Zscaler, Inc. (ZS) 2026 Q3 法說會逐字稿

Thank you for standing by, and welcome to Zscaler's third quarter 2026 earnings conference call. (Operator Instructions)

感謝各位耐心等候，歡迎參加 Zscaler 2026 會計年度第三季財報電話會議。(接線員指示)

I would now like to hand the call over to Kim Watkins, SVP of Investor Relations. Please, go ahead.

現在我想把電話交給投資人關係資深副總裁 Kim Watkins。請開始。

Good afternoon, and thank you for joining us today. Welcome to Zscaler's Third Quarter Fiscal 2026 Earnings Conference Call. On the call with me today are Jay Chaudhry, Chairman and CEO; and Kevin Rubin, CFO. Please note that we posted our earnings release, shareholder letter, and a supplemental financial schedule to our Investor Relations website.

各位下午好，感謝今天與會。歡迎參加 Zscaler 2026 會計年度第三季財報電話會議。今天與我一同出席的有董事長暨執行長 Jay Chaudhry，以及財務長 Kevin Rubin。請注意，我們已在投資人關係網站發布財報新聞稿、致股東信，以及補充財務明細表。

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.

除非另有說明，我們今天討論的所有數字皆以調整後的非 GAAP 基礎呈現。您可在我們的財報新聞稿中找到 GAAP 與非 GAAP 財務衡量指標之間的調節表。

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, operating margin, 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. These statements and other comments are not guarantees of future performance, but rather are subject to risk and uncertainty, some of which are beyond our control. These forward-looking statements apply as of today, and you should not rely on them as representing our views in the future. We undertake no obligation to update these statements after this call. For a more complete discussion of the risks and uncertainties, please see our filings with the SEC as well as in today's earnings release.

在開始之前，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：公司預期的未來營收、年度經常性收入（ARR）、淨新增年度經常性收入、營業利益率、毛利率、營業利益、其他淨收益、每股盈餘與自由現金流利益率、客戶對我們產品的反應、我們對 AI 及其對本公司與客戶影響的預期，以及我們的市占率與市場機會、目標與展望。這些陳述及其他評論並非對未來績效的保證，而是受到風險與不確定性影響，其中部分超出我們的控制範圍。這些前瞻性陳述以今日為準，您不應將其視為我們未來的觀點。我們不承擔在本次電話會議後更新這些陳述的任何義務。如需更完整的風險與不確定性討論，請參閱我們向 SEC 提交的文件以及今日的財報新聞稿。

I also want to inform you that we'll be attending the following conferences this quarter: the Baird Global Consumer Technology & Services Conference on June 2, the Bank of America Global Technology Conference on June 3 and the FBN Virtual Technology Conference on June 15.

我也想告知各位，本季我們將出席以下會議：6 月 2 日的 Baird 全球消費科技與服務大會、6 月 3 日的美國銀行全球科技大會，以及 6 月 15 日的 FBN 線上科技大會。

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

接下來，我把電話交給 Jay。

Thanks, Kim, and thanks to everyone for joining us today. We delivered strong Q3 results, ARR grew 25% and non-GAAP operating margin hit an all-time high at 23%. AI is changing the nature of cybersecurity in real time, and Zscaler is the cybersecurity platform for the AI era. This is evident in our results and the reason we are so confident in our long-term potential. We offer the industry's only complete Zero Trust SASE solution, a singular Zero Trust platform across users, across cloud workloads and across branches.

謝謝 Kim，也感謝各位今天加入我們。我們交出強勁的第三季成果，ARR 成長 25%，非 GAAP 營業利益率創下歷史新高，達 23%。AI 正在即時改變資安的本質，而 Zscaler 是 AI 時代的資安平台。這在我們的業績中已清楚反映，也是我們對長期潛力充滿信心的原因。我們提供業界唯一完整的零信任 SASE 解決方案，以單一零信任平台涵蓋使用者、雲端工作負載與分支據點。

Our architecture is purpose built to address the limitations of firewall-based SASE solutions and has several key differentiators. First, we hide applications and data behind our Zero Trust Exchange, making them invisible from the Internet and eliminating the attack surface. An attacker can breach what it can reach. Hence, this architecture provides far superior cybersecurity protection for our customers.

我們的架構是為了解決以防火牆為基礎的 SASE 解決方案之限制而量身打造，並具備數項關鍵差異化優勢。首先，我們將應用程式與資料隱藏在 Zero Trust Exchange 之後，使其在網際網路上不可見，並消除攻擊面。攻擊者只能入侵其能觸及的目標。因此，這種架構能為客戶提供遠優於同業的資安防護。

Second, we eliminate lateral movement of attackers with our Zero Trust Architecture. We only allow authorized users and workloads to access specific applications. This reduces the blast radius of a potential breach providing better security to our customers. This stands in stark contrast to competitors with firewall-based SASE architecture that connect users to the corporate network and once a malicious actor gains a foothold on the network it can roam freely and systematically attempt to compromise critical applications or steal data. This is how most ransomware attacks happen.

第二，我們透過零信任架構消除攻擊者的橫向移動。我們只允許經授權的使用者與工作負載存取特定應用程式。這可縮小潛在入侵的影響範圍（blast radius），為客戶提供更佳的安全性。這與採用防火牆式 SASE 架構的競爭對手形成鮮明對比：其將使用者連到企業網路，一旦惡意行為者在網路中取得立足點，便可自由橫向移動，並系統性嘗試入侵關鍵應用或竊取資料。多數勒索軟體攻擊就是如此發生。

Finally, scale matters, and our cloud-native Zero Trust Exchange is the largest distributed in-line security platform in the world that spans across 160 public exchanges, processing more than 500 billion transactions per day. This gives us the best quality and quantity of telemetry data.

最後，規模至關重要。我們雲原生的 Zero Trust Exchange 是全球最大、分散式的 inline（串流式）安全平台，橫跨 160 個公共交換中心，每日處理超過 5,000 億筆交易。這讓我們擁有最佳品質與最大數量的遙測資料。

Simply put, no other cybersecurity vendor has access to data sets with comparable fidelity and breadth. This high-fidelity telemetry fuels our AI-powered security capabilities, continuously improving how we detect, prevent, and stop threats.

簡而言之，沒有任何其他資安供應商能取得在精確度與廣度上可比擬的資料集。這些高保真度的遙測資料驅動我們的 AI 賦能安全能力，持續提升我們偵測、預防並阻止威脅的方式。

These differentiators are especially important at a time when organizations are aggressively deploying AI applications and models with growing interest in AI agents at scale. We expect it won't be long before millions of AI agents have access to organizations, mission-critical applications, and sensitive data.

在各組織正積極部署 AI 應用與模型、並對大規模 AI 代理（AI agents）興趣日增之際，這些差異化優勢尤其重要。我們預期不久之後，將有數以百萬計的 AI 代理能存取組織、關鍵任務應用程式與敏感資料。

Today, users are the weakest link in cybersecurity. But soon, agents will be the weakest link because they operate at far greater speed and have far less oversight. Even a single compromise agent can move from discovery to data attack in minutes, inflicting catastrophic damage on enterprises, making it even more challenging. New powerful frontier AI models like Mythos are finding security vulnerabilities in software at machine speed, significantly diminishing the efforts, skill and time needed to breach enterprises.

今天，使用者是資安中最薄弱的一環。但很快，代理將成為最薄弱的一環，因為它們運作速度快得多，且監督更少。即使只是一個遭入侵的代理，也可能在數分鐘內從探索轉為資料攻擊，對企業造成災難性損害，使挑戰更加嚴峻。像 Mythos 這類新的強大前沿 AI 模型，正以機器速度在軟體中找出安全漏洞，大幅降低入侵企業所需的努力、技能與時間。

All enterprises already have thousands of known vulnerabilities that they haven't been able to patch. Frontier models are multiplying these unremediated vulnerabilities by as much as 10x and even more powerful models that are currently being developed will undoubtedly make it worse. Enterprises don't have the capacity to do patch and update existing vulnerabilities. So backlogs are piling up faster than organizations can address them.

所有企業早已存在數千個已知漏洞，卻尚未能完成修補。前沿模型正把這些未修復漏洞放大至多 10 倍，而目前正在開發中、更強大的模型無疑會讓情況更糟。企業沒有足夠能力為既有漏洞進行修補與更新。因此，待處理的積壓正以比組織能處理更快的速度累積。

To tackle this challenge, the market needs to take a different approach. We provide the two most important defenses against these vulnerabilities: one, hiding applications from attackers; and two, eliminating lateral movement at scale. This validates the architecture we pioneered. Zscaler was built for this moment. We started with Zero Trust security for users, so users can safely access applications from anywhere. Then we expanded our exchange to provide zero Trust security to branches, workloads and connected IoT OT devices.

為了應對這項挑戰，市場需要採取不同的方法。我們提供對抗這些漏洞最重要的兩道防線：第一，將應用程式對攻擊者隱藏；第二，在大規模下消除橫向移動。這驗證了我們所開創的架構。Zscaler 正是為此刻而打造。我們從面向使用者的零信任安全起步，讓使用者能從任何地方安全存取應用程式。接著，我們擴展交換平台，為分支據點、工作負載以及連網的 IoT/OT 裝置提供零信任安全。

Now we are expanding our exchange to secure AI agents. An important element of agentic security is to understand which agents, users and other identities are communicating with which models, applications, and data sources.

現在，我們正擴展交換平台以保護 AI 代理。代理式安全（agentic security）的重要要素之一，是了解哪些代理、使用者與其他身分正在與哪些模型、應用程式與資料來源進行通訊。

On May 21, we announced our intent to acquire Symmetry Systems a company that solved this difficult problem. Symmetry provides an access graph that maps how identities, applications and other data sources connect across the enterprise. We are integrating its Access Graph Technology with our Zero Trust Exchange. We are excited to share more about this at our Zenith Live User Conference in Las Vegas next month. We are also partnering with Anthropic on Project Glasswing and with OpenAI as part of its Daybreak program, formerly known as trusted access for cyber or tech which allows us to access frontier models to proactively harden our systems and deliver better security and resilience to our customers.

5 月 21 日，我們宣布有意收購 Symmetry Systems，該公司解決了這個棘手問題。Symmetry 提供一個存取圖譜（access graph），用以描繪企業內各種身分、應用程式與其他資料來源之間的連結方式。我們正把其存取圖譜技術與我們的 Zero Trust Exchange 進行整合。我們很期待在下個月於拉斯維加斯舉辦的 Zenith Live 使用者大會上分享更多內容。我們也與 Anthropic 在 Project Glasswing 上合作，並與 OpenAI 合作參與其 Daybreak 計畫（先前稱為 trusted access for cyber or tech），使我們能存取前沿模型，以主動強化我們的系統，並為客戶提供更佳的安全性與韌性。

Against this backdrop, investors have asked us where is the ideal place to guard against AI threats. We are in the enviable position of having strong visibility and control across three critical vantage points for superior security, network, cloud, and endpoint. This is indispensable in enforcing real-time policy decisions. It is a powerful advantage for our customers and an important differentiator for Zscaler.

在此背景下，投資人問我們：防範 AI 威脅的理想守門位置在哪裡？我們處於令人稱羨的位置，能在三個關鍵視角點上具備強大的可視性與控制力，以提供更卓越的安全性：網路、雲端與端點。這對於執行即時政策決策不可或缺。這是我們客戶的一項強大優勢，也是 Zscaler 的重要差異化因素。

We are enhancing our go-to-market engine across multiple dimensions to help highlight this differentiated approach. For example, we continue to deepen our partnership with global system integrators or GSIs who play a meaningful role in expanding the reach of the Zscaler platform. We are seeing strong growth in bookings through our GSI partners.

我們正從多個面向強化我們的市場進入（go-to-market）引擎，以協助凸顯這種差異化的方法。例如，我們持續深化與全球系統整合商（GSI）的合作夥伴關係；GSIs 在擴大 Zscaler 平台觸及範圍方面扮演重要角色。我們看到透過 GSI 合作夥伴帶來的訂單（bookings）強勁成長。

We recently announced the launch of Project AI Guardian, a strategic collaboration with key GSI partners, which will help our partners extend the Zero Trust architecture to AI assets, including AI agents. GSIs will be able to leverage Zscaler's AI for tech portfolio to build specialized AI discovery and risk mitigation services. We are also continuing to expand our cloud marketplace motion.

我們近期宣布啟動 Project AI Guardian，這是一項與關鍵 GSI 合作夥伴的策略性協作，將協助合作夥伴把零信任（Zero Trust）架構延伸至 AI 資產，包括 AI 代理（AI agents）。GSIs 將能運用 Zscaler 的 AI for tech 產品組合，打造專門的 AI 探索與風險緩解服務。我們也持續擴大我們的雲端市集（cloud marketplace）推進策略。

For fiscal 2026 year-to-date, we transacted approximately $900 million in TCV through our cloud marketplaces, which more than doubled year-over-year. This is becoming a more important route to market as cloud marketplaces simplify procurement, align well with enterprise cloud commitments, and increasingly support larger strategic engagements. These investments are helping expand our reach and Zscaler's unique architecture and approach for safe adoption of AI is resonating. This is evident in my conversations with customers and partners and why I believe AI is a catalyst for our business.

在 2026 會計年度截至目前，我們透過雲端市集完成約 9 億美元的總合約價值（TCV）交易，年增超過一倍。隨著雲端市集簡化採購流程、與企業雲端承諾高度契合，並日益支援更大型的策略性合作案，這正成為更重要的市場進入途徑。這些投資正協助擴大我們的觸及範圍，而 Zscaler 針對安全採用 AI 的獨特架構與方法也正引發共鳴。這點從我與客戶及合作夥伴的對話中可見一斑，也因此我相信 AI 是推動我們業務的催化劑。

Let me illustrate our progress with a few customer examples. In a seven-figure upsell deal, a Fortune 500 financial technology company chose Zscaler to secure rapid enterprise adoption of AI with our AI protect solution, which we introduced in January. AI Protect includes AI asset discovery, AI guardrails and continuous red teaming. Zscaler AI Protect provides this customer a single, integrated way to discover and manage all AI assets, including shadow AI uses and forcing safe access to approved apps and inspecting every prompt and response in real time to stop data leaks and attacks like prompt injection. This customer faced a complex challenge of securing both employee interactions with public AI apps and their own suite of custom-built AI solutions.

讓我用幾個客戶案例來說明我們的進展。在一筆七位數的加購（upsell）交易中，一家《財富》500 大的金融科技公司選擇 Zscaler，採用我們於 1 月推出的 AI Protect 解決方案，以確保企業能快速且安全地導入 AI。AI Protect 包含 AI 資產探索、AI 防護欄（guardrails）以及持續紅隊演練（continuous red teaming）。Zscaler AI Protect 為該客戶提供單一且整合的方式來探索並管理所有 AI 資產，包括影子 AI（shadow AI）的使用情境，並強制安全存取已核准的應用程式，同時即時檢查每一次提示（prompt）與回應，以阻止資料外洩與如提示注入（prompt injection）等攻擊。該客戶面臨的複雜挑戰在於：既要保護員工與公開 AI 應用程式的互動，也要保護其自建的一整套客製化 AI 解決方案。

With our AI red teaming and AI Guard capabilities, the customer moved from a manual reactive effort to an automated proactive approach to harden the growing number of AI applications for customers building their own AI models and applications. Our AI red teaming solution performs continuous security assessment. Our unified user interface and deep integration of multiple products is a key differentiator. Our AI Protect solution is resonating with customers with bookings crossing $100 million over the past 12 months. We are seeing inbound requests from across our customer base, and our pipeline is robust and growing.

透過我們的 AI 紅隊演練與 AI Guard 能力，該客戶從手動、被動的因應方式，轉為自動化、主動式的方法，以強化日益增加的 AI 應用程式安全性，適用於自行建置 AI 模型與應用程式的客戶。我們的 AI 紅隊演練解決方案可進行持續性的安全評估。我們的統一使用者介面，以及多項產品的深度整合，是關鍵差異化優勢。我們的 AI Protect 解決方案正獲得客戶青睞，過去 12 個月的訂單（bookings）已突破 1 億美元。我們看到來自整體客戶群的主動洽詢（inbound requests），而我們的銷售管線（pipeline）強勁且持續成長。

In another customer example, we closed a seven-figure upsell with a federal agency that previously migrated from a legacy VPN architecture last year to Zscaler's Zero Trust platform. This agency is deploying Zscaler to modernize and unify its data security strategy, gaining broad coverage without the overhead of managing additional endpoint agents or the operational complexity of stitching together various data security products.

在另一個客戶案例中，我們與一家聯邦機構完成一筆七位數的加購交易；該機構去年已從傳統 VPN 架構遷移至 Zscaler 的零信任平台。該機構正部署 Zscaler 以現代化並統一其資料安全策略，在不增加管理額外端點代理程式（endpoint agents）的負擔、也不必將各種資料安全產品拼接整合所帶來的營運複雜度下，取得廣泛的防護覆蓋。

With this expansion, that customer is now using six of Zscaler's eight data security modules across data classification, e-mail DLP, endpoint DLP and in-line DLP along with our GenAI security solution. The expansion underscores our broader momentum in data security, which crossed $500 million ARR, up over 30% year-over-year as AI adoption accelerates and sensitive data increasingly resides across multiple locations, customers are reducing cost and complexity by consolidating onto our data security solution.

隨著此次擴充，該客戶目前在資料分類、電子郵件 DLP、端點 DLP 與線上（in-line）DLP 等領域，已使用 Zscaler 八個資料安全模組中的六個，並搭配我們的 GenAI 安全解決方案。這次擴充凸顯我們在資料安全領域更廣泛的動能：資料安全 ARR 已突破 5 億美元，年增超過 30%。隨著 AI 導入加速且敏感資料愈來愈分散於多個位置，客戶正透過整合至我們的資料安全解決方案來降低成本與複雜度。

Turning to another customer example. During Q3, we signed the largest branch deal in Zscaler history, an eight-figure upsell with a leading healthcare system to deploy our unified Zero Trust branch solution across 2,000 sites. Zero Trust Branch disrupts branch firewalls, software-defined wide area networks, or SD-WAN and MPLS networks. With this win, we are displacing both a major firewall incumbent and a legacy VPN incumbent. With Zscaler, the customer is eliminating laterals tech movement in their health clinics at roughly half the cost of its prior legacy solution. We are seeing particular momentum with Zero Trust branch, where ARR has approximately tripled year-over-year.

再看另一個客戶案例。在第三季期間，我們簽下 Zscaler 歷史上最大的分支（branch）交易：與一家領先的醫療保健系統完成一筆八位數的加購交易，將我們的統一零信任分支解決方案部署至 2,000 個據點。Zero Trust Branch 顛覆了分支防火牆、軟體定義廣域網路（SD-WAN）以及 MPLS 網路。透過這次勝出，我們正在取代一家主要防火牆既有廠商以及一家傳統 VPN 既有廠商。採用 Zscaler 後，該客戶在其健康診所中消除了橫向技術移動（lateral movement），成本約為先前傳統解決方案的一半。我們看到 Zero Trust Branch 具備特別強勁的動能，其 ARR 約年增三倍。

The next customer I'll highlight is a seven-figure new logo win with the leading healthcare technology company for a platform-wide adoption. This deal illustrates why customers choose Zscaler over incumbent final vendors, the stickiness offers Zero Trust approach with CIOs and CSOs and our ability to convert a limited initial request into a comprehensive platform win. We received an inbound request for this particular customer after a senior technology leader joined from another customer, where he had a great experience deploying Zscaler. We fully understood the difference between Zero Trust SASE and firewall-based SASE. While the initial discussions started around securing users, the company's top priority quickly became securing cloud workloads. The deal quickly grew into a comprehensive platform win, including Zero-trust cloud Zero Trust Branch and four data security modules.

下一個要強調的客戶，是一家領先的醫療保健科技公司，採用全平台（platform-wide）導入，為一筆七位數的新客戶（new logo）勝出。這筆交易說明了為何客戶會選擇 Zscaler 而非既有的最終供應商（incumbent final vendors）：我們的零信任方法在 CIO 與 CSO 之間具有高度黏著度（stickiness），且我們能將有限的初始需求轉化為全面的平台型勝出。我們之所以收到該客戶的主動洽詢，是因為一位資深技術主管從另一位客戶加入該公司；他先前部署 Zscaler 的體驗非常好。我們充分理解 Zero Trust SASE 與以防火牆為基礎的 SASE 之間的差異。雖然最初的討論從保護使用者開始，但該公司的最高優先事項很快轉為保護雲端工作負載。這筆交易迅速擴大為全面的平台勝出，包含 Zero Trust Cloud、Zero Trust Branch 以及四個資料安全模組。

The last customer win I'll highlight is a large automotive manufacturer that adopted our Zero Trust cloud solution in a seven-figure upsell deal. This is a long-time Zscaler customer, whose ARR is up tenfold in the last seven years. This quarter, the customer extended its existing Zscaler Zero Trust SASE footprint by expanding its deployment of Zero Trust cloud, improving its security posture, and securing its massive multi-cloud environment. The customer can now inspect encrypted traffic and enforce granular security policies across hundreds of previously ungoverned cloud workloads.

最後一個要強調的客戶勝出，是一家大型汽車製造商，在一筆七位數的加購交易中採用我們的 Zero Trust Cloud 解決方案。這是一家長期的 Zscaler 客戶，其 ARR 在過去七年成長了十倍。本季，該客戶透過擴大 Zero Trust Cloud 的部署，延伸其既有的 Zscaler Zero Trust SASE 覆蓋範圍，提升其安全態勢，並保護其龐大的多雲（multi-cloud）環境。該客戶如今可檢查加密流量，並在數百個先前未受治理的雲端工作負載上，強制執行細緻的安全政策。

The deal also highlights the benefits of our Zero Trust cloud solution which was configured in under 10 minutes during the customer's proof of concept. Zero Trust cloud eliminates virtual firewalls in data centers and cloud environments reducing cost and operational complexity. The strength we are seeing in Zero Trust Cloud and Zero Trust Branch is driving the growth of our Zero Trust Everywhere enterprises that purchase each of our Zero Trust users, Zero Trust Branch and Zero Trust Cloud. We exited Q3 with more than 700 Zero Trust Everywhere enterprises versus over 550 in Q2.

這筆交易也突顯我們 Zero Trust Cloud 解決方案的優勢：在客戶的概念驗證（proof of concept）期間，於 10 分鐘內即完成設定。Zero Trust Cloud 可消除資料中心與雲端環境中的虛擬防火牆，降低成本與營運複雜度。我們在 Zero Trust Cloud 與 Zero Trust Branch 所看到的強勁表現，正推動 Zero Trust Everywhere 企業客戶的成長；這些企業會同時採購我們的 Zero Trust Users、Zero Trust Branch 與 Zero Trust Cloud。我們在第三季結束時，Zero Trust Everywhere 企業客戶超過 700 家，相較第二季的 550 多家。

Customers are recognizing that it is no longer enough to just secure their users, and our platform is the industry's only complete Zero Trust SASE solution across users, across cloud workloads and across branches. In summary, we are confident Zscaler is the cybersecurity platform for the AI era. We expect AI and Mythos-like frontier models to be one of the strongest tailwinds our business has ever seen.

客戶正意識到，僅僅保護使用者已不再足夠；而我們的平台是業界唯一完整的 Zero Trust SASE 解決方案，可同時涵蓋使用者、雲端工作負載與分支據點。總結而言，我們有信心 Zscaler 是 AI 時代的資安平台。我們預期 AI 與類似 Mythos 的前沿模型（frontier models）將成為我們業務有史以來最強勁的順風因素之一。

Our Zero trust SASE solution enables us to hide applications and make them invisible to attackers while also eliminating lateral movement. These attributes, along with our scale, are true competitive differentiators for Zscaler. With frontier models, uncovering vulnerabilities at unfathomable speeds and AI agents becoming the weakest link in cybersecurity, these differentiators have never been more important than they are today.

我們的 Zero Trust SASE 解決方案使我們能隱藏應用程式，讓攻擊者無從察覺，同時也能消除橫向移動。這些特性，加上我們的規模，是 Zscaler 真正的競爭差異化優勢。在前沿模型以難以想像的速度揭露弱點、且 AI 代理成為資安最薄弱環節的情況下，這些差異化優勢比以往任何時候都更為重要。

Our approach is resonating and helping to drive significant wins that demonstrate our ability to attract new customers and further penetrate our installed base of more than 9,400 customers. Among those, we serve just 4,500 enterprises out off of potential 20,000 enterprises in our primary target market. We are confident that our innovative approach to staying ahead of threat actors will help to buy further share gains. With the significant long-term growth potential, we are well positioned to continue creating significant value for shareholders.

我們的方法正引發共鳴，並推動多項重大勝出，展現我們吸引新客戶、以及在超過 9,400 家既有客戶基礎中進一步滲透的能力。在這些客戶之中，我們在主要目標市場的潛在 20,000 家企業裡，目前僅服務 4,500 家企業。我們有信心，透過領先威脅行為者（threat actors）的創新方法，將有助於帶來進一步的市占提升。憑藉顯著的長期成長潛力，我們已做好準備，持續為股東創造可觀價值。

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

現在我把時間交給 Kevin，請他帶大家走過財務表現。

Thanks, Jay. We delivered strong Q3 '26 results, growing revenue 25%, while investing with discipline. Year-to-date, with 26% revenue growth and a 29% free cash flow margin, we achieved Rule of 55 performance. Our Q3 '26 net new ARR was $166 million, up 24%, bringing total ARR to $3.5 billion, up 25% year-over-year. Net new ARR benefited from strength in the public sector vertical, which includes state, local and federal government, and healthcare, including an approximate eight-digit upsell at a federal agency.

謝謝，Jay。我們交出強勁的 26 會計年度第三季（Q3 '26）成果，在保持紀律投資的同時，營收成長 25%。年初至今，營收成長 26%，自由現金流利潤率 29%，我們達成「55 法則」（Rule of 55）的表現。我們 Q3 '26 的淨新增 ARR 為 1.66 億美元，年增 24%，帶動總 ARR 達 35 億美元，年增 25%。淨新增 ARR 受惠於公部門垂直領域的強勁表現（包含州、地方與聯邦政府）以及醫療保健，其中包括在某聯邦機構約一筆八位數的加購（upsell）。

Net new ARR also benefited from strength of large deals in APJ, where the deal value from $1 million-plus deals increased more than 150% year-over-year. Excluding the contribution from our acquisition of Red Canary, net new ARR was $153 million, up 14% year-over-year, and total ARR was also up 21%.

淨新增 ARR 也受惠於 APJ 地區大型交易的強勁動能，其中 100 萬美元以上交易的成交金額年增超過 150%。若排除我們收購 Red Canary 的貢獻，淨新增 ARR 為 1.53 億美元，年增 14%，總 ARR 亦年增 21%。

Red Canary exited Q3 with $127 million of ARR. 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 Q3, our non-seat-based metered usage solutions delivered just over 30% of new ACV and the ARR tied to those offerings grew more than 100% year-over-year.

Red Canary 在第三季結束時的 ARR 為 1.27 億美元。我們已持續將 Zero Trust 平台從使用者層面擴展到保護分支據點、工作負載、AI 應用，現在也涵蓋 AI 代理（AI agents）。我們相信，AI 代理將隨時間推進，顯著提升機器對機器以及代理對代理的互動。在第三季，我們非席位（non-seat-based）的計量式用量解決方案貢獻了略高於 30% 的新增 ACV，而與這些產品相關的 ARR 年增超過 100%。

Revenue of $850 million grew 25% year-over-year and 4% sequentially, exceeding the high end of our guidance. We closed Q3 with 748 customers generating more than $1 million of ARR and 4,003 customers exceeding $100,000 of ARR, growing 18% and 19% year-over-year, respectively. We also set a record $1 million plus new ACV deals for Q3. On a geographic basis, we saw strong growth from the Americas, which accounted for 56% of revenue, up approximately 31% year-over-year.

營收 8.50 億美元，年增 25%、季增 4%，超出我們指引區間上緣。第三季結束時，我們有 748 位客戶的 ARR 超過 100 萬美元，以及 4,003 位客戶的 ARR 超過 10 萬美元，分別年增 18% 與 19%。我們也在第三季創下 100 萬美元以上新增 ACV 交易的紀錄。以地區來看，美洲地區成長強勁，占營收 56%，年增約 31%。

EMEA accounted for 28% of revenue, up approximately 16% and APJ for 16%, up approximately 23%. Remaining performance obligation, or RPO, of approximately $6.5 billion grew approximately 30%, including approximately 46% classified as current RPO. Our go-to-market strategy is a key growth lever enabling us to deepen customer relationships, accelerate platform adoption and expand multiyear engagements.

EMEA 占營收 28%，年增約 16%；APJ 占 16%，年增約 23%。剩餘履約義務（RPO）約 65 億美元，成長約 30%，其中約 46% 被歸類為當期 RPO。我們的市場進入（go-to-market）策略是關鍵成長槓桿，使我們能深化客戶關係、加速平台採用並擴展多年期合作。

Building on Jay's earlier comments on enhancements to our go-to-market engine, we are continuing to strengthen our position as a long-term strategic partner and driving deeper customer adoption over time through our account-centric sales motion. We saw strong momentum this quarter with Z-Flex. Z-Flex gives customers with multiyear commitments, the flexibility to activate or swap modules without starting a new procurement cycle along with premium deployment assistance and support.

延續 Jay 先前對我們 go-to-market 引擎強化的評論，我們持續透過以帳戶為中心（account-centric）的銷售模式，鞏固我們作為長期策略夥伴的定位，並隨時間推進帶動更深度的客戶採用。本季我們在 Z-Flex 上看到強勁動能。Z-Flex 讓具有多年期承諾的客戶，能在不啟動新的採購週期下，彈性啟用或替換模組，並提供進階部署協助與支援。

This program is driving meaningful upsell, shorter sales cycles and greater forward visibility. In Q3, Z-Flex generated just over $480 million in TCV, up more than 60% quarter-over-quarter. We have delivered over $1 billion in Z-Flex TCV over the last 12 months in an average four-year term, underscoring customers' long-term commitment to Zscaler.

此方案正帶動顯著的加購、更短的銷售週期，以及更高的前瞻能見度。在第三季，Z-Flex 產生略高於 4.80 億美元的 TCV，較前一季成長超過 60%。過去 12 個月，我們已交付超過 10 億美元的 Z-Flex TCV，平均合約期為四年，凸顯客戶對 Zscaler 的長期承諾。

To share a couple of customer examples, in a five-year, eight-figure Z-Flex deal, a Fortune 500 finance and insurance customer that spends more than $5 million with us annually, increased their ARR by nearly 50% expanding module adoption across four existing modules and adopting six new modules, including our AI Protect solution.

分享兩個客戶案例：在一筆五年期、八位數的 Z-Flex 交易中，一家《財富》500 大的金融與保險客戶（每年在我們這裡支出超過 500 萬美元），透過在既有四個模組上擴大採用並新增採用六個新模組（包含我們的 AI Protect 解決方案），使其 ARR 提升近 50%。

In another example, and existing seven-figure ARR Global 2000 semiconductor manufacturing customer increased their annual spend with us by 60% in a three-year, eight-figure Z-Flex deal. This customer expanded adoption across six existing modules and adopted six new modules, including our AI Protect and Zero Trust branch solutions.

另一個例子，一家既有 ARR 為七位數的 Global 2000 半導體製造客戶，在一筆三年期、八位數的 Z-Flex 交易中，將其年度支出提高 60%。該客戶在既有六個模組上擴大採用，並新增採用六個新模組，包含我們的 AI Protect 與 Zero Trust 分支（branch）解決方案。

Turning to operating performance. Non-GAAP gross margin was 80.7% compared to 80.3% a year ago. Non-GAAP operating income of $196 million grew $49 million or 34% as compared to $147 million last year. Non-GAAP operating margin of 23% increased 140 basis points year-over-year, demonstrating leverage on sales and marketing.

接著談營運表現。非 GAAP 毛利率為 80.7%，高於去年同期的 80.3%。非 GAAP 營業利益為 1.96 億美元，較去年的 1.47 億美元增加 4,900 萬美元（成長 34%）。非 GAAP 營業利益率為 23%，年增 140 個基點，展現我們在銷售與行銷上的槓桿效益。

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 Q3, we generated $198 million in operating cash flow, and CapEx was $42 million or 5% of revenue. This equates to a free cash flow margin of 16% this quarter down from 18% last year, reflecting the timing of cash collections and a free cash flow margin of 29% year-to-date.

接著談資產負債表。本季末我們持有 35 億美元的現金、約當現金與短期投資，以及 17 億美元的負債。第三季我們產生 1.98 億美元的營運現金流，資本支出（CapEx）為 4,200 萬美元，約占營收 5%。這相當於本季自由現金流利潤率 16%，低於去年同期的 18%，反映現金收款時點；年初至今自由現金流利潤率為 29%。

Looking ahead, I'd like to spend a minute and provide an update on increasing memory storage and processor prices and availability. As a reminder, we purchased equipment for our data center and Zero Trust branch appliances. To mitigate costs, we put through a price increase on our branch appliance earlier this calendar year, which we expect to flow through in the next several months. We are also being opportunistic in taking advantage of delivery of data center equipment where we can get it to lock in today's prices ahead of potential increases in the future.

展望未來，我想花一點時間更新記憶體儲存與處理器價格上漲及供應可得性的情況。提醒一下，我們為資料中心與 Zero Trust 分支設備採購了硬體。為了緩解成本，我們在今年稍早已對分支設備調漲價格，預期將在未來幾個月逐步反映。我們也會在可行之處把握資料中心設備的交付機會，以在未來可能漲價之前鎖定今日價格。

This is pulling forward some of the investments we expected to make in fiscal '27 into Q4. As a result, we expect higher CapEx in Q4 taking fiscal '26 CapEx to the high single digits as a percentage of revenue, up from our prior expectation of mid-single digits. Looking ahead to fiscal '27 based on higher prices we see in the market today, we expect CapEx as a percentage of revenue to increase up to 200 basis points compared to fiscal '26 levels.

這使得我們原本預期在 27 會計年度（fiscal '27）進行的部分投資提前到第四季。因此，我們預期第四季 CapEx 將較高，使 26 會計年度 CapEx 占營收比重提升至高個位數百分比（high single digits），高於先前預期的中個位數百分比（mid-single digits）。展望 27 會計年度，基於我們目前在市場上看到的較高價格，我們預期 CapEx 占營收比重相較 26 會計年度水準將增加最多 200 個基點。

We'll continue to monitor our costs and share regular updates about the impact. Turning to guidance. At the end of the third quarter, two sales leaders departed the company. We already appointed a replacement for one of these leaders, and we are in the late stages of hiring a leader for the other role. However, we are taking a prudent approach to our guidance during this transition.

我們將持續監控成本，並定期分享影響更新。接著談指引。在第三季末，有兩位銷售主管離開公司。我們已為其中一個職位任命接替人選，另一個職位也已進入招募主管的後期階段。不過，在此過渡期間，我們對指引採取審慎作法。

Let me provide our outlook for Q4 and full year fiscal '26. As a reminder, these numbers are all on a non-GAAP basis. For the fourth quarter, we expect revenue of $875 million to $878 million, reflecting approximately 22% year-over-year growth, gross margin of approximately 80%. Operating profit of $206 million to $208 million, up to approximately 30% to 31% year-over-year. Net other income of approximately $24.5 million, and earnings per share of approximately $1.08 to $1.09 per share, assuming a 21% tax rate and 168 million fully diluted shares.

我來提供第四季與 26 會計年度全年的展望。提醒一下，以下數字皆以非 GAAP 基礎呈現。第四季方面，我們預期營收為 8.75 億至 8.78 億美元，約為年增 22%，毛利率約 80%。營業利益為 2.06 億至 2.08 億美元，約為年增 30% 至 31%。其他淨收益約 2,450 萬美元，每股盈餘約 1.08 至 1.09 美元，假設稅率 21% 且完全稀釋股數為 1.68 億股。

For the full year fiscal 2026, we expect ARR of $3.740 billion to $3.749 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 $137 million in fiscal '26, up from our prior guidance of $130 million with net new ARR of approximately $10 million in Q4. This includes all the business expected in each period, including fiscal '26 renewals, upsells and new logos.

針對 2026 會計年度全年，我們預期 ARR 為 37.40 億美元至 37.49 億美元，年增約 24%。此指引意味著在排除 Red Canary 後，淨新增 ARR 成長約為 9.5%。就 Red Canary 而言，我們預期 2026 會計年度 ARR 約為 1.37 億美元，高於先前指引的 1.30 億美元，且第四季淨新增 ARR 約為 1,000 萬美元。此數字包含各期間預期的所有業務，包括 2026 會計年度的續約、加購（upsells）與新客戶（new logos）。

Revenue of $3.3295 billion to $3.3325 billion, reflecting year-over-year growth of 24.6% to 24.7%, we expect Red Canary revenue of approximately $137 million in fiscal '26, up from our prior guidance of $125 million. Operating profit of $755 million to $757 million, up approximately 30% year-over-year, up from our prior guidance of $742 million to $748 million.

營收為 33.295 億美元至 33.325 億美元，反映年增 24.6% 至 24.7%；我們預期 Red Canary 在 2026 會計年度的營收約為 1.37 億美元，高於先前指引的 1.25 億美元。營業利益為 7.55 億美元至 7.57 億美元，年增約 30%，高於先前指引的 7.42 億美元至 7.48 億美元。

Earnings per share of $4.10 to $4.11, assuming a 21% tax rate and approximately 168 million fully diluted shares and free cash flow margin of approximately 22.8% to 23.3%, down from our prior expectations of 26.5% to 27% reflecting CapEx in the high single digits as a percentage of revenue.

每股盈餘為 4.10 美元至 4.11 美元，假設稅率 21%、完全稀釋後股數約 1.68 億股，且自由現金流利潤率約為 22.8% 至 23.3%，低於我們先前預期的 26.5% 至 27%，反映資本支出（CapEx）占營收比重為高個位數百分比。

Looking to fiscal 2027, I'd like to provide some early perspectives to better align expectations heading into our second year with ARR as our primary growth metric and following the acquisition of Red Canary. Sitting here today, our view is for total ARR and revenue growth for fiscal '27 of 16% to 17%. Looking ahead, we are excited by the opportunities we see to continue scaling our rapidly expanding AI security portfolio, accelerating Zero Trust Everywhere adoption and growing our data security revenue.

展望 2027 會計年度，我想提供一些初步觀點，以便在我們以 ARR 作為主要成長衡量指標的第二年、以及完成收購 Red Canary 之後，更好地校準市場預期。以目前來看，我們對 2027 會計年度總 ARR 與營收成長的看法為 16% 至 17%。往前看，我們對持續擴大快速成長的 AI 資安產品組合、加速 Zero Trust Everywhere 的採用，以及提升資料安全營收所帶來的機會感到振奮。

In summary, we are pleased with the results we delivered year-to-date in fiscal '26. We achieved 25% year-over-year ARR growth and record operating income. We also saw continued momentum with Z-Flex and closed a record number of $1 million plus ARR deals for Q3. The opportunity ahead of us is substantial, and we are confident in our ability to continue driving profitable growth across multiple vectors, including product innovation, go-to-market and customer expansion and creating value for our shareholders.

總結來說，我們對 2026 會計年度迄今所交出的成果感到滿意。我們達成 ARR 年增 25% 並創下營業利益新高。我們也看到 Z-Flex 持續展現動能，且在第三季締結創紀錄數量的 ARR 100 萬美元以上交易。我們面前的機會相當可觀，我們也有信心能透過多個面向持續推動獲利性成長，包括產品創新、上市策略（go-to-market）與客戶擴張，並為股東創造價值。

I want to thank our employees, customers, and partners for their continued support. With that, operator, you may now open the call for questions. Thank you.

我要感謝我們的員工、客戶與合作夥伴持續的支持。接下來，接線員，請開放提問。謝謝。

(Operator Instructions) Brad Zelnick, Deutsche Bank.

(接線員指示) Brad Zelnick，德意志銀行。

Great. A lot of strong proof points in these results. Maybe a compound question since you're limiting me to one for both Jay and Kevin. I'm just trying to better understand the sales leadership turnover that you highlighted. Jay, if you can comment at all whether these positions, the turnover was voluntary or involuntary, how senior they were and why this could have an impact when you have such a mature and resilient sales organization?

很好。這些結果有很多強而有力的佐證。也許我把問題合併一下，因為你們限制我只能問一題，同時問 Jay 和 Kevin。我想更了解你們提到的銷售領導層更迭。Jay，如果你能評論一下，這些職位的離任是自願或非自願、資歷有多高，以及為何在你們擁有如此成熟且具韌性的銷售組織下，這仍可能造成影響？

And then maybe for Kevin, on the same topic, is the pipeline there and you're just assuming a lower close rate, what would your guidance have been if these leaders were still in place?

另外也請 Kevin 就同一主題回答：管線是否仍在、只是你們假設成交率較低？如果這些領導者仍在位，你們的指引會是什麼？

So regarding the sales leaders changes, these two leaders are part of our CRO, Mike's team. And it is true that Mike has built a strong bench. He has built a strong sales engine. We just want to be prudent that as these changes are made, it could have impact in the short term, and that's what we're keeping in mind. Kevin?

關於銷售領導者的變動，這兩位領導者隸屬於我們 CRO Mike 的團隊。而且確實，Mike 建立了很強的接班梯隊。他打造了強健的銷售引擎。我們只是希望審慎看待，因為在進行這些變動時，短期內可能會帶來影響，這就是我們所考量的。Kevin？

Yes. Thanks, Jay, and thanks, Brad. Yes, I don't have much more to offer other than we are taking a prudent approach. We do recognize when leaders of this nature change that it can have some disruptive nature to those organizations. So I'm just taking a prudent approach to how we think about those changes.

是的。謝謝你，Jay，也謝謝你，Brad。是的，除了我們採取審慎作法之外，我沒有太多補充。我們確實認知到，這類型的領導者更替，可能對相關組織帶來一定程度的擾動。因此我只是以審慎的方式來看待這些變動。

And the only other thing I'll add, Brad, is that there will be changes in leadership from time to time. And regarding these 2, we have already appointed an internal replacement for one of these. And the second one, we are making progress and we expect to close that in the near future as well.

Brad，我唯一想再補充的是，領導層更動不時都會發生。就這兩個職位而言，我們已經為其中一個任命了內部接任者。至於第二個，我們也正在推進中，並預期在不久的將來也會完成。

Saket Kalia, Barclays.

Saket Kalia，巴克萊。

Okay. Great. Kevin, maybe for you. Can we just speak to how big the eight-figure federal deal was here in Q3. I guess the question is, if we exclude that deal, how do we maybe feel about the underlying flow business, right, whether it's new or renewals, again, excluding that large deal, which was great to see. I'm just curious how you look at the business if we exclude it, if we could size that.

好的。很好。Kevin，也許問你。能否談談第三季這筆八位數的聯邦政府交易規模有多大？我的問題是，如果排除那筆交易，我們該如何看待基礎的業務流量（無論是新單或續約），同樣排除那筆很高興看到的大單。我只是好奇，如果把它排除，你們如何看待業務表現，以及是否能量化其規模。

Yes. Thanks, Saket. I mean, look, at the highest levels, we delivered a strong Q3, and I think we're very pleased with the results of the business. As it relates to the eight-figure upsell that I called out, keep in mind that these contract wins, as you see them get reported, first of all, it is TCV. And second, that part of the -- along with the upsell was also a large part of that deal was renewal. So that's already preexisting in ARR as you think about that particular deal that you were querying.

是的。謝謝你，Saket。我的意思是，從最高層面來看，我們交出了一個強勁的第三季，我們對業務成果非常滿意。至於我提到的那筆八位數加購（upsell），請記住，這些合約勝出案在對外揭露時，首先呈現的是 TCV（合約總價值）。其次，在這筆交易中，除了加購之外，其中很大一部分其實是續約。因此，當你思考你所詢問的那筆特定交易時，這部分已經是 ARR 中既有的基礎。

And Saket, if I may add, you've seen in the past, is these are unusually large, we point them out. So nothing unusual about this yes.

Saket，如果我可以補充，你過去也看過，這類交易規模異常大時，我們會特別點出來。所以這沒有什麼不尋常的，是的。

Joshua Tilton, Wolfe Research.

Joshua Tilton，Wolfe Research。

Appreciate the early look for the numbers next year. When you look at the growth and kind of what it implies for net new ARR, you guys are kind of calling flat on an organic basis from the guide for this year. Can you kind of help us maybe think about the moving pieces between where that's coming from, whether that's the traditional Zscaler business or Red Canary. Or just any color to help us think about the trajectory of organic net new ARR next year in that guide?

感謝你們提前提供明年數字的初步展望。當你們看成長以及其對淨新增 ARR 的含意時，你們在有機基礎上，基本上是相較今年指引持平。你們能否協助我們理解其中的變動因素，這是來自傳統的 Zscaler 業務還是 Red Canary？或是提供任何補充說明，幫助我們理解在該指引下，明年有機淨新增 ARR 的走勢？

Yes. I'll go ahead and start, and Jay can append. This is how I thought about the different components as we were giving you guys an early look. And I just want to call out, we don't typically provide this type of guidance this early in the year going into the following, but we thought it was important to give you an understanding of what we're seeing.

可以。我先開始，Jay 再補充。在我們提供各位這份初步展望時，我是這樣思考不同組成部分的。我也想先說明，我們通常不會在年度這麼早的時點就提供這類針對下一年度的指引，但我們認為讓你們了解我們所看到的情況很重要。

So first of all, we have a pretty strong track record of upsells and I expect that, that is going to continue into '27. You may recall that we shared we had a net retention of 115% in Q1, and that has been fairly stable the last several quarters. The area that we haven't been performing as well as we'd like is new logo. It certainly is a large priority for us. But I did take a tempered view of new logos going into '27.

首先，我們在加購（upsells）方面有相當強的歷史紀錄，我預期這會延續到 2027 年。你們可能記得，我們在第一季分享過淨留存率為 115%，且過去幾季一直相當穩定。我們表現未如預期的領域是新客戶（new logo）。這確實是我們非常重要的優先事項。但在展望 2027 年時，我對新客戶的表現採取了較為保守的看法。

And then lastly, as we think about Red Canary and its contributions, we will be rolling out the integrated SecOps solution that will be available, we would expect in '27. What I don't know is the pace of uptake amongst the existing customers for that. So as a result, as we think about Red Canary, we are expecting Red Canary's net new ARR to grow at a slower rate than the overall business at '27 as you think about modeling. And also keep in mind that Red Canary will be included in our results going into next year as it will be fully baked into '26. So we will not be providing a separate disclosure of Red Canary in '27.

最後，當我們思考 Red Canary 及其貢獻時，我們將推出可用的整合式 SecOps 解決方案，預期會在 '27 上線。我不確定現有客戶對此的採用速度。因此，當我們在建模時思考 Red Canary，我們預期 Red Canary 的淨新增 ARR 在 '27 的成長速度會低於整體業務。另外請記住，Red Canary 將在明年納入我們的業績，因為它會在 '26 完全反映在數字中。因此我們在 '27 將不會再單獨揭露 Red Canary。

If I may add, look, we already covered the fact that sales leadership transition has been part of our thinking to make sure you understand that it may have some impact. But if you look at the overall market opportunity, Mythos has shed some more light on it. Every CIO, every CSO I talk to is talking about protecting against Mythos.

如果我可以補充一下，我們已經談過銷售領導層的交接是我們思考的一部分，確保你們理解這可能會帶來一些影響。但如果你看整體市場機會，Mythos 讓這件事更清楚了。我接觸到的每一位 CIO、每一位 CSO 都在談如何防範 Mythos。

An interesting part is while Mythos is about finding new software vulnerabilities and fixing them, people already have - enterprise already have tons of vulnerabilities. The number 1 protection they're looking at doing is hiding their attack surface; number two, they're trying to do is Zero Trust access, and we fairly uniquely provide those things. So while we were prudent in our forecast, the need for Zscaler today, especially for [speed] Mythos, is probably far greater than it has ever been.

有趣的是，雖然 Mythos 著重於發現新的軟體弱點並修補它們，但企業其實已經有大量弱點。他們最想做的第一件防護是隱藏其攻擊面；第二件是推動零信任存取，而我們在提供這些方面相對具有獨特性。因此，儘管我們在預測上採取審慎態度，但當前對 Zscaler 的需求，特別是針對（快速演進的）Mythos，可能比以往任何時候都更大。

Gregg Moskowitz, Mizuho.

Gregg Moskowitz，Mizuho。

You did very well this quarter in the Americas and APJ, although growth in Europe slowed. What are you guys seeing in Europe? And then just wondering if you have any commentary on the competitive environment, both in the Americas and in Europe.

你們本季在美洲與 APJ 表現很好，儘管歐洲的成長放緩。你們在歐洲看到了什麼情況？另外也想請你們評論一下競爭環境，包含美洲與歐洲。

So if you think of the overall competitive environment, I don't think things are very different in Europe and the rest of the world. You have seen us from time to time, GEO A may do better in a given quarter and GEO B may do better. But I think we know some of the areas of execution we need to improve. We are focused on it and I'm pretty sure that will turn around and make EMEA, again, a high growth area.

如果從整體競爭環境來看，我不認為歐洲與世界其他地區有很大的不同。你們也看到我們有時候某個地理區域（GEO A）在某一季表現較好，另一個地理區域（GEO B）在另一季表現較好。但我認為我們清楚知道有哪些執行面需要改善。我們正專注在這些事情上，我相當確定這會扭轉局面，讓 EMEA 再次成為高成長區域。

Gabriela Borges, Goldman Sachs.

Gabriela Borges，Goldman Sachs。

Kevin, you mentioned something interesting there when you were talking about the outlook for next year, which is that new logo growth may be tempered. And so either for yourself or for Jay, maybe just give us a sense, when you dig beneath what's going on with the sales relationships with the customer pipeline, why do you think new logo growth is temporary?

Kevin，你在談明年展望時提到一個有趣的點：新客（new logo）成長可能會被抑制。所以不論是你或 Jay，能否請你們談談，當你們深入檢視銷售關係與客戶管線的狀況時，為什麼你們認為新客成長只是暫時性的？

Yes. Thanks, Gabriela. Just to clarify, I was not trying to suggest that new logo growth is tempering. What I was intending to convey is that my expectations relative to the early look for next year, took a tempered approach to how we thought about the contributions of new logos. New logos is a strategic focus of ours, and as we go into '27, it will continue to be. But again, I'm driving an early look here far earlier than we would normally do. And so as I looked at what we had in front of us in terms of the different components of the business, that was one area where I think we can do better.

是的。謝謝你，Gabriela。先澄清一下，我並不是想暗示新客成長正在放緩。我想表達的是，相較於對明年的初步觀察，我在評估新客貢獻時採取了較為保守（tempered）的假設。新客是我們的策略重點，而進入 '27 後也會持續如此。但再次強調，我現在是在做非常早期的初步觀察，遠早於我們通常會做的時間點。因此，當我看我們眼前各項業務組成時，這是我認為我們可以做得更好的其中一個面向。

If I may add, there's a sizable new logo opportunity for us. We have 4,500 enterprises as our customers and those enterprises are customers with over two thousand user seats. Out of the 20,000, 4,500 are customers, that's worth 23%. That means a sizable market for us to go after.

如果我可以補充一下，我們在新客方面有相當可觀的機會。我們有 4,500 家企業客戶，而這些企業客戶的使用者席位都超過兩千席。在 20,000 家之中，有 4,500 家是客戶，約占 23%。這代表我們仍有很大的市場可以去開拓。

Brian Essex, JPMorgan.

Brian Essex，JPMorgan。

Jay, if I could maybe ask you to peel back the layers a little bit on the impact of methods and open AI models. What we're hearing from maybe some of the channel providers is that this C-suite executives that enterprises are maybe to use their words freaking out over the emergence of these models and the realization of how robust they are.

Jay，我想請你更深入談談 methods 與開放式 AI 模型帶來的影響。我們從一些通路供應商那邊聽到的是，企業的 C-level 高層——用他們的話說——可能因為這些模型的出現以及意識到它們有多強大而非常恐慌。

So when you comment about some of the tailwinds in your business on the back of the emergence of these foundation models, how do you see that materializing in your pipeline? It sounds like the consultants are very busy right now. But given the typical sales cycles that you have and maybe the architectural decisions that are involved with adopting your Zero Trust platform, when might we expect to see some kind of impact to pipeline revenue, billings and so forth? And how is this materializing with your conversations and how your pipeline might be materializing?

所以當你談到這些基礎模型（foundation models）出現所帶來、對你們業務的某些順風（tailwinds）時，你怎麼看它在你們的管線中具體呈現？聽起來顧問現在非常忙。但考量你們典型的銷售週期，以及採用你們零信任平台可能涉及的架構決策，我們大概何時能看到對管線收入、帳單金額（billings）等的影響？以及在你們的對話中，這件事如何具體呈現、你們的管線又會如何具體成形？

It's a very important question, Brian. We've never seen so many inbound calls coming in so quickly. I got so many calls that I decided to say we will reach out to them and figure out a programmatic way of engaging with them. I don't need to dig into the detail of the concern. We all know they're very concerned and they're looking for help. So it is interesting that most of the customers and vendors are taking the approach to that, let me help you find more and more vulnerabilities and try to patch them. While patching is the reasonable approach, we do not think the primary focus needs to be patching because, you will never be done patching. So our recommendations on very clean. Hiding your applications that I talked about, Zero Trust access. Those are fundamental things that need to be done, and that's what we're helping our customers with.

這是一個非常重要的問題，Brian。我們從未看過這麼多來電諮詢在這麼短的時間內湧入。我接到太多電話，以至於我決定改成由我們主動聯繫，並找出一套更具系統性的方式來與他們互動。我不需要深入談他們擔憂的細節。我們都知道他們非常擔心，也在尋求協助。有趣的是，多數客戶與供應商採取的做法是：讓我幫你找出更多更多的弱點，並嘗試修補它們。修補當然是合理的方法，但我們不認為首要重點應該放在修補，因為你永遠修補不完。因此我們的建議非常明確。就是我提到的隱藏你的應用程式，以及零信任存取。這些是必須完成的基本功，而這正是我們在協助客戶做的事。

Now we also know that this is an area where we need to help our customers and not do ambulance chasing, okay? So we're not rushing to create opportunities. We are actually engaging with our customers in a consolidated fashion, to help them get out of the tough situations. So they can really keep the Board and CEOs apprised of what's going on. Now obviously, there are areas these customers need to worry about. We aren't really factoring in any meaningful impact of the new opportunities for Q4.

我們也知道，這是一個我們需要協助客戶的領域，但不能做「追逐救護車」那種趁亂搶生意的事，好嗎？所以我們不會急著去創造商機。我們其實是以更整合的方式與客戶互動，協助他們走出困境。讓他們能夠確實向董事會與 CEO 通報目前的狀況。當然，這些客戶有一些領域需要擔心。我們並未把任何對 Q4 有意義的新增商機影響納入考量。

But I do believe it will have impact in fiscal '27 the short term impact. If I were to give you a couple of specifics. Number one, many customers have ZIA for all users. But Zscaler Private Access is only for a subset of users. Now they want Zero Trust access for everyone from every location even from the headquarters. So it's increasing interest for ZPA upsell.

但我確實相信它會在 27 財年帶來影響，屬於短期影響。如果要給你幾個具體例子。第一，許多客戶已為所有使用者部署 ZIA。但 Zscaler Private Access 只覆蓋部分使用者。現在他們希望所有人、從任何地點——甚至從總部——都能有零信任存取。因此，對 ZPA 升級銷售（upsell）的興趣正在提升。

We have very cool deception technology. It's decoy technology. Customers want this technology because they know that, with all this happening, there will be more breaches and they want to catch them red-handed using deception like stuff. So that's why I said sometimes I feel like it's a forward like movement. Zero Trust has never been more important before.

我們有非常酷的欺敵（deception）技術。也就是誘餌（decoy）技術。客戶想要這項技術，因為他們知道在這一切發生之下，資安入侵事件會更多，他們希望用類似欺敵的方式當場抓到攻擊者。所以我才說，有時我覺得這像是一種向前推進的動能。零信任從未像現在這樣重要。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Maybe building on a couple of the questions. Just as we think about kind of signposts that you guys are looking at for improvements on the new logo side. Will that come from some of the GSI channel outreach that you guys are -- expansion that you guys are doing. Will that come with some of the new leadership, flexible pricing. Just trying to get a sense of what you think is kind of the most incremental to improve the measures that you laid out to improve the new logos?

或許延續前面幾個問題。就我們在思考你們在新 Logo（新客戶）端改善的觀察指標時，這會來自你們正在做的部分 GSI 通路外展——也就是你們正在擴張的那些嗎？會來自一些新的領導團隊、彈性定價嗎？只是想了解一下，你們認為哪些因素對於改善你們所提出、用來提升新 Logo 的衡量指標，最具增量貢獻？

Yes. Meta, thank you. So we have very specific plans. We are formulating and there will be important part of our fiscal '27 plan. Number one, we have had limited coverage in the lower end of the market. When I say lower end of the enterprise market, it's generally between 2,000 and 10,000 users. As you know, the high end, our coverage is pretty strong. So adding more salespeople in that, that part of the market with coverage is that's number one.

是的。Meta，謝謝你。我們有非常明確的計畫。我們正在擬定中，這也會是我們 27 財年計畫的重要一部分。第一，我們在市場較低端的覆蓋一直有限。我所說的企業市場較低端，一般是介於 2,000 到 10,000 名使用者之間。如你所知，在高端市場，我們的覆蓋相當強。因此，在那一段市場增加更多業務人員、加強覆蓋，這是第一點。

Number two, that channel, especially the [VAR] channel plays an important role in the market, so we are creating specific programs and incentives for new logo in that area. Number three, on the GSIs have been good partners, GSI is a generally good partners for large enterprises. So we are teaming with them for this area. You heard about AI Guardian program. We launched with them. That's a natural extension of the work we're doing. Number four, we have a program for major accounts.

第二，通路，尤其是 [VAR] 通路，在市場中扮演重要角色，因此我們正在針對該領域的新 Logo 建立特定方案與激勵措施。第三，GSI 一直是很好的合作夥伴，GSI 通常是大型企業的良好夥伴。所以我們正與他們在這個領域合作。你們聽到 AI Guardian 計畫。我們是與他們一起推出的。這是我們正在做的工作的自然延伸。第四，我們有一個針對重大客戶的計畫。

We're going to make sure we do some more focus on those teams to get new logos in addition to working on upsell. I think we feel pretty good about the opportunities to engage and do this stuff. And a little bit more incentive to new logo versus we haven't done a whole lot in the past. This will probably make a difference.

我們會確保在這些團隊上投入更多聚焦，除了推動加購（upsell）之外，也要拿下新 Logo。我認為我們對於參與並推動這些事情的機會感到相當樂觀。而且相較於過去我們做得不多，未來會對新 Logo 給予更多激勵。這應該會帶來差異。

Ittai Kidron, Oppenheimer & Company.

Ittai Kidron，Oppenheimer & Company。

Kevin, I just want to make sure I get my bearings right around the ARR and the commentary there. Taking into account your revised guidance for the year and your preliminary view into next year, it looks like your fourth Q net new ARR again is decelerating quite substantially, and it's probably also in the going back to mid-single-digit growth only into next year, so another deceleration.

Kevin，我只是想確認我對 ARR 以及相關評論的理解是否正確。把你們調整後的全年指引，以及你們對明年的初步看法納入考量後，看起來你們第四季的淨新增 ARR 再次相當明顯地放緩，而且明年可能也只會回到中個位數成長，因此又是一次放緩。

I just want to get my hands around outside of the sales leadership that you've talked about, are there any other elements to take into account here. With respect to this, you guys have made a lot of work over the last couple of years kind of turning around the sales force. I understand that when two leaders leave, clearly, some disruption can happen. I'm just wondering if that has -- is the only element impacting the net new ARR here or there are other things to take into account.

我想釐清的是，除了你提到的銷售領導層之外，這裡還有沒有其他需要納入考量的因素。就這點而言，你們過去幾年在扭轉銷售團隊上投入了很多努力。我理解當兩位領導離開時，確實可能造成一些干擾。我只是想知道，這是否——是否是影響淨新增 ARR 的唯一因素，或還有其他需要考量的事情。

Yes. Thanks for the question. I mean look, the two factors that I think are important. You certainly mentioned one in terms of the two leaders under Mike that we commented on. It's just a reality when you have leaders that do depart that you do. You may see some disruption. And so I'm just taking a prudent approach to that potential disruption.

是的。謝謝你的問題。我的意思是，你看，我認為有兩個重要因素。你當然提到其中一個，也就是我們評論過、在 Mike 之下的兩位領導離開。現實就是，當領導確實離任時，你可能會看到一些干擾。因此我只是對這種潛在干擾採取較為審慎的看法。

The other thing that I commented on is just the pace of uptake with the integrated Sec Ops products. So as we think about how that rolls out and what that pace of uptake is, I'm also taking a prudent approach there. As it relates to Q4, so the guide implies 9.5% net new ARR growth on an organic basis, excluding Red Canary. And just keep in mind, that's still an acceleration over what we put up last year. So keeping everything in perspective.

我提到的另一件事，是整合式 Sec Ops 產品的採用（uptake）速度。因此當我們思考它如何推進、以及採用速度會是什麼樣子時，我也採取較為審慎的態度。至於第四季，指引意味著在有機基礎上（不含 Red Canary）淨新增 ARR 成長 9.5%。也請記得，這仍然比我們去年交出的表現更快。所以要把一切放在脈絡中看。

Erik Suppiger, B. Riley Securities.

Erik Suppiger，B. Riley Securities。

On that outlook for fiscal I think you had commented last quarter that the ZIA, ZPA core products were growing in the mid-teens. What growth assumption are you assuming as you look out to 2027 on those core products?

關於 27 財年的展望，我記得你上季提到 ZIA、ZPA 這些核心產品的成長在十幾％（mid-teens）。當你們展望到 2027 年時，對這些核心產品的成長假設是什麼？

Yes. Thanks for the question. I mean it's a little bit early, and that's a fairly granular element. What I can say is that we've continued to see consistent performance this year within the ZIA, ZPA product lines, but we didn't provide that level of granularity into next year.

是的。謝謝你的問題。我的意思是，現在談這個還有點早，而且這是相當細的拆分項目。我能說的是，今年我們在 ZIA、ZPA 產品線內持續看到一致的表現，但我們沒有提供到明年那種細緻程度的拆分。

If I may add, quite often question that I asked about core products versus non-core products as it had two separate buckets all together. I think as we have been saying, our customers are asking for Zero Trust Everywhere. We started with Zero Trust for users, with ZIA, ZPA, ZDX, that was part 1.

如果我可以補充一下，大家常問我核心產品與非核心產品，好像是兩個完全分開的桶。我想正如我們一直在說的，我們的客戶在要求 Zero Trust Everywhere（零信任無所不在）。我們從「使用者的零信任」開始，包含 ZIA、ZPA、ZDX，那是第一部分。

Now, they're all moving towards Zero Trust for cloud workflows and then Zero Trust Branches and IoT/OT devices. So our number 1 push is to work with customers to do Zero Trust Everywhere. That's a big differentiation for us and opportunities to sell bigger deals, while others who claim to say, we do what Zscaler does are barely trying to build Zero Trust users which we matured over the last many, many years.

現在，他們都在往「雲端工作流程的零信任」，以及「分支據點（Branches）的零信任」與 IoT/OT 裝置的零信任前進。因此我們的第一優先是與客戶合作，推動 Zero Trust Everywhere。這是我們很大的差異化，也帶來銷售更大規模交易的機會；而其他宣稱自己做的事情跟 Zscaler 一樣的廠商，幾乎還只是在嘗試打造使用者零信任——而這是我們在過去很多很多年已經成熟的能力。

Adam Borg, Stifel.

Adam Borg，Stifel。

Awesome. Maybe just on Symmetry Systems, I'd love to learn a little bit more about what that brings to you that you couldn't do previously around securing AI agents. And given their access graph, technology, how you're thinking about the movement identity security more broadly? And maybe just as a quick follow-up. Any color on Symmetry, even SquareX in terms of contribution to revenue and ARR.

太好了。或許先談 Symmetry Systems，我很想多了解一些，它在保護 AI agents（AI 代理）方面，帶給你們哪些以前做不到的能力。以及考量到他們的 access graph（存取圖譜）技術，你們如何更廣泛地看待身分安全（identity security）的演進？另外快速追問一下。就 Symmetry，甚至 SquareX，在營收與 ARR 的貢獻上，有沒有任何補充說明？

So first of all, Symmetry has built very innovative technology. So what's the problem statement. It's not really basic identity. We believe the identity of agents will really come from companies such like hyperscalers or large software companies who are actually providing platform to build agents they're the natural player to build identity. So trying to be an identity company for agents for someone outside these big guys will be a hard thing.

首先，Symmetry 建立了非常創新的技術。那麼問題陳述是什麼？其實不是基本的身分（identity）。我們相信，agents 的身分最終會來自 hyperscalers（超大規模雲端業者）或大型軟體公司這類企業，因為他們實際上提供了用來建置 agents 的平台，他們是建立身分的自然角色。所以，對於這些大玩家以外的公司來說，想成為 agents 的身分公司會很困難。

We have always taken the approach of being a Switzerland where we will take identity from different parties. So then what Symmetry, Symmetry pioneered identity mapping to data sources. So think of this in way, in a large enterprise, all these on entities, maybe users, workloads, maybe other machines. They access data sources that may be sitting out there somewhere.

我們一向採取「瑞士」的做法，也就是我們會接納來自不同方的身分。那 Symmetry 做了什麼？Symmetry 開創了把身分對應到資料來源的身分映射（identity mapping）。你可以這樣想：在大型企業裡，有各種實體（entities），可能是使用者、工作負載（workloads），也可能是其他機器。它們會存取可能位於某處的資料來源。

How do you know who is accessing what, when, where information sets and reach application logs. Symmetry pulls that information and creates a very cool visual access graph. This was a hard problem to solve. So this was solved by a bunch of PhDs. Once you understand who talks to who, this this thing can be used to enforce policy for agentic exchange that we're building.

你如何知道誰在何時、何地存取了什麼資訊集合，以及觸及應用程式日誌？Symmetry 會拉取這些資訊，並建立一個非常酷的視覺化存取圖譜（access graph）。這是一個很難解的問題。所以這是由一群博士解決的。一旦你理解誰在跟誰互動，這個能力就可以用來對我們正在打造的 agentic exchange（代理式交換）施行政策（policy）。

So it's very complementary, forward-looking technology, this is the kind of stuff most companies aren't thinking about. So Zscaler has always taken pride in being innovative and coming with solutions that no one else has built. So our zero Trust Exchange, got extended to Zero Trust Exchange for agents, and this becomes a very useful piece to highly differentiate our exchange and provide value for data governance and policy enforcement on our customers. Did I answer your question?

所以這是非常互補、具前瞻性的技術，這類事情多數公司其實還沒有在思考。因此，Zscaler 一直以創新為傲，並提出其他人尚未打造的解決方案。因此，我們的 Zero Trust Exchange 已延伸為「面向代理程式的 Zero Trust Exchange」，這成為一個非常有用的組件，能高度差異化我們的交換平台，並在客戶的資料治理與政策執行上提供價值。我有回答到你的問題嗎？

That's really helpful. And just, Kevin, any color just on top line for Symmetry and SquareX.

這真的很有幫助。另外，Kevin，能否也談談 Symmetry 和 SquareX 在營收端（top line）方面的一些情況？

Yes, of course, of course. So as Jay mentioned, just the level set, Symmetry is a technology and talent acquisition. ARR is immaterial and is in the low single digits. I think you also asked about SquareX that was also incredibly immaterial.

是的，當然，當然。如 Jay 提到的，先做個基準說明，Symmetry 是一項技術與人才收購。ARR 並不具重大性，且在低個位數。我想你也問到 SquareX，那同樣也極不具重大性。

Fatima Boolani, Citi.

Fatima Boolani，花旗。

Kevin, just on some of the commentary with respect to the opportunities, the step on the gas pedal vis-a-vis new logo acquisition and in the context of the sales leadership transitions, can you give us a quantified and quantification of sales productivity this year and some of your expectations as you think about the complexion of the 16% to 17% guide, again, largely tied to some of your comments earlier around building out more of a capacity presence with the lower end of the enterprise, would love a little bit more quantitative color on some of the sales productivity sales attrition and sales hiring quantum that you're thinking about in terms of pipeline build and conversion and productivity assumptions?

Kevin，關於你們對機會面的評論、在新客戶（new logo）獲取上加大力道，以及在銷售領導層交接的背景下，你能否提供今年銷售生產力的量化數據與一些預期？並且在你們對 16% 到 17% 指引的結構思考中——同樣主要呼應你先前提到、在企業客群較低端建立更多產能佈局——希望能有更多量化的補充，包括銷售生產力、銷售流失率、以及你們在銷售招募規模（quantum）上的想法，這些如何影響管線建立與轉換，以及生產力假設？

Yes. Thank you for the question. Look, for Q3, this was our sixth straight quarter of sales productivity growth even on the back of some tough compares. So I think we've done -- I think we're very pleased with the level of productivity that we've seen continued improvement in. I would expect going forward into fiscal '27 that we'll continue to see success in driving productivity and capacity. I just caution that it's a bit early to provide quantification of how that rolls into an early look for '27.

是的。謝謝你的提問。你看，在第三季，即使在一些艱難的比較基期之下，這已是我們連續第六個季度銷售生產力成長。所以我認為我們做得——我想我們對目前看到的生產力水準及其持續改善感到非常滿意。我預期往後進入 2027 財年，我們仍會在推動生產力與產能方面持續取得成效。我只是提醒一下，現在要量化它如何反映到對 2027 年的初步展望，還稍微早了一點。

Gray Powell, BTIG.

Gray Powell，BTIG。

Great. Maybe just one on the competitive front. So just from a technology perspective, how are you staying ahead of the firewall vendors who are increasingly trying to upsell Secure Service Edge into your installed base? And when you do have displacements of legacy vendors, is there like a common driver? Is it like a particular set of features? Or is it just the overall platform and just that your technology is better. Anything you could say on that to would be helpful.

很好。也許問一個競爭面的問題。從技術角度來看，你們如何保持領先那些防火牆供應商？他們正越來越試圖向你們的既有客戶群加售 Secure Service Edge。另外，當你們取代（displace）傳統供應商時，是否有共同的驅動因素？是某一組特定功能嗎？還是整體平台、以及你們的技術就是更好？任何你能分享的內容都會很有幫助。

This is pretty simple. If you care about real cyber protection, you know that you need zero trust architecture. Firewalls create trusted network, trusted networks enable lateral movement. So our customers understand that. They started with Zero Trust for users, now they want Zero Trust for branch so that each branch becomes an island like a cafe, firewalls don't do that. They want Zero Trust device, firewalls don't do that. They want Zero Trust on workloads, workloads have been secured traditionally by 30-year-old firewall technology, the east-west north-south firewall routes. We do it in Zero Trust Fashion. So we are, on a roll to take our customers to Zero Trust everywhere. That is our biggest differentiator. It's not feature A or feature B, It's an architectural difference.

這其實很簡單。如果你在乎真正的資安防護，你就知道你需要零信任架構。防火牆會建立受信任的網路，而受信任的網路會讓橫向移動成為可能。所以我們的客戶理解這一點。他們先從「使用者的零信任」開始，現在他們想要「分支機構的零信任」，讓每個分支都像咖啡館一樣成為一座孤島；防火牆做不到。他們想要「裝置的零信任」，防火牆做不到。他們想要「工作負載的零信任」；工作負載傳統上是用 30 年前的防火牆技術來保護，也就是東西向、南北向的防火牆路由。我們以零信任的方式來做。因此，我們正持續推動，帶領客戶在各處落實零信任。這就是我們最大的差異化。不是功能 A 或功能 B，而是架構上的差異。

Andrew DeGasperi, BNP Paribas.

Andrew DeGasperi，法國巴黎銀行。

I wanted to ask about the comments on the CapEx guide. And really, what I wanted to touch on is, given you've put together a price increase earlier this year and now these costs have gone even higher, are you considering potentially doing the same maybe at the same time next year?

我想問一下關於資本支出（CapEx）指引的評論。我真正想觸及的是，鑑於你們今年稍早已做過一次漲價，而現在這些成本又更高了，你們是否在考慮可能再做一次，例如在明年同一時間？

Yes. Thanks for the question. I'll start. Look, we are constantly looking at the balance between pricing, margin, and market prices and feel pretty good at where we are. We did push through a price increase earlier this year and have not seen any implications of that. I think the world is recognizing that hardware costs have gone up. But we do periodically review pricing and where we have opportunity to increase. So we do take advantage of that. I don't know that I would want to sit here today and say at this time next year, there will be another price change. It is something we look at more dynamically than that.

是的。謝謝你的提問。我先回答。你看，我們一直在評估定價、毛利與市場價格之間的平衡，並且對目前的位置感覺相當不錯。我們今年稍早確實推動了一次漲價，而且沒有看到任何影響。我認為全世界都在認知到硬體成本已經上升。但我們會定期檢視定價，以及我們有哪些提高價格的機會。所以我們也會把握這些機會。我不確定我今天是否想坐在這裡說，明年這個時候一定會再有一次價格調整。這是我們以更動態的方式來檢視的，而不是固定在某個時間點。

But this situation you're talking about is fairly unique. It's created by these Data centers that's causing such as a shortage in so many parts. But as Kevin said, we'll look at it from time to time, but this became a special factor that all of us recognize and adjusting accordingly for it.

不過你提到的這種情況相當特殊。這是由這些資料中心所造成的，導致許多零組件出現短缺。但如 Kevin 所說，我們會不時檢視；只是這次成了一個我們大家都認知到的特殊因素，因此也會相應調整。

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

我現在想把會議交回給 Jay Chaudhry 做結語。先生？

Thank you for joining us for our earnings call. We look forward to seeing you at one of the upcoming investor conferences. Thank you again.

感謝各位參加我們的財報電話會議。我們期待在接下來的投資人會議之一與各位見面。再次感謝。

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

今天的電話會議到此結束。感謝各位參與。您現在可以斷線。再見。