Zscaler, Inc. (ZS) 2026 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Zscaler fourth quarter 2026 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，感謝您稍候。歡迎參加 Zscaler 2026 會計年度第四季財報電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the conference over to your speaker today, Kim Watkins, SVP, Investor Relations and Strategic Finance.

現在我想把會議交給今天的講者：投資人關係與策略財務資深副總裁 Kim Watkins。

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

各位下午好，感謝今天加入我們。歡迎參加 Zscaler 2026 會計年度第四季財報電話會議。今天與我一同出席的有董事長兼執行長 Jay Chaudhry，以及財務長 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.

請注意，我們已將財報新聞稿、致股東信以及補充財務明細表發布於我們的投資人關係網站。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。

You will find a reconciliation of GAAP to the non-GAAP financial measures in our earnings release. 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.

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。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；客戶對我們產品的回應；我們對 AI 及其對我們業務與客戶影響的預期；以及我們的市占率與市場機會，與我們的目標與展望。

These statements and other comments are not guarantees of future performance, but rather are subject to risks 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.

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。這些前瞻性陳述僅適用於今日，您不應將其視為我們未來的觀點。本次電話會議後，我們不承擔更新這些陳述的義務。

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. I also want to inform you that we'll be attending the following conferences this quarter Citi 2026 Global TMT Conference on September 9; Goldman Sachs Communacopia and Technology Conference on September 9; Wolfe Research TMT Conference 2026 on September 9; and JPMorgan 2026 Software Forum on October 1.

如需更完整的風險與不確定性討論，請參閱我們向美國證券交易委員會（SEC）提交的文件，以及今日的財報新聞稿。我也想告知各位，本季我們將參加以下會議：9 月 9 日的 Citi 2026 全球 TMT 大會；9 月 9 日的 Goldman Sachs Communacopia 與科技大會；9 月 9 日的 Wolfe Research TMT Conference 2026；以及 10 月 1 日的 JPMorgan 2026 軟體論壇。

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

接下來，我把電話會議交給 Jay。

Thank you, Kim. Good afternoon, everyone. We delivered a strong finish to the fiscal year with 25% ARR growth and a non-GAAP operating margin of 24%. We are seeing significant positive trends in net new ARR growth, excluding Red Canary, accelerating to 17% in Q4. These results reflect increasing market adoption of our Zero Trust platform.

謝謝你，Kim。各位下午好。我們以強勁表現為本會計年度畫下句點，ARR 成長 25%，非 GAAP 營業利益率達 24%。我們看到淨新增 ARR 成長出現顯著正向趨勢，若排除 Red Canary，第四季加速至 17%。這些成果反映市場對我們零信任平台的採用正在提升。

AI is quickly becoming the largest tailwind we have ever seen driving demand for our Zero Trust Everywhere data security and security for AI solutions. Our customers are relying on us to both combat the threats created by Agentic AI and safely deploy AI agents and models at scale. To safely deploy AI agents and models at scale.

AI 正迅速成為我們有史以來最大的順風，推動市場對我們「Zero Trust Everywhere」資料安全與 AI 安全解決方案的需求。客戶仰賴我們，一方面對抗 Agentic AI 所帶來的威脅，另一方面也能安全地大規模部署 AI 代理與模型。以安全方式大規模部署 AI 代理與模型。

Since our last earnings call, new AI models have become more powerful, more autonomous and more dangerous from a cybersecurity perspective. The ability of these new frontier AI and open weight models to uncover previously unknown vulnerabilities at a rapid pace has become even more apparent. Organizations simply do not have enough time or resources to fix the unprecedented number of software vulnerabilities that are being discovered. The time between a vulnerability being discovered and exploited is also shrinking. You cannot win a patching race against AI.

自上次財報電話會議以來，新的 AI 模型變得更強大、更自主，且從資安角度看也更危險。這些新的前沿 AI 與開放權重模型能以極快速度挖掘先前未知漏洞的能力，變得更加明顯。各組織根本沒有足夠的時間或資源，去修補前所未有、持續被發現的大量軟體漏洞。漏洞被發現到被利用之間的時間也在縮短。你不可能在與 AI 的修補競賽中獲勝。

This is leaving organizations exposed and likely leads to more breaches. Over the past few months, our team has conducted hundreds of frontier AI risk assessments for global enterprises to help them assess their cyber resilience posture to minimize potential breaches. The takeaways have been incredibly revealing. Over 90% of organizations had AI applications, models and other servers exposed to the Internet and more than 1/3 had known exploitable vulnerabilities.

這使得各組織暴露於風險之中，並很可能導致更多資安事件。在過去幾個月，我們的團隊為全球企業進行了數百次前沿 AI 風險評估，協助他們評估自身的網路韌性態勢，以將潛在入侵降至最低。這些結論極具啟發性。超過 90% 的組織有 AI 應用程式、模型及其他伺服器暴露在網際網路上，且超過三分之一存在已知且可被利用的漏洞。

At the same time, the threat landscape has been compounded by the ability of new AI models to power ungoverned autonomous agents. We are now seeing the impact of fully autonomous AI attacks. There have already been multiple high-profile incidents from three leading frontier model companies where agents went rogue and took unauthorized actions. This includes the recent Hugging Face incident where a swarm of agents went to extreme lengths to break out of a sandbox training environment, get onto the corporate network and move laterally to conduct a sophisticated attack. This is driving urgency at the highest levels and Zscaler is uniquely equipped to meet the moment.

同時，威脅態勢也因新 AI 模型能驅動缺乏治理的自主代理而更加惡化。我們現在正看到完全自主的 AI 攻擊所帶來的影響。三家領先的前沿模型公司已發生多起備受關注的事件，其中代理失控並採取未經授權的行動。其中包括近期的 Hugging Face 事件：一群代理不惜採取極端手段，逃離沙盒訓練環境、進入企業網路並進行橫向移動，發動精密攻擊。這在最高層級引發了迫切性，而 Zscaler 具備獨特能力把握此一關鍵時刻。

CEOs and boards are looking to us as their trusted partner to address three essential business challenges. First, how do we secure an environment when we can't patch security vulnerabilities fast enough, our Zero Trust Exchange makes applications, AI models and data invisible.

執行長與董事會正把我們視為值得信賴的合作夥伴，以解決三項關鍵的業務挑戰。第一，當我們無法足夠快速地修補安全漏洞時，該如何保護環境？我們的 Zero Trust Exchange 讓應用程式、AI 模型與資料變得不可見。

An attacker, human or agent, cannot breach what it cannot reach. Second, how do we minimize the impact of a potential breach. Our Zero Trust Exchange connects users, workloads, branches and agents directly to the applications they need without placing them on the network. This eliminates lateral threat movement containing the impact of a breach. Third, how do we take advantage of all the benefits of AI without introducing significant new risk.

無論是人類或代理的攻擊者，無法入侵其無法觸及的目標。第二，我們如何將潛在入侵的影響降到最低？我們的 Zero Trust Exchange 讓使用者、工作負載、分支據點與代理直接連到其所需的應用程式，而不把它們放在網路上。這可消除威脅的橫向移動，從而限制入侵影響。第三，我們如何在不引入重大全新風險的情況下，充分利用 AI 的所有效益。

Zscaler has a full portfolio of data security and security for AI solutions that prevents data exfiltration, provides guardrails to prevent abuse or misuse of AI applications and enables secure agenetic communication. Because of these advantages, customers trust us to secure their business-critical environments. We are also differentiated by our scale, operating the world's largest distributed in-line security cloud, processing more than 750 billion transactions per day. This scale provides unmatched high-fidelity telemetry that continuously improves our AI-powered security capabilities.

Zscaler 擁有完整的資料安全與 AI 安全解決方案組合，可防止資料外洩，提供防護欄以避免 AI 應用遭到濫用或誤用，並支援安全的代理式通訊。憑藉這些優勢，客戶信任我們來保護其關鍵業務環境。我們也以規模見長，營運全球最大的分散式內嵌（in-line）安全雲，每日處理超過 7,500 億筆交易。此一規模提供無可匹敵的高保真遙測資料，持續強化我們以 AI 驅動的安全能力。

In the AI era, Zero Trust is now an imperative and we're not alone in this belief. Anthropic published a white paper in late May encouraging adoption of a Zero Trust architecture for AI agents emphasizing the importance of treating every agent like an untrusted entity and making sure it only has access to authorized data and applications. This is why customers are expanding their investments with us to secure their Agentic infrastructure and why we are confident our platform is uniquely equipped to address the risks companies face in this new world. In addition to protecting companies from the threats created by Agentic AI, we are also enabling organizations to safely deploy AI agents and models. Our AI solutions are key to providing enterprise visibility, governing what data and applications agents can access and what actions they are permitted to perform?

在 AI 時代，零信任如今已是必要條件，而我們並非唯一持此看法。Anthropic 於 5 月下旬發布白皮書，鼓勵為 AI 代理採用零信任架構，強調應將每個代理都視為不受信任的實體，並確保其只能存取已授權的資料與應用程式。這也是為何客戶正在擴大對我們的投資，以保護其 Agentic 基礎設施；同時也讓我們有信心，我們的平台具備獨特能力來因應企業在這個新世界所面臨的風險。除了保護企業免受 Agentic AI 所帶來的威脅之外，我們也協助組織安全地部署 AI 代理與模型。我們的 AI 解決方案是提供企業可視性、治理代理可存取哪些資料與應用程式，以及其被允許執行哪些動作的關鍵？

We are often asked why our solutions are needed alongside identity for AI security. While Identity Solutions answer who is requesting access our in-line exchange determines what that user or agent should be allowed to do and enforces that policy in real time. Put simply, identity is only the starting point for securing AI. Greater visibility and control is needed for organizations to trust agents accessing sensitive data, interacting with applications and taking action on behalf of users. Earlier this year, we introduced the industry's most comprehensive security for AI solutions designed for exactly that reason.

我們經常被問到，為何在 AI 安全方面，除了身分識別之外仍需要我們的解決方案。身分識別解決方案回答的是「誰」在請求存取；而我們的內嵌交換平台則決定該使用者或代理「應被允許做什麼」，並即時強制執行該政策。簡而言之，身分識別只是 AI 安全的起點。組織需要更高的可視性與控制力，才能信任代理去存取敏感資料、與應用程式互動，並代表使用者採取行動。今年稍早，我們推出了業界最全面的 AI 安全解決方案，正是為了這個原因而設計。

We are seeing strong proactive inbound interest from both new and existing customers, and we have seen no budget constraints.

我們看到來自新客戶與既有客戶的強勁、主動的入站詢問與興趣，且我們未見任何預算限制。

Security for AI bookings increased more than 50% sequentially in Q4 on top of a strong Q3. Our security for AI solution provides new logo opportunities by offering organizations an integrated way to secure AI use at scale. At our Zenith Live Conference in June, we unveiled the latest additions to our security for AI lineup including our Zero Trust Exchange for agents and endpoint AI security, both of which we expect to scale in the second half of fiscal 2027. Both products are in early access, and we're seeing tremendous interest from customers. These new solutions will provide organizations the ability to enforce AI policy, both at our exchange and the endpoint, enabling policy enforcement at the optimal location.

AI 預訂的安全性在第四季較前一季成長超過 50%，且是在第三季表現強勁的基礎上再度提升。我們的 AI 安全解決方案透過為組織提供一種可整合的方式，以規模化地保護 AI 的使用，帶來新的客戶標誌（new logo）機會。在 6 月的 Zenith Live 大會上，我們發表了 AI 安全產品線的最新新增項目，包括用於代理（agents）的 Zero Trust Exchange，以及端點 AI 安全；我們預期這兩項產品將在 2027 財年下半年擴大規模。兩項產品目前皆處於早期存取階段，我們看到客戶展現出極大的興趣。這些新解決方案將使組織能夠在我們的交換平台與端點兩端執行 AI 政策，讓政策得以在最佳位置落實。

We continue to innovate in this area at a rapid pace.

我們持續以極快的速度在此領域創新。

Next week, we are announcing the next major innovation on our platform with our new Agentic SecOps solution. Just as AI is increasing the threat surface, it is also stressing a human-driven traditional SOC approach, where remediation can take days or weeks. In contrast, our AI first approach brings together our proprietary telemetry and Red Canary's decade-plus of experience in managed detection and response or MDR. Our Agentic SecOps solution enables security teams to prioritize real threats and leverage specialized AI agents to detect, investigate and respond to threats at machine speed. We're driving closed loop remediation in real time by integrating our Agentic SecOps with our Zero Trust Exchange, enabling customers to move with speed as the time between detection and exploitation has decreased from months to minutes. we will be launching our new Agentic SecOps solution with a webcast on September 9, which will be streamed on our website.

下週，我們將宣布平台上的下一項重大創新：全新的 Agentic SecOps 解決方案。AI 不僅擴大了威脅面，也正在加重以人力驅動的傳統 SOC 作法的壓力，因為修復可能需要數天或數週。相較之下，我們的 AI 優先方法結合了我們的專有遙測資料，以及 Red Canary 在託管式偵測與回應（MDR）領域超過十年的經驗。我們的 Agentic SecOps 解決方案讓資安團隊能優先處理真正的威脅，並運用專門的 AI 代理以機器速度進行偵測、調查與回應。我們透過將 Agentic SecOps 與 Zero Trust Exchange 整合，推動即時的閉環修復，使客戶能以速度應對，因為從偵測到被利用的時間已從數月縮短至數分鐘。我們將於 9 月 9 日透過網路直播發表全新的 Agentic SecOps 解決方案，並在我們的網站上串流播出。

Our approach for securing users and known users and ensuring safe adoption of AI is resonating. This is increasingly evident in my conversations with customers and partners and is illustrated with a few customer examples. First, we had a notable 7-figure upsell Z-Flex win with a Fortune 500 transportation customer who deployed our security for AI portfolio to secure their full AI life cycle. Our security for AI solution provides an integrated approach to secure AI use at scale. This includes discovery and management of all AI assets including shadow AI and enforcement of safe access to approved apps.

我們在保護使用者與已知使用者、並確保 AI 安全導入方面的作法正在引起共鳴。這在我與客戶及合作夥伴的對話中愈發明顯，並可透過幾個客戶案例加以說明。首先，我們與一家《財富》500 大運輸業客戶達成一筆顯著的 7 位數 Z-Flex 加購（upsell）勝利；該客戶部署了我們的 AI 安全產品組合，以保護其完整的 AI 生命週期。我們的 AI 安全解決方案提供一種整合式方法，以規模化地保護 AI 的使用。其中包括對所有 AI 資產（含影子 AI）的探索與管理，以及對核准應用程式的安全存取進行強制控管。

It also includes real-time prompt and response inspection to stop data leaks and threats like prompt injections and continuous red-teaming assessments. This customer selected our security for AI solution over two major platform competitors and with this win, the customers ARR grew to nearly $10 million.

它也包含即時的提示（prompt）與回應檢查，以阻止資料外洩與如提示注入等威脅，並進行持續的紅隊演練評估。該客戶在兩家主要平台競爭對手之間選擇了我們的 AI 安全解決方案；隨著這次得標，該客戶的 ARR 成長至接近 1,000 萬美元。

In another 7-figure Z-Flex upsell, a Fortune 500 semiconductor manufacturer expanded its adoption of the Zscaler platform to secure a company-wide rollout of cloud cohort. After assessing several vendors, this client determined Zscaler security for AI was the only solution capable of securing the customers AI adoption, including its endpoints secure agent to agent communication and model usage in private and public environments. This is a great example of how our customers are expanding the use of Zero Trust Exchange to safely deploy AI agents and models as well as combat threats created by Agentic AI. While we're in the early innings of security for AI, these deals give us tremendous confidence in our ability to expand this offering significantly over time.

在另一筆 7 位數的 Z-Flex 加購案中，一家《財富》500 大半導體製造商擴大採用 Zscaler 平台，以保護全公司範圍的雲端 cohort 推出。在評估多家供應商後，該客戶認定 Zscaler 的 AI 安全是唯一能夠保護其 AI 導入的解決方案，包括端點、代理對代理（agent-to-agent）的安全通訊，以及在私有與公有環境中的模型使用。這是客戶如何擴大使用 Zero Trust Exchange，以安全部署 AI 代理與模型，並對抗 Agentic AI 所帶來威脅的絕佳例子。雖然我們仍處於 AI 安全的早期階段，但這些交易讓我們對於隨時間大幅擴展此產品的能力充滿信心。

Next, our leadership in data security is a powerful tailwind for our security for AI business. As enterprises embrace Gen AI and agent AI, they're confronting a new wave of data exfiltration risks, including data abuse and overprivileged access to data. Our in-line architecture, coupled with our endpoint DLP and our Endpoint AI Security enhances our ability to enforce data loss prevention in the cloud as well as on the end point securing data and AI go hand-in-hand as evidenced by the fact that 70% of our security for AI deals this quarter included our data security solution. In Q4, we also closed a 7-figure ZFlex upsell win with a large global asset management firm. The customer selected Zscaler's data security posture management solution over a privately held DSPM vendor.

接著，我們在資料安全方面的領導地位，為 AI 安全業務帶來強勁的順風。隨著企業擁抱生成式 AI 與代理式 AI，他們正面臨新一波資料外洩風險，包括資料濫用與對資料的過度授權存取。我們的內聯式（in-line）架構，結合端點 DLP 與端點 AI 安全，強化了我們在雲端與端點執行資料外洩防護的能力；資料安全與 AI 安全密不可分，這點可由本季 70% 的 AI 安全交易同時包含我們的資料安全解決方案得到印證。在第四季，我們也與一家大型全球資產管理公司完成一筆 7 位數的 ZFlex 加購勝利。該客戶選擇了 Zscaler 的資料安全態勢管理（DSPM）解決方案，而非一家私人持有的 DSPM 供應商。

This customer chose Zscaler to address gaps related to sensor data discovery across its multi-cloud environment and data governance.

該客戶選擇 Zscaler，以補足其在多雲環境中的感測器資料探索與資料治理相關缺口。

With this upsell, the annual spend of this customer increased by nearly 40%, reaching an ARR of $5 million plus. We're also seeing continued traction across our Zero Trust SSE solutions including customers expanding their Zero Trust SASE deployments. For example, this quarter, we signed a 7-figure flex upsell with a Global 2000 financial services customer who upgraded to Zscaler private access to AI-powered app segmentation for 120,000 users, increasing their ARR by nearly 50%. We are also driving new logos. We closed a 7-figure new logo Flex win with a Fortune 500 life sciences company that is deploying our Zero Trust and security for AI platform across 75,000 users and displacing a legacy fiber-based SaaS platform.

透過這次加購，該客戶的年度支出增加近 40%，ARR 提升至 500 萬美元以上。我們也持續看到 Zero Trust SSE 解決方案的動能，包括客戶擴大其 Zero Trust SASE 部署。例如，本季我們與一家 Global 2000 金融服務客戶簽下 7 位數的 Flex 加購案；該客戶升級至 Zscaler Private Access，並為 12 萬名使用者導入 AI 驅動的應用程式分段（app segmentation），使其 ARR 增加近 50%。我們也在推動新的客戶標誌（new logos）。我們與一家《財富》500 大生命科學公司完成一筆 7 位數的新客戶標誌 Flex 得標案；該公司正於 7.5 萬名使用者範圍部署我們的 Zero Trust 與 AI 安全平台，並汰換既有的傳統光纖式 SaaS 平台。

This customer led by a newly appointed CISO who is a 3 times repeat Zscaler customer chose us for our ability to deliver unified visibility and control across both enterprise security and Gen AI.

該客戶由新任命的 CISO 領導；他是三度回購 Zscaler 的客戶，選擇我們是因為我們能在企業資安與生成式 AI 兩者之間提供一致的可視性與控管。

This is a great example of a new logo purchasing the entire Zscaler platform. Customers are also increasingly starting the Zero journey by securing nonuser environments. For example, we closed a 7-figure new logo win with a Global 2000 health care equipment manufacturer to deploy our Zero Trust branch solution across the critical production sites to secure its OT environment displacing an existing long-term legacy vendor. This is an example of a sizable opportunity Zscaler has within factories and warehouses to secure IoT OT and provide zero trust device segmentation. Zero Trust branch simplifies customers branch deployments by eliminating traditional branch firewalls, SD-WAN and MPLS networks, reducing operational complexity.

這是新客戶標誌一次購買完整 Zscaler 平台的絕佳例子。客戶也愈來愈常以保護非使用者（nonuser）環境作為 Zero 旅程的起點。例如，我們與一家 Global 2000 醫療設備製造商完成一筆 7 位數的新客戶標誌得標案，在其關鍵生產據點部署我們的 Zero Trust 分支（branch）解決方案，以保護其 OT 環境，並取代既有長期的傳統供應商。這顯示 Zscaler 在工廠與倉儲中具備可觀的機會，可用於保護 IoT/OT 並提供零信任裝置分段。Zero Trust 分支透過消除傳統分支防火牆、SD-WAN 與 MPLS 網路，簡化客戶的分支部署並降低營運複雜度。

It also minimizes the impact from an infected machine in a branch or a manufacturing plant by limiting lateral movement across the environment and therefore, containing the breach.

它也能透過限制環境內的橫向移動，將分支或製造工廠中受感染機器的影響降到最低，從而遏止入侵擴散。

In another nonuser deal win, we closed a 7-figure upsell with a Fortune 500 aerospace customer. This customer was going through a divestiture and expanded its Zero Trust cloud deployment between its on-prem and public cloud environments to securely migrate workloads. With this deal, the ARR of this customer grew by more than 30% to over $5 million. We're seeing tremendous momentum with Zero Trust Cloud, this quarter, we extended the solution by offering a managed service through Google Cloud, which can be configured in under 10 minutes, reducing the deployment time and operational costs significantly. This expands on our existing offering for AWS and enables multi-cloud flexibility.

在另一筆非使用者交易的得標案中，我們與一家《財富》500 大航太客戶完成一筆 7 位數加購。該客戶正進行資產剝離（divestiture），並擴大其在內部部署與公有雲環境之間的 Zero Trust Cloud 部署，以安全遷移工作負載。透過這筆交易，該客戶的 ARR 成長超過 30%，達到 500 萬美元以上。我們看到 Zero Trust Cloud 具備極強動能；本季我們透過 Google Cloud 提供託管式服務來延伸此解決方案，可在 10 分鐘內完成設定，大幅縮短部署時間並顯著降低營運成本。這是在我們既有 AWS 方案之上進一步擴展，並提供多雲彈性。

The strength we are seeing in Zero Trust branch and Zero Trust Cloud is translating to meaningful momentum with Zero Trust Everywhere enterprises, those that have purchased zero trust users, Zero Trust branch and Zero Trust Cloud. We exited Q4 with more than 950 Zero Trust enterprises versus over 700 in Q3 and over 350 at the end of fiscal 2025.

我們在 Zero Trust 分支與 Zero Trust Cloud 所見到的強勁表現，正轉化為 Zero Trust Everywhere 企業的顯著動能——也就是同時購買零信任使用者、Zero Trust 分支與 Zero Trust Cloud 的企業。我們在第四季結束時擁有超過 950 家 Zero Trust 企業，相較第三季超過 700 家，以及 2025 財年末超過 350 家。

To summarize, AI represents one of the most significant opportunities in Zscaler's history. Our platform was built for this moment. Zscaler has always secured interactions between every user and applications and now Zscaler secures interaction between every user, every agent and every AI model. We have a large and growing market. Adoption of our platform is expanding and we are continuing to innovate across Zero Trust SASE, Agentic SecOps, data security and security for AI.

總結而言，AI 代表 Zscaler 歷史上最重要的機會之一。我們的平台正是為此刻而打造。Zscaler 一直以來都在保護每位使用者與應用程式之間的互動，而現在 Zscaler 也保護每位使用者、每個代理（agent）與每個 AI 模型之間的互動。我們擁有龐大且持續成長的市場。我們平台的採用正在擴大，我們也持續在 Zero Trust SASE、Agentic SecOps、資料安全與 AI 安全等領域推動創新。

We are well positioned to extend our leadership as the cybersecurity platform for the AI era, drive durable growth and create long-term shareholder value.

我們已做好充分準備，在 AI 時代作為資安平台延續領導地位，推動可持續的成長，並創造長期股東價值。

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

接下來我把時間交給 Kevin，請他帶大家回顧財務表現。

Thanks, Jay. We delivered strong Q4 results with revenue and ARR both growing 25% year-over-year, net new ARR growing 24% and non-GAAP operating margin reaching a record 24.3%. For full year fiscal '26, revenue also grew 25% and when combined with 23% free cash flow margin, our performance exceeded the rule of 40, landing at approximately 49%. Our growth engine continues to broaden beyond users with increasing contribution from non-seat-based solutions, continued Z-Flex momentum, record large deal activity and improved sales productivity. ARR momentum remains strong in Q4.

謝謝你，Jay。我們在第四季交出強勁成果，營收與 ARR 均年增 25%，淨新增 ARR 年增 24%，非 GAAP 營業利益率達到創新高的 24.3%。在 26 會計年度全年，營收同樣成長 25%，再加上 23% 的自由現金流利潤率，我們的表現超越 40 法則，約為 49%。我們的成長引擎持續從「使用者」擴展，非按席位計價解決方案的貢獻提升、Z-Flex 動能延續、大型交易活動創新高，以及銷售生產力改善。第四季 ARR 動能依然強勁。

Excluding the contribution from our acquisition of Red Canary, net new ARR was $232 million, up 17% year-over-year, and total ARR was up 20%. Importantly, this marks a continued acceleration in net new ARR growth from 7% in fiscal '25 to 10% in the first half of fiscal '26 and to 17% in Q4. Red Canary exited Q4 with $141 million of ARR.

若排除我們收購 Red Canary 的貢獻，淨新增 ARR 為 2.32 億美元，年增 17%，總 ARR 年增 20%。重要的是，這代表淨新增 ARR 成長率持續加速：從 25 會計年度的 7%，提升至 26 會計年度上半年的 10%，並在第四季達到 17%。Red Canary 在第四季結束時的 ARR 為 1.41 億美元。

Total net new ARR was $246 million, up 24% bringing total ARR to $3.8 billion, up 25% year-over-year. Performance was broad-based with strength across the Americas, EMEA and APJ. We also continued to deepen enterprise adoption. In Q4, we closed with a record number of $1 million plus new ACV deals and the number of $10 million-plus ARR customers nearly doubled year-over-year. We ended the quarter with 785 customers generating over $1 million in ARR and 4,182 customers generating more than $100,000 in ARR growing 18% and 20% year-over-year, respectively.

總淨新增 ARR 為 2.46 億美元，年增 24%，使總 ARR 達到 38 億美元，年增 25%。表現全面向好，美洲、EMEA 與 APJ 均展現強勁動能。我們也持續深化企業客戶採用。第四季，我們締結了創紀錄數量的 100 萬美元以上新 ACV 交易，且 ARR 超過 1,000 萬美元的客戶數量幾乎較去年同期倍增。本季末，我們有 785 家客戶的 ARR 超過 100 萬美元，以及 4,182 家客戶的 ARR 超過 10 萬美元，分別年增 18% 與 20%。

As our platform expands beyond users to protect branches, workloads, AI applications and AI agents, our monetization model is also expanding.

隨著我們的平台從保護使用者擴展到保護分支據點、工作負載、AI 應用與 AI 代理，我們的變現模式也在擴展。

In Q4 and for the full year, our non-seat-based metered usage solutions delivered approximately 30% of new and upsell ACV. ARR tied to these offerings grew more than 100% year-over-year. Turning to revenue. Q4 revenue was $898 million, up 25% year-over-year and 6% sequentially, exceeding the high end of our guidance. Growth was broad-based across the geographies.

在第四季及全年，我們非按席位計價的計量式用量解決方案，約貢獻了新增與加購 ACV 的 30%。與這些產品相關的 ARR 年增超過 100%。接著談營收。第四季營收為 8.98 億美元，年增 25%、季增 6%，高於我們指引區間的上緣。各地區成長表現均衡。

The Americas accounted for 57% of revenue and grew approximately 30% year-over-year. EMEA accounted for 27% of revenue and grew approximately 17% and APJ accounted for 16% of revenue and grew 23%. For full fiscal '26, revenue of $3.4 billion grew 25% year-over-year.

美洲占營收 57%，年增約 30%。EMEA 占營收 27%，年增約 17%；APJ 占營收 16%，年增 23%。26 會計年度全年營收為 34 億美元，年增 25%。

Excluding Red Canary, revenue of $3.2 billion grew 20% year-over-year. Red Canary contributed $144 million of revenue in fiscal '26. The Americas accounted for 57% of revenue and grew approximately 31% EMEA accounted for 28% of revenue and grew approximately 16% and APJ accounted for 15% of revenue and grew approximately 23%. Remaining performance obligation, or RPO, of approximately $7.4 billion grew approximately 27% with approximately 45% classified as current RPO.

若排除 Red Canary，營收為 32 億美元，年增 20%。Red Canary 在 26 會計年度貢獻 1.44 億美元營收。美洲占營收 57%，年增約 31%；EMEA 占營收 28%，年增約 16%；APJ 占營收 15%，年增約 23%。剩餘履約義務（RPO）約為 74 億美元，成長約 27%，其中約 45% 被歸類為流動 RPO。

Turning to go-to-market. We are pleased with the continued strong sales execution. In Q4, we delivered double-digit sales productivity growth and achieved our highest quarterly productivity ever and the highest annual productivity since 2022. This reflects continued improvement in our account-centric sales motion and our ability to drive broader platform adoption with customers. Entering fiscal '27, our priorities are focused on deepening relationships with existing customers, accelerating platform adoption, improving new logo execution, expanding coverage in key segments and increasing partner-led contribution.

接著談市場推進（go-to-market）。我們對持續強勁的銷售執行感到滿意。第四季，我們實現兩位數的銷售生產力成長，並創下史上最高的單季生產力，以及自 2022 年以來最高的年度生產力。這反映出我們以客戶為中心的銷售模式持續改善，以及推動客戶更廣泛採用平台的能力。進入 27 會計年度，我們的優先事項聚焦於深化既有客戶關係、加速平台採用、提升新客戶（new logo）拓展執行、擴大關鍵細分市場覆蓋，以及提高夥伴主導的貢獻。

These priorities are especially important as the rapid proliferation of frontier AI models increases customer engagement at senior levels of the organization as Jay discussed earlier.

如同 Jay 先前所述，隨著前沿 AI 模型快速擴散，客戶在組織高層的參與度提升，這些優先事項尤其重要。

To support new logo growth, we are expanding coverage through both direct and partner-led motions. For example, we recently expanded our partnership with Carahsoft to further penetrate the commercial and SMB segments in the US through 100% channel-led motion. We are also adding dedicated new logo sales executives focused specifically on pursuing new enterprise customer opportunities. Z-Flex remains an important part of our go-to-market strategy.

為了支持新客戶成長，我們透過直銷與夥伴主導兩種模式擴大覆蓋。例如，我們近期擴大與 Carahsoft 的合作，透過 100% 通路主導模式，進一步深入美國商用與中小企業（SMB）市場。我們也增聘專責的新客戶銷售主管，專注於開拓新的企業客戶機會。Z-Flex 仍是我們市場推進策略的重要一環。

It provides customers with multiyear commitments, the flexibility to activate or swap modules without starting a new procurement cycle while also providing premium deployment assistance and support. We saw strong momentum again this quarter with Z-Flex, driving meaningful upsell, shorter sales cycles and greater forward visibility. In Q4, Zflex generated over $770 million in TCV up more than 60% quarter-over-quarter.

它為客戶提供多年期承諾，並可在不啟動新的採購週期下，彈性啟用或更換模組，同時提供高階部署協助與支援。本季 Z-Flex 再度展現強勁動能，帶動顯著加購、更短的銷售週期，以及更高的前瞻可視性。第四季，Zflex 產生超過 7.7 億美元的 TCV，較前一季成長逾 60%。

For fiscal '26, Flex customers saw an ARR uplift averaging nearly 30%. For fiscal '26, flex generated more than $1.7 billion in TCV, underscoring customers long-term commitment to Zscaler. Two recent examples illustrate the value of this model. In a 5-year, 8-figure Z-Flex deal, a Global 2000 services customer increased its ARR by nearly 90%, crossing $5 million this quarter, driven by expansion with existing products and adoption of new products, including our security for AI and Zero Trust cloud solutions. In another example, an existing 7-figure ARR Global 2000 retail and wholesale customer increased its annual spend with us by 140% in a three year 8-figure Z-Flex deal.

在 26 會計年度，Flex 客戶的 ARR 提升幅度平均接近 30%。在 26 會計年度，flex 產生超過 17 億美元的 TCV，凸顯客戶對 Zscaler 的長期承諾。以下兩個近期案例說明此模式的價值。在一筆為期 5 年、金額達 8 位數的 Z-Flex 交易中，一家 Global 2000 服務業客戶的 ARR 幾乎提升 90%，本季突破 500 萬美元，主要由既有產品擴張與新產品採用所驅動，包括我們的 AI 安全與 Zero Trust 雲端解決方案。另一個例子中，一家既有 ARR 達 7 位數的 Global 2000 零售與批發客戶，在一筆為期 3 年、金額達 8 位數的 Z-Flex 交易中，將其年度支出提高了 140%。

This customer expanded adoption across nine existing modules, and adopted six new modules, including our security for AI solution.

該客戶將採用範圍擴展至 9 個既有模組，並新增採用 6 個新模組，其中包括我們的 AI 安全解決方案。

Turning to operating performance. We delivered strong profitability while continuing to invest in the business. Non-GAAP gross margin was 80.2% compared to 79.3% a year ago. The year ago period included a onetime deployment of a large private cloud in a government customer's data center, which included a hardware component that carried a lower gross margin profile. We also delivered significant operating leverage in the quarter.

接著談營運表現。我們在持續投資業務的同時，交出強勁的獲利表現。非 GAAP 毛利率為 80.2%，高於去年同期的 79.3%。去年同期包含一次性在某政府客戶資料中心部署大型私有雲，其中含硬體組件，毛利率結構較低。本季我們也實現顯著的營運槓桿。

Non-GAAP operating income was $218 million, up $60 million or 37% compared to $159 million last year. Non-GAAP operating margin was 24.3%, up 220 basis points year-over-year.

非 GAAP 營業利益為 2.18 億美元，較去年的 1.59 億美元增加 6,000 萬美元或 37%。非 GAAP 營業利益率為 24.3%，年增 220 個基點。

For the full year, non-GAAP gross margin was 80.3%, up 20 basis points year-over-year. Non-GAAP operating margin was 22.9%, up 120 basis points year-over-year. This performance reflects the strength of our business model, disciplined execution and our ability to deliver durable growth with expanding profitability while continuing to invest in the significant market opportunity ahead.

全年非 GAAP 毛利率為 80.3%，年增 20 個基點。全年非 GAAP 營業利益率為 22.9%，年增 120 個基點。這些表現反映出我們商業模式的韌性、紀律性的執行力，以及在持續投資於前方龐大市場機會的同時，仍能實現可持續成長並擴大獲利能力。

Turning to the balance sheet. We ended the quarter with approximately $3.5 billion in cash, cash equivalents and short-term investments and $1.7 billion of debt. In Q4, we generated $279 million in operating cash flow, and CapEx was $200 million or 22% of revenue. This brought our full year CapEx to $277 million or 8% of revenue and coupled with capitalized internal use software of $73 million resulted in free cash flow of $779 million for the full fiscal '26 or a free cash flow margin of 23%, down from 27% last year.

接著談資產負債表。本季末，我們持有約 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。第四季，我們產生 2.79 億美元的營運現金流，資本支出（CapEx）為 2 億美元，約占營收 22%。因此，全年 CapEx 為 2.77 億美元，約占營收 8%；再加上 7,300 萬美元的內部使用軟體資本化，26 會計年度全年自由現金流為 7.79 億美元，自由現金流利潤率為 23%，低於去年的 27%。

The year-over-year declines reflect the timing of cash collections and CapEx expenditures. Looking ahead, I want to provide an update on our expectations for capital expenditures to support our growth. As I shared last quarter, we are seeing higher prices and tighter availability for memory, storage and processors. These components support our data center infrastructure and our Zero Trust branch appliances. In Q4, we opportunistically accelerated certain purchases where data center equipment was available.

年對年下滑反映了現金收款與資本支出（CapEx）支出的時點差異。展望未來，我想就為支持我們成長而進行的資本支出預期提供最新進展。如我在上季所分享，我們看到記憶體、儲存與處理器的價格上漲且供應更為吃緊。這些元件支撐我們的資料中心基礎設施以及我們的零信任分支設備。在第四季，我們在資料中心設備可取得時，機會性地加速了部分採購。

As a result, fiscal '26 CapEx was 8% of revenue consistent with the expectations we provided last quarter for CapEx of high single digits as a percentage of revenue. We expect CapEx to remain elevated during fiscal '27 due to higher component pricing, especially memory. We'll continue to monitor our costs and share regular updates about the impact.

因此，2026 會計年度的資本支出占營收比為 8%，符合我們上季所提供的預期：資本支出占營收比為高個位數百分比。由於元件價格較高，尤其是記憶體，我們預期 2027 會計年度資本支出將維持在較高水準。我們將持續監控成本，並定期分享其影響的最新資訊。

To provide additional capacity to support our AI and growth initiatives, we are strategically reallocating resources through a workforce restructuring. This action is expected to affect approximately 3% of employees and result in restructuring charges of approximately $30 million to $33 million.

為提供額外產能以支持我們的 AI 與成長計畫，我們正透過人力重整進行策略性資源重新配置。此舉預計影響約 3% 的員工，並產生約 3,000 萬至 3,300 萬美元的重整費用。

Turning to guidance. Let me provide our outlook for Q1 and full year fiscal '27. As a reminder, these numbers are all on a non-GAAP basis. For the first quarter, we expect revenue of $935 million to $939 million, approximately 19% year-over-year growth. Gross margin of approximately 80% operating profit of $215 million to $217 million, up approximately 25% to 26% year-over-year, representing a 23% operating margin.

接著談指引。我將提供我們對 2027 會計年度第一季與全年展望。提醒一下，以下數字皆以非 GAAP 基礎呈現。第一季我們預期營收為 9.35 億至 9.39 億美元，約為年對年成長 19%。毛利率約 80%，營業利益為 2.15 億至 2.17 億美元，年對年成長約 25% 至 26%，相當於 23% 的營業利益率。

Net other income of approximately $33 million and earnings per share of approximately $1.15 to $1.16 per share, assuming a 21% tax rate and 170 million fully diluted shares. For the full year fiscal '27, we expect ARR of $4.396 billion to $4.426 billion or year-over-year growth of approximately 16.6% to 17.4%. For net new ARR seasonality, we expect approximately 37% of net new ARR in the first half of fiscal '27 with 15% in Q1 fiscal '27. Revenue of $3.908 billion to $3.938 billion, reflecting year-over-year growth of 16.6% to 17.5%. Gross margin of approximately 80%, operating profit of $924 million to $932 million, up approximately 21% year-over-year and equating to an operating margin of approximately 23.7%.

其他淨收益約 3,300 萬美元，每股盈餘約為 1.15 至 1.16 美元，假設稅率 21% 且完全稀釋股數為 1.70 億股。就 2027 會計年度全年而言，我們預期 ARR 為 43.96 億至 44.26 億美元，年對年成長約 16.6% 至 17.4%。就淨新增 ARR 的季節性而言，我們預期 2027 會計年度上半年約占淨新增 ARR 的 37%，其中第一季約占 15%。營收為 39.08 億至 39.38 億美元，反映年對年成長 16.6% 至 17.5%。毛利率約 80%，營業利益為 9.24 億至 9.32 億美元，年對年成長約 21%，相當於約 23.7% 的營業利益率。

Net other income, approximately $140 million to $142 million. Earnings per share of $4.86 to $4.90, assuming a 21% tax rate and approximately 173 million fully diluted shares and free cash flow margin of approximately 23% to 23.5%, reflecting CapEx, not including internal use software in the low teens as a percentage of revenue.

其他淨收益約 1.40 億至 1.42 億美元。每股盈餘為 4.86 至 4.90 美元，假設稅率 21% 且完全稀釋股數約 1.73 億股；自由現金流利潤率約 23% 至 23.5%，反映資本支出；不包含內部使用軟體，其占營收比為低十位數百分比。

We expect free cash flow margin to be seasonally stronger in Q1 and Q4, reflecting timing of CapEx and cash collections. 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.

我們預期自由現金流利潤率在第一季與第四季季節性較強，反映資本支出與現金收款時點。展望未來，我們對於持續擴大快速成長的 AI 安全產品組合、加速「零信任無所不在」的採用，以及成長我們的資料安全營收所看到的機會感到振奮。

In summary, we are pleased with the results we delivered in fiscal '26. We achieved 25% year-over-year ARR growth, record operating income and operating margin. We also saw continued momentum with Z-Flex and closed an all-time record number of $1 million plus ARR deals. I'm excited about the substantial opportunity ahead in fiscal '27. We are confident in our ability to continue to drive profitable growth across multiple vectors, including product innovation, go-to-market and customer expansion and creating value for our shareholders.

總結而言，我們對 2026 會計年度所交出的成果感到滿意。我們達成 ARR 年對年成長 25%，並創下營業利益與營業利益率新高。我們也看到 Z-Flex 持續動能，並締結了史上最多筆 ARR 超過 100 萬美元的交易。我對 2027 會計年度前方龐大的機會感到興奮。我們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、上市策略與客戶擴張，並為股東創造價值。

To learn more about our strategy and plans for the future, please join us at our upcoming Investor Day on October 6 in New York City.

若要進一步了解我們的策略與未來規劃，歡迎於 10 月 6 日在紐約市參加即將舉行的投資人日。

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，您可以開放提問。謝謝。

(Operator Instructions) Saket Kalia with Barclays.

（接線員指示）Barclays 的 Saket Kalia。

A nice close to the year. I'll keep it to one, but maybe address it to both you, Jay and Kevin. It's great to see the higher growth rate for next year in ARR. Maybe the question is, how are we thinking about the impact of some of the sales churn here that we talked about last quarter in terms of productivity, and do we feel like the sales churn here has stabilized as we go into '27?

今年收官很漂亮。我只問一題，但可能想同時請 Jay 與 Kevin 回答。很高興看到明年 ARR 的成長率更高。問題可能是：我們如何看待上季提到的部分銷售人員流失（sales churn）對生產力的影響？以及在邁入 2027 會計年度時，我們是否覺得銷售人員流失已經趨於穩定？

Okay. Let me start. Over the past few quarters, we have gone through transformation of our sales organization where we expanded from opportunity-led sales to account focused sales, the strong results of Q4 kind of show that the transformation, the changes we have driven, are working well. If you look at the sales productivity, actually, the sales productivity in Q4 was the highest I think we are very well positioned with a strong sales team with good channel partnership and a very strong product portfolio as we enter fiscal '27. Kevin?

好的。我先開始。過去幾季，我們對銷售組織進行了轉型，從以機會為導向的銷售擴展到以客戶為中心的銷售；第四季的強勁成果某種程度上顯示，我們推動的轉型與變革運作良好。若看銷售生產力，實際上第四季的銷售生產力是最高的；在邁入 2027 會計年度之際，我們擁有強大的銷售團隊、良好的通路夥伴關係，以及非常強的產品組合，因此處於非常有利的位置。Kevin？

Yes. Thanks, Jay and Saket. Maybe just to reemphasize the point. So Q4 marked the highest productivity quarter that we've ever seen and fiscal '26 was the highest annual sales productivity in four years. So I think we're really positioned and set up well going into fiscal '27.

是的。謝謝，Jay 與 Saket。我想再強調一次這點。第四季是我們有史以來生產力最高的一季，而 2026 會計年度則是四年來年度銷售生產力最高的一年。因此我認為，我們在邁入 2027 會計年度時確實已做好準備、也具備良好態勢。

Just as a reminder, we did have two sales leaders depart last quarter. One was a geo leader and the other was a vertical leader. We backfilled and internally promoted the vertical leader. Since then, a new leader has accepted the offer for the GEO position. Just keep in mind that certain geos may take longer to onboard than others.

提醒一下，上季確實有兩位銷售主管離職。一位是區域（geo）主管，另一位是垂直產業（vertical）主管。我們已補上空缺，並由內部晉升來接任垂直產業主管。此後，也有一位新主管接受了 GEO 職位的聘用。請記住，不同區域的到任與上手時間可能長短不一。

And finally, as we think about the shape of the transition, we expect that the leadership transition will play out in the first half of this fiscal, and that is reflected in our guidance. And I am excited about how this leadership team has come together as we think about augmenting our existing team into this year.

最後，從轉換的節奏來看，我們預期領導層的交接將在本會計年度上半年完成，而這也已反映在我們的指引中。當我們思考在今年擴充既有團隊時，我對這個領導團隊的整合方式感到振奮。

Fatima Boolani with Citi.

Citi 的 Fatima Boolani。

I was hoping to have you unpack some of the discrete drivers of that organic net new acceleration in the quarter. Provided that this is your fourth fiscal quarter, it's an abundant period of renewals and expansionary behavior from customers. So I'd love to kind of how you stack rank between some of those inputs. And how did you feel and think about your new logo activity in the quarter. Just wanted to get a sense of the most sensitive drivers of upside and strength there relative to what we were looking for.

我希望你們能拆解一下本季有機淨新增加速的幾個具體驅動因素。鑑於這是你們的第四個會計季度，通常是續約與客戶擴張行為相當旺盛的期間。因此我很想了解你們如何在這些因素之間做重要性排序。以及你們如何看待本季的新客（new logo）活動。想請你們分享一下，相較於我們原先預期，哪些最敏感的驅動因素帶來了超預期與強勁表現。

I'll start and Kevin. Q4 was a very strong quarter from almost all measurements. You saw all the metrics. We did very well. Our product portfolio has become pretty broad.

我先說，然後 Kevin 補充。第四季幾乎在所有衡量指標上都是非常強勁的一季。你們也看到了所有指標。我們表現得非常好。我們的產品組合已變得相當廣泛。

Zero Trust everywhere has been driving a lot of our sales. AI security fears are growing out there. And one of the things AI security needs zero-trust architecture, Zero Trust solutions. Our solution like Zero Trust Branch did extremely well. Data security drove a big part of our business.

「零信任無所不在」帶動了我們大量的銷售。市場對 AI 安全的擔憂正在升高。而 AI 安全所需要的其中一項就是零信任架構、零信任解決方案。我們的解決方案如 Zero Trust Branch 表現非常出色。資料安全也推動了我們業務的很大一部分。

And even the young offerings of security for AI has grown very nice so. All products actually did very well. Kevin?

而且就連針對 AI 的安全性新產品/新方案也發展得相當不錯。所有產品實際上表現都非常好。Kevin？

Yes. So maybe just a couple of other points to emphasize. We did have broad-based strength in the quarter. So I think that's number one to reflect. NRR, although it's not a metric that we provide each and every quarter, it was consistent each quarter this year at 115%.

是的。所以也許再強調幾點。我們本季呈現廣泛面向的強勁表現。我認為這是第一個需要反映的重點。NRR（雖然這不是我們每一季都會提供的指標）今年每一季都維持一致，為 115%。

So we've seen very consistent performance in terms of our upsell motion that I think is important to appreciate. Maybe one other comment I'll make is, as Jay mentioned, the early success with our securing AI, obviously, it had a strong performance in the quarter. But another optimistic point of view is that we also saw a 75% increase in pipeline in security for AI as we think about what that sets up for '27.

因此，我們在加購（upsell）動能方面的表現非常一致，我認為這點很重要。另外我再補充一點：如 Jay 所提到，我們在「AI 安全」上的早期成功，顯然在本季有很強的表現。但另一個更樂觀的觀點是，當我們思考這將如何為 2027 年做準備時，我們也看到 AI 安全相關的銷售管線增加了 75%。

If I may add two more points from a new logo point of view, our fortune 500 penetration moved up from 45% to 50%. That's pretty remarkable. And also worth noting is the million-dollar-plus deals. We had a record quarter for New $1 million ACV teams.

如果我可以從新客（new logo）的角度再補充兩點，我們在《財富》500 大企業的滲透率從 45% 提升到 50%。這相當了不起。另外也值得注意的是百萬美元以上的交易。我們在新增 100 萬美元 ACV 團隊方面創下了單季紀錄。

And Fatima, my reference to the increase in the pipeline relative to AI was quarter-over-quarter sequential, not year-over-year.

另外，Fatima，我提到與 AI 相關的管線增加，是以季度對季度（環比）連續比較，不是年對年。

Roger Boyd with UBS.

UBS 的 Roger Boyd。

Awesome. Jay, I wanted to touch on the competitive environment you're seeing with some of these AI security wins. And I want to maybe pick on the 7-figure upsell you called out with an airline company where you won over two other platform competitors. Can you just talk about what you're seeing in these bake-offs? Presumably, companies are taking these decisions pretty seriously and trying to make strategic bets on which layer of security they see as best positioned to secure AI, but I'd be curious to see what you're seeing and what's causing you to win these large deals?

太好了。Jay，我想談談你們在一些 AI 安全贏單中看到的競爭環境。我也想特別追問你提到的那筆與航空公司相關的七位數加購案，你們在那次競標中擊敗了另外兩家平台型競爭對手。你能談談你們在這些「比稿/競標」（bake-offs）中看到的情況嗎？看起來企業對這些決策非常慎重，並試圖在他們認為最能保護 AI 的安全層上做策略性押注；但我很好奇你們觀察到什麼，以及是什麼原因讓你們能贏下這些大單？

Yes. AI security is in demand and they're lots and lots of AI security companies, probably tons of startups as well. So one of the things we see out there is our customers tell us that they don't want one more or three more AI security products. They're looking for an integrated solution, not only for AI security, but also that works with the rest of security as well. So this transformation customers that we highlighted.

是的。AI 安全需求很旺，而且有非常非常多的 AI 安全公司，可能也有大量新創。所以我們在市場上看到的一件事是，客戶告訴我們他們不想再多買一個或三個 AI 安全產品。他們在找的是整合式解決方案，不僅是 AI 安全，還要能與其他安全能力一起協同運作。所以我們所強調的這些轉型型客戶就是如此。

They are a Zscaler customer for Zero Trust everywhere. And it is natural for them to say, if I need to expand into AI security. And tomorrow, I need to be ready for my agentic communication where zero to exchange to be able to ensure policy for agents. We were the natural choice for that to happen. And yes, every company is offering AI security, but they all come from different sides of it.

他們是 Zscaler 的客戶，採用的是「無所不在的零信任」（Zero Trust everywhere）。因此對他們來說很自然會說：如果我需要擴展到 AI 安全，而且明天我還需要為我的代理式（agentic）通訊做好準備，讓零信任交換（Zero Trust Exchange）能夠確保代理（agents）的政策落實。我們就是最自然的選擇。沒錯，每家公司都在提供 AI 安全，但他們切入的角度各不相同。

Our differentiation is we have an integrated solution for asset management through communication to us actually relationship figuring out the access graph as well as agentic communication. That’s really what’s setting us apart.

我們的差異化在於：我們提供從資產管理、到通訊，再到實際關係辨識（relationship）以建立存取圖譜（access graph），以及代理式通訊的整合式解決方案。這才是真正讓我們脫穎而出的原因。

Richard Poland with Wells Fargo.

Wells Fargo 的 Richard Poland。

I just wanted to get a sense for unpacking some of the verticals in the quarter. I guess when we think about federal, I know last year, federal was a little bit softer than we would have hoped for. But just as we think about this quarter and heading into fiscal year end, for federal, anything to keep in mind there?

我想了解一下本季各垂直產業的拆解情況。我想在聯邦政府（federal）方面，去年聯邦業務比我們希望的稍微疲弱一些。但就本季以及邁向會計年度結束來看，聯邦業務有沒有什麼需要留意的？

Yes. I'll take that quickly. look, the federal business contributed high single digits to new ACV in '26. That was very similar to '25. Expectations for fiscal '27 are similar.

是的。我快速回應：聯邦業務在 2026 年對新增 ACV 的貢獻是高個位數百分比。這與 2025 年非常相似。對 2027 會計年度的預期也類似。

There's nothing in particular that I would point out. Obviously, earlier in the year with DOGE, it was a difficult environment, but we've seen it perform fairly consistently with the last several years.

沒有什麼特別需要指出的。顯然，今年稍早因為 DOGE 的因素，環境較為艱難，但我們看到它的表現與過去幾年相當一致。

Joseph Gallo with Jefferies.

Jefferies 的 Joseph Gallo。

On a quarter. I was just hoping if you could break out the Symmetry contribution to net new ARR in F 4Q, and then just as a part of that really strong strength in non-seat in fiscal '26, what are the expectations as we go into fiscal '27? Because you're obviously offering more and more there. So is it fair to expects a larger mix of the new business comes from that non-seat.

針對本季，我想請你們拆分一下 Symmetry 在 4Q（F 4Q）淨新增 ARR 的貢獻；另外，作為 2026 會計年度非席位（non-seat）業務強勁成長的一部分，進入 2027 會計年度後的預期是什麼？因為你們顯然在那方面提供越來越多。所以是否可以合理預期：新增業務中會有更高比例來自這種非席位模式？

Symmetry is a very innovative technology that essentially connects the dot between different entries accessing different data sources. As we have seen proliferation of AI agents. This innovative technology becomes extremely important. This was essentially acquired as a technology company with very little revenue for it. But it's becoming an important part of Zero Trust Exchange not only for agents, but Zero Trust for cloud workloads and Zero Trust for devices because understanding relationships of entities to what they access is foundational piece. That's where it's fitting in. Regarding non-seat at a broader level, the comment I'll make is, while early on, our products like ZIA for users, ZPA for users, were largely user-centric. A lot of our offerings subsequently have not been user-centric. For example, Zscaler for cloud workloads. It's all about workloads. It's essentially consumption-based. Zero Trust Branch which is largely about branch devices, IoT/OT devices communicating is all about non-seats.

Symmetry 是一項非常創新的技術，本質上是把不同實體在存取不同資料來源時的各個節點串連起來。隨著 AI 代理（AI agents）的普及，這項創新技術變得極其重要。我們收購它時，本質上是以技術公司為主，當時幾乎沒有營收。但它正成為 Zero Trust Exchange 的重要組成，不僅用於代理，也用於雲端工作負載的零信任，以及裝置的零信任；因為理解各實體與其所存取對象之間的關係，是一個基礎性的要件。它就是在這裡發揮作用。至於更廣義的非席位（non-seat），我想說的是：早期我們像是面向使用者的 ZIA、面向使用者的 ZPA 等產品，主要以使用者為中心。但之後我們很多產品其實不是以使用者為中心。例如 Zscaler for cloud workloads。它完全是以工作負載為核心。本質上是以用量計費（consumption-based）。Zero Trust Branch 主要是針對分支機構裝置、IoT/OT 裝置的通訊，這些都屬於非席位。

Data security, some of the modules are user seat-based. Others are data volume based. And almost all of our AI security products or security for AI products are essentially consumption based linked to queries, essentially transferred to token consumption fundamentally.

資料安全方面，有些模組是以使用者席位計價。其他則是以資料量計價。而我們幾乎所有 AI 安全產品或「AI 的安全」產品，本質上都是以用量計費，與查詢量相關，基本上最終會連結到 token 用量的消耗。

Yes. So with respect to Symmetry again, to Jay's point, it really was a technology and talent acquisition and provided the access graph technology for us. The results are immaterial to our results. And nothing else to call out there.

是的。再回到 Symmetry，如同 Jay 所說，它確實主要是技術與人才的收購，並為我們提供了存取圖譜（access graph）技術。其財務結果對我們整體業績並不具重大性。此外沒有其他需要特別指出的。

John DiFucci with Guggenheim Securities.

Guggenheim Securities 的 John DiFucci。

I have a three-part question, but I promise, it's all related. You said you're adding new enterprise reps to go after enterprise accounts while also restructuring, and that's going to affect 3% of your employees. Can you give more color around this one, what kind of employees will be affected and what will be the net employee count effect? And then also, where are these new reps needed?

我有一個三段式問題，但我保證都彼此相關。你提到你們一方面在重整組織，同時也要新增企業級業務代表去開拓企業客戶，而這將影響你們 3% 的員工。你能多提供一些細節嗎：哪些類型的員工會受到影響？淨員工人數的影響會是什麼？另外，這些新增的業務代表主要需要在哪些地方？

Is it specialized sales? Or will it be broadly across your geos and product. And finally, what's driving this? Is it an inflection point in demand that Jay talks about AI? Or is it just as you said, you also said here, you're seeing very good sales productivity.

是專業化銷售嗎？還是會廣泛分布在各地區（geos）與各產品線？最後，這背後的驅動因素是什麼？是 Jay 所談到、由 AI 帶來的需求拐點嗎？還是如你所說，你們也看到非常好的銷售生產力？

So now it's just the time to be hiring more to keep on growing.

所以現在只是到了該多招人、以持續成長的時點。

Let me start. So first of all, the reduction you pointed out, it's essentially rebalancing, reallocation of some of our resources with better leverage and also better investments in the AI area we are looking at. That's fairly straightforward. And if you look at adding our sales resources, when a company is growing at a pretty good pace, it's natural to add resources. We have essentially almost always done it.

讓我先開始。首先，你指出的縮減，本質上是再平衡，也就是以更好的槓桿運用，並且在我們所關注的 AI 領域進行更好的投資，對部分資源做重新配置與再分配。這相當直接。而如果你看我們增加銷售資源，當一家公司以相當不錯的速度成長時，增加資源是很自然的事。我們基本上幾乎一直都是這麼做的。

Now the question is where do we add most of the resources.

現在問題是，我們要把大部分資源加在哪裡。

We do have specialty teams and we have account execs. Our specialty teams have been making a pretty meaningful contribution. I'm extremely proud of it. Our CRO, Mike Rich and his team evolved the idea of take-up teams that we just started about three years ago. It has become a very good specialty team and we are adding resources in specialty teams.

我們確實有專業團隊，也有客戶經理（Account Execs）。我們的專業團隊一直做出相當有意義的貢獻。我對此非常自豪。我們的 CRO（營收長）Mike Rich 和他的團隊發展出「take-up teams」的概念，我們大約三年前才剛開始。它已經成為一支非常好的專業團隊，而我們也正在為專業團隊增加資源。

But also in geos too, a number of accounts execs are being added. One of the areas for addition of account execs is probably the enterprise, if you look at the top end of the enterprise, we're pretty well covered. As you come down in the enterprise market, our coverage has been thinner. We are making the coverage. We are also investing more in some of the channel resources because channel is helping us expand in the mid-market and like.

但在各地區（geos）也一樣，我們也在增加不少客戶經理。新增客戶經理的其中一個領域可能是企業市場；如果你看企業市場的最頂端，我們覆蓋得相當完整。但往企業市場的中下段走，我們的覆蓋就比較薄。我們正在補強覆蓋。我們也在一些通路資源上加大投資，因為通路正在幫助我們在中型市場等領域擴張。

Kevin?

Kevin？

Yes, John, the only thing I would add is the restructuring is about 3%. So it's modest, about $30 million to $33 million in restructuring charges. Maybe just to also double down on what Jay mentioned Mike is adding people to the organization, both to address opportunities we have with new logos as well as upsell. We have about 4,600 of 20,000 targeted companies. So there's a big opportunity just with new logos alone.

是的，John，我唯一想補充的是，重組大約是 3%。所以幅度不大，重組費用大約 3,000 萬到 3,300 萬美元。另外也再強調一下 Jay 提到的：Mike 正在為組織增員，一方面是為了把握我們在新客戶（new logos）上的機會，另一方面也是為了向上銷售（upsell）。我們在 20,000 家目標公司中目前大約覆蓋了 4,600 家。所以光是新客戶就有很大的機會。

And so Mike does see an opportunity to do that through dedicated new logo hunters along with reps that hold both existing customers and prospecting territories. So there's opportunity for us to continue to expand across both of those dimensions.

因此，Mike 確實看到機會，可以透過專職的新客戶獵手（dedicated new logo hunters），以及同時負責既有客戶並開發所屬陌生開發區域（prospecting territories）的業務代表來推進。所以我們有機會在這兩個面向上持續擴張。

So just to be clear, guys, and thank you for that detail. It's more about, hey, listen, our sales force is getting really good and productivity has gone up. So in order to continue to grow, you're bigger to the law of large numbers you just need to hire more salespeople. But it's more of that than it is when Jay talked about AI changing demand for security out there. Is that, am I reading you right?

所以我想確認一下，各位，謝謝你們的細節說明。這比較像是：嘿，聽著，我們的銷售團隊變得非常強，生產力也提升了。因此為了持續成長，因為規模變大、受到「大數法則」影響，你就需要雇用更多業務人員。但這更偏向這個原因，而不是 Jay 談到 AI 正在改變外部對資安的需求。我這樣理解對嗎？

I don't think it's either or, to be honest. I mean we certainly are seeing strong tailwinds with respect to AI broadly, whether it's specific to security for AI or just broad-based interest in Zero Trust and our existing kind of core Zero Trust Exchange. So I wouldn't limit the discussion to simply just generally continuing to hire to grow. I think there is a unique momentum at the moment with respect to kind of this AI tailwind.

老實說，我不認為是二選一。我的意思是，我們確實看到 AI 整體帶來很強的順風，不管是針對 AI 的資安需求，或是市場對零信任（Zero Trust）以及我們既有核心的 Zero Trust Exchange 的廣泛興趣。所以我不會把討論侷限在只是一般性地持續招募以成長。我認為就目前而言，這股 AI 順風確實帶來一個獨特的動能。

Brian Essex with JPMorgan.

JPMorgan 的 Brian Essex。

I guess I want to take the other side of the coin. Relative to what Fatima asked. And I want to ask about the health of the Red Canary business? I know when you entered the year, there was some question of what the renewal experience would be on that platform, and you've now had a year worth of renewal experience, I think it's performed relatively well. But you also commented on the thing at the beginning of the year that some of those customers aren't your typical Zscaler customers.

我想從硬幣的另一面來看。相對於 Fatima 問的問題。我想問 Red Canary 業務的健康狀況如何？我知道你們在年初進入本年度時，對那個平台的續約表現有些疑問，而你們現在已經有一整年的續約經驗了，我認為它的表現相對不錯。但你們也在年初提到，其中一些客戶並不是你們典型的 Zscaler 客戶。

So now that you've kind of like had a year of experience, what is your expectation for the growth of that business, and I totally understand the rationale behind the IP acquisition and the value that's going to provide to the products being released very shortly. But I just want to kind of get a baseline of what is your view of the health of that customer base, the renewals and growth of that base business going forward. So we can kind of gauge how to interpret the outlook for fiscal '27?

所以現在你們有了一年的經驗後，對那項業務的成長預期是什麼？我完全理解收購 IP 的理由，以及它將為即將很快發布的產品帶來的價值。但我想先建立一個基準：你們如何看待那個客戶群的健康狀況、續約，以及未來基礎業務（base business）的成長？這樣我們才能衡量該如何解讀 2027 財年的展望？

I will start with a broader comment. Acquisition of Red Canary was number one to make sure we have agenetic technology that could become part of our SecOps platform. Number two, we don't have any SecOps expertise. Red Canary had 10 years experience about understanding our SecOps runs, and that was important for us. In that area, we've done a pretty good job of integrating their technology with our technology, and that's becoming an important part of our SecOps solution.

我先做一個更宏觀的說明。收購 Red Canary，第一是為了確保我們擁有可成為 SecOps 平台一部分的代理式（agentic）技術。第二，我們本身沒有 SecOps 的專業能力。Red Canary 有 10 年經驗，了解我們的 SecOps 如何運作，這對我們很重要。在這方面，我們已經把他們的技術與我們的技術整合得相當不錯，而這也正成為我們 SecOps 解決方案的重要組成。

Regarding financials, Kevin.

至於財務面，Kevin。

So look, fiscal '26 was really focused on integrating the Red Canary technology into our Agentic SOC solution that's launching next week. When we closed the acquisition a year ago, we did not know what portion of their business was going to be durable. So we took a conservative approach in how we picked up ARR quite frankly, we're pleased with the ability to maintain the book of business while going through the integration. As I mentioned last quarter, as we think about fiscal '27, we are integrating their technology. It is a combined integrated offering that launches next week.

所以你看，2026 財年主要聚焦在把 Red Canary 的技術整合進我們的 Agentic SOC 解決方案，該方案將在下週發布。我們在一年前完成收購時，並不知道他們的業務中有多少部分會是可持續的。因此我們在認列 ARR（年度經常性收入）時採取了保守作法；坦白說，我們對於在整合期間仍能維持其既有業務組合（book of business）的能力感到滿意。如同我上季提到的，當我們看 2027 財年時，我們正在整合他們的技術。這是一個合併後的整合式產品組合，將在下週發布。

And so as it relates to Red Canary, we're not expecting any net new ARR contribution, all of that will show up in the integrated solution going forward.

因此就 Red Canary 而言，我們不預期會有任何淨新增 ARR 的貢獻；未來這些都會在整合式解決方案中呈現。

Very helpful. Do you think the churn is pretty much in the rearview mirror at this point in terms of any churn on that platform that may happen?

非常有幫助。就該平台可能發生的流失而言，你認為流失基本上已經成為過去式了嗎？

I mean, look, we've talked, I think, ad nauseam about the different churn rates that MDR businesses experience discretely different from ours. And that was, played out that way. We did see elevated churn in Red Canary's business in '26. Despite that, we were able to continue to maintain its book of business, as I mentioned. I would expect that as it relates to accounts that are up for renewal that we'll continue to see the higher, more traditional churn rates of an MDR business, not our rates, but that has all been contemplated in the guide.

我的意思是，你看，我們已經反覆談過 MDR 業務的流失率，這與我們的流失率是明顯不同的。而實際情況也確實如此。我們在 Red Canary 的業務於 2026 年確實看到較高的流失。儘管如此，如我提到的，我們仍能持續維持其既有業務組合。我預期，對於即將到期續約的帳戶，我們仍會看到較高、較符合 MDR 業務傳統的流失率——不是我們的流失率——但這些都已經納入指引考量。

Meta Marshall with Morgan Stanley.

Morgan Stanley 的 Meta Marshall。

Great. I wanted to ask a question about the ZFlex traction that you're seeing. And just as you continue to expand the platform with AI security and agentic SOC, do you envision kind of mandating Flex plans more with some of these new products? And just how is it impacting sales cycles relative to the traditional sales approach?

很好。我想問一個關於你們看到的 ZFlex 推進（traction）情況的問題。另外，隨著你們持續以 AI 資安與 agentic SOC 擴展平台，你們是否會設想在某些新產品上更「要求」採用 Flex 方案？以及相較於傳統銷售方式，它對銷售週期的影響如何？

So ZFlex is not a mandate. ZFlex is about providing flexibility as our platform is getting bigger. Many times, our customers will look at evaluating product A or B or C or D and they're not sure which one do they want, and this will take longer time. By giving them the flexibility then, you can start with a certain number of products, you can swap other products without going through again, typical procurement level. This is one of the biggest things they needed.

所以 ZFlex 不是強制要求。ZFlex 的目的是在我們的平台變得更大時，提供彈性。很多時候，我們的客戶會評估產品 A、B、C 或 D，但他們不確定想要哪一個，這會花更長時間。透過給他們彈性，你可以先從一定數量的產品開始，之後也可以在不需要再次走一遍典型採購流程的情況下，替換成其他產品。這是他們最需要的事情之一。

And sometimes, they wanted the ability to ramp because if they bought 6 products rather than three of them. They want some capacity to ramp that became part of ZFlex deals, and they also want a longer duration.

而且有時候，他們希望具備擴量的能力，因為如果他們買了 6 個產品而不是 3 個。他們希望有一定的擴量空間，這也成為 ZFlex 交易的一部分，而且他們也希望合約期限更長。

The customer engagement with us are not transactional. They're generally long term, once they deploy us, they invest, they want to stay with us for the longer time. and they also want the ability to buy additional products from us to rate card. All those things are very good for business, what customers are good for us as well. But it's true as our platform becomes bigger, all the products will be available as a part of our Zflex offering.

客戶與我們的互動並非交易式。通常是長期的，一旦他們部署我們，就會投入並希望長期與我們合作；同時他們也希望能依照價目表向我們加購其他產品。這些對業務都非常有利，客戶的需求對我們也同樣有利。但確實，隨著我們的平台變得更大，所有產品都將作為我們 Zflex 方案的一部分提供。

Yes. And one of the other advantages it was in my prepared remarks, is it does it eliminates the need to go through new procurement cycles every time a customer wants to adopt and implement new modules or features on the platform. So you go through that discussion once they have to complete flexibility to choose what's appropriate for them to use with their business at different points in time. And these are longer-term commitments, so we can offer that level of flexibility. So we've been very pleased with the momentum with Z Flex.

是的。另外一個優勢（我在事先準備的講稿中也提到）是，它能消除每次客戶想在平台上採用並導入新模組或新功能時，都必須重新走一輪採購流程的需求。因此那個討論只需要進行一次，之後他們就能在不同時間點依其業務需要，完全彈性地選擇適合使用的內容。而且這些是較長期的承諾，所以我們可以提供那樣的彈性。因此我們對 Z Flex 的推進動能感到非常滿意。

And as I mentioned, we ended fiscal '26 with more than $1.7 billion in ZFlex bookings. So it's been very, very well received.

如我所提到的，我們在 26 財年結束時，ZFlex 訂單金額超過 17 億美元。因此市場反應非常、非常好。

Ittai Kidron with Oppenheimer & Company.

Oppenheimer & Company 的 Ittai Kidron。

And a solid finish for the year guys. Kevin, I want to dig into your outlook for fiscal 2017, specifically on the ARR front, I love if you can give us a little bit more insight into the puts and takes that you've taken into account into that ARR guide. Clearly, you've had very good momentum here with net new ARR. If my math is right, that declines to 4%, the midpoint for your guide for fiscal '27. So we'll have to kind of get a little bit more kind of color as to what's included with respect to the go-to-market, the new products and any other components that you think it's important to call out.

各位今年收官很扎實。Kevin，我想深入了解你對 2017 財年的展望，特別是在 ARR 方面；希望你能多分享一些你在 ARR 指引中納入考量的正負因素。顯然，你們在淨新增 ARR 上的動能非常好。如果我算得沒錯，你對 27 財年的指引中位數顯示增幅降到 4%。所以希望能多一些細節，包含 go-to-market、新產品，以及你認為需要特別指出的其他組成要素。

Appreciate it.

謝謝。

Yes. Thanks, Ittai. Maybe at the highest level, what I would say is we're very optimistic with the momentum that we do carry into '27, especially after a 17% net ARR growth in Q4, excluding Red Canary. I am considering the time it will take for the sales transition that we've talked about, both in terms of the geo and the verticals as well as the pace of the uptake of the integrated SecOp solution. In addition to that, look, as I mentioned, we have had consistent NRR.

是的。謝謝你，Ittai。也許先從最高層次來說，我會說我們對帶入 27 財年的動能非常樂觀，特別是在第四季（排除 Red Canary）淨 ARR 成長 17% 之後。我也把我們談到的銷售轉型所需時間納入考量，包括地區與產業垂直的調整，以及整合式 SecOp 解決方案的採用速度。此外，如我提到的，我們的 NRR 一直很穩定。

I mentioned each of the quarters of fiscal '26, it was 115%, so I do expect that to continue. We also have an opportunity to accelerate new logo growth, which we've talked about. We're adding dedicated new logo sales executives, specifically focused on enterprise customers. We also have, from a product point of view, a larger opportunity to land new logos with a variety of products, very different than was the case years ago.

我提到在 26 財年的每一季都是 115%，所以我預期這會延續。我們也有機會加速新客（new logo）成長，這點我們也談過。我們正在增聘專職的新客銷售主管，特別聚焦於企業客戶。從產品角度來看，我們也有更大的機會用多樣化的產品拿下新客，這與幾年前的情況非常不同。

And so I'm pretty optimistic in terms of the different dimensions that we think about for '27 and opportunities for us to continue to grow.

因此就我們對 27 財年所思考的不同面向而言，我相當樂觀，也看見我們持續成長的機會。

And AI security is adding furhter tailings.

而 AI 安全也帶來了進一步的順風。

Is the AI security contemplated materially into your outlook? Because a lot of that portfolio still needs to come?

AI 安全是否已在你們的展望中被實質性地納入？因為那個產品組合中仍有不少內容尚待推出？

Yes. We haven't specifically called out the contributions from security for AI in the guidance. But as I mentioned, AI is very quickly becoming a strong and durable tailwind for the business. And it is driving demand, not just for security for AI solutions, but Zero Trust Everywhere and data security. And we expect that these drivers will persist in '27.

是的。我們在指引中沒有特別單獨點出 AI 安全的貢獻。但如我所提到的，AI 正非常快速地成為推動業務的強勁且可持續的順風。它正在帶動需求，不僅是 AI 安全解決方案，也包括 Zero Trust Everywhere 與資料安全。我們預期這些驅動因素會在 27 財年持續。

Gregg Moskowitz with Mizuho.

Mizuho 的 Gregg Moskowitz。

Jay, as you mentioned, you're hosting a launch event for agentic SecOps next Wednesday, quite frankly, a lot of time has passed since you acquired Red Canary and now that the day is upon us or almost upon us, it would be helpful to hear just a bit more from you as to what might be unique about your Agentic SecOps and what it will unlock for your customers?

Jay，如你提到的，你們下週三將舉辦 agentic SecOps 的發表活動；坦白說，自你們收購 Red Canary 以來已經過了不少時間，而現在日子（幾乎）到了。希望你能再多談一點，你們的 Agentic SecOps 有哪些獨特之處，以及它將為客戶解鎖哪些能力？

Yes. Very good question. So our customers have been talking to us for the last few years, they're telling us that we have the best data, best telemetry across the network is because sitting in line from endpoint to sitting on the endpoint and cloud as we're sitting on cloud workloads as well. This is resulting in over 750 billion transaction loss per day. That's a starting point of really good SecOps.

是的。非常好的問題。過去幾年，我們的客戶一直在跟我們說，我們擁有最好的資料、最好的網路遙測，因為我們在端點到網路的路徑上（in line），也在端點上，並且也在雲端工作負載上。這使得我們每天產生超過 7,500 億筆交易記錄。這是打造優質 SecOps 的一個非常好的起點。

So our customers are saying, we have to send this data to another vendor. You've got the data right here. Why can't you give us more meaningful information that's needed for SecOps, which is natural, we should be doing that. That was number one driver.

因此客戶在說，我們必須把這些資料送到另一家供應商。你們的資料就在這裡。為什麼你們不能提供 SecOps 所需、更有意義的資訊？這很自然，我們本來就應該這麼做。這是第一個驅動因素。

Number two was, we observed over the years that, there was a first generation of SecOps solution. Then second generation came where they are still human-centric but automation driven. They're essentially human driven. We saw the opportunity to really build a SecOps solution truly agent-native where agents are driving, detecting and able to investigate this thing,at machine speed versus a traditional solution. I think it's an opportunity to disrupt traditional SecOps solution, even the one that they call themselves next-gen SecOps. And the last factor was closed loop remediation. These days the time between a vulnerability being discovered and exploitation is shrinking. Typically take days or weeks for a typical SecOps solution to get all the telemetry do all the detection and finding and take an action.

第二個是，我們多年來觀察到，SecOps 解決方案有第一代。接著第二代出現，仍以人為中心但由自動化驅動。本質上仍是由人主導。我們看到機會去打造一個真正以代理（agent）為原生核心的 SecOps 解決方案，由代理來驅動、偵測並能以機器速度進行調查，而不是傳統方案。我認為這是顛覆傳統 SecOps 解決方案的機會，甚至包括那些自稱為次世代 SecOps 的方案。最後一個因素是閉環修復（closed loop remediation）。如今從漏洞被發現到被利用的時間正在縮短。一般的 SecOps 解決方案通常需要數天或數週，才能收集所有遙測、完成偵測與發現，並採取行動。

With Zscaler, since we have most of the data, we could do it within minutes. Those were the big drivers for us. We have a large number of customer waiting for our solution to really be deployed. So we are pretty excited about it. I think we'll have a meaningful opportunity for us.

而使用 Zscaler，由於我們掌握大部分資料，我們可以在幾分鐘內完成。這些就是我們的主要驅動因素。有大量客戶正在等待我們的解決方案真正部署上線。所以我們對此相當興奮。我認為這將為我們帶來一個具實質意義的機會。

In the first half of the year, it's going to take some time to take off, but it should start contributing in second half and then fiscal '28.

在上半年，它需要一些時間才能起飛，但應該會在下半年開始貢獻，並延續到 28 財年。

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

謝謝。我現在想把電話交回給 Jay Chaudhry，請他做結語。

Thank you all for joining us today. We hope to see you at one of our investor conferences. Thank you again.

感謝各位今天加入我們。希望能在我們的某一場投資人會議上見到各位。再次感謝。

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

謝謝。本次電話會議到此結束。感謝各位的參與。您現在可以掛線。