Zscaler Inc (ZS) 2026 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Zscaler first-quarter 2026 earnings call. At this time, all participants are in a listen-only mode. Please be advised that today's conference is being recorded. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加 Zscaler 2026 年第一季財報電話會議。目前，所有參與者均處於唯讀模式。請注意，今天的會議正在錄影。（操作說明）

I would now like to hand the conference over to your speaker today, Ashwin Kesireddy, VP IR and Strategic Finance.

現在我謹將會議交給今天的演講嘉賓，投資者關係和策略財務副總裁 Ashwin Kesireddy。

Good afternoon, everyone, and welcome to the Zscaler first-quarter fiscal year 2026 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. 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 non-GAAP financial measures in our earnings release.

各位下午好，歡迎參加 Zscaler 2026 財年第一季財報電話會議。今天和我一起通話的是董事長兼執行長傑伊·喬杜里和財務長凱文·魯賓。請注意，我們已在投資者關係網站上發布了獲利報告和補充財務報表。除非另有說明，我們今天討論的所有數字都將是經過調整的非GAAP數據。您可以在我們的獲利報告中找到 GAAP 與非 GAAP 財務指標的調整表。

I’d like to remind you that today’s discussion will contain forward-looking statements, including but not limited to the company’s anticipated future revenue, 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. 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 today’s earnings release.

我想提醒各位，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、計算出的賬單金額、經營業績、毛利率、營業費用、營業收入、淨收入、自由現金流、以美元計價的淨留存率、未來的招聘決策、剩餘履約義務、所得稅、每股收益、我們的產品和展望這些聲明和其他評論並非對未來績效的保證，而是存在風險和不確定性，其中一些風險和不確定性是我們無法控制的。這些前瞻性陳述僅代表截至今日的觀點，您不應將其視為我們未來觀點的依據。我們不承擔在本次通話後更新這些聲明的義務。有關風險和不確定性的更全面討論，請參閱我們向美國證券交易委員會提交的文件以及今天發布的收益報告。

I also want to inform you that we will be attending the following conferences: UBS Global Technology and AI Conference on December 3, Barclays Tech Conference on December 11, and Needham Growth Conference on January 14.

我也想通知您，我們將參加以下會議：12 月 3 日的瑞銀全球科技與人工智慧大會、12 月 11 日的巴克萊科技大會以及 1 月 14 日的尼德姆成長大會。

Before I turn the call over to Jay, I wanted to share that I recently transitioned to a new role as Product Manager of AI Security at Zscaler, so this will be my last earnings call as the IR leader. It’s been a pleasure engaging with all of our shareholders over the last few years. Kim Watkins, who some of you may know from her tenure at Intuit, will be joining Zscaler in early December to lead Investor Relations and Strategic Finance. Please join me in welcoming Kim to Zscaler.

在將電話交給 Jay 之前，我想分享一下，我最近轉到了 Zscaler 擔任人工智慧安全產品經理的新職位，所以這將是我作為投資者關係負責人最後一次參加財報電話會議。過去幾年裡，與所有股東的交流互動一直令我感到非常愉快。你們中的一些人可能透過她在 Intuit 的任職經歷認識了 Kim Watkins，她將於 12 月初加入 Zscaler，負責投資者關係和策略財務。請和我一起歡迎 Kim 加入 Zscaler。

Now, I’ll turn the call over to Jay.

現在，我把電話交給傑伊。

Thank you, Ashwin. We had a strong start to our fiscal year. In Q1, annual recurring revenue or ARR growth accelerated to 26% year over year and RPO growth accelerated to 35%. Combining our strong free cash flow margin of 52% and revenue growth of 26%, we operated at rule of 78, making us one of the rare companies consistently outperforming the coveted rule of 40 metric. We are one of the only five enterprise SaaS companies with over $3 billion in ARR growing at over 25%. The continued success of our three growth pillars, AI Security, Zero Trust Everywhere, and Data Security Everywhere, is driving our strong top-line performance.

謝謝你，阿什溫。本財年開局強勁。第一季度，年度經常性收入 (ARR) 年成長加速至 26%，RPO 年成長加速至 35%。憑藉 52% 的強勁自由現金流利潤率和 26% 的收入增長，我們按照 78 法則運營，使我們成為少數幾家持續超越令人垂涎的 40 法則指標的公司之一。我們是僅有的五家企業級 SaaS 公司之一，年經常性收入超過 30 億美元，且成長率超過 25%。我們三大成長支柱——人工智慧安全、零信任無所不在和資料安全無所不在——的持續成功，推動了我們強勁的營收成長。

ARR from these three growth pillars accelerated in the quarter. I’m particularly pleased with our AI Security pillar, which grew over 80% year over year and has already exceeded our FY26 target of $400 million ARR, three quarters earlier than expected. With the strong demand, I expect AI Security ARR to exceed $0.5 billion by the end of this fiscal year. Diving deeper into our AI Security pillar, while enterprises are leveraging AI to drive innovation and accelerate productivity, the proliferation of AI is also making them increasingly susceptible to attacks. One of the largest AI companies recently reported that a bad actor hijacked its AI coding assistant to autonomously perform a large-scale cyberattack against multiple organizations.

本季度，這三大成長支柱的年度經常性收入 (ARR) 均有所加速成長。我對我們的人工智慧安全支柱業務尤其感到滿意，該業務同比增長超過 80%，並且已經超過了我們 2026 財年 4 億美元的年度經常性收入目標，比預期提前了三個季度。由於市場需求強勁，我預計到本財年末，AI Security 的年度經常性收入將超過 5 億美元。深入探討我們的人工智慧安全支柱，雖然企業正在利用人工智慧來推動創新和提高生產力，但人工智慧的普及也使它們越來越容易受到攻擊。一家大型人工智慧公司最近報告稱，一名惡意行為者劫持了其人工智慧編碼助手，自主地對多個組織發動了大規模網路攻擊。

This incident highlights two important trends. First, threat actors are using AI to dramatically increase the speed, effectiveness, and blast radius of attacks. We have been predicting an increase in this type of automation by AI agents, and we are now seeing it happen. Second, just like users and organizations, AI agents are also becoming the weakest link in their security. It is only a matter of time before millions of AI agents interact with each other across enterprises.

這事件凸顯了兩個重要趨勢。首先，威脅行為者正在利用人工智慧大幅提高攻擊的速度、效率和影響範圍。我們一直預測人工智慧代理的這類自動化程度會提高，現在我們看到這種情況正在發生。其次，就像使用者和組織一樣，人工智慧代理也正在成為其安全中最薄弱的環節。數百萬個人工智慧代理在企業內部相互互動只是時間問題。

Imagine a threat actor hijacking even one of an organization’s trusted agents and thereby accessing critical corporate resources and sensitive information, resulting in a serious breach. We have a long history of securing users with our Zero Trust Exchange, which enabled our customers to safely adopt the latest technologies such as mobile, cloud, and SaaS.

想像一下，如果威脅行為者劫持了某個組織中受信任的代理，從而訪問了關鍵的企業資源和敏感訊息，導致嚴重的安全漏洞。我們長期以來一直透過零信任交換機制來保護用戶安全，這使得我們的客戶能夠安全地採用行動、雲端和 SaaS 等最新技術。

Over 45% of Fortune 500 companies and nearly 40% of Global 2000 companies have adopted our Zero Trust Exchange and trusted Zscaler to secure their businesses. With the rise of consumer GenAI applications, including ChatGPT, Perplexity, and more, security issues related to access control, data loss, and content moderation made enterprises cautious about allowing employees access to these popular apps. We extended our Zero Trust Exchange to provide visibility into thousands of GenAI apps, enabling enterprises to inspect prompts and responses and enforce proper guardrails for safe and secure use of GenAI apps. Several large enterprises adopted our GenAI solution in the quarter, including a G2K technology company, a Fortune 500 communications equipment company, and a large healthcare software provider.

超過 45% 的財富 500 強企業和近 40% 的全球 2000 強企業採用了我們的零信任交換解決方案，並信賴 Zscaler 來保護其業務安全。隨著 ChatGPT、Perplexity 等消費級 GenAI 應用的興起，與存取控制、資料遺失和內容審核相關的安全問題使得企業在允許員工存取這些熱門應用程式時變得謹慎。我們擴展了零信任交換，以提供對數千個 GenAI 應用的可見性，使企業能夠檢查提示和回應，並實施適當的防護措施，以確保 GenAI 應用的安全可靠使用。本季度，多家大型企業採用了我們的 GenAI 解決方案，其中包括一家 G2K 技術公司、一家財富 500 強通訊設備公司和一家大型醫療保健軟體供應商。

As AI adoption moved beyond consumer GenAI apps into building and running enterprise AI applications, we introduced solutions in three key categories to secure them. First, AI asset discovery and posture management. AI applications and agents have been developed and deployed today without full visibility for IT teams to safeguard them. To provide organizations with visibility and control, last year we introduced an AI asset discovery solution called AISPM. AISPM can detect unauthorized AI applications, prevent over-permissions for AI agents, and strengthen governance for model deployments. In Q1, several customers, including a leading software solution provider, a Global 2000 manufacturer, and a leading insurance company purchased AISPM from Zscaler.

隨著人工智慧的應用範圍從消費級 GenAI 應用擴展到建構和運行企業級人工智慧應用，我們推出了三大關鍵類別的解決方案來保護它們。首先是人工智慧資產發現與姿態管理。如今，人工智慧應用和代理的開發和部署缺乏全面的可見性，IT 團隊無法對其進行保護。為了幫助企業提高視覺性和控制力，我們去年推出了名為 AISPM 的人工智慧資產發現解決方案。AISPM 可以偵測未經授權的 AI 應用程序，防止 AI 代理擁有過多的權限，並加強對模型部署的管理。第一季度，包括一家領先的軟體解決方案提供商、全球 2000 強製造商和一家領先的保險公司在內的幾家客戶從 Zscaler 購買了 AISPM。

With our recent acquisition of SPLX, we are extending our AISPM capabilities by unifying discovery of LLMs, workflows, and MCP servers. These capabilities enable customers to meet evolving regulatory requirements for AI to be transparent and explainable, among others. The second key area of innovation is AI red teaming. As part of the AI lifecycle, customers need to regularly test the applications for vulnerabilities. With SPLX, we now deliver AI red teaming to enable automated and continuous testing of AI apps at scale. Our AI red teaming solution integrates the customers' CI/CD pipelines, making it easy to test for hallucination, bias, behavior drift, and more. Several customers, including a Fortune 150 transportation company and a Fortune 100 service provider, have already deployed AI red teaming.

透過最近對 SPLX 的收購，我們正在透過統一發現 LLM、工作流程和 MCP 伺服器來擴展我們的 AISPM 功能。這些功能使客戶能夠滿足不斷變化的監管要求，例如人工智慧的透明度和可解釋性等。第二個關鍵創新領域是人工智慧紅隊演練。作為人工智慧生命週期的一部分，客戶需要定期測試應用程式是否有漏洞。借助 SPLX，我們現在可以提供 AI 紅隊演練，從而實現 AI 應用的大規模自動化和持續測試。我們的 AI 紅隊演練解決方案整合了客戶的 CI/CD 管道，可以輕鬆測試幻覺、偏見、行為漂移等問題。包括一家財富 150 強運輸公司和財富 100 強服務提供商在內的多家客戶已經部署了 AI 紅隊演練。

The third area of innovation is AI guardrails. Customers need AI guardrails for in-line policy enforcement for acceptable use of AI for cybersecurity and for data loss prevention. In-line policy enforcement is one of our key differentiators, which we seamlessly deliver through our Zero Trust Exchange at scale as we process 0.5 trillion transactions daily. Our AI Guard solution leverages this core competency for runtime protection. Zscaler AI Guard sits between the application and LLMs, inspecting prompts and responses in-line to enforce customer-defined policies.

第三個創新領域是人工智慧防護措施。客戶需要 AI 防護措施來即時執行策略，以確保 AI 在網路安全和資料遺失預防方面的合理使用。線上策略執行是我們的關鍵差異化優勢之一，我們透過零信任交易所大規模無縫地實現這一目標，因為我們每天處理 0.5 兆筆交易。我們的 AI Guard 解決方案利用此核心競爭力進行執行時間保護。Zscaler AI Guard 位於應用程式和 LLM 之間，線上檢查提示和回應，以強制執行客戶定義的策略。

To share an example, this quarter, a leading consulting firm purchased our AI Guard to secure the use of public AI applications and private in-house applications such as AI chatbots and AI agents. With our platform capabilities, we are securing over 90 billion AI/ML transactions per month. As AI and AI agents define the next era of transformation, we are further extending our platform to secure AI agents, agentic workflows, and AI applications.

舉例來說，本季度，一家領先的顧問公司購買了我們的 AI Guard，以確保公共 AI 應用和私人內部應用（如 AI 聊天機器人和 AI 代理）的使用安全。憑藉我們的平台功能，我們每月可保障超過 900 億筆 AI/ML 交易。隨著人工智慧和人工智慧代理定義了下一個變革時代，我們正在進一步擴展我們的平台，以確保人工智慧代理、代理工作流程和人工智慧應用程式的安全。

In addition to securing the use of AI, we are leveraging AI to deliver agentic operations, including agentic SecOps and agentic IT Ops. In our agentic SecOps, we are making great progress towards delivering an AI-powered SOC that simplifies customers’ operations and automatically hunts for threats. In August, we acquired Red Canary to combine the agentic technology with our data fabric technology to deliver actionable SOC insights for our customers. This quarter, a Fortune 500 financial services company, a Global 2000 healthcare equipment company, and a Global 2000 energy company and more purchased our agentic SecOps solution.

除了確保人工智慧的使用安全外，我們還利用人工智慧來提供代理操作，包括代理安全操作和代理 IT 操作。在我們的智慧安全營運中，我們正在朝著交付人工智慧驅動的安全營運中心（SOC）取得巨大進展，該中心可以簡化客戶的營運並自動搜尋威脅。8 月，我們收購了 Red Canary，將代理技術與我們的資料架構技術結合，為我們的客戶提供可操作的 SOC 洞察。本季度，一家財富 500 強金融服務公司、一家全球 2000 強醫療設備公司、一家全球 2000 強能源公司等多家公司購買了我們的代理安全營運解決方案。

In our agentic IT Ops, we are introducing several Zscaler Digital Experience or ZDX innovations to enable faster resolution to application and network performance issues. Other innovations like the ZDX Copilot continue to resonate with customers and have driven over 80% year-over-year growth in bookings of ZDX Advanced Plus in the last 12 months. I’m very pleased to see continued momentum for our AI Security solutions. As I mentioned, we are expecting AI Security ARR to surpass $0.5 billion by the end of fiscal 2026.

在我們的代理 IT 維運中，我們引入了多項 Zscaler 數位體驗 (ZDX) 創新技術，以更快地解決應用程式和網路效能問題。ZDX Copilot 等其他創新功能繼續受到客戶的歡迎，並在過去 12 個月中推動 ZDX Advanced Plus 的預訂量同比增長超過 80%。我很高興看到我們的人工智慧安全解決方案持續保持成長勢頭。正如我之前提到的，我們預計到 2026 財年末，AI 安全業務的年度經常性收入將超過 5 億美元。

Turning to our second growth pillar, we continue to see strong momentum in Zero Trust Everywhere, which includes Zero Trust users, Zero Trust branch, and Zero Trust cloud. Three quarters ago, we introduced Zero Trust Everywhere and set a goal to secure 390 enterprises with Zero Trust Everywhere by the end of fiscal '26. I am delighted to share that we now have over 450 Zero Trust Everywhere enterprises, achieving our goal three quarters ahead of our target date. Our Zero Trust Everywhere customers benefit from reduced cost and complexity by eliminating legacy network and security products. This expanded relationships to Zero Trust Everywhere also creates follow-on demand for Data Security and AI Security.

再來看我們的第二個成長支柱，我們繼續看到「零信任無所不在」的強勁勢頭，其中包括零信任用戶、零信任分公司和零信任雲。三個季度前，我們推出了 Zero Trust Everywhere，並設定了一個目標，即到 2026 財年末，透過 Zero Trust Everywhere 為 390 家企業提供安全保障。我很高興地宣布，我們現在已有超過 450 家企業實現了“零信任無處不在”，比原定目標日期提前了四分之三實現了目標。我們的「零信任無所不在」客戶透過消除傳統網路和安全產品，降低了成本和複雜性，從而受益。這種與「零信任無所不在」的擴展關係也創造了對資料安全和人工智慧安全的後續需求。

One of the key components of Zero Trust Everywhere is Zero Trust Cloud, which allows customers to eliminate VPNs, north-south and east-west virtual firewalls, ExpressRoute, and Direct Connect networks, resulting in far better cybersecurity. To share a customer example, in an eight-figure TCV win, an existing million-dollar-plus Fortune 500 healthcare customer adopted our Zero Trust Cloud solution along with ZDX Advanced Plus, data security modules and more. Zero Trust Cloud secures workload communication across the VPC or virtual private cloud and SAP RISE cloud-based ERP. Without Zero Trust Cloud, the customer would have had to deploy a significant number of north-south and east-west firewalls, resulting in increased cost and many months of delay. This customer told me that in the last 15 years they have not been so excited about a solution that not only brought better security but also was easy to deploy and operate.

Zero Trust Everywhere 的關鍵組成部分之一是 Zero Trust Cloud，它允許客戶消除 VPN、南北向和東西向虛擬防火牆、ExpressRoute 和 Direct Connect 網絡，從而實現更好的網路安全。舉個客戶案例，在價值八位數的總合約價值 (TCV) 中，一家現有的財富 500 強醫療保健客戶（年收入超過百萬美元）採用了我們的零信任雲端解決方案，以及 ZDX Advanced Plus、資料安全模組等。Zero Trust Cloud 可確保 VPC（虛擬私有雲）和 SAP RISE 雲端 ERP 之間的工作負載通訊安全。如果沒有零信任雲，客戶將不得不部署大量的南北向和東西向防火牆，這將導致成本增加和數月的延誤。這位客戶告訴我，在過去的 15 年裡，他們從未對一個解決方案如此興奮過，這個解決方案不僅帶來了更好的安全性，而且易於部署和操作。

Just like the migration of Microsoft Exchange to Office 365 was a big tailwind to our business a few years ago, I believe the migration of SAP on-prem to SAP RISE will have a similar impact on our business. We continue to see strong interest from customers for Zero Trust Branch, which is another key component of Zero Trust Everywhere. Zero Trust Branch eliminates the need for legacy point solutions at branches, factories, and campuses. To give you an example, in a seven-figure upsell win, a Global 2000 manufacturing customer more than tripled their ARR and became a Zero Trust Everywhere customer by purchasing our Zero Trust Branch, ZPA, ZDX Advanced Plus, Risk360, and more.

就像幾年前微軟 Exchange 遷移到 Office 365 對我們的業務產生了巨大的推動作用一樣，我相信 SAP 本地部署遷移到 SAP RISE 也將對我們的業務產生類似的影響。我們持續看到客戶對零信任分公司表現出濃厚的興趣，這是零信任無所不在的另一個關鍵組成部分。零信任分公司消除了分公司、工廠和園區對傳統點解決方案的需求。舉例來說，在一次七位數追加銷售的成功案例中，一家全球 2000 強製造企業客戶透過購買我們的 Zero Trust Branch、ZPA、ZDX Advanced Plus、Risk360 等產品，使其 ARR 增長了三倍多，並成為 Zero Trust Everywhere 的客戶。

Moving to Data Security Everywhere, we offer a comprehensive data security portfolio with eight modules providing data discovery, data classification, posture management, data loss prevention, and more. Customers are eliminating data security point products in their environment by consolidating data security functionality on our unified platform. To share an example, in a seven-figure new logo ACV win, a large healthcare provider purchased five out of eight data security modules for their 23,000 users. This enterprise chose Zscaler over a leading CASB vendor due to our integrated platform which delivers data security across all channels for all types of data. I’m excited to share that our Data Security Everywhere ARR accelerated to approximately $450 million.

邁向資料安全無所不在的目標，我們提供全面的資料安全產品組合，包含八個模組，可提供資料發現、資料分類、態勢管理、資料遺失預防等功能。客戶透過將資料安全功能整合到我們的統一平台上，正在消除其環境中的資料安全獨立產品。舉例來說，在一次價值七位數的新徽標年度合約價值 (ACV) 的合作中，一家大型醫療保健提供商為其 23,000 名用戶購買了八個資料安全模組中的五個。這家企業之所以選擇 Zscaler 而不是領先的 CASB 供應商，是因為我們的整合平台能夠為所有通路的所有類型資料提供資料安全保障。我很高興地宣布，我們的「資料安全無所不在」年度經常性收入已加速成長至約 4.5 億美元。

The growth across our three pillars is powered by a strong go-to-market engine. One of the key initiatives we recently introduced was our ZFlex program, which enabled customers to commit to a spend and provide flexibility to swap or activate additional modules without undergoing new procurement cycles. ZFlex is driving meaningful upsells and reduced sales cycles and is consistently exceeding my expectations. ZFlex generated over $175 million in TCV, growing over 70% quarter over quarter.

我們三大支柱業務的成長得益於強大的市場推廣引擎。我們最近推出的一項關鍵舉措是 ZFlex 計劃，該計劃使客戶能夠承諾支出，並靈活地更換或啟動其他模組，而無需經歷新的採購週期。ZFlex 能夠有效促進追加銷售，縮短銷售週期，並且持續超越我的預期。ZFlex 的總合約價值超過 1.75 億美元，季增超過 70%。

To share a couple of customer examples, an existing large aerospace customer made a multi-year eight-figure TCV commitment under the ZFlex program, increasing the annual spend with us by over 40%. As part of the Flex commitment, the customer added nine new modules, including asset exposure management, identity threat detection, unified vulnerability management, email DLP, and expanded commitment for data security. In a seven-figure upsell win, a Fortune 500 business services provider more than doubled the annual spend with us as they expanded adoption of nine modules under the ZFlex program.

分享幾個客戶案例，一個現有的大型航空航太客戶在 ZFlex 計劃下做出了多年八位數的總合約價值承諾，使我們每年的支出增加了 40% 以上。作為 Flex 承諾的一部分，客戶增加了九個新模組，包括資產暴露管理、身分威脅偵測、統一漏洞管理、電子郵件 DLP 和擴充的資料安全承諾。在一筆七位數的追加銷售中，一家財富 500 強企業服務提供者在我們這裡增加了一倍多的年度支出，因為他們擴大了 ZFlex 計劃下九個模組的使用範圍。

In conclusion, our business is benefiting from the strong tailwinds from the combination of Zero Trust and AI Security. The best AI Security is built on the foundation of Zero Trust. Our clear leadership in Zero Trust security combined with comprehensive AI Security offerings positions us well to capture the large and growing AI Security market. And with our strong go-to-market engine, we are well positioned to exceed $10 billion in ARR.

總之，零信任和人工智慧安全相結合帶來的強勁發展勢頭，使我們的業務受益匪淺。最佳的AI安全方案建立在零信任的基礎上。我們在零信任安全領域的領先地位，加上全面的人工智慧安全產品，使我們能夠很好地掌握龐大且不斷成長的人工智慧安全市場。憑藉我們強大的市場推廣能力，我們完全有能力實現超過 100 億美元的年度經常性收入 (ARR)。

Now I’d like to turn the call over to Kevin for our financial results.

現在我想把電話交給凱文，讓他為大家介紹我們的財務表現。

Thank you, Jay, and good afternoon, everyone. We exceeded our growth targets in Q1 and operated at rule of 78 for the quarter. We ended Q1 with over $3.2 billion in ARR, reflecting approximately 26% year-over-year growth. ARR from each of our three growth pillars accelerated in the quarter, including on an organic basis. Q1 revenue was $788 million, growing 26% year over year, 10% sequentially, and exceeding the high end of our guidance.

謝謝你，傑伊，大家下午好。我們在第一季超額完成了成長目標，並且該季度按照 78 法則運作。第一季末，我們的年度經常性收入超過 32 億美元，年增約 26%。本季度，我們三大成長支柱的年度經常性收入 (ARR) 均加速成長，包括有機成長。第一季營收為 7.88 億美元，年成長 26%，季增 10%，超過了我們預期的上限。

Geographically, the Americas accounted for 58% of revenue, EMEA for 27% of revenue, and APJ for 15% of revenue. Our remaining performance obligation or RPO grew approximately 35% year over year to $5.9 billion with approximately 47% classified as current RPO. We closed Q1 with 698 customers generating over $1 million in ARR and 3,754 customers exceeding $100,000 in ARR, demonstrating the strategic role we play in customers’ digital transformation journeys.

從地理上看，美洲佔收入的 58%，歐洲、中東和非洲地區佔收入的 27%，亞太地區佔收入的 15%。我們的剩餘履約義務（RPO）年增約 35%，達到 59 億美元，其中約 47% 被歸類為當前履約義務。第一季末，我們有 698 位客戶的 ARR 超過 100 萬美元，3754 位客戶的 ARR 超過 10 萬美元，這表明我們在客戶的數位轉型之旅中發揮了戰略作用。

Turning to the rest of our Q1 financial performance, our gross margin was 79.9% as compared to 80.6% last fiscal year Q1. I’d 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 on a quarterly basis. We plan to optimize new products for margins over time as they scale.

再來看我們第一季的其他財務業績，我們的毛利率為 79.9%，而上一財年第一季為 80.6%。我想提醒投資者，我們正在推出成長強勁的新產品，這些產品以更快的上市速度為目標，而不是以利潤率為目標。這將繼續對我們的季度毛利率產生影響。我們計劃隨著新產品規模的擴大，逐步優化其利潤率。

Operating expenses increased 11% sequentially and 23% year over year, reaching $458 million. Operating margin was 21.8%, towards the higher end of our long-term range and growing by approximately 40 basis points year over year. Our free cash flow margin for Q1 was 52%, including data center CapEx at 2% of revenue. We ended the quarter with $3.3 billion in cash, cash equivalents, and short-term investments.

營運費用較上季成長 11%，年增 23%，達到 4.58 億美元。營業利益率為 21.8%，接近我們長期預期範圍的較高水平，且較去年同期成長約 40 個基點。第一季我們的自由現金流利潤率為 52%，其中包括佔收入 2% 的資料中心資本支出。本季末，我們持有現金、現金等價物及短期投資共33億美元。

Next, let me provide our guidance for Q2 and full-year fiscal 2026. As a reminder, these numbers are all non-GAAP. For the second quarter, we expect revenue in the range of $797 million to $799 million, reflecting year-over-year growth of approximately 23%, gross margins to be approximately 80%. Operating profit in the range of $172 million to $174 million. Net other income of approximately $19 million. Earnings per share in the range of $0.89 to $0.90, assuming a 21% tax rate and 170 million fully diluted shares.

接下來，我將提供我們對 2026 財年第二季和全年的業績指引。提醒一下，這些數字都是非GAAP資料。我們預計第二季營收將在 7.97 億美元至 7.99 億美元之間，年增約 23%，毛利率約為 80%。營業利潤在 1.72 億美元至 1.74 億美元之間。其他淨收入約1900萬美元。假設稅率為 21%，完全稀釋後的股份數為 1.7 億股，則每股收益在 0.89 美元至 0.90 美元之間。

For the full-year fiscal '26, ARR in the range of $3.698 billion to $3.718 billion, reflecting year-over-year growth of 22.7% to 23.3%. We anticipate approximately 47.8% of net new ARR to be recognized in the first half. Revenue in the range of $3.282 billion to $3.301 billion, reflecting year-over-year growth of 22.8% to 23.5%. Operating profit in the range of $732 million to $740 million. Earnings per share in the range of $3.78 to $3.82, assuming a 21% tax rate and approximately 170.5 million fully diluted shares, and free cash flow margin to be approximately 26.0% to 26.5%.

2026 財年全年，年度經常性收入 (ARR) 在 36.98 億美元至 37.18 億美元之間，年增 22.7% 至 23.3%。我們預計上半年將確認約 47.8% 的新增淨 ARR。營收預計在 32.82 億美元至 33.01 億美元之間，年增 22.8% 至 23.5%。營業利潤在 7.32 億美元至 7.4 億美元之間。假設稅率為 21%，完全稀釋後的股份約為 1.705 億股，每股收益在 3.78 美元至 3.82 美元之間，自由現金流利潤率約為 26.0% 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. Before moving to Q&A, I’d like to thank Ashwin for his significant contributions to IR and strategic finance and wish him well as he transitions to his product role. I’m also excited to welcome Kim to Zscaler.

鑑於巨大的市場機會和客戶對更廣泛平台的日益接受，我們將大力投資，以實現長期成長和獲利。在進入問答環節之前，我想感謝 Ashwin 對投資者關係和策略財務做出的重大貢獻，並祝他在過渡到產品角色時一切順利。我也非常高興地歡迎 Kim 加入 Zscaler。

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

操作員，現在可以開始接受提問了。謝謝。

(Operator Instructions) Brad Zelnick, Deutsche Bank.

（操作員指示）布拉德·澤爾尼克，德意志銀行。

Excellent, thank you so much and congrats on such a strong start to the year, and hitting your Zero Trust Everywhere goal three quarters ahead is just amazing. Jay, I wanted to ask about Zero Trust Branch, which we continue to hear good things about. It’s showing some nice early adoption, but as we look ahead, how much more work needs to be done on the product and or go-to-market fine-tuning to see real acceleration from here?

太棒了，非常感謝！恭喜你們今年開局如此強勁，提前四個季度就實現了「零信任無所不在」的目標，真是太了不起了！Jay，我想問零信任分支（Zero Trust Branch）的問題，我們一直聽說它很不錯。它展現了一些不錯的早期採用率，但展望未來，為了從現在開始看到真正的加速發展，還需要在產品和/或市場推廣的微調方面做多少工作？

We have done some amazing work on the technology side to build Zero Trust Branch where each branch is merely an island, no lateral movement that’s generally caused by traditional networking with SD-WAN and MPLS. The product is in great shape. Go-to-market, we put together a specialty team that can actually engage with the right buyers to explain the solutions. The numbers are pretty impressive. I often joke internally that Zero Trust Branch needs no pipeline generation effort because there’s so much demand in the customers.

我們在技術方面做了一些了不起的工作，建構了零信任分支機構，其中每個分支機構都只是一個孤島，沒有傳統 SD-WAN 和 MPLS 網路通常導致的橫向移動。產品狀況良好。為了開拓市場，我們組建了一支專業團隊，能夠與合適的買家進行有效溝通，並向他們解釋解決方案。這些數字相當驚人。我常在內部開玩笑說，零信任分支不需要任何通路開發工作，因為客戶的需求非常大。

I think we shared some numbers. Our Zero Trust Branch customers have now exceeded over 450 customers. A lot of customers start small, they do the smaller roll-out, and then they move on to bigger deals. In my prepared remarks, I gave an example of Global 2000 manufacturing customers whose ARR more than tripled. I think there are many, many such examples.

我想我們分享了一些數據。我們的零信任分公司客戶數量現已超過 450 家。很多客戶都是從小規模開始，先進行小規模推廣，然後再逐步擴大規模。在我的演講稿中，我舉了一個全球 2000 強製造業客戶的例子，他們的年度經常性收入增加了兩倍以上。我認為這樣的例子有很多很多。

We’ve got about 4,400 enterprise-class customers. We’ve only gone to about 10% of it. So I see a big opportunity. I think it’s an exciting area for us, and it’s part of our Zero Trust Everywhere platform.

我們擁有約 4400 家企業級客戶。我們只完成了大約 10%。所以我認為這是一個巨大的機會。我認為這對我們來說是一個令人興奮的領域，也是我們「零信任無所不在」平台的一部分。

Saket Kalia, Barclays.

薩克特·卡利亞，巴克萊銀行。

Okay, great. Hey guys, congrats on the strong start to the year. Thanks for taking my questions and congrats, Ashwin. Maybe a little bit of a joint question for you, Jay, and Kevin. The billion dollars in ARR that’s coming from the three emerging areas is clearly outgrowing the rest of the business. In fact, I think you said it accelerated, and for good reason.

好的，太好了。嘿，夥計們，恭喜你們今年開局強勁。謝謝你回答我的問題，也恭喜你，阿什溫。或許我想問你、傑伊和凱文一個共同的問題。來自三個新興領域的十億美元年度經常性收入 (ARR) 顯然超過了公司其他業務的成長速度。事實上，我認為你說過它加速發展了，而且理由充分。

But I was wondering if you could help us think about the other $2 billion in ARR and maybe specifically, is it fair to think about that other tranche as more of a la carte Zero Trust tools like ZIA and ZPA? And maybe relatedly, how do you think about the growth rate for that $2 billion versus an emerging bucket that’s clearly growing faster than the rest of the business?

但我很想知道您能否幫我們思考另外 20 億美元的 ARR，特別是，將這部分收入視為 ZIA 和 ZPA 等按需提供的零信任工具是否合理？或許可以這樣問，您如何看待這 20 億美元的成長率與一個明顯比其他業務成長更快的新興業務部門的成長率之間的關係？

So yes, it’s very true that our three buckets, a billion-dollar ARR, has been growing very well. The remaining $2 billion, yes, a big part of that is ZIA and ZPA. It has been going quite well, but the big opportunity for that business is also to emerge into Zero Trust Everywhere.

所以，沒錯，我們的三大業務板塊，以及十億美元的年度經常性收入，確實都發展得非常好。剩下的 20 億美元，是的，其中很大一部分是 ZIA 和 ZPA。目前進展相當順利，但該業務的最大機會還在於融入「零信任無所不在」的理念。

Remember we said that Zero Trust journey starts with users. We’ve taken it to branches, we’ve taken it to cloud and next to IoT. While other vendors who try claim Zero Trust try to say we got SASE, they’re merely sitting with Zero Trust trying to do for users. And we have expanded the platform to give a lot of opportunities.

還記得我們說過零信任之旅是從使用者開始的嗎？我們已經將其應用到分支機構，我們已經將其應用到雲端，接下來是物聯網。其他聲稱擁有零信任的供應商會說我們有 SASE，但他們實際上只是在零信任方面做事，試圖為用戶解決問題。我們擴展了平台，提供了許多機會。

The core business by itself will grow at a smaller rate than the rest of the overall business, but our goal is really to take every customer to Zero Trust Everywhere, and that’s what we are successfully doing.

核心業務本身的成長速度會比整體業務的其他部分慢，但我們的目標是真正讓每一位客戶都實現“零信任無處不在”，而我們也正在成功地做到這一點。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Maybe just wanted to ask a question about Red Canary and just how it’s kind of performing towards expectations given that you guys have been looking at a fair amount of churn within your kind of assumptions for that business. Just any context around that performance would be helpful.

我只是想問一下關於 Red Canary 的問題，鑑於你們之前對該業務的預期存在相當大的客戶流失率，它的表現是否符合預期。任何關於那場演出的背景資訊都會很有幫助。

I’ll start with broad comments and Kevin can go deeper. The integration of Red Canary with Zscaler is going very well. The G&A integration was done right away. The two other main areas were, one, engineering and products, integrating Red Canary's agentic AI technology with the Zscaler platform, doing well.

我先說一些概括性的評論，凱文可以深入探討。Red Canary 與 Zscaler 的整合進展非常順利。一般及行政費用整合立即完成。另外兩個主要領域是，一是工程和產品，將 Red Canary 的智慧 AI 技術與 Zscaler 平台集成，效果很好。

Second is go-to-market. Red Canary's go-to-market team has become a security operations specialist team. It’s working with our field sales organization, which is uncovering opportunities. So seeing a vast majority of the Zscaler-Red Canary pipeline is now coming from Zscaler customers. Kevin?

其次是市場推廣。Red Canary 的市場推廣團隊已經轉型為安全營運專家團隊。它與我們的現場銷售團隊合作，該團隊正在發掘商機。因此，目前 Zscaler-Red Canary 的產品線大部分都來自 Zscaler 的客戶。凱文？

Yeah, look, I would just add that Red Canary is trending slightly better than our previous guidance, but keep in mind that we don’t believe that Red Canary’s contribution is material to our overall business. So as we go forward, we don’t intend to provide specific color on Red Canary.

是的，我還要補充一點，Red Canary 的發展趨勢略好於我們先前的預期，但請記住，我們認為 Red Canary 對我們整體業務的貢獻並不重要。因此，我們未來不打算為紅金絲雀提供具體的顏色。

Tal Liani, Bank of America.

塔爾·利亞尼，美國銀行。

Hi, guys. This quarter was stronger than actually we see because if I look at the year-over-year growth in dollars last year, first of all, first quarter last year was very strong. So you’re growing 26% almost on a very strong quarter. And second, last year on a year-over-year basis, you added between $122 million to $130 million every quarter on a year-over-year basis. In this quarter, you’re adding $160 million. So that means that the growth is strong, and I’m trying to understand if you can break down on revenue level, not on ARR level, what is driving the strength?

嗨，大家好。本季比我們看到的要強勁得多，因為如果我看去年的年比美元成長，首先，去年第一季非常強勁。所以，你們在一個非常強勁的季度裡實現了近26%的成長。其次，去年以年計算，你們每季都比前一年增加了 1.22 億美元至 1.3 億美元。本季，你們將新增 1.6 億美元。所以這意味著成長強勁，我想了解一下，如果能按收入水平（而不是 ARR 水平）來分析，是什麼因素推動了這種強勁的成長？

I mean, the stock is down, but the trends beneath the surface seem very strong, and I’m trying to understand what is driving it and if you can break it down, even not in numbers, even if it’s just qualitative to discuss what’s happening in the core versus what are the key leading products that are driving this strength.

我的意思是，雖然股價下跌了，但其背後的趨勢似乎非常強勁，我正在努力理解是什麼在推動它，如果你能把它分解開來，即使不是用數字，即使只是定性地討論一下核心業務發生了什麼，以及哪些關鍵領先產品正在推動這種強勁勢頭，那就太好了。

So I’ll start with a broad product area. As you know, we built the platform and we’re expanding the platform, we’ve got three big pillars of our platform: Zero Trust Everywhere, AI Security, and Data Security. All three areas are growing very well. They’re actually accelerating, and that’s a part of the strategy. Our strategy is if every customer starts moving to Zero Trust Everywhere, we become very, very differentiated because no one in the market is even coming close to that. They’re all trying to figure out how to solve the user side of it.

那我就先從一個廣泛的產品領域開始說起。如您所知，我們建立了這個平台，並且正在擴展這個平台，我們的平台有三大支柱：零信任無所不在、人工智慧安全和資料安全。這三個領域都發展得非常好。實際上，他們的速度正在加快，這也是策略的一部分。我們的策略是，如果每個客戶都開始轉向“零信任無處不在”，我們將變得非常、非常獨特，因為市場上沒有人能做到這一點。他們都在努力想辦法解決使用者方面的問題。

And in Data Security, our customers are basically saying they are tired of seeing so many point products in Data Security, and we are the best (inaudible) AI Security is evolving. It’s a new area for us. Agentic operations have done well for us, and security of AI products is young, but it’s growing pretty well. So I think they’re very pleased with that growth we wanted from the three key pillars, and it’s beating or exceeding our expectations.

在資料安全領域，我們的客戶基本上表示，他們已經厭倦了看到資料安全領域有這麼多零散的產品，而我們是最好的（聽不清楚）人工智慧安全正在不斷發展。這對我們來說是一個全新的領域。智能體操作對我們來說效果很好，人工智慧產品的安全性雖然還處於起步階段，但發展勢頭良好。所以我認為他們對我們所期望的三大支柱的成長非常滿意，而且已經超出了我們的預期。

Kevin, do you want to give more color?

凱文，你想再加點顏色嗎？

I mean, I think that’s frankly both the qualitative and the quantitative response, which is we are seeing accelerated growth in our three growth pillars, which is contributing well to the business. I also mentioned in my prepared remarks that we saw organic growth come in at similar levels to what we saw last quarter, so we are seeing very strong performance. And the business did come in --

我的意思是，坦白說，我認為這既是定性的也是定量的回應，也就是說，我們的三大成長支柱都在加速成長，這對業務發展做出了良好的貢獻。我在事先準備好的演講稿中也提到，我們看到有機成長與上個季度的水平相當，因此我們看到了非常強勁的業績。生意確實來了。--

I'm just going to add some color that we did see the business performed better than our internal expectations in the quarter.

我還要補充一點，本季公司業績確實超出了我們內部的預期。

And how is the core business? You have Cisco with a new product, Check Point with a new product, Palo talking about very strong growth. How’s the competitive landscape when it comes to the core business?

核心業務狀況如何？思科推出了新產品，Check Point 也推出了新產品，Palo Alto Networks 也表示成長動能強勁。核心業務的競爭格局如何？

The competitive landscape hasn’t changed a whole lot. If anything else, our brand has gotten bigger. Most of the large enterprises know us very well. We are very well engaged there. A number of new entrants who have come in the market in the past year or so, largely from the firewall companies. We have hardly seen them out there, so the competitive landscape hasn’t really changed much to mention.

競爭格局並沒有太大變化。不僅如此，我們的品牌規模也擴大了。大多數大型企業都非常了解我們。我們在那裡開展了非常深入的合作。過去一年左右，市場上湧現許多新玩家，他們大多來自防火牆公司。我們幾乎沒見過它們，所以競爭格局並沒有發生什麼值得一提的變化。

Joseph Gallo, Jefferies.

Joseph Gallo，傑富瑞集團。

Jay, I think when some look at the recent massive M&A in the space, they’re fearful of the implications for underlying cyber growth. In your conversations with customers, how are they thinking about spending in calendar 2026, and what are the priority areas that they have as a part of that?

傑伊，我認為當一些人看到最近該領域的大規模併購時，他們擔心這會對網路安全的基礎成長產生影響。在與客戶的交流中，他們如何看待 2026 年的支出計畫？他們優先考慮的領域有哪些？

So customer priorities for spending?

那麼，顧客的消費優先事項是什麼？

Yeah, just what's the -- how has the fundamental cyber growth been, how do you expect the next year, and what the priorities are?

是的，具體來說－網路安全領域的基本發展如何？您對明年有何預期？優先事項是什麼？

Broadly speaking, there’s no significant growth in the macro environment. IT budgets remain tight. There is pressure on CIOs. There is far less pressure on the cyber side of it, so cyber is under less pressure.

整體而言，宏觀環境沒有顯著成長。IT預算依然緊張。首席資訊長們面臨壓力。網路方面的壓力要小得多，因此網路方面受到的壓力也較小。

We do see scrutiny for large deals, similar to what we shared in the past. But two areas are still of high interest to customers. One is Zero Trust Security because of all these breaches happening out there. And second is AI Security because everyone is trying to do some level of deployments of AI applications because CIOs feel like if they aren’t doing anything in this area, they’ll be viewed as laggards.

我們確實看到大型交易受到嚴格審查，這與我們過去分享的情況類似。但有兩個領域仍備受顧客關注。其一是零信任安全，因為現在到處都是安全漏洞。其次是人工智慧安全，因為每個人都在嘗試部署一定程度的人工智慧應用程序，因為資訊長們覺得，如果他們在這個領域不做任何事，他們就會被視為落後者。

That is also mixed. Some of the customers are seeing better results than others in terms of AI. But as soon as they start thinking about doing AI applications and models, the security becomes a worry for them. So we are going in with two leading messages: Zero Trust Everywhere being one and AI Security being two. So with that, we’re able to get the pipeline created.

情況也比較複雜。在人工智慧方面，有些客戶取得的效果比其他客戶更好。但一旦他們開始考慮開發人工智慧應用和模型，安全問題就成了他們擔憂的問題。因此，我們提出了兩個主要訊息：一是“零信任無所不在”，二是“人工智慧安全”。這樣一來，我們就能夠創建管道了。

And the second part is to close deals, we must show strong cost takeout. And we can do that as we eliminate a lot of point products. So we are able to do both of those things. That’s what’s really leading us to deliver these strong results.

第二部分是達成交易，我們必須展現強大的成本削減能力。我們可以透過消除大量點產品來實現這一點。所以我們能夠做到這兩件事。這正是我們取得這些優異成績的真正原因。

And also if I mention that since our brand has become so much stronger and we’ve become pretty strategic partners to customers, all these CIO/CISO meetings I do, it’s wonderful to see them say, Jay, we moved from Company A to Company B, and we called your team to help us here as well. So look, we are tracking well. We’re excited about what lies ahead for us.

而且，如果我提到，自從我們的品牌實力大增，並且我們成為了客戶的戰略合作夥伴之後，我參加的所有 CIO/CISO 會議中，最讓我高興的是，他們會說：“傑伊，我們從 A 公司搬到了 B 公司，我們也請你的團隊來幫助我們。”你看，我們進展順利。我們對未來充滿期待。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

I just wanted to come back to the SASE market specifically, and Jay, I know you’re probably already cringing at the word SASE, but there was a lot of security vendor talk out there last week discussing some success in competitive displacements in the SASE market. I’d just love to get your feedback specifically on what you’re seeing as far as trends from a competitive or pricing discipline standpoint. Appreciate it.

我只是想再回到 SASE 市場這個話題上來，Jay，我知道你可能一聽到 SASE 這個詞就覺得不舒服，但上周有很多安全廠商都在討論他們在 SASE 市場競爭中取得的一些成功。我非常希望得到您的回饋，特別是關於您從競爭或定價策略角度觀察到的趨勢。謝謝。

Yeah, well, we remain very strong when it comes to, I will call it the Zero Trust market because the SASE word has no meaning. Every vendor claims themselves to be calling SASE, for example. If you do Zero Trust, you don’t do SD-WAN. And most of the SD-WAN vendors get viewed into the SASE space.

是的，我們在零信任市場領域仍然非常強大，因為 SASE 這個詞在這裡沒有任何意義。例如，每個供應商都聲稱自己提供的是 SASE 服務。如果採用零信任架構，就不需要SD-WAN。大多數 SD-WAN 供應商被視為 SASE 領域的一部分。

Our expansion in our customer base is because of all the new functionality we are bringing to take Zero Trust Everywhere. Our expansion is happening as we have taken our Data Security platform and made it much bigger. So we’ve done so many innovations in so many spaces. So we think in spite of new entrants in the market, I think the market has already kind of sorted out the winners, and we are creating more distance among a number of other vendors who are entering the space.

我們的客戶群不斷擴大，是因為我們推出了各種新功能，實現了「零信任無所不在」。我們之所以能夠發展壯大，是因為我們對資料安全平台進行了大幅擴展。因此，我們在許多領域都進行了許多創新。因此，儘管有新的競爭者進入市場，但我們認為市場已經基本決出了贏家，我們正在拉開與其他進入該領域的供應商之間的距離。

So I feel very strong. Our pipeline remains strong. Our win rate remains strong. And you see our results, they’re very, very strong.

所以我感覺自己非常強壯。我們的產品供應依然強勁。我們的勝率依然很高。你看我們的結果，非常非常出色。

Brian Essex, JPMorgan.

Brian Essex，摩根大通。

I guess, Kevin, for you, just I understand that you don’t want to break out Red Canary, but can you give us a sense for organic net new ARR in the quarter? And then maybe one for Jay. With the acquisition of Red Canary and what you’ve done with Avalor and now SPLX, would love to get your sense of how you might align with the threat intelligence market and the value you might be able to add given the data visibility, potential for incremental add in terms of the quality of data that you might be ingesting on the platform and ability to provide better visibility for customers on the threat intelligence side.

凱文，我想，對你來說，我理解你不想讓 Red Canary 破產，但你能給我們介紹一下本季度的有機淨新增 ARR 嗎？然後也許還要給傑伊來一個。鑑於您收購了 Red Canary，以及您在 Avalor 和現在的 SPLX 所做的一切，我很想了解您對如何與威脅情報市場接軌的看法，以及考慮到數據可見性，您在平台上攝取的數據質量方面可能帶來的增量增長潛力，以及在威脅情報方面為客戶提供更好可見性的能力，您可能能夠增加的價值。

I’ll go ahead and start. As I had previously mentioned, organic growth in Q1 was consistent compared to Q4, and again, as I said, we’re very pleased that the organic business came in better than our internal expectations.

我這就開始。正如我之前提到的，第一季的有機成長與第四季度相比保持穩定，而且，正如我所說，我們非常高興有機業務的表現優於我們的內部預期。

So on the second part, it talked about the two acquisitions we have had. Avalor has become our data fabric, which can ingest data from the Zscaler platform and some of the third parties to really create what we call entity relationships. And AI is only as good as data, so we’re able to do some very powerful threat detection intelligence that couldn’t be done otherwise. So that’s the foundation of the platform.

第二部分主要介紹了我們完成的兩項收購。Avalor 已成為我們的資料架構，它可以從 Zscaler 平台和一些第三方攝取數據，從而真正創建我們所說的實體關係。人工智慧的優劣取決於資料的質量，因此我們能夠進行一些非常強大的威脅偵測情報工作，而這些工作是其他方式無法實現的。這就是該平台的基礎。

The reason for us to get into AI-powered SecOps is the strength of our data. Avalor gave that start. We have the data that Red Canary gave us, agentic AI technology on top of it, so using some of these smart agents we can do security operations, what security analysts need to do. So the amount of information we are getting, the meaningful insights we’re getting, is unbelievable.

我們之所以涉足人工智慧驅動的安全營運領域，是因為我們擁有強大的數據實力。阿瓦洛爾開啟了這一切。我們擁有 Red Canary 提供的數據，以及基於此的智慧 AI 技術，因此，利用這些智慧代理，我們可以執行安全操作，也就是安全分析師需要執行的操作。因此，我們所獲得的資訊量，我們所獲得的有意義的見解，簡直令人難以置信。

I was talking to the CSO of a Fortune 100 company recently. He said, I have a sizable security operations team, very sophisticated operations, but your solution in this case, taking advantage of Red Canary working with us, it is finding things, a few things every month that we aren’t able to find. That’s amazing incremental value for them. We think this is only going to get better as our solution evolves.

我最近和一家財富 100 強公司的首席安全官聊過。他說：“我有一個規模龐大的安全營運團隊，營運非常複雜，但在這種情況下，你們的解決方案，利用 Red Canary 與我們合作，每個月都能發現一些我們無法發現的東西。”這對他們來說具有巨大的增量價值。我們認為隨著解決方案的不斷完善，情況只會越來越好。

Your second point on SPLX, that’s accelerating our completion of our solution for AI Security. The market has so many point product solutions and AI security out there, and customers tell me, one, I don’t want to deal with 10 vendors, and number two, I don’t want to share my data with a start-up that started 10 months ago. So they’re looking for a platform.

關於 SPLX 的第二點，它加速了我們完成 AI 安全解決方案的過程。市面上有許多獨立的產品解決方案和人工智慧安全解決方案，客戶告訴我，第一，我不想和 10 個供應商打交道；第二，我不想把我的數據分享給一個 10 個月前成立的新創公司。所以他們正在尋找一個平台。

We have built a number of AI Security platforms internally, for example, GenAI Security, AI Guard, AI Discovery, and then SPLX brought red teaming technology to us. So it has made our portfolio pretty complete. So Zero Trust Everywhere in a very great shape. The agentic operation is evolving nicely, and AI Security operations are growing very nicely. We feel very comfortable with the portfolio built.

我們內部建構了多個 AI 安全平台，例如 GenAI Security、AI Guard、AI Discovery，然後 SPLX 為我們帶來了紅隊演練技術。因此，我們的產品組合已經相當完善了。因此，零信任機制目前運作狀況良好。智能體操作正在穩步發展，人工智慧安全操作也在快速成長。我們對目前建構的投資組合感到非常滿意。

Shrenik Kothari, RW Baird.

Shrenik Kothari，RW Baird。

So Shrenik, on the AI Security tracking $400 million, and you mentioned traction across all the modules like AI Guard, AISPM, and red teaming, just can you help us unpack where there’s more traction? What’s currently driving in terms of use cases? Are most deployments at visibility and governance via AISPM, or are you seeing CISOs truly prioritizing all the runtime AI guardrails as well? And then I have a quick follow-up.

Shrenik，關於人工智慧安全追蹤 4 億美元的投資，你提到了人工智慧衛士、AISPM 和紅隊演練等所有模組都取得了進展，你能否幫我們分析哪些方面進展更快？目前哪些因素在推動應用場景的發展？大多數部署是否透過 AISPM 實現可見性和治理，或者您是否看到 CISO 真正優先考慮所有執行時間 AI 防護措施？然後我還有一個簡短的後續問題。

Yeah, this is a very good question. About two years ago, two-plus years ago when ChatGPT came on the scene, the number one thing customers wanted to do was visibility into GenAI solutions or applications that users are going to be brought. Since we’re sitting in the traffic, we very quickly built our first product, GenAI Security, that’s being used by quite a large number of these customers.

是的，這是一個很好的問題。大約兩年前，也就是兩年多前，當 ChatGPT 出現的時候，客戶最想做的就是了解 GenAI 解決方案或應用程式將如何為使用者帶來便利。由於我們被堵在路上，我們很快就開發了我們的第一個產品 GenAI Security，目前已有相當多的客戶正在使用該產品。

Next, we launched AI Asset Discovery and posture management, tons of interest because everything starts by understanding AI assets you have. Third, last summer, early summer, we launched AI guardrails. When customers are building their internal AI applications and models, they want to use guardrails to make sure that models are protected and only the right people with the right kind of prompts can really access them. That’s an early stage, but it’s growing nicely. The pipeline is growing very well.

接下來，我們推出了 AI 資產發現和姿態管理功能，引起了廣泛關注，因為一切都始於了解您擁有的 AI 資產。第三，去年夏天，或者說是初夏，我們推出了人工智慧防護措施。當客戶建立內部 AI 應用和模型時，他們希望使用防護措施來確保模型受到保護，並且只有合適的人員在獲得正確的提示後才能真正存取它們。雖然還處於早期階段，但發展勢頭良好。管道建​​設進展非常順利。

And the fourth thing we brought to the market came through SPLX acquisition. That’s called red teaming technology. And as applications are being built, customers want to make sure they don’t have vulnerabilities. And we aren’t stopping there.

我們帶入市場的第四項產品是透過收購 SPLX 實現的。這叫做紅隊演練技術。在建立應用程式的過程中，客戶希望確保它們沒有漏洞。我們不會就此止步。

The fifth is extending the platform to Agentic Exchange so we can have the right agent-to-agent and agent-to-application communication. All that is proceeding well. So I think we are very well positioned. We will keep on investing in these innovations, but we balance our investments with our operating margins.

第五點是將平台擴展到 Agentic Exchange，以便我們能夠實現正確的代理與代理之間以及代理與應用程式之間的通訊。一切進展順利。所以我認為我們處於非常有利的地位。我們將繼續投資這些創新，但我們將平衡投資與營運利潤率。

Very helpful. So Kevin, on a quick follow-up on your comment around these modules ramping as Jay said, how are you thinking about the investment horizon overall and as you’re scaling these compute-rich products like AI Guard? And how should we think about the margins here?

很有幫助。凱文，關於你之前提到的這些模組的擴展，就像傑伊說的那樣，你如何看待整體的投資期限，以及在擴展像 AI Guard 這樣計算密集型產品時，你是如何考慮的？那我們該如何看待這裡的邊際效應呢？

Yes. Since the models and things they’re using are really on a fairly well-confined set of data, we haven’t seen any massive change in gross margins. If these things change over time, I’m sure we’ll let you guys know.

是的。由於他們使用的模型和方法實際上是基於相當有限的數據集，因此我們沒有看到毛利率發生任何巨大變化。如果這些情況隨著時間推移而變化，我們一定會通知大家的。

Yeah, maybe just to continue on that thread, look, for Q1, we’re pleased with the margin profile, we’re comfortable with the Q2 guide, and then as we look into the back half of the year, you will notice that there’s margin expansion in the guide in the back half. We are oriented to growth, but you know that we’re also very mindful of the financial model and operating margin.

是的，或許可以繼續這個話題，你看，對於第一季度，我們對利潤率狀況感到滿意，我們對第二季度的業績指引感到放心，然後當我們展望下半年時，你會注意到下半年的業績指引中利潤率有所提高。我們以成長為導向，但您也知道，我們也非常注重財務模式和營業利潤率。

Roger Boyd, UBS.

羅傑·博伊德，瑞銀集團。

Jay, I just wanted to go back to Zero Trust Gateway, and I wonder if you could talk a little bit more about the demand you’re seeing there. Is that product getting pulled along with increasing AI infrastructure? Some of the firewall vendors have talked about growth in software firewalls in this capacity, and how are you thinking about customer buying around this approach over that approach of deploying virtual firewalls?

Jay，我只是想再談談零信任網關，我想知道你是否可以再多談談你看到的這方面的需求。隨著人工智慧基礎設施的不斷完善，該產品是否也逐步推廣？一些防火牆供應商已經談到了軟體防火牆在這方面的成長，您認為客戶在採用這種方法而不是部署虛擬防火牆的情況下，會如何看待這種購買方式？

Sure. As customers traditionally used firewalls everywhere. We replaced a lot of them when it comes to user protection. And working on a branch and cloud is pretty simple. When traditionally people would go to cloud and build cloud workloads, they would do lift and shift.

當然。正如客戶歷來在各處使用防火牆。在用戶保護方面，我們更換了很多組件。在分支和雲端進行工作非常簡單。傳統上，人們遷移到雲端並建構雲端工作負載時，會採取直接遷移的方式。

They have lifted and shifted north-south firewalls, to cloud as VMs. They’ve lifted and shifted east-west firewalls to the cloud as VMs as well. We go in and say, you don’t really need a lot of these firewalls everywhere. Zero Trust Cloud is almost like Zero Trust for Internet Access, Zero Trust workload-to-workload communication. All the firewalls go away. Customers do not need to work with all these IP addresses and ACL lists.

他們已經將南北向防火牆遷移到雲端，部署為虛擬機器。他們也將東西向防火牆遷移到了雲端，部署成了虛擬機器。我們進去後會說，其實沒必要到處都設置這麼多防火牆。零信任雲端幾乎就像網路存取的零信任、工作負載間通訊的零信任一樣。所有防火牆都關閉了。客戶無需處理所有這些 IP 位址和 ACL 清單。

The Cloud Gateway simply makes it even more easier to deploy our solution. In the past, they had to deploy a piece of software we call Cloud Connector as a traffic cop. Now we have a Cloud Gateway that’s deployed and managed by Zscaler.

雲端網關讓部署我們的解決方案變得更加容易。過去，他們不得不部署一款我們稱為雲端連接器的軟體作為交通警察。現在我們有了一個由 Zscaler 部署和管理的雲端閘道。

With a simple config change, they say, point traffic to Zscaler Cloud Gateway and we enforce policies and we do everything that needs to be done. Deployment that would have taken few hours can now be done in under 10 minutes. That’s the kind of innovation we’re bringing to make it easier for customers to move away from legacy firewalls and embrace Zero Trust for workload communication.

他們說，只需進行簡單的配置更改，將流量指向 Zscaler 雲端網關，我們就會強制執行策略並完成所有需要做的事情。原本需要幾個小時才能完成的部署，現在只需不到 10 分鐘即可完成。這就是我們正在帶來的創新，旨在讓客戶更容易擺脫傳統防火牆，並採用零信任進行工作負載通訊。

Eric Keith, KeyBank.

Eric Keith，KeyBank。

Jay, maybe to come back to Zero Trust Everywhere just given how strong and successful it’s been thus far, but I’m curious to hear how you’re thinking about this going forward. I mean, is the outperformance relative to your expectations because the book of firewall business up for refresh maybe was bigger or earlier than you anticipated, or do you look at the pipeline and see an even bigger opportunity of displacements looking at calendar '26?

Jay，鑑於「零信任無所不在」迄今為止的強大和成功，或許應該重新啟用它。但我很好奇你對未來有何想法。我的意思是，業績超出預期是因為防火牆業務需要更新的訂單量比預期更大或更新時間更早，還是因為你審視了未來的業務計劃，發現 2026 年還有更大的業務轉移機會？

Yeah. Overall, our customers are looking for saving money and making it easier for them to operate and deploy these solutions and, along with that, making sure they have better cyber protection. The number one reason for customer interest in Zero Trust branch is to eliminate the lateral movement which leads to all kinds of ransomware attacks, number one

是的。總的來說，我們的客戶希望節省資金，並讓他們更容易操作和部署這些解決方案，同時確保他們獲得更好的網路安全保護。客戶對零信任分公司感興趣的首要原因是消除橫向移動，從而避免各種勒索軟體攻擊。

Number two, when we go in and say, by the way, it’s also costing a lot more because we can eliminate multiple products at launch, not just firewalls, but SD-WAN, often they’ve got these DHCP gateways, they’ve often got east-west firewalls, they’ve got NAC and VLAN kind of stuff. All of that goes away. So cost goes down, operational stuff goes down. That’s a driver.

第二，當我們進去說，順便一提，成本也高得多，因為我們可以在發佈時省去多個產品，不僅是防火牆，還有 SD-WAN，他們通常還有 DHCP 網關，他們通常還有東西向防火牆，他們還有 NAC 和 VLAN 之類的東西。這一切都會消失。這樣一來，成本降低了，營運成本也降低了。那是一個司機。

Now, that refresh may help, but most of the time deals are not waiting for Zscaler to say refresh is coming. As we present the story to our customers, they kind of say, wow, this makes sense. There’s a lot of ROI to it. Let’s get started. So tremendous interest, strong pipeline. And we’ve only done about 450 customers so far. There are millions of branches left out there for us to pursue.

現在，這種更新可能會有所幫助，但大多數時候，交易並不會等到 Zscaler 宣布即將更新。當我們向客戶講述這個故事時，他們會說，哇，這很有道理。它的投資報酬率很高。讓我們開始吧。所以市場反應熱烈，專案儲備充足。到目前為止，我們只服務了大約 450 位客戶。還有無數條岔路等著我們去探索。

Fatima Boolani, Citi.

Fatima Boolani，花旗銀行。

Jay, I wanted to go back to a very specific remark in your script earlier in the call. Just with respect to the migration of SAP from on-prem to SAP RISE being an opportunity that would be tantamount to the success and the tailwinds that you saw from Microsoft Exchange going to Microsoft 365. And so I wanted to take the opportunity to have you unpack some of that in terms of how will that manifest in your business across the product lines today?

傑伊，我想回到你剛才通話中提到的一個非常具體的觀點。就 SAP 從本地部署遷移到 SAP RISE 而言，這無疑是一個機遇，其成功和帶來的順風將堪比 Microsoft Exchange 遷移到 Microsoft 365。因此，我想藉此機會請您詳細闡述一下，這將如何在您目前的各個產品線中體現出來？

And then specifically, with a portfolio that is significantly larger today than you had when the initial Microsoft platform migration was happening. Where do you expect to see sort of -- I'll frame it as option value in some of your newer products that frankly didn't exist in the last sort of precedent example.

具體來說，如今你的投資組合比最初進行微軟平台遷移時大得多。您預計會在哪些方面看到——我將其表述為選擇權價值——在您的一些新產品中，坦白說，這種價值在上一個類似的先例中並不存在。

Sure. You know the customers moved to Office 365 several years ago because office moved to the cloud or exchange to the cloud. But SAP has taken a long time. It's a far more complex application. But now SAP's pushing for the deployment of what they call SAP RISE in the cloud and telling customers that you've got to move and they're giving some incentives as well.

當然。您知道，客戶幾年前就遷移到 Office 365 了，因為 Office 或 Exchange 遷移到了雲端。但SAP花了很長時間才完成。這是一個複雜得多的應用程式。但現在 SAP 正在大力推廣他們所謂的 SAP RISE 在雲端的部署，並告訴客戶必須遷移，他們也提供了一些激勵措施。

So if you do the old way, using the legacy firewall technology network, you move SAP RISE to the cloud, and you really then deploy all these express routes and direct connects for connectivity and then you've got firewalls and all the stuff you deploy to access those applications, the VPN type approach. We go in and say, none of that stuff is needed, no special access roots and direct connect needed, you can access SAP RISE application with Zscaler, directly over the Internet as you access Office365 applications. It's a clean, simple, elegant architecture. So it gives us two opportunities for us. Number one, some of the cloud -- Zero Trust cloud technology to make sure we got protection and communication for SAP application, SAP RISE itself, second, for users to access SAP with better and faster experience.

所以，如果你採用舊方法，使用傳統的防火牆技術網絡，將 SAP RISE 遷移到雲端，然後部署所有這些快速路由和直接連接來實現連接，然後部署防火牆以及所有用於訪問這些應用程式的東西，也就是 VPN 類型的方法。我們進去後會說，所有這些東西都不需要，不需要特殊的訪問根目錄和直接連接，你可以使用 Zscaler 直接通過互聯網訪問 SAP RISE 應用程序，就像訪問 Office365 應用程序一樣。它的建築風格簡潔、樸實、優雅。所以這給了我們兩個機會。第一，一些雲端技術——零信任雲端技術，確保我們能夠為 SAP 應用程式和 SAP RISE 本身提供保護和通訊；第二，為使用者提供更好、更快的 SAP 存取體驗。

Those are the two areas of growth for us, and it helps the customer deploy and get the application running faster and it uses cost and get great user experience.

這是我們兩大成長領域，它可以幫助客戶更快地部署和運行應用程序，降低成本並獲得良好的用戶體驗。

Gray Powell, BTIG.

Gray Powell，BTIG。

So yes, it's really interesting this quarter. I mean I look at the numbers. And overall, everything looks good. I do think there's some confusion on just organic ARR. So I guess here's my question.

是的，這季度真的很有意思。我的意思是，我會看數據。總的來說，一切看起來都不錯。我認為大家對有機 ARR 有些誤解。所以，我的問題是這樣的。

You highlighted $175 million in Z-Flex bookings this quarter compared to RPO bookings at about $940 million. So basically, Z-Flex is now 20% of the mix had almost doubled versus last quarter. Where do you see that going longer term?

您重點提到本季 Z-Flex 的預訂金額為 1.75 億美元，而 RPO 的預訂額約為 9.4 億美元。所以基本上，Z-Flex 目前佔產品組合的 20%，與上一季相比幾乎翻了一番。你認為從長遠來看，它的發展方向是什麼？

And then as Z-Flex becomes a bigger component of bookings, does that give you a higher visibility on future period ARR because there's just inherently an installed ramp in those contracts as customers grow out?

隨著 Z-Flex 在預訂中所佔比例越來越大，這是否會讓您對未來一段時間的 ARR 有更高的可見性，因為隨著客戶的成長，這些合約中本身就存在一個逐步增加的條款？

Yeah. Great. So I'll start, and Jay can add anything that he may want to share. Look, I appreciate you raising Z-Flex. It is a program that has gotten a lot of interest and traction from our customer base.

是的。偉大的。那我先開始，Jay 可以補充他想分享的任何內容。我很感激你提起 Z-Flex。這個項目已經引起了我們客戶群的極大興趣和關注。

To your point, we did see bookings growth over 70% sequentially. And it effectively allows customers to commit to spend. We typically see that is a more significant commitment than they would have made on an a la carte basis. It allows them to easily deploy additional modules without having to go through the friction of a negotiation procurement process. And then it provides them with the flexibility to swap in and out of modules as business dynamics for those customers change.

正如您所說，我們的預訂量確實環比增長了 70% 以上。它有效地讓客戶承諾消費。我們通常看到，這比他們單獨購買所需服務要承諾的金額更大。這樣一來，他們就可以輕鬆部署其他模組，而無需經歷繁瑣的談判採購流程。然後，它還允許他們根據這些客戶的業務動態變化，並靈活地更換模組。

And so it gives them confidence that they can make more meaningful commitments to us and generally over longer periods of time. It doesn't have necessarily a different impact to ARR than any other type of transaction. But to your point, it does give us greater visibility over the long term because they are longer contracts. We do understand the nature of those commitments and how they play out in the future. And I would say it's frankly a win-win for both the customer and the flexibility it offers and us in terms of the visibility going forward.

因此，這讓他們更有信心對我們做出更有意義的承諾，而且通常承諾的時間也更長。它對年度經常性收入（ARR）的影響並不一定與其他類型的交易不同。但正如你所說，由於合約期限更長，這確實能讓我們在長期內擁有更清晰的視野。我們了解這些承諾的性質以及它們在未來將如何發揮作用。坦白說，我認為這對客戶來說是雙贏的，因為它提供了靈活性，而對我們來說，它提高了未來的可視性。

So it is a very powerful tool that has gotten pretty significant interest from customers.

因此，它是一款非常強大的工具，已經引起了客戶的極大興趣。

Yeah, I would say our business has performed very well on all metrics, ARR, cash flow, all areas. So we're very pleased with it.

是的，我認為我們公司在所有指標上都表現得非常好，包括年度經常性收入、現金流量等各個方面。所以我們對此非常滿意。

Joshua Tilton, Wolfe Research.

Joshua Tilton，沃爾夫研究公司。

Just one for me, and I apologize if this was addressed already bouncing back forth between a few calls. But did your assumption for what Red Canary would contribute to the full year ARR change at all? And if not, is it fair to assume that you raised ARR by for the full year is how much you outperformed organically in the first quarter?

我只有一個問題，如果這個問題已經在之前的幾次通話中討論過了，我深表歉意。但是，你對 Red Canary 對全年 ARR 的貢獻的預期是否有所改變？如果不是，那麼是否可以合理地假設，您全年的 ARR 成長金額等於您第一季有機成長的幅度？

Yes, thank you for the call. I did make a comment earlier. We are seeing Red Canary trend slightly better than our previous guidance. But as a reminder, we don't believe that Red Canary's contributions to our overall business are material. So we're going -- we're not going to be making color commentary with respect to Red Canary going forward.

是的，謝謝你的來電。我之前確實發表過評論。我們發現紅金絲雀的走勢略好於我們先前的預期。但需要提醒的是，我們認為 Red Canary 對整體業務的貢獻並不實質。所以，我們決定──以後不會再對《紅金絲雀》進行任何評論了。

With respect to the outperformance, I mean, we did pass that through the full year guide.

至於業績超預期這一點，我的意思是，我們已經在全年業績指引中實現了這一點。

But I think to further clarify, you said that for organic growth in Q1 for us was consistent as compared to Q4. Very pleased with it, it beat our internal expectations.

但我想進一步澄清一下，您說過我們第一季的有機成長與第四季相比保持穩定。非常滿意，超出了我們內部的預期。

Jonathan Ruykhaver, Cantor.

喬納森·魯伊哈弗，坎托爾。

Jay, I'm curious to hear your thoughts on the synergies you see between Red Canary and the data security portfolio. It would seem that you have opportunities around remediation, a possible governance for DSP and DLP. Can you just provide an update on that integration strategy?

Jay，我很想聽聽你對 Red Canary 與資料安全產品組合之間協同效應的看法。看來您在補救措施、DSP 和 DLP 的治理方面擁有一些機會。能否提供一下整合策略的最新進展？

And maybe just a little bit of color on how you see that driving differentiation relative to all the other vendors that are touting data security capabilities related to AI?

或許可以稍微詳細談談，您認為這種差異化優勢是如何與其他標榜本身俱備人工智慧相關資料安全能力的供應商區分開來的？

Yes. Very good question. I would mention three points there that set us apart from many others. Number one, we have built a full portfolio of data security. There's no such thing as data security for AI only.

是的。問得好。我想提三點，正是這三點使我們與其他許多公司區分開來。第一，我們已經建立了一套完整的資料安全解決方案。不存在僅針對人工智慧的資料安全問題。

Data is lost in many ways. So number one, the strongest portfolio is helping us. Number two, AI is helping us doing better data classification which is important because better classification means better detection. Number three, the other point you made, it was the Red Canary synergy, that is the [fourth] We are able to get all the signals from Zero Trust Exchange to our Data Fabric platform, where we are able to potentially look for any potential threats or breaches or any of the stuff that's happening.

資料遺失的方式有很多種。首先，最強大的投資組合對我們很有幫助。第二，人工智慧正在幫助我們更好地進行資料分類，這很重要，因為更好的分類意味著更好的檢測。第三，你提到的另一點是紅金絲雀協同效應，也就是[第四點]我們能夠從零信任交換平台獲取所有訊號到我們的資料架構平台，在那裡我們可以找到任何潛在的威脅、漏洞或正在發生的任何事情。

And if you're able to do that very quickly, we can do our closed-loop feedback sent to a Zero Trust Exchange if we need to block some kind of data loss that's happening out there. Today, data loss happens, signals are found days or weeks later. This closed-loop system between our Agentic operations and in-line function is a clear, clear differentiator for us that should set us apart from many other vendors, whether they're SASE vendors or they are AI security vendors.

如果你能很快做到這一點，我們就可以向零信任交換中心發送閉環回饋，以便在需要阻止某種資料遺失時及時制止。如今，資料遺失時有發生，訊號可能需要幾天甚至幾週後才能找到。我們的代理操作和內聯功能之間的這種閉環系統，是我們與其他許多供應商（無論是 SASE 供應商還是 AI 安全供應商）之間一個非常明顯的差異化優勢。

Matt Hedberg, RBC.

Matt Hedberg，RBC。

I wanted to follow up on -- I think it was Gray's question on Z-Flex. It really does show up in checks. And I think Kevin, you mentioned reducing friction, additional consolidation opportunities. I realize it's difficult, but is there a way to think about what that average Z-Flex upsell looks like? And then maybe just a little bit more color on how do you think about the pipeline of Z-Flex deals for the rest of the fiscal year?

我想跟進一下——我想是 Gray 關於 Z-Flex 的問題。這確實會在支票上反映出來。凱文，我想你剛才也提到了減少摩擦、增加整合機會。我知道這很難，但有沒有辦法思考一下 Z-Flex 的平均追加銷售情況是什麼樣的呢？然後，能否再詳細談談您對本財年剩餘時間內 Z-Flex 交易計畫的看法？

So first of all, Z-Flex was done to give our customers flexibility. It evolved from the traditional ramp deals we have done in the past when we go after large customers. They can’t deploy it overnight, and if they bought lots of modules, they wanted some ability to say give me sort of ramp because I won't be working on it. We have been doing ramp deals for quite some time, but this creates a formal program around it.

首先，Z-Flex 的推出是為了給我們的客戶提供靈活性。它源自於我們過去在爭取大客戶時所採用的傳統推廣方式。他們不可能一夜之間部署完畢，而且如果他們購買了大量模組，他們希望能夠說「給我一個過渡期，因為我不會參與其中」。我們開展加速器交易已經有一段時間了，但這次是圍繞它創建了一個正式的項目。

The second thing has created for us is the ability to swap modules so they don't have to keep on testing various modules a long time and delaying the deal. So we believe that the deal ability to close deal has gotten better.

第二點是，它使我們能夠更換模組，這樣他們就不必長時間測試各種模組，從而避免延誤交易。因此我們認為，促成交易的能力有所提升。

And three, ability to do larger deals has gotten better because now they know that they can swap deals -- module so they can go for a bigger deal. All these things are happening. I'm not sure we have quantified exactly how much impact it's happening, but we are seeing good results of it. So we are pleased with the performance. Kevin, do you want to add anything?

第三，他們進行更大交易的能力也得到了提升，因為他們現在知道可以交換交易模組，從而進行更大的交易。這些事情都在發生。我不太確定我們已經量化了它究竟產生了多大的影響，但我們已經看到了良好的結果。我們對這次的表現很滿意。凱文，你還有什麼要補充的嗎？

The only thing I would, again, I guess, express as you see growth in customers moving into Zero Trust everywhere, when you see adoption of Data Security everywhere and AI security. A lot of that momentum and the facilitation will come from programs like Z-Flex that will make it easier for customers to adopt these technologies. And so for us, we think it's just a stimulus to allow customers to more easily and friction-free adopt more of our technology.

我唯一想再次表達的是，隨著客戶越來越多地轉向零信任架構，隨著資料安全和人工智慧安全得到廣泛應用，我們看到了客戶數量的成長。這種勢頭和推動作用很大程度上將來自像 Z-Flex 這樣的項目，這些項目將使客戶更容易採用這些技術。因此，我們認為這只是一種刺激措施，讓客戶更輕鬆、更順暢地採用我們的更多技術。

I would now like to turn the call back over to Jay Chaudhry for any closing remarks.

現在我想把電話轉回給傑伊·喬杜里，請他作總結發言。

Well, thank you for your time. We look forward to seeing you at one of our or some of our investor conferences.

非常感謝您抽出時間。我們期待在我們的投資者會議上見到您。

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

謝謝。會議到此結束。感謝您的參與。您現在可以斷開連線了。