Zscaler, Inc. (ZS) 2022 Q1 法說會逐字稿

Good day, and thank you for standing by, and welcome to the Zscaler First Quarter 2022 Earnings Call. (Operator Instructions) Please be advised that this call is being recorded. (Operator Instructions)

各位好，感謝您稍候並加入，歡迎參加 Zscaler 2022 會計年度第一季財報電話會議。（接線員指示）請注意，本次通話將被錄音。（接線員指示）

I would now like to hand the conference over to your host today, Bill Choi, VP Investor Relations and Strategic Finance. Please go ahead, Mr. Choi.

現在我想把會議交給今天的主持人——投資人關係與策略財務副總裁 Bill Choi。Choi 先生，請開始。

Good afternoon, everyone, and welcome to the Zscaler Fiscal First Quarter 2022 Earnings Conference Call. On the call with me today are Jay Chaudhry, Chairman and CEO; and Remo Canessa, CFO. Please note that we have posted our earnings release and a supplemental financial schedule to our Investor Relations website. Unless otherwise noted, all numbers we talk about today will be on an adjusted non-GAAP basis. You will find the reconciliation of GAAP to the non-GAAP financial measures in our earnings release.

各位下午好，歡迎參加 Zscaler 2022 會計年度第一季財報電話會議。今天與我一同出席的有董事長兼執行長 Jay Chaudhry，以及財務長 Remo Canessa。請注意，我們已在投資人關係網站上發布財報新聞稿與補充財務明細表。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。

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, calculated billings, operating performance, gross margin, operating expenses, operating income, net income, free cash flow, dollar-based net retention rate, future hiring decisions, remaining performance obligations, income taxes, earnings per share, our market share and market opportunity. These statements and other comments are not guarantees of future performance, but rather are subject to risks and uncertainties, some of which are beyond our control. These forward-looking statements apply as of today, and you should not rely on them as representing our views in the future. We undertake no obligation to update these statements after this call. For a more complete discussion of the risks and uncertainties, please see our filings with the SEC as well as in today's earnings release. We will upload a copy of today's prepared remarks to the IR website when we move to the Q&A segment of the call.

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、計算後帳單金額（calculated billings）、營運表現、毛利率、營運費用、營業利益、淨利、自由現金流、以美元計價的淨留存率、未來招募決策、剩餘履約義務、所得稅、每股盈餘、我們的市占率與市場機會。這些陳述及其他評論並非對未來表現的保證，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。我們不承擔在本次電話會議後更新這些陳述的義務。關於風險與不確定性的更完整討論，請參閱我們向 SEC 提交的文件以及今日的財報新聞稿。當我們進入本次電話會議的問答環節時，我們將把今天的預先準備講稿上傳至投資人關係網站。

I would also like to inform you that we'll be attending the following upcoming events in December, Nasdaq Investor Conference, Barclays Global TMT Conference, BMO Growth and ESG Conference.

我也想告知各位，我們將於 12 月出席以下即將舉行的活動：Nasdaq 投資人會議、Barclays 全球 TMT 會議、BMO 成長與 ESG 會議。

Now I'll turn the call over to Jay.

現在我把電話交給 Jay。

Thank you, Bill. Building on our incredible momentum from last year, we had an exceptionally strong start to fiscal '22. In Q1, we delivered 62% of revenue growth and 71% billings growth while generating record operating profits and free cash flow. We are again seeing strong revenue growth across all verticals, customer segments and geographies with over half of our revenue coming from outside the U.S. We recently achieved a significant milestone of surpassing $1 billion in annual recurring revenue while continuing rapid growth.

謝謝你，Bill。在去年驚人動能的基礎上，我們在 2022 會計年度有一個格外強勁的開局。第一季，我們實現營收成長 62%、帳單成長 71%，同時創下營運利潤與自由現金流的新高。我們再次看到所有垂直產業、客戶區隔與各地區的營收皆強勁成長，且超過一半的營收來自美國以外。我們近期也達成一項重要里程碑：年度經常性收入（ARR）突破 10 億美元，同時仍維持快速成長。

In my recent dialogues with hundreds of CISOs and CIOs, 8 out of 10 are looking to phase out legacy network security in favor of zero trust architecture due to increasing cybersecurity risks and accelerating digital transformation initiatives. I will highlight 2 main reasons why enterprises are selecting Zscaler over legacy solutions.

在我近期與數百位資安長（CISO）與資訊長（CIO）的對話中，有 10 位中有 8 位正計畫逐步淘汰傳統網路安全，轉而採用零信任架構，原因在於網路資安風險日益升高，以及數位轉型計畫加速推進。我將重點說明企業選擇 Zscaler 而非傳統解決方案的兩個主要原因。

One, we saw a more than 300% year-over-year increase in sophisticated threats hidden in SSL-encrypted traffic. A large number of them are ransomware attacks and most would bypass next-gen firewalls, which aren't designed to inspect encrypted traffic at scale. We are the only cloud provider with a proxy architecture designed to inspect SSL-encrypted traffic at scale to deliver better security.

第一，我們看到隱藏在 SSL 加密流量中的高階威脅年增超過 300%。其中大量為勒索軟體攻擊，而多數會繞過新一代防火牆，因為後者並非為了大規模檢查加密流量而設計。我們是唯一採用代理（proxy）架構、並可在大規模下檢查 SSL 加密流量以提供更佳安全性的雲端供應商。

This year, our cloud has blocked more than 20 billion threats hidden in encrypted traffic.

今年以來，我們的雲端已阻擋超過 200 億個隱藏在加密流量中的威脅。

Two, by connecting users only to applications and not to the network, a core principle of zero trust architecture, we eliminate lateral threat movement hence, reducing ransomware attacks such as the Colonial Pipeline breach. In contrast, firewalls and VPNs connect users to the network, enabling lateral threat movement. It is clear from our growth and enterprise wins that architecture matters, and zero trust security can't be built on legacy network security architecture. This gives us long-term advantage.

第二，透過只將使用者連到應用程式、而非連到網路——這是零信任架構的核心原則——我們可消除威脅的橫向移動，因而降低勒索軟體攻擊，例如 Colonial Pipeline 事件。相較之下，防火牆與 VPN 會把使用者連到網路，反而使威脅得以橫向移動。從我們的成長與企業級勝出案例可清楚看出：架構很重要，零信任安全無法建立在傳統網路安全架構之上。這為我們帶來長期優勢。

Turning to the quarter. Let me discuss 2 factors that drove our performance. One, we saw continued strength in new and upsell bookings of over $1 million in annual value. We drove 87% year-over-year growth in customers exceeding $1 million in ARR, ending with over 220 of these customers.

接著談本季表現。我想討論兩個推動我們績效的因素。第一，我們看到年化價值超過 100 萬美元的新訂與加購（upsell）訂單持續強勁。我們推動 ARR 超過 100 萬美元的客戶數年增 87%，期末此類客戶超過 220 家。

Two, the expansion down market to enterprise segment organizations with 2,000 to 6,000 employees is scaling, and it remains our fastest-growing segment. With increasing contribution from the enterprise segment, the total number of customers who pay us more than $100,000 per year is up 53% year-over-year to over 1,600. Our 71% billings growth this quarter speaks to the commitment that customers are making to our Zero Trust Exchange platform. As we have noted before, the purchase of ZIA is often the first step to adopting our platform. Let me share a couple of ZIA-driven deals.

第二，向下延伸至企業級（enterprise segment）組織——員工數 2,000 至 6,000 人——的擴張正在規模化，且仍是我們成長最快的區隔。隨著企業級區隔貢獻提升，每年支付我們超過 10 萬美元的客戶總數年增 53%，達到 1,600 家以上。本季 71% 的帳單成長，反映客戶對我們 Zero Trust Exchange 平台的承諾。如同我們先前所提，採購 ZIA 往往是採用我們平台的第一步。接下來我分享幾個由 ZIA 帶動的交易案例。

A Fortune 50 insurance company purchased ZIA transformation bundle with cloud firewall and sandbox, plus DLP and CASB for data protection, to secure 170,000 employees and affiliated agents working from anywhere. This customer wanted to secure and fast access to Internet and SaaS applications, particularly Microsoft 365 and Teams. Connecting to Zscaler's nearest edge cloud where we have direct peering with hundreds of application providers, their users are seeing a 75% improvement in response time.

一家《財富》50 大保險公司採購了包含雲端防火牆與沙箱的 ZIA 轉型套件（transformation bundle），並加購 DLP 與 CASB 以進行資料保護，用以保護 170,000 名可在任何地點工作的員工與關聯代理人。該客戶希望能安全且快速地存取網際網路與 SaaS 應用，特別是 Microsoft 365 與 Teams。透過連線至 Zscaler 最近的邊緣雲（edge cloud），且我們與數百家應用供應商直接對等互連（peering），其使用者的回應時間提升了 75%。

Next, a leading defense industry integrator purchased ZIA for 200,000 users plus workload protection for Internet traffic. Our ZIA platform, which recently achieved FedRAMP high-ready status, will help them meet many requirements for CMMC, a cybersecurity standard for defense contractors. Zscaler is consolidating their several point products, simplifying the network, enforcing consistent cyber policy across multiple business units while reducing operational costs. We believe these large deals show that we are the only multi-tenant zero trust platform meeting the needs of major enterprises to transform the legacy hub-and-spoke network and castle-and-moat security.

接著，一家領先的國防產業系統整合商為 200,000 名使用者採購 ZIA，並加購工作負載保護以處理網際網路流量。我們的 ZIA 平台近期已達成 FedRAMP high-ready 狀態，將協助其滿足 CMMC（國防承包商的資安標準）的多項要求。Zscaler 正在整合其多個點狀產品（point products）、簡化網路、在多個事業單位間落實一致的資安政策，同時降低營運成本。我們相信這些大型交易顯示，我們是唯一能滿足大型企業需求的多租戶零信任平台，可協助其改造傳統的樞紐輻射（hub-and-spoke）網路與「城堡與護城河」（castle-and-moat）式安全架構。

With customers shifting to the cloud, more are buying ZIA and ZPA together, enabling a true transformation with direct and seamless access to SaaS and private applications, whether on-prem or in public cloud. Here are a few examples.

隨著客戶轉向雲端，越來越多客戶同時採購 ZIA 與 ZPA，得以真正完成轉型，無論應用在地端或公有雲，都能直接且無縫地存取 SaaS 與私有應用。以下是幾個例子。

A Fortune 500 banking customer signed a 4-year commitment for 3 key pillars of our platform. Their existing ZIA contract was upgraded to include cloud firewall, sandbox, DLP, CASB and browser isolation. They also purchased ZPA for all 100,000 employees to implement app segmentation without having to implement legacy network segmentation. In addition, ZDX was purchased to identify and help remediate application, network or endpoint issues to ensure great user experience and employee productivity regardless of their location. This deal more than tripled the customer's annual spend with us. Having adopted full portfolio for user protection, we are now discussing zero trust security for workloads with this customer.

一家《財富》500 大銀行客戶就我們平台的三大關鍵支柱簽下 4 年承諾。其既有的 ZIA 合約升級，納入雲端防火牆、沙箱、DLP、CASB 與瀏覽器隔離（browser isolation）。他們也為全部 100,000 名員工採購 ZPA，以在不必導入傳統網路分段（network segmentation）的情況下實現應用分段（app segmentation）。此外，亦採購 ZDX 以識別並協助修復應用、網路或端點問題，確保不論員工所在地皆能有良好使用者體驗與生產力。此交易使該客戶對我們的年度支出增加超過三倍。在採用完整使用者防護產品組合後，我們目前正與該客戶討論針對工作負載的零信任安全。

Next, in a new logo win, a Fortune 100 insurance customer purchased ZIA Transformation Bundle and ZPA for all 30,000 employees to pursue their cloud-first strategy. With cyber protection as a major requirement, this customer only considers a proxy architecture to perform SSL inspection at scale and rejected firewall-based architectures. ZPA will eliminate the attack surface, hiding the thousands of private applications behind our Zero Trust Exchange. Hence, they can't be discovered, exploited or DDoS-ed. We are consolidating at least 3 vendor point products, materially reducing complexity and operating cost.

接著，在一個新客戶（new logo）勝出案例中，一家《財富》100 大保險客戶為全部 30,000 名員工採購 ZIA 轉型套件與 ZPA，以推動其雲端優先策略。由於資安防護是主要要求，該客戶只考慮能在大規模下進行 SSL 檢查的代理架構，並拒絕以防火牆為基礎的架構。ZPA 將透過我們的 Zero Trust Exchange 隱藏數千個私有應用，消除攻擊面，因此無法被發現、被利用或遭受 DDoS 攻擊。我們至少整合了 3 家供應商的點狀產品，顯著降低複雜度與營運成本。

Our integration with CrowdStrike and Microsoft was also an important consideration for them.

我們與 CrowdStrike 及 Microsoft 的整合，也是他們的重要考量因素。

Next, one of the powerful use cases for ZIA and ZPA is to accelerate M&A integration with significant ROI. An existing European-based Global 500 manufacturing customer purchased ZIA Transformation Bundle for 30,000 employees of the newly acquired business and ZPA for 50,000 users to accelerate the M&A integration. The legacy approach to providing access to private applications post acquisition requires integrating 2 complex corporate networks, which they expect to take 18 months or more without having to connect 2 corporate networks. Zscaler's approach provided secure access to SaaS or private applications across both companies in weeks, saving time and money. After having disrupted perimeter-based security for users with our Zero Trust Exchange, we are bringing zero trust to workloads with Zscaler Cloud Protection. Let me highlight a few ZCP wins.

接著，ZIA 與 ZPA 的一個強大使用情境，是以顯著的投資報酬率（ROI）加速併購（M&A）整合。一家既有、以歐洲為基地的《全球》500 大製造業客戶，為新併購事業的 30,000 名員工採購 ZIA 轉型套件，並為 50,000 名使用者採購 ZPA，以加速併購整合。傳統作法是在併購後提供私有應用存取，需整合兩個複雜的企業網路；他們預期若要連接兩個企業網路，將需要 18 個月或更久。Zscaler 的方法在不必連接兩個企業網路的情況下，於數週內就能在兩家公司之間提供對 SaaS 或私有應用的安全存取，節省時間與成本。在我們以 Zero Trust Exchange 顛覆以邊界為基礎的使用者安全之後，我們也正透過 Zscaler Cloud Protection 將零信任帶到工作負載。我接下來重點分享幾個 ZCP 的勝出案例。

An existing ZIA and ZPA state government customer purchased workload segmentation for over 4,500 workloads, along with ZDX and CASB for their 28,000 employees. This was a 7-figure annual contract value driven by our emerging products. Implementing zero trust for workloads will reduce their cyber risk by achieving microsegmentation without doing legacy network segmentation.

一個既有的州政府客戶（已採用 ZIA 與 ZPA）採購了超過 4,500 個工作負載的工作負載分段（workload segmentation），並為其 28,000 名員工加購 ZDX 與 CASB。這是一份由我們新興產品帶動的年合約價值達七位數的合約。為工作負載導入零信任，將在不進行傳統網路分段的情況下，透過微分段（microsegmentation）降低其資安風險。

Moving on to our workload posture offering. We are seeing increased interest from customers in CSPM for configurations and CIEM for entitlements. During the quarter, a tech company bought CSPM for over 9,000 workloads and a software enterprise bought CIEM for 5,000 workloads. Our workload communication offerings powered by ZIA and ZPA technology is building momentum with additional customer wins in the quarter. For example, a health care customer purchased workload communication for 3,500 workloads, and a financial services customer purchased it for 1,000 workloads.

接著談我們的工作負載態勢（workload posture）產品。我們看到客戶對於用於組態的 CSPM，以及用於權限的 CIEM 興趣提升。本季，一家科技公司為超過 9,000 個工作負載購買了 CSPM，一家軟體企業為 5,000 個工作負載購買了 CIEM。我們由 ZIA 與 ZPA 技術驅動的工作負載通訊產品也在本季隨著更多客戶得標而持續累積動能。例如，一家醫療保健客戶為 3,500 個工作負載購買了工作負載通訊，一家金融服務客戶則為 1,000 個工作負載購買了該產品。

When you look at these wins, our success starts with true zero trust architecture, which is the opposite of firewalls and VPNs. Our Zero Trust Exchange is the largest in-line cloud security platform in the world, processing over 200 billion transactions per day, which doubled in the last 18 months and is preventing more than 7 billion security and policy violations per day. This massive amount of traffic provides us 300 trillion signals per day to feed our machine learning and AI engines, resulting in superior threat protection and better detection of user and application traffic anomalies.

當你看這些得標案時，我們的成功始於真正的零信任架構，這與防火牆與 VPN 正好相反。我們的 Zero Trust Exchange 是全球最大的內聯（in-line）雲端資安平台，每天處理超過 2,000 億筆交易，在過去 18 個月內翻倍，並且每天阻擋超過 70 億次安全與政策違規。如此龐大的流量每天為我們提供 300 兆個訊號，餵給我們的機器學習與 AI 引擎，帶來更優異的威脅防護，以及更好的使用者與應用程式流量異常偵測。

This network effect is a big competitive advantage for us. Each of our 150-plus data centers receives a continuous stream of more than 200,000 unique security updates every day. This can't be done with a single tenant VM-based architecture that legacy security vendors are running on public clouds and calling SASE. This is only possible with a purpose-built, highly scalable cloud that Zscaler built from day 1. I'm very proud of our pace of innovation that delivers value to our customers. Let me share a few stats for the quarter.

這種網路效應是我們的一大競爭優勢。我們 150 多個資料中心中的每一個，每天都會持續接收超過 200,000 個獨特的安全更新。這不是傳統資安供應商在公有雲上運行、以單一租戶 VM 為基礎的架構所能做到的，他們卻把那稱為 SASE。這只有透過 Zscaler 從第一天起就打造、專為目的設計且高度可擴展的雲端才能實現。我對我們的創新速度感到非常自豪，因為它為客戶帶來價值。讓我分享本季的一些數據。

ZIA delivered 29 Agile releases, and ZPA delivered 44 Agile releases. Each product pillar delivered scores of new features and enhancements. Our Threat Lab Security Research team discovered and delivered over 495,000 new advanced threat indicators and signatures to our global cloud. In addition, our cutting-edge security research scientists discovered and reported 18 new zero-day vulnerabilities. These are testimonials of the sophistication and scale of our research team. A great platform combined with a great research team enables us to deliver great cyber protection to our customers. Let me highlight some of the significant features we delivered in Q1.

ZIA 推出了 29 次敏捷（Agile）版本更新，ZPA 推出了 44 次敏捷版本更新。每個產品支柱都交付了大量新功能與強化。我們的 Threat Lab 安全研究團隊發現並向全球雲端交付了超過 495,000 個新的進階威脅指標與特徵碼。此外，我們最前沿的安全研究科學家發現並通報了 18 個新的零日漏洞。這些都是我們研究團隊成熟度與規模的證明。優秀的平台結合優秀的研究團隊，使我們能為客戶提供卓越的網路防護。讓我重點說明我們在 Q1 交付的一些重要功能。

We enhanced our out-of-band CASB to support additional SaaS applications. We see more customers buying our CASB along with ZIA and replacing their existing CASB point product. We added optical character recognition technology to our DLP offering, addressing data loss problem for images in files like PDFs. This feature, combined with previously released Exact Data Match and Index Data Match technology, makes us the leading data protection platform. We integrated our recently acquired Smokescreen Active Defense technology with ZPA, making it easier for customers to deploy and manage it from a single console. The pace of innovation for our newer pillars like ZDX and ZCP is accelerating.

我們強化了帶外（out-of-band）CASB，以支援更多 SaaS 應用程式。我們看到更多客戶在購買 ZIA 的同時也購買我們的 CASB，並取代他們現有的 CASB 單點產品。我們在 DLP 產品中加入光學字元辨識（OCR）技術，以解決 PDF 等檔案中影像的資料外洩問題。此功能結合先前發布的 Exact Data Match 與 Index Data Match 技術，使我們成為領先的資料保護平台。我們也將近期收購的 Smokescreen Active Defense 技術與 ZPA 整合，讓客戶更容易從單一主控台部署與管理。像 ZDX 與 ZCP 這些較新的支柱，其創新速度正在加快。

For example, one of the most demanded ZDX features is real-time performance monitoring for Zoom and Microsoft Teams, which we delivered by working closely with Zoom and Microsoft through API integration. We added over 150 features to ZDX in the past 12 months, delighting our customers.

例如，ZDX 最受需求的功能之一，是對 Zoom 與 Microsoft Teams 的即時效能監控；我們透過 API 整合並與 Zoom 與 Microsoft 緊密合作而交付了該功能。在過去 12 個月中，我們為 ZDX 新增了超過 150 項功能，讓客戶非常滿意。

One customer said, and I quote, "We now have unprecedented visibility into the environment. We can respond faster and forecast where we may have issues and address those areas before they become a problem."

有位客戶表示，我引用其原話：「我們現在對環境有前所未有的可視性。我們可以更快回應並預測可能出現問題的地方，並在它們成為問題之前就處理那些區域。」

I want to highlight another increasingly important area: helping our customers achieve their ESG goals. Our highly efficient cloud replaces hundreds of thousands of on-prem appliances and eliminates the need to buy more in the future, resulting in the significant decrease in the energy, resources and carbon emissions associated with building, transporting, powering and cooling them. As you may have seen from a recent press release, our cloud platform now uses 100% renewable energy.

我想強調另一個日益重要的領域：協助客戶達成其 ESG 目標。我們高效率的雲端可取代數十萬台地端設備，並消除未來再購置更多設備的需求，從而大幅降低與其建置、運輸、供電與散熱相關的能源、資源與碳排放。正如你可能從近期新聞稿中看到的，我們的雲端平台現在使用 100% 再生能源。

As part of this effort, we have a cross-functional team with oversight from the Board to drive our sustainability strategy. Zscaler has never been stronger, and I believe we have an incredible opportunity in front of us. We have our sight set on the next milestone: growing our ARR to $5 billion. I believe the key to sustained growth in our next stage is to accelerate the broader adoption of our platform, our Zero Trust Exchange platform, with 4 major pillars provides a comprehensive foundation for securing and improving application access in the world of cloud and mobility.

作為這項努力的一部分，我們成立了一個跨職能團隊，並由董事會監督，以推動我們的永續策略。Zscaler 從未如此強大，我相信我們面前有一個令人振奮的機會。我們已將目標鎖定在下一個里程碑：將 ARR 成長至 50 億美元。我相信，在下一階段維持成長的關鍵，是加速更廣泛地採用我們的平台；我們的 Zero Trust Exchange 平台以 4 大支柱提供全面的基礎，以在雲端與行動化的世界中保護並改善應用程式存取。

With ZIA and ZPA, we have proven our success implementing zero trust for users. Our next immediate opportunity is to bring zero trust to workloads powered by the same core ZIA and ZPA technology. As we shared in our deal highlights, we are seeing solid traction with ZDX and ZCP, the newest growth vectors for the company. We are seeing increasing average revenue per customer, and we estimate a 6x growth opportunity on upsell with our current customers. From presales to deployment and customer success, we have a sophisticated sales machine to sell value and deliver measurable outcomes at the CXO level.

透過 ZIA 與 ZPA，我們已證明在使用者層面實施零信任的成功。我們下一個近期機會，是把零信任帶到工作負載，並由相同的核心 ZIA 與 ZPA 技術驅動。如同我們在交易亮點中分享的，我們看到 ZDX 與 ZCP（公司最新的成長向量）有穩健的進展。我們看到每位客戶的平均營收持續提高，並估計在現有客戶的加購（upsell）方面有 6 倍的成長機會。從售前到部署與客戶成功，我們擁有成熟的銷售機器，能在 CXO 層級銷售價值並交付可衡量的成果。

Over the next several years, our innovation engine will further build out the breadth and depth of our platform, extending our already substantial technology lead. We are also pursuing some very exciting opportunities to extend zero trust to operational technology, or OT, systems with manufacturing leaders like Siemens.

在未來幾年，我們的創新引擎將進一步擴展平台的廣度與深度，延伸我們已相當可觀的技術領先優勢。我們也在追求一些非常令人振奮的機會，將零信任延伸至作業技術（OT）系統，並與西門子（Siemens）等製造業領導者合作。

In summary, we are very excited about our future, and we believe we are still in the early innings of a significant market opportunity to accelerate secure digital transformation. Now I'd like to turn over the call to Remo for our financial results.

總結來說，我們對未來感到非常振奮，並相信我們仍處於一個重大市場機會的早期階段，可加速安全的數位轉型。現在我想把電話交給 Remo，請他說明我們的財務結果。

Thank you, Jay. As Jay mentioned, we are pleased with the results for the first quarter of fiscal 2022. Revenue for the quarter was $231 million, up 17% sequentially and 62% year-over-year. On a year-over-year basis, revenue growth accelerated in the quarter driven by strong business activity. ZPA product revenue was 16% of total revenue.

謝謝你，Jay。正如 Jay 提到的，我們對 2022 會計年度第一季的結果感到滿意。本季營收為 2.31 億美元，較前一季成長 17%，較去年同期成長 62%。以年對年來看，本季在強勁的業務活動帶動下，營收成長加速。ZPA 產品營收占總營收的 16%。

From a geographic perspective, we had broad strength across our 3 major regions. Americas represented 51% of revenue, EMEA was 35% and APJ was 14%. Our investments in APJ are bearing fruit with greater than 100% revenue growth in that region. Our total calculated billings grew 71% year-over-year to $248 million with billings duration at the high end of our 10- to 14-month range. We had several customers choosing to pay upfront for their multiyear contracts. As a reminder, our contract terms are typically 1 to 3 years, and we do not offer any special incentives for upfront payments.

從地理區域來看，我們在三大主要區域皆展現廣泛的強勁表現。美洲占營收 51%，EMEA 占 35%，APJ 占 14%。我們在 APJ 的投資已見成效，該區域營收成長超過 100%。我們的總計算帳單（calculated billings）年增 71% 至 2.48 億美元，帳單期間（billings duration）位於我們 10 至 14 個月區間的高端。有數位客戶選擇針對其多年期合約預先付款。提醒一下，我們的合約期限通常為 1 至 3 年，且我們不會為預先付款提供任何特殊誘因。

We're also pleased to report 68% year-over-year growth in short-term billings. I would note that both billings and revenue benefited from a $1.5 million one-off deal in the quarter. Remaining performance obligations, or RPO, were $1.71 billion as of October 31, up 97% from 1 year ago. The current RPO is 50% of the total RPO. Our strong customer retention and ability to upsell the broader platform have resulted in a high dollar-based net retention rate, which was above 125% in the quarter and higher than the 128% we reported last quarter. As we have discussed before, this metric will vary quarter-to-quarter and it's not a metric we manage our business towards. We focus on growing our net new business without incentivizing differently between new or upsell. We have a strong base of large and growing enterprise customers, which provides us with significant opportunity to upsell our broader platform.

我們也很高興報告短期帳單年增 68%。我想指出，本季帳單與營收皆受惠於一筆 150 萬美元的一次性交易。10 月 31 日的剩餘履約義務（RPO）為 17.1 億美元，較一年前成長 97%。其中，當期 RPO 占總 RPO 的 50%。我們強勁的客戶留存，以及向上銷售更廣泛平台的能力，帶來了高的以金額計算的淨留存率（dollar-based net retention rate），本季高於 125%，且高於我們上季報告的 128%。如同我們先前討論過的，這項指標會隨季度波動，且不是我們用來管理業務的指標。我們專注於成長淨新增業務，不會在新客或加購之間提供不同的激勵。我們擁有強大的大型且持續成長的企業客戶基礎，為我們向上銷售更廣泛的平台提供了重大機會。

Considering these factors, we believe NRR above 125% is truly outstanding for us. We had 224 customers paying us more than $1 million annually, up 87% from 120% in the prior year. The continued strength in this metric speaks to the strategic role we play in our customers' digital transformation initiatives. We also added over 550 customers paying us more than $100,000 annually, ending the quarter at 1,616 such customers.

綜合這些因素，我們認為 NRR 高於 125% 對我們而言確實非常出色。本季有 224 位客戶每年支付我們超過 100 萬美元，較前一年成長 87%，而前一年為 120%。此指標持續強勁，顯示我們在客戶數位轉型計畫中扮演的策略性角色。我們也新增了超過 550 位每年支付我們超過 10 萬美元的客戶，使本季末此類客戶總數達到 1,616 位。

Turning to the rest of our Q1 financial performance. Total gross margin of 80.6% was approximately flat quarter-over-quarter and down 50 basis points year-over-year. Our total operating expenses increased 17% sequentially and 69% year-over-year to $162 million. Operating expenses as a percentage of revenue increased by approximately 3 percentage points from 67% a year ago to 70% in the quarter, primarily due to increased hiring, higher compensation expenses, investments in Smokescreen and Trustdome businesses we acquired in the second half of last year and a partial return of T&E.

接著談 Q1 其餘的財務表現。總毛利率為 80.6%，較前一季大致持平，較去年同期下降 50 個基點。我們的總營業費用較前一季增加 17%，較去年同期增加 69%，至 1.62 億美元。營業費用占營收比重較一年前的 67% 約增加 3 個百分點至本季的 70%，主要原因是增加招募、更高的薪酬費用、對我們在去年下半年收購的 Smokescreen 與 Trustdome 業務的投資，以及差旅與娛樂（T&E）的部分回升。

Operating margin was 10% and free cash flow margin was 36%, which benefited from the timing of CapEx spend. We continue to expect CapEx as a percentage of revenue to be high single digits for the full year. We ended the quarter with over $1.58 billion in cash, cash equivalents and short-term investments. Please note that net other income includes an $800,000 loss primarily related to the change in value of our assets denominated in euro and British pound as the U.S. dollar strengthened. To minimize such impact going forward, we recently implemented a hedging program for our balance sheet. As a reminder, we primarily transact sales globally in U.S. dollars. And several quarters ago, we put in place a hedging program for international operating expenses. For income taxes, our tax expenses primarily represent international taxes paid to foreign jurisdictions we do business in.

營業利益率為 10%，自由現金流利益率為 36%，主要受惠於資本支出（CapEx）投入時點的影響。我們仍預期全年 CapEx 佔營收比重將維持在高個位數百分比。本季末我們持有超過 15.8 億美元的現金、約當現金及短期投資。請注意，其他淨收益包含 80 萬美元的損失，主要與我們以歐元及英鎊計價資產的價值變動有關，因美元走強所致。為降低未來此類影響，我們近期已針對資產負債表導入避險計畫。提醒一下，我們全球銷售交易主要以美元進行。且在數個季度前，我們已為國際營運費用建立避險計畫。就所得稅而言，我們的稅費主要代表支付給我們營運所在海外司法管轄區的國際稅款。

For several APJ countries, there's a withholding tax on sales made to customers in those countries. As our APJ business has grown significantly in recent quarters, the withholding taxes were $1.5 million in Q1.

在若干亞太及日本（APJ）國家，對銷售給當地客戶的交易會課徵預扣稅。由於我們的 APJ 業務在近幾季大幅成長，第一季的預扣稅為 150 萬美元。

Now moving on to guidance and modeling points. As a reminder, these numbers are all non-GAAP, which excludes stock-based compensation expenses and related payroll taxes, amortization of debt discount and amortization of intangible assets. For the second quarter of fiscal 2022, we expect revenue in the range of $240 million to $242 million, reflecting year-over-year growth of 53% to 54%, gross margins of 79%. I would like to remind investors that a number of our emerging products including ZDX, Workload Segmentation and CSPM, will initially have lower gross margins than our core products because we're more focused on time to market and growth rather than optimizing for gross margins. Operating profit in the range of $20 million to $21 million; net loss and other income of $100,000; income taxes of $4 million; earnings per share of approximately $0.11, assuming 150 million fully diluted shares.

接下來談指引與建模重點。提醒一下，以下數字皆為非 GAAP，排除以股票為基礎之薪酬費用及相關薪資稅、債務折價攤銷以及無形資產攤銷。2022 會計年度第二季，我們預期營收介於 2.40 億至 2.42 億美元，年增 53% 至 54%，毛利率為 79%。我想提醒投資人，我們若干新興產品（包括 ZDX、Workload Segmentation 與 CSPM）在初期的毛利率將低於核心產品，因為我們更著重於上市時程與成長，而非優先最佳化毛利率。營業利益介於 2,000 萬至 2,100 萬美元；淨損及其他收益為 10 萬美元；所得稅為 400 萬美元；每股盈餘約 0.11 美元，假設完全稀釋後股數為 1.5 億股。

For the full year fiscal 2022, we are increasing our revenue to a range of $1 billion to $1.01 billion or year-over-year growth of 49% to 50%, increasing calculated billings to a range of $1.3 billion to $1.305 billion or year-over-year growth of 39% to 40%. We now expect our first half mix to be approximately 43% to 44% of our full year billings, increasing our operating profit to a range of $90 million to $93 million based on the return of in-person conferences and events, we expect operating margin to decline sequentially in Q3 before improving in Q4; updating earnings per share to a range of $0.50 to $0.52, assuming approximately 150 million to 151 million fully diluted shares.

就 2022 會計年度全年而言，我們將營收上調至 10.0 億至 10.1 億美元，年增 49% 至 50%；並將計算後帳單金額（calculated billings）上調至 13.0 億至 13.05 億美元，年增 39% 至 40%。我們目前預期上半年帳單組合約占全年帳單的 43% 至 44%；並將營業利益上調至 9,000 萬至 9,300 萬美元。由於實體會議與活動回歸，我們預期第三季營業利益率將較前一季下滑，第四季再改善；並將每股盈餘更新至 0.50 至 0.52 美元，假設完全稀釋後股數約為 1.50 億至 1.51 億股。

Please note that our share count guidance now includes dilution from our convertible debentures.

請注意，我們目前的股數指引已包含可轉換公司債造成的稀釋影響。

With a large market opportunity and customers increasingly adopting the broader platform, we are committed to investing aggressively in our company. We will balance growth and profitability based on how our business is growing, but we'll continue to prioritize growth, which we believe is in the best interest of our shareholders, employees and customers.

在龐大的市場機會以及客戶日益採用更廣泛平台的趨勢下，我們承諾將積極投資公司。我們會依據業務成長情況在成長與獲利之間取得平衡，但仍將持續優先考量成長；我們相信這符合股東、員工與客戶的最佳利益。

Operator, you may now open the call for questions.

接線員，您現在可以開放提問。

(Operator Instructions) And our first question comes from Matt Hedberg from RBC Capital Markets.

（接線員指示）我們的第一個問題來自 RBC Capital Markets 的 Matt Hedberg。

Congrats on a really strong quarter. Jay, I want to start with you. You've had a lot of success here recently, and you talked on the call about the path from $1 billion in ARR to $5 billion in ARR. You talked about some of the building blocks, but I wonder if you could put a finer point on how you get there. And do you have -- currently have the products in place to get to that very large goal?

恭喜本季表現非常強勁。Jay，我想先從你開始。你們最近取得了很多成功，你在電話會議中也談到從 10 億美元 ARR 走到 50 億美元 ARR 的路徑。你提到了一些組成要素，但我想知道你是否能更精準地說明你們如何達成。以及你們目前是否已具備達成那個非常宏大目標所需的產品？

The short answer is yes, and let me expand upon it. If you look at our current main products, ZIA, ZPA, which have been our flagship products, there's a fair amount of upsell opportunity to our current base. We are going to share that, with upsell, we could actually take on ARR 6x. Of course, we won't just wait for upsell. We are focused on adding new customers as well.

簡短答案是肯定的，我再補充說明。如果你看我們目前的主要產品 ZIA、ZPA（一直是我們的旗艦產品），在既有客戶基礎上仍有相當大的加購（upsell）機會。我們將分享的是，透過加購，我們其實可以把 ARR 擴大到 6 倍。當然，我們不會只等待加購。我們也同樣專注於新增客戶。

We have decent penetration on the high end: Fortune 500 companies, 35%; Global 2000, about 25%. That means there's a big market still for us to deploy. And these, especially high-end customers, look for a proxy-based architecture and zero trust architecture.

我們在高端市場的滲透率不錯：財富 500 大企業為 35%；全球 2000 大約 25%。這表示我們仍有很大的市場可以拓展。尤其是高端客戶，會尋求以代理（proxy）為基礎的架構與零信任架構。

And then on top of that are our 2 other solutions, zero trust for workloads that has been just coming out early stage; and we are also moving into zero trust for IoT and OT, leveraging the core technologies we have in place. And then on top of that is a newly emerging markets for workload security posture, entitlement, permissions, and the like. And we did a couple of small acquisitions in that area. We're building upon it and growing it.

此外，我們還有另外兩項解決方案：面向工作負載的零信任，仍處於剛推出的早期階段；我們也正利用既有核心技術，進軍面向 IoT 與 OT 的零信任。再往上則是新興市場，例如工作負載安全態勢、權利（entitlement）、權限（permissions）等。我們在該領域做了幾筆小型併購，並在此基礎上持續建置與擴張。

So I do see security market rapidly changing. We believe all segments that we know today will no longer be there. They'll disappear over time. And we have a lead -- significant lead over others to keep on building more. So I feel pretty comfortable and confident to be able to get to our $5 billion ARR target and beyond.

因此我確實看到資安市場正在快速變化。我們相信，今天我們所熟知的所有細分領域，未來都將不復存在，會隨時間推移而消失。而我們相較其他競爭者有領先——顯著的領先——能持續打造更多能力。所以我對於達成 50 億美元 ARR 目標乃至更高，感到相當踏實且有信心。

Yes. Just to add just a little bit -- yes, just to add a little bit there. Our SAM is $72 billion. And as we talked about in our Analyst Day, it does not include other areas which we are making investments, so in areas such as 5G or OT, IoT, B2B, B2C. So it's -- and what's interesting is that this market has really changed over the years from what it was even 10 years ago and certainly, 20 years ago, where a lot of legacy, basically, technology exists still today. There's a huge market opportunity.

是的，我再補充一點——是的，再補充一點。我們的 SAM（可服務市場）為 720 億美元。而如同我們在分析師日所談，這還不包含我們正在投資的其他領域，例如 5G 或 OT、IoT、B2B、B2C 等。因此——有趣的是，這個市場多年來已經大幅改變，相較於 10 年前，當然也相較於 20 年前；而許多傳統、基本上屬於舊世代的技術至今仍存在。市場機會非常龐大。

And one of the things we've done within the company and we've talked about is that we're going to prioritize growth over operating profitability. And one of the areas that we're making significant investment is in our go-to-market. So we've made significant investments in the past. We'll continue to make significant investments.

而我們在公司內部做的一件事、也一直在談的是：我們將優先追求成長而非營業獲利能力。其中一個我們投入大量資源的領域是 go-to-market（市場推進）。我們過去已做出重大投資，未來也會持續大幅投資。

And in that go-to-market, it's really 3-pronged: you've got sales, you've got marketing, you've got channel. Sales organization, we've been making significant investments in the last few years. You can see the fruits of what our sales organization has done. We've hired recently about a year ago or a little less than a year ago, a CMO, and he's doing absolutely outstanding. And we are making significant investment in channel.

在 go-to-market 方面，主要是三管齊下：銷售、行銷、通路。銷售組織方面，我們過去幾年投入了大量資源，你也能看到銷售組織帶來的成果。我們在大約一年前或不到一年前新聘了一位 CMO，他表現非常出色。我們也正在大幅投資通路。

With that also, as we talked about trying to get to or getting to a much larger company, we are going to be making investments throughout the company to build the foundation and the strength and efficiencies. So we're in a unique position and really created, in my opinion, a revolutionary technology with the platform that's created 12 years ago that addresses this market pretty much head on.

同時，如同我們談到要成為、或正在成為一家更大型的公司，我們將在全公司各處投資，以建立基礎、強化實力並提升效率。因此我們處於獨特的位置；依我看，我們以 12 年前打造的平台創造了革命性的技術，幾乎是正面迎擊並解決這個市場需求。

And that's actually a dovetail into the second question. I mean it looks like you guys had a lot of hiring this quarter. Obviously, Q1, I can imagine you want to front-end load some of your hiring. Can you talk about the rep capacity coming out of Q1? And do you -- how do you kind of think about ads throughout the balance of the fiscal year?

這也正好銜接到第二個問題。看起來你們本季招募了很多人。顯然第一季，我可以想像你們希望把招募前置。你能談談第一季結束後的業務代表（rep）產能嗎？以及你們如何看待在本會計年度剩餘期間的增員節奏？

We're going to continue to add aggressively throughout the year. Our net adds that we had in Q1 was over 450 employees. About half of those ads were in sales and marketing.

我們將在全年持續積極增員。第一季我們的淨新增人數超過 450 名員工，其中約一半的新增人力在銷售與行銷。

From a field quota sales rep perspective, the comment that we made before was that we've hired more field sales reps this year in fiscal '22 versus fiscal '21. We're certainly on pace to do that. And also in Q1, we had a new record quarter for RSM, our field quota sales rep ads. We see Zscaler's a destination.

從前線配額制銷售代表（field quota sales rep）的角度來看，我們先前的說法是：2022 會計年度我們招募的前線銷售代表數量將多於 2021 會計年度。我們確實正按此進度推進。此外，第一季我們的 RSM（前線配額制銷售代表）新增人數創下單季新高。我們看到 Zscaler 成為人才嚮往的目的地。

And so related to your question, how we're going to do going forward, like I said before, we are going to prioritize growth and we're going to hire aggressively, and we're going to try to really go after this market.

因此回到你的問題，未來我們會怎麼做：如我先前所說，我們將優先追求成長，並會積極招募，力求全力搶攻這個市場。

Congrats, guys.

恭喜各位。

Thank you.

謝謝。

(Operator Instructions) And our next question comes from Gray Powell from BTIG.

（接線員指示）下一個問題來自 BTIG 的 Gray Powell。

Congratulations on the strong results. So I know you hit like kind of high-level drivers. I'd just be curious on the product level, what surprised you most to the upside this quarter? Was it more on the core ZIA and ZPA side? Or was it more on the emerging product side of the portfolio?

恭喜你們交出強勁的結果。我知道你們提到了一些較高層次的驅動因素。我想更好奇的是，在產品層面，本季最讓你們驚喜、超出預期的是哪一塊？是核心的 ZIA 與 ZPA 表現更好？還是產品組合中較新興的產品表現更好？

All products actually did well. I mean this was a stellar quarter, whether you look at the product side or you look at the geo side or you look at the market segment side. There are a couple of deals we highlighted in my earnings call. Actually, the big ZIA deals are actually still coming up very strong. Sometimes, people think that ZIA kind of started early. It may be kind of slowing down. But we aren't seeing slowdown in ZIA. ZPA is ramping pretty rapidly, growing pretty fast. And ZDX actually is probably the most sought-after product in the market, especially with Zoom and Teams kind of issues that are almost impossible to decipher and figure out. The big integration we did at a very rapid pace in the past few months, and we announced that publicly a couple of weeks ago. We have with the help of Microsoft and Zoom, both, we did API-based integration.

所有產品其實表現都很好。我的意思是，這是一個非常出色的季度，不論你看產品面、地理區域面，或是市場區隔面。我們在財報電話會議中強調了幾筆交易。其實，大型 ZIA 交易仍然非常強勁。有時候，人們會覺得 ZIA 好像很早就開始了，可能正在放緩。但我們沒有看到 ZIA 放緩。ZPA 正在相當快速地爬坡，成長很快。而 ZDX 其實可能是市場上最受追捧的產品，特別是在 Zoom 和 Teams 出現那種幾乎難以解讀與釐清的問題時。過去幾個月我們以非常快的速度完成了一個大型整合，並在幾週前對外公開宣布。在 Microsoft 與 Zoom 的協助下，我們兩者都做了以 API 為基礎的整合。

So across the board, I think it's wonderful, hard to kind of pinpoint one product area.

所以整體而言，我覺得非常棒，很難去精準指出某一個產品領域。

Yes. From a geographic perspective, what I'd like to do is call out APJ. They did absolutely outstanding. And what we've talked about before also, it's one of the areas that we're going to invest more in is in APJ, in particular, Japan. And so if you look at our performance, APJ was very, very strong for us. But as Jay mentioned, across the board, it was an outstanding quarter.

是的。從地理區域的角度，我想特別點名 APJ。他們表現非常、非常出色。而且我們之前也談過，APJ 是我們會加大投資的區域之一，尤其是日本。所以如果你看我們的表現，APJ 對我們來說非常強勁。但如 Jay 所提到的，整體而言這是一個非常出色的季度。

And our next question comes from Alex Henderson from Needham.

下一個問題來自 Needham 的 Alex Henderson。

Outstanding quarter. I didn't catch a growth rate or a percentage of revenues coming from ZDX or ZCP. If you have one of those, that would be great. My question is predominantly on the commentary about your conversations with the CIO, CTO, CISOs. Clearly, the move to cloud direct for users is taking root aggressively. But at the other side of that coin, it seems pretty clear that applications are simply going to become points in the cloud. And under that scenario, you're the connectivity between both the user to the application and the application to the other applications domain to domain. But in that world, I don't see any reason for there to be an enterprise network.

非常出色的季度。我沒有聽到來自 ZDX 或 ZCP 的成長率或營收占比。如果你們有其中一個數字，那就太好了。我的問題主要是關於你們提到與 CIO、CTO、CISO 的對話。顯然，使用者轉向雲端直連正在快速扎根。但從另一方面看，似乎也很明顯，應用程式將會單純成為雲端中的節點。在那種情境下，你們就是使用者到應用程式，以及應用程式到其他應用程式、網域到網域之間的連接。但在那個世界裡，我看不出還需要企業網路的理由。

And so I guess my question is, have you had conversations with people in the enterprise to actually start talking about decommissioning the enterprise network, where the branch home office and data centers simply become islands in the cloud the same way AWS is? Can you talk to whether that vision is penetrating into top management?

所以我想問的是，你們是否已經和企業端的人談過，開始討論汰除（decommission）企業網路，讓分支／居家辦公室與資料中心就像 AWS 一樣，單純成為雲端中的孤島？你能否談談這個願景是否正在滲透到高階管理層？

Yes. It is actually happening. It's real. I mean I can tell you because I've talked to so many customers. I have many customers who don't have any data center. I have many customers who don't have any private network, so to speak. It's all broadband connections coming from their headquarters that ran to us and the like.

是的。這其實正在發生，是真實的。我的意思是，我可以告訴你，因為我和非常多客戶談過。我有很多客戶沒有任何資料中心。我也有很多客戶可以說沒有任何私有網路。基本上都是從他們總部出來的寬頻連線，連到我們等等。

Now I would say that most of that has seen in pretty decent-sized enterprises, ranging from about 5,000 to probably 10,000 or 15,000 users. I haven't gone there yet where you're looking at 20,000-, 30,000-person company decommissioning everything. But that's happened. We are seeing clearly the trend moving in that direction.

我會說，目前多數情況出現在規模相當可觀的企業，大約從 5,000 人到可能 10,000 或 15,000 名使用者。我還沒有看到 20,000、30,000 人的公司把所有東西都汰除。但那種情況確實已經發生。我們很清楚看到趨勢正往那個方向移動。

And your other question, Alex, related to the breakout of ZDX and ZCP, we did not give that. What we talked about on the last call is that ZDX and ZCP as a percent of our total new and upsell business for the year would be low teens. We still expect that.

Alex，你的另一個問題是關於 ZDX 和 ZCP 的拆分，我們沒有提供那個數字。我們在上一通電話會議中談到的是，ZDX 和 ZCP 佔我們全年總新增與加購（upsell）業務的比例會是低十幾個百分點（low teens）。我們仍然預期如此。

Yes. If I may add one more comment, since you talked about network free enterprise, so to speak, not before that we talked about data center free enterprise. I had a customer advisory board meeting today, the 9 CIOs of large enterprises was meeting with us. And one of them said, I have no data center. I have no private network. Now I want to get to a level where I am firewall-free as well, okay? So you see more and more of that. In the world of cloud, there's no room for any firewall. In the data center, they will be there for a while. And it's okay because there's more effort needed to displace them than phasing out the data center and its applications.

是的。如果我可以再補充一點，既然你提到所謂的「無網路企業」，在此之前我們也談過「無資料中心企業」。我今天開了一場客戶顧問委員會會議，9 位大型企業的 CIO 與我們會面。其中一位說：我沒有資料中心，我沒有私有網路。現在我還想達到一個層級，就是也要做到無防火牆（firewall-free），好嗎？所以你會看到越來越多這樣的情況。在雲端世界裡，沒有任何防火牆的空間。在資料中心裡，它們還會存在一段時間。這也沒問題，因為要取代它們所需的努力，比起淘汰資料中心及其應用程式要更多。

And our next question comes from Patrick Colville from Deutsche Bank.

下一個問題來自德意志銀行（Deutsche Bank）的 Patrick Colville。

I think it would be correct to echo everyone's congratulations on a, undoubtedly, very stellar quarter. Can I just ask about the headcount adds? I think that was really intriguing commentary, and I guess we'd like to better understand that. So you mentioned 450 net adds in fiscal first quarter. Just can you just help us think about the kind of trajectory through the rest of the year? I mean -- and kind of what you've got baked in the guidance? I mean, should we expect that kind of number again in 2Q, 3Q, 4Q? Or would the kind of glide path be slightly different?

我想我可以代表大家再次恭喜你們，毫無疑問是一個非常亮眼的季度。我想問一下人員編制（headcount）的新增。我覺得那段評論很有意思，我想我們希望更理解。你們提到在會計年度第一季淨新增 450 人。能否幫我們理解一下今年剩餘時間的走勢？也就是——以及你們在財測指引裡已經納入了什麼？我們是否應該預期在第二季、第三季、第四季也會是類似的數字？還是人員增加的軌跡會稍微不同？

Yes. It's a great question. It depends on our performance, quite frankly. If we continue to perform at the levels that we are, as we've talked about, we see this as a huge market opportunity. We're going to invest in this market. And really the major investments that we have are people, getting outstanding employees to work for Zscaler.

是的。這是個很好的問題。坦白說，這取決於我們的表現。如果我們能持續維持目前的表現，正如我們所談到的，我們把這視為一個巨大的市場機會。我們會投資這個市場。而我們最大的投資其實是人，招募優秀員工加入 Zscaler。

So it was a good quarter for us. I mean net adds, as I mentioned, 450. I don't want to give a projection of what we're going to add for the year. But really, the takeaway is if we continue to grow as we are growing, we will continue adding at pace.

所以這對我們來說是個好季度。我的意思是，淨新增如我提到的是 450。我不想對全年會新增多少人做出預測。但重點是，如果我們能持續以目前的速度成長，我們就會持續以相當的節奏增加人力。

And our next question comes from Sterling Auty from JPMorgan.

下一個問題來自摩根大通（JPMorgan）的 Sterling Auty。

So along the lines of the last question, help us understand the trends in customer acquisition costs. So when you look at the net new logos that you added in the quarter, are you actually seeing the cost to acquire those customers going down, going up or staying about the same as what you've seen over the last, let's say, 3 or 4 quarters?

延續上一個問題，請幫我們理解客戶取得成本（customer acquisition costs）的趨勢。當你看本季新增的淨新客戶（net new logos）時，你們是否看到取得這些客戶的成本在下降、上升，或大致維持與過去例如 3 到 4 個季度相同？

That's a great question. Based on our performance that we have and based on our operating profitability, I would say customer acquisition costs are staying relatively the same because we are putting a lot of investment into marketing as well as our sales organization.

這是個很好的問題。基於我們目前的表現以及我們的營運獲利能力，我會說客戶取得成本相對維持在差不多的水準，因為我們也在行銷以及銷售組織上投入了大量資源。

On a short-term basis, as we've -- as I've talked about, but again, the contribution margin that we have in years 2, 3 is above 60%. So we're still in that position that we are trying to acquire or bring on board new customers and we're making that investment. As we go forward and as the company matures, that should come down. But right now, that's not our focus. Our focus is to build our top line growth.

就短期而言，正如我們——正如我談過的，但再次強調，我們在第 2 年、第 3 年的貢獻毛利（contribution margin）超過 60%。所以我們仍處於這樣的位置：我們希望取得或導入新客戶，並且願意做這項投資。隨著時間推進、公司逐漸成熟，這個成本應該會下降。但目前這不是我們的重點。我們的重點是建立營收（top line）成長。

And our next question comes from Jonathan Ruykhaver from Baird.

下一個問題來自 Baird 的 Jonathan Ruykhaver。

Congrats, guys. Really impressive. So Jay, I think you've commented in the past that Workload Segmentation is something that you can really only see the most advanced companies talking about. So obviously, very early stage. But you seem to highlight is going where -- of that capability in terms of zero trust and applying its applications in machines. So I'm just kind of curious how you see that broader adoption this year. Anything to call out in terms of what you see relative to what you were thinking about that maybe 6 months ago?

恭喜各位。真的很令人印象深刻。Jay，我記得你過去曾評論過，工作負載分段（Workload Segmentation）是你通常只會看到最先進的公司在談的事情。所以顯然還很早期。但你們似乎強調它在零信任方面的走向，以及把它應用到機器上的應用程式。我有點好奇你怎麼看今年更廣泛的採用情況。有沒有什麼值得指出的，關於你現在看到的狀況，相較於可能 6 個月前你原本的想法？

Yes. I mean your question seems to imply microsegmentation, advanced segmentation, which is actually only done by advanced companies. I look at segmentation in 3 buckets. First of all, zero to application -- sorry, user-to-app segmentation. ZPA was designed to naturally do that. So more and more of Zscaler customers are doing it because user is the weakest link. That's one.

是的。你的問題似乎在暗示微分段（microsegmentation）、進階分段，這確實通常只有先進公司才會做。我把分段分成三個層次。第一，零信任到應用程式——抱歉，是使用者到應用程式（user-to-app）的分段。ZPA 的設計本來就能自然做到這點。所以越來越多 Zscaler 客戶在做，因為使用者是最薄弱的環節。這是第一。

Two, actually workload-to-workload segmentation at the workload level or VPC to VPC level, VPC, say, in AWS East to AWS West, we actually do that with our zero trust for workloads, which is powered by ZPA.

第二，其實是在工作負載層級或 VPC 對 VPC 層級的工作負載到工作負載分段（workload-to-workload segmentation）。例如 AWS East 的 VPC 到 AWS West 的 VPC，我們透過由 ZPA 驅動的工作負載零信任（zero trust for workloads）來做到。

And then the third, the most advanced one you started out with, is being able to do microsegmentation. And that's really done only by more sophisticated companies. But we are really driving all 3 levels of segmentation, which is wonderful for our customers and good for our business. Did I answer your question?

第三，也就是你一開始提到的最進階那種，是能夠做微分段。那真的只有更成熟、更精密的公司才會做。但我們其實正在推動這三個層級的分段，這對客戶很棒，對我們的業務也很好。我有回答到你的問題嗎？

Well, have you seen any change in that use case, just the adoption of that use case? Or is it pretty steady state?

那麼，你有看到這個使用情境有任何變化嗎？也就是這個使用情境的採用程度有變嗎？還是大致維持穩定？

The advanced microsegment -- sorry, the microsegmentation, I think, is growing at a decent rate. But where the customer had no option literally was user-to-app segmentation and our app-to-app or VPC-to-VPC, those are the 2 new areas of pushing and seeing a lot of great interest. Literally coming from having no options, to Zscaler, you can do it so well, so easily. So we will see much faster growth in that segment.

進階微分段——抱歉，微分段（microsegmentation），我認為正以不錯的速度成長。但客戶過去真正「完全沒有選項」的地方，其實是使用者到應用（user-to-app）分段，以及我們的應用到應用（app-to-app）或 VPC 到 VPC（VPC-to-VPC）。這兩個是我們正在推進的新領域，也看到非常大的興趣。基本上是從原本沒有任何選擇，到用 Zscaler 你可以做得非常好、非常容易。因此我們會看到該細分領域更快的成長。

And our next question comes from Saket Kalia from Barclays.

下一題來自 Barclays 的 Saket Kalia。

Jay, maybe for you. With just the success of multiple new emerging products, can you just talk about any thoughts you have on new bundling strategies and how those could look? I mean the bundles that you've done with ZIA and ZPA have been so successful in the past. How does that bundling strategy change, if at all, as ZDX and ZCP become bigger parts of the business? Does that make sense?

Jay，這題可能給你。隨著多個新興產品都取得成功，你能否談談你對新打包（bundling）策略的想法，以及可能會長什麼樣子？我的意思是，你們過去把 ZIA 和 ZPA 做成套裝一直非常成功。當 ZDX 和 ZCP 在業務中占比變得更大時，這個打包策略是否會改變？如果會，會怎麼變？這樣問有道理嗎？

It does. So overall, as you know, we have a deep and broad platform. And we also see CIO, CISOs looking for consolidation. They want solution rather than have to buy many products and put them together. And also, things like ZIA, ZPA, ZDX with a single agent, literally, all 3 products can get turned on pretty easily. So you will see more and more bundling over time.

有道理。整體來說，如你所知，我們的平台既深且廣。我們也看到 CIO、CISO 正在尋求整合。他們想要的是解決方案，而不是必須買很多產品再把它們拼在一起。另外，像 ZIA、ZPA、ZDX 透過單一代理程式（single agent），基本上三個產品都可以很容易就啟用。所以你會看到隨著時間推移，打包會越來越多。

You're seeing ZIA. In fact, first of all, you see bundling for an -- in ZIA family on business bundle to Transformation Bundle then you saw a ZIA and ZPA coming together. Then you'll see ZIA, ZPN, ZDX coming together. The trend will continue. I think based on different products, probably the timing may be different based on what we learned from the customers.

你會看到 ZIA。事實上，首先你會看到在 ZIA 家族裡的打包——從 Business Bundle 到 Transformation Bundle，接著你看到 ZIA 和 ZPA 結合在一起。然後你會看到 ZIA、ZPN、ZDX 結合在一起。這個趨勢會持續。我認為依不同產品而定，時程可能會不同，取決於我們從客戶那裡學到的東西。

And our next question comes from Hamza Fodderwala from Morgan Stanley.

下一題來自 Morgan Stanley 的 Hamza Fodderwala。

Jay, a question for you. Just more broadly on security architecture and the market moving more towards SASE and zero trust network access. I would think that in today's environment where there's obviously supply chain constraints on things like on-premise firewalls that you should be seeing more adoption towards your type of platform. But we're still seeing customers buy on-premise firewalls, right? And I think it's a pretty strong demand environment. So I'm wondering when that tipping point occurs or if that tipping point occurs? And maybe if you can give us some color around the pace of adoption towards SASE and zero trust network activity, where we are in that adoption curve?

Jay，這題給你。更宏觀地談安全架構，以及市場更朝向 SASE 與零信任網路存取（zero trust network access）移動。我原本以為在今天這種環境下，像是本地端防火牆（on-premise firewalls）這類產品有供應鏈限制，你們這種平台應該會看到更多採用。但我們仍然看到客戶在買本地端防火牆，對吧？而且我覺得需求環境相當強勁。所以我想問，那個轉折點（tipping point）會在什麼時候發生，或是否會發生？另外你能否分享一下，朝向 SASE 與零信任網路活動（zero trust network activity）的採用速度，目前在採用曲線上處於什麼位置？

Yes. It's a good question. Your question reminds me of the question I was asked a few times several years ago. Zscaler is growing so well. Why is Blue Coat still growing so well and selling so well, right? You notice in our shelf here, there's a lot of traffic that goes through the data center. And as that traffic grows, whether you've got a proxy appliance sitting there or firewall since it takes the traffic is you really need to upgrade it and grow it over time. And we saw Blue Coat kind of grew and then suddenly fell off a cliff.

是的，這是個好問題。你的問題讓我想到幾年前我被問過好幾次的問題：Zscaler 成長這麼好，為什麼 Blue Coat 仍然成長得很好、賣得也很好，對吧？你會注意到在我們這裡，有大量流量會經過資料中心。隨著流量成長，不管你那裡放的是代理（proxy）設備還是防火牆，只要它在承載流量，你就真的需要隨時間升級並擴充。我們看到 Blue Coat 某種程度上先成長，然後突然就像從懸崖掉下去一樣。

And also, I think it gets very hard to figure out the numbers for actual appliance, the VM, VMware, VMware. It gets very hard to figure out. But I can tell you this, our customers don't want any firewalls in the cloud. Now today, they have some. There's the VMs out there. But as we are talking about new solutions, our customers want a firewall-free cloud world.

另外，我認為要釐清實體設備、VM、VMware、VMware 這些實際數字也變得非常困難，真的很難算清楚。但我可以告訴你：我們的客戶不想在雲端使用任何防火牆。當然今天他們還是有一些——外面有那些 VM。但當我們在談新的解決方案時，我們的客戶想要的是一個「無防火牆」的雲端世界。

Now for the data center, there's lots of complexity. It's kind of being phased out. So we have zero focus in trying to remove any firewalls in the data center. Leave them alone, and they'll become like mainframes over time. Now what is that time? I'm not sure. I can guess into it, but I have 200% conviction that firewall appliances or VMs will go away.

至於資料中心，複雜度很高，而且正在逐步被淘汰。所以我們完全不把重點放在移除資料中心裡的任何防火牆。就讓它們待著，久而久之它們會像大型主機（mainframes）一樣。那會是多久？我不確定。我可以猜，但我有 200% 的信心：防火牆設備或 VM 最終都會消失。

Regarding SASE, I would like to clarify. The SASE has become a buzzword for everyone. Networking guys have highjacked the term because that's so they can attach themselves to SASE. And Gartner had to further clarify it. Gartner said, I can do an MQ for SASE because it is a collection of things. It's like on the kitchen sink. Now they have a new Magic Quadrant coming out, Secure Service Edge, another acronym, SSE. But it is only about security. It is about the functionality of ZIA/ZPA kind of to put together. And for the networking side, there will be a separate stuff.

關於 SASE，我想先澄清一下。SASE 已經變成大家都在用的流行語。網路圈的人把這個詞「劫持」了，因為這樣他們就能把自己也掛到 SASE 上。Gartner 也不得不進一步釐清。Gartner 說，我可以為 SASE 做一個 MQ（Magic Quadrant），因為它是一堆東西的集合，就像把廚房水槽都丟進去一樣。現在他們又要推出新的魔力象限：Secure Service Edge，另一個縮寫 SSE。但那只談安全，只談把 ZIA/ZPA 這類功能組合在一起。至於網路那一側，會有另外一套東西。

I think there are more customers who want to eliminate the network because it is the network that creates lateral movement and enables ransomware type of attacks. I mean all this stuff is driving on growth. It's helping, but there is a big market out there, there's inertia out there, that's still buying a bunch of these firewall appliances and the like.

我認為有更多客戶想要消除網路，因為正是網路造成橫向移動（lateral movement），並促成勒索軟體類型的攻擊。我的意思是，這些因素都在推動成長，確實有幫助，但市場很大，也存在慣性，仍然在買一堆防火牆設備之類的東西。

Take VPN. We all know that VPN is probably the biggest security hole out there. There's still -- I mean we're replacing lots in that. That's what's fueling ZPA growth, but there's a big market that's still buying VPNs. And we are making progress pretty aggressively. And Gartner and all thinks that in the next about 2.5 years, most of VPNs will be gone. And we think whether a vendor is calling VPN in the cloud by a different name or EVPN, they'll eventually go away, and that's where we will help with zero trust architecture. A long answer, I hope it helped.

以 VPN 來說。我們都知道 VPN 可能是目前最大的安全漏洞。但仍然——我的意思是，我們正在大量替換它們，這也是推動 ZPA 成長的原因，但市場上仍有很大一部分在買 VPN。我們的進展相當積極。Gartner 等也認為在接下來大約 2.5 年內，大多數 VPN 都會消失。我們認為，不管供應商是把雲端 VPN 用不同名字來稱呼，或叫 EVPN，最終都會消失，而這正是我們用零信任架構能提供協助的地方。回答有點長，希望有幫助。

No, it helps.

不，這很有幫助。

And our next question comes from Brian Essex from Goldman Sachs.

下一題來自 Goldman Sachs 的 Brian Essex。

Jay, I was wondering if I could maybe just follow up on a few other questions that we've had previously. Considering the investment that you've made in sales reps and sales and marketing over the past few years and particularly you're focused on cross-sell and upsell, I mean I've noticed that the billings are growing over -- looks like they're growing over twice what customer growth is. So maybe if you could put a finer point on how you're investing in particularly your direct sales force to -- or whether you're leveraging your channel to some greater extent to drive yourself towards that 6x growth opportunity from cross-sell/upsell.

Jay，我想跟進一下我們之前問過的幾個問題。考量到過去幾年你們在業務代表（sales reps）以及銷售與行銷上的投資，特別是你們聚焦在交叉銷售（cross-sell）與加購（upsell），我注意到帳單金額（billings）的成長——看起來是客戶數成長的兩倍以上。所以你能否更精準地說明，你們如何投資在直銷團隊（direct sales force）上，或者你們是否在更大程度上運用通路（channel），來推動你們所說交叉銷售/加購帶來的 6 倍成長機會？

So first of all, if you look at our growth, we had 85 -- 87% year-over-year growth for our customers with over $1 million in ARR. That's a customer growth number. Now if you look at customers with over $100,000 ARR, that year-over-year growth was about 53%. I think when you look at listed customer numbers, there's some low small customer on the low end and whatnot. Those numbers end up being kind of misleading. So it's good to look at categories. So we are pleased with the growth of customers. Though our bigger focus is just overall ARR growth, our overall bookings growth and the like.

首先，如果你看我們的成長，我們 ARR 超過 100 萬美元的客戶年增是 85%——87%。那是客戶成長的數字。再看 ARR 超過 10 萬美元的客戶，年增大約是 53%。我認為當你看對外揭露的客戶數時，裡面包含一些低端的小客戶等等，那些數字最後會有點誤導。所以看分層類別會更好。我們對客戶成長感到滿意。不過我們更大的重點其實是整體 ARR 成長、整體訂單（bookings）成長等等。

Now for that, as we look at cross-selling, upselling our new logo, we actually do not do any special incentive for one or the other. We have internally debated it quite a bit. But when you've got so many products who sell on your portfolio, for me to motivate salespeople to go for new business and not focus on upsell won't be right. So we have essentially the same compensation.

至於交叉銷售、加購以及新客（new logo），我們其實沒有針對其中任何一項提供特別的獎勵。我們內部確實討論過很多次。但當你有這麼多產品在你的產品組合裡要賣，如果我要激勵業務只衝新業務而不重視加購，那是不對的。所以我們基本上採用相同的薪酬制度。

Now channel is beginning to play a more and more role, especially in the enterprise segment. The bigger the deal, the more you have to engage with them, like the Fortune 500. But when you come to 2,000 to 5,000 or even up to 10,000 users, channel is big new add, more and more value. And channel actually is helping us get new logos because that's one of the big values they had. Did I cover the points you asked for?

另外，通路正開始扮演越來越重要的角色，尤其是在企業級（enterprise）市場。案子越大，你就越需要與他們合作，例如《財富》500 大企業。但當你面對 2,000 到 5,000，甚至到 10,000 名使用者的客戶時，通路帶來很大的新增價值，而且越來越有價值。通路也確實在幫我們拿到新客戶（new logos），因為那是他們的一個重要價值。這有涵蓋到你問的重點嗎？

Yes, you did. That was very helpful. So I appreciate it. And congrats again.

有的，你回答到了。非常有幫助，謝謝你。也再次恭喜。

Thanks, Brian.

謝謝，Brian。

And our next question comes from Gregg Moskowitz from Mizuho.

下一題來自 Mizuho 的 Gregg Moskowitz。

I'll add my congrats on a truly remarkable quarter. Jay, I'm wondering, have you begun to see uptake for ZPA Private Service Edge? And I'm just kind of curious if that's begun perhaps to help you in hybrid enterprise environments such that it might be contributing to the robust overall growth that you're showing.

我也要恭喜你們，這真的是非常出色的一季。Jay，我想問，你們是否已經開始看到 ZPA Private Service Edge 的採用提升？我也有點好奇，這是否開始在混合式企業環境（hybrid enterprise environments）中幫到你們，因而可能對你們目前展現的強勁整體成長有所貢獻。

ZPA...

ZPA……

Private Service Edge.

Private Service Edge。

Oh, yes, Private -- okay. Good. Yes. ZPA Private Service Edge is getting more and more deployed. But just to let you know, we're not trying to make a lot of money on Private Service Edge per se. Most of the money comes from actually subscription fee of users. But what Private Service does is it allows you to implement zero trust for on-prem on the network users. And since people, when they come back to the office, they need to make sure that users and applications are not on the same network. That's where Private Service Edge comes in. We charge a reasonable amount for it, but the biggest amount comes from making sure every user, whether they're in the office or at home, they actually use ZPA. That's really how we look at its growth, and we are very pleased with it.

哦，是的，Private——好的。很好。是的。ZPA Private Service Edge 的部署越來越多。不過先讓各位知道，我們並不是想在 Private Service Edge 本身賺很多錢。我們的大部分收入其實來自使用者的訂閱費。但 Private Service 的作用是，它讓你能夠為內部部署（on-prem）的網路使用者實施零信任。而且當人們回到辦公室時，他們需要確保使用者與應用程式不在同一個網路上。這就是 Private Service Edge 發揮作用的地方。我們對它收取合理的費用，但最大的金額來自於確保每一位使用者，不論在辦公室或在家，都實際使用 ZPA。這就是我們看待其成長的方式，我們對此非常滿意。

And also the second factor to drive that would be as more and more applications are in public cloud, like Azure and AWS, they all need to go through ZPA for that. That's where I made the statement in the past that I expect it's a matter of time when every user for our customers will have ZIA, ZPA and ZDX. Three together gives them fast, secure and reliable experience.

另外，推動這點的第二個因素是，隨著越來越多應用程式在公有雲上，例如 Azure 和 AWS，它們都需要透過 ZPA。這也是我過去所說的：我預期只是時間問題，我們客戶的每一位使用者都會同時擁有 ZIA、ZPA 和 ZDX。三者結合能帶來快速、安全且可靠的體驗。

All right. That's great. And certainly well suited for hybrid work environment.

好的。這很棒。而且確實非常適合混合式工作環境。

Yes. Thank you.

是的。謝謝。

And our next question comes from Shaul Eyal from Cowen.

下一個問題來自 Cowen 的 Shaul Eyal。

Congrats on the ongoing strong performance. Quick one on my end. Jay, can you talk about the progress you're seeing on the federal front?

恭喜持續強勁的表現。我這邊快速問一個。Jay，你能談談你們在聯邦（政府）市場方面看到的進展嗎？

Yes. On the federal side, we actually are doing quite well. It's growing much faster than our total overall revenue. We expect to benefit from infrastructure plan or during this fiscal year. And that the EO directive that came from Biden administration early on, it's actually helping. We're seeing that federal bodies are actually, should I say, speeding up some of the projects that are stuck out there, it needed 2 things: it needed the right zero trust architecture, which we have; then it needed FedRAMP certification, and we have both of those things. We're the only security vendor with 2 highest FedRAMP certification. And we have a sizable team.

可以。在聯邦端，我們其實做得相當不錯。它的成長速度遠高於我們整體總營收。我們預期在本財年會受惠於基礎建設計畫。而且拜登政府早期發布的行政命令（EO）指令，確實也在幫忙。我們看到聯邦機構正在加速一些卡住的專案；這些專案需要兩件事：第一，需要正確的零信任架構，我們有；第二，需要 FedRAMP 認證，我們也有。我們是唯一擁有兩項最高等級 FedRAMP 認證的資安供應商。而且我們有一支規模可觀的團隊。

Remo, can you give a color on where we are on...

Remo，你能補充一下我們目前在……的進度嗎？

Yes. So for federal, in the quarter, we were mid-single digits of total new sell business. As Jay mentioned, we've made significant investments in the federal sector. The certifications are significant. And as Jay mentioned, we're the only security vendor with the 2 highest FedRAMP certifications.

好的。就聯邦市場而言，本季它占我們新增銷售業務總額的中個位數百分比。正如 Jay 提到的，我們在聯邦領域做了重大投資。這些認證非常關鍵。而且如 Jay 所說，我們是唯一擁有兩項最高等級 FedRAMP 認證的資安供應商。

In addition, we've got a strong team in federal and good partners. So federal takes time, but we feel that we're well positioned in federal. Our pipeline is increasing, and our engagements are very good.

此外，我們在聯邦領域有很強的團隊與良好的合作夥伴。聯邦市場需要時間，但我們認為我們在聯邦市場的布局很到位。我們的管線正在增加，互動與接觸的品質也非常好。

And our next question comes from Keith Bachman from BMO.

下一個問題來自 BMO 的 Keith Bachman。

Jay, I wanted to ask you about competition, and I want to come at it in a little bit different way and break it in a few parts. In terms of greenfield activities, how often are you seeing -- because of your different architecture, are you essentially doing one-to-one negotiations? Or part B, how much are you seeing the same or different participants? And what I mean by that is there's -- I think most investors assume Palo Alto, but there's also a Cloudflare, Netskope, Menlo, iBoss. Is the field when you're negotiating on particularly new work, is it getting more crowded or less crowded? And then finally, does pricing enter into discussion, particularly for new work?

Jay，我想問你關於競爭的問題，我想用稍微不同的方式切入，分成幾個部分。在綠地（greenfield）活動方面，因為你們不同的架構，你們看到的情況是——你們基本上是在做一對一的談判嗎？或者第二部分，你們看到的參與者有多少是相同或不同？我的意思是——我想大多數投資人會假設是 Palo Alto，但也有 Cloudflare、Netskope、Menlo、iBoss。當你們在談特別是新的專案時，競爭場域是變得更擁擠還是更不擁擠？最後，定價是否會進入討論，特別是針對新的專案？

It's a good question. So first of all, as we have driven top-down with CIOs for transformation, it's not typically we go in and say, I will replace this box. I'll replaced at these boxes. It's rarely a one-on-one replacement type of stuff. So we end up driving the agenda from that point of view. And it used to be that for ZIA, we would show them how we can help with secure web gateway and associated products, and Blue Coat would be the starting point for replacement or another web proxy.

這是個好問題。首先，當我們以自上而下的方式與 CIO 推動轉型時，通常不是我們進去就說，我要替換這個盒子、我要替換那些盒子。很少是那種一對一替換的情況。所以我們會從那個角度來推動議程。過去在 ZIA 方面，我們會向他們展示我們如何協助安全網關（secure web gateway）及相關產品，而 Blue Coat 往往是替換的起點，或是其他網頁代理（web proxy）。

Then ZPA became an important piece, now more and more customers are buying ZIA and ZPA together. Now that's a different kind of players out there. So while having an expanded portfolio, when we go in and say, I can provide all access to all applications, no matter where they are, from anywhere, we have ZIA, ZPA. It just fundamentally changes that equation.

接著 ZPA 成為重要的一塊，現在越來越多客戶會一起購買 ZIA 和 ZPA。這時候市場上的競爭者就不太一樣了。因此，當我們擁有更完整的產品組合，進去跟客戶說：不論應用程式在哪裡、從任何地方，我都能提供對所有應用程式的存取——我們有 ZIA、ZPA——這會從根本上改變那個競爭方程式。

Now ZDX being part of the same thing because CIO cares about user performance. So it's not common for us to get into, what do you call it, bake off kind of stuff because it's really not a one-on-one type of replacement.

現在 ZDX 也成為同一套方案的一部分，因為 CIO 也在意使用者效能。因此我們不常進入你所說的那種「比稿／對打（bake off）」的情況，因為這真的不是一對一替換的模式。

Now on the lower end of the market, we do see a smattering of players from Cisco, from time to time, firewall guys from time to time, and whatnot. And once we engage, we win. That's why we're seeing our enterprise segment, 2,000 to 5,000 users actually growing pretty significantly.

在市場較低端的部分，我們確實會看到一些零星的競爭者，例如 Cisco，有時候也會遇到防火牆廠商等等。但一旦我們開始接觸，我們就會贏。這也是為什麼我們看到企業客群（2,000 到 5,000 名使用者）成長相當顯著。

Regarding pricing. We haven't really seen much pricing pressure. By the time we show the customer, all these point products we can displace, the operational costs and the like, price becomes the least important issue for us.

至於定價，我們其實沒有看到太多價格壓力。當我們向客戶展示我們可以取代的所有點狀產品、營運成本等等之後，價格對我們而言就變成最不重要的議題。

And our next question comes from Joshua Tilton from Wolfe Research.

下一個問題來自 Wolfe Research 的 Joshua Tilton。

Congrats on the strong results. As we just think about the remainder of the year, should we expect any unusual changes to the quarterly calculated billings seasonality maybe compared to prior years as we continue to lap a very, very strong FY '21?

恭喜強勁的結果。當我們思考今年剩餘時間時，隨著我們持續與非常、非常強勁的 FY '21 進行同比基期比較，季度計算帳單（calculated billings）的季節性是否會出現任何不尋常的變化，可能相較於過去幾年？

Basically, our Q2 and Q4s are our largest quarters. And we talked about the billings being in the first half 43% to 44%. And one thing to keep in mind, I mean, the numbers are getting big. So as numbers get bigger, just keep that in mind related going forward related to your expectation.

基本上，我們的 Q2 和 Q4 是最大的季度。我們也提到帳單在上半年占 43% 到 44%。另外要記住的一點是，數字正在變大。所以當數字變大時，請在你對未來的預期上把這點納入考量。

And our next question comes from Erik Suppiger from JMP Securities.

下一個問題來自 JMP Securities 的 Erik Suppiger。

Congratulations. On the $5 billion commitment, can you -- I understand that you just see within your installed base opportunity to get there. But can you talk a little bit about how you view the timing? If you don't want to set a time frame, can you give us some context in terms of kind of aspirations for how you can build towards that?

恭喜。關於 50 億美元的承諾，你能——我理解你認為僅在既有客戶基礎中就有機會達成。但你能談談你如何看待時程嗎？如果你不想設定時間表，你能否提供一些背景脈絡，談談你們的目標與如何逐步建立到那個規模？

Yes. I mean it's a great question. Clearly, we're going to try to get there as quickly as we can in a responsible manner. It really comes down to our execution, and it's really hard to give a time frame. We do have internal long-range plan model. And I can tell you that from my perspective and related to what I see related to our opportunity, really the opportunity's there.

可以。我是說，這是個很棒的問題。很明顯，我們會以負責任的方式，盡可能快地達成。這真的取決於我們的執行力，而要給出時間表非常困難。我們確實有內部的長期規劃模型。我可以告訴你，從我的角度以及我所看到的機會來看，機會確實存在。

The key thing, Erik, is that if we continue to have significant growth, which we had this quarter, 62% revenue growth, we will -- again, we're going to forward lean, and we'll be mindful of our operating profitability. But that's really secondary from our perspective. The comment about contribution margin and the amount that we're spending for the first year, getting new customers, that's critical for us to continue to get those customers.

Erik，關鍵在於，如果我們能持續維持顯著成長——就像本季一樣，營收成長 62%——我們會再次更積極投入（forward lean），同時也會留意營運獲利能力。但從我們的角度來看，那是次要的。關於貢獻毛利（contribution margin）以及我們在第一年為取得新客戶所投入的支出，那對我們持續獲得這些客戶至關重要。

The contribution margins in years 2 and 3 are 60-plus percent. This is -- I don't want to give a time frame on the call. We are driving aggressively, and we are putting growth over profitability. We'll be mindful of profitability. And the benefit that you've got with Jay and myself, we've seen a lot of things in our careers, and we've got a pretty good idea of how things are going to kind of work out for us. And when things come up that we need to make decisions, we'll make those decisions. But all our decisions will be made to increase value for our shareholders.

在第 2 年與第 3 年，貢獻毛利是 60% 以上。這個——我不想在電話會議上給出時間表。我們正積極推進，並且把成長放在獲利之前。我們會留意獲利。而你們從 Jay 和我這裡得到的好處是，我們在職涯中見過很多情況，對事情將如何發展有相當好的判斷。當出現需要做決策的事情時，我們會做出那些決策。但我們所有決策都將以提升股東價值為目標。

Yes. If I may add, I see no external factors today that I'm overly concerned about. I think it's largely our execution that we need to do right to make sure our team doesn't become complacent and arrogant because of success. So hiring people and hiring the right people, right leadership in place the way we have done in the past few years, that's the focus to continue.

是的，如果我可以補充，我目前沒有看到任何讓我特別擔心的外部因素。我認為主要是我們的執行必須做到位，確保團隊不會因為成功而自滿或傲慢。因此，持續招募人才、招募對的人，並像過去幾年那樣配置正確的領導團隊，這就是接下來要持續聚焦的重點。

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

我現在想把電話會議交回給 Jay Chaudhry 做結語。

Thank you all for your continued support and interest in Zscaler. We hope to see you at some of the investment conferences. Thank you again.

感謝各位持續支持並關注 Zscaler。我們希望能在一些投資者會議上見到各位。再次謝謝。

Thank you.

謝謝。

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

謝謝。本次電話會議到此結束。感謝各位參與。您現在可以斷線。