Zscaler Inc (ZS) 2024 Q2 法說會逐字稿

Good day, and welcome to the Zscaler Second Quarter 2024 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎參加 Zscaler 2024 年第二季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Bill Choi, Senior Vice President of Investor Relations and Strategic Finance. Please go ahead.

現在，我想將會議交給今天的演講嘉賓，投資者關係和策略財務高級副總裁Bill Choi。請發言。

Good afternoon, everyone, and welcome to the Zscaler Second Quarter Fiscal Year 2024 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 2024 財年第二季財報電話會議。今天與我一起參加電話會議的有董事長兼執行長 Jay Chaudhry 和財務長 Remo Canessa。

Please note that we have posted our earnings release and a supplemental financial schedule to our Investor Relations website.

請注意，我們已將我們的收益報告和補充財務時間表發佈到我們的投資者關係網站上。

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.

除非另有說明，我們今天討論的所有數字均基於調整後的非公認會計準則 (Non-GAAP)。您可以在我們的業績報告中查看 GAAP 與非 GAAP 財務指標的對帳表。

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

我想提醒您，今天的討論將包含前瞻性陳述，包括但不限於公司預期的未來收入、計算的賬單、經營業績、毛利率、營業費用、營業收入、淨收入、自由現金流、基於美元的淨留存率、未來招聘決策、剩餘履約義務、所得稅、每股收益、我們的目標和展望、客戶對我們產品的反應以及我們的市場份額和市場機會。

These statements and other comments are not guarantees of future performance, but rather are subject to 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. We undertake no obligation to update these statements after this call.

這些聲明及其他評論並非對未來績效的保證，而受風險和不確定性的影響，其中一些因素超出我們的控制範圍。這些前瞻性聲明自今日起生效，您不應將其視為我們未來的觀點。我們不承擔在本次電話會議後更新這些聲明的義務。

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.

有關風險和不確定性的更完整討論，請參閱我們向美國證券交易委員會提交的文件以及今天的收益報告。

I also want to inform you that we'll be attending the following conferences in March. JMP Technology Conference in San Francisco on March 4, and Morgan Stanley TMT Conference in San Francisco on March 6.

我也想通知大家，我們將在三月參加以下會議。 3月4日在舊金山舉行的JMP技術會議，以及3月6日在舊金山舉行的摩根士丹利TMT會議。

Now I'll turn the call over to Jay.

現在我將把電話轉給傑伊。

Thank you, Bill. I am pleased to share our Q2 results, which once again exceeded our guidance for the top line and the bottom line even amidst an ongoing challenging macro environment. Revenue grew by 35% year-over-year and billings grew by 27%. Our customer base spending $1 million or more continues to grow by over 30%. Our operating profit more than doubled year-over-year, and our free cash flow margin reached a record for Q2. During the quarter, we made solid progress on our strategy to scale our go-to-market engine to reach our goal of $5 billion and beyond in ARR.

謝謝比爾。我很高興與大家分享我們第二季的業績。即使在持續充滿挑戰的宏觀環境下，我們的業績再次超出了我們對營收和利潤的預期。營收年增35%，帳單收入成長27%。我們支出100萬美元及以上的客戶群持續成長30%以上。我們的營業利潤年增一倍以上，自由現金流利潤率創下第二季新高。在本季度，我們穩步推進擴大市場引擎規模的策略，力求實現50億美元及以上的年度經常性收入（ARR）目標。

To augment our already strong sales team, we're adding more experienced leaders with a proven track record of running large operations. Considering these leadership changes, I am particularly proud of our field sales execution this quarter.

為了增強我們本已強大的銷售團隊，我們正在吸收更多經驗豐富的領導者，他們擁有豐富的大型專案營運經驗。考慮到這些領導層的變動，我對本季的現場銷售表現尤為自豪。

Before getting to the details of our fiscal Q2, let me share a few observations on the business environment. Based on my conversations with hundreds of CIOs and CISOs, I expect demand for zero trust security to remain robust in 2024 and expect customer budgets for zero trust to be up this year, particularly in light of the recent surge in the number of high-profile breaches.

在詳細介紹我們第二財季的財務狀況之前，我想先分享一些關於商業環境的觀察。根據我與數百位首席資訊長和首席資訊安全長的交流，我預計 2024 年對零信任安全的需求將保持強勁，並且預計今年客戶用於零信任的預算將會增加，尤其是在近期備受矚目的資料外洩事件數量激增的情況下。

Threat actors continue to exploit vulnerabilities of firewalls and VPNs, which allow them to spread ransomware, laterally inside an organization. In a recent example, a VPN vulnerability was so severe that CISA, the U.S. cybersecurity agency, took the extraordinary step of mandating that federal civilian agencies disconnect the their Ivanti Policy Secure VPNs within 48 hours. This is yet another example of why customers are increasingly realizing that their security posture remains vulnerable and are motivated to transform their firewall-based security to our zero trust architecture.

威脅行為者持續利用防火牆和 VPN 的漏洞，在組織內部橫向傳播勒索軟體。在最近一個案例中，一個 VPN 漏洞嚴重到美國網路安全機構 CISA 不得不採取緊急措施，要求聯邦民事機構在 48 小時內斷開其 Ivanti Policy Secure VPN 的連線。這再次表明，客戶越來越意識到自身安全態勢依然脆弱，並積極將其基於防火牆的安全架構遷移到我們的零信任架構。

Spinning up firewalls and VPNs in the cloud and calling it a SASE solution doesn't solve cybersecurity challenges while customers want to consolidate point products. They're looking for a fully integrated platform that delivers zero trust architecture. Cyber is so mission-critical that customers will invest in the industry-leading solutions rather than rely on cheaper or less effective products that are included as part of their ELAs. They want best-of-breed platforms with the best functionality that integrate with other platforms, thus eliminating dozens of point products.

在雲端部署防火牆和VPN並將其稱為SASE解決方案並不能解決網路安全挑戰，而客戶希望整合單點產品。他們正在尋找一個能夠提供零信任架構的完全整合平台。網路安全至關重要，客戶會投資於業界領先的解決方案，而不是依賴其ELA中包含的更便宜或效率更低的產品。他們希望擁有功能最佳、能夠與其他平台整合的最佳平台，從而淘汰數十種單點產品。

Zscaler zero trust platform is an integrated and purpose-built solution that delivers comprehensive security and provides a compelling user experience while reducing cost. Strong customer interest in our platform drove a record first half total bookings with nearly half of net new bookings coming from new logo customers. We added a record number of new logos for our Q2. This demonstrates the momentum in our business, and we are increasing our outlook for revenue and billings for fiscal 2024.

Zscaler 零信任平台是一款整合式專用解決方案，可提供全面的安全性和卓越的使用者體驗，同時降低成本。客戶對我們平台的濃厚興趣推動了上半年總預訂量創下紀錄，其中近一半的淨新增預訂量來自新客戶。我們在第二季新增了創紀錄數量的新客戶。這體現了我們業務的良好發展勢頭，我們上調了 2024 財年的收入和帳單預期。

We're operating in a strong demand environment for zero trust architecture. To capture this demand and scale our business to $5 billion ARR and beyond, we appointed Mike Rich as our Chief Revenue Officer last quarter. Mike joined us from ServiceNow, where he established a scalable, go-to-market engine to drive deeper engagements with large enterprises. Going forward.

我們正處於對零信任架構強勁需求的環境中。為了抓住這一需求，並將我們的業務規模擴大到 50 億美元及以上，我們上季任命了 Mike Rich 為首席營收長。 Mike 在加入 ServiceNow 之前，他建立了一個可擴展的市場推廣引擎，以推動與大型企業的更深入合作。未來，我們將持續關注。

Mike and his team are focusing on 3 key areas. First, our existing opportunity-led sales engine has helped us deliver strong growth over the years, enabling us to surpass $2 billion in ARR, to drive our next phase of growth, we are evolving from an opportunity centric to an account-centric sales motion, leveraging Mike's experience in building such plans.

Mike 和他的團隊專注於三個關鍵領域。首先，我們現有的以機會為導向的銷售引擎多年來幫助我們實現了強勁增長，使我們的年度經常性收入 (ARR) 超過 20 億美元。為了推動下一階段的成長，我們正在從以機會為中心轉變為以客戶為中心的銷售模式，並充分利用 Mike 在製定此類計劃方面的經驗。

As we grow our sales organization, we're adding more experienced leaders and strategic sellers with the right level of experience, working with CXOs and global system integrators. As we begin our planning for fiscal '25, we are developing account plans that are aligned with our customers' long-term strategic initiatives. And we are partnering with our customers to build transformation road maps to modernize their security and IT infrastructure. Second, we launched our top accounts pilot program a couple of quarters ago, which is successfully driving deeper platform engagements and adoption.

隨著銷售團隊的壯大，我們正在吸收更多經驗豐富的領導者和策略銷售人員，他們經驗豐富，與客戶首席營運長 (CXO) 和全球系統整合商合作。在著手製定25財年規劃之際，我們正在製定與客戶長期策略計畫相契合的客戶計畫。此外，我們也與客戶合作，建立轉型路線圖，以實現其安全和IT基礎設施的現代化。其次，我們在幾個季度前啟動了頂級客戶試點計劃，該計劃正在成功推動更深入的平台參與和採用。

Building upon our initial success and leveraging Mike's experience, we are scaling this program across more top accounts. Third, we are increasing our focus on vertical selling. We introduced a vertical-specific sales motion a few years ago, starting with the public sector and expanded it to the health care vertical last year. Based upon the successful growth in these verticals, we plan to continue to expand the program into more verticals by adding domain experts who can drive vertical-specific strategies to better align with our customers' strategic initiatives.

基於我們初步的成功，並藉鑒Mike的經驗，我們正在將該計劃擴展到更多頂級客戶。第三，我們正在加大對垂直銷售的關注。幾年前，我們推出了一項針對特定垂直領域的銷售計劃，最初從公共部門開始，去年擴展到醫療保健垂直領域。基於這些垂直領域的成功成長，我們計劃繼續將該計劃擴展到更多垂直領域，並引入能夠推動特定垂直領域策略的領域專家，以更好地與客戶的策略計劃保持一致。

We now have a double-digit number of customers spending more than $10 million with us annually. With our expanded platform and these go-to-market initiatives, I believe we will see more and more of our large enterprise customers reach $10 million ARR levels over time.

目前，我們每年在我們這裡消費超過1000萬美元的客戶數量已達到兩位數。隨著我們平台的擴展和這些市場化舉措的實施，我相信隨著時間的推移，我們將看到越來越多的大型企業客戶達到1000萬美元的年經常性收入水平。

Now let me highlight 3 factors that drove our performance in Q2. First, we are seeing continued success in selling our broader platform, including ZPA, Data Protection, ZDX, Zero Trust for workloads, Zero Trust for branch and AI-powered solutions. Driven by upsells, our $1 million ARR customer count grew by 31% year-over-year, ending the quarter with nearly 500 such customers.

現在，我想強調推動我們第二季業績的三個因素。首先，我們更廣泛的平台銷售持續取得成功，包括零信任 (ZPA)、資料保護 (Data Protection)、ZDX、工作負載零信任、分支機構零信任以及人工智慧驅動的解決方案。在追加銷售的推動下，我們年經常性收入 (ARR) 達到 100 萬美元的客戶數量年增 31%，本季末擁有近 500 名此類客戶。

Second, we had a strong federal quarter with particular strength in upsells to cabinet-level agencies. We have plenty of opportunity to expand further in the federal market. Third, we achieved a Q2 record for new logo additions, reflecting early success with our channel investments.

第二，我們在本季的聯邦市場表現強勁，尤其在向內閣級機構的追加銷售方面表現出色。我們在聯邦市場擁有充足的進一步擴張機會。第三，我們第二季新增識別數量創歷史新高，反映了我們通路投資的早期成功。

Our $100,000 or more ARR customer base grew 21% year-over-year ending the quarter with over 2,800 such customers.

我們的 10 萬美元或以上的 ARR 客戶群年增 21%，截至本季末，此類客戶已超過 2,800 名。

Let me highlight 2 new logo deals for the quarter. First, a Fortune 100 health care customer purchased ZIA, ZPA, ZDX and advanced Data Protection for 10,000 users in a 7-figure ACV deal. ZPA will greatly enhance their security and user experience while eliminating legacy security gateways by consolidating their VPN and VDI appliances.

讓我重點介紹一下本季的兩筆新交易。首先，一家財富100強醫療保健客戶以七位數的ACV（平均價值）為10,000名用戶購買了ZIA、ZPA、ZDX和高級資料保護。 ZPA將透過整合其VPN和VDI設備，大幅提升其安全性和使用者體驗，同時消除傳統的安全閘道。

Protecting patient health care records is of paramount importance to this customer, which made data protection, a crucial consideration for this deal. For the next phase, we are planning to expand to over 100,000 users, representing a significant upsell opportunity for us.

保護患者的醫療記錄對該客戶至關重要，因此資料保護成為此交易的關鍵考量。在下一階段，我們計劃將用戶規模擴大到10萬以上，這對我們來說是一個重要的銷售成長機會。

In another new logo deal, after suffering repeated ransomware attacks, a technology company purchased 20,000 seats of ZIA, ZPA, ZDX and advanced data protection, phasing out their legacy castle-and-moat firewall-based security, which failed to protect them against ransomware attacks. This customer excluded their incumbent firewall-based SASE vendor from consideration as they wanted a true zero trust architecture. This is a multiyear, 8-figure TCV deal, which is expected to generate over 100% ROI for the customer by eliminating the multiple firewalls, VPNs and VDI systems.

在另一筆新標誌交易中，一家科技公司在遭受反覆勒索軟體攻擊後，購買了 2 萬個 ZIA、ZPA、ZDX 和高級資料保護席位，逐步淘汰了其基於防火牆的傳統安全方案，因為這些方案無法有效抵禦勒索軟體攻擊。由於想要真正的零信任架構，該客戶已將現有的基於防火牆的 SASE 供應商排除在考慮範圍之外。這是一筆為期多年的八位數 TCV 交易，預計將透過消除多個防火牆、VPN 和 VDI 系統，為客戶帶來超過 100% 的投資回報率。

Now let me highlight 2 upsell deals that highlight broader adoption of our comprehensive platform. In a 7-figure ACV deal, an existing Fortune 500 financial services enterprise currently using ZIA, ZPA and data protection upgraded to our high-end ZPA transformation bundle and added endpoint DLP for 73,000 users. This also marks our largest endpoint DLP deal since the introduction of this module just 2 quarters ago in our Data Protection solution.

現在，我要重點介紹兩筆追加銷售交易，它們凸顯了我們綜合平台的廣泛應用。在一筆ACV高達七位數的交易中，一家目前使用ZIA、ZPA和資料保護的財富500強金融服務企業升級到我們的高階ZPA轉換包，並為73,000名用戶添加了終端DLP功能。這也是我們自兩個季度前在資料保護解決方案中引入該模組以來最大的終端DLP交易。

By moving to the high end of our ZPA and data protection packages, this customer increased their annual spend with us by over 60% to over $10 million annually. In another 7-figure ACV deal, a major global mining company increased their ZIA and ZDX purchases to 48,000 users and purchased ZPA transformation for 30,000 users. With the ZPA purchase, the customer is eliminating their VPN appliances and providing Zero Trust access for the workforce spread across remote locations worldwide.

透過升級到我們高端的零信任 (ZPA) 和資料保護套餐，該客戶在我們這裡的年度支出增加了 60% 以上，達到每年 1000 萬美元以上。在另一筆七位數 ACV 交易中，一家大型全球礦業公司將其 ZIA 和 ZDX 的購買量增加到 48,000 名用戶，並為 30,000 名用戶購買了 ZPA 轉型方案。透過購買 ZPA，該客戶正在淘汰 VPN 設備，並為遍布全球遠端辦公的員工提供零信任存取。

With this expanded purchase of our platform, the customer's annual spend with us nearly doubled to approximately $5 million.

隨著我們平台的擴大購買，客戶每年在我們這裡的支出幾乎翻了一番，達到約 500 萬美元。

Next, let me discuss our opportunities in the federal market. As I mentioned earlier, we saw strong growth in net new ACV from the federal vertical in Q2. After our initial lands at 12 of the 15 cabinet-level agencies, we continue to win additional awards as agencies are increasingly adopting zero trust architecture to meet the President's executive order.

接下來，讓我來談談我們在聯邦市場的機會。正如我之前提到的，我們在第二季度看到了聯邦垂直領域淨新增ACV的強勁成長。在最初獲得15個內閣級機構中的12個的認可後，隨著越來越多的機構採用零信任架構來履行總統的行政命令，我們繼續贏得更多獎項。

For example, in a 7-figure upsell deal, an agency customer expanded its seats with ZIA, ZPA and Data Protection purchases, nearly doubling the annual spend with us. With this upsell, the customer is already approaching $5 million in annual spend, even though we are still less than 15% penetrated in terms of the number of users representing a significant upsell opportunity in this agency.

例如，在一筆七位數的追加銷售交易中，一家代理商客戶透過購買 ZIA、ZPA 和資料保護擴展了其席位，幾乎使在我們這裡的年度支出翻了一番。算上這筆追加銷售，該客戶的年度支出已接近 500 萬美元，儘管我們的用戶滲透率仍不到 15%，但這對這家代理商來說意味著一個巨大的追加銷售機會。

With the highest levels of FedRAMP certifications for both ZIA and ZPA, we are very well positioned to benefit from continued growth with our federal customers. Building upon our success in the U.S., we are investing in building public sector programs for half a dozen nations that have adopted FedRAMP-like certification programs. This is a significant opportunity for us. But like any government initiative, this will take time.

憑藉ZIA和ZPA的最高級別FedRAMP認證，我們完全有能力從聯邦客戶的持續成長中獲益。基於我們在美國的成功，我們正在為六個已採用類似FedRAMP認證計畫的國家投資建設公共部門計畫。這對我們來說是一個重要的機會。但與任何政府措施一樣，這需要時間。

Moving on, our R&D engine continues to deliver innovations, rapidly, expanding our platform and providing larger upsell opportunities. Given our strategic position, we are interacting with more CXOs than ever before and having much deeper engagements. For example, we recently hosted a CXO Summit in India attended by over 200 senior IT leaders, including over 100 CXOs.

展望未來，我們的研發引擎持續快速創新，擴展了我們的平台，並提供了更大的追加銷售機會。鑑於我們的戰略地位，我們與比以往任何時候都更多的CXO進行互動，並進行了更深入的交流。例如，我們最近在印度舉辦了CXO高峰會，超過200位高階IT領導者出席，其中包括100多位CXO。

At the summit, one CXO said, and I quote, "The velocity of features that Zscaler releases every time we meet is extremely impressive." Our comprehensive platform protects not just users, but also workloads and IoT OT devices. While still early, we're seeing growing traction in our emerging platform solutions, including Zero Trust for workloads, Zero Trust for branch and Zero Trust for B2B as well as our AIML-powered solutions.

在高峰會上，一位 CXO 說：「Zscaler 每次會議發布功能的速度都令人印象深刻。」我們全面的平台不僅保護用戶，還保護工作負載和物聯網 (OT) 設備。雖然尚處於起步階段，但我們看到新興平台解決方案的吸引力日益增強，包括工作負載零信任、分公司零信任、B2B 零信任以及我們基於 AIML 的解決方案。

Zero Trust for workloads continues to gain wider adoption. For example, in an upsell win, a financial technology company purchased Zero Trust for workloads for 25,000 workloads, which contributed to nearly doubling their annual spend with us to over $1 million. A large aerospace company more than tripled their Zero Trust for workloads purchase, contributing to a 60% increase in their annual spend with us to over $1 million.

工作負載零信任方案的採用率持續提升。例如，一家金融科技公司在一次追加銷售中，為2.5萬個工作負載購買了零信任方案，這使得其在我們這裡的年度支出幾乎翻了一番，超過100萬美元。一家大型航空航太公司在工作負載零信任方案的購買量增加了兩倍多，使其在我們這裡的年度支出增加了60%，超過100萬美元。

In January, we launched Zero Trust for branch, which enables one-to-one connectivity between branch devices and applications, thus securing branch IoT/OT devices and eliminating the risk of lateral threat moment. our Zscaler plug-and-play appliance would be the only solution customers will need at the branch as it eliminates the need for legacy SD-WAN appliances, routers and firewalls, thus dramatically simplifying branch networking and security.

今年 1 月，我們推出了分支機構零信任，實現了分支機構設備和應用程式之間的一對一連接，從而保護了分支機構 IoT/OT 設備的安全並消除了橫向威脅的風險。我們的 Zscaler 即插即用設備將成為客戶在分公司所需的唯一解決方案，因為它消除了對傳統 SD-WAN 設備、路由器和防火牆的需求，從而大大簡化了分公司的網路和安全。

Zero Trust for branch is a key component of our Zero Trust SASE solution, which is the industry's first single vendor SASE solution built on Zero Trust. Zero Trust SASE pairs Zscaler's leading SSE with our new Zero Trust SD-WAN. We have seen early adoption of our Zero Trust SASE from customers across a range of industries, including a U.S.-based energy and retail company, a Europe-based Fortune 500 manufacturing company, a U.S.-based financial services company and many more.

分公司零信任是我們零信任 SASE 解決方案的關鍵組成部分，該解決方案是業界首個基於零信任建構的單一供應商 SASE 解決方案。零信任 SASE 將 Zscaler 領先的 SSE 與我們全新的零信任 SD-WAN 完美結合。我們已經看到各行各業的客戶率先採用了我們的零信任 SASE，其中包括一家美國能源和零售公司、一家歐洲財富 500 強製造公司、一家美國金融服務公司等等。

Moving to our AI cloud. Within this portfolio, our newest products, Risk360 and Business Insights are growing rapidly. Business Insights is helping CIOs and CFOs optimize cost of their SaaS applications, office locations and more. For example, an existing Global 2000 consumer products customer purchased Business Insights for 97,000 users to replace their homegrown solution that cost over $0.5 million annually. Recently adopted SEC disclosure requirements and board level interest in understanding cyber risk are driving demand for Risk360. For example, a Global 2000 manufacturing customer purchased Risk360 for nearly 16,000 users to automate the process of risk quantification and take proactive measures to reduce cyber risk.

遷移到我們的AI雲。在這個產品組合中，我們最新的產品Risk360和Business Insights正在快速成長。 Business Insights正在幫助資訊長和財務長優化其SaaS應用程式、辦公地點等的成本。例如，一家現有的全球2000強消費品客戶為97,000名用戶購買了Business Insights，以取代其每年花費超過50萬美元的自主開發解決方案。最近通過的美國證券交易委員會(SEC)揭露要求以及董事會層級對了解網路風險的興趣正在推動對Risk360的需求。例如，一家全球2000強製造業客戶為近16,000名用戶購買了Risk360，以自動化風險量化流程並採取主動措施降低網路風險。

We have already delivered several innovations, including ML-based data classification, ML-based policy recommendations, Risk360, Business Insights and more. In addition, one of our AI products, I am particularly excited about, is breach predictor. Breach predictor is our vision to leverage the power of our platform to predict breaches before customers get breached. We are working relentlessly to bring this and more industry-leading AI innovations to our customers this year. With our innovation engine humming and delivering cutting-edge products and our go-to-market organization focus on scaling and growth, I am more excited than ever about the opportunities ahead of us and our ability to capitalize on those opportunities.

我們已經推出了多項創新，包括基於機器學習的資料分類、基於機器學習的策略建議、Risk360、Business Insights 等等。此外，我尤其對其中一款 AI 產品感到興奮，那就是資料外洩預測器。資料外洩預測器旨在利用我們平台的強大功能，在客戶資料外洩之前預測資料外洩事件。我們正不懈努力，力爭在今年將這項創新以及更多業界領先的 AI 創新帶給客戶。隨著我們的創新引擎蓬勃發展，我們不斷推出尖端產品，而我們的行銷團隊也專注於規模化和成長，我對我們未來的機會以及我們把握這些機會的能力比以往任何時候都更加興奮。

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

現在我想將電話轉給雷莫，告知我們的財務結果。

Thank you, Jay. Our Q2 results exceeded our guidance on growth and profitability, even with ongoing customer scrutiny of large deals. Revenue was $525 million, up 35% year-over-year and up 6% sequentially. From a geographic perspective, Americas represented 54% of revenue, EMEA was 31% and APJ was 15%.

謝謝傑伊。即使客戶持續專注於大額交易，我們的第二季業績仍超出了我們對成長和獲利能力的預期。營收為5.25億美元，年增35%，季增6%。從地理分佈來看，美洲地區佔總營收的54%，歐洲、中東及非洲地區佔31%，亞太及日本地區佔15%。

Our total calculated billings in Q2 grew 27% year-over-year to $628 million. On a sequential basis, total billings increased 37% quarter-over-quarter. Our calculated current billings grew 26% year-over-year. Our remaining performance obligations, or RPO, grew 29% from a year ago to $3.613 billion. The current RPO is approximately 51% of the total RPO. We ended Q2 with 497 customers with greater than $1 million in ARR, adding 29 such customers in the quarter.

我們第二季的總計算帳單年增27%，達到6.28億美元。以環比計算，總帳單較上季成長37%。我們計算的當期帳單年增26%。我們的剩餘履約義務（RPO）年增29%，達到36.13億美元。當期RPO約佔總RPO的51%。截至第二季末，我們擁有497位年經常性收入（ARR）超過100萬美元的客戶，本季新增了29位。

We also saw strength in $100,000 ARR customers this quarter, which grew to 2,820, adding 112 customers sequentially. This continued strong growth of large customers speaks to the strategic role we play in our customers' digital transformation initiatives. Our 12-month trailing dollar-based net retention rate was 117%. While good for our business, our increased success in selling bigger bundles, selling multiple pillars from the start and faster upsells within a year, can reduce our dollar-based net retention rate in the future. There could be variability in this metric on a quarterly basis due to the factors I just mentioned.

本季度，年化營收 (ARR) 達到 10 萬美元的客戶數量也表現強勁，增至 2,820 家，季增 112 家。大客戶數量的持續強勁成長，體現了我們在客戶數位轉型計畫中所扮演的策略角色。過去 12 個月，我們以美元為基礎的淨留存率為 117%。雖然這對我們的業務有利，但我們在銷售更大捆綁產品、從一開始就銷售多個支柱產品以及一年內更快的追加銷售方面取得了更大的成功，這可能會降低我們未來基於美元的淨留存率。由於我剛才提到的因素，該指標可能每季都會有所波動。

Turning to the rest of our Q2 financial performance. Total gross margin of 80.8% compares to 80.7% in the prior quarter and 80.4% in the year ago quarter. On a year-over-year basis, gross margin benefited by approximately 60 basis points from a change in accounting attributed to the longer useful life of our cloud infrastructure. As mentioned on our previous earnings call, beginning fiscal 2024, we extended the depreciable useful life of our servers and network equipment in our cloud infrastructure from 4 to 5 years.

回顧我們第二季度的其他財務表現。總毛利率為 80.8%，而上一季為 80.7%，去年同期為 80.4%。與去年同期相比，由於會計準則變更，毛利率提高了約 60 個基點，這歸因於我們雲端基礎設施使用壽命的延長。正如我們在先前的財報電話會議上所提到的，從 2024 財年開始，我們將雲端基礎架構中伺服器和網路設備的折舊使用壽命從 4 年延長至 5 年。

Moving on, our total operating expenses increased 3% sequentially and 22% year-over-year to $321 million. We continue to generate significant leverage in our financial model with operating margin reaching 19.6%, an increase of approximately 700 basis points year-over-year.

我們的總營運費用較上季成長3%，年增22%，達到3.21億美元。我們的財務模型持續發揮顯著槓桿作用，營運利潤率達到19.6%，較去年同期成長約700個基點。

Our free cash flow margin was 19%, including data center CapEx of approximately 6% of revenue. We ended the quarter with over $2.4 billion in cash, cash equivalents and short-term investments.

我們的自由現金流利潤率為19%，其中資料中心資本支出約佔收入的6%。本季末，我們持有超過24億美元的現金、現金等價物和短期投資。

Next, let me share some observations about the macro environment and our framework for guidance for the rest of the fiscal year. We believe we are still operating in a challenging macro environment and customers continue to scrutinize large deals. Customer interest in our platform remains strong, and we're adding experienced sales leaders to our already strong sales team to position us well for sustainable growth in the long term.

接下來，我想分享一些關於宏觀環境以及我們本財年剩餘時間的指導框架的觀察。我們認為，我們仍然處於充滿挑戰的宏觀環境中，客戶仍在持續審查大額交易。客戶對我們平台的興趣依然濃厚，我們正在為本已強大的銷售團隊增添經驗豐富的銷售主管，以幫助我們實現長期永續成長。

In our outlook for fiscal 2024, we're balancing our business optimism with ongoing macro economic uncertainties and sales leadership changes.

在我們對 2024 財年的展望中，我們在業務樂觀情緒與持續的宏觀經濟不確定性和銷售領導層變動之間取得平衡。

Moving on to guidance for Q3 and full year fiscal 2024. As a reminder, these numbers are all non-GAAP. For the third quarter, we expect revenue in the range of $534 million to $536 million reflecting a year-over-year growth of approximately 28%. Gross margins of 80%. I would like to remind investors that a number of our emerging products, including the newer products like ZDX and Zscaler for workloads will initially have lower gross margins than our core products. We're currently managing the emerging products for time to market and growth, not optimizing them for gross margins.

接下來是2024財年第三季及全年業績指引。需要提醒的是，這些數據均為非公認會計準則（non-GAAP）。我們預計第三季營收將在5.34億美元至5.36億美元之間，年增約28%。毛利率為80%。我想提醒投資者，我們的一些新興產品，包括ZDX和Zscaler等用於工作負載的新產品，初期的毛利率會低於我們的核心產品。我們目前正在管理新興產品，以加快上市速度並促進成長，而不是為了提高毛利率而進行最佳化。

Operating profit in the range of $98 million to $100 million, net other income of $15 million, income taxes of $10 million, earnings per share in the range of $0.64 to $0.65, assuming 161 million fully diluted shares.

營業利潤在 9,800 萬美元至 1 億美元之間，其他淨收入為 1,500 萬美元，所得稅為 1,000 萬美元，每股收益在 0.64 美元至 0.65 美元之間（假設完全稀釋股份為 1.61 億股）。

For the fiscal year 2024, we're increasing our guidance as follows: revenue in the range of $2.118 billion to $2.122 billion, reflecting year-over-year growth of approximately 31%. Calculated billings in the range of $2.55 billion to $2.57 billion or year-over-year growth of 25% to 26%. From a modeling perspective, Q3 is typically our seasonally weaker quarter.

對於2024財年，我們上調了以下預期：營收在21.18億美元至21.22億美元之間，年增約31%。計算後的營業額在25.5億美元至25.7億美元之間，年增25%至26%。從模型角度來看，第三季通常是我們業績較弱的季度。

Consistent with our historical seasonal patterns, we expect billings to decline sequentially by approximately 7% in Q3. Operating profit in the range of $395 million to $400 million, which reflects up to 400 basis points of operating margin improvement compared to last year. Income taxes of approximately $35 million.

與以往的季節性模式一致，我們預期第三季的營業額將較上季下降約7%。營業利潤預計在3.95億美元至4億美元之間，這反映了與去年相比高達400個基點的營業利潤率提升。所得稅約3500萬美元。

Earnings per share in the range of $2.73 to $2.77 assuming approximately 161 million fully diluted shares. We expect our free cash flow margin to be up year-over-year and in the low 20% range.

假設完全稀釋後股份約為1.61億股，每股盈餘將在2.73美元至2.77美元之間。我們預計自由現金流利潤率將年增，達到20%左右。

We continue to expect our data center CapEx to be high single-digit percentage of revenue for the full year, reflecting the 3 percentage points to 4 percentage points of headwind to free cash flow margins. We expect the timing of CapEx spend to be more towards the later part of the second half of the year as we invest in upgrades to our cloud and AI infrastructure.

我們繼續預期資料中心資本支出佔全年收入的比例將達到高個位數百分比，這反映了自由現金流利潤率將面臨3至4個百分點的阻力。我們預計資本支出的支出時間將更集中在下半年後期，因為我們將投資升級雲端和AI基礎設施。

With a large market opportunity and customers increasingly adopting the broader platform, we plan to continue to invest significantly to drive long-term growth while increasing profitability.

由於市場機會龐大且客戶越來越多地採用更廣泛的平台，我們計劃繼續大力投資以推動長期成長，同時提高獲利能力。

Before moving on to Q&A, I would like to note that Bill Choi, our Senior Vice President of Strategic Finance and Investor Relations, who will be leaving us in a couple of weeks. This is a bittersweet moment for me as Bill has been instrumental in building the finance practice here, but happy for him as he's moving to pursue his first CFO opportunity at an AI networking company. We wish him great success in his next endeavor.

在進入問答環節之前，我想先提一下，我們負責策略財務和投資者關係的高級副總裁 Bill Choi 將在幾週後離職。對我來說，這是一個苦樂參半的時刻，因為 Bill 在我們建立財務業務方面發揮了重要作用。但我也為他感到高興，因為他即將前往一家人工智慧網路公司，尋求他的第一個財務長職位。我們祝福他在接下來的工作中取得圓滿成功。

With that, operator, you may now open the call for questions.

接線員，現在您可以開始提問了。

(Operator Instructions) Our first question comes from Alex Henderson with Needham.

（操作員指示）我們的第一個問題來自 Needham 的 Alex Henderson。

Well, first off, I've got to say, Bill, it was great working with you, and congratulations on progression in your career. As for you guys on Zscaler, a nice quarter. The first question I have for you is really against the backdrop of already expected difficult decision-making environment. Has there been any change in deal size and deal process time, closure rates, win rates over the last quarter that might show some incremental improvement versus where we were in the prior quarter? Are there any green shoots evident in those key metrics?

首先，比爾，我必須說，和你合作很愉快，恭喜你事業上的進步。至於Zscaler的各位，這個季度表現不錯。我首先想問你一個問題，其實是在我們已經預料到的艱難決策環境下。上個季度，交易規模、交易處理時間、成交率和勝率是否有任何變化，與上一季相比是否有所改善？這些關鍵指標是否出現了一些明顯的復甦跡象？

Alex, thank you for the question. The short answer is we haven't seen any meaningful change for a number of things you mentioned. Take for example, macro. It's pretty much a similar environment. Our deals keep on growing. We are doing large deals. So there's no big significant pressure on deals. We do see demand for cybersecurity products remaining strong. Customers do have budget for cyber, even though they may be tightening budget for IT overall. And this is because Zero Trust is a top priority.

Alex，謝謝你的提問。簡而言之，你提到的很多方面我們都沒有看到任何實質的改變。例如宏觀經濟，情況基本類似。我們的交易持續成長，而且都是大宗交易。所以交易方面沒有太大的壓力。我們確實看到網路安全產品的需求依然強勁。客戶在網路安全方面確實有預算，儘管他們可能正在縮減IT預算。這是因為零信任是重中之重。

But it boils down to 2 things when I talk to lots of CIOs. They do want to take care of cyber. But if you can fix cyber and reduce cost at the same time, it becomes a much better situation. Zscaler happens to be in a position where we do it extremely well. If you look at most on products out there, they don't save money. In fact, security generally is a cost. We replaced a number of point products, save money, give far better security, hence, we are sitting in a pretty good shape.

但我和許多資訊長交流時，發現主要有兩點。他們確實想解決網路問題。但如果能同時修復網路問題並降低成本，情況就會好得多。 Zscaler 在這方面做得非常好。市面上大多數產品並不省錢。事實上，安全通常也是一種成本。我們替換了一些單點產品，節省了成本，並提供了更好的安全性，因此，我們的狀況相當不錯。

Our next question comes from Brad Zelnick with Deutsche Bank.

我們的下一個問題來自德意志銀行的布拉德澤爾尼克。

And congrats to you, Bill. It's been a fun ride since the IPO. Jay, just following the last question, I appreciate your comments on the environment. You obviously had one of your key competitors last week talking of customer fatigue. And you guys are, at least in the federal market, you're telling us a little bit of a different story. But can you specifically share thoughts about competitors giving away free product and the impact it can or is already having on Zscaler and maybe the extent to which you're factoring that into your outlook ahead?

恭喜你，比爾。自IPO以來，Zscaler一路走來，一路順風順水。傑伊，接著最後一個問題，我很感謝你對市場環境的評論。上週，你們的一個主要競爭對手顯然談到了客戶疲勞。至少在聯邦市場，你們的情況有所不同。能具體談談競爭對手免費贈送產品的想法嗎？這對Zscaler可能造成的影響，或者說已經造成的影響？以及你們在多大程度上將其納入未來的展望中？

Yes. Thank you, Brad. We really do not see any cyber spending fatigue among our customers. In fact, many of the CIOs had told me that cyber is a priority for spend, but they do have ELA fatigue because a lot of stuff has been becoming shelfware and it's being scrutinized. Regarding free stuff. Many vendors have been trying to give it away for a while, and we have been successfully winning against this strategy for a long time. I mean look at our retention rate, it used to be in 90s at IPO. Now it's high 90s. And fundamentally, cyber is so mission-critical that customers will invest in the industry's leading solution rather than rely on cheaper and less effective products that are included as a part of an ELA bundle.

是的，謝謝你，布拉德。我們確實沒有看到客戶對網路安全支出感到疲倦。事實上，許多資訊長都告訴我，網路安全是支出的重點，但他們確實對ELA（企業資源規劃）感到疲倦，因為很多東西都成了閒置品，正在接受審查。至於免費產品，許多供應商一直在嘗試免費提供，而我們長期以來一直成功地抵制了這種策略。看看我們的留存率，我們IPO時的客戶留存率曾經在90%左右，現在更是高達90%。從根本上說，網路安全對客戶至關重要，客戶會投資於業界領先的解決方案，而不是依賴ELA捆綁包中包含的更便宜、效率更低的產品。

Look, we are really dealing with a secular trend here. Just like the role of data center diminished and public cloud took off, similarly, the role of firewalls is diminishing and the demand for Zero Trust security is growing. And this is bound to impact sales of firewall vendors and this naturally puts the legacy vendors in a defensive position and they're trying to give away products as bundles, which end up becoming shelfware and this strategy starts to unravel over time. We'll stick to our strategy.

瞧，我們其實正在應對一個長期趨勢。就像資料中心的角色逐漸減弱、公有雲開始起飛一樣，防火牆的角色也在減弱，而對零信任安全的需求卻在成長。這必然會影響防火牆供應商的銷售，自然會讓傳統供應商處於被動地位，他們試圖以捆綁銷售的方式免費提供產品，但這些產品最終淪為待售產品，這種策略隨著時間的推移會逐漸失效。我們會堅持我們的戰略。

Jay, maybe just a quick follow-up, one for Remo. Remo, on the back half billing seasonality that you set up now for us, can you just maybe speak to any factors we may want to consider and what it is that drives your confidence? And now it looks like a pretty big sequential Q4 as you've set it up for us.

Jay，我來跟進一下，關於Remo的問題。 Remo，關於您先前提到的下半年財報季節性，您能否談談我們需要考慮的一些因素，以及是什麼讓您更有信心？現在看來，正如您之前提到的，第四季的業績環比成長相當可觀。

Yes. I mean we made a go-to-market change during the quarter. As you're aware, Mike Rich, Mike has hit the ground running and is doing an absolutely outstanding job, balancing the strength that we've got with our sales organization as well as bringing new leadership in. If you take a look at our guide for the year, it is slightly up. We're being prudent.

是的。我的意思是，我們在本季對行銷策略進行了調整。如你所知，Mike Rich，他已經迅速上手，並且做得非常出色，平衡了我們現有的銷售團隊，並引入了新的領導團隊。如果你看我們今年的銷售指南，會發現它略有上升。我們很謹慎。

The key thing, I think, for our investors to recognize and what Jay said, this is a large market opportunity. It's a huge market opportunity. And when it's a huge market opportunity, when you look at companies giving away things for free, especially in security, that's one area that basically I wouldn't short change. So what we're seeing with the market opportunity, our engagement with our customers, with Mike Rich on board, we feel good about our guidance going forward.

我認為，關鍵在於我們的投資者要認識到這一點，正如傑伊所說，這是一個巨大的市場機會。這是一個巨大的市場機會。當你看到有公司免費提供產品，尤其是在安全領域時，我基本上不會錯過這個領域。因此，鑑於我們所看到的市場機會、我們與客戶的互動，以及麥克里奇的加入，我們對未來的預期充滿信心。

Our next question comes from Andrew Nowinski with Wells Fargo.

下一個問題來自富國銀行的安德魯諾溫斯基。

Bill, certainly going to miss you. Can wait to see where you land next. And then overall, just a great quarter. Congrats on another strong execution. I wanted to ask you guys about the U.S. federal sector. It sounds like you had some strong upsells and the U.S. Fed may have contributed to some of your upside this quarter. Do you think some of these agencies that you mentioned that are really underpenetrated they might serve as a role model to other agencies in the U.S. government, which could help you continue your growth there? And how does your pipeline look in the U.S. Fed over the next few quarters?

比爾，我肯定會想念你的。迫不及待想看看你接下來會去哪裡。總的來說，這是一個非常棒的季度。恭喜你又一次出色的執行力。我想問一下你們在美國聯邦部門的情況。聽起來你們有一些強勁的追加銷售，聯準會可能也為本季的業績成長做出了一些貢獻。你是否認為，你提到的一些滲透率過低的機構，可以作為美國政府其他機構的榜樣，從而幫助你們繼續在那裡發展？未來幾季，你們在聯準會的業務發展前景如何？

As you know, we've been investing in the federal market for quite some time. We got the highest level of certification, and we're doing very well. In fact, we are heavily engaged with all federal agencies, including DoD, 12 of the 15 agencies are our customers. In my prepared remarks, I talked about the federal deal where we doubled the number of users and we doubled our ARR to approximately about $5 million. And with this, we are less than 15% penetrated in the agency in terms of number of users, which means there's 85% wide space to go up there. We feel good. We keep on investing in it. And I think it's a strong area for us. Remo?

如您所知，我們在聯邦市場投資已有一段時間了。我們獲得了最高級別的認證，而且做得非常好。事實上，我們與包括國防部在內的所有聯邦機構都有著密切的合作，15個機構中有12個是我們的客戶。在我準備好的發言中，我談到了與聯邦政府的合作，我們的用戶數量翻了一番，年度經常性收入（ARR）也翻了一番，達到約500萬美元。目前，我們在聯邦機構的用戶滲透率不到15%，這意味著還有85%的上升空間。我們感覺很好，會繼續在這個領域投資。我認為這是我們的一個強項。 Remo？

Well positioned. And as Jay mentioned, 12 to 15 basically agencies that we're in. These are big deals that in federal, it's hard to predict when these deals are going to close. From our perspective, we're well positioned very well positioned going forward. We've made significant investments with our certifications and also our team, which we feel is outstanding. So the answer to your question, Andy, is we feel good about federal. But again, bigger type deals, hard to forecast, but we feel good.

定位良好。正如傑伊所提到的，我們基本上與12到15家機構合作。這些都是聯邦領域的大交易，很難預測這些交易何時能完成。從我們的角度來看，我們在未來的發展中處於非常有利的位置。我們在認證方面投入了大量資金，我們的團隊也非常出色。所以，安迪，你的問題的答案是，我們對聯邦領域充滿信心。但同樣，對於更大規模的交易，很難預測，但我們感覺良好。

Our next question comes from Tal Liani with Bank of America.

我們的下一個問題來自美國銀行的 Tal Liani。

I have a small question and a big question. The small one is about billing. It's -- you guided down 7% sequentially and then guided up 53%, if I take the implied 4Q, which is the highest growth in billing. You had the same problem last year. What's the meaning of it? What's the meaning of billing being weak and then billing being so strong in the fourth quarter? What needs to happen for it to materialize? So that's a small one. The bigger one, Jay -- maybe you wanted me to take it one at a time or you wanted just to ask both?

我有一個大問題和一個小問題。小問題是關於賬單的。你之前預計帳單將季減7%，然後預計成長53%，如果我用隱含的第四季來計算，這是帳單成長的最高值。去年你也遇到同樣的問題。這是什麼意思？帳單疲軟，然後在第四季又如此強勁，這是什麼意思？需要做什麼才能實現這個目標？所以這是一個小問題。 Jay，更大的問題——也許你想讓我一個一個回答，或者你想兩個都問？

No, go ahead. Go ahead.

不，繼續吧，繼續吧。

Jay, the second one is a bigger question. SASE is -- used to be a secure, very safe market for you because there were only 2 players and maybe 2.5 players. And now we're seeing tons of competition coming in and competition is coming at very low pricing. And Fortinet is talking about 1/3 of your price and the newcomers are coming either through bundling, which enables them to reduce price or as an add-on to a firewall, which again, enables them to bundle and reduce price. And if I ask the question in a provocative way, I'll ask it what prevents this market from turning into what happened to FireEye and what happened to sandboxing that when competition started pricing collapsed in the market?

Jay，第二個問題比較大。 SASE 曾經是一個非常安全的市場，因為當時只有兩家，甚至可能是兩到五家。現在我們看到大量的競爭對手湧入，而且價格非常低廉。 Fortinet 的價格只有你們的三分之一，而新進業者要么通過捆綁銷售來降低價格，要么將其作為防火牆的附加組件，這又使他們能夠捆綁銷售並降低價格。如果我以一種挑釁的方式提出這個問題，我會問，是什麼阻止了這個市場變成 FireEye 和沙盒那樣的情況？當競爭開始，市場價格就崩盤了。

Remo start, would you?

雷莫開始了，你會嗎？

So the things that we've got going on in the third quarter -- first of all, this is our normal range, sequential decline over the last 5 years from Q2 to Q3. I talked about on a prior question, the go-to-market changes that we've made. That certainly plays into things. Related to the back half in the fourth quarter with the implied increase basically in billings, it's related to pipeline, close rates. And the forecast that our teams come up with. Again, from our perspective, we feel it's prudent guidance. We feel good about it. And we feel that we are in a great position to go forward with the team that we have and will build in our sales organization.

所以，我們第三季的進展——首先，這是我們的正常範圍，過去五年來從第二季到第三季的季減。我在之前的問題中談到了我們所做的行銷變革。這當然也起了作用。與第四季下半年相關的是，營業額的隱性成長，這與銷售管道、成交率以及我們團隊所做的預測有關。同樣，從我們的角度來看，我們認為這是審慎的指引。我們對此感到滿意。我們認為，憑藉我們現有的以及將在銷售部門中組建的團隊，我們處於非常有利的位置，可以繼續前進。

Yes. Regarding your bigger question, the SASE market and the competition. Let me put it this way, data point products and the platforms you absorb point products into platforms. And then there are products that are mission-critical, they're products that are not mission critical. FireEye sandbox was a feature from day 1, there's not a much barrier to entry. Everyone could build and add it into the main platform.

是的。關於你更大的問題，SASE 市場和競爭。我這樣說吧，數據點產品和平台，你把點產品整合到平台中。還有一些產品是任務關鍵型的，它們不是任務關鍵型的。 FireEye 沙盒從第一天起就是一個功能，進入門檻不高。每個人都可以建立它並將其添加到主平台中。

CASB was a point product all in all became that way. Cloud security posture management, a point product that's bundled with something. And then there's something called platform, for example, the core of a platform, Zero Trust architecture, proxy-based sitting online, inspecting traffic, and you add things to it. So it's almost like ERP. You see lots of product going out in many areas. Customers don't remove and put in an ERP for vendor A or vendor B because somebody feels like a need to enter the ERP space. I think SASE market is almost like that.

總而言之，CASB 是一個點產品。雲端安全態勢管理是與某些東西捆綁在一起的點產品。然後還有一種叫做平台的東西，例如，平台的核心是零信任架構，基於代理的線上狀態，檢查流量，然後你可以添加一些東西。所以它幾乎就像 ERP。你會看到很多產品在很多領域推出。客戶不會因為有人覺得有必要進入 ERP 領域而移除供應商 A 或供應商 B 的 ERP 並安裝它們。我認為 SASE 市場幾乎就是這樣的。

This is so mission-critical, all traffic goes through us. In fact, the CIO told me, "Jay Zscaler is more mission-critical than Microsoft Office 365 because you must work all the time." So with that in mind, our customers when I look at this thing, price is a secondary factor, reliability, availability and effectiveness of doing cyber protection is an important factor.

這事關重大，所有流量都要經過我們。事實上，資訊長告訴我：「Jay Zscaler 比微軟 Office 365 更關鍵，因為你必須一直工作。」 考慮到這一點，當我考慮我們的客戶時，價格是次要因素，可靠性、可用性和網路防護的有效性才是重要因素。

My customers also tell me that, they have so many firewalls, so many VPNs and the threats are growing, so the credibility of firewall vendors overall is less. Maybe I can use another analogy. You want to buy a pacemaker, you don't try to cut corner and buy one at sale. You want to buy something else. Yes, you may be able to do so.

我的客戶也告訴我，他們有太多防火牆、太多VPN，而且威脅還在持續成長，所以防火牆供應商的信譽總體上下降了。或許我可以再打個比方。你想買起搏器，你不會想著在打折時偷工減料。你會想買別的東西。是的，你也許可以這麼做。

Yes, competition is coming. We see that, but I can tell you some of the new firewall vendors that announced SASE entrance, I haven't come across them in the recent months as I've seen out there. I think as a platform keeps on going, we started with outbound traffic -- no, inbound traffic. The platform must have the most comprehensive data protection. Not only these firewall vendors can do a lot of data protection, data protection starts with a proper SASE architecture. Then we moved on to expand to workloads to IoT/OT and onto B2B and the pace of innovation is keep on going. I'm very comfortable that our platform story.

是的，競爭即將到來。我們確實看到了這一點，但我可以告訴你，一些宣布加入SASE的新防火牆供應商，我最近幾個月還沒見過。我認為，隨著平台的不斷發展，我們從出站流量——不，是入站流量——開始。平台必須擁有最全面的資料保護。這些防火牆供應商不僅可以提供大量的資料保護，資料保護也始於合適的SASE架構。然後，我們繼續將工作負載擴展到物聯網/營運技術 (IoT/OT) 和B2B領域，創新的步伐仍在持續。我對我們的平台發展感到非常滿意。

I need -- we need to keep on focusing on go-to market to keep on growing faster and faster. I hope that helps.

我們需要繼續專注於市場拓展，才能維持越來越快的成長。希望這能有所幫助。

Our next question comes from Rob Owens with Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Rob Owens。

Could you touch a little bit more on your vertical selling motion and maybe some of those new markets that you will have special overlays for. And I would love a little more commentary around your success with your IoT/OT solution.

您能否再多談談您的垂直銷售策略，以及一些您將會針對的新市場。我還想聽您進一步評論一下您在物聯網/營運技術 (IoT/OT) 解決方案方面的成功。

Yes. So let's start with vertical market first. About 5 or 6 years ago, we started with the first vertical that was our public sector. And then within that vertical, we expanded into federal government and state government, education and the like. And those things have been very successful for us. About a year ago, we expanded to health care verticals. And then now we want to expand to a couple of more verticals. When a company gets to a certain level, you can actually afford to go vertical because vertical requires a decent amount of footprint. Vertical requires some of the expertise in those areas.

是的。那我們先從垂直市場說起。大約五、六年前，我們第一個垂直市場是公共部門。之後，我們在這個垂直領域拓展到聯邦政府、州政府、教育等領域。這些領域對我們來說非常成功。大約一年前，我們又拓展到醫療保健垂直領域。現在，我們想再拓展幾個垂直領域。當一家公司發展到一定規模時，它實際上可以承擔得起垂直化的風險，因為垂直化需要相當大的規模。垂直化需要這些領域的專業知識。

For example, we have hired some people who come from very good background who have spent time in those vertical markets. So we think it's a good natural area for us to expand. And it's not a new -- something totally new for us. We've been there, done it, we need to know. We need to learn how to expand it. For example, financial is a strong market for us. It's almost like a vertical today, though it's not a formal vertical. So we'll see. You'll see expanding in more verticals. That was a fast part. The second part of the question -- what was the second part? That's good. Rob, thank you.

例如，我們聘請了一些背景非常良好的人才，他們在這些垂直市場都有經驗。因此，我們認為這對我們來說是一個自然的擴張領域。這對我們來說並非全新事物。我們曾經涉足過，做過，我們需要了解。我們需要學習如何拓展它。例如，金融市場對我們來說就是一個強勁的市場。它現在幾乎可以算是一個垂直市場，儘管它還不是一個正式的垂直市場。所以我們拭目以待。你會看到我們在更多垂直領域擴張。這是一個快速的部分。問題的第二部分──第二部分是什麼？很好。 Rob，謝謝你。

Our next question comes from Matthew Hedberg with RBC.

我們的下一個問題來自 RBC 的 Matthew Hedberg。

Yes. This is actually Matt Swanson on for Matt Hedberg. I wanted to follow up on Andy's earlier question on the federal vertical. You've been at a place that's been a little bit mixed among your peers and with the strong results, just has anything changed from your perspective from a competitive standpoint? Or you mentioned the Zero Trust mandates. Are there things that are changing the federal government that are leaving Zscaler better positioned relative to some of your peers that maybe have seen a little weakness in that vertical?

是的。實際上是 Matt Hedberg 的 Matt Swanson 提問。我想跟進 Andy 之前關於聯邦垂直領域的問題。您之前在同行中處於一個比較混亂的局面，但取得了不錯的成績，從您的角度來看，從競爭的角度來看，有什麼變化嗎？或者您提到了零信任授權。聯邦政府是否正在發生一些變化，使得 Zscaler 相對於一些在該垂直領域可能略顯疲軟的同行來說，處於更有利的地位？

We have seen no weakness, no slowdown in the federal market. In fact, the adoption of Zero Trust keeps on going, especially under a president's mandate. So all agencies, whether federal government on the civilian side or defense side, we've got strong engagements, and we feel very good about it. But as Remo said, some of these deals can be big and lumpy. But we are in good shape. And the certification we got at the highest level for all products puts us in an especially very good position and our strong sales team in place.

我們沒有看到聯邦市場出現任何疲軟或放緩。事實上，零信任技術的採用仍在持續，尤其是在總統授權下。因此，所有機構，無論是聯邦政府的民事部門還是國防部門，我們都獲得了強有力的合作，我們對此感到非常滿意。但正如雷莫所說，其中一些交易規模可能很大，而且進展緩慢。但我們的狀況良好。我們所有產品都獲得了最高級別的認證，這讓我們處於非常有利的地位，我們強大的銷售團隊也已到位。

Our next question comes from Fatima Boolani with Citi..

我們的下一個問題來自花旗銀行的 Fatima Boolani。

This is Mark on for Fatima. Can you maybe just speak up a little bit more on the leverage you guys recognized in this quarter? And then really the meaningful pivot on the margin expansion, even though there's a lot a pretty long roster of initiatives you guys are looking to implement such as verticalization. So any sorts of leverage performance this quarter? And how does sort of your investment stance or philosophy differs today versus maybe 3 months ago?

我是馬克，請法蒂瑪回答。能否再多談談你們在本季所認知到的槓桿效應？然後是利潤率提升方面真正有意義的轉變，儘管你們正在考慮實施一系列舉措，例如垂直化。那麼，本季的槓桿效應表現如何？您現在的投資立場或理念與三個月前有何不同？

Mark, it's actually very hard to hear you. So what I picked up was you were asking about a little more information about our vertical approach. Is that correct?

馬克，我很難聽清楚你說話。我理解你問的是關於我們垂直策略的更多資訊。對嗎？

Can you hear me now?

現在你能聽到我說話嗎？

A little better.

稍微好一點。

A little better, yes.

是的，好一點了。

Okay. Great. Sorry about that. So we were just more so wondering, can you maybe speak a little bit more on the leverage you guys recognized this quarter and then maybe the meaningful pivot on the margin expansion. We know that there's a lot of initiatives you guys are looking to implement such as verticalization. So we just wanted to get a sense of the source of leverage performance this quarter? And how does your investment philosophy basically differs today versus 3 months ago and going forward?

好的。太好了。抱歉。我們只是想知道，您能否再多談談你們本季確認的槓桿率，以及利潤率擴張方面的重要調整。我們知道你們正在考慮實施很多舉措，例如垂直化。所以我們想了解本季槓桿率表現的來源是什麼？你們現在的投資理念與三個月前以及未來有什麼根本差異？

So I'll take that. I believe, Mark, you're talking about operating leverage. So we exceeded in revenue, our gross margins were higher, and our operating expenses came lower. Having said that, we did hire significantly during the quarter and will continue to hire as we go forward. The key thing, I think, to really think about Zscaler is that, we are early in this market. We have a model, which we've talked about in the past that we can leverage related to operating profitability and free cash flow.

所以我接受。馬克，我相信你說的是營運槓桿。我們的收入超出預期，毛利率更高，營運費用也更低。話雖如此，我們在本季確實招募了大量員工，未來還會繼續招募。我認為，真正考慮Zscaler的關鍵在於，我們在這個市場還處於早期階段。我們有一個模型，我們過去曾討論過，我們可以利用這個模型來提升營運獲利能力和自由現金流。

We've shown 700 basis points increase in operating profitability on a year-over-year basis. In one way, that's great. And another way is, we need to continue to invest. So our focus is still grow, we'll be mindful and manage our operating profitability and free cash flow. But this is a huge market opportunity. And quite frankly, with Mike Rich on board and our focus that we're going to have towards large accounts and penetrating large accounts, what we talked about is that we have a 6x opportunity in our existing installed base to upsell new products.

我們的營運利潤年增了700個基點。一方面，這很棒。另一方面，我們需要繼續投資。因此，我們的重點仍然是成長，我們會謹慎管理我們的營運利潤和自由現金流。但這是一個巨大的市場機會。坦白說，隨著Mike Rich的加入，我們將專注於大客戶並滲透到大客戶中，我們之前談到的是在現有客戶群中，我們有6倍的機會來提升新產品的銷量。

And also when you take a look at the penetration of the market, it's in the teens, probably that Zscaler has. So large market opportunity, the ability to leverage upwards, profitability and free cash flow. When you take a look at our contribution margin in years 2 and 3, it's over 60%, a lot of levers we can pull. And so we feel good about where we are. We're going to continue to invest, and we will manage our operating profitability. But again, I'm not concerned about hitting our operating profitability targets or free cash flow. Our model is well built, especially with 80% gross margins to do that. Jay, anything to contribute?

而且，如果你看市場滲透率，你會發現Zscaler的滲透率大概在十幾個百分點。如此巨大的市場機會、向上槓桿的能力、獲利能力和自由現金流。看看我們第二年和第三年的貢獻利潤率，它超過了60%，我們有很多槓桿可以利用。我們對目前的狀況感到滿意。我們將繼續投資，並管理我們的營運獲利能力。但我再次強調，我並不擔心能否達到我們的營運獲利目標或自由現金流。我們的模式建構得很好，尤其是在80%的毛利率下，我們能夠做到這一點。 Jay，有什麼想說的嗎？

No, very clear.

不，非常清楚。

Our next question comes from Roger Boyd with UBS.

我們的下一個問題來自瑞銀的羅傑·博伊德。

Great. Bill, first off, congrats. I think Remo summarized it best when he called it a bittersweet moment. But Jay, I was wondering if you could expand on how you're approaching SD-WAN and single vendor SASE market, really how that approach differs from traditional vendors there and how you see this changing your competitive standpoint in the market for security edge in general?

太好了。比爾，首先，恭喜你。我覺得雷莫總結得最好，他說這是苦樂參半的時刻。不過，傑伊，我想知道你能否詳細談談你是如何看待 SD-WAN 和單一供應商 SASE 市場的，這種方法與那裡的傳統供應商究竟有何不同，以及你如何看待這會改變你在安全邊緣市場的競爭立場？

Yes. We have always wanted to make sure we deliver Zero Trust solutions. SD-WAN was a good technology because it was cheaper. But SD-WAN did nothing for security. SD-WAN enables the same lateral movement that the previous networks did. So -- but our customers do want to simply file branches. So they've been talking to us, we launched our Zero Trust for branch solution a few months ago, and then actually there was a January, the second release of that. So with that, we actually are making available plug-and-play points that you simply ship, you drop in the branch, you plug on the Internet and its auto discovers and in 15 minutes, it's up and running, no route tables to manage, no zero trust architecture, makes it wonderful.

是的。我們一直希望確保我們提供零信任解決方案。 SD-WAN 是一項很好的技術，因為它成本更低。但 SD-WAN 對安全性毫無幫助。 SD-WAN 能夠實現與先前網路相同的橫向移動。所以——但我們的客戶確實希望只保留分公司。所以他們一直在與我們溝通，幾個月前我們推出了針對分支機構的零信任解決方案，實際上在一月份發布了第二個版本。因此，我們實際上正在提供即插即用的節點，您只需發貨，放入分支機構，接入互聯網，它就會自動發現，15 分鐘內即可啟動並運行，無需管理路由表，無需零信任架構，這真是太棒了。

So our customers are very excited about it. So really -- so that is our Zero Trust SD-WAN. It's not traditional SD-WAN. So combined, with our SSE and Zero Trust, so we are actually offering a full SASE solution for the first time in the market zero Trust SASE solution. I can tell you the number of customers who are eager and ready to roll it out is very large. We are already working with a number of customers, but over the coming quarters, I'm very bullish with the success of this new offering. And it has the full potential to disrupt traditional SD-WAN and traditional SASEs as well.

我們的客戶對此感到非常興奮。這才是我們的零信任 SD-WAN，它不是傳統的 SD-WAN。結合我們的 SSE 和零信任，我們實際上是在市場上首次提供完整的 SASE 解決方案——零信任 SASE 解決方案。我可以告訴你，渴望並準備推出它的客戶數量非常多。我們已經與許多客戶合作，但在接下來的幾個季度裡，我對這款新產品的成功感到非常樂觀。它完全有潛力顛覆傳統的 SD-WAN 和 SASE。

Our next question comes from Brian Essex with JPMorgan.

下一個問題來自摩根大通的 Brian Essex。

First of all, Bill, congratulations from me as well. It's great to see your success. Maybe Jay -- sure. Maybe, Jay, for you, we've seen a little bit of executive turnover here as we watch the story from the side lines and would love to get your sense of -- and obviously, some of these make a lot of sense, right? People come as a team, people leave as a team, there are relationships there. And you did a great job previously calling it out as being a factor of conservatism in your outlook. So maybe a 2-parter for me. One, has turnover been what you expected it to be, particularly given what you've kind of like folded into your guidance? And then two, maybe frame out what kind of -- or how deep and meaningful some organizational changes that Mike Rich might be driving within the organization?

首先，比爾，我也要恭喜你。很高興看到你的成功。也許傑伊——當然。傑伊，對你來說，我們觀察到一些高階主管的更替，我們只是旁觀者清，很想了解你的看法——顯然，其中一些很有道理，對吧？人們以團隊的形式加入，人們以團隊的形式離開，這其中存在著某種關係。你之前很好地指出了這一點，並認為這是你觀點保守的一個因素。所以，我可能要分兩個部分來回答。第一，人員流動是否符合你的預期，尤其是考慮到你已經納入你的指導方針中的內容？第二，能否概述一下麥克·里奇可能在組織內部推動哪些類型的——或者說，哪些組織變革的深度和意義有多大？

Okay. Good. So starting with our sales attrition is down in the quarter. And second, when leaders leave, it's natural for some people to follow. But as you know, Zscaler has become a very big brand. We have become a top destination for top talent, and we are no short in attracting some of the best and the brightest sales leader and account manager in the market. Mike has built and he continues to build a strong team that includes many, many good leaders.

好的。很好。首先，本季我們的銷售人員流失率有所下降。其次，當領導者離職時，有些人自然會跟著離職。但正如你所知，Zscaler 已經成為一個非常大的品牌。我們已經成為頂尖人才的首選之地，並且我們擁有市場上一些最優秀、最聰明的銷售主管和客戶經理。 Mike 已經建立並將繼續打造一支強大的團隊，其中包括許多優秀的領導者。

Now when it comes to these organization changes as we mentioned last time, we are evolving our sales model. There's no wholesale meaning significant change. We -- years ago, we had to move to top-down, concerted selling at the C-level because that's what drives transformation. Remember, I said when I used to go and sell to box huggers, they would kind of say, please go away. So our process has been top down. It has been strategic. It's aligned with the background Mike brought from. So we have been doing a lot of that stuff, the business value assessment top accounts type of stuff. So these are evolutionary changes, and they're not really -- they're not large scale change across. So we are pretty comfortable in evolving from where we are to get to where we need to go.

說到我們上次提到的組織架構變革，我們正在改進銷售模式。這不是什麼大規模的變革，也不是重大的變革。幾年前，我們必須轉向由上而下、在高階主管層級進行協同銷售，因為這是推動轉型的動力。記得，我說過，當我過去向那些「盒子控」銷售時，他們會說，拜託，走開。所以我們的流程一直是自上而下的，具有戰略意義，與麥克的背景相符。所以我們一直在做很多類似的事情，像是對頂級客戶的業務價值評估之類的工作。所以，這些都是漸進式的變革，並非真正的──也不是大規模的變革。所以我們很輕鬆地從現在的狀態發展到我們需要達成的目標。

Our next question comes from Peter Levine with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Peter Levine。

And Bill, congrats on the opportunity. Two parts. One, can you maybe help us understand where NRR maybe troughs out where you see that trending throughout '24, perhaps, into fiscal '25. And then Jay, you had comments and maybe the back of the last question on opportunity-centric through more of an account-centric sales motion. Maybe explain to us really what that means and who kind of somewhat initiated that change?

比爾，恭喜你獲得這個機會。我想分兩部分。第一，你能不能幫我們理解NRR的低谷在哪裡，以及你認為在2024財年，甚至2025財年，NRR的趨勢會如何？第二，傑伊，你對最後一個問題有一些評論，例如如何透過更多以客戶為中心的銷售策略來以機會為中心。能否請你解釋一下這究竟意味著什麼，以及是誰發起了這種轉變？

Yes. I'll answer the NRR question and Jay can answer the opportunity question. So we don't guide to NRR. And quite frankly, we only look at NRR at the end of each quarter. So we're not providing any guidance on NRR. It can be impacted as we called out on the script related to large deals or more being bought upfront, customers buying within the quarter. So it is a metric that it's going to move around. But again, we do not provide any guidance on NRR. .

是的。我會回答NRR的問題，Jay可以回答機會的問題。所以我們不提供NRR的指導。坦白說，我們只在每個季度末查看NRR。所以我們不提供任何NRR的指導。正如我們在腳本中提到的，它可能會受到影響，例如大額交易或預付訂單較多的情況，以及客戶在季度內購買的情況。所以這是一個會波動的指標。但再次強調，我們不提供任何NRR的指導。

Okay. The second part, opportunity-centric versus account-centric. In an opportunity-centric model that normally engages on a tactical basis with customers like all being where is my opportunity, where's the deal. Let me close the deal. In the account-centric sale, we create account plans. We focus on growing the accounts.

好的。第二部分，以機會為中心還是以客戶為中心。在以機會為中心的模式中，我們通常會在戰術層面與客戶互動，例如我的機會在哪裡，交易在哪裡，然後讓我來成交。而在以客戶為中心的銷售模式中，我們會制定客戶計劃，專注於發展客戶。

Now when you are a young company, you don't have that many customers, you naturally are opportunity-centric, and it serves you well. At our stage, a large number of customers, it is important for us to move it towards being account-centric. We have a large platform to sell. So once we land, working that account, creating a joint plan to expand becomes far more effective. And as we scale to $5 billion ARR and beyond, so evolving to really will become a long-term strategic partner with the customer. We have been doing it at a small scale in some pockets of the business. Now we want to take it across at a larger scale.

現在，當你是一家年輕公司，客戶數量不多時，你自然會以機會為中心，而且這種模式對你很有利。在我們這個階段，客戶數量眾多，因此，對我們來說，轉向以客戶為中心至關重要。我們擁有龐大的銷售平台。因此，一旦我們獲得客戶，制定共同擴張計畫就會變得更加有效。隨著我們的年經常性收入 (ARR) 達到 50 億美元甚至更高，我們將會發展成為客戶的長期策略夥伴。我們一直在一些業務領域小規模地進行這項工作。現在，我們希望將其推廣到更大的規模。

Our next question comes from Gregg Moskowitz with Mizuho.

下一個問題來自瑞穗的 Gregg Moskowitz。

Bill, congrats to you. It's been a pleasure. I have a question for either Jay or Remo. Some investors are harping just a bit on short-term billings slowing down a little this quarter. But conversely, based on my numbers, both RPO bookings and CRPO bookings actually accelerated this quarter, which is impressive. So just to level set for all of us because we know that these metrics can sometimes be a little noisy. Is there any incremental slowdown that you have observed in any facet in the Q2 or any change in the level of execution?

比爾，恭喜你，非常榮幸。我有個問題想問傑伊或雷莫。一些投資者一直在抱怨本季短期帳單略有放緩。但相反，根據我的數據，本季的RPO訂單和CRPO訂單實際上都有所成長，這令人印象深刻。所以，我們先來大致了解一下情況，因為我們知道這些指標有時可能有點不準確。您在第二季度觀察到任何方面出現了成長放緩，或者執行水準發生了變化嗎？

First of all, RPO, CRPO is based on contracted value. And again, those did very well. Billings is actually what's being built. So there's always going to be differences between CRPO and RPO versus short-term billings. The -- and in billings. As the company gets bigger, it's just -- the numbers are growing, but the numbers are -- it's -- you're not going to get the type of growth rates 4 or 5 years ago. But again, from my perspective, the short-term billings growth rate of 26%. That's very good. That's outstanding.

首先，RPO 和 CRPO 是基於合約價值的。這些指標表現都非常好。帳單金額實際上是在構建中。因此，CRPO 和 RPO 與短期帳單金額之間總是會存在差異。帳單金額也是如此。隨著公司規模的擴大，數據會不斷成長，但這些數字不會再像四、五年前那樣成長了。但從我的角度來看，短期帳單金額成長率達到了 26%。這非常好，非常出色。

Our next question comes from Keith Bachman with BMO.

我們的下一個問題來自 BMO 的 Keith Bachman。

Remo, I wanted to start with you, if I could. I wanted to turn the federal comments around a little bit. Your federal business has been very strong for a number of different quarters. And in the past, you've actually provided some context of growth on the federal stand-alone. And I just wanted to see if you could revisit that. And the lens that I'm putting on the question is there's been some investor concern that your federal business has been outstanding and yet that would suggest that there's been a more -- a greater slowdown, if you will, on the corporate business. So I just wanted to see if you could provide any context for that?

雷莫，如果可以的話，我想先從你開始。我想稍微改變一下你對聯邦業務的評論。你們的聯邦業務在多個季度都表現強勁。過去，你實際上也提供了一些聯邦業務獨立增長的背景資訊。我只是想看看你是否可以重新討論。我提出這個問題的視角是，一些投資者擔心你們的聯邦業務表現優異，但這似乎表明企業業務出現了更大程度的放緩。所以，我只是想看看你是否可以提供一些背景資訊？

And then Jay, perhaps for you is you actually, in your prepared remarks, talked about I think you said 1/2 of your net new bookings were from new logos, if I heard you correctly, which is a very strong metric. And I just wondered if you could characterize how you see that unfolding, new logos in particular, as you look out over the next number of quarters? And congrats to Bill.

然後，Jay，也許您在準備好的發言中提到過，如果我沒聽錯的話，您提到過，淨新增訂單的一半來自新標識，這是一個非常強勁的指標。您能否描述一下，展望未來幾個季度，您如何看待這種情況，尤其是新標誌帶來的發展？恭喜比爾。

Keith, I'll start. The federal business has been good for us as I mentioned, we're well positioned. We'll provide color on the contribution of federal on an annual basis. Having said that, I'll go out and put my neck out which (inaudible) -- Maybe I should but...

基思，我先說。正如我之前提到的，聯邦業務對我們來說一直很有利，我們處於有利地位。我們將每年提供聯邦貢獻的詳情。話雖如此，我還是會冒險一試，（聽不清楚）——也許我應該…

Bill's leaving so it's safe.

比爾要走了，所以很安全。

Bill's leaving. That's right. He keeps kicking me under the table. We're well positioned in federal. It really comes down to execution. Let the numbers play the way they play. We'll see how it plays through. But we feel good about our federal business. It's been strong. I would not say it's been carrying us. That's the key comment. But it is basically a vertical that I see that we have a lot of potential, we just need to execute.

比爾要走了。沒錯。他一直在暗中踢我。我們在聯邦業務中佔優勢。最終還是要看執行力。讓數據自然發展。我們拭目以待。但我們對聯邦業務感覺良好，一直表現強勁。我不會說它一直在支撐我們。這是關鍵。但我認為，這基本上是一個垂直領域，我們有很大潛力，我們只需要執行。

Yes. And nonfederal is pretty good, too. So I mean, we are bullish about both sides of the business. Moving to the second part, yes, business, strong business coming from net new logos, it's good. In terms of future, and our customer base is getting bigger and bigger, and we have lots of platform to sell. From a rational point of view, I think we have been planning upsell being in the, whatever, 60%, 65% range, somewhere out there, Remo, and new logo, the rest. So I think that's really how we see us moving forward. .

是的。非聯邦業務也相當不錯。所以我的意思是，我們對業務的兩方面都看好。說到第二部分，是的，業務，來自新標誌的強勁業務，這很好。就未來而言，我們的客戶群越來越大，我們有很多平台可以銷售。從理性的角度來看，我認為我們一直在計劃追加銷售，大概在60%、65%左右，Remo、新標誌等等。所以我認為這才是我們未來發展的真正方向。

Now part of the thing that I'm excited about is, we are seeing more and more $1 million customers being on board. The number is about almost 500 customers that are $1 million then they are trying to get to $5 million and $10 million. So we are getting towards getting more and more customers, $1 million to $5 million to $10 million that's probably the bigger target than trying to get lots of new logos by count of logos.

現在讓我感到興奮的是，我們看到越來越多的100萬美元客戶加入。目前大約有500個客戶是100萬美元，然後他們正努力爭取500萬美元和1000萬美元的客戶。所以，我們正在努力爭取越來越多的客戶，從100萬美元到500萬美元再到1000萬美元，這比試圖從數量上獲得大量新標誌的目標可能更大。

Our next question comes from Josh Tilton with Wolfe Research.

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

Congrats, Bill, and I apologize for the amazing cafe music in the background. But the one question I have, that's been on my mind is just, none of what you guys are talking about, It kind of happens overnight. So I guess were these sales changes factored into the initial guidance that you gave back in Q4? Or are you actually embedding incremental conservatism related to these changes in the outlook going forward?

恭喜比爾，我很抱歉背景音樂太動聽了。但我一直在想一個問題：你們說的這些改變都不是一夕之間發生的。所以，我想問一下，這些銷售變化是否已經反映在你們第四季給出的初步預期中了？還是說，你們實際上是在為未來的展望嵌入與這些變化相關的漸進式保守主義？

I'll speak to basically both Q2 and Q3. In Q2, we said we we're expecting close rates to be slightly worse. Things came in pretty much as we thought they would. For Q3, in our assumption also there's a level of conservatism, slight again for Q3 related to close rates.

我主要會談一下第二季和第三季的情況。在第二季度，我們曾表示預計收盤利率會略有下降。但實際情況與我們預想的差不多。對於第三季度，我們的預測也存在一定程度的保守性，但第三季的收盤利率再次略有下降。

We'll have our last question from the line of Peter Reed with AB Bernstein.

我們的最後一個問題來自 AB Bernstein 的 Peter Reed。

And I guess following up maybe a couple of questions that we've had here. I mean I will agree -- impressive to see the continued acceleration in new customer contribution. I think that had been a worry maybe a year ago, whether or not that was going to continue. And obviously, you've talked a little bit about expansion coming down with landing larger deals upfront, leaving a little bit less upsell, cross-sell opportunity.

我想補充一下我們之前遇到的幾個問題。我同意你的觀點——新客戶貢獻的持續加速成長令人印象深刻。我想，大概一年前，我還擔心這種情況是否會持續下去。顯然，你剛才提到，擴張會因為提前達成更大的交易而減少，從而減少追加銷售和交叉銷售的機會。

Maybe help break down a couple of things. One is with a lot more new customers landing in the short term, would this be a good signal for kind of a year from now and in the short term, getting some lift just because newer customers expand more. And secondly, how would you think about the opportunity around expansion? Like what are the things that you think you can do to grow the upsell opportunity, even though customers are landing larger today, what are you going to be doing to kind of create some lift there with expansion in the future?

也許可以幫我分析幾個問題。首先，短期內新客戶數量大幅增加，這對一年後來說是個好訊號嗎？短期內，新客戶數量增加會為公司帶來一些提升。其次，您如何看待擴張方面的機會？例如，您認為可以採取哪些措施來增加追加銷售的機會？即使目前新客戶數量增加，您打算如何在未來的擴張中創造一些提升？

Yes. So if you think about what we've done over the past several years since our IPO, we essentially due to start with, in fact, ZIA, mostly business, they would ask what about transformation, and what about next and ZPA came in, great expansion; ZDX came in; a number of new products have been coming in. So we are actually able to expand quite a bit. In fact, even today, as we said, in our current customer base, we could literally take our ARR by 6x, if we sold all Zscaler user products to our customers. So even I would even say we have no lack of product to sell.

是的。所以，如果你回顧一下我們自IPO以來過去幾年所做的工作，你會發現我們基本上是從ZIA（主要是業務）開始的。他們會問轉型怎麼樣，接下來會怎麼樣？ ZPA來了，實現了巨大的擴張；ZDX來了；一系列新產品也陸續推出。所以我們其實能夠擴張很多。事實上，即使在今天，正如我們所說，在我們現有的客戶群中，如果我們把所有Zscaler用戶產品都賣給客戶，我們的ARR（年度經常性收入）實際上可以提高6倍。所以我甚至可以說，我們不缺產品。

And customers are embracing broader and broader platform. If you look at all the deals I talked about, reading the script and say, ZIA, ZPA, ZDX and Data Protection. And so it is becoming pretty significant. So we have a big, big upsell opportunities, things like Data Protection. They aren't going to go with someone else to do Data Protection if the traffic is going through our platforms. So that's one piece.

客戶正在擁抱越來越廣泛的平台。如果你看看我提到的所有交易，讀一下腳本，你會發現ZIA、ZPA、ZDX和資料保護。所以它變得非常重要。所以我們有巨大的追加銷售機會，例如資料保護。如果流量通過我們的平台，他們就不會去找別人來做資料保護。這是一方面。

And the second piece is everyone is talking about only users when they talk about Zero Trust, SASE or they talk about whatever SASE. That's only one piece. When you talk about how much workloads that's the bigger opportunity, IoT/OT is significant opportunity; B2B, where your customer suppliers and partners need to access information through our Zero Trust platform. So I think this is big opportunity on the product side.

第二點是，大家在談論零信任、SASE 或任何 SASE 時，都只專注在使用者身上。這只是一方面。說到工作負載，這才是更大的機會，物聯網/OT 是重要的機會；B2B 方面，你的客戶、供應商和合作夥伴需要透過我們的零信任平台存取資訊。所以我認為這在產品方面是一個巨大的機會。

On the sales side, we keep on learning and refining some of the stuff. We do have some of the overlay specialists. We do have some of the overlay specialist, we don't do overlay sales per se, but there are specialists in certain areas because you need to be able to go deeper. So we are definitely taking advantage of that. We are pleased with the results, but we'll keep on tweaking and refining to get better and better results.

在銷售方面，我們不斷學習和改進。我們確實有一些覆蓋層專家。我們確實有一些覆蓋層專家，我們本身不做覆蓋層銷售，但在某些領域有一些專家，因為你需要能夠深入了解。所以我們肯定會利用這一點。我們對結果很滿意，但我們會繼續調整和改進，以獲得越來越好的結果。

And the new customer success that you've been having, do you anticipate that provide some additional lift kind of looking out a year or so, just as the mix of new customers has increased.

而您所取得的新客戶成功，您是否預計這將在未來一年左右帶來一些額外的提升，就像新客戶組合的增加一樣。

We don't wait for a year or 2 years for the contract. We are in the process of resell, we go, literally, it's an ongoing engagement with the customers. So you're not going to see lumpy things from us. My people said, "Hey, after COVID, what's going to happen after 3 years?" When 3 years came in, most of our customers had done an upsell or 2 with us.

我們不會等上一年或兩年才簽合約。我們正處於轉售階段，實際上，這是與客戶持續互動的過程。所以你不會看到我們出現任何不穩定的情況。我的員工問：「嘿，疫情過後，三年後會怎麼樣？」 三年過去了，我們的大多數客戶都已經跟我們進行了一兩次追加銷售。

That concludes the question-and-answer session. At this time, I would like to turn it back to Jay Chaudhry for closing remarks.

問答環節到此結束。現在，我想請傑伊·喬杜里作最後發言。

Well, thank you for your interest in Zscaler. We look forward to seeing you at one of our investor conferences. Thanks.

好的，感謝您對 Zscaler 的關注。我們期待在投資者會議上與您見面。謝謝。

Thank you.

謝謝。

Thank you.

謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect.

感謝您參加今天的會議。今天的節目到此結束。您可以斷開連線了。