Zscaler Inc (ZS) 2025 Q2 法說會逐字稿

Good day and thank you for standing by.

您好，感謝您的支持。

Welcome to the Zscaler second-quarter 2025 earnings call.

歡迎參加 Zscaler 2025 年第二季財報電話會議。

(Operator Instructions)

（操作員指令）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄音。

(Operator Instructions)

（操作員指令）

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

現在，我想將會議交給今天的發言人、投資者關係和策略財務副總裁 Ashwin Kesireddy。

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

大家下午好，歡迎參加 Zscaler 2025 財年第二季財報電話會議。

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

今天與我一起通話的有董事長兼首席執行官傑伊·喬杜里 (Jay Chaudhry)；以及首席財務官 Remo Canessa。

Please note we have posted our earnings release and a supplemental financial schedule to our Investor Relations website. Unless otherwise noted, all numbers we talk about today will be on an adjusted non-GAAP basis. You'll find the reconciliation of GAAP to the non-GAAP financial measures in our earnings release. 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, annual recurring 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.

請注意，我們已將我們的收益報告和補充財務計劃發佈到我們的投資者關係網站上。除非另有說明，我們今天討論的所有數字都將基於調整後的非 GAAP 基礎。您可以在我們的收益報告中找到 GAAP 與非 GAAP 財務指標的對帳表。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、年度經常性收入、計算的賬單、經營業績、毛利率、經營費用、經營收入、淨收入、自由現金流、基於美元的淨留存率、未來招聘決策、剩餘履約義務、所得稅、每股收益、我們的產品和展望、客戶對我們的反應以及我們的市場份額和市場份額和市場份額。

These statements and other comments are not guarantees of future performance but rather are subject to risk and uncertainty, some of which are beyond our control. These forward-looking statements apply as of today and you should not rely on them as representing our views in the future. We undertake no obligation to update these statements after this call. 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.

這些聲明和其他評論並不能保證未來的表現，而是會受到風險和不確定性的影響，其中一些是我們無法控制的。這些前瞻性陳述自今天起適用，您不應依賴它們來代表我們未來的觀點。我們不承擔本次電話會議後更新這些聲明的義務。有關風險和不確定性的更完整討論，請參閱我們向美國證券交易委員會提交的文件以及今天的收益報告。

I also want to inform you that we'll be attending the following conferences: Morgan Stanley TMT conference on March 6, Susquehanna Travel, Tech + Gambling Forum on March 7, Loop Capital Markets Investor conference on March 10, Stifel Technology Conference on March 11, Cantor Global Technology Conference on March 12.

我也想通知您，我們將參加以下會議：3 月 6 日的摩根士丹利 TMT 會議、3 月 7 日的 Susquehanna Travel、科技 + 賭博論壇、3 月 10 日的 Loop Capital Markets 投資者會議、3 月 11 日的 Stifel 技術會議、3 月 12 日的 Cantor 全球技術會議。

Now, I'll turn the call over to Jay.

現在，我將電話轉給傑伊。

Thank you, Ashwin.

謝謝你，阿什溫。

Our outstanding Q2 results demonstrate the improvements in our go-to-market execution against a backdrop of growing customer demand for our platform. Billings accelerated in Q2, and revenue grew by 23% year over year, with both metrics coming in above the high end offer guidance.

我們出色的第二季業績表明，在客戶對我們平台的需求不斷增長的背景下，我們的市場執行力得到了改善。第二季帳單成長加速，營收年增 23%，兩項指標均高於高端報價預期。

Our go-to-market investments are resulting in increased sales productivity, double digit new and upsell business growth and lower sales attrition. I expect sales productivity to continue growth in the second half, driven by ongoing success of our go-to-market initiatives and growing number of ramped sales reps.

我們的市場投資提高了銷售效率，新銷售和追加銷售業務實現了兩位數成長，同時降低了銷售人員流失率。我預計，由於我們行銷計劃的持續成功和銷售代表數量的不斷增加，下半年銷售效率將繼續增長。

Our annual recurring revenue, or ARR, grew 23% year over year in Q2 to over $2.7 billion and our net retention rate, or NRR improved to 115%. With our growing pipeline and better sales productivity, I expect us to achieve $3 billion or more in ARR by the end of the fiscal year.

我們的年度經常性收入（ARR）在第二季年增 23%，達到 27 億美元以上，我們的淨留存率（NRR）提高至 115%。隨著我們不斷成長的產品線和更好的銷售效率，我預計到本財年末我們的 ARR 將達到 30 億美元或更多。

Q2 was also a strong quarter for profitability with 36% growth in operating profit, driving 2 percentage points improvement in operating margin to nearly 22%. Free cash flow margin was also a Q2 record of 22%. Driven by strong revenue growth and free cash flow margin, we operated above the Rule of 45, placing us in the rarefied category of large publicly traded SaaS companies that are growing rapidly at scale.

第二季獲利能力強勁，營業利潤成長 36%，推動營業利潤率提高 2 個百分點，達到近 22%。自由現金流利潤率也創下第二季的最高紀錄，達到 22%。在強勁的營收成長和自由現金流利潤率的推動下，我們的營運超出了 45 規則，使我們躋身於規模快速成長的大型上市 SaaS 公司之列。

Zscaler pioneered Zero Trust architecture which enables our customers' workforces to securely access applications wherever they reside. Prior to Zscaler, enterprises relied on firewall and VPN-based security, which allowed attackers to exploit their vulnerabilities and move unchecked across corporate networks.

Zscaler 率先推出了零信任架構，使我們客戶的員工無論身在何處都能安全地存取應用程式。在 Zscaler 之前，企業依賴防火牆和基於 VPN 的安全性，這使得攻擊者可以利用他們的漏洞並在企業網路中不受控制地移動。

Many vendors are marketing SASE, built on SD-WANs, which only worsens the growing issue of ransomware attacks. We've gone far beyond SASE by pioneering our Zero Trust Exchange built on true Zero Trust architecture which eliminates lateral propagation of threats and dramatically reduces attack surface.

許多供應商正在行銷基於 SD-WAN 建構的 SASE，這只會加劇勒索軟體攻擊的問題。我們率先推出了基於真正的零信任架構建構的零信任交換 (Zero Trust Exchange)，消除了威脅的橫向傳播並大幅減少了攻擊面，遠遠超越了 SASE。

Building upon our success in securing users, we expanded our platform to secure workloads, IoT/OT devices, B2B users, B2B systems, and more. Today, we are elevating the concept of Zero Trust to a new standard that we call Zero Trust Everywhere.

在成功保護用戶安全的基礎上，我們擴展了平台以保護工作負載、物聯網/OT 設備、B2B 用戶、B2B 系統等。今天，我們將零信任的概念提升到一個新的標準，我們稱之為「無所不在的零信任」。

For a customer to be Zero Trust Everywhere, they need Zero Trust users where users are untrusted and never put on the corporate network. Zero Trust cloud, where workloads are untrusted and can communicate only through our exchange, and Zero Trust Branch where branches, factories, warehouses, or IoT/OT devices are islands of their own.

對於想要在任何地方都實現零信任的客戶，他們需要零信任用戶，這些用戶不受信任，並且永遠不會進入公司網路。零信任雲，其中工作負載不受信任，只能透過我們的交換機進行通信，而零信任分支，其中分支機構、工廠、倉庫或 IoT/OT 設備都是獨立的島嶼。

Our mission is to create a Zero Trust Everywhere world. With the upcoming hardware refresh cycle, CXOs are increasingly looking for ways to eliminate their legacy security stack, including firewalls, VPNs, SD-WANs, and more.

我們的使命是創造一個無所不在的零信任世界。隨著即將到來的硬體更新周期，CXO 越來越多地尋找消除其傳統安全堆疊的方法，包括防火牆、VPN、SD-WAN 等。

We're leaning into the opportunity presented by the refresh cycle with surgical field campaigns to educate our customers on how they can leapfrog to Zero Trust Everywhere and free themselves from firewalls and other legacy appliances forever.

我們正利用外科手術領域活動的更新周期所提供的機會，教育我們的客戶如何跨越到“無處不在的零信任”，並永遠擺脫防火牆和其他傳統設備的束縛。

I'm happy to share that we are seeing initial success from these campaigns. As of the end of Q2, we surpassed 130 enterprises that have become Zero Trust Everywhere. And my mandate to our teams is to triple that number in the next 18 months.

我很高興地告訴大家，這些活動已經有初步成功了。截至第二季末，我們已實現「無所不在的零信任」的企業超過 130 家。我對我們團隊的要求是在未來 18 個月內將這個數字增加兩倍。

One of the core solutions of Zero Trust Everywhere is Zero Trust Branch, which is seeing tremendous customer interest. Let me share a customer example. An existing Global 2000 manufacturing customer purchased our Zero Trust Branch in a seven figure deal, adding to their ZIA and CPA commitments.

“零信任無所不在”的核心解決方案之一是“零信任分支”，它引起了客戶的極大興趣。讓我分享一個客戶範例。現有的全球 2000 大製造業客戶以七位數的價格購買了我們的零信任分支，增加了他們的 ZIA 和 CPA 承諾。

This customer is leveraging Zscaler to secure all their critical manufacturing sites, eliminating the need for firewalls, NACs, expensive switches, and routers at these sites.

該客戶正在利用 Zscaler 來保護其所有關鍵製造站點的安全，從而無需在這些站點使用防火牆、NAC、昂貴的交換器和路由器。

Next, we're working with this customer to upsell Zero Trust Cloud to put them on the path to become Zero Trust Everywhere. In another example, a large communications equipment company purchased our Zero Trust Branch to phase out their existing SD-WAN.

接下來，我們將與該客戶合作，追加銷售零信任雲，使他們走上實現無所不在的零信任之路。另一個例子是，一家大型通訊設備公司購買了我們的零信任分支，以逐步淘汰其現有的 SD-WAN。

We are excited to work with this customer to help them realize better security and operational simplicity of our platform. Zero Trust Branch is also helping us win new logo customers. In Q2, 57% of customers who purchase Zero Trust Branch are new logo customers.

我們很高興與該客戶合作，幫助他們實現我們平台的更好的安全性和操作簡單性。零信任分支也正在幫助我們贏得新標誌客戶。第二季度，購買零信任分支的客戶中，57%是新識別客戶。

Moving on to large customer metrics, our $1 million plus ARR customer count again grew 25% year over year. In one large customer win, a new logo of Fortune 50 energy company adopted our Zero Trust platform to secure 25,000 users with ZIA and ZPA and made initial purchases of both Zero Trust Branch and Zero Trust Cloud in a seven figure deal.

從大客戶指標來看，我們的 100 萬美元以上的 ARR 客戶數量年增了 25%。在一次大客戶合作中，財富 50 強能源公司的新標誌採用了我們的零信任平台，透過 ZIA 和 ZPA 保護了 25,000 名用戶，並以七位數的價格首次購買了零信任分支和零信任雲。

This deal showcases how customers are adopting our broader platform, including workloads and branch and land deals. By embracing Zscaler as the platform of choice for this security transformation, the customer is eliminating firewalls, SD-WANs, legacy secure web gateways, VPNs, and more, thus improving the security while lowering cost and complexity.

這筆交易展示了客戶如何採用我們更廣泛的平台，包括工作量、分公司和土地交易。透過採用 Zscaler 作為此次安全轉型的首選平台，客戶可以消除防火牆、SD-WAN、傳統安全閘道、VPN 等，從而提高安全性並降低成本和複雜性。

I am also pleased with the momentum in our data protection pillar which experienced over 40% year over year growth in net new ACV. We see two key drivers of this trend. One, consolidation of point products and operational simplicity of data protection.

我對我們的資料保護支柱的發展勢頭也感到高興，該支柱的淨新 ACV 同比增長超過 40%。我們發現這一趨勢有兩個關鍵驅動因素。一、整合點產品和資料保護的操作簡單性。

We have the most comprehensive data protection platform which secures all types of data, whether structured or unstructured, data in motion or data at rest, and data across all channels including web, email, endpoints, SaaS, cloud workloads, and more.

我們擁有最全面的資料保護平台，可保護所有類型的數據，無論是結構化或非結構化、動態資料或靜態數據，以及跨所有管道的數據，包括網路、電子郵件、端點、SaaS、雲端工作負載等。

These capabilities are packaged as various modules to provide flexibility to customers to adopt at their own pace. To give you an example, a Global 2000 retail company that had three data protection modules in the last fiscal year, adopted three new additional modules in Q1 of this fiscal year, and significantly expanded data protection to all users across all their six modules in Q2.

這些功能被打包為各種模組，為客戶提供按照自己的節奏採用的靈活性。舉個例子，一家全球 2000 強零售公司在上一財年擁有三個資料保護模組，在本財年第一季度採用了三個新的附加模組，並在第二季度顯著擴展了對所有六個模組的所有用戶的資料保護。

This seven figure upsell deal nearly tripled the annual spend of this already $1 million plus ARR customer. The customer chose Zscaler to drive what in the worlds is the most significant transformation project in the network and security history.

這筆七位數的追加銷售交易幾乎使這位 ARR 已經超過 100 萬美元的客戶的年度支出增加了兩倍。客戶選擇 Zscaler 來推動網路和安全史上最重大的轉型專案。

With too many data protection point products in their environments, customers are forced to manage multiple policies from multiple products. In contrast, Zscaler customers use a common set of policies that can be seamlessly implemented across all data protection modules resulting in rapid deployment and lower operational overhead.

由於環境中有太多資料保護點產品，客戶被迫管理多個產品的多項策略。相較之下，Zscaler 客戶使用一套通用的策略，可在所有資料保護模組中無縫實施，從而實現快速部署並降低營運開銷。

For example, in a seven figure upsell deal, an existing Global 2000 financial services customer significantly expanded the data protection purchases for 100,000 users. This upsell drove a 65% increase in the annual spend of this already $1 million plus ARR customer.

例如，在一份價值七位數的追加銷售交易中，現有的全球 2000 強金融服務客戶大幅擴大了對 10 萬名用戶的資料保護購買。此次追加銷售使得這位 ARR 已經超過 100 萬美元的客戶的年度支出增加了 65%。

As of the end of Q2, over 85% of our $1 million plus ARR customers have two or more data protection modules, and 65% have three or more modules. We expect this module adoption to continue to grow. The second key driver for data protection growth is the increasing adoption of GenAI.

截至第二季末，我們年收入超過 100 萬美元的客戶中，超過 85％ 擁有兩個或更多資料保護模組，65％ 擁有三個或更多模組。我們預計該模組的採用將持續成長。資料保護成長的第二個關鍵驅動因素是 GenAI 的日益普及。

With the widespread use of GenAI, all enterprises in all industries are confronting the risk of data loss to public AI apps such as Microsoft 365, Copilot, DeepSeek, ChatGPT, and more. This is elevating the importance of data protection across all customers, and customers are purchasing our solution to gain visibility into public AI apps and prevent data loss.

隨著GenAI的廣泛使用，各行各業的企業都面臨著Microsoft 365、Copilot、DeepSeek、ChatGPT等公共AI應用資料遺失的風險。這提高了所有客戶資料保護的重要性，客戶購買我們的解決方案是為了了解公共 AI 應用程式並防止資料遺失。

For example, in Q2, many customers purchased data protection to securely adopt public AI, including a Global 2000 hospitality company, a Global 2000 technology company, a Global 2000 manufacturing company, and more.

例如，在第二季度，許多客戶購買了資料保護以安全地採用公共 AI，其中包括一家全球 2000 強酒店公司、一家全球 2000 強科技公司、一家全球 2000 強製造公司等。

In addition to securing the use of public AI apps, we are investing to deliver solutions to secure customers' private AI apps such as LLM and SLM models, chatbots, and inference engines. We are expanding the functionality of our Zero Trust Exchange with an LLM proxy to analyze prompt queries and results in real time to detect and prevent prompt rejections and other malicious activities.

除了確保公共 AI 應用程式的使用安全之外，我們還在投資提供解決方案，以保護客戶的私人 AI 應用程序，例如 LLM 和 SLM 模型、聊天機器人和推理引擎。我們正在使用 LLM 代理程式擴展零信任交換 (Zero Trust Exchange) 的功能，以即時分析提示查詢和結果，以偵測和防止提示拒絕和其他惡意活動。

We're also utilizing AI to make our products even better and deliver more value to customers. Less than a year ago, we introduced ZDX Copilot, which leverages popular AI models like Gemini to deliver operational efficiency and faster resolution of end-to-end user performance issues.

我們也利用人工智慧來使我們的產品變得更好，並為客戶提供更多價值。不到一年前，我們推出了 ZDX Copilot，它利用 Gemini 等流行的 AI 模型來提高營運效率並更快地解決端到端用戶效能問題。

We offer ZDX Copilot in our ZDX Advanced Plus package. Following the launch of ZDX Copilot, bookings for ZDX Advanced Plus grew by over 45% to nearly $50 million, demonstrating the growth potential of AI-powered products.

我們在 ZDX Advanced Plus 套件中提供 ZDX Copilot。繼 ZDX Copilot 推出後，ZDX Advanced Plus 的訂單量成長了 45% 以上，達到近 5,000 萬美元，彰顯了人工智慧產品的成長潛力。

Building on the success, we are taking ZDX to the next level by leveraging ZDX's agentic AI technology to automate root cause analysis and expand IT workflow integrations for faster remediation and reduce resolution times.

基於成功的基礎，我們將利用 ZDX 的代理 AI 技術來自動化根本原因分析並擴展 IT 工作流程集成，從而將 ZDX 提升到新的水平，以加快補救速度並縮短解決時間。

We are also leveraging AI in many other areas including automated data classification, image classification, zero-day vulnerabilities, detection and prevention, app segmentation, IoT/OT device discovery, and more. Our newly introduced AI analytics solutions, including Risk360, Unified Vulnerability Management, Business Insights, and others continue to drive strong growth.

我們也在許多其他領域利用人工智慧，包括自動資料分類、影像分類、零日漏洞、偵測和預防、應用程式細分、物聯網/OT 設備發現等。我們新推出的人工智慧分析解決方案，包括 Risk360、統一漏洞管理、Business Insights 等，持續推動強勁成長。

And ACV from AI analytics nearly doubled year over year. To further accelerate the development of our AI solutions, we recently hired Phil Tee as our EVP of AI Innovations. Phil was the Co-Founder of an AI-driven enterprise software company that provided intelligent monitoring solutions for DevOps and ITOps.

來自人工智慧分析的 ACV 年成長近一倍。為了進一步加快我們的 AI 解決方案的開發，我們最近聘請了 Phil Tee 擔任我們的 AI 創新執行副總裁。Phil 是一家由人工智慧驅動的企業軟體公司的共同創辦人，該公司為 DevOps 和 ITOps 提供智慧監控解決方案。

In his role, Phil will lead an incubation group focusing on AI innovations to drive cutting-edge advancements in agentic AI to further transform our business and accelerate growth. AI is everywhere around us. The release of DeepSeek-R1 highlights advancements in model training which can make GenAI capabilities more widely available.

在他的職位上，Phil 將領導一個專注於人工智慧創新的孵化小組，推動代理人工智慧的前沿進步，進一步轉變我們的業務並加速成長。人工智慧無所不在。DeepSeek-R1 的發布凸顯了模型訓練的進步，這可以使 GenAI 功能更加廣泛地應用。

Someone called it Jevons' Paradox, which I agree with. In fact, I think this is the internet moment of AI, which will drive rapid adoption of AI in every aspect of our lives and will create a greater need for better security. Zscaler is very well-positioned to protect our customers.

有人稱之為傑文斯悖論，我同意這個觀點。事實上，我認為這是人工智慧的網路時刻，它將推動人工智慧在我們生活的各個方面迅速應用，並將產生對更好安全性的更大需求。Zscaler 完全有能力保護我們的客戶。

At the World Economic Forum in Davos, I met CEOs of several global system integrators or GSIs. We're seeing a sea change in GSI engagements compared to a year ago, as an increasing number of them are embedding Zscaler into their network and security transformation practices.

在達沃斯世界經濟論壇上，我見到了幾家全球系統整合商（GSI）的執行長。與一年前相比，我們看到 GSI 參與發生了巨大變化，因為越來越多的 GSI 將 Zscaler 嵌入到他們的網路和安全轉型實踐中。

Several GSIs and strategic national partners now consider Zscaler as one of their top strategic partners just like Microsoft and Salesforce. In Q2, GSIs played a critical role in helping us close several deals. For example, we partnered with Cognizant to close a seven-figure new logo deal with a Global 2000 insurance customer who purchased Zscaler for users for 23,000 employees.

現在，一些 GSI 和國家戰略合作夥伴將 Zscaler 視為其頂級戰略合作夥伴之一，與微軟和 Salesforce 齊名。在第二季度，GSI 在幫助我們完成幾筆交易中發揮了關鍵作用。例如，我們與 Cognizant 合作，與一家全球 2000 強保險客戶達成了一項價值七位數的新標誌交易，該客戶為 23,000 名員工用戶購買了 Zscaler。

In another example, a large GSI helped us close a seven-figure deal with an existing $1 million plus Fortune 500 healthcare customer. This customer purchased our ZIA, ZPA, and data protection solutions for more than 100,000 users, which increased the annual spend with us by over 350%.

另一個例子是，一家大型 GSI 幫助我們與一家現有的價值 100 多萬美元的財富 500 強醫療保健客戶達成了一筆七位數的交易。該客戶為超過 100,000 名用戶購買了我們的 ZIA、ZPA 和資料保護解決方案，這使我們的年度支出增加了 350% 以上。

I am pleased to see that GSIs are leaning in, working closely with Zscaler, and dedicating resources to drive growth. Next, let me highlight the progress in our federal vertical. All of you are aware of the highly publicized efficiency measures taking place under the new administration in the United States.

我很高興看到 GSI 正在與 Zscaler 密切合作，並投入資源推動成長。接下來，讓我重點介紹一下我們聯邦垂直領域的進展。大家都知道，美國新政府正在採取備受矚目的增效措施。

Incumbent security vendors cannot save costs for a government, but Zscaler can and does by eliminating multiple legacy security products including firewalls, VPNs, NACs, DLP, VDI, and more. Simply put, we offer better security at lower cost.

現有的安全供應商無法為政府節省成本，但 Zscaler 可以而且確實透過淘汰多種傳統安全產品（包括防火牆、VPN、NAC、DLP、VDI 等）來做到這一點。簡而言之，我們以更低的成本提供更好的安全性。

Having landed in nearly all the cabinet level federal agencies and with significant upsell opportunities still remaining, we are well-positioned to benefit from the government's efficiency measures. Outside the US, we continue to make investments to grow our public sector practice, and we are seeing results.

由於我們已經涉足了幾乎所有內閣級別的聯邦機構，並且仍有大量追加銷售機會，因此我們完全有能力從政府的效率措施中獲益。在美國以外，我們繼續投資發展我們的公共部門業務，並且正在看到成果。

For example, in an eight-figure TCV deal, a national government purchased Zscaler for users to secure the entire government workforce. This is a monumental win for Zscaler and our APJ sales team, and I'm humbled by the trust this nation's government has put in us.

例如，在一筆八位數的 TCV 交易中，某國政府為用戶購買了 Zscaler，以保護整個政府工作人員的安全。對於 Zscaler 和我們的 APJ 銷售團隊來說，這是一個巨大的勝利，我對這個國家政府對我們的信任感到謙卑。

In conclusion, we're entering the second half of the fiscal year with three key drivers. First, our increasing sales productivity. Sales productivity increased in Q2, driven by strong demand, and I expect productivity to continue to improve in the second half.

總而言之，我們進入財年下半年時面臨三個關鍵驅動因素。首先，我們的銷售效率不斷提高。在強勁需求的推動下，第二季銷售生產力提高，我預計下半年生產力將持續提高。

Second, we're driving Zero Trust Everywhere in our customers. We have launched targeted campaigns to educate our customers on how they can become Zero Trust Everywhere and escape the refresh cycle for appliances.

其次，我們正在客戶中推行「無所不在的零信任」。我們已經啟動了有針對性的活動，教育我們的客戶如何實現無處不在的零信任並擺脫設備更新周期。

Third, the growing adoption of AI is driving demand across multiple dimensions, including data protection and our AI powered security products. I fully expect to benefit from these tailwinds. As I mentioned earlier, with strong demand for our platform and growing innovations, I expect us to achieve $3 billion or more in ARR by the end of the fiscal year.

第三，人工智慧的日益普及正在推動多個維度的需求，包括資料保護和我們的人工智慧安全產品。我完全期望從這些順風中受益。正如我之前提到的，由於我們的平台需求強勁以及創新不斷增長，我預計到本財年末我們的 ARR 將達到 30 億美元或更多。

I look forward to sharing more about our innovations and platform strategy at Zenith Live in June.

我期待在六月的 Zenith Live 上分享更多關於我們的創新和平台策略。

Now, I'd like to turn over the call to Remo for our financial results.

現在，我想將電話轉給雷莫，聽聽我們的財務結果。

Thank you, Jay.

謝謝你，傑伊。

Our Q2 results exceeded our guidance on growth and profitability. Even with ongoing customer scrutiny of large deals, revenue was $648 million, up 23% year over year and up 3% sequentially. From a geographic perspective, Americas represented 54% of revenue, EMEA was 30%, and APJ was 16%.

我們第二季的業績超出了我們對成長和獲利的預期。即使客戶對大額交易持續進行審查，收入仍達到 6.48 億美元，年增 23%，季增 3%。從地理角度來看，美洲地區佔營收的 54%，EMEA 地區佔 30%，APJ 地區佔 16%。

Our annual recurring revenue or ARR exiting Q2 surpassed $2.7 billion. ARR growth was approximately 23% year over year. Remaining performance obligations for RPO grew 28% from a year ago to $4.615 billion. Current RPO was approximately 49% of the total RPO.

我們第二季的年度經常性收入或 ARR 超過了 27 億美元。到達率年成長約23%。RPO 的剩餘履約義務比一年前增加了 28%，達到 46.15 億美元。目前 RPO 約佔總 RPO 的 49%。

Total calculated billings grew 18% year over year to $743 million. Our unscheduled billings comprised of new, upsell, and renewal billings grew over 25% year over year. Our calculated current billings grew 19% year over year.

總計算帳單年增 18%，達到 7.43 億美元。我們的非計劃帳單包括新帳單、追加銷售帳單和續約帳單，較去年同期成長超過 25%。我們計算的當前帳單年增了 19%。

We ended Q2 with 620 customers with over $1 million in ARR and 3,291 customers with over $100,000 in ARR. This continued strong growth of large customers speaks to the strategic role we play in our customers' digital transformation journeys.

截至第二季度，我們擁有 620 名 ARR 超過 100 萬美元的客戶，以及 3,291 名 ARR 超過 10 萬美元的客戶。大客戶持續強勁成長體現了我們在客戶數位轉型歷程中所扮演的策略角色。

Our 12 month trailing dollar-based net retention rate was 115%. While good for our business, our increased success in selling bigger bundles, selling multiple pillars from the start, and faster upsells within a year can reduce our dollar-based net retention rate in the future.

我們過去 12 個月的美元淨留存率為 115%。雖然這對我們的業務有利，但我們在銷售更大的捆綁產品、從一開始就銷售多個支柱產品以及一年內更快的追加銷售方面的成功率不斷提高，可能會降低我們未來基於美元的淨留存率。

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，這個指標每季可能會有所不同。

Turning to the rest of our Q2 financial performance. Total gross margin of 80.4% compares to the 80.8% in the year ago quarter. Our total operating expenses increased 2% sequentially and 19% year over year to $380 million.

談談我們第二季的其他財務表現。總毛利率為 80.4%，去年同期為 80.8%。我們的總營運費用較上季成長 2%，年增 19%，達到 3.8 億美元。

We continue to generate significant leverage in our financial model with operating margin of approximately 22%, an increase of about 200 basis points year over year. Our free cash flow margin was 22% including data center CapEx at 2% of revenue.

我們的財務模型持續產生顯著的槓桿作用，營業利潤率約為 22%，較去年同期成長約 200 個基點。我們的自由現金流利潤率為 22%，其中資料中心資本支出佔收入的 2%。

We ended the quarter with approximately $2.9 billion in cash, cash equivalents, and short-term investments.

截至本季末，我們的現金、現金等價物和短期投資約為 29 億美元。

Next, let me provide our guidance for Q3 and full year fiscal 2025. As a reminder, these numbers are all non-GAAP. For the third quarter, we expect revenue in the range of $665 million to $667 million, reflecting year over year growth of 20% to 21%.

接下來，讓我提供我們對 2025 財年第三季和全年的指導。提醒一下，這些數字都是非 GAAP 的。我們預計第三季營收將在 6.65 億美元至 6.67 億美元之間，年增 20% 至 21%。

Gross margins of approximately 80%. I would like to remind investors that we're 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.

毛利率約80%。我想提醒投資者，我們推出的新產品正在經歷強勁成長，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。

We plan to optimize new products for margins over time as they scale. Operating profit in the range of $140 million to $142 million. Net other income of $18 million. Earnings per share in the range of $0.75 to $0.76, assuming a 23% tax rate and 163 million fully diluted shares.

我們計劃隨著新產品的擴大而不斷優化其利潤率。營業利潤在1.4億美元至1.42億美元之間。其他淨收入1800萬美元。假設稅率為 23%，且完全稀釋股份為 1.63 億股，每股收益在 0.75 美元至 0.76 美元之間。

For the full year of fiscal 2025, we expect billions in the range of $3.153 billion to $3.168 billion, reflecting the year over year growth of approximately 20% to 21%. For Q3, we expect billions growth to continue to improve and encourage modeling 200 basis points to 260 basis points of sequential billings growth.

對於 2025 財年全年，我們預計營收將在 31.53 億美元至 31.68 億美元之間，年增約 20% 至 21%。對於第三季度，我們預計數十億美元的成長將繼續改善，並鼓勵模擬 200 個基點至 260 個基點的連續帳單成長。

Revenue in the range of $2.64 billion to $2.654 billion, reflecting year over year growth of approximately 22%. Operating profit in the range of $562 million to $572 million. Earnings per share in the range of $3.04 to $3.09, assuming a 23% tax rate and approximately 163.5 million fully diluted shares.

營收在 26.4 億美元至 26.54 億美元之間，年增約 22%。營業利潤在5.62億美元至5.72億美元之間。假設稅率為 23%，且完全稀釋股份約為 1.635 億股，每股收益在 3.04 美元至 3.09 美元之間。

We expect our free cash flow margin to be approximately 24.5% to 25%. With a large market opportunity and customers increasingly adopting the broader platform, we will invest aggressively to position us for long term growth and profitability.

我們預計我們的自由現金流利潤率約為 24.5% 至 25%。由於市場機會龐大且客戶越來越多地採用更廣泛的平台，我們將積極投資，以實現長期成長和獲利。

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

接線員，現在您可以開始提問了。

(Operator Instructions)

（操作員指令）

Saket Kalia, Barclays.

Saket Kalia，巴克萊銀行。

Good quarter.

好季度。

Jay, maybe for you. You dug into a couple products in your prepared remarks that are clearly doing well like data protection. But maybe the higher level question is how much of your business is kind of coming from CIA and secure web gateway replacements versus broader platform products in aggregate?

傑伊，也許對你來說是這樣。您在準備好的發言中深入探討了幾種顯然表現良好的產品，例如資料保護。但也許更高層次的問題是，您的業務中有多少來自 CIA 和安全網關替代品，而不是更廣泛的平台產品？

Again, I know we've talked about certain products and we've gotten data points on how they're performing, but curious if you could talk about how the business is looking from that perspective of sort of ZIA and everything else that sort of forms the platform.

再次，我知道我們已經討論過某些產品，並且獲得了有關它們表現的數據點，但我很好奇您是否可以談談從 ZIA 以及構成平台的其他一切的角度來看業務是怎樣的。

Sure.

當然。

As you know, Saket, ZIA was a starting point. We start taking out blue code and other web gateways. There's still a lot of blue code left out there. But when we start, we quite often start with a platform that includes ZIA, ZPA, and ZDX.

如您所知，Saket，ZIA 是一個起點。我們開始取出藍色代碼和其他網關。那裡還剩下有大量藍色代碼。但當我們開始時，我們通常會從包含 ZIA、ZPA 和 ZDX 的平台開始。

So starting point may be coming from VPN replacement or blue code, platform becomes a more common thing. In fact, recently, the Zero Trust Branch is becoming an important area as a starting point. The interesting number this quarter was that 57% of customers who bought our Zero Trust Branch are new logo customers.

所以起點可能來自VPN替代或藍色程式碼，平台變得更普遍。事實上，最近，零信任分支正在成為一個重要的切入點領域。本季有趣的數字是，購買我們的零信任分支的客戶中有 57% 是新標誌客戶。

So expanded platform is a wonderful thing. Blue code proxies are a starting point. VPN is a starting point. We're taking Zero Trust everywhere, users, branches, and the cloud.

因此擴展平台是一件很棒的事。藍色代碼代理是一個起點。VPN 是一個起點。我們將零信任推廣到各個地方，包括使用者、分公司和雲端。

Brad Zelnick, Deutsche Bank.

德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

Jay, it's good to see the go-to-market transformation coming to life. And I think we see it in the strength in $1 million plus customers and emerging product ARR growth.

傑伊，很高興看到行銷轉型正在實現。我認為，我們從 100 萬美元以上的客戶和新興產品 ARR 成長的實力中看到了這一點。

And Jay, I know you're not someone who's easily satisfied. What do you see that proves out that the go-to-market changes are making a difference and that those changes are durable?

傑伊，我知道你不是一個容易滿足的人。您看到什麼可以證明進入市場的改變正在產生影響並且這些改變是持久的？

So Brad, first of all, the strength of pipeline, which is leading indicator, that is growing, the good quality pipeline is growing. Number two, our new ACV is up double digits. That's very important. And then other metrics across the board.

所以布拉德，首先，管道的強度，這是領先指標，正在成長，優質管道正在成長。第二，我們的新 ACV 成長了兩位數。這非常重要。然後是其他全面指標。

Data protection is growing over 40% and so on and so forth. It's very good. And the quantity of engagements with C-level in large enterprises is getting stronger because the newer sales team, the leadership is very good in account relationships and expanding those accounts.

資料保護成長率超過40%等等。非常好。由於較新的銷售團隊和領導層非常擅長處理客戶關係並擴大這些客戶，因此與大型企業 C 級領導層的合作數量正在增加。

Maybe a quick follow up for you, Remo.

也許可以快速跟進你，雷莫。

I think your commentary around Q3 billings. It's maybe a little bit lighter than some expected, even though the full year looks great. Just curious if there's been any change to the assumptions around scheduled versus unscheduled billings timing in the back half.

我認為您的評論與第三季的帳單有關。儘管全年業績看起來不錯，但可能比一些人預期的要低一些。只是好奇下半年關於計劃和非計劃帳單時間的假設是否有任何變化。

Great job.

做得好。

Well, thank you, Brad.

好吧，謝謝你，布拉德。

No changes. We called out before with scheduled billings, we expected 7% in the first half and 23% in the second half. That is unchanged. And also on the unscheduled piece, it virtually remains unchanged. Also you can see that we basically raised our guidance.

沒有變化。我們之前曾宣布過預定的帳單，我們預計上半年的帳單率為 7%，下半年的帳單率為 23%。這一點沒有改變。而對於未安排的部分，它實際上保持不變。您還可以看到，我們基本上提高了我們的指導。

So feel a little bit more bullish than we did before. It's based on our pipeline and our visibility. As Jay mentioned, things are going well. We're well-positioned and we feel good.

因此，我們比以前更樂觀一些。它基於我們的管道和我們的可見性。正如傑伊所說，事情進展順利。我們的位置很有利，而且感覺良好。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

If I could just build off of Brad's question on the go-to-market. It's great to see the number of $1 million customers that you guys added this quarter. Wanted to get a sense. I know we've had Mike Rich there for some time now. You're talking about GSIs.

如果我可以根據布拉德關於進入市場的問題進行進一步的探討。很高興看到你們本季增加了 100 萬美元客戶的數量。想要了解一下。我知道 Mike Rich 已經在那裡待了一段時間了。您正在談論 GSI。

But can you maybe color the $1 million cohort that you have in light of some of these go-to-market initiatives that you guys have been working on now?

但是，您能否根據您目前正在進行的一些行銷計劃，對 100 萬美元的銷售額群體進行一下估算？

Yes.

是的。

So two biggest things with the sales transformation war. One was the account centric sales process. And that -- those are good results. We already talked about them. The second big thing was global system integrators playing an important role.

銷售轉型戰中有兩件最重要的事。一是以帳戶為中心的銷售流程。這些都是很好的結果。我們已經討論過它們了。第二件大事是全球系統整合商發揮重要作用。

And that's happening. We see that. You saw me highlighting a couple of deals in my earnings script where GSI played a very active role to help us drive that business. They are embedding us into more and more of their platform.

而這正在發生。我們看到了。您看到我在我的收益腳本中強調了幾筆交易，其中 GSI 發揮了非常積極的作用來幫助我們推動這項業務。他們正在將我們嵌入到他們的越來越多的平台中。

They're getting more and more people trained as well. And what we're seeing is if you really think about the two G2K companies, right, they're both big opportunities for us. And there are -- there's still a 6x upsell opportunity for us in our install base itself.

他們也正在培訓越來越多的人。而我們看到的是，如果你認真考慮這兩家 G2K 公司，你會發現它們對我們來說都是巨大的機會。而且，在我們的安裝基礎中，我們仍然有 6 倍的追加銷售機會。

And even our installed base, when customers get deployed, they want to remove all the legacy stuff firewalls, VPN, and all that kind of stuff and these GSIs are playing an important role to help us. In fact, there's a large Fortune, I would say 50 company where ZIA, ZPA, ZDX are sold.

甚至我們的安裝基礎，當客戶部署時，他們也希望刪除所有遺留的防火牆、VPN 以及所有這類東西，而這些 GSI 正在發揮重要作用來幫助我們。事實上，有一家大型財富 50 強公司銷售 ZIA、ZPA、ZDX。

And then a GSI comes in to further simplify the stuff and help us upsell additional stuff.

然後 GSI 會進一步簡化產品並幫助我們追加銷售其他產品。

So very pleased with the performance and that's part of our plan.

我對演出非常滿意，這也是我們計劃的一部分。

Shrenik Kothari, Baird.

什雷尼克·科塔里，貝爾德。

Congrats, everyone, Jay, Remo.

恭喜大家，傑伊，雷莫。

So Jay, you emphasized the Zero Trust Everywhere as a core strategic initiative. You guys have pretty ambitious targets. You said mandate to triple that figure in 18 months. Just curious, as you're seeing this upcoming hardware request cycle as an opportunity, can you talk about is that going to be your anchor point in terms of CR conversations, looking to replace the aging stocks?

所以傑伊，你強調「無所不在的零信任」是一項核心策略舉措。你們的目標非常宏偉。您說要求在 18 個月內將這一數字增加兩倍。只是好奇，由於您將即將到來的硬體請求週期視為一個機遇，您能否談談這是否將成為您在 CR 對話方面的錨點，以期取代老化的庫存？

Can you talk about the traction you're seeing with customers who are willing to opt out of the legacy back towards their post tax Zero Trust?

您能否談談那些願意放棄原有系統並重新採用稅後零信任系統的客戶的情況？

Yes. So our customers have been telling us for quite some time that your Zero Trust Exchange is wonderful, but your branch still needs some help. I got some firewalls, some routers, some SD-WAN sitting in the branch creating complexity.

是的。因此，我們的客戶一直在告訴我們，你們的零信任交換非常棒，但你們的分店仍然需要一些幫助。我在分公司中安裝了一些防火牆、一些路由器和一些 SD-WAN，這造成了複雜性。

So our Zero Trust Branch initiative is to simplify it. So one simple appliance removes everything. The branch goes dark from the internet. It can't be discovered. It cannot be attacked. And the cost and complexity goes up.

因此，我們的零信任分支計劃就是為了簡化它。因此，一個簡單的設備就能清除所有東西。該分支從互聯網上消失。它不可能被發現。它無法受到攻擊。且成本和複雜性也會上升。

There was a CXO Exchange summit we had recently. And we asked the survey question to 100 attendees, and the question was, are you ready to embrace Zero Trust Branch, which becomes like a cafe without any firewall and any other stuff?

我們最近舉辦了一次 CXO Exchange 高峰會。我們向 100 位與會者提出了一項調查問題，問題是，您是否準備好接受零信任分支？它變得像一個沒有任何防火牆和任何其他東西的咖啡館？

96% of all CXOs said they're ready to embrace it. It actually exceeded all of my expectations. So the combination of Zero Trust Branch, with Zero Trust user everywhere, with Zero Trust Cloud becomes a very good story. Our customers love it.

96% 的 CXO 表示他們已準備好接受它。它確實超出了我的所有預期。因此，零信任分支、無所不在的零信任用戶和零信任雲端的結合將成為一個非常好的故事。我們的顧客很喜歡它。

Just quickly on the NRR improving to 115%. Just can you provide more insights? You mentioned the increased number of ramp sales, reps is improving. Can you talk about the improving deal landing versus the deal expansion velocity?

NRR 很快就提高到 115%。能提供更多見解嗎？您提到了銷售量的增加，銷售代表的品質正在提高。能談談交易達成率的提升與交易擴張速度的關係嗎？

And are you guys maximizing upfront deal sizes versus more longer term expansion and how does it play into the NRR things going forward?

你們是在最大化前期交易規模還是進行長期擴張，這對未來的 NRR 業務有何影響？

Yeah. We don't guide on NRR and there are all the things you mentioned, all come into play. Deals are getting bigger. Are upsell, as we talked about before, we expected over 65% upsell this year. And that's what basically came in at during the quarter.

是的。我們不提供 NRR 指導，並且您提到的所有事項都會發揮作用。交易規模越來越大。是追加銷售，正如我們之前談到的，我們預計今年的追加銷售將超過 65％。這就是本季的基本情況。

We are landing bigger deals. You can see with the large customer emphasis, with the companies that are greater than the $1 million. So all those factors and also the emerging products and new products expanding the platform, they all come into play.

我們正在達成更大的交易。您可以看到，對於大客戶而言，其重點是價值超過 100 萬美元的公司。因此，所有這些因素以及新興產品和擴展平台的新產品都發揮了作用。

The 115%, it's an outstanding metric, but again it's something that we've talked about before. We really don't look at other than on this call. We try to drive our top line basically on new ACV whether it's upsell or new.

115% 是一個出色的指標，但我們之前也討論過這個主題。除了這次通話以外，我們真的沒有考慮其他事情。我們嘗試依靠新的 ACV 來推動我們的營業額成長，無論是追加銷售還是新產品。

(Operator Instructions)

（操作員指令）

Roger Boyd, UBS.

瑞銀（UBS）羅傑·博伊德（Roger Boyd）。

Jay, I wanted to go back to the eight figure APAC government deal. I think you talked about kind of them going wall to wall with the Zscaler for users. I'd love to hear any specifics you can give on the ROI with this customer, kind of the scale, the upsell there.

傑伊，我想回到八位數的亞太政府協議。我認為您談到了他們如何利用 Zscaler 為用戶提供全方位的服務。我很想聽聽您能提供的關於這位客戶的投資報酬率、規模和追加銷售的具體資訊。

And what you're replacing. And then as you think about the pipeline for global government deals, this feels like kind of a landmark deal for you guys. Just would love any color on how you're thinking about the opportunity with other governments.

以及您要替換的東西。然後，當您想到全球政府交易的管道時，這對您來說似乎是一項具有里程碑意義的交易。我只是想知道您如何看待與其他政府合作的機會。

Yes. You said it right. It was a landmark deal for us. Zero Trust is very important for governments. And by the way, this deal wasn't driven by ROI. This was driven by cybersecurity having better protection. And what are we replacing?

是的。你說得對。對我們來說這是一個具有里程碑意義的交易。零信任對政府來說非常重要。順便說一句，這筆交易不是由投資報酬率驅動的。這是由於網路安全得到了更好的保護。那我們要替換什麼呢？

This deal includes Zero Trust access for users, whether they're at home or in the office, whether they're accessing the internet, SaaS applications or their internal applications. So essentially, a critical part of our platform, starting with this entire government workforce, which is we're very proud of.

該協議包括為用戶提供零信任訪問，無論他們是在家中還是在辦公室，無論他們訪問的是互聯網、SaaS 應用程式還是其內部應用程式。因此，從本質上講，這是我們平台的關鍵部分，從整個政府工作人員開始，這是我們感到非常自豪的。

We are engaged with several other US friendly countries to pursue this thing. But some of these government deals can take longer. But it is good to see that they're getting traction and we've done a lot of work in the US government as well, which I shouldn't forget about.

我們正在與其他幾個對美友好國家合作推動這一目標。但一些政府交易可能需要更長時間。但我很高興看到他們正在取得進展，而且我們在美國政府也做了很多工作，這是我不應該忘記的。

So we see it as a good opportunities, but government is can be a little bit, what do you call it, lumpy. And can take time. But it's pretty unique for us. We are very, very proud of.

因此，我們認為這是一個很好的機會，但是政府可能會有點，你怎麼稱呼它，不穩定。並且可能需要一些時間。但這對我們來說非常獨特。我們感到非常非常自豪。

Brian Essex, JPMorgan.

摩根大通的布萊恩‧艾塞克斯 (Brian Essex)。

Jay, I was wondering if I could dig into maybe the comments that you had on ZDX, and would love to know how you're seeing customers approach agentic protection. And on the data protection side, is your platform obviating the need for data discovery and classification or are you coming in on top of that?

傑伊，我想知道我是否可以深入了解您對 ZDX 的評論，並且很想知道您如何看待客戶對代理商保護的態度。在資料保護方面，您的平台是否消除了資料發現和分類的需要，還是您在此基礎上進一步增加了資料發現和分類？

How are enterprises viewing getting their data estate in order before they they pursue agentic utilization?

企業在進行代理利用之前，如何看待其資料資產的整理？

Sure. It's a very good question.

當然。這是一個非常好的問題。

Often we like to give customers flexibility and choice where they can. Data classification is a hard problem. AI actually is helping a lot in doing data classification. So we do use GenAI technology for classification quite a bit.

我們常常願意在可能的情況下給予客戶彈性和選擇。資料分類是一個難題。人工智慧實際上在數據分類方面提供了很大幫助。因此，我們確實大量使用 GenAI 技術進行分類。

In fact, for quite some time, as your traffic goes out to the internet on the fly at our ZIA, we have been doing classification for our customers for policy enforcement. But also we can scan data sitting in OneDrive, SharePoint or wherever else may be and can do classification with our AI technology.

事實上，相當長的一段時間以來，當您的流量透過我們的 ZIA 動態傳輸到網路時，我們一直在為客戶進行分類以便執行政策。但我們也可以掃描位於 OneDrive、SharePoint 或其他任何地方的數據，並使用我們的 AI 技術進行分類。

Having said that, we also work along with data classification that may be done by other providers. So we can take that classification and tags and apply it for policy enforcement because we're sitting in the traffic path. The only way that data can leak out is if it goes through us and we are the natural policy enforcement point.

話雖如此，我們也與其他提供者可能進行的資料分類合作。因此，我們可以採用該分類和標籤並將其應用於政策實施，因為我們位於交通路徑中。資料外洩的唯一方式就是透過我們，而我們是自然的政策執行點。

Our data protection solution has been growing very nicely. Our ACV, for example, has grown 40% year over year. So it's a good opportunity. And it's no not data in line, they're doing data at rest in SaaS application. You're doing DSPM for data in the cloud.

我們的資料保護解決方案發展非常順利。例如，我們的 ACV 年成長了 40%。所以這是一個很好的機會。這不是線上數據，而是在 SaaS 應用程式中處理靜態數據。您正在對雲端中的資料進行 DSPM。

They're doing data security at endpoint data. Data security for email using single policy engine, which is what customers like us because they would rather not buy five different point products.

他們正在進行端點資料的資料安全保護。使用單一策略引擎來確保電子郵件的資料安全，這正是客戶喜歡我們的原因，因為他們不願意購買五種不同的點產品。

Great to see the better sales productivity. Appreciate it.

很高興看到銷售效率更高。非常感謝。

Gregg Moskowitz, Mizuho.

瑞穗的格雷格·莫斯科維茲。

Zero Trust Everywhere campaign appears to be off to a very good start. I realize it's early. But was curious if you're seeing more adoption thus far from small, mid-size or larger enterprises. And then also from what you've so far, how does the size of Zero Trust Everywhere lands?

「無所不在的零信任」運動似乎已經有了很好的開始。我意識到時間還早。但我很好奇，到目前為止，您是否看到更多小型、中型或大型企業採用了它。那麼從您目前的情況來看，「無所不在的零信任」的規模如何？

How does that compare to Zscaler's typical net new logo?

這與 Zscaler 的典型新標誌相比如何？

Right. So first of all, our focus remains larger enterprises. There is a natural growth happening on the lower end of the business which keeps on going. The primary focus has not changed. I was very happy to see that over 130 enterprises who've gone in with Zero Trust everywhere, and for that case, we essentially like to say users are Zero Trust no matter where they're sitting.

正確的。因此首先，我們的重點仍然是大型企業。業務低端正在發生自然成長，這種成長還將持續下去。主要關注點沒有改變。我很高興看到超過 130 家企業已經在各地採用零信任，對於這種情況，我們基本上想說，無論用戶身在何處，他們都是零信任的。

At home or a coffee shop or at your headquarters, your branch is Zero Trust. Your cloud is Zero Trust. That's really the essence of Zero Trust Everywhere. Now what we also we are bullish. We think we can triple this number in the next 18 months.

無論在家裡、咖啡店或總部，您的分店都是零信任。您的雲端是零信任的。這其實就是「無所不在的零信任」的本質。現在我們也持樂觀態度。我們認為，在未來 18 個月內，這個數字可以增加兩倍。

And that's based on the customer feedback and reception we're getting. So we think we are going to make a big difference in the branch area. I'm excited with the refresh opportunity. A CIO I was talking to said, I'm glad you're moving forward because I do not want to go through the refresh cycle of firewall one more time.

這是根據我們收到的客戶回饋和反應得出的。因此我們認為我們將在分支領域做出重大改變。我對這次更新機會感到非常興奮。一位和我交談過的首席資訊長說，“我很高興你們能夠繼續推進這一舉措，因為我不想再經歷一次防火牆的刷新周期。”

Fatima Boolani, Citi.

花旗銀行的 Fatima Boolani。

Remo, you made a specific reference to the fact that there is ongoing scrutiny on large deals, so I wanted to ask you, both actually a very stratospheric question. The entire business and the business model and the pipeline is, becoming more tethered and indexed to larger deals. You're talking about scrutiny and then you layer on the fact that, there's segments of the economy and the global economy that have been a little bit in flux by virtue of, trade wars and tariffs and things like that.

雷莫，你特別提到了對大型交易的持續審查，所以我想問你一個實際上非常高深的問題。整個業務、商業模式和通路正變得越來越與更大的交易緊密相連。你談到審查，然後你談到事實，由於貿易戰、關稅等因素，經濟和全球經濟的某些領域出現了一些變化。

I wanted to get your perspective on how that's maybe helping accelerate the conversation for you. If at all, just kind of given, that could have implications for how, sectors of the economy think about transforming, their networks and their security architecture, and, any kind of anecdotal feedback or color you got, actually from your CXO summit that you referenced earlier, I would love to kind of get some, real-time feedback from how customers are internalizing some of this with their budgetary, aspirations and expectations.

我想聽聽你的看法，看看這可能如何有助於加速對話。如果有的話，這可能會對經濟各部門如何考慮轉型、他們的網絡和安全架構產生影響，而且，實際上從您之前提到的 CXO 峰會上得到的任何軼事反饋或信息，我很樂意從客戶如何將其中的一些內容與他們的預算、願望和期望進行內化中獲得一些實時反饋。

So Fatima, let me start. Yeah, from what we know so far, we expect limited direct impact from tariffs to our business. Now, as we said in our remarks, macro is still tight. Yes, there's large deal of scrutiny budgets for ITR tight in general, but not for cyber.

那麼法蒂瑪，讓我開始吧。是的，從我們目前所知的情況來看，我們預期關稅對我們業務的直接影響有限。現在，正如我們在評論中所說，宏觀政策仍然緊張。是的，總體而言，ITR 的審查預算非常嚴格，但網路審查預算並非如此。

Now, if I can go to a CIO or CISO and talk about zero trust cybersecurity, they get interested. But then if I can say we'll do this and reduce cost for you, the interest becomes double. So these two things together are actually driving our pipeline.

現在，如果我可以去找 CIO 或 CISO 談論零信任網路安全，他們會感興趣的。但如果我說我們會這樣做並為您降低成本，那麼利息就會翻倍。因此，這兩件事實際上共同推動了我們的管道建設。

If we didn't have these two factors, the pipeline will struggle. But then it takes a lot more to close the pipeline.

如果沒有這兩個因素，管道就會陷入困境。但關閉管道還需要花費大量精力。

To close the pipeline, they actually want to see cost savings, and we have been refining and refining our business value assessment to create business cases for CFO approval, and that stuff is helping us. So when we go in and say we are going to help you with Zero Trust everywhere, that really means that a bigger part of the platform. The fascinating thing is, the more savings they want, the bigger part of the platform they need to buy.

為了關閉管道，他們實際上希望看到成本節約，我們一直在改進和完善我們的業務價值評估，以創建業務案例供財務長批准，而這些都對我們很有幫助。因此，當我們進入並說我們將在任何地方幫助您實現零信任時，這實際上意味著平台的更大一部分。有趣的是，他們想要節省的越多，他們需要購買的平台部分就越大。

It becomes an interesting combination. But if you can see the show the saving and you can tell them in one quarter.

這是一個有趣的組合。但如果您能看到展示的節省，您可以在一個季度內告訴他們。

This goes out in two quarters this goes out, three quarters this goes out. CXOs become essentially a champion, and they push to get deals done. That's really what we're seeing. It is helping us and GSIs are also helping us because they come along as partners to really drive that transformation. Someone has to do. That work and they're good partners for us.

這分兩季發放，這分三季發放。CXO 本質上成為了冠軍，他們會努力達成交易。這正是我們所看到的。它正在幫助我們，而 GSI 也在幫助我們，因為他們作為合作夥伴一起真正推動了這一轉變。總得有人做點什麼。這很有效，他們是我們的好合作夥伴。

Yeah. I mean just to follow on, some of Jay's comments. I mean, you take a look at our guy for the second half, good pipeline, strong pipeline, Jay called out, a stronger sales productivity, which we're seeing, demand for the product, we're not faking in, a stronger banking, in a strong, federal in the second half with the uncertainties, that they're currently going on.

是的。我只是想繼續關注傑伊的一些評論。我的意思是，你看看我們下半年的計劃，良好的渠道，強大的渠道，傑伊大聲說，我們看到的更強勁的銷售效率，對產品的需求，我們不是假裝的，下半年銀行業務更強勁，聯邦政府更強勁，儘管目前存在不確定性。

Having said that, we're very well positioned. We're in 14 of the 15 cabinet agencies, and we feel that, our product platform, related to the efficiencies and cost and security, I believe we're well positioned, but again, as Jay mentioned, those types of deals are lumpy. The negatives, we call about, called out the macro and deal, scrutiny.

話雖如此，我們的定位非常有利。我們屬於 15 個內閣機構中的 14 個，我們認為，我們的產品平台在效率、成本和安全性方面處於有利地位，但正如傑伊所提到的，這些類型的交易並不穩定。我們所說的負面因素包括，宏觀和交易、審查。

Jay called that also tariffs, we're we're a service company, so we don't believe tariffs will have, an impact on us or any significant impact at this point unless things change. So we're well-positioned, but those are kind of the pluses and minuses, related to our guide for the second half and going forward.

傑伊也提到了關稅，我們是一家服務公司，因此我們認為，除非情況發生變化，否則關稅不會對我們產生影響或任何重大影響。因此，我們處於有利位置，但這些都是優點和缺點，與我們對下半年及未來的指導有關。

Joseph Gallo, Jefferies.

傑富瑞的約瑟夫·加洛。

Remo, as a follow up to your earlier scheduled billing comments, does that acceleration peak in 4Q or how should we think about that piece of the business as we move into fiscal '26?

雷莫，作為您之前安排的帳單評論的後續，這種加速是否會在第四季度達到頂峰，或者當我們進入 26 財年時我們應該如何看待這部分業務？

Yeah. So we're not making a comment for fiscal '26, but it does increase in the report.

是的。因此，我們沒有對 26 財年發表評論，但報告中的數字確實有所增加。

Matt Hedberg, RBC.

馬特·赫德伯格（Matt Hedberg），RBC。

Congrats on the results.

恭喜你所取得的成果。

Jay, I wanted to go back to your comments about agentic and ZDX, and I guess, I'm curious, it feels like a natural fit there, but I guess I'm wondering like as customers roll out agents, right? I think a lot of people think identity, they might think, aspects of cloud security. What's the skier's role in protecting customers agents, because it seems like that's obviously a massive trend, that's very early.

傑伊，我想回到你對 agentic 和 ZDX 的評論，我想，我很好奇，感覺它們很自然地契合，但我想知道客戶是否會推出代理，對嗎？我認為很多人考慮身份，他們可能會考慮雲端安全的某些方面。滑雪者在保護客戶代理方面扮演什麼角色，因為這顯然是一個巨大的趨勢，而且還處於早期階段。

That's correct.

沒錯。

So the question often gets asked is if agentic are used, the head comes down. What's the impact on a seed-based model, if that's what the question is. We haven't seen any big changes yet, but I do believe some of those changes are coming.

因此經常被問到的問題是，如果使用藥劑，頭部就會下降。如果這是問題的話，那麼這對基於種子的模型有什麼影響？我們還沒有看到任何重大的變化，但我相信其中一些變化即將發生。

No matter what happens to users, there will be more communication among users, machines, workloads, and in the future more with agentic agents. AI agents is just another entity for us. We are on Zero Trust Exchange to enforce policy for all communications. More communication means more traffic.

無論使用者發生什麼情況，使用者、機器、工作負載之間都會進行更多的溝通，將來與代理商之間的溝通也會更多。人工智慧代理對我們來說只是另一個實體。我們採用零信任交換 (Zero Trust Exchange) 來強制執行所有通訊的政策。更多的溝通意味著更多的流量。

That means more value delivered to our customers. We expect our pricing to evolve as agents. Traffic grows as well. In the past, we've seen customer head count reduction from time to time, and in most cases they're able to keep up or grow our ARR by upselling additional modules.

這意味著我們能向客戶提供更多價值。我們預計我們的定價將隨著代理商的發展而演變。交通量也隨之增加。過去，我們不時會看到客戶數量減少，但大多數情況下，他們能夠透過增加銷售附加模組來維持或增加我們的 ARR。

We think that we have an active role to play to secure agent communication, but also using AI agent technology in ZDX in data protection to help our customers and for that, we can charge additional dollars as well. And we have been charging, for example, ZDX where we started selling copilot. Now we're moving to agent. They're able to charge higher prices for those products that Zscaler has.

我們認為，我們可以發揮積極作用，確保代理通訊安全，同時還可以使用 ZDX 中的 AI 代理技術進行資料保護，以幫助我們的客戶，為此，我們也可以收取額外的費用。我們一直在收費，例如，ZDX 我們開始銷售副駕駛。現在我們轉向代理商。他們可以對 Zscaler 的產品收取更高的價格。

Joshua Tilton, Wolfe Research.

喬舒亞·蒂爾頓（Joshua Tilton），沃爾夫研究公司。

I'll echo my congrats on a solid quarter as well.

我也會同樣對本季的穩健表現表示祝賀。

I have a two parter, but it's along the lines of the sales productivity comments. Good to see the improvements this quarter. I guess what I'm trying to understand is the sales productivity that you saw in the quarter kind of ahead of what you were expecting as we entered this year. And then if I look to the balance of the year, like where does sales productivity have to go from here in order to hit the updated billings guidance that you gave us for the year today.

我有兩個部分，但它與銷售生產力評論類似。很高興看到本季的改進。我想了解的是，您在本季看到的銷售效率是否超出了您今年初的預期。然後，如果我展望今年的餘額，那麼為了達到您今天為我們提供的最新年度帳單指導，銷售生產力必須達到什麼水平？

Yeah. I mean it's expected, basically, what we've called out on our call before is that we expected sales productivity to increase, throughout the year, and we did see that in in Q2.

是的。我的意思是，基本上，我們在之前的電話會議上提到，我們預計全年銷售效率都會提高，而且我們確實在第二季度看到了這一點。

What I can say about the sales productivity, I would expect it to continue to go up. I don't want to give any, more color than that other than, the sales productivity supports our guidance, and we feel our guidance is prudent.

關於銷售生產力，我可以說我預計它會繼續上升。我不想給出任何其他細節，除了銷售效率支持我們的指導，我們認為我們的指導是謹慎的。

Gray Powell, BTIG.

格雷·鮑威爾（Gray Powell），BTIG。

Yeah, I just wanted to say congrats on the good results but yeah, so I wanted to follow up.

是的，我只是想對取得的好成績表示祝賀，但是是的，所以我想跟進一下。

I think it was Gregg's earlier question about the firewall refresh can you talk about some of the targeted marketing you're doing with existing customers to get in front of the firewall refresh? And then just how should we think about sizing the opportunity and I know it's early days, but when should we actually start to see it materialize in the results in a more meaningful way? I'm guessing it's really sometime next year, but just want to get some general thoughts around that.

我認為這是 Gregg 之前提出的問題，關於防火牆更新，您能否談談您針對現有客戶進行的一些有針對性的行銷，以便在防火牆更新之前取得成效？那麼，我們該如何衡量這個機會呢？我知道現在還為時過早，但我們什麼時候才能真正開始看到它以更有意義的方式在結果中實現？我猜這確實是明年的某個時候，但我只是想了解這方面的一些整體想法。

Right. So first of all, the branch solution we launched. Branch is the underpinning of a driver to replace firewalls. So we aren't really focused on the data center inside the data center. But we have large enterprises.

正確的。首先，我們推出了分支解決方案。Branch 是替代防火牆的驅動程式的基礎。所以我們其實並不是專注於資料中心內的資料中心。但我們有大型企業。

They've got hundreds of thousands of branches out there. Most of them are asking for how do I make my branch like a cafe? Your branch should be no more complicated than you sitting at home and being able to access applications. That's really the disruptive and simply that technology bring to the table.

他們在那裡有數十萬個分店。大多數人都在問我怎麼能讓我的分店看起來像咖啡館？您的分支機構不應該比您坐在家裡並能夠訪問應用程式更複雜。這確實就是科技帶來的顛覆性和簡單性。

So our customers, existing customers today, have some kind of firewalls, some kind of routers or some kind of SD-WAN with firewalls sitting out there. And they're looking for us to replace it. So we become a single point to collect data and get it to our exchange and take care of it.

因此，我們的客戶，也就是今天的現有客戶，都擁有某種防火牆、某種路由器或某種帶有防火牆的 SD-WAN。他們正在尋找我們來代替它。因此，我們成為收集資料、將其傳送至我們的交易所並進行處理的單點。

That's really what's driving. So the firewalls that are sitting in the branch office are our primary target. Our campus becomes the next natural thing for us. What are we doing to reach our customers? We don't have 200,000 SMB customers.

這才是真正的驅動因素。因此，分支機構的防火牆是我們的主要目標。我們的校園將成為我們的下一個自然選擇。我們正在做什麼來接觸我們的客戶？我們沒有20萬中小企業客戶。

Out there, we're dealing with 8,000 to 9,000 customers and the top essentially 30% to 40% of them are good large enterprise size. And we have these, account based teams. These teams are in touch with the customer.

我們與 8,000 到 9,000 個客戶打交道，其中排名前 30% 到 40% 的客戶都是大型企業規模。我們有這些基於帳戶的團隊。這些團隊與客戶保持聯繫。

They give them marketing material, collateral benefits. And some marketing campaigns to reach out to our customers, webinars, some of these CXO summits we're doing. There's a number of ways to engage with them, get the feedback, and get them moving on a new solution, so. It's working well.

他們向他們提供行銷材料和附帶利益。我們也進行了一些行銷活動來接觸客戶，舉辦了網路研討會和一些 CXO 高峰會。有許多方法可以與他們互動，獲得回饋，並讓他們開始尋找新的解決方案。運作良好。

We talked about the 57% of customers who bought Zero Trust Branch are new customers. That's exciting for us. What's telling me is that our Zero Trust Branch is helping us grow our new customer logo base.

我們談到，購買零信任分支的客戶中有 57% 是新客戶。這對我們來說非常令人興奮。我的感受是，我們的零信任分支正在幫助我們擴大新客戶識別群。

Tal Liani, Bank of America.

美國銀行的塔爾·利阿尼 (Tal Liani)。

I want to understand the concept of Zero Trust, what it means for you, meaning Zero Trust is a concept, and I'm trying to break it down to products. So when you talk about Zero Trust Branch, when you talk about errus cloud, practically what does it mean?

我想了解零信任的概念，它對你來說意味著什麼，零信任是一個概念，我正嘗試將其分解為產品。那麼當您談到零信任分支時，當您談到 Errus 雲端時，它實際上意味著什麼？

What are you selling to the customers? And second, how does it change the competitive landscape, meaning if, someone is in the branch and someone is in the cloud, and there are competitive solutions, if I rewind back two years you competed on on Sassy, how does it change the competitive landscape when you focus on Zero Trust?

您向顧客銷售什麼？其次，它如何改變競爭格局，也就是說，如果有人在分支機構，有人在雲端，並且存在競爭解決方案，如果我倒退兩年你在 Sassy 上競爭，當你專注於零信任時，它如何改變競爭格局？

So to start with, by the way SASE is not Zero Trust. SASE is secure access based on SDA and anyone falls under SAI. Every 5wa VPN, any network is essentially SASE. In our meaning Zero Trust starts with not being on the network, not having lateral movement left and right, till our Zero Trust Branch.

首先，順便說一下，SASE 不是零信任。SASE 是基於 SDA 的安全訪問，任何人都屬於 SAI。每個 5wa VPN、任何網路本質上都是 SASE。在我們的意義上，零信任始於不聯網、沒有左右橫向移動，直到我們的零信任分支。

A customer had a branch. They had an SD van or MPLS connection. Then inside the branch they had either Vance or segmentation or they had East-West firewalls. We eliminate all of that using the air gap technology. We go through acquisition. We are doing segmentation inside the branch Zero Trust trust way without without firewalls, without VLANs, from the branch to the wide area network or internet. Our ze touch appliance makes the zero touch connection means no lateral movement, no SD band.

一位顧客有一個分支機構。他們有一輛 SD 貨車或 MPLS 連線。然後在分支機構內部，他們要么有 Vance，要么有分段，要么有東西防火牆。我們利用氣隙技術消除了所有這些問題。我們進行收購。我們正在分公司零信任方式內進行分段，無需防火牆，無需 VLAN，從分公司到廣域網路或網際網路。我們的 ze touch 設備實現零接觸連接，意味著無橫向移動，無 SD 帶。

A given party in the branch gets connected to an application through. Our Zero Trust Exchange of switchboard. No lateral movement. That's the beauty of zero branch. Zero cloud means entities sitting in the cloud can talk to each other without moving laterally on the network. So our switchboard, our exchange is sitting in the cloud. You can say workloads and VPCA can only talk to workloads.

分支機構中的特定方透過以下方式連接到應用程式。我們的零信任交換器。無橫向移動。這就是零分支的美妙之處。零雲意味著位於雲端的實體可以相互交談，而無需在網路上橫向移動。因此，我們的總機、交換器都位於雲端。您可以說工作負載，並且 VPCA 只能與工作負載對話。

And VPCB. None of these north south or east we firewalls needed in the cloud as well. That's the exciting part of it. Did it make sense?

和 VPCB。我們在雲端也不需要這些南北或東方防火牆。這是令人興奮的部分。這有意義嗎？

Yes. And in when you focus on it, the the second part of my question was. What's your competition? Who do you meet that that provides the same kind of value and you have to compete with them?

是的。當你關注它時，我的問題的第二部分是。你的競爭對手是誰？您會遇到誰來提供相同的價值並且您必須與他們競爭？

Our competition is legacy, lots of firewall vendors. In some cases in a branch, NAC vendors. VA vendors, none of that is needed. Legacy versus the new way of doing stuff.

我們的競爭對手是許多傳統的防火牆供應商。在某些情況下，在分公司中，NAC 供應商。VA 供應商，這些都不需要。傳統方式與新方式的對比。

Peter Weed, Bernstein.

彼得威德、伯恩斯坦。

Glad to hear the continued progress, particularly with upsales, obviously NRR expanding is pretty exciting and, probably a good signal around the sales performance. The one thing though that it also does seem to indicate is the contribution from net new customers has been declining.

很高興聽到持續的進展，特別是在追加銷售方面，顯然 NRR 的擴大相當令人興奮，這可能是銷售業績的一個好信號。但它似乎也顯示了一件事，那就是淨新客戶的貢獻一直在下降。

How should we think about that looking forward? Is that a short term deceleration, and would pick back up and so when you put those two things together, we could get, even stronger growth or should we be expecting lower kind of contribution from net new customers, looking forward.

展望未來我們該如何思考這個問題？這是短期的減速，然後會回升，所以當你把這兩件事放在一起時，我們可以獲得更強勁的成長，還是我們應該預期淨新客戶的貢獻會降低。

Right. So if you think about it, when you're a young company, you have very few customers. You have to have new log only. As you grow, when we got 45% plus of Fortune 500 companies and have a very big platform, there's a tons of upsellop opportunity. In fact.Internally, Remo and I and our CROV debate, do we give special push to new versus upsell. We really want. New SUVs coming from upsell or.

正確的。如果你仔細想想，當你是一家年輕公司時，你的客戶很少。您只需要有新日誌。隨著您的成長，當我們擁有 45％ 以上的財富 500 強企業並擁有一個非常大的平台時，就會出現大量的追加銷售機會。事實上，在內部，雷莫和我以及我們的 CROV 辯論，我們是否特別推動新產品還是追加銷售。我們確實想要。新款 SUV 即將上市銷售或。

New logos, so Today with a large customer base, Upsell is sitting about 2/3. Remo, right?The new logo is.Smaller.And over the years I would expect Upsell to keep on going up from their onwards because we'll have a larger install base of customers. I think it's a good thing.

新的標識，因此今天擁有龐大的客戶群，Upsell 約佔 2/3。雷莫，對吧？新的標誌更小了。並且，我期望在未來的幾年裡，Upsell 能夠繼續保持成長勢頭，因為我們將擁有更大的客戶安裝群。我認為這是一件好事。

Having said that, we do have a sizable customer-based customers to go after. There are about 55% of Fortune 50 companies.Who aren't customers yet. They are an opportunity for us. When you go to the next level of customers, you are a.G2K. There are about 2/3 of them. They are good for us. So we see.Opportunities, both new logos and as.Well upsell, and the platform keeps on growing and growing.

話雖如此，我們確實有大量的客戶需要爭取。大約有 55% 的財富 50 強企業尚未成為客戶。對我們來說這是一個機會。當您走向下一級客戶時，您就是.G2K。大概有2/3。它們對我們有好處。所以我們看到了機遇，包括新標誌和追加銷售，而且平台不斷發展壯大。

The the only thing, that I want to add, what I mentioning is that we have a 6X opportunity, in our existing base on the user side only, not including the new customers. Our focus, if you take a look at it, for the global 2000, our penetration is over 35% currently. And for the Fortune 500, it's over 45%.

我唯一想補充的是，我們有 6 倍的機會，但這僅限於我們現有的用戶群，不包括新客戶。我們的重點是，如果你看一下，對於全球 2000 強，我們的滲透率目前已超過 35％。對於財富 500 強企業來說，這一比例超過 45%。

The hard part is landing these customers, but once you're in and you build their trust, you have the ability to upsell. So Jay is 100% correct. As you go forward, as we go forward as a company, and currently we said we'd have 65% upsell in, this fiscal year. I would expect that percentage to increase. Our penetration, in in the G2K and Fortune 500 is very important and continued product introduction, and selling across our platform, really bodes well for ZScalar, but I think we're just in a great position and you take a look at our penetration into the G2K and Fortune 500, it's quite impressive.

困難的部分是獲得這些客戶，但是一旦你加入並建立了他們的信任，你就有能力追加銷售。因此傑伊 100% 正確。隨著你們的不斷前進，隨著我們公司不斷前進，目前我們表示，本財年的銷售額將增加 65%。我預計該比例將會增加。我們在 G2K 和財富 500 強的滲透率非常重要，持續的產品推出和在我們平台上的銷售對 ZScalar 來說確實是一個好兆頭，但我認為我們處於一個很好的位置，看看我們在 G2K 和財富 500 強的滲透率，這是相當令人印象深刻的。

Keith Bachman, BMO.

基思·巴赫曼，BMO。

Jay. I wanted to direct this to you and at a high level, wanted to dig a bit deeper on how you think AI changes your competitive positioning versus some of the landscape out there. And if I change the question around a little bit, you have in your slide deck a, AI and analytics solution is a $2 billion dollar TAM. Relative to $96 billion so it's a relatively small part. Now data protection, we could argue is part of that as well, which is much more meaningful. But if I break the question down again into two parts, is I just want to understand from a technology perspective, how do you change your solutions to capture the benefits of AI, and is that embedding into existing products or is it offering new products downstream or both? Thank.

傑伊。我想把這個問題直接引向您，並從更高的層次上深入探討一下，您認為人工智慧將如何改變您的競爭定位，以應對現有的一些格局。如果我稍微改變一下問題，您的幻燈片中顯示，人工智慧和分析解決方案的 TAM 為 20 億美元。相對於 960 億美元來說，這只是相對較小的一部分。現在我們可以說資料保護也是其中的一部分，這更有意義。但是，如果我將問題再次分解為兩部分，我只是想從技術角度了解，您如何改變您的解決方案以獲取人工智慧的好處，並將其嵌入到現有產品中，還是在下游提供新產品，或者兩者兼而有之？感謝。

You.

你。

So it's a very good question. Yes, the point you made about AI analytics. It's a small piece about a couple of products that are already out there, they're growing nicely. That was a starting point. But if you think about AI. AI is only as good as.The.Data that powers it. With Xero trust everywhere, Xerotru exchange platform.

這是一個非常好的問題。是的，您提到了關於人工智慧分析的觀點。這只是關於一些已經上市的產品的一個小片段，這些產品發展得很好。那是一個起點。但如果你考慮一下人工智慧。人工智慧的好壞取決於為其提供動力的數據。有了Xero信任無所不在，有了Xerotru交換平台。

As you're getting over 5 billion transaction logs a day.That's the largest security cloud anywhere out there. So that's a 10 star. Now taking that data and building products around it.Becomes the next big north star for us.We acquired Avalar.Which has become the data.Fabric technology for us to.Take all.That data.And harmonize it, synthesize.

因為你每天都會收到超過 50 億筆交易日誌。這是目前最大的安全雲。所以這是 10 顆星。現在，獲取這些數據並圍繞它建立產品，將成為我們的下一個目標。我們收購了 Avalar，它已成為我們的數據結構技術，我們可以獲得所有這些數據，並對其進行協調和綜合。

It, dedo it, and build value around it. What is the value that can be built around it? We have already launched things like unified vulnerability management. We just launched asset.Risk management.There are more and more products that are going to come around breach prediction, around security operations alike. So you see a number of products unfolding that are powered by AI engine to do that part. That's one part.

它，做它，並圍繞它創造價值。圍繞它可以建立什麼價值？我們已經推出了統一漏洞管理之類的服務。我們剛剛推出了資產。風險管理。圍繞著違規預測和安全運營，將出現越來越多的產品。因此，你會看到許多產品的推出都是由人工智慧引擎驅動來完成這一部分的。這是其中一部分。

The second part ends up being.Taking digital experience and using more AI and AIaggentic technology to make it more powerful. CDX is already a pretty sizable business, but it'll get accelerated because of AI. Third area is data protection. They've been doing some very good data classification already.But in addition to that, the number.One question CIO.Ask my company is using AI public.AIs.Such as.Chat GPT, Gemini, or others. How do we make sure that my.

第二部分是利用數位體驗並使用更多的人工智慧和人工智慧技術使其更加強大。CDX 已經是相當規模的企業，但人工智慧將加速其發展。第三個領域是資料保護。他們已經做了一些非常好的數據分類。但除此之外，數字。 CIO 的一個問題是，我的公司是否使用公共 AI。 AIs。例如 Chat GPT、Gemini 或其他。我們如何確保我的。

Data doesn't leak? We are sitting in the traffic past the internet. We're using our DLP to make sure they can use it safely. Then customers are using private AI applications and.Building their own. LLM models. We are building.An LLM proxy to be able to inspect and enforce.Policy. So.Several opportunities for us. What we believe is the combination.Of zero.

資料沒外洩？我們正處於網路時代的交通擁堵之中。我們正在使用 DLP 來確保他們可以安全地使用它。然後客戶使用私人 AI 應用程式並建立自己的。LLM 模型。我們正在建立一個 LLM 代理，以便能夠檢查和執行政策。所以，對我們來說有幾個機會。我們所相信的是零的組合。

Exchange.To secure customers and.Generate all the laws and then use AI to.Power it becomes probably the most.Compelling combination.

交易所為了保護客戶和製定所有法律，然後使用人工智慧來提供動力，這可能是最引人注目的組合。

Thank you. I would not like to turn the call back over to Jay Choudary for any closing remarks.

謝謝。我不想將電話轉回給 Jay Choudary 來做任何結束語。

Well, thank you.All for joining us for this call. I look forward to seeing you in one of the many investor conferences we plan to attend. Thank you again. Thank you. Goodbye.

好吧，謝謝大家參加這次電話會議。我期待在我們計劃參加的眾多投資者會議中見到您。再次感謝您。謝謝。再見。

Thank you. This concludes the conference. Thank you for your participation. You may now disconnect.

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線。