Zscaler Inc (ZS) 2025 Q3 法說會逐字稿

Thank you for standing by and welcome to the Zscaler's third-quarter fiscal year 2025 earnings conference call. At this time, all participants are in a list in the listen-only mode. After the speaker presentation, there will be a question-and-answer session. (Operator Instructions)

感謝您的支持，歡迎參加 Zscaler 2025 財年第三季財報電話會議。此時，所有參與者都處於只聽模式的清單中。演講者演講結束後，將有問答環節。（操作員指示）

I would now like to hand the call over to Ashwin Kesireddy, Vice President, Investor Relations and Strategic Finance. Please go ahead.

現在，我想將電話交給投資者關係和策略財務副總裁 Ashwin Kesireddy。請繼續。

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

大家下午好，歡迎參加 Zscaler 2025 財年第三季財報電話會議。今天與我一起通話的有董事長兼執行長 Jay Chaudhry 和財務長 Remo Canessa。

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

請注意，我們已將我們的收益報告和補充財務時間表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。您將在我們的收益報告中找到 GAAP 與非 GAAP 財務指標的對帳。

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. 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、年度經常性收入、計算的賬單、經營業績、毛利率、營業費用、營業收入、淨收入、自由現金流、基於美元的淨留存率、未來招聘決策、剩餘履約義務、所得稅、每股收益、我們的產品和展望、客戶對我們的反應機會以及我們的市場份額和市場份額以及我們的市場份額和市場份額和客戶對我們的市場份額和市場份額。這些聲明和其他評論並非對未來表現的保證，而是受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: Bank of America Global Technology Conference on June 5, FBN Virtual Technology Conference on June 6, BMO Virtual Software Conference on June 9.

我還想通知您，我們將參加以下會議：6 月 5 日的美國銀行全球技術會議、6 月 6 日的 FB​​ 虛擬技術會議、6 月 9 日的 BMO 虛擬軟體會議。

Now I'll turn the call over to Jay.

現在我將把電話轉給傑伊。

Thank you, Ashwin. Our strong Q3 results demonstrate growing demand for our platform and continued improvement in our sales productivity. More customers are adopting Zscaler's comprehensive solutions with platform-wide deals for our Zero Trust security. Driven by the strong demand, we achieved two significant milestones. First, we achieved our best Q3 with TCV bookings of over $1 billion. And second, our remaining performance obligations, or RPO are now nearly $5 billion.

謝謝你，阿什溫。我們強勁的第三季業績顯示我們平台的需求不斷成長，我們的銷售效率持續提高。越來越多的客戶正在採用 Zscaler 的綜合解決方案以及全平台交易來實現我們的零信任安全。在強勁需求的推動下，我們實現了兩個重要的里程碑。首先，我們取得了最佳的第三季業績，TCV 訂單量超過 10 億美元。其次，我們剩餘的履約義務（RPO）現在接近 50 億美元。

New logo ACV had strong growth of over 40% year over year. Total new ACV was up double digits year over year once again in the quarter. Our annual recurring revenue, or ARR, was approximately $2.9 billion representing the third straight quarter of 23% year-over-year growth. We remain on track to reach $3 billion or more in ARR by the end of this quarter.

新標誌ACV年增超過40%。本季度，新 ACV 總額再次較去年同期成長兩位數。我們的年度經常性收入（ARR）約為 29 億美元，連續第三個季度年增 23%。我們仍有望在本季末實現 30 億美元或更多的 ARR。

We are proud of achieving these strong topline results at scale while delivering strong profitability. Our year-to-date fiscal '25 revenue growth of 24% combined with our free cash flow margin of 28% resulted in Rule of 52 performance, while many SaaS companies struggle to achieve Rule of 40 performance, we have exceeded this industry benchmark for each of the last 21 quarters.

我們為在實現強勁盈利的同時取得如此強勁的營收業績而感到自豪。我們今年迄今的 25 財年收入成長了 24%，加上我們的自由現金流利潤率為 28%，從而實現了 52 規則績效，而許多 SaaS 公司都在努力實現 40 規則績效，但我們在過去 21 個季度中每個季度都超過了這一行業基準。

Moving on to discussion of our platform, I am very pleased to share that our platform now secures over 50 million users and other significant milestones. This milestone gives us several competitive advantages. First, more users deliver powerful network effect and strengthen our market leadership. Zscaler's Zero Trust Exchange platform sits in line for enterprise communications. Every time we secure a user from a new attack, we apply that protection for all users of our platform, creating a flywheel for improving security.

談到我們的平台，我很高興地告訴大家，我們的平台現在擁有超過 5000 萬用戶，並取得了其他重要里程碑。這一里程碑為我們帶來了多項競爭優勢。首先，更多的用戶帶來了強大的網路效應，鞏固了我們的市場領導地位。Zscaler 的零信任交換平台適用於企業通訊。每當我們保護用戶免受新的攻擊時，我們都會將該保護應用於我們平台的所有用戶，從而創建提高安全性的飛輪。

The magnitude of this effect is staggering. Last year alone, our exchange processed over 100 trillion transactions, blocked over 60 billion threats, and enforced over 5 trillion policies. This unique network effect differentiates Zscaler from other vendors trying to pursue this market segment and delivers unparalleled cybersecurity to our customers. Hence more and more enterprises are selecting Zscaler as the partner of choice.

這種影響的程度是驚人的。光是去年，我們的交易所就處理了超過 100 兆筆交易，阻止了超過 600 億次威脅，並執行了超過 5 兆項政策。這種獨特的網路效應使 Zscaler 有別於其他試圖佔領這一細分市場的供應商，並為我們的客戶提供無與倫比的網路安全。因此越來越多的企業選擇 Zscaler 作為首選合作夥伴。

Second, more users mean more high-quality data for our AI solutions. The millions of users, workloads, and IoT/OT devices on our platform result in over 500 billion transactions, generating over 20 petabytes of high-fidelity data per day. As you know, AI is only as good as the data that powers it, and I believe we have the best data. There are two unique aspects to our proprietary data. One, it's vast quantity, and two, it's high fidelity, both of which we utilize to train our models and deliver highly effective AI solutions.

其次，更多的用戶意味著我們的人工智慧解決方案可以獲得更多高品質的數據。我們平台上的數百萬用戶、工作負載和 IoT/OT 設備產生超過 5000 億筆交易，每天產生超過 20PB 的高保真數據。如你所知，人工智慧的好壞取決於為其提供動力的數據，我相信我們擁有最好的數據。我們的專有數據有兩個獨特之處。一是數量龐大，二是保真度高，我們利用這兩者來訓練我們的模型並提供高效的人工智慧解決方案。

Third, the large volume of proprietary data I just talked about empowers us to deliver cutting-edge solutions for security operations. By leveraging our data fabric technology and correlating our logs with third-party data, we have introduced exposure management and threat management solutions which deliver a new level of actionable insights for our customers' security operations.

第三，我剛才談到的大量專有數據使我們能夠為安全運營提供尖端解決方案。透過利用我們的資料結構技術並將我們的日誌與第三方資料關聯起來，我們引入了風險暴露管理和威脅管理解決方案，為客戶的安全營運提供了全新程度的可操作見解。

Leveraging our scale, we're building new security operations solutions, co-pilots, and agentic AI solutions that will be showcased at our upcoming Zenith Live conferences. With our Zero Trust Exchange platform, we fundamentally transform cybersecurity from firewall-based model to Zero Trust architecture. Firewall-based security creates trusted and untrusted networks. Once a user or a threat actor gets on the trusted network, they are then blindly trusted and can move unchecked across the enterprise network. That is what makes ransomware and other cyberattacks so dangerous.

利用我們的規模，我們正在建立新的安全營運解決方案、副駕駛和代理 AI 解決方案，這些解決方案將在即將舉行的 Zenith Live 會議上展示。透過我們的零信任交換平台，我們從根本上將網路安全性從基於防火牆的模型轉變為零信任架構。基於防火牆的安全性創建了可信任和不可信的網路。一旦使用者或威脅行為者進入受信任網絡，他們就會被盲目信任，並且可以在企業網路中不受限制地移動。這就是為什麼勒索軟體和其他網路攻擊如此危險的原因。

With Zscaler Zero Trust architecture, there's no concept of trusted networks. Every user, every workload, every IoT/OT device, and every AI model is untrusted. With Zero Trust, we connect only the authorized party to the authorized application. While legacy vendors are attempting to cobble together disjointed point products and calling it a platform, we are constantly expanding our core Zero Trust Exchange by integrating new functionality to solve more and more of our customers' security concerns.

在 Zscaler Zero Trust 架構中，不存在可信任網路的概念。每個使用者、每個工作負載、每個 IoT/OT 設備和每個 AI 模型都是不可信的。透過零信任，我們只將授權方連接到授權應用程式。當傳統供應商試圖拼湊脫節的點產品並稱之為平台時，我們不斷透過整合新功能來擴展我們的核心零信任交換，以解決越來越多客戶的安全問題。

Our industry-leading capabilities are recognized by our customers, partners, and leading third-party analyst firms. Of note, I am thrilled to share that Gartner once again recognized Zscaler as a leader in the SSE Magic quadrant, extending our status as a leader in the MQ for user security for over a decade.

我們領先業界的能力得到了客戶、合作夥伴和領先的第三方分析公司的認可。值得注意的是，我很高興地告訴大家，Gartner 再次認可 Zscaler 為 SSE 魔力像限的領導者，延續了我們十多年來在用戶安全 MQ 領域的領導者地位。

Moving on to the macro environment, customers remain cautious about their IT spending due to ongoing economic uncertainty. While customers are still prioritizing cyber and data protection, return on investment and the value delivered remain important to customers. A couple of quarters ago, we launched our cost takeout program to help customers identify and eliminate legacy security and networking products such as firewalls, VPNs, VDIs, and more. We are seeing great success with our program as more and more customers are embracing it to reduce cost and complexity while improving security.

從宏觀環境來看，由於持續的經濟不確定性，客戶對 IT 支出仍持謹慎態度。雖然客戶仍然優先考慮網路和資料保護，但投資回報和交付的價值對客戶來說仍然很重要。幾個季度前，我們推出了成本降低計劃，幫助客戶識別和消除傳統的安全和網路產品，如防火牆、VPN、VDI 等。我們的計劃取得了巨大的成功，因為越來越多的客戶採用該計劃來降低成本和複雜性，同時提高安全性。

Additionally, to help our customers unlock more cost savings, we launched a new purchasing program in Q3 called Z-Flex. Z-Flex allows customers to flexibly scale their adoption of our platform to meet the constantly evolving organizational demands for cyber and data protection. Customers can seamlessly adopt scale and change modules based on agreed pricing, which simplifies the procurement process. Since its recent launch, Z-Flex's commitments contributed over $65 million in TCV bookings.

此外，為了幫助我們的客戶節省更多成本，我們在第三季推出了名為 Z-Flex 的新採購計畫。Z-Flex 讓客戶可以靈活地擴展我們平台的採用，以滿足組織對網路和資料保護不斷變化的需求。客戶可以根據商定的價格無縫採用規模和更改模組，從而簡化採購流程。自最近推出以來，Z-Flex 的承諾已為 TCV 訂單貢獻了超過 6,500 萬美元。

To give you an example, an existing Fortune 500 technology customer made a multi-year commitment under the Z-Flex program, increasing their ARR by over 40% to approximately $19 million. As part of the Flex commitment, the customer added managed threat hunting, micro segmentation, identity threat detection, Gen AI protection, and several data security modules. This win also demonstrates our growing capabilities in the SOC and Zero Trust Cloud. I expect the contribution from Z-Flex to grow meaningfully in the next fiscal year.

舉個例子，一家現有的財富 500 強技術客戶根據 Z-Flex 計劃做出了多年承諾，將其 ARR 提高了 40% 以上，達到約 1900 萬美元。作為 Flex 承諾的一部分，客戶增加了託管威脅搜尋、微分段、身分威脅偵測、Gen AI 保護和多個資料安全模組。這次勝利也證明了我們在 SOC 和零信任雲方面不斷增強的能力。我預計 Z-Flex 的貢獻在下一財年將有顯著成長。

Moving to products, we're seeing significant growth drivers in three categories: Zero Trust Everywhere, Data Security Everywhere, and Agentic Operations. Each of these categories is growing significantly faster than our overall ARR, and their combined ARR is approaching $1 billion.

轉向產品，我們看到三個類別出現了顯著的成長動力：無所不在的零信任、無所不在的資料安全和代理營運。這些類別中的每個類別的成長速度都遠遠快於我們的整體 ARR，它們的總 ARR 接近 10 億美元。

Let me cover each of these categories in more detail. On our last earnings call, we introduced Zero Trust Everywhere, which highlights our unique ability to take Zero Trust security beyond users, Zero Trust for cloud workloads and Zero Trust for branches. In Q3, 59% of customers who bought Zero Trust Branch were new logo customers. Many of these new logo customers are starting the Branch journey by securing a small number of branches, which creates significant upsell opportunities for us.

讓我更詳細地介紹一下每個類別。在我們上次的收益電話會議上，我們推出了“無處不在的零信任”，這凸顯了我們將零信任安全擴展到用戶之外、雲端工作負載的零信任以及分支機構的零信任的獨特能力。第三季度，購買零信任分支的客戶中有59%是新識別客戶。許多新標誌客戶都是透過獲得少量分公司來開始分公司之旅的，這為我們創造了巨大的追加銷售機會。

We are enhancing our Zero Trust Branch functionality with several innovations. For example, In Q3 we launched our new unified appliance for Branch that brings together Zero Trust Branch connectivity and Zero Trust Device segmentation into a single plug-and-play appliance. This solution dramatically simplifies Branch infrastructure, eliminating the need for SDVAN, firewall, NAC, and legacy segmentation. I expect Zero Trust Branch to be a significant growth contributor in fiscal '26.

我們正在透過多項創新來增強我們的零信任分支功能。例如，在第三季度，我們推出了針對分公司的新型統一設備，將零信任分公司連接和零信任設備分段整合到一個即插即用設備中。該解決方案大大簡化了分支機構基礎設施，不再需要 SDVAN、防火牆、NAC 和傳統分段。我預計零信任分支將成為 26 財年的重要成長貢獻者。

Another key pillar of our Zero Trust Everywhere strategy is Zero Trust Cloud, which enables secure communication from workload to workload and from workload to the internet. Initially, our customers leverage Zero Trust Cloud to secure a small number of workloads to get comfortable with this innovative approach that requires no east-west firewalls, no north-south firewalls, no virtual private networks, no access routes, and no direct connects.

我們的「零信任無所不在」策略的另一個關鍵支柱是零信任雲，它支援從工作負載到工作負載以及從工作負載到網路的安全通訊。最初，我們的客戶利用零信任雲端來保護少量工作負載，以適應這種創新方法，該方法不需要東西防火牆、南北防火牆、虛擬專用網路、存取路由和直接連接。

Now we're seeing larger deals for Zero Trust Cloud to secure a larger number of workloads resulting in acceleration of Zero Trust Cloud ARR. To share an example, an existing financial services customer made their initial purchase of cloud workload protection to secure all their internal workload traffic. This is an impressive seven-figure ACV land deal for workload protection. We are seeing tremendous success as more customers are becoming Zero Trust Everywhere enterprises by embracing Zero Trust for users, branches, and cloud.

現在，我們看到零信任雲端的更大交易，以確保大量工作負載的安全，從而加速零信任雲端 ARR 的成長。舉個例子，一家現有的金融服務客戶首次購買了雲端工作負載保護，以保護其所有內部工作負載流量。這是一項令人印象深刻的七位數 ACV 土地交易，用於工作量保護。隨著越來越多的客戶透過在用戶、分公司和雲端上採用零信任，成為「無所不在的零信任」企業，我們看到了巨大的成功。

Last quarter we shared our goal to triple the number of Zero Trust Everywhere customers from over 130 to over 390 by the end of fiscal '26. I'm pleased to share that we ended Q3 with over 210 Zero Trust Everywhere enterprises, which is over 60% quarter-over-quarter growth. With a strong momentum, we remain on track to achieve our target.

上個季度，我們提出了目標，到 26 財年末，將 Zero Trust Everywhere 客戶數量增加兩倍，從 130 多個增加到 390 多個。我很高興地告訴大家，我們在第三季結束時擁有超過 210 家「零信任無所不在」企業，較上季成長超過 60%。憑藉強勁的勢頭，我們仍有望實現目標。

The second category driving our growth is Data Security Everywhere. We have the most comprehensive data security capabilities to secure all types of data, whether structured or unstructured, data in motion or data at rest, and data across all channels including Gen AI apps, web, email, endpoints, SaaS, DSPM, and more. Our comprehensive data security capabilities are resonating with customers and helping us win large deals.

推動我們成長的第二個類別是無所不在的資料安全。我們擁有最全面的資料安全功能，可以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，以及所有管道的數據，包括 Gen AI 應用程式、Web、電子郵件、端點、SaaS、DSPM 等。我們全面的資料安全能力得到了客戶的共鳴，並幫助我們贏得了大筆交易。

To give you an example, in a seven-figure ACV deal, an existing Fortune 50 automotive customer added an endpoint DLP module and privileged remote access or PRA while expanding Zero Trust users with more ZPS seats. This customer now has six of our eight data security modules including inline DLP, SaaS security, cyber isolation, data isolation, classification encryption, and endpoint DLP. With this deal, the customer's annual spend with us increased by over 50% to well over $10 million.

舉個例子，在一筆七位數的 ACV 交易中，一家現有的財富 50 強汽車客戶添加了端點 DLP 模組和特權遠端存取或 PRA，同時透過更多的 ZPS 席位擴展了零信任用戶。該客戶現在擁有我們八個資料安全模組中的六個，包括內聯 DLP、SaaS 安全性、網路隔離、資料隔離、分類加密和端點 DLP。透過這筆交易，客戶在我們這裡的年度支出增加了 50% 以上，達到 1000 多萬美元。

Historically, data security was an important consideration for data-heavy regulated industries such as finance and healthcare. With the increasing adoption of Gen AI and SaaS applications, data security is now becoming important to all industries. To give you an example, in a seven-figure ACV deal, a new logo, Fortune 100 food and beverage company, adopted Zero Trust users and multiple data security modules.

從歷史上看，數據安全是金融和醫療保健等數據密集型監管行業的重要考慮因素。隨著 Gen AI 和 SaaS 應用的日益普及，資料安全對所有行業都變得至關重要。舉個例子，在一筆七位數的 ACV 交易中，一個擁有新標誌的財富 100 強食品和飲料公司採用了零信任用戶和多個資料安全模組。

Moving to Agentic Operations, our third category of growth. Our Agentic Operations are expanding rapidly in two areas: IT Ops and SecOps. For IT Ops, we delivered ZDX Copilot last year as an embedded feature in our ZDX Advanced Plus package. Since the launch of ZDX Copilot a year ago, bookings for ZDX Advanced Plus grew over 70% year over year to nearly $75 million.

轉向代理商運營，這是我們的第三個成長類別。我們的代理商業務在兩個領域迅速擴張：IT Ops 和 SecOps。對於 IT Ops，我們去年推出了 ZDX Copilot，作為 ZDX Advanced Plus 套件中的嵌入式功能。自一年前推出 ZDX Copilot 以來，ZDX Advanced Plus 的預訂量年增超過 70%，達到近 7,500 萬美元。

ZDX Copilot helps lower the mean time to resolution of service tickets and its capabilities are becoming a key differentiator for us. To give you an example, an existing US-based large healthcare customer purchased ZDX Advanced Plus for 140,000 users in a seven-figure ACV deal. ZDX Copilot was an important consideration for this win.

中德西Copilot 有助於降低服務單的平均解決時間，其功能正在成為我們的關鍵差異化因素。舉個例子，一家現有的美國大型醫療保健客戶以七位數的 ACV 交易為 140,000 名用戶購買了 ZDX Advanced Plus。ZDX Copilot 是此次獲勝的重要考量。

Moving on to the second area of Agentic Operations, SecOps, where we have several modules including Risk360, Business Insights, Unified Vulnerability Management, Identity Threat Detection, and Cyber Asset Attack Surface Management, or CAASM. Our SecOps solution, built on the data-fabric technology we acquired last year, is gaining traction and it drove over 120% year-over-year growth in SecOps ACV.

前往 Agentic Operations 的第二個領域 SecOps，我們有幾個模組，包括 Risk360、Business Insights、統一漏洞管理、身分威脅偵測和網路資產攻擊面管理 (CAASM)。我們的 SecOps 解決方案建立在我們去年收購的資料結構技術之上，正在獲得越來越大的關注，並推動 SecOps ACV 年成長超過 120%。

To share a customer example, an existing US-based healthier customer purchased Unified Vulnerability Management for 400,000 assets in a seven-figure ACV deal. The customer told me that UVM gave them an accurate asset inventory within two hours, which is a dramatic reduction from the six months it would have taken them otherwise. We will continue to expan1d our SecOps solution. The acquisition of Red Canary will allow us to expand into SOC categories of managed detection and response, or MDR, and threat intel. We expect to close this transaction in August 2025.

分享一個客戶範例，一個現有的美國健康客戶以七位數的 ACV 交易購買了 40 萬項資產的統一漏洞管理。客戶告訴我，UVM 在兩小時內就為他們提供了準確的資產清單，這比他們原本需要六個月的時間大幅縮短了。我們將繼續擴展我們的 SecOps 解決方案。收購 Red Canary 將使我們能夠擴展到託管偵測和回應（MDR）和威脅情報的 SOC 類別。我們預計將於 2025 年 8 月完成此交易。

In addition to developing AI-powered solutions, we are enabling customers to safely adopt AI. Our Gen AI data security module is enabling enterprises to securely use public Gen AI apps such as Microsoft 365 Copilot, Deep Seek, ChatGPT, and more. In Q3, many customers, including an existing Global 2000 tech company, a leading fleet management company, and a large federal customer and more purchased our Gen AI data security module.

除了開發人工智慧解決方案之外，我們還幫助客戶安全地採用人工智慧。我們的 Gen AI 資料安全模組使企業能夠安全地使用公共 Gen AI 應用程序，例如 Microsoft 365 Copilot、Deep Seek、ChatGPT 等。在第三季度，許多客戶（包括現有的全球 2000 強科技公司、領先的車隊管理公司以及大型聯邦客戶等）購買了我們的 Gen AI 資料安全模組。

In addition to securing public AI apps, we are introducing solutions to secure customers' private AI apps such as AI models, chatbots, and inference engines. We're expanding the functionality of our Zero Trust Exchange with an LLM proxy to analyze prompt queries to detect and prevent prompt injections and other malicious activities. And analyze responses to prevent data leakage and enforce the right access. I believe these cutting-edge innovations will position Zscaler to be a market leader in the AI security space.

除了保護公共 AI 應用程式之外，我們還推出了保護客戶私人 AI 應用程式（如 AI 模型、聊天機器人和推理引擎）的解決方案。我們正在使用 LLM 代理程式擴展零信任交換的功能，以分析提示查詢，從而偵測和防止提示注入和其他惡意活動。並分析回應以防止資料外洩並強制執行正確的存取。我相信這些尖端創新將使 Zscaler 成為人工智慧安全領域的市場領導者。

Our customer obsession, employee dedication to our mission, and our customers' trust in our platform are driving us to deliver innovations that solve our customers' most-critical security challenges. With a strong go-to-market machine and strong momentum in Zero Trust Everywhere and AI security, I am more excited than ever about our continued growth to $5 billion or more in ARR.

我們對客戶的執著、員工對我們使命的奉獻以及客戶對我們平台的信任正在推動我們提供創新，以解決客戶最關鍵的安全挑戰。憑藉強大的上市機制以及在「零信任無處不在」和人工智慧安全方面的強勁勢頭，我對我們的 ARR 持續增長至 50 億美元甚至更多感到比以往任何時候都更加興奮。

No, I'd like to turn over the call to Remo for our financial results.

不，我想將電話轉給雷莫，以了解我們的財務結果。

Thank you, Jay. Our Q3 results exceeded our guidance on growth and profitability, even with ongoing customer scrutiny of large deals.

謝謝你，傑伊。儘管客戶對大額交易的審查持續不斷，但我們第三季的業績仍超出了我們對成長和獲利的預期。

Revenue was $678 million up 23% year over year and up 5% sequentially. From a geographic perspective, America's represented 54% of revenue, EMEA was 30%, and APJ was 16%. Our annual recurring revenue, or ARR, exiting Q3 was approximately $2.9 billion. ARR growth was approximately 23% year over year. Remaining performance obligations for RPO grew 30% from a year ago to $4.978 billion. Current RPO was approximately 48% of the total RPO.

營收為 6.78 億美元，年增 23%，季增 5%。從地理角度來看，美國佔營收的 54%，歐洲、中東和非洲佔 30%，亞太及日本佔 16%。截至第三季度，我們的年度經常性收入（ARR）約為 29 億美元。年成長約23%。RPO 剩餘履約義務較上年同期成長 30%，達到 49.78 億美元。目前 RPO 約為總 RPO 的 48%。

Total calculated billings grew 25% year over year to $785 million. Our unscheduled billings comprised of new upsell and renewal billings grew in the high 20% year over year, driven by increasing customer demand for our platform. Our calculated current billings grew 24% year over year. We ended Q3 with 642 customers with over $1 million in ARR and 3,363 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%.

總計算帳單年增 25%，達到 7.85 億美元。由於客戶對我們平台的需求不斷增加，我們的不定期帳單（包括新的追加銷售和續訂帳單）比去年同期增加了 20% 以上。我們計算出的當前帳單年增了 24%。截至第三季度，我們擁有 642 名 ARR 超過 100 萬美元的客戶和 3,363 名 ARR 超過 10 萬美元的客戶。大客戶數量的持續強勁成長體現了我們在客戶數位轉型過程中所扮演的策略角色。我們過去 12 個月的美元淨留存率為 114%。

While good for our business, our increased success in selling bigger bundles, selling multiple pillars from the start, and faster up sales within a year can reduce our dollar-based net retention rate in the future. There could be variability in this metric on a quarterly basis due the factors I just mentioned.

雖然這對我們的業務有利，但我們在銷售更大捆綁產品、從一開始就銷售多個支柱產品以及一年內加快銷售速度方面的成功率有所提高，這可能會降低我們未來基於美元的淨留存率。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 Q3 financial performance, total gross margin of 80.3% compares to 81.4% in the year-ago quarter. Our total operating expenses increased 5% sequentially and 21% year over year to $397 million. Operating margin of approximately 22% was comparable year over year. Our free cash flow margin was 18%, including data center CapEx at 11% of revenue. We ended the quarter with approximately $3 billion in cash, cash equivalents, and short-term investments.

回顧我們第三季的其餘財務業績，總毛利率為 80.3%，而去年同期為 81.4%。我們的總營運費用較上季成長 5%，年增 21%，達到 3.97 億美元。營業利潤率約22%，與去年同期持平。我們的自由現金流利潤率為 18%，其中資料中心資本支出佔收入的 11%。本季末，我們擁有約 30 億美元的現金、現金等價物和短期投資。

As a reminder, our convertible debt reaches final maturity in July. We intend to settle the outstanding convertible debt in cash and equity in Q4. Also, we'll use $675 million in cash in Q1 of fiscal '26 for the acquisition of Red Canary, which we announced on May 27.

提醒一下，我們的可轉換債務將於七月到期。我們打算在第四季以現金和股權的方式清償未償還的可轉換債務。此外，我們將在 26 財年第一季動用 6.75 億美元現金收購 Red Canary，我們在 5 月 27 日宣布了這一消息。

Next, let me provide our guidance for Q4 and full-year fiscal 2025. As a reminder, these numbers are all non-GAAP. For the fourth quarter, we expect revenue in the range of $705 million to $707 million reflecting a year-over-year growth of approximately 19%. Gross margins to be approximately 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.

接下來，讓我提供我們對 2025 財年第四季和全年的指導。提醒一下，這些數字都是非 GAAP 的。我們預計第四季營收將在 7.05 億美元至 7.07 億美元之間，年增約 19%。毛利率約80%。我想提醒投資者，我們正在推出的新產品正在經歷強勁增長，並且針對更快的上市速度而不是利潤率進行了優化。這將繼續影響我們的毛利率。我們計劃隨著新產品規模的擴大而不斷優化其利潤率。

Operating profit in the range of $152 million to $154 million. Net other income of $16 million. Earnings per share in the range of $0.79 to $0.80, assuming a 23% tax rate and 164 million fully diluted shares. Based on our strong Q3 performance, we're increasing our full-year guidance across all metrics.

營業利潤在1.52億美元至1.54億美元之間。其他淨收入1600萬美元。假設稅率為 23%，完全稀釋股份為 1.64 億股，每股盈餘在 0.79 美元至 0.80 美元之間。基於我們第三季的強勁表現，我們將提高所有指標的全年預期。

For the full-year fiscal 2025, billings in the range of $3.184 billion to $3.189 billion reflecting a year-over-year growth of approximately 21% to 22%. Revenue in the range of $2.659 billion to $2.661 billion reflecting the year-over-year growth of approximately 23%. Operating profit in the range of $573 million to $575 million. Earnings per share in the range of $3.18 to $3.19 assuming a 23% tax rate and approximately $163 million fully diluted shares.

2025 財年全年營業額將在 31.84 億美元至 31.89 億美元之間，年增約 21% 至 22%。營收在 26.59 億美元至 26.61 億美元之間，年增約 23%。營業利潤在5.73億美元至5.75億美元之間。假設稅率為 23%，完全稀釋股份約為 1.63 億美元，每股收益在 3.18 美元至 3.19 美元之間。

Free cash flow margin to be approximately 25.5% to 26%. With a large market opportunity and customers increasingly adopting the broader platform, we'll invest aggressively to position us for long term growth and profitability.

自由現金流利潤率約25.5%至26%。隨著巨大的市場機會和越來越多的客戶採用更廣泛的平台，我們將積極投資，以實現長期成長和獲利。

Now, I'd like to turn the call back to Jay.

現在，我想把電話轉回給傑伊。

Thank you, Remo. Before moving on to Q&A, I am happy to share the appointment of Kevin Rubin as our new Chief Financial Officer. Remo will remain in an advisory capacity until the end of this fiscal year to ensure a smooth transition.

謝謝你，雷莫。在進入問答環節之前，我很高興地宣布凱文魯賓 (Kevin Rubin) 被任命為我們的新財務長。雷莫將繼續擔任顧問直至本財年結束，以確保順利過渡。

I'm very excited to have someone with Kevin's strong background and experience join Zscaler. Kevin has over two decades of experience as a CFO of multiple technology companies. I firmly believe his recent eight-year tenure as the CFO of a data analytics company will be crucial to Zscaler in our next phase of growth, which will be driven in large part by the combination of Zero Trust and AI security. I'm thrilled to have Kevin on board and our leadership team and I look forward to working with him.

我很高興擁有像 Kevin 這樣強大背景和經驗的人加入 Zscaler。Kevin 擁有二十多年擔任多家科技公司財務長的經驗。我堅信，他最近八年擔任資料分析公司財務長的經驗對於 Zscaler 下一階段的成長至關重要，而這一成長很大程度上將由零信任和人工智慧安全的結合所推動。我很高興凱文加入我們的領導團隊，我期待與他共事。

Kevin, welcome to Zscaler.

凱文，歡迎來到 Zscaler。

Thank you, Jay. I'm incredibly excited to be joining Zscaler, the leader in cloud security. I believe with its expanding platform, Zscaler is well-positioned to benefit in an increasingly AI-driven enterprise security market. With my background in data analytics, I am strongly aligned with Jay's vision of leveraging the high-volume, high-fidelity data of Zscaler's platform to deliver pioneering security innovations for the age of AI. I look forward to being part of our growth to $5 billion in ARR and beyond, and I look forward to working with our customers, partners, employees, investors, and analysts.

謝謝你，傑伊。我非常高興能夠加入雲端安全領域的領導者 Zscaler。我相信，憑藉其不斷擴展的平台，Zscaler 在日益受人工智慧驅動的企業安全市場中佔據有利地位。憑藉我在數據分析方面的背景，我非常贊同 Jay 的願景，即利用 Zscaler 平台的大容量、高保真數據為人工智慧時代提供開創性的安全創新。我期待成為我們 ARR 成長到 50 億美元及以上的一部分，並期待與我們的客戶、合作夥伴、員工、投資者和分析師合作。

Jay, back to you.

傑伊，回到你身邊。

Thank you, Kevin. Operator, you may now open the call for questions.

謝謝你，凱文。接線員，您現在可以開始提問了。

(Operator Instructions)

（操作員指示）

Ittai Kidron, Oppenheimer & Company.

Ittai Kidron，奧本海默公司。

Thanks and nice results, guys. And Remo, thank you, and Kevin, good luck. Great to connect with you again for the third time. So congrats and good luck to you on that.

謝謝大家，結果很不錯。雷莫，謝謝你，凱文，祝你好運。很高興第三次與您聯繫。所以恭喜你並祝你好運。

Jay, a lot of great, interesting things happening. So great to see a lot of good momentum here with products and customers. I guess I wanted to get your perspective on salesforce focus. And what I mean by that is you have a portfolio that's expanding at warp speed. You have a new purchasing mechanism through Z-Flex.

傑伊，發生了很多很棒、有趣的事。很高興看到這裡的產品和客戶都呈現出良好的發展勢頭。我想了解您對銷售人員重點的看法。我的意思是，你的投資組合正在以極快的速度擴張。您透過 Z-Flex 擁有了新的購買機制。

How do you get people -- how do you get customers focused? How do you get salespeople focused and make sure that things stay on track and more specifically with regards to Z-Flex, which is a clearly a program that should do well for you, it's done well for many others, help me think about the scope of usage of this. Is this going to be available to everybody? What is the bottleneck in making this available to everybody tomorrow?

您如何讓人們－如何讓顧客集中註意力？您如何讓銷售人員集中註意力並確保事情保持正軌，更具體地說是關於 Z-Flex，這顯然是一個應該對您有好處的計劃，它對許多其他人也有好處，請幫助我思考它的使用範圍。每個人都可以使用這個功能嗎？明天讓每個人都能享受這項服務面臨的瓶頸是什麼？

Yeah, Ittai, thank you, great set of questions. So first of all, expanding platform at a rapid pace creates interesting challenge and opportunity for sales team. We have been working on it for the last three or four years. As we started the notion of take-off teams for newer product areas. For example, data protection has a take-off team for quite some time and with the acquisition of Red Canary, we're requiring actually a seasoned go-to-market team that knows how to sell so solutions, and this essentially can act as our SecOps specialist team that work closely with our larger Zscaler go-to-market engine.

是的，Ittai，謝謝你，這些問題很棒。因此首先，快速擴展平台為銷售團隊創造了有趣的挑戰和機會。過去三、四年來我們一直在致力於此。當我們開始提出為新產品領域組成起飛團隊的概念。例如，資料保護已經有一個起飛團隊很長一段時間了，隨著 Red Canary 的收購，我們實際上需要一個經驗豐富的上市團隊，該團隊知道如何銷售解決方案，這實際上可以充當我們的 SecOps 專家團隊，與我們更大的 Zscaler 上市引擎密切合作。

So we are really using call it a two-tier model. A broad sales team is covering all products and they are account-centric, account-focused and then some of the take-off teams are more experts in some of these new product areas so they can cover the products of interest to them. So having done it for the last few years, we're pretty comfortable, and we know how to scale it.

所以我們實際上使用的是雙層模型。廣泛的銷售團隊涵蓋所有產品，他們以客戶為中心，以客戶為中心，然後一些起飛團隊是這些新產品領域的專家，因此他們可以涵蓋他們感興趣的產品。因此，經過過去幾年的努力，我們感到非常自在，並且知道如何擴大規模。

Second question was Z-Flex. It evolved out of the questions our customers have been asking for. As the platform has gotten bigger and bigger, multiple choices and many times, they wanted the flexibility to try some modules. They wanted to be able to swap one with other. So this is the kind of flexibility you're giving them. And it's also pretty accretive on pricing, so they don't have to go through a procurement cycle every time they want a new product.

第二個問題是 Z-Flex。它是根據我們的客戶一直在詢問的問題而發展而來的。隨著平台越來越大，選擇也越來越多，他們希望能夠靈活地嘗試一些模組。他們希望能夠互相交換。這就是您給予他們的靈活性。而且它在定價上也相當具有增值性，因此他們不必在每次想要新產品時都經歷採購週期。

Now this is a relatively new program. As we mentioned, we got a great start. In the first quarter itself, in Q3, we had $65 million plus in TCV booking for this program. But we will start with larger customers that expand to the next level. There's nothing holding it back, but we like to be prudent, test things, learn it and expand from there.

這是一個相對較新的程序。正如我們所提到的，我們有了一個很好的開始。光是第一季度，也就是第三季度，我們為這個專案的 TCV 預訂就超過了 6,500 萬美元。但我們將從更大的客戶開始，然後擴展到下一個層次。沒有什麼可以阻止它，但我們喜歡謹慎，測試事物，學習並從中擴展。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

Great, thanks for taking the questions guys and congrats on the announcement to Kevin and Remo to you as well.

太好了，感謝你們回答問題，也恭喜 Kevin 和 Remo 宣布這項消息。

I wanted to cycle back. It really sounds like macro trends you saw in April and May were a relative non-event versus some of the more mixed data points we've gotten for companies that are on a fiscal quarter end. Can you just tackle that a little bit more from the macro side of the house. What are you guys seeing as far as increased scrutiny or increased hesitation versus is it a relative non-event just given the momentum that you guys have from a product and go-to-market side? Thank you.

我想騎車回去。聽起來，與我們獲得的有關財務季度末公司的一些較為混雜的數據點相比，您在 4 月和 5 月看到的宏觀趨勢相對而言並不重要。您能否從宏觀角度進一步解決這個問題。就你們在產品和市場方面的勢頭而言，你們認為審查力度加大或猶豫加劇了嗎？還是說這不會發生什麼事？謝謝。

I'll start then Remo can add on. We did not see a softer April. This may be because we are not in the business of selling security appliances. Overall, spending environment remains challenging, macro is still tight, and we continue to see large deals scrutiny. Our budgets are tight in general for IT, but for cyber, it's a little easier because cyber is a bigger priority.

我先開始，然後 Remo 可以加入。我們沒有看到四月表現更加疲軟。這可能是因為我們不從事銷售安全設備的業務。整體而言，支出環境依然充滿挑戰，宏觀經濟依然緊張，我們繼續看到大額交易受到審查。整體來說，我們的 IT 預算比較緊張，但對於網路預算來說，就容易一些，因為網路預算是更重要的優先事項。

And even in cyber, the two areas that are high and priority for our customers, Zero Trust architect is one, and securing use of AI is two. If you project involves one of these two security offerings and you can actually do some cost savings, the deal can get done. We are able to do all these things together. That's why it has been a good quarter for us.

即使在網路領域，對我們的客戶來說，有兩個領域是高度優先的，其一是零信任架構師，其二是確保人工智慧的使用。如果您的專案涉及這兩種安全產品中的一種，並且您實際上可以節省一些成本，那麼交易就可以完成。我們能夠共同完成所有這些事情。這就是為什麼這對我們來說是一個好的季度。

Overall, we have been working closely with our customers to reduce their costs and become a strategic partner and this ends up translating into ARR over time. I can tell you this week alone, the three customers who talked to me and they said, oh, Jay, I'm becoming a third time customer for you. That's relationship. That's what we're proud of. Remo?

總體而言，我們一直與客戶密切合作，以降低他們的成本並成為策略合作夥伴，最終這將轉化為 ARR。我可以告訴你，僅本週就有三位顧客與我交談，他們說，哦，傑伊，我已經成為你的第三次顧客了。這就是關係。這正是我們感到自豪的。雷莫？

Not much to add, Jay, other than to call out our sales organization, Mike Rich has been on board now for about 1.5 years and has really built a strong sales organization really to go after the large enterprise. As you remember, Mike came from ServiceNow. We are emulating ourselves towards ServiceNow model where we're trying to get deeper into accounts into strategic large accounts. I think that's a call out to our go-to-market organization as well as our sales organization.

傑伊，沒有什麼可補充的，除了讚揚我們的銷售組織之外，邁克·里奇已經加入公司大約 1.5 年了，他確實建立了一個強大的銷售組織來追逐大型企業。您還記得，Mike 來自 ServiceNow。我們正在效仿 ServiceNow 模型，試圖更深入地了解策略性大客戶。我認為這是對我們的行銷組織和銷售組織的呼籲。

Brad Zelnick, Deutsche Bank.

德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

Great, thanks so much, and I echo my congrats all around. I mean, this is -- these are really refreshing results and congrats on everybody's new appointments and Remo, it's been a pleasure.

太好了，非常感謝，我向大家表示祝賀。我的意思是，這是──這些真是令人耳目一新的結果，恭喜大家的新任命，雷莫，我很榮幸。

I wanted to circle back to Z-Flex because it really speaks to the strategic platform-style relationship customers want to have with you. But from your perspective, Remo, can you walk us through how are these structured? What's the typical duration and the accounting of these deals? And do you maybe foresee a future where billings might no longer be the right metric to measure Zscaler's momentum and success? Thank you.

我想回到 Z-Flex，因為它確實體現了客戶希望與您建立的策略平台式關係。但是從您的角度來看，雷莫，您能向我們介紹一下這些結構是如何構成的嗎？這些交易的典型持續時間和會計處理是怎麼樣的？您是否預見到未來帳單可能不再是衡量 Zscaler 發展勢頭和成功的正確指標？謝謝。

Yes. I'll take the first part, which is, is billing going to be the right metric and let Jay answer the rest.

是的。我將回答第一部分，即計費是否是正確的衡量標準，然後讓傑伊回答其餘部分。

We talked about it. We're going to go to ARR in fiscal '26. So you're going to see a change from billing to ARR. I think that's really big for Zscaler because it gives us the opportunity really to sell more deeper and more products and really work with our customers related to when they can adopt our products. So I believe going through an ARR metric is the right metric going forward. And I think the Z-Flex program gives us a lot of flexibility to continue to sell across our entire platform. Jay?

我們討論過這件事。我們將在 26 財年進入 ARR。因此，您將看到從計費到 ARR 的變化。我認為這對 Zscaler 來說意義重大，因為它讓我們有機會真正銷售更多更深層的產品，並真正與我們的客戶合作，了解他們何時可以採用我們的產品。因此我相信採用 ARR 指標是未來的正確指標。我認為 Z-Flex 計劃為我們提供了很大的靈活性，可以繼續在整個平台上銷售。傑伊？

Sure. So the Z-Flex program came out of our customers' desire to buy more but not having to go through negotiations and procurement every time. For example, take data protection. There are eight-plus modules in this single product line itself, and many times the customer says, here are three or four things I'm interested in, but I'm not sure. I'm ready to buy all four, or I'm not sure I can deploy all four if I bought them right now.

當然。因此，Z-Flex 計畫的誕生源自於我們的客戶希望購買更多產品，但又不必每次都經過談判和採購。以資料保護為例。這個單一產品線本身就有八個以上的模組，很多時候客戶會說，這裡有三、四個我感興趣的東西，但我不確定。我準備好購買全部四個，或者我不確定如果我現在購買它們我是否可以部署全部四個。

So being able to give them flexibility to try and test and they can swap one versus the other, so ability to swap, ability to add some more at a predetermined pricing without having to go through procurement cycles are some of the main benefits they're getting. So as these things are being done, they're being done across the strategically we're delighted and the duration of the contracts is moving. We used to do most of the deals three years we're seeing more and more deals becoming four years and five years.

因此，能夠讓他們靈活地嘗試和測試，並且可以將一個產品與另一個產品進行交換，因此，能夠交換，能夠以預定的價格添加更多產品而不必經過採購週期，這是他們獲得的主要好處之一。因此，隨著這些事情的完成，它們在戰略上不斷推進，我們很高興，而且合約期限也在不斷變化。我們過去大部分的交易都是三年期的，但現在我們看到越來越多的交易變成了四年期和五年期。

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Okay, great. Hey, guys, thanks for taking my question here and echo my congrats to Kevin and Remo on your next steps.

好的，太好了。嘿，夥計們，感謝你們在這裡回答我的問題，並向 Kevin 和 Remo 表示祝賀，祝賀你們的下一步。

Jay, maybe for you, I was wondering if you could just dig into Red Canary a little bit more and maybe more specifically whether you sort of view this as an extension of Zero Trust that accelerates that path to $5 billion in ARR or whether this is something that adds to that and broadens the platform.

傑伊，也許對你來說，我想知道你是否可以更深入地了解一下 Red Canary，更具體地說，你是否將其視為零信任的延伸，從而加速實現 50 億美元的 ARR，或者這是否會增加並拓寬平台。

Yes. So when I talk to customers of when I tell them from day one, we had on North Star, Zero Trust architecture, which expanded from users, partners, suppliers, to workflows, to branches, and everything. And as we did more and more, the customers would often talk to me and say, this is wonderful, and you got the most logs I have. And then I have to feed these logs to third-party solutions, pay them again for storing them. and doing some stuff with them. Should you naturally expand in that space and provide me a close feedback so things discover in your security operations solutions can be fed back to Zscaler Zero Trust Exchange.

是的。因此，當我與客戶交談時，我告訴他們從第一天起，我們就擁有北極星零信任架構，它從使用者、合作夥伴、供應商擴展到工作流程、分公司等等。隨著我們做得越來越多，客戶經常跟我說，這太棒了，你拿到了我最多的原木。然後我必須將這些日誌提供給第三方解決方案，再次向他們支付儲存費用，並用它們做一些事情。您是否應該自然地在該領域擴展並向我提供密切的反饋，以便您在安全操作解決方案中發現的問題可以反饋給 Zscaler Zero Trust Exchange。

Those are the discussions over the past several years that took us to move in that direction. Our first foundational step we took in distraction was last year when you acquire Avalor. Avalor basically brought the notion that you no longer need to build a massive data lake and pay for it. You should have data fabric which synthesizes the logs and creates a subset of meaningful information that has contacts and an entity relationships.

過去幾年的討論促使我們朝著這個方向前進。我們在分散注意力方面邁出的第一步是去年收購 Avalor。Avalor 基本上提出了這樣的概念：您不再需要建立龐大的資料湖並為此付費。您應該擁有資料結構，它可以合成日誌並建立具有聯絡人和實體關係的有意義的資訊子集。

So now Red Canary brings a number of interesting things for us to move in that direction at a faster pace so we can kind of accelerate our vision of becoming a leading player. They have highly talented and experienced detection and tech intel engineers. That's a very important. Two, to my surprise, they had developed a very sophisticated agentic AI technology for reasoning and workflow. And this is being used today. It's not using it to support a large number of customers.

因此，現在 Red Canary 為我們帶來了許多有趣的東西，讓我們能夠更快地朝著這個方向前進，從而加速實現成為領先企業的願景。他們擁有才華橫溢、經驗豐富的檢測和技術情報工程師。這是非常重要的。二，令我驚訝的是，他們已經開發出一種非常複雜的用於推理和工作流程的代理人工智慧技術。而這項技術目前仍在使用中。它沒有用它來支援大量客戶。

Now I can take their agentic technology be combine it with the Zscaler data fabric, things accelerate by many, many months for us, and they also have a good sales team that can help us acting as a take of team for Zscaler. So these two things together, the accelerate our overall growth but it is expansion of the platform for us.

現在我可以將他們的代理技術與 Zscaler 資料結構結合，這為我們加快了好幾個月的進度，而且他們還有一支優秀的銷售團隊，可以幫助我們充當 Zscaler 的團隊。因此，這兩件事結合在一起，加速了我們的整體成長，但這對我們來說是平台的擴展。

Remo, do you want to add?

Remo，你想加嗎？

Yes. I mean just on the financial information on the transaction. It is valued at $675 million plus equity for employees. As Jay mentioned, we expect it to close in August of 2025. And we expect it also to be largely neutral to our FY26 consensus operating margin.

是的。我指的是有關交易的財務資訊。其價值為 6.75 億美元，另加員工股權。正如傑伊所提到的，我們預計它將於 2025 年 8 月完成。我們預計，這對我們 26 財年的一致營業利潤率也基本上是中性的。

A big portion of Red Canary's ARR is concentrated in certain segments that are not strategic to us. So through the post-close integration process, we expect to retain approximately half of the $140 million ARR you may have seen. We will share more details on this on the next call in our Q4 call.

Red Canary 的 ARR 很大一部分集中在某些對我們來說不具戰略意義的領域。因此，透過整合後的流程，我們預計可以保留您可能已經看到的 1.4 億美元 ARR 的約一半。我們將在第四季度的下一次電話會議上分享更多有關此事的詳細資訊。

Shrenik Kothari, Baird.

什雷尼克·科塔里，貝爾德。

Yeah, thanks for taking my question. Again, congrats, on great execution. Looking forward to working with you, Kevin.

是的，感謝您回答我的問題。再次恭喜您，出色的執行力。期待與您合作，凱文。

So in terms of the Z-Flex, definitely looks like that's helping broader adoption of multiple of deals. As you said, Jay, with the emerging product categories growing 5%. You also cited Gen AI as a key demand driver. Can you tell us a little bit about what kind of attach rates are you seeing there? And if it's driven by Flex, any sense of percentage of sort of wins, which explicitly citing this Gen AI-related risk, Copilot category as the buying catalyst? Appreciate it.

因此，就 Z-Flex 而言，這肯定有助於更廣泛地採用多種交易。正如您所說，傑伊，新興產品類別成長了 5%。您也將 Gen AI 視為關鍵的需求驅動因素。您能否告訴我們一下您在那裡看到的附加率是什麼樣的？如果它是由 Flex 驅動的，那麼是否有任何獲勝百分比的感覺，明確引用了與 Gen AI 相關的風險，Copilot 類別是購買催化劑？非常感謝。

Yes. So Gen AI is becoming more and more important to our customers. And our solutions in three areas: First has been security use of public AI. We have been actually offering that solution for quite some time now. And even Microsoft 365 Copilot security is part of that. And this is the first area. We are bundling that solution along with our advanced-data-protection module because the number one use of this is protect the data.

是的。因此，Gen AI 對我們的客戶來說變得越來越重要。我們的解決方案包括三個面向：首先是公共人工智慧的安全使用。實際上，我們提供該解決方案已有相當長一段時間了。甚至 Microsoft 365 Copilot 安全性也是其中的一部分。這是第一個領域。我們將該解決方案與我們的高級資料保護模組捆綁在一起，因為它的首要用途是保護資料。

Secondly, securing use of privity AI models and applications our customers are building. Here, we have been building an LLM proxy that can analyze on queries and to detect any bad things like from injections and the restaurant stuff and can also inspect responses. So that's the second area.

其次，確保我們的客戶正在建立的私人 AI 模型和應用程式的使用。在這裡，我們一直在建立一個 LLM 代理，它可以分析查詢並檢測任何不良事物（例如注入和餐廳的東西），還可以檢查回應。這是第二個領域。

The third area is Agentic Operations in IT operations categories, our security operations category. And this area, we started building a couple of years ago, you saw on Risk360 AI, you saw unified vulnerability management that we acquired Avalor and the Red Canary is going to help us accelerate that area as well. And they're using a bunch of agentic AI technology, which is very healthy.

第三個領域是IT營運類別中的代理商運營，也就是我們的安全運營類別。我們幾年前就開始建立這個領域，您可以在 Risk360 AI 上看到，我們收購的 Avalor 和 Red Canary 的統一漏洞管理也將幫助我們加速該領域的發展。他們正在使用大量代理人工智慧技術，這是非常健康的。

So we don't see traction. And if you look at the numbers of growth, it's starting with small numbers, but it's pretty impressive growth so far.

所以我們看不到任何進展。如果你看一下成長的數字，你會發現它一開始的數字很小，但到目前為止，成長已經相當令人印象深刻。

Roger Boyd of UBS.

瑞銀的羅傑·博伊德。

Great, thanks for taking the questions and congrats to you both as well. Maybe, Jay, just on branch connector. I think the metric that continues to impress me is that you have nearly 60% of customers adopting branch connector over the past few quarters that are effectively new to Zscaler.

太好了，感謝你們回答問題，也恭喜你們兩位。也許，傑伊，就在分支連接器上。我認為令我印象深刻的指標是，在過去幾個季度中，有近 60% 的客戶採用了分支連接器，而這些客戶實際上都是 Zscaler 的新客戶。

What are your thoughts on what's going right there? The role that branch connector is playing in new customer wins, particularly as you continue that success with some of these cost takeout ROI sales programs against maybe some legacy network equipment? Thanks.

您對現在發生的事情有什麼看法？分支連接器在贏得新客戶方面發揮著什麼作用，特別是當您繼續透過一些成本降低的 ROI 銷售計劃相對於一些傳統網路設備取得成功時？謝謝。

Yes. Our branch connector is now packaged as plug-and-play fine which actually is helping customers because they plug and play that things happen. And now we have also embedded or integrated [airgap] technology to do so trust segmentation for devices. If the two together are doing very well, now frankly, the degree of interest that customers have taken in this area has exceeded my expectations.

是的。我們的分支連接器現在被包裝為即插即用型，這實際上是在幫助客戶，因為他們可以即插即用。現在我們也嵌入或整合了 [airgap] 技術來實現設備信任分段。如果兩者結合起來做得很好，那麼坦白說，客戶對這個領域的興趣程度已經超出了我的預期。

As you heard, I mean 59% of customers have purchased Zero Trust Branch, our new logo customers. That's pretty impressive. And I think it's going to get better. I was talking to a customer recently who was testing our Branch appliance I was looking for deploying it for about 100 branches. And one staff testing went through, he said, oh, I should be doing for all 1,000 branch.

正如您所聽到的，我的意思是 59% 的客戶已經購買了零信任分支，也就是我們的新標誌客戶。這真是令人印象深刻。我認為情況會變得更好。我最近與一位正在測試我們的分公司設備的客戶進行了交談，我希望將其部署到大約 100 個分行。一名員工測試通過後，他說，哦，我應該為所有 1,000 個分支機構都這樣做。

This is pretty remarkable. Obviously, we need to keep on executing. But it just tells you the pain customers have, having a bunch of firewall, boxes, DSCP, and they have free lands, and all this stuff. Our goal is to eliminate all of that stuff. The Branch has nothing more than two things: Zscaler appliance and a switch and of course, the WiFi is turned on. So very, very excited about it.

這是非常了不起的。顯然，我們需要繼續執行。但它只是告訴你客戶的痛苦，有一堆防火牆、盒子、DSCP，還有免費的土地，以及所有這些東西。我們的目標是消除所有這些東西。該分店只有兩樣東西：Zscaler 設備和交換機，當然，WiFi 也已開啟。我對此感到非常非常興奮。

Tal Liani, Bank of America.

塔爾·利亞尼（Tal Liani），美國銀行。

How are you? One day they're going to learn how to pronounce my name, so.

你好嗎？有一天他們會學會如何發音我的名字，所以。

So we're entering second half of the year with scheduled billing very high. And the question we always ask ourselves because of the new competition in SASE is how much of the growth is because of scheduled billing? And how much of the growth is because of new products that are beyond ZIA, ZPA. So the question is, can you break down the strength this quarter?

因此，我們進入下半年時預定的帳單金額非常高。由於 SASE 中出現了新的競爭，我們總是問自己的問題是，成長中有多少是由於預定計費帶來的？成長有多少是由於超越 ZIA、ZPA 的新產品。那麼問題是，您能分解本季的實力嗎？

And the reason why I'm asking it is because I see that NRR that was high about 1.5 years ago, declined and then slightly and recovered last quarter went down again this quarter sequentially. So the question is, what were the trends in ZIA, ZPA versus the trends in other products. Sorry for the long-winded question. And if you can give some kind of outlook, some discussion of the outlook of the new products and how you expect them to perform and contribute to revenues? Thanks.

我之所以問這個問題，是因為我發現大約 1.5 年前 NRR 很高，然後下降，上個季度略有回升，但本季又較上季下降。所以問題是，與其他產品的趨勢相比，ZIA、ZPA 的趨勢如何。抱歉，問題太長了。您能否給予一些展望，討論一下新產品的前景以及您對它們的表現和收入貢獻的期望？謝謝。

That's a lot of questions. I'll try with a few hopefully, Jay can pick up where I missed. Q3 unscheduled billings was a 28% growth year over year. So that is outstanding. Scheduled billings growth in Q3 came as expected. It was in the low 20% range. The unscheduled billings in Q4 and the guidance that we gave is 25% growth year over year.

有很多問題。我會嘗試一些，希望傑伊能夠彌補我錯過的地方。第三季非計劃帳單年增 28%。這真是太棒了。第三季預定的帳單成長符合預期。它處於 20% 以下的範圍內。第四季的計劃外帳單和我們給出的指導是同比增長 25%。

So the business is doing very well, and it's consistent to what we said at the beginning of the year when we called out scheduled versus unscheduled billings, it's pretty much worked up almost exactly what we said. So we're really proud of how we communicated that to the street and how the performance is happening in the second half of the year.

因此，業務進展非常順利，這與我們年初所說的計劃和非計劃賬單的情況一致，幾乎完全按照我們所說的進行。因此，我們對如何向街頭傳達這一訊息以及下半年的演出感到非常自豪。

Related to the NRR rate, it is 114%, but that is outstanding. So from my perspective, we only looked, we've said this before, we only look at it once every quarter, right now from what we're talking to our investor call. The key thing, I think, is that if you look at what we have and the platform that we created and the expansion of the emerging products, we've talked about that the emerging products is expanding. So we're expecting emerging products to be in the mid-20% to high-20% range for this year.

與 NRR 率相比，這一數字為 114%，但已經非常出色。因此，從我的角度來看，我們只是看了，我們之前就說過，我們每個季度只看一次，現在從我們與投資者的通話情況來看。我認為，關鍵在於，如果你看看我們所擁有的、我們所創建的平台以及新興產品的擴展，我們已經討論過新興產品正在擴展。因此，我們預計今年新興產品的市佔率將達到 20% 左右。

And the reason for that is that we're expanding the products. Those are all new products that come out, DSPM, Gen AI, and the DLP products. So I think Jay called out, we're a technology company. We're an innovation company. I mean we are at the size that we have a very large revenue and recurring revenue and RPO. But at the heart, Zscaler is a technology company at the support front to continue to really, I think, exploit this market as no other company can. Jay?

原因在於我們正在擴大產品範圍。這些都是新推出的產品，DSPM、Gen AI 和 DLP 產品。所以我認為傑伊說過，我們是一家科技公司。我們是一家創新公司。我的意思是，我們的規模非常大，擁有非常大的收入、經常性收入和 RPO。但從本質上講，Zscaler 是一家支援尖端技術的公司，我認為，它將以其他公司無法做到的方式繼續真正開發這個市場。傑伊？

Yes. I mean, look, all our metrics are exceptionally strong. unscheduled billing is strong, even new ARR -- sorry, new logo ARR. New logos grew 40% year over year, so very proud of all areas. And I can only number you talk about NRR, be kind of the bigger platform we sell, the sooner we sell the next thing, but the lower our NRR. That's why you kind of ignored NRR, but look at other metrics.

是的。我的意思是，你看，我們所有的指標都非常強烈。不定期計費很強勁，甚至新的 ARR——抱歉，是新標誌 ARR。新標誌的數量同比增長了 40%，因此我們對所有領域都感到非常自豪。我只能計算一下你談論的 NRR，我們銷售的平台越大，我們就越早銷售下一個產品，但我們的 NRR 就越低。這就是為什麼你忽略了 NRR，但請查看其他指標。

Andrew DeGasperi, BNP Paribas.

安德魯·德加斯佩里，法國巴黎銀行。

Thanks for taking my question. Just on a separate line of thought, our checks found that Zscaler could benefit greatly from the Federal business. And I know it's not a big contributor of revenue today, but we've heard that it's not really being impacted by the cuts that the administration is making. And in fact, there could be some ramp up there. Are you seeing the same thing? Or are you still optimistic about that line of revenue?

感謝您回答我的問題。從另一個想法來看，我們的檢查發現 Zscaler 可以從聯邦業務中獲益匪淺。我知道它目前並不是收入的主要貢獻者，但我們聽說它並沒有受到政府削減開支的影響。事實上，那裡可能會出現一些增長。你看到了同樣的事情嗎？或者您仍然對該收入線持樂觀態度？

So Fed for us was in line with our expectations this quarter. And sure, there's some uncertainty in the business. but Fed wants we've got cost, the biggest cost in the security space is firewall and C-type of vendors and if I can go and take a lot of cost on of it by the moving of lot of those products, it actually works in our favor. Remo?

因此，聯準會本季的表現符合我們的預期。當然，業務中存在一些不確定性。但聯準會希望我們承擔成本，安全領域最大的成本是防火牆和 C 類供應商，如果我可以透過轉移大量這些產品來降低成本，這實際上對我們有利。雷莫？

And also for our guide for Q4, we're not expecting a significant strength with Fed. As Jay mentioned, we are well-positioned. These are very large contracts, which take time. we're in 14 of the 15 cabinet agencies. But again, right now, as I said, as Jay mentioned, came as expected in Q3, and we're not expecting any significant quarter in Q4 for Fed.

對於第四季度的指導，我們預計聯準會不會出現顯著的強勢。正如傑伊所提到的，我們處於有利地位。這些都是非常大的合同，需要時間。我們參與了 15 個內閣機構中的 14 個。但是，正如我所說，正如傑伊所提到的，現在聯準會在第三季的表現符合預期，我們預計聯準會在第四季不會出現任何重大表現。

Andrew Nowinski, Wells Fargo.

富國銀行的安德魯·諾溫斯基。

Thank you for taking the question and congratulations Kevin on joining Zscaler. And Remo, it's been a pleasure working with you as well. I wish you well.

感謝您回答這個問題，並祝賀 Kevin 加入 Zscaler。雷莫，和你一起工作也很愉快。祝你一切順利。

I wanted to ask about the new growth categories at a higher level. Thank you for providing some of those new metrics for it. I think it was over $1 billion already in ARR across the three new growth categories you called out. But it looks like ZIA and ZPA were part of Zero Trust Everywhere. So I'm wondering what's making up the difference between the $1 billion in the new growth categories of ARR that you generated versus the 2.9% in total? And then what's the growth rate of those sort of non-emerging products look like? Thank you.

我想問更高層次的新增長類別。感謝您提供一些新的指標。我認為您提到的三個新增長類別的 ARR 已經超過 10 億美元。但看起來 ZIA 和 ZPA 是 Zero Trust Everywhere 的一部分。所以我想知道，你們產生的 10 億美元新增長 ARR 類別與 2.9% 的總額之間的差異是什麼？那麼這些非新興產品的成長率是多少？謝謝。

Okay. So that's good. That's clarified, three main buckets, Zero Trust Everywhere. So here, we're basically making sure the customers were having Zero Trust users, Zero Trust Branches, Zero Trust Cloud, all areas together. And this is where these customers were about 130 and we more than doubled it or went to 210, sorry. And we plan to go to 390. So that's a subset of customers. That's number one.

好的。這很好。這很明確，主要分為三個部分，即無所不在的零信任。因此，在這裡，我們基本上要確保客戶擁有零信任用戶、零信任分支、零信任雲等所有領域。當時這些顧客大約有 130 人，而我們的顧客數量增加了一倍多，達到 210 人，抱歉。我們計劃去 390。這就是客戶的一個子集。這是第一點。

And we are actually seeing a 60% quarter-over-quarter growth in the area. It's a growth factor that matters quite a bit. 60% is impressive. The data security ethic. We have been talking with to securities quite some time. Last quarter, we shared that we crossed $350 million in ARR in that, and it's still growing faster than the total company ARR.

事實上，我們看到該地區的季度環比增長率達到了 60%。這是一個相當重要的成長因素。 60% 令人印象深刻。資料安全倫理。我們已經與證券公司洽談了相當長一段時間。上個季度，我們宣布我們的 ARR 超過了 3.5 億美元，而且它的成長速度仍然快於公司整體 ARR。

And third area is the relatively newer area. This is our AI solution business on our security operation, IT operation, This is where some of the 360 Unified Vulnerability Management type of solutions come in. And we saw in ZDX Advance Plus which actually uses some of the Zscaler with Copilot technology, you've seen 70% year-over-year growth in that area. And the products, the younger products that fall in the security ops bucket and ACV were over 120%. So from all angles, these three products are doing very good, amazing growth and approaching more than $1 billion.

第三個區域是相對較新的區域。這是我們安全營運、IT 營運方面的 AI 解決方案業務，這也是 360 統一漏洞管理類型的解決方案發揮作用的地方。我們看到 ZDX Advance Plus 實際上使用了一些具有 Copilot 技術的 Zscaler，該領域同比增長了 70%。而這些產品，屬於安​​全營運類別的年輕產品和 ACV 都超過了 120%。所以從各個角度來看，這三種產品的表現都非常好，成長驚人，接近10億美元以上。

Shaul Eyal, TD Cowen.

沙烏爾·埃亞爾（Shaul Eyal），考恩（Cowen）TD。

Thank you. Congrats Jay, Remo, and Kevin on all fronts. Jay, on Red Canary, there are number of MDR providers, various sites out there. What are the two or three reasons that attracted you specifically to this asset over the others? Is it technology, market reach, clients, revenue scope? Just want to get some additional color. Thank you.

謝謝。恭喜 Jay、Remo 和 Kevin 的各方面成就。Jay，在 Red Canary 上，有許多 MDR 提供者和各種網站。與其他資產相比，有哪兩三個原因特別吸引您選擇這項資產？是技術、市場範圍、客戶、收入範圍嗎？只是想獲得一些額外的顏色。謝謝。

Sure. I mean, this acquisition was driven to make sure we can accelerate our vision to become a leading player in the SOC market. So what are these guys offer? We wanted something complementary to what we've had. What we have in this space is the data-fabric technology that we acquired from April last year.

當然。我的意思是，此次收購是為了確保我們能夠加速實現成為 SOC 市場領導者的願景。那麼這些人提供了什麼？我們想要一些與現有產品互補的東西。我們在這個領域擁有的是去年四月所獲得的資料結構技術。

Number one, we are impressed with the talented engineers, experienced people who are detection and theft intel that's foundation to doing these things. Two, I mentioned earlier, we are impressed with the agentic AI technology for reasoning and workflow they already built and they're using in production.

首先，我們對才華橫溢的工程師和經驗豐富的人員印象深刻，他們是偵測和竊取情報的基礎，這是完成這些事情的基礎。第二，我之前提到過，他們已經建構並在生產中使用的代理 AI 推理和工作流程技術給我們留下了深刻的印象。

Lots the companies talk about agentic AI, the 20 startups we looked at in this area, all new agentic AI. You look at how many customers do you have, what is in production, hardly any. This company had real stuff in production. And we can integrate that technology with our platform with expertise that brings to the table. It became very impressive. And then, of course, they also have a go-to-market team that can become a take-off team, a team of specialists to help us take the solution to the market.

許多公司都在談論代理人工智慧，我們在這個領域研究的 20 家新創公司都是新型代理人工智慧。你看看你有多少客戶，生產什麼，幾乎沒有。該公司正在生產真正的產品。我們可以利用專業知識將該技術與我們的平台結合。這變得非常令人印象深刻。當然，他們還有一個市場進入團隊，可以成為起飛團隊，一個由專家組成的團隊，幫助我們將解決方案推向市場。

Matthew Hedberg, RBC Capital Markets.

加拿大皇家銀行資本市場 (RBC Capital Markets) 的馬修‧赫德伯格 (Matthew Hedberg)。

Hey guys, this is Mike Richards on from Matt. Thanks for taking the question. With the accelerating success across the broader platform here, maybe we could take a step back and talk about how much of that success is driven from the ROI messaging, resonating in this macro versus the go-to-market productivity that that you guys were expecting. And what ending are we in that go-to-market productivity improvement. Thanks for the question.

嘿，大家好，我是馬特的麥克理查茲。感謝您回答這個問題。隨著這裡更廣泛平台的成功不斷加速，也許我們可以退一步，談談這種成功有多少是由投資回報率信息驅動的，在宏觀上與你們所期望的上市生產力產生共鳴。那麼，我們在市場進入生產力改善上取得了什麼成果呢？謝謝你的提問。

It's coming from ROI versus go-to market versus what? Productivity. Okay, great. Okay. Look, all these things in your success generally, there's no single thing that kind of make it happen. It's generally a collection of things that work together. We have a strong go-to-market team that Mike Rich and team have done a great job. Platform has expanded the two together, then being able to show cost savings to bring these things and other magic happens.

它來自於投資報酬率、市場進入率還是什麼？生產率。好的，太好了。好的。你看，總的來說，你的成功取決於所有這些因素，沒有任何單一因素能夠促成它發生。它通常是一些協同工作的事物的集合。我們擁有一支強大的行銷團隊，Mike Rich 和他的團隊做得非常出色。平台將兩者擴展在一起，然後能夠展示成本節約，帶來這些好處，並發生其他神奇的事情。

Trying to do one thing at a time goes only so far. If you're able to pull it off, great go-to-market, great platform and cost savings, it's wonderful. In fact, lots of people talk about cost savings. How many companies can actually go to the customer today and say, here is my security solution that's going to save you money. It's generally known that security never saves money, okay.

一次只嘗試做一件事是有限的。如果你能夠成功，成功進入市場，擁有出色的平台並節省成本，那就太好了。事實上，很多人都在談論節省成本。如今有多少公司可以真正找到客戶並告訴他們，這是我的安全解決方案，可以幫您省錢。眾所周知，安全永遠無法省錢，好嗎？

But as Zscaler evolve, we are able to show that they can actually save money by taking out a lot of not only legacy security products, but a lot of legacy networking products as well. That's why the numbers are very impressive. We are very excited about it that this thing has been working for quite some time. It's getting better. And so and the result of that ends up being good numbers and good productivity.

但隨著 Zscaler 的發展，我們能夠證明，他們實際上可以透過淘汰大量傳統安全產品和傳統網路產品來節省金錢。這就是為什麼這些數字令人印象深刻。我們對此感到非常興奮，因為這個東西已經運行了相當長一段時間。情況正在好轉。最終結果是良好的數字和良好的生產力。

Gray Powell, BTIG.

格雷·鮑威爾（Gray Powell），BTIG。

Okay, great. Thanks for taking the question and congratulations on the good results. So I just maybe had like a higher-level question. I understand the need for customers to rationalize that their spend or like not buy the same product twice. But we've also heard particularly with other security vendors, that some companies have become really aggressive pushing ELAs, and sometimes that ends up creating shelf ware.

好的，太好了。感謝您的提問，並祝賀您取得好成績。所以我可能只是有一個更高層次的問題。我理解顧客需要合理化他們的消費或不喜歡購買相同的產品兩次。但我們也聽說，特別是其他安全供應商，一些公司在推廣 ELA 方面變得非常積極，有時最終會導致產品被束之高閣。

So I'd be curious like when you're talking about Zscaler versus the competition, is that something that you see in the market? And if so, how does that feed into your customer conversations and does it actually put you in a better position?

所以我很好奇，當您談論 Zscaler 與競爭對手的比較時，這是您在市場上看到的嗎？如果是這樣，那麼這對您與客戶的對話有何影響？它是否真的能讓您處於更有利的地位？

Customers dislike ELA. They know that ELAs often becomes shelf ware, okay? So we really don't like to push ELA. But our goal is interesting, to say customers are trying to have better cybersecurity and/or cost. And as we go in, we show them journey with fast journey or you can take on these products, these products, these products. And it is a cost and have better user experience and in addition, business agility.

客戶不喜歡 ELA。他們知道 ELA 經常被閒置，好嗎？所以我們真的不喜歡推行 ELA。但我們的目標很有趣，也就是說客戶正在努力獲得更好的網路安全和/或成本。當我們進去時，我們會向他們展示快速旅程，或者你可以帶這些產品、這些產品、這些產品。它具有成本優勢，並且具有更好的用戶體驗和業務敏捷性。

Often customers saying, I want to open a new branch office in two days rather than two months. Please can you make it happen? There's so many M&As happening out there. I never thought there would be so many mergers and integration. Every week, I see a couple of them at least, and they all need Zscaler's solution to be able to bring things together without needing legacy network and security.

常常有客戶說，我想在兩天內開設一個新的分公司，而不是兩個月。請問您能實現它嗎？目前有很多併購事件正在發生。我從來沒想過會有這麼多的合併和整合。每週我都會至少見到他們中的幾個人，他們都需要 Zscaler 的解決方案來整合一切，而不需要傳統的網路和安全。

So these deals are actually growing our platform. We are really not selling a lot of ELAs. We're selling the platform they need. Offline can salespeople don't really try to push a bigger deal because they can take longer. But the customer says, oh, if I can have more savings, I can do a bigger deal. So we let the deal happen the way it happens.

所以這些交易其實正在擴大我們的平台。我們確實沒有賣出很多 ELA。我們正在銷售他們需要的平台。線下銷售人員實際上並不會嘗試推銷更大的交易，因為他們可能需要更長的時間。但顧客說，哦，如果我能省更多，我就可以做更大的交易。因此，我們就讓交易按照既定的方式進行。

But our goal is do what's right for the customer, look at them as a long-term partnership. And honestly, one of the -- number one thing I look at from a go-to-market point of view, how well is this going to deployed, how much is not deployed. There's a big focus on that. And I can tell you that Zscaler solutions are very well deployed out there.

但我們的目標是為客戶做正確的事情，將他們視為長期的合作夥伴。老實說，從市場進入的角度來看，我首先要考慮的是，這個產品部署得如何，有多少產品還沒有部署。人們對此非常關注。我可以告訴你，Zscaler 解決方案已經得到很好的部署。

Thank you. I would now like to turn the conference back to Jay Chaudhry for closing remarks. Sir.

謝謝。現在我想請傑伊·喬杜里致閉幕詞。先生。

Thank you for joining us for the earnings call. I look forward to seeing you at one of the many conferences. Thank you again.

感謝您參加我們的收益電話會議。我期待在眾多會議上見到您。再次感謝您。

Thank you.

謝謝。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。