(ZS) 2023 Q2 法說會逐字稿

Hello, and welcome to the Zscaler Second Quarter Fiscal Year 2023 Earnings Conference Call.

您好，歡迎來到 Zscaler 2023 財年第二季度收益電話會議。

(Operator Instructions) I would now like to hand the conference over to Bill Choi, Senior Vice President, Investor Relations and Strategic Finance. Sir, you may begin.

（操作員說明）我現在想將會議交給投資者關係和戰略財務高級副總裁 Bill Choi。先生，您可以開始了。

Good afternoon, everyone, and welcome to the Zscaler Second 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 財年第二季度收益電話會議。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 the 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.

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。

These statements and other comments are not guarantees of future performance, but rather are subject to risk and uncertainty, 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.

這些陳述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。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。

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. I would also like to inform you that we'll be attending the following upcoming events in March, Morgan Stanley TMT Conference in San Francisco on March 6, JMP Technology Conference in San Francisco on March 7. Now I'll turn the call over to Jay.

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。我還想通知您，我們將參加 3 月份即將舉行的以下活動：3 月 6 日在舊金山舉行的摩根士丹利 TMT 會議，3 月 7 日在舊金山舉行的 JMP 技術會議。現在我將把電話轉給傑。

Thank you, Bill. We delivered a solid Q2 despite economic challenges that have impacted the broader tech industry. For the quarter, our revenue grew 52% year-over-year and billings grew 34%. Billings were impacted by new customers being more deliberate about their large purchasing decisions at the start of the calendar year. These deals have not gone away, and we have closed a few already in February.

謝謝你，比爾。儘管經濟挑戰影響了更廣泛的科技行業，但我們在第二季度取得了穩健的表現。本季度，我們的收入同比增長 52%，營業額增長 34%。新客戶在日曆年開始時更慎重地考慮他們的大型購買決定，從而影響了賬單。這些交易並沒有消失，我們已經在二月份完成了一些交易。

On the other hand, we had strong growth in our expansion business with existing customers, increasing their deployments and adopting our broader platform. Once again, our dollar-based net retention rate was over 125%. We continue to delight our customers by accelerating their path to better security, business agility and cost elimination, helping them solve some of their highest priorities.

另一方面，我們與現有客戶的擴展業務增長強勁，增加了他們的部署並採用了我們更廣泛的平台。我們以美元為基礎的淨保留率再次超過 125%。我們通過加快客戶提高安全性、業務敏捷性和成本消除的速度，幫助他們解決一些最優先考慮的問題，繼續取悅我們的客戶。

This drove our Net Promoter Score, or NPS, to a new high. Our NPS now exceeds 80, which is more than 2x the average for SaaS companies. And today, more enterprises than ever before, recognize Zscaler as the best choice to secure their digital transformation, strengthening my confidence in our $72 billion serviceable market opportunity.

這將我們的淨推薦值 (NPS) 推向新高。我們的 NPS 現在超過 80，是 SaaS 公司平均水平的 2 倍多。今天，比以往任何時候都多的企業將 Zscaler 視為確保其數字化轉型的最佳選擇，這增強了我對我們價值 720 億美元的可服務市場機會的信心。

Our disciplined approach to growth is reflected in our strong operating profit and free cash flow, both of which doubled on a year-over-year basis. Our operating margin expanded by approximately 4 percentage points, while our revenue also continued to grow at a very high rate.

我們嚴格的增長方式反映在我們強勁的營業利潤和自由現金流中，兩者均同比翻了一番。我們的營業利潤率增長了約 4 個百分點，而我們的收入也繼續以非常高的速度增長。

As the world's largest security cloud, we have outstanding unit economics with a stable, high 90% gross retention rate and 80% gross margins. These best-in-class metrics are the result of our differentiated services, market leadership and highly scalable multi-tenant cloud platform.

作為全球最大的安全雲，我們擁有出色的單位經濟效益，擁有穩定、高達 90% 的毛保留率和 80% 的毛利率。這些一流的指標是我們差異化服務、市場領導地位和高度可擴展的多租戶雲平台的結果。

Let me share with you some of my observations about the environment and how we plan to manage our business for the remainder of 2023. With macro concerns weighing on business leaders, more organizations are being cautious and measured about their spending. In January, we saw a higher scrutiny on budgets compared to December, resulting in additional delays in large deals.

讓我與您分享我對環境的一些觀察，以及我們計劃如何在 2023 年剩餘時間內管理我們的業務。由於宏觀問題給商業領袖帶來壓力，越來越多的組織對他們的支出持謹慎和謹慎的態度。與 12 月相比，1 月我們對預算進行了更嚴格的審查，導致大型交易進一步延遲。

These deals haven't gone away. And customers are taking longer to make decisions and requiring additional approvals. In select instances, where timing of budgets was a hurdle for new customers, we enabled them to ramp into larger subscription commitments. These strategic deals lowered our first year billings but will grow into a higher annual run rate level in the second year.

這些交易並沒有消失。客戶需要更長的時間來做出決定並需要額外的批准。在某些情況下，預算時間是新客戶的障礙，我們使他們能夠做出更大的訂閱承諾。這些戰略交易降低了我們第一年的賬單，但在第二年將增長到更高的年運行率水平。

We typically have some ramp deals each quarter. But in Q2, the impact of ramp deals on our billings was higher. These ramp deals position us to expand the customer relationship over time to create long-term value. As we enter the second half of fiscal '23, we are expecting customer cautiousness to continue.

我們通常每個季度都有一些坡道交易。但在第二季度，坡道交易對我們賬單的影響更大。這些斜坡交易使我們能夠隨著時間的推移擴大客戶關係以創造長期價值。隨著我們進入 23 財年下半年，我們預計客戶將繼續保持謹慎態度。

We have accounted for further lengthening of sales cycles and the uncertain timing of large deals in our outlook. Even though our current pipeline has grown and has more mature deals, we are assuming a slight deterioration in close rates.

在我們的展望中，我們已經考慮到銷售週期的進一步延長和大宗交易的不確定時間。儘管我們目前的管道已經增長並且有更多成熟的交易，但我們假設成交率略有下降。

While not immune to economic slowdowns, cybersecurity is relatively more resilient. In my conversation with hundreds of IT executives, cybersecurity remains their organization's #1 IT priority. 2 weeks ago, we hosted a CISO Summit with 80 CISOs from Global 2000 companies.

雖然不能免受經濟放緩的影響，但網絡安全相對更具彈性。在我與數百名 IT 主管的談話中，網絡安全仍然是他們組織的頭號 IT 優先事項。 2 週前，我們舉辦了一次 CISO 峰會，來自全球 2000 強公司的 80 位 CISO 參加了會議。

They talked about the business need to innovate, become agile and gain competitive advantage with security as the enabling foundation. They talked about their plans to shift to zero trust security, to reduce attack surface, and to adopt the direct-to-cloud architecture that Zscaler pioneered.

他們談到了業務需要以安全為基礎進行創新、變得敏捷並獲得競爭優勢。他們談到了轉向零信任安全、減少攻擊面以及採用 Zscaler 開創的直接到雲架構的計劃。

Customers are excited by the new innovations being added to our platform and their engagement with us remains very strong. Given the large opportunity we see in front of us, we will keep on building and innovating while also increasing profitability. After significantly growing our teams in recent years, we took a fresh look at our organization and found opportunities to streamline operations and to align people, roles and projects to our strategic priorities.

客戶對添加到我們平台的新創新感到興奮，他們與我們的互動仍然非常強烈。鑑於擺在我們面前的巨大機遇，我們將繼續建設和創新，同時提高盈利能力。近年來，在大幅壯大我們的團隊後，我們重新審視了我們的組織，並發現了精簡運營並使人員、角色和項目與我們的戰略重點保持一致的機會。

As a result of the review, we initiated our targeted cost optimization plan to drive additional operational efficiency that best positions us to deliver profitable growth. Remo will cover this in more detail. As I mentioned before, I believe that periods of uncertainty can accelerate the adoption of disruptive technologies like ours.

作為審查的結果，我們啟動了有針對性的成本優化計劃，以提高運營效率，使我們能夠最好地實現盈利增長。 Remo 將對此進行更詳細的介紹。正如我之前提到的，我相信不確定時期會加速採用像我們這樣的顛覆性技術。

C-level leaders are telling me that technical depth of legacy network and security point products impedes progress and slows down business operations. By consolidating point products and embracing zero trust architecture with Zscaler, our customers are modernizing their security while reducing costs, giving them the competitive edge they need to succeed in today's rapidly evolving business environment.

C 級領導告訴我，遺留網絡和安全點產品的技術深度阻礙了進步並減慢了業務運營。通過整合點產品並採用 Zscaler 的零信任架構，我們的客戶在降低成本的同時實現了安全現代化，為他們提供了在當今快速發展的業務環境中取得成功所需的競爭優勢。

We have expanded our business value team to collaborate with customers to create CFO-ready business cases with clear ROI and payback periods that facilitate necessary deal approvals. In today's environment, customers can't afford to risk their mission-critical projects with immature offerings from unproven vendors.

我們已經擴大了我們的業務價值團隊，以與客戶合作創建 CFO 就緒的業務案例，這些案例具有明確的投資回報率和投資回收期，有助於必要的交易批准。在當今的環境中，客戶無法承擔使用未經驗證的供應商提供的不成熟產品來冒險執行關鍵任務項目的風險。

We are starting to see deal wins from customers who initially purchased a single-tenant SASE solution from their incumbent firewall vendor that failed to deliver in the real world. These customers were misguided by the [flawed] method, keep on buying my boxes and use my so-called cloud service when your users are on the road or in a branch office.

我們開始看到客戶贏得交易，他們最初從他們的現任防火牆供應商那裡購買了單租戶 SASE 解決方案，但在現實世界中未能交付。這些客戶被[有缺陷的]方法誤導了，當你的用戶在路上或在分支機構時，繼續購買我的盒子並使用我所謂的雲服務。

A single-tenant architecture, whether deployed as appliances or as virtual machines spun up in a public cloud will not allow enterprises to fully realize the benefits of secured digital transformation. Every customer we have won has lots of firewalls in the data centers. But when it comes to zero trust security and digital transformation, they're choosing Zscaler because of our multi-tenant cloud architecture that scales and delivers business agility.

單租戶架構，無論是部署為設備還是部署在公共雲中的虛擬機，都無法讓企業充分實現安全數字化轉型的好處。我們贏得的每個客戶在數據中心都有很多防火牆。但在零信任安全和數字化轉型方面，他們之所以選擇 Zscaler，是因為我們的多租戶雲架構可以擴展並提供業務敏捷性。

Our Zero Trust Exchange is the largest in-line security cloud in the world, processing over 280 billion transactions and preventing 9 billion security and policy violations per day. This massive amount of traffic provides us with more than 300 trillion signals per day to feed our machine learning and AI engines for better detection of user and application traffic anomalies resulting in superior threat protection.

我們的零信任交換是世界上最大的在線安全雲，每天處理超過 2800 億筆交易並防止 90 億次安全和政策違規行為。如此龐大的流量每天為我們提供超過 300 萬億個信號來為我們的機器學習和 AI 引擎提供數據，以更好地檢測用戶和應用程序流量異常，從而實現卓越的威脅防護。

Our AI/ML capabilities are driving customer success at scale in the real world today. Let me share an example with you. In December, we helped a Global 500 conglomerate, experiencing a targeted cyber attack on one of its divisions. Our ThreatLabZ team worked closely with the customer to identify the root cause of the attack and acted quickly to prevent any potential damage.

我們的 AI/ML 功能正在推動客戶在當今現實世界中取得大規模成功。讓我和你分享一個例子。去年 12 月，我們幫助一家全球 500 強企業集團的一個部門遭受了有針對性的網絡攻擊。我們的 ThreatLabZ 團隊與客戶密切合作，以確定攻擊的根本原因，並迅速採取行動防止任何潛在的損害。

Subsequently, this customer upgraded to our ZIA Transformation Bundle to prevent 0-day attacks and secure the entire ecosystem. This win highlights the value of our high-end product bundles and the benefits that our ThreatLabZ research brings to our customers.

隨後，該客戶升級到我們的 ZIA Transformation Bundle，以防止 0-day 攻擊並保護整個生態系統。此次勝利凸顯了我們高端產品組合的價值以及我們的 ThreatLabZ 研究為我們的客戶帶來的好處。

I'm delighted to share that an increasing number of customers are purchasing our comprehensive platform capabilities, which not only accelerates their business value realization but also establishes us as a critical partner for their success. 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.

我很高興與大家分享，越來越多的客戶正在購買我們全面的平台功能，這不僅加速了他們的業務價值實現，而且使我們成為他們成功的關鍵合作夥伴。正如我之前提到的，越來越多的客戶購買 Zscaler for Users，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。

In addition, we are gaining traction with workload protection powered by the same core ZIA and ZPA technology. Thanks to new and existing customers purchasing these expanded bundles, we drove a 51% year-over-year growth in the number of customers with greater than $1 million in ARR, ending with nearly 380 of these customers.

此外，我們正在通過由相同核心 ZIA 和 ZPA 技術提供支持的工作負載保護獲得牽引力。由於新客戶和現有客戶購買了這些擴展的捆綁包，我們推動 ARR 超過 100 萬美元的客戶數量同比增長 51%，其中近 380 名客戶。

And over 30 of these customers have ARR greater than $5 million. Let me highlight 3 deals this quarter. where the customers purchased all 4 product pillars. In a new logo win, a top 10 global IT software and services company purchased Zscaler for Users bundle for 400,000 users, including our advanced data protection suite and our Zero Trust for Workloads for 3,000 workloads.

其中超過 30 家客戶的 ARR 超過 500 萬美元。讓我重點介紹本季度的 3 筆交易。客戶購買所有 4 個產品支柱的地方。在贏得新徽標的過程中，一家全球前 10 大 IT 軟件和服務公司為 400,000 名用戶購買了 Zscaler for Users 捆綁包，其中包括我們的高級數據保護套件和用於 3,000 個工作負載的零信任工作負載。

This customer pursued a zero trust strategy due to their business growth, resulting in a complex application and network environment and heightened risk from data sprawl. They selected Zscaler as the only scalable zero trust platform that reduces their attack surface and protects their sensitive data while bringing agility to their business.

由於業務增長，該客戶奉行零信任策略，導致應用程序和網絡環境變得複雜，數據蔓延的風險也隨之增加。他們選擇 Zscaler 作為唯一可擴展的零信任平台，該平台可減少攻擊面並保護敏感數據，同時為其業務帶來敏捷性。

With our integrated platform, they will simplify their security operations by consolidating dozens of point products, including firewalls, VPN, VDIs, DLP and CASB. By purchasing all 4 product pillars, the customer is making a platform [bed] on Zscaler to secure their users, workloads and devices regardless of their location.

借助我們的集成平台，他們將通過整合數十種單點產品（包括防火牆、VPN、VDI、DLP 和 CASB）來簡化安全操作。通過購買所有 4 個產品支柱，客戶正在 Zscaler 上構建一個平台 [bed]，以保護他們的用戶、工作負載和設備，無論他們身在何處。

Next, in an exciting upsell win, a major auto manufacturer upgraded to Zscaler for Users bundle for 35,000 users and purchased Zero Trust for Workloads for 8,000 workloads. This platform purchase was driven by the customer strategy to digitally transform their business operations, including management of the vast supply chain. In fact, we are helping them accelerate time to market for new EVs.

接下來，在一次激動人心的追加銷售中，一家大型汽車製造商為 35,000 個用戶升級到 Zscaler for Users 捆綁包，並為 8,000 個工作負載購買了 Zero Trust for Workloads。此次平台購買是由客戶戰略驅動的，旨在對他們的業務運營進行數字化轉型，包括對龐大供應鏈的管理。事實上，我們正在幫助他們加快新電動汽車的上市時間。

Before purchasing ZPA, this customer experienced significant delays in commissioning new vehicles as third parties did not have fast and secure remote access for collaboration. By using ZPA and ZDX, they can provision secure access to new third parties within a few days compared to over a month, it used to take with legacy remote access technology.

在購買 ZPA 之前，由於第三方無法快速安全地進行協作遠程訪問，該客戶在調試新車輛方面遇到了嚴重的延遲。通過使用 ZPA 和 ZDX，他們可以在幾天內為新的第三方提供安全訪問，而過去使用傳統遠程訪問技術需要一個多月。

In addition, Zscaler for Users significantly reduces the risk of ransomware that the firewalls and VPNs allow. Finally, a Global 500 pharmaceutical company upgraded from ZIA for 45,000 users to Zscaler for Users bundle for 85,000 users and purchased Zero Trust for Workloads for 2,000 workloads.

此外，Zscaler for Users 顯著降低了防火牆和 VPN 允許的勒索軟件風險。最後，一家全球 500 強製藥公司從面向 45,000 名用戶的 ZIA 升級到面向 85,000 名用戶的 Zscaler for Users 捆綁包，並為 2,000 個工作負載購買了 Zero Trust for Workloads。

They purchased all 4 product pillars to pursue a cloud-first strategy with zero trust security for all users and workloads. With this upsell, the annual spend of this existing $1 million customer increased by 6x with additional opportunity for workload protection as the public cloud usage grows.

他們購買了所有 4 個產品支柱，以追求雲優先戰略，為所有用戶和工作負載提供零信任安全。通過這次追加銷售，這個現有 100 萬美元客戶的年支出增加了 6 倍，隨著公共雲使用量的增長，工作負載保護的機會也增加了。

Earlier, I mentioned that in some instances, we enable new customers to ramp to larger commitments. In one such new logo win, we are excited to partner with an innovative retail leader that's using facial recognition technology and cashless checkouts to redefine their future store experience. This is a significant win for us as retail was a smaller vertical for us historically, where we are now enabling new digital transformation possibilities.

早些時候，我提到在某些情況下，我們可以讓新客戶做出更大的承諾。在一個這樣的新標誌中，我們很高興能與一家創新的零售領導者合作，他們使用面部識別技術和無現金結賬來重新定義他們未來的商店體驗。這對我們來說是一個重大的勝利，因為零售業在歷史上對我們來說是一個較小的垂直領域，而我們現在正在實現新的數字化轉型可能性。

This retail company committed to an 8-figure total contract value for a multiphase ramp to secure over 90,000 ZIA users, 20,000 ZPA users, and 400 petabytes per month of data from the 20,000 retail store operations. This customer had bought a firewall-based SASE solution, which failed to scale as well as expanded their tax surface.

這家零售公司承諾為多相坡道提供 8 位數的總合同價值，以保護超過 90,000 名 ZIA 用戶、20,000 名 ZPA 用戶以及每月來自 20,000 家零售店運營的 400 PB 數據。該客戶購買了基於防火牆的 SASE 解決方案，但未能擴展和擴大他們的稅收面。

Leveraging our highly scalable and reliable Zero Trust Exchange platform, they will use ZIA to create direct Internet access for employee tablets and terminals while using ZPA to secure private access for store managers. Additionally, Zero Trust for Workloads will secure all traffic from cameras and terminals in the retail stores to the cloud.

利用我們高度可擴展且可靠的零信任交換平台，他們將使用 ZIA 為員工平板電腦和終端創建直接互聯網訪問，同時使用 ZPA 為商店經理保護私人訪問。此外，工作負載零信任將保護從零售店中的攝像頭和終端到雲端的所有流量。

Workload protection accounts for approximately 40% of the total deal value. As these deals show, customers are embracing our expanded platform, including our 2 emerging product pillars, ZDX for digital user experience management and Zscaler For Workloads, for securing servers and workloads. These emerging products are on track to meet or exceed our full year target of contributing high-teen percentage of our new business.

工作負載保護約佔總交易價值的 40%。正如這些交易所示，客戶正在接受我們擴展的平台，包括我們的 2 個新興產品支柱，用於數字用戶體驗管理的 ZDX 和用於保護服務器和工作負載的 Zscaler For Workloads。這些新興產品有望達到或超過我們的全年目標，即為我們的新業務貢獻很高的百分比。

Our Zero Trust for Workloads solution is roughly doubling year-over-year. In addition, our new CNAPP solution is generating significant customer interest. You may recall at Zenith Live in June, we launched our CNAPP solution called Zscaler Posture Control, which is an integrated solution that correlates vulnerabilities and risks across CSPM, CIEM and Infrastructure as Code scanning.

我們的工作負載零信任解決方案每年大約翻一番。此外，我們新的 CNAPP 解決方案引起了客戶的極大興趣。您可能還記得 6 月份在 Zenith Live 上，我們推出了名為 Zscaler Posture Control 的 CNAPP 解決方案，這是一個集成解決方案，可將 CSPM、CIEM 和基礎架構即代碼掃描中的漏洞和風險關聯起來。

This quarter, we had a Posture Control upsell win with a Global 1000 engineering company or $0.5 million ACV to secure 5,000 workloads. Posture Control provided visibility across multi-cloud assets, remediated compliance violations and revealed previously undetected high-risk vulnerabilities.

本季度，我們與一家全球 1000 強工程公司贏得了 Posture Control 追加銷售或 50 萬美元的 ACV，以保護 5,000 個工作負載。狀態控制提供了跨多雲資產的可見性，補救了合規性違規行為，並揭示了以前未檢測到的高風險漏洞。

We are proud that our Posture Control solution were recently recognized by (inaudible) in the leader quadrant based on independent peer reviews. We are bringing more innovations to our customers than ever before. In our latest major cloud software release, we brought over 150 new features to market, including product innovations such as AI-powered phishing detection and dynamic, risk-based access policy.

我們感到自豪的是，我們的姿勢控制解決方案最近根據獨立同行評審在領導者象限中得到（聽不清）認可。我們正在為客戶帶來比以往更多的創新。在我們最新的主要雲軟件版本中，我們向市場推出了 150 多項新功能，包括產品創新，例如 AI 支持的網絡釣魚檢測和基於風險的動態訪問策略。

We continue to drive both internal innovation and highly targeted acquisitions to expand our leadership in the SASE and zero trust security markets. As announced a few weeks ago, we acquired Canonic Security, an innovative start-up in SaaS supply chain security, which protects customer data in SaaS applications.

我們繼續推動內部創新和高度針對性的收購，以擴大我們在 SASE 和零信任安全市場的領導地位。正如幾週前宣布的那樣，我們收購了 Canonic Security，這是一家 SaaS 供應鏈安全領域的創新初創公司，旨在保護 SaaS 應用程序中的客戶數據。

For example, Google Suite could be sharing data with 30 other third-party connected SaaS apps that are posing significant risk of data breaches and data loss. Together with our in-line DLP, browser isolation, out-of-band CASB and SSPM for SaaS posture management, Zscaler now provides unprecedented visibility and most comprehensive data protection for SaaS applications and customer data.

例如，Google Suite 可能與其他 30 個第三方連接的 SaaS 應用共享數據，這些應用存在數據洩露和數據丟失的重大風險。連同我們用於 SaaS 狀態管理的內聯 DLP、瀏覽器隔離、帶外 CASB 和 SSPM，Zscaler 現在為 SaaS 應用程序和客戶數據提供前所未有的可見性和最全面的數據保護。

As we look ahead to the next few years, we are committed to driving broader adoption of our zero trust platform for users, workloads and IoT and OT to maximize the value of our customers' secured digital transformation efforts. CIOs are telling me that they're using this challenging environment to drive change.

展望未來幾年，我們致力於為用戶、工作負載以及物聯網和 OT 推動更廣泛地採用我們的零信任平台，以最大限度地提高客戶安全數字化轉型工作的價值。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。

ROI and cost optimization are becoming bigger priorities as they're being asked to do more with less. With our superior architecture and proven experience, we deliver measurable outcomes at the CXO level that are aligned with our customers' top priorities.

投資回報率和成本優化正在成為更重要的優先事項，因為他們被要求事半功倍。憑藉我們卓越的架構和經過驗證的經驗，我們在 CXO 級別提供與客戶的首要任務保持一致的可衡量結果。

Our business value proposition is resonating, and more customers are consolidating multiple point products with our broader platform, which increases our wallet share with them. We believe that we are still in the early stages of a significant market opportunity to enable secured digital transformation and we are on track to achieve our $5 billion ARR goal. Now I'd like to turn over the call to Remo for our financial results.

我們的商業價值主張引起了共鳴，越來越多的客戶將多點產品與我們更廣泛的平台整合在一起，這增加了我們與他們的錢包份額。我們相信，我們仍處於實現安全數字化轉型的重要市場機遇的早期階段，我們有望實現 50 億美元的 ARR 目標。現在我想把電話轉給雷莫，了解我們的財務業績。

Thank you, Jay. Our Q2 results exceeded our guidance on growth and profitability even as we managed through continued deal scrutiny and longer reviews. Revenue was $388 million, up 52% year-over-year and up 9% sequentially.

謝謝你，傑伊。即使我們通過持續的交易審查和更長時間的審查進行管理，我們的第二季度業績也超過了我們對增長和盈利能力的指導。收入為 3.88 億美元，同比增長 52%，環比增長 9%。

ZPA product revenue was approximately 20% of total revenue, growing 74% year-over-year. From a geographic perspective, Americas represented 53% of revenue, EMEA was 32% and APJ was 15%. From a new business perspective, EMEA grew strongly on a year-over-year basis despite continued macro challenges in the region.

ZPA 產品收入約佔總收入的 20%，同比增長 74%。從地理角度來看，美洲佔收入的 53%，EMEA 佔 32%，APJ 佔 15%。從新的業務角度來看，儘管該地區持續面臨宏觀挑戰，但 EMEA 同比增長強勁。

Our total calculated billings in Q2 grew 34% year-over-year to $494 million. Until we get more certainty around the macro environment, we believe looking at total billings on a sequential basis can be a relevant measure of our billings performance in the near term.

我們在第二季度計算的總賬單同比增長 34% 至 4.94 億美元。在我們對宏觀環境有更多的確定性之前，我們認為按順序查看總賬單可能是衡量我們近期賬單表現的相關指標。

On a sequential basis, billings grew 45% quarter-over-quarter. Our current billings grew 32% year-over-year, which includes the impact of strategic deals with phased subscription ramps that Jay talked about earlier. Our remaining performance obligations, or RPO, grew 44% from a year ago to $2.809 billion. The current RPO is 51% of the total RPO.

按順序計算，賬單環比增長 45%。我們目前的賬單同比增長 32%，其中包括 Jay 之前談到的分階段訂閱增長的戰略交易的影響。我們的剩餘履約義務 (RPO) 比一年前增長 44%，達到 28.09 億美元。目前的 RPO 佔總 RPO 的 51%。

Our dollar-based net retention rate was once again above 125%. We have a strong base of large enterprise customers, which provides us with significant opportunity to upsell our broader platform. At the end of Q2, we had 378 customers with greater than $1 million in ARR, up 51% from 251 in the prior year.

我們以美元為基礎的淨保留率再次超過 125%。我們擁有強大的大型企業客戶基礎，這為我們提供了追加銷售更廣泛平台的重要機會。在第二季度末，我們有 378 位客戶的 ARR 超過 100 萬美元，比去年同期的 251 位增長了 51%。

The continued strength of this metric speaks to the strategic role we play in our customers' digital transformation initiatives. We added 120 customers in the quarter with greater than $100,000 in ARR in the quarter at 2,337 such customers. Turning to the rest of our Q2 financial performance.

該指標的持續優勢說明了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 120 名客戶，本季度 ARR 超過 100,000 美元，共有 2,337 名此類客戶。轉向我們第二季度的其他財務業績。

Total gross margin of 80.4% is unchanged from the prior year. Our total operating expenses increased 6% sequentially and 44% year-over-year to $263 million, primarily due to higher compensation expenses. As we indicated last quarter, after exceeding our hiring plans in Q1, we moderated our pace of hiring in Q2.

總毛利率為 80.4%，與上年持平。我們的總運營費用環比增長 6%，同比增長 44% 至 2.63 億美元，這主要是由於薪酬支出增加。正如我們上個季度所指出的那樣，在第一季度超過我們的招聘計劃後，我們在第二季度放慢了招聘步伐。

This contributed to a strong operating margin performance in the quarter with operating margin increasing 380 basis points year-over-year to 12.6%, which exceeded our guidance. We're seeing the leverage in our financial model that is driven by our strong underlying unit economics. Our free cash flow margin was 16%.

這促成了本季度強勁的營業利潤率表現，營業利潤率同比增長 380 個基點至 12.6%，超出了我們的指導。我們看到我們的財務模型中的槓桿是由我們強大的基礎單位經濟驅動的。我們的自由現金流利潤率為 16%。

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 $1.9 billion in cash, cash equivalents and short-term investments. Next, let me provide more details about the targeted cost optimization plan that Jay mentioned.

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 19 億美元的現金、現金等價物和短期投資。接下來，讓我詳細介紹一下Jay提到的針對性成本優化方案。

In the past 18 months, we doubled the size of our team to approximately 5,900 employees as we invested aggressively based on a strong market momentum. As we watched the macroeconomic uncertainty at the start of fiscal 2023 in the fall, we commented that if the business environment becomes more challenging, our business model allows us to adapt quickly and to deliver expanded operating profitability while we grow.

在過去的 18 個月中，由於我們基於強勁的市場勢頭進行了積極投資，因此我們的團隊規模翻了一番，達到約 5,900 名員工。當我們觀察到秋季 2023 財年伊始的宏觀經濟不確定性時，我們評論說，如果商業環境變得更具挑戰性，我們的商業模式使我們能夠迅速適應並在我們成長的同時提供更大的運營盈利能力。

With the announcement today, we are adapting to the changes we saw in Q2. This is a targeted optimization initiative to address inefficiencies in certain job functions and projects. As a result, we're reducing our workforce by approximately 3%. Most of the impact from these changes will be seen in Q3 and will take a charge of $8 million to $10 million, including noncash expenses.

通過今天的公告，我們正在適應我們在第二季度看到的變化。這是一項有針對性的優化計劃，旨在解決某些工作職能和項目中的低效率問題。因此，我們將裁員約 3%。這些變化的大部分影響將在第三季度出現，並將產生 800 萬至 1000 萬美元的費用，包括非現金支出。

We'll continue to hire the best candidates in high priority areas. Now moving on to guidance and modeling points. As a reminder, these numbers are all non-GAAP. For the third quarter of fiscal 2023, we expect revenue in the range of $396 million to $398 million, reflecting year-over-year growth of 38% to 39%; gross margins of approximately 80%; operating profit in the range of $55 million to $56 million; net other income of $10 million; income taxes of $4.5 million; earnings per share of approximately $0.39, assuming 156 million fully diluted shares.

我們將繼續在高優先級領域聘用最優秀的候選人。現在轉到指導和建模要點。提醒一下，這些數字都是非公認會計原則。對於 2023 財年第三季度，我們預計收入在 3.96 億美元至 3.98 億美元之間，同比增長 38% 至 39%；毛利率約為80%；營業利潤在 5500 萬至 5600 萬美元之間；其他淨收入 1000 萬美元；所得稅 450 萬美元；假設 1.56 億股完全稀釋後，每股收益約為 0.39 美元。

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, we will need to add back $360,000 in quarterly interest expense.

請注意，從 2023 財年開始，我們採用了新會計準則，這要求使用 if-converted 方法來計算 EPS。為了計算我們的可轉換票據，我們將需要加回 360,000 美元的季度利息費用。

For the full year fiscal 2023, we expect revenue in the range of $1.558 billion to $1.563 billion or year-over-year growth of approximately 43%, calculated billings in the range of $1.935 billion to $1.945 billion or year-over-year growth of approximately 31%. For Q3, we're assuming billings to decline by approximately 9% sequentially compared to the mid-single-digit percentage declines we've seen over the last few years.

對於 2023 財年全年，我們預計收入在 15.58 億美元至 15.63 億美元之間或同比增長約 43%，計算出的賬單在 19.35 億美元至 19.45 億美元之間或同比增長約 31%。對於第三季度，我們假設與我們在過去幾年中看到的中等個位數百分比下降相比，賬單將連續下降約 9%。

This guidance incorporates the macro-related uncertainties that Jay mentioned in his comments. Operating profit in the range of $213 million to $215 million. Our guidance reflects approximately 350 basis points of operating margin improvement compared to last year, which is an increase from our prior guidance, while growing revenue at above 40%.

該指南包含了 Jay 在其評論中提到的與宏觀相關的不確定性。營業利潤在 2.13 億美元至 2.15 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約 350 個基點，這比我們之前的指引有所增加，同時收入增長超過 40%。

Income taxes of $18 million. Earnings per share in the range of $1.52 to $1.53, assuming approximately 156 million fully diluted shares. As noted earlier, to account for a convertible note and EPS, you will need to add back $1.4 million in annual interest expense.

所得稅1800萬美元。每股收益在 1.52 美元至 1.53 美元之間，假設約有 1.56 億股完全稀釋的股票。如前所述，要計算可轉換票據和每股收益，您需要加回 140 萬美元的年度利息支出。

Let me conclude with comments on our investment framework. We remain confident in our ability to deliver on our growth opportunity while increasing profitability. We will balance growth and profitability based on how our business was growing. The recurring nature of our business model gives us good visibility on top line revenue and allows us to adapt quickly to changes in market conditions to deliver on our operating profit and margin goals.

最後，讓我對我們的投資框架發表評論。我們對在提高盈利能力的同時實現增長機會的能力充滿信心。我們將根據我們業務的增長情況來平衡增長和盈利能力。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，以實現我們的營業利潤和利潤率目標。

If the environment becomes more challenging, we will continue to prioritize profitability, leveraging our strong unit economics and driving efficiencies in our cost structure. In fiscal '23 as a result of our focus on operational efficiency, we're increasing our profitability in the second half to achieve a full year operating margin of 13.7%, reflecting a 350 basis points expansion, while revenue is still growing over 40%.

如果環境變得更具挑戰性，我們將繼續優先考慮盈利能力，利用我們強大的單位經濟效益並提高成本結構的效率。在 23 財年，由於我們專注於運營效率，我們將在下半年提高盈利能力，實現 13.7% 的全年運營利潤率，反映了 350 個基點的擴張，而收入仍在增長 40% 以上.

If the environment improves, we'll prioritize growth. Our long-term investment framework still applies. If we are 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.

如果環境有所改善，我們將優先考慮增長。我們的長期投資框架仍然適用。如果我們的收入增長速度超過 30%，您可以預計今年的利潤率增長不到 300 個基點。我們仍然有信心在長期內達到 20% 至 22% 的營業利潤率。

With a large 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. Operator, you may now open the call for questions.

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。接線員，您現在可以打開電話提問。

(Operator Instructions) Our first question comes from the line of Brad Zelnick with Deutsche Bank.

（操作員說明）我們的第一個問題來自德意志銀行的 Brad Zelnick。

Jay, I appreciate the backdrop is tough. We hear it from every company. But can you frame for us your outlook in terms of things within your control and things that aren't? And maybe also if you could comment on the integrity of the data that you look at that underpins your confidence in Zscaler's competitive position in the market?

傑伊，我很欣賞背景很艱難。我們從每家公司都聽到了。但是，您能否根據您控制範圍內的事情和無法控制的事情為我們構建您的觀點？也許您是否可以評論您所查看的數據的完整性，這鞏固了您對 Zscaler 在市場上的競爭地位的信心？

Brad, thank you. But if you look at the quarter, we found that our upsell was quite strong. Customers loyal to us, they like our solution, upselling becomes easier for us.

布拉德，謝謝你。但是如果你看一下這個季度，我們會發現我們的追加銷售非常強勁。忠誠於我們的客戶，他們喜歡我們的解決方案，對我們來說，追加銷售變得更容易。

In terms of challenging, new logos with large deals are more challenging as there was additional scrutiny and additional approvals needed. The other thing that worked well was the customers like the fact that we are able to do consolidation of lots of point products that clean architecture and give them strong ROI.

就挑戰性而言，大宗交易的新標識更具挑戰性，因為需要額外的審查和額外的批准。另一件運作良好的事情是客戶喜歡這樣一個事實，即我們能夠整合許多清潔架構並為他們帶來強大投資回報率的單點產品。

That thing has worked well for us. In terms of competitive positioning, we haven't really seen any change. In fact, I would say that on the high end of the market, we actually feel like we are stronger than even before because we have established that. We actually have the right architecture, right solution with thousands of customers well deployed and very happy customers.

那件事對我們很有效。在競爭定位方面，我們還沒有真正看到任何變化。事實上，我想說的是，在高端市場，我們實際上感覺自己比以前更強大，因為我們已經確立了這一點。我們實際上擁有正確的架構、正確的解決方案，成千上萬的客戶得到了很好的部署和非常滿意的客戶。

In part other than we are beginning to see that some of the solutions that are sold by firewall vendors as SASE solutions, and when customers can deploy them, they are coming falling apart. I have been asked many times in the past 2 years, hey, are you replacing some of the firewall-based solution?

在某種程度上，我們開始看到防火牆供應商作為 SASE 解決方案出售的一些解決方案，當客戶可以部署它們時，它們正在分崩離析。在過去的 2 年裡我被問過很多次，嘿，你們是否正在更換一些基於防火牆的解決方案？

Answer I used to give is I haven't seen very many out there, now we're beginning to see some of them. The large retailer I mentioned on my call with 20,000 stores tried for about 18 months to deploy a firewall-based SASE solution, so to speak, and eventually give up and we are really taking care of it.

我曾經給出的答案是我在那裡看到的不多，現在我們開始看到其中的一些。我在電話會議上提到的擁有 20,000 家商店的大型零售商嘗試了大約 18 個月來部署基於防火牆的 SASE 解決方案，可以這麼說，最終放棄了，我們真的在處理它。

The other thing I would mention is Remo has often said we can adjust our business model as needed. As environment is getting tighter, we are adjusting the model by slowing down hiring. Our unit economic cost is very high. So you're seeing expansion of gross margins and operating margins -- sorry, operating margins, which our investors do like to see.

我要提到的另一件事是 Remo 經常說我們可以根據需要調整我們的商業模式。隨著環境變得越來越緊張，我們正在通過放慢招聘來調整模型。我們的單位經濟成本非常高。所以你看到毛利率和營業利潤率的增長——抱歉，營業利潤率，我們的投資者確實希望看到。

Lastly, my confidence is coming from tons and tons of customer calls I made, we had 80 CISOs with us for 2 days doing an exchange. All of these guys I have deployed have done a great job. They understand the architecture, the more the [word spreads] out there, a better understanding of the architecture, the more they're able to fend off the [fluff] being spent by competitors. So I'm very confident and comfortable in our ability to stay far ahead of the competition.

最後，我的信心來自於我打的無數次客戶電話，我們有 80 名 CISO 與我們一起進行了 2 天的交流。我部署的所有這些人都做得很好。他們了解架構，那裡的 [word spreads] 越多，對架構的理解越深入，他們就越能夠抵禦競爭對手花費的 [fluff]。所以我對我們在競爭中遙遙領先的能力充滿信心和自在。

Our next question comes from the line of Sterling Auty with MoffettNathanson.

我們的下一個問題來自 Sterling Auty 與 MoffettNathanson 的對話。

I'm just kind of curious, Jay, when you look at the business, can you give us a high-level sense of how much of the business in the quarter is replacement of legacy security solutions where cost savings is a driving factor?

傑伊，我只是有點好奇，當你審視業務時，你能否讓我們高層次地了解本季度有多少業務是替換傳統安全解決方案，其中成本節約是一個驅動因素？

And how much of the business is actually brand-new implementations to enable some sort of project where maybe it's a little bit riskier in these tighter budgetary times?

有多少業務實際上是全新的實施，以啟用某種項目，在這些預算緊縮的時代，它可能有點風險？

As you know, every company has strong kind of legacy solution for Internet gateway or even VPN apps. Those are the 2 starting points for us. ZIA starts with replacing some kind of Secure Web Gateway and ZPA starts with replacing some kind of VPN, then expand from there. So almost all business we do start by replacing something, except -- well, upsell too.

如您所知，每家公司都有針對 Internet 網關甚至 VPN 應用程序的強大的遺留解決方案。這些是我們的兩個起點。 ZIA 從替換某種安全 Web 網關開始，ZPA 從替換某種 VPN 開始，然後從那裡擴展。因此，我們所做的幾乎所有業務都是從更換某些東西開始的，除了 - 好吧，追加銷售也是如此。

Actually, if you look at our upsell, that means we may have ZIA, some pieces deployed. We may be upselling to replace (inaudible) of some vendor or we may be replacing VPN of some vendor or some of other stuff.

實際上，如果您看一下我們的追加銷售，那意味著我們可能部署了 ZIA 和一些部件。我們可能會追加銷售以替換（聽不清）某些供應商，或者我們可能會替換某些供應商的 VPN 或其他一些東西。

So almost all business is replacement for us. You can call some of the stuff expansion, for example, when customers want to have direct access to applications sitting in Azure and AWS without going through the data center, we're still replacing some of the stuff sitting in the data center and some of the direct connects they may have bought.

所以幾乎所有的業務都是對我們的替代。你可以把一些東西稱為擴展，例如，當客戶想要直接訪問位於 Azure 和 AWS 中的應用程序而無需通過數據中心時，我們仍在替換一些位於數據中心的東西和一些他們可能購買的直接連接。

So it's replacement of a bunch of point products into a fewer interior offerings. That's really where the savings come from, that's where simplicity and operational ease comes from.

因此，它將一堆單點產品替換為更少的內部產品。這才是節省的真正來源，這就是簡單性和操作簡便性的來源。

Our next question comes from the line of Andrew Nowinski with Wells Fargo.

我們的下一個問題來自 Andrew Nowinski 與 Wells Fargo 的對話。

So I just wanted to ask about those ramp deals that you talked about. Just wondering if you could quantify how much those deals would have added to billings in Q2 if they were normal deals versus ramping over time. And also, are customers contracted to spend a certain amount that was deferred? Or can they still back out of that ramp piece of it?

所以我只想問問你談到的那些坡道交易。只是想知道如果這些交易是正常交易而不是隨著時間的推移逐漸增加，您是否可以量化這些交易在第二季度會增加多少賬單。而且，客戶是否簽訂了一定金額的延期消費合同？或者他們還能退出那塊坡道嗎？

Yes. So they're contractually obligated to the ramps and the ramps are strategic that Jay talked about, with large deployments, we are seeing more ramps. The impact on billings, probably a couple of percentage points is what you can think.

是的。因此，他們對坡道負有合同義務，而坡道具有 Jay 談到的戰略意義，隨著大規模部署，我們看到了更多的坡道。您可以想到對賬單的影響，可能只有幾個百分點。

But again, with large customers, large deployments buying more of our [pillars], ramps were more in Q2. If I may add, I mean, we look at this as a strategic investment on our part to help customers get started and actually manage your cash for investments in year 1 by deferring some of that stuff to future years.

但同樣，隨著大客戶、大型部署購買更多我們的[支柱]，第二季度的增長更多。如果我可以補充一點，我的意思是，我們將此視為我們的一項戰略投資，以幫助客戶開始並通過將其中一些東西推遲到未來幾年來實際管理您在第一年的投資現金。

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

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

Great. So I was actually interested in asking about the ramps as well. But I also wanted to put it in context to the duration in the calculated billings numbers. Can you give us some sense of the magnitude of each of those?

偉大的。所以我實際上也有興趣詢問坡道。但我也想將其與計算的賬單數字中的持續時間聯繫起來。你能告訴我們每一個的重要性嗎？

I guess a couple of percent on the ramps. But if I look at the ramps, once you get all of that back in a couple of quarters, once they get past the initial start day, so isn't that actually just a timing issue?

我猜坡道上有幾個百分點。但如果我看一下斜坡，一旦你在幾個季度內恢復所有這些，一旦他們過了最初的開始日，那實際上不只是一個時間問題嗎？

Yes. I mean, you're absolutely right, Alex. I mean the ramps are a timing issue, lower billings upfront and higher billings later based on the ramp. Related to the billing duration, there was a -- it was slightly favorable in Q2. If you look at our billings, calculated billings, they're at 34%, short-term billings were at 32%. That's generally what you can think about the favorableness related to the billing duration.

是的。我的意思是，你完全正確，亞歷克斯。我的意思是，坡道是一個時間問題，根據坡道，前期費用較低，以後費用較高。與計費持續時間相關，第二季度略有優勢。如果你看看我們的賬單，計算賬單，他們是 34%，短期賬單是 32%。這通常是您可以考慮的與計費期限相關的優惠。

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

我們的下一個問題來自瑞銀集團的 Roger Boyd。

I wonder if I could poke up the efficiency versus capacity debate. I know you reiterated the $5 billion long-term goal. And Jay, your confidence in the market opportunity. But if you do see conditions improve, how do you think about sales capacity heading into fiscal '24 and your ability to accelerate growth at an agile base?

我想知道我是否可以提出效率與容量的爭論。我知道您重申了 50 億美元的長期目標。傑伊，你對市場機會的信心。但是，如果您確實看到情況有所改善，您如何看待進入 24 財年的銷售能力以及您在敏捷基礎上加速增長的能力？

Yes. And that's a great question. We are a growth company. We feel that the market opportunity is huge. $5 billion still what we are shooting for. We saw this as -- based on the comments that I made, we've increased our headcount almost 100% over an 18-month period.

是的。這是一個很好的問題。我們是一家成長型公司。我們覺得市場機會很大。 50 億美元仍然是我們的目標。我們認為這是——根據我所做的評論，我們在 18 個月內增加了近 100% 的員工人數。

And we saw basically inefficiencies in the organization. That's why we're doing this cost optimization. Having said that, our selling capacity remains very strong. And we continue -- we are going to continue to invest in our selling capacity as we go forward into the second half.

我們基本上看到組織效率低下。這就是我們進行成本優化的原因。話雖如此，我們的銷售能力仍然非常強勁。我們將繼續——我們將在進入下半年時繼續投資於我們的銷售能力。

So we are going to moderate hiring throughout the company, but our focus is still selling capacity and R&D development. Yes. So we are still selectively going to hire quota-carrying sales reps as well as core engineering leaders -- sorry, core engineering key members. And we expect our year-end headcount to be higher than the headcount today.

因此，我們將在整個公司範圍內適度招聘，但我們的重點仍然是銷售能力和研發發展。是的。因此，我們仍然有選擇地聘請配額銷售代表以及核心工程領導——對不起，核心工程關鍵成員。我們預計我們的年終人數將高於今天的人數。

Our next question comes from the line of Joel Fishbein with Truist.

我們的下一個問題來自 Joel Fishbein 與 Truist 的對話。

Remo, just on the billings guidance, if you could, just give us a characterization of how you would give a -- say, is it conservative? Is it based on what you're seeing today? It getting worse, the environment thing? We're getting a lot of questions on that. Hopeful to get any color you have on that.

Remo，就比林斯指南而言，如果可以的話，請給我們描述一下你會如何給出一個——比如說，它是保守的嗎？它是基於你今天所看到的嗎？越來越糟了，環境的事？我們收到了很多關於此的問題。希望能得到你所擁有的任何顏色。

Yes. I mean, thanks for asking the question, Joel. So there was an elongation of the sales cycle. So we're basically baking into that to our second half, slightly worse, not a lot but slightly worse than what we saw in Q2.

是的。我的意思是，謝謝你提出這個問題，喬爾。因此，銷售週期有所延長。因此，我們基本上是在下半年將其融入其中，比我們在第二季度看到的情況稍差，不是很多，但略差。

So a little more conservatism related to our billings guidance than the past.

因此，與過去相比，我們的比林斯指南更加保守。

Yes. And we are assuming that current levels of these scrutinies will continue.

是的。我們假設這些審查的當前水平將繼續。

Our next question comes from the line of Patrick Colville with Scotiabank.

我們的下一個問題來自加拿大豐業銀行的 Patrick Colville。

So I guess I'd like to ask about the sales changes that we discussed last quarter on the call. Is the slowdown we're seeing have any bearing on the sales changes that were made earlier in the fiscal year? Or has that process been kind of wrapped up and that's in the background now?

所以我想我想問一下我們上個季度在電話會議上討論的銷售變化。我們看到的經濟放緩是否對本財年早些時候所做的銷售變化有任何影響？還是該過程已經結束並且現在處於後台？

Patrick, as we discussed, we made changes to our enterprise segment, the lower end of (inaudible) segment at the start of the year and where it now reports (inaudible) leaders. Those changes are behind us, they've done Q1, and no bearing on Q2 numbers. Okay? So the main thing we're seeing at the highest level is some of the macro conditions that are impacting some of the higher and larger deals are low end of the market segments, enterprise and commercial. They actually had done quite well. But they're still impacted.

帕特里克，正如我們所討論的那樣，我們在年初對我們的企業部門進行了更改，這是（聽不清）部門的低端，現在它報告（聽不清）領導者。這些變化已經過去，他們已經完成了第一季度，對第二季度的數字沒有影響。好的？因此，我們在最高層面看到的主要事情是一些影響更高和更大交易的宏觀條件是市場細分、企業和商業的低端。他們其實已經做得很好了。但他們仍然受到影響。

Our next question comes from the line of Saket Kalia with Barclays.

我們的下一個問題來自巴克萊銀行的 Saket Kalia。

Okay. Great. Remo, maybe for you, can we just dig into the ramp deals just a little bit more? And maybe specifically, are these deals that take multiple years to ramp up to their sort of normal run rate on average?

好的。偉大的。雷莫，也許對你來說，我們可以再深入研究一下坡道交易嗎？也許具體來說，這些交易是否需要多年才能平均達到正常運行率？

Or are these things that maybe come back in the next couple of quarters? And relatedly, are you assuming a similar mix of ramp deals in the second half as you think about the conservatism in that guide?

或者這些事情可能會在接下來的幾個季度回歸？與此相關的是，您是否在考慮該指南中的保守主義時假設下半年會出現類似的坡道交易組合？

So -- no, it's not multiple years, it's shorter than that. Also related to what are we thinking of ramps in Q3 and the second half, similar to what we saw in Q2. Again, as we talked about, dealers are getting bigger, buying more of our platform.

所以——不，不是多年，而是比那更短。也與我們對第三季度和下半年斜坡的看法有關，類似於我們在第二季度看到的情況。同樣，正如我們所說，經銷商越來越大，購買了更多我們的平台。

It is a very -- it's a strategic buy for large companies. Regarding the architectures that are out there today, I mean companies understand. They understand that they've got a problem. And for that, these ramps do help us. I would expect it to continue about the same pace in Q3 and Q4.

對於大公司來說，這是一次非常重要的戰略收購。關於今天的架構，我的意思是公司理解。他們知道他們遇到了問題。為此，這些斜坡確實幫助了我們。我希望它在第三季度和第四季度繼續保持大致相同的速度。

Our next question comes from the line of Matt Hedberg with RBC.

我們的下一個問題來自 RBC 的 Matt Hedberg。

I just wanted to ask about linearity. It sounded like in your prepared remarks that January was worse than December. I'm curious, did those trends continue into February, i.e., was February worse than January? And is there any way to quantify sort of the impact of the deals that pushed out of the quarter?

我只是想問一下線性度。在你準備好的發言中聽起來好像一月份比十二月份更糟糕。我很好奇，這些趨勢是否會持續到 2 月，即 2 月是否比 1 月更糟？是否有任何方法可以量化本季度推出的交易的影響？

Yes. I mean, some deals certainly pushed into February. And February -- but again, some of the deals that we thought we'd do in January came through in February.

是的。我的意思是，一些交易肯定會推遲到 2 月份。 2 月——但同樣，我們認為我們將在 1 月進行的一些交易在 2 月完成了。

Regarding linearity, overall linearity was actually better in Q2 versus Q1. But that's also a function of the elongation of the deals. So that's why linearity is better. Going forward, I would expect back-end loaded linearity as we've seen the last few quarters. I really don't see that changing.

關於線性度，Q2 的整體線性度實際上比 Q1 更好。但這也是交易延長的一個函數。這就是為什麼線性度更好的原因。展望未來，我希望後端加載線性度正如我們在過去幾個季度看到的那樣。我真的沒有看到這種變化。

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

我們的下一個問題來自 Mike Walkley 與 Canaccord 的對話。

Remo, I guess, with new customer pipeline taking longer to close, it seems like upsell is going to be maybe even greater mix over the intermediate term. Can you share with us maybe how that mix changes over the implied guidance for the remainder of the fiscal year?

Remo，我猜，隨著新客戶管道需要更長的時間才能關閉，看起來追加銷售在中期可能會更加混合。您能否與我們分享這種組合如何改變本財年剩餘時間的隱含指導？

Yes, that's a great question. If you recall in Q1, it was about 50-50.

是的，這是一個很好的問題。如果您還記得第一季度，大約是 50-50。

That's right.

這是正確的。

And we said we felt on -- for the year, it's going to go more in the 60-40 upsell versus new. In Q2, it was about 35% new and 65% upsell. From my perspective, I think for this year, I think 60-40 is still the right metric to think about, 60% upsell and 40% new.

我們說我們感覺到了——今年，與新產品相比，60-40 的追加銷售會更多。在第二季度，大約有 35% 的新品和 65% 的追加銷售。從我的角度來看，我認為今年，我認為 60-40 仍然是值得考慮的正確指標，60% 的追加銷售和 40% 的新產品。

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

我們的下一個問題來自 BMO 的 Keith Bachman。

I wanted to ask about if you look at the phase deals and/or just the general economic backdrop, is there a change in pricing? In other words, are more customers asking for a release in terms of pricing?

我想問一下，如果您查看階段交易和/或僅查看總體經濟背景，定價是否有變化？換句話說，是否有更多的客戶要求在定價方面放開？

And related to that, Remo, I know you talked about the billings and you're assuming some more conservative, or things can get worse. But if I look at the billings guide, if in fact, billings are down 9% sequentially in the April quarter, in order to make the annual guide, the sequential growth in July quarter is 50% or higher, and that's roughly equal to or above the sequential growth for the last 3 years.

與此相關的是，雷莫，我知道你談到了賬單，你假設一些更保守，否則事情會變得更糟。但如果我看一下賬單指南，如果事實上，4 月季度的賬單環比下降 9%，那麼為了製定年度指南，7 月季度的環比增長為 50% 或更高，這大致等於或高於過去 3 年的環比增長。

So I'm just struggling a little bit to understand why the billings guide, we should think there's basically some room, if you will, when I look at the Q4. It just seems like you're asking a lot for Q4.

所以我只是在努力理解為什麼賬單指南，我們應該認為基本上有一些空間，如果你願意的話，當我看到第四季度時。看起來你對第四季度的要求很高。

Yes. I will start on the pricing pressure or discount you talked about, and Remo can get into the billing part of it. So due to a tighter macro environment, there is increasing scrutiny and pressure on CIOs this year.

是的。我將從你談到的定價壓力或折扣開始，Remo 可以進入其中的計費部分。因此，由於宏觀環境趨緊，今年對 CIO 的審查和壓力越來越大。

Our customers are negotiating order over payment and deal terms. But customers do view us as one of the most mission-critical service, and they want to make sure they buy the service that works, the service they can depend upon. But they're not looking for the cheapest solution. So from that point of view, I would say we aren't seeing tremendous pressure on discounting.

我們的客戶正在就付款和交易條款談判訂單。但客戶確實將我們視為最關鍵的服務之一，他們希望確保他們購買的是有效的服務，他們可以依賴的服務。但他們並不是在尋找最便宜的解決方案。所以從這個角度來看，我想說我們沒有看到折扣方面的巨大壓力。

We're seeing some focus on it. And to help that, that's where some of the ramp [deals] come in to help lower the first year cost for the customer to manage their spend. But being strategic, being dealing at the right level and actually delivering a lot of ROI value reduces pressure on us from a pricing point of view. Remo?

我們看到一些關注它。為了幫助實現這一點，這就是一些斜坡 [交易] 進來的地方，以幫助降低客戶管理支出的第一年成本。但是，從定價的角度來看，具有戰略意義、在正確的水平上進行交易並實際提供大量投資回報率價值可以減輕我們的壓力。雷莫？

Yes. So if you look at the average that we've had in the second half sequentially from Q3 to Q4, it's been in the 48%, 49% range. But we've gotten our guidance as 46% at the midpoint.

是的。因此，如果你看看我們在下半年從第三季度到第四季度的平均水平，它一直在 48%、49% 的範圍內。但我們在中點獲得了 46% 的指導。

Our next question comes from the line of Jonathan Ruykhaver with Cantor.

我們的下一個問題來自 Jonathan Ruykhaver 與 Cantor 的對話。

So Jay, I'm wondering if you can talk in more detail on the adoption trends you're seeing around cloud workload protection. And what those initial lands look like from a deal size perspective relative to ZIA and ZPA? And also, just touch on the go-to-market, are all reps equipped to sell that solution today? Is there an initial overlay strategy?

所以 Jay，我想知道你是否可以更詳細地談談你在雲工作負載保護方面看到的採用趨勢。從交易規模的角度來看，相對於 ZIA 和 ZPA，這些初始土地是什麼樣的？而且，只要觸及上市，今天所有的代表都準備好銷售該解決方案了嗎？是否有初始疊加策略？

Overall adoption of cloud workloads product is pretty good as planned. And as customers are launching more and more [workloads], they have 2 options. Either they extend their corporate network just like a branch network to every cloud region and put virtual firewalls there or they do zero trust architecture with Zscaler.

雲工作負載產品的總體採用情況與計劃的一樣好。隨著客戶推出越來越多的[工作負載]，他們有 2 個選擇。他們要么像分支網絡一樣將公司網絡擴展到每個雲區域並在那裡放置虛擬防火牆，要么他們使用 Zscaler 進行零信任架構。

So these products are primarily sold to our customers. Our customers understand the value of it, and that's why they're embracing it. Now that initial deals are smaller, customers are growing, and there are some large deals, but majority of the deals start small, and customers start buying into it.

所以這些產品主要賣給我們的客戶。我們的客戶了解它的價值，這就是他們接受它的原因。現在初始交易較小，客戶在增長，並且有一些大交易，但大多數交易開始時規模較小，客戶開始購買。

They largely end up doing the same thing, just like ZIA for users, ZPA for users, and this is ZIA for workloads, ZPA for workloads. That's where we believe the opportunity for us is significant. In terms of go-to-market, all reps are equipped to sell it, but we also understand that there are a bunch of nuanced discussions in this area.

他們基本上最終做同樣的事情，就像 ZIA 用於用戶，ZPA 用於用戶，這是 ZIA 用於工作負載，ZPA 用於工作負載。這就是我們認為機會對我們來說意義重大的地方。在進入市場方面，所有代表都準備好銷售它，但我們也理解在這個領域有很多細微的討論。

So we do have product specialists. This is not overlay sales team. These product specialists are experts in this area, and they do help in the sales process. And [Remo,] overall, we are expecting the emerging products, too.

所以我們有產品專家。這不是覆蓋銷售團隊。這些產品專家是該領域的專家，他們確實在銷售過程中提供幫助。 [Remo] 總體而言，我們也期待新興產品。

Yes. Emerging products still tracking to high teens, both total new and upsell.

是的。新興產品仍在跟踪高青少年，包括全新產品和追加銷售。

Our next question comes from the line of Gabriela Borges with Goldman Sachs.

我們的下一個問題來自 Gabriela Borges 與 Goldman Sachs 的對話。

I wanted to ask you on the market opportunity for best of breed. With Zscaler now having (inaudible) of the Global 2000, how do you think about the risk that the enterprises that can (inaudible) to that best of breed are essentially or already Zscaler customers?

我想向您詢問最佳品種的市場機會。隨著 Zscaler 現在擁有（聽不清）全球 2000 強，您如何看待能夠（聽不清）最佳品種的企業本質上或已經是 Zscaler 客戶的風險？

In other words, where do you think the ceiling is to that G2000 penetration rate? And are you getting feedback from, let's say, the next sort of (inaudible) as much about best-of-breed technology? How do you think about that?

換句話說，您認為 G2000 普及率的上限在哪裡？你是否從下一種（聽不清）關於最佳技術的反饋中得到反饋？你怎麼看？

Next bake-offs? I'm sorry, can you expand the last part again?

下一次烘烤？對不起，你能再擴展最後一部分嗎？

Yes. Essentially, the deal size you're competing for today, are you getting any signs of feedback from customers saying, we know you're best of breed, but we're not going to prioritize you?

是的。從本質上講，您今天競爭的交易規模，您是否從客戶那裡得到任何反饋跡象，我們知道您是同類中的佼佼者，但我們不會優先考慮您？

Yes. Our customers are not looking for best-of-breed point products. They're looking for best-of-breed platform with the right architecture. We can tell you if -- when you talk about low end of the market, they can (inaudible) with some of the solutions that are kind of halfway.

是的。我們的客戶並不是在尋找同類最佳的產品。他們正在尋找具有正確架構的同類最佳平台。我們可以告訴您，當您談論低端市場時，他們是否可以（聽不清）使用一些半途而廢的解決方案。

But when you talk about Global 2000, these customers are generally pretty savvy. The requirements are complicated. And we believe the best architecture will win in the long term. I gave you an example this time. We're a large retailer kind of have gone a different way, thinking that a [firewall-based architecture will] work, tried, failed and came back. I expect to see a lot more customers do the same thing. I think we have ample opportunity in the Global 2000 to take our current penetration to a much, much higher level.

但是當你談到 Global 2000 時，這些客戶通常都非常精明。要求很複雜。我們相信，從長遠來看，最好的架構將獲勝。這次我給你舉了個例子。我們是一家大型零售商，採取了不同的方式，認為 [基於防火牆的架構] 可以工作、嘗試、失敗並恢復。我希望看到更多的客戶做同樣的事情。我認為我們在全球 2000 強中有足夠的機會將我們目前的滲透率提高到更高的水平。

Our next question comes from the line of Peter Levine with Evercore.

我們的下一個問題來自 Evercore 的 Peter Levine。

Maybe just to piggyback off an earlier question on upsell versus net new. So it seems like you're able to kind of somewhat toggle your sales force to maybe focus more on those back-to-base opportunities. So one, are you changing incentives, comp plans at all to, I guess, better incentivize your sales force to focus more on those back-to-base opportunities?

也許只是為了解決之前關於追加銷售與淨新產品的問題。因此，您似乎可以在某種程度上改變您的銷售團隊，或許可以更多地關注那些返回基地的機會。那麼，第一，你是否正在改變激勵措施、薪酬計劃，以更好地激勵你的銷售人員更多地關注那些返廠機會？

And then second, the ones that you are seeing a better upsell, like what product is having the highest hit rate?

其次，那些你看到更好的追加銷售的產品，比如什麼產品的命中率最高？

So we aren't really making any special changes to upsell versus new logo. This has been asked to us many times over the years. Do we have a special incentive on new logos? Not really. Our platform is very broad and big. So we really -- we want new logos, and we want expansion. And expansion, we know that expansion means upsell is a little bit easier than new logos.

因此，我們並沒有真正對追加銷售與新徽標進行任何特殊更改。這些年來，我們已經多次被問到這個問題。我們對新徽標有特殊獎勵嗎？並不真地。我們的平台非常廣闊。所以我們真的——我們想要新的標誌，我們想要擴張。和擴張，我們知道擴張意味著追加銷售比新標識更容易一點。

That's why you've seen some of the upsell numbers going up this quarter as compared to new logos down. We keep on making refinements to our go-to-market structure and model from time to time, but there's nothing significant we've done now to make any changes.

這就是為什麼你看到本季度一些追加銷售數字上升，而新徽標下降。我們不斷地對我們的上市結構和模型進行改進，但我們現在沒有做任何重大改變。

I think one of the best things is we have a very good sales organization. Our architecture is very good. Our deployments are very good. That's why customers come back and they (inaudible) us. I mean, talking to so many customers, they believe we have the best service, best architecture and best security. That's why we win. And I think we'll keep on driving it. But in today's market, we expect upsell numbers to stay high because it's a bit easier as compared to a new a logo.

我認為最好的事情之一是我們有一個非常好的銷售組織。我們的架構非常好。我們的部署非常好。這就是為什麼客戶回來，他們（聽不清）我們。我的意思是，與這麼多客戶交談後，他們相信我們擁有最好的服務、最好的架構和最好的安全性。這就是我們獲勝的原因。我認為我們會繼續推動它。但在今天的市場上，我們預計追加銷售數字會保持高位，因為與新的 a 徽標相比，它更容易一些。

And then which products are getting the biggest hit rate?

那麼哪些產品的命中率最高呢？

Oh, sorry. Big product. Yes. So if you look at almost every Zscaler customer as ZIA, okay, ZPA can be a starting point, but that's not common. But more and more, if customers are starting with ZIA, ZPA, ZDX but there's still a sizable installed base that has ZIA. Now ZIA, ZPA together in the higher end, they will be close to 60%, right?

哦對不起。大產品。是的。因此，如果您將幾乎每個 Zscaler 客戶都視為 ZIA，好吧，ZPA 可以作為起點，但這並不常見。但越來越多的客戶開始使用 ZIA、ZPA、ZDX，但仍然有相當大的安裝基數使用 ZIA。現在ZIA、ZPA加在一起更高端，應該接近60%吧？

That means so many customers have ZIA, ZPA both. There's upsell opportunities on ZPA. There's upsell opportunity within bundles. Lot of these customers have bought business, they moved to transformation. From transformation, there's a big opportunity for us to sell data protection.

這意味著很多客戶同時擁有 ZIA 和 ZPA。 ZPA 上有追加銷售的機會。捆綁包中有追加銷售的機會。這些客戶中有很多已經購買了業務，他們開始轉型。從轉型中，我們有很大的機會出售數據保護。

Data protection, especially advanced data protection is very much in the mind of large corporations. And there's a lot of old stuff sitting from Symantec Vontu and some of the McAfee stuff. And when you deploy Zscaler, you can't be really sitting with the old school DLP technology. Data protection is a big opportunity for us.

數據保護，尤其是高級數據保護是大公司非常關心的問題。還有很多來自 Symantec Vontu 的舊東西和一些 McAfee 的東西。當您部署 Zscaler 時，您不能真正使用舊式 DLP 技術。數據保護對我們來說是一個巨大的機遇。

If there's one other product I would highlight, it is ZDX. Digital experience is one of the favorite services of CIOs and Head of Networking because when someone is coming from (inaudible), some coffee shop, some hotel, when things are slow, customers struggle to figure out. ZDX has become very sophisticated to help them pinpoint issues and take care of them.

如果還有其他產品我要強調，那就是 ZDX。數字體驗是首席信息官和網絡主管最喜歡的服務之一，因為當有人來自（聽不清）、咖啡店、酒店時，當事情進展緩慢時，客戶很難弄清楚。 ZDX 已經變得非常成熟，可以幫助他們查明問題並解決問題。

User experience is becoming more and more important. And this highly, highly differentiated service that we offer. Did I answer your question?

用戶體驗變得越來越重要。我們提供的這種高度、高度差異化的服務。我回答你的問題了嗎？

Perfect. Yes.

完美的。是的。

Our next question comes from the line of John DiFucci with Guggenheim.

我們的下一個問題來自 John DiFucci 與 Guggenheim 的對話。

You said that EMEA grew strongly year-over-year. But was it the kind of growth you thought it would be? Because the reason I ask is that our checks in the regions were -- they were pretty mixed. And your revenue growth decelerated in the region. And given the recurring model of revenue is usually a lagging indicator, I get that. But I guess you answered that question. And how do you expect the region to progress going forward? Is there any reason that region might be more competitive?

你說 EMEA 同比增長強勁。但它是你認為的那種增長嗎？因為我問的原因是我們在這些地區的支票是——它們非常複雜。您在該地區的收入增長放緩。鑑於經常性收入模型通常是一個滯後指標，我明白了。但我猜你回答了那個問題。您預計該地區將如何向前發展？有什麼理由認為該地區可能更具競爭力嗎？

I'll start, and Remo can add things to it. This quarter, EMEA had less dependency on large deals, okay? And as you know, large deals are getting more scrutiny. And U.S. was relatively speaking, weaker because they had higher dependency on large deals. Remo, do you want to add any more?

我會開始，Remo 可以添加內容。本季度，EMEA 對大型交易的依賴程度有所降低，好嗎？如您所知，大宗交易正受到更嚴格的審查。而美國相對來說更弱，因為他們對大宗交易的依賴度更高。 Remo，你還想補充嗎？

Yes. I mean you're right, John. I mean, revenue is a lagging indicator. And for our new and upsell business, it was one of our strongest, if not our strongest, if you will. So EMEA did do well.

是的。我是說你是對的，約翰。我的意思是，收入是一個滯後指標。對於我們的新業務和追加銷售業務，如果你願意的話，它是我們最強大的業務之一，如果不是我們最強大的話。所以 EMEA 做得很好。

And if there's another color I could give you on the market vertical kind of stuff, there are certain verticals that is better than others. As you would expect, the tech vertical was weak in today's market. And some of the retail and all was a little bit slower.

如果有另一種顏色我可以在市場上給你垂直的東西，有些垂直的東西比其他的更好。正如您所預料的那樣，技術垂直領域在當今市場上表現不佳。一些零售店和所有零售店的速度都慢了一點。

But that would be more for the U.S., right, Jay, the tech vertical?

但這對美國來說更重要，對吧，Jay，技術垂直領域？

For the U.S., that's correct. That's correct.

對於美國來說，這是正確的。這是正確的。

Our next question comes from the line of Shaul Eyal with Cowen.

我們的下一個問題來自 Shaul Eyal 和 Cowen 的對話。

Jay or Remo, one of the topics (inaudible) in recent quarters is cloud-related costs or in other words, some enterprise customers are indicating that some of the cost benefits they have subscribed to under the big cloud promise in recent years, at times, that is not leading up to their expectations. So interested to learn whether your customers have been bringing up that point in recent discussions.

Jay 或 Remo，最近幾個季度的主題之一（聽不清）是與雲相關的成本，或者換句話說，一些企業客戶表示他們在近年來的大雲承諾下訂閱了一些成本效益，有時，這並沒有達到他們的期望。非常有興趣了解您的客戶是否在最近的討論中提出了這一點。

Kind of hard time hearing you, Shaul. So you might -- I think we've caught something about maybe hyperscaler and (inaudible) if you could repeat that.

很難聽到你的聲音，Shaul。所以你可能——我想我們已經抓住了一些關於超大規模和（聽不清）的東西，如果你能重複的話。

Yes. No. So I was asking whether some customers have been bringing up maybe some disappointment with the overall promise as it relates to cloud-related costs. Is that a topic that has been brought up in recent discussions with your customers?

是的。不，所以我問一些客戶是否對與雲相關的成本相關的整體承諾感到失望。這是最近與您的客戶討論時提出的話題嗎？

Yes. So let me share with you lots of conversations I have. Customers are embracing cloud, okay? There's no -- somebody is not saying, "I want to come back or not embrace the cloud." That's point number one.

是的。因此，讓我與您分享我的許多對話。客戶正在擁抱雲，好嗎？沒有 - 有人沒有說，“我想回來或者不擁抱雲。”這是第一點。

Point number two, the speed at which these guys are moving forward is slowing down. You can expect because some of these large software development projects are slowing down for cost reasons.

第二點，這些傢伙前進的速度正在放緩。您可以預料到，由於成本原因，其中一些大型軟件開發項目正在放緩。

Number three, that's actually creating an interesting phenomenon, whereby customers aren't able to use all the spend that's committed. That's actually giving us an opportunity where we are actually partnering more closely with some of these hyperscalers, where our deal can be part of that customer commit because we are as an approved partner for some of the cloud spend.

第三，這實際上創造了一個有趣的現象，即客戶無法使用所有承諾的支出。這實際上給了我們一個機會，讓我們與其中一些超大規模企業更緊密地合作，我們的交易可以成為客戶承諾的一部分，因為我們是一些雲支出的認可合作夥伴。

So those are some of the things we are seeing. But overall, we do see -- it's rare to find a CIO that says, I don't like cloud anymore. Are there complaints about cost in the cloud? Yes. Do they see an alternate to go back to the data center? No.

所以這些就是我們所看到的一些事情。但總的來說，我們確實看到了——很少有 CIO 說，我不再喜歡云了。是否有人抱怨雲中的成本？是的。他們是否看到了返回數據中心的替代方案？不。

Ladies and gentlemen, due to the interest of time, that concludes our Q&A session. I would now like to turn the call back over to Jay for closing remarks.

女士們先生們，由於時間關係，我們的問答環節到此結束。我現在想把電話轉回給 Jay 作結束語。

Thank you for your continued interest in Zscaler. We look forward to seeing you at some of the upcoming conferences. Thank you again.

感謝您對 Zscaler 的持續關注。我們期待在即將舉行的一些會議上見到您。再次感謝你。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for your participation. You may now disconnect.

女士們，先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。