Zscaler Inc (ZS) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Zscaler first-quarter 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Zscaler 2025 年第一季財報電話會議。（操作員指示）請注意，今天的會議正在錄製中。

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

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)。請繼續。

Good afternoon, everyone, and welcome to the Zscaler first-quarter fiscal year 2025 earnings conference call. On the call with me today are Jay Chaudry, Chairman and the CEO; Remo Canessa, CFO.

大家下午好，歡迎參加 Zscaler 2025 財年第一季財報電話會議。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. 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. 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.

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。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. 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.

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

謝謝你，阿什溫。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。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. We are making tremendous progress, executing on our go-to-market plans and driving innovations that our customers are relying on us for. With continued strong demand, I'm very pleased to increase our full-year billings and revenue guidance.

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

第一季的獲利能力也很強勁。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。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。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. We are fighting AI with AI. 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. We enable customers to securely adopt public-AI apps such as ChatGPT, Microsoft Copilot, and GitHub Copilot with "Zscaler for copilots". 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. Our industry-leading capabilities in this area are driving large customer wins.

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。我們正在用人工智慧對抗人工智慧。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。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。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。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. Data Protection enables this customer to securely roll out 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.

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%。資料保護使該客戶能夠安全地部署 Microsoft Copilot。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. With the widespread adoption of public-AI apps, we are seeing growing demand for their security.

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

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

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。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。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. 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.

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

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

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。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。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. Such attacks often start with exploitation of firewall or VPN architecture. These traditional security solutions enable threat actors to move laterally on the corporate network and compromise the entire organization. To make up for their flawed architecture, legacy security vendors are offering disjointed point products under the pretext of a platform. This increases cost and complexity for customers. 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".

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。此類攻擊通常從利用防火牆或 VPN 架構開始。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。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。這增加了客戶的成本和複雜性。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. 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. The sooner organizations move away from these disjointed security solutions to Zero Trust, the sooner they will become secure and resilient.

複雜性是安全性和彈性的敵人。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。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. 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. 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. This customer initiated a strategic shift towards a cloud-first architecture and chose Zscaler as their partner for their security transformation.

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。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。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。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. Let me share an example. 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. 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. 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. This is not possible with a firewall-based SASE solution. With this upsell, this customer's annual spend with us almost doubled to over $5 million. We expect ZPA to continue to be one of our biggest growth drivers in fiscal '25.

此外，我們也看到了 ZPA 追加銷售的巨大機會。讓我分享一個例子。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。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 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。這對於基於防火牆的 SASE 解決方案來說是不可能的。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。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. 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. This purchase is nearly doubled the annual spend of this customer with Zscaler.

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。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。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. 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. 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. Third-party enterprise browsers are complex to deploy and manage, and their vulnerabilities are being exploited by attackers. Our solution uses standard browsers like Chrome and provides superior security, while eliminating VDIs and third-party browsers. 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. We will continue to invest to accelerate innovations in this area.

我對我們為資料保護解決方案帶來的創新感到非常興奮。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。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。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。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。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。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. I'm excited to share that Emerging Products ARR is growing twice as fast as our core products. Combined with our account-centric go-to-market motion, our Emerging Products are driving large 7-figure deals. Let me share two examples.

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

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

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。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。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。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. Federal agencies are adopting the Zscaler platform to improve their security posture and reduce cost and complexity by eliminating firewalls and VPNs. Having landed these cabinet-level agencies, we see significant upsell opportunities to grow ARR over time. We are also continuing expansion into other federal agencies. 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.

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。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。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。我們也正在繼續擴展到其他聯邦機構。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. 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.

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。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. I am pleased to share that we're making solid progress on hiring and attrition plans. We had a strong quarter of hiring highly experienced, quota-carrying account executives and had lower attrition. We expect these trends to continue in Q2, strengthening our sales capacity heading into the second half of fiscal 25.

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。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。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。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. 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. Strong customer engagement and sales execution contributed to over 20% year-over-year growth in Unscheduled Billings in Q1. As a reminder, Unscheduled Billings is comprised of new, upsell, and renewal billings. We also grew $1 million-plus ARR customers by 25% year-over-year to 585. We ended Q1 with over 65 customers spending $5 million-plus annually with us.

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。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。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%。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。我們的 ARR 客戶數量也超過 100 萬美元，年增 25%，達到 585 家。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. An increasing number of strategic partners are embedding Zscaler's platform in their solutions for their customers. Our joint partner offerings are expanding beyond ZIA, ZPA, and ZDX to now include our Emerging Products.

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。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。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. 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.

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。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. 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. 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.

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。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。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. Our Q1 results exceeded our guidance on growth and profitability, even with ongoing customer scrutiny of large deals. Revenue was $628 million, up 26% year-over-year and up 6% sequentially. From a geographic perspective, Americas represented 54% of revenue, EMEA was 30%, and APJ was 16%.

謝謝你，傑伊。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。營收為 6.28 億美元，年增 26%，季增 6%。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. As Jay mentioned, our Unscheduled Billings comprised of new, upsell, and renewal billings grew over 20% year-over-year. Our calculated current billings grew 12% year over year.

我們第一季的計算總帳單年增 13%，達到 5.17 億美元。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%。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. Current RPO was approximately 49% of the total RPO.

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。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. This continued strong growth of large customers speaks to the strategic role we play in our customers' digital transformation journeys. Our 12-month trailing dollar-based net retention rate was 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. There could be variability in this metric on a quarterly basis due to the factors I just mentioned.

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。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。我們過去 12 個月以美元計算的淨保留率為 114%。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。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. Our total operating expenses increased 5% sequentially and 19% year-over-year to $372 million. 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. Our free cash flow margin was 46%, including data center CapEx of approximately 3% of revenue. We ended the quarter with over $2.7 billion in cash, cash equivalents, and short-term investments.

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%。我們的總營運費用較上季成長 5%，年增 19%，達到 3.72 億美元。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。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%。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. As a reminder, these numbers are all non-GAAP. 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%. Gross margins of approximately 80%.

現在讓我提供我們對第二季和 2025 財年全年的指導。提醒一下，這些數字都是非公認的會計準則。我們預計第二季營收在 6.33 億美元至 6.35 億美元之間，年增約 21%。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. This will continue to influence our gross margins. We plan to optimize new products for margins over time as they scale.

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。這將繼續影響我們的毛利率。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. Net other income of $18 million. Earnings per share in the range of $0.68 to $0.69, assuming a 23% tax rate and 163 million fully diluted shares.

營業利潤在 1.26 億美元至 1.28 億美元之間。其他淨收入為 1800 萬美元。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%. We expect our first-half mix to be approximately 39.3% to 39.5% of our full-year billings guide.

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%。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%. Operating profit in the range of $549 million to $559 million. Earnings per share in the range of $2.94 to $2.99, assuming a 23% tax rate and approximately 164 million fully diluted shares.

營收在26.23億美元至26.43億美元之間，年增21%至22%。營業利潤在 5.49 億美元至 5.59 億美元之間。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%. 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. With a large market opportunity and customers increasingly adopting the broader platform, we will invest aggressively to position us for long-term growth and profitability.

我們預計自由現金流利潤率約為 23.5% 至 24%。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。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. 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. I'd like to thank Jay for his confidence in me. It has been a true partnership which for me personally has been very special. 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. I am confident that Zscaler will continue to shape the next several decades in cybersecurity with its Zero Trust Exchange platform. I look forward to following Zscaler's progress.

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。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。我要感謝傑伊對我的信任。這是一次真正的合作關係，對我個人來說非常特別。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。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。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. 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. He will be dearly missed. Remo will remain as CFO until his successor is appointed.

我想親自感謝 Remo 對 Zscaler 的所有貢獻。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。我們將深深懷念他。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. And at this time, we will conduct a question-and-answer session. (Operator Instructions)

謝謝。而這個時候，我們會進行一個問答環節。（操作員說明）

Saket Kalia, Barclays.

薩基特·卡利亞，巴克萊銀行。

Okay, great. Hey, guys. Thanks for taking my question here. And first off, Remo, congrats on your retirement. Heck of a run at Zscaler and all the companies before this as well.

好的，太好了。嘿，夥計們。感謝您在這裡提出我的問題。首先，雷莫，恭喜你退休。Zscaler 以及之前的所有公司都表現得很糟糕。

Thank you, Saket. I appreciate that.

謝謝你，薩凱特。我很欣賞這一點。

Absolutely. Jay, maybe for you. Thanks for the detail on the unscheduled billings growth of 20% this quarter. Can you just maybe talk about how that did versus your expectation or maybe versus last quarter for some context? 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?

絕對地。傑伊，也許適合你。感謝您提供有關本季度計劃外帳單增長 20% 的詳細資訊。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？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. The 20% growth is what we expected and actually exceeded our expectations also. As we talked about, the scheduled contracted billings is 7% in the first half and 23% in the second half. So we do expect the unscheduled billings to be 20%-plus also in the second half as we talked about on the last call.

那我就開始吧。20%的成長是我們預期的，實際上也超出了我們的預期。正如我們所說，上半年預定的合約帳單為 7%，下半年為 23%。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. And in addition to that, let me add a few comments. Our Q1 was very strong. There are three factors that I believe will keep on helping us in the second half. 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.

好的。除此之外，讓我補充一些評論。我們的第一季非常強勁。我相信以下三個因素將在下半年繼續幫助我們。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. Three, our ramp sales capacity has strengthened, and we have lower sales attritions in Q1. So I feel very good about our guidance for the second half.

第二，我們擁有強大且不斷成長的管道。第三，我們的坡道銷售能力增強，第一季的銷售流失率較低。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. Remo, sorry to hear you're retiring. It's certainly been a pleasure working with you over the last decade.

謝謝。雷莫，很遺憾聽到你要退休。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. The ZDX Copilot certainly sounds like an interesting opportunity. 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. 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.

我想我想問你一個關於資料安全的問題。ZDX Copilot 聽起來確實是一個有趣的機會。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。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. Sure. It's a good question. Yeah. What we're building is essentially leveraging a lot of work we did with Microsoft over the years. We've done tons of integration, including integration with data discovery and classification, whether it's talking with OneDrive or SharePoint and others.

謝謝。當然。這是一個好問題。是的。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。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. We can also go what's known as outer band using API for some of the classification discovery and the like. In fact, this is as big of an opportunity for us as it was actually for Office 365, maybe bigger in some ways.

一個獨特的優勢是我們可以等待 Office 365 的所有流量。我們也可以使用 API 進行所謂的外帶進行一些分類發現等。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. The customers have already embraced Office 365. Customers are actually beginning to use Microsoft Copilot, and now they're concerned about their data leakage and privacy as well. We're seeing real deals.

我們在這裡。客戶已經接受了 Office 365。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。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. So they did a deal with us. 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.

我在財報發布期間簡要地提到，一家 G2000 公司希望獲得 Microsoft Copilot。所以他們就跟我們做了一筆交易。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. So I'm very excited for the opportunity, and you'll see more coming with us. 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.

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。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。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. Thanks for taking my question. Jay, I wanted to follow-up on your comments on ZPA being a particularly meaningful driver, of course, in FY25. Maybe just remind us, how far along do you think we are in the VPN replacement cycle? How is the competitive environment changing? 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? Thank you.

嗨，晚上好。感謝您提出我的問題。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。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？競爭環境正在發生什麼樣的變化？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？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. We're still discovering lots of them and replacing them. But the opportunity is not just VPN. VPN is the starting point. That's a kind of beach head for us.

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。我們仍在發現並替換它們中的許多。但機會不僅僅在於 VPN。VPN 是起點。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. So that's a big opportunity. 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.

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。所以這是一個很大的機會。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. At the time of the IPO, ZPA was about a single-digit percent of new and upsell business. Today, ZPA is over 40% of the mix of new and upsell, generated by ZIA and ZPA combined. I believe it's a matter of time when all of our customers will buy ZIA, ZPA, and ZDX for every employee. That's where our customers are headed.

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。IPO 時，ZPA 在新業務和追加銷售業務中所佔比例約為個位數。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。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。這就是我們客戶的發展方向。

We see more and more wins out there. And the so-called competition is still trying to spin up virtual VPN in the cloud and garner Zero Trust. So we think we have a big advantage in this area for quite some time.

我們看到越來越多的勝利。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。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. So much information you've shared. Remo, fantastic run. Congrats. And nice strong booking start to the year, guys.

太好了，非常感謝。您分享了這麼多資訊。雷莫，跑得真棒。恭喜。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. And some of those folks are talking about significant hardware refresh opportunities ahead as they have boxes that go end of life. 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? Thank you.

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。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。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？謝謝。

Yes. I agree with your statement. I was wondering should we be ever talk about comparing our billings growth to firewalls. Sure, but the delta was so big that we thought it's worth highlighting it.

是的。我同意你的說法。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。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. 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. And we're planning to target customers with our cost takeout programs.

但請繼續討論關於明年更新的另一個問題。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。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. 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.

直到大約一年前，我們對防火牆的影響還很有限。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. So it's a good opportunity that we pursue.

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。所以這是我們追求的一個好機會。

Thank you. 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. I think by my math, current bookings using cRPO even is strong as well. So it's not as if this is driven by duration.

謝謝。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。我認為，根據我的計算，目前使用 cRPO 的預訂量甚至也很強勁。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. Thank you so much again.

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。再次非常感謝您。

Yeah. It's a great number, Brad. 30% bookings growth, we're really proud of that. 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. But 30% bookings growth is, again, a really good number.

是的。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。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。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%. RPO growth year over year at 26%. So all good metrics. And again, we're well-positioned with our customers. Our new and upsell is 65%, with upsell in Q1. Again, selling into accounts with the new go-to-market organization is taking hold. 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.

cRPO——cRPO 強勁成長 22%。RPO 年成長 26%。所以所有的指標都很好。再說一遍，我們在客戶面前處於有利地位。我們的新產品和追加銷售率為 65%，第一季有追加銷售。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。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. Thanks for taking the questions here. And I just really wanted to come back to the 20%-plus year-to-year unscheduled billings in the quarter. So congrats on that.

嘿，夥計們。感謝您在這裡提出問題。我真的很想回到本季 20% 以上的年度計劃外帳單。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? 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. Anything that would be incremental. Thank you very much, guys.

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？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。任何可以增量的事情。非常感謝你們，夥伴們。

Yeah, it's -- Mike, it's across the board. It's both emerging products as well as our core products. The emerging products include AI, workload protection, ZDX, and our brand solutions. ZDX is doing very well. But as we called out, also Workloads is doing well for us.

是的，麥克，這是全面的。它既是新興產品，也是我們的核心產品。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 做得很好。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. But to answer your question, it's across the board, our entire platform.

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

是的，也許我可以對此添加更多評論。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? The Branch is one part of it. I highlighted some of the deals for the Branch. We talked about a seven-figure ACV deal for the Branch for this automotive suppliers. We had zero trust SD-WAN securing 45 branches. We have Airgap doing zero trust segmentation of devices for 37 branches.

那麼是什麼推動了它呢？分行就是其中的一環。我重點介紹了該分行的一些交易。我們討論了這家汽車供應商的分支機構的七位數 ACV 交易。我們採用零信任 SD-WAN 保護 45 個分公司。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. We have been selling workload protection. 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.

我對我們在雲端工作負載保護方面的進展感到特別滿意。我們一直在銷售工作負載保護。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. And then, there'll be Zero Trust Workload Segmentation the next opportunity. 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.

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。然後，下一個機會將是零信任工作負載分段。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. And Remo -- so congratulations, and enjoy retirement. You earned it.

謝謝。還有雷莫——恭喜你，享受退休生活。你賺到了。

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

給我幾個小的。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。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? Number one. But number two, also, what percent of new business activity do they represent for you right here, right now? Just trying to get a better sense of the change in mix there contribution-wise. Thank you.

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？第一。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？只是想更了解組合中貢獻方面的變化。謝謝。

I'll start then let Jay finish up. So our ARR target for the end of the year is $3 billion. And so we are on track for that $3 billion. Net retention rate is 114%, which, again, we think is outstanding. 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.

我先開始，然後讓傑伊說完。因此，我們年底的 ARR 目標是 30 億美元。因此，我們有望實現 30 億美元的目標。淨保留率為 114%，我們再次認為這是非常出色的。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. Let me expand upon that. You can put them in a few buckets. ZDX started out; it has done very well. It's the biggest piece of it. Zero trust Branch started out the Branch Connector with our zero Trust appliance, zero trust SD-WAN. It's a great area for us. Zero Trust for Workloads in the cloud, I shared a couple of examples, good opportunities.

是的。讓我對此進行擴展。你可以把它們放在幾個桶子裡。ZDX開始了；它做得很好。這是其中最大的一塊。零信任 Branch 透過我們的零信任設備、零信任 SD-WAN 啟動了 Branch Connector。這對我們來說是一個很棒的區域。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. So we are excited. In the past, we had talked about a part of AI products called AI analytics. This solution bundle was up 90% year over year. It's coming from a small base, but we're very pleased with the traction of the various Emerging Products are taking.

現在，人工智慧產品實際上也成為我們非常好的領域。所以我們很興奮。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。該解決方案捆綁包年增 90%。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. So we do see Emerging Products increasing in strength as we go forward.

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%。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. Thanks for taking my question. 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. And I don't know if that's just a general economic comment or there's something else coloring your opinion.

是的。感謝您提出我的問題。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。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. 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. Thanks.

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。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。謝謝。

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

是的。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. But that, in ways, helps us. We are seeing interest in cyber -- especially in cyber that can really reduce the chance of ransomware attacks and the like. So that's where zero trust comes in. 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.

是的。但這在某種程度上對我們有幫助。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。這就是零信任的由來。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. A legacy firewall vendor is not going to cannibalize that large installed base of firewalls; we can.

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。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. Thank you for taking the question. Remo, congratulations. We're certainly going to miss working with you.

午安.感謝您提出問題。雷莫，恭喜你。我們肯定會懷念與您的合作。

Maybe I wanted to hit on the SecOps side of the equation. Maybe, Jay, can you help us understand where we are in terms of progress with Avalor? And I noticed in the press release, you noted that you surpassed 0.5 trillion daily transactions, which is huge. 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? Thanks.

也許我想觸及等式的 SecOps 方面。Jay，您能否幫助我們了解 Avalor 的進展？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。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？謝謝。

SecOps market is ready for disruption. It's a big market. 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. So Avalor acquisition has done that for us.

SecOps 市場已準備好迎接顛覆。這是一個很大的市場。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。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. We started with Risk360 that's powered by the back-end to Avalor. We have unified vulnerability management that actually helps customers make sure they can properly prioritize vulnerabilities in that space. And then, running on the same platform, some of the digital experience offerings are getting bigger and better as well.

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。我們從由 Avalor 後端提供支援的 Risk360 開始。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。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. But the next phase that will be powered will be the products we're building that's called Breach Prediction and Threat Hunting. There they're working with some of the early-stage design, and customers are seeing some very good results.

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。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。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. But if you don't have the kind of private enterprise data you need, you can't do much with it. Let me contrast it. ChatGPT took the public data of the whole world, trained it on LLMs. They're able to do it well, but the logs are private.

所以我們想要表達的是你可以去建立技術。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。我來對比一下。ChatGPT 取得了全世界的公共數據，並對其進行了法學碩士培訓。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. So we are increasing our investment in this area. And over time, you're going to start seeing some more meaningful results in this area.

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。所以我們正在加大這方面的投入。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. Remo, big shoes to fill, and you'll be sorely missed.

感謝您提出問題。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. Just curious if there's been any update on DoD and Thunderdome and any of the big projects there? They've been looking at doing a revitalization, and you seem to be primed for that. We'd love to hear where that stands.

傑伊，您談到了公共部門和美國聯邦。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？他們一直在考慮進行復興，而你似乎已經為此做好了準備。我們很想聽聽情況如何。

So we continue to gain share in federal market across the board. One of the things I'm proud of is now we reached 14 of the 15 cabinet-level agencies as our customers. Across defense too, we have a number of initiatives. We have talked about some of them in the past.

因此，我們繼續全面擴大聯邦市場的份額。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。在國防領域，我們也採取了許多措施。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. And with the new administration coming on board, we are all reading about the push for cost reduction. I believe that's a positive for us. For our federal business, this is because we reduce cost and complexity. We eliminate North-South, East-West firewalls, VPN, NAC, segmentation, all of those kind of products. So I'm excited about the federal opportunities. And it's not just the US. We're taking the same kind of solutions to some of the Western friendly, NATO friendly countries as well.

我們認為我們有一個非常非常大的機會。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。我相信這對我們來說是積極的。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。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。所以我對聯邦的機會感到興奮。不僅僅是美國。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. Thank you for taking my questions. I appreciate it. And, Remo, congratulations on an illustrious career.

午安.感謝您回答我的問題。我很感激。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? Just trying to get a better sense of, hey, first quarter was really strong out of the gate, certainly relative to expectations. But why would we see some of that pare down in the second quarter? If you can give us some color around that. Thank you so much.

對於可能提前到達的交易，我們是否應該考慮什麼？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。但為什麼我們會在第二季看到部分削減呢？如果你能給我們一些顏色。太感謝了。

Yeah. Our guide for the second quarter for billings is actually up. The 39.3% to 39.5% would indicate that for the second quarter.

是的。我們第二季的帳單指南實際上已經上漲了。39.3% 到 39.5% 表示第二季的情況。

The key thing is that we had a great first quarter. And if you take a look, we're passing the beat for the entire year. Really, fundamentally, nothing's changed what we talked about on the prior call. The key dynamic which is recurring is the scheduled billings at 7% in the first half and 23% in the second half. So nothing's really fundamentally changed.

關鍵是我們第一季表現出色。如果你看一下，我們就已經超越了全年的節拍。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。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%。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. What I can say also is that hiring has been very good in our sales organization. Attrition is down. The go-to-market organization really is becoming very, very strong.

我能說的是我們的管道支持我們的指導。我還可以說的是，我們的銷售組織的招募情況非常好。人員流失率下降了。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. So the second half basically, as we talked about -- and you have our guidance. We brought up guidance for the full year, and we feel comfortable with that.

隨著我們的發展，SI 將成為 Zscaler 更重要的一部分。因此，基本上，正如我們所討論的，下半年是我們的指導。我們提出了全年指導，我們對此感到滿意。

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

絕對地。還有，同樣的事情。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. Congrats on the retirement, Remo. Great working with you, and good luck for the next chapter. Thanks for taking my questions.

嘿。恭喜退休，雷莫。與您合作非常愉快，祝下一章好運。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. Just a follow-up to Brad's question on the bookings growth. And say, Remo and Jay, you mentioned about the partnership with GSIs facilitating significant deal wins. You mentioned about the seven-figure SD-WAN.

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。只是布拉德關於預訂增長問題的後續。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。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? And any more examples that highlight success with GSIs, if that is leading to larger, bigger deals, or also longer sales cycles? And how should we think about the billings going forward?

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？還有更多突出 GSI 成功的例子嗎？我們該如何看待未來的帳單？

Right. Very good question. We are actually seeing increasing contribution of GSIs, especially in large accounts. I highlighted two deals, actually, this time that are driven by GSIs as strong partners. 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. They also -- GSI also helped us with G2K services company, where we sold protection for Microsoft and copilot type of stuff.

正確的。非常好的問題。我們實際上看到 GSI 的貢獻不斷增加，特別是在大帳戶中。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。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。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. And they are standardizing on some of our solutions. It used to be ZIA, ZPA, ZDX. Now, their standard solutions are including emerging products as well. So good momentum.

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。他們正在對我們的一些解決方案進行標準化。以前是ZIA、ZPA、ZDX。現在，他們的標準解決方案也包括新興產品。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? They are firewalls; they're VPN; they're SD-WANs; they're NAC or VDIs, they're device segmentation. It creates an opportunity for GSI partners to get services to replace -- take those products out.

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？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。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. 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.

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。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. Thanks for taking my questions, guys. Lots of really good things to think about on this quarter.

偉大的。謝謝你們回答我的問題，夥伴們。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. It seems like it's really contributing to large deals. And it's not the first time you've talked about It. I looked back; I think in Q4 of '23, fiscal '23, you talked about approaching Quarter of a billion of ARR. I think, at the time, it was growing about 60%.

我想我想回到資料保護解決方案。看起來它確實為大筆交易做出了貢獻。這不是你第一次談論它。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。我認為，當時的成長率約為 60%。

Any update on the scale of that business? I think it was about maybe about 12% of ARR back then. 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.

該業務規模有任何更新嗎？我認為當時大約是 ARR 的 12% 左右。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. We are doing some big deals. 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. And then, they'll be worried about private AI applications that our customers are building too.

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。我們正在做一些大交易。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。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. I think you keep on seeing us.

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。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. We're doing SSL/TLS inspection. So it's natural to expect to grow this business, and we're doing a good job with it.

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。我們正在進行 SSL/TLS 檢查。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. Thanks for taking my questions. And, Remo, sad to see you go, but I'll echo my congrats on your retirement there. It's been a pleasure.

偉大的。感謝您回答我的問題。雷莫，很遺憾看到你離開，但我也會祝賀你在那裡退休。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. 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?

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。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. It's such a large installed base. Our customers started on data protection side and had none or small data protection. So it's easy and natural for us to start that way.

資料保護，大多時候是ZIA、ZPA自備的。這是一個如此龐大的安裝基礎。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。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. Those numbers are relatively small. 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.

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。這些數字相對較小。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. We can also sell a lot of the new logo opportunities because of the big market for us there. That's why we don't really push for one or the other. We think both are important for us, and we are doing well in both areas.

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。由於那裡的市場很大，我們還可以出售許多新標誌的機會。這就是為什麼我們並不真正推動其中之一。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. And with that, I would now like to turn it back over to Jay Chaudhry for any closing remarks.

謝謝。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. Well, thank you all for your interest in Zscaler. We look forward to seeing you in one of the many conferences that we'll be participating in. See you then. Thank you.

偉大的。好的，感謝大家對 Zscaler 的關注。我們期待在我們將參加的眾多會議之一中見到您。到時候見。謝謝。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect and everyone, have a great day.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連接，祝大家有個愉快的一天。