Zscaler Inc (ZS) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by.

美好的一天，感謝您的支持。

Welcome to the Zscaler first-quarter 2025 earnings call.

歡迎參加 Zscaler 2025 年第一季財報電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄製中。

I will now hand the conference over to your speaker today, Ashwin Kesireddy, Vice President, Investor Relations and Strategic Finance.

我現在將會議交給今天的發言人，投資者關係和策略財務副總裁阿什溫‧凱西雷迪 (Ashwin Kesireddy)。

Please go ahead.

請繼續。

Good afternoon, everyone, and welcome to the Zscaler first-quarter fiscal year 2025 earnings conference call.

大家下午好，歡迎參加 Zscaler 2025 財年第一季財報電話會議。

On the call with me today are Jay Chaudry, Chairman and the CEO; Remo Canessa, CFO.

今天與我通話的是董事長兼執行長 Jay Chaudry；雷莫·卡內薩，財務長。

Please note we have posted our earnings release and a supplemental financial schedule to our investor relations website.

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。

Unless otherwise noted, all numbers we talk about today will be on an adjusted non-GAAP basis.

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。

You will find the reconciliation of GAAP to the non-GAAP financial measures in our earnings release.

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、美元基於淨保留率、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.

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。

These forward-looking statements apply as of today, and you should not rely on them as representing our views in the future.

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.

我們不承擔在本次電話會議後更新這些聲明的義務。

For a more complete discussion of the risks and uncertainties, please see our filings with the SEC as well as in today's earnings release.

有關風險和不確定性的更完整討論，請參閱我們向 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: UBS Global Technology and AI Conference in Scottsdale on December 4; Scotiabank Global Technology Conference in San Francisco on December 10; Barclays Global Technology Conference in San Francisco on December 11; Needham Growth Conference on January 9 and 10.

我也想通知您，我們將參加以下會議： 12 月 4 日在斯科茨代爾舉行的瑞銀全球技術和人工智慧會議； 12 月 10 日在舊金山舉行豐業銀行全球技術會議； 12 月 11 日在舊金山舉行的巴克萊全球技術會議； 1 月 9 日至 10 日舉行的李約瑟增長會議。

Now I'll turn the call over to Jay.

現在我會把電話轉給傑伊。

Thank you, Ashwin.

謝謝你，阿什溫。

We delivered a strong Q1 with all metrics, once again, exceeding the high end of our guidance.

我們在所有指標上都實現了強勁的第一季業績，再次超出了我們指導的上限。

Revenue grew 26% year over year, and bookings growth accelerated to over 30% driven by increasing customer commitments to our Zero Trust Exchange platform and growing interest in our AI solutions.

由於客戶對我們的零信任交換平台的承諾不斷增加以及對我們的人工智慧解決方案的興趣日益濃厚，收入同比增長 26%，預訂量增長加速至 30% 以上。

Our billings growth of 13% far exceeded the recent average growth rate of publicly traded legacy network security vendors by over 10 percentage points, demonstrating our continued market share gains in cybersecurity.

我們 13% 的營業額成長遠超過近期公開交易的傳統網路安全供應商的平均成長率超過 10 個百分點，這表明我們在網路安全領域的市佔率持續成長。

We are making tremendous progress, executing on our go-to-market plans and driving innovations that our customers are relying on us for.

我們正在取得巨大進展，執行我們的上市計劃並推動客戶依賴我們的創新。

With continued strong demand, I'm very pleased to increase our full-year billings and revenue guidance.

由於需求持續強勁，我很高興增加我們的全年帳單和收入指導。

Q1 was a solid quarter for profitability as well.

第一季的獲利能力也很強勁。

With our operating discipline, we grew operating profit by 50% year over year and delivered new Q1 records for operating margin of 21%, and free cash flow margin of 46%.

憑藉我們的營運紀律，我們的營業利潤年增了 50%，並創下了第一季營業利潤率 21% 和自由現金流利潤率 46% 的新紀錄。

While many successful SaaS companies strive for Rule of 40 results, our revenue growth and free cash flow margin makes us a rare SaaS company that operates at Rule of 70 or better.

雖然許多成功的 SaaS 公司都在努力爭取 40 規則的結果，但我們的收入增長和自由現金流利潤率使我們成為罕見的按照 70 規則或更好的規則運營的 SaaS 公司。

This places us in the top handful of the 145 largest public SaaS companies.

這使我們躋身 145 家最大的 SaaS 上市公司之列。

In my scores of customer conversations, CXOs are prioritizing Zero trust security and AI for their IT spending.

在我與客戶的大量對話中，CXO 優先考慮零信任安全和人工智慧的 IT 支出。

We are fighting AI with AI.

我們正在用人工智慧對抗人工智慧。

We recently delivered several AI innovations and are continuing to expand our AI portfolio in the following three areas of high customer interest: First, securing use of AI applications for faster and safer adoption of Public and Private AI applications.

我們最近推出了多項人工智慧創新，並繼續在客戶高度關注的以下三個領域擴展我們的人工智慧產品組合：首先，確保人工智慧應用程式的使用，以更快、更安全地採用公共和私有人工智慧應用程式。

We enable customers to securely adopt public-AI apps such as ChatGPT, Microsoft Copilot, and GitHub Copilot with "Zscaler for copilots".

我們使客戶能夠透過「Zscaler for copilots」安全地採用公共人工智慧應用程序，例如 ChatGPT、Microsoft Copilot 和 GitHub Copilot。

Zscaler for copilots provides granular visibility to find and classify on-prem or cloud data, gives access control for only the right users to access data, limits Copilots' discovery of data, fixes Copilot misconfigurations, and enforces policies to stop sensitive data from leaking.

適用於Copilots 的Zscaler 提供精細的可見性，以查找和分類本地或雲端數據，為僅正確的用戶存取數據提供存取控制，限制Copilots 發現數據，修復Copilot 錯誤配置，並強制執行策略以阻止敏感數據洩漏。

Our industry-leading capabilities in this area are driving large customer wins.

我們在這一領域的行業領先能力正在推動贏得大量客戶。

For example, in a new logo win, a Global 2000 technology services customer purchased our AI-powered Data Protection solution, which accounted for 50% of the seven-figure ACV deal.

例如，在新徽標贏得中，全球 2000 強技術服務客戶購買了我們的人工智慧驅動的資料保護解決方案，該解決方案佔七位數 ACV 交易的 50%。

Data Protection enables this customer to securely roll out Microsoft Copilot.

資料保護使該客戶能夠安全地部署 Microsoft Copilot。

The secure use of Office 365 was a huge opportunity for us, and I believe the secure use of Microsoft Copilot is a huge opportunity as well.

Office 365 的安全使用對我們來說是一個巨大的機會，我相信 Microsoft Copilot 的安全使用也是一個巨大的機會。

In addition to enabling secure adoption of copilots, we provide visibility and control into public AI apps used by employees, score the risk level of AI apps, and store prompt queries for logging or auditing purposes.

除了實現副駕駛的安全採用之外，我們還提供對員工使用的公共人工智慧應用程式的可見性和控制，對人工智慧應用程式的風險等級進行評分，並儲存用於日誌記錄或審計目的的提示查詢。

With the widespread adoption of public-AI apps, we are seeing growing demand for their security.

隨著公共人工智慧應用的廣泛採用，我們看到對其安全性的需求不斷增長。

Our innovations are expanding beyond securing public-AI apps to customers' private AI apps, including chatbots, LLM, and SLM models and inference engines.

我們的創新正在從保護公共人工智慧應用程式擴展到客戶的私人人工智慧應用程序，包括聊天機器人、LLM 和 SLM 模型以及推理引擎。

We're expanding the functionality of our inline, proxy-based Zero Trust Exchange with an LLM proxy to analyze prompt queries and results, to detect and prevent prompt injections and other malicious activities.

我們正在使用 LLM 代理程式擴充基於代理程式的內聯零信任交換的功能，以分析提示查詢和結果，以偵測和防止提示注入和其他惡意活動。

Second, AI-powered Automated Digital Experience for operational efficiency and faster resolution of end-to-end user performance issues.

其次，人工智慧驅動的自動化數位體驗可提高營運效率並更快解決端到端用戶效能問題。

Our already available automated digital experience products, including ZDX Copilot, are contributing to large deal wins.

我們現有的自動化數位體驗產品（包括 ZDX Copilot）正在為贏得大筆交易做出貢獻。

For example, in a 7-figure ACV upsell deal, a large healthcare provider doubled their ZIA subscription to 60,000 seats and purchased ZDX Advanced Plus, which includes ZDX Copilot, for all 60,000 seats.

例如，在一筆7 位數的ACV 追加銷售交易中，一家大型醫療保健提供者將其ZIA 訂閱數量增加了一倍，達到60,000 個席位，並為所有60,000 個席位購買了ZDX Advanced Plus，其中包括ZDX Copilot。

This customer plans to use ZDX Copilot to automate IT operations and reduce resolution time for service tickets.

該客戶計劃使用 ZDX Copilot 自動化 IT 營運並減少服務票據的解決時間。

With this deal, this customer's annual spend more than doubled with us.

透過這筆交易，該客戶每年在我們這裡的支出增加了一倍以上。

We're taking ZDX Copilot to the next level with ZDX AI agent to automate root cause analysis, resulting in a further reduction in resolution time, and provide automated recommendations to fix user performance issues.

我們透過 ZDX AI 代理將 ZDX Copilot 提升到新的水平，以自動進行根本原因分析，從而進一步縮短解決時間，並提供自動建議來修復使用者效能問題。

Third, AI-powered security products for better cyber and data protection, and SecOps automation.

第三，人工智慧驅動的安全產品，可實現更好的網路和資料保護以及安全營運自動化。

We have delivered several AI-powered innovations for data and cyber protection such as Automated data classification, Gen-AI based image classification, zero-day vulnerability detection and prevention, AI-powered App segmentation, and ML-based IoT/OT device discovery.

我們為數據和網路保護提供了多項人工智慧驅動的創新，例如自動數據分類、基於Gen-AI 的圖像分類、零日漏洞檢測和預防、人工智慧驅動的應用程式分段以及基於ML 的IoT/ OT 設備發現。

For increased productivity and efficiency of security operations, we have introduced several innovations, including Risk360 and Unified Vulnerability Management, by extending our Zero Trust platform with data fabric technology.

為了提高安全營運的生產力和效率，我們透過使用資料結構技術來擴展我們的零信任平台，引入了多項創新，包括 Risk360 和統一漏洞管理。

We are developing other AI-powered innovations, including Breach Prediction, Threat Hunting, and more.

我們正在開發其他由人工智慧驅動的創新，包括違規預測、威脅追蹤等。

Our AI-powered solutions leverage the vast amount of proprietary enterprise data generated by 500 billion transactions per day processed by our Zero Trust exchange.

我們的人工智慧解決方案利用零信任交易所每天處理的 5,000 億筆交易產生大量的專有企業資料。

We will continue to leverage our data and combine it with new agent-based technologies to rapidly expand our AI portfolio.

我們將繼續利用我們的數據並將其與基於代理的新技術相結合，以快速擴展我們的人工智慧產品組合。

The combination of Zero Trust and AI is creating exciting new opportunities, which we are well positioned to capture with our large and expanding platform.

零信任和人工智慧的結合正在創造令人興奮的新機遇，我們有能力透過我們龐大且不斷擴展的平台來抓住這些機會。

Moving on, hackers are finding new ways to exploit the limitations of legacy castle and moat security to launch an increasing number of sophisticated attacks.

接下來，駭客正在尋找新的方法來利用傳統城堡和護城河安全的限制來發動越來越多的複雜攻擊。

Such attacks often start with exploitation of firewall or VPN architecture.

此類攻擊通常從利用防火牆或 VPN 架構開始。

These traditional security solutions enable threat actors to move laterally on the corporate network and compromise the entire organization.

這些傳統的安全解決方案使威脅行為者能夠在企業網路上橫向移動並危害整個組織。

To make up for their flawed architecture, legacy security vendors are offering disjointed point products under the pretext of a platform.

為了彌補其架構缺陷，傳統安全供應商以平台為藉口提供脫節的單點產品。

This increases cost and complexity for customers.

這增加了客戶的成本和複雜性。

A Fortune 50 retail customer recently told me that a legacy final vendor sold them a so-called platform, and when they tried to implement it, they found that it was nothing more than "consolidated billings".

一位財富 50 強零售客戶最近告訴我，一家傳統的最終供應商向他們出售了一個所謂的平台，當他們嘗試實施該平台時，他們發現這只不過是「合併帳單」。

Complexity is the enemy of security and resilience.

複雜性是安全性和彈性的敵人。

No wonder so many enterprises are getting breached despite spending billions of dollars on so-called SASE security, which is nothing more than virtual firewalls and VPNs in the cloud.

難怪如此多的企業在所謂的 SASE 安全上花費了數十億美元，而 SASE 無非是雲端中的虛擬防火牆和 VPN，但仍遭到攻擊。

The sooner organizations move away from these disjointed security solutions to Zero Trust, the sooner they will become secure and resilient.

組織越早從這些脫節的安全解決方案轉向零信任，它們就越早變得安全和有彈性。

Zscaler customers modernize, and future-proof their security with our platform for better security, operational simplicity, and cost reduction.

Zscaler 客戶利用我們的平台實現其安全性的現代化和麵向未來的發展，以實現更好的安全性、操作簡單性和降低成本。

Today, we proudly secure over 35% of Global 2000 and about 45% of the Fortune 500, and we're seeing more and more large enterprises adopt our platform.

如今，我們自豪地擁有超過 35% 的全球 2000 強企業和約 45% 的財富 500 強企業，而且我們看到越來越多的大型企業採用我們的平台。

To give you an example, in a new logo 7-figure ACV deal, a Global 2000 Aerospace and Defense company purchased ZIA for 100,000 users and Workload Protection for 5,000 workloads.

舉個例子，在一項新徽標 7 位數 ACV 交易中，一家全球 2000 強航空航天和國防公司為 100,000 個用戶購買了 ZIA，並為 5,000 個工作負載購買了工作負載保護。

This customer initiated a strategic shift towards a cloud-first architecture and chose Zscaler as their partner for their security transformation.

該客戶發起了向雲端優先架構的策略轉變，並選擇 Zscaler 作為其安全轉型的合作夥伴。

Additionally, we see significant opportunity for ZPA upsells.

此外，我們也看到了 ZPA 追加銷售的巨大機會。

Let me share an example.

讓我分享一個例子。

An existing Fortune 500 insurance customer expanded their ZIA subscription from 45,000 to 70,000 users and purchased ZPA for all 70,000 users.

一位現有的財富 500 強保險客戶將其 ZIA 訂閱用戶從 45,000 名擴大到 70,000 名，並為所有 70,000 名用戶購買了 ZPA。

In addition to securing access to private applications, rapid M&A integration for faster time to value realization was a key objective for this customer.

除了確保對私有應用程式的存取之外，快速併購整合以更快實現價值也是該客戶的關鍵目標。

ZPA expedites M&A integration by securely providing Zero Trust access to applications for the acquired entity's employees without having to connect the networks of two companies.

ZPA 透過安全地為被收購實體的員工提供對應用程式的零信任訪問，而無需連接兩家公司的網絡，從而加快併購整合。

This is not possible with a firewall-based SASE solution.

這對於基於防火牆的 SASE 解決方案來說是不可能的。

With this upsell, this customer's annual spend with us almost doubled to over $5 million.

透過此次追加銷售，該客戶每年在我們這裡的支出幾乎翻了一番，達到 500 萬美元以上。

We expect ZPA to continue to be one of our biggest growth drivers in fiscal '25.

我們預計 ZPA 將繼續成為我們 25 財年最大的成長動力之一。

Moving on to Data protection- At Zenith Live, we outlined our broader vision of our Data Protection solution where our customers are increasingly adopting.

轉向資料保護 - 在 Zenith Live 上，我們概述了我們的資料保護解決方案的更廣泛願景，我們的客戶越來越多地採用該解決方案。

For example, in a 7-figure ACV deal, a Fortune 500 pharma company purchased our Data Protection solution for over 23,000 users to eliminate multiple point products, including legacy data loss prevention, insider threat management, email data security and more.

例如，在一筆價值7 位數的ACV 交易中，一家財富500 強制藥公司為超過23,000 名用戶購買了我們的資料保護解決方案，以消除多個單點產品，包括遺留資料遺失防護、內部威脅管理、電子郵件資料安全等。

This purchase is nearly doubled the annual spend of this customer with Zscaler.

此次購買幾乎是該客戶 Zscaler 年度支出的兩倍。

I'm thrilled with the innovations we are bringing to our Data Protection solution.

我對我們為資料保護解決方案帶來的創新感到非常興奮。

For example, we recently introduced a unique offering, which combines the capabilities of ZPA with our Cloud Browser product to bring Zero Trust access to third-party suppliers and partners.

例如，我們最近推出了一項獨特的產品，它將 ZPA 的功能與我們的雲端瀏覽器產品相結合，為第三方供應商和合作夥伴提供零信任存取。

Traditionally, third-party application access was addressed either by VDIs that are expensive and complex or by third-party enterprise browsers that require yet another agent to be deployed on the endpoint.

傳統上，第三方應用程式存取要么透過昂貴且複雜的 VDI 解決，要么透過需要在端點上部署另一個代理的第三方企業瀏覽器來解決。

Third-party enterprise browsers are complex to deploy and manage, and their vulnerabilities are being exploited by attackers.

第三方企業瀏覽器的部署和管理很複雜，而且它們的漏洞正在被攻擊者利用。

Our solution uses standard browsers like Chrome and provides superior security, while eliminating VDIs and third-party browsers.

我們的解決方案使用 Chrome 等標準瀏覽器，提供卓越的安全性，同時消除 VDI 和第三方瀏覽器。

To give you a few examples A Global 2000 IT services company for 20,000 users, a US-based shipping and packaging company for 7,000 users, a Global 2000 insurance company for over 5,000 users, each purchased our Cloud Browser solution to eliminate legacy third-party access products.

舉幾個例子，一家擁有20,000 名用戶的全球2000 強IT 服務公司、一家擁有7,000 名用戶的美國運輸和包裝公司、一家擁有超過5,000 名用戶的全球2000 強保險公司，每個公司都購買了我們的雲端瀏覽器解決方案來消除傳統的第三方存取產品。

We will continue to invest to accelerate innovations in this area.

我們將繼續投資加速這一領域的創新。

Next, our Emerging Products including ZDX, Zero Trust for Branch and Cloud, and AI-analytics are increasingly contributing to our success.

接下來，我們的新興產品，包括 ZDX、分店和雲端零信任以及人工智慧分析，為我們的成功做出了越來越大的貢獻。

I'm excited to share that Emerging Products ARR is growing twice as fast as our core products.

我很高興地告訴大家，新興產品 ARR 的成長速度是我們核心產品的兩倍。

Combined with our account-centric go-to-market motion, our Emerging Products are driving large 7-figure deals.

與我們以客戶為中心的上市行動相結合，我們的新興產品正在推動 7 位數的大型交易。

Let me share two examples.

讓我分享兩個例子。

First, in a 7-figure upsell deal, a Fortune 500 transportation customer purchased ZIA for Workloads, eliminating virtual firewalls from their cloud environments.

首先，在一筆 7 位數的追加銷售交易中，一位財富 500 強運輸客戶購買了 ZIA for Workloads，從而消除了其雲端環境中的虛擬防火牆。

This upsell drove approximately 40% increase in the annual spend of this existing $5 million-plus ARR customer.

這次追加銷售使這個現有 ARR 超過 500 萬美元的客戶的年度支出增加了約 40%。

Driven by our continued innovations for Workload Protection and our account-centric go-to-market strategy, we are securing large workload footprints for increasing number of customers, which has accelerated Workload Protection ARR over the past couple of quarters.

在我們對工作負載保護的持續創新和以客戶為中心的上市策略的推動下，我們正在為越來越多的客戶確保大量的工作負載足跡，這在過去幾個季度加速了工作負載保護的ARR 。

Second, in a new logo 7-figure ACV win, a large US automotive supplier purchased our Zero Trust SD-WAN for all 45 of their branches and Zero Trust Device Segmentation for their 37 factories.

其次，在新標誌 7 位數 ACV 勝利中，一家美國大型汽車供應商為其所有 45 個分支機構購買了我們的零信任 SD-WAN，並為其 37 家工廠購買了零信任設備分段。

The combination of Zero Trust SD-WAN with Zero Trust Device Segmentation will eliminate lateral threat movement among branches and factories, which is not possible to achieve with traditional SD-WAN.

零信任 SD-WAN 與零信任設備分段的結合將消除分公司和工廠之間的橫向威脅移動，這是傳統 SD-WAN 無法實現的。

I believe with our solutions, we will accelerate the decline of north-south and east-west firewalls.

我相信透過我們的解決方案，我們將加速南北和東西防火牆的衰落。

This deal is an example of a Global System Integrator or GSI working closely with Zscaler to transform customers' legacy networks and security to Zero Trust architecture.

該交易是全球系統整合商（GSI）與 Zscaler 密切合作，將客戶的遺留網路和安全性轉變為零信任架構的一個例子。

Next, in the Federal vertical, we added a new cabinet-level agency this quarter, and now we proudly serve 14 of the 15 cabinet-level agencies, including the DoD.

接下來，在聯邦垂直領域，我們本季增加了一個新的內閣級機構，現在我們自豪地為 15 個內閣級機構中的 14 個提供服務，其中包括國防部。

Federal agencies are adopting the Zscaler platform to improve their security posture and reduce cost and complexity by eliminating firewalls and VPNs.

聯邦機構正在採用 Zscaler 平台來改善其安全狀況，並透過消除防火牆和 VPN 來降低成本和複雜性。

Having landed these cabinet-level agencies, we see significant upsell opportunities to grow ARR over time.

在找到這些內閣級代理商後，我們看到了隨著時間的推移增加 ARR 的巨大追加銷售機會。

We are also continuing expansion into other federal agencies.

我們也正在繼續擴展到其他聯邦機構。

For example, in a new logo win, a large Federal agency purchased ZPA and ZDX for 22,000 users in a 7-figure ACV deal.

例如，在新標誌勝利中，一家大型聯邦機構以 7 位數的 ACV 交易為 22,000 名用戶購買了 ZPA 和 ZDX。

Government investigations by multiple countries, including Australia, the European Union, Japan, Singapore, the United Kingdom, and the United States, concluded that nation-state cyber attackers are successfully breaching the moat created by firewall-based solutions and as a result, these Governments are planning to adopt Zero Trust architecture.

包括澳洲、歐盟、日本、新加坡、英國和美國在內的多個國家的政府調查得出的結論是，民族國家網路攻擊者正在成功突破基於防火牆的解決方案創建的護城河，因此，這些各國政府正計劃採用零信任架構。

We see this as a huge opportunity, and we will leverage our success in US Federal to grow our business in these and other countries.

我們認為這是一個巨大的機會，我們將利用我們在美國聯邦的成功來發展我們在這些國家和其他國家的業務。

Next, let me share a few highlights of the progress we're making to up-level our go-to-market engine.

接下來，讓我分享一些我們在提升上市引擎方面所取得的進展的亮點。

I am pleased to share that we're making solid progress on hiring and attrition plans.

我很高興地告訴大家，我們在招募和減員計畫方面正在取得紮實進展。

We had a strong quarter of hiring highly experienced, quota-carrying account executives and had lower attrition.

我們在招募經驗豐富、有配額的客戶經理方面表現強勁，且人員流失率較低。

We expect these trends to continue in Q2, strengthening our sales capacity heading into the second half of fiscal 25.

我們預計這些趨勢將在第二季持續下去，從而增強我們進入 25 財年下半年的銷售能力。

Last year, we made the strategic decision to shift our sales motion from opportunity-based selling to account-centric selling.

去年，我們做出了策略決策，將銷售活動從基於機會的銷售轉變為以客戶為中心的銷售。

Our CRO Mike Rich, and his team are executing on this strategy, and we're already seeing stronger customer engagements, higher-quality pipeline, better close rates, and more business with customers.

我們的 CRO Mike Rich 和他的團隊正在執行這項策略，我們已經看到了更強大的客戶參與度、更高品質的管道、更好的成交率以及更多的客戶業務。

Strong customer engagement and sales execution contributed to over 20% year-over-year growth in Unscheduled Billings in Q1.

強大的客戶參與度和銷售執行力推動第一季計畫外帳單年增超過 20%。

As a reminder, Unscheduled Billings is comprised of new, upsell, and renewal billings.

提醒一下，計劃外帳單包括新帳單、追加銷售帳單和續約帳單。

We also grew $1 million-plus ARR customers by 25% year-over-year to 585.

我們的 ARR 客戶數量也超過 100 萬美元，年增 25%，達到 585 家。

We ended Q1 with over 65 customers spending $5 million-plus annually with us.

截至第一季度，我們有超過 65 名客戶每年在我們這裡花費超過 500 萬美元。

Moving on to the channel, we are working closely with our strategic partners including GSIs, Strategic National and Regional Partners, and Hyperscalers to drive faster value realization for customers.

在通路方面，我們正在與包括 GSI、戰略國家和地區合作夥伴以及超大規模企業在內的策略合作夥伴密切合作，以推動客戶更快地實現價值。

An increasing number of strategic partners are embedding Zscaler's platform in their solutions for their customers.

越來越多的策略合作夥伴正在將 Zscaler 的平台嵌入到其為客戶提供的解決方案中。

Our joint partner offerings are expanding beyond ZIA, ZPA, and ZDX to now include our Emerging Products.

我們的聯合合作夥伴產品範圍已從 ZIA、ZPA 和 ZDX 擴展到現在包括我們的新興產品。

Overall, with strong execution in our account-centric sales motion, we expect to continue to grow the number of $1 million-plus and $5 million-plus customers at a strong pace.

總體而言，憑藉以客戶為中心的銷售行動的強大執行，我們預計將繼續以強勁的速度增加 100 萬美元以上和 500 萬美元以上的客戶數量。

With a more mature pipeline, a stronger sales team, and growing partner engagements, I believe we remain on track to increase sales productivity and achieve strong growth.

憑藉更成熟的管道、更強大的銷售團隊以及不斷增長的合作夥伴參與度，我相信我們仍有望提高銷售效率並實現強勁成長。

In conclusion, our expanding portfolio that combines the power of Zero Trust and AI is resonating with customers.

總之，我們不斷擴大的產品組合結合了零信任和人工智慧的力量，引起了客戶的共鳴。

Our customer engagements are getting stronger as demonstrated by our Net Promoter Score or NPS of over 70, which is well over 2x the SaaS company average.

我們的客戶參與度正在變得越來越強，我們的淨推薦值或 NPS 超過 70，遠高於 SaaS 公司平均值的 2 倍。

I'm proud of the progress we made in our go-to-market initiatives this quarter, and we will continue to make further progress towards achieving our next goal of $5 billion in ARR.

我對本季度我們在上市計劃中取得的進展感到自豪，我們將繼續取得進一步進展，以實現下一個 ARR 50 億美元的目標。

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

現在我想將電話轉給雷莫，詢問我們的財務表現。

Thank you, Jay.

謝謝你，傑伊。

Our Q1 results exceeded our guidance on growth and profitability, even with ongoing customer scrutiny of large deals.

即使客戶持續對大型交易進行審查，我們第一季的業績仍超出了我們對成長和獲利能力的指導。

Revenue was $628 million, up 26% year-over-year and up 6% sequentially.

營收為 6.28 億美元，年增 26%，季增 6%。

From a geographic perspective, Americas represented 54% of revenue, EMEA was 30%, and APJ was 16%.

從地理角度來看，美洲佔營收的 54%，歐洲、中東和非洲佔 30%，亞太及日本地區佔 16%。

Our total calculated billings in Q1 grew 13% year-over-year to $517 million.

我們第一季的計算總帳單年增 13%，達到 5.17 億美元。

As Jay mentioned, our Unscheduled Billings comprised of new, upsell, and renewal billings grew over 20% year-over-year.

正如 Jay 所提到的，我們的計劃外帳單（包括新帳單、追加銷售帳單和續訂帳單）年增超過 20%。

Our calculated current billings grew 12% year over year.

我們計算出的當前帳單年增 12%。

Our remaining performance obligations or RPO grew 26% from a year ago to $4.411 billion.

我們的剩餘履約義務或 RPO 比一年前成長了 26%，達到 44.11 億美元。

Current RPO was approximately 49% of the total RPO.

目前 RPO 約為總 RPO 的 49%。

We ended Q1 with 585 customers with over $1 million in ARR and 3,165 customers with over $100,000 in ARR.

截至第一季度，我們有 585 名客戶的 ARR 超過 100 萬美元，3,165 名客戶的 ARR 超過 10 萬美元。

This continued strong growth of large customers speaks to the strategic role we play in our customers' digital transformation journeys.

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 114%.

我們過去 12 個月以美元計算的淨保留率為 114%。

While good for our business, our increased success in selling bigger bundles, selling multiple pillars from the start, and faster up sales within a year can reduce our dollar-based net retention rate in the future.

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淨保留率。

There could be variability in this metric on a quarterly basis due to the factors I just mentioned.

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 Q1 financial performance, total gross margin of 80.6% compares to 80.7% in the year-ago quarter.

談到我們第一季財務表現的其餘部分，總毛利率為 80.6%，而去年同期為 80.7%。

Our total operating expenses increased 5% sequentially and 19% year-over-year to $372 million.

我們的總營運費用較上季成長 5%，年增 19%，達到 3.72 億美元。

We continue to generate significant leverage in our financial model with operating margin of approximately 21%, an increase of about 330 basis points year-over-year.

我們繼續在財務模型中發揮巨大的槓桿作用，營業利潤率約為 21%，較去年同期成長約 330 個基點。

Our free cash flow margin was 46%, including data center CapEx of approximately 3% of revenue.

我們的自由現金流利潤率為 46%，其中資料中心資本支出約佔收入的 3%。

We ended the quarter with over $2.7 billion in cash, cash equivalents, and short-term investments.

截至本季末，我們擁有超過 27 億美元的現金、現金等價物和短期投資。

Now let me provide our guidance for Q2 and full-year fiscal 2025.

現在讓我提供我們對第二季和 2025 財年全年的指導。

As a reminder, these numbers are all non-GAAP.

提醒一下，這些數字都是非公認的會計準則。

For the second quarter, we expect revenue in the range of $633 million to $635 million, reflecting a year-over-year growth of approximately 21%.

我們預計第二季營收在 6.33 億美元至 6.35 億美元之間，年增約 21%。

Gross margins of approximately 80%.

毛利率約80%。

I would like to remind investors that we are introducing new products that are experiencing strong growth and are optimized for faster go-to-market rather than margins.

我想提醒投資者，我們正在推出的新產品正在經歷強勁的成長，並且針對更快的上市速度而不是利潤率進行了最佳化。

This will continue to influence our gross margins.

這將繼續影響我們的毛利率。

We plan to optimize new products for margins over time as they scale.

我們計劃隨著時間的推移，隨著新產品規模的擴大，優化其利潤。

Operating profit in the range of $126 million to $128 million.

營業利潤在 1.26 億美元至 1.28 億美元之間。

Net other income of $18 million.

其他淨收入為 1800 萬美元。

Earnings per share in the range of $0.68 to $0.69, assuming a 23% tax rate and 163 million fully diluted shares.

每股盈餘在 0.68 美元至 0.69 美元之間，假設稅率為 23%，完全稀釋股票為 1.63 億股。

For the full-year fiscal 2025, we expect billings in the range of $3.124 billion to $3.149 billion, reflecting a year-over-year growth of 19% to 20%.

對於 2025 財年全年，我們預計營收將在 31.24 億美元至 31.49 億美元之間，年增 19% 至 20%。

We expect our first-half mix to be approximately 39.3% to 39.5% of our full-year billings guide.

我們預計上半年的營收組合將佔全年營收指南的 39.3% 至 39.5% 左右。

Revenue in the range of $2.623 billion to $2.643 billion, reflecting a year-over-year growth of 21% to 22%.

營收在26.23億美元至26.43億美元之間，年增21%至22%。

Operating profit in the range of $549 million to $559 million.

營業利潤在 5.49 億美元至 5.59 億美元之間。

Earnings per share in the range of $2.94 to $2.99, assuming a 23% tax rate and approximately 164 million fully diluted shares.

每股盈餘在 2.94 美元至 2.99 美元之間，假設稅率為 23%，完全稀釋後股票數量約為 1.64 億股。

We expect our free cash flow margin to be approximately 23.5% to 24%.

我們預計自由現金流利潤率約為 23.5% 至 24%。

We expect our data center CapEx to be approximately 3 points higher as a percentage of revenue compared to fiscal 2024 as we invest in upgrades to our cloud and AI infrastructure.

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比例將比 2024 財年高出約 3 個百分點。

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.

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。

On a personal note, I'd like to share that after 8 amazing years, I have decided to retire as Chief Financial Officer of Zscaler.

就我個人而言，我想告訴大家，在度過了令人驚嘆的 8 年後，我決定辭去 Zscaler 財務長的職務。

It has been my greatest pleasure to be a part of Zscaler's journey from less than $250 million to over $2.5 billion in ARR.

我非常高興能夠參與 Zscaler 的 ARR 從不到 2.5 億美元到超過 25 億美元的歷程。

I'd like to thank Jay for his confidence in me.

我要感謝傑伊對我的信任。

It has been a true partnership which for me personally has been very special.

這是一次真正的合作關係，對我個人來說非常特別。

I'd also like to thank the employees of Zscaler and our Board of Directors for their support through the years and also thank our customers, partners, investors, and analysts.

我還要感謝 Zscaler 的員工和我們的董事會多年來的支持，也要感謝我們的客戶、合作夥伴、投資者和分析師。

I am confident that Zscaler will continue to shape the next several decades in cybersecurity with its Zero Trust Exchange platform.

我相信 Zscaler 將透過其零信任交換平台繼續塑造未來幾十年的網路安全。

I look forward to following Zscaler's progress.

我期待著關注 Zscaler 的進展。

Now I'll turn the call over to Jake.

現在我將把電話轉給傑克。

I want to personally thank Remo for all his contributions to Zscaler.

我想親自感謝 Remo 對 Zscaler 的所有貢獻。

Remo has been a friend and a trusted business partner whose wisdom and judgment helped us make many critical decisions as we scaled our business at an unprecedented pace.

雷莫一直是我們的朋友和值得信賴的業務合作夥伴，當我們以前所未有的速度擴展業務時，他的智慧和判斷幫助我們做出了許多關鍵決策。

He will be dearly missed.

我們將深深懷念他。

Remo will remain as CFO until his successor is appointed.

在任命繼任者之前，雷莫將繼續擔任財務長。

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

接線員，現在可以開始提問。

Thank you.

謝謝。

And at this time, we will conduct a question-and-answer session.

而這個時候，我們會進行一個問答環節。

(Operator Instructions)

（操作員說明）

Saket Kalia, Barclays.

薩基特·卡利亞，巴克萊銀行。

Okay, great.

好的，太好了。

Hey, guys.

嘿，夥計們。

Thanks for taking my question here.

感謝您在這裡提出我的問題。

And first off, Remo, congrats on your retirement.

首先，雷莫，恭喜你退休。

Heck of a run at Zscaler and all the companies before this as well.

Zscaler 以及之前的所有公司都表現得很糟糕。

Thank you, Saket.

謝謝你，薩凱特。

I appreciate that.

我很欣賞這一點。

Absolutely.

絕對地。

Jay, maybe for you.

傑伊，也許適合你。

Thanks for the detail on the unscheduled billings growth of 20% this quarter.

感謝您提供有關本季度計劃外帳單增長 20% 的詳細資訊。

Can you just maybe talk about how that did versus your expectation or maybe versus last quarter for some context?

您能否談談與您的預期相比的情況，或者在某些情況下與上季度相比情況如何？

And as you look forward, do you still feel confident in sort of the accelerated billings growth as that contracted non-cancelable billings pool grows and normalizes back to what it was historically?

展望未來，隨著合約不可取消的帳單池增長並恢復到歷史水平，您是否仍然對帳單的加速成長充滿信心？

So I'll start.

那我就開始吧。

The 20% growth is what we expected and actually exceeded our expectations also.

20%的成長是我們預期的，實際上也超出了我們的預期。

As we talked about, the scheduled contracted billings is 7% in the first half and 23% in the second half.

正如我們所說，上半年預定的合約帳單為 7%，下半年為 23%。

So we do expect the unscheduled billings to be 20%-plus also in the second half as we talked about on the last call.

因此，正如我們在上次電話會議中談到的那樣，我們預計下半年的計劃外帳單也將增加 20% 以上。

Good.

好的。

And in addition to that, let me add a few comments.

除此之外，讓我補充一些評論。

Our Q1 was very strong.

我們的第一季非常強勁。

There are three factors that I believe will keep on helping us in the second half.

我相信以下三個因素將在下半年繼續幫助我們。

One, we are seeing strong demand in the Zscaler platform, including solid signs of interest for AI security offerings we have that wasn't there before.

第一，我們看到 Zscaler 平台的強勁需求，包括人們對我們以前沒有的人工智慧安全產品感興趣的明顯跡象。

Two, we have a strong and growing pipeline.

第二，我們擁有強大且不斷成長的管道。

Three, our ramp sales capacity has strengthened, and we have lower sales attritions in Q1.

第三，我們的坡道銷售能力增強，第一季的銷售流失率較低。

So I feel very good about our guidance for the second half.

所以我對我們下半年的指導感覺非常好。

Andrew Nowinski, Wells Fargo.

安德魯諾溫斯基，富國銀行。

Thanks.

謝謝。

Remo, sorry to hear you're retiring.

雷莫，很遺憾聽到你要退休。

It's certainly been a pleasure working with you over the last decade.

在過去的十年裡與您合作確實很愉快。

I guess I'd like to ask you a question on the data security.

我想我想問你一個關於資料安全的問題。

The ZDX Copilot certainly sounds like an interesting opportunity.

ZDX Copilot 聽起來確實是一個有趣的機會。

Given your prior partnership with Microsoft and your ability to securely deliver traffic to Office 365, I would imagine Microsoft is supporting you in this endeavor.

鑑於您之前與 Microsoft 的合作關係以及您安全地將流量傳輸到 Office 365 的能力，我認為 Microsoft 會支持您的這項努力。

But just wondering maybe if you could provide some more color on how you're helping -- how they're helping you bring more customers, help more customers roll out Copilot, and whether you are seeing Zscaler beat Varonis in that space.

但只是想知道您是否可以提供更多關於您如何提供幫助的信息 - 他們如何幫助您吸引更多客戶，幫助更多客戶推出 Copilot，以及您是否看到 Zscaler 在該領域擊敗了 Varonis。

Thank you.

謝謝。

Sure.

當然。

It's a good question.

這是一個好問題。

Yeah.

是的。

What we're building is essentially leveraging a lot of work we did with Microsoft over the years.

我們正在建立的內容本質上是利用了我們多年來與 Microsoft 所做的大量工作。

We've done tons of integration, including integration with data discovery and classification, whether it's talking with OneDrive or SharePoint and others.

我們已經完成了大量集成，包括與資料發現和分類的集成，無論是與 OneDrive 還是 SharePoint 等進行通訊。

What gives a unique advantage is that we are sitting in line for all the traffic for Office 365.

一個獨特的優勢是我們可以等待 Office 365 的所有流量。

We can also go what's known as outer band using API for some of the classification discovery and the like.

我們也可以使用 API 進行所謂的外帶進行一些分類發現等。

In fact, this is as big of an opportunity for us as it was actually for Office 365, maybe bigger in some ways.

事實上，這對我們來說是一個很大的機會，就像對 Office 365 來說一樣，甚至在某些方面可能更大。

We are here.

我們在這裡。

The customers have already embraced Office 365.

客戶已經接受了 Office 365。

Customers are actually beginning to use Microsoft Copilot, and now they're concerned about their data leakage and privacy as well.

客戶實際上已經開始使用 Microsoft Copilot，現在他們也擔心資料外洩和隱私問題。

We're seeing real deals.

我們看到的是真正的優惠。

I briefly mentioned during our earnings release, a G2000 company, they wanted to secure Microsoft Copilot.

我在財報發布期間簡要地提到，一家 G2000 公司希望獲得 Microsoft Copilot。

So they did a deal with us.

所以他們就跟我們做了一筆交易。

This was a seven-figure deal, and it is really driven by our Data Protection solution that's AI-powered, which identifies and make sure only the right amount of data can be accessed by the right user when they're using Microsoft Copilot.

這是一筆七位數的交易，它實際上是由我們的 AI 驅動的資料保護解決方案推動的，該解決方案可以識別並確保正確的用戶在使用 Microsoft Copilot 時只能存取正確數量的資料。

So while many companies out there will try to do AI security but not very many of them are sitting in the traffic path, they may be able to do one piece of it, but we can do both, inline as well as data sitting at us.

因此，雖然許多公司會嘗試做人工智慧安全，但其中沒有太多公司坐在交通路徑上，他們可能能夠做其中的一部分，但我們可以同時做這兩件事，內聯以及我們的數據。

So I'm very excited for the opportunity, and you'll see more coming with us.

所以我對這個機會感到非常興奮，你會看到更多的機會與我們一起。

We are already working with the field with many of the Microsoft organizations to make sure we help our customers as -- customers have the same common interest.

我們已經與該領域的許多 Microsoft 組織合作，以確保我們幫助我們的客戶，因為客戶擁有相同的共同利益。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hi, good evening.

嗨，晚上好。

Thanks for taking my question.

感謝您提出我的問題。

Jay, I wanted to follow-up on your comments on ZPA being a particularly meaningful driver, of course, in FY25.

Jay，我想跟進您對 ZPA 的評論，當然，ZPA 在 2025 財年是一個特別有意義的驅動因素。

Maybe just remind us, how far along do you think we are in the VPN replacement cycle?

也許只是提醒我們，您認為我們的 VPN 更換週期已經進行到什麼時候了？

How is the competitive environment changing?

競爭環境正在發生什麼樣的變化？

And what are some of the catalysts that might call an enterprise to reevaluate their VPN and zero trust ZPA strategy now, versus maybe, call it, during COVID?

哪些因素可能促使企業現在重新評估其 VPN 和零信任 ZPA 策略，而不是在新冠疫情期間？

Thank you.

謝謝。

Yeah, I thought VPNs will be gone a long time ago -- there are lots and lots of them sitting out there -- similar to- we used to wonder how long will Blue Coat proxies be here.

是的，我以為 VPN 很久以前就會消失——有很多很多 VPN 在那裡——類似於——我們過去想知道 Blue Coat 代理會存在多久。

We're still discovering lots of them and replacing them.

我們仍在發現並替換它們中的許多。

But the opportunity is not just VPN.

但機會不僅僅在於 VPN。

VPN is the starting point.

VPN 是起點。

That's a kind of beach head for us.

這對我們來說是一種海灘頭。

We are the entire inbound DMC that replaces the whole stack starting with load balancers, DDoS protection, external firewalls, VPN, all that kind of stuff.

我們是整個入站 DMC，取代了從負載平衡器、DDoS 防護、外部防火牆、VPN 等所有此類內容開始的整個堆疊。

So that's a big opportunity.

所以這是一個很大的機會。

And the next phase of this opportunity ends up being Zero Trust Segmentation out there -- so the three-phase VPN replacement, entire inbound DMC, and segmentation with Zero Trust.

這個機會的下一階段最終是零信任分段 - 因此三階段 VPN 替換、整個入站 DMC 以及零信任分段。

If you look at what we've done with ZPA in terms of our numbers, it's a remarkable growth.

如果你看看我們在 ZPA 上所做的事情，就我們的數字而言，這是一個顯著的成長。

At the time of the IPO, ZPA was about a single-digit percent of new and upsell business.

IPO 時，ZPA 在新業務和追加銷售業務中所佔比例約為個位數。

Today, ZPA is over 40% of the mix of new and upsell, generated by ZIA and ZPA combined.

如今，ZPA 佔新銷售和追加銷售組合的 40% 以上，由 ZIA 和 ZPA 合計產生。

I believe it's a matter of time when all of our customers will buy ZIA, ZPA, and ZDX for every employee.

我相信我們所有的客戶都會為每位員工購買 ZIA、ZPA 和 ZDX，這只是時間問題。

That's where our customers are headed.

這就是我們客戶的發展方向。

We see more and more wins out there.

我們看到越來越多的勝利。

And the so-called competition is still trying to spin up virtual VPN in the cloud and garner Zero Trust.

而所謂的競爭仍然是試圖在雲端啟動虛擬VPN並獲得零信任。

So we think we have a big advantage in this area for quite some time.

所以我們認為在相當長的一段時間內我們在這個領域擁有很大的優勢。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

Great, thanks so much.

太好了，非常感謝。

So much information you've shared.

您分享了這麼多資訊。

Remo, fantastic run.

雷莫，跑得真棒。

Congrats.

恭喜。

And nice strong booking start to the year, guys.

夥計們，今年的預訂量開始強勁。

Jay, I was surprised to hear you compared your growth this quarter to that of the firewall players out there just given how differentiated you are.

Jay，我很驚訝地聽到您將本季的成長與防火牆廠商的成長進行比較，因為您的差異化程度如此之高。

And some of those folks are talking about significant hardware refresh opportunities ahead as they have boxes that go end of life.

其中一些人正在談論未來重大的硬體更新機會，因為他們的盒子已經報廢了。

If you look backwards, to what extent are those events, opportunities for Zscaler to go in and totally re-architect and transform and displace a set of branch firewalls, for example, and bring them onto your platform?

如果你回顧過去，這些事件在多大程度上是 Zscaler 介入並完全重新架構、改造和取代一組分支防火牆（例如，並將它們帶到你的平台上）的機會？

Thank you.

謝謝。

Yes.

是的。

I agree with your statement.

我同意你的說法。

I was wondering should we be ever talk about comparing our billings growth to firewalls.

我想知道我們是否應該談論將我們的帳單成長與防火牆進行比較。

Sure, but the delta was so big that we thought it's worth highlighting it.

當然可以，但三角洲太大了，我們認為值得強調。

But moving on to the other question you had about the refresh next year.

但請繼續討論關於明年更新的另一個問題。

When people used to ask me three years ago, are you replacing firewalls directly?, and I would say, no, we're not focused in firewalls -- but where we are sitting today, firewall refresh is a good opportunity for us.

三年前，當人們問我，你會直接更換防火牆嗎？ 我會說，不，我們不關注防火牆——但我們今天所處的位置，防火牆更新對我們來說是一個很好的機會。

And we're planning to target customers with our cost takeout programs.

我們計劃透過成本削減計劃來瞄準客戶。

Till about a year ago, we had limited impact on firewalls.

直到大約一年前，我們對防火牆的影響還很有限。

But now, with a combination of our zero trust SD-WAN and zero trust device segmentation, we're able to replace most of the firewalls, North-South firewalls, East-West firewalls, in data center, in branches, as well -- in the cloud as well.

但現在，透過我們的零信任 SD-WAN 和零信任設備分段的結合，我們能夠替換資料中心、分公司中的大部分防火牆、南北防火牆、東西防火牆 - - 也在雲端。

So I'm seeing tremendous customer interest to reduce or eliminate firewalls with our platform.

因此，我看到客戶對透過我們的平台減少或消除防火牆表現出極大的興趣。

So it's a good opportunity that we pursue.

所以這是我們追求的一個好機會。

Thank you.

謝謝。

If I could just sneak in a quick follow-up, I don't know for you or Remo, but 30%-plus bookings growth, that is really strong.

如果我能快速跟進一下，我不知道對你或雷莫來說，但預訂量增長 30% 以上，這確實很強勁。

I think by my math, current bookings using cRPO even is strong as well.

我認為，根據我的計算，目前使用 cRPO 的預訂量甚至也很強勁。

So it's not as if this is driven by duration.

所以這並不是持續時間所驅動的。

Can you maybe unpack for us just to help us to understand -- I understand the scheduled versus unscheduled billings dynamic, but we're looking at a pretty significant delta, and I just -- I feel like that bookings number is so strong it's worth highlighting and maybe just drilling into a bit for everyone.

您能否為我們打開包裝，只是為了幫助我們了解 - 我了解計劃內與計劃外的賬單動態，但我們正在考慮一個相當大的增量，而且我只是 - 我覺得預訂數量如此強勁，值得突出顯示，也許只是為每個人深入探討。

Thank you so much again.

再次非常感謝您。

Yeah.

是的。

It's a great number, Brad. 30% bookings growth, we're really proud of that.

這是一個很大的數字，布拉德。預訂量成長 30%，我們對此感到非常自豪。

One thing to call out is that our unscheduled billings of 20%-plus growth basically both in the first half and second half, is helping that.

需要指出的是，我們的計劃外帳單基本上在上半年和下半年都實現了 20% 以上的成長，這對此有所幫助。

But 30% bookings growth is, again, a really good number.

但 30% 的預訂量成長再次是一個非常好的數字。

cRPO -- strong growth in cRPO at 22%.

cRPO——cRPO 強勁成長 22%。

RPO growth year over year at 26%.

RPO 年成長 26%。

So all good metrics.

所以所有的指標都很好。

And again, we're well-positioned with our customers.

再說一遍，我們在客戶面前處於有利地位。

Our new and upsell is 65%, with upsell in Q1.

我們的新產品和追加銷售率為 65%，第一季有追加銷售。

Again, selling into accounts with the new go-to-market organization is taking hold.

再次，透過新的進入市場組織向客戶進行銷售正在佔據主導地位。

A lot of good things really happening for Zscaler as we go into the second half -- into Q2 and also the second half of this year.

當我們進入下半年、第二季以及今年下半年時，Zscaler 確實發生了很多好事。

Mike Cikos, Needham.

麥克·西科斯，尼達姆。

Hey, guys.

嘿，夥計們。

Thanks for taking the questions here.

感謝您在這裡提出問題。

And I just really wanted to come back to the 20%-plus year-to-year unscheduled billings in the quarter.

我真的很想回到本季 20% 以上的年度計劃外帳單。

So congrats on that.

所以恭喜你。

I just wanted to see, can you tie that into the disclosure that we have today on that emerging products ARR?

我只是想看看，您能否將其與我們今天披露的新興產品 ARR 聯繫起來？

Is most of that unscheduled billings growth being sustained by those emerging products to see or hear that that ARR base is growing twice as fast as core, wanted to get some more color around if that's the driver and which products would that emerging products classes is seeing the most traction.

大部分計劃外的帳單成長是否是由這些新興產品維持的，看到或聽到ARR 基礎的成長速度是核心的兩倍，希望獲得更多的信息，如果這是驅動因素，以及新興產品類別將看到哪些產品最具牽引力。

Anything that would be incremental.

任何可以增量的事情。

Thank you very much, guys.

非常感謝你們，夥伴們。

Yeah, it's -- Mike, it's across the board.

是的，麥克，這是全面的。

It's both emerging products as well as our core products.

它既是新興產品，也是我們的核心產品。

The emerging products include AI, workload protection, ZDX, and our brand solutions.

新興產品包括人工智慧、工作負載保護、ZDX 和我們的品牌解決方案。

ZDX is doing very well.

ZDX 做得很好。

But as we called out, also Workloads is doing well for us.

但正如我們所說，工作負載對我們來說也表現良好。

Going forward, we made the comments that we'd be in the mid-20s percentage of new and upsell for the emerging products, and we still feel that.

展望未來，我們曾表示，新興產品的新品和追加銷售百分比將處於 20 左右，我們仍然這麼認為。

But to answer your question, it's across the board, our entire platform.

但要回答你的問題，這是全面的，我們的整個平台。

Yeah, maybe I can add a couple more comments about it.

是的，也許我可以對此添加更多評論。

Yeah, the ARR -- emerging products ARR growing at 2x for core products; we're very excited about it.

是的，ARR－新興產品的ARR以核心產品的2倍成長；我們對此感到非常興奮。

So what's driving it?

那麼是什麼推動了它呢？

The Branch is one part of it.

分行就是其中的一環。

I highlighted some of the deals for the Branch.

我重點介紹了該分行的一些交易。

We talked about a seven-figure ACV deal for the Branch for this automotive suppliers.

我們討論了這家汽車供應商的分支機構的七位數 ACV 交易。

We had zero trust SD-WAN securing 45 branches.

我們採用零信任 SD-WAN 保護 45 個分公司。

We have Airgap doing zero trust segmentation of devices for 37 branches.

我們讓 Airgap 對 37 個分公司的裝置進行零信任分段。

So that thing is taking all -- we believe, this is going to disrupt the SD-WAN, which enables lateral threat movement and transfer attacks.

因此，這就是一切——我們相信，這將破壞 SD-WAN，從而實現橫向威脅移動和轉移攻擊。

I was especially pleased with the progress we're making on cloud workload protection.

我對我們在雲端工作負載保護方面的進展感到特別滿意。

We have been selling workload protection.

我們一直在銷售工作負載保護。

We did a great seven-figure deal in workload that is very interesting because a lot of these customers in the past have started small with us early on in smaller footprints.

我們在工作量上達成了一筆價值七位數的交易，這非常有趣，因為過去許多客戶在早期就與我們合作，規模較小。

Now they're expanding those footprints with bigger deals, and that's what's going to accelerate our opportunity here.

現在他們正在透過更大的交易來擴大這些足跡，這將加速我們在這裡的機會。

And then, there'll be Zero Trust Workload Segmentation the next opportunity.

然後，下一個機會將是零信任工作負載分段。

That's why we are excited because the only competition in the workload space for us for communication is old-school firewalls, and we're excited.

這就是我們感到興奮的原因，因為我們通訊工作負載空間中唯一的競爭是老式防火牆，我們感到很興奮。

Ittai Kidron, Oppenheimer.

伊泰·基德倫，奧本海默。

Thanks.

謝謝。

And Remo -- so congratulations, and enjoy retirement.

還有雷莫——恭喜你，享受退休生活。

You earned it.

你賺到了。

A couple small ones for me.

給我幾個小的。

First of all, if I may, Remo, your last earnings call, you gave an ARR number and an ARR target for the end of the fiscal year.

首先，如果可以的話，雷莫，在您上次的財報電話會議上，您給出了本財年末的 ARR 數字和 ARR 目標。

I was wondering if you can give us an update on ARR here now and the target for year-end.

我想知道您現在是否可以在這裡向我們介紹 ARR 的最新情況以及年底的目標。

And then, on the second thing, on the emerging products, can you remind us what are the two, three biggest pieces within the emerging products category?

然後，關於第二件事，關於新興產品，您能否提醒我們新興產品類別中最大的兩、三個部分是什麼？

Number one.

第一。

But number two, also, what percent of new business activity do they represent for you right here, right now?

但第二個問題是，它們現在對您來說佔新業務活動的百分比是多少？

Just trying to get a better sense of the change in mix there contribution-wise.

只是想更了解組合中貢獻方面的變化。

Thank you.

謝謝。

I'll start then let Jay finish up.

我先開始，然後讓傑伊說完。

So our ARR target for the end of the year is $3 billion.

因此，我們年底的 ARR 目標是 30 億美元。

And so we are on track for that $3 billion.

因此，我們有望實現 30 億美元的目標。

Net retention rate is 114%, which, again, we think is outstanding.

淨保留率為 114%，我們再次認為這是非常出色的。

As we talked about -- that net retention rate is influenced with customers buying more upfront, but because of the new emerging products and the strength of new emerging products, that has a positive effect to that.

正如我們所討論的，淨保留率受到客戶提前購買更多的影響，但由於新興產品和新興產品的實力，這對此產生了積極的影響。

Related to what makes up the large part of emerging products, I'll turn it over to Jay.

關於新興產品的大部分內容，我將把它交給傑伊。

Yeah.

是的。

Let me expand upon that.

讓我對此進行擴展。

You can put them in a few buckets.

你可以把它們放在幾個桶子裡。

ZDX started out; it has done very well.

ZDX開始了；它做得很好。

It's the biggest piece of it.

這是其中最大的一塊。

Zero trust Branch started out the Branch Connector with our zero Trust appliance, zero trust SD-WAN.

零信任 Branch 透過我們的零信任設備、零信任 SD-WAN 啟動了 Branch Connector。

It's a great area for us.

這對我們來說是一個很棒的區域。

Zero Trust for Workloads in the cloud, I shared a couple of examples, good opportunities.

對雲端工作負載的零信任，我分享了幾個例子，很好的機會。

And now, the AI products is becoming actually pretty good area for us as well.

現在，人工智慧產品實際上也成為我們非常好的領域。

So we are excited.

所以我們很興奮。

In the past, we had talked about a part of AI products called AI analytics.

過去我們談到了人工智慧產品的一部分，叫做人工智慧分析。

This solution bundle was up 90% year over year.

該解決方案捆綁包年增 90%。

It's coming from a small base, but we're very pleased with the traction of the various Emerging Products are taking.

它的基礎很小，但我們對各種新興產品的吸引力感到非常滿意。

In the new business and upsell opportunity, as we called out, we expect it to be in the mid-20% range, up from, I believe it was 22% last year.

正如我們所說，在新業務和追加銷售機會中，我們預計該比例將在 20% 左右，高於去年的 22%。

So we do see Emerging Products increasing in strength as we go forward.

因此，隨著我們的前進，我們確實看到新興產品的實力不斷增強。

Rob Owens, Piper Sandler.

羅伯歐文斯，派珀桑德勒。

Yeah.

是的。

Thanks for taking my question.

感謝您提出我的問題。

And I guess while I have the opportunity I'll pick on Remo and something he said because -- Remo, in your prepared remarks, you talked about ongoing customer scrutiny on large deals.

我想，當我有機會時，我會選擇雷莫和他所說的一些話，因為雷莫，在您準備好的講話中，您談到了對大宗交易的持續客戶審查。

And I don't know if that's just a general economic comment or there's something else coloring your opinion.

我不知道這是否只是一般性的經濟評論，還是有其他因素影響了您的觀點。

A lot of the script was around adding AI in some of these transformational solutions that you guys are rolling out.

很多腳本都是圍繞著你們正在推出的一些轉型解決方案中添加人工智慧而展開的。

Just curious if there's something else that might be lending to longer sales cycles as deals are getting bigger or if that was just more of a general economic comment.

只是好奇隨著交易規模的擴大，是否還有其他因素可能會延長銷售週期，或者這只是一般性的經濟評論。

Thanks.

謝謝。

Yeah.

是的。

Rob, it was just a general economic comment, which basically we haven't really seen any change for a while.

羅布，這只是一般性的經濟評論，基本上我們已經有一段時間沒有真正看到任何變化了。

Yes.

是的。

But that, in ways, helps us.

但這在某種程度上對我們有幫助。

We are seeing interest in cyber -- especially in cyber that can really reduce the chance of ransomware attacks and the like.

我們看到了人們對網路的興趣——尤其是能夠真正減少勒索軟體攻擊等機會的網路。

So that's where zero trust comes in.

這就是零信任的由來。

And then, the CIO often will say, and that hasn't changed, I like just cyber method, but if you can reduce my cost and complexity, doubly motivated.

然後，資訊長經常會說，這並沒有改變，我只喜歡網路方法，但如果你能降低我的成本和複雜性，那就加倍積極。

So we really have combined the need for Zero Trust, and now AI becomes a further catalyst with cost and complexity reduction, which is helping us because most companies can't do cost reduction.

因此，我們確實結合了零信任的需求，現在人工智慧成為降低成本和複雜性的進一步催化劑，這對我們有幫助，因為大多數公司無法降低成本。

A legacy firewall vendor is not going to cannibalize that large installed base of firewalls; we can.

傳統防火牆供應商不會蠶食防火牆的龐大安裝基礎；我們可以。

Brian Essex, JPMorgan.

布萊恩‧艾塞克斯，摩根大通。

Good afternoon.

午安.

Thank you for taking the question.

感謝您提出問題。

Remo, congratulations.

雷莫，恭喜你。

We're certainly going to miss working with you.

我們肯定會懷念與您的合作。

Maybe I wanted to hit on the SecOps side of the equation.

也許我想觸及等式的 SecOps 方面。

Maybe, Jay, can you help us understand where we are in terms of progress with Avalor?

Jay，您能否幫助我們了解 Avalor 的進展？

And I noticed in the press release, you noted that you surpassed 0.5 trillion daily transactions, which is huge.

我注意到，您在新聞稿中指出，您的每日交易量超過了 5 兆筆，這是一個巨大的數字。

How are your customers evaluating your ability to scale over the volume of data and traffic that you have, given all the changes we're seeing in the SecOps side of the market in the current environment?

考慮到我們在當前環境中 SecOps 市場方面看到的所有變化，您的客戶如何評估您擴展所擁有的資料量和流量的能力？

Thanks.

謝謝。

SecOps market is ready for disruption.

SecOps 市場已準備好迎接顛覆。

It's a big market.

這是一個很大的市場。

We had taken a very thoughtful approach of starting by building the data fabric so that all queries and all the stuff doesn't need to come to the massive data lake, which can take forever.

我們採取了一種非常周到的方法，從建立資料結構開始，這樣所有查詢和所有內容都不需要進入龐大的資料湖，這可能需要很長時間。

So Avalor acquisition has done that for us.

所以收購 Avalor 為我們做到了。

Now building upon Avalor, we had done a few things already that are in the market.

現在，在 Avalor 的基礎上，我們已經做了一些市場上已經有的事情。

We started with Risk360 that's powered by the back-end to Avalor.

我們從由 Avalor 後端提供支援的 Risk360 開始。

We have unified vulnerability management that actually helps customers make sure they can properly prioritize vulnerabilities in that space.

我們擁有統一的漏洞管理，實際上可以幫助客戶確保他們能夠正確優先考慮該領域的漏洞。

And then, running on the same platform, some of the digital experience offerings are getting bigger and better as well.

然後，在同一平台上運行，一些數位體驗產品也變得越來越大、越來越好。

In the SecOps, the biggest thing we're doing that others can’t easily do is essentially scoring and prioritization of what needs to be done.

在 SecOps 中，我們正在做的其他人無法輕鬆完成的最重要的事情本質上是對需要完成的事情進行評分和優先排序。

But the next phase that will be powered will be the products we're building that's called Breach Prediction and Threat Hunting.

但下一階段的支持將是我們正在建造的產品，即違規預測和威脅狩獵。

There they're working with some of the early-stage design, and customers are seeing some very good results.

他們正在那裡進行一些早期設計，客戶看到了一些非常好的結果。

So what the point we want to make was you can go and build technology.

所以我們想要表達的是你可以去建立技術。

But if you don't have the kind of private enterprise data you need, you can't do much with it.

但如果您沒有所需的私人企業數據，您就無法利用它做很多事情。

Let me contrast it.

我來對比一下。

ChatGPT took the public data of the whole world, trained it on LLMs.

ChatGPT 取得了全世界的公共數據，並對其進行了法學碩士培訓。

They're able to do it well, but the logs are private.

他們能夠做得很好，但日誌是私有的。

Zscaler, having those logs available, we can actually train the stuff by apply -- but based on the collected learning, this thing can be applied to a specific customer so each customer gets benefit.

Zscaler，有了這些可用的日誌，我們實際上可以透過應用來訓練這些東西——但是根據收集到的學習，這個東西可以應用於特定的客戶，這樣每個客戶都會受益。

So we are increasing our investment in this area.

所以我們正在加大這方面的投入。

And over time, you're going to start seeing some more meaningful results in this area.

隨著時間的推移，您將開始在該領域看到一些更有意義的結果。

Joel Fishbin, Truist.

喬爾‧菲什賓，真理論者。

Thanks for taking the question.

感謝您提出問題。

Remo, big shoes to fill, and you'll be sorely missed.

雷莫，需要填補的空缺，我們會非常想念你的。

Jay, you talked a little bit about the public sector and the US federal.

傑伊，您談到了公共部門和美國聯邦。

Just curious if there's been any update on DoD and Thunderdome and any of the big projects there?

只是好奇國防部和 Thunderdome 以及那裡的任何大型項目是否有任何更新？

They've been looking at doing a revitalization, and you seem to be primed for that.

他們一直在考慮進行復興，而你似乎已經為此做好了準備。

We'd love to hear where that stands.

我們很想聽聽情況如何。

So we continue to gain share in federal market across the board.

因此，我們繼續全面擴大聯邦市場的份額。

One of the things I'm proud of is now we reached 14 of the 15 cabinet-level agencies as our customers.

讓我感到自豪的一件事是，現在 15 個內閣級機構中有 14 個成為我們的客戶。

Across defense too, we have a number of initiatives.

在國防領域，我們也採取了許多措施。

We have talked about some of them in the past.

我們過去已經討論過其中的一些。

We think we have a very, very big opportunity out there.

我們認為我們有一個非常非常大的機會。

And with the new administration coming on board, we are all reading about the push for cost reduction.

隨著新政府的上任，我們都在閱讀有關推動降低成本的內容。

I believe that's a positive for us.

我相信這對我們來說是積極的。

For our federal business, this is because we reduce cost and complexity.

對於我們的聯邦業務來說，這是因為我們降低了成本和複雜性。

We eliminate North-South, East-West firewalls, VPN, NAC, segmentation, all of those kind of products.

我們消除了南北向、東西向防火牆、VPN、NAC、分段以及所有此類產品。

So I'm excited about the federal opportunities.

所以我對聯邦的機會感到興奮。

And it's not just the US.

不僅僅是美國。

We're taking the same kind of solutions to some of the Western friendly, NATO friendly countries as well.

我們也對一些西方友好國家、北約友好國家採取同樣的解決方案。

Fatima Boolani, Citi.

法蒂瑪·布拉尼，花旗銀行。

Good afternoon.

午安.

Thank you for taking my questions.

感謝您回答我的問題。

I appreciate it.

我很感激。

And, Remo, congratulations on an illustrious career.

雷莫，祝賀您擁有輝煌的職業生涯。

I wanted to ask you a question with regards to the updated billings guidance and some of the implied second-quarter billings based on some of the seasonality commentary you shared, Remo.

我想問您一個關於更新的賬單指南和基於您分享的一些季節性評論的一些隱含的第二季度賬單的問題，雷莫。

Is there anything that we should think about vis-à-vis transactions that maybe landed early?

對於可能提前到達的交易，我們是否應該考慮什麼？

Just trying to get a better sense of, hey, first quarter was really strong out of the gate, certainly relative to expectations.

只是想更了解，嘿，第一季確實非常強勁，當然相對於預期而言。

But why would we see some of that pare down in the second quarter?

但為什麼我們會在第二季看到部分削減呢？

If you can give us some color around that.

如果你能給我們一些顏色。

Thank you so much.

太感謝了。

Yeah.

是的。

Our guide for the second quarter for billings is actually up.

我們第二季的帳單指南實際上已經上漲了。

The 39.3% to 39.5% would indicate that for the second quarter.

39.3% 到 39.5% 表示第二季的情況。

The key thing is that we had a great first quarter.

關鍵是我們第一季表現出色。

And if you take a look, we're passing the beat for the entire year.

如果你看一下，我們就已經超越了全年的節拍。

Really, fundamentally, nothing's changed what we talked about on the prior call.

確實，從根本上來說，我們在之前的電話會議上討論的內容沒有任何改變。

The key dynamic which is recurring is the scheduled billings at 7% in the first half and 23% in the second half.

重複出現的關鍵動態是上半年的計畫帳單為 7%，下半年為 23%。

So nothing's really fundamentally changed.

所以沒有什麼真正從根本上改變。

What I can say is that our pipeline supports our guidance.

我能說的是我們的管道支持我們的指導。

What I can say also is that hiring has been very good in our sales organization.

我還可以說的是，我們的銷售組織的招募情況非常好。

Attrition is down.

人員流失率下降了。

The go-to-market organization really is becoming very, very strong.

進入市場組織確實變得非常非常強大。

SIs as we go forward, it will become a more important part to Zscaler.

隨著我們的發展，SI 將成為 Zscaler 更重要的一部分。

So the second half basically, as we talked about -- and you have our guidance.

因此，基本上，正如我們所討論的，下半年是我們的指導。

We brought up guidance for the full year, and we feel comfortable with that.

我們提出了全年指導，我們對此感到滿意。

Absolutely.

絕對地。

Also, the same thing.

還有，同樣的事情。

The go-to-market execution of Mike Rich, the leadership team has been outstanding.

領導團隊麥克里奇 (Mike Rich) 的市場推廣執行力非常出色。

Shrenik Kothari, Baird.

施萊尼克·科塔里，貝爾德。

Hey.

嘿。

Congrats on the retirement, Remo.

恭喜退休，雷莫。

Great working with you, and good luck for the next chapter.

與您合作非常愉快，祝下一章好運。

Thanks for taking my questions.

感謝您回答我的問題。

So the shift to account-centric selling, of course, is yielding benefits already, Jay, you mentioned, with the pipeline quality.

因此，轉向以客戶為中心的銷售當然已經產生了好處，傑伊，你提到，管道品質。

Just a follow-up to Brad's question on the bookings growth.

只是布拉德關於預訂增長問題的後續。

And say, Remo and Jay, you mentioned about the partnership with GSIs facilitating significant deal wins.

比方說，Remo 和 Jay，你們提到了與 GSI 的合作關係，促進了重大交易的成功。

You mentioned about the seven-figure SD-WAN.

您提到了七位數的 SD-WAN。

Can you just help provide some more quantifiable color in terms of incremental ARR tied to GSI-led deals?

您能否協助提供一些與 GSI 主導的交易相關的增量 ARR 方面更可量化的資訊？

And any more examples that highlight success with GSIs, if that is leading to larger, bigger deals, or also longer sales cycles?

還有更多突出 GSI 成功的例子嗎？

And how should we think about the billings going forward?

我們該如何看待未來的帳單？

Right.

正確的。

Very good question.

非常好的問題。

We are actually seeing increasing contribution of GSIs, especially in large accounts.

我們實際上看到 GSI 的貢獻不斷增加，特別是在大帳戶中。

I highlighted two deals, actually, this time that are driven by GSIs as strong partners.

實際上，我這次強調了兩筆交易，這些交易都是由 GSI 作為強大的合作夥伴推動的。

An auto supply parts company, this was a combination of zero trust segmentation and zero trust branch, eliminating the need for firewalls in lots and lots of factories and branches.

一家汽車供應零件公司，這是零信任分段和零信任分支的結合，消除了許多工廠和分支機構對防火牆的需求。

They also -- GSI also helped us with G2K services company, where we sold protection for Microsoft and copilot type of stuff.

他們也——GSI 還幫助我們建立了 G2K 服務公司，我們在那裡出售針對 Microsoft 的保護和副駕駛類型的東西。

I think the difference we're seeing is that GSIs are now working more closely with customers starting the early stage.

我認為我們看到的不同之處在於，GSI 現在從早期階段就開始與客戶更密切合作。

And they are standardizing on some of our solutions.

他們正在對我們的一些解決方案進行標準化。

It used to be ZIA, ZPA, ZDX.

以前是ZIA、ZPA、ZDX。

Now, their standard solutions are including emerging products as well.

現在，他們的標準解決方案也包括新興產品。

So good momentum.

勢頭這麼好。

And also, think of it, when we talk about eliminating a bunch of products, generally, those products end up being what?

而且，想一想，當我們談論消除一堆產品時，通常這些產品最終會是什麼？

They are firewalls; they're VPN; they're SD-WANs; they're NAC or VDIs, they're device segmentation.

它們是防火牆；他們是VPN；它們是 SD-WAN；它們是 NAC 或 VDI，它們是設備分段。

It creates an opportunity for GSI partners to get services to replace -- take those products out.

它為 GSI 合作夥伴創造了一個獲得服務來替代的機會——淘汰那些產品。

Over time, we'll start giving you more and more data about it.

隨著時間的推移，我們將開始為您提供越來越多的相關數據。

But I'll say, we are very pleased with the results, and this is because of the leadership we added to drive GSI that's making a big difference.

但我要說的是，我們對結果非常滿意，這是因為我們為推動 GSI 所增加的領導力正在產生巨大的變化。

Matt Hedberg, RBC.

馬特‧赫德伯格，加拿大皇家銀行。

Great.

偉大的。

Thanks for taking my questions, guys.

謝謝你們回答我的問題，夥伴們。

Lots of really good things to think about on this quarter.

本季有很多值得思考的好事情。

I guess I wanted to go back to the data protection solution.

我想我想回到資料保護解決方案。

It seems like it's really contributing to large deals.

看起來它確實為大筆交易做出了貢獻。

And it's not the first time you've talked about It.

這不是你第一次談論它。

I looked back; I think in Q4 of '23, fiscal '23, you talked about approaching Quarter of a billion of ARR.

我回頭一看；我認為在 23 年第四季度，即 23 財年，您談到了接近 10 億美元的 ARR。

I think, at the time, it was growing about 60%.

我認為，當時的成長率約為 60%。

Any update on the scale of that business?

該業務規模有任何更新嗎？

I think it was about maybe about 12% of ARR back then.

我認為當時大約是 ARR 的 12% 左右。

I have to imagine, it's been growing faster than the base business, but that feels like it's a really, really material contributor to new and emerging product growth.

我不得不想像，它的成長速度比基礎業務要快，但這感覺就像它對新興產品的成長確實做出了實質貢獻。

Yes, data protection keeps on growing faster than our overall business.

是的，資料保護的成長速度持續快於我們整體業務的成長速度。

We are doing some big deals.

我們正在做一些大交易。

I think with the emergence of AI, one of the biggest things that's going to really help drive data protection is AI, because companies are worried about their data leaking out there as they start using more and more public AI services like ChatGPT, even Copilot falls under that area.

我認為隨著人工智慧的出現，真正有助於推動資料保護的最重要的事情之一就是人工智慧，因為隨著公司開始使用越來越多的公共人工智慧服務（例如ChatGPT），甚至Copilot 也出現問題，他們擔心自己的資料會外洩。

And then, they'll be worried about private AI applications that our customers are building too.

然後，他們也會擔心我們的客戶也在建構的私人人工智慧應用程式。

So we have built probably the most comprehensive platform for data protection, not just inline data and end-point data for SaaS applications, data in the cloud with DSPM around the world, and even data security for emails as well.

因此，我們建立了可能是最全面的資料保護平台，不僅是 SaaS 應用程式的內聯資料和端點資料、全球 DSPM 的雲端數據，甚至還有電子郵件的資料安全。

I think you keep on seeing us.

我想你會繼續見到我們。

And the other comment I made was, as all large data protection exfiltration happens for Internet, we are sitting in line; we are naturally there.

我發表的另一條評論是，由於所有大型資料保護外洩都發生在網路上，因此我們正在排隊；我們自然就在那裡。

We're doing SSL/TLS inspection.

我們正在進行 SSL/TLS 檢查。

So it's natural to expect to grow this business, and we're doing a good job with it.

因此，期望發展這項業務是很自然的，而且我們在這方面做得很好。

Roger Boyd, UBS.

羅傑·博伊德，瑞銀集團。

Great.

偉大的。

Thanks for taking my questions.

感謝您回答我的問題。

And, Remo, sad to see you go, but I'll echo my congrats on your retirement there.

雷莫，很遺憾看到你離開，但我也會祝賀你在那裡退休。

It's been a pleasure.

很高興。

Jay, just to follow up on data security, it seems like you're having a lot of traction upselling that data security portfolio.

Jay，只是為了跟進資料安全問題，看來您在推銷資料安全產品組合方面有很大的吸引力。

But I'm wondering to what extent that you've seen that holistic view that really only inline vendors can do start to influence new ZPA, ZIA deals and how big of a competitive differentiator you see that being going forward?

但我想知道您在多大程度上看到了只有內聯供應商才能開始影響新的 ZPA、ZIA 交易的整體觀點，以及您認為未來的競爭優勢有多大？

Data protection, majority of the time, it comes with ZIA, ZPA.

資料保護，大多時候是ZIA、ZPA自備的。

It's such a large installed base.

這是一個如此龐大的安裝基礎。

Our customers started on data protection side and had none or small data protection.

我們的客戶從資料保護方面開始，沒有或只有很少的資料保護。

So it's easy and natural for us to start that way.

所以我們以這種方式開始是很容易和自然的。

We are seeing some of the customers who -- some of the prospects starting with interest on the data protection side as well.

我們看到一些客戶—一些潛在客戶也對資料保護方面感興趣。

Those numbers are relatively small.

這些數字相對較小。

The biggest products that are actually helping us with new logos without ZIA, ZPA are actually products like Airgap, zero trust device segmentation, or Avalor's Unified Vulnerability Management.

實際上，在沒有 ZIA、ZPA 的情況下幫助我們設計新標誌的最大產品實際上是 Airgap、零信任設備分段或 Avalor 的統一漏洞管理等產品。

Look, a company like Zscaler that has a large platform, we can sell a lot in installed base.

看，像 Zscaler 這樣擁有大型平台的公司，我們可以在安裝基礎上銷售很多產品。

We can also sell a lot of the new logo opportunities because of the big market for us there.

由於那裡的市場很大，我們還可以出售許多新標誌的機會。

That's why we don't really push for one or the other.

這就是為什麼我們並不真正推動其中之一。

We think both are important for us, and we are doing well in both areas.

我們認為兩者對我們都很重要，而且我們在這兩個領域都做得很好。

Thank you.

謝謝。

And with that, I would now like to turn it back over to Jay Chaudhry for any closing remarks.

說到這裡，我現在想把它轉回給傑伊·喬杜里 (Jay Chaudhry) 發表結束語。

Great.

偉大的。

Well, thank you all for your interest in Zscaler.

好的，感謝大家對 Zscaler 的關注。

We look forward to seeing you in one of the many conferences that we'll be participating in.

我們期待在我們將參加的眾多會議之一中見到您。

See you then.

到時候見。

Thank you.

謝謝。

Thank you for your participation in today's conference.

感謝您參加今天的會議。

This does conclude the program.

這確實結束了該程式。

You may now disconnect and everyone, have a great day.

您現在可以斷開連接，祝大家有個愉快的一天。