Zscaler Inc (ZS) 2024 Q4 法說會逐字稿

Good day, everyone, and thank you for standing by. Welcome to Zscaler fourth quarter 2024 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您的收看。歡迎參加 Zscaler 2024 年第四季財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

Now, I will pass the call over to the Vice President, Investor Relations and Strategic Finance, Ashwin Kesireddy. Please go ahead.

現在，我將把電話轉給投資者關係和策略財務副總裁Ashwin Kesireddy。請發言。

Good afternoon, everyone, and welcome to the Zscaler fourth 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 財年第四季財報電話會議。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 we have posted our earnings release and a supplemental financial schedule to our Investor Relations website. Unless otherwise noted, all numbers we talk about today will be on an adjusted non-GAAP basis. You will find the reconciliation of GAAP to the non-GAAP financial measures in our earnings release.

請注意，我們已將收益報告和補充財務報表發佈至投資者關係網站。除非另有說明，我們今天討論的所有數據均基於調整後的非 GAAP 數據。您可以在我們的收益報告中查看 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.

這些陳述和其他評論並非對未來績效的保證，而是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。這些前瞻性陳述自今日起生效，您不應將其視為代表我們對未來的看法。

We undertake no obligation to update these statements after this call. For a more complete discussion of the risks and uncertainties, please see our filings with the SEC as well as in today's earnings release.

我們不承擔在本次電話會議後更新這些聲明的義務。有關風險和不確定性的更完整討論，請參閱我們提交給美國證券交易委員會 (SEC) 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: Citi Global TMT Conference in New York City on September 5, Goldman Sachs Communacopia and Technology Conference in San Francisco on September 11, Wolfe Research TMT Conference in San Francisco on September 11.

我也想通知您，我們將參加以下會議：9 月 5 日在紐約舉行的花旗全球 TMT 會議、9 月 11 日在舊金山舉行的高盛 Communacopia 和技術會議、9 月 11 日在舊金山舉行的 Wolfe Research 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, Ashwin. We delivered a strong Q4 with all metrics exceeding the high end of our guidance. Revenue grew 30% year over year, billings grew 27%, and profitability reached new records with operating margin of approximately 22% and free cash flow margin of 23%.

謝謝你，Ashwin。我們第四季業績強勁，各項指標均超出預期上限。營收年增30%，帳單收入成長27%，獲利能力創下新高，營業利益率約22%，自由現金流利潤率達23%。

We also achieved a new milestone of $1 billion in quarterly bookings in Q4, driven by an acceleration in new and upsell business in the quarter. For the full year, revenue grew 34% and free cash flow grew 75%, resulting in free cash flow margin of 27%, a new record for the company.

第四季度，由於新業務和追加銷售業務的加速成長，我們的季度訂單額也創下了10億美元的新紀錄。全年營收成長34%，自由現金流成長75%，自由現金流利潤率達27%，創下公司新高。

With another year of strong top- and bottom-line performance, we exceeded the rule of 60 for the fourth consecutive year. Despite the recent changes in our go-to-market organization, we delivered these outstanding results driven by strong customer demand for our Zero Trust Exchange platform.

我們又一年取得了強勁的營收和淨利潤表現，連續第四年超越了60%的業績目標。儘管近期行銷團隊發生了變化，但我們依然取得瞭如此優異的業績，這得益於客戶對我們零信任交易平台的強勁需求。

I'm very pleased with the progress we're making in go-to-market execution, the pace of innovation, and customer adoption of our expanded platform. I'm also pleased to share we crossed $2.5 billion in ARR in Q4, and we expect to achieve a new milestone of $3 billion or more in ARR in fiscal '25.

我對我們在市場執行、創新步伐以及客戶對我們擴展平台的採用方面取得的進展感到非常滿意。我也很高興地告訴大家，我們在第四季的年度經常性收入 (ARR) 已突破 25 億美元，我們預計在 2025 財年，ARR 將達到或超過 30 億美元的新里程碑。

Before getting into further details of the quarter, let me share a few observations on the demand environment. First, customer adoption of our Zero Trust platform is stronger than ever with Q4 setting a record for new and upsell business. Our platform secures 47 million users across nearly 8,700 customers.

在進一步了解本季的具體情況之前，我想先分享一些關於需求環境的觀察。首先，客戶對我們零信任平台的採用比以往任何時候都更加強勁，第四季度創下了新增業務和追加銷售業務的紀錄。我們的平台為近8,700家客戶提供了4,700萬名用戶的安全保障。

While other vendors are still struggling to deliver cloud security for users, we expanded our platform beyond users to deliver Zero Trust security for applications, workloads, and IoT/OT devices. Customers are consolidating their disjointed legacy security products by adopting our comprehensive platform.

當其他供應商仍在努力為用戶提供雲端安全時，我們將平台拓展到用戶之外，為應用程式、工作負載和物聯網/營運設備提供零信任安全。客戶正在透過採用我們全面的平台來整合其各自脫節的傳統安全產品。

Second, the increasing use of AI is creating new avenues of growth for us. For example, the rising adoption of GenAI is exposing new gaps in organization's security posture. To help our customers address these risks, earlier this year, we launched GenAI security, which enables customers to realize the productivity benefits of GenAI without compromising data security. Using our GenAI security, customers can gain visibility, apply access control, and enforce data protection policies to prevent their sensitive data from leaking.

其次，人工智慧的日益普及為我們開闢了新的成長途徑。例如，GenAI 的日益普及暴露了組織安全態勢中的新漏洞。為了幫助客戶應對這些風險，我們在今年稍早推出了 GenAI 安全解決方案，使客戶能夠在不損害資料安全的情況下實現 GenAI 的生產力優勢。使用我們的 GenAI 安全解決方案，客戶可以獲得可見性、應用存取控制並實施資料保護策略，以防止敏感資料外洩。

Third, I'm thrilled to share that we have achieved a major milestone with our cloud platform, surpassing over 0.5 trillion transactions daily. That is T, as in trillion. This further demonstrates our widening market leadership position.

第三，我很高興地告訴大家，我們的雲端平台取得了一個重要的里程碑，每日交易量超過0.5兆。這代表著「萬億」。這進一步證明了我們不斷擴大的市場領導地位。

These transactions generate a vast quantity of proprietary loans that feed our massive data lake. These are not firewall logs that often can't inspect SSL traffic for cyber threat detection. These are complete logs that have structured and unstructured data, including the full URL.

這些交易產生了大量的自營貸款，這些貸款為我們龐大的資料湖提供了數據。這些日誌並非防火牆日誌，防火牆日誌通常無法檢查 SSL 流量以偵測網路威脅。這些日誌是完整的日誌，包含結構化和非結構化數據，甚至包括完整的 URL。

We leverage this proprietary data to train AI models that power innovations throughout our platform. Our AI analytics solution, including Unified Vulnerability Management, Risk360, Business Insights, are seeing strong traction.

我們利用這些專有資料來訓練 AI 模型，從而推動整個平台的創新。我們的 AI 分析解決方案，包括統一漏洞管理 (Unified Vulnerability Management)、Risk360 和 Business Insights，都獲得了強勁成長。

AI analytics contributed nearly 3 points to new and upsell business growth in Q4 and 2 points for the entire fiscal '24, even though some of these products were only available for a part of the year. I am pleased with the contribution of AI Analytics in fiscal '24. And with continued expansion of the solution, I expect its contribution to continue to grow.

人工智慧分析在第四季度為新業務和追加銷售業務成長貢獻了近3個百分點，在整個24財年貢獻了2個百分點，儘管其中一些產品僅在一年中的部分時間上市。我對人工智慧分析在24財年的貢獻感到滿意。隨著該解決方案的持續擴展，我預計其貢獻將持續成長。

With an addressable market of $96 billion, we believe we are in the very early stages of opportunities with Zero Trust and AI. The cybertech environment continues to worsen as the limitations of firewall and VPN-based architecture are exploited by threat actors to launch an increasing volume of sophisticated attacks.

鑑於零信任和人工智慧的潛在市場規模高達 960 億美元，我們相信我們正處於機會的早期階段。隨著威脅行為者利用防火牆和基於 VPN 的架構的局限性，發動越來越多的複雜攻擊，網路技術環境持續惡化。

Over the last year, we saw an 18% increase in ransomware attacks blocked by the Zscaler cloud. Our seasoned threat class research team is tracking 391 of the most sophisticated ransomware families, including many that were uncovered by Zscaler in the past year.

在過去一年中，我們發現 Zscaler 雲端阻止的勒索軟體攻擊數量增加了 18%。我們經驗豐富的威脅類別研究團隊正在追蹤 391 個最複雜的勒索軟體家族，其中包括 Zscaler 在過去一年中發現的許多勒索軟體。

Driven by the increased number of cyber breaches, more customers are adopting our Zero Trust platform. For example, in a new logo win, a top 10 Fortune 500 industry machinery company purchased Zscaler for users, for 100,000 users, in a multi-year, seven-figure ACV deal. The customer previously purchased a firewall-based SASE solution to consolidate firewall, secure web gateways, and MPLS network spam.

隨著網路攻擊數量的增加，越來越多的客戶開始採用我們的零信任平台。例如，一家位列財富500強的機械行業公司贏得了新的標識，該公司以多年期七位數的ACV合約為10萬用戶購買了Zscaler。該客戶先前購買了基於防火牆的SASE解決方案，用於整合防火牆、安全閘道和MPLS網路垃圾郵件。

Subsequently, they realized the so-called SASE solution allows lateral threat movement and does not deliver zero trust security. They chose Zscaler to replace their firewall-based SASE. Our purpose-built, proxy-based cloud platform makes our customers' branches and data centers invisible to threat actors. Hence, they can't be discovered and they can't be attacked.

隨後，他們意識到所謂的 SASE 解決方案允許橫向威脅移動，並且無法提供零信任安全。他們選擇了 Zscaler 來取代基於防火牆的 SASE。我們專門建構的基於代理的雲端平台使客戶的分支機構和資料中心對威脅行為者不可見。因此，它們無法被發現，也無法受到攻擊。

In addition to landing new logo platform purchases, we are also upselling our platform. Our land and expand motion creates a flywheel of continuous engagement and upsell. To give you an example, in a seven-figure upsell deal, a Fortune 200 financial services customer bought ZPA and ZDX after the successful ZIA deployment for 68,000 users.

除了吸引新標誌平台購買外，我們也不斷提昇平台的銷售量。我們的落地和擴張策略營造出持續互動和追加銷售的飛輪效應。舉個例子，在一筆七位數的追加銷售交易中，一位財富200強金融服務客戶在成功為68,000名用戶部署ZIA後，購買了ZPA和ZDX。

After securing internet and SaaS access with Zscaler, it was natural for them to expand to our broader platform, ZPA for zero trust access to private applications and for user to application segmentation to eliminate lateral threat propagation, and ZDX to quickly identify and resolve end-to-end performance issues. With this purchase, the customer's ARR more than doubled to nearly $10 million.

在與 Zscaler 合作確保互聯網和 SaaS 訪問安全後，他們自然而然地擴展到我們更廣泛的平台：ZPA 用於對私有應用程式進行零信任訪問，並實現用戶到應用程式的隔離，以消除橫向威脅傳播；ZDX 用於快速識別和解決端到端效能問題。此次收購使客戶的 ARR 成長了一倍多，達到近 1,000 萬美元。

Next, I am happy to share that customers continue to adopt the advanced features of our data protection pillar, making it one of our fastest-growing pillars. For example, in a new logo win, an American healthcare provider purchased multiple pillars of our platform, including ZIA transformation, data protection advanced, and ZDX for 124,000 users in a multi-year, eight-figure TCV deal.

接下來，我很高興地告訴大家，客戶持續採用我們資料保護支柱的高級功能，使其成為我們成長最快的支柱之一。例如，在贏得新標誌後，一家美國醫療保健提供者購買了我們平台的多個支柱，包括 ZIA 轉型、高級資料保護和 ZDX，為 124,000 名用戶提供了多年的八位數 TCV 合約。

Our data protection pillar was critical to this win due to its comprehensive capabilities, which include securing all types of data, whether structured or unstructured, data in motion or data at rest, and data across all channels, including web, e-mail, endpoint SaaS, cloud workloads, and more.

我們的資料保護支柱對於這場勝利至關重要，因為它具有全面的能力，包括保護所有類型的數據，無論是結構化還是非結構化、動態數據還是靜態數據，以及跨所有渠道的數據，包括網絡、電子郵件、端點 SaaS、雲端工作負載等。

Next, let me discuss our emerging products, including ZDX, Zero Trust for Branch and Cloud, and AI Analytics. I'm delighted to share that emerging products contributed approximately 22% of new and upsell business in fiscal '24, up from 18% in fiscal '23. We expect this contribution to grow to mid-20s in fiscal '25.

接下來，我將討論我們的新興產品，包括 ZDX、適用於分公司和雲端的零信任以及人工智慧分析。我很高興地告訴大家，新興產品在 2024 財年貢獻了約 22% 的新增和追加銷售業務，高於 2023 財年的 18%。我們預計，到 2025 財年，這項貢獻將成長至 25% 左右。

Our Zero Trust for Branch and Cloud solution, including Zero Trust for Workloads, Zero Trust SD-WAN, and Zero Trust Segmentation is driving more and more meaningful wins. Let me share two examples.

我們的「零信任」分公司和雲端解決方案，包括「零信任」工作負載、「零信任」SD-WAN 和「零信任」分段，正在推動越來越多有意義的勝利。讓我分享兩個例子。

In an upsell win, a Fortune 500 financial services customer purchased Zero Trust for Workloads to protect their on-prem applications. Zero Trust for Workloads contributed approximately one-third of the seven-figure upsell ACV deal, which doubled the annual spend of this existing million-dollar ARR customer.

在一次追加銷售中，一家財富500強金融服務客戶購買了零信任工作負載解決方案，以保護其本地應用程式。零信任工作負載解決方案貢獻了七位數追加銷售ACV交易的約三分之一，使這家現有百萬美元ARR客戶的年度支出翻了一番。

In another upsell win, a top 10 pharmaceutical company purchased our Zero Trust SD-WAN solution to protect over 30 manufacturing sites, eliminating the need for firewalls and making each site like a Starbucks. Zero Trust SD-WAN was nearly 50% of the seven-figure ACV deal.

另一個追加銷售成功案例是，一家排名前十的製藥公司購買了我們的零信任 SD-WAN 解決方案，為其 30 多個生產基地提供安全保護，無需防火牆，讓每個生產基地都像星巴克一樣。零信任 SD-WAN 幾乎佔了這筆七位數 ACV 交易的 50%。

Our expanding portfolio of emerging products, further strengthened by our acquisition of Avalor and Airgap is opening dose or sales to new customers. With the addition of Airgap, Zscaler is expanding to provide zero trust security inside branches, factories, and campuses where customers traditionally relied on east-west firewalls and network access control or NAC.

我們不斷擴展的新興產品組合，透過收購 Avalor 和 Airgap 進一步增強，正在向新客戶開放銷售。隨著 Airgap 的加入，Zscaler 正在擴展業務，為分公司、工廠和園區提供零信任安全，而這些客戶傳統上依賴東西向防火牆和網路存取控制 (NAC)。

By combining Airgap with our Zero Trust SD-WAN, we cannot only replace firewalls at the edge, but also eliminate firewalls inside these sites. We are also seeing strong traction for the Unified Vulnerability Management solution we acquired through Avalor.

透過將 Airgap 與我們的零信任 SD-WAN 結合，我們不僅可以取代邊緣的防火牆，還可以消除這些站點內部的防火牆。我們也看到了透過 Avalor 收購的統一漏洞管理 (Unified Vulnerability Management) 解決方案的強勁成長動能。

By combining our customers' enterprise security and business system data with our proprietary log data from 0.5 trillion daily transactions, Avalor delivers real-time, actionable insights and operational efficiencies for customers to improve their overall security posture. We expect new logo conversations that start with Airgap or Avalor or other emerging products to expand into broader platform opportunities. We will continue to invest in our platform expansion.

Avalor 透過將客戶的企業安全和業務系統資料與我們每日 0.5 兆筆交易的專有日誌資料相結合，為客戶提供即時、可操作的洞察和營運效率，從而改善他們的整體安全狀況。我們期待以 Airgap、Avalor 或其他新興產品為開端的新標誌對話能夠擴展到更廣泛的平台機會。我們將繼續投資於平台擴展。

Moving to the federal vertical, I am excited to share we landed a new cabinet-level agency, increasing our count of cabinet-level agencies to 13. In a seven-figure ACV deal, this customer purchased Zscaler for Users for 5,000 users.

轉向聯邦垂直領域，我很高興地告訴大家，我們獲得了一個新的內閣級機構，將我們的內閣級機構數量增加到 13 個。在一筆七位數的 ACV 交易中，該客戶為 5,000 名用戶購買了 Zscaler for Users。

With over 100,000 employees, this customer presents a significant 20x upsell opportunity. Having landed 13 of the 15 cabinet-level agencies, including the DoD, we see large upsell opportunities in the federal vertical with the increasing adoption of Zero Trust.

該客戶擁有超過10萬名員工，這意味著巨大的20倍追加銷售機會。我們已經獲得了包括國防部在內的15個內閣級機構中的13個的訂單，隨著零信任技術的日益普及，我們看到聯邦垂直領域存在巨大的追加銷售機會。

Building upon our success in the US, we are accelerating our public sector go-to-market investments in other nations that are modeling their Zero Trust security initiatives similarly to the US. This is a large opportunity for us. But like many government initiatives, this will take time.

鑑於我們在美國取得成功，我們正在加快在其他正在效仿美國實施零信任安全計畫的國家的公共部門市場投資。這對我們來說是一個巨大的機會。但與許多政府計劃一樣，這需要時間。

Now let me share some updates on our sales organization. First, we had lower-than-expected attrition and we had a strong hiring quarter. In fiscal '25, we plan to continue hiring reps at a strong pace and expect attrition to further improve.

現在，讓我分享一些我們銷售團隊的最新動態。首先，我們的員工流動率低於預期，本季招募工作表現強勁。在2025財年，我們計劃繼續以強勁的速度招募銷售代表，預計員工流動率將進一步改善。

Second, I am pleased to report that sales productivity was better than expected during the quarter, driven by acceleration in new and upsell business. In fiscal '25, we expect sales productivity to continue to improve with the second half stronger than the first.

其次，我很高興地報告，本季的銷售效率高於預期，這得益於新業務和追加銷售業務的加速成長。我們預計2025財年的銷售效率將持續提升，下半年將強於上半年。

Third, we increased investment in the global system integrators, or GSI channel, by hiring leaders experienced in building GSI programs for large enterprises. These hires are driving significant progress in developing mutual go-to-market plans with GSIs that integrate the Zscaler platform with their customers' digital transformation projects.

第三，我們加大了對全球系統整合商（GSI）管道的投資，聘請了在為大型企業建立 GSI 專案方面經驗豐富的領導者。這些人才的加入，在與 GSI 共同製定市場推廣計劃方面取得了顯著進展，GSI 將 Zscaler 平台與其客戶的數位轉型專案進行整合。

Most large GSIs are already Zscaler customers, and that enables them to showcase to their customers the value Zscaler's Zero Trust platform delivers. This quarter, we added another large GSI end user customer, making eight of the top 10 GSIs by revenues Zscaler customers.

大多數大型 GSI 已經是 Zscaler 的客戶，這使得他們能夠向客戶展示 Zscaler 零信任平台的價值。本季度，我們又新增了一位大型 GSI 終端使用者客戶，這使得 Zscaler 營收排名前十的 GSI 客戶中，有八家是 Zscaler 的客戶。

This GSI purchased Zscaler for Users for over 300,000 users in our largest ever TCV deal in the services vertical. This GSI is consolidating multiple point products, including secure web gateways, load balances, VPNs, firewalls, and MPLS network, which is expected to deliver 200% ROI to this customer.

這家 GSI 收購了 Zscaler for Users，為其超過 30 萬用戶提供服務，這是我們在服務垂直領域迄今為止最大的一筆 TCV 交易。這家 GSI 正在整合多個單點產品，包括安全網關、負載平衡、VPN、防火牆和 MPLS 網絡，預計將為該客戶帶來 200% 的投資回報率。

I am pleased with the progress we're making in transforming our go-to-market engine to an account-centric sales motion, which is contributing to growth of our large customers. We added nearly double the number of Global 2000 logos in fiscal '24 as compared to fiscal '23.

我很高興看到我們在將市場導向引擎轉變為以客戶為中心的銷售模式方面取得的進展，這有助於我們大客戶的成長。與23財年相比，我們在24財年新增的全球2000強標識數量幾乎翻了一番。

We ended fiscal '24 with approximately 35% of Global 2000 companies and more than 40% of Fortune 500 companies as our customers. Our customer base spending $1 million-plus annually grew by 26% year over year to 567, and we ended the quarter with over 60 customers spending $5 million-plus annually. We expect this large customer momentum to continue in fiscal '25.

截至24財年，我們的客戶包括約35%的全球2,000強企業和超過40%的財富500強企業。我們年支出100萬美元以上的客戶群年增26%，達到567家；本季末，年支出500萬美元以上的客戶群超過60家。我們預計，這種龐大的客戶成長動能將在25財年持續下去。

Finally, I want to address the topic of cloud resilience that has come to the forefront due to the recent cloud outages of Microsoft and CrowdStrike. When customers rely on a mission-critical cybersecurity service, there's no room for service interruptions.

最後，我想談談雲端彈性這個話題，由於最近微軟和CrowdStrike的雲端服務中斷，這個問題變得特別突出。當客戶依賴關鍵任務網路安全服務時，服務中斷是絕對不允許的。

From inception, Zscaler has built a cloud security platform that has been seamlessly scaling with high reliability and resilience. Operating such a surface is no trivial task and requires years of experience. Unproven vendors, including new entrants and legacy firewall companies, do not have this experience.

從成立之初，Zscaler 就建立了一個雲端安全平台，該平台能夠無縫擴展，具有高可靠性和高彈性。經營這樣的平台並非易事，需要多年的經驗累積。未經驗證的供應商，包括新進業者和傳統防火牆公司，都不具備這樣的經驗。

By operating the world's largest security cloud with superior resilience for over a decade, we have earned the trust of the largest enterprises. This is a clear differentiator for us and is driving the growth of our business.

十多年來，我們經營全球最大的安全雲，擁有卓越的彈性，贏得了許多大型企業的信任。這對我們來說是一個顯著的差異化優勢，並正在推動我們業務的成長。

As an innovator and a market leader, in January 2023, we became the first cloud security company to introduce a business continuity service that enables customers to continue their operations even during catastrophic events.

身為創新者和市場領導者，2023 年 1 月，我們成為第一家推出業務連續性服務的雲端安全公司，讓客戶即使在災難事件期間也能繼續營運。

In conclusion, we are uniquely positioned to benefit from the confluence of two large secular growth drivers, Zero Trust security and AI. We enter fiscal '25 with a stronger go-to-market machine, increased pace of R&D innovation, strong adoption of our emerging products, and high levels of customer satisfaction with an NPS goal of over 70.

總而言之，我們擁有獨特的優勢，能夠受益於兩大長期成長動力——零信任安全與人工智慧——的融合。邁入25財年，我們擁有更強大的市場開拓能力、更快的研發創新步伐、新興產品的強勁應用以及高水準的客戶滿意度（NPS目標超過70）。

With our customer obsession, expanding platform and a large addressable market, I expect another strong year, which will move us closer to our goal of $5 billion in ARR. Now I'd like to turn over the call to Remo for our financial results.

憑藉我們以客戶為中心、不斷擴展的平台和巨大的潛在市場，我預計今年我們將繼續保持強勁成長，並更接近實現 50 億美元 ARR 的目標。現在，我想將電話交給 Remo，請他介紹我們的財務表現。

Thank you, Jay. Our Q4 results exceeded our guidance on growth and profitability, even with ongoing customer scrutiny of large deals. Revenue was $593 million, up 30% year over year and up 7% sequentially. From a geographic perspective, Americas represented 55% of revenue, EMEA was 30%, and APJ was 15%.

謝謝傑伊。儘管客戶對大額交易持續關注，但我們第四季度的業績仍超出了我們對成長和獲利能力的預期。營收為5.93億美元，年增30%，季增7%。從地理分佈來看，美洲地區佔總營收的55%，歐洲、中東及非洲地區佔30%，亞太及日本地區佔15%。

For the full year, revenue was $2.17 billion, up 34% year over year. Our total calculated billings in Q4 grew 27% year over year and 45% sequentially to $911 million. Our calculated current billings grew 27% year over year. Like last year, some customers paid us upfront on multi-year deals, and the percentage of total calculated billings coming from such upfront payments was relatively unchanged year over year.

全年營收為21.7億美元，年增34%。第四季度，我們的總計算帳單年增27%，季增45%，達到9.11億美元。我們的計算當期帳單年增27%。與去年一樣，一些客戶在多年期合約中預付款項，此類預付款佔總計算帳單的百分比基本上保持不變。

Our remaining performance obligations, or RPO, grew 26% from a year ago to $4.418 billion. Current RPO was approximately 48% of the total RPO.

我們的剩餘履約義務（RPO）較去年同期成長26%，達到44.18億美元。目前RPO約佔RPO總額的48%。

We ended Q4 with 567 customers with over $1 million in ARR and 3,100 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.

截至第四季度，我們擁有567位年經常性收入（ARR）超過100萬美元的客戶，以及3,100位年經常性收入（ARR）超過10萬美元的客戶。大客戶數量的持續強勁成長，彰顯了我們在客戶數位轉型過程中所扮演的策略性角色。

Our 12-month trailing dollar-based net retention rate was 115%. 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 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115%。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的美元留存率。由於我剛才提到的因素，這項指標可能會在每季出現波動。

Turning to the rest of our Q4 financial performance. Total gross margin of 81.1% compared to 81.4% in the prior quarter and 80.7% in the year ago quarter. On a year-over-year basis, gross margin benefited by approximately 60 basis points from a change in our accounting attributed to the longer useful life of our cloud infrastructure.

回顧我們第四季的其他財務表現。總毛利率為81.1%，而上一季為81.4%，去年同期為80.7%。與去年同期相比，由於我們雲端基礎設施使用壽命延長，會計準則的變更使毛利率提高了約60個基點。

Moving on, our total operating expenses increased 8% sequentially and 26% year over year to $353 million. We continue to generate significant leverage in our financial model, with operating margin of approximately 22%, an increase of about 260 basis points year over year.

我們的總營運費用較上季成長8%，年增26%，達到3.53億美元。我們的財務模型持續發揮顯著的槓桿作用，營運利潤率約為22%，較去年同期成長約260個基點。

Our free cash flow margin was 23%, including data center CapEx of approximately 8% 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23%，其中資料中心資本支出約佔收入的8%。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。

Before getting to the details of the Q1 and full year fiscal 2025 guidance, I wanted to share additional context about our framework for billings guidance. We expect full year fiscal '25 calculated billings of $3.110 billion to $3.135 billion, or year-over-year growth of approximately 19% to 20%.

在詳細介紹2025財年第一季及全年業績指引之前，我想先分享一些關於我們營業額指引架構的背景資訊。我們預計2025財年全年營業額將達到31.10億美元至31.35億美元，年增約19%至20%。

We expect first half billings to be in the range of 39% to 39.5% of full-year billings guide with Q1 to be approximately 16.2% of full-year billings guide. The midpoint of our guidance implies year-over-year billings growth of approximately 13% in the first half, accelerating to 23% growth in the second half.

我們預計上半年營業額將達到全年營業額指引的39%至39.5%，其中第一季約為全年營業額指引的16.2%。我們指引的中位數意味著上半年營業額年增約13%，下半年將加速至23%。

In no particular order, I'd like to share three key factors that are driving this acceleration. One, as Jay mentioned, we expect sales productivity to continue to improve with the second half stronger than the first. We expect this to contribute to strong new upsell and renewal activity in the year.

我想分享推動這項加速發展的三個關鍵因素（無先後順序）。首先，正如傑伊所提到的，我們預期銷售效率將持續提高，下半年將強於上半年。我們預計這將有助於今年強勁的追加銷售和續訂活動。

Two, our strong and growing pipeline supports second-half acceleration. And three, from a time perspective, our contracted, non-canceled billings from prior year's active contracts are scheduled to grow 7% in the first half and 23% in the second half. This naturally implies a stronger second half in billings growth, giving us strong visibility into total billings growth in the second half.

第二，我們強勁且不斷成長的業務支持下半年的加速發展。第三，從時間角度來看，我們上一年度有效合約中未取消的合約金額預計在上半年成長7%，下半年將成長23%。這自然意味著下半年的合約成長將更加強勁，也讓我們對下半年總合約額的成長有了更清晰的預期。

Moving on to taxes. Please note that we expect to continue to be a modest cash taxpayer in fiscal 2025, with an estimated cash tax of approximately $45 million to $50 million. For non-GAAP P&L reporting, I'd like to call your attention to a change we are making to our non-GAAP tax calculations.

再來說說稅務方面。請注意，我們預計在2025財年將繼續保持適度的現金納稅人水平，預計現金稅額約為4500萬至5000萬美元。關於非公認會計準則損益表報告，我想提醒您注意我們正在對非公認會計準則稅務計算進行的一些調整。

Starting fiscal 2025 and going forward, we're establishing a non-GAAP tax rate of 23%, which is reflected in our non-GAAP earnings per share guidance for fiscal 2025. Please refer to our earnings release and financial supplemental for fiscal '23 and fiscal '24 comparisons, reflecting this new non-GAAP tax rate.

從 2025 財年起，我們將制定 23% 的非 GAAP 稅率，這反映在我們 2025 財年的非 GAAP 每股盈餘指引中。請參閱我們的收益報告和財務補充文件，以了解 23 財年和 24 財年的比較情況，其中反映了此新的非 GAAP 稅率。

Turning to the rest of guidance. As a reminder, these numbers are all non-GAAP. For the first quarter, we expect revenue in the range of $604 million to $606 million, reflecting a year-over-year growth of approximately 22%, gross margins of 80%.

談到其他業績指引。需要提醒的是，這些數字均為非公認會計準則 (GAAP)。我們預計第一季營收將在 6.04 億美元至 6.06 億美元之間，年增約 22%，毛利率為 80%。

I would also like to remind investors that a number of our emerging products, including newer products like ZDX, Zero Trust for Branch and Cloud, and AI analytics, will initially have lower gross margins than our core products. We are currently managing the emerging products for time to market and growth, not optimizing them for gross margins.

我還想提醒投資者，我們的一些新興產品，包括ZDX、分公司和雲端的零信任以及人工智慧分析等新產品，初期的毛利率將低於我們的核心產品。我們目前管理新興產品的重點是加快上市速度和促進成長，而不是優化其毛利率。

In addition, we'll continue to invest in our cloud and AI infrastructure to scale with the growing demand. Operating profit in the range of $114 million to $116 million, net other income of $18 million, income taxes of $31 million, earnings per share in the range of $0.62 and to $0.63 assuming 164 million fully diluted shares.

此外，我們將繼續投資於雲端和人工智慧基礎設施，以滿足不斷增長的需求。預計營業利潤將在1.14億美元至1.16億美元之間，其他淨收入為1800萬美元，所得稅為3100萬美元，每股收益將在0.62美元至0.63美元之間（假設完全稀釋後股份為1.64億股）。

For the full year fiscal 2025, revenue in the range of $2.6 billion to $2.62 billion, reflecting a year-over-year growth of 20% to 21%. Operating profit in the range of $530 million to $540 million, income taxes of approximately $140 million, earnings per share in the range of $2.81 to $2.87 assuming approximately 164 million fully diluted shares.

2025財年全年，營收預期在26億美元至26.2億美元之間，年增20%至21%。營業利潤預期在5.3億美元至5.4億美元之間，所得稅預期約為1.4億美元，每股收益預期在2.81美元至2.87美元之間（假設完全稀釋後股份約為1.64億股）。

We expect our free cash flow margin to be approximately 23.5% to 24%, including higher CapEx this year. We expect our data center CapEx to be approximately 3 points higher as a percent of revenue compared to fiscal 2024 as we invest in upgrades to our cloud and AI infrastructure. With a large market opportunity and customers increasingly adopting the broader platform, we will invest aggressively to position us for long-term growth and profitability.

我們預計自由現金流利潤率約為23.5%至24%，其中包括今年更高的資本支出。由於我們投資升級雲端和人工智慧基礎設施，我們預期資料中心資本支出佔收入的百分比將比2024財年高出約3個百分點。鑑於巨大的市場機會以及客戶越來越多地採用更廣泛的平台，我們將積極投資，為長期成長和獲利做好準備。

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

接線員，現在您可以開始提問了。

Thank you. (Operator Instructions) Saket Kalia, Barclays.

謝謝。 （操作員指示）巴克萊銀行的 Saket Kalia。

Okay, great. Hey, guys. Thanks for taking my question here. A nice quarter on the billings and on next year's billings guide.

好的，太好了。嘿，各位。感謝你們回答我的問題。本季的帳單和明年的帳單指南都表現不錯。

Maybe if I get to one question, Jay, maybe I'll make it for you. (technical difficulty) a little bit, I think we all know your views on firewall-based solutions. But maybe out of curiosity, how about some of the newer players in SASE that are maybe attacking this with a similar pure-play cloud approach as Zscaler? Thanks.

Jay，如果我只問一個問題，也許我可以幫你解答。 （技術難度）我想我們都了解你對基於防火牆的解決方案的看法。但出於好奇，我想問一下，SASE 中一些新加入的廠商，他們可能正在採用類似 Zscaler 的純雲策略來應對這個問題，你對此有什麼看法？謝謝。

Saket, thank you. We have not seen any meaningful change on the competitive landscape. In fact, if I would say, as the market is looking for a broader platform that's integrated and it's looking for approval vendor because the resilience has become a very important thing, our brand has gotten better. On the high end of the market, we actually feel like very good.

Saket，謝謝。我們並沒有看到競爭格局有任何實質的改變。事實上，市場正在尋找一個更廣泛的整合平台，並且尋求認可的供應商，因為韌性已經成為一個非常重要的因素，我們的品牌也因此變得更好。在高端市場，我們感覺非常好。

We mentioned about the number of new logos. Last year, we added -- essentially doubled in '24 over '23. We've seen, whether the firewall vendors or some of the other vendors, either they lack a proxy architecture or they lack the multi-tenant architecture.

我們提到了新標誌的數量。去年，我們增加了標識數量——2024年的數量比2023年翻了一番。我們已經看到，無論是防火牆供應商還是其他一些供應商，要么缺乏代理架構，要么缺乏多租戶架構。

Architecture is critical for winning, and that's a big advantage for us. Even if you build the architecture, the time and experience it takes to build a highly reliable, highly resilient cloud massive. And then these large enterprises have to trust you.

架構對於制勝至關重要，這對我們來說是一個巨大的優勢。即使你建構了架構，建構一個高可靠性、高彈性的雲端平台也需要大量的時間和經驗。這樣，這些大型企業就必須信任你。

it took us a long time to earn the trust of these customers. So we feel we're in a good position. We keep on innovating. The gap between our offering and, what I call so, would be -- competitors is growing bigger and bigger. So I feel very bullish and comfortable for the platform and the gap we are creating with other competitors.

我們花了很長時間才贏得這些客戶的信任。所以我們覺得自己處於有利地位。我們一直在創新。我們的產品與競爭對手之間的差距正在越來越大。因此，我對這個平台以及我們與其他競爭對手之間正在拉開的差距感到非常樂觀和自信。

Very helpful. Thanks.

非常有幫助。謝謝。

Thank you. Brad Zelnick, Deutsche Bank.

謝謝。德意志銀行的布拉德·澤爾尼克。

Great. Thanks so much. I'll echo my congrats on a real strong finish to the year. Jay, I appreciate your comments about the Microsoft and CrowdStrike related outage in July and why Zscaler is designed in a way that's highly available and, frankly, relied upon by customers as an in-line solution. But I'm wondering if that event, in any way, from what you can tell, has changed the way customers are thinking about their cyber strategies and Zscaler's place within that. Thank you.

太好了，非常感謝。我也要祝賀你今年取得如此輝煌的成績。 Jay，我很感謝你對7月微軟和CrowdStrike相關中斷事件的評論，以及Zscaler為何設計得如此高可用性，坦白說，客戶也信賴它作為線上解決方案。但我想知道，就你所知，那次事件是否在某種程度上改變了客戶對其網路策略以及Zscaler在其中的地位的思考方式。謝謝。

Yeah, right. It's a good question. After the CrowdStrike outage, customers are more focused on resilience, which is our strength. In fact, I firstly got lots and lots of calls. Right after the incident, they wanted to know about what we're doing about it. But we ended up firstly inviting -- actually by invitation, briefing to 1,000 or so our largest customers.

是的，沒錯。這是個好問題。 CrowdStrike 宕機事件發生後，客戶更加重視彈性，而這正是我們的優勢所在。事實上，我一開始就接到了很多電話。事故發生後，他們想知道我們採取了哪些措施。但我們最終還是邀請了大約 1000 位我們最大的客戶，進行了情況介紹。

A surprise to see that within a matter of a week or so, about 700 customers registered for the briefings. We ended up doing multiple of them. The main question was, this is mission-critical service. And how are we protected?

令人驚訝的是，大約一週之內，就有大約700名客戶註冊參加了簡報會。我們最終舉辦了多次。主要的問題是，這是一項關鍵任務服務。我們如何受到保護？

The good thing is Zscaler delivered business continuity plan or DR service in Jan 2023, the first vendor to deliver the only vendor that has a true VCP. So the importance of mission criticality has gone up significantly since the outage that was caused by CrowdStrike.

值得慶幸的是，Zscaler 於 2023 年 1 月交付了業務連續性計劃（DR）服務，這是第一家也是唯一一家提供真正 VCP 的供應商。因此，自 CrowdStrike 造成的中斷以來，任務關鍵性的重要性顯著提升。

In fact, about 40% of Zscaler's large customers have already deployed BCP or ZIA. So while our customers want resilience, they also do want consolidation. But they do not want consolidation such that it makes them dependent upon a single vendor, especially a single vendor for applications and security.

事實上，Zscaler 約 40% 的大客戶已經部署了 BCP 或 ZIA。因此，我們的客戶在追求彈性的同時，也希望能實現整合。但他們不希望整合到依賴單一供應商的地步，尤其是在應用程式和安全性方面依賴單一供應商。

This sentiment has become even stronger after the midnight desert of Microsoft issue. So I think we are all positioned. We did a good job in building mission criticality. And I think it's important, and our customers are working totally with us.

在微軟午夜危機爆發後，這種情緒變得更加強烈。所以我認為我們都做好了準備。我們在建立任務關鍵性方面做得很好。我認為這很重要，我們的客戶也正在全力支持我們。

Very helpful, Jay. Thank you.

非常有幫助，Jay。謝謝你。

Thank you. Royer Boyd, UBS.

謝謝。瑞銀集團的羅耶·博伊德。

Great. Thank you for taking my questions. Remo, I wanted to ask you about the billings guide and if you could just speak to the general level of conservatism there. You've been pretty clear even before this quarter about the expected headwind coming out of the go-to-market transition, but it does sound like sales productivity was better than expected in both 3Q and 4Q this year.

太好了。感謝您回答我的問題。 Remo，我想問您關於帳單指南的問題，您能否談談那裡的整體保守程度？在本季之前，您就已經非常清楚地表明了市場轉型帶來的預期阻力，但聽起來今年第三季和第四季的銷售效率確實好於預期。

So just beyond that, anything else giving you more pause or tempering your expectations around the broader macro environment, sales cycles, or anything else? Thanks.

那麼除此之外，還有什麼因素讓您對宏觀環境、銷售週期或其他方面有所調整或預期調整呢？謝謝。

Yeah, great question. So I mean billings guide really reflects -- again, we broke out the first half versus second half. And as we talked about -- in the sales organization, we had higher attrition than we expected in Q3, and that attrition stabilized in Q4.

是的，這個問題問得好。我的意思是，帳單指南確實反映了——我們再次將上半年和下半年進行了對比。正如我們之前提到的—在銷售部門，我們第三季的人員流失率高於預期，而第四季的人員流失率趨於穩定。

Hiring those account reps, it's going to take time for those account reps to basically get to full productivity. We expect them to get to strong productivity in the second half. Our pipeline supports our guidance.

招募這些客戶代表需要一些時間才能基本上達到完全的生產力。我們預計他們將在下半年實現強勁的生產力。我們的人才儲備支持我們的預期。

And as we called out also when you take a look at billings, billings is made up of new and upsell renewals and contracted billings. And one of the things we called out on the script is contracted billings are scheduled billings from prior-year contracts. So those are what we're seeing.

正如我們在帳單中提到的那樣，帳單是由新訂單、追加銷售續約訂單和合約帳單組成的。我們在腳本中提到的一件事是，合約帳單是前一年合約的預定帳單。所以這就是我們看到的。

We're seeing that because of the business is getting more second half weighted, we're seeing that this -- our guide reflects that. And as we called out in the first half, contracted billings is expected to increase on a year-over-year basis, 7%; end of the second half, 23%.

我們看到，由於業務在下半年的權重越來越大，我們的指引也反映了這一點。正如我們在上半年預測的那樣，預計合約承付款額年增7%；下半年末則將成長23%。

What I can say also is that from my perspective, being here at Zscaler for almost eight years, there's a change in our sales organization. The change is basically -- it's a more mature, very strong leadership and also an organization that I feel is going to be able to sell deeper into accounts and really sell the value of Zscaler.

我還可以說的是，從我的角度來看，在 Zscaler 工作了近八年，我們的銷售團隊發生了變化。這種變化基本上是——我們的領導層更加成熟，更加強大，我認為這個團隊能夠更深入地與客戶溝通，並真正實現 Zscaler 的價值。

So the puts and takes are, from my perspective, that strong demand for Zero Trust. We're going to continue to expand in the G2K, which represents around 35% in the Fortune 500 customers. The key thing with Zscaler also is that we're innovating.

所以，在我看來，關鍵在於對零信任的強烈需求。我們將繼續在G2K領域擴張，該領域約佔財富500強客戶的35%。 Zscaler的關鍵還在於我們不斷創新。

So you look at our emerging products, they represented 22% of our total new and upsell in fiscal '24. We expect that to go up to 25%. So that's going to be our continued focus. It's not only selling our existing core products, but also innovating.

看看我們的新興產品，它們占我們24財年新銷售和追加銷售總額的22%。我們預計這一比例將上升到25%。所以這將繼續成為我們的重點。我們不僅要銷售現有的核心產品，還要進行創新。

As I mentioned, strong momentum in the go-to-market team. We just had our SKO, and the feedback from everybody who went there was just very, very positive. Just really feel good about where we're at.

正如我所提到的，市場推廣團隊勢頭強勁。我們剛剛舉行了SKO，所有參加會議的人都給了非常非常正面的回饋。我們對目前的狀況感到非常滿意。

Having said that, the backdrop, it's still a challenging spending environment. But I feel that Zscaler, with our platform, with what we're building our go-to-market, I just think we're just very, very well positioned. Jay, anything?

話雖如此，但從背景來看，當前的支出環境仍然充滿挑戰。但我認為，憑藉Zscaler的平台以及我們正在建立的行銷策略，我們處於非常有利的位置。 Jay，有什麼事嗎？

No, it's good. I think the last comment I mentioned is in today's environment, CIOs do want ROI cost savings, cost takeout. We're in a unique position to remove a number of point products that help justify closing our deals.

不，這很好。我最後提到的一點是，在當今環境下，資訊長們確實希望節省投資報酬率和成本。我們處於一個獨特的位置，可以移除一些有助於我們達成交易的單點產品。

Thank you. Joseph Gallo, Jefferies.

謝謝。 Joseph Gallo，傑富瑞。

Hey, guys. Thanks for the question. Jay, I want to follow up on that last question. I mean, you've obviously started to branch out very successfully beyond ZIA and ZPA evidenced by AI and data protection success.

嘿，夥計們。謝謝你的提問。 Jay，我想繼續回答最後一個問題。我的意思是，你們顯然已經開始非常成功地拓展ZIA和ZPA以外的業務，這從AI和資料保護的成功就可以看出。

However, post the CrowdStrike incident, we've heard customers don't want to put all their eggs in one basket. Does this hinder your ability to sell incremental products? And then Remo, maybe you can just elaborate on how you're thinking about NRR in your fiscal '25 billings guide. Thanks.

然而，在CrowdStrike事件之後，我們聽到客戶不想孤注一擲。這是否會妨礙您銷售增量產品的能力？然後，Remo，您能否詳細說明您在2025財年帳單指南中是如何考慮NRR的？謝謝。

So it's a very good question. Now CrowdStrike wasn't really an issue of putting all of your eggs in one basket. CrowdStrike was one of the four products, each product must work well. So on one side, customers do want consolidate.

所以這是個非常好的問題。 CrowdStrike 並不是把所有雞蛋都放在同一個籃子裡。 CrowdStrike 是四大產品之一，每個產品都必須運作良好。所以一方面，客戶確實希望整合。

If you got two dozen products, they want to bring it down to a handful and key platform providers. But they do not want to go the extreme or going to a single vendor that want to sell all security products or a single vendor that wants to sell you all the applications and security products.

如果你有二十幾種產品，他們想把它精簡到少數幾個關鍵的平台供應商。但他們不想走極端，不想選擇一家想賣所有安全產品的供應商，或是想賣所有應用程式和安全產品的供應商。

In fact, most of the CIOs I went to, they have been standardizing in-line access to three providers, one for EDR, one for identity, and one for zero trust access. I think that's a good combination because you end up getting a couple of extra layers, but you still have separation.

事實上，我接觸過的大多數CIO都在標準化三家提供者的線上訪問：一家負責EDR，一家負責身份認證，一家負責零信任訪問。我認為這是一個很好的組合，因為這樣可以多出幾層保護，但仍然保持了隔離。

So in this environment, our customers aren't really pushing back on us because we tell them, don't buy everything from Zscaler. You've got an EDR provider, you've an identity provider, and we'll do the rest of zero trust connectivity. And that's why we carefully choose the markets we get into. So we feel comfortable and good about the expansion and selection of areas where we want to compete in.

所以在這種環境下，我們的客戶並沒有真正抵制我們，因為我們告訴他們，不要什麼都從Zscaler買。你只需要一個EDR提供者，一個身分提供者，剩下的零信任連線部分交給我們。這就是為什麼我們謹慎選擇進入的市場。因此，我們對擴展和選擇我們想要參與競爭的領域感到安心和滿意。

From an NRR perspective, Joseph, 115%, I believe, is outstanding. We're not guiding to NRR. The only time we really look at it is as we mentioned before on these calls. Really, the key for me is just driving top line business. Whether it comes from existing customers or new customers, about 115% at our scale, I think, is outstanding.

從淨營收比率（NRR）的角度來看，我認為 Joseph 的 115% 已經非常出色了。我們不會以淨營收比率作為指引。我們真正關注它的唯一時機，就像我們之前在電話會議上提到的那樣。對我來說，關鍵在於推動營收成長。無論來自現有客戶或新客戶，我認為，以我們的規模來看，115% 左右的營收成長已經非常出色了。

Thank you.

謝謝。

Thank you. Ittai Kidron, Oppenheimer.

謝謝。伊泰·基德隆，奧本海默。

Thanks, guys. Great, solid finish for the year. Remo. I'm sorry, I'm going to have to try and be the dead horse here again on the billings. I just want to make sure I understand this right.

謝謝大家。今年的收尾工作做得真棒，紮實。雷莫。抱歉，我又得在帳單上再說一次了。我只是想確認一下我理解得對不對。

I mean, in '24, you didn't have any unusual seasonality in the first half, second half on year-over-year patterns. They were quite similar in billings. So what is it that's driving the 7% and 23% differences in the first and the second half?

我的意思是，2024年上半年和下半年的年比數據並沒有什麼異常的季節性變化。它們的營業額非常相似。那麼，是什麼導致了上半年和下半年7%和23%的差異呢？

Are things being pushed out? You just expect deals to push out. Hence, you expect to close more or renew more in the second half? Is that a macro comment? Was there something that happened two, three years ago, a lump sum that somehow comes back into play here? Anything that you can do to dig in just a little bit more on that would be greatly appreciated.

事情是不是被延後了？您只是預計交易會推遲。因此，您預計下半年會完成更多交易或續約更多合約？這是宏觀評論嗎？兩三年前發生過什麼事情，一筆巨款不知怎麼又回到了這裡？如果您能就此再多說一點，我將不勝感激。

Yeah. So it's really, if you take a look at -- the call out of scheduled billings, and scheduled billings growth in the first half was 7%. And scheduled billings growth, but on a year-over-year basis, we see a 23% for this year.

是的。所以，如果你看一下——上半年的預定帳單增加了7%。而與去年同期相比，我們預計今年的預定帳單成長了23%。

So then the question you got to step back and what creates that? So we signed three-year contracts. And the three-year contracts, they're scheduled billings. So we have those scheduled billings; those billings are coming through.

那麼問題來了，是什麼造成了這種情況？我們簽了三年合約。三年合約都是定期帳單。所以我們有這些定期帳單，這些帳單正在陸續到帳。

Now if you take a look and go back into fiscal '23 first half and fiscal '24 first half, there were macro challenges. So it was a challenging environment from Zscaler's perspective. So therefore, with that challenging environment, in the first half of fiscal '23 and fiscal '24, now those scheduled billings are coming through, and those sched billings are lower.

現在，如果你回顧2023財年上半年和2024財年上半年，你會發現宏觀挑戰重重。所以從Zscaler的角度來看，這是一個充滿挑戰的環境。因此，在這種充滿挑戰的環境下，2023財年上半年和2024財年，那些預定的帳單正在陸續到賬，而且這些預定的帳單金額較低。

That is creating that growth rate of 7% year over year in the first half. Now having said that, what I made -- the comment I made before was that the business is getting more second half. We are becoming larger company is becoming more second half.

這使得上半年的年成長率達到了7%。話雖如此，我之前說過，下半年的業務會更加活躍。我們公司規模越來越大，下半年的業務會更加活躍。

So our guidance reflects that. And that scheduled billings of 23%, those are contracted billings. They're scheduled, and we expect to get those billings.

我們的預期反映了這一點。 23%的預定帳單是合約帳單。這些帳單都是預定的，我們預計會收到。

Thank you.

謝謝。

Thank you. Brian Essex, JPMorgan.

謝謝。摩根大通的 Brian Essex。

Great. Thank you and good afternoon. Thank you for taking the question. Jay, I think you may have touched on this in your prepared remarks, but I want to circle back into the macro, specifically the competitive environment with regard to pricing.

太好了。謝謝，下午好。感謝您回答這個問題。 Jay，我想您可能在準備好的演講中提到了這一點，但我想回到宏觀層面，特別是定價方面的競爭環境。

And there are -- certainly, in the Zero Trust space, we're seeing a lot of initiatives to consolidate on certain platforms. Some of that is flexible pricing, different duration, giving away products for free. How is that impacting the pricing environment that you're dealing with?

當然，在零信任領域，我們看到許多措施正在整合某些平台。其中一些措施包括靈活的定價、不同的期限、免費贈送產品。這對您所處的定價環境有何影響？

I understand that there's a lot of times an architectural change that's attractive with your platform. But I just wanted to touch -- maybe if you could peel back a layer on the pricing dynamics just to understand what you see in your environment. Thank you.

我理解很多時候，架構上的改變對你們的平台來說很有吸引力。但我只是想簡單談談——或許你能深入探討定價動態，以便了解你們在自己的環境中看到了什麼。謝謝。

Sure. As I said during my prepared remarks, yes, macro remains challenging and there is deal scrutiny. Also at the same time, cyber is very important. In many areas, good enough is good enough.

當然。正如我在準備好的演講中所說，宏觀經濟仍然充滿挑戰，而且交易也需要審查。同時，網路也非常重要。在很多領域，只要夠好就夠了。

In cyber in large enterprises, good enough is not good enough. So customers do want a good, a very good cyber solution. That's number one.

在大型企業的網路建置中，僅僅「夠好」是不夠的。所以客戶確實想要一個好的、非常好的網路解決方案。這是首要的。

And number two, in the cyber area, real Zero Trust architecture that's cloud-native does play an import role that matters. Now once you do that, your pipeline actually build, you are engaged with customers, then the next part comes in. Can you close the deal?

第二，在網路領域，真正的雲端原生零信任架構確實扮演著至關重要的角色。一旦你做到了這一點，你的銷售管道就真正建立起來了，你與客戶建立了聯繫，接下來就是下一步了。你能成交嗎？

Now closing the deal in today's environment does require that you are able to actually show the customer that you can take a bunch of products out and you can save money for the customers. And we are able to release.

在現今的環境下，想要達成交易，確實需要你能夠真正向客戶證明，你可以省下一大堆產品，而且可以為客戶省錢。而我們能夠做到。

We are able to replace a number of new -- number of products, whether firewalls, VPNs, NAC products, and the like. And we are able to show that we are able to eliminate those products. The customer like it. That helps us both.

我們能夠取代許多新產品，包括防火牆、VPN、NAC 產品等等。而且我們能夠證明我們有能力淘汰這些產品。客戶很喜歡這一點。這對我們雙方都有利。

Now we have -- our new and upsell business has accelerated actually, so we are seeing strength in area. So firstly, I'm not worried about the competition. I'm able to handle pricing situations by showing the number of products you can move.

現在我們的新品和追加銷售業務實際上已經加速發展，所以我們看到了該地區的強勁成長。首先，我並不擔心競爭。我可以透過展示可銷售的產品數量來應對定價問題。

Think of other vendors. Do you think a firewall vendor wants to remove a bunch of point products? The biggest installed base in terms of products today is firewalls. They want to protect those firewalls.

想想其他廠商。你覺得防火牆廠商會想移除一堆單點產品嗎？就產品而言，如今最大的安裝基數就是防火牆。他們想保護這些防火牆。

We take all those firewalls. We take all those VPNs. So we just have to (inaudible) this area, we keep on getting better at is making sure we engaged at the C level, number one. Number two, make sure we create a good business value assessment, and we have owned that process quite a bit.

我們接管了所有防火牆。我們接管了所有VPN。所以我們只需要（聽不清楚）在這個領域，我們不斷改進，首先是確保我們在C層級參與其中。其次，確保我們創建了良好的商業價值評估，我們已經擁有了相當多的流程。

Got it. Thank you.

明白了。謝謝。

Thank you. Matt Hedberg, RBC Capital Markets.

謝謝。 RBC資本市場部的Matt Hedberg。

Great. Thanks, guys, for the questions. Maybe one on the quarter. Could you talk a little bit about -- obviously, it was a Q4 but -- and I assume it's back-end loaded. But the linearity of the quarter, anything abnormal with deals that pushed or pulled?

太好了。謝謝大家的提問。也許一個關於季度的問題。您能否稍微談談——顯然，這是第四季度，但我認為它應該有後端負載。但是，本季的線性表現，交易推進或撤回方面有什麼異常嗎？

And I guess, maybe if you could comment a little bit more specifically on trends in August thus far, that would be -- or I guess now we're in the of September, but through August, that would be helpful.

我想，如果您能更具體地評論一下 8 月份迄今為止的趨勢，那將會很有幫助——或者我想現在我們已經進入 9 月份，但要持續到 8 月份。

The trends in August, I'll let Jay speak about that. The Q4, we talked about that the quarters have become more back-end loaded. Nothing -- it was similar to the prior few quarters, Q4, so nothing unusual with Q4 from a linearity perspective.

八月的趨勢，我讓傑伊來談談。第四季度，我們談到了後端負載的增加。沒什麼——第四季度與前幾季類似，所以從線性角度來看，第四季度沒有什麼異常。

And regarding trends in August, can't give specific trends on dollar amounts or anything like that or business, but maybe Jay can give a few comments.

關於八月份的趨勢，無法給出美元金額或類似的東西或業務的具體趨勢，但也許傑伊可以給出一些評論。

Yeah. I think nothing unusual to talk about in August. Business is making progress as usual. So I think you'll probably hear more on us as we get better.

是的。我覺得八月沒什麼特別的。業務進展一切如常。所以，隨著我們情況好轉，我想你們可能會聽到更多關於我們的消息。

All right. Maybe if I could just squeeze one more in. It seems like -- in the spirit of consolidation, it feels like you guys are in a good spot to consolidate a lot of customer spend. Can you talk about large deal visibility, understanding it is hard to predict the timing of those things? But could you talk about the growth in your large-deal pipeline and the focus on increasingly playing that consolidation role?

好的。或許我可以再插播一個。本著整合的精神，你們似乎正處於一個整合大量客戶支出的有利位置。您能談談大額交易的可見性嗎？您理解這些交易的時機很難預測。您能談談您們大額交易管道的成長情況，以及您如何更專注於發揮整合作用嗎？

Yes. There is no slowing down on consolidation of point products. We have been seeing our deals in general getting bigger. We're seeing upsell going more and more. So if customers spend X, they're spending more with us.

是的。單點產品的整合步伐沒有放緩。我們發現我們的交易量總體上正在增長。追加銷售也越來越多。所以，如果顧客消費X，他們在我們這裡消費的金額就會增加。

I shared several -- several large deals, where customers started at X and has gone up to Y or Z and whatnot. So the main thing for customers are looking for consolidation is, number one, can you give me better cyber and data protection? Number two, can it operationally run and manage these things better?

我分享了幾個大型交易，客戶最初從 X 開始，後來發展到 Y 或 Z 等等。所以，對於尋求整合的客戶來說，最重要的問題是：第一，你能提供更好的網路和資料保護嗎？第二，它能否更好地運作和管理這些業務？

Number three, can you do cost savings? That message is loud and clear, and they're handling all of that. In the one area I'll highlight for consolidation, which is playing a bigger role for us is data protection.

第三，你能節省成本嗎？這個訊息非常明確，而且他們正在處理所有這些問題。在整合方面，我要強調的一個領域是資料保護，它對我們來說發揮更大的作用。

When customers started with Zscaler, ZI, they started with cyber protection was a primary focus to make sure they don't get compromised. Now with -- and similar attacks where data is often exfiltrated, data protection has become a bigger and more important item than it used to be.

當客戶開始使用 Zscaler 和 ZI 時，他們首先關注的是網路保護，以確保他們不會受到攻擊。現在，由於各種類似的攻擊，資料經常被洩露，資料保護變得比以往更加重要。

Since we are sitting in line with the traffic that goes to the internet, we have a natural provider, a natural partner to build data protection. And we see growth in data protection that has become one of the fastest area for us. I think a few quarters ago, we mentioned that it has exceeded -- surpassed $4 billion for us.

由於我們與互聯網流量同步增長，因此我們擁有一個天然的供應商和合作夥伴來建立資料保護。我們看到資料保護業務的成長已成為我們成長最快的領域之一。我記得幾個季度前，我們提到過，我們的資料保護業務已經超過了40億美元。

And also, we expanded this platform quite a bit. We used to do in-line DLP as the primary thing. Now we also got DLP for e-mail as a a big thing, SaaS, SSPM kind of stuff. And now the DSPM are becoming important areas.

此外，我們對這個平台進行了相當大的擴展。我們過去主要做內聯DLP（資料外洩防護）。現在，電子郵件DLP也成為一項重要業務，SaaS、SSPM之類的產品也加入其中。現在，DSPM正成為一個重要的領域。

So I think we've got a great expanding platform. With cost savings, I think they're extremely well positioned.

所以我認為我們擁有一個很棒的擴充平台。考慮到成本節約，我認為他們處於非常有利的地位。

From my perspective, also, Matt, I mean, just some numbers we called out on the script. 567 customers have greater than $1 million ARR. 3,100 customers are greater than $100,000. And I believe 60 -- over 60 customers with $5 million in ARR.

馬特，從我的角度來看，我的意思是，我們在腳本中提到了一些數字。 567位客戶的年經常性收入 (ARR) 超過100萬美元。 3,100位客戶的年經常性收入 (ARR) 超過10萬美元。我相信有60位——或者說超過60位客戶的年經常性收入 (ARR) 達到500萬美元。

0.5 trillion transactions per day. So just to put it in perspective, on the order of magnitude, that's more than anybody's seen. At the time of our public offering, we're doing 30 billion transactions per day. So we've got from 30 billion transactions to 500 billion transactions.

每天0.5兆筆交易。所以，從數量級來看，這比任何人見過的都要多。在我們公開募股時，我們每天處理的交易量是300億筆。所以我們的交易量已經從300億筆成長到了5000億筆。

The data that we received, the information that we receive, that we're able to basically help our customers from a security perspective, I just don't think there's anybody else out there we can do it. It's my view that we are in a great position to capture this market.

我們收集的數據和信息，以及我們能夠從安全角度為客戶提供的幫助，我認為沒有其他公司能做到這一點。我認為我們在這個市場上處於非常有利的地位。

I also believe that with the go-to-market changes that we've made over the last nine months, we're going to sell deeper in the accounts. And also, we've been one of the things we called out, GSI. That's going to be an area that we're going to focus in on as we go forward.

我還相信，隨著我們過去九個月在行銷方面所做的調整，我們的銷售業績將進一步提升。此外，我們一直在強調GSI（客戶滿意度調查）。這將是我們未來重點關注的領域。

I think the opportunity is really big. And I believe the platform is well positioned to really protect customers and governments throughout the world. And I think we feel good about where we're at right now.

我認為這個機會非常巨大。我相信這個平台能夠真正保護世界各地的客戶和政府。我們對目前的狀況感到滿意。

Thanks, guys. Super helpful.

謝謝大家。非常有幫助。

Thank you. Shrenik Kothari, Baird.

謝謝。施萊尼克·科塔里，貝爾德。

Hey, yeah. Thanks for taking my question. So Jay, in light of what you said, right, you guys are expanding the platform beyond just securing users and now delivering zero trust for applications, workloads, and IoT. And you gave example of a new logo win with top 10 and strong customer demand for the broad approach.

嘿，是的。謝謝你回答我的問題。 Jay，根據你所說的，你們正在擴展平台，不僅僅是保護用戶安全，現在還為應用程式、工作負載和物聯網提供零信任。你舉了一個例子，新標誌贏得了前十名，而且客戶對這種廣泛方法的需求很強烈。

Just to elaborate on the nature and composition of these contracts, the noncancelable billings, the compensation of this pipeline in terms of users and seats versus workloads and applications that you called out? And does that help with the overall land and expand motion moving more towards the workload and application base. And a follow-up for Remo as well.

您能否詳細說明這些合約的性質和組成，不可取消的帳單，以及您提到的按用戶和席位而不是工作負載和應用程式來計算的管道補償？這是否有助於整體土地和擴展計劃向工作負載和應用程式基礎靠攏？以及關於 Remo 的後續事宜。

Yeah. Let me start with the platform expansion. As I said during my prepared remarks, most of the vendors are trying to really mature a product for protecting users. We've done that extremely well, 47 million some users protected. So it is natural for us to expand into workloads, IoT/OT devices, and the like.

是的。我先從平台擴展開始。正如我在準備好的演講中所說，大多數供應商都在努力完善產品，以更好地保護使用者。我們在這方面做得非常好，已經保護了大約4700萬用戶。因此，我們自然會擴展到工作負載、物聯網/營運技術 (IoT/OT) 設備等領域。

In terms of growth, to give you some data points, we talk about emerging products in some of the newer areas and then you've got the mature flagship products. Our emerging products, which is where the workload protection, IoT/OT type of stuff falls in, it was 22% in fiscal '24. It had gone up from 18% in fiscal '23, and we expect it to go to mid-20s in fiscal '25.

就成長而言，為了提供一些數據點，我們討論了一些新興領域的產品，然後是成熟的旗艦產品。我們的新興產品，包括工作負載保護、物聯網/維運技術 (IoT/OT) 等產品，在2024財年的成長率為22%。這一數字比2023財年的18%有所上升，我們預計2025財年將達到25%左右。

So that's growing faster. That's why it's able to carve out market share out of that. The exciting thing about that area is there is literally no real competition to do these things in zero trust fashion. Yes, some of the workloads and all is done through firewalls, communication, IoT/OT, what you do, firewall and VPNs. We all know that firewalls and VPNs have to go away. And we are well positioned.

所以它成長得更快。這就是為什麼它能夠從中分一杯羹。這個領域令人興奮的地方在於，在零信任模式下，幾乎沒有真正的競爭對手。是的，部分工作負載以及所有工作負載都是透過防火牆、通訊、物聯網/營運技術（IoT/OT）、防火牆和VPN 完成的。我們都知道防火牆和 VPN 必須淘汰。而我們處於有利地位。

It's just that it's a little bit different sale. It's the same audience, a lot different. IoT/OT, a lot of stuff is linked to manufacturing and plans for the like. So you need to reach on the audience, but CSOs and CIO do play a common role.

只是銷售略有不同。受眾是相同的，但差異很大。物聯網/營運技術 (IoT/OT) 領域有許多東西與製造和相關規劃相關。所以你需要接觸受眾，但首席策略長 (CSO) 和資訊長 (CIO) 確實扮演著相同的角色。

With the acquisition of Airgap, which does actually device segmentation for IoT/OT extremely well without needing any firewalls, without needing any network access control devices. It's one of the area that's being really showing tons of interest in our customer base.

我們收購了 Airgap，它能夠出色地實現 IoT/OT 的設備隔離，無需任何防火牆，也無需任何網路存取控制設備。這是我們客戶群真正感興趣的領域之一。

In fact, our number of engagements with device segmentation for IoT/OT based on year gap has gone up significantly. So that's why I feel like the gap between us and people trying to come from behind is growing and the barrier to entry is not trivial in distance. Remo, do you want to talk about the --

事實上，我們基於年份差距對物聯網/OT設備進行細分的參與度顯著提升。正因如此，我感覺我們與後來者之間的差距正在不斷拉大，而且進入門檻也並非微不足道。 Remo，你想談談…

Yeah. From a contracted billing perspective, again, the key point is that we signed three-year contracts upfront. And so getting that certainty with that contract is good. And then the billing happens afterwards -- on an annual basis afterwards. That's the scheduled contract billing.

是的。從合約計費的角度來看，關鍵在於我們提前簽訂了三年合約。因此，透過合約獲得確定性是件好事。之後計費是按年進行的。這就是定期合約計費。

So what we're seeing is that our contract lengths are increasing, which is positive. And also, we're seeing our deal size increasing, which is positive, too. We're also seeing customers buying more of our product and across our platform.

所以，我們看到的是，我們的合約期限正在增加，這是正面的。同時，我們的交易規模也在增加，這也是正面的。我們也看到客戶在我們的平台上購買更多我們的產品。

And again, getting a three-year contract with the schedule billing gives you certainty related to the billings. But also, getting that three-year contract gives you time to basically sell that customer more. And as I mentioned before, which is really key, is that the sales organization, go-to-market organization, we're selling deeper into the accounts.

再次強調，簽訂一份三年期的定期結算合同，可以確保帳單的確定性。同時，這份三年合約也讓你有時間向客戶銷售更多產品。正如我之前提到的，關鍵在於，我們的銷售團隊、市場推廣團隊，正在深入客戶。

That's going to be our focus. We look for new customers, but we're also going to look to sell deeper into our accounts. So longer contracts, it's a good thing.

這將是我們的重點。我們正在尋找新客戶，但我們也會尋求進一步擴大現有客戶的銷售。所以，簽訂長期合約是件好事。

Got it. Thanks a lot, Jay and Remo. Appreciate it.

明白了。非常感謝，Jay 和 Remo。非常感謝。

Thank you. Patrick Colville, Scotiabank.

謝謝您。加拿大豐業銀行的派崔克‧科爾維爾。

Jay, thank you so much for taking my question here. I guess I want to ask about emerging products. I mean, it was 22% of new and upsell in fiscal '24. I mean, very impressive to see those emerging products ramp.

Jay，非常感謝您回答我的問題。我想問一下新興產品。 2024財年，新產品和追加銷售的佔比達到了22%。看到這些新興產品的成長，真是令人印象深刻。

I mean we're going to get this in the 10-K, but what was ZPA and then ZIA as a proportion of new and upsell in fiscal '24? And I guess the second part of the question is, how do you expect ZPA and GenAI trend in fiscal '25? I mean, what's the sustainability and remaining TAM for those two product lines?

我的意思是，我們會在2010財年實現這一點，但ZPA和ZIA在2024財年新銷售和追加銷售中所佔的比例是多少？我想問題的第二部分是，您預計2025財年的ZPA和GenAI趨勢如何？我的意思是，這兩條產品線的可持續性和剩餘TAM是多少？

So very good question. So let's start with ZIA and ZPA. At the time of IPO, there was only one product, ZPA. ZPA was a rounding adder, so to speak. But today, if you look at the mix between ZIA and ZPA, ZPA has gone from literally nothing to about 40% -- over 40% of the new business that we are doing between the two of the products. So that's very marketable.

這個問題問得非常好。我們先從ZIA和ZPA說起。 IPO時，我們只有一款產品，ZPA。可以說，ZPA只是個四捨五入的加法器。但如今，如果你看看ZIA和ZPA的結合，你會發現ZPA的佔比已經從幾乎為零上升到40%左右——超過40%的新增業務都來自這兩款產品。所以，這非常具有市場價值。

In fact, if it goes too high, I'll be wondering. Is ZPA not going fast enough? So I expect it to grow somewhat more, but not quite. At the end of the day, it could get to 50-50.

事實上，如果它漲得太高，我會懷疑。零排放汽車（ZPA）的成長速度是不是不夠快？所以我預計它會增長一些，但不會完全增長。最終，它可能會達到一半一半的水平。

I expect every Zscaler customer, for every user to have ZIA, ZPA, and ZDX. Those three products make a complete package, and we call it Zscaler for Users. Zscaler for Users has become our single largest queue, basically, because that's what our sales team leads with, which really says that our goal is for every customer to buy those key products.

我希望每位 Zscaler 客戶，每位使用者都能擁有 ZIA、ZPA 和 ZDX。這三款產品組成一個完整的產品包，我們稱為 Zscaler for Users。 Zscaler for Users 已經成為我們最大的單一用戶群，基本上是因為我們的銷售團隊以它為主導，這實際上表明我們的目標是讓每位客戶都購買這些關鍵產品。

That's one key area. Now, what is the second part of your question? Sorry, I forgot.

這是一個關鍵領域。那麼，你問題的第二部分是什麼？抱歉，我忘了。

I guess it's -- the question we get from investors is how -- what is the sustainability of those business lines? And I guess, what you just articulated is that there's a lot to go in ZPA, but maybe talk about ZIA. Is there a lot to go there or is that a more mature segment?

我想投資人問我們的問題是──這些業務線的可持續性如何？您剛才說的是，ZPA 還有很多發展空間，但或許可以談談 ZIA。 ZPA 還有很多發展空間嗎？還是說 ZIA 是一個更成熟的細分市場？

So let's also -- let's start with the second part, that is how much market penetration done and how much market penetration we have left. ZIA was a starter product. Obviously, almost all customers start with ZIA. We are seeing some customers starting with ZPA, but that number is relatively small.

那麼，讓我們從第二部分開始，也就是我們已經完成了多少市場滲透率，以及我們還剩下多少市場滲透率。 ZIA 是一款入門產品。顯然，幾乎所有客戶都是從 ZIA 開始的。我們也看到一些客戶從 ZPA 開始，但這個數字相對較少。

But take G2K, we reached nearly 35% G2K, which means there are about 300 companies -- yeah, 300 companies that are spent -- sorry, 35% of them are Zscaler customers. Now about probably an area of 60% of our large ZIA customers also at ZPA. So that's good penetration.

就 G2K 而言，我們的 G2K 覆蓋率接近 35%，這意味著大約有 300 家公司——是的，300 家公司——其中 35% 是 Zscaler 的客戶。現在，我們 ZIA 的大型客戶中，大約有 60% 也是 ZPA 的客戶。所以，這是一個不錯的滲透率。

But in terms of the opportunity, for us, only about -- of the 35% G2K, about 300 of them spend over $1 million for us. That means that of the existing customers, the 400 more, that could easily go to $1 million for us. But many of the customers in that same group have done to $5 million.

但就機會而言，對我們來說，在35%的G2K客戶中，只有大約300家為我們花費超過100萬美元。這意味著，在現有客戶中，另外400家，他們的支出很容易就能達到100萬美元。但在同一群體中，許多客戶已經達到了500萬美元。

So we -- what I'm saying, there's an opportunity for us to upsell, go from 35% G2K to a higher number and, among those 35%, to sell both ZIA and ZPA. So there's no lack of market for us.

所以，我的意思是，我們有機會提升銷量，從35%的G2K比例提高到更高的比例，並且在這35%中，同時銷售ZIA和ZPA。所以，我們並不缺乏市場。

Other point I'll make is, on the high end of the market, we do extremely, extremely well. Those customers are sophisticated. They need the functionality, breadth, depth, and reliability and experience we offer.

我想說的另一點是，在高端市場，我們做得非常好。這些客戶非常成熟。他們需要我們提供的功能、廣度、深度、可靠性和體驗。

So we are counting on this account focused program that our new CRO is driving is actually focused on going deeper and wider into our existing accounts and getting new large logo contest. I hope that gives you the color you look.

所以，我們希望新任首席風險長推動的這個以客戶為中心的項目，能夠更深入、更廣泛地拓展我們現有的客戶，並贏得新的大型標誌競賽。希望以上內容能讓您眼前一亮。

Wonderful. Thank you so much.

太棒了！非常感謝。

Thank you. Adam Borg, Stifel.

謝謝。 Adam Borg，Stifel。

Awesome. And thanks for taking the question. For Jay and Remo, I know you talked about this a bit in the script, but I was hoping you could talk a little bit more about head count growth in fiscal '25 and where you're really investing most across sales and marketing and R&D. Thanks so much.

太棒了。感謝你們回答這個問題。 Jay 和 Remo，我知道你們在演講稿中提到過這個問題，但我希望你們能多談談 2025 財年的員工人數增長情況，以及你們在銷售、市場營銷和研發方面投入最多的領域。非常感謝。

Yeah. We do expect to increase head count in fiscal '25. Our fiscal '25 head count increase will be across all the areas, R&D, sales and marketing, G&A, and cloud.

是的。我們確實預計25財年會增加員工人數。 25財年的員工增員將涵蓋所有領域，包括研發、銷售和行銷、一般行政管理以及雲端運算。

I would say the pace of hiring in fiscal '25 will be less than what it was in fiscal '24. In fiscal '24, we added about 1,400 employees. We went from 5,900 employees to 7,300. So I would think about more of a moderate pace in hiring in fiscal '25 versus '24.

我認為25財年的招募速度會低於24財年。 24財年，我們新增了約1400名員工。員工總數從5900人增加到了7300人。所以我認為25財年的招募速度會比24財年更溫和。

Awesome. Thanks so much.

太棒了！非常感謝。

Thank you. Hamza Fodderwala, Morgan Stanley.

謝謝。摩根士丹利的 Hamza Fodderwala。

Good evening. Thanks for fitting me in. Either for Jay or Remo, I'm curious. Since Mike and the new sales leadership have been on in the last few quarters, what are some of the early indications that you're seeing, early proof points that give you confidence heading into fiscal '25?

晚安.謝謝你的邀請。我對傑伊和雷莫的情況都很好奇。由於麥克和新的銷售領導層在過去幾季一直在任，您看到了哪些早期跡象，哪些早期證據讓您對2025財年充滿信心？

So good question. Remember, when we set out to make some of these changes? The key thing for us was we wanted to move from early-stage companies that focus on opportunity-centric stuff to account-centric stuff. That was one of the key terms.

這個問題問得好。還記得我們當時著手做出這些改變的時候嗎？對我們來說，關鍵在於我們希望從專注於機會的早期公司轉變為專注於客戶。這是關鍵術語之一。

We have put a program in place, we trained the sales force, and we are actually making good progress in pursuing this process. How do you see the results? You start seeing more upsell in the account-based part, and then you start seeing new logo as well.

我們已經實施了一項計劃，培訓了銷售人員，並且實際上在推進此流程方面取得了良好的進展。您覺得效果如何？您開始看到基於帳戶的銷售成長，而且您也開始看到新的標誌。

So we are seeing good upsell large deals and large accounts. That's what we expected. In fact, if you think about it, our overall number of $1 million ARR customers, it's gone up to 567. Our customers with $5 million more ARR has gone to 60. Now all of that is not attributable to the new team because the new team started working on past couple of quarters, but we're seeing key reasons for that.

因此，我們看到了良好的追加銷售，大額交易和大客戶數量都在增加。這正是我們預期的。事實上，想想看，我們年平均收入 (ARR) 超過 100 萬美元的客戶總數已經上升到 567 位。年平均收入超過 500 萬美元的客戶數量也上升到 60 名。所有這些成長並非都歸功於新團隊，因為新團隊在過去幾季就開始工作了，但我們看到了一些關鍵原因。

The second thing we're seeing as a result is the GSI involvement. We have special focus on GSIs, who actually are embedding our offering into their offerings so it becomes part of your offerings as well. We're seeing good early indications of that.

我們看到的第二件事是GSI的參與。我們特別關注GSI，他們實際上正在將我們的產品嵌入到他們的產品中，以便它也成為您產品的一部分。我們已經看到了這方面的良好早期跡象。

Number three, the quality of sales leaders that are actually applying. A number of them come from a background with a focus on account-focused selling and important large accounts to larger deals. We are seeing the quality of those people.

第三，實際申請的銷售主管的素質。他們中的許多人都有專注於以客戶為中心的銷售的背景，負責重要的大客戶和大型交易。我們正在見證這些人的素質。

So from my point of view, the transition is going better than I expected. I'm very pleased with it, and I'm very bullish about it.

所以從我的角度來看，過渡進展比我預期的還要好。我對此非常滿意，也非常樂觀。

Thank you.

謝謝。

From my perspective -- yeah, from my perspective, I'll give you my two cents and I'll make it really quick. At the end of the day, you've got a great company with a great platform for a significant need of your product on a worldwide basis. That's required, quite frankly.

從我的角度來看——是的，從我的角度來看，我會給你我的意見，而且我會很快說完。說到底，你擁有一家優秀的公司，擁有一個優秀的平台，能夠滿足全球範圍內對你的產品的巨大需求。坦白說，這是必要的。

It comes down to one thing, and that is people. And I believe what I've seen with the leadership that we have, that -- it's in our go-to-market team across the board. It is great to see. And it really, I think, sets us up well going forward. And as Jay mentioned, strong leaders will hire strong people. And I believe the leadership we have on board is very, very strong.

歸根究底，關鍵在於人才。我相信，就我所看到的我們目前的領導團隊而言，這一點——它滲透到了我們整個市場推廣團隊中。這真是令人欣喜。我認為這確實為我們未來的發展奠定了良好的基礎。正如傑伊所說，強大的領導者會聘用優秀的人才。我相信我們目前的領導團隊非常非常強大。

Yeah. I think other comment I'll make is a barrier to entry to do what Zscaler has done is very hard, and cyber is becoming more and more important. And we're excited with the opportunity ahead of us.

是的。我想說的是，Zscaler 所做的事情的門檻非常高，而且網路安全也變得越來越重要。我們對未來的機會感到興奮。

With that, I will thank you for your interest in Zscaler. We look forward to seeing you at one of these investor conferences. Thanks again.

最後，感謝您對 Zscaler 的關注。我們期待在投資者會議上與您相見。再次感謝。

Thank you.

謝謝。

Thank you all for participating in today's conference. You may now disconnect.

感謝大家參加今天的會議。現在您可以斷開連線了。