecture that securely connects users, devices and applications using business policies, regardless of their location. I could not be more proud of all our accomplishments to date, and I want to thank our employees, customers and partners for being a part of this journey.

我們的零信任交換建立在一個獨特的架構之上，該架構使用業務策略安全地連接用戶、設備和應用程序，無論他們身在何處。我為我們迄今為止取得的所有成就感到無比自豪，我要感謝我們的員工、客戶和合作夥伴參與這一旅程。

The vision, we started Zscaler with, is even more relevant today. Hybrid work and public cloud adoption are now mainstream as organizations. Large and small, are racing to ensure their business operations are agile, resilient and secure. These generational tailwinds are durable and my conviction in our $72 billion serviceable market opportunity is greater than it has ever been.

我們啟動 Zscaler 時的願景在今天更加重要。混合工作和公共雲採用現在已成為組織的主流。大大小小的企業都在競相確保其業務運營敏捷、有彈性且安全。這些代際順風是持久的，我對我們 720 億美元的可用市場機會的信念比以往任何時候都更加堅定。

In my conversations with hundreds of IT executives, it is clear that cybersecurity remains their #1 priority. Cyber threats, including ransomware and data exfiltration continue to grow exponentially as attackers exploit VPNs and firewalls. This is driving more organizations from firewall and VPN-based castle-and-moat security to Zscaler's zero trust architecture.

在我與數百名 IT 高管的談話中，很明顯網絡安全仍然是他們的第一要務。隨著攻擊者利用 VPN 和防火牆，包括勒索軟件和數據洩露在內的網絡威脅繼續呈指數級增長。這促使更多組織從基於防火牆和 VPN 的城堡護城河安全轉向 Zscaler 的零信任架構。

To meet this need, we launched a new certification program that provides comprehensive knowledge of zero trust architecture and practical guidance for the planning, design and implementation of a zero trust architecture, enabling networking and security professionals to lead their organizations' secure digital transformation.

為滿足這一需求，我們推出了一項新的認證計劃，為零信任架構的規劃、設計和實施提供全面的零信任架構知識和實踐指導，使網絡和安全專業人員能夠領導其組織的安全數字化轉型。

In today's environment, ROI and cost optimization are becoming bigger priorities as business leaders are being asked to do more with less. Our Zero Trust Exchange eliminates the need for traditional security devices, either as on-prem appliances or virtual machines in the cloud that are difficult to maintain and require compromises between security, cost and user experience.

在當今的環境中，投資回報率和成本優化正成為更重要的優先事項，因為企業領導者被要求事半功倍。我們的零信任交換消除了對傳統安全設備的需求，無論是本地設備還是雲中的虛擬機，它們都難以維護並且需要在安全性、成本和用戶體驗之間做出妥協。

Our business value message is resonating in this challenging macro environment and more customers are willing to adopt our broader platform to consolidate multiple point products, increasing our average deal size. As a result, we are actively working on more large, multiyear, multi-pillar opportunities than ever before, to align to the increasing deal sizes in each of our geo theaters. We reorganized our field level customer segmentation and expanded our enterprise segment efforts at the beginning of this fiscal year.

我們的商業價值信息在這個充滿挑戰的宏觀環境中引起共鳴，更多的客戶願意採用我們更廣泛的平台來整合多點產品，從而增加我們的平均交易規模。因此，我們正積極致力於比以往任何時候都更多的大型、多年期、多支柱的機會，以適應我們每個地區劇院不斷增加的交易規模。在本財年開始時，我們重組了我們的現場級客戶細分並擴大了我們的企業細分工作。

When we started in enterprise segment 2 years ago, it started with one global leader for all geos. As this business has grown, it made sense for us to align this segment under each geo leader for faster decision-making closer to the customer. These changes contributed to a late ramp in the seasonally tougher Q1, but we believe these changes position us to scale to reach our next milestone of $5 billion in ARR and beyond.

當我們 2 年前開始涉足企業領域時，它是從一位全球領導者開始的，負責所有地區。隨著這項業務的發展，我們有必要將這一細分市場調整到每個地區領導下，以便更快地做出更貼近客戶的決策。這些變化導致季節性更艱難的第一季度出現較晚的增長，但我們相信這些變化使我們能夠擴大規模以達到我們的下一個里程碑，即 50 億美元的 ARR 及以上。

In Q1, even as we saw additional deal scrutiny and longer reviews on most deals, we grew our base of customers with $1 million or more in ARR by 55% year-over-year, ending the quarter with over 340 of these customers. As I mentioned before, customers are increasingly buying Zscaler for users, our complete platform for user protection, which includes ZIA, ZPA and ZDX, bundled together. This accelerates our customers' transformation journey and makes us a critical partner for them.

在第一季度，儘管我們對大多數交易進行了更多的交易審查和更長的審查，但我們的 ARR 為 100 萬美元或以上的客戶群同比增長了 55%，在本季度結束時擁有超過 340 名此類客戶。正如我之前提到的，客戶越來越多地為用戶購買 Zscaler，這是我們用於保護用戶的完整平台，其中包括捆綁在一起的 ZIA、ZPA 和 ZDX。這加快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。

Now let me highlight several such deals. First, pursuing a strategic initiative to modernize the business, our top 10 global banks made a 4-year $10 million per year commitment for Zscaler for users driven by cloud adoption, including Microsoft 365 and Zoom. This customer needed a proven and scalable SASE solution to secure thousands of branch offices and hundreds of thousands of employees operating in more than 100 countries.

現在讓我重點介紹幾個這樣的交易。首先，為了實現業務現代化的戰略舉措，我們的全球前 10 大銀行為 Zscaler 做出了 4 年每年 1000 萬美元的承諾，以支持受雲採用驅動的用戶，包括 Microsoft 365 和 Zoom。該客戶需要一個經過驗證且可擴展的 SASE 解決方案來保護在 100 多個國家/地區運營的數千個分支機構和數十萬員工的安全。

Importantly, we met their requirement to eliminate the risk of legacy VPNs and lateral threat movement, which was a Board-level priority. Unlike a VPN in the cloud, Zscaler connect users to specific applications and not to the corporate network, which will significantly improve their security posture as employees unwittingly bring infected laptops back to the office, organizations need a true Zero Trust platform to eliminate the risk of lateral threat movement.

重要的是，我們滿足了他們消除遺留 VPN 和橫向威脅移動風險的要求，這是董事會級別的優先事項。與雲中的 VPN 不同，Zscaler 將用戶連接到特定應用程序而不是公司網絡，這將顯著改善他們的安全狀況，因為員工無意中將受感染的筆記本電腦帶回辦公室，組織需要一個真正的零信任平台來消除風險橫向威脅運動。

Next, in an upsell deal, a Global 1000 financial services company in Asia after deploying ZIA for 110,000 users last year, upgraded to Zscaler for users, our entire user protection platform for all 130,000 employees. As a growing company, they are using Zscaler to quickly and cost-effectively open new branch offices with secure Internet connectivity, reducing the branch opening costs by 50% compared to legacy firewall-based architecture.

接下來，在追加銷售交易中，亞洲一家全球 1000 強金融服務公司在去年為 110,000 名用戶部署 ZIA 後，升級到 Zscaler for users，這是我們為所有 130,000 名員工提供的整個用戶保護平台。作為一家成長中的公司，他們正在使用 Zscaler 快速且經濟高效地開設具有安全 Internet 連接的新分支機構，與傳統的基於防火牆的架構相比，將開設分支機構的成本降低了 50%。

Also, CPA replaces their extensive VDI infrastructure with Zero Trust access. This customer said, and I quote, "ZPA provides a far more seamless user experience versus our existing VDI solution. And now we will have visibility to which user is accessing which applications, one of our key security requirements". With this latest 7-figure purchase this customer's total ARR more than tripled in just over one year.

此外，CPA 將其廣泛的 VDI 基礎設施替換為零信任訪問。這位客戶說，我引用，“與我們現有的 VDI 解決方案相比，ZPA 提供了更加無縫的用戶體驗。現在我們將可以看到哪個用戶正在訪問哪些應用程序，這是我們的關鍵安全要求之一”。通過這次 7 位數的最新購買，該客戶的總 ARR 在短短一年多的時間裡增加了兩倍多。

As these 2 wins illustrate, when these large financial services companies were ready to embrace the cloud, Zscaler was the only platform that met their needs. With security as a major requirement, these financial services companies chose a proxy architecture with ability to inspect TLS traffic at scale and disqualified firewall-based SASE solutions.

正如這兩項勝利所表明的那樣，當這些大型金融服務公司準備好擁抱雲時，Zscaler 是唯一滿足他們需求的平台。將安全性作為主要要求，這些金融服務公司選擇了能夠大規模檢查 TLS 流量的代理架構，並取消了基於防火牆的 SASE 解決方案的資格。

We now have 8 of the top 10 global banks and 7 of the top 10 insurance companies outside of China as our customers. I'm also excited to see more $1 million ACV wins in our Enterprise segment. Let me share a new enterprise customer in the tech sector who bought all 4 product pillars, ZIA, ZPA and ZDX, for 4,000 users and posture control for workloads.

目前，我們的客戶包括全球前 10 大銀行中的 8 家和中國境外前 10 大保險公司中的 7 家。我也很高興看到我們的企業部門贏得了更多 100 萬美元的 ACV。讓我分享一個科技行業的新企業客戶，他為 4,000 名用戶購買了所有 4 個產品支柱，ZIA、ZPA 和 ZDX，以及工作負載的狀態控制。

Zscaler is enabling this secure digital transformation with direct and seamless access to SaaS and private applications regardless of their location. This supports their remote-first strategy, enabling them to close 12 offices and consolidate half a dozen point products. This deal was sourced by a VAR partner and speaks to the progress we are making with the channel. As this win shows, deal sizes in the smaller enterprise segment are growing as customers adopt our broader platform.

Zscaler 通過直接無縫地訪問 SaaS 和私有應用程序（無論它們位於何處）來實現這種安全的數字化轉型。這支持了他們的遠程優先戰略，使他們能夠關閉 12 個辦事處並整合六種單點產品。這筆交易是由 VAR 合作夥伴採購的，說明了我們在該渠道方面取得的進展。正如這次勝利所表明的那樣，隨著客戶採用我們更廣泛的平台，小型企業部門的交易規模正在增長。

Next, we are also executing well on our federal government opportunity, which had a strong quarter. We remain the only cloud security service to have 2 products at the highest level of FedRAMP certification. These certifications are driving our federal business as the U.S. government pursues a Zero Trust strategy to enhance the nation's cybersecurity.

接下來，我們也很好地利用了聯邦政府的機會，該機會表現強勁。我們仍然是唯一一家擁有 2 種最高級別 FedRAMP 認證產品的雲安全服務。隨著美國政府推行零信任戰略以加強國家的網絡安全，這些認證正在推動我們的聯邦業務。

We had 4 deals in the Fed vertical that were each over $1 million, all of which included ZIA and ZPA. Our highly differentiated architecture which connects users to applications and not to the network, eliminating lateral threat movement was critical to winning these deals. We have now landed 12 of the 15 cabinet-level agencies as customers with plenty of opportunity to upsell at these very large organizations.

我們在 Fed 垂直領域有 4 筆交易，每筆交易都超過 100 萬美元，所有這些交易都包括 ZIA 和 ZPA。我們高度差異化的架構將用戶連接到應用程序而不是網絡，消除橫向威脅移動對於贏得這些交易至關重要。我們現在已經將 15 家內閣級機構中的 12 家作為客戶，並有大量機會在這些超大型組織中進行追加銷售。

As I mentioned, overall demand from customers to consolidate on our platform is growing. Our net retention rate has again exceeded 125% now for 8 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. We have a 6x upsell opportunity with our existing customers just for our core ZIA and ZPA product pillars.

正如我所提到的，客戶對我們平台整合的總體需求正在增長。我們的淨保留率現在已經連續 8 個季度再次超過 125%。快樂的客戶購買更多，我們的淨推薦值繼續超過 70，是 SaaS 公司平均 NPS 的 2 倍多。就我們的核心 ZIA 和 ZPA 產品支柱而言，我們與現有客戶有 6 倍的追加銷售機會。

An important area of continued innovation, I'd like to highlight is data protection. Our comprehensive data protection offering has been gaining traction as customers are concerned about data leakage with employees working from anywhere. In Q1, we delivered an industry-first zero configuration data and protection service, leveraging and building on our 8 years of innovation in AI and ML. This DLP service provides auto classification of unstructured data to expedite deployments with zero configuration.

我想強調的持續創新的一個重要領域是數據保護。由於客戶擔心員工在任何地方工作的數據洩露，我們全面的數據保護產品越來越受歡迎。在第一季度，我們提供了業界首創的零配置數據和保護服務，利用並建立在我們在 AI 和 ML 8 年的創新基礎上。此 DLP 服務提供非結構化數據的自動分類，以加快零配置部署。

In addition, we completed the integration of recently acquired ShiftRight, workflow automation technology with our data protection solution to enable organizations to manage hundreds of potential risks and incidents in a simple, yet very sophisticated way to significantly reduce case resolution time. Data protection is the first of many areas where we will broadly integrate ShiftRight workflow technology into the Zero Trust Exchange platform. These additional features, combined with previously released Exact Data Match and Indexed Data Match technology makes us the leading data protection platform in the market.

此外，我們完成了最近收購的工作流自動化技術 ShiftRight 與我們的數據保護解決方案的集成，使組織能夠以簡單但非常複雜的方式管理數百種潛在風險和事件，從而顯著縮短案例解決時間。數據保護是我們將 ShiftRight 工作流技術廣泛集成到零信任交換平台的眾多領域中的第一個。這些附加功能與之前發布的精確數據匹配和索引數據匹配技術相結合，使我們成為市場上領先的數據保護平台。

Beyond our core products, we are excited about the rapid adoption of our 2 emerging product pillars: ZDX to manage digital user experience and Zscaler for Workloads to secure servers and workloads. New ACV from our workload communication product is growing nearly 100% year-over-year. And our newest deception and CNAPP offerings are seeing strong customer interest.

除了我們的核心產品之外，我們很高興能夠迅速採用我們的 2 個新興產品支柱：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。我們的工作負載通信產品的新 ACV 同比增長近 100%。我們最新的欺騙和 CNAPP 產品引起了客戶的強烈興趣。

Let me highlight 2 upsell deals this quarter that were driven by our workload products. A Fortune 500 aerospace customer that is accelerating its AWS and SaaS adoption, purchased Zscaler for Workloads to inspect 1 petabyte of TLS-encrypted workload and IoT traffic per month, resulting in better security. This customer purchased our ZIA Transformation Bundle for 115,000 users 2 years ago as they've already committed to our zero trust architecture. It was seamless for them to add workload protection, which is built on the same core Zero Trust Exchange. This 7-figure ACV workload deal more than doubles the customer's annual spend with us.

讓我重點介紹本季度由我們的工作負載產品推動的 2 筆追加銷售交易。一家正在加速採用 AWS 和 SaaS 的財富 500 強航空航天客戶購買了 Zscaler for Workloads 以每月檢查 1 PB 的 TLS 加密工作負載和物聯網流量，從而提高安全性。該客戶在 2 年前為 115,000 名用戶購買了我們的 ZIA Transformation Bundle，因為他們已經承諾使用我們的零信任架構。他們可以無縫地添加基於相同核心零信任交換的工作負載保護。這個 7 位數的 ACV 工作量交易使客戶在我們這裡的年度支出增加了一倍以上。

In another upsell win, a longtime customer upgraded and expanded their purchase to ZIA, ZPA and ZDX, for 12,000 users and also added Zscaler for Workloads to accelerate the application migration to Azure. Zscaler for workloads now represents 1/3 of this customers' $1 million-plus annual spend with us.

在另一個追加銷售勝利中，一位長期客戶升級並擴大了對 ZIA、ZPA 和 ZDX 的購買，為 12,000 名用戶添加了 Zscaler for Workloads 以加速應用程序向 Azure 的遷移。 Zscaler for workloads 現在佔該客戶超過 100 萬美元的年度支出的 1/3。

As these customer wins illustrate our proven track record, running the world's largest in-line security cloud makes Zscaler the obvious and trusted partner of choice. Our Zero Trust Exchange processes over 270 billion transactions in line and prevents more than 7 billion security and policy violations per day, providing our customers an unmatched network effect for superior security. Our demonstrated ability to scale our cloud platform becomes even more important as we address hundreds of millions of workloads and billions of OT and IoT devices.

由於這些客戶的勝利證明了我們可靠的業績記錄，運行世界上最大的在線安全雲使 Zscaler 成為顯而易見且值得信賴的合作夥伴。我們的零信任交換在線處理超過 2700 億筆交易，每天防止超過 70 億次安全和政策違規行為，為我們的客戶提供無與倫比的網絡效應以實現卓越的安全性。隨著我們處理數億個工作負載和數十億個 OT 和物聯網設備，我們展示的擴展雲平台的能力變得更加重要。

In closing, while there are broader macro challenges and economic uncertainties, we are seeing an increase in large multiyear commitments for multiple product pillars. As I mentioned earlier, as deal sizes have increased, we have adapted our field level customer segmentation to better serve our customers and to deliver more consistent execution. Our consultative sales process enables our account teams to quantify the business value of our platform to remain close to the customers, especially at the C level, and to get deals across the line.

最後，雖然存在更廣泛的宏觀挑戰和經濟不確定性，但我們看到對多個產品支柱的大型多年期承諾有所增加。正如我之前提到的，隨著交易規模的增加，我們調整了我們的現場級客戶細分，以更好地為我們的客戶服務並提供更一致的執行。我們的諮詢銷售流程使我們的客戶團隊能夠量化我們平台的商業價值，以貼近客戶，尤其是 C 級客戶，並獲得全線交易。

I believe periods of uncertainty can act as a catalyst for change. Customers are engaging with us to embrace Zero Trust architecture consolidate point products, simplify IT and standardize on the Zscaler platform, all of which delivers better security and lower cost. CIOs are telling me that they are using this challenging environment to drive change and to eliminate the technical debt of legacy point products, which are expensive to buy and operate.

我相信不確定時期可以成為變革的催化劑。客戶正在與我們合作，採用零信任架構整合單點產品、簡化 IT 並在 Zscaler 平台上實現標準化，所有這些都提供了更好的安全性和更低的成本。首席信息官們告訴我，他們正在利用這個充滿挑戰的環境來推動變革，並消除購買和運營成本高昂的遺留單點產品的技術債務。

Customers are increasingly turning to Zscaler in today's challenging environment, while overall IT budgets are tightening, we believe that security budgets remain more resilient. We are bringing more innovations to customers than ever before while scaling our customer support and go-to-market organization. We believe we are still in the early innings of a significant market opportunity to enable secure digital transformation and achieve our $5 billion ARR goal.

在當今充滿挑戰的環境中，客戶越來越多地轉向 Zscaler，雖然整體 IT 預算正在緊縮，但我們相信安全預算仍然更具彈性。我們正在為客戶帶來比以往更多的創新，同時擴大我們的客戶支持和上市組織。我們相信，我們仍處於實現安全數字化轉型和實現 50 億美元 ARR 目標的重大市場機遇的早期階段。

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

現在我想把電話轉給雷莫，了解我們的財務業績。

Thank you, Jay. Our Q1 results exceeded our guidance on growth and profitability even as we manage through additional deal scrutiny and longer reviews. Revenue was $356 million, up 54% year-over-year and up 12% sequentially. ZPA product revenue was approximately 19% of total revenue, growing 78% year-over-year. From a geographic perspective, Americas represented 52% of revenue, EMEA was 33% and APJ was 15%.

謝謝你，傑伊。即使我們通過額外的交易審查和更長時間的審查來管理，我們的第一季度業績也超過了我們對增長和盈利能力的指導。收入為 3.56 億美元，同比增長 54%，環比增長 12%。 ZPA 產品收入約佔總收入的 19%，同比增長 78%。從地理角度來看，美洲佔收入的 52%，EMEA 佔 33%，APJ 佔 15%。

Our total calculated billings in Q1 grew 37% year-over-year to $340 million against a difficult comparison. As we expected, billings duration was a headwind to growth this quarter. Our Q1 billings duration was above the midpoint of our normal 10 to 14 months range but was below last year's higher levels.

與困難的比較相比，我們在第一季度計算的總賬單同比增長 37% 至 3.4 億美元。正如我們預期的那樣，賬單持續時間對本季度的增長不利。我們的第一季度賬單持續時間高於我們正常 10 至 14 個月範圍的中點，但低於去年的較高水平。

We estimate that duration negatively impacted our billings growth by approximately 5 percentage points. Normalized for this higher duration, our billings grew 42% year-over-year. Our remaining performance obligations, or RPO, grew 57% from one year ago to $2.682 billion. The current RPO is 50% of the total RPO.

我們估計持續時間對我們的賬單增長產生了大約 5 個百分點的負面影響。將這段較長的持續時間標準化後，我們的賬單同比增長了 42%。我們的剩餘履約義務 (RPO) 比一年前增長 57%，達到 26.82 億美元。當前的 RPO 是總 RPO 的 50%。

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 once again above 125%. We have a strong base of large enterprise customers which provides us with a significant opportunity to upsell our broader platform.

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基於美元的高淨保留率，再次超過 125%。我們擁有強大的大型企業客戶群，這為我們提供了追加銷售更廣泛平台的重要機會。

At the end of Q1, we had 348 customers paying us more than $1 million annually, up 55% from 224 in the prior year. The continued strength of this metric speaks to our large enterprise focus and the strategic role we play in our customers' digital transformation initiatives. We added 128 customers in the quarter, paying us more than $100,000 annually, ending the quarter at 2,217 such customers.

在第一季度末，我們有 348 位客戶每年向我們支付超過 100 萬美元，比去年的 224 位增長了 55%。這一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數字化轉型計劃中發揮的戰略作用。本季度我們增加了 128 名客戶，每年向我們支付超過 100,000 美元，本季度末此類客戶數量為 2,217 名。

Turning to the rest of our Q1 financial performance. Total gross margin of 81.4% was up nearly 85 basis points year-over-year. Our total operating expenses increased 12% sequentially and 53% year-over-year to $247 million, primarily due to higher compensation expenses from a very successful hiring quarter. Operating margin was 12% and free cash flow margin was 27%. We continue to expect data center CapEx to be around the high single-digit percentage of revenue for the full year. We ended the quarter with over $1.82 billion in cash, cash equivalents and short-term investments.

轉向我們第一季度的其他財務業績。總毛利率為 81.4%，同比增長近 85 個基點。我們的總運營支出環比增長 12%，同比增長 53% 至 2.47 億美元，這主要是由於非常成功的招聘季度導致薪酬支出增加。營業利潤率為 12%，自由現金流利潤率為 27%。我們繼續預計數據中心資本支出將佔全年收入的高個位數百分比。本季度結束時，我們擁有超過 18.2 億美元的現金、現金等價物和短期投資。

Before providing our guidance, I'd like to share a few observations about the current business environment. Demand for the Zscaler platform remains strong. Across our key customer segments, we're seeing deals getting larger as customers are trying to consolidate more and accelerate their security transformation around our Zero Trust Exchange. Customers are expanding their commitments with us from a targeted use case to a much broader platform-centric approach.

在提供我們的指導之前，我想分享一些對當前商業環境的看法。對 Zscaler 平台的需求依然強勁。在我們的主要客戶群中，我們看到交易越來越大，因為客戶正試圖圍繞我們的零信任交換整合更多並加速他們的安全轉型。客戶正在將他們對我們的承諾從有針對性的用例擴展到更廣泛的以平台為中心的方法。

In our opportunity pipeline, we're actively working on more multiyear and multi-pillar opportunities than we historically have. While good for our business, larger deals take longer to close as customers introduce more checks and reviews. In this environment, we think it's prudent to expect a higher level of review and scrutiny by our customers to continue. We'll continue to balance growth and profitability based on how our business is growing.

在我們的機會管道中，我們正在積極致力於比以往更多的多年期和多支柱機會。雖然對我們的業務有利，但隨著客戶引入更多檢查和評論，更大的交易需要更長的時間才能完成。在這種環境下，我們認為期望客戶繼續進行更高級別的審查和審查是明智的。我們將繼續根據我們業務的增長情況來平衡增長和盈利能力。

In our outlook for fiscal '23, we intend to deliver operating margin expansion of more than 150 basis points which is an increase from our prior guidance.

在我們對 23 財年的展望中，我們打算實現超過 150 個基點的營業利潤率增長，這比我們之前的指導有所增加。

Now moving 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 second quarter of fiscal 2023, we expect revenue in the range of $364 million to $366 million, reflecting a year-over-year growth of 42% to 43%. Gross margins of approximately 80%, operating profit in the range of $42 million to $43 million, net other income of $8 million, income taxes of $4.5 million.

現在轉向指導和建模點。提醒一下，這些數字都是非公認會計原則，不包括基於股票的補償費用和相關的工資稅以及無形資產攤銷。對於 2023 財年第二季度，我們預計收入在 3.64 億美元至 3.66 億美元之間，同比增長 42% 至 43%。毛利率約為 80%，營業利潤在 4200 萬至 4300 萬美元之間，其他淨收入為 800 萬美元，所得稅為 450 萬美元。

Earnings per share of $0.29 to $0.30, assuming 156 million fully diluted shares. Please note that starting in fiscal 2023, we adopted the new accounting standard which requires the use of the 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 includes 7.6 million shares to the fully diluted share count.

每股收益為 0.29 美元至 0.30 美元，假設 1.56 億股完全攤薄。請注意，從 2023 財年開始，我們採用了新會計準則，要求使用 if-converted 方法計算 EPS。要計算我們的可轉換票據，您需要加回 360,000 美元的季度利息費用，並將 760 萬股股票計入完全稀釋後的股票數量。

For the full year fiscal 2023, we expect revenue in the range of $1.525 billion to $1.530 billion or year-over-year growth of approximately 40%, calculated billings in the range of $1.93 billion to $1.94 billion or year-over-year growth of approximately 30% to 31%. We expect our first half mix of billings to be approximately 43% of our full year billings guide.

對於 2023 財年全年，我們預計收入在 15.25 億美元至 15.30 億美元之間或同比增長約 40%，計算出的賬單在 19.3 億美元至 19.4 億美元之間或同比增長約 30% 至 31%。我們預計上半年的賬單組合約為全年賬單指南的 43%。

Operating profit in the range of $179 million to $183 million. Our guidance reflects 150 to 180 basis points of operating margin improvement compared to last year while growing revenue at 40%. Income taxes of $19 million, earnings per share in the range of $1.23 to $1.25, assuming approximately 157 million fully diluted shares. As noted earlier, to account for our convertible notes in EPS, you'll need to add back $1.4 million in annual interest expense and include 7.6 million shares to the fully diluted share count.

營業利潤在 1.79 億美元至 1.83 億美元之間。我們的指引反映了與去年相比營業利潤率提高了 150 到 180 個基點，同時收入增長了 40%。所得稅為 1900 萬美元，每股收益在 1.23 美元至 1.25 美元之間，假設約有 1.57 億股完全稀釋的股票。如前所述，要將我們的可轉換票據計入每股收益，您需要加回 140 萬美元的年度利息支出，並將 760 萬股股票計入完全稀釋後的股票數量。

Let me conclude with comments on our investment framework. We remain confident in our ability to deliver on our tremendous growth opportunity while increasing profitability. We continue to see a robust pipeline and are prioritizing our investments in innovation and selling capacity, while also being thoughtful and prudent in managing our overall cost structure.

最後，讓我對我們的投資框架發表評論。我們仍然相信我們有能力在提高盈利能力的同時實現巨大的增長機會。我們繼續看到一個強大的管道，並優先考慮我們在創新和銷售能力方面的投資，同時也在管理我們的整體成本結構方面考慮周到和謹慎。

The recurring nature of our business model gives us good visibility on top line revenue and allows us to adapt quickly to changes in the market conditions while delivering on our operating profit and margin goals. 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.

我們業務模式的重複性使我們能夠很好地了解收入，並使我們能夠快速適應市場條件的變化，同時實現我們的營業利潤和利潤率目標。正如我們所討論的那樣，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。

We remain confident of reaching 20% to 22% operating margins in the long term with a huge market opportunity and customers increasingly adopting the broader platform, we'll continue our disciplined approach to managing our business to maximize value for our shareholders.

憑藉巨大的市場機會和越來越多的客戶採用更廣泛的平台，我們仍然有信心在長期內達到 20% 至 22% 的營業利潤率，我們將繼續採用嚴格的方法來管理我們的業務，為股東創造最大價值。

Operator, you may now open the call up for questions.

接線員，您現在可以打開電話提問。

(Operator Instructions) Our first question comes from Matthew Hedberg of RBC Capital.

（操作員說明）我們的第一個問題來自 RBC Capital 的 Matthew Hedberg。

Maybe just a question on the sales segment reorg. Seems like a really good thing to kind of achieve these longer-term goals. Maybe just a little bit deeper understanding of what that looks like. And also, I think, Jay, you may have mentioned it, there was maybe a slight impact to Q1 billings as a result of that. Wondering if that was the case and if there's any way to quantify that?

也許只是關於銷售部門重組的問題。實現這些長期目標似乎是一件非常好的事情。也許只是對它的外觀有更深入的了解。而且，我認為，傑伊，你可能已經提到過，因此可能對第一季度的賬單產生輕微影響。想知道是否是這種情況，是否有任何方法可以對其進行量化？

Of course, Matt. As you know, we start to pursue smaller enterprise segment a couple of years ago. At that time, we put the enterprise sales team under a global leader who directly reported to our CRO. As this segment has nicely grown, it was the right time for us to move it in the geo teams under geo leaders. So that was one change.

當然，馬特。如您所知，幾年前我們開始追求較小的企業部門。當時，我們將企業銷售團隊置於直接向我們的 CRO 報告的全球領導之下。隨著這一細分市場的良好發展，現在是我們將其轉移到地理領導下的地理團隊中的最佳時機。所以這是一個變化。

The second, we made changes where accounts got redistributed among our 4 market segments at the field level, as you know, we've got major, we've got large enterprises, enterprise and commercial. And this contributed to a late ramp in a seasonally tougher Q1 but these changes are done, and we're already seeing better results, better pipeline, and we think this is the right thing for us to do to grow to our big target of $5 billion ARR.

第二，我們進行了更改，在現場級別的 4 個細分市場中重新分配了帳戶，如您所知，我們有專業，我們有大型企業、企業和商業。這導致了季節性更艱難的第一季度的後期增長，但這些變化已經完成，我們已經看到更好的結果，更好的管道，我們認為這是我們實現 5 美元大目標的正確做法億 ARR。

Our next question comes from Alex Henderson of Needham & Company.

我們的下一個問題來自 Needham & Company 的 Alex Henderson。

First off, I'd like to complement your outstanding execution in what is obviously a toughening environment. I was hoping you could give us a little bit of context of what's going on in the lower end of the marketplace for you. I know you don't do much in the SMB space, but that's obviously been an area that a lot of other companies have seen challenges. I was wondering if you were seeing any issues in what you call your smaller business segments.

首先，我想補充一下你在明顯艱難的環境中出色的執行力。我希望您能為我們提供一些關於低端市場的背景信息。我知道您在 SMB 領域做的不多，但這顯然是許多其他公司面臨挑戰的領域。我想知道您是否在所謂的較小業務部門中看到任何問題。

Yes. Alex, overall, I mean I think all segments were impacted in the quarter. I think the macro environment, as you've mentioned, is that all companies are basically feeling the macro impact. The enterprise segment change that we made also impacted basically our results in the quarter. On the lower end, we're doing okay, but it did impact all segments. I think it's more driven by macro than anything else.

是的。亞歷克斯，總的來說，我的意思是我認為本季度所有細分市場都受到了影響。我認為宏觀環境，正如你提到的，所有公司基本上都感受到了宏觀影響。我們所做的企業部門變更也基本上影響了我們本季度的業績。在低端，我們做得很好，但它確實影響了所有細分市場。我認為它比其他任何東西都更受宏觀驅動。

But Remo, the low end wasn't more impacted than others. So...

但是雷莫，低端並沒有比其他人受到更大的影響。所以...

Yes. No, low ended a little bit better than the upper end.

是的。不，低端比高端好一點。

Yes.

是的。

Our next question comes from Andrew Nowinski of Wells Fargo.

我們的下一個問題來自富國銀行的 Andrew Nowinski。

Congrats on another nice quarter. I guess I just want to ask a question on the billings guidance. Maybe a little bit less of a raise than you've done historically. I'm wondering, number one, did you factor in a change in duration? Or what kind of duration assumptions do you make with regard to your billings? And then did you add any extra levels of conservatism into that guide given the macro backdrop?

祝賀又一個不錯的季度。我想我只是想問一個關於賬單指南的問題。加薪幅度可能比您過去做過的要少一些。我想知道，第一，你是否考慮了持續時間的變化？或者你對你的賬單做了什麼樣的持續時間假設？然後，在宏觀背景下，您是否在該指南中添加了任何額外級別的保守主義？

Yes. The billing guide for Q2, the duration is similar to last year. It's slightly above the midpoint. One thing to call out for fiscal '23, Q3 is going to have headwinds because in Q3 of last year, the duration was longer.

是的。 Q2的計費指南，持續時間與去年相似。它略高於中點。在 23 財年需要指出的一件事是，第三季度將遇到不利因素，因為在去年第三季度，持續時間更長。

Related to the conservatism related to our billing guide, it's really related to what we saw happen in Q1. So what we saw happening in Q1, we're taking forward into Q2 and for the rest of the year. What we're seeing basically is elongation of sales cycles. As we talked about, and Jay mentioned, on the prepared remarks, our deal size is getting bigger. Customers are buying more of our platform. It's more of a platform sale, all good. Our pipeline is increasing, our pipeline is increasing by region, each region's pipeline is increasing.

與我們的計費指南相關的保守主義，它確實與我們在第一季度看到的情況有關。所以我們在第一季度看到的情況，我們將進入第二季度和今年剩餘時間。我們看到的基本上是銷售週期的延長。正如我們所說，傑伊提到，在準備好的發言中，我們的交易規模越來越大。客戶正在購買更多我們的平台。這更像是一個平台銷售，一切都很好。我們的管道在增加，我們的管道在按地區增加，每個地區的管道都在增加。

But whereas before for the larger deals, we talked about, it was 9 to 12-month sales cycle. It was trending down into more than 9 months, now it's trending up more into the 12-month type range. So all those things basically were taking into consideration with our guidance.

但是，我們之前談到的大型交易是 9 到 12 個月的銷售週期。它呈下降趨勢進入 9 個多月，現在呈上升趨勢進入 12 個月類型範圍。所以所有這些事情基本上都在我們的指導下考慮到了。

Remo, if I may add. The strong pipeline in Q2 is what we feel pretty good about. But we do know that there's a closing time factor we are factoring in.

雷莫，如果我可以補充的話。我們對第二季度的強大管道感到非常滿意。但我們確實知道我們正在考慮關閉時間因素。

Our next question comes from Joel Fishbein of Truist.

我們的下一個問題來自 Truist 的 Joel Fishbein。

Jay, just wanted to follow up on your comments about the Fed space. Obviously, being the only one that has FedRAMP high. I'd love to understand how you are positioned there competitively, how long the tail is on some of those deals as the government undergoes some of these security transformation projects. Just a little more color around that.

傑伊，只是想跟進你對美聯儲空間的評論。顯然，這是唯一一個 FedRAMP 高的公司。我很想了解您在那裡的競爭力如何，隨著政府進行其中一些安全轉型項目，其中一些交易的尾巴有多長。周圍多一點顏色。

The Fed business was quite good for us. We have been building on it. We are investing on it. And that's where it has taken us to all these certifications. The impact of macro is less on the federal business. It has its own budget cycle goes through its own process. We now have landed 12 of the 15 cabinet-level agencies and we're helping them and they all start actually at a fairly small level and they have been growing at a pretty decent pace, and so it's an early stage.

美聯儲的業務對我們非常有利。我們一直在努力。我們正在對此進行投資。這就是我們獲得所有這些認證的地方。宏觀對聯邦業務的影響較小。它有自己的預算週期，有自己的流程。我們現在已經獲得了 15 個內閣級機構中的 12 個，我們正在幫助他們，他們實際上都是從一個相當小的級別開始的，而且他們一直在以相當不錯的速度增長，所以這是一個早期階段。

Though last quarter, we did have sizable $46 million project, which actually gets billed on a periodic basis. So feel very good and strong about the Federal business, but Federal takes its own time in closing some of these deals.

雖然上個季度，我們確實有相當大的 4600 萬美元的項目，實際上是定期開具賬單的。因此，對聯邦業務感覺非常好和強烈，但聯邦需要自己的時間來完成其中一些交易。

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。

Maybe for Jay or Remo, feel free to chime in. So obviously, macro is impacting every company. So that's clear. I think on the other hand, Zscaler did have the chance to kind of give a full year guide back in September. And it seemed like at that point, that a lot of your outlook seemed derisk for what we're growing macro concerns at that time.

也許對於 Jay 或 Remo，請隨意插話。很明顯，宏觀正在影響每家公司。所以這很清楚。另一方面，我認為 Zscaler 確實有機會在 9 月份提供全年指南。在那一點上，你的很多觀點似乎都對我們當時日益增長的宏觀擔憂持懷疑態度。

So is it really the sales force changes that's driving that perhaps somewhat incremental headwind that you're talking about? And are we talking about a full-on sales reorg? Or is it just some tweaks that are being made to help you align better to your long-term growth opportunities.

那麼，是否真的是銷售人員的變化正在推動您正在談論的可能有點漸進的逆風？我們是在談論全面的銷售重組嗎？或者只是為了幫助您更好地適應長期增長機會而進行的一些調整。

Yes. I'll start. I think it's both the macro basically things that we're seeing. For the full year guide that we had at beginning of the year, we had $1.2 billion -- $1.92 billion of billings growth up to $1.94 billion. The billings growth that we've revised it to is $1.93 billion up to $1.94 billion. So the midpoint has increased. Macro is playing into it. And what we've talked about is that if there's uncertainty related to the macro, and that's why we gave the guide that we did and we tried to derisk basically our guide but it's really primarily the macro and also somewhat the changes. But as Jay mentioned, the changes are pretty much behind us and things were looking very positive.

是的。我會開始。我認為這是我們所看到的基本上都是宏觀的事情。對於我們年初的全年指南，我們有 12 億美元 - 19.2 億美元的賬單增長高達 19.4 億美元。我們將其修改為 19.3 億美元至 19.4 億美元的賬單增長。所以中點增加了。宏正在發揮作用。我們談論的是，如果存在與宏觀相關的不確定性，這就是為什麼我們給出了我們所做的指南，並且我們試圖從根本上降低我們的指南的風險，但它實際上主要是宏觀，也有一些變化。但正如 Jay 所提到的，這些變化幾乎已經過去了，事情看起來非常積極。

Yes. So if I may add, first of all, it was not a full reorganization. As I said, we have 4 segments. And as our deals are getting bigger, some of these deals that sat in lower segments, they're getting bigger. They need to be handled by the upper segment and so on and so forth. So realigning the segment was good for us to optimize the deal size and who should be working on them, it's that.

是的。所以，如果我可以補充一點，首先，這不是一次全面的重組。正如我所說，我們有 4 個部分。隨著我們的交易越來越大，其中一些交易處於較低的細分市場，它們越來越大。它們需要由上層處理等等。因此，重新調整該細分市場有利於我們優化交易規模以及應該由誰來處理，就是這樣。

And the second was this lower enterprise team, which used to report to the CRO directly now is linked to geos. So they're not massive changes, but they are more than normal that we typically have done. But none of these deals are going away. We are well positioned. We're winning some already. We are working on more. So -- and as I said, the pipeline as a result of some of these changes made is growing. And I feel very good and comfortable about it.

第二個是這個較低的企業團隊，過去直接向 CRO 報告，現在與 geos 相關聯。所以它們不是巨大的變化，但它們比我們通常所做的要多。但這些交易都不會消失。我們的位置很好。我們已經贏得了一些。我們正在研究更多。所以——正如我所說，由於其中一些變化，管道正在增長。我對此感覺非常好和舒服。

Yes. One other point. Really, when you take a look at the amount of accounts that shifted, it was a pretty substantial amount of accounts that shifted into the various segments. So again, as we mentioned, as Jay mentioned before, we feel largely that is taken care of. Could there be some impact going forward, there is. But again, from our perspective, it's largely macro.

是的。還有一點。真的，當你看一下轉移的賬戶數量時，有相當多的賬戶轉移到了各個細分市場。因此，正如我們提到的，正如 Jay 之前提到的，我們覺得這在很大程度上得到了照顧。是否會有一些影響向前發展，有。但同樣，從我們的角度來看，這主要是宏觀的。

Our next question comes from Tal Liani of Bank of America. Please make sure your phone is not on mute.

我們的下一個問題來自美國銀行的 Tal Liani。請確保您的手機未處於靜音狀態。

Here you go. Can you hear me now?

幹得好。你能聽到我嗎？

Loud and clear.

響亮而清晰。

I have 2 related questions. The first one is Prisma -- Palo Alto Prisma had much better-than-expected results on the same kind of like-to-like. And the question is, do you see any changes in the competitive landscape? Do you see any changes in the pricing dynamics and aggressiveness of other players that might drive some of the changes we're seeing.

我有 2 個相關問題。第一個是 Prisma——Palo Alto Prisma 在同類點贊上的結果比預期好得多。問題是，您是否看到競爭格局有任何變化？您是否看到其他參與者的定價動態和積極性有任何變化，這些變化可能會推動我們看到的一些變化。

And the second question is kind of -- I want to understand the bigger picture. If someone asked me a year ago what could be the impact of economic slowdown, I would say that this particular area where you're acting should not be impacted much because you're replacing CapEx with OpEx and you're actually enabling the change to customers without putting out tremendous CapEx upfront.

第二個問題有點——我想了解大局。如果一年前有人問我經濟放緩的影響是什麼，我會說你所從事的這個特定領域應該不會受到太大影響，因為你正在用 OpEx 取代 CapEx，而且你實際上正在實現改變客戶無需預先投入大量資本支出。

So if there are budget issues, they should actually do it. And the question is, why are we seeing this area impacted as well despite the fact that it enables companies to lower their spending if they need to.

因此，如果存在預算問題，他們實際上應該這樣做。問題是，為什麼我們看到這個領域也受到影響，儘管它使公司能夠在需要時降低支出。

So okay, I'll start. Your first question about competition and pricing dynamics. I'll tell you on the higher end of the large enterprise segment, we haven't really seen much competitive changes at all. These large enterprises [aren't] savvy, they look for the right architecture. They take this thing very seriously.

那好吧，我開始了。關於競爭和定價動態的第一個問題。我會告訴你，在大型企業細分市場的高端，我們根本沒有真正看到太多的競爭變化。這些大型企業 [不] 精明，他們尋找合適的架構。他們非常重視這件事。

And almost all these large deals, when firewall companies have tried to come in and compete, they're often excluded. I mentioned some of them during the call. So I do wonder where do those deals come from? Because if you ask me some of my largest deals, if you took top x-deals, we aren't really competing with the firewall companies out there.

幾乎所有這些大交易，當防火牆公司試圖進入並參與競爭時，他們往往被排除在外。我在通話中提到了其中一些。所以我想知道這些交易是從哪裡來的？因為如果你問我一些最大的交易，如果你拿了頂級的 x 交易，我們並沒有真正與那裡的防火牆公司競爭。

Price dynamics will matter if you really are competing. That's number one. But also number two, the service we're selling is very mission-critical. In fact, it's probably more mission-critical than Office 365. That's what I hear from CIOs because we are on the switchboard. We are connecting everything to everything. So we have not seen pricing pressure from competitive side of it. We have been told a few times that the customer said, yes, this vendor came and offered us a third [the quote] price, but we decided we are not serious about it because it doesn't meet the requirements.

如果你真的在競爭，價格動態將很重要。這是第一。但也是第二，我們銷售的服務非常關鍵。事實上，它可能比 Office 365 更關鍵。這就是我從 CIO 那裡聽到的，因為我們在總機上。我們正在將一切連接到一切。因此，我們還沒有看到來自競爭方面的定價壓力。有幾次我們被告知客戶說，是的，這個供應商來給我們提供了第三個 [報價] 價格，但我們決定不認真對待它，因為它不符合要求。

Your second part of the question was impact of economic slowdown. It is very true that the area we are playing in really does 2 things for customers. One, it's important cyber area. Number two, with consolidation, simplification and standardization, customers do save money. So those are the 2 things that are helping us a lot more than many other market segments.

你的問題的第二部分是經濟放緩的影響。確實，我們所在的區域確實為客戶做了兩件事。第一，它是重要的網絡領域。第二，通過整合、簡化和標準化，客戶確實可以省錢。因此，與許多其他細分市場相比，這兩件事對我們的幫助要大得多。

But when the broader macro is there's obviously some impact but I would say, relatively speaking, it is far less than other areas. As I had talked to many CIOs and CXOs, they don't see securely budget getting reduced much. As compared to IT budgets, we are in a much better shape, but there is impact. And sorry, and one part of the impact is these large deals are going more and more through CFOs and CEOs for approval.

但是當更廣泛的宏觀存在時，顯然會有一些影響，但我會說，相對而言，它遠小於其他領域。正如我與許多 CIO 和 CXO 交談過的那樣，他們認為預算不會大幅減少。與 IT 預算相比，我們的狀況要好得多，但也有影響。抱歉，部分影響是這些大型交易越來越多地通過 CFO 和 CEO 獲得批准。

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。

So guys, this macro slowdown is much different than the last one we saw due to COVID, where Zscaler benefited from more distributed access. So as we look out into fiscal '23 and beyond, as we layer in the soft and perhaps softening -- further softening macro backdrop, how should we expect the appetite for new customers to undergo a transformation of their security paradigms?

伙計們，由於 COVID，這次宏觀放緩與我們看到的上一次有很大不同，Zscaler 受益於更多的分佈式訪問。因此，當我們展望 23 財年及以後的財年時，當我們在疲軟甚至可能軟化 - 進一步軟化的宏觀背景下分層時，我們應該如何預期新客戶的胃口會經歷其安全範式的轉變？

Yes. That's a good question. You're basically saying will new customers start transformation projects. It depends upon what kind of projects you're looking at. CIOs are prioritizing projects must do versus projects that can wait. That's one part. But if you look at what we do, where we fit, okay? Cyber is not going away. The risk of cyber is still there. It is a Board-level discussion. It's happening.

是的。這是個好問題。您基本上是在說新客戶是否會開始轉型項目。這取決於您正在查看的項目類型。 CIO 正在優先考慮必須完成的項目和可以等待的項目。那是一部分。但如果你看看我們所做的，我們適合的地方，好嗎？網絡不會消失。網絡風險仍然存在。這是董事會級別的討論。正在發生。

Number two, there is pressure on cost consolidation and simplification. Yes, while customers won't start big new projects, but projects that can be done without big investments, and they are being done. If you look at the total IT budget of a CIO and the security is a fairly small part of it. By engaging at the CIO level, we are actually able to get a fair share of the budget. So I think we feel pretty good about fiscal '23.

第二，成本整合和簡化存在壓力。是的，雖然客戶不會開始新的大項目，但是無需大筆投資就可以完成的項目，並且正在完成。如果您查看 CIO 的總 IT 預算，安全性只是其中相當小的一部分。通過 CIO 級別的參與，我們實際上能夠獲得公平的預算份額。所以我認為我們對 23 財年感覺很好。

Having said that, will there be a bigger hurdle to cross to close those deals? Absolutely, yes. But to do so, you need 2 things: one, you need CIO, CXO level engagement, which we have traditionally done; two, you need better business justification to make a strong case CFO that it makes sense. And we have been doing that for quite a while, and now the number of assessments, value assessment we're doing is actually much higher than it used to be.

話雖如此，完成這些交易是否會遇到更大的障礙？絕對沒錯。但要做到這一點，你需要兩件事：第一，你需要 CIO、CXO 級別的參與，這是我們傳統上所做的；第二，你需要更好的商業理由來讓 CFO 認為這是有道理的。我們已經這樣做了很長一段時間，現在我們正在進行的評估、價值評估的數量實際上比以前高得多。

Yes. A couple of comments, John. So our split with new and upsell in Q1 was approximately 50-50. Now Q1 was driven -- Jay talked about on the call, Federal call, we had large Federal deals. And also we did well in the financial sector with new accounts. So that's on a go-forward basis, I still think for fiscal '23, as I mentioned before, probably the 40-60 range is probably the right way to think of things 40% new, 60% upsell.

是的。一些評論，約翰。因此，我們在第一季度與新銷售和追加銷售的比例約為 50-50。現在第一季度被驅動——傑伊在電話中談到，聯邦電話，我們有大量的聯邦交易。我們在金融領域的新賬戶也做得很好。所以這是在前進的基礎上，我仍然認為對於 23 財年，正如我之前提到的，40-60 的範圍可能是考慮 40% 新產品、60% 追加銷售的正確方法。

But we shouldn't lose track to how big this market is. I mean this market from both user and workload, we estimate that 2 years ago to be $72 billion, that's clearly bigger now. I mean it's growing. And you look at the penetration that we have in this market as well as others, we're in the very early stages still so as you go through this global economic macro environment, it's going to work itself through and we're in a position now that the macro environment is not favorable, but it will turn, it will turn.

但我們不應該忘記這個市場有多大。我的意思是這個來自用戶和工作負載的市場，我們估計 2 年前為 720 億美元，現在顯然更大。我的意思是它在增長。你看看我們在這個市場和其他市場的滲透率，我們仍處於非常早期的階段，所以當你經歷這個全球經濟宏觀環境時，它會自行解決，我們處於有利地位現在宏觀環境不好，但會轉，會轉。

The advantage of Zscaler is that from a cost perspective, security perspective and user experience, it is a top platform we feel in the world for networking and security. So again, we need to kind of wade through this macro environment, keep on executing, and we feel things will take care of themselves.

Zscaler的優勢在於，無論是從成本角度、安全角度還是用戶體驗，都是我們在網絡和安全方面感受到的全球頂級平台。因此，我們再次需要涉足這個宏觀環境，繼續執行，我們覺得事情會自行解決。

Our next question comes from the line of Roger Boyd of UBS.

我們的下一個問題來自瑞銀集團的 Roger Boyd。

I don't you gave the contribution of emerging products to new business, and forgive me if you did. But it sounded like you did have some nice wins in the quarter there with ZDX and Zscaler for workloads. So I'm wondering if you can just update us on how you're thinking about upselling these solutions in the current environment relative to your guide last quarter for, call it, high teens percent of new business.

我不是你把新興產品的貢獻給了新業務，如果你這樣做了請原諒我。但聽起來您在本季度使用 ZDX 和 Zscaler 在工作負載方面確實取得了一些不錯的勝利。所以我想知道你是否可以告訴我們你是如何考慮在當前環境中相對於你上個季度的指南追加銷售這些解決方案的，稱之為新業務的高青少年百分比。

Yes. Roger, they're tracking still to the high teens. So they're doing well, ZDX and our cloud protection products are tracking in the high teens for the year.

是的。羅傑，他們還在跟踪青少年。所以他們做得很好，ZDX 和我們的雲保護產品今年的跟踪率都在十幾歲左右。

Yes. If I may add, the ZDX has been our fastest-growing service. It has grown faster than ZPA if you look at a similar time line or similar stages. And the cloud protection has 2 main areas. One is what we call CNAPP, the API-security, that's a posture control product. And second is Zero Trust Workloads or in-line security, and we are the only vendor who has done tight integration between the 2. And our actually customer interest has been pretty strong. Our new ACV nearly doubled year-over-year on our Zero Trust for Workloads.

是的。如果我可以補充一點，ZDX 一直是我們增長最快的服務。如果您查看類似的時間線或類似的階段，它的增長速度比 ZPA 快。雲保護有兩個主要領域。一個是我們所說的CNAPP，即API-security，這是一個狀態控制產品。其次是零信任工作負載或在線安全，我們是唯一一家在兩者之間進行緊密集成的供應商。我們的實際客戶興趣非常濃厚。我們新的 ACV 在我們的工作負載零信任基礎上同比增長了近一倍。

I talked about a couple of deals, large deals during the earnings thing, one was a 7-figure ACV workload to you. It more than doubled customers' annual spend with us. That's significant. Another deal I mentioned, workloads now represent 1/3 of this customer's are $1 million annual plus spend with us. So these things, which used to be fairly small 3, 4 quarters ago, are beginning to get pretty significant.

我在收益方面談到了幾筆交易，大筆交易，其中一筆對您來說是 7 位數的 ACV 工作量。它使客戶每年在我們這裡的支出增加了一倍以上。這很重要。我提到的另一筆交易，工作負載現在佔該客戶的 1/3，每年 100 萬美元加上與我們的支出。因此，這些在 3、4 個季度前還很小的事情開始變得非常重要。

Next question comes from...

下一個問題來自...

Is it fair to assume that in the first -- can you hear me guys?

假設首先是公平的——你們能聽到我說話嗎？

Yes.

是的。

So just a quick question. You talked about the pipeline growing. Just wondering, is the coverage ratio growing at a significant enough level to offset the elongation in sales cycles.

所以只是一個快速的問題。你談到了管道的增長。只是想知道，覆蓋率的增長是否足以抵消銷售週期的延長。

We take that all into account in our guidance. So it's all been taken into account in our guidance. And so yes, it's been taken into account.

我們在指導中考慮了所有這些因素。所以我們的指南中都考慮到了這一切。所以是的，它已被考慮在內。

Our next question comes from the line of Fatima Boolani of Citi.

我們的下一個問題來自花旗銀行的 Fatima Boolani。

Either for Jay or Remo please chime in. I appreciate a lot of the commentary you've shared around the opportunity that you have with large multiyear, multi-pillar deals, the pipeline composition for those types of transactions is increasing, but against a much, much tougher environment.

請 Jay 或 Remo 插話。我很欣賞你圍繞大型多年期、多支柱交易所擁有的機會分享的很多評論，這些類型交易的渠道組合正在增加，但相對於很多, 更艱難的環境。

So there's a little bit of a dichotomy there, and I wanted to peel that back a little bit because if your business and execution and pipeline is that much more reliant on some of these larger deals and the environment is admittedly harder to execute it. What are some of the things that you are doing and that you have under your control to make sure that we don't see the type of slippage that could cause some more variability into your billings performance.

所以那裡有一點二分法，我想把它剝離一點，因為如果你的業務、執行和管道更加依賴於其中一些更大的交易，而環境無疑更難執行。您正在做哪些事情並在您的控制之下，以確保我們看不到可能導致您的賬單表現出現更多變化的滑點類型。

And just as a related matter, are you changing incentive to ensure you're driving that type of behavior and successful close rates on those large transactions, which it seems like you're becoming more dependent on.

與此相關的是，您是否正在改變激勵機制以確保您在這些大型交易中推動這種行為和成功成交率，您似乎越來越依賴這些交易。

Right. Fatima, yes, multiyear, multi-pillar deals, those pipelines are growing. And yes, tougher environment with more scrutiny and more approval levels, that's what we're seeing. So there are 2 significant trends that we have been doing that are helping us to make sure we're able to get those deals closed.

正確的。法蒂瑪，是的，多年、多支柱的交易，這些管道正在增長。是的，更嚴格的環境、更多的審查和更多的批准級別，這就是我們所看到的。因此，我們一直在做的兩個重要趨勢正在幫助我們確保我們能夠完成這些交易。

One is customers look for better business justification. That's what I mentioned on CFO-ready business cases, business value assessments, which we do to help quantify them. If you remove these 8 point security and networking products, this is the ROI you can get. And in fact, we're showing more than 200% ROI in many most majority of our cases. That's very strong. It's -- we've done it, we're doing a better job in that area.

一是客戶尋求更好的商業理由。這就是我在 CFO 就緒業務案例、業務價值評估中提到的內容，我們這樣做是為了幫助量化它們。如果除去這 8 點安全和網絡產品，這就是您可以獲得的投資回報率。事實上，在大多數情況下，我們的投資回報率超過 200%。這是非常強大的。這是 - 我們已經做到了，我們在那個領域做得更好。

The second thing to get deals done in a tougher environment is having strong C-level engagements because you're going to make a case there to show what needs to be done. And also, if you're part of the CIO's budget rather than just security budget, you actually have a better chance of doing it. The both of those things are helping us, and we are keeping those factors in mind as we are providing you our forecast.

在更艱難的環境中完成交易的第二件事是擁有強大的 C 級參與，因為你要在那裡做一個案例來展示需要做的事情。而且，如果您是 CIO 預算的一部分而不僅僅是安全預算，那麼您實際上更有可能做到這一點。這兩件事都在幫助我們，我們在向您提供預測時會牢記這些因素。

And from an incentive perspective, I wouldn't say we're doing anything out of the [unordinary] that we've done in any quarter. So no real changes from an incentive perspective.

從激勵的角度來看，我不會說我們正在做我們在任何季度所做的 [非常規] 之外的任何事情。所以從激勵的角度來看沒有真正的變化。

Our next question comes from the line of Mike Walkley of Canaccord.

我們的下一個問題來自 Canaccord 的 Mike Walkley。

Great. Just maybe following up on that last answer. As you work with closing these larger deals, are these larger customers may be slowing their pace deployment to help their own OpEx in terms of how they're ramping deals or once you close them, they're ramping kind of similar to prior experiences?

偉大的。也許只是跟進最後一個答案。當您完成這些較大的交易時，這些較大的客戶是否可能會放慢他們的部署速度以幫助他們自己的 OpEx 增加交易，或者一旦您完成交易，他們會像以前的經驗一樣增加？

Yes. So it's an interesting dynamic in the market. Market is tougher. But when CIOs look at what needs to be done, they look for consolidation, simplification that's driving our deals to get bigger. Bigger deals mean more scrutiny. Now and -- but we are helping our customers to ramp into larger commitments to deploy our platform. So it is a phased thing we are doing. So we are -- we have been doing that for a few quarters, and it does continue.

是的。所以這是市場上一個有趣的動態。市場更加艱難。但是，當 CIO 考慮需要做什麼時，他們會尋求整合和簡化，從而推動我們的交易規模擴大。更大的交易意味著更多的審查。現在——但我們正在幫助我們的客戶做出更大的承諾來部署我們的平台。所以這是我們正在做的一個階段性的事情。所以我們 - 我們已經這樣做了幾個季度，而且它確實會繼續。

Yes. So we're not seeing any increased ramping. It's always been part of our business, we've called it out. I mean you look at the type of deployments we have with hundreds of thousands of users, you can't do that overnight. So again, we're not seeing any increased ramping, and it's been part of our business for a long time.

是的。所以我們沒有看到任何增加的斜坡。它一直是我們業務的一部分，我們已經把它叫出來了。我的意思是你看看我們擁有數十萬用戶的部署類型，你不可能在一夜之間做到這一點。再說一次，我們沒有看到任何增長，而且它長期以來一直是我們業務的一部分。

Our next question comes from the line of Joshua Tilton of Wolfe Research.

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

I just have 2 quick ones. First one goes back to Andy's question. I just want to ask it a little differently. If 2Q has normal duration comps, is there any reason we shouldn't expect that billings growth should kind of return to this 40-plus range that you saw in Q1 after adjusting for the duration?

我只有 2 個快速的。第一個回到安迪的問題。我只是想問的有點不同。如果 2Q 有正常的持續時間補償，我們是否有任何理由不期望賬單增長應該在調整持續時間後回到您在第一季度看到的 40 多個範圍？

And my second question is, if you look at the deferred revenue, it did decline sequentially from 4Q to 1Q for the first time in a while. So just anything unusual to call out there.

我的第二個問題是，如果你看一下遞延收入，它確實在一段時間內第一次從第四季度連續下降到第一季度。所以只要有任何不尋常的事情就可以大聲說出來。

Yes. I mean, you've got our guidance. So we feel comfortable with it and how we're going to come in. We'll see at the end of the quarter. Related to the decline in deferred revenue Q4 to Q1, again, there's seasonality to our business. So the growth rates from Q4 to Q1 have been very small. It declined slightly this quarter. Nothing really to call out other than seasonality and our performance in the quarter.

是的。我的意思是，你得到了我們的指導。所以我們對它以及我們將如何進入感到滿意。我們將在本季度末看到。與第 4 季度至第 1 季度遞延收入的下降相關，我們的業務也存在季節性。所以從第四季度到第一季度的增長率非常小。本季度略有下降。除了季節性和我們在本季度的表現之外，沒有什麼真正值得一提的。

One moment, please. Our next question comes from the line of [Peter Levine] of Evercore.

稍等一會兒。我們的下一個問題來自 Evercore 的 [Peter Levine]。

So maybe one just to kind of repeat, I think, on an earlier question from John, could you talk about what you're seeing at the top of the funnel, meaning -- given we are kind of closer to the tail end of the COVID work-from-home wave of deals that you saw. Could we -- is there a risk of a drop off in the pipelines or hit to net new billings, obviously, given the backdrop here, but it sounds like 2Q pipeline seems strong, but any color you can add to that?

所以也許只是重複一下，我想，關於 John 之前提出的一個問題，你能談談你在漏斗頂部看到的東西嗎？您看到的 COVID 在家工作的交易浪潮。顯然，鑑於這裡的背景，我們能否 - 是否存在管道下降或淨新賬單的風險，但聽起來 2Q 管道似乎很強勁，但你可以添加任何顏色嗎？

Yes. The Q2 pipeline is strong. It is a record pipeline. We did get some benefit of COVID, but that was starting in March of 2020 and most CIOs had to do something in a quarter or 2 of that. So most of the effect of COVID actually ended by mid of 2020. So since then, it is kind of growth of our business driven by the need for security, transformation, digital transformation and the like.

是的。 Q2 管道強勁。這是一個記錄管道。我們確實從 COVID 中獲得了一些好處，但那是從 2020 年 3 月開始的，大多數 CIO 必須在其中四分之一或兩季度內做一些事情。因此，COVID 的大部分影響實際上在 2020 年年中結束。因此，從那時起，我們的業務在某種程度上受到安全、轉型、數字轉型等需求的推動。

I think we have been doing good pipe funnel. It is true that some of the changes we made in start of Q1 did kind of cause some slowdown for us. We are past that. It's a good pipeline. And the question is how much -- how well do we overcome the scrutiny and extra level approvals to land the deals we need to land. And that's what we are working on. That's really part of our job but good strong pipeline. Remo, you want to add anything?

我認為我們一直在做很好的漏斗。確實，我們在第一季度開始時所做的一些更改確實導致我們的業務放緩。我們已經過去了。這是一個很好的管道。問題是我們在多大程度上克服了審查和額外級別的批准，以達成我們需要達成的交易。這就是我們正在努力的。這確實是我們工作的一部分，但管道很好。 Remo，你想添加什麼嗎？

Our next question comes from the line of Keith Bachman of BMO.

我們的下一個問題來自 BMO 的 Keith Bachman。

I wanted to ask Remo a question, and there's 2 parts to it. Remo, it's been talked about the billings beat this quarter was one of the smallest in many years, and you're moving the midpoint up, but the top end of the billings guide is remaining the same. The macro has gotten tougher. Last quarter, I think a lot of us jumped off the call and said, it seems like Zscaler has derisked the numbers. But given all that backdrop, it just seems like there's been incremental risk introduced to the billings and just wondered if you'd characterize -- would like to respond to that.

我想問 Remo 一個問題，它分為兩部分。 Remo，有人談到本季度的比林斯節拍是多年來最小的節拍之一，你正在將中點向上移動，但比林斯指南的頂端保持不變。宏觀變得更加強硬了。上個季度，我想我們中的很多人都跳下電話說，Zscaler 似乎已經貶低了這些數字。但考慮到所有這些背景，似乎賬單中引入了增量風險，只是想知道你是否會描述 - 願意對此做出回應。

And the second part of the question is you're raising up income by about $6 million from the previous guidance. And yet it seems like -- how would you respond to -- or why not raise it more, if in fact the growth isn't accelerating and you kind of keep the billing range the same, why not give a little bit more on the op income side. That's it for me.

問題的第二部分是您將收入比之前的指導提高了約 600 萬美元。然而它似乎——你會如何回應——或者為什麼不提高它更多，如果事實上增長沒有加速並且你有點保持相同的計費範圍，為什麼不在op收入方面。對我來說就是這樣。

Yes. I mean great questions, Keith. If the macro environment has changed. I mean we talked about the uncertainty going into calendar '23. There's a lot of uncertainty in -- mean you're seeing all the earnings reports coming out or most of the earnings reports. And we're all seeing the same thing. It's the macro backdrop, which is the primary reason. As I mentioned, secondarily, is the enterprise segment change, but that's a lot less. So the macro environment has changed. That's number one.

是的。我的意思是很好的問題，基思。如果宏觀環境發生了變化。我的意思是我們討論了進入 23 年日曆的不確定性。有很多不確定性——意味著你會看到所有的收益報告或大部分收益報告。我們都看到了同樣的事情。這是宏觀背景，這是主要原因。正如我提到的，其次是企業部門的變化，但要少得多。所以宏觀環境發生了變化。這是第一。

Related to getting more operating profitability, as I mentioned, with our contribution margin as high as it is in years 2 and 3, it's over 60%, getting to operating profitability is the easy thing, but I believe it's short changing, the company and our shareholders. It's -- if you look at our free cash flow margin, you look at our profitability, we are increasing our operating profitability, we're going to be prudent and disciplined related to our approach and how we're going to run the business.

與獲得更多的運營盈利能力相關，正如我提到的，我們的邊際收益與第二年和第三年一樣高，超過 60%，獲得運營盈利能力是一件容易的事情，但我相信這是短暫的改變，公司和我們的股東。它是——如果你看看我們的自由現金流利潤率，你看看我們的盈利能力，我們正在提高我們的運營盈利能力，我們將在我們的方法以及我們將如何經營業務方面保持謹慎和紀律。

The key thing is -- and the size of this market, and it's early stage. Our priority is growth. And -- but we will -- as we go forward, as you've seen, a slight increase in operating profitability, we're be more focused on operating profitability than we have been in the past. But it's going to be a measured approach from our perspective. It will be measured in what we feel is the right balance and really (inaudible) our business.

關鍵是——這個市場的規模，而且還處於早期階段。我們的首要任務是增長。而且 - 但我們會 - 正如你所看到的那樣，隨著我們前進，營業利潤率略有增加，我們比過去更加關注營業利潤率。但從我們的角度來看，這將是一種慎重的方法。它將根據我們認為是正確的平衡和真正（聽不清）我們的業務來衡量。

Our next question comes from Shrenik Kothari of RW Baird.

我們的下一個問題來自 RW Baird 的 Shrenik Kothari。

Either for Jay or Remo, to chime in. You spoke about Federal vertical, [you called of] strength in financial services vertical clearly, a top 10 global bank for your $10 million commitment. So broadly, we'll be hearing [again] some verticals, the tech or [CPG] retail kind of getting impacted more than others, including public sector, defense, utilities more solid.

無論是 Jay 還是 Remo，都可以插話。你談到了聯邦垂直領域，[你稱]金融服務垂直領域的實力很明顯，全球前 10 大銀行為你提供 1000 萬美元的承諾。因此，從廣義上講，我們將 [再次] 聽到一些垂直行業、技術或 [CPG] 零售業受到的影響比其他行業更大，包括公共部門、國防、公用事業更穩固。

Is that something that you guys are observing in terms of bifurcation or divergence of [these sectors], is the guidance now building into itself a potential like spill over of macro into so far less affected verticals, yes.

你們是不是在[這些部門]的分歧或分歧方面觀察到的東西，是現在的指導本身正在建立一種潛力，比如宏觀溢出到迄今為止受影響較小的垂直領域，是的。

I'll speak specifically about the verticals. Jay, if you'd like to add more comments please do. In Q1, the verticals that we saw do well for us were financial federal services and health care, those were the strong verticals for us.

我會專門談談垂直領域。傑伊，如果您想添加更多評論，請添加。在第一季度，我們看到對我們表現良好的垂直領域是金融聯邦服務和醫療保健，這些對我們來說是強大的垂直領域。

Have we taken into account the impact of verticals going forward? The answer is yes, not specifically per vertical, but current customer and where that deal is in the deal cycle. So it is being taken into account. But speaking to other verticals, maybe Jay, would like to comment more on that.

我們是否考慮了垂直行業向前發展的影響？答案是肯定的，不是針對每個垂直行業，而是針對當前客戶以及該交易在交易週期中所處的位置。所以它正在被考慮在內。但與其他垂直行業，也許傑伊，想就此發表更多評論。

Yes. I think even though we did well some of the verticals, Remo pointed out, I'm not sure overall vertical is a big, big factor. Macro is impacting broadly, but there are some verticals that have less, for example, in oil and gas, doing differently than many of others. But I won't say it's a big factor for us. It is a factor, but not a major factor.

是的。 Remo 指出，我認為即使我們在某些垂直方面做得很好，但我不確定整體垂直是一個很大的因素。宏觀影響廣泛，但有些垂直領域的影響較小，例如石油和天然氣，其表現與其他許多領域不同。但我不會說這對我們來說是一個重要因素。這是一個因素，但不是主要因素。

Our next question comes from the line of Saket Kalia of Barclays. Please make sure your phone is unmute.

我們的下一個問題來自巴克萊銀行的 Saket Kalia。請確保您的手機未靜音。

Sorry. I'm so sorry. I was on mute there. A lot of my questions have been asked. Jay, maybe for you, just a little bit of a broader one. Clearly, the fiscal year for Zscaler is very different, but then a calendar year. But a lot of your customers operate on December fiscal years. Maybe the question for you is what have you heard anecdotally just on the prospect of budget flush this year from your customers? Is that something that you think is going to be more muted for security this year? Or is it more related to timing? Any perspective that you have there would be helpful.

對不起。我很抱歉。我在那裡保持沉默。我的很多問題都被問到了。傑伊，也許對你來說，只是稍微寬泛一點。顯然，Zscaler 的財政年度非常不同，而是日曆年。但是您的很多客戶都在 12 月的財政年度開展業務。也許你的問題是，你從你的客戶那裡聽說過今年預算充裕的前景嗎？你認為今年安全方面會更加柔和嗎？還是跟時機更相關？你在那裡的任何觀點都會有所幫助。

Look, as you have seen in the past few quarters, deals are getting more and more back-end loaded. We saw that a few quarters ago. We saw it in Q1, we think we will have a linearity thing similar to Q1, maybe a little bit better than Q1. But I don't think that December will significantly change everything out there. Remo?

你看，正如你在過去幾個季度看到的那樣，交易的後端負載越來越多。我們在幾個季度前看到了這一點。我們在 Q1 看到了它，我們認為我們會有類似於 Q1 的線性度，可能比 Q1 好一點。但我認為 12 月不會顯著改變那裡的一切。雷莫？

Yes. I mean from -- could there be a positive impact related to 12/31 December, there could be. From a linearity perspective there, Saket, I would be thinking something similar that we've had basically in Q4 and Q1, which is more back-end loaded. But can it happen? It can, but I would be thinking more of a similar type of linearity.

是的。我的意思是，12 月 12 日至 31 日是否會產生積極影響，可能會有。從線性的角度來看，Saket，我會想一些類似於我們在第四季度和第一季度基本上擁有的東西，它更多的是後端加載。但它會發生嗎？它可以，但我會更多地考慮類似的線性。

Our next question comes from the line of Adam Borg of Stifel.

我們的下一個問題來自 Stifel 的 Adam Borg。

Awesome. Just 2 quick ones just on the Federal space. Not sure if I missed it but what was the mix that the Fed business represented in the quarter? And when you think about the opportunity, it's great to hear those wins, is it really just on ZIA and ZPA? Or what's the opportunity for ZDX and Zscaler for Workloads, in the federal space.

驚人的。在聯邦空間只有 2 個快速的。不確定我是否錯過了它，但美聯儲業務在本季度所代表的組合是什麼？當你想到這個機會時，很高興聽到這些勝利，真的只是在 ZIA 和 ZPA 上嗎？或者 ZDX 和 Zscaler for Workloads 在聯邦領域的機會是什麼。

I'll start at the broad level, Remo, and then you can get into specifics. Yes. Federal is most of the stuff in place is ZIA and ZPA but it's building strong interest on ZDX and some of the newer products. But currently, it's a strong mix of ZIA and ZPA.

Remo，我將從大的層面開始，然後你可以進入細節。是的。 Federal 已部署的大部分產品是 ZIA 和 ZPA，但它對 ZDX 和一些較新產品產生了濃厚的興趣。但目前，它是 ZIA 和 ZPA 的強大組合。

Yes. From -- as Jay mentioned, 12 of the 15 cabinet agencies, 4 deals greater than $1 million. It's clearly a good quarter for us at Federal. We'll be getting -- how Federal is doing on an annual basis on a new and upsell perspective, so -- but Federal was a strong, good quarter for us in Q1.

是的。來自——正如 Jay 提到的，15 個內閣機構中的 12 個，有 4 個交易超過 100 萬美元。對我們 Federal 來說，這顯然是一個不錯的季度。我們將得到 - 聯邦在新的和追加銷售的角度上每年的表現如何 - 但聯邦在第一季度對我們來說是一個強勁，良好的季度。

Thank you. Ladies and gents, that conclude our conference. I'd like to turn the call back over to Jay Chaudhry for any closing remarks.

謝謝你。女士們，先生們，我們的會議到此結束。我想將電話轉回給 Jay Chaudhry 以聽取任何結束語。

Thank you for your interest in Zscaler. We look forward to seeing you at upcoming investor events. Thank you, and goodbye.

感謝您對 Zscaler 的關注。我們期待在即將舉行的投資者活動中見到您。謝謝，拜拜。

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。