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，感謝你們的支持。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。請繼續。

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。今天與我通話的是董事長兼執行長傑伊‧喬杜里 (Jay Chaudhry)；雷莫‧卡內薩 (Remo Canessa)，財務長。

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，我們已在投資者關係網站上發布了收益報告和補充財務計劃。除非另有說明，我們今天討論的所有數字都將根據調整後的非公認會計準則計算。您將在我們的收益報告中找到 GAAP 與非 GAAP 財務指標的調整表。

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、經營費用、營業收入、淨利潤、自由現金流量、以美元為基礎的淨保留率、未來的招聘決策、剩餘履約義務、所得稅、每股收益、我們的目標和前景、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不是對未來績效的保證，而是受到風險和不確定性的影響，其中一些是我們無法控制的。這些前瞻性陳述從今天起適用，您不應依賴它們來代表我們未來的觀點。

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

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，請參閱我們向 SEC 提交的文件以及今天的收益報告。

I also want to inform you that we'll be attending the following conferences: 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 月在舊金山舉行的 Wolfe Research TMT 會議11 .

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，阿什溫。我們第四季的表現強勁，所有指標都超過了我們指導的上限。營收年增 30%，帳單成長 27%，獲利能力創下新紀錄，營業利益率約 22%，自由現金流利潤率為 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.

在本季新業務和追加銷售業務加速的推動下，我們還在第四季度實現了 10 億美元季度預訂的新里程碑。全年營收成長 34%，自由現金流成長 75%，自由現金流利潤率達到 27%，創公司新紀錄。

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.

憑藉又一年強勁的營收和利潤表現，我們連續第四年超過了 60 的規則。儘管我們的行銷組織最近發生了變化，但由於客戶對我們的零信任交換平台的強烈需求，我們仍然取得了這些出色的成果。

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.

我對我們在上市執行、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。我還很高興地告訴大家，第四季我們的 ARR 突破了 25 億美元，我們預計在 25 財年實現 ARR 30 億美元或更多的新里程碑。

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細節之前，讓我先分享一些對需求環境的觀察。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烈，第四季度創下了新業務和追加銷售業務的記錄。我們的平台擁有近 8,700 位客戶中的 4,700 萬用戶。

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.

雖然其他供應商仍在努力為用戶提供雲端安全性，但我們將平台擴展到用戶之外，為應用程式、工作負載和物聯網/OT 設備提供零信任安全性。客戶正在透過採用我們的綜合平台來整合他們支離破碎的傳統安全產品。

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，人工智慧日益廣泛的使用正在為我們創造新的成長途徑。例如，GenAI 的日益普及正在暴露組織安全狀況中的新差距。為了幫助我們的客戶應對這些風險，今年早些時候，我們推出了 GenAI 安全性，使客戶能夠在不影響資料安全的情況下實現 GenAI 的生產力優勢。使用我們的 GenAI 安全性，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，我很高興與大家分享，我們的雲端平台已經實現了一個重要的里程碑，每日交易量超過 5 兆筆。即 T，單位為兆。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，為我們龐大的資料湖提供數據。這些不是防火牆日誌，通常無法檢查 SSL 流量以進行網路威脅偵測。這些是包含結構化和非結構化資料的完整日誌，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人工智慧模型，為整個平台的創新提供動力。我們的人工智慧分析解決方案，包括統一漏洞管理、Risk360、業務洞察，受到了強烈的關注。

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.

人工智慧分析為第四季度的新業務和追加銷售業務成長貢獻了近 3 個百分點，為整個 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提供。我對 AI Analytics 在 24 財年的貢獻感到滿意。隨著解決方案的不斷擴展，我預計其貢獻將繼續增長。

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.

憑藉 960 億美元的潛在市場，我們相信我們正處於零信任和人工智慧機會的早期階段。由於防火牆和基於 VPN 的架構的限制被威脅行為體利用來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.

去年，我們發現 Zscaler 雲端阻止的勒索軟體攻擊增加了 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家族。

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.

由於網路漏洞數量不斷增加，越來越多的客戶開始採用我們的零信任平台。例如，在新標誌獲勝中，一家財富 500 強行業前 10 名的工業機械公司透過一項價值七位數的 ACV 多年期交易為 100,000 名用戶購買了 Zscaler。該客戶先前購買了基於防火牆的 SASE 解決方案來整合防火牆、安全 Web 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，並且不能提供零信任安全。他們選擇 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威脅行為者無法看到客戶的分支機構和資料中心。因此，它們不會被發現，也不會受到攻擊。

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.

除了登陸新標誌平台購買之外，我們還對我們的平台進行追加銷售。我們的土地和擴張運動創造了持續參與和追加銷售的飛輪。舉個例子，在一筆七位數的追加銷售交易中，財富 200 強金融服務客戶在為 68,000 名用戶成功部署 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.

在使用Zscaler 確保互聯網和SaaS 訪問安全後，他們自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，並用於用戶到應用程式分段以消除橫向威脅傳播，而ZDX 則用於快速識別和解決最終問題到最終的效能問題。透過這次購買，客戶的 ARR 增加了一倍多，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，我很高興與大家分享，客戶繼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，在贏得新商標的過程中，一家美國醫療保健提供者透過一項為期多年、八位數的TCV 交易購買了我們平台的多個支柱，包括ZIA 轉型、高級資料保護和為124,000 名用戶提供的ZDX。

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，因為它具有全面的功能，包括保護所有類型的數據，無論是結構化或非結構化、動態資料或靜態數據，以及跨所有管道（包括Web、電子郵件、端點）的資料SaaS、雲端工作負載等等。

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，讓我討論一下我們的新興產品，包括 ZDX、分公司和雲端零信任以及 AI 分析。我很高興地告訴大家，新興產品在 24 財年貢獻了約 22% 的新業務和追加銷售業務，高於 23 財年的 18%。我們預計這項貢獻將在 20 世紀 25 財年成長至 20 多歲。

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.

我們的分公司和雲端零信任解決方案（包括工作負載零信任、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.

在追加銷售中，一位財富 500 強金融服務客戶購買了工作負載零信任來保護其本地應用程式。工作負載零信任貢獻了大約七位數追加銷售 ACV 交易的三分之一，這使得該現有百萬美元 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.

在另一次追加銷售中，一家排名前 10 的製藥公司購買了我們的零信任 SD-WAN 解決方案來保護 30 多個製造站點，消除了對防火牆的需求，並使每個站點都像星巴克一樣。零信任 SD-WAN 佔七位數 ACV 交易的近 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.

我們不斷擴大的新興產品組合，透過收購 Avalor 和 Airgap 進一步加強，正在向新客戶開放劑量或銷售。隨著 Airgap 的加入，Zscaler 正在擴展到在分公司、工廠和園區內提供零信任安全，而客戶傳統上依賴東西向防火牆和網路存取控製或 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。我們也看到透過 Avalor 獲得的統一漏洞管理解決方案具有強大的吸引力。

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.

透過將客戶的企業安全和業務系統資料與來自 0.5 兆每日交易的專有日誌資料相結合，Avalor 為客戶提供即時、可操作的見解和營運效率，以改善其整體安全狀況。我們預計從 Airgap 或 Avalor 或其他新興產品開始的新標誌對話將擴展到更廣泛的平台機會。我們將繼續投資於我們的平台擴展。

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，我很高興與大家分享，我們建立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。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，提供了 20 倍的追加銷售機會。我們已經與包括國防部在內的 15 個內閣級機構中的 13 個機構達成合作，隨著零信任的採用率不斷提高，我們在聯邦垂直領域看到了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.

在我們在美國取得成功的基礎上，我們正​​在加速對其他國家的公共部門市場投資，這些國家正在模仿與美國類似的零信任安全計畫。這對我們來說是一個很大的機會。但與許多政府措施一樣，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.

現在讓我分享一些關於我們銷售組織的最新情況。首先，我們的員工流動率低於預期，招募季度表現強勁。在 25 財年，我們計劃繼續大力招募銷售代表，並預期人員流失將進一步改善。

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，在新業務和追加銷售業務加速的推動下，本季的銷售生產力好於預期。在 25 財年，我們預期銷售生產力將持續提高，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，我們增加了對全球系統整合商（GSI 通路）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。這些員工正在推動與 GSI 共同製定上市計劃的重大進展，將 Zscaler 平台與其客戶的數位轉型專案整合。

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 客戶，這使他們能夠向客戶展示 Zscaler 零信任平台提供的價值。本季度，我們增加了另一個大型 GSI 最終用戶客戶，使 Zscaler 客戶成為收入排名前 10 名的 GSI 中的 8 個。

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.

該 GSI 為超過 30 萬名用戶購買了 Zscaler for Users，這是我們在服務垂直領域有史以來最大的 TCV 交易。該 GSI 正在整合多個單點產品，包括安全 Web 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.

我對我們在將進入市場引擎轉變為以客戶為中心的銷售行動方面所取得的進展感到高興，這有助於我們大客戶的成長。與 23 財年相比，我們在 24 財年添加的全球 2000 強標誌數量幾乎增加了一倍。

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，我們的客戶約有 35% 的全球 2000 強公司和超過 40% 的財富 500 強公司。我們每年支出超過 100 萬美元的客戶群年增 26%，達到 [567] 個，本季結束時，我們有超過 60 個客戶每年支出超過 500 萬美元。我們預計這種大客戶動能將在 25 財年繼續。

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，我想談談由於 Microsoft 和 CrowdStrike 最近的雲端服務中斷而成為熱門話題的雲端彈性主題。當客戶依賴關鍵任務網路安全服務時，服務就不會中斷。

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.

從一開始，Zscaler 就建立了一個雲端安全平台，可以無縫擴展，具有高可靠性和彈性。要操作這樣的表面並非易事，需要多年的經驗。未經驗證的供應商，包括新進入者和傳統防火牆公司，沒有這種經驗。

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.

透過十多年來營運全球最大的具有卓越彈性的安全雲，我們贏得了最大企業的信任。這對我們來說是一個明顯的差異化因素，並且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.

作為創新者和市場領導者，我們於 2023 年 1 月成為第一家推出業務連續性服務的雲端安全公司，該服務使客戶即使在災難性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.

總之，我們處於獨特的地位，可以從零信任安全和人工智慧這兩個長期成長驅動力的融合中受益。進入 25 財年，我們擁有更強大的上市機制、加快的研發創新步伐、對新興產品的大力採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.

憑藉我們對客戶的痴迷、不斷擴大的平台和龐大的潛在市場，我預計又一個強勁的一年，這將使我們更接近 50 億美元的 ARR 目標。現在我想將電話轉給雷莫，了解我們的財務表現。

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%.

謝謝你，傑伊。即使客戶對大型交易持續進行審查，我們第四季度的業績仍超出了我們對成長和獲利能力的指導。營收為 5.93 億美元，年增 30%，季增 7%。從地理角度來看，美洲佔營收的 55%，歐洲、中東和非洲佔 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%。我們第四季的計算總帳單年增 27%，季增 45%，達到 9.11 億美元。我們計算得出的當前帳單年增 27%。與去年一樣，一些客戶在多年交易中預先向我們付款，並且來自此類預付款的總計算賬單的百分比同比相對沒有變化。

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) 比一年前成長了 26%，達到 44.18 億美元。目前 RPO 約為總 RPO 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，我們有 567 名客戶的 ARR 超過 100 萬美元，3,100 名客戶的 ARR 超過 10 萬美元。大客戶的持續強勁成長證明了我們在客戶的數位轉型之旅中發揮的策略作用。

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 個月以美元計算的淨保留率為 115%。雖然對我們的業務有利，但我們在銷售更大的捆綁包、從一開始就銷售多個支柱以及一年內更快的追加銷售方面取得的更大成功可以降低我們未來以美元為基礎的保留率。由於我剛才提到的因素，該指標可能會按季度出現變化。

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.

轉向我們第四季其餘的財務表現。總毛利率為 81.1%，上一季為 81.4%，去年同期為 80.7%。與去年同期相比，由於我們的雲端基礎設施的使用壽命更長，我們的會計方法發生了變化，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.

接下來，我們的總營運費用較上季成長 8%，年增 26%，達到 3.53 億美元。我們繼續在財務模型中產生巨大的槓桿作用，營業利潤率約為 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%。截至本季末，我們擁有超過 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%.

在詳細了解 2025 財年第一季和全年指引之前，我想分享更多有關我們的帳單指引框架的背景資訊。我們預計 25 財年全年的營業額將達到 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.

我們預計上半年的營收將在全年營收指引的 39% 至 39.5% 之間，第一季將約為全年營收指引的 16.2%。我們指導的中點意味著上半年的年比帳單成長約 13%，下半年加速至 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.

我想分享推動這種加速發展的三個關鍵因素（排名不分先後）。一，正如傑伊所提到的，我們預期銷售生產力將持續提高，下半年將強於上半年。我們預計這將有助於今年強勁的新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，我們強大且不斷成長的產品線支持下半年的加速。第三，從時間角度來看，我們上一年有效合約的合約未取消帳單預計上半年將成長 7%，下半年將成長 23%。這自然意味著下半年比林斯的成長將更加強勁，使我們能夠清楚地看到下半年總比林斯的成長。

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.

繼續討論稅收。請注意，我們預計在 2025 財年將繼續成為適度的現金納稅人，預計現金稅約為 4,500 萬至 5,000 萬美元。對於非 GAAP 損益報告，我想提請您注意我們對非 GAAP 稅金計算所做的更改。

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 財年開始及今後，我們將制定 23% 的非 GAAP 稅率，這反映在我們 2025 財年的非 GAAP 每股收益指引中。年的比較，反映了這個新的非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%.

轉向其餘的指導。提醒一下，這些數字都是非公認的會計準則。我們預計第一季營收在 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、分公司和雲零信任以及人工智慧分析等新產品，最初的毛利率將低於我們的核心產品。我們目前正在管理新興產品的上市時間和成長，而不是優化它們的毛利率。

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，我們將繼續投資雲端和人工智慧基礎設施，以適應不斷增長的需求。營業利潤在 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 3,100 萬美元，每股收益在 0.62 美元至 0.63 美元之間（假設有 1.64 億股完全稀釋股票）。

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財年全年營收在26億美元至26.2億美元之間，年增20%至21%。營業利潤在 5.3 億美元至 5.4 億美元之間，所得稅約為 1.4 億美元，每股收益在 2.81 美元至 2.87 美元之間（假設完全稀釋股份約為 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.

我們預計我們的自由現金流利潤率約為 23.5% 至 24%，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。隨著巨大的市場機會和客戶越來越多地採用更廣泛的平台，我們將積極投資，以實現長期成長和獲利。

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

接線員，現在可以開始提問。

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

謝謝。 （操作員指示）Saket Kalia，巴克萊銀行。

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，夥計們。感謝您在這裡提出我的問題。關於帳單和明年的帳單指南，這是一個不錯的季度。

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.

傑伊，如果我有一個問題，也許我可以回答你。 （技術難度）一點點，我想大家都知道你對基於防火牆的解決方案的看法了。但也許出於好奇，SASE 中的一些新玩家可能會使用與 Zscaler 類似的純雲端方法來解決這個問題？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.

薩凱特，謝謝你。我們沒有看到競爭格局有任何有意義的變化。事實上，如果我想說，隨著市場正在尋找更廣泛的整合平台，並且正在尋找批准供應商，因為彈性已成為非常重要的事情，我們的品牌變得更好。在高端市場，我們實際上感覺非常好。

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.

我們提到了新徽標的數量。去年，我們補充道，「24 年」的數量比「23 年」基本上翻了一番。我們已經看到，無論是防火牆供應商還是其他一些供應商，他們要么缺乏代理架構，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.

架構對於獲勝至關重要，這對我們來說是一個很大的優勢。即使您建立了架構，建立高度可靠、高度彈性的雲端也需要大量的時間和經驗。那麼這些大企業就必須信任你。

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。所以我們覺得我們處於一個有利的位置。我們不斷創新。我們的產品和我所說的競爭對手之間的差距正在變得越來越大。因此，我對這個平台以及我們與其他競爭對手所創造的差距感到非常樂觀和放心。

Very helpful. Thanks.

非常有幫助。謝謝。

Thank you. Brad Zelnick, Deutsche Bank.

謝謝。布拉德‧澤爾尼克，德意志銀行。

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.

偉大的。非常感謝。我將再次祝賀今年取得了真正強勁的成績。 Jay，非常感謝您對 7 月份與 Microsoft 和 CrowdStrike 相關的中斷發表的評論，以及為什麼 Zscaler 的設計方式具有高可用性，並且坦率地說，它被客戶視為在線解決方案。但我想知道，據您所知，該事件是否以任何方式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，對。這是一個好問題。 CrowdStrike 中斷後，客戶更專注於恢復能力，這是我們的優勢。事實上，我先接到了很多很多電話。事件發生後，他們想知道我們正在採取哪些措施。但我們最終首先邀請了——實際上是透過邀請，向我們最大的 1,000 名左右的客戶進行了簡報。

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，在一周左右的時間裡，大約 700 名客戶註冊參加了簡報會。我們最終做了其中的多個。主要問題是，這是關鍵任務服務。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.

好消息是 Zscaler 在 [2023] 年 1 月交付了業務連續性計畫或 DR 服務，成為第一家交付唯一擁有真正 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已顯著上升。

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 大約 40% 的大客戶已經部署了 BCP 或 ZIA。因此，雖然我們的客戶需要彈性，但他們也確實需要整合。但他們不希望整合使他們依賴單一供應商，尤其是應用程式和安全性方面的單一供應商。

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.

在微軟問題的午夜沙漠之後，情緒變得更加強烈。所以我認為我們都已經定位好了。我們在建立任務關鍵性方面做得很好。我認為這很重要，我們的客戶正在與我們完全合作。

Very helpful, Jay. Thank you.

非常有幫助，傑伊。謝謝。

Thank you. Royer Boyd, UBS.

謝謝。羅耶·博伊德，瑞銀集團。

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.

偉大的。感謝您回答我的問題。雷莫，我想問你有關比林斯指南的問題，以及你是否可以談談那裡保守主義的總體水平。甚至在本季之前，您就已經非常清楚進入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生產力確實好於預期。

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，還有什麼能讓您更猶豫或調整您對更廣泛的宏觀環境、銷售週期或其他方面的期望嗎？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，很好的問題。所以我的意思是，比林斯指南確實反映了——我們再次打破了上半場與下半場的局面。正如我們所討論的，在銷售組織中，我們第三季的人員流失率高於我們的預期，而這種流失率在第四季度趨於穩定。

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.

僱用這些客戶代表後，這些客戶代表需要時間才能基本上充分發揮生產力。我們預計他們將在下半年實現強勁的生產力。我們的管道支持我們的指導。

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.

正如我們在查看帳單時所指出的那樣，帳單由新帳單、追加銷售續約和合約帳單組成。我們在劇本中指出的一件事是合約帳單是上一年合約中的預定帳單。這些就是我們所看到的。

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，由於下半年業務的比重越來越大，我們看到這一點——我們的指南反映了這一點。正如我們在上半年所呼籲的那樣，合約帳單預計將年增 7%；下半場結束時，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，我們的銷售組織發生了變化。這種變化基本上是——這是一個更成熟、非常強大的領導層，也是一個我認為能夠更深入地銷售客戶並真正銷售 Zscaler 價值的組織。

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.

因此，從我的角度來看，看跌期權和看跌期權是對零信任的強烈需求。我們將繼續擴大 G2K 業務，該客戶約佔財富 500 強客戶的 35%。 Zscaler 的關鍵還在於我們正在創新。

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.

所以你看看我們的新興產品，它們佔 24 財年新產品和追加銷售總量的 22%。我們預計這一比例將上升至 25%。所以這將是我們持續關注的焦點。它不僅是銷售我們現有的核心產品，而且是創新。

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，進入市場團隊的強勁勢頭。我們剛剛舉辦了 SKO，每個去過那裡的人的回饋都非常非常積極。只是對我們所處的位置感覺良好。

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，在大背景下，消費環境仍充滿挑戰。但我覺得 Zscaler 憑藉我們的平台，以及我們正在建立的上市產品，我認為我們的定位非常非常好。傑伊，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。我認為我提到的最後一則評論是在當今的環境下，資訊長確實希望節省投資報酬率、降低成本。我們處於獨特的地位，可以刪除一些有助於證明我們完成交易的單點產品。

Thank you. Joseph Gallo, Jefferies.

謝謝。約瑟夫·加洛，杰弗里斯。

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。傑伊，我想跟進最後一個問題。我的意思是，您顯然已經開始非常成功地擴展到 ZIA 和 ZPA 之外，人工智慧和資料保護的成功證明了這一點。

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 事件發生後，我們聽說顧客不想把所有雞蛋放在同一個籃子裡。這是否會妨礙您銷售增量產品的能力？然後，Remo，也許您可以在您的 25 財年帳單指南中詳細說明您對 NRR 的看法。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.

所以這是一個非常好的問題。現在，CrowdStrike 並不是真正的將所有雞蛋放在一個籃子裡的問題。 CrowdStrike 是四款產品之一，每個產品都必須運作良好。因此，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.

如果你有兩打產品，他們希望將其降低到少數關鍵平台提供者。但他們不想走極端，也不想去找一家想要銷售所有安全產品的供應商，或是想要向您銷售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，我去過的大多數 CIO 都在標準化對三個提供者的內聯訪問，一個用於 EDR，一個用於身份，另一個用於零信任訪問。我認為這是一個很好的組合，因為你最終會得到幾層額外的層，但仍然有分離。

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.

因此，在這種環境下，我們的客戶並沒有真正反對我們，因為我們告訴他們，不要從 Zscaler 購買所有東西。您有一個 EDR 提供者，您有一個身分提供者，我們將完成其餘的零信任連線。這就是為什麼我們仔細選擇我們進入的市場。因此，我們對擴大和選擇我們想要競爭的領域感到滿意和滿意。

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 NRR 的角度來看，我認為約瑟夫（115%）非常出色。我們不指導 NRR。我們唯一一次真正關注它是我們之前在這些電話會議中提到的。確實，對我來說關鍵就是推動營收業務。無論是來自現有客戶還是新客戶，我認為以我們的規模來看，大約 115% 是非常出色的。

Thank you.

謝謝。

Thank you. Ittai Kidron, Oppenheimer.

謝謝。伊泰·基德倫，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，夥計們。為這一年畫下圓滿的句點。雷莫。抱歉，我得再次嘗試在比林斯上當死馬。我只是想確保我理解正確。

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，在 24 年，上半年和下半年的同比模式沒有任何異常的季節性。他們的帳單非常相似。那麼是什麼原因導致上半年和下半年出現 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.

東西被推出了嗎？你只是期望交易能夠推出。因此，您預計下半年會有更多成交或續約嗎？這是宏觀評論嗎？是否有兩三年前發生的事情，一次性付清，又以某種方式再次發揮作用？如果您能做任何事情來進一步挖掘這一點，我們將不勝感激。

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，上半年的預定帳單成長是 7%。預定的帳單成長，但與去年同期相比，我們預計今年將成長 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，你必須退一步思考，是什麼造成了這種情況？所以我們簽了三年的合約。三年期合約是按計劃計費的。所以我們有那些預定的帳單；這些帳單正在處理中。

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 23 財年上半年和 24 財年上半年，你會發現宏觀挑戰。因此，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，在 23 財年和 24 財年的上半年，這些預定的帳單現在已經完成，並且這些預定的帳單較低。

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. (inaudible) larger companies becoming more second half.

這創造了上半年同比 7% 的成長率。話雖如此，我之前發表的評論是，下半年業務會變得更多。 （聽不清楚）下半年，大公司變得更強大。

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.

所以我們的指導反映了這一點。預定的 23% 的帳單是合約帳單。它們已經安排好了，我們希望能收到這些帳單。

Thank you.

謝謝。

Thank you. Brian Essex, JPMorgan.

謝謝。布萊恩‧艾塞克斯，摩根大通。

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.

偉大的。謝謝你，下午好。感謝您提出問題。傑伊，我想你可能在準備好的演講中談到了這一點，但我想回到宏觀上，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，我們看到了許多在某些平台上進行整合的措施。其中一些是靈活的定價、不同的期限、免費贈送產品。這對您正在處理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.

就我所知，很多時候架構變化對您的平台很有吸引力。但我只是想接觸一下——也許你可以剝開定價動態的一層，只是為了了解你在你的環境中看到的東西。謝謝。

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

當然。正如我在準備好的發言中所說，是的，宏觀經濟仍然具有挑戰性，而且（聽不清楚）。同時，網路也非常重要。在許多領域，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.

在大型企業的網路中，僅僅夠好還不夠好。因此，客戶確實需要一個非常好的網路解決方案。這是第一名。

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重要角色。現在，一旦你這樣做了，你的管道就真正建立起來了，你與客戶接觸了，然後下一部分就開始了。

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.

現在，在當今的環境下完成交易確實需要您能夠實際向客戶展示您可以取出一堆產品並且可以為客戶省錢。我們能夠釋放。

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.

我們能夠更換許多新的產品，無論是防火牆、VPN、NAC 產品等。我們能夠證明我們能夠消除這些產品。顧客很喜歡。這對我們雙方都有幫助。

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.

現在我們的新業務和追加銷售業務實際上已經加速，所以我們看到了該領域的實力。所以首先，我並不擔心競爭。我可以透過顯示您可以移動的產品數量來處理定價情況。

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.

想想其他供應商。您認為防火牆供應商想要刪除一堆單點產品嗎？就產品而言，當今最大的安裝基礎是防火牆。他們想要保護這些防火牆。

We take care of those firewalls. We take care of 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.

我們負責處理這些防火牆。我們負責管理這些 VPN。所以我們只需要（聽不清楚）這個領域，我們不斷進步，確保我們參與 C 級別，第一。第二，確保我們創建良好的商業價值評估，我們已經在很大程度上擁有了這個流程。

Got it. Thank you.

知道了。謝謝。

Thank you. Matt Hedberg, RBC Capital Markets.

謝謝。馬特‧赫德伯格，加拿大皇家銀行資本市場部。

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?

偉大的。謝謝各位的提問。也許是本季的一個。您能否談談 - 顯然，這是 Q4，但是 - 我認為它是後端加載的。但是本季的線性度，推動或拉低的交易有什麼異常嗎？

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，也許如果你能更具體地評論一下迄今為止 8 月的趨勢，那就是——或者我想現在我們是在 9 月，但到 8 月，這會很有幫助。

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.

8月的流行趨勢，我請Jay來講一下。第四季度，我們談到該季度的後端負載變得更多。沒什麼——它與前幾季的第四季度相似，因此從線性角度來看，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內容或業務的具體趨勢，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。我認為八月沒有什麼值得談論的。業務一如既往地取得進展。所以我想，隨著我們變得更好，您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。也許我可以再擠進去一個。您能否談談大宗交易的可見性，因為很難預測這些事情的發生時間？但您能否談談您的大型交易管道的成長以及對日益發揮整合作用的關注？

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。 [點]產品的整合並沒有放緩。我們發現我們的交易總體上越來越大。我們看到追加銷售越來越多。因此，如果客戶花費 X，他們就會在我們這裡花費更多。

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?

我分享了幾筆大型交易，客戶從 X 開始，然後上升到 Y 或 Z 等等。因此，對於尋求整合的客戶來說，最重要的是，第一，你能為我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事情？

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？這個訊息響亮而清晰，他們正在處理所有這些。我要強調的一個領域是資料保護，這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、ZI 時，他們首先關注的是網路保護，以確保他們不會受到損害。現在，隨著資料經常被洩露的類似攻擊，資料保護已成為比以前更大、更重要的項目。

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.

由於我們與互聯網的流量保持一致，因此我們有一個天然的供應商，一個天然的合作夥伴來建立資料保護。我們看到資料保護的成長已成為我們成長最快的領域之一。我想幾個季度前，我們提到它已經超過了我們的 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 (inaudible) SaaS, [SSPN] (inaudible) stuff. And now the [DSPM] are becoming more areas.

而且，我們還大大擴展了這個平台。我們以前主要做的是內嵌DLP。現在，我們也獲得了電子郵件的 DLP，作為（聽不清楚）SaaS、[SSPN]（聽不清楚）內容。現在，[DSPM] 正在成為更多領域。

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

所以我認為我們有一個很棒的擴展平台。透過節省成本，我認為他們處於非常有利的位置。

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.

從我的角度來看，馬特，我的意思是，只是我們在劇本中提到的一些數字。 567 名客戶的 ARR 超過 100 萬美元。 3,100 名客戶的金額超過 100,000 美元。我相信有 60 個——超過 60 個客戶的 ARR 為 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 5 兆筆交易。因此，從角度來看，就數量級而言，這比任何人所看到的都要多。在我們公開募股時，我們每天的交易量為 300 億筆。所以我們的交易量從 300 億到 5000 億。

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.

我們收到的數據，我們收到的訊息，我們基本上能夠從安全角度幫助我們的客戶，我只是認為沒有其他人可以做到這一點。我認為我們處於佔領這個市場的有利位置。

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，隨著我們在過去九個月中所做的入市變革，我們將在客戶中進行更深入的銷售。而且，我們一直是我們呼籲的對象之一，GSI。這將是我們前進過程中將重點關注的領域。

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.

我認為機會真的很大。我相信該平台能夠真正保護世界各地的客戶和政府。我認為我們對目前的處境感覺良好。

Thanks, guys. Super helpful.

謝謝，夥計們。超有幫助。

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。感謝您提出我的問題。 Jay，根據您所說的，您正在擴展該平台，而不僅僅是保護用戶，現在還為應用程式、工作負載和物聯網提供零信任。您舉了一個新標誌贏得前 10 名以及客戶對廣泛方法的強烈需求的例子。

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.

只是為了詳細說明這些合約的性質和組成、不可取消的帳單、該管道在用戶和席位方面的補償與您所說的工作負載和應用程式？這是否有助於整體土地和擴展運動更多地轉向工作負載和應用基礎。還有雷莫的後續作品。

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。讓我從平台擴充開始。正如我在準備好的演講中所說，大多數供應商都在努力使產品真正成熟以保護使用者。我們在這方面做得非常好，4700 萬用戶受到了保護。因此，我們自然擴展到工作負載、物聯網/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.

在成長方面，為了給你一些數據點，我們談論一些較新領域的新興產品，然後你就得到了成熟的旗艦產品。我們的新興產品，即工作負載保護、物聯網/OT 類型的產品，在 24 財年佔 22%。它從 23 財年的 18% 上升，我們預計到 25 財年將達到 20% 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.

所以成長得更快。這就是為什麼它能夠從中開拓市場份額。該領域令人興奮的事情是，實際上沒有真正的競爭以零信任方式做這些事情。是的，一些工作負載和所有工作都是透過防火牆、通訊、物聯網/OT、您所做的事情、防火牆和 VPN 完成的。我們都知道防火牆和 VPN 必須消失。我們處於有利位置。

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.

只是銷售方式有點不同。都是同樣的觀眾，但差異很大。物聯網/OT，很多東西都與製造和類似計劃有關。因此，您需要接觸受眾，但首席安全官和資訊長確實扮演著共同的角色。

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.

透過收購 Airgap，它實際上非常好地實現了 IoT/OT 的設備分段，無需任何防火牆，也無需任何網路存取控制設備。這是我們的客戶群真正表現出極大興趣的領域之一。

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，我們根據年份差距進行物聯網/OT 設備細分的次數已顯著增加。這就是為什麼我覺得我們和那些試圖後來居上的人之間的差距越來越大，而且進入的障礙在距離上並不是微不足道的。雷莫，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，關鍵點還是我們提前簽了三年合約。因此，透過合約獲得確定性是件好事。然後帳單會在之後發生——之後每年一次。這是預定的合約帳單。

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，這是積極的。而且，我們看到我們的交易規模不斷增加，這也是正面的。我們也看到客戶透過我們的平台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.

再說一次，獲得一份包含時間表賬單的三年期合約可以讓您對賬單有確定性。而且，獲得三年合約也讓你有時間向該客戶推銷更多產品。正如我之前提到的，真正關鍵的是銷售組織、進入市場組織，我們正在向客戶進行更深入的銷售。

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。我們尋找新客戶，但我們也會尋求更深入地銷售我們的客戶。合約期限更長，這是一件好事。

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

知道了。非常感謝，傑伊和雷莫。欣賞它。

Thank you. Patrick Colville, Scotiabank.

謝謝。派崔克‧科爾維爾，豐業銀行。

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.

傑伊，非常感謝你在這裡提出我的問題。我想我想問一下新興產品。我的意思是，24 財年新銷售和追加銷售的比例為 22%。我的意思是，看到這些新興產品的崛起令人印象深刻。

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?

我的意思是我們將在 10-K 中得到這個，但是 ZPA 和 ZIA 在 24 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 25 財年 ZPA 和 GenAI 的趨勢如何？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.

這是非常好的問題。讓我們從 ZIA 和 ZPA 開始。 IPO時，只有一種產品，ZPA。可以說，ZPA 是一個舍入加法器。但今天，如果你看看 ZIA 和 ZPA 之間的組合，ZPA 已經從幾乎沒有增加到約 40%——超過我們在這兩種產品之間開展的新業務的 40%。所以這是非常有市場的。

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，如果它太高，我會想知道。 ZPA進展不夠快嗎？所以我預計它會增長一些，但不會完全增長。最終，可能會達到 50-50。

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.

我希望每個 Zscaler 客戶、每個使用者都能擁有 ZIA、ZPA 和 ZDX。這三個產品構成了一個完整的軟體包，我們稱之為「Zscaler for Users」。 Zscaler for Users 基本上已經成為我們最大的隊列，因為這是我們的銷售團隊所領導的，這實際上表明我們的目標是讓每個客戶購買這些關鍵產品。

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。現在，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，我們從投資人那裡得到的問題是，這些業務線的可持續性如何？我想，您剛才所闡述的是 ZPA 有很多工作要做，但也許可以談談 ZIA。那裡有很多值得去的地方還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.

因此，讓我們從第二部分開始，即完成的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。我們看到一些客戶開始使用 ZPA，但這個數字相對較小。

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.

但以 [G2K] 為例，我們達到了近 35% 的 G2K，這意味著大約有 300 家公司——是的，有 300 家公司被花費了——抱歉，其中 35% 是 Zscaler 客戶。現在，大約 60% 的 ZIA 大型客戶也在 ZPA。所以滲透力很好。

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，只有 35% 的 G2K 中約有 300 人為我們花費了超過 100 萬美元。這意味著現有的 400 多個客戶對我們來說很容易達到 100 萬美元。但同一群體中的許多客戶已經賺了 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.

所以我們——我想說的是，我們有機會進行追加銷售，從 35% 的 G2K 提高到更高的數字，其中 35% 可以同時銷售 ZIA 和 ZPA。所以我們不缺乏市場。

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.

我要說的另一點是，在高端市場，我們做得非常非常好。這些客戶都很老練。他們需要我們提供的功能、廣度、深度、可靠性和經驗。

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.

因此，我們指望我們的新 CRO 正在推動的這個以客戶為中心的計劃實際上專注於更深入、更廣泛地進入我們現有的客戶並獲得新的大型徽標競賽。我希望這能給你你看起來的顏色。

Wonderful. Thank you so much.

精彩的。太感謝了。

Thank you. Adam Borg, Stifel.

謝謝。亞當·博格，斯蒂菲爾。

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.

驚人的。感謝您提出問題。對於 Jay 和 Remo，我知道您在劇本中談到了這一點，但我希望您能多談談 25 財年的員工人數增長以及您在銷售、營銷和研發方面真正投資最多的領域。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 財年將增加員工人數。我們的 25 財年員工人數增加將涉及研發、銷售和行銷、G&A 以及雲端等所有領域。

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.

我想說，25 財年的招募速度將低於 24 財年。在 24 財年，我們增加了約 1,400 名員工。我們的員工人數從 5,900 人增加到 7,300 人。因此，與 24 財年相比，我認為 25 財年的招募步伐會更加溫和。

Awesome. Thanks so much.

驚人的。非常感謝。

Thank you. Hamza Fodderwala, Morgan Stanley.

謝謝。哈姆扎·福德瓦拉，摩根士丹利。

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.謝謝你讓我融入其中。自從麥克和新的銷售領導層在過去幾季就職以來，您看到的一些早期跡象、早期證據點是什麼，這些早期證據點讓您對進入 25 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.

好問題。還記得我們何時開始做出一些改變嗎？對我們來說，關鍵是我們希望從專注於以機會為中心的早期公司轉向以客戶為中心的公司。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.

我們已經制定了一個計劃，我們培訓了銷售人員，而且我們實際上在這過程中取得了良好的進展。您如何看待結果？您開始在帳戶為基礎的部分看到更多的追加銷售，然後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，我們看到了大筆交易和大客戶的良好追加銷售。這正是我們所期望的。事實上，如果你想一想，我們的ARR 客戶總數為100 萬美元，已增加到567 個。團隊，因為新團隊團隊在過去幾個季度開始工作，但我們看到了這樣做的關鍵原因。

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，他們實際上將我們的產品嵌入到他們的產品中，因此它也成為您產品的一部分。我們看到了良好的早期跡象。

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，實際申請的銷售領導者的品質。其中許多人的背景是專注於以客戶為中心的銷售以及大型交易的重要大客戶。我們看到了這些人的素質。

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，過渡期比我預期的還要好。我對此非常滿意，也非常看好它。

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，我會給你我的兩分錢，我會做得很快。歸根結底，您擁有一家出色的公司，擁有一個出色的平台，可以滿足您在全球範圍內對產品的重大需求。坦白說，這是必需的。

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.

歸根究底是一件事，那就是人。我相信我在我們的領導層中所看到的，那就是我們的全面上市團隊。很高興看到。我認為，這確實為我們的未來奠定了良好的基礎。正如傑伊所提到的，強大的領導者會僱用強大的人才。我相信我們的領導階層非常非常強大。

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。我認為我要說的其他評論是，做 Zscaler 所做的事情是非常困難的，而且網路變得越來越重要。我們對擺在我們面前的機會感到興奮。

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.

至此，我要感謝您對 Zscaler 的興趣。我們期待在其中一場投資者會議上見到您。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。您現在可以斷開連線。