Zscaler Inc (ZS) 2024 Q3 法說會逐字稿

Hello, and thank you for standing by. Welcome to Zscaler third-quarter 2024 earnings conference call. (Operator Instructions)

您好，感謝您的支持。歡迎參加 Zscaler 2024 年第三季財報電話會議。（操作員指示）

I would now like to turn the call over to Ashwin Kesireddy, Vice President of Investor Relations and Strategic Finance. Sir, you may begin.

現在，我想將電話轉給投資者關係和策略財務副總裁 Ashwin Kesireddy。先生，您可以開始了。

Good afternoon, everyone, and welcome to the Zscaler third 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 財年第三季財報電話會議。今天與我一起通話的有董事長兼執行長 Jay Chaudhry 和財務長 Remo Canessa。

Please note 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。除非另有說明，我們今天討論的所有數字都將基於調整後的非 GAAP 基礎。您將在我們的收益報告中找到 GAAP 與非 GAAP 財務指標的對帳。

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.

這些聲明和其他評論並非對未來表現的保證，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。這些前瞻性陳述自今天起適用，您不應依賴它們來代表我們未來的觀點。我們不承擔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. I also want to inform you that we'll be attending the Bank of America Global Technology Conference in San Francisco on June 5.

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。我也想通知您，我們將於 6 月 5 日參加在舊金山舉行的美國銀行全球技術會議。

Now I'll turn the call over to Jay.

現在我將把電話轉給傑伊。

Thank you, Ashwin. We delivered an outstanding quarter, with all metrics exceeding our guidance, and I'm very pleased to increase our full year guidance based on our strong performance.

謝謝你，阿什溫。我們本季表現出色，所有指標均超出預期，我很高興基於我們強勁的表現提高全年預期。

Revenue in Q3 grew by 32% year-over-year, and billings grew by 30%. Our $1 million-plus ARR customers increased 31% year-over-year to 523, and we ended the quarter with over 50 customers with $5 million-plus in ARR. Our disciplined approach to growth is reflected in our operating profit, which nearly doubled year-over-year, and our operating margin reached a record 22%.

第三季營收年增 32%，帳單成長 30%。我們的 ARR 超過 100 萬美元的客戶年增 31%，達到 523 位，本季末，我們的 ARR 超過 500 萬美元的客戶已超過 50 位。我們嚴謹的成長方式體現在我們的營業利潤上，營業利潤比去年同期幾乎翻了一番，營業利潤率達到創紀錄的 22%。

I'm also pleased to report that we had our first quarter of GAAP profitability on a net income basis for Q3. Our strong performance was driven by continued demand for our Zero Trust Exchange platform, which we purpose built to secure communication among users, workloads, and devices. We expect demand to remain strong as an increasing number of enterprises are planning to adopt our platform for better cyber and data protection.

我還很高興地報告，我們第三季以淨收入計算實現了 GAAP 利潤。我們的強勁表現得益於對零信任交換平台的持續需求，該平台旨在確保用戶、工作負載和設備之間的通訊安全。隨著越來越多的企業計劃採用我們的平台來更好地保護網路和數據，我們預計需求將保持強勁。

Zero trust security remains a top initiative for IT teams as legacy castle-and-moat firewall-based security is ineffective in the new world of cloud and AI. Our Zero Trust Exchange, processing over 400 billion transactions and preventing billions of security and policy violations per day, provides superior security to our customers. For example, last calendar year, our platform prevented over 2 billion phishing attempts, up 60% year-over-year. The cyber and data protection capabilities of our platform are resonating with customers, and we are accelerating the expansion of our core platform with innovations across multiple pillars.

零信任安全仍然是 IT 團隊的首要舉措，因為傳統的基於城堡和護城河防火牆的安全性在雲端和人工智慧的新世界中無效。我們的零信任交易所每天處理超過 4000 億筆交易並防止數十億起安全和政策違規行為，為我們的客戶提供卓越的安全性。例如，去年，我們的平台阻止了超過 20 億次網路釣魚嘗試，較去年同期成長 60%。我們平台的網路和資料保護能力引起了客戶的共鳴，我們正在透過跨多個支柱的創新來加速核心平台的擴展。

We recently introduced the industry's first AI-powered Copilot for ZDX, our digital experience monitoring solution. This helps simplify and automate detection and resolution of performance issues. We added two significant products to our data protection pillar: one, data security posture management, or DSPM, to discover, classify, and protect sensitive data in public clouds; and two, GenAI app security to provide deep visibility and granular controls for GenAI apps.

我們最近推出了業界首個由人工智慧驅動的 ZDX Copilot，這是我們的數位體驗監控解決方案。這有助於簡化和自動化效能問題的檢測和解決。我們在資料保護支柱中增加了兩個重要產品：一是資料安全態勢管理（DSPM），用於發現、分類和保護公有雲中的敏感資料；二是 GenAI 應用安全，為 GenAI 應用提供深度可視性和細粒度控制。

We introduced Zero Trust network segmentation, which expands our platform to local area networks inside branches, campus, and factories. We expanded our AI cloud solutions by introducing unified vulnerability management to enable customers to proactively identify critical vulnerabilities.

我們引入了零信任網路分段，將我們的平台擴展到分公司、校園和工廠內的區域網路。我們透過引入統一漏洞管理擴展了我們的 AI 雲端解決方案，使客戶能夠主動識別關鍵漏洞。

We will continue our rapid platform expansion with organic innovations as well as strategic acquisitions. We recently acquired two early-stage innovators: Avalor and Airgap Networks. Avalor's data fabric ingests, normalizes, and unifies data across enterprise security and business systems to dynamically prioritize vulnerabilities based on holistic risk. This innovative data fabric will combine data from our 400 billion daily transactions with over 150 third-party data sources to add various context to provide better understanding of risk for timely mitigation. As a result, customers can get real-time actionable insights and operational efficiencies, improving their overall security posture.

我們將透過有機創新和策略收購繼續快速擴展我們的平台。我們最近收購了兩家早期創新公司：Avalor 和 Airgap Networks。Avalor 的資料結構可提取、標準化和統一企業安全性和業務系統中的數據，以根據整體風險動態地確定漏洞的優先順序。這種創新的數據結構將把我們每天 4000 億筆交易的數據與超過 150 個第三方數據源相結合，添加各種背景信息，以便更好地了解風險並及時緩解。因此，客戶可以獲得即時可操作的見解和營運效率，從而改善他們的整體安全態勢。

For securing customer branches, campuses, and factories, we continue to innovate. Our Zero Trust branch solution released last year enables each branch office, campus and factory to be treated like a Starbucks, which means there is no lateral threat movement as the branches are not on the corporate network, and there is no need for firewalls as branches are no longer exposed to the internet. With the Airgap acquisition, we are taking branch security to the next level as we are introducing the industry-first Zero Trust segmentation inside branches, campuses, and factories for servers and IoT/OT devices. This eliminates the need for legacy fiber-based segmentation for east-west traffic.

為了保障客戶分公司、校園和工廠的安全，我們不斷創新。我們去年發布的零信任分支解決方案使每個分支機構、園區和工廠都像星巴克一樣受到對待，這意味著由於分支機構不在公司網路上，因此不會發生橫向威脅移動，並且由於分支機構不再暴露在互聯網上，因此不需要防火牆。透過收購 Airgap，我們將分公司安全提升到一個新的水平，因為我們在分公司、園區和工廠內為伺服器和物聯網/OT 設備引入了業界首個零信任分段。這消除了對東西向流量進行傳統光纖分段的需要。

We talked about our $72 billion market opportunity in the past. Our recent acquisitions and other innovations increase our market opportunity by several billion dollars as they extend our platform into new adjacent markets, including vulnerability management, security operations, and branch security.

我們過去曾談到 720 億美元的市場機會。我們最近的收購和其他創新將我們的市場機會增加了數十億美元，因為它們將我們的平台擴展到新的鄰近市場，包括漏洞管理、安全營運和分公司安全。

Moving on to our AI innovations. We are developing multiple AI-powered applications, including Risk360, Business Insights, Unified Vulnerability Management, and more. We are training our AI security models with the vast amounts of data generated by over 400 billion daily transactions on our platform to deliver superior threat detection. We are leveraging AI to automatically classify data and enforce policies for better data loss prevention. We have delivered GenAI app security to enable secure use of AI apps by our customers.

繼續討論我們的人工智慧創新。我們正在開發多個由人工智慧驅動的應用程序，包括 Risk360、Business Insights、統一漏洞管理等。我們正在利用平台上每天超過 4000 億筆交易產生的大量資料來訓練我們的人工智慧安全模型，以提供卓越的威脅偵測。我們正在利用人工智慧自動分類資料並執行政策，以更好地防止資料遺失。我們已經提供了 GenAI 應用程式安全性，以確保客戶能夠安全地使用 AI 應用程式。

Our GenAI app security delivers: one, visibility into the AI services used by employees; two, policy control, which allows different user groups to access only approved AI services from the thousands of such services; and three, enforcement of data protection policies to prevent sensitive data from leaking to public AI services. We will be showcasing these and other innovations that combine the power of Zero Trust with AI at our Zenith Live User Conference in June.

我們的 GenAI 應用程式安全性提供：一、對員工使用的 AI 服務的可見性；二、策略控制，允許不同的用戶群組從數千個此類服務中僅存取經過批准的 AI 服務；三、執行資料保護策略，防止敏感資料外洩到公共 AI 服務。我們將在 6 月的 Zenith Live 用戶大會上展示這些以及其他將零信任的力量與人工智慧相結合的創新。

Organizations are relying on Zscaler to continue to innovate as threat actors are evolving and posing new challenges by frequently exploiting firewall and VPN-based security architecture. Recently, hackers exploited a zero-day vulnerability of a leading next-gen firewall and a vulnerability of a leading VPN. Such exploits put organizations at risk as attackers can move laterally on the flat networks created by legacy firewalls.

隨著威脅行為者不斷演變，並頻繁利用防火牆和基於 VPN 的安全架構帶來新的挑戰，各組織機構依靠 Zscaler 繼續創新。最近，駭客利用了領先的下一代防火牆的零日漏洞和領先的VPN的漏洞。由於攻擊者可以在傳統防火牆創建的扁平網路上橫向移動，因此此類漏洞使組織面臨風險。

These shortfalls in legacy security will continue to be exploited until enterprises embrace Zero Trust architecture and phase out firewalls and VPNs. Zscaler's Zero Trust architecture eliminates lateral threat movement, which dramatically improves security posture of organizations. Our differentiated Zero Trust and proxy-based architecture is foundational to delivering superior security.

在企業採用零信任架構並逐步淘汰防火牆和 VPN 之前，這些傳統安全性的缺陷將持續被利用。Zscaler 的零信任架構消除了橫向威脅移動，從而大大改善了組織的安全態勢。我們差異化的零信任和基於代理的架構是提供卓越安全性的基礎。

Let me give you a few examples. After experiencing a catastrophic cyber-attack last year, a large financial services new logo customer purchased our ZIA data protection and ZDX pillars for 25,000 users in a seven-figure ACV multiyear deal. This customer wanted Zero Trust architecture, and hence excluded the current firewall vendors from consideration. Our superior architecture and strong data protection capabilities were key to winning this deal. As the customer said, Zscaler's CASB, EDM, and OCR technologies are amazing. Zscaler just works.

讓我給你舉幾個例子。在去年遭受災難性的網路攻擊後，一家大型金融服務新客戶以七位數的 ACV 多年合約為 25,000 名用戶購買了我們的 ZIA 資料保護和 ZDX 支柱。該客戶想要零信任架構，因此將目前的防火牆供應商排除在考慮範圍之外。我們卓越的架構和強大的資料保護能力是贏得這筆交易的關鍵。正如客戶所說，Zscaler 的 CASB、EDM 和 OCR 技術非常出色。Zscaler 可以正常工作。

In an another example, an existing global manufacturing customer, after learning about a major VPN vulnerability, rolled out Zscaler to 100,000 devices in just three days. Subsequently, the customer increased their purchase of Zscaler for users, including ZIA, ZPA, ZDX, and data protection, in a seven-figure ACV deal, increasing their ARR by over $5 million. This customer also made an initial purchase of Zero Trust for branch and our advanced Privileged Remote Access solution, which speaks to customers' growing interest in our broader platform.

另一個例子是，一家現有的全球製造業客戶在了解到一個主要的 VPN 漏洞後，僅用三天時間就將 Zscaler 推廣到了 100,000 台設備。隨後，該客戶增加了對 Zscaler 用戶的購買，包括 ZIA、ZPA、ZDX 和資料保護，達成了七位數的 ACV 交易，使其 ARR 增加了 500 多萬美元。該客戶還首次購買了分支機構的零信任和我們先進的特權遠端存取解決方案，這表明客戶對我們更廣泛的平台的興趣日益濃厚。

Customers are also purchasing more of our platform to eliminate legacy tech debt and consolidate multiple point products while simplifying IT operations and improving user experience. Let me highlight two upsell deals that illustrate this. After making an initial purchase last year, a Global 100 financial services customer significantly expanded the purchase of Zscaler for users in a seven-figure ACV deal for over 64,000 users. Despite having years of relationship with a legacy firewall security vendor, it chose Zscaler. This customer is consolidating multiple point products, including Secure Web Gateway, VPN, and VDI. We work closely with one of our GSI partners on this large project. This deal is an example of us working with GSI partners to expand our market opportunity.

客戶也購買了我們更多的平台，以消除遺留的技術債並整合多個點產品，同時簡化 IT 營運並改善使用者體驗。讓我重點介紹兩個可以說明這一點的追加銷售交易。在去年首次購買後，全球 100 大金融服務客戶大幅擴大了 Zscaler 的購買量，為超過 64,000 名用戶提供了七位數的 ACV 交易。儘管與傳統防火牆安全供應商建立了多年的合作關係，但它還是選擇了 Zscaler。該客戶正在整合多個點產品，包括安全 Web 閘道、VPN 和 VDI。我們與我們的一位 GSI 合作夥伴就這個大型專案進行了密切合作。這筆交易是我們與 GSI 合作夥伴合作擴大市場機會的一個例子。

In another upsell win, a large APJ-based financial services customer signed a seven-figure ACV multiyear deal for 10,000 users, buying most of our platform services. In addition to expanding their purchase of Zscaler for users, they purchased our Zero Trust for workloads, Zero Trust for branch, and AI cloud solutions. Our emerging products contributed nearly a third of the ACV value of the deal.

在另一場追加銷售勝利中，一家位於亞太及日本地區的大型金融服務客戶與 10,000 名用戶簽署了一份價值七位數的 ACV 多年期協議，購買了我們的大部分平台服務。除了擴大對用戶的 Zscaler 購買外，他們還購買了我們的工作負載零信任、分公司零信任和 AI 雲端解決方案。我們的新興產品貢獻了該交易 ACV 價值的近三分之一。

I'm very pleased to share that we are seeing strong customer interest in our emerging products, which contributed nearly a quarter of our new and upsell business this quarter. Here are a few examples. In an eight-figure ACV deal, a Fortune 500 technology customer expanded their purchase of Zscaler for users and made their first purchase of Zero Trust for workloads and our AI cloud solutions. With this purchase, the customers' total ARR increased over 5x to more than $10 million. This was also our largest workload protection deal to date, representing seven figures in ACV.

我很高興地告訴大家，我們看到客戶對我們的新興產品表現出濃厚的興趣，這為我們本季的新產品和追加銷售業務貢獻了近四分之一。這裡舉幾個例子。在一筆八位數的 ACV 交易中，財富 500 強技術客戶擴大了對 Zscaler 的用戶購買，並首次購買了用於工作負載的零信任和我們的 AI 雲端解決方案。透過此次購買，客戶的總 ARR 增加了 5 倍多，達到 1,000 多萬美元。這也是我們迄今為止最大的工作量保護交易，ACV 達到七位數。

I'm thrilled to see our recent innovations in workload protection receiving increased traction. We closed several deals for our AI cloud solutions, including Risk360 and Business Insights, with customers across multiple verticals, including broadcasting, consulting, insurance, and many more. CISOs get inundated with lots of security alerts and signals that don't help them take specific actions based on risk. Customers are buying Risk360 as it provides them with the overall risk score of the organizations, the factors contributing to risk, and the actionable recommendations to reduce risk.

我很高興看到我們最近在工作負載保護方面的創新獲得了越來越多的關注。我們與廣播、顧問、保險等多個垂直行業的客戶達成了多項 AI 雲端解決方案交易，包括 Risk360 和 Business Insights。首席資訊安全官們被大量的安全警報和信號淹沒，而這些警報和信號無法幫助他們根據風險採取具體的行動。客戶購買 Risk360 是因為它為他們提供了組織的整體風險評分、導致風險的因素以及降低風險的可行建議。

For a Zero Trust branch, one of the largest retailers in Europe who initially adopted ZIA, ZDX, and data protection last year expanded their deployment in a seven-figure upsell deal to include the full suite of Zscaler for Users and Zero Trust SD-WAN. Zero Trust SD-WAN, which will be deployed at their regional locations, contributed about a quarter of the ACV value of this deal.

對於零信任分支機構，歐洲最大的零售商之一去年最初採用了 ZIA、ZDX 和資料保護，並透過七位數的追加銷售交易擴大了部署，包括全套 Zscaler for Users 和零信任 SD-WAN。將在其區域位置部署的零信任 SD-WAN 貢獻了該交易 ACV 價值的約四分之一。

Next, in the federal vertical, we are proud to be serving 12 of the 15 cabinet-level agencies, and we continue to pursue new and upsell business opportunities across the federal market to help them adopt Zero Trust architecture as mandated by the President's executive order. To give an example, in a seven-figure upsell win, an existing cabinet driver agency increased the purchase of ZIA and ZPA by over 50%, significantly increasing the ARR of this already $10 million-plus customer.

接下來，在聯邦垂直領域，我們很自豪能夠為 15 個內閣級機構中的 12 個提供服務，並且我們將繼續在聯邦市場尋求新的和追加銷售的業務機會，以幫助他們按照總統行政命令的要求採用零信任架構。舉個例子，在一次七位數的追加銷售中，一家現有的櫥櫃驅動機構將 ZIA 和 ZPA 的購買量增加了 50% 以上，大大提高了這個已經超過 1000 萬美元的客戶的 ARR。

Next, let me give you an update on our progress in the Department of Defense or DoD segment. DoD has a requirement to implement Zero Trust with the technologies and solutions that work best for individual military services and departments. I'm thrilled to share that we signed a seven-figure ACV deal with a DoD branch this quarter. In this planned deal, the customer made an initial purchase of Zscaler for Users to protect 50,000 users. With our proven Zero Trust architecture, this latest DoD deal demonstrates that we are well positioned to capture the large cybersecurity opportunity at the DoD.

接下來，讓我向您介紹我們在國防部或國防部部門的進展。國防部要求採用最適合各個軍事部門和部門的技術和解決方案來實施零信任。我很高興地告訴大家，本季我們與國防部的一個分支機構簽署了一份七位數的 ACV 協議。在這項計畫交易中，客戶首次購買了 Zscaler for Users 來保護 50,000 名用戶。憑藉我們成熟的零信任架構，這項最新的國防部交易表明，我們已做好準備，抓住國防部巨大的網路安全機會。

Next, let me give you an update on our go-to-market organization, where we continue to make great progress. First, to capture the strong demand for our platform and to scale our business to $5 billion in ARR and beyond, we appointed Mike Rich as our Chief Revenue Officer in Q2. Mike hired key leaders in Q3, and he now has his full management team in place. The quality and caliber of Mike's leadership team is exceptional. I'm very pleased with the progress of our sales hiring, particularly at the leadership level. With the right leaders in place, we are now focused on increasing the pace of hiring quota-carrying reps.

接下來，讓我向您介紹我們的行銷組織的最新情況，我們在該方面繼續取得巨大進步。首先，為了滿足我們平台的強勁需求，並將我們的業務規模擴大到 50 億美元及以上，我們在第二季任命 Mike Rich 為首席營收長。麥克在第三季聘請了關鍵領導，現在他已經擁有完整的管理團隊。麥克領導團隊的素質和能力都非常出色。我對我們的銷售招募進度感到非常滿意，尤其是領導階層的招募。在合適的領導者到位後，我們現在專注於加快僱用完成配額的銷售代表的步伐。

Second, as I mentioned last quarter, we are evolving our sales motion from opportunity-centric to account-centric. The eight-figure ACV deal with a Fortune 500 technology company that I called out earlier is an example of the success of this new sales motion. We engaged closely with this customer to recommend the best solution for now and the future. We look forward to working with them as they are fully embracing digital transformation and Zero Trust security.

其次，正如我在上個季度所提到的，我們的銷售模式正在從以機會為中心轉變為以客戶為中心。我之前提到的與財富 500 強科技公司達成的八位數 ACV 交易就是這種新銷售舉措成功的一個例子。我們與該客戶密切合作，推薦當前和未來的最佳解決方案。我們期待與他們合作，因為他們正在全面擁抱數位轉型和零信任安全。

In conclusion, we are on a mission to take our platform everywhere so customers can benefit from better security, simplified IT operations, and improved user productivity. We are one of the few vendors that deliver tangible cost savings as we eliminate multiple legacy point products. The last three decades of the security industry have been centered around firewalls, which are no longer effective in today's cloud, mobile, and AI world.

總而言之，我們的使命是將我們的平台推廣到任何地方，以便客戶能夠從更好的安全性、簡化的 IT 營運和更高的用戶生產力中受益。我們是少數透過淘汰多個傳統單點產品來實現實際成本節約的供應商之一。過去三十年的安全產業一直以防火牆為中心，但在當今的雲端、行動和人工智慧世界中，防火牆已不再有效。

I believe the next three decades will be defined by Zero Trust architecture. We have the right platform and the right team to delight our customers and capture a large and growing market opportunity. I'm excited about the journey ahead and look forward to sharing at Zenith Live how Zscaler is combining the power of Zero Trust with AI to power the future of secure digital transformation.

我相信未來三十年將由零信任架構定義。我們擁有合適的平台和合適的團隊來取悅我們的客戶並抓住巨大且不斷增長的市場機會。我對未來的旅程感到興奮，並期待在 Zenith Live 上分享 Zscaler 如何將零信任的力量與人工智慧相結合，為安全數位轉型的未來提供動力。

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 Q3 results exceeded our guidance on growth and profitability, even with ongoing customer scrutiny of large deals, the changes in our sales organization, and higher than expected sales attrition in the quarter.

謝謝你，傑伊。儘管客戶對大額交易的審查持續不斷，我們的銷售組織發生了變化，而且本季度的銷售人員流失率高於預期，但我們第三季度的業績仍然超出了我們對增長和盈利能力的預期。

Revenue was $553 million, up 32% year-over-year and up 5% sequentially. From a geographic perspective, Americas represented 54% of revenue, EMEA was 31%, and APJ was 15%. Our total calculated billings in Q3 grew 30% year-over-year and remained flat sequentially at $628 million. Our calculated current billings grew 29% year-over-year. Our remaining performance obligations, or RPO, grew 27% from a year ago to $3.824 billion. Current RPO was approximately 51% of the total RPO.

營收為 5.53 億美元，年增 32%，季增 5%。從地理角度來看，美洲佔營收的 54%，歐洲、中東和非洲佔 31%，亞太及日本佔 15%。我們第三季的總計算帳單年增 30%，與上一季持平，為 6.28 億美元。我們計算出的當前帳單年增了 29%。我們的剩餘履約義務（RPO）比一年前成長了 27%，達到 38.24 億美元。目前 RPO 約為總 RPO 的 51%。

We ended Q3 with 523 customers with greater than $1 million in ARR and 2,922 customers with over $100,000 in ARR. This continued strong growth of large customers speaks to the strategic role we play in our customers' digital transformation journeys.

截至第三季度，我們擁有 523 名 ARR 超過 100 萬美元的客戶，以及 2,922 名 ARR 超過 10 萬美元的客戶。大客戶數量的持續強勁成長體現了我們在客戶數位轉型過程中所扮演的策略角色。

Our 12-month trailing dollar-based net retention rate was 116%. 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.

我們過去 12 個月的美元淨留存率為 116%。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的成功率有所提高，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，該指標可能會每季發生變化。

Turning to the rest of our Q3 financial performance. Total gross margin of 81.4% compares to 80.8% in the prior quarter and 80.2% 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 four to five years.

談談我們第三季的其餘財務表現。總毛利率為 81.4%，而上一季為 80.8%，去年同期為 80.2%。與去年同期相比，由於我們的雲端基礎設施使用壽命延長，會計方式發生變化，毛利率提高了約 60 個基點。正如我們上次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 2% sequentially and 21% year-over-year to $328 million. We continue to generate significant leverage in our financial model, with operating margin reaching 22%, an increase of approximately 680 basis points year-over-year.

我們的總營運費用較上季成長 2%，年增 21%，達到 3.28 億美元。我們的財務模型持續發揮顯著槓桿作用，營業利潤率達到 22%，較去年同期成長約 680 個基點。

Our free cash flow margin was 22%, including data center CapEx of approximately 6% of revenue. We ended the quarter with over $2.2 billion in cash, cash equivalents and short-term investments.

我們的自由現金流利潤率為 22%，其中資料中心資本支出約佔收入的 6%。截至本季末，我們擁有超過 22 億美元的現金、現金等價物和短期投資。

Moving on to guidance for Q4 and full year fiscal 2024. As a reminder, these numbers are all non-GAAP. For the fourth quarter, we expect revenue in the range of $565 million to $567 million, reflecting year-over-year growth of 24% to 25%; gross margins of 80%; operating profit in the range of $107 million to $109 million; net other income of $17 million; income taxes of $11 million; earnings per share in the range of $0.69 to $0.70, assuming 165 million fully diluted shares.

繼續討論 2024 財年第四季和全年的指導。提醒一下，這些數字都是非 GAAP 的。對於第四季度，我們預計收入將在 5.65 億美元至 5.67 億美元之間，較上年同期增長 24% 至 25%；毛利率為 80%；營業利潤將在 1.07 億美元至 1.09 億美元之間；其他淨收入為 1700 萬美元；所得收益為 1100 萬美元； 1.65 億股）。

For the full year fiscal 2024, we're increasing our guidance as follows: revenue in the range of $2.14 billion to $2.142 billion, reflecting year-over-year growth of approximately 32%; calculated billings in the range of $2.603 billion to $2.606 billion or year-over-year growth of approximately 28%; operating profit in the range of $422 million to $424 million, which reflects up to 490 basis points of operating margin improvement compared to last year; income taxes of approximately $32 million; earnings per share in the range of $2.99 to $3.01, assuming approximately 161 million fully diluted shares. We expect our free cash flow margin to be in the low to mid-20% range.

對於 2024 財年全年，我們上調了以下預期：營收在 21.4 億美元至 21.42 億美元之間，同比增長約 32%；計算出的營業額在 26.03 億美元至 26.06 億美元之間，同比增長約 28%；營業利潤在 4.22 億美元之間，同比增長約 28%；營業利潤在 4.22 億美元之間，比去年同期提高了 4.94 億美元，營業利潤在 4.22 億美元之間，與去年 40 億美元相比，利潤在 4.24 億美元之間提高了利潤。個基點；所得稅約 3,200 萬美元；每股收益在 2.99 美元至 3.01 美元之間，假設完全稀釋股份約為 1.61 億股。我們預計我們的自由現金流利潤率將在 20% 左右。

We will give specific F2025 guidance on the next earnings call, but I'd like to mention that the increased spend on the data center CapEx, which we had originally planned for F2024, is now planned for F2025.

我們將在下次收益電話會議上提供具體的 F2025 指導，但我想提一下，我們最初計劃在 F2024 增加的數據中心資本支出現在計劃在 F2025 增加。

Q3 was a transitional quarter for our go-to-market team, and I believe we did an outstanding job navigating through it. Although our attrition was higher than we expected, as Jay mentioned, we had a strong quarter hiring, particularly at the sales leadership level. We are now focused on increasing the pace of hiring quota-carrying reps. We believe the combination of our existing sales team with these new hires will result in a much stronger go-to-market organization. That said, new hires will take time to ramp to full productivity, which we believe will result in a few points of headwind to our total billings growth in F2025.

第三季度是我們行銷團隊的過渡季度，我相信我們出色地度過了這個階段。儘管我們的人員流失率高於預期，但正如傑伊所提到的，我們本季的招募情況強勁，尤其是在銷售領導層面。我們現在專注於加快聘用完成配額的銷售代表的步伐。我們相信，我們現有的銷售團隊與這些新員工的結合將形成一個更強大的行銷組織。也就是說，新員工需要時間才能達到完全生產力，我們認為這將對我們 2025 財年的總營業額成長造成一些阻力。

With our customer obsession, expanding platform, and strengthening sales teams, we're well positioned to continue to gain share in a large and growing market for us.

憑藉我們對客戶的至上態度、不斷擴展的平台和加強的銷售團隊，我們有能力繼續在龐大且不斷增長的市場中獲得份額。

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) Matt Hedberg, RBC Capital.

（操作員指示）RBC Capital 的 Matt Hedberg。

Great. Thanks for taking my questions, guys. Congrats on the quarter. Really, really nice to see the results in obviously a difficult selling environment. I guess, Jay, I think one of the questions that we often get from investors is around security consolidation. And I think you gave a lot of great anecdotal evidence around success of newer products and sort of the traction you're seeing there.

偉大的。謝謝你們回答我的問題。恭喜本季取得佳績。在顯然困難的銷售環境中看到這樣的結果真的非常高興。傑伊，我想我們經常從投資者那裡得到的一個問題是關於安全整合的。我認為您提供了大量有關新產品的成功以及您所看到的吸引力的精彩軼事證據。

Can you just expand upon that and just talk a little bit more about the role of Zscaler in broader consolidation? Because it certainly feels like customers want to do more with less. And just how strategic is Zscaler in that initiative?

您能否進一步闡述並談談 Zscaler 在更廣泛的整合中的作用？因為顧客確實希望用更少的資源做更多的事情。那麼 Zscaler 在該計劃中具有怎樣的戰略意義呢？

Of course, Matt. Thank you. Customers do want consolidation and simplification of lots of point products, but they want to do it along best-of-breed platforms. They don't believe in a single vendor offering, the entire, what I may call, God security platform, okay?

當然，馬特。謝謝。客戶確實希望整合和簡化大量的點產品，但他們希望透過最佳平台來實現這一點。他們不相信單一供應商能夠提供整個我稱為上帝安全平台的東西，好嗎？

Our customers are moving a bunch of, from point product, the whole DMZ, demilitarized zone, goes away. So we are playing a big role in consolidation. We're taking out lots of firewalls, VPNs, and that's all lots of savings from. That's why we're able to justify the sale of our platform, by taking out a lot of products.

我們的客戶正在轉移大量點產品，整個 DMZ（非軍事區）都消失了。因此我們在整合中發揮重要作用。我們正在拆除大量防火牆和 VPN，從而節省大量成本。這就是為什麼我們能夠透過推出大量產品來證明我們平台的銷售是合理的。

Now customers do want two or three tiers of security. That's why, often, it's Zscaler for in-line, an EDR vendor and an identity vendor. But the notion of selling ELA bundle, everything doesn't go well. More and more CIO and CFOs are scrutinizing shelves that's being bought. So consolidation is happening, we are playing a big role, but it's focused selected consolidation, not a point-blank, give me everything type of stuff.

現在客戶確實需要兩層或三層的安全保障。這就是為什麼通常將 Zscaler 作為內聯 EDR 供應商和身分識別供應商。但出售 ELA 捆綁包的想法並不順利。越來越多的資訊長和財務長正在仔細審查正在購買的貨架。因此，整合正在進行，我們正在發揮重要作用，但這是有針對性的選擇性整合，而不是直截了當地把所有東西都給我。

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Okay. Great. Hey, guys, thanks for taking my question. And I echo my congrats on the quarter. Jay, maybe I'll make my question for you. I think we all know your views on firewall-based SASE solutions, but I'm curious how you're faring competitively against the smaller competitors here that are maybe more purpose-built SASE solutions.

好的。偉大的。嘿，夥計們，謝謝你們回答我的問題。我對本季表示祝賀。傑伊，也許我可以為你提出我的問題。我想我們都知道您對基於防火牆的 SASE 解決方案的看法，但我很好奇您在與這裡可能更專注於專用 SASE 解決方案的較小競爭對手的競爭中表現如何。

And do you feel like the market's view here on pricing is changing at all as we see more of those purpose-built SASE competitors enter the market? The results certainly won't indicate so, but I just want to hear your view on sort of that part of the competitive landscape.

隨著我們看到越來越多的專用 SASE 競爭對手進入市場，您是否覺得市場對定價的看法正在改變？結果肯定不會顯示這一點，但我只是想聽聽您對競爭格局這一部分的看法。

Sure. Thanks, Saket. So yes, small SASE vendors. As you know, we play in the large entrust market. We don't really see some of these small SASE vendors that are so-called purpose-built. A lot of those purpose-built vendors come from taking firewall-as-a-service into a network together and all that type of stuff.

當然。謝謝，Saket。所以是的，小型 SASE 供應商。如您所知，我們在大型信託市場中開展業務。我們確實沒有看到一些所謂的專用小型 SASE 供應商。許多專門的供應商將防火牆即服務引入網路以及諸如此類的東西。

Part of the challenge I have with the SASE thing is that it says SD-WAN plus SSE. My customers, my CISOs, believe that SD-WAN enables lateral threat movement. So where we are headed, we think SD-WAN has to go away. It will be replaced with Zero Trust SD-WAN. That's the new market segment we are pioneering. So we will keep on driving innovations.

我對 SASE 的部分挑戰是它說的是 SD-WAN 加 SSE。我的客戶、我的 CISO 相信 SD-WAN 能夠實現橫向威脅移動。因此，我們認為 SD-WAN 必須消失。它將被零信任 SD-WAN 取代。這就是我們正在開拓的新市場領域。因此我們將繼續推動創新。

Sometimes investors think that SASE or SSE is a static market. They often ask the question, Jay, aren't these guys going to catch up with us? Of course they're trying to catch up and do what we did four years ago, but we've done another two years ahead, two years ahead. In the cyber space, it's a race, and we keep on innovating at a faster pace. And I don't think smaller SASE vendors or firewall vendors will be able to catch up with us.

有時投資者認為 SASE 或 SSE 是一個靜態市場。他們常常會問這樣一個問題：傑伊，這些傢伙難道追不上我們嗎？當然，他們正在努力追趕並做我們四年前所做的事情，但我們已經領先了兩年，領先了兩年。在網路空間，這是一場競賽，我們不斷以更快的速度進行創新。而且我認為較小的 SASE 供應商或防火牆供應商無法趕上我們。

Alex Henderson, Needham.

亞歷克斯·亨德森，尼德姆。

Great. Thank you very much, and it's great to see you guys executing against a tough environment here. But I was taken back by a little bit of the commentary around the higher attrition in your sales organization even as you're bringing in a lot of additional new salespeople and sales leadership.

偉大的。非常感謝，很高興看到你們在如此艱難的環境下表現出色。但是，儘管你們引進了大量新的銷售人員和銷售領導，但你們的銷售組織人員流失率仍然較高，這讓我感到驚訝。

So can you talk a little bit about the mechanics of why that is occurring? Is that a reflection of a change in policy? Is it a change in skill sets that the firm thinks it needs? What has caused that attrition? And should we be sanguine when we're hearing that you're seeing accelerating people departing the firm?

那麼，您能否稍微談談發生這種情況的機制呢？這是政策改變的反映嗎？公司是否認為它需要改變技能組合？是什麼原因導致這種人員流失？當我們聽到公司離職人數正在加速增加時，我們應該感到樂觀嗎？

So Alex, with the departure of our COO, we saw higher attrition in Q3 than expected, but we expect it to stabilize in Q4. It's a combination of factors, including skill set. But I'm very pleased with how well the GTM transition is progressing. With the hiring of key leaders in Q3, Mike now has full management team.

因此，亞歷克斯，隨著我們首席營運長的離職，我們看到第三季的員工流失率高於預期，但我們預計第四季度的員工流失率將趨於穩定。這是多種因素的結合，包括技能。但我對 GTM 轉型的進展感到非常滿意。隨著第三季關鍵領導人的聘用，Mike 現在擁有完整的管理團隊。

As you know, we have a great brand, we are a destination for top talent with the right leaders in place. We have accelerated the pace of hiring quota-carrying reps in Q4. Our high-caliber leaders are attracting and finding seasoned reps, and they will play a key role in making us successful to take us from $2 billion to $5 billion. Remo?

如您所知，我們擁有優秀的品牌，是頂尖人才聚集之地，擁有合適的領導者。我們在第四季加快了招募配額銷售代表的步伐。我們的高素質領導者正在吸引和尋找經驗豐富的銷售代表，他們將在我們的成功中發揮關鍵作用，使我們的銷售額從 20 億美元增加到 50 億美元。雷莫？

Yes. I mean it's a great question, Alex. So the attrition is, you got to keep in mind, it's both voluntary and unvoluntary attrition. As Jay mentioned, with Mike Rich coming on board, he's hired his entire leadership in his first quarter here, his first full quarter. Our focus now is going to be increasing the pace of hiring for quota-carrying sales reps.

是的。我的意思是，這是一個很好的問題，亞歷克斯。所以你必須記住，人員流失包括自願流失和非自願流失。正如傑伊所提到的，隨著麥克里奇的加入，他在第一季度，也就是他的第一個完整季度就聘用了所有領導層。我們現在的重點是加快招募完成配額的銷售代表的步伐。

Just to give you some color, in the first month, which is of this quarter, which is May, we've hired comparably the same amount of reps that we hired in all of Q3. So what you want to do is you've got to get your leadership in place, because that leadership is going to drive the makeup of the sales and go-to-market organization.

只是為了給你一些訊息，在這個季度的第一個月，也就是五月，我們僱用的銷售代表數量與整個第三季度僱用的數量大致相同。所以你要做的就是讓你的領導力到位，因為這種領導力將推動銷售和行銷組織的組成。

As Jay mentioned, the go-to-market organization that we have, I feel very, very good about it. I feel outstanding, quite frankly. The work that's being done, the people that we're bringing on board and the direction we're going, I think, is absolutely outstanding.

正如傑伊所提到的，我們擁有的行銷組織讓我感到非常非常滿意。坦白說，我感覺自己非常出色。我認為，我們正在進行的工作、我們所招募的人員以及我們所前進的方向都是非常出色的。

Yeah. And if I may say, I think I'm very pleased with the transition is part of the plan to bring Mike on board to get to account base selling.

是的。並且如果可以這麼說的話，我認為我對這次轉變感到非常高興，這是讓麥克加入並進行帳戶基礎銷售的計劃的一部分。

Brad Zelnick, Deutsche Bank.

德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

Great. Thank you, guys, so much for taking the question and congrats, especially on all the emerging product success that you're having. Jay, I wanted to follow up on Saket's question because I think some investors are concerned about intensifying competition in your core market, not just amongst specialized SASE players but some of the bigger ones as well. And I know Zscaler has always distinguished itself, first and foremost, on its architectural advantage, Zero Trust Exchange, et cetera. But what can you share with us to help appreciate the durability of that advantage?

偉大的。非常感謝你們回答這個問題，並向你們表示祝賀，特別是對你們所有新興產品的成功表示祝賀。Jay，我想跟進 Saket 的問題，因為我認為一些投資者擔心核心市場的競爭加劇，不僅是專業 SASE 參與者之間的競爭，還包括一些較大的參與者之間的競爭。我知道 Zscaler 一直以來都以其架構優勢、零信任交換等而聞名。但是您可以與我們分享什麼來幫助我們了解這項優勢的持久性呢？

And maybe for Remo, what quantitative metrics can you share, whether it's win rates, pricing trends, sales cycle times or anything else that can help us gauge the competitive environment? Thank you.

對於 Remo，您可以分享哪些定量指標，無論是贏率、定價趨勢、銷售週期時間或其他任何可以幫助我們衡量競爭環境的指標？謝謝。

So first of all, starting with, as we have said, architecture matters. It's like going from traditional car to electric car. Most of the large vendors are trying to build upon what they have, and we don't believe they'll ever get there, okay? So that's just the architectural.

因此，首先，正如我們所說，架構很重要。這就像從傳統汽車變成電動車一樣。大多數大型供應商都在嘗試在現有基礎上進一步發展，但我們不相信他們能夠實現這一目標，對嗎？這只是建築方面。

Number two, the market functionality in this area is not static. It's moving and it's evolving. You recall when we went public six years ago, our platform was relatively small. Look at how much it has expanded. And that's only just for users. It's a big market for workloads. You saw a number of deals we talked about where workload is taking good traction. Then there are trillions of IoT/OT devices. We are the right platform, we are expanding in that area.

第二，該地區的市場功能並不是固定不變的。它在移動，在進化。你還記得我們六年前上市的時候，我們的平台相對較小。看看它擴大了多少。而這僅僅只是針對用戶而言。這是一個巨大的工作負載市場。您看到了我們討論的許多交易，其中工作量正在獲得良好的發展。然後還有數萬億的物聯網/OT設備。我們是正確的平台，我們正在該領域擴張。

In fact, part of the reason we did Airgap acquisition was to expand into IoT/OT inside the campus, inside the plant, to do Zero Trust segmentation, which typically has been done by firewalls. And look at the data protection. That area has exploded. Nobody comes close to doing data protection as well as we do. So functionality is number two.

事實上，我們收購 Airgap 的部分原因是為了擴展到校園內、工廠內的 IoT/OT，實現零信任分段，而這通常是透過防火牆完成的。並查看資料保護。那個區域已經爆炸了。沒有人像我們一樣在資料保護方面做得如此出色。因此功能性是第二位的。

The third thing I believe will keep us ahead in the long run is speed of innovation. You're seeing how well we have innovated, how fast we've innovated. Rest assured this is not going to slow down.

我認為從長遠來看能讓我們保持領先的第三件事是創新速度。您看到了我們的創新有多好，創新有多快。請放心，這不會減慢速度。

The last point I'll make in this area that I'm extremely proud of -- more proud of than any of our financial stuff, is a net promoter score of 7. Happy customers buy more. I'll share one interesting snippet. A few months ago, I counted CXOs I have worked with who have bought Zscaler for more than once from us. This is Fortune 1000 companies. That number I came was 285. So all this stuff makes me very confident and proud. Remo?

在這個領域我要說的最後一點是，我對此感到非常自豪——比我們的任何財務狀況更讓我自豪的是淨推薦值達到了 7。滿意的顧客會購買更多產品。我將分享一個有趣的片段。幾個月前，我統計了一下與我合作過的 CXO，他們不只一次從我們這裡購買 Zscaler。這是財富 1000 強公司。我來的那個號碼是285。所以這一切都讓我非常自信和自豪。雷莫？

Yeah. From win rate basis, they continue to be very high, so no change in win rates. Pricing trends, we're really not seeing anything from a pricing trend perspective. It just remains relatively constant. I think what that speaks to is basically the strategic nature of our platform and what we do for our customers.

是的。從勝率來看，他們的勝率仍然很高，所以勝率沒有改變。定價趨勢，從定價趨勢的角度來看，我們確實沒有看到任何東西。它只是保持相對穩定。我認為這基本上反映了我們平台的戰略性質以及我們為客戶所做的事情。

And also sales cycles, we talked about our sales cycles for large deals are 9 to 12 months. We've mentioned a few quarters ago that they're moving more towards that 12 month. Really no change there either.

還有銷售週期，我們談到大宗交易的銷售週期是 9 到 12 個月。我們在幾個季度前提到過，他們正朝著那 12 個月的目標邁進。那裡確實也沒有什麼改變。

If I may add a little bit on the pricing pressure, Remo. Of course, there is some pricing pressure, but we are focused on value selling. When we are able to go in and say, we aren't able to take a X million dollar worth technology, and we'll do it so much in Q1, so much in Q2, so in Q3, we are able to secure pretty good pricing. That's the point I want to make. The market scrutiny is there, but my team is doing a good job in showing value to our customers by eliminating lots of point products.

如果我可以稍微補充一下定價壓力的話，雷莫。當然，存在一些定價壓力，但我們專注於價值銷售。當我們能夠進入並說，我們無法採用價值 X 百萬美元的技術時，我們會在第一季做很多，在第二季度做很多，所以在第三季度，我們能夠確保相當好的價格。這就是我想要表達的觀點。市場審查是存在的，但我的團隊透過淘汰大量點產品，很好地向客戶展示了價值。

Roger Boyd, UBS.

瑞銀的羅傑·博伊德。

Great. Thanks for taking the questions. Remo, I know you're not guiding to F2025, but you did suggest that the attrition you're seeing in the third quarter here would be a few points impactful to growth next year. I don't think we'll comment on that, but wondering alternatively, if you can just talk about your growth versus profitability framework.

偉大的。感謝您回答這些問題。雷莫，我知道你沒有指導 F2025，但你確實暗示過你在第三季度看到的人員流失會對明年的成長產生一些影響。我認為我們不會對此發表評論，但我想知道您是否可以談談您的成長與獲利框架。

In the past, you've talked about biasing towards margin expansion under a certain level of growth. But the message I'm hearing right now, it sounds like you feel pretty confident about rehiring under the new sales leadership. You're also verging on GAAP profitability. A lot of moving parts, but just any thoughts on how you're thinking about that growth versus profitability framework from here would be great. Thank you.

過去您曾談到在一定成長水準下偏向利潤率擴張。但我現在聽到的消息是，聽起來您對在新銷售領導層的領導下重新招募非常有信心。您也即將實現 GAAP 獲利。有很多活動部件，但是只要您能從這裡了解如何看待成長與獲利框架，那就太好了。謝謝。

Yeah. I'll focus in on the growth versus profitability and also the GAAP profit. I think that hits most of your points. From my perspective, Zscaler is perfectly positioned with our platform in its early stages in this emerging market, where we're expanding basically our product base. So from my view and Jay's view, we will still continue to invest on top line growth.

是的。我將重點關注成長與獲利能力以及 GAAP 利潤。我認為這符合你的大部分觀點。從我的角度來看，Zscaler 憑藉我們尚處於早期階段的平台在這個新興市場中佔據著完美的地位，我們正在擴大我們的產品基礎。因此，從我和傑伊的角度來看，我們仍將繼續投資於營收成長。

You saw, in Q3, our operating profitability on a non-GAAP basis was 22%. When we went public, we said our operating profitability target was 20% to 22%. We hit 22%. I am not concerned about operating profitability. The model basically will increase profitability naturally as the business slows down. So there's no reason, really, to focus on operating profitability and, really, the name of the game right now is to continue to invest and build that top line growth.

您會看到，在第三季度，我們以非 GAAP 計算的營業利潤率為 22%。當我們上市時，我們說過我們的營業獲利目標是20％至22％。我們達到了22%。我並不擔心經營獲利能力。這種模式基本上會隨著業務放緩而自然提高獲利能力。因此，實際上沒有理由只關注營運獲利能力，而現在的關鍵是繼續投資並實現營收成長。

From my perspective, also on a GAAP profitability, we got the GAAP profitability in Q3 primarily related to stock-based compensation going down to 22% of revenue. That 22% of revenue relates to a reversal of PSUs for certain executives who left the company. So going forward on GAAP profitability, we will get to GAAP profitability, but I don't want to make any projections of when that's going to happen.

從我的角度來看，同樣從 GAAP 獲利能力來看，我們第三季的 GAAP 獲利能力主要與股票薪酬下降至收入的 22% 有關。這 22% 的收入與某些離職高管的 PSU 逆轉有關。因此，展望 GAAP 獲利能力，我們將實現 GAAP 獲利能力，但我不想對此何時發生做出任何預測。

Again, the focus is on top line growth and also maintain operating profitability. For modeling purposes, one of the things I didn't comment on but I'll comment on now, think about operating profitability going up slightly in F2025. Not a lot. Again, our focus is growth, and as long as we feel we're making the right investments to really exploit this market and increase shareholder value, we're going to continue to do that. So a very, very slight increase in operating profitability is what you should think about F2024 versus F2025.

再次強調，重點在於營收成長和維持營運獲利能力。出於建模目的，我之前沒有評論但現在要評論的一件事是，考慮 2025 財年的營業盈利能力將略有上升。不多。再次強調，我們的重點是成長，只要我們覺得我們正在進行正確的投資，能夠真正利用這個市場並增加股東價值，我們就會繼續這樣做。因此，您應該考慮 F2024 與 F2025 相比，營業獲利能力會有非常非常小的成長。

And investments in two big areas: keep on innovating at a faster and faster pace, building some of the disruptive technologies that we are so proud of; number two, keep on investing in go-to-market.

我們在兩個大領域進行投資：一是繼續以越來越快的速度進行創新，打造一些我們引以為傲的顛覆性技術；二是繼續投資於行銷。

Ittai Kidron, Oppenheimer & Company.

Ittai Kidron，奧本海默公司。

Hi, thank you. This is Param Singh on for Ittai Kidron. First of all, I want to understand your 4Q guidance a little bit. If I just go back the last couple of years, your year-to-year growth rate doesn't change much from 3Q to 4Q, but there's a significant deceleration in your 4Q guide this time. I just want to understand, is there something that I'm missing outside of, say, a little bit of conservatism for higher sales attrition that maybe people are not thinking about right now?

你好，謝謝。這是 Ittai Kidron 的 Param Singh。首先，我想稍微了解一下您的第四季指引。如果我回顧過去幾年，你們的年成長率從第三季到第四季並沒有太大變化，但這次第四季的指引卻出現了明顯的減速。我只是想了解一下，除了對更高的銷售流失率採取一點保守態度之外，我是否還忽略了一些東西，而人們現在可能還沒有考慮到這一點？

Thank you for the question. Number one, we like being prudent. So that's number one. Number two is Q3 was a very, very strong quarter for us. We beat the basically consensus on a top line basis by 8%. And also fourth quarter of F2023, we called out that we had a large $20 million deal. So it's a tough compare from a billings perspective going into -- tough compare for '24 versus '23. And you got the last point. The attrition did play into it also.

謝謝你的提問。首先，我們喜歡謹慎行事。這是第一點。第二，第三季對我們來說是一個非常非常強勁的季度。我們的營收表現超越了基本共識的 8%。此外，在 2023 財年第四季度，我們宣布達成了一筆價值 2,000 萬美元的大交易。因此，從帳單角度來看，24 年與 23 年的比較很困難。你明白了最後一點。人員減員也起了一定作用。

Eric Heath, KeyBanc.

艾瑞克‧希思（Eric Heath），KeyBanc。

Again, just really strong results and acceleration in pretty difficult compares, so great to see. Jay, I mean, look, the macro environment is pretty tough. So I'd be curious to hear some of your perspective more on the topic and just hear what customers' willingness to do transformational projects like SASE are at the moment, especially when they're -- they do seem to be hitting the pause button in other areas.

再次，在相當困難的比較中取得了非常強勁的結果和加速，很高興看到。傑伊，我的意思是，看，宏觀環境相當嚴峻。因此，我很想聽聽您對這個主題的看法，並了解客戶目前對進行 SASE 等轉型專案的意願，尤其是當他們——他們似乎確實在其他領域按下了暫停鍵。

Yeah. So macro remains tough. Deals scrutiny remains high, but it's two things that are helping us: one, CIOs, CISOs and Boards remain very worried about cyber with all the ransomware attacks. So if you play a critical role in minimizing cyber threats, as we do with Zero Trust architecture to minimize lateral movement, we get attention and engagement with C-level. But if then you can show the CXO that you're going to do this cyber initiative and you're going to save X million dollars, you get more attention. So those two things are helping us build a strong engagement and pipeline.

是的。因此宏觀經濟情勢依然嚴峻。交易審查仍然很嚴格，但有兩件事對我們有幫助：第一，資訊長、首席資訊安全長和董事會仍然非常擔心網路勒索軟體攻擊。因此，如果您在最大限度地減少網路威脅方面發揮關鍵作用，就像我們採用零信任架構來最大限度地減少橫向移動一樣，我們就會得到 C 級領導的關注和參與。但如果你能向 CXO 表明你將實施這項網路計劃，並且你將節省 X 百萬美元，你就會得到更多的關注。因此，這兩件事正在幫助我們建立強大的參與和管道。

Even if you do that, the next hurdle is you need to convince the CFO that actually the savings can be done. They're being more scrutinizing, show me savings quarter by quarter by quarter. We have a strong business value assessment team; we engage with the C-level early on and we show those benefits.

即使你這樣做了，下一個障礙是你需要說服財務長確實可以節省開支。他們正在更加嚴格地審查，向我展示每個季度的節省。我們擁有強大的商業價值評估團隊；我們很早就與 C 級主管接觸，並展示了這些優勢。

Think of this way. How many cyber companies are out there that can actually show tangible savings? You think a firewall company will show savings? No, they want to still protect their firewalls. They don't want to do cannibalization. We can cannibalize. We can actually take out all the firewalls and VPNs and that media can out the world.

這樣想想。有多少網路公司能夠真正實現實際的節省？您認為防火牆公司會節省開支嗎？不，他們仍然想保護他們的防火牆。他們不想進行同類相食。我們可以互相蠶食。我們實際上可以拆除所有的防火牆和 VPN，這樣媒體就可以覆蓋全世界。

So it's a good opportunity. We just want to make sure we have the high caliber seasoned salespeople who can engage with C-level and drive all these initiatives. And that's why I'm so excited about that leadership under Mike and the sales team. We are expanding and growing.

所以這是一個很好的機會。我們只是想確保我們擁有高素質、經驗豐富的銷售人員，他們可以與 C 級高管互動並推動所有這些計劃。這就是為什麼我對 Mike 和銷售團隊的領導者感到如此興奮。我們正在擴張和成長。

Joseph Gallo, Jefferies.

約瑟夫‧加洛，傑富瑞集團。

Hey guys, thanks for the question and really nice results, especially in looking at broader software. Jay, how should we think about the sustainability of these growth numbers? And then as you look out over the next 12 to 18 months, where are the biggest upside drivers to the top line model? Is it the sales force ramping? Or is the new products? And then congrats on that quarter of new business coming from emerging. How should we think about that next year? Thanks.

嘿，大家好，感謝您的提問，結果確實不錯，特別是在查看更廣泛的軟體時。傑伊，我們該如何看待這些成長數字的可持續性？那麼，展望未來 12 到 18 個月，頂線模型的最大上漲驅動力在哪裡？是銷售隊伍不斷壯大嗎？還是新產品？然後恭喜本季新業務的出現。明年我們該如何考慮這個問題？謝謝。

Sorry, the first one was sustainability of what?

抱歉，第一個問題是什麼的可持續性？

Sustainability of growth, and what the biggest upside drivers are.

成長的可持續性以及最大的上行驅動力是什麼。

The biggest upside. So you mentioned three points here. It's kind of interesting. One is, obviously, sales force matters. It makes a big difference. So the initiative we're going through with sales force, making sure more and more our salespeople are able to engage at the C-level, consultative, combined with our GSI initiatives, is obviously a big, big opportunity for us.

最大的好處。您在這裡提到了三點。這挺有意思的。顯然，首先是銷售人員很重要。這有很大的不同。因此，我們正在與銷售團隊一起實施的計劃，確保越來越多的銷售人員能夠參與 C 級別的諮詢，並與我們的 GSI 計劃相結合，這對我們來說顯然是一個巨大的機會。

Then you talked about emerging products. They're very good. They are actually evolving. They're taking. They're giving us the results a bit more, but if you want to ask me what's going to give us the biggest numbers in terms of dollar-wise, when emerging start from a small number, they don't move the needle.

然後您談到了新興產品。他們非常好。它們實際上正在進化。他們正在拍攝。他們給了我們更多的結果，但如果你想問我什麼能為我們帶來美元方面的最大數字，當新興市場從一個小數字開始時，他們不會產生任何影響。

What's going to move the needle from product point of view, ZPA has a strong growth. We still expect ZPA to give strong growth. Zscaler Digital Experience has grown significantly. It will move the needle next year, and the data protection portfolio has become significant. It's pretty sizable. And if you ask me, almost every Zscaler customer over time should have our own data protection because once we're sitting in line for traffic inspection, we are the natural vendor to be doing data protection and that's an area for growth. Plenty of product offerings.

從產品角度來看，ZPA 具有強勁的成長動能。我們仍然預計 ZPA 將實現強勁成長。Zscaler 數位體驗取得了顯著成長。明年它將取得進展，資料保護組合已變得重要。它相當大。如果你問我，幾乎每個 Zscaler 客戶隨著時間的推移都應該擁有自己的資料保護，因為一旦我們排隊接受交通檢查，我們就是進行資料保護的自然供應商，而這是一個成長領域。提供大量產品。

The two areas, new area that can really change things quite a bit for us, Zero Trust segmentation, is the acquisition of Airgap. It's a new market we're entering to so far. We stayed up to the branch. We never went inside the branch. We left the -- these best firewalls alone. Now we're going in there, not with a better firewall, but without a firewall doing Zero Trust segmentation.

這兩個領域，一個真正能為我們帶來很大改變的新領域，零信任細分，就是對 Airgap 的收購。這是我們迄今為止進入的新市場。我們一直待在分行。我們從未進入過該分行。我們保留了這些最好的防火牆。現在我們要進入那裡，不是使用更好的防火牆，而是沒有防火牆進行零信任分段。

And Avalor opens a whole range of opportunities, and Zenith Live will talk more about that. But very, very bullish in the product portfolio. But once you combine your amazing portfolio with a great go-to-market team, you get excellence.

Avalor 開闢了一系列機遇，Zenith Live 將對此進行更多討論。但對產品組合非常看好。但是，一旦你將令人驚嘆的產品組合與優秀的行銷團隊結合起來，你就會獲得卓越的成果。

Fatima Boolani, Citi.

花旗銀行的 Fatima Boolani。

Good afternoon. Thanks for taking my question. Jay and Remo, I wanted to reconcile the strength in the execution this quarter against the very explicit commentary around higher-than-expected sales capacity attrition. So I'm wondering if you can map back to anything internally that helped drive that outperformance of sales execution in spite of sales capacity departure?

午安.感謝您回答我的問題。傑伊和雷莫，我想將本季度的執行力與有關高於預期的銷售能力損耗的非常明確的評論進行協調。所以我想知道您是否可以追溯到內部的任何因素，儘管銷售能力下降，但仍然推動了銷售執行的出色表現？

And maybe specifically, if you can update us on how the verticalization efforts you've instituted in the go-to-market organization, how those have been yielding relative to your expectations? Thank you.

或許具體一點，您能否向我們介紹一下您在行銷組織中實施的垂直化努力，以及這些努力相對於您的預期而言取得了怎樣的成果？謝謝。

So maybe I can start, Remo, and you come back to it. So first of all, work equalization. It's a journey. As companies grow, they get their companies that are more solution centric. They actually need to be more vertical. We started our vertical journey with the federal markets, then we expanded to threat market and then we recently expanded to healthcare.

所以也許我可以開始，雷莫，然後你再回來。首先，工作均等化。這是一趟旅程。隨著公司的發展，他們的公司變得更加以解決方案為中心。它們實際上需要更加垂直。我們的垂直旅程從聯邦市場開始，然後擴展到威脅市場，最近又擴展到醫療保健市場。

And you're going to see some more expansions, but more importantly, you're going to see some more folks' initiatives to accelerate the growth of those markets. It's going very well. And Mike Rich and his team come from a previous company where they actually have gone through the vertical journey. So I'm very comfortable we'll keep on pursuing it successfully.

你會看到更多的擴張，但更重要的是，你會看到更多人採取的措施來加速這些市場的成長。一切進展順利。Mike Rich 和他的團隊之前任職於一家公司，在那裡他們實際上已經經歷了垂直之旅。因此，我非常有信心我們會繼續成功地追求這個目標。

Your second question was in spite of attrition, good numbers. What's involved? Zscaler is not a point product where the sale depends on the sales reps and SC alone. It's a teamwork. We have told you all along that we required -- we have some very seasoned CXOs who have been former CIO, CISO, CTOs, top of people. We need some architects. We talk about business value assessment. When you have a team like this engaged, the departure of some number of salespeople has a limited impact, and we are doing very well as you saw from our pro forma results.

您的第二個問題是，儘管人員減員，但人數仍然不錯。涉及什麼？Zscaler 不是單點產品，其銷售並不單單依賴銷售代表和 SC。這是團隊合作。我們一直告訴你們，我們需要一些非常有經驗的 CXO，他們曾擔任過 CIO、CISO、CTO 等高階主管。我們需要一些建築師。我們談論商業價值評估。當你擁有像這樣的團隊時，一些銷售人員的離職影響是有限的，而且正如你從我們的預測結果中看到的那樣，我們做得很好。

Yeah. I mean, just to add on to Jay, just to also confirm, from my perspective, the execution that we had in the quarter was outstanding, and that's driven, for the entire sales organization, get the new salespeople coming onboard and our existing salespeople. I think one of the things that our execution and the reason that we did well, it really speaks to the strength of Zscaler and our platform and the need of our customers for our service.

是的。我的意思是，只是想補充一下傑伊，也是為了確認一下，從我的角度來看，我們在本季度的執行情況非常出色，這對整個銷售組織來說是一個推動力，可以吸引新銷售人員和我們現有的銷售人員加入。我認為我們的執行力以及我們表現良好的原因之一，確實體現了 Zscaler 和我們平台的實力以及客戶對我們服務的需求。

As Jay talked -- mentioned, relationships matter. And no company I have ever been in my career has the relationships with CXOs that's been as high and as strategic on a worldwide basis, not even close, to what we have here at Zscaler. That matters, solution architects matters, architectural workshops matter. There's more -- it's really a team that goes into customers with EBCs.

正如傑伊所提到的，人際關係很重要。在我的職業生涯中，沒有一家公司能與 CXO 建立如此高水準、如此具有戰略意義的全球關係，甚至比不上 Zscaler 的這種關係。這很重要，解決方案架構師很重要，架構研討會很重要。還有更多——這實際上是一個透過 EBC 服務客戶的團隊。

It's really a unique company, and what we talked about when we're going public is that it's not a box sale. And box skills are more, I want to say tactical, let's call it tactical. This is a strategic sell which really takes the understanding in companies at the highest level to make these transformational changes. So I think all of that basically played into our execution --

這確實是一家獨特的公司，我們在上市時談到的不是盒子銷售。而且盒子技巧比較多，我想說戰術吧，就叫戰術吧。這是一種策略性推銷，需要公司最高層的理解才能實現這些變革。所以我認為所有這些基本上都影響了我們的執行--

And one more comment I'll make. Our customers view us as a very strategic and mission-critical partner. That being the case, there's a strong engagement, and that's why our overall retention is so high.

我還要再說一點。我們的客戶視我們為極具策略意義和關鍵使命的合作夥伴。既然如此，我們的參與度就很高，這也是我們的整體保留率如此之高的原因。

Shrenik Kothari, Baird.

什雷尼克·科塔里，貝爾德。

Yeah. Thanks for taking my question. Congrats on the great quarter. So Jay, you highlighted data protection in the Q&A. And we are also hearing about the increasing need for kind of very comprehensive data protection. It's been a key focus area for us. It seems like it's starting to pay dividends, it's kind of inflecting up now.

是的。感謝您回答我的問題。恭喜本季取得如此出色的成績。傑伊，您在問答中強調了資料保護。我們也聽說對非常全面的資料保護的需求日益增長。這一直是我們關注的重點領域。看起來它開始產生回報了，現在有點上升趨勢。

So just curious like as overall AI workloads get bigger and the digital and cloud adoption continues to rise across industries. So how do you see like new verticals and potentially new use cases that could potentially expand your TAM and also drive growth in the next year, like thinking next year and beyond?

所以我很好奇，隨著整體人工智慧工作量越來越大，數位和雲端運算的採用在各行業持續上升。那麼，您如何看待新的垂直行業和潛在的新用例，它們可能會擴大您的 TAM 並在明年推動成長，例如考慮明年及以後？

Yes, the new use case for the new products are definitely increasing our TAM. In fact, if you look at data protection, what it used to be for DLP inline, it's only a piece of it. Data at rest, data sitting in endpoint, data sitting in public cloud, data loss related to SASE security supply chain vendors, its own expanding DSPM, it fills all of that portfolio that expanded our TAM quite a bit.

是的，新產品的新用例肯定會增加我們的 TAM。事實上，如果你看一下資料保護，它曾經是 DLP 內聯的，它只是其中的一部分。靜態資料、位於端點的資料、位於公有雲中的資料、與 SASE 安全供應鏈供應商相關的資料遺失、其自身不斷擴展的 DSPM，它填補了所有這些產品組合，從而大大擴展了我們的 TAM。

AI is kind of interesting. It's increasing the TAM itself, but it's also getting embedded in all products. We leverage AI and data protection quite a bit. Workload is growing. We're very bullish about it. A big area of TAM expansion for us is actually Zero Trust for branch. This is where we are. We believe it's a matter of time in three, four years. Everyone will say, are you using traditional SD-WAN or are you using Zero Trust SD-WAN?

人工智慧很有趣。它不僅增加了 TAM 本身，而且還嵌入所有產品中。我們大量利用人工智慧和資料保護。工作量越來越大。我們對此非常樂觀。對我們來說，TAM 擴展的一個重要領域實際上是對分支機構的零信任。這就是我們現在的情況。我們相信這只是三、四年內的時間問題。大家都會說，你用的是傳統的SD-WAN還是零信任的SD-WAN？

We are the only vendor in the market that offer Zero Trust SD-WAN, and copycats will try to kind of follow us in the next three, four years, then we are going to move to the next level. We will talk about TAM probably in coming quarters, but if you ask me to take a guess, Ashwin and I have been debating a little bit, we think we added somewhere in the $10 billion to $20 billion on top of $72 billion we have talked about before.

我們是市場上唯一提供零信任 SD-WAN 的供應商，模仿者將在未來三到四年內試圖追隨我們，然後我們將進入下一個階段。我們可能會在未來幾個季度討論 TAM，但如果你讓我猜測一下，Ashwin 和我一直在爭論，我們認為我們在之前談到的 720 億美元的基礎上增加了 100 億到 200 億美元。

Gray Powell, BTIG.

格雷·鮑威爾（Gray Powell），BTIG。

Great. Thanks for taking the question. Maybe on the go-to-market side. Just anecdotally, we've heard that some of the larger GSIs, folks like Accenture, we just heard that they're fans of Mike Rich. So I'd be curious, what can he do better there that maybe Zscaler was not doing before? Just how can you improve those relationships and drive more growth?

偉大的。感謝您回答這個問題。也許是在行銷方面。只是有傳聞稱，我們聽說一些較大的 GSI，比如埃森哲，都是 Mike Rich 的粉絲。所以我很好奇，他能做什麼比 Zscaler 以前沒有做過的更好的事情？您如何改善這些關係並推動更多成長？

Yeah, it's a good point. We highlighted last quarter, three things we'll be doing as Mike's key initiative focus from opportunity centric to account centric being one, GSI has been two and verticals being three. All three are making good progress. And GSI know the value we bring to the table.

是的，這是一個很好的觀點。我們在上個季度強調了我們將要做的三件事，因為 Mike 的重點舉措是從以機會為中心到以客戶為中心，其一是 GSI，其二是垂直行業，其三是。三者均取得了良好的進展。GSI 知道我們能帶來的價值。

We have been doing a number of deals, but as Jay is always impatient and saying not doing enough deals, we need to do more. So, one of the key that's needed for us would be to bring in some more higher caliber leaders in that space. We have added a number of leaders who comes from having worked with GSIs like Accenture and working with cloud providers at billions of dollars of work in the business. So, expansion in expertise and caliber in that area is going to accelerate our business and we are counting on it.

我們已經做了許多交易，但由於傑伊總是不耐煩並說交易不夠多，所以我們需要做更多。因此，我們需要的關鍵之一就是引進更多該領域高素質的領導者。我們新增了一些領導者，他們曾與埃森哲等 GSI 合作，並與雲端供應商合作，為該行業帶來了數十億美元的業務。因此，該領域專業知識和能力的擴展將會加速我們的業務發展，我們對此充滿期待。

Joshua Tilton, Wolfe Research.

約書亞‧蒂爾頓 (Joshua Tilton)，沃爾夫研究公司。

Hey. This is Patrick on for Josh. Coming back to the competition, we've seen several firewall and VPN based vulnerabilities disclosed from some of your competitors in recent months that offer those solutions. Can you talk about what impact those have had on demand, if any? And then, anything specific to call out in the federal space there as well? Thanks.

嘿。這是派崔克，代替喬希。回到競爭中，我們發現近幾個月來一些提供這些解決方案的競爭對手披露了多個基於防火牆和 VPN 的漏洞。您能談談這些對需求有何影響嗎？如果有的話？那麼，在聯邦領域還有什麼特別需要被指出的嗎？謝謝。

Yeah. So it's true. We all have been reading both the vulnerability is coming from some of the leading VPN vendors and some of the fiber vendors out there as well. It has increased demand. The number of engagements we have already closed that came from the VPN vulnerabilities that federal government, CISA issued a directive for, there are number of them in the pipeline. I'm not sure I can give you quantifiable number, but I can tell you it's a meaningful number. Customers now fully understand that whether VPN, on prem or VPN MOS as a cloud service, as a virtual machine is still a VPN and we are replacing a lot of those that becomes a starting point for ZPA. Then they start looking for Zero Trust segmentation and the like.

是的。所以這是真的。我們都讀到過，漏洞來自一些領先的 VPN 供應商和一些光纖供應商。需求增加了。我們已經完成了許多針對聯邦政府、CISA 發布的 VPN 漏洞的解決工作，還有許多工作正在籌備中。我不確定我能否給你一個可量化的數字，但我可以告訴你這是一個有意義的數字。客戶現在完全明白，無論是 VPN、本地 VPN 還是作為雲端服務的 VPN MOS，作為虛擬機器仍然是 VPN，我們正在取代許多成為 ZPA 起點的 VPN。然後他們開始尋找零信任細分等等。

In the federal government, they used it longer than the public and private sector. But public sector has decided to eliminate all of those VPNs that have been deployed out there. We got a number of active engagements going on. You've seen our federal business is going quite well, very pleased with the progress we're making. And CISA combination are playing an important role. Most of our deals there combine both of them. So any user can access any application from anywhere in Zero Trust fashion.

在聯邦政府中，它使用的時間比公共和私營部門更長。但公共部門已決定取消所有已部署的 VPN。我們正在進行多項積極的活動。你已經看到我們的聯邦業務進展順利，我們對所取得的進展感到非常高興。而CISA組合也發揮著重要的作用。我們在那裡的大多數交易都是將兩者結合起來的。因此任何用戶都可以以零信任的方式從任何地方存取任何應用程式。

Gregg Moskowitz, Mizuho.

瑞穗的格雷格·莫斯科維茲。

Okay, thank you for taking the questions. Jay, workload protection has done fairly well overall, but historically speaking, the deal sizes have been limited. Given the success that you sort of called out in your prepared remarks, do you think we may be at an inflection point for workload protection? Or does the pipeline suggest that we're still a ways off from that?

好的，感謝您回答這些問題。傑伊，工作量保護總體上做得相當好，但從歷史上看，交易規模有限。鑑於您在準備好的發言中提到的成功，您是否認為我們可能正處於工作量保護的轉折點？或者這條管道是否顯示我們距離這個目標還有一段距離？

And then a quick clarification for Remo, if I may, Remo, you mentioned operating profitability going up slightly in F2025. Does that apply to Op margins as well? Or are you saying that we should only expect operating profit dollars to go up slightly? Thanks.

然後請容許我向 Remo 簡單解釋一下，Remo，您提到 2025 財年的營業獲利能力會略有上升。這也適用於 Op 利潤嗎？還是您是說我們只應預期營業利潤略有上升？謝謝。

Yeah. In the workload protection, a thing I'm very proud of is nobody in the market talks for Zero Trust communication and workload the way we do, I guess we like to be pioneers out there. We need to evangelize. The debt market is taking off, it has to take off. The deal size in technology type of companies are getting bigger. The deal size in traditional companies are still smaller because the workloads in production are still coming up, but not as fast.

是的。在工作負載保護方面，我非常自豪的一件事是，市場上沒有人像我們一樣談論零信任通訊和工作負載，我想我們想成為先驅者。我們需要傳播福音。債務市場正在起飛，它必須起飛。科技類公司的交易規模越來越大。傳統公司的交易規模仍然較小，因為生產工作量仍在增加，但速度沒有那麼快。

So I do believe it's a matter of time and almost all of Zscaler customers will be buying our workload product and it will bring a big market opportunities. But I think a number of other products that are probably growing faster than this. I don't want to kind of say it's not good. It is very strategic for us. You're working with the customers. It's a matter of time as revenue starts growing at a faster pace.

所以我相信這只是時間問題，幾乎所有 Zscaler 客戶都會購買我們的工作負載產品，這將帶來巨大的市場機會。但我認為許多其他產品的成長速度可能比這更快。我不想說它不好。這對我們來說具有戰略意義。您正在與客戶合作。隨著收入開始以更快的速度成長，這只是時間問題。

And Gregg, I was referring to operating profit margin percentage.

格雷格，我指的是營業利潤率百分比。

Tal Liani, Bank of America.

塔爾·利亞尼（Tal Liani），美國銀行。

Hi, guys. Thanks. My question is on NRR. You talked a lot about upsell and new products and ability to expand, but your NRR has declined from 120% to 117% to 116% in the last three quarters. How do you connect it to your comments on new products?

嗨，大家好。謝謝。我的問題是關於 NRR 的。您談了很多關於追加銷售、新產品和擴張能力的問題，但您的 NRR 在過去三個季度中從 120% 下降到 117% 再到 116%。您如何將它與您對新產品的評論聯繫起來？

And on the flip side, the contribution of new customers went up to 50% of your growth this quarter. Can you give us a little bit details on the profile, meaning do you go to different verticals, down market to SMB? Is there any color to this growth with new customers? Thanks.

另一方面，本季新客戶的貢獻率上升至 50%。您能否向我們詳細介紹一下您的情況，也就是說，您是否涉足不同的垂直市場，從低端市場到中小企業？新客戶的成長有什麼特色嗎？謝謝。

Yes. The NRR at 116%, I think, is outstanding. The things that influence NRR, and we've talked about this many times, with our users, basically, we're trying to sell the user platform to our customers. And that includes ZIA, ZPA, and ZDX. So that is going to influence NRR.

是的。我認為，116% 的 NRR 非常出色。影響 NRR 的因素，我們已經和用戶討論過很多次了，基本上，我們正​​試圖向客戶推銷用戶平台。其中包括 ZIA、ZPA 和 ZDX。所以這將影響 NRR。

Also, customers buying within a year doesn't get captured NRR, because NRR is basically customer that buys this year versus a year later, but if they buy within the year, that can impact NRR. Having said all that, 116% is a really good number, from our perspective.

此外，一年內購買的客戶不會獲得 NRR，因為 NRR 基本上是今年購買的客戶與一年後購買的客戶之比，但如果他們在一年內購買，則會影響 NRR。話雖如此，從我們的角度來看，116% 是一個非常好的數字。

And we've said over the past many years, the faster you sell, the lower your NRR, the bigger bundle you sell, the lower. So we look at it as a factor, but it's not the most important factor we track.

過去多年以來，我們一直強調，銷售速度越快，NRR 就越低；銷售的捆綁包越大，NRR 就越低。因此，我們將其視為一個因素，但它不是我們追蹤的最重要的因素。

Adam Borg, Stifel.

亞當·博格（Adam Borg），Stifel。

Awesome. Adam Borg with Stifel, thanks for taking the question. Maybe for Jay on the Advanced Plus bundle, I know this is a newer offering, that you talked about a few quarters back and it's a healthy pricing uplift given some of the new AI capabilities. And I was just curious if you could talk more about how that Advanced Plus Bundle is resonating and kind of what percent of the installed base you think this is really addressable to over time? Thanks so much.

驚人的。感謝 Stifel 的 Adam Borg 回答這個問題。也許對於 Jay 來說，關於 Advanced Plus 捆綁包，我知道這是一個較新的產品，您在幾個季度前談到過，考慮到一些新的 AI 功能，這是一個健康的價格上漲。我只是好奇，您是否可以進一步談談 Advanced Plus Bundle 的反響，以及您認為隨著時間的推移，它能真正解決多少比例的安裝基礎問題？非常感謝。

Yes. Overall, our customers are buying bigger and bigger bundles. That's why our pricing is -- our ARR is going up because the bigger bundles can take out more products and give them functionality. I'm not sure I have any quantitative data to provide you. But actually speaking, bigger and bigger bundles are happening. If you -- as you listen to our prepared remarks, it's no longer buying bundles for users, along with users, we're selling platforms, selling data protection and quite, often we are beginning to sell AI solutions like Risk360 and the like as well.

是的。整體而言，我們的客戶購買的捆綁產品越來越大。這就是我們的定價的原因——我們的 ARR 正在上升，因為更大的捆綁包可以取出更多的產品並賦予它們功能。我不確定我是否有任何定量數據可以提供給你。但實際上，捆綁規模正在變得越來越大。如果您——當您聽我們準備好的發言時，我們不再為用戶購買捆綁產品，隨著用戶的增加，我們還在銷售平台、銷售資料保護，而且，我們經常也開始銷售像 Risk360 這樣的人工智慧解決方案。

Thank you. At this time, I would like to turn the call back over to Jay for closing remarks.

謝謝。現在，我想將電話轉回給傑伊，請他做最後發言。

Well, thank you for your interest in Zscaler. We look forward to seeing you at some of the upcoming conferences. Thank you.

好吧，感謝您對 Zscaler 的關注。我們期待在即將舉行的一些會議上見到您。謝謝。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。祝大家有美好的一天。