Zscaler Inc (ZS) 2021 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Zscaler Fourth Quarter 2021 Earnings Conference Call. Please be advised that today's conference is being recorded.

女士們，先生們，感謝您的支持，歡迎參加 Zscaler 2021 年第四季度收益電話會議。請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker -- your first speaker today, Mr. Bill Choi, Senior Vice President, Investor Relations and Strategic Finance. Thank you. Please go ahead, Bill.

我現在想把會議交給你的演講者——你今天的第一位演講者，Bill Choi 先生，投資者關係和戰略財務高級副總裁。謝謝你。請繼續，比爾。

Bill Choi;Senior Vice President, Investor Relations^ Good afternoon, everyone, and welcome to the Zscaler Fiscal Fourth Quarter and Full Year 2021 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.

Bill Choi；投資者關係高級副總裁^ 大家下午好，歡迎參加 Zscaler 2021 財年第四季度和全年收益電話會議。今天與我通話的是董事長兼首席執行官 Jay Chaudhry；和首席財務官雷莫·卡內薩。請注意，我們已在我們的投資者關係網站上發布了我們的收益發布和補充財務時間表。

Unless otherwise noted, all numbers we talk about today will be on an adjusted non-GAAP basis. You'll find a reconciliation of GAAP to the non-GAAP financial measures in our earnings release. 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.

除非另有說明，否則我們今天討論的所有數字都將基於調整後的非公認會計原則。您會在我們的收益發布中找到 GAAP 與非 GAAP 財務指標的對賬。我想提醒您，今天的討論將包含前瞻性陳述，包括但不限於公司預期的未來收入、計算的賬單、經營業績、毛利率、經營費用、經營收入、淨收入、自由現金流、基於美元的淨保留率、未來的招聘決定、剩餘的履約義務、所得稅、每股收益、我們的市場份額和市場機會。

These statements and other comments are not guarantees of future performance, but rather are subject to risk and uncertainty, some of which are beyond our control, including but not limited to the duration and impact of COVID-19 on our business, the global economy and the respective businesses of our customers, vendors and partners; market adoption of our offerings; and our expectations regarding the development of the markets in which we compete. 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.

這些陳述和其他評論不是對未來業績的保證，而是受到風險和不確定性的影響，其中一些是我們無法控制的，包括但不限於 COVID-19 對我們的業務、全球經濟和我們的客戶、供應商和合作夥伴各自的業務；市場對我們產品的採用；以及我們對競爭市場發展的期望。這些前瞻性陳述自今天起適用，您不應依賴它們來代表我們未來的觀點。我們不承擔在本次電話會議後更新這些聲明的義務。

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. 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.

有關風險和不確定性的更完整討論，請參閱我們向美國證券交易委員會提交的文件以及今天的收益報告。當我們轉到電話的問答部分時，我們會將今天準備好的評論的副本上傳到 IR 網站。

Now I'll turn the call over to Jay.

現在我將把電話轉給傑伊。

Jay Chaudhry;Co-Founder, President, CEO & Chairman of the Board^ Thank you, Bill. We had a very strong quarter to close out a spectacular year. In Q4, we delivered growth of 57% in revenue and 70% in billings, as customers embraced our expanded cloud platform to accelerate their digital transformation.

Jay Chaudhry；聯合創始人、總裁、首席執行官兼董事會主席^ 謝謝比爾。我們有一個非常強勁的季度來結束一個壯觀的一年。在第四季度，我們實現了 57% 的收入增長和 70% 的賬單增長，因為客戶採用了我們擴展的雲平台來加速他們的數字化轉型。

Let me share a few highlights of fiscal '21. Our full year revenue grew 56% to $673 million, and billings grew 70% to reach $934 million. We are seeing revenue growth across all verticals, customer segments and geographies. 51% of revenue was from outside the United States. I'm very excited to see our ARR approaching $1 billion. I'm pleased to note that our new annualized bookings and new logo acquisition accelerated throughout the year.

讓我分享一下 21 財年的一些亮點。我們全年收入增長 56% 至 6.73 億美元，賬單增長 70% 至 9.34 億美元。我們看到所有垂直領域、客戶群和地區的收入都在增長。 51% 的收入來自美國以外。我很高興看到我們的 ARR 接近 10 億美元。我很高興地註意到，我們新的年度預訂量和新徽標的獲取在全年都在加速。

All product pillars of our platform saw strong demand. Notably, ZPA revenue surpassed $100 million in fiscal '21, growing 166% year-over-year.

我們平台的所有產品支柱都有強勁的需求。值得注意的是，ZPA 的收入在 21 財年超過 1 億美元，同比增長 166%。

Increased cybersecurity risk and accelerating digital transformation have increased the need for our zero trust architecture. We are uniquely positioned to reduce business risk and make businesses agile and more competitive. We are the only cloud provider at scale with a proxy-based architecture to deliver true zero trust security. Firewall and VPN-based castle-and-moat security connects users to the corporate network, which facilitates lateral movement of threats, increasing cyber risks.

網絡安全風險的增加和數字化轉型的加速增加了對我們零信任架構的需求。我們在降低業務風險、使業務敏捷和更具競爭力方面具有獨特的優勢。我們是唯一一家大規模採用基於代理的架構來提供真正的零信任安全性的雲提供商。防火牆和基於 VPN 的城堡和護城河安全將用戶連接到公司網絡，這促進了威脅的橫向移動，增加了網絡風險。

Zscaler connects users only to applications, not to the network, a core principle of zero trust architecture that reduces ransomware attacks and other cyber risks.

Zscaler 僅將用戶連接到應用程序，而不是網絡，這是零信任架構的核心原則，可減少勒索軟件攻擊和其他網絡風險。

Build from the start to enforce policy at the edge, as advocated by the SASE framework, the Zscaler cloud spans 150 data centers with 5-9's of availability, providing fast and secure access to all applications, whether in your data center or in a multi-cloud environment. Because of these architectural advantages and our proven ability to scale, the Zscaler Zero Trust Exchange has become the foundation for digital transformation. With a record number of 7-figure ACV deals in Q4, we now have over 200 customers with greater than $1 million in ARR. Over 5,600 enterprises, including 35% of the Fortune 500, trust Zscaler to secure their transformation journey. While the average Net Promoter Score of SaaS companies is 30, Zscaler's is 74, which is 2.5x higher, proof of the value Zscaler delivers.

從一開始就構建以在邊緣執行策略，正如 SASE 框架所倡導的那樣，Zscaler 雲跨越 150 個數據中心，具有 5-9 的可用性，提供對所有應用程序的快速安全訪問，無論是在您的數據中心還是在多個-雲環境。由於這些架構優勢和我們久經考驗的擴展能力，Zscaler 零信任交換已成為數字化轉型的基礎。憑藉第四季度創紀錄的 7 位數 ACV 交易，我們現在擁有超過 200 家 ARR 超過 100 萬美元的客戶。超過 5,600 家企業（包括 35% 的財富 500 強企業）信任 Zscaler 來確保他們的轉型之旅。雖然 SaaS 公司的平均淨推薦值是 30，但 Zscaler 是 74，高出 2.5 倍，這證明了 Zscaler 提供的價值。

Now I would like to discuss 3 market segments where we made significant progress during the quarter and the fiscal year. First, the financial service sector has become our top vertical as these companies are embracing the cloud and Office 365. Let me highlight 3 new customer wins in Q4 for the purchase of ZIA and ZPA together.

現在我想討論我們在本季度和本財年取得重大進展的 3 個細分市場。首先，隨著這些公司正在擁抱雲計算和 Office 365，金融服務業已成為我們的首要垂直領域。讓我重點介紹一下第四季度共同購買 ZIA 和 ZPA 的 3 個新客戶。

First is a global bank that's adopting a zero trust strategy to protect over 100,000 employees with our high-end ZIA and ZPA bundles. They purchased every module we offer in the ZIA pillar, including firewall, sandbox, CASB, DLP and browser isolation. Fast user experience and enhanced cybersecurity were the key factors for our win.

首先是一家全球性銀行，它採用零信任戰略，通過我們的高端 ZIA 和 ZPA 捆綁包保護超過 100,000 名員工。他們購買了我們在 ZIA 支柱中提供的每個模塊，包括防火牆、沙盒、CASB、DLP 和瀏覽器隔離。快速的用戶體驗和增強的網絡安全性是我們獲勝的關鍵因素。

Our second new logo win is a Fortune 500 asset management company that purchased ZIA and ZPA to secure over 30,000 employees.

我們第二次贏得新徽標的是一家財富 500 強資產管理公司，該公司購買了 ZIA 和 ZPA，以確保 30,000 多名員工的安全。

And third is a Fortune 500 insurance company that purchased ZIA and ZPA for 26,000 employees to enable work from anywhere. These wins illustrate when companies are ready to embrace the cloud, Zscaler is the only cloud-native, multi-tenant platform that meets their needs.

第三個是財富 500 強保險公司，它為 26,000 名員工購買了 ZIA 和 ZPA，以實現隨時隨地工作。這些勝利說明當公司準備好擁抱雲時，Zscaler 是唯一能滿足他們需求的雲原生多租戶平台。

With security as a major requirement, these financial services customers only considered a proxy architecture that can provide SSL inspection at scale, and rejected firewall-based architecture. We now count 8 of the top 10 global banks and 7 of the top 10 insurance companies outside of China as our customers.

以安全為主要要求，這些金融服務客戶只考慮了可以提供大規模 SSL 檢查的代理架構，而拒絕了基於防火牆的架構。我們現在將全球 10 大銀行中的 8 家和中國以外的 10 大保險公司中的 7 家視為我們的客戶。

Next, let me highlight our progress in the enterprise market segment, which includes organizations with 2,000 to 6,000 employees. We started focusing on this segment at the start of fiscal '21, and the results have exceeded our expectations. This segment includes over 12,000 organizations representing $8 billion of our serviceable market for user protection. Deal sizes in this segment are growing as customers adopt more of our platform.

接下來，讓我強調一下我們在企業市場領域的進展，其中包括擁有 2,000 至 6,000 名員工的組織。我們從 21 財年開始就開始關注這一領域，結果超出了我們的預期。該部分包括 12,000 多家組織，代表著我們用於用戶保護的服務市場的 80 億美元。隨著客戶更多地採用我們的平台，該細分市場的交易規模正在增長。

I'm excited to see our first 7-figure upsell win in our Enterprise segment, where the customer is buying all 4 pillars of our platform: ZIA, ZPA and ZDX for 6,000 users; and ZCP workload segmentation for almost 3,000 servers. Our ARR with this customer now exceeds $1.5 million, validating a significant opportunity in this market segment. To further penetrate the segment, we are developing targeted marketing programs, significantly growing our sales team and doubling down on our Summit Partner Program to recruit and enable channel partners to drive further sales leverage.

我很高興看到我們在企業部門的第一個 7 位數追加銷售獲勝，客戶正在購買我們平台的所有 4 個支柱：ZIA、ZPA 和 ZDX，用於 6,000 名用戶；近 3,000 台服務器的 ZCP 工作負載分段。我們與該客戶的 ARR 現在超過 150 萬美元，證明了該細分市場的重大機遇。為了進一步滲透該細分市場，我們正在開發有針對性的營銷計劃，顯著擴大我們的銷售團隊，並加倍實施我們的峰會合作夥伴計劃，以招募和支持渠道合作夥伴以進一步推動銷售槓桿。

Finally, we continue to invest to capture our large federal opportunity. With a sizable Fed sales team and the highest FedRAMP certifications, we count well over 100 government agencies and federal integrators as customers. In Q4 alone, we added over 20 new federal customers, including 4 with over $1 million in annual contract value, each purchasing ZIA and ZPA together. Driven by the President's recent Executive Order, we are seeing increased interest in our Zero Trust Exchange across all levels of the government. We are among a select group of companies chosen by NIST, a national standards body, to run a pilot program in support of the Executive Order. We are excited about this opportunity to help our country dramatically improve our security posture while significantly reducing legacy IT costs.

最後，我們繼續投資以抓住我們巨大的聯邦機會。憑藉龐大的美聯儲銷售團隊和最高的 FedRAMP 認證，我們將超過 100 家政府機構和聯邦集成商視為客戶。僅在第四季度，我們就增加了 20 多個新的聯邦客戶，其中包括 4 個年度合同價值超過 100 萬美元的客戶，每個客戶都同時購買了 ZIA 和 ZPA。在總統最近的行政命令的推動下，我們看到各級政府對我們的零信任交換越來越感興趣。我們是國家標準機構 NIST 選擇的一組精選公司之一，以運行一項支持行政命令的試點計劃。我們很高興有機會幫助我們的國家顯著改善我們的安全狀況，同時顯著降低傳統 IT 成本。

Next, let me highlight our technology innovations and emerging products, which are expanding our opportunity. We started with a highly scalable, multi-tenant, globally distributed cloud capable of providing in-line inspection of Internet and SaaS traffic with ZIA and securing access to private applications with ZPA. Over the past year, we extended our platform to protect cloud workloads and to manage digital user experience. We're very excited about the early traction of our emerging products, the next growth engines for us.

接下來，讓我強調一下我們的技術創新和新興產品，它們正在擴大我們的機會。我們從一個高度可擴展、多租戶、全球分佈式的雲開始，該雲能夠通過 ZIA 提供對 Internet 和 SaaS 流量的在線檢查，並通過 ZPA 保護對私有應用程序的訪問。在過去的一年裡，我們擴展了我們的平台以保護雲工作負載和管理數字用戶體驗。我們對新興產品的早期牽引力感到非常興奮，這是我們的下一個增長引擎。

Our emerging products contributed high single digits percentage of new and upsell business in fiscal '21, which is well ahead of our expectations.

在 21 財年，我們的新興產品在新業務和追加銷售業務中貢獻了高個位數百分比，這遠遠超出了我們的預期。

ZDX is the fastest-growing solution in our history and a natural complement to ZIA and ZPA. With a single lightweight endpoint agent, it is frictionless to turn on ZDX to provide end-to-end visibility to help resolve performance issues for every Zscaler user.

ZDX 是我們歷史上發展最快的解決方案，也是 ZIA 和 ZPA 的自然補充。使用單個輕量級端點代理，打開 ZDX 以提供端到端的可見性以幫助解決每個 Zscaler 用戶的性能問題是毫無障礙的。

In Q4, one of our largest ZDX deals came from a Fortune 500 tech company that purchased the entire ZIA portfolio as well as ZPA and ZDX for all 60,000 employees to support work from anywhere while embracing zero trust architecture.

在第四季度，我們最大的 ZDX 交易之一來自一家財富 500 強科技公司，該公司為所有 60,000 名員工購買了整個 ZIA 產品組合以及 ZPA 和 ZDX，以支持在任何地方工作，同時採用零信任架構。

We were pleasantly surprised to see so many large enterprises adopt ZDX so rapidly. Other notable ZDX wins include: a Fortune 500 pharma company for 70,000 users; a Fortune 50 energy company for 55,000 users; a Fortune 500 European bank for 39,000 users; an industrial manufacturing company for 28,000 users; and a health care company for 25,000 users.

看到這麼多大型企業如此迅速地採用 ZDX，我們感到很驚喜。其他值得注意的 ZDX 勝利包括：擁有 70,000 名用戶的財富 500 強製藥公司；擁有 55,000 名用戶的財富 50 強能源公司；擁有 39,000 名用戶的財富 500 強歐洲銀行；擁有 28,000 名用戶的工業製造公司；以及擁有 25,000 名用戶的醫療保健公司。

I believe that every ZIA and ZPA customer will embrace ZDX, as user experience is one of the highest priorities for a CIO. We are receiving very positive feedback from customers. A Fortune 600 health care executive indicated ZDX contributed to an 18-point gain in employee Net Promoter Score for the IT service desk in 2 quarters.

我相信每個 ZIA 和 ZPA 客戶都會接受 ZDX，因為用戶體驗是 CIO 的最高優先級之一。我們收到了來自客戶的非常積極的反饋。一位財富 600 強醫療保健高管表示，ZDX 在兩個季度內使 IT 服務台的員工淨推薦值提高了 18 分。

After having disrupted perimeter-based security with our Zero Trust Exchange for users, our next big opportunity is to bring zero trust to workloads with Zscaler Cloud Protection, or ZCP. Every organization is building their applications in the cloud and will look to implement zero trust security to protect workloads.

在通過我們為用戶提供的零信任交換破壞了基於邊界的安全性之後，我們的下一個重大機會是通過 Zscaler Cloud Protection 或 ZCP 為工作負載帶來零信任。每個組織都在雲中構建他們的應用程序，並將尋求實施零信任安全來保護工作負載。

Our Zero Trust Exchange securely connects workloads-to-workloads and process-to-process using business policies, eliminating the need for traditional networks and associated cyber risks. Solutions within our ZCP pillar include: Workload Posture, which includes CSPM and CIEM, ensures proper configuration and enforces least privileged access for multi-cloud environments; Workload Communication, powered by ZIA and ZPA technology, secures app-to-app and cloud-to-cloud communication, and; Workload Segmentation achieves micro segmentation without legacy network segmentation.

我們的零信任交換使用業務策略安全地連接工作負載到工作負載和流程到流程，消除了對傳統網絡和相關網絡風險的需求。我們 ZCP 支柱中的解決方案包括： 工作負載狀態，包括 CSPM 和 CIEM，確保正確配置並強制執行多雲環境的最低權限訪問；工作負載通信，由 ZIA 和 ZPA 技術提供支持，保護應用到應用和雲到雲的通信，並且；工作負載分段實現微分段，無需傳統網絡分段。

We have over 300 ZCP customers and are seeing increasingly strong interest from new and existing customers. Let me highlight a few ZCP wins during Q4. An existing ZIA and ZPA customer in the consumer goods sector with over 100,000 employees purchased Workload Communication for 25,000 workloads, and Workload Segmentation for 10,000 workloads. This customer has a large server environment on a traditional network. Implementing our zero trust for workloads will reduce their cyber risk by minimizing lateral threat movement while securing their app migration to the cloud.

我們擁有 300 多家 ZCP 客戶，並且看到新客戶和現有客戶的興趣日益濃厚。讓我重點介紹第四季度的一些 ZCP 勝利。消費品行業的現有 ZIA 和 ZPA 客戶擁有超過 100,000 名員工，他們為 25,000 個工作負載購買了 Workload Communication，為 10,000 個工作負載購買了 Workload Segmentation。該客戶在傳統網絡上擁有大型服務器環境。對工作負載實施我們的零信任將通過最大限度地減少橫向威脅移動，同時保護他們的應用程序遷移到雲來降低他們的網絡風險。

We are also landing new logos with ZCP. For example, we landed a Fortune 500 professional services company where ZCP was the main driver. This customer purchased Workload Communication for 6,000 workloads, Workload Segmentation for 500 workloads as well as the entire ZIA bundle for 40,000 employees. Our team collaborated with CrowdStrike, our technology partner and a Global SI, our channel partner, for this deal.

我們還使用 ZCP 登陸新徽標。例如，我們登陸了一家財富 500 強專業服務公司，其中 ZCP 是主要驅動力。該客戶為 6,000 個工作負載購買了 Workload Communication，為 500 個工作負載購買了 Workload Segmentation，並為 40,000 名員工購買了整個 ZIA 捆綁包。我們的團隊與我們的技術合作夥伴 CrowdStrike 和我們的渠道合作夥伴 Global SI 合作完成了這筆交易。

Let me conclude some thoughts on our vision and strategy. We envision a world in which the exchange of information is always secure and seamless. In today's hyper-connected digital world, our Zero Trust Exchange secures any-to-any connectivity for users, applications, workloads and IoT and OT systems regardless of their location.

讓我總結一下我們的願景和戰略的一些想法。我們設想一個信息交換始終安全且無縫的世界。在當今高度連接的數字世界中，我們的零信任交換可確保用戶、應用程序、工作負載以及 IoT 和 OT 系統的任意連接，無論其位於何處。

At our Analyst Day in January, we laid out our audacious goal of serving 200 million users and 100 million workloads. In order to achieve this goal, we are focused on attracting and developing talent and creating a culture of excellence. We hired over 1,100 employees over the past year and enabled them to be productive and successful, all during the pandemic. We are investing in our people through learning initiatives and building a culture where a global and diverse workforce can deliver excellence, powering our customer success.

在 1 月份的分析師日，我們制定了為 2 億用戶和 1 億工作負載提供服務的大膽目標。為了實現這一目標，我們專注於吸引和培養人才，創造卓越文化。在過去的一年裡，我們僱傭了 1,100 多名員工，使他們能夠在大流行期間保持高效和成功。我們正在通過學習計劃和建立一種文化來投資於我們的員工，讓全球和多元化的員工隊伍可以提供卓越的服務，為我們的客戶成功提供動力。

Our employees are engaged and completely aligned to our mission. For our last employee survey, 96% of employees understand and believe in the strategic direction of the company. I'm proud that we are recognized as a Great Place to Work in the 2021 Glassdoor ratings.

我們的員工參與並完全符合我們的使命。在我們上次的員工調查中，96% 的員工理解並相信公司的戰略方向。我很自豪我們在 2021 年 Glassdoor 評級中被公認為最佳工作場所。

We are focused on driving broad adoption of all 4 pillars of our platform. The breadth and depth of our platform is resonating with customers, and they're purchasing our higher-end bundles to consolidate their security and networking point products. I believe Zscaler is a go-to platform for vendor consolidation, cost savings, increased user productivity and better cyber protection.

我們專注於推動我們平台的所有 4 個支柱的廣泛採用。我們平台的廣度和深度引起了客戶的共鳴，他們正在購買我們的高端捆綁包以整合他們的安全和聯網點產品。我相信 Zscaler 是供應商整合、節省成本、提高用戶生產力和更好的網絡保護的首選平台。

As we demonstrated over the last 12 months, we built a sophisticated go-to-market machine that delivers business value and measurable outcomes at the CXO level. I'm extremely proud of our go-to-market team and how we executed our sales strategy this year. Even with significant growth in our sales force, sales productivity has increased over the prior year, exceeding our expectations.

正如我們在過去 12 個月中展示的那樣，我們構建了一台複雜的上市機器，在 CXO 級別提供業務價值和可衡量的成果。我為我們的上市團隊以及我們今年如何執行銷售策略感到非常自豪。即使我們的銷售隊伍顯著增長，銷售效率也比上一年有所提高，超出了我們的預期。

Our Summit Partner channel program consists of hundreds of cloud-focused resellers, system integrators and service providers that are contributing to our deal wins and increasing sales leverage. As our market share, reputation and brand awareness continue to strengthen, a growing number of cloud and SaaS providers are integrating with our platform, further strengthening our strategic position with our joint customers. Our expanding ecosystem is contributing to our sales velocity and broadening our reach.

我們的峰會合作夥伴渠道計劃由數百家專注於雲的經銷商、系統集成商和服務提供商組成，他們為我們贏得交易和提高銷售槓桿做出了貢獻。隨著我們的市場份額、聲譽和品牌知名度不斷提高，越來越多的雲和 SaaS 提供商正在與我們的平台集成，進一步鞏固了我們與共同客戶的戰略地位。我們不斷擴大的生態系統正在促進我們的銷售速度並擴大我們的範圍。

I believe we are on the right track to capture a material share of our $72 billion serviceable market. We also see additional opportunities to bring zero trust to IoT and OT systems. Moreover, 5G, which pushes computing further to the edge, opens up additional opportunities for Zscaler.

我相信我們正走在正確的軌道上，以在 720 億美元的可用市場中佔據重要份額。我們還看到了為 IoT 和 OT 系統帶來零信任的更多機會。此外，將計算進一步推向邊緣的 5G 為 Zscaler 開闢了更多機會。

To pursue these markets, we have a 2-pronged innovation strategy. One, investing aggressively in internal R&D and scaling our world-class engineering organization, which continues to rapidly deliver new products and features. We recently opened a new R&D hub in Israel and are expanding our R&D centers across the U.S., India, Canada and Spain.

為了開拓這些市場，我們制定了雙管齊下的創新戰略。一，積極投資內部研發並擴大我們世界級的工程組織，繼續快速提供新產品和功能。我們最近在以色列開設了一個新的研發中心，並且正在美國、印度、加拿大和西班牙擴展我們的研發中心。

Two, making highly targeted acquisitions to enhance our platform and shrink time to market. During fiscal '21, we completed 2 acquisitions: Trustdome strengthens our ZCP pillar and positions us better to pursue our shift-left strategy. And Smokescreen enhances our active defense capabilities with honeypot technology.

第二，進行有針對性的收購以增強我們的平台並縮短上市時間。在 21 財年，我們完成了 2 次收購：Trustdome 加強了我們的 ZCP 支柱，並使我們能夠更好地執行我們的左移戰略。煙幕通過蜜罐技術增強了我們的主動防禦能力。

Through internal innovation and highly targeted acquisitions, we will further expand our leadership in the SASE and zero trust security markets. In summary, with all these drivers and innovations ahead of us, you can see why we are very excited about our future.

通過內部創新和高度針對性的收購，我們將進一步擴大我們在 SASE 和零信任安全市場的領導地位。總之，所有這些驅動因素和創新擺在我們面前，您就會明白為什麼我們對我們的未來感到非常興奮。

Now I would like to turn over the call to Remo for our financial results.

現在，我想將電話轉給 Remo，以了解我們的財務業績。

Thank you, Jay. As Jay mentioned, we are pleased with the results for the fourth quarter and full year 2021. Revenue for the quarter was $197 million, up 12% sequentially and 57% year-over-year. ZPA product revenue was 17% of total revenue.

謝謝你，傑。正如傑伊所說，我們對 2021 年第四季度和全年的業績感到滿意。該季度的收入為 1.97 億美元，環比增長 12%，同比增長 57%。 ZPA 產品收入佔總收入的 17%。

From a geographic perspective, we have broad strength across our 3 major regions: Americas represented 51% of revenue; EMEA was 38%; and APJ was 11%. For the full year, revenue was $673 million, up 56% year-over-year. This was an acceleration from the 42% growth we delivered in fiscal 2020.

從地理角度來看，我們在 3 個主要地區擁有廣泛的實力：美洲佔收入的 51%；歐洲、中東和非洲為 38%；亞太及日本地區為 11%。全年收入為 6.73 億美元，同比增長 56%。這比我們在 2020 財年實現的 42% 的增長有所加快。

Our total calculated billings grew 70% year-over-year to $332 million, with billing duration in the middle of our 10 to 14 months range. We're also pleased that year-over-year growth in short-term billings accelerated to 71% in the fourth quarter from 61% in the previous quarter. Our strong billings performance was driven by a record number of new 7-figure annualized contract value deals in the quarter as we sold more of our platform offering.

我們計算的總賬單同比增長 70% 至 3.32 億美元，賬單持續時間在 10 到 14 個月範圍的中間。我們也很高興短期賬單的同比增長從上一季度的 61% 加速至第四季度的 71%。隨著我們出售更多平台產品，本季度新的 7 位數年度合同價值交易數量創紀錄，推動了我們強勁的賬單表現。

We saw strong growth in our top 5 verticals: finance, manufacturing, services, health care and technology. Remaining performance obligations, or RPO, were $1.553 billion as of July 31, up 98% from 1 year ago. The current RPO is 49% of the total RPO.

我們在前 5 個垂直領域看到了強勁的增長：金融、製造、服務、醫療保健和技術。截至 7 月 31 日，剩餘履約義務 (RPO) 為 15.53 億美元，比一年前增長 98%。當前的 RPO 是總 RPO 的 49%。

Looking at our pillars, ZPA was 27% of our total new and upsell business in fiscal 2021. Emerging products, which include ZDX and ZCP, are tracking ahead of our expectations and contributed high single digits of our total new and upsell. We are seeing strong customer interest, and we expect emerging products to contribute low teens percentage of our total new and upsell business in fiscal 2022. The adoption of our emerging products is pacing ahead of ZPA in its early years. We have a large opportunity with all our pillars, and we will continue to expand our portfolio to strengthen our leadership position in the zero trust security market.

從我們的支柱來看，ZPA 占我們 2021 財年新增和追加銷售業務總額的 27%。包括 ZDX 和 ZCP 在內的新興產品的跟踪超出了我們的預期，並在我們的新增和追加銷售總額中貢獻了高個位數。我們看到了強烈的客戶興趣，我們預計新興產品將在 2022 財年占我們新業務和追加銷售業務總額的 10% 左右。我們新興產品的採用在 ZPA 早年領先。我們所有的支柱都有很大的機會，我們將繼續擴大我們的產品組合，以加強我們在零信任安全市場的領導地位。

Our strong customer retention and ability to upsell a broader platform have resulted in a consistently high dollar-based net retention rate, which was 128% compared to 126% last quarter and 120% a year ago. As we have highlighted, this metric will vary quarter-to-quarter. While good for our business, our increased success selling bigger bundles, selling multiple pillars from the start and faster upsells within a year can reduce our dollar-based net retention rate in the future. Considering these factors, we feel that 128% is outstanding.

我們強大的客戶保留率和追加銷售更廣泛平台的能力導致基於美元的淨保留率一直很高，與上一季度的 126% 和一年前的 120% 相比，這一比例為 128%。正如我們所強調的，這個指標會隨著季度的變化而變化。雖然對我們的業務有好處，但我們在銷售更大的捆綁包、從一開始就銷售多個支柱以及在一年內更快的追加銷售方面取得了更大的成功，這可以降低我們未來以美元為基礎的淨保留率。考慮到這些因素，我們覺得 128% 非常出色。

We have a strong base of large enterprise customers, which provides us with a significant opportunity to upsell our broader platform. We had 202 customers with ARR greater than $1 million, up 87% from 108 in the prior year. We also had 1,480 customers with ARR greater than $100,000, which compares with 973 customers last year. Our new customer adds accelerated in fiscal '21. We organically added approximately 1,000 new logos in fiscal '21, excluding acquisitions, and we ended the year with over 5,600 customers. Expanding our field engagement with smaller enterprises with 2,000 to 6,000 employees and the increased investments in our partner program are contributing to higher new customer growth.

我們擁有強大的大型企業客戶基礎，這為我們提供了一個重要的機會來追加銷售我們更廣泛的平台。我們有 202 家 ARR 超過 100 萬美元的客戶，比上一年的 108 家增長了 87%。我們還有 1,480 名客戶的 ARR 超過 100,000 美元，而去年為 973 名客戶。我們的新客戶在 21 財年加速增長。我們在 21 財年有機地增加了大約 1,000 個新徽標，不包括收購，我們在年底擁有超過 5,600 名客戶。擴大我們與擁有 2,000 至 6,000 名員工的小型企業的實地合作，以及增加對我們合作夥伴計劃的投資，都有助於實現更高的新客戶增長。

Turning to the rest of our Q4 financial performance. Total gross margin of 80% declined by 1 percentage point quarter-over-quarter and improved by 1 percentage point year-over-year. Our total operating expenses increased 15% sequentially and 60% year-over-year to $138 million. Operating expenses as a percentage of revenue increased by 1 percentage point from 69% a year ago to 70% in the quarter, primarily due to increased hiring and higher compensation expenses as well as $2 million in expenses related to Trustdome and Smokescreen operations. Operating margin was 10% and free cash flow margin was 14%. We ended the quarter with over $1.5 billion in cash, cash equivalents and short-term investments.

轉向我們第四季度財務業績的其餘部分。總毛利率為 80%，環比下降 1 個百分點，同比提高 1 個百分點。我們的總運營費用環比增長 15%，同比增長 60%，達到 1.38 億美元。運營費用佔收入的百分比從一年前的 69% 增長 1 個百分點至本季度的 70%，這主要是由於增加的招聘和更高的薪酬費用以及與 Trustdome 和 Smokescreen 運營相關的 200 萬美元費用。營業利潤率為 10%，自由現金流利潤率為 14%。我們在本季度結束時擁有超過 15 億美元的現金、現金等價物和短期投資。

Now moving on to guidance. 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 first quarter of fiscal 2022, we expect revenue in the range of $210 million to $212 million, reflecting a year-over-year growth of 47% to 49%. 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 then optimizing them for gross margins. Operating profit in the range of $18 million to $19 million. Other income of $400,000, net of interest payments on senior convertible notes. Income taxes of $1.2 million. Earnings per share of approximately $0.12, assuming 148 million fully diluted shares.

現在繼續指導。提醒一下，這些數字都是非公認會計原則，不包括基於股票的薪酬費用和相關的工資稅、債務貼現的攤銷和無形資產的攤銷。對於 2022 財年第一季度，我們預計收入在 2.1 億美元至 2.12 億美元之間，同比增長 47% 至 49%。毛利率為79%。我想提醒投資者，我們的一些新興產品，包括 ZDX、Workload Segmentation 和 CSPM，最初的毛利率將低於我們的核心產品，因為我們更關注上市時間和增長，然後對其進行毛利率優化邊距。營業利潤在 1800 萬美元到 1900 萬美元之間。其他收入 400,000 美元，扣除優先可轉換票據的利息。所得稅 120 萬美元。假設 1.48 億股完全攤薄後，每股收益約為 0.12 美元。

For the full year fiscal 2022, we expect revenue in the range of $940 million to $950 million or year-over-year growth of 40% to 41%. Calculated billings in the range of $1.23 billion to $1.25 billion or year-over-year growth of 32% to 34%. We expect our first half mix to be approximately 42% of our full year billings, which is in line with the average of the last 3 to 4 years. Operating profit in the range of $85 million to $90 million. Earnings per share in the range of $0.52 to $0.56, assuming approximately 149 million to 150 million fully diluted shares. Please note that our share count guidance now includes dilution from our convertible debentures.

對於 2022 財年全年，我們預計收入在 9.4 億美元至 9.5 億美元之間，或同比增長 40% 至 41%。計算出的賬單在 12.3 億美元至 12.5 億美元之間，或同比增長 32% 至 34%。我們預計我們的上半年組合將佔全年賬單的 42% 左右，這與過去 3 至 4 年的平均水平一致。營業利潤在 8500 萬美元到 9000 萬美元之間。假設大約 1.49 億至 1.5 億股完全稀釋的股份，每股收益在 0.52 至 0.56 美元之間。請注意，我們的股數指導現在包括可轉換債券的稀釋。

We have a capped call with a strike price of $246.76. Every $10 increase on our stock price above this strike price will add 250,000 to 300,000 shares to our fully diluted share count.

我們有一個上限看漲期權，行使價為 246.76 美元。我們的股價每上漲 10 美元，高於這個行使價，我們的完全攤薄後股票數量就會增加 250,000 到 300,000 股。

For your modeling purposes, I would like to discuss the anticipated T&E and M&A impact to fiscal 2022 operating expenses. In fiscal 2021, we saw a 280 basis point benefit to margins from lower T&E compared to fiscal 2020. With plans for in-person meetings and events in the second half of this year, including sales conferences in Q3 and ZenithLive in Q4, we expect T&E as a percentage of revenue to be approximately 250 to 300 basis points higher in fiscal 2022 as compared to fiscal 2021. As mentioned previously, the recent acquisitions of Trustdome and Smokescreen are expected to have an immaterial impact on revenue in fiscal 2022. We expect to incur approximately $13 million to $15 million in operating expenses to further invest in these products and incorporate their technologies into our platform. This is incorporated into our guidance.

為了您的建模目的，我想討論預期的 T&E 和併購對 2022 財年運營費用的影響。在 2021 財年，與 2020 財年相比，我們看到較低的 T&E 使利潤率提高了 280 個基點。由於計劃在今年下半年舉行面對面會議和活動，包括第三季度的銷售會議和第四季度的 ZenithLive，我們預計與 2021 財年相比，2022 財年 T&E 佔收入的百分比將高出約 250 至 300 個基點。如前所述，預計最近對 Trustdome 和 Smokescreen 的收購將對 2022 財年的收入產生非實質性影響。我們預計承擔約 1300 萬至 1500 萬美元的運營費用，以進一步投資這些產品並將其技術整合到我們的平台中。這已納入我們的指導。

Let me conclude with comments on our investment framework. We will balance growth and profitability based on how our business is growing. At our Analyst Day, with consensus estimates at that time, reflecting approximately 30% revenue CAGR, we outlined our target of achieving 20% to 22% operating margins in fiscal 2024, which implied 300 basis points of margin expansion per year. Since then, we delivered outstanding results with revenue growth exceeding our expectations.

最後讓我對我們的投資框架發表評論。我們將根據業務的增長情況平衡增長和盈利能力。在我們的分析師日，當時的共識估計反映了大約 30% 的收入複合年增長率，我們概述了我們在 2024 財年實現 20% 至 22% 的營業利潤率的目標，這意味著每年利潤率增長 300 個基點。從那時起，我們取得了出色的業績，收入增長超出了我們的預期。

If we continue to have high growth and strong unit economics, we'll prioritize investing in the business, which would lead to lower than 300 basis points of margin expansion per year. To that point, our fiscal 2022 guidance of 40% to 41% revenue growth and 9% to 9.5% operating margins reflects approximately 150 to 200 basis points of margin expansion after adjusting for the increased T&E and M&A expenses. We remain confident of reaching 20% to 22% operating margins in the long term, but growth will continue to take priority considering our strong business momentum. With a huge market opportunity and customers increasingly adopting the broader platform, we're committed to investing aggressively in our company.

如果我們繼續保持高增長和強勁的單位經濟，我們將優先投資該業務，這將導致每年利潤率增長低於 300 個基點。至此，我們對 2022 財年收入增長 40% 至 41% 和營業利潤率 9% 至 9.5% 的指導反映了在調整了增加的 T&E 和併購費用後，利潤率增長了約 150 至 200 個基點。從長遠來看，我們仍然有信心達到 20% 至 22% 的營業利潤率，但考慮到我們強勁的業務勢頭，增長將繼續成為優先事項。隨著巨大的市場機會和客戶越來越多地採用更廣泛的平台，我們致力於積極投資於我們的公司。

Operator, you may now open the call for questions.

接線員，您現在可以打開問題電話了。

(Operator Instructions) Our first question comes from Alex Henderson with Needham.

（操作員說明）我們的第一個問題來自李約瑟的 Alex Henderson。

As we're looking out into the new year, I was hoping you could talk a little bit about your thoughts on the type of expansion you're planning relative to the sales capacity. You've been extremely aggressive over the last year. In fact, as I understand it, increased your targets 3x over the course of the year. Certainly, the environment is extremely robust. Can you talk about where you're going as we go into the new fiscal year?

在我們展望新的一年之際，我希望你能談談你對相對於銷售能力計劃的擴張類型的想法。在過去的一年裡，你一直非常激進。事實上，據我了解，在一年中將您的目標提高了 3 倍。當然，環境非常強大。你能談談我們進入新財年的打算嗎？

I'll start with that, Alex, and Jay can come in. You're right. I mean the thing that we called out in the call is that we're seeing strong momentum for our business, and particularly in the second half. And you're absolutely correct. We did increase our field quota sales reps by number in fiscal '21 versus fiscal '20.

我會從那開始，亞歷克斯，傑伊可以進來。你是對的。我的意思是我們在電話會議中呼籲的是，我們的業務發展勢頭強勁，尤其是在下半年。你是絕對正確的。在 21 財年與 20 財年相比，我們確實增加了現場配額銷售代表的數量。

As we go forward, we'll be making continued investments in our sales organization as well as marketing and also channel. But that's only a piece of it. And again, we will be increasing the number of headcount for that's field quota sales reps in fiscal '22 versus fiscal '21.

隨著我們前進，我們將繼續投資於我們的銷售組織以及營銷和渠道。但這只是其中的一部分。同樣，我們將在 '22 財年與 '21 財年相比增加現場配額銷售代表的人數。

But more broadly speaking, the opportunity is so big. We're going to continue to invest throughout the company to really position ourselves to move forward and really be a substantial company that's operating efficiently. That's across all areas: R&D, G&A, our cloud. When I started with Zscaler, we were doing about 35 billion transactions a day. We're upwards, I don't know what the number is now, but I know it's well north of 160 billion transactions per day.

但更廣泛地說，機會是如此之大。我們將繼續在整個公司進行投資，以真正定位自己向前邁進，並真正成為一家高效運營的大型公司。這涉及所有領域：研發、G&A、我們的雲。當我開始使用 Zscaler 時，我們每天處理大約 350 億筆交易。我們在上升，我不知道現在的數字是多少，但我知道它遠遠超過每天 1600 億次交易。

It is critical if you're a cloud company like Zscaler to provide a reliable service that customers can rely on to ensure they're operating efficiently and securely. So our focus is, going forward, this can be broad throughout the company. But we'll continue to invest in sales and marketing and we'll increase our field rep sales headcount more in fiscal '22 versus fiscal '21.

如果您是像 Zscaler 這樣的雲公司，提供客戶可以依賴的可靠服務以確保他們高效、安全地運營，這一點至關重要。因此，我們的重點是，展望未來，這可以在整個公司範圍內廣泛開展。但我們將繼續投資於銷售和營銷，我們將在 22 財年與 21 財年相比增加我們的現場銷售代表人數。

Jay Chaudhry;Co-Founder, President, CEO & Chairman of the Board^ Remo, well said. I don't think I need to add a whole lot more. We are hitting on all cylinders. I'm very excited.

Jay Chaudhry；聯合創始人、總裁、首席執行官兼董事會主席^ Remo 說得好。我不認為我需要添加更多。我們正在全力以赴。我很興奮。

Our next question comes from Matt Hedberg with RBC.

我們的下一個問題來自 RBC 的 Matt Hedberg。

Yes, this is Matt Swanson on for Matt. If I could just dive in a little bit more to the federal opportunities. We have great color today on the call, Jay. But when we're thinking about that zero trust directive, you have really unique visibility both into the federal space with the 100 customers and then, obviously, as a zero trust leader.

是的，這是馬特的馬特斯旺森。如果我能更深入地了解聯邦的機會。傑伊，我們今天的電話會議氣氛很好。但是，當我們考慮零信任指令時，您對擁有 100 名客戶的聯邦空間以及作為零信任領導者的身份擁有真正獨特的可見性。

What do you think the gap is right now in the current federal environment to achieving a zero trust framework? And then any sense you can give us of kind of the magnitude and the duration of the opportunity, suppose 3 months from now, that mandate became mandatory for all federal environments get to zero trust. How big is that gap?

您認為當前聯邦環境中實現零信任框架的差距是什麼？然後，您可以給我們任何關於機會的規模和持續時間的任何感覺，假設從現在開始 3 個月，該任務成為所有聯邦環境的強制性要求，達到零信任。這個差距有多大？

Jay Chaudhry;Co-Founder, President, CEO & Chairman of the Board^ If you think of where federal market is, it's largely today doing network security. It's largely castle-and-moat depending upon firewalls, VPNs and the like. The good thing is that Biden administration has recognized that zero trust architecture has to be done. So it's great to see that the EO is focused on implementing zero trust.

Jay Chaudhry；聯合創始人、總裁、首席執行官兼董事會主席^ 如果您想一想聯邦市場在哪裡，那麼今天主要是在做網絡安全。它在很大程度上取決於防火牆、VPN 等。好消息是拜登政府已經認識到必須建立零信任架構。因此，很高興看到 EO 專注於實施零信任。

And look, where we stand today is we started investing in federal market about 3.5 years ago and got all the certifications that are needed. And we also have the right architecture and we've built a sizable team. We already have a pretty good business, but we are barely scratching the surface of the federal market.

看，我們今天的立場是，我們大約在 3.5 年前開始投資聯邦市場，並獲得了所有需要的認證。而且我們也有正確的架構，我們已經建立了一個相當大的團隊。我們已經有了相當不錯的業務，但我們幾乎沒有觸及聯邦市場的表面。

I think a lot of things has to do with education. Good thing is the EOs and some of the new meetings that Biden administration is having with high-profile CEOs alike, is raising visibility in the space. We are participating in some of these new pilots. All in all, we are excited, but we also know that some of these federal deals take their own time.

我認為很多事情都與教育有關。好消息是 EO 和拜登政府與知名 CEO 等人舉行的一些新會議正在提高該領域的知名度。我們正在參與其中一些新試點。總而言之，我們很興奮，但我們也知道其中一些聯邦交易需要自己的時間。

Our next question comes from Keith Bachman with Bank of Montreal.

我們的下一個問題來自蒙特利爾銀行的 Keith Bachman。

I wanted to ask a little bit about the net retention rate. It was very strong this quarter. But you seem to be signaling that there may be some tension on the number.

我想問一些關於淨保留率的問題。本季度非常強勁。但你似乎在暗示這個數字可能有些緊張。

I was wondering if you could comment on how investors should be thinking about the net retention rate as we look out. In particular, I did want to reference some of the information you provided at the Analyst Day where you talked about significant expansion on the annual price per user, both in the user protection category and the workload protection category as well as just seat growth.

我想知道你是否可以評論投資者應該如何考慮我們所關注的淨保留率。特別是，我確實想參考您在分析師日提供的一些信息，您在會上談到了每用戶年價格的顯著增長，包括用戶保護類別和工作負載保護類別以及席位增長。

So I'm just -- I'm a little bit surprised to hear you almost down -- I guess, downplay the 128 number. But if you could just talk a little bit about how investors should think about that over the next fiscal year.

所以我只是 - 聽到你幾乎要失望了，我有點驚訝 - 我想，淡化 128 的數字。但是，如果你能談談投資者在下一個財政年度應該如何考慮的話。

Jay Chaudhry;Co-Founder, President, CEO & Chairman of the Board^ I'll start then Remo can add on. I think our comments on net retention rate have been consistent since we went public. And here's the real thing: If I were a one product company, then it matters new logo upsell, all those things. We're such a big platform that's growing rapidly. We have also internal debates, should we really pay sales up more for new logo versus upsell? The answer is we really want to grow the overall new ACV, whether it's coming from upsell or it's coming from new logo.

Jay Chaudhry；聯合創始人、總裁、首席執行官兼董事會主席^ 我先開始，然後 Remo 可以補充。我認為自從我們上市以來，我們對淨留存率的評論是一致的。這是真實的事情：如果我是一家單一產品公司，那麼新徽標追加銷售就很重要，所有這些。我們是一個發展迅速的大平台。我們也有內部辯論，我們真的應該為新徽標支付更多的銷售額而不是追加銷售嗎？答案是我們真的想發展整個新的 ACV，無論是來自追加銷售還是來自新徽標。

So the message is not to really say, downplay net retention rate. The message is the net retention rate by itself is not a good indicator. What we're doing is good. We are proud of 128%. I'll be proud of 125%, too, because if I can sell a bigger platform upfront, I'm okay with a lower end up. That's the message. We are happy, we're bullish that this metric by itself is not the best thing as a leading indicator.

所以這個信息並不是真的要說，淡化淨保留率。消息是淨保留率本身並不是一個好的指標。我們正在做的事情是好的。我們為 128% 感到自豪。我也會為 125% 感到自豪，因為如果我可以預先銷售一個更大的平台，我可以接受較低端的。這就是信息。我們很高興，我們看好這個指標本身並不是作為領先指標的最佳指標。

I'll follow on with that. Jay is absolutely 100% correct. As we talked about on prior calls, the only time we understand the importance of net retention rate because of basically our compensation structure, which we pay the same for new and upsell. We really don't look at it. And so we have projections of what we're going to do during the quarter. We really look at it at the end of the quarter.

我會繼續說下去。傑絕對是100%正確的。正如我們在之前的電話會議中談到的那樣，我們唯一一次了解淨保留率的重要性是因為基本上我們的薪酬結構，我們為新的和追加銷售支付相同的費用。我們真的不看。因此，我們對本季度將要做的事情進行了預測。我們真的會在本季度末看到它。

Now having said that, if you take a look at what we talked about at the Analyst Day, and you're absolutely right, Keith. With the opportunity to sell at a higher price point, and we talked about for the users, for 5,000 users, we expect to have basically a price point of about $145 per user. We are seeing that.

話雖如此，如果你看看我們在分析師日討論的內容，你是絕對正確的，Keith。有機會以更高的價格銷售，我們為用戶討論過，對於 5,000 名用戶，我們預計每個用戶的價格基本在 145 美元左右。我們正在看到這一點。

So we are seeing basically companies that are behind ZIA, the ZIA add-on, ZPA and ZDX, we're seeing those type of dollar amounts. So the other point, which we haven't talked about, the average revenue per user is increasing substantially. And so what we're seeing is that we're seeing customers buy our broader platform. We're seeing customers who are actually buying ZCP and not buying the user protection initially.

所以我們基本上看到了 ZIA、ZIA 附加組件、ZPA 和 ZDX 背後的公司，我們看到了這些類型的美元金額。所以另一點，我們還沒有談到，每用戶的平均收入正在大幅增加。所以我們看到的是我們看到客戶購買我們更廣泛的平台。我們看到客戶實際上是在購買 ZCP 而不是最初購買用戶保護。

So all indications are that things are going well. The net retention rate, the positive impacts are the new products. If you take a look at the number of Global 2,000 companies have both ZIA and ZPA, it's 44%. So I wouldn't take our comments related to net retention rate that it's going to go down. We don't -- we really just don't focus on it. We're just trying to really condition our investors to really think about the broader platform we have, both new and upsell and basically our top line growth.

因此，所有跡像都表明事情進展順利。淨保留率，積極影響是新產品。如果你看看全球 2,000 家公司同時擁有 ZIA 和 ZPA 的數量，則為 44%。所以我不會接受我們關於淨保留率會下降的評論。我們沒有——我們真的只是不關注它。我們只是試圖真正讓我們的投資者真正考慮我們擁有的更廣泛的平台，包括新的和追加銷售，以及基本上我們的收入增長。

Front. Our next question comes from Mike Walkley with Canaccord Genuity.

正面。我們的下一個問題來自 Canaccord Genuity 的 Mike Walkley。

Congratulations on the strong quarter and year. Maybe just building on that last answer a little bit. You've highlighted the Enterprise segment targeting 2,000 to 6,000 employees as your fastest-growing segment. Do these smaller customers with faster sales cycle, do they have a similar land as your larger customers and have a long runway for upsell? Or are they landing with a large amount of your platform?

祝賀強勁的季度和年度。也許只是在最後一個答案的基礎上建立一點點。您已突出顯示以 2,000 至 6,000 名員工為目標的企業細分市場是您增長最快的細分市場。這些銷售週期更快的小客戶是否擁有與您的大客戶相似的土地並且有很長的追加銷售渠道？還是他們登陸了你的大量平台？

Jay Chaudhry;Co-Founder, President, CEO & Chairman of the Board^ Overall, across the board today, whether this new enterprise segment or larger one, more and more they're buying bigger and bigger platforms. It is true that enterprises, probably 2,000 to 6,000, tend to go over bigger from the start. But it's a good -- it's a shorter sales cycle. And these guys have the same risk of and similar attacks like the others have. So we are actually surprised to see how much traction we're getting in this segment in the past few quarters since we focused on.

Jay Chaudhry；聯合創始人、總裁、首席執行官兼董事會主席^ 總體而言，今天，無論是這個新的企業部門還是更大的部門，他們都在購買越來越大的平台。確實，可能有 2,000 到 6,000 家的企業從一開始就傾向於擴大規模。但這很好——這是一個更短的銷售週期。這些傢伙和其他人一樣有同樣的風險和類似的攻擊。因此，我們實際上很驚訝地看到，自從我們專注於過去幾個季度以來，我們在這一領域獲得了多大的牽引力。

The focus also on enterprises through our Summit Program we put in place a year ago. So we're seeing strong traction through our Summit Program. And the Summit Program is geared towards those customers in that 2,000 to 6,000 range. So very positive feedback, very positive results, as Jay mentioned over this past year. We're excited that this is an opportunity. And as Jay mentioned, it's our fastest-growing segment, and we're excited about that opportunity.

通過我們一年前實施的峰會計劃，也將重點放在企業上。因此，我們通過峰會計劃看到了強大的吸引力。峰會計劃面向 2,000 到 6,000 範圍內的客戶。正如傑在過去一年中提到的那樣，非常積極的反饋，非常積極的結果。我們很高興這是一個機會。正如傑伊所說，這是我們增長最快的部分，我們對這個機會感到興奮。

Our next question comes from Jonathan Ruykhaver with Baird.

我們的下一個問題來自 Jonathan Ruykhaver 和 Baird。

Yes, congratulations on the strong quarter. Jay, this is probably more for you. When you look at the publicly traded firewall vendors, they're clearly experiencing very strong demand trends for their virtual firewalls, for cloud applications, cloud environments. And I'm just wondering, how do you reconcile that with your comments around the benefits of a proxy. I mean doesn't it seem to suggest that there could be different approaches, different architectures to securing cloud?

是的，祝賀強勁的季度。傑，這可能更適合你。當您查看公開交易的防火牆供應商時，他們顯然正在經歷對其虛擬防火牆、雲應用程序、雲環境的非常強勁的需求趨勢。我只是想知道，您如何將其與您對代理利益的評論相協調。我的意思是，這似乎不是暗示可能有不同的方法、不同的架構來保護雲嗎？

Jay Chaudhry;Co-Founder, President, CEO & Chairman of the Board^ I think about this quite a bit. If you recall 3, 4 years ago, we were asked this question quite a bit. And this was being asked, why are these proxy vendors like Blue Coat still posting good numbers? I was telling them that we are barely making an impact. A lot of traffic was still going through those proxy appliances in the data center.

Jay Chaudhry；聯合創始人、總裁、首席執行官兼董事會主席^ 我想了很多。如果你還記得 3、4 年前，我們經常被問到這個問題。有人問，為什麼像 Blue Coat 這樣的代理供應商仍然發布好數字？我告訴他們，我們幾乎沒有產生影響。大量流量仍在通過數據中心的那些代理設備。

If you look at the local breakout business that's done out there, we are the primary vendors out there. Others, yes, have come out there, but majority of the enterprise traffic still goes through hub-and-spoke network. It still goes through a data center. It still goes through those firewalls.

如果您查看已完成的本地突破業務，我們是那裡的主要供應商。其他的，是的，已經出現了，但大部分企業流量仍然通過中心輻射型網絡。它仍然通過數據中心。它仍然通過那些防火牆。

If your traffic year-over-year goes up by 33%, you'll end up getting more data center devices, whether it's firewalls or other stuff. I think then you get to a certain level, whereas traffic shifts significantly, the spend will shift. That's my personal view. So not surprised at why the legacy devices like firewalls are still growing. I think it's a matter of time.

如果您的流量同比增長 33%，您最終將獲得更多的數據中心設備，無論是防火牆還是其他設備。我認為你會達到一定的水平，而流量會發生顯著變化，支出也會發生變化。這是我個人的看法。因此，對於像防火牆這樣的傳統設備仍在增長的原因並不感到驚訝。我認為這是一個時間問題。

Our next question comes from Gray Powell with BTIG.

我們的下一個問題來自 BTIG 的 Gray Powell。

Okay. Great, congratulations on the strong results. So yes, I'm curious like how are you thinking about the potential to increase pricing on renewals, particularly now that cloud-based network security is more mainstream and the sales process is less evangelical than, say, 3 or 4 years ago?

好的。太好了，恭喜你取得了不錯的成績。所以，是的，我很好奇你如何看待提高續訂定價的潛力，特別是現在基於雲的網絡安全更加主流並且銷售過程不像 3 或 4 年前那樣福音化？

Jay Chaudhry;Co-Founder, President, CEO & Chairman of the Board^ I want to be looking at increasing the renewal price. Is that the questions?

Jay Chaudhry；聯合創始人、總裁、首席執行官兼董事會主席^ 我想考慮提高續訂價格。是這些問題嗎？

Yes, exactly.

對，就是這樣。

Jay Chaudhry;Co-Founder, President, CEO & Chairman of the Board^ Right. Our biggest increase in price is coming from selling bigger bundles, okay? And there is some increase in price on each module, but the pace at which we're expanding our portfolio is quite significant. And as customers see the value and because we show business value, the increase in price per customer from ACV point of view becomes a natural thing. I think if we were to compete on price, if we were to compete on, say, I'm a better firewall than those firewalls, then it gets hard.

Jay Chaudhry；聯合創始人、總裁、首席執行官兼董事會主席^ 對。我們最大的價格上漲來自銷售更大的捆綁包，好嗎？每個模塊的價格都有一些上漲，但我們擴展產品組合的速度非常顯著。隨著客戶看到價值，並且因為我們展示了商業價值，從 ACV 的角度來看，每位客戶的價格上漲變得很自然。我認為如果我們要在價格上競爭，如果我們要競爭，比如說，我是一個比那些防火牆更好的防火牆，那就很難了。

We don't really compete to replace a given firewall or proxy. We are enabler of secured digital transformation. The sale is often driven by the CIO to Head of Infrastructure to Head of Security. When they look at the amount of money we can save them to replace all these legacy firewall, security and networking devices, the ROI is very impressive to justify our price becomes a lot easier. So value-based -- business value-based pricing is what we have advocated. Does that make sense?

我們並沒有真正競爭更換給定的防火牆或代理。我們是安全數字化轉型的推動者。銷售通常由 CIO 到基礎設施主管再到安全主管推動。當他們看到我們可以節省多少錢來替換所有這些傳統的防火牆、安全和網絡設備時，投資回報率非常可觀，證明我們的價格變得更容易了。所以基於價值——基於商業價值的定價是我們所提倡的。那有意義嗎？

Yes, I think so. And maybe I could have asked the question better. I guess my understanding was like 4 or 5 years ago, you had to be more aggressive just because I mean like SASE wasn't even a term back then. People were less comfortable having security in the cloud. Today, it's more mainstream. So I thought that would give you more ability to increase prices, that was my question.

是的，我想是這樣。也許我可以更好地提出這個問題。我想我的理解就像 4 或 5 年前一樣，你必須更加激進，因為我的意思是，當時 SASE 甚至還不是一個術語。人們不太願意在雲中擁有安全性。今天，它更加主流。所以我認為這會給你更多提高價格的能力，這是我的問題。

Jay Chaudhry;Co-Founder, President, CEO & Chairman of the Board^ Yes. I would think, yes, we have done some price increases on the original products, but a big increase has come from adding a lot more modules.

Jay Chaudhry；聯合創始人、總裁、首席執行官兼董事會主席^ 是的。我認為，是的，我們對原始產品進行了一些提價，但是增加了更多的模塊帶來了很大的提價。

If you look at the time of IPO 3.5 years ago, it was largely secure web gateway with a few things. It was largely a business bundle sale or professional bundle. Today, what we're selling is very different than what we sold 3 years ago, very different than what we sold 1 year ago.

如果你看一下 3.5 年前的 IPO 時間，它在很大程度上是安全的 Web 網關，有一些東西。它主要是商業捆綁銷售或專業捆綁銷售。今天，我們銷售的產品與 3 年前銷售的產品大不相同，與 1 年前銷售的產品大相徑庭。

The SASE market that Gartner talks about is a very expansive market. It includes everything you need to have at what used to be the network security level. When we look at even Zscaler Private Access, it's not just a VPN replacement. It eliminates the need for entire inbound DMZ, that's a big thing.

Gartner 談到的 SASE 市場是一個非常廣闊的市場。它包括您在過去的網絡安全級別所需的一切。當我們看到 Zscaler Private Access 時，它不僅僅是 VPN 的替代品。它消除了對整個入站 DMZ 的需求，這是一件大事。

So as we expand the platform, it further differentiates us, it further consolidates point products. We love the fact that the market is moving so fast, so rapidly and we're innovating so fast. That's why we think it will be very hard for some of the me-toos to come from behind and catch up with us.

因此，隨著我們擴展平台，它進一步區分了我們，進一步鞏固了點產品。我們喜歡這樣一個事實，即市場發展如此之快，如此之快，我們的創新速度如此之快。這就是為什麼我們認為一些模仿者很難從後面趕上我們。

Thank you. Our next question comes from Hamza Fodderwala with Morgan Stanley.

謝謝你。我們的下一個問題來自摩根士丹利的 Hamza Fodderwala。

Jay, perhaps a question for you. So last year, Zscaler saw a huge uptick in demand with the Zscaler Private Access solution. To what extent are those customers who may have bought perhaps smaller licenses or perhaps temporary licenses last year are coming back now as they renew and signing larger, perhaps ELAs as you guys progress to the next few quarters?

傑，也許是你的問題。因此，去年，Zscaler 看到 Zscaler Private Access 解決方案的需求大幅上升。那些去年可能購買了較小許可證或臨時許可證的客戶現在在多大程度上重新回來，因為他們續簽並簽署了更大的，也許是隨著你們進入接下來的幾個季度的 ELA？

Jay Chaudhry;Co-Founder, President, CEO & Chairman of the Board^ So last year, when customers needed to buy ZPA, in fact, I shared with investors during our earnings calls that there are very few, if any, temporary licenses, okay? There are very few actually 1-year deals. Most of the deals were done for -- with us on a multiyear basis.

Jay Chaudhry；聯合創始人、總裁、首席執行官兼董事會主席^ 所以去年，當客戶需要購買 ZPA 時，事實上，我在財報電話會議上與投資者分享說，臨時許可證非常少，如果有的話，好的？實際上很少有 1 年的交易。大多數交易都是在多年的基礎上與我們完成的。

And when they bought ZPA during the pandemic, most of the time it was not for a subset of users, it was really done for most of the users. So from our point of view, the sales that got made last year were really made for a long term. Is that impacting us in the short term? Not really. But having said that, are we selling more and more ZPA to every ZIA customers? Absolutely.

而當他們在大流行期間購買 ZPA 時，大多數時候不是為一部分用戶購買的，而是為大多數用戶購買的。所以從我們的角度來看，去年的銷售確實是長期的。這會在短期內影響我們嗎？並不真地。但是話雖如此，我們是否向每個 ZIA 客戶銷售越來越多的 ZPA？絕對地。

Now the market thinks that ZIA and ZPA together should be bought because once you have both of them together, you can access any application from anywhere. In fact, Gartner has further clarified SASE positioning. It's kind of interesting, SASE was a good loose framework. But it was confusing to some degree because it kind of got interpreted as if the network and SD-WAN and security must be with a single vendor. Not true.

現在市場認為 ZIA 和 ZPA 應該一起購買，因為一旦將兩者結合在一起，您就可以從任何地方訪問任何應用程序。事實上，Gartner 已經進一步明確了 SASE 的定位。有點意思，SASE 是一個很好的鬆散框架。但它在某種程度上令人困惑，因為它被解釋為好像網絡、SD-WAN 和安全必須由一個供應商提供。不對。

In fact, Gartner has a new position paper that came out about a month or 2 ago, which basically said, the security part of SASE is secure service at SSE and is a new MQ that will come out, a magic quadrant that will come out in x months. And the second part that decouples the network part of it, they're calling it Wireless WAN Edge. And that's where the SD-WAN part sits still. We have the most comprehensive offering of what Gartner is calling now secured service edge. That's really what gives us differentiation, that allows us to compete and win and charge good prices and really makes sure ZIA or ZPA gets sold to every user, not just a subset of users.

其實Gartner有一個新的立場文件大概是一兩個月前出來的，基本上就是說，SASE的安全部分是SSE的安全服務，是一個新的MQ，即將出來的魔力像限在 x 個月內。第二部分將其網絡部分解耦，他們稱其為無線廣域網邊緣。這就是 SD-WAN 部分靜止不動的地方。我們擁有最全面的 Gartner 所稱的安全服務優勢產品。這就是真正讓我們與眾不同的原因，它使我們能夠競爭並贏得勝利並收取高價，並真正確保 ZIA 或 ZPA 被出售給每個用戶，而不僅僅是一部分用戶。

Our next question comes from Shaul Eyal with Cowen & Company.

我們的下一個問題來自 Cowen & Company 的 Shaul Eyal。

Good afternoon, and congrats on the results and guidance. Jay, I want to go back to the typical competitive landscape question. I know we've been kind of discussing that as of late. But just wanted to check out if there's anything new or anyone new that has come to mind, as of late, some of that we have been seeing in a more pronounced way operating within your markets.

下午好，祝賀結果和指導。傑伊，我想回到典型的競爭格局問題。我知道我們最近一直在討論這個問題。但只是想看看最近是否有任何新事物或任何新事物浮現在腦海中，其中一些我們已經看到在您的市場中以更明顯的方式運作。

Jay Chaudhry;Co-Founder, President, CEO & Chairman of the Board^ See, overall, if you ask me, has the landscape changed significantly in terms of players out there? Not really. The biggest change in the landscape is in the workload posture market in the cloud protection area. When it comes to a SASE, ZIA or ZPA competition, there's not a whole lot. Now there is a fair amount of noise that's coming out there because when legacy network security vendors are getting disrupted, they must do something to make noise. So they really don't become extinct.

Jay Chaudhry；聯合創始人、總裁、首席執行官兼董事會主席^ 總體而言，如果您問我，就玩家而言，市場格局是否發生了顯著變化？並不真地。格局的最大變化是雲保護領域的工作負載態勢市場。當涉及到 SASE、ZIA 或 ZPA 比賽時，沒有很多。現在有相當多的噪音出現了，因為當傳統的網絡安全供應商受到干擾時，他們必須採取一些措施來製造噪音。所以它們真的不會滅絕。

That's why, I mean, we do hear every so often when a customer says, "Oh, I am doing my firewall VPN in the cloud. That is zero trust, right?" Now zero trust and firewall or VPN in the cloud don't go together. So if you ask me, one of the main things we need to make sure is we clarify that you can't build a zero trust architecture with firewalls and VPNs.

這就是為什麼，我的意思是，我們確實經常聽到客戶說：“哦，我正在雲中做我的防火牆 VPN。那是零信任，對嗎？”現在雲中的零信任和防火牆或 VPN 不能一起使用。因此，如果您問我，我們需要確保的主要事情之一是我們澄清您無法使用防火牆和 VPN 構建零信任架構。

The good thing is smart folks like NIST and Gartner are helping the area. But the momentum is building, business is doing good and we want to keep on investing aggressively, as Remo said, to track a big share of this increasing and evolving sizable market.

好消息是 NIST 和 Gartner 等聰明人正在幫助該領域。但勢頭正在形成，業務發展良好，正如雷莫所說，我們希望繼續積極投資，以追踪這個不斷增長和不斷發展的龐大市場的很大一部分。

And the last point I want to make is, the number of modules we saw sell today on average versus a year ago, versus 3 years ago, has increased significantly, which is very good. It's no longer the status quo siloed firewall or secure web gateway market. Did that make sense?

我想說的最後一點是，我們今天看到的平均銷售模塊數量與一年前相比，與 3 年前相比，顯著增加，這非常好。它不再是現狀孤立的防火牆或安全 Web 網關市場。這有意義嗎？

Got it. Absolutely.

知道了。絕對地。

Our next question comes from Sterling Auty with JPMorgan.

我們的下一個問題來自摩根大通的 Sterling Auty。

Remo, I want to ask a nitpicky question. Obviously, the results are fantastic, well above guidance and expectation. But given that current RPO has accelerated for 3 straight quarters, short-term deferred revenue accelerated, billings calculated remained at 70%. Why would revenue actually tick down a couple of percent? Why wouldn't it tick up?

雷莫，我想問一個挑剔的問題。顯然，結果非常好，遠遠超出了指導和預期。但鑑於當前 RPO 已連續 3 個季度加速，短期遞延收入加速，計算的賬單保持在 70%。為什麼收入實際上會下降幾個百分點？怎麼會打不開？

Sterling, you know me pretty well. I think for 20 years, our philosophy related to guidance is to be prudent, and we're continuing to be prudent with our guidance. Everything you called out is 100% correct. But -- what I've tried to do at Zscaler since I've come here is basically -- I don't want to look back, I want to look forward. I want to give ourselves the ability to really run the business So your question -- we're really prudent with our guidance.

斯特林，你很了解我。我認為 20 年來，我們與指導相關的理念是謹慎，並且我們將繼續謹慎地進行指導。你所說的一切都是 100% 正確的。但是——自從我來到這里以來，我在 Zscaler 嘗試做的基本上是——我不想回頭，我想向前看。我想給自己真正經營業務的能力所以你的問題 - 我們對我們的指導非常謹慎。

No, I was asking about the current quarter. The quarter you just reported, the 56 unchanged versus, I don't know...

不，我問的是當前季度。你剛剛報告的那個季度，56 沒有變化，我不知道...

I see, I got it. I got it. Okay, I got it. I'm sorry.

我明白了，我明白了。我知道了。好的，我明白了。抱歉。

Something that may have impacted conversions.

可能影響轉化的東西。

No, I've got it. Thank you. So it's really linearity based. And if you take a look at it, in Q4 of '20 last year, related to the COVID impact that we had, we had strong billings growth in, basically the first part of the quarter.

不，我明白了。謝謝你。所以它實際上是基於線性的。如果你看一下，在去年的 20 年第四季度，與我們所受到的 COVID 影響有關，我們的賬單增長強勁，基本上是本季度的第一部分。

This Q4 '21 went to more normalized. So that is what impacted -- primarily impacted the revenue of growing 57% in Q4. Now when you take a look at Q3 '20 versus Q3 '21, just the opposite effect occurred with COVID. In Q3 of '20, what happened was that the world basically -- I don't want to say it stopped, but really slowed down in the March time frame, even early April. So the linearity in Q3 last year was lower. Where Q3 of '21 this year, the linearity was more normalized.

21 年第 4 季度變得更加規範化。所以這就是影響 - 主要影響了第四季度增長 57% 的收入。現在，當您查看 20 年第 3 季度與 21 年第 3 季度時，COVID 發生了相反的效果。在 20 年第三季度，發生的事情是世界基本上——我不想說它停止了，但在 3 月的時間範圍內，甚至是 4 月初，它確實放緩了。因此，去年第三季度的線性度較低。在今年 21 年的第三季度，線性度更加規範化。

So we had 60% revenue growth in Q3 '21 versus Q3 '20, and we had 57% revenue growth in Q4 '21 versus Q4 '20 directly related to the impact of COVID. In addition, Sterling, there's one other element, which is basically when you take a look at the large number of deals that we have, that we called out, the $1-million type deals. A lot of those deals have ramps. So with those ramps, you're not going to get the full revenue in that current quarter. That's a smaller part of it, but that is a part of it. But the majority of it is related to the linearity.

因此，我們在 21 年第三季度與 20 年第三季度相比收入增長了 60%，在 21 年第四季度與 20 年第四季度相比，我們的收入增長了 57%，這與 COVID 的影響直接相關。此外，Sterling，還有另一個元素，基本上是當您查看我們擁有的大量交易時，我們稱之為 100 萬美元類型的交易。其中很多交易都有坡道。因此，有了這些坡道，您將無法在當前季度獲得全部收入。那是它的一小部分，但那是它的一部分。但其中大部分與線性有關。

Our next question comes from Brian Essex with Goldman Sachs.

我們的下一個問題來自高盛的 Brian Essex。

Jay, I'd love it if you could characterize the nature of enterprise adoption on your platform, primarily from the perspective of enabling meaningful change in digital transformation and a shift in architecture versus maybe more evolving with a large enterprise and enabling them to get started down that journey.

傑伊，如果你能在你的平台上描述企業採用的性質，我會很高興，主要是從實現數字化轉型和架構轉變的有意義變化的角度，而不是隨著大型企業的發展並讓他們能夠開始沿著那段旅程。

Is there any difference this year versus last year? And maybe if you could characterize the environment of, basically, enabling a big architectural shift as opposed to enabling of, I guess, a slower migration towards your technology platform.

今年和去年有什麼不同嗎？也許如果你能描述一下環境，基本上，支持一個大的架構轉變，而不是支持，我猜，向你的技術平台遷移的速度較慢。

Jay Chaudhry;Co-Founder, President, CEO & Chairman of the Board^ Brian, great question. The bigger shift got caused by COVID. Before COVID, enterprises used to think about adopting Zscaler with network transformation branches being broken into local breaker and the like. With COVID since network got out of the loop, enterprise said, "I'm ongoing to download this micro agent and I'm ready to go with ZIA to external applications, ZPA to internal application."

Jay Chaudhry；聯合創始人、總裁、首席執行官兼董事會主席^ Brian，很好的問題。更大的轉變是由 COVID 引起的。在 COVID 之前，企業曾經考慮採用 Zscaler，將網絡轉換分支分解為本地斷路器等。由於網絡脫離了新冠病毒，企業表示，“我正在下載這個微型代理，我準備將 ZIA 用於外部應用程序，將 ZPA 用於內部應用程序。”

That mindset is still there. I love it, because, one, when you don't have to deal with the network, your sales and deployments grow much faster. So our Phase 1 these days is get everyone turned on from wherever they are. Phase 2 ends up being, let's do local breakout for network transformation. And then Phase 3 ends up being, let's look at the cloud workload protection and the like. So it is evolving and it's evolving, but things are moving at a faster pace.

這種心態還在。我喜歡它，因為第一，當您不必處理網絡時，您的銷售和部署會增長得更快。因此，我們這些天的第一階段是讓每個人無論身在何處都可以開機。第 2 階段結束，讓我們為網絡改造做本地突破。然後第三階段結束，讓我們看看雲工作負載保護等。所以它正在發展，它正在發展，但事情正在以更快的速度發展。

Our next question comes from Erik Suppiger with JMP Securities.

我們的下一個問題來自 JMP 證券公司的 Erik Suppiger。

Congrats on a very strong quarter. Say, Remo, I think you had mentioned that pricing is around $145 for an organization of 5,000 users. Can you remind us where that was about a year ago? And then also, you talked about some accounts that have been buying the full breadth of modules for ZIA. What kind of discount do you give to that customer when they buy the full breadth of modules?

祝賀一個非常強勁的季度。比方說，雷莫，我想你提到過，對於一個擁有 5,000 名用戶的組織，定價約為 145 美元。你能提醒我們大約一年前那是在哪裡嗎？然後，您還談到了一些為 ZIA 購買全部模塊的帳戶。當客戶購買全部模塊時，您會給他們什麼樣的折扣？

Yes. We're not -- first of all, I don't want to get into how much we're discounting customers because that's more competitive. When you take a look at those 5,000 users, the $145, that's how much that we're seeing customers of 5,000 users paying for the full complement of our offerings.

是的。我們不是——首先，我不想知道我們給客戶打了多少折扣，因為這更具競爭力。當您查看這 5,000 名用戶時，即 145 美元，這就是我們看到 5,000 名用戶的客戶為我們的全部產品支付的費用。

Now with that, ZDX is new, okay? ZIA, which is $25 of that $145, largely the ZIA add-ons are new related to browser isolation, DLP and CASB out-of-band and that's around $30. If customer buys the full transformation level, which is we have 3 bundles, pro, business, transformation, it's about $45 and ZPA is about $45 also.

現在，ZDX 是新的，好嗎？ ZIA 是 145 美元中的 25 美元，主要是 ZIA 附加組件是新的與瀏覽器隔離、DLP 和 CASB 帶外相關的，大約是 30 美元。如果客戶購買完整的轉換級別，即我們有 3 個捆綁包，專業版、商業版、轉換版，大約是 45 美元，ZPA 也大約是 45 美元。

Where has it gone from a price per user basis overall, year-over-year, we're seeing between 35% and 40% increase price per user on a year-over-year basis. So that's kind of putting context on what we're seeing. And again, that increase in price per user is related to customers buying more of our platform and also expanding their business with Zscaler.

總體而言，每位用戶的價格與去年同期相比有何變化，我們看到每位用戶的價格同比上漲了 35% 至 40%。因此，這是在為我們所看到的內容添加背景。同樣，每位用戶價格的上漲與客戶購買更多我們的平台以及通過 Zscaler 擴大業務有關。

And do you think that 35% to 40% is that sustainable going into next year given the accelerating expansion of portfolio?

鑑於投資組合的加速擴張，您認為明年 35% 到 40% 是否可持續？

I don't want to comment related to the expansion because I don't want to make those type of forward-looking statements. But if you step back and take a look at the importance of the platform that we're selling and also more customers buying more of our platform, in addition to that, with the new products, we talked about our emerging products represent high single digit of our new and upsell business.

我不想就擴張發表評論，因為我不想做出那種前瞻性陳述。但是，如果您退後一步，看看我們正在銷售的平台的重要性以及更多購買我們平台的客戶，除此之外，對於新產品，我們談到我們的新興產品代表了高個位數我們的新業務和追加銷售業務。

As we go forward, we're seeing the emerging products represent low teens, basically of our new and upsell business in fiscal '22. As the market evolves and as the comments were made, we're not in the same place we were 4 years ago or 3 years ago or even 2 years ago. And so my expectation is that we'll continue to see increased pricing. But I don't want to quantify it, and we'll just need to report on it as we go forward.

隨著我們的前進，我們看到新興產品代表了青少年，基本上是我們在 22 財年的新業務和追加銷售業務。隨著市場的發展和評論的發表，我們與 4 年前或 3 年前甚至 2 年前不同。所以我的期望是我們將繼續看到價格上漲。但我不想量化它，我們只需要在我們前進的過程中報告它。

Our last question comes from Rob Owens with Piper Sandler.

我們的最後一個問題來自 Rob Owens 和 Piper Sandler。

This is Justin on for Rob. I just want to double-click on the commentary around the federal business. I know you guys usually put it around mid-single digits of new ACV in prior quarters. Any sense that this was higher in the current quarter? And then maybe some assumptions for the federal business in the pipeline and the guidance for next year.

這是賈斯汀為羅布做的。我只想雙擊有關聯邦事務的評論。我知道你們通常把它放在前幾個季度新 ACV 的中個位數左右。任何感覺這在本季度更高？然後可能是對聯邦業務的一些假設以及明年的指導。

I'll start it, Jay. So federal in the current quarter was mid- to higher single digits in Q4. As Jay talked about, the federal business for us with the Executive Order from President Biden as well as federal embracing zero trust and also our investment with our certifications and our field organization that we have in federal, we feel very good about it.

我會開始的，傑。因此，本季度的聯邦在第四季度是中高個位數。正如傑伊所說，我們的聯邦業務與拜登總統的行政命令以及聯邦政府擁抱零信任以及我們對我們的認證和我們在聯邦擁有的現場組織的投資，我們感覺非常好。

Now how is it going to play through in fiscal '22? We'll see. We feel there's a very big opportunity, and we also feel that it's a substantial portion of our business, but it takes time with federal. But we're well positioned. And with that, I'll turn it back to Jay.

現在它將如何在 22 財年發揮作用？走著瞧。我們認為這是一個非常大的機會，我們也認為這是我們業務的重要組成部分，但與聯邦合作需要時間。但我們處於有利位置。有了這個，我會把它轉回給傑伊。

Jay Chaudhry;Co-Founder, President, CEO & Chairman of the Board^ Yes. The pipeline is good. We have all the certifications, right architecture that federal government recognizes for acquiring zero trust architecture. We are investing, and pretty positive and confident.

Jay Chaudhry；聯合創始人、總裁、首席執行官兼董事會主席^ 是的。管道很好。我們擁有聯邦政府認可的獲得零信任架構的所有認證和正確架構。我們正在投資，而且非常積極和自信。

Now I'd like to turn the conference...

現在我想把會議...

Jay Chaudhry;Co-Founder, President, CEO & Chairman of the Board^ With that, I would like to thank you for joining us today and your interest in Zscaler. We look forward to talking to you next quarter.

Jay Chaudhry；聯合創始人、總裁、首席執行官兼董事會主席^ 藉此，我要感謝您今天加入我們以及您對 Zscaler 的興趣。我們期待在下個季度與您交談。

Thank you.

謝謝你。

Bill Choi;Senior Vice President, Investor Relations^ Thank you.

Bill Choi；投資者關係高級副總裁^ 謝謝。

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

謝謝你。今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。