Zscaler Inc (ZS) 2026 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Zscaler second quarter fiscal 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand the conference over to your first speaker today, Kim Watkins, SVP of Investor Relations and Strategic Finance. Please go ahead.

您好，感謝您的耐心等待。歡迎參加 Zscaler 2026 財年第二季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。現在，我謹將會議交給今天的第一位發言人，投資者關係和策略財務高級副總裁金·沃特金斯。請繼續。

Good afternoon, and thank you for joining us today. Welcome to Zscaler's second quarter fiscal 2026 earnings conference call. On the call with me today are Jay Chaudhry, Chairman and CEO; and Kevin Rubin, CFO.

下午好，感謝各位今天蒞臨。歡迎參加 Zscaler 2026 財年第二季財報電話會議。今天和我一起通話的是董事長兼執行長 Jay Chaudhry 和財務長 Kevin Rubin。

Please note that we posted our earnings release, shareholder letter, 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 a reconciliation of GAAP to the non-GAAP financial measures in our earnings release.

請注意，我們已在投資者關係網站上發布了獲利報告、股東信和補充財務報表。除非另有說明，我們今天討論的所有數字都將是經調整的非GAAP資料。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。

Before we get started, 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, net new annual recurring revenue, gross margin, operating profit, net other income, earnings per share and free cash flow margin; our customer response to our products; our expectations regarding AI and its impact on our business and customers; and our market share and market opportunity; and our objectives and outlook.

在正式開始之前，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、新增年度經常性淨收入、毛利率、營業利潤、其他淨收入、每股收益和自由現金流利潤率；客戶對我們產品的反饋；我們對人工智能及其對我們業務和客戶的影響的預期；

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 these 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績效的保證，而是存在風險和不確定性，其中一些是我們無法控制的。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。有關這些風險和不確定性的更完整討論，請參閱我們向美國證券交易委員會提交的文件以及今天的收益報告。

I also want to inform you that we'll be attending the following conferences: Morgan Stanley Technology, Media and Telecom Conference on March 2; Loop Capital Markets Investor Conference on March 10; Stifel Technology Conference on March 10; Cantor Global Technology and Industrial Growth Conference on March 11; and Wells Fargo Software Symposium on April 8.

我也想通知您，我們將參加以下會議：3 月 2 日的摩根士丹利科技、媒體和電信會議；3 月 10 日的 Loop Capital Markets 投資者會議；3 月 10 日的 Stifel 科技會議；3 月 11 日的 Cantor 全球科技和工業成長會議；以及 4 月 8 日的富國銀行研討會。

And with that, I'll turn the call over to Jay.

接下來，我會把電話交給傑伊。

Thanks, Kim, and thanks to everyone for joining us today. We delivered strong Q2 results, and I couldn't be more proud of the team's execution. ARR grew 25%, reflecting continued strong demand for our platform. We are confident in our outlook for the second half of fiscal 2026, and as a result, we are increasing our guidance across the board.

謝謝金，也謝謝今天所有到場的各位。我們第二季業績表現強勁，我對團隊的執行力感到無比自豪。ARR成長了25%，反映出市場對我們平台的持續強勁需求。我們對 2026 財年下半年的前景充滿信心，因此，我們全面提高了業績預期。

I'd like to zoom out for a moment and talk about what's on everyone's mind: AI. AI is the single most transformative technology of our time and its mass adoption is only just beginning. We believe Zscaler is the security platform for the AI era because we already protect users, data, and applications across clouds and the Internet at scale.

我想暫時把視角拉遠，談談大家都在關心的話題：人工智慧。人工智慧是我們這個時代最具變革性的技術，而它的大規模應用才剛開始。我們相信 Zscaler 是人工智慧時代的安全平台，因為我們已經大規模地保護了雲端和網路上的使用者、資料和應用程式。

Just as we enable customers to securely accelerate digital transformation and cloud adoption, we believe we are uniquely positioned to secure the AI transformation, driving continued demand for our platform. Organizations are rapidly adopting AI to drive productivity and innovation, but doing so is creating new vulnerabilities, significantly expanding the attack surface, and increasing cyber threats in scale, sophistication, and speed--recasting AI from a productivity engine into a dangerous security threat.

正如我們幫助客戶安全地加速數位轉型和雲端採用一樣，我們相信我們在保障人工智慧轉型方面擁有獨特的優勢，這將推動對我們平台的持續需求。各組織正在迅速採用人工智慧來提高生產力和創新能力，但這樣做卻造成了新的漏洞，顯著擴大了攻擊面，並增加了網路威脅的規模、複雜性和速度——將人工智慧從生產力引擎轉變為危險的安全威脅。

During my conversations with more than 100 CEOs and CIOs, including many at the World Economic Forum in Davos last month, the urgency of securing AI is one of the top concerns on their minds. This is the opportunity for Zscaler's industry-leading Zero Trust Exchange, which enables our customers to securely scale AI for the agentic era and beyond. Zscaler minimizes the attack surface and limits lateral movement with our unique Zero Trust architecture that enables direct one-to-one communication among users, applications, and AI agents.

在與 100 多位執行長和資訊長的交談中，包括上個月在達沃斯世界經濟論壇上的許多與會者，確保人工智慧安全的緊迫性是他們最關心的問題之一。這是 Zscaler 業界領先的零信任交換平台的用武之地，它使我們的客戶能夠安全地擴展人工智慧，以適應智慧體時代及未來。Zscaler 透過其獨特的零信任架構最大限度地減少攻擊面並限制橫向移動，從而實現用戶、應用程式和 AI 代理之間的直接一對一通訊。

I started Zscaler with an initial focus on securing users with Zero Trust. Then we extended our platform to deliver Zero Trust for workloads, branches, and devices, which has increased our TAM significantly and extended our technology lead over vendors who are still trying to build a SASE solution for user security. Now we are extending our global Zero Trust Exchange platform to secure AI applications, AI agent communication, and agentic workflows at scale.

我創辦 Zscaler 的初衷是利用零信任機制來保護使用者安全。然後，我們將平台擴展到工作負載、分公司和設備，提供零信任，這大大增加了我們的潛在市場規模，並擴大了我們在技術上的領先優勢，領先於那些仍在嘗試建立用戶安全 SASE 解決方案的供應商。現在，我們正在擴展我們的全球零信任交換平台，以大規模地保護人工智慧應用程式、人工智慧代理通訊和代理工作流程。

As AI agents are unleashed within the enterprise, it won't be long before billions of AI agents interacting with each other will have access to mission‑critical applications and sensitive data. Just like users, in organizations AI agents are also becoming the weakest link in cybersecurity. Imagine a threat actor hijacking even one of an organization's AI agents, resulting in a serious breach.

隨著人工智慧代理在企業內部的廣泛應用，不久之後，數十億相互互動的人工智慧代理將能夠存取關鍵任務應用程式和敏感資料。與使用者一樣，人工智慧代理在組織中也正成為網路安全中最薄弱的環節。想像一下，如果威脅行為者劫持了某個組織的人工智慧代理，就會導致嚴重的安全漏洞。

AI agents shift the threat landscape and operate autonomously at speeds far exceeding humans, exponentially increasing agentic traffic while compressing the time to prevent, detect, and respond to threats. This is becoming even more acute as AI agents or apps exposed to the Internet can be scanned and targeted in seconds. Securing this new reality requires in‑line policy enforcement at massive scale. This is what Zscaler is built to deliver. Zscaler stands for the Zenith of scalability.

AI 代理改變了威脅情勢，並以遠遠超過人類的速度自主運行，從而呈指數級增加代理流量，同時壓縮預防、偵測和應對威脅的時間。隨著暴露在網路上的人工智慧代理或應用程式可以在幾秒鐘內被掃描和攻擊，情況變得更加嚴重。要確保這一新現實，需要大規模地執行統一的政策。這正是 Zscaler 的設計初衷。Zscaler 代表可擴展性的巔峰。

Effective AI security requires a proven global Zero Trust Exchange infrastructure. We believe Zscaler is the only cybersecurity platform for the AI age able to secure at this unprecedented speed and scale, creating a durable advantage. We have 15-plus years of experience operating our own cloud across 160-plus data centers worldwide, offering real‑time security services with 99.999% reliability. This global infrastructure is critical to secure AI agent communication. Our software is present on millions of end‑user devices, servers, as well as in the cloud and branch offices, and it enables us to get agentic traffic to our Zero Trust Exchange, giving us a unique advantage.

有效的AI安全需要經過驗證的全球零信任交換基礎設施。我們相信 Zscaler 是人工智慧時代唯一能夠以前所未有的速度和規模提供安全保障的網路安全平台，從而創造持久的優勢。我們擁有超過 15 年的營運經驗，在全球 160 多個資料中心營運我們自己的雲，提供即時安全服務，可靠性高達 99.999%。這項全球基礎設施對於保障人工智慧代理之間的通訊至關重要。我們的軟體部署在數百萬終端用戶設備、伺服器以及雲端和分支機構中，它使我們能夠將代理流量引導至我們的零信任交換中心，從而賦予我們獨特的優勢。

With our AI platform capabilities, we processed nearly 1 trillion AI transactions in calendar 2025. We are also processing millions of MCP requests through our exchange on a monthly basis, up from literally nothing a couple of quarters ago.

憑藉我們的人工智慧平台能力，我們在 2025 年處理了近 1 兆筆人工智慧交易。我們現在每月透過交易所處理數百萬個 MCP 請求，而幾個季度前這個數字幾乎為零。

As an example, a large Fortune 100 financial services customer is using our Zero Trust Exchange to enforce policy for software development agents. In another example, a CISO of a Fortune 500 entertainment company -- a Zscaler customer -- shared with me that, with little deployment effort, he was able to turn on Zscaler Exchange to enforce policy for AI traffic and is securing over 4 million prompts per week.

例如，一家財富 100 強金融服務客戶正在使用我們的零信任交換來強制執行軟體開發代理的策略。另一個例子是，一家財富 500 強娛樂公司（Zscaler 的客戶）的首席資訊安全官 (CISO) 向我表示，他只需少量部署工作，就能啟用 Zscaler Exchange 來強制執行 AI 流量策略，並且每周可以保護超過 400 萬個提示。

Our Zero Trust Exchange is fundamentally different from competitive firewall‑based security architectures that connect users or AI agents to a network and then allow them to roam free, dramatically increasing the risk of cyber breaches. We expect these advantages, including significant architectural differentiation and our large customer base, to drive short‑term and long‑term demand for our platform.

我們的零信任交換與基於防火牆的競爭性安全架構有著根本的不同，後者將用戶或人工智慧代理連接到網絡，然後允許他們自由漫遊，從而大大增加了網路攻擊的風險。我們預計這些優勢，包括顯著的架構差異化和龐大的客戶群，將推動我們平台的短期和長期需求。

Turning back to the quarter, our results reflect robust demand across all three of our growth pillars: AI Security, Zero Trust Everywhere, and Data Security Everywhere. I’ll start with AI Security, which includes two product areas: AI Protect -- our recently introduced solution to secure the use of AI--and agentic operations.

回到本季度，我們的業績反映了三大成長支柱的強勁需求：人工智慧安全、零信任無所不在和資料安全無所不在。我將從人工智慧安全開始，它包括兩個產品領域：人工智慧保護——我們最近推出的用於保護人工智慧使用的解決方案——以及代理操作。

AI Protect secures the full spectrum of enterprise AI adoption and solves a range of cyber and data‑loss challenges. Zscaler ThreatLabz research found that in calendar 2025, AI application use within our customer base expanded to over 3,400 -- a quadrupling in the last 12 months alone -- with data transfers to AI apps exceeding 18,000 terabytes. Many of these apps have serious vulnerabilities.

AI Protect 可保障企業 AI 全面應用，並解決一系列網路安全和資料遺失挑戰。Zscaler ThreatLabz 的研究發現，到 2025 年，我們客戶群中 AI 應用的使用量將擴大到 3400 多個——僅在過去 12 個月就增長了四倍——傳輸到 AI 應用的數據傳輸量將超過 18000 TB。這些應用程式大多存在嚴重漏洞。

Zscaler AI Protect gives customers a single integrated way to secure AI at scale by discovering and managing all AI assets--including shadow AI uses--enforcing safe access to approved apps, and inspecting every prompt and response in real time to stop data leaks and attacks like prompt injection. For customers building their AI models and applications, our AI red teaming solution performs continuous security assessment.

Zscaler AI Protect 為客戶提供了一種統一的方法來大規模地保護 AI，它能夠發現和管理所有 AI 資產（包括影子 AI 的使用），強制對已批准的應用程序進行安全訪問，並實時檢查每個提示和響應，以阻止數據洩露和提示注入等攻擊。對於正在建立人工智慧模型和應用程式的客戶，我們的人工智慧紅隊演練解決方案可執行持續的安全評估。

This quarter, we integrated our AI red teaming and our guardrail products to provide true closed‑loop security. While our Zscaler AI Protect solution is new, we see demand rapidly accelerating, including landing new logos representing a massive future growth opportunity.

本季度，我們將人工智慧紅隊演練和防護欄產品整合在一起，以提供真正的閉環安全保障。雖然我們的 Zscaler AI Protect 解決方案是全新的，但我們看到市場需求正在迅速成長，包括贏得新客戶，這代表著未來巨大的成長機會。

This quarter, several large enterprises adopted our solution. In an eight‑figure new‑logo win, we landed a Fortune 500 semiconductor manufacturer. This customer expanded its use of our platform to include AI Protect and data security solutions to block access to unsanctioned applications, prevent public LLM data leakage, and provide visibility into prompts.

本季度，多家大型企業採用了我們的解決方案。我們贏得了價值數千萬美元的新標誌設計訂單，客戶是財富 500 強半導體製造商。該客戶擴展了對我們平台的使用，包括 AI Protect 和資料安全解決方案，以阻止對未經授權應用程式的訪問，防止公共 LLM 資料洩露，並提供提示的可見性。

Zscaler’s integrated AI Protect solution spanning the entire AI lifecycle was a key differentiator for this new‑logo win. In another example, in a seven‑figure upsell deal, a Global 2000 construction company, which is securing users with Zscaler, added our AI Protect solution to prevent data leakage and enforce acceptable‑use controls for access to GenAI applications.

Zscaler 的整合式 AI Protect 解決方案涵蓋整個 AI 生命週期，是贏得此新標誌的關鍵差異化因素。再舉一個例子，在一筆七位數的追加銷售交易中，一家全球 2000 強建築公司（該公司使用 Zscaler 來保護用戶）添加了我們的 AI Protect 解決方案，以防止資料外洩並對 GenAI 應用程式的存取實施可接受的使用控制。

The second product area of our AI Security is agentic operations, which includes our agentic SecOps and agentic IT Ops solutions. We are significantly advancing our agentic SecOps capabilities by integrating Red Canary’s agent framework with the deep security insights we generate from the Zscaler Zero Trust Exchange, which processes more than 500 billion transactions every day -- more than 20 times the number of daily Google searches.

我們人工智慧安全領域的第二個產品領域是代理操作，其中包括我們的代理安全操作和代理 IT 操作解決方案。我們正在透過將 Red Canary 的代理框架與我們從 Zscaler Zero Trust Exchange 產生的深度安全見解相結合，顯著提升我們的代理商安全營運能力。 Zscaler Zero Trust Exchange 每天處理超過 5,000 億筆交易，是 Google 每日搜尋量的 20 倍以上。

This fusion of capabilities simplifies customer operations, automates threat hunting, and provides more accurate, actionable threat prioritization. Some of our wins for our agentic SecOps solution this quarter include a leading AI software and research organization, a Global 2000 utilities/energy company, and a Global 2000 oil and gas company.

這種功能融合簡化了客戶操作，實現了威脅搜尋的自動化，並提供了更準確、更具可操作性的威脅優先順序。本季度，我們的智慧安全營運解決方案贏得了一些客戶的青睞，其中包括一家領先的人工智慧軟體和研究機構、一家全球 2000 強公用事業/能源公司和一家全球 2000 強石油和天然氣公司。

In agentic IT operations, our innovations include Zscaler Digital Experience, or ZDX Copilot, which combines agentic technology with a conversational interface to troubleshoot and resolve performance issues of applications, networks, and endpoint devices. Bookings for ZDX Advanced Plus, which includes our ZDX Copilot product, crossed $100 million over the last 12 months, growing more than 80% year over year.

在智慧 IT 營運方面，我們的創新包括 Zscaler 數位體驗（ZDX Copilot），它將智慧技術與對話式介面相結合，以檢查和解決應用程式、網路和終端設備的效能問題。過去 12 個月，包含 ZDX Copilot 產品的 ZDX Advanced Plus 的預訂量突破 1 億美元，年增超過 80%。

We are soon launching an AI agent for ZDX that will automate multiple troubleshooting tasks, resulting in faster diagnosis and resolution of performance issues. Overall, I’m very pleased to see growing demand and continued momentum for our AI Security solutions.

我們即將推出一款適用於 ZDX 的 AI 代理，它將自動執行多項故障排除任務，從而更快地診斷和解決效能問題。總的來說，我非常高興地看到市場對我們人工智慧安全解決方案的需求不斷增長，並保持著持續的發展勢頭。

Our next growth pillar is Zero Trust Everywhere, which includes revenue from customers who are more broadly adopting our Zero Trust architecture by purchasing all of the following: Zero Trust Users, Zero Trust Branch, and Zero Trust Cloud. We pioneered the Zero Trust Users market by disrupting the traditional proxy and VPN markets, and we are a clear market leader.

我們的下一個成長支柱是“零信任無所不在”，其中包括透過購買以下所有產品更廣泛地採用我們的零信任架構的客戶所帶來的收入：零信任用戶、零信任分支機構和零信任雲。我們透過顛覆傳統的代理商和 VPN 市場，開創了零信任用戶市場，並且是當之無愧的市場領導者。

With Zero Trust Branch, we are disrupting branch firewalls, software‑defined networks or SD‑WAN, and MPLS networks. With Zero Trust Cloud, we are disrupting virtual firewalls in the cloud. We are seeing ARR from Zero Trust Branch and Zero Trust Cloud grow significantly as we dramatically reduce cost and complexity.

透過零信任分支，我們正在顛覆分支防火牆、軟體定義網路或 SD-WAN 以及 MPLS 網路。借助零信任雲，我們正在顛覆雲端的虛擬防火牆。隨著我們大幅降低成本和複雜性，零信任分公司和零信任雲的年度經常性收入 (ARR) 顯著成長。

The number of Zero Trust Everywhere enterprises has grown at a rapid pace and now sits at over 550, up from over 130 a year ago. The pricing of Zero Trust Branch and Zero Trust Cloud are based upon the number of devices, the number of workloads, and the amount of traffic, which keeps growing. This expansion also creates a flywheel effect, generating follow‑on demand for our data security and AI security offerings.

「零信任無所不在」企業的數量成長迅速，目前已超過 550 家，而一年前只有 130 多家。零信任分公司和零信任雲端的定價是基於設備數量、工作負載數量和流量，而這些因素都在不斷增長。此次擴張也產生了飛輪效應，對我們的資料安全和人工智慧安全產品產生了後續需求。

Let me give an example of a Zero Trust Branch win at a subsidiary of a Fortune 500 retailer, who significantly expanded its deployment of Zero Trust Branch to over 1,000 sites in a seven‑figure upsell, making it one of our largest ever Zero Trust Branch deals.

讓我舉一個零信任分支成功案例，我們為財富 500 強零售商的子公司提供了零信任分支解決方案。該公司透過一筆七位數的追加銷售，將其零信任分支部署範圍擴大到 1000 多個站點，使其成為我們有史以來最大的零信任分支交易之一。

The use cases for this customer were frictionless M&A integration and rapidly bringing both newly acquired and greenfield sites online. This order also included our AI Protect solution to secure sensitive data from GenAI apps. In Q2, 45% of the total customers who bought our Zero Trust Branch solution were new logos, demonstrating that Zero Trust Branch is helping us grow new logos. This is also clear proof that for better cyber protection, customers want each branch to become like an Internet café, and replace SD‑WAN, which is often sold by SASE vendors.

該客戶的使用案例包括無摩擦的併購整合以及快速將新收購和新建的站點上線。該訂單還包括我們的 AI Protect 解決方案，用於保護 GenAI 應用程式中的敏感資料。第二季度，購買我們零信任分公司解決方案的客戶總數中有 45% 是新客戶，這表明零信任分公司正在幫助我們拓展新客戶。這也清楚證明，為了更好地進行網路安全保護，客戶希望每個分公司都像網咖一樣，取代 SD-WAN（通常由 SASE 供應商銷售）。

Another important part of a Zero Trust Everywhere solution is Zero Trust Cloud, which reduces cost and operational complexity by eliminating virtual firewalls in data‑center and cloud environments, and can be deployed in 10 minutes. We’re seeing tremendous momentum for Zero Trust Cloud.

零信任無所不在解決方案的另一個重要組成部分是零信任雲，它透過消除資料中心和雲端環境中的虛擬防火牆來降低成本和營運複雜性，並且可以在 10 分鐘內部署。我們看到零信任雲端發展勢頭強勁。

To share a customer example: in one of our largest ever Zero Trust Cloud wins, a Global 2000 financial services customer signed a seven‑figure deal increasing their ARR to more than $5 million, up over 40%. Zero Trust Cloud is priced based on traffic, creating a natural path for ARR to grow as customer traffic grows.

舉個客戶的例子：在我們迄今為止最大的零信任雲項目之一中，一家全球 2000 強金融服務客戶簽署了一份七位數的合同，使其年度經常性收入 (ARR) 增加到 500 千萬美元，增長超過 40%。零信任雲端的定價是基於流量，隨著客戶流量的成長，ARR 自然而然也隨之成長。

This deployment will eliminate a large number of virtual firewalls in their multiple cloud environments, which significantly reduces the operational burden of managing firewalls in multiple clouds and improves cyber posture by preventing lateral threat movement.

此次部署將消除其多個雲端環境中的大量虛擬防火牆，從而顯著降低在多個雲端中管理防火牆的營運負擔，並透過防止橫向威脅移動來改善網路安全態勢。

With significant wins, we are proving that for better cyber protection, customers want each cloud workload to become like an island and communicate only through our Zero Trust Exchange, displacing virtual firewalls. Our opportunity is to secure millions of workloads.

透過取得重大成功，我們正在證明，為了更好地保護網路安全，客戶希望每個雲端工作負載都像一座孤島，並且只透過我們的零信任交換進行通信，從而取代虛擬防火牆。我們的機會在於保障數百萬個工作負載的安全。

Our third growth pillar is Data Security Everywhere, which has eight modules, including data discovery, data classification, posture management, and data loss prevention. We are seeing significant traction driven by enterprises consolidating data‑security point products onto our integrated platform and simplifying deployments. The growing use of AI apps is making data protection essential, generating strong demand for our solution.

我們的第三個成長支柱是“無所不在的資料安全”，它包含八個模組，包括資料發現、資料分類、態勢管理和資料遺失預防。我們看到，企業將資料安全點產品整合到我們的整合平台上並簡化部署，這帶來了顯著的成長動能。人工智慧應用的日益普及使得資料保護至關重要，從而對我們的解決方案產生了強勁的需求。

Let me share an example. In an eight‑figure upsell win, a Global 2000 financial services customer expanded its adoption of our platform by purchasing additional data‑security modules, strengthening protection for sensitive data across its organization. This customer selected us over well‑known competitors to replace multiple legacy point products due to our unified policy for various data sources and channels.

我舉個例子。在一筆八位數的追加銷售中，一家全球 2000 強金融服務客戶透過購買額外的資料安全模組擴大了對我們平台的使用，從而加強了其組織內敏感資料的保護。由於我們對各種資料來源和管道採取了統一的策略，這位客戶選擇我們而不是知名競爭對手來替換多個舊式獨立產品。

With this purchase, the ARR for this customer increased nearly 5x. We believe Zscaler is incredibly well positioned to secure the AI era. As the number of agents expands, our unique Zero Trust architecture becomes even more crucial -- minimizing attack surfaces and limiting lateral movement by enabling direct one‑to‑one communication.

透過此次購買，該客戶的年度經常性收入成長了近 5 倍。我們相信 Zscaler 已做好充分準備，迎接人工智慧時代的到來。隨著代理數量的增加，我們獨特的零信任架構變得更加至關重要——透過實現直接的一對一通信，最大限度地減少攻擊面並限制橫向移動。

In summary, our growth opportunity is straightforward: traffic flowing through our Zero Trust Exchange for secure communication expands our revenue opportunity. In the agentic era, the traffic from Zscaler’s more than 50 million users, servers, cloud workloads, branch locations, and AI agents will grow exponentially, driven by billions of autonomous agents. We believe that Zero Trust communication will be the only way to provide the real‑time protection customers need to adopt AI safely and securely.

總而言之，我們的成長機會顯而易見：透過我們的零信任交換平台進行安全通訊的流量擴大了我們的收入機會。在智能體時代，Zscaler 的流量（超過 5,000 萬用戶、伺服器、雲端工作負載、分公司和 AI 代理）將呈指數級增長，這得益於數十億自主代理的驅動。我們相信，零信任通訊將是為客戶提供安全可靠地採用人工智慧所需的即時保護的唯一途徑。

We run the largest in‑line, globally distributed, security cloud platform in the world--processing more than 500 billion transactions every day, more than 20 times the number of daily Google searches. This proprietary anonymized data is used to train our AI engine, a powerful differentiator to stop ever‑changing threats at speed and scale. We provide the global infrastructure which enables our customers to secure communication and apply policies in real time at wire speed. Today, we are trusted by more than 45% of Fortune 500 companies, and we expect to continue expanding our partnerships over time.

我們經營全球最大的線上分散式安全雲端平台——每天處理超過 5,000 億筆交易，是Google每日搜尋量的 20 倍以上。這些專有的匿名資料用於訓練我們的人工智慧引擎，這是一個強大的差異化優勢，能夠快速、大規模地阻止不斷變化的威脅。我們提供全球基礎設施，使我們的客戶能夠以線速即時保障通訊安全和應用策略。如今，我們贏得了超過 45% 的財富 500 強企業的信賴，我們期待隨著時間的推移繼續擴大合作夥伴關係。

In addition, with just 4,400 of more than 20,000 largest enterprises in the world as Zscaler customers today, we have a significant opportunity ahead. This gives us a durable runway for long‑term growth from both upsell and new‑logo opportunities. Protecting AI is not just a job or task for Zscaler -- it is our mission. We believe Zscaler is the cybersecurity platform for the AI age.

此外，目前全球 20,000 多家最大的企業中，只有 4,400 家是 Zscaler 的客戶，這意味著我們未來還有很大的發展機會。這為我們提供了持久的長期成長動力，無論是透過追加銷售還是新客戶開發機會。保護人工智慧對 Zscaler 來說不僅僅是一項工作或任務，而是我們的使命。我們相信 Zscaler 是人工智慧時代的網路安全平台。

Now I will hand it over to Kevin to walk through the financials.

現在我將把財務部分交給凱文來講解。

Thanks, Jay. We delivered strong Q2 ’26 results, exceeding our targets while investing with discipline. With 26% revenue growth and a 36% free cash flow margin, we achieved Rule of 62 performance in the first half of the year, placing us among the elite companies that consistently outperform the Rule of 40. Our Q2 ’26 net new ARR was $156 million, up 19%, bringing total ARR to $3.4 billion, up 25% year over year. Net new ARR benefited from strength in large deals and deal volume.

謝謝你，傑伊。我們取得了強勁的第二季業績，在保持投資紀律的同時，超額完成了目標。憑藉 26% 的營收成長和 36% 的自由現金流利潤率，我們在今年上半年實現了 62 法則的業績，使我們躋身於持續超越 40 法則的精英公司之列。我們第二季新增淨 ARR 為 1.56 億美元，成長 19%，使 ARR 總額達到 34 億美元，年增 25%。淨新增年度經常性收入受惠於大額交易和交易量的成長。

In particular, the Americas closed twice the number of $1 million‑plus deals this year as compared to last year. Excluding the contribution from our acquisition of Red Canary, net new ARR was $139 million, up 7% year over year, and total ARR up 21%. These results compare to an exceptionally strong 24% net new ARR growth last year. Red Canary exited Q2 with $114 million of ARR. For the first half of the year, net new ARR, excluding Red Canary, grew 10% year over year, accelerating from 1% last year.

尤其值得一提的是，今年美洲地區成交的100萬美元以上的交易數量是去年的兩倍。不計入收購 Red Canary 的貢獻，淨新增 ARR 為 1.39 億美元，年增 7%，總 ARR 成長 21%。與去年異常強勁的 24% 淨新增 ARR 成長率相比，這些結果顯得尤為突出。Red Canary 第二季末的年度經常性收入為 1.14 億美元。今年上半年，不包括 Red Canary 在內的新增淨 ARR 年增 10%，較去年同期的 1% 增速加快。

This quarter, our Zero Trust Internet Access or ZIA and Zero Trust Private Access or ZPA, ARR remained healthy and grew in the mid‑teens. We have steadily expanded our Zero Trust platform beyond users to protect branches, workloads, AI applications, and now AI agents. We believe AI agents will drive a meaningful increase in machine‑to‑machine and agent‑to‑agent interactions over time. In Q2, our non‑seat‑based metered usage solutions delivered just over one‑quarter of new ACV, and the ARR tied to those offerings grew more than 100% year over year.

本季度，我們的零信任網路存取 (ZIA) 和零信任私有接取 (ZPA) 的年度經常性收入 (ARR) 保持健康成長，達到 15% 左右。我們不斷擴展零信任平台，使其不再局限於用戶，而是擴展到保護分支機構、工作負載、人工智慧應用程序，現在還包括人工智慧代理。我們相信，隨著時間的推移，人工智慧代理將顯著增加機器與機器以及代理與代理之間的交互作用。第二季度，我們的非「座位」計量使用解決方案帶來了略高於四分之一的新ACV，與這些產品相關的ARR年增超過100%。

Revenue of $816 million grew 26% year over year and 4% sequentially, exceeding the high end of our guidance. We closed Q2 with 728 customers generating over $1 million of ARR, and 3,886 customers exceeding $100,000 in ARR, both growing 18% year over year. We also set a record for $1 million‑plus new‑ACV deals for a Q2.

營收達 8.16 億美元，年增 26%，環比成長 4%，超過了我們預期的上限。在第二季末，我們有 728 位客戶創造了超過 100 萬美元的年度經常性收入 (ARR)，3,886 位客戶創造了超過 10 萬美元的年度經常性收入 (ARR)，兩者均同比增長 18%。我們還創下了第二季超過 100 萬美元的新 ACV 交易的記錄。

On a geographic basis, we saw strong growth from the Americas, which accounted for 57% of revenue, up approximately 31% year over year; EMEA accounted for 28%, up approximately 18%; and APJ for 15%, up approximately 23%. Remaining performance obligation or RPO of $6.1 billion grew approximately 31%, including approximately 47% classified as current RPO.

從地理來看，美洲地區實現了強勁成長，佔總營收的 57%，年成長約 31%；歐洲、中東和非洲地區佔 28%，年成長約 18%；亞太地區佔 15%，年成長約 23%。剩餘履約義務或 RPO 為 61 億美元，成長約 31%，其中約 47% 被歸類為目前 RPO。

We are pleased with the strong execution in our account‑centric sales motion, which is strengthening our position as a long‑term strategic partner and driving deeper customer adoption over time. In Q2, we again delivered double‑digit sales productivity growth, reflecting continued improvement in our go‑to‑market execution with meaningful headroom ahead. We also achieved record pipeline conversion for a Q2, signaling stronger pipeline quality and improved visibility.

我們對以客戶為中心的銷售模式的強勁執行力感到滿意，這鞏固了我們作為長期戰略合作夥伴的地位，並隨著時間的推移推動了客戶更深入地採用我們的產品和服務。第二季度，我們再次實現了兩位數的銷售效率成長，這反映出我們在市場推廣執行方面持續改進，未來還有很大的成長空間。第二季我們的管道轉換率也創下歷史新高，這顯示管道品質更強，可見度更高。

We continue to build strong momentum this quarter with our recently launched Z‑Flex program. Z‑Flex gives customers with multi‑year commitments the flexibility to activate or swap modules without starting a new procurement cycle, along with premium deployment assistance and support. This program is driving meaningful upsell, shorter sales cycles, and greater forward visibility. In Q2, Z‑Flex generated more than $290 million in TCV, up over 65% quarter over quarter. Since launching a year ago, we have delivered approximately $650 million in TCV at an average four‑year term, underscoring customers’ long‑term commitment to Zscaler.

本季度，我們以近期推出的 ZâfFlex 專案持續保持強勁的成長動能。ZâfFlex 為擁有多年承諾的客戶提供了啟動或更換模組的靈活性，而無需啟動新的採購週期，同時還提供高級部署協助和支援。該計劃正在推動有意義的追加銷售、縮短銷售週期並提高未來可視性。第二季度，ZâfFlex 的總合約價值超過 2.9 億美元，季增超過 65%。自一年前推出以來，我們已交付約 6.5 億美元的 TCV，平均期限為四年，凸顯了客戶對 Zscaler 的長期承諾。

To share a couple of customer examples: In a five‑year, eight‑figure Z‑Flex deal, a large US‑based finance and insurance customer nearly tripled its annual spend by expanding its module adoption across 11 existing modules and adopting 5 new modules, including our AI security solution. In a new‑logo Z‑Flex win, a Fortune 500 retail customer purchased 11 modules in a five‑year, eight‑figure deal. This customer adopted all of our Zero Trust solutions, including Zero Trust Users, Cloud, and Branch--landing as a Zero Trust Everywhere customer.

分享幾個客戶案例：在與 ZFlex 達成的一項為期五年、金額達數千萬美元的交易中，一家總部位於美國的金融和保險大客戶透過擴大其在 11 個現有模組中的應用範圍並採用 5 個新模組（包括我們的 AI 安全解決方案），使其年度支出幾乎翻了三倍。在新標誌 Z Flex 的一次成功中，財富 500 強零售客戶購買了 11 個模組，簽訂了一份為期五年、金額達八位數的合約。這位客戶採用了我們所有的零信任解決方案，包括零信任用戶、雲端和分公司——最終成為零信任無所不在的客戶。

Turning to M&A, I’d like to start with some color on our recent acquisitions. On February 5th, we closed the acquisition of SquareX, which extends Zero Trust capabilities into any browser, enabling organizations to leverage standard browsers like Chrome and Edge to secure access on unmanaged devices, without requiring a separate third‑party enterprise browser or using outdated and costly virtual desktop infrastructure.

談到併購，我想先簡單介紹一下我們最近的收購情況。2 月 5 日，我們完成了對 SquareX 的收購，這將零信任功能擴展到任何瀏覽器，使組織能夠利用 Chrome 和 Edge 等標準瀏覽器來保護對非託管設備的訪問，而無需單獨的第三方企業瀏覽器或使用過時且昂貴的虛擬桌面基礎架構。

Next, Red Canary. On February 1, we executed the next phase of integrating the Red Canary teams with the respective Zscaler teams. Red Canary was primarily a technology and talent acquisition. As we shared when we closed this acquisition, churn for MDR businesses is higher than we experience in our Zscaler business. Post‑acquisition, Red Canary’s churn has been elevated. We’ll be providing Red Canary ARR in Q3 and Q4.

接下來是紅金絲雀。2月1日，我們執行了Red Canary團隊與Zscaler各團隊整合的下一階段工作。Red Canary 主要從事技術和人才招募。正如我們在完成此次收購時所分享的那樣，MDR 業務的客戶流失率高於我們在 Zscaler 業務中遇到的情況。收購後，Red Canary 的客戶流失率上升了。我們將於第三季和第四季提供 Red Canary ARR。

Turning to operating performance: Non‑GAAP gross margin was 80.2%, compared to 80.4% a year ago. Non‑GAAP operating income of $181 million grew $41 million, or 29%, as compared to $140 million last year. Non‑GAAP operating margin of 22.2% increased 50 basis points year over year, reflecting the sales‑productivity improvements I mentioned earlier, demonstrating leverage on sales and marketing.

再來看經營績效：非GAAP毛利率為80.2%，而一年前為80.4%。非GAAP營業收入為1.81億美元，比去年的1.4億美元成長了4,100萬美元，增幅達29%。非GAAP營業利潤率為22.2%，年成長50個基點，反映了我之前提到的銷售效率提升，顯示了銷售和行銷的槓桿作用。

Turning to the balance sheet, we ended the quarter with $3.5 billion in cash, cash equivalents and short‑term investments, and $1.7 billion of debt. In Q2, we generated $204 million in operating cash flow, up 14% year over year, and CapEx was $18 million, or 2% of revenue. Finally, free cash flow margin was 20.7% this quarter, down from 22.1% last year, driven by the timing of cash collections.

從資產負債表來看，本季末我們擁有 35 億美元的現金、現金等價物和短期投資，以及 17 億美元的債務。第二季度，我們產生了 2.04 億美元的營運現金流，年增 14%；資本支出為 1,800 萬美元，佔營收的 2%。最後，本季自由現金流利潤率為 20.7%，低於去年同期的 22.1%，主要原因是現金回收的時間安排。

Looking ahead, I’d like to spend a minute addressing the recent increases in memory, storage, and processor prices and availability. So far, we haven’t seen a meaningful impact to our operations. However, it could become a factor in the future as we purchase equipment for our data centers and Zero Trust Branch appliances. We’ll continue to monitor our costs and adjust customer pricing, if needed.

展望未來，我想花一分鐘時間談談最近記憶體、儲存和處理器價格及供應情況的上漲情況。到目前為止，我們還沒有看到對我們的營運產生實質影響。然而，隨著我們為資料中心和零信任分公司設備採購設備，這可能會在未來成為一個因素。我們將繼續監控成本，並在必要時調整客戶價格。

Turning to guidance. Let me provide our outlook for Q3 and full year fiscal '26. As a reminder, these numbers are all on a non-GAAP basis. For the third quarter, we expect revenue of $834 million to $836 million, reflecting approximately 23% year‑over‑year growth; gross margin of approximately 80%; operating profit of $187 million to $189 million, equating to an operating margin of 22.4% to 22.6%; net other income of approximately $25 million; and earnings per share of $1.00 to $1.01, assuming a 21% tax rate and 167 million fully diluted shares.

尋求指導。讓我來介紹一下我們對2026財年第三季和全年的展望。需要提醒的是，這些資料都是非GAAP準則下的。第三季度，我們預計營收為 8.34 億美元至 8.36 億美元，年增約 23%；毛利率約為 80%；營業利潤為 1.87 億美元至 1.89 億美元，營業利潤率為 22.4% 至 22.6%；其他淨收入約為 2,500 萬美元； 21%，完全稀釋後股份為 1.67 億股）。

For the full year fiscal 2026: ARR of $3.730 billion to $3.745 billion, or year‑over‑year growth of approximately 24%. This guidance implies net new ARR growth, excluding Red Canary, of approximately 9.5%. For Red Canary, we expect ARR of approximately $130 million in fiscal ’26, up from our prior guidance of $95 million, with net new ARR of approximately $6 million in Q3 and $10 million in Q4. This includes all the business expected in each period, including fiscal ’26 renewals, upsells, and new logos.

2026 財年全年：年度經常性收入 (ARR) 為 37.3 億美元至 37.45 億美元，年成長約 24%。此預期意味著，不包括 Red Canary 在內的新增 ARR 淨成長率約為 9.5%。對於 Red Canary，我們預計 2026 財年的 ARR 約為 1.3 億美元，高於我們先前 9,500 萬美元的預期，第三季新增 ARR 約為 600 萬美元，第四季新增 ARR 約為 1,000 萬美元。這包括每個時期預期的所有業務，包括財政年度續約、追加銷售和新徽標。

For the second half of fiscal ’26, we expect approximately 40% of total net new ARR to be recognized in Q3. Revenue of $3.309 billion to $3.322 billion, reflecting year‑over‑year growth of 23.8% to 24.3%. We expect Red Canary revenue of approximately $125 million in fiscal ’26, up from our prior guidance of $90 million.

對於2026財年的下半年，我們預計大約40%的新增淨ARR將在第三季確認。營收為 33.09 億美元至 33.22 億美元，年增 23.8% 至 24.3%。我們預計 Red Canary 在 2026 財年的營收約為 1.25 億美元，高於我們先前 9,000 萬美元的預期。

Operating profit of $742 million to $748 million, up approximately 28% to 29% year over year, up from our prior guidance of $732 million to $740 million. Earnings per share of $3.99 to $4.02, assuming a 21% tax rate and approximately 169 million fully diluted shares. And free cash flow margin of approximately 26.5% to 27%, reflecting CapEx in the mid‑single digits as a percentage of revenue.

營業利潤為 7.42 億美元至 7.48 億美元，年成長約 28% 至 29%，高於我們先前預測的 7.32 億美元至 7.4 億美元。假設稅率為 21%，且完全稀釋後的股份約為 1.69 億股，則每股收益為 3.99 美元至 4.02 美元。自由現金流利潤率約為 26.5% 至 27%，反映出資本支出佔收入的百分比在個位數中段。

We are very pleased with the results we delivered in the first half of fiscal ’26. We achieved 25% year‑over‑year ARR growth and record operating income. Excluding Red Canary, our net new ARR growth accelerated to 10% in the first half of the year, up from 1% in the same period last year. We also saw continued momentum with Z‑Flex and closed a record number of $1 million‑plus ARR deals for Q2.

我們對2026財年上半年所取得的成績非常滿意。我們實現了 25% 的年均經常性收入成長和創紀錄的營業收入。剔除 Red Canary 的影響，我們今年上半年的淨新增 ARR 成長率加速至 10%，而去年同期為 1%。我們還看到 ZâfFlex 繼續保持成長勢頭，並在第二季完成了創紀錄的 100 萬美元以上的 ARR 交易。

Looking ahead to the second half of the year, we believe we are well positioned to build on this momentum. We will do this by scaling our rapidly expanding AI security portfolio, expanding Zero Trust Everywhere adoption, and growing our Data Security Everywhere revenue. Ultimately, we remain focused on driving durable, profitable growth with strong cash generation.

展望下半年，我們相信我們已做好充分準備，能夠延續這一發展勢頭。我們將透過擴大快速成長的 AI 安全產品組合、擴大 Zero Trust Everywhere 的採用率以及增加 Data Security Everywhere 的收入來實現這一目標。最終，我們仍將專注於透過強勁的現金流來推動持久、獲利的成長。

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)

（操作說明）

Saket Kalia, Barclays

薩克特·卡利亞，巴克萊銀行

Okay, great. Hey guys, thanks for taking my question here and thank you, team, for the increased disclosure on Red Canary. Very helpful. Jay, maybe for you, I'd love if we could talk about just the competitive backdrop a little bit, and anything you can touch on in terms of competitive win rates and what you saw this quarter. I mean, clearly, this is a rising tide, market, but, there are other players as well. Maybe the question is, where are you winning and what impact, if any, are they having?

好的，太好了。大家好，感謝你們在這裡回答我的問題，也感謝團隊提高了對 Red Canary 的資訊揭露。很有幫助。Jay，或許我們可以稍微聊聊競技環境，以及你對競技勝率和本季所見所聞的任何看法。我的意思是，很明顯，這是一個蓬勃發展的市場，但是，也有其他參與者。或許問題在於，你在哪些方面取得了成功，以及這些成功產生了什麼影響（如果有的話）？

Thank you, Saket. We haven't seen much change in the competitive dynamics over the past few quarters. What we saw was a record pipeline conversion for Q2, which is wonderful. And we also had a record Q2 in terms of large deal wins and in Q2 and large deal wins, I mean over $1 million.

謝謝你，薩凱特。過去幾個季度，競爭格局並沒有太大變化。我們看到第二季的銷售轉換率創下歷史新高，這真是太好了。我們第二季的大額交易也創下了紀錄，我指的是超過 100 萬美元的大額交易。

I mean, there's a fair amount of noise the market creates out there SASE this, SASE that. SASE is a collection of all kinds of products. In many of these SASE numbers, legacy firewalls, VPNs get thrown out. But what we are seeing in the market is our customers care about Zero Trust. And as we engage and explain Zero Trust, we almost always win. And by the way, SASE is not equal to Zero Trust, and Zero Trust is what eliminates lateral movement. So very pleased with the performance. Our brand has grown. Most of the large enterprises like us, they know us, and I think the future is great for us.

我的意思是，市場上充斥著各種各樣的噪音，像是 SASE 這個 SASE，SASE 那 SASE。SASE 是一個匯集了各種產品的系列。在許多這樣的 SASE 號碼中，傳統防火牆和 VPN 都被棄用了。但我們從市場上看到的是，我們的客戶非常關注零信任。當我們參與並解釋零信任機制時，我們幾乎總是能夠取得勝利。順便說一下，SASE 不等於零信任，而零信任才是消除橫向移動的關鍵。非常滿意這次演出。我們的品牌發展壯大了。大多數像我們這樣的大企業都了解我們，我認為我們的未來一片光明。

Very helpful. I'll hop back in queue. Thank you.

很有幫助。我重新排隊。謝謝。

Brad Zelnick, Deutsche Bank.

布拉德‧澤爾尼克，德意志銀行。

Oh great, thank you so much. Congrats again on another great quarter, guys, and also appreciate the additional disclosure. Kevin, it seems you're raising your full year ARR expectation by more than your overachievement in Q2. How much might be from newer acquisitions and are there any seasonal anomalies we should consider? Perhaps slip deals out of Q2 or anything like that? Thank you.

哦，太好了，非常感謝。再次恭喜各位又一個季度取得佳績，也感謝你們提供的額外資訊。凱文，看來你對全年 ARR 的預期上調幅度超過了第二季超額完成的業績。其中有多少可能來自新收購的資產？是否有任何季節性異常情況需要考慮？或許可以把一些交易延後到第二季之類的？謝謝。

Thanks, Brad. Appreciate the comments and the question. First of all, just, remember our business seasonality, tends to favor H2, so we are, going into the second half of the year feeling confident. We do see a strong pipeline of deals going into the back half, which does give us confidence in the raises, with the exception -- excluding Red Canary. So I would point to strength in the overall business as well as just general seasonality that we see in the back half of the year.

謝謝你，布拉德。感謝您的評論和提問。首先，請記住，我們的業務季節性往往有利於下半年，所以我們對進入下半年充滿信心。我們看到下半年有很多強勁的交易項目正在進行，這讓我們對融資充滿信心，但 Red Canary 除外。因此，我認為整體業務的強勁表現以及我們在下半年看到的普遍季節性因素都是原因。

Okay. Thanks a lot.

好的。多謝。

Gregg Moskowitz, Mizuho.

Gregg Moskowitz，瑞穗銀行。

Great, thank you very much for taking the question. Also, welcome the additional disclosure, thank you for that. Very interesting that your non-seat-based meter usage solutions are, now over 25% of new ACV. That's higher than a lot of people had thought, and with the, related ARR more than doubling year over year, this has a. Potential to put some upward pressure on the growth algorithm for Zscaler in the future.

太好了，非常感謝您回答這個問題。另外，感謝您提供的補充資訊。非常有趣的是，你們的非座位計費使用解決方案現在佔新ACV的25%以上。這比許多人預想的要高，而且相關的年度經常性收入（ARR）比去年同期成長超過一倍，這具有重要意義。未來有可能對 Zscaler 的成長演算法施加一定的上行壓力。

But Jay, when you kind of look, deeper at these non-seat based solutions, you gave some good color in your prepared remarks, but can you help us better understand what's really most resonating with customers today as well as what you're most excited about going forward? Thanks.

但 Jay，當你更深入地了解這些非席位制解決方案時，你在準備好的發言中給出了一些很好的見解，但你能否幫助我們更好地了解目前客戶最感興趣的是什麼，以及你對未來最興奮的是什麼？謝謝。

Of course. Yes, we started early on with Zscaler. For users for Zero Trust that was largely seat based, but now we have Zero Trust for workloads, branches, devices, and now we're extending it to AI agents as well. Now, even for users, we did have a number of use cases that are non-seat based. This is ZIA ZPA where we were doing third-party contractors, guest Wi Fi, or B2B data exchange with suppliers and customers. And yet our growth on Zero Trust branch and cloud has been very strong, and that's all non-user or metered pricing.

當然。是的，我們很早就開始使用 Zscaler 了。對於零信任用戶而言，零信任主要基於席位，但現在我們實現了工作負載、分支機構、設備的零信任，現在我們也將其擴展到人工智慧代理。即使對於使用者而言，我們也有一些與席位無關的使用案例。這是 ZIA ZPA，我們在這裡與第三方承包商合作，提供訪客 Wi-Fi 服務，或與供應商和客戶進行 B2B 資料交換。然而，我們在零信任分公司和雲端方面的成長非常強勁，而且這完全不是以用戶或計量定價。

Our AI security solutions, which are starting small but growing pretty rapidly, are all non-user based rather they are token based. And yeah, we are pleased to say that 25% of a new business came from metered uses, and we expect it to grow over time, especially with AI agents, because we believe that there will be billions of AI agents the only way to secure communication of AI agents is to go through Zero Trust Exchange. That scale that's highly reliable and globally distributed, and that's what we have.

我們的 AI 安全解決方案雖然起步規模較小，但發展迅速，它們都是基於代幣而非用戶的安全解決方案。是的，我們很高興地宣布，25% 的新業務來自按量計費的使用，我們預計隨著時間的推移，這一比例還會增長，尤其是在人工智慧代理方面，因為我們相信未來會有數十億個人工智慧代理，而確保人工智慧代理之間通信安全的唯一方法是透過零信任交換。我們擁有的就是這種高度可靠且全球分佈的規模。

Very helpful. Thank you.

很有幫助。謝謝。

Brian Essex, JP Morgan.

Brian Essex，摩根大通。

Great, thank you. Good afternoon and thank you for taking the question and another set of kudos to Kevin for the, organic versus inorganic disclosure. Maybe a question for you, Jay, and I we saw this quite a lot during, like a decade ago when digital transformation was the buzzword and a lot of different IT projects were classified as digital transformation products.

太好了，謝謝。下午好，感謝您回答這個問題，再次感謝 Kevin 對有機成長與無機成長披露的講解。傑伊，也許我想問你一個問題。大約十年前，當數位轉型成為流行語時，我們經常看到這種情況，許多不同的 IT 專案被歸類為數位轉型產品。

Similarly, we're starting to hear of a lot of projects. Where executives are throwing AI on top of their projects to get more budget. And from that perspective, are you beginning to see any attach to budgets outside of security? How are CIOs thinking about, funding some of these projects and is Zscaler beneficiary of that?

同樣，我們也開始聽到很多專案的消息。高階主管為了獲得更多預算，紛紛在專案中引進人工智慧技術。從這個角度來看，您是否開始看到安全性以外的預算有任何附加條件？CIO們是如何考慮資助這些計畫的？ Zscaler是否從中受益？

Yeah. So we are seeing CIOs trying to really move as fast as they can to implement AI security projects. And so the feeling is if I'm not doing something, I'll be left behind. That's a clear thing I see as I talk to lots and lots of them, but they do all worry about cybersecurity, especially when you see all these agents showing up every other week. I mean, last night was it for Perplexity computer and Claude before that, and all these guys keeps on coming. They are definitely creating security issues.

是的。因此，我們看到資訊長們正努力以最快的速度推動人工智慧安全專案的實施。所以我覺得，如果我不做點什麼，就會被落下。這一點我在和很多人交談後都深有體會，他們都很擔心網路安全，尤其是當你看到這些特務每隔一周就出現一次的時候。我的意思是，昨晚是 Perplexity computer 的演出，再之前是 Claude，而這些人還在不斷湧現。他們這樣做無疑會造成安全隱患。

So our customers are asking us, what can you provide me for visibility into AI assets and risk associated with that, and then start moving around. How do we control agents? How do we have a policy that can say certain agents can access certain applications? Agents are somewhat like you. They're just more dangerous and they're growing at a rapid pace.

因此，我們的客戶會問我們，你們能提供什麼資訊來幫助他們了解人工智慧資產及其相關風險，然後開始採取行動。我們如何控制代理人？我們如何制定一項策略，規定某些代理人可以存取某些應用程式？經紀人和你有些相似。它們更加危險，而且成長速度非常快。

So there is a high degree of interest in proper security, especially Zero Trust for agents that we provide. The budget opens up. The budget either comes from the security side of it, or the CIOs are allocating some number of budget out of the AI project. If you're spending $100 on an AI project, you spend $4, $5, $6 on security is viewed as a very nominal thing. So we're not seeing budgets as an issue to do AI security projects, it does require that you need to engage at the C-level, and we have very good C-level relationships, and we have pretty good brand and credibility with Fortune 500 companies. Thank you.

因此，人們對適當的安全措施，特別是我們為代理商提供的零信任安全措施，表現出了高度的興趣。預算開放。預算要么來自安全方面，要么是首席資訊長們從人工智慧專案中撥出的部分預算。如果你在一個人工智慧專案上花費 100 美元，那麼在安全方面花費 4、5、6 美元就被視為非常微不足道的事情。因此，我們並不認為預算是開展人工智慧安全專案的問題，這確實需要與高階主管溝通，而我們與高階主管建立了非常好的關係，並且在財富 500 強公司中擁有相當不錯的品牌和信譽。謝謝。

Super helpful, thanks.

非常有用，謝謝。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Great thanks maybe a question for me kind of following up on Brian's question of just what you're seeing in terms of sales cycles once kind of a deal is encompassing more AI. I guess just how does it change the dynamic of either kind of needing to take a more holistic view or needing to include more modules. Just what are you seeing there?

非常感謝。我可能有一個問題想問您，算是 Brian 的問題的補充，那就是當交易更多地融入人工智慧時，您在銷售週期方面看到了什麼。我想知道這會如何改變現狀，是需要採取更全面的觀點，還是需要納入更多模組。你在那裡看到了什麼？

So sales cycle depends upon the scope of the project. The first thing our customers are trying to do is put their hands around what do they have in AI environment, what public AI is being used, and what private AIs are being used. So for that we offer AI asset management. Then they want to do vulnerability assessment, red-teaming kind of stuff as they roll out the project, guardrails becomes important.

因此，銷售週期取決於項目的範圍。我們的客戶首先要做的是了解他們在人工智慧環境中擁有什麼，正在使用哪些公共人工智慧，以及正在使用哪些私有人工智慧。因此，我們提供人工智慧資產管理服務。然後，隨著專案的推進，他們想要進行漏洞評估、紅隊演練之類的工作，這時防護措施就變得非常重要了。

Last month we launched our very integrated AI security portfolio. The sales cycle based on what modules they're doing is generally faster because they're not really trying to go after everything. They want to start somewhere, but they want an integrated solution.

上個月我們推出了高度整合的AI安全產品組合。由於他們並沒有試圖面面俱到，根據他們所開發的模組，銷售週期通常會更快。他們想從某個地方開始，但他們想要一個綜合解決方案。

In fact a number of customers have told me, hey, we bought this solution from a startup, but for one year. Until I figure out what integrated solution can I get from a trusted vendor like Zscaler who will be around for the long-term. So deals, sales cycles are faster. They are smaller deals to start with, and I think they'll grow over time, especially most of those deals are based on consumption of tokens, and as users grows, uses of tokens will grow.

事實上，很多客戶都告訴我，嘿，我們從一家新創公司購買了這個解決方案，但只花了一年。直到我找到像 Zscaler 這樣值得信賴且能夠長期存在的供應商提供的整合解決方案為止。因此，交易和銷售週期更快。一開始這些交易規模較小，但我認為隨著時間的推移，它們會不斷發展壯大，尤其是大多數交易都是基於代幣的消費，隨著用戶數量的增長，代幣的使用量也會增長。

Great. Thank you.

偉大的。謝謝。

Fatima Boolani, Citi.

Fatima Boolani，花旗銀行。

Good afternoon. Thank you for taking my question. Kevin, this one's for you. I was hoping to take a step back, to have you reconcile the comments around Red Canary seeing elevated churn, but also the, close to 30% revision on your financial contribution expectation from Red Canary both to ARR and top-line on revenue.

午安.感謝您回答我的問題。凱文，這首歌是為你準備的。我希望能夠退一步，讓您解釋一下關於 Red Canary 客戶流失率上升的評論，以及您對 Red Canary 對 ARR 和總收入的財務貢獻預期下調近 30% 的原因。

So just wanted to kind of better understand. I know you sort of flagged that the Red Canary business generally had much higher levels of churn relative to Zscaler proper. So I just kind of wanted to better understand the dichotomy between those statements and if you can opine on that. Thank you.

所以，我只是想更了解一下。我知道你曾指出，Red Canary 業務的客戶流失率通常比 Zscaler 本身高出許多。所以我想更能理解這些說法之間的矛盾之處，如果您能就此發表看法就太好了。謝謝。

Yeah, I appreciate the question. So look, I mean, there is an element here that, as we talked about when we did the acquisitions, as we do secure the renewals, there is a positive impact to ARR and so you are seeing some of that come in. My commentary just around the elevated levels of renewals is just to give color around what we are seeing.

是的，感謝你的提問。所以你看，我的意思是，這裡有一個因素，正如我們在進行收購時所討論的那樣，當我們確保續約時，這對 ARR 有積極的影響，所以你會看到其中的一些影響。我之所以對不斷攀升的續約水準發表評論，只是為了為我們所看到的現象增添一些色彩。

As a reminder, Red Canary was a technology and talent acquisition, and it is a core feature of the agentic SOC that we are putting together and combining, and I mentioned that we put, we moved into the next phase of our integration, earlier this month, and now consolidating those teams which we're really excited about. So I mean, the reconciliation is really just to give you guys a sense for what we're seeing in the business, and how you should think about the second half of the year.

提醒一下，Red Canary 是一家技術和人才收購公司，它是我們正在組建和整合的代理 SOC 的核心功能。我之前提到過，本月初我們已經進入了整合的下一階段，現在正在整合這些團隊，我們對此感到非常興奮。所以我的意思是，這次和解其實只是為了讓你們了解我們在業務中看到的情況，以及你們應該如何看待下半年。

Roger Boyd, UBS.

羅傑·博伊德，瑞銀集團。

Great, thanks for taking the question. Jay, I wanted to touch on sales productivity. You've made a number of changes to the go to market strategy over the past year in order to really help guide customers towards more transformational projects, and I know you mentioned, another improvement this quarter. But can you talk about kind of the future ramp you're expecting in terms of Salesforce productivity? Do you see further room to upside given the push towards more of these transformational deals that are bigger but maybe more complex?

太好了，謝謝你回答這個問題。傑伊，我想談談銷售效率。過去一年，你們對市場推廣策略進行了許多調整，以真正幫助引導客戶開展更具變革性的項目，而且我知道你們也提到，本季度還將進行另一項改進。能否談談您對 Salesforce 生產力未來成長的預期？鑑於目前推動達成更多規模更大、但也可能更複雜的變革性交易，您認為未來還有上漲空間嗎？

Thanks. I'll give you a broader view and Kevin can get into more specific stuff. With the changes they've gone through, we are driving more transformational deals, better engaging with our customers. With that you're seeing, bigger deals, ZFlex type of deals, that are happening out there that's leading to improved productivity. In fact, rather we had a double-digit sales productivity growth. Very pleased with the way sales transformation has happened, as we said last quarter, the transformation is done. Now we keep on executing part of them. Kevin?

謝謝。我來提供你一個更宏觀的視角，凱文可以深入探討更具體的內容。經歷了這些變化之後，我們正在推動更多變革性交易，並更好地與客戶互動。因此，你會看到，市場上出現了更多更大的交易，例如 ZFlex 類型的交易，這些交易正在提高生產力。事實上，我們的銷售效率實現了兩位數的成長。我們對銷售轉型的進展非常滿意，正如我們上個季度所說，轉型已經完成。現在我們繼續執行其中的一部分。凱文？

Yeah, thanks, Jay. So just I want to just, kind of double click on that last point, right? So as we engage with our customers, the account centric model is a much different level of engagement. We're seeing a lot of interest in ZFlex and what that looks like from a strategic point of view, and so the nature of the conversations, the way in which we're engaging the larger deals that we're seeing all will lend itself to continued productivity opportunity going ahead.

謝謝你，傑伊。所以，我只想雙擊最後一個點，對吧？因此，在與客戶互動時，以客戶為中心的模式是一種截然不同的互動方式。我們看到大家對 ZFlex 及其策略意義非常感興趣，因此，對話的本質，以及我們參與大型交易的方式，都將有助於未來持續提高生產力。

So, as I look forward, I would expect that we will continue to see improvement in productivity as a result. So, we are seeing the benefits and I expect that we'll continue to see an improvement over time.

因此，展望未來，我預期生產力將繼續因此而提高。所以，我們已經看到了好處，我預計隨著時間的推移，我們會看到持續的改善。

And if I may add, the record pipeline conversion in Q2 as a good indication of that what we want to do is working. Record $1 million deals in a Q2, another indication of the results we're getting.

如果允許我補充一點，第二季的唱片管道轉換很好地表明，我們想做的事情是有效的。第二季創紀錄的百萬美元交易額，再次顯示我們取得了不錯的業績。

Ittai Kidron, Oppenheimer and Company.

伊泰·基德隆，奧本海默公司。

Thanks. Kevin, I wanted to dig into your comment on the core ZIA ZPA growth. I think you mentioned mid-teen in ARR. Can you give us a little bit more color? What was that growth rate over the last two, three quarters perhaps, and how do we think about expectations for your core ZIA ZPA business for the next two, three quarters?

謝謝。Kevin，我想深入探討你對 ZIA ZPA 核心成長的評論。我想你在 ARR 中提到過十幾歲中期。能再詳細描述一下嗎？過去兩三個季度的成長率是多少？我們對未來兩、三個季度貴公司核心業務 ZIA ZPA 的預期如何？

Yeah, thanks, Ittai. I appreciate the question. We have seen a pretty consistent performance in ZIA ZPA. We did get some feedback that it would be helpful for you guys to get a little bit more color in that regard, which is why I added that into the script. Keep in mind that that ZIA ZPA as it relates to Zero Trust Everywhere is the foundation and to a large degree, the base and the opportunity.

是啊，謝謝你，伊泰。感謝您的提問。我們看到 ZIA ZPA 的表現相當穩定。我們收到了一些回饋，認為如果能在這方面多一些色彩描述，對你們會有幫助，所以我就把這部分內容加入劇本了。請記住，ZIA ZPA 與 Zero Trust Everywhere 密切相關，它是基礎，在很大程度上是根本和機會。

If you look at the number of customers that we have today, roughly 4,400 out of more than 20,000 potential, companies that we think can be customers, you look at it in terms of Fortune 500 where we still have over half of those to prospect against, there is a massive opportunity left with ZIA ZPA as we think about it. And even within the companies that that we do have on ZIA ZPA, we have an opportunity to upsell those to Zero Trust Everywhere and then adjacently through the other pillars, data security and AI.

如果看看我們目前擁有的客戶數量，大約只有 4400 家，而我們認為潛在的客戶超過 20000 家，但如果從財富 500 強企業的角度來看，我們還有一半以上的潛在客戶需要開發，那麼 ZIA ZPA 仍然擁有巨大的發展機會。即使在我們已經擁有 ZIA ZPA 的公司中，我們也有機會向 Zero Trust Everywhere 推銷產品，然後透過其他支柱（如資料安全和人工智慧）進行推廣。

So, from our point of view, it reiterates the stability in the underlying business and really gives a sense for what's driving. Kind of the core of the business, but again, we've got these other three growth pillars that have been doing exceptionally well, and hopefully that additional color is helpful for you.

因此，從我們的角度來看，這重申了公司基本業務的穩定性，並真正展現了驅動因素。這算是公司的核心業務，但我們還有其他三個成長支柱業務，它們的表現都非常出色，希望這些補充資訊對您有所幫助。

One interesting stat, worth sharing is that customers on average are tripling their initial purchase in four years. That's pretty remarkable.

一個值得分享的有趣數據是，顧客平均會在四年內將首次購買金額增加兩倍。這真是太了不起了。

Thank you.

謝謝。

Grey Powell, BTIG.

格雷·鮑威爾，BTIG。

Oh great, thanks for taking the question. Can you hear me okay? I cut out there for a second..

太好了，謝謝你回答這個問題。你聽得清楚我說話嗎？我剛才短暫地離開了一下…

Yes, we can.

是的，我們可以。

Okay, so I want to follow-up on some of the earlier questions, and I think you've hit on this somewhat, but so you are seeing a lot of momentum in ZFlex deals. If I'm doing the math correctly, I'm calculating that ZFlex was over 30% of RPO bookings. I'm not sure if that's how you look at it.

好的，我想就之前的一些問題做個後續討論，我覺得你已經有所提及，ZFlex 的交易勢頭非常強勁。如果我計算正確的話，ZFlex 的預訂量佔 RPO 預訂量的 30% 以上。我不確定你是不是這麼看的。

But I guess the question is, how does the ARR ramp on a ZFlex deal compare to customers under historical contracts and then just any directional commentary you can give on how big a typical ZFlex customer is at maturity versus traditional or like what they spend and what's sort of like giving you the most upside from a product perspective.

但我想問的是，ZFlex 交易的 ARR 成長速度與歷史合約下的客戶相比如何？以及，您能否就 ZFlex 客戶成熟時的典型規模與傳統客戶相比如何，或者他們的消費情況，以及從產品角度來看，什麼能為您帶來最大的收益，給出一些方向性的評論？

Yeah, thanks for the question. Let me, maybe, just orientate. I mean, the way that we look at ZFlex is it is another opportunity for us to offer a package to a customer, that we think is mutually compelling. It gives them flexibility so they have less concern about being locked into a particular product or product decision in the future, it gives them an opportunity to focus more on the long-term partnership versus more transactional selling in nature, and then it does give an opportunity for them to try in a much easier less friction way new modules and expand into those modules.

謝謝你的提問。讓我先熟悉一下環境。我的意思是，我們看待 ZFlex 的方式是，它為我們提供了一個新的機會，讓我們能夠向客戶提供我們認為對雙方都有吸引力的解決方案。這讓他們擁有更大的靈活性，從而減少對未來被特定產品或產品決策束縛的擔憂；這讓他們有機會更加專注於長期合作關係，而不是更注重交易性質的銷售；此外，這也讓他們有機會以更輕鬆、摩擦更少的方式嘗試新模組並擴展到這些模組中。

From an offering perspective it is a much better and more strategic way to engage. We do think over time that more and more of our customers will adopt ZFlex. It is not something that we mandate or push but where we feel that it really is well positioned the field is enabled to be able to offer ZFlex going forward.

從產品/服務角度來看，這是一種更好、更具策略性的互動方式。我們認為，隨著時間的推移，越來越多的客戶會採用 ZFlex。這不是我們強製或推動的事情，但我們認為，如果某個領域確實具備良好的發展前景，那麼該領域就有能力在未來提供 ZFlex。

Your question around differences in ramps, et cetera. Fundamentally, two deals if it's a ZFlex or if it's a non-ZFlex, so long as they're similar structure, there's no difference in how that shows up in ARR. ZFlexes by their nature because they're longer-term, they've got more products they may. They have a ramp that is built in so that the customer can you know deploy along their deployment plan which could take anywhere from six months to a year but I wouldn't think about ZFlex is creating a different dynamic with respect to ARR other than it's just another level of indication that we are very strategic in that environment.

你的問題是關於坡道等方面的差異。從根本上講，無論是 ZFlex 交易還是非 ZFlex 交易，只要結構相似，在 ARR 中的顯示方式就沒有區別。ZFlex 的產品由於其長期性，因此擁有更多的產品。他們內建了一個加速器，以便客戶可以根據自己的部署計劃進行部署，這可能需要六個月到一年的時間，但我認為 ZFlex 並不會為 ARR 帶來不同的動態，它只是表明我們在該領域非常具有戰略性的另一個層面。

The average ZFlex deal is typically an eight-figure TCV commitment, and for those deals that we've done thus far it's been about a four year period, as we've talked about they tend to be three to five year deals and right now the average is about four. So hopefully that's helpful color.

ZFlex 的平均交易額通常為八位數的 TCV，而我們迄今為止達成的交易期限約為四年，正如我們之前所說，這些交易的期限通常為三到五年，目前的平均期限約為四年。希望這個顏色描述對你有幫助。

That's really helpful. Thank you.

這真的很有幫助。謝謝。

Jonathan Ruukhaver, Cantor Fitzgerald.

喬納森·魯克哈弗，坎托·菲茨杰拉德。

Yes, thank you. So I think Jay, this is for you. Just curious when you look at SquareX from my understanding you're embedding browser security via an extension rather than having a dedicated secure browser. Can you just talk about that? It seems like the flexibility could be a plus. But is there any trade-off between control and functionality, between extension and full browser, and then just curious also on your view of how critical is the browser layer to winning broader Zero Trust deals over the next couple of years.

是的，謝謝。所以我覺得傑伊，這是給你的。我只是好奇，據我了解，SquareX 是透過擴充功能嵌入瀏覽器安全功能，而不是使用專門的安全瀏覽器。你能談談這個嗎？這種靈活性似乎是個優點。但是，控制和功能之間、擴充功能和完整瀏覽器之間是否存在權衡取捨？另外，我也很好奇，在未來幾年內，瀏覽器層對於贏得更廣泛的零信任交易有多重要？

Thank you. Very good question. So we have been offering zero isolation solution using any standard browser for managed and unmanaged devices. No managed, no problem. Unmanaged devices means they were using their standard browser. Some customers wanted something like a device posture check on an unmanaged device, and for that one option was you buy a full blown enterprise browser from a third-party.

謝謝。問得好。因此，我們一直致力於提供零隔離解決方案，讓使用者可以使用任何標準瀏覽器存取託管​​和非託管設備。沒有管理，沒問題。未託管設備意味著他們使用的是標準瀏覽器。有些客戶希望對非託管設備進行設備姿態檢查，而實現這一目標的唯一方法是從第三方購買功能齊全的企業瀏覽器。

We looked at some of those acquisitions a couple of years ago. We did not like it. Full grown browser with its own vulnerabilities and customers don't like one more agent or in this case this is one more mega agent on the end point. So what we found was with SquareX acquisition we could add the security functionality such as device posture check using browser extensions. From unmanaged device, it's a wonderful use case for generally for third-party type of stuff for us.

幾年前我們曾考察過其中一些收購項目。我們不喜歡它。功能齊全的瀏覽器本身存在漏洞，而客戶並不喜歡終端機上再多一個代理，或者在這種情況下，再多一個超級代理。因此，我們發現透過收購 SquareX，我們可以使用瀏覽器擴充功能添加設備姿態檢查等安全功能。對於我們來說，對於非託管設備而言，這是一個絕佳的第三方應用場景。

So it's a clean better solution rather than trying to have full blown third-party browser and it really takes care of the gap that we have in this environment so we think it expands our TAM. We have lots of customers who are using browser isolation. This actually will help us expand it to handle some of the third parties who will come from unmanaged devices. So very pleased with the acquisition and the fit and the early market reaction to it.

因此，與嘗試使用功能齊全的第三方瀏覽器相比，這是一個更簡潔、更好的解決方案，它真正解決了我們在這個環境中存在的差距，因此我們認為它擴大了我們的潛在市場。我們有很多客戶都在使用瀏覽器隔離功能。這實際上將有助於我們擴展其功能，以處理來自非託管設備的一些第三方。我對此次收購、其契合度以及市場早期反應都非常滿意。

Thank you.

謝謝。

Eric Heath, KeyBanc.

Eric Heath，KeyBanc。

Hey, thanks for taking the question. Maybe I wanted to come back as an extension of Greg's earlier question. I'm thinking about AI agents. So AI agents are, will drive a lot of network traffic. So Jay, Kevin, just how should we think about how you can monetize that increased traffic? And Kevin, how we should think about it impacting the model over a longer time period? Thanks.

嘿，謝謝你回答這個問題。也許我想就格雷格之前的問題做個補充。我在思考人工智慧代理的問題。因此，人工智慧代理將會帶來大量的網路流量。那麼，Jay、Kevin，我們該如何考慮如何將增加的流量變現呢？凱文，我們應該如何考慮它在更長的時間跨度內對模型的影響？謝謝。

Yeah, thank you. We think these agents that are growing at a pretty rapid pace will generate a fair amount of traffic. The traffic means they're going to access Application A or B, or one agent is going to talk to a second agent. In order to do that, we believe the best security is that they should be going through a Zero Trust Exchange so that a given agent can only talk to a given agent or applications.

是啊，謝謝。我們認為這些發展速度相當快的代理商將會帶來相當可觀的流量。流量意味著他們將要存取應用程式 A 或 B，或者一個代理將與另一個代理進行通訊。為了實現這一點，我們認為最好的安全措施是讓他們透過零信任交換，這樣給定的代理只能與給定的代理或應用程式通訊。

Otherwise, imagine one infected or hijacked agent would infect the whole enterprise. That's the biggest value we bring to the table. The more agents, the more agentic traffic, the more value we deliver and the better revenue opportunity for us. So we look at it as probably the biggest upside for growth of Zscaler business.

否則，想像一下，一個被感染或被劫持的代理程式就會感染整個企業。這是我們能帶來的最大價值。代理商越多，代理商帶來的流量就越多，我們創造的價值就越大，我們的收入機會就越大。因此，我們認為這可能是 Zscaler 業務成長的最大利好因素。

Matt Hedberg, RBC.

Matt Hedberg，RBC。

Great, thanks for taking my questions, guys. Strong results in you're raising Kevin, you said by more than the beat, but I just had a clarification on ARR and I just want to make sure that I'm not missing anything. It looks like you raised the ARR midpoint by $30 million, but it looks like in the disclosure -- and maybe this is where I'm mistaken, but it looks like you took your Red Canary expectations up from $95 million to $135 million. So to me that looks like a $35 million raise. So, am I interpreting that right? Cause I'm just not totally certain about what kind of the organic raise here is for the year.

太好了，謝謝各位回答我的問題。你在提升 Kevin 方面取得了顯著成果，你說他比其他人進步更快，但我剛剛對 ARR 有一些疑問，我想確保我沒有遺漏任何東西。看起來您將 ARR 中點提高了 3000 萬美元，但披露資訊顯示——也許是我弄錯了——您似乎將 Red Canary 的預期從 9500 萬美元提高到了 1.35 億美元。所以在我看來，這相當於加薪3500萬美元。所以，我的理解對嗎？因為我不太確定今年這裡的有機成長幅度是多少。

Yeah, no, I appreciate the clarification. If you look at this on an organic basis, we are raising the organic net new from 6.7% as our initial raise in the beginning of the year to 9.5% growth for '26. So yes, there is some element of Red Canary that is in the -- is mechanically inherent in the raise, but the underlying growth and strengthen the organic business, giving us confidence to raise to 9.5% net new growth this year is what you're seeing fundamentally in the raise guidance.

是的，謝謝你的解釋。如果從有機成長的角度來看，我們將有機淨新增成長率從年初最初預期的 6.7% 提高到 2026 年的 9.5%。所以，是的，Red Canary 的一些因素確實包含在融資中——這在機制上是固有的，但基礎增長和加強有機業務，使我們有信心將今年的淨新增增長率提高到 9.5%，這就是你在融資指引中看到的根本原因。

And keep in mind just in the first half of this year, net new without Red Canary grew 10% against the backdrop of last year where it grew 1%. So we are seeing very healthy acceleration in net new ARR growth both first half and signaling for the back half.

請記住，光是今年上半年，不包括 Red Canary 在內的新淨銷售額就成長了 10%，而去年同期僅成長了 1%。因此，我們看到上半年新增年度經常性收入淨成長速度非常健康地加快，並且預示著下半年也將維持成長動能。

Thank you.

謝謝。

Keith Bachman, BMO.

Keith Bachman，BMO。

Okay, thank you. I broke up a little bit there, but I wanted to go ahead and ask the question about, Zero Trust Everywhere, and Jay, the question for you is how significant could this be? You're at 550 customers now. You were 130 a year ago. Two dimensions of the question are, what's the average ARR uplift that you experience when a customer goes to Zero Trust Everywhere? Is there some kind of lift that you could help guide us on? And then how deep do you think this could get, with your installed base? What's the potential reach here?

好的，謝謝。我剛才有點語無倫次了，但我還是想問一下關於「零信任無所不在」的問題。傑伊，你的問題是，這究竟有多重要？您現在擁有 550 位客戶。一年前你130歲。這個問題有兩個面向：當客戶採用「零信任無所不在」策略時，您獲得的平均 ARR 提升是多少？請問您能否幫忙引導我們搭乘某種升降機？那麼，以你們的用戶基數來看，你認為這種情況會發展到什麼程度呢？這裡的潛在影響範圍有多大？

Yeah. So first of all, we are very pleased with the number of customers becoming Zero Trust Everywhere customers. The number 550 is very good, and these are enterprise customers. They're large costs of it in terms of lift on ARR, I think we even shared last quarter that we are seeing 2 to 3x, essentially move in the ARR when customers are buying, moving to Zero Trust Everywhere, which is very good.

是的。首先，我們非常高興看到越來越多的客戶成為 Zero Trust Everywhere 的客戶。550 這個數字非常好，而且這些都是企業客戶。就 ARR 的提升而言，這是一筆很大的成本。我認為我們上個季度甚至分享過，我們看到 ARR 基本上增長了 2 到 3 倍，這主要得益於客戶購買時轉向零信任，這非常好。

In terms of potential out there. I can tell you a year ago when I was talking to I was talking to customers about Zero Trust Branch, which essentially replaces MPLS or SD-WAN. I was wondering how many customers will be saying I love my SD-WAN. Okay. I can tell you I don't find any Zscaler customer. Now These are our customers. They all want to replace SD-WAN for cost reasons and for security reasons. Remember, SD-WAN enables lateral that movement. So attention interest is very high in the Branch.

就潛在發展而言。我可以告訴你，一年前我與客戶談論零信任分支時，它本質上取代了 MPLS 或 SD-WAN。我想知道會有多少客戶說「我愛我的 SD-WAN」。好的。我可以告訴你，我找不到任何 Zscaler 的客戶。這些是我們的客戶。他們都想替換 SD-WAN，原因既有成本方面的，也有安全的。記住，SD-WAN 支援橫向移動。因此，大家對這個分支的關注度非常高。

On the cloud side of it too, it's a fascinating new disruptive play. We have literally no real competition other than old school firewalls, and trying to do firewall with IP address and ACL is a nightmare. So we're seeing the traction going. So very bullish on both Zero Trust Branch and Zero Trust Cloud. So I would love to see that every Zscaler customer in a matter of time will be Zero Trust Everywhere customer.

從雲端運算方面來看，這也是一種引人入勝的顛覆性創新。除了傳統的防火牆之外，我們實際上沒有任何真正的競爭對手，而嘗試使用 IP 位址和 ACL 來實現防火牆簡直是一場噩夢。所以我們看到這種勢頭正在增強。我對零信任分支和零信任雲都非常看好。所以我希望在不久的將來，每個 Zscaler 客戶都能成為 Zero Trust Everywhere 客戶。

And that concludes our Q&A session. I would now like to turn the conference back to Jay Chaudhry, CEO, Chairman and founder, for closing remarks.

我們的問答環節到此結束。現在我謹將會議交還給執行長、董事長兼創辦人傑伊·喬杜里先生，請他致閉幕詞。

Thank you for joining us. We look forward to seeing you at one of the investor conferences we'll be attending. Thanks again.

感謝您的參與。我們期待在我們即將參加的投資者會議上見到您。再次感謝。

And this concludes today's program. Thank you for participating. You may now disconnect.

今天的節目到此結束。感謝您的參與。您現在可以斷開連線了。