Zscaler Inc (ZS) 2025 Q4 法說會逐字稿

Hello, and welcome to Zscaler fourth quarter 2025 earnings call. (Operator Instructions) I would now like to turn the conference over to Ashwin Kesireddy, Vice President of Investor Relations and Strategic Finance. Sir, you may begin.

您好，歡迎參加 Zscaler 2025 年第四季財報電話會議。（操作員指示）現在，我想將會議交給投資者關係和策略財務副總裁 Ashwin Kesireddy。先生，您可以開始了。

Good afternoon, everyone, and welcome to the Zscaler fourth quarter fiscal year 2025 earnings conference call. On the call with me today are Jay Chaudhry, Chairman and CEO; and Kevin Rubin, CFO. Please note, we have posted our earnings release and a supplemental financial schedule to our Investor Relations website.

大家下午好，歡迎參加 Zscaler 2025 財年第四季財報電話會議。今天與我一起通話的有董事長兼執行長傑伊‧喬杜里 (Jay Chaudhry) 和財務長凱文‧魯賓 (Kevin Rubin)。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。

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. 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.

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。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和市場份額和客戶對我們的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 risks and uncertainties, 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。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: Citi Global TMT Conference on September 4, Truist Securities Technology Symposium on September 4, Goldman Sachs Communacopia plus Technology Conference on September 10, Wolfe Research TMT Conference on September 10. Now, I'll turn the call over to Jay.

我也想通知您，我們將參加以下會議：9 月 4 日的花旗全球 TMT 會議、9 月 4 日的 Truist Securities 技術研討會、9 月 10 日的高盛 Communacopia plus 技術會議、9 月 10 日的 Wolfe Research TMT 會議。現在，我將把電話轉給傑伊。

Thank you, Ashwin. We had an outstanding Q4, and I am very pleased to share our strong growth, which once again exceeded our guidance. Our revenue grew 21% year over year, and operating margin exceeded 22%, which is a quarterly record for us.

謝謝你，阿什溫。我們在第四季表現出色，我很高興與大家分享我們強勁的成長勢頭，這再次超出了我們的預期。我們的營收年增21％，營業利潤率超過22％，這創下了我們的季度紀錄。

We are seeing growing demand for our large and expanding platform, which provides best-in-class cyber and AI security while eliminating complexity and reducing cost. We are seeing significant customer interest in our powerful AI security solutions, including our new AI Guard and GenAI security offerings.An increasing number of enterprises are choosing Zscaler because of our technology leadership and platform scale. I am pleased to share that our platform now secures nearly 40% of the Global 2000 and over 45% of the Fortune 500 companies.

我們看到對我們大型且不斷擴展的平台的需求不斷增長，該平台提供一流的網路和人工智慧安全性，同時消除複雜性並降低成本。我們看到客戶對我們強大的 AI 安全解決方案（包括我們的新 AI Guard 和 GenAI 安全產品）表現出濃厚的興趣。由於我們的技術領先地位和平台規模，越來越多的企業選擇 Zscaler。我很高興地告訴大家，我們的平台目前已為全球 2000 強企業中的近 40% 和財富 500 強企業中的 45% 以上提供安全保障。

Driven by the strong customer demand, our Annual Recurring Revenue, or ARR, increased about 22% year-over year-and surpassed $3 billion, making us one of the only two, pure-play SaaS security vendors to achieve this milestone.

在強勁的客戶需求的推動下，我們的年度經常性收入（ARR）同比增長約 22%，超過 30 億美元，使我們成為僅有的兩家實現這一里程碑的純 SaaS 安全供應商之一。

For fiscal year 2025, with our revenue growth of 23% and Free Cash Flow margin of 27%, we operated at Rule of 50. While many public SaaS companies strive for Rule-of-40 results, we have consistently exceeded the sought-after industry benchmark.

2025 財年，我們的營收成長率為 23%，自由現金流利潤率為 27%，我們遵循 50 規則營運。儘管許多上市 SaaS 公司都在努力實現「40 規則」的結果，但我們始終超越了備受追捧的行業基準。

Heading into fiscal 2026, we are accelerating our platform innovations across three growth vectors: AI-Security, Zero Trust Everywhere, and Data Security Everywhere, which together surpassed $1 billion in ARR in Q4.

邁向 2026 財年，我們將在三個成長方向上加速平台創新：人工智慧安全、無所不在的零信任和無所不在的資料安全，這三個方向的 ARR 在第四季度合計超過 10 億美元。

Let me share more details on our innovations in these three areas, starting with AI-Security. We have entered an era of omnipresent AI, which is fundamentally transforming enterprises and is leading to an explosive growth of AI/ML traffic. The scale of this transformation is truly remarkable: Our ThreatLabz report revealed that AI/ML transactions on our cloud increased 3,500% in the past year. The adoption of AI at this breakneck pace is creating new security challenges, such as model jailbreaking, prompt injection, model poisoning, and more. The growth in AI also increases complexity and creates new cyber risks. To address these emerging security challenges, we are innovating in two primary areas. First, security for AI applications. We have delivered solutions to secure AI apps and access to those apps, whether by users or AI agents.

讓我分享更多關於我們在這三個領域的創新的細節，首先是人工智慧安全。我們已經進入了無所不在的人工智慧時代，它從根本上改變了企業，並導致人工智慧/機器學習流量的爆炸性增長。這種轉變的規模確實令人驚嘆：我們的 ThreatLabz 報告顯示，過去一年我們雲端上的 AI/ML 交易增加了 3,500%。人工智慧的快速應用帶來了新的安全挑戰，例如模型越獄、即時注入、模型中毒等等。人工智慧的發展也增加了複雜性並帶來了新的網路風險。為了因應這些新出現的安全挑戰，我們在兩個主要領域進行創新。第一，人工智慧應用的安全。我們已經提供了解決方案來保護 AI 應用程式以及對這些應用程式的訪問，無論是用戶還是 AI 代理。

To secure AI apps from traditional cyber and emerging intent-based attacks, and to battle the new security challenges I just referenced, we recently launched Zscaler AI Guard, which is being tested by a significant number of large customers. We're already the leading vendor for Zero Trust communication between users, workloads, devices, and B2B. Agent-to-agent communication is a natural extension of our proven Zero Trust platform. We're developing Zero Trust solutions to secure agent-to-agent and agent-to-application communication. As an increasing number of software vendors are introducing their own agents, enterprises are looking for a proven vendor-agnostic platform like Zscaler to secure agentic communication using standard protocols like MCP or A2A.

為了保護人工智慧應用免受傳統網路和新興的基於意圖的攻擊，並應對我剛才提到的新的安全挑戰，我們最近推出了 Zscaler AI Guard，目前正在接受大量大客戶的測試。我們已經是用戶、工作負載、設備和 B2B 之間零信任通訊的領先供應商。代理到代理的通訊是我們成熟的零信任平台的自然延伸。我們正在開發零信任解決方案來確保代理之間以及代理與應用程式之間的通訊安全。隨著越來越多的軟體供應商推出自己的代理，企業正在尋找像 Zscaler 這樣經過驗證的與供應商無關的平台，以使用 MCP 或 A2A 等標準協定保護代理通訊。

Our second area of AI innovations is Agentic Operations, which includes Agentic SecOps and Agentic IT-Ops. I am pleased to see continued strong demand for our Agentic Operation products, and I expect this portfolio to surpass $400 million in ARR in fiscal year '26.

我們的第二個 AI 創新領域是 Agentic Operations，其中包括 Agentic SecOps 和 Agentic IT-Ops。我很高興看到我們的 Agentic Operation 產品的需求持續強勁，我預計該產品組合在 26 財年的 ARR 將超過 4 億美元。

In addition, we're delivering several innovations to continue driving growth in these areas. For example: For security operations, we're building an AI-powered SOC solution to simplify customers' operations, reduce alert fatigue, automatically hunt for threats, discover vulnerabilities, and predict breaches while reducing cost and complexity, and eliminating legacy SIEMs. We are combining our highly differentiated Data Fabric with the recently acquired Red Canary’s agentic AI technology to deliver a truly AI-powered SOC. During the quarter, we saw strong demand for our solutions, which drove over 85% year-over-year growth in SecOps ARR.

此外，我們還推出了多項創新，以繼續推動這些領域的成長。例如：對於安全操作，我們正在建立一個由人工智慧驅動的 SOC 解決方案，以簡化客戶的操作、減少警報疲勞、自動搜尋威脅、發現漏洞和預測漏洞，同時降低成本和複雜性，並消除傳統的 SIEM。我們將高度差異化的資料結構與最近收購的 Red Canary 的代理 AI 技術相結合，以提供真正由 AI 驅動的 SOC。在本季度，我們看到了對我們解決方案的強勁需求，這推動了 SecOps ARR 同比增長超過 85%。

For IT operations, we are introducing several Zscaler Digital Experience, or ZDX innovations to enable faster resolution of IT tickets. To share an example, we are introducing an AI-powered endpoint remediation solution, which will further reduce resolution time of IT tickets. Our current innovations like the ZDX Copilot are resonating with customers and drove 58% year-over-year growth in the bookings of ZDX Advanced Plus SKU in fiscal '25. Our second growth factor,Zero Trust Everywhere, which includes Zero Trust Users, Zero Trust Branch, and Zero Trust Cloud, is exceeding our expectations. Two quarters ago, we shared our goal of securing 390 enterprises with Zero Trust Everywhere by the end of fiscal '26. As of the end of fiscal '25, we are already close to reaching this goal with over 350 Zero Trust Everywhere enterprises. Let me share an example of an enterprise that embraced Zero Trust Everywhere. In a 7-figure ACV win, an existing Zero Trust Users and Zero Trust Cloud enterprise purchased Zero Trust Branch to secure over 120 manufacturing plants and become a Zero Trust Everywhere enterprise. Zero Trust Branch enables this Global 2000 enterprise to replace legacy SD-WAN, firewall-based VPNs, and existing OT security solutions, and they expect to realize more than 60% cost savings.

對於 IT 運營，我們引入了多項 Zscaler 數位體驗 (ZDX) 創新，以便更快解決 IT 問題。舉個例子，我們正在推出一個由人工智慧驅動的端點修復解決方案，這將進一步縮短 IT 票證的解決時間。我們目前的創新產品（例如 ZDX Copilot）引起了客戶的共鳴，並推動 25 財年 ZDX Advanced Plus SKU 的預訂量年增 58%。我們的第二個成長因素是“零信任無所不在”，其中包括零信任用戶、零信任分支和零信任雲，這超出了我們的預期。兩個季度前，我們提出了到 26 財年末為 390 家企業實現「零信任無所不在」的目標。截至 25 財年末，我們已經擁有超過 350 家「零信任無所不在」企業，接近實現這一目標。讓我分享一個企業全面擁抱零信任的例子。在一次 7 位數的 ACV 勝利中，一家現有的零信任用戶和零信任雲端企業購買了零信任分支，以保護超過 120 家製造工廠的安全，並成為一家無處不在的零信任企業。零信任分支使這家全球 2000 強企業能夠取代傳統的 SD-WAN、基於防火牆的 VPN 和現有的 OT 安全解決方案，他們預計可節省 60% 以上的成本。

Customers are leaning into our vision of a café-like branch by eliminating north-south firewalls and SD-WANs. Furthermore, they're deploying Zero Trust security inside branches, factories, and campuses and eliminating legacy point products such as Network Access Control and east-west firewalls. With our over 350 Zero Trust Branch enterprise customers, we're just beginning to benefit from the massive opportunity to replace legacy solutions in millions of branches across a wide range of verticals, including finance, insurance, services, retail, healthcare, education, and more. To give you an example, In Q4, we signed our largest ever branch deal with a leading higher-ed institution. They purchased our Zero Trust Device Segmentation to secure around 150,000 devices across more than 400 locations in a seven-figure new logo ACV deal.

透過消除南北防火牆和 SD-WAN，客戶傾向於我們的咖啡館式分店的願景。此外，他們正在分公司、工廠和校園內部署零信任安全，並淘汰網路存取控制和東西向防火牆等傳統點產品。我們擁有超過 350 個零信任分公司企業客戶，我們剛開始受益於巨大的機會，可以在金融、保險、服務、零售、醫療保健、教育等多個垂直領域的數百萬個分支機構中取代傳統解決方案。舉個例子，在第四季度，我們與一家領先的高等教育機構簽署了迄今為止最大的分支機構協議。他們購買了我們的零信任設備分段，以七位數的新標誌 ACV 交易保護 400 多個地點的約 150,000 台設備的安全。

We are also seeing strong demand for our Zero Trust Cloud, the third component of Zero Trust Everywhere. Zero Trust Cloud secures workload-to-workload and workload-to-the-Internet communication and provides workload segmentation by design. This eliminates the need for VPNs, north-south and east-west virtual firewalls, ExpressRoutes, and Direct Connects. The proliferations of AI is driving an urgency to secure the large footprint of enterprise workloads, and I believe, our Zero Trust Cloud is the best solution for it. We are seeing strong demand for Zero Trust Cloud, which resulted in an acceleration of its ARR in Q4.

我們也看到對零信任雲（零信任無所不在的第三個組成部分）的強勁需求。零信任雲端確保工作負載之間以及工作負載與網路之間的通訊安全，並透過設計提供工作負載分段。這消除了對 VPN、南北和東西虛擬防火牆、ExpressRoutes 和 Direct Connect 的需求。人工智慧的普及使得保護大量企業工作負載變得更加緊迫，我相信我們的零信任雲端是最好的解決方案。我們看到對零信任雲的強勁需求，這導致其第四季的 ARR 加速成長。

To share a customer example, in a 7-figure ACV win, an existing Fortune 10 Healthcare enterprise expanded their workload protection from public cloud workloads to data center workloads.This large enterprise chose Zscaler to implement Zero Trust security and eliminate east-west firewalls. This is our fourth workload expansion deal with this customer, highlighting the large upsell opportunity we have for Zero Trust Cloud. Zero Trust Cloud enables enterprises to safely adopt agentic AI technologies that require workload communication between cloud and data centers, particularly in special Retrieval Augmented Generation, or RAG implementations.

分享一個客戶範例，在一次 7 位數的 ACV 勝利中，一家現有的財富 10 強醫療保健企業將其工作負載保護從公有雲工作負載擴展到資料中心工作負載。這家大型企業選擇 Zscaler 來實施零信任安全並消除東西向防火牆。這是我們與該客戶達成的第四次工作負載擴展協議，凸顯了我們在零信任雲方面擁有的巨大追加銷售機會。零信任雲端使企業能夠安全地採用需要在雲端和資料中心之間進行工作負載通訊的代理 AI 技術，特別是在特殊的檢索增強生成 (RAG) 實現中。

To drive faster adoption of Zero Trust Cloud, we recently introduced an innovative Cloud Gateway solution, which reduces the deployment time to under 10 minutes. By simplifying connectivity for distributed workloads across hyperscalers, we are helping customers achieve Zero Trust at global scale, which accelerates the cloud and AI initiatives. With the ongoing growth in AI workloads and the need to secure them, I expect Zero Trust Cloud to continue its strong growth in fiscal '26.

為了推動零信任雲端的更快採用，我們最近推出了創新的雲端閘道解決方案，將部署時間縮短至 10 分鐘以內。透過簡化跨超大規模分散式工作負載的連接，我們正在幫助客戶在全球範圍內實現零信任，從而加速雲端運算和人工智慧計畫。隨著人工智慧工作負載的持續成長以及對其安全的需求，我預計零信任雲端將在 26 財年繼續保持強勁成長。

Our third growth vector, Data Security Everywhere, is seeing strong demand as enterprises are consolidating multiple data security point products on our platform. I'm pleased to share that Data Security Everywhere ARR grew to approximately $425 million. Our comprehensive data security capabilities, including data discovery, classification, posture management, and data loss prevention, are driving large deal wins. For example, an existing Fortune 500 services enterprise, that's also a key Global System Integrator partner, adopted our data security solution in a 7-figure ACV deal for 350,000 users. This customer adopted isolation E-mail DLP, endpoint DLP, Data classification and Encryption and Gen AI security, enabling them to consolidate multiple point products. I'm very pleased with the pace of our platform innovations for Zero Trust Everywhere, Data Security Everywhere, and AI-Security, and I expect our strong growth in these areas to continue.

我們的第三個成長載體「無所不在的資料安全」正受到強勁的需求，因為企業正在我們的平台上整合多個資料安全點產品。我很高興地告訴大家，Data Security Everywhere ARR 成長至約 4.25 億美元。我們全面的資料安全功能（包括資料發現、分類、態勢管理和資料遺失預防）正在推動大筆交易的成功。例如，一家現有的財富 500 強服務企業（同時也是關鍵的全球系統整合商合作夥伴）在一份 7 位數的 ACV 交易中採用了我們的資料安全解決方案，為 35 萬名用戶提供服務。這位客戶採用了隔離電子郵件 DLP、端點 DLP、資料分類和加密以及 Gen AI 安全，使他們能夠整合多個點產品。我對我們的平台創新步伐感到非常滿意，包括無處不在的零信任、無處不在的資料安全和人工智慧安全，我預計我們在這些領域的強勁成長將持續下去。

To accelerate adoption of our broader platform, we introduced our Z-Flex program less than two quarters ago. In Q4, this program generated over $100 million in TCV bookings, representing over 50% sequential growth. Our Z-Flex program is becoming the preferred motion for strategic multi-year deals, as it enables seamless adoption of new product modules by our customers.

為了加速我們更廣泛的平台採用，我們在不到兩個季度前推出了 Z-Flex 計劃。第四季度，該計劃產生了超過 1 億美元的 TCV 預訂額，較上季成長超過 50%。我們的 Z-Flex 計劃正在成為策略性多年期交易的首選方案，因為它使我們的客戶能夠無縫採用新產品模組。

To share an example, in a 5-year, 8-figure TCV deal, a large enterprise energy customer chose our Z-Flex program to increase the number of modules adopted from 14 to 19, including Zero Trust Branch for hundreds of locations. This purchase resulted in an over 100% increase in ARR with us.

舉個例子，在一筆為期 5 年、金額為 8 位數的 TCV 交易中，一家大型企業能源客戶選擇了我們的 Z-Flex 計劃，將採用的模組數量從 14 個增加到 19 個，其中包括數百個地點的零信任分支。此次收購使我們的 ARR 增加了 100% 以上。

Customer interest in Z-Flex continues to grow, and I expect it to be a meaningful growth driver in fiscal '26. In conclusion, our expanding platform and a stronger go-to-market engine position us well to benefit from the tailwinds of Zero Trust and AI Security. With the accelerating pace of our Zero Trust and AI innovations, we're still in the early innings of disrupting a large $100 billion security market. Now I'd like to turn over the call to Kevin for our financial results.

客戶對 Z-Flex 的興趣持續增長，我預計它將成為 26 財年的一個有意義的成長動力。總之，我們不斷擴展的平台和更強大的市場進入引擎使我們能夠從零信任和人工智慧安全的順風中獲益。隨著零信任和人工智慧創新步伐的加快，我們仍處於顛覆 1000 億美元安全市場的早期階段。現在我想將電話轉給凱文，告知我們的財務結果。

Thank you, Jay, and good afternoon, everyone. Our Q4 results represent a strong finish to fiscal '25, reinforcing the demand for our solutions and our operational scale. We operated at Rule of 50 in fiscal '25, demonstrating our commitment to profitable growth.

謝謝傑伊，大家下午好。我們的第四季業績代表著 25 財年的強勁收官，增強了對我們的解決方案和營運規模的需求。我們在 2025 財年遵循了“50 規則”，顯示了我們對獲利成長的承諾。

We ended fiscal '25 with over $3 billion in ARR, a milestone that reflects approximately 22% year-over-year growth. Notably, as Jay mentioned, we are one of only two pure-play SaaS security companies to surpass this level of ARR. ARR represents the next 12 months' revenue from existing customer contracts active at the end of the period. For modeling purposes, quarterly ARR figures from prior year periods are included in the supplemental materials accompanying our Q4 results.

截至 25 財年，我們的 ARR 超過 30 億美元，這一里程碑反映了約 22% 的同比增長。值得注意的是，正如傑伊所提到的，我們是僅有的兩家超越這一 ARR 水平的純 SaaS 安全公司之一。ARR 代表期末有效現有客戶合約的未來 12 個月收入。為了建模目的，上一年同期的季度 ARR 數據包含在我們第四季業績的補充資料中。

Q4 revenue was $719 million, growing 21% year-over-year, 6% sequentially, and exceeding the high end of our guidance. Geographically, the Americas accounted for 55% of revenue, EMEA for 29%, and APJ for 16%. For the full fiscal year, total revenue reached $2.7 billion, representing 23% year-over-year growth and surpassing our guidance. Our Remaining Performance Obligation, or RPO, grew approximately 31% year-over-year to $5.8 billion, with approximately 46% classified as current RPO.

第四季營收為 7.19 億美元，年增 21%，環比成長 6%，超過了我們預期的最高水準。從地理來看，美洲佔營收的 55%，歐洲、中東和非洲佔 29%，亞太及日本佔 16%。整個財年的總收入達到 27 億美元，年增 23%，超過了我們的預期。我們的剩餘履約義務（RPO）年增約 31%，達到 58 億美元，其中約 46% 歸類為目前 RPO。

We closed fiscal '25 with over 9,400 customers, including 664 customers generating over $1 million in ARR and 3,494 customers exceeding $100,000 in ARR. We now serve nearly 40% of the Global 2000 and over 45% of Fortune 500 companies, demonstrating the strategic role we play in customers' digital transformation journeys.

截至 25 財年，我們擁有超過 9,400 名客戶，其中 664 名客戶的 ARR 超過 100 萬美元，3,494 名客戶的 ARR 超過 10 萬美元。我們目前為全球近40%的企業2000強和超過45%的財富500強企業提供服務，彰顯了我們在客戶數位轉型過程中所扮演的策略角色。

Turning to the rest of our Q4 financial performance, our gross margin was 79.3% as compared to 81.1% last fiscal year Q4. Our gross margin this quarter is lower than our historical target of 80% due to a one-time deployment of a large private cloud in a government customer's data center, which included a hardware component that carries lower gross margin. Given the one-time nature of this shipment, we expect gross margin to move back up to 80% in Q1.

回顧我們第四季其餘的財務業績，我們的毛利率為 79.3%，而上財年第四季為 81.1%。由於在政府客戶的資料中心一次性部署了大型私有雲，其中包括毛利率較低的硬體元件，因此本季我們的毛利率低於 80% 的歷史目標。鑑於這批貨物的一次性性質，我們預計第一季毛利率將回升至 80%。

Operating expenses increased 3% sequentially and 16% year-over-year, reaching $411 million. Operating margin was 22.1%, exceeding our long-term range and growing by approximately 60 basis points year-over-year. Since Q1 '23, operating margin has expanded by over 1,000 basis points, underscoring the leverage in our model. Our free cash flow margin for Q4 was 24%, including data center CapEx at 8% of revenue. For fiscal '25, data center CapEx represented 6% of revenue, approximately 60 basis points lower than last year due to investment timing. We ended the quarter with $3.6 billion in cash, cash equivalents, and short-term investments, including net proceeds of $1.7 billion from the convertible note we issued during the quarter. Next, let me provide key assumptions driving our fiscal 2026 guidance.

營運費用較上季成長 3%，年增 16%，達到 4.11 億美元。營業利益率為 22.1%，超出我們的長期範圍，較去年同期成長約 60 個基點。自 23 年第一季以來，營業利潤率已擴大超過 1,000 個基點，凸顯了我們模型中的槓桿率。我們第四季的自由現金流利潤率為 24%，其中資料中心資本支出佔收入的 8%。25 財年，資料中心資本支出佔收入的 6%，由於投資時機原因，比去年低約 60 個基點。本季末，我們擁有 36 億美元的現金、現金等價物和短期投資，其中包括本季發行的可轉換票據的 17 億美元淨收益。接下來，讓我提供推動我們 2026 財年指引的關鍵假設。

On August 1, we successfully closed the acquisition of Red Canary. We recognized approximately $83 million of ARR at close. Our full-year ARR guidance assumes $95 million contribution from Red Canary, and our full-year revenue guidance assumes approximately $90 million contribution from Red Canary. Our Red Canary ARR guidance assumes no contributions from customer contracts up for renewal in fiscal '26.

8月1日，我們成功完成對Red Canary的收購。我們最終確認了約 8300 萬美元的 ARR。我們的全年 ARR 指引假設 Red Canary 貢獻 9500 萬美元，我們的全年收入指引假設 Red Canary 貢獻約 9000 萬美元。我們的 Red Canary ARR 指導假設 26 財年續約的客戶合約不會產生任何貢獻。

Looking ahead, we are shifting our focus from billings to full-year ARR as our primary growth metric. Regarding seasonality, we anticipate net new ARR will remain weighted towards the second half of the year, with approximately 46.5% to 47% in the first half, including the contribution from Red Canary and consistent with historical trend.

展望未來，我們將把重點從營業額轉向全年 ARR 作為我們的主要成長指標。就季節性而言，我們預計淨新 ARR 仍將集中在下半年，上半年約為 46.5% 至 47%，其中包括 Red Canary 的貢獻，與歷史趨勢一致。

Finally, we are assuming the macro environment to be relatively unchanged in fiscal '26. With that, let me provide our guidance for Q1 and full-year fiscal '26. As a reminder, these numbers are all non-GAAP.

最後，我們假設26財年的宏觀環境相對保持不變。因此，讓我為 2026 財年第一季和全年提供指導。提醒一下，這些數字都是非 GAAP 的。

For the first quarter, we expect revenue in the range of $772 million to $774 million, reflecting year-over-year growth of approximately 23%. 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.

我們預計第一季營收將在 7.72 億美元至 7.74 億美元之間，年增約 23%。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 $166 million to $168 million.

營業利潤在1.66億美元至1.68億美元之間。

Net other income of approximately $18 million.

其他淨收入約為1800萬美元。

Earnings per share in the range of $0.85 to $0.86, assuming a 23% tax rate and 167 million fully diluted shares.

假設稅率為 23%，且完全稀釋股份為 1.67 億股，每股收益在 0.85 美元至 0.86 美元之間。

For the full-year fiscal '26, ARR in the range of $3.676 billion to $3.698 billion, reflecting year-over-year growth of 21.9% to 22.7%. Revenue in the range of $3.265 billion to $3.284 billion, reflecting year-over-year growth of approximately 22% to 23%.

26 財年全年，ARR 在 36.76 億美元至 36.98 億美元之間，年增 21.9% 至 22.7%。營收在 32.65 億美元至 32.84 億美元之間，年增約 22% 至 23%。

Operating profit in the range of $728 million to $736 million. Earnings per share in the range of $3.64 to $3.68, assuming a 23% tax rate and approximately 169 million fully diluted shares. Free cash flow margin to be approximately 26% to 26.5%.

營業利潤在 7.28 億美元至 7.36 億美元之間。假設稅率為 23%，完全稀釋股份約為 1.69 億股，每股收益在 3.64 美元至 3.68 美元之間。自由現金流利潤率約為26%至26.5%。

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

隨著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。接線員，現在您可以開始提問了。

(Operator Instructions) Saket Kalia, Barclays.

（操作員指示）Saket Kalia，巴克萊銀行。

Okay. Great. Hey Jay, hey Kevin, thanks for taking my question here and nice finish to the year. Jay, maybe for you, there were times when SASE was a healthy space in the past despite firewalls being healthy as well. But now it seems like firewall appliance growth is starting to slow.

好的。偉大的。嘿，傑伊，嘿，凱文，謝謝你們在這裡回答我的問題，祝今年有個美好的結束。傑伊，也許對你來說，儘管防火牆也很健康，但 SASE 在過去也曾是一個健康的空間。但現在看來防火牆設備的成長開始放緩。

And you touched on this a little bit in your prepared remarks. But to what extent do you think SASE is replacing firewall appliances? I think we all know that it's replacing secure web gateway points. But what does the velocity look like on firewall appliances?

您在準備好的發言中稍微談到了這一點。但您認為 SASE 在多大程度上取代了防火牆設備？我想我們都知道它正在取代安全的網路網關點。但是防火牆設備上的速度如何？

So Saket, a very good question. First of all, I basically said that if you want Zero Trust, you can’t depend on firewalls for security. So firewalls have to go. Some of these old boxes take a lot longer to go sometimes than we want them to.

所以 Saket，這是一個非常好的問題。首先，我基本上說過，如果您想要零信任，您就不能依賴防火牆來確保安全。因此防火牆必須消失。有時候，有些舊箱子的運送時間比我們預期的要長得多。

First, I think these firewall appliances in the branch are the first to go. And the launch of Zero Trust Branch by Zscaler has been playing an important role. And since we introduced our unified Zero Trust Branch, which combines at the segmentation, air-gap segmentation with elimination of firewalls and the like, the interest has gone through the roof. In fact, the only two products that Zscaler has seen that don't require any demand generation because there's so much demand out there, one is Zero Trust Branch and the second is AI Security.

首先，我認為分公司中的這些防火牆設備是首先要淘汰的。其中Zscaler推出的零信任分支發揮了重要作用。自從我們推出統一的零信任分支以來，人們的興趣就大增，該分支將分段、氣隙分段與消除防火牆等技術結合在一起。事實上，Zscaler 看到的僅有的兩種不需要任何需求產生的產品，因為市場上已經有太多的需求，一個是零信任分支，另一個是人工智慧安全。

Now, branch will go first. I think data center firewalls will be impacted second, and the virtual firewalls will be the third and last. I think it's a matter of time when firewalls are going to become like mainframes.

現在，分支將先行。我認為資料中心防火牆將第二個受到影響，虛擬防火牆將是第三個也是最後一個受到影響。我認為防火牆變得像大型主機只是時間問題。

Now, I'm talking about SASE. Unfortunately, SASE is one of those terms which means anything and everything. SASE includes firewalls, SASE includes SD-WAN. That's why we don't even like to use the term SASE too much. Or if we do, we like to use the term Zero Trust SASE.

現在，我正在談論 SASE。不幸的是，SASE 是一個可以表示一切意義的術語。SASE 包含防火牆，SASE 包含 SD-WAN。這就是為什麼我們甚至不喜歡過度使用 SASE 這個術語。或者如果我們這樣做，我們喜歡使用術語“零信任 SASE”。

With the momentum we are seeing, I think you'll see acceleration in the elimination of branch firewalls with Zero Trust architecture. If you see Zero Trust security, we need to go in Zero Trust all the way. I hope it helps.

憑藉我們所看到的勢頭，我認為您會看到採用零信任架構的分支防火牆的消除速度加快。如果您看到零信任安全，我們需要一路走來，實現零信任。我希望它有幫助。

Brad Zelnick, Deutsche Bank.

德意志銀行的布拉德‧澤爾尼克 (Brad Zelnick)。

Excellent. Thank you so much for taking my question and Jay, Kevin, unbelievable. Congrats on a strong close to the year and a very healthy outlook for fiscal '26. Jay, I wanted to ask about Z-Flex. 50% sequential growth in TCV bookings, clearly a vehicle for getting more strategic with your customers.

出色的。非常感謝你們回答我的問題，Jay，Kevin，真是難以置信。恭喜您今年取得了強勁的成績，並對 26 財年前景非常樂觀。傑伊，我想問 Z-Flex。 TCV 預訂量持續成長 50%，這顯然是一種與客戶進行更具策略性的溝通方式。

Can you talk about how your sales force will use Flex to exceed their goals in fiscal '26? Is it available broadly to everybody in the field? And maybe more generally, what's Mike Rich's playbook coming out of sales kickoff this year?

您能談談您的銷售團隊將如何使用 Flex 來超越 26 財年的目標嗎？它是否可供該領域的每個人廣泛使用？或許更普遍一點，Mike Rich 今年的銷售啟動計畫是什麼？

Z-Flex is an important program that's built upon two very important foundational pieces we put in place before. The first thing was to really eliminate the bunch of point products. We end up doing architectural workshops that identify what all should go out.

Z-Flex 是一個重要的項目，它建立在我們之前建立的兩個非常重要的基礎之上。第一件事是真正消除一堆點產品。我們最終召開了建築研討會，確定了所有應該出去的東西。

Two, our business value assessment team quantifies if those pieces are moved, when can they move, and how much cost can be saved. Then Z-Flex comes on top of that and says, how do we make pricing flexible to meet the needs of the customer? For example, the customer may select to use, say, six modules. They're not sure if they can use three of them upfront or two, and when they’ll use the last one.

第二，我們的商業價值評估團隊會量化這些部分是否移動、何時可以移動、以及可以節省多少成本。然後 Z-Flex 便開始思考，我們如何能彈性定價，以滿足顧客的需求？例如，客戶可以選擇使用六個模組。他們不確定是否可以先使用其中三個還是兩個，以及何時使用最後一個。

We give them flexibility to use the modules they need to use. There's a term on the deal, which could be three years and often five years, and their ability to add more modules within the window, or we have a rate card to really buy more.

我們讓他們可以靈活地使用他們需要使用的模組。交易有一個期限，可能是三年，通常是五年，他們有能力在期限內添加更多模組，或者我們有價格表來真正購買更多模組。

So it gives the flexibility for the customers and allows the deal to fit in the budget. So a combination of our architecture, business value, and our Z-Flex makes it easier for us to do larger and better deals. And that's what we're driving. This program is relatively new, only about 4, 4.5 months old. And we started with a smaller set of larger customers. Now we're expanding to the next level of customers as well as our partners.

因此，它為客戶提供了靈活性，並使交易符合預算。因此，我們的架構、商業價值和 Z-Flex 的結合使我們更容易達成更大、更好的交易。這就是我們所追求的。這個項目相對較新，只有大約 4 到 4.5 個月的歷史。我們從一小部分較大的客戶開始。現在我們正在向下一級客戶和合作夥伴擴展業務。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

Hey guys, thanks for taking the questions here and I'll echo my congrats on the quarter. I wanted to circle back to the Zero Trust Everywhere stat that we have around customer growth. And Jay, I think you're going to need to update that 390-plus target pretty soon.

嘿，大家好，感謝你們在這裡回答問題，我對本季的成績表示祝賀。我想回顧一下我們圍繞客戶成長的「無處不在的零信任」統計數據。傑伊，我認為你很快就需要更新 390 多個目標。

But wanted to get a sense first, can you help us think about -- I know you've given some customer examples, but what does the average customer look like when they are deemed a Zero Trust Everywhere customer? How does spend materially change? What is the number of modules they're taking on versus the remaining cohort of customers?

但首先想了解一下，您能幫助我們思考一下嗎——我知道您已經給出了一些客戶示例，但是當普通客戶被視為零信任無處不在的客戶時，他們是什麼樣的？支出如何發生實質變化？與剩餘的客戶群相比，他們承擔的模組數量是多少？

And then secondly, do sales reps have quota set against the Zero Trust Everywhere metric? Or is this more just -- the market is coming to Zscaler in this fashion? I would just like to parse out those different elements.

其次，銷售代表是否針對「無所不在的零信任」指標設定了配額？或者這更公正——市場正以這種方式進入 Zscaler？我只是想分析出這些不同的元素。

Sure. Very good question. So first of all, as you know, to do full security, you need to make sure you're able to implement Zero Trust not just for users but also your branches, where each branch becomes like an internet café, as well as cloud workloads where you can have Zero Trust communication among workloads.

當然。非常好的問題。因此，首先，如您所知，要實現全面的安全性，您需要確保您不僅能夠為用戶而且能夠為您的分支機構實施零信任，其中每個分支機構都變得像網吧一樣，以及您可以在工作負載之間進行零信任通信的雲端工作負載。

Our customers early on started with Zero Trust for users. We've done a very good job in that. The next natural thing for customers to worry about is our branches. That’s where we’re going with Zero Trust Branch, and that’s actually eliminating a lot of firewalls and SD-WAN out there.

我們的客戶很早就開始為使用者提供零信任服務。我們在這方面做得非常好。客戶接下來自然要擔心的就是我們的分公司。這就是我們採用零信任分支的目標，它實際上消除了大量的防火牆和 SD-WAN。

And cloud is the next big thing. And with AI workloads building up, we see more demand, more adoption of Zero Trust in the cloud. So it's a natural part of the journey. We are seeing what we expected. So that's the adoption part.

雲端運算是下一個大熱門。隨著人工智慧工作負載的增加，我們看到了更多的需求，以及雲端對零信任的更多採用。所以這是旅程中自然的一部分。我們看到了我們所期望的事。這就是採用的部分。

Now, what kind of impact can we have? We're seeing a large number of deals where ARR has gone to 2x or 3x and sometimes higher. And as you know, with time, workloads will grow even though users may not grow over time. So we expect this trend to be a very good thing.

現在，我們能產生什麼樣的影響？我們看到大量交易的 ARR 已經上升了 2 倍或 3 倍，有時甚至更高。如您所知，隨著時間的推移，即使使用者數量可能不會增加，工作量也會增加。因此我們預計這種趨勢將是一件非常好的事情。

From an incentive point of view, we don't really give our sales team targets for each product. What we do give them is additional incentive from time to time for certain new products or new logos type of stuff. But it is true that the demand is pretty good in these areas, and our customer with Zero Trust Users, Zero Trust Branch, and Zero Trust Cloud becomes a Zero Trust Everywhere customer. And we're excited with the opportunity we have to take a large installed base of users to the next two pillars. I hope that helps.

從激勵的角度來看，我們實際上並沒有為我們的銷售團隊設定每種產品的目標。我們確實會不時地為他們提供某些新產品或新標誌之類的額外獎勵。但確實這些領域的需求相當好，我們的零信任用戶、零信任分支和零信任雲端客戶成為了零信任無所不在的客戶。我們很高興有機會將大量已安裝的用戶群帶入接下來的兩大支柱。我希望這能有所幫助。

Meta Marshall, Morgan Stanley.

摩根士丹利的 Meta Marshall。

A question for you on the AI Security front. When customers start looking towards the AI Security product adoption, just where are they looking for first? Kind of the security for AI with some of the Data Security or agentic solutions, or that AI for security kind of on the security ops side?

我想問您一個關於人工智慧安全的問題。當客戶開始考慮採用 AI 安全產品時，他們會先尋找什麼？是使用某些資料安全或代理解決方案來實現人工智慧的安全性，還是在安全操作方面實現人工智慧的安全性？

Sure. Thank you. Our customers first started to have secure use of public AI such as ChatGPT, Gemini of the world. We offered the solution starting about 18 months ago. It's fairly well deployed. The goal is to make sure we secure the data so it doesn't leak out to public applications.

當然。謝謝。我們的客戶首先開始安全地使用公共人工智慧，例如 ChatGPT、Gemini 等。我們大約在 18 個月前就開始提供解決方案。它的部署相當完善。我們的目標是確保資料的安全，以免其洩漏給公共應用程式。

The next piece became how about securing my private applications, my private models that are sitting in a data center or my public cloud. For them, we recently launched an offering. We call it AI Guardrails. It's early stage, but it is having tremendous interest.

下一個部分是如何保護位於資料中心或公有雲中的私人應用程式和私人模型。我們最近為他們推出了一項服務。我們稱之為 AI 護欄。雖然還處於早期階段，但已經引起了極大的興趣。

From a futuristic point of view, the next big interest is coming from agent-to-agent communication. Zero Trust communication with all these agents, and we've got a serious amount of effort going on in this area. It's a natural area for us to work with. We have been doing Zero Trust communication on workloads, users, branches, and devices. This is a natural thing, and we expect it to be a sizable opportunity for us. Thank you.

從未來的角度來看，下一個重大興趣點來自代理商與代理商之間的通訊。與所有這些代理進行零信任通信，我們在這個領域付出了大量的努力。這是我們工作的自然領域。我們一直在對工作負載、使用者、分公司和設備進行零信任通訊。這是很自然的事情，我們預期這對我們來說是一個巨大的機會。謝謝。

Josh Tilton, Wolfe Research.

喬許·蒂爾頓（Josh Tilton），沃爾夫研究公司。

Congrats on a great end to the year. I guess what I'm trying to just get a better handle on is, it looks like if you strip out Red Canary from the guide for next year, that you guys are guiding to net new ARR growth which does scream like it's strong.

祝賀這一年圓滿結束。我想我只是想要更好地理解的是，如果你們從明年的指南中去掉 Red Canary，你們就會發現淨新 ARR 成長確實很強勁。

But I guess what I'm just trying to understand is, is there any way you can give us a sense of what net new ARR grew this year so we can kind of gauge where you're guiding from? Like are you guiding to an acceleration? Are you guiding to a deceleration? Is there anything you could help us understand for the trajectory of the net new ARR that you're guiding to for next year?

但我想我只是想了解的是，您能否讓我們了解一下今年淨新 ARR 的成長情況，以便我們能夠判斷您的指導依據？就像您正在引導加速一樣？您正在引導減速嗎？您能否幫助我們了解您預測的明年淨新 ARR 的軌跡？

Yeah. Thank you for the question. We are guiding for a high single-digit net new ARR growth in fiscal '26 on an organic basis.

是的。謝謝你的提問。我們預計 26 財年淨新 ARR 將實現高個位數有機成長。

Andy Nowinski, Wells Fargo.

富國銀行的安迪諾溫斯基。

Okay. Congratulations on a strong finish to fiscal '25. I wanted to ask you guys about the Data Security portfolio. I know $425 million was pretty impressive from an ARR perspective. I think you added about $75 million this quarter alone.

好的。恭喜您 25 財年圓滿成功。我想問一下你們關於資料安全組合的問題。我知道從 ARR 的角度來看 4.25 億美元是相當可觀的。我認為光是本季你就增加了約 7500 萬美元。

And I know that's a standalone suite of solutions, but it seems like those products go hand in hand with the Zero Trust Everywhere solution. So I'm just wondering if you're seeing customers possibly buying both solutions or if they will, maybe you'll see more of that trend this coming year?

我知道這是一套獨立的解決方案，但這些產品似乎與「零信任無所不在」解決方案相輔相成。所以我只是想知道，您是否看到客戶可能購買這兩種解決方案，或者如果他們願意，也許您會在未來一年看到更多這種趨勢？

So we are seeing Data Security being bought along with Zero Trust Everywhere, and many times even without that. For example, you may have Zero Trust Users, and if you don't have data security, you could add data security on top of that. Or in many deals, the customer says, I need to save more money and remove a lot of boxes in their branches, in their cloud, and my data security.

因此，我們看到資料安全與零信任無處不在一起被購買，很多時候甚至沒有零信任。例如，您可能擁有零信任用戶，如果您沒有資料安全，則可以在此基礎上新增資料安全。或者在許多交易中，客戶說，我需要節省更多的錢，並在他們的分公司、雲端和我的資料安全中刪除很多盒子。

So we have done deals where customers are moving to embrace data security and cloud and branch. And now within data security, we have about eight modules, and there's an opportunity. So many times, customers go from zero to four or two to five or seven, and that module count is going up.

因此，我們與客戶達成了交易，讓他們能夠接受資料安全、雲端和分行。現在，在資料安全領域，我們有大約八個模組，並且有機會。很多時候，客戶的模組數量從零增加到四、二、五或七，而且模組數量也在增加。

To give you a little bit of a quantitative idea, only 30% of our data security customers have more than three or more modules, and only 10% have four or more modules. That means that quite a few customers who have bought inline DLP have the opportunity to do 7 additional modules.

為了給您一些定量的概念，只有 30％ 的資料安全客戶擁有三個或更多模組，只有 10％ 擁有四個或更多模組。這意味著相當多購買了內聯 DLP 的客戶有機會做 7 個額外的模組。

So we are excited. We think we will have a pretty good growth rate for data security. In fact, if data security business we have were an independent company, standalone company, it would probably be one of the largest data security companies out there.

所以我們很興奮。我們認為資料安全將會有相當好的成長率。事實上，如果我們的資料安全業務是一家獨立的公司，獨立的公司，它可能是最大的資料安全公司之一。

Fatima Boolani, Citi.

花旗銀行的 Fatima Boolani。

Kevin, this one is for you. It's a little bit more tactical with respect to Z-Flex. So about 4, 4.5 months of learning under your belt. But could you clarify for us if this is a vehicle or a conduit for attracting new customers? Or is it principally being pitched to existing customers? Whereby, if you can sort of talk to us about what the downstream impact on some of your KPIs would necessarily or hypothetically be, say from a net retention rate perspective, from a billings perspective.

凱文，這個是給你的。與 Z-Flex 相比，它更具戰術性。所以你已經學習了大約 4 到 4.5 個月。但您能否為我們澄清一下，這是吸引新客戶的工具還是管道？或主要針對現有客戶進行推銷？因此，如果您可以與我們討論從淨留存率角度或從帳單角度來看，對您的某些 KPI 的下游影響必然或假設是什麼。

So anything you can help us there with regards to Z-Flex's impact on the financial model, whether it's through new customers or existing customers porting over to the Z-Flex program?

那麼，關於 Z-Flex 對財務模型的影響，您能幫助我們做什麼嗎，無論是透過新客戶還是現有客戶移植到 Z-Flex 計畫？

Thanks for the question. The truth is that Z-Flex is available and applicable to both new logo and existing customers. I think we actually spoke on the last conference call about the fact that Z-Flex is not fundamentally changing the financial model in any way.

謝謝你的提問。事實是，Z-Flex 可供新客戶和現有客戶使用。我認為我們實際上在上次電話會議上談過，Z-Flex 不會從根本上改變財務模式。

As Jay mentioned, it does have the result of significantly increasing potential deal sizes as customers have the flexibility to deploy multiple modules and have price visibility as well. But there isn't any direct consequence to any of the financial metrics as a result of tactically purchasing Z-Flex.

正如傑伊所提到的，它確實顯著增加了潛在交易規模，因為客戶可以靈活地部署多個模組，並且具有價格可見性。但從策略上來說收購 Z-Flex 不會對任何財務指標產生直接影響。

If I may add, so we're not dependent on consumption that's unknown. It's a known amount, TCV over a certain amount of time. The flexibility we're giving is, for example, there may be some pricing built in if the modules are adopted on a given time. That's number one point. Two, the modules, they can be predefined rates kind of stuff. But overall, it's increasing our TCV as well as our ARR.

我可以補充一下，我們並不依賴未知的消費。這是已知量，是一定時間內的 TCV。我們提供的彈性是，例如，如果在特定時間採用模組，可能會內建一些定價。這是第一點。二、模組可以是預先定義好的速率類型的東西。但總體而言，它增加了我們的 TCV 和 ARR。

Gray Powell, BTIG.

格雷·鮑威爾（Gray Powell），BTIG。

Great. Congratulations on the good results. So yeah, I want to follow up on the earlier questions on Zero Trust Everywhere. If I just look at like the components of that pillar, so there's Zero Trust for users and cloud. Those are more mature components. I would guess they are like the larger part of it.

偉大的。恭喜你取得好成績。是的，我想跟進之前關於“無處不在的零信任”的問題。如果我只看該支柱的組成部分，那麼對使用者和雲端來說就是零信任。這些都是更成熟的組件。我猜他們就像是其中的大部分。

And then there's Zero Trust Branch, which is new. It sounds like it's getting a lot of traction. So just like how exciting can we get on the potential there? And then is that demand -- is it being driven more by like SD-WAN replacement? Is it the segmentation piece or just is it something else? I just want to make sure I'm thinking about that correctly.

然後還有新的「零信任分支」。聽起來它正在獲得很大的關注。那麼，我們對那裡的潛力有多興奮呢？那麼這種需求是否更受到 SD-WAN 替代的影響？它是分割部分還是其他東西？我只是想確保我對此的思考是正確的。

Yeah. So thank you. Yes, it is true that user is more mature. Cloud, it started out it's small deployments and customers are saying I've never seen anything like Zero Trust Cloud. What is this? Because we are the pioneers, we really introduced the notion in the cloud and that's growing very nicely.

是的。所以謝謝你。是的，用戶確實更加成熟了。雲，它開始是小規模部署，客戶說我從未見過像零信任雲這樣的東西。這是什麼？因為我們是先驅者，我們確實在雲端運算中引入了這個概念，而且它發展得非常好。

And the branch, we needed to offer a plug-and-play solution, and then with a few capabilities which we basically evolved over time. Now we are very mature, wonderful solution. And I mentioned earlier, this is an area where I don't need to do any demand gen because the demand is exceeding all our expectations.

對於分支機構，我們需要提供即插即用的解決方案，然後提供一些我們基本上隨著時間的推移而發展的功能。現在我們已經非常成熟、非常棒的解決方案。我之前提到過，這是一個我不需要做任何需求產生的領域，因為需求超出了我們所有的預期。

So where is it coming from? Customers have a lot of SD-WANs already deployed. On SD, they're finding that they are not easy to manage. There's a lot of operational overhead, roundtable management. But more importantly, SD-WAN enables lateral tech movement, a single infected machine in one branch shoppers can reverse the whole network. It's a mesh network and bring all other things down. That's the biggest problem we fixed.

那麼它是從哪裡來的呢？客戶已經部署了許多 SD-WAN。在 SD 上，他們發現它們不容易管理。有很多營運開銷和圓桌管理。但更重要的是，SD-WAN 支援橫向技術移動，一個分支機構購物者中的一台受感染的機器就可以逆轉整個網路。它是一個網狀網絡，可以把所有其他東西都帶下來。這是我們解決的最大問題。

That's what our customers are looking for. So we replaced SD-WAN or replace whatever old school network they have in place. It's an exciting area for us. I have been personally passionate about eliminating all these firewalls and all these branches. I think we're getting closer to it.

這正是我們的客戶所尋求的。因此，我們更換了 SD-WAN 或更換了他們現有的任何舊學校網路。對我們來說這是一個令人興奮的領域。我個人一直熱衷於消除所有這些防火牆和所有這些分支。我認為我們已經接近目標了。

Eric Heath, KeyBanc.

艾瑞克‧希思（Eric Heath），KeyBanc。

I'll echo my congrats as well. Maybe just to follow on your comments regarding, Gray's question on the branch. One thing I wanted to ask you, Jay, is there was a lot of strength in the retail sector coming out of COVID buying branch firewalls.

我也會表達我的祝賀。也許只是為了跟進您關於格雷在分支機構提出的問題的評論。傑伊，我想問你的一件事是，零售業在新冠疫情期間購買了分支機構防火牆，從而獲得了巨大的發展。

Could you just talk about your exposure to retail and specifically as we think about fiscal '26, calendar '26. How are you thinking about the opportunity for Zero Trust Branch in the retail segment, as we kind of come up on that five-year depreciation life cycle in that sector.

您能否談談您對零售業的了解，特別是我們對 26 財年和 26 日曆的看法。您如何看待零信任分支在零售領域的機會，因為我們正處於該領域的五年折舊生命週期。

Yes. Retail is a great segment. In fact, if you look at where our customers are going, they want to start from the smaller branches, then to larger, and then to plants and factories. Here is a typical dialogue that goes for me with a customer. Let's start with a simple branch.

是的。零售業是一個很大的領域。事實上，如果你看看我們的客戶去向，他們希望從較小的分支機構開始，然後到較大的分支機構，然後到工廠。以下是我與客戶的典型對話。讓我們從一個簡單的分支開始。

What's the difference between with you sitting at branch office or you sitting at home? The answer typically is nothing. Second question, do you have an SD-WAN at home? No. Do you have in the branch office? Yes. Do you have a corporate firewall at home? No. You have it in the branch office? Yes. Why? The only reason is we've always done it that way.

您坐在分公司和您坐在家裡有什麼不同？答案通常是什麼都沒有。第二個問題，你家裡有SD-WAN嗎？不。你們有分公司嗎？是的。您家裡有企業防火牆嗎？不。你們分公司有嗎？是的。為什麼？唯一的原因是我們一直都是這麼做的。

So we are starting with the low-end firewalls, which are relatively easy than we were to the next level. Retail is a fairly easy and simple segment. Yes, there are some very large stores out there, but lots and lots of retail stores are straightforward and simple. They're very similar to each other.

因此，我們從低端防火牆開始，這比進入下一級相對容易。零售業是一個相當容易和簡單的領域。是的，確實有一些非常大的商店，但是很多零售店都是直接而簡單的。它們彼此非常相似。

So the deployment rollout becomes easier. So we're counting on retail among other areas on our business growth for Zero Trust Branch in FY26.

因此部署變得更加容易。因此，我們期望零售業以及其他領域能夠推動 2026 財年零信任分支的業務成長。

Patrick Colville, Scotiabank.

加拿大豐業銀行的派崔克‧科爾維爾。

This one is for Jay or Kevin. When I look at the metrics you disclosed around the proportion of net new ACV from ZPA, ZIA, and then emerging products, for me, one of the kind of big standouts this fiscal year was the kind of inflection up in emerging products, if I got it right, going from 22% of new ACV to 27%.

這個是給傑伊或凱文的。當我查看您披露的有關 ZPA、ZIA 和新興產品的淨新 ACV 比例的指標時，對我來說，本財年最突出的一點是新興產品的上升趨勢，如果我沒記錯的話，從新 ACV 的 22% 上升到 27%。

Can you, I guess, just double-click on where you think that might go in fiscal '26? And then also, it seems like there's just a lot of health left in ZPA and ZIA. So just talk about like where that continued momentum from those core products is coming from?

我想，您能否雙擊一下您認為 26 財年可能發生的情況？而且，看起來 ZPA 和 ZIA 中還剩下很多健康。那麼，您能否談談這些核心產品的持續發展動力來自哪裡？

Yeah. Very good question. We have been very pleased with the contribution of emerging products. We delivered good results, very pleased with it. But as we move forward, I think we are shifting our focus on three significant growth factors to better package rather than leave them as one bucket of emerging products, AI Security is one, Zero Trust Everywhere being two and Data Security being three.

是的。非常好的問題。我們對新興產品的貢獻感到非常高興。我們取得了良好的結果，對此非常滿意。但隨著我們不斷前進，我認為我們將把重點轉移到三個重要的成長因素上，以便更好地打包，而不是將它們作為一類新興產品，其中人工智慧安全是第一，零信任無處不在是第二，資料安全是第三。

And these three areas for us are actually $1 billion in ARR. So we'll be tracking each of these three segments for us to grow. We already talked about Data Security growing at a very good pace at scale. AI security is somewhat smaller, but we expect it to grow at a faster pace as well.

對我們來說，這三個領域的 ARR 實際上是 10 億美元。因此，我們將追蹤這三個部分，以實現我們的成長。我們已經討論過資料安全在規模上以非常好的速度成長。人工智慧安全規模較小，但我們預計它也會以更快的速度成長。

ZPA is the heart of all the Zero Trust communication. And so overall strength of ZPA will be good. We added some of the Zero Trust segmentation, micro-segmentation offerings for workloads for ZPA. We expect ZPA to give us good growth as well.

ZPA 是所有零信任通訊的核心。因此 ZPA 的整體實力將會很好。我們為 ZPA 的工作負載添加了一些零信任分段和微分段產品。我們期望 ZPA 也能為我們帶來良好的成長。

So overall, I think our portfolio is growing very rapidly. The main thing, I'm personally is focused on is to sure the sales execution, which we did very well in fiscal '25, keep on getting better and better in fiscal '26.

所以總的來說，我認為我們的投資組合正在成長非常迅速。我個人最關注的是確保銷售執行情況，我們在 25 財年表現非常出色，並且在 26 財年繼續變得越來越好。

Joseph Gallo, Jefferies.

約瑟夫‧加洛，傑富瑞集團。

I wanted to follow up on Josh's earlier question. Kevin, I appreciate all the guidance color given this is your first fiscal year guidance, can you just talk through your methodology maybe relative to Zscaler's historical approach? Any changes to process? And then just any considerations for macro or Fed in your guidance?

我想跟進喬希之前的問題。凱文，我很欣賞你提供的所有指導意見，因為這是你的第一個財政年度指導意見，你能否談談你的方法論，也許相對於 Zscaler 的歷史方法？流程有任何變化嗎？那麼，您在指導中是否考慮過宏觀經濟或聯準會？

Yeah. Thank you for the question. Look, there is no fundamental shift in guidance philosophy. I think we have historically been prudent with how we've set our guidance, and I expect to continue that. Fed in particular was about high single digits as a percentage of the business in '25, we're expecting similar performance going forward.

是的。謝謝你的提問。看起來，指導理念並沒有根本的轉變。我認為我們在製定指導方針方面歷來都是謹慎的，我希望繼續這樣做。尤其是聯準會在 25 年的業務中所佔比例約為個位數，我們預期未來也會有類似的表現。

But fundamentally, you should not expect anything any philosophical or shifts in methodology with respect to guidance. The only obvious change is we are moving from billings to ARR going forward as we believe that's a better -- that metric is better aligned to our go-to-market and how we're running the business today.

但從根本上來說，您不應該期待任何與指導相關的哲學或方法論的轉變。唯一明顯的變化是，我們將從帳單轉向 ARR，因為我們相信這是一個更好的指標——該指標更符合我們的行銷策略以及我們今天的業務運作方式。

If I may add, regarding the macro, we don't expect any meaningful change in macro. Macro pretty much has kind of remain the way it is. So no changes assumed in that.

如果我可以補充的話，關於宏觀，我們不希望宏觀發生任何有意義的變化。宏觀基本上保持原樣。因此，假設沒有變化。

Brian Essex, JPMorgan.

摩根大通的布萊恩艾塞克斯。

Jay, I appreciate the comments on Agentic SecOps and Agentic IT Ops. I would love if you could maybe peel back a layer and help us understand some of the conversations that you're having with customers particularly from the perspective of are they primarily focused on what you've done combining like Avalor and Red Canary for more of a streaming-based analytics platform, particularly on the SecOps side. Or are they leveraging that to address AI?

傑伊，我很感謝您對 Agentic SecOps 和 Agentic IT Ops 的評論。我希望您能深入分析一下，幫助我們理解您與客戶之間的一些對話，特別是從他們是否主要關注您所做的工作，將 Avalor 和 Red Canary 結合起來，打造一個基於流的分析平台，特別是在 SecOps 方面。或者他們利用它來解決人工智慧問題？

Or are they leveraging that to target more kind of like legacy SIEM business? I know everyone's kind of pointing their fingers displacing Splunk and QRadar type business. Would love to hear a little bit more about your conversations and how you're leveraging into that space.

或者他們利用它來瞄準更多類似傳統 SIEM 業務？我知道每個人都在指責 Splunk 和 QRadar 類型的業務被取代。我很想多聽聽你們的談話內容以及你們如何利用這個空間。

Yes. So Agentic Operation for us are in to broad buckets. One is security operations. Here, we are combining a number of products to build unified vulnerability management that Avalor brought to us, asset exposure management we built on our Data Fabric platform. And then we basically are building the SecOps, taking Agentic technology from Red Canary together.

是的。因此，對於我們來說，代理操作分為很多種。一是安全營運。在這裡，我們將多種產品結合起來，建構 Avalor 為我們帶來的統一漏洞管理，以及我們在 Data Fabric 平台上建構的資產敞口管理。然後我們基本上建立了 SecOps，將 Red Canary 的 Agentic 技術整合在一起。

We think this is going to accelerate us to become a leading player in the area where in the new world, we don't think customers should be paying for building these data base. I think customers should be paying for outcomes and that's the model we're building force based on outcomes don't charge in based on how many gigabytes of data is coming to you. That's one part.

我們認為這將加速我們成為新領域中的領先者，我們認為客戶不應該為建立這些資料庫付費。我認為客戶應該為結果付費，這就是我們正在建立的基於結果的模型，而不是根據接收到的資料量來收費。這是其中一部分。

The second part, what we call it Agentic IT operations. AI and agents can help us to bigger performance issues and they fall in two buckets. One is, user performance. Here to be taken on ZDXproduct, added a bunch of Agentic technology to make sure we can identify and troubleshoot those things very quickly.

第二部分，我們稱之為 Agentic IT 營運。人工智慧和代理可以幫助我們解決更大的效能問題，它們分為兩類。一是，用戶表現。這裡將在 ZDX 產品上介紹，並添加了大量 Agentic 技術，以確保我們能夠非常快速地識別和排除這些問題。

Next, we are expanding our ZDX to down Q1 entities. That's machine-to-machine because as more and more of these agents and models will talk to each other, their detection of performance, latency issues will become important. And we are in a good position to detect and identify them.

接下來，我們將把 ZDX 擴展到 Q1 實體。這是機器對機器的，因為隨著越來越多的代理和模型相互對話，它們對性能和延遲問題的檢測將變得重要。我們有能力去發現並識別它們。

So both areas are big opportunities for us, traditional security operations disruption as well as performance and troubleshooting that is needed for a lot of these applications and users. I hope that helps.

因此，這兩個領域對我們來說都是巨大的機遇，傳統的安全操作中斷以及許多這些應用程式和用戶所需的效能和故障排除。我希望這能有所幫助。

Shrenik Kothari, Baird.

什雷尼克·科塔里，貝爾德。

Again, congrats on the great execution. So Jay, just to double click on to AI security, right? You mentioned, of course, cloud are key focus areas, securing agentless workloads and user to agent. Again, that's quite distinct from the legacy posture.

再次恭喜您出色的執行力。那麼 Jay，只要雙擊 AI 安全，對嗎？當然，您提到雲端是重點關注領域，保護無代理工作負載和用戶到代理的安全。再次，這與傳統姿態截然不同。

Since AI is evolving fast and the new $1 billion opportunity, just how -- can you elaborate how that plays into the new logo focus now, right, that you highlighted, seen it live. And now in light of this new AI security opportunity, just can you elaborate on how are you adjusting go-to-market as well across new logo and platform?

由於人工智慧正在快速發展，並帶來 10 億美元的新機遇，您能否詳細說明這與新標誌焦點有何關係，對嗎，您強調過，親眼見過。現在，鑑於這個新的人工智慧安全機遇，您能否詳細說明如何透過新標誌和平台調整市場進入方式？

So first of all, we have both big opportunities. We have new logos, sitting at about 45% of Fortune 500 or nearly 40% of Global 2000. There's plenty of market on the high end of the market where we do it really well. But the platform is so big that we can keep on upselling and upselling. So both opportunities are big.

首先，我們都有很大的機會。我們有新的標誌，佔據財富 500 強企業的約 45% 或全球 2000 強企業的近 40%。在高端市場中我們擁有大量市場份額，並且表現非常出色。但這個平台如此之大，我們可以不斷地追加銷售。所以這兩個機會都很大。

So with that, we don't really focus and say, you've got to do new logos. We do provide some financial incentive for new logos. Now, when it comes to solution like AI security or some of the new solutions we do, generally, not always, generally, our customer base is much easier to sell because we've got so much credibility. We've got relationship with the CIO and the CISO level. So we're able to go.

因此，我們不會真正集中精力並說，你必須設計新的標誌。我們確實為新標誌提供了一些經濟誘因。現在，當談到人工智慧安全或我們所做的一些新解決方案時，一般來說，並非總是如此，一般來說，我們的客戶群更容易銷售，因為我們擁有很高的信譽。我們與 CIO 和 CISO 等級有關係。所以我們可以走了。

In fact, we are able to build some of these solutions with some of these customers has designed partners with us. So if I just tell you, most of the new stuff that we bring in, majority of that will come from upsell opportunities but there are many solutions that are opening doors for new logos as well.

事實上，我們能夠與一些客戶設計合作夥伴一起建立其中一些解決方案。所以如果我告訴你，我們引入的大多數新產品，大部分都來自追加銷售機會，但也有許多解決方案為新標誌打開了大門。

Todd Weller, Stephens.

托德·韋勒，史蒂芬斯。

Yes, good afternoon. Thanks for taking the question. Jay, just to follow up on the SecOps piece of Agentic Operations, when do you anticipate kind of having that full-fledged next-gen SOC platform available? And then what's your take on filtering pipeline capabilities at Zenith One of your SI partners did a presentation where they combined Data Fabric with Cribl to upgrade a customer to a next-gen platform. And obviously, CrowdStrike just made a move there, so curious to your thoughts on that.

是的，下午好。感謝您回答這個問題。Jay，為了跟進 Agentic Operations 的 SecOps 部分，您預計何時可以推出成熟的下一代 SOC 平台？那麼，您對 Zenith 的過濾管功能有何看法？您的一位 SI 合作夥伴做了一個演示，他們將 Data Fabric 與 Cribl 結合起來，將客戶升級到下一代平台。顯然，CrowdStrike 剛剛採取了行動，所以很好奇您對此的看法。

So, it's a good question. We look at the overall big picture in the data area in two main buckets. Exposure management is one of them, and security operations and threat management is the second one. First of all, this exposure management is a fragmented market today. No one really dominates the market out there.

所以，這是一個好問題。我們從兩個主要角度來看數據領域的整體情況。其中之一就是暴露管理，其次就是安全營運和威脅管理。首先，如今風險管理市場已十分分散。沒有人真正主宰市場。

This is where a number of our products built on top of our Data Fabric are offering good opportunities for us. And this is where your unified vulnerability management comes in. This is where your asset exposure management,attack surface management, as well as our Risk360 comes in. That's one bucket, fairly well differentiated, unified, offered by one vendor rather than five different point product vendors.

我們在資料結構之上所建構的許多產品都為我們提供了良好的機會。這就是統一漏洞管理發揮作用的地方。這就是您的資產風險管理、攻擊面管理以及我​​們的 Risk360 發揮作用的地方。這是一個相當具有區別性、統一性的產品組，由一個供應商提供，而不是由五個不同的點產品供應商提供。

Now moving to the right side, which is the security operations area. Yes, this has been done in a traditional way. Here's my massive data lake or delta lake, and here are my tools on top of that. Our Data Fabric approach allows us to bring in logs, but synthesize them and really create entity relationships. So I don't really need to keep all these logs.

現在移到右側，這是安全操作區域。是的，這是按照傳統方式完成的。這是我的海量資料湖或增量湖，這是我在其之上的工具。我們的資料結構方法允許我們引入日誌，但合成它們並真正創建實體關係。所以我真的不需要保留所有這些日誌。

My security analysts don't need to go against 1 billion logs a day, so architecturally they're very different. We're going in an incremental fashion, and I think over the coming few quarters we'll be able to say we take the whole thing. So it's kind of a journey. Even if I had everything today, a customer will take a few quarters to get out of where they need to. But we are moving towards pretty rapidly to offer a solution where you can replace whatever PC you need to replace. But having said that, we are not against the notion that if I got, say, 100 terabytes of data sitting in my old school SIEM, if I can take out 50 terabytes of it in the first three or four months, I'm going to cut the cost in to half to start with. And it will take a couple of quarters to renew the rest of it.

我的安全分析師不需要每天處理 10 億個日誌，因此從架構上來說，它們是非常不同的。我們正在以漸進的方式推進，我認為在接下來的幾個季度裡，我們能夠說我們已經完成了全部工作。所以這就像一趟旅程。即使我今天擁有了一切，客戶也需要花幾個季度的時間來實現他們需要的目標。但我們正在迅速採取行動，提供一種解決方案，讓您可以更換任何需要更換的 PC。但話雖如此，我們並不反對這樣的想法：如果我的舊 SIEM 中有 100 TB 的數據，如果我能在前三四個月內取出其中的 50 TB，那麼我就可以把成本削減一半。其餘部分的更新將需要幾個季度的時間。

So we look at it as a phased meaningful approach work through the customers as a partner. And Red Canary starts playing an important role. I was talking to the CISO, a very large customer, a Zscaler customer who, a couple of quarters ago, bought Red Canary. In fact, they need Red Canary ,he said, my current SIEM solution can’t find some of the threats I can find with the help of Red Canary. So Red Canary can play a very good complementary role as well. So we think we all got all the key pieces to execute in this market, which is ready to be disrupted.

因此，我們將其視為一種分階段的有意義的方法，透過客戶作為合作夥伴開展工作。紅金絲雀開始扮演重要角色。我正在與一位非常大的客戶 CISO 進行交談，他是 Zscaler 的客戶，並在幾個季度前收購了 Red Canary。事實上，他們需要 Red Canary，」他表示，「我目前的 SIEM 解決方案無法發現一些借助 Red Canary 可以發現的威脅。 」因此，Red Canary 也可以發揮很好的補充作用。因此，我們認為我們已經掌握了在這個即將被顛覆的市場中執行的所有關鍵要素。

Adam Borg, Stifel.

亞當·博格（Adam Borg），Stifel。

Maybe just building off the last question on Red Canary. So obviously, great to see the acquisition close, big part of the Agentic Operations opportunity. Maybe you could just remind us of the top R&D and sales and marketing priorities as we play out this year.

也許只是延續關於 Red Canary 的最後一個問題。顯然，很高興看到收購完成，這是 Agentic Operations 機會的重要組成部分。也許您可以提醒我們今年研發、銷售和行銷的首要任務。

Sorry, can you repeat the last statement you made?

抱歉，您能重複一下您最後說的話嗎？

Sure. Just the top R&D and sales and marketing priorities for fiscal '26.

當然。這只是 26 財年的首要研發和銷售及行銷重點。

Overall for Zscaler?

Zscaler 整體怎麼樣？

Specifically for Red Canary.

特別針對 Red Canary。

Okay. So number one, the acquisition we made was driven by technology. Our teams are working well together to make sure we can take the agentic technology. And they have very sophisticated agentic technology for detection and investigation. That gets integrated with our Data Fabric, so we build a strong solution that can be taken new market, number one.

好的。首先，我們的收購是受科技驅動的。我們的團隊正在齊心協力，以確保我們能夠採用代理技術。他們擁有非常先進的偵查和調查代理技術。它與我們的資料結構相集成，因此我們建立了一個可以佔領新市場的強大解決方案，這是第一個。

Number two, Red Canary sales team is acting like a specialist team for the security operations and getting leverage from Zscaler wider sales team that can uncover opportunities. And Red Canary team is a specialist team that can close deals and grow business.

第二，Red Canary 銷售團隊就像一個安全營運專家團隊，並從 Zscaler 更廣泛的銷售團隊中獲得優勢，從而發現機會。Red Canary 團隊是一支能夠達成交易並發展業務的專業團隊。

MDR remains an important part of the business for us at Red Canary and we keep on focused on serving those customers. Now the data gets better, the brand gets better, opening door gets better. So we are expecting good results on both product integration side as well as go-to-market execution side. And all is going very well so far.

MDR 仍然是 Red Canary 業務的重要組成部分，我們將繼續專注於為這些客戶提供服務。現在數據越來越好，品牌越來越好，開門也越來越好。因此，我們期待產品整合方面和市場進入執行方面都能取得良好的結果。到目前為止一切進展順利。

Andrew DeGasperi, BNP Paribas.

安德魯·德加斯佩里，法國巴黎銀行。

And congrats on the $3 billion milestone that's something to be proud of. One question I had is on the guidance for Red Canary contribution for this year. I think on the last earnings call, you said that were contributed about half of the $140 million of ARR. I think now you're saying it's about $95 million. I'm just wondering, is that 35% increase driven by anything or is that what the asset is growing at? Or are you doing something different based on the -- to the last question you just made.

恭喜您突破 30 億美元的里程碑，這是值得驕傲的。我有一個問題是關於今年 Red Canary 捐款的指導。我認為在上次收益電話會議上，您說過這貢獻了 1.4 億美元 ARR 的約一半。我想您現在說的是大約 9500 萬美元。我只是想知道，35% 的成長是由什麼因素推動的，還是資產的成長速度就是如此？或者根據您剛才提出的最後一個問題，您是否做了一些不同的事情。

Yeah. Thanks for the question. So the commentary on the last call was with respect to how much we would anticipate recognizing at the close. What we ultimately determined at the closing is that we recognized $83 million of ARR. We are assuming low double-digit growth in the Red Canary business for '26. And so for the guidance for '26, we've assumed $95 million in contribution from Red Canary.

是的。謝謝你的提問。因此，上次電話會議的評論是關於我們預計在收盤時能確認多少。我們最終在交易結束時確定的是，我們確認了 8300 萬美元的 ARR。我們預計 26 年 Red Canary 業務將實現低兩位數成長。因此，對於 26 年的指導，我們假設 Red Canary 的貢獻為 9500 萬美元。

The last thing I would just keep in mind is MDR providers have historically had higher churn rate than our business, and this is a new business segment for us. So while we are engaging very closely with Red Canary customers, and considering all the different moving parts here, we are taking a prudent approach to how we're treating their ARR.

我最後要記住的是，MDR 供應商的客戶流失率歷來高於我們的業務，這對我們來說是一個新的業務部門。因此，雖然我們與 Red Canary 客戶密切合作，並考慮到這裡的所有不同活動部件，但我們對如何對待他們的 ARR 採取了謹慎的態度。

Thank you. Ladies and gentlemen, due to the interest of time, I would now like to turn the call back over to Jay for closing remarks.

謝謝。女士們、先生們，由於時間關係，我現在想將電話轉回給傑伊，請他作結束語。

Thank you all for your interest in Zscaler. We look forward to seeing you in many of the investor conferences we plan to attend. Thank you for your time.

感謝大家對 Zscaler 的關注。我們期待在我們計劃參加的許多投資者會議上見到您。感謝您抽出時間。

Ladies and gentlemen, that concludes today's conference call. Thank you for your participation. You may now disconnect. Goodbye.

女士們、先生們，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。再見。