Zscaler Inc (ZS) 2021 Q3 法說會逐字稿

Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Zscaler Third Quarter 2021 Earnings Conference Call. (Operator Instructions) As a reminder, this conference call is being recorded.

女士們，先生們，美好的一天，感謝你們的支持。歡迎參加 Zscaler 2021 年第三季度收益電話會議。 （操作員說明）作為提醒，此電話會議正在錄音中。

At this time, I would like to turn the conference over to Mr. Bill Choi, Senior Vice President, Investor Relations and Strategic Finance. Mr. Choi, you may begin.

此時，我想將會議轉交給投資者關係和戰略財務高級副總裁 Bill Choi 先生。崔先生，您可以開始了。

Good afternoon everyone and welcome to Zscaler fiscal Third Quarter 2021 earnings conference call. On the call with me today are Jay Chaudhry, Chairman and CEO and Remo Canessa, CFO. Please note we posted our earnings release and a supplemental financial schedule to our Investor Relations website.

大家下午好，歡迎參加 Zscaler 2021 財年第三季度財報電話會議。今天與我通話的是董事長兼首席執行官傑伊喬杜里和首席財務官雷莫卡內薩。請注意，我們在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 the 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 and market share, 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 and earnings per share. 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, 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; the impact of any previous or future acquisitions; and the development of the markets in which we compete.

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和市場份額、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、所得稅和每股收益。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 對我們業務的持續時間和影響；全球經濟以及我們的客戶、供應商和合作夥伴各自的業務；市場對我們產品的採用；任何先前或未來收購的影響；以及我們競爭的市場的發展。

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 our Investor Relations website when we move to the Q&A segment of the call.

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。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。當我們轉到電話會議的問答部分時，我們會將今天準備好的評論的副本上傳到我們的投資者關係網站。

I would also like to inform you that management will be presenting at the following upcoming virtual events: J.P. Morgan Technology, Media & Communications Conference tomorrow on May 26, Bernstein's Strategic Decisions Conference on June 4, Bank of America Global Technology Conference on June 8, Baird's Global Consumer Technology & Services Conference on June 10, and Mizuho Cybersecurity Summit on June 15. Sessions which offer a webcast will be available on our Investor Relations website.

我還想通知您，管理層將出席以下即將舉行的虛擬活動：明天 5 月 26 日的摩根大通技術、媒體和通信會議，6 月 4 日的伯恩斯坦戰略決策會議，6 月 8 日的美國銀行全球技術會議， Baird 的全球消費者技術與服務會議於 6 月 10 日舉行，瑞穗網絡安全峰會於 6 月 15 日舉行。提供網絡廣播的會議將在我們的投資者關係網站上提供。

Lastly, we would like to invite you to Zenith Live 2021, which is our virtual customer and partner cloud summit. The Americas and EMEA events will run from June 15 through the 17th. And for APJ will be June 22 to the 23rd. We encourage everyone to register and attend our summit from our website, zscaler.com/zenithlive.

最後，我們想邀請您參加 Zenith Live 2021，這是我們的虛擬客戶和合作夥伴雲峰會。美洲和 EMEA 活動將於 6 月 15 日至 17 日舉行。 APJ 將是 6 月 22 日至 23 日。我們鼓勵大家從我們的網站 zscaler.com/zenithlive 註冊並參加我們的峰會。

Now I'll turn the call over to Jay.

現在我將把電話轉給傑伊。

Thank you, Bill. As you saw in our earnings release, we delivered outstanding results for the third quarter with accelerating growth at scale, while increasing adoption of our broader platform. We drove 60% growth in revenue and 71% growth in billings. We also generated strong growth in operating profits and delivered record free cash flow.

謝謝你，比爾。正如您在我們的收益發布中看到的那樣，我們在第三季度取得了出色的業績，規模加速增長，同時增加了我們更廣泛平台的採用。我們推動了 60% 的收入增長和 71% 的賬單增長。我們還實現了營業利潤的強勁增長，並實現了創紀錄的自由現金流。

Enterprises are looking to Zscaler to secure their digital transformation and architect for the work from anywhere economy, which we believe is the new normal. Our results exceeded our expectations and we are again increasing our guidance for fiscal '21.

企業希望 Zscaler 確保他們的數字化轉型和架構師從任何經濟體開始工作，我們認為這是新常態。我們的結果超出了我們的預期，我們再次增加了對 21 財年的指導。

Our business is firing on all cylinders. Our superior architecture and optimized go-to-market engine is elevating us about the competitive noise. Our Zero Trust Exchange platform connects users, devices and applications which is fundamentally different from firewall-based castle and moat security. Our platform prevents lateral threat movement and eliminates the attack surface by making applications invisible from the Internet, hence, reducing business risk. Furthermore, our proxy architecture designed to inspect SSL-encrypted traffic, block sophisticated treats and prevents loss of sensitive data.

我們的業務正在全力以赴。我們卓越的架構和優化的上市引擎正在提升我們對競爭噪音的認識。我們的零信任交換平台連接用戶、設備和應用程序，這與基於防火牆的城堡和護城河安全有著根本的不同。我們的平台通過使應用程序對 Internet 不可見來防止橫向威脅移動並消除攻擊面，從而降低業務風險。此外，我們的代理架構旨在檢查 SSL 加密流量，阻止複雜的處理並防止敏感數據丟失。

Faced with the latest news-making ransomware and other cyber attacks, CISOs and CIOs are turning to Zscaler to dramatically improve their security posture while reducing the legacy IT costs. As you have heard me say before, architecture matters. Zscaler purpose-built the right high-performance, multi-tenant proxy architecture from day 1, whereas many vendors are trying to retrofit their existing solutions, which inevitably fails. Built from the start to enforce policy at the edge, as advocated by SASE framework, we are deployed across 150 data centers with 5-9's of availability. We are processing more than 160 billion transactions daily, preventing up to 7 billion security incidents and policy violations. This unmatched network effect provides better security and user experience.

面對最新的新聞勒索軟件和其他網絡攻擊，首席信息安全官和首席信息官正在轉向 Zscaler，以顯著改善他們的安全狀況，同時降低遺留 IT 成本。正如你之前聽我說過的，架構很重要。 Zscaler 從第一天開始就專門構建了正確的高性能、多租戶代理架構，而許多供應商正在嘗試改造他們現有的解決方案，但這不可避免地會失敗。正如 SASE 框架所倡導的那樣，我們從一開始就在邊緣執行策略，我們部署在 150 個數據中心，具有 5-9 的可用性。我們每天處理超過 1600 億筆交易，防止多達 70 億起安全事件和違反政策的事件。這種無與倫比的網絡效應提供了更好的安全性和用戶體驗。

Let me highlight 3 factors that drove our strong performance in the quarter. First, building on our strength with large enterprises. We closed a record number of 7-figure ACV deals across a broad range of industries. Most of these wins are 3-year commitments to provide our customers the foundation for application, network and security transformation. Second, an increasing share of our sales is coming from broader platform purchases by new and existing customers. Strong platform upsells drove our 126% dollar-based net retention rate in the quarter.

讓我強調推動我們在本季度表現強勁的 3 個因素。一是依託大企業實力。我們在各行各業完成了創紀錄數量的 7 位數 ACV 交易。這些勝利中的大部分都是 3 年的承諾，即為我們的客戶提供應用、網絡和安全轉型的基礎。其次，我們越來越多的銷售額來自新老客戶更廣泛的平台購買。強勁的平台追加銷售推動了我們本季度 126% 的基於美元的淨保留率。

Our newer solutions like out-of-band CASB, Zscaler Digital Experience, or ZDX, and Zscaler Cloud Protection or ZCP, are increasingly contributing to our wins. The breadth and depth of our platform is resonating with customers. And I believe Zscaler is the go-to platform for vendor consolidation, cost savings, increased user productivity and better cyber protection. Third, our strategic decision last year to increase our investments in go-to-market is yielding fantastic results. I'm very pleased with our performance and momentum across all geos, all market segments and all products.

我們較新的解決方案，如帶外 CASB、Zscaler Digital Experience 或 ZDX，以及 Zscaler Cloud Protection 或 ZCP，正在為我們的成功做出越來越大的貢獻。我們平台的廣度和深度正在引起客戶的共鳴。而且我相信 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。第三，我們去年增加對進入市場的投資的戰略決策正在產生驚人的結果。我對我們在所有地區、所有細分市場和所有產品中的表現和勢頭感到非常滿意。

Earlier this year, we expanded our investment in the enterprise segment, which consists of organizations with 2,000 to 6,000 employees. This quarter, we saw a higher mix of new business from this segment.

今年早些時候，我們擴大了對企業部門的投資，該部門由擁有 2,000 至 6,000 名員工的組織組成。本季度，我們看到該領域的新業務組合更高。

Now let me highlight key wins in the quarter, starting with ZIA. Because of the pandemic, a Global 500 technology company in Asia was routing Internet traffic of their employees working from home over VPN through the corporate data center. This created a poor user experience for SaaS applications like Office 365 and overwhelmed the security appliances. To power their workplace modernization initiative for their 80,000 employees, the customer purchased ZIA transformation addition, including SSL inspection, cloud firewall and sandboxing as well as ZDX. ZDX improves productivity by identifying and helping resolve user performance issues over the entire cloud network path in real-time before users complain.

現在讓我重點介紹本季度的主要勝利，從 ZIA 開始。由於大流行，亞洲的一家全球 500 強科技公司正在通過公司數據中心通過 VPN 路由其在家工作的員工的互聯網流量。這給 Office 365 等 SaaS 應用程序帶來了糟糕的用戶體驗，並讓安全設備不堪重負。為了推動其 80,000 名員工的工作場所現代化計劃，客戶購買了 ZIA 轉型附加產品，包括 SSL 檢查、雲防火牆和沙盒以及 ZDX。 ZDX 通過在用戶抱怨之前實時識別並幫助解決整個云網絡路徑上的用戶性能問題來提高生產力。

In another new logo win, a global business services company facing challenges supporting work from anywhere, purchased our business addition plus cloud firewall, CASB, DLP and ZDX for all 46,000 employees who directly access SaaS applications to reduce business risk and improve user experience.

在另一個新的徽標中，一家面臨支持在任何地方工作的挑戰的全球商業服務公司為所有 46,000 名直接訪問 SaaS 應用程序的員工購買了我們的業務附加功能以及雲防火牆、CASB、DLP 和 ZDX，以降低業務風險並改善用戶體驗。

In addition, it replaced the legacy VPN with ZPA to provide Zero Trust access through private applications for the 29,000 call center employees. With the purchase of 3 of our 4 platform pillars, this customer is accelerating the digital transformation from a 5-year goal into a 6-month reality.

此外，它用 ZPA 取代了傳統 VPN，通過私有應用程序為 29,000 名呼叫中心員工提供零信任訪問。通過購買我們 4 個平台支柱中的 3 個，該客戶正在加速數字化轉型，從 5 年目標變為 6 個月的現實。

Next, let me share 2 significant deals that show our growing momentum in the financial services vertical and our increasing success working with our tech partners. A top-tier global investment bank is pursuing a zero trust strategy by rebuilding its security architecture for the modern hybrid work environment. They purchased our ZIA business addition, plus DLP, Cloud Sandbox and ZDX for 50,000 users.

接下來，讓我分享兩筆重要交易，這些交易展示了我們在垂直金融服務領域的增長勢頭以及我們與技術合作夥伴合作取得的日益成功。一家全球頂級投資銀行正在通過為現代混合工作環境重建其安全架構來推行零信任戰略。他們為 50,000 名用戶購買了我們的 ZIA 業務附加組件，以及 DLP、Cloud Sandbox 和 ZDX。

With security as a major requirement, only a proxy architecture with SSL inspection at scale was considered. Our 10-year track record of running a massive, highly reliable and available in line security cloud made us the best choice, taking advantage of the breadth of our platform.

由於安全性是主要要求，因此只考慮了具有大規模 SSL 檢查的代理架構。我們在運行大規模、高度可靠和可用的在線安全雲方面的 10 年記錄使我們成為了最佳選擇，充分利用了我們平台的廣度。

This customer also started limited deployments of additional products, including browser isolation, CASB, Workload Segmentation and ZPA. This deal is a great example of the successful field sales collaboration between Zscaler and our tech partner, CrowdStrike. In and other financial services win, a multinational company, embracing cloud transformation, purchased the entire ZIA portfolio, including CASB, advanced DLP and CSPM for Microsoft Office 365 plus ZDX for 30,000 employees. Like the prior deal, this customer only considered a proxy architecture and firewall architectures were disqualified. The Zscaler platform purchased consolidated 4 vendors, streamlined their operations and reduced IT costs. This is another great example of field sales engagement with another important tech partner, in this case, Microsoft.

該客戶還開始有限部署其他產品，包括瀏覽器隔離、CASB、工作負載分段和 ZPA。這筆交易是 Zscaler 與我們的技術合作夥伴 CrowdStrike 之間成功的現場銷售合作的一個很好的例子。 In 和其他金融服務獲勝，一家擁抱雲轉型的跨國公司購買了整個 ZIA 產品組合，包括用於 Microsoft Office 365 的 CASB、高級 DLP 和 CSPM 以及用於 30,000 名員工的 ZDX。與之前的交易一樣，該客戶只考慮了代理架構，而防火牆架構則被取消資格。 Zscaler 平台合併了 4 家供應商，簡化了他們的運營並降低了 IT 成本。這是與另一個重要的技術合作夥伴（在本例中為微軟）進行現場銷售互動的另一個很好的例子。

As these new customer wins show, the attach rate of our data protection products, including DLP, out-of-band CASB, browser isolation and CSPM for SaaS is growing.

隨著這些新客戶的勝利表明，我們的數據保護產品（包括 DLP、帶外 CASB、瀏覽器隔離和 SaaS 的 CSPM）的附加率正在增長。

Now let me discuss an upsell deal that was primarily driven by data protection. An existing Global 200 pharma customer, with headquarters in Europe purchased CASB, advanced DLP and Sandbox for all 79,000 employees to up-level their security. We displaced the incumbent out-of-band CASB point product, a trend we are increasingly seeing as customers are standardizing on Zscaler's integrated platform. In addition to access private applications, they bought 3,000 ZPA seats, the first step to eliminate the legacy VPN. This latest purchase was a 7-figure ACV deal, which doubled the customer's ARR.

現在讓我討論一個主要由數據保護驅動的追加銷售交易。一家總部位於歐洲的現有全球 200 強製藥客戶為所有 79,000 名員工購買了 CASB、高級 DLP 和 Sandbox，以提高他們的安全性。我們取代了現有的帶外 CASB 點產品，隨著客戶在 Zscaler 的集成平台上進行標準化，我們越來越多地看到這種趨勢。除了訪問私有應用程序外，他們還購買了 3,000 個 ZPA 席位，這是淘汰傳統 VPN 的第一步。最新購買的是 7 位數的 ACV 交易，使客戶的 ARR 翻了一番。

As we look forward to a post-pandemic world in which employees unwittingly bring infected laptops back to the office, organizations need a true zero trust platform to eliminate the risk of lateral threat movement. Secondly, we are also seeing SD-WAN projects restarting with companies moving to direct-to-cloud architecture from the legacy hub-and-spoke network and castle and moat security.

當我們期待一個大流行後的世界時，員工會在不知不覺中將受感染的筆記本電腦帶回辦公室，因此組織需要一個真正的零信任平台來消除橫向威脅移動的風險。其次，我們還看到 SD-WAN 項目重新啟動，公司從傳統的中心輻射型網絡和城堡和護城河安全轉向直接到雲架構。

In the quarter, an existing Global 200 manufacturing customer with headquarters in Europe upgraded their 120,000 user subscription from business to transformation bundle, to secure local breakouts at their 1,000 locations worldwide, some with SD-WAN and some without SD-WAN. The transformation bundle added hub sandbox in cloud firewall, which doubled this customer's ARR.

在本季度，一家總部位於歐洲的現有全球 200 強製造客戶將其 120,000 名用戶訂閱從業務升級到轉型捆綁包，以確保其全球 1,000 個地點的本地突破，其中一些使用 SD-WAN，一些沒有 SD-WAN。轉換捆綁包在雲防火牆中添加了集線器沙箱，使該客戶的 ARR 翻了一番。

And finally, I will highlight and upsell win, with a global pharma company that previously purchased a transformation bundle and ZPA for 15,000 users. The SD-WAN deployment was delayed last year, and now they are accelerating the network and application transformation with a 5-year commitment to Zscaler. This quarter, we purchased an additional 50,000 ZIA and CPSCs to cover all 65,000 employees, while also adding DLP for owned users. They also purchased our new ZPA private service edge to enable Zero Trust access for the employees returning to the office. This demonstrates customers are implementing ZPA for all employees, not just for remote users.

最後，我將重點介紹並追加銷售，這家全球製藥公司之前為 15,000 名用戶購買了轉換包和 ZPA。 SD-WAN 的部署在去年被推遲，現在他們正在加速網絡和應用程序的轉型，並承諾對 Zscaler 進行 5 年的承諾。本季度，我們額外購買了 50,000 個 ZIA 和 CPSC，以覆蓋所有 65,000 名員工，同時還為自有用戶添加了 DLP。他們還購買了我們新的 ZPA 私人服務邊緣，為返回辦公室的員工啟用零信任訪問。這表明客戶正在為所有員工實施 ZPA，而不僅僅是遠程用戶。

In addition to our ongoing success in protecting users, our next big opportunity is protecting workloads with Zscaler cloud protection. We are rapidly expanding our ZCP portfolio through organic innovation and targeted acquisitions.

除了我們在保護用戶方面取得的持續成功之外，我們的下一個重大機會是使用 Zscaler 雲保護來保護工作負載。我們正在通過有機創新和有針對性的收購迅速擴展我們的零碳點產品組合。

Let me highlight our recent M&A activity. As announced last month, we acquired Trustdome, a leading provider of cloud infrastructure and entitlement management or CIEM, to complement our CSPM solutions. CIEM and CSPM together properly integrated, can correlate identity information with configuration data and enforce least privileged access for cloud environments hence, reducing business risk. This further expands our market opportunity for workload security.

讓我強調一下我們最近的併購活動。正如上個月宣布的那樣，我們收購了領先的雲基礎設施和權利管理或 CIEM 提供商 Trustdome，以補充我們的 CSPM 解決方案。 CIEM 和 CSPM 正確集成在一起，可以將身份信息與配置數據相關聯，並對雲環境實施最低特權訪問，從而降低業務風險。這進一步擴大了我們在工作負載安全方面的市場機會。

In addition, today, we announced a definitive agreement to acquire Smokescreen Technologies, which provides us with a deception technology to detect active attacks and lateral threat movement. We plan to integrate Smokescreen with our ZIA and ZPA solutions to enhance our active defense capabilities. You will hear more about these solutions at our Zenith Live Cloud Summit next month.

此外，今天，我們宣布了一項收購 Smokescreen Technologies 的最終協議，這為我們提供了一種檢測主動攻擊和橫向威脅移動的欺騙技術。我們計劃將 Smokescreen 與我們的 ZIA 和 ZPA 解決方案集成，以增強我們的主動防禦能力。您將在下個月的 Zenith Live Cloud 峰會上聽到更多關於這些解決方案的信息。

As we look forward to the next few years, we're focused on driving broader adoption of our 4 platform pillars, which together maximize the success of digital transformation. Our core ZIA and ZPA business has never been stronger. And we are excited about the early traction of ZDX and ZCP, the next growth engines for the company.

展望未來幾年，我們專注於推動更廣泛地採用我們的 4 個平台支柱，它們共同最大程度地實現數字化轉型的成功。我們的核心 ZIA 和 ZPA 業務從未如此強大。我們對公司下一個增長引擎 ZDX 和 ZCP 的早期牽引力感到興奮。

Now I will highlight 3 points about our go-to-market machine, which is scaling very well. Our field organization continues to scale and is executing on all cylinders. Moving to our partners, as I mentioned in our deal wins, we have strong and growing technology partnerships. In addition to incremental product integrations, we continue to grow our go-to-market partnership with CrowdStrike, who also became a customer this quarter. I'm proud that Zscaler was named, the Zero Trust Champion at Microsoft 2020 Partner Awards, further expanding our technology relationships.

現在我將強調關於我們的上市機器的 3 點，它的擴展性非常好。我們的現場組織繼續擴大，並在所有氣缸上執行。轉向我們的合作夥伴，正如我在贏得交易中提到的那樣，我們擁有強大且不斷發展的技術合作夥伴關係。除了增量產品集成外，我們還繼續與 CrowdStrike 發展我們的市場合作夥伴關係，CrowdStrike 在本季度也成為了客戶。我很自豪 Zscaler 在 Microsoft 2020 合作夥伴獎中被評為零信任冠軍，進一步擴大了我們的技術關係。

We recently partnered with IBM to edge Zscaler services to their zero trust security offerings. This partnership includes integrating with their Identity, MDM and SIEM solutions and joint go-to-market initiatives.

我們最近與 IBM 合作，將 Zscaler 服務邊緣化到他們的零信任安全產品中。這種合作夥伴關係包括與他們的身份、MDM 和 SIEM 解決方案以及聯合上市計劃相集成。

On the channel front, we're expanding our Summit Partner Program and adding VARs that are building cloud transformation practices. Our service provider relationships are strong and we're building joint engagements with system integrators. On the marketing front, we are aggressively investing in thought leadership for Zero Trust security, and expanding demand generation programs.

在渠道方面，我們正在擴展我們的峰會合作夥伴計劃並添加正在構建雲轉型實踐的 VAR。我們的服務提供商關係牢固，我們正在與系統集成商建立聯合合作關係。在營銷方面，我們正在積極投資於零信任安全的思想領導力，並擴大需求生成計劃。

In summary, we are making tremendous progress across all 3 areas: sales organization, marketing and channel partners, and delivering strong results quarter after quarter. I believe we are on track to capture a material share of our $72 billion serviceable market.

總而言之，我們在所有 3 個領域都取得了巨大進步：銷售組織、營銷和渠道合作夥伴，並逐季取得了強勁的業績。我相信我們有望在 720 億美元的可服務市場中佔據重要份額。

Now I'd 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 third quarter of 2021. Revenue for the quarter was $176.4 million, up 12% sequentially and 60% year-over-year. ZPA product revenue was 16% of total revenue. From a geographic perspective, we had broad strength across our 3 major regions. Americas represented 51% of revenue, EMEA was 38% and APJ was 11%.

謝謝你，傑。正如傑伊所說，我們對 2021 年第三季度的業績感到滿意。該季度的收入為 1.764 億美元，環比增長 12%，同比增長 60%。 ZPA 產品收入佔總收入的 16%。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%，EMEA 為 38%，APJ 為 11%。

Turning to calculated billings, which we define as the change in deferred revenue for the quarter plus total revenue recognized in that quarter. Billings grew 71% year-over-year to $225 million, with billing duration towards the upper 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. With that in mind, we are also pleased that short-term billings, which are calculated based on the change in short-term deferred revenue plus reported revenue for the period grew 61% over the prior year. Remaining performance obligations, or RPO, which represents our total committed noncancelable future revenue, were $1.2 billion as of April 30. RPO grew 85% from 1 year ago. The current RPO is 51% of the total RPO.

轉向計算賬單，我們將其定義為該季度遞延收入的變化加上該季度確認的總收入。賬單同比增長 71% 至 2.25 億美元，賬單持續時間接近我們 10 至 14 個月範圍的上限。我們有幾個客戶選擇為他們的多年合同預付費用。提醒一下，我們的合同期限通常為 1 至 3 年，我們不提供任何預付款的特殊獎勵。考慮到這一點，我們也很高興短期賬單（根據短期遞延收入的變化加上該期間報告的收入的變化計算）比上一年增長了 61%。截至 4 月 30 日，剩餘履約義務或 RPO 為 12 億美元，代表我們承諾的不可取消的未來總收入。RPO 比一年前增長了 85%。當前的 RPO 是總 RPO 的 51%。

Our strong customer retention and ability to upsell the broader platform have resulted in a consistently high dollar-based net retention rate, which is 126% compared to 127% last quarter and 119% a year ago. As we've highlighted, this metric will vary quarter-to-quarter.

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了以美元為基礎的持續高淨保留率，與上一季度的 127% 和一年前的 119% 相比，這一比例為 126%。正如我們所強調的，這個指標會隨著季度的變化而變化。

While good for our business, our increased success selling bigger bundles and 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 126% is outstanding.

雖然對我們的業務有好處，但我們從一開始就銷售更大的捆綁產品和銷售多個支柱產品以及一年內更快的追加銷售的成功可以降低我們未來基於美元的淨保留率。考慮到這些因素，我們覺得 126% 非常出色。

Total gross margin of 81% was flat quarter-over-quarter and improved by 1 percentage point year-over-year. As a reminder, gross margins in the second half of last fiscal year were pressured by the augmented use of public cloud to meet the 10x surge in ZPA traffic as pandemic lockdowns began.

總毛利率為 81%，環比持平，同比提高 1 個百分點。提醒一下，上一財年下半年的毛利率受到增加使用公共雲的壓力，以滿足隨著大流行鎖定開始而增加 10 倍的 ZPA 流量。

Turning to operating expenses. Our total operating expenses increased 6% sequentially and 53% year-over-year to $119.7 million. Operating expenses as a percentage of revenue declined by 3 percentage points from 71% a year ago to 68% in the quarter, primarily due to lower T&E, which was partially offset by increased hiring and M&A expenses.

轉向運營費用。我們的總運營費用環比增長 6%，同比增長 53%，達到 1.197 億美元。營業費用佔收入的百分比從一年前的 71% 下降 3 個百分點至本季度的 68%，這主要是由於 T&E 降低，這部分被招聘和併購費用增加所抵消。

Sales and marketing expense increased 6% sequentially and 56% year-over-year to $80.9 million. The year-over-year increase was due to higher compensation expenses and investments in building our teams and go-to-market initiatives.

銷售和營銷費用環比增長 6%，同比增長 56%，達到 8090 萬美元。同比增長是由於更高的薪酬費用和對建立我們的團隊和進入市場計劃的投資。

R&D expenses increased 8% sequentially and 55% year-over-year to $25.9 million. The increase is primarily due to continued investments in our engineering teams. G&A expenses increased 4% sequentially and 33% year-over-year to $12.9 million. The growth in G&A includes investments in building our teams, compensation-related expenses and professional fees.

研發費用環比增長 8%，同比增長 55%，達到 2590 萬美元。這一增長主要是由於對我們工程團隊的持續投資。 G&A 費用環比增長 4%，同比增長 33%，達到 1290 萬美元。 G&A 的增長包括對建立團隊的投資、與薪酬相關的費用和專業費用。

Our third quarter operating margin was 13% compared to 9% in the same quarter last year. And T&E spending had a positive 270 basis point benefit. Operating margin was better than our guidance range due to stronger-than-expected performance in the business and due to timing of certain sales and marketing spend.

我們第三季度的營業利潤率為 13%，而去年同期為 9%。 T&E 支出帶來了 270 個基點的正收益。由於業務表現強於預期以及某些銷售和營銷支出的時機，營業利潤率優於我們的指導範圍。

Net income in the quarter was $21.4 million or a non-GAAP earnings per share of $0.15. We ended the quarter with over $1.4 billion in cash, cash equivalents and short-term investments. Free cash flow was positive $56 million in the quarter, which compares to $9 million during the same quarter last year. The increase was driven by our strong billings growth, receivables, collection and operating performance.

本季度的淨收入為 2140 萬美元，非公認會計準則每股收益為 0.15 美元。我們在本季度末擁有超過 14 億美元的現金、現金等價物和短期投資。本季度自由現金流為正 5600 萬美元，而去年同期為 900 萬美元。這一增長是由我們強勁的賬單增長、應收賬款、收款和運營業績推動的。

Now moving 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, amortization of intangible assets, and any associated tax effects.

現在轉向指導。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、債務折扣的攤銷、無形資產的攤銷以及任何相關的稅收影響。

For the fourth quarter of fiscal 2021, we expect revenue in the range of $185 million to $187 million, reflecting year-over-year growth of 47% to 49%; gross margins of 79%. I would like to remind investors, a number of our emerging products, including ZDX, Workload Segmentation and CSPM will initially have lower gross margins than our core products.

對於 2021 財年第四季度，我們預計收入在 1.85 億美元至 1.87 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。

We are currently managing the emerging products for time to market and growth, not optimizing them for gross margins. With this in mind, we believe 79% to 80% is a good range for us in the near term, operating profit in the range of $13.5 million to $14.5 million, other income of $300,000 net of interest payments on the senior convertible notes. income taxes of $1.7 million; earnings per share of $0.08 to $0.09, assuming approximately 146 million fully diluted shares.

我們目前正在管理新興產品的上市時間和增長，而不是針對毛利率進行優化。考慮到這一點，我們認為 79% 至 80% 對我們來說是一個不錯的短期範圍，營業利潤在 1350 萬美元至 1450 萬美元之間，其他收入為 300,000 美元（扣除優先可轉換票據的利息）。 170萬美元的所得稅；假設大約有 1.46 億股完全稀釋的股票，每股收益為 0.08 美元至 0.09 美元。

For the full year fiscal 2021, we now expect revenue in the range of $660 million to $664 million or year-over-year growth of 53% to 54%. Calculated billings in the range of $878 million to $880 million or year-over-year growth of approximately 60%. Operating profit in the range of $71 million to $72 million. Earnings per share of $0.47, assuming approximately 145 million fully diluted shares.

對於 2021 財年全年，我們現在預計收入在 6.6 億美元至 6.64 億美元之間，或同比增長 53% 至 54%。計算的賬單在 8.78 億美元至 8.8 億美元之間，或同比增長約 60%。營業利潤在 7100 萬美元到 7200 萬美元之間。假設大約 1.45 億股完全攤薄後，每股收益為 0.47 美元。

The acquisitions of Trustdome and Smokescreen are expected to have an immaterial impact on revenue in Q4 and in fiscal 2022 as they are early-stage companies. Our plan is to further develop these products and incorporate their technologies into our platform. We expect to incur $2.5 million to $3 million in additional operating expenses in Q4 related to the acquisitions, including new R&D center of excellence in Israel. This is incorporated into our Q4 guidance. For your modeling purposes, we expect to incur approximately $13 million to $15 million in operating expenses related to the acquisitions in fiscal 2020.

對 Trustdome 和 Smokescreen 的收購預計將對第四季度和 2022 財年的收入產生非實質性影響，因為它們是處於早期階段的公司。我們的計劃是進一步開發這些產品並將他們的技術整合到我們的平台中。我們預計第四季度與收購相關的額外運營費用將增加 250 萬至 300 萬美元，包括在以色列新建的卓越研發中心。這已納入我們的第四季度指導。出於建模目的，我們預計 2020 財年與收購相關的運營費用約為 1300 萬至 1500 萬美元。

With a huge market opportunity, we remain committed to investing aggressively in our company behind the growth in our business. We have a highly efficient business model and are making investments across the organization today in order to capitalize on the large opportunity ahead of us. While we will balance growth and profitability, growth will continue to take priority considering our strong business momentum.

憑藉巨大的市場機會，我們將繼續致力於積極投資於我們的公司，以支持我們的業務增長。我們擁有高效的商業模式，並且今天正在整個組織內進行投資，以利用我們面前的巨大機遇。雖然我們將平衡增長和盈利能力，但考慮到我們強勁的業務勢頭，增長將繼續優先考慮。

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 or comment comes from the line of Alex Henderson.

（操作員說明）我們的第一個問題或評論來自 Alex Henderson。

Mr. Anderson, please repeat your question?

安德森先生，請重複你的問題？

First off, let me thank you for a superb quarter. Outstanding results. And the question I have is really on the sales capacity that you've been adding over the last year. To what extent do you see that capacity now maturing in terms of its productivity? And how do you think about additional continuation of that incredibly successful program?

首先，讓我感謝您的精彩季度。成績斐然。我的問題實際上是關於您在過去一年中增加的銷售能力。您認為這種能力現在在生產力方面的成熟程度如何？您如何看待這個令人難以置信的成功計劃的進一步延續？

Alex, as you know, we have been adding and rather accelerating sales capacity. We are pleased with performance, and we are counting on it to deliver us accelerating growth. Remo, do you want to give a better color to it?

亞歷克斯，如您所知，我們一直在增加和加速銷售能力。我們對業績感到滿意，我們指望它為我們帶來加速增長。 Remo，你想給它一個更好的顏色嗎？

Yes. The majority of our field quota sales reps are still ramping. So a significant portion of our organization is still in ramp based. The key thing that we brought up in the past is that we are aggressively hiring. And we had a good quarter of hiring in Q3. We're expecting to have a very good quarter in Q4. So our plans, as Jay talked about in the earnings call, is that the market is really strong. It's moving to us. All indications are that we're in a great position. So we're going to continue to aggressively hire and really go after the growth of the Zscaler going forward.

是的。我們的大多數現場配額銷售代表仍在增加。因此，我們組織的很大一部分仍處於斜坡基礎上。我們過去提出的關鍵是我們正在積極招聘。我們在第三季度有一個很好的季度招聘。我們預計第四季度會有一個非常好的季度。因此，正如傑在財報電話會議上所說，我們的計劃是市場非常強勁。它正在向我們移動。所有跡像都表明我們處於有利地位。因此，我們將繼續積極招聘並真正追求 Zscaler 的發展。

And if I may add one more statement. While, it's a competitive market for talent. Zscaler has become a top destination for top talent. So we're able to attract good talent and grow our sales team stronger.

如果我可以再添加一個聲明。同時，這是一個競爭激烈的人才市場。 Zscaler 已成為頂尖人才的首選目的地。因此，我們能夠吸引優秀人才並讓我們的銷售團隊變得更強大。

Our next question or comment comes from the line of Matt Hedberg from RBC Capital.

我們的下一個問題或評論來自 RBC Capital 的 Matt Hedberg。

Congrats on very strong results, obviously. Jay, there's obviously a lot of success you're seeing in the enterprise on upsell and large deals. But I had a question on the federal or, I guess, public sector market. Obviously, the Colonial Pipeline attack highlighted the risk here that some utilities are at. Just -- can you talk to us about how you think about Zero Trust architecture could benefit the public sector? And might that be an accelerant as we look forward for the next year or 2?

很明顯，恭喜你取得了非常好的結果。傑伊，顯然你在企業中看到了很多在追加銷售和大宗交易方面的成功。但我有一個關於聯邦或公共部門市場的問題。顯然，Colonial Pipeline 攻擊凸顯了一些公用事業公司所面臨的風險。只是 - 你能和我們談談你如何看待零信任架構可以使公共部門受益嗎？在我們期待明年或 2 年的時候，這可能是一個促進因素嗎？

I think we have been hearing enterprises talk about Zero Trust more and more for the last 12 to 18 months, especially after some of the SolarWind type of attacks. This has picked up steam. But no, it's good to see that federal government is waking up and saying they need to do something. It's good to see a very clear directive coming from Biden administration, which highlight a need for Zero Trust. And by the way, I must say that many vendors are trying to hijack on Zero Trust. But Zero Trust as written by the EU based on the NIST research paper, it is not done by firewall. It is connecting entities to entities without a pass-through connection, and we believe we'll have a big advantage of it. We started investing in federal space about 3 years ago, had to go through a lengthy process of certifications of FedRAMP and the like. We are very well certified. We started investing in sales organization about 2 years ago, have a strong team, a strong and growing pipeline. So federal business seems great. And the second part of your question is actually public sector, which is the non-federal part, which is state, local and education stuff. We are doing in that part very well as well. Remo?

我想在過去的 12 到 18 個月裡，我們聽到企業越來越多地談論零信任，尤其是在一些 SolarWind 類型的攻擊之後。這已經開始了。但是不，很高興看到聯邦政府正在醒來並說他們需要做點什麼。很高興看到拜登政府發出非常明確的指令，強調零信任的必要性。順便說一句，我必須說許多供應商正試圖劫持零信任。但是，歐盟根據 NIST 研究論文編寫的零信任不是由防火牆完成的。它將實體連接到沒有直通連接的實體，我們相信我們將擁有很大的優勢。我們大約在 3 年前開始投資聯邦空間，不得不經歷一個漫長的 FedRAMP 等認證過程。我們得到了很好的認證。我們大約在 2 年前開始投資銷售組織，擁有強大的團隊，強大且不斷增長的管道。所以聯邦事務似乎很棒。你問題的第二部分實際上是公共部門，即非聯邦部分，即州、地方和教育部門。我們在這方面也做得很好。雷莫？

No, I think, Jay, you hit it. I mean the key thing is that we've invested significantly in federal. As Jay talked about, the FedRAMP certifications. FedRAMP High for ZPA. And also, we are moving towards FedRAMP High for ZIA, which puts us in a completely different position than other companies. In addition, I think one of the strengths is that we've been able to build the sales organization, SP organization very strongly and partners in federal. So I feel we're well positioned in the federal market going forward.

不，我想，傑，你成功了。我的意思是關鍵是我們在聯邦方面投入了大量資金。正如 Jay 所說，FedRAMP 認證。 ZPA 的 FedRAMP 高。此外，我們正朝著 ZIA 的 FedRAMP High 邁進，這使我們處於與其他公司完全不同的位置。此外，我認為優勢之一是我們能夠非常強大地建立銷售組織、SP 組織和聯邦合作夥伴。所以我覺得我們在未來的聯邦市場中處於有利地位。

Our next question or comment comes from the line of Gregg Moskowitz from Mizuho.

我們的下一個問題或評論來自瑞穗的 Gregg Moskowitz。

Okay. Congratulations on a phenomenal quarter. Jay, maybe to follow-up a bit on the last question, and you sort of touched on this a little bit, but from what you're able to gather, have the recent high-profile breaches dating back to SolarWind that inclusive of the Colonial Pipeline attack, have they had any discernible impact on your pipeline? So again, we hear the anecdotes, much like you do. I'm just kind of curious if there's anything that is able to translate to some extent from what you're able to tell?

好的。祝賀一個驚人的季度。 Jay，也許要對最後一個問題進行一些跟進，你有點觸及到這一點，但從你能夠收集到的信息來看，最近備受矚目的違規行為可以追溯到 SolarWind，其中包括殖民管道攻擊，他們對您的管道有任何明顯的影響嗎？因此，我們再次聽到軼事，就像您一樣。我只是有點好奇，是否有任何東西可以在某種程度上從你能說的東西中翻譯出來？

So first of all, the number of inbound engagement from not just CIO and CISOs. And in many instances, the Board have stepped up. So it's clear that there's a high degree of interest in making sure that companies are secured. That's point number one. Point number two, when those level of C-level get engaged, the budgets open up, they become less of an issue. When you're dealing with the CIO, whose budget is hundreds of millions of dollars, to get a few million dollar deal for us generally becomes a lot easier. So we are seeing tremendous interest. Our customers having discussions that they need to do Zero Trust implementation. Because of security factors, including Colonials and SolarWinds, yes. Can I quantify what part of business and pipeline? Probably I'll be guesstimating too much. So I'll leave it open to, say, a positive impact, but hard to quantify.

因此，首先，不僅僅是 CIO 和 CISO 的入站參與數量。在許多情況下，董事會已經加緊行動。因此，很明顯，人們對確保公司安全有很高的興趣。這是第一點。第二點，當這些級別的 C 級參與時，預算開放，它們就不再是問題了。當您與預算數億美元的 CIO 打交道時，為我們獲得數百萬美元的交易通常會變得容易得多。所以我們看到了巨大的興趣。我們的客戶正在討論他們需要進行零信任實施。由於安全因素，包括 Colonials 和 SolarWinds，是的。我可以量化業務和管道的哪一部分？可能我會猜測太多。所以我會保持開放，比如說，積極的影響，但很難量化。

Our next question or comment comes from the line of Gray Powell from BTIG.

我們的下一個問題或評論來自 BTIG 的 Gray Powell。

Congratulations on the good results. So yes, you mentioned that your expanded investment in the mid-market or the mid-enterprise segment or companies with 2,000 to 6,000 employees contributed a higher mix this quarter. Is there a way to roughly quantify how much of the upside this segment is driving? And then how should we think about the potential contribution from the segment ramping over the next 6 to 12 months?

祝賀取得好成績。所以，是的，您提到您在中型市場或中型企業領域或擁有 2,000 至 6,000 名員工的公司的擴大投資在本季度貢獻了更高的組合。有沒有辦法粗略地量化這個細分市場帶來了多少上漲空間？那麼我們應該如何考慮該細分市場在未來 6 到 12 個月內的潛在貢獻？

Yes. I mean, just for clarification, the enterprise segment is for employees of 2,000 to 6,000 employees per company, and it is the fastest-growing segment that we have. On a quarter-over-quarter basis, the growth for new and upsell business has been a couple of percentage points. What this shows basically is our investments in the Summit program that we've made. So the Summit program targeted primarily towards VARs and VARs, primarily towards the segment, we are seeing very, very good growth, and we're happy with the growth. As I mentioned, it's the fastest-growing segment that we have. The segments we have are majors, large enterprise, enterprise and commercial. So this is the largest one. This is growing large assets.

是的。我的意思是，為了澄清，企業部門是針對每家公司 2,000 到 6,000 名員工的員工，它是我們擁有的增長最快的部門。在季度環比的基礎上，新業務和追加銷售業務增長了幾個百分點。這基本上表明了我們對我們所做的峰會計劃的投資。因此，峰會計劃主要針對 VAR 和 VAR，主要針對細分市場，我們看到了非常非常好的增長，我們對增長感到滿意。正如我所提到的，它是我們擁有的增長最快的部分。我們擁有的細分市場是專業、大型企業、企業和商業。所以這是最大的一個。這是不斷增長的大型資產。

Yes. If I may add, it was natural for us to expand into enterprise. We started from the high end, having strong presence in majors and large enterprises. It's a natural part for us, and we are pleased to see the performance. In this area, we have been adding quite a bit of sales force in this area and partner program together is delivering good results.

是的。如果我可以補充，我們很自然地擴展到企業。我們從高端做起，在專業和大企業中有很強的影響力。這對我們來說是很自然的一部分，我們很高興看到它的表現。在這個領域，我們已經在這個領域增加了相當多的銷售人員，合作夥伴計劃共同帶來了良好的結果。

Got it. And are sales cycles faster there? Or is there anything different in the competitive environment?

知道了。那裡的銷售週期更快嗎？還是競爭環境有什麼不同？

Yes, they are faster. As you would expect, typically, the bigger that they yield, the longer the sell cycle. The smaller the company, fewer the stakeholders and faster the sell cycle.

是的，它們更快。正如您所料，通常，它們產生的收益越大，銷售週期就越長。公司越小，利益相關者越少，銷售週期越快。

(Operator Instructions) Our next question or comment comes from the line of Mike Walkley from Canaccord.

（操作員說明）我們的下一個問題或評論來自 Canaccord 的 Mike Walkley。

And my congrats also on the strong results. Just wanted to dig in on the comments on ZPA, about it's going to all users, not just remote. Any way to size the opportunity of further penetration within your customer base? And just thinking about ZPA with it taking off with the pandemic, any thoughts on longer-term modeling, giving potential tougher comps even though the pipeline sounds strong?

我也祝賀這些強勁的結果。只是想深入了解有關 ZPA 的評論，關於它將面向所有用戶，而不僅僅是遠程用戶。有什麼方法可以確定在您的客戶群中進一步滲透的機會？只是想想 ZPA 隨著大流行而起飛，對長期建模有什麼想法，即使管道聽起來很強大，也能提供更強大的組合？

So first of all, from day 1, our belief was that ZPA was never designed for remote access VPN only, it was designed as a Zero Trust architecture implementation that no matter where the users are, they go through our switchboard, so they're never on the corporate network. And when pandemic happened, since everyone was remote, so ZPA actually got bought for almost every employee most of the companies, that was a big shift we saw. Whereby previously, companies would buy ZPA for 20%, 30%, 40%, 50%, 60% of the employees. But we knew the number will get to 100%. And as employees are coming back to the office, in fact, customers are worried though, these people bringing their infected machines back to the office, so they want to do Zero Trust even when they're in the office. So for that, they want to go through our Zero Trust Exchange. In fact, for that, we built another service, we call it Private Service Edge. Imagine a private switchboard running in your data center to implement Zero Trust for on-prem users, which is actually a great opportunity further giving customer segmentations for the applications, which is what customers are looking for. So I think it's a matter of time. Every employee of our customers will have ZIA, ZPA and actual ZDX as well. Because while ZIA and ZPA allows you to work from anywhere and access any applications, ZDX make sure users have a great experience and the issues, they can be easily resolved.

所以首先，從第一天開始，我們的信念就是 ZPA 絕不僅僅是為遠程訪問 VPN 設計的，它被設計為一個零信任架構實現，無論用戶在哪裡，他們都會通過我們的交換機，所以他們是從不在公司網絡上。當大流行發生時，由於每個人都很遙遠，所以 ZPA 實際上被大多數公司的幾乎所有員工購買，這是我們看到的一個巨大轉變。此前，公司將為 20%、30%、40%、50%、60% 的員工購買 ZPA。但我們知道這個數字會達到 100%。當員工回到辦公室時，事實上，客戶很擔心，這些人將他們感染的機器帶回辦公室，所以即使他們在辦公室，他們也想做零信任。因此，他們想通過我們的零信任交換。事實上，為此，我們構建了另一個服務，我們稱之為 Private Service Edge。想像一下，在您的數據中心運行一個私有交換機，為本地用戶實施零信任，這實際上是一個很好的機會，可以進一步為應用程序提供客戶細分，而這正是客戶正在尋找的。所以我認為這是一個時間問題。我們客戶的每一位員工都將擁有 ZIA、ZPA 和實際的 ZDX。因為雖然 ZIA 和 ZPA 允許您在任何地方工作並訪問任何應用程序，但 ZDX 確保用戶擁有良好的體驗，並且可以輕鬆解決問題。

Yes. And from a penetration perspective for our G2K customers, a little over 40% have ZPA. So significant opportunity for us to upsell into our existing customers.

是的。從我們 G2K 客戶的滲透率來看，略高於 40% 的客戶擁有 ZPA。對我們來說，這是向現有客戶追加銷售的重要機會。

So a little over 40% of ZIA customers have ZPA.

因此，略高於 40% 的 ZIA 客戶擁有 ZPA。

That is correct.

那是正確的。

Just to clarify.

只是為了澄清。

Yes, that is correct.

對，那是正確的。

Our next question or comment comes from the line of Andrew Nowinski from D.A. Davidson.

我們的下一個問題或評論來自 D.A. 的 Andrew Nowinski。戴維森。

Congrats on another great quarter. So had a question on the CrowdStrike win. You hear a lot about how endpoint security and specifically EDR technology is necessary to stop breaches like the Colonial Pipeline attack. And given that CrowdStrike prides themselves on stopping those breaches, I'm wondering why they would need Zscaler? So if you could provide any more color on maybe on what they're deploying and how they're using Zscaler and whether you think any other enterprises may follow their lead and deploy both CrowdStrike and Zscaler together?

祝賀另一個偉大的季度。所以有一個關於 CrowdStrike 勝利的問題。您會聽到很多關於端點安全性，特別是 EDR 技術對於阻止像 Colonial Pipeline 攻擊這樣的違規行為的必要性。鑑於 CrowdStrike 以阻止這些違規行為而自豪，我想知道他們為什麼需要 Zscaler？因此，如果您可以提供更多關於他們正在部署的內容以及他們如何使用 Zscaler 以及您是否認為任何其他企業可能會效仿他們並同時部署 CrowdStrike 和 Zscaler？

Yes. You don't -- yet to come across a serious large enterprise who doesn't believe in layered security approach, but endpoint serves as an important layer and cloud serves as a second layer. That's the most common thing I'll do. So it's -- when you bind to that notion, which is what we do and most customers do, it's natural for customers say, endpoint from CrowdStrike and cloud security from Zscaler. And what's exciting for customers is for the 2 to be able to work together with proper API-based integration, CrowdStrike and Zscaler had done this product integration over the past 12 to 18 months and that integration keeps on going to the next level, where we can help each other and customers get the benefit of it. So driven by product integration that customers wanted and then our joint sales engagements on field, where our teams are working together because we complement each other. It's a great win-win partnership for both of our -- both of us, CrowdStrike and us. Did I answer your question?

是的。你還沒有遇到過一個不相信分層安全方法的嚴肅的大型企業，但端點是一個重要的層，而云是第二層。這是我會做的最常見的事情。所以它 - 當你綁定到這個概念時，這是我們和大多數客戶所做的，客戶自然會說，來自 CrowdStrike 的端點和來自 Zscaler 的雲安全。令客戶興奮的是 2 能夠與適當的基於 API 的集成一起工作，CrowdStrike 和 Zscaler 在過去 12 到 18 個月內完成了這種產品集成，並且這種集成繼續進入一個新的水平，我們可以互相幫助，讓客戶從中受益。因此，由客戶想要的產品集成驅動，然後是我們在現場的聯合銷售活動，我們的團隊在那里合作，因為我們相互補充。這對我們雙方來說都是一個偉大的雙贏夥伴關係——我們雙方，CrowdStrike 和我們。我回答你的問題了嗎？

Yes, it did.

是的，它確實。

Our next question or comment comes from the line of Keith Bachman from Bank of Montreal.

我們的下一個問題或評論來自蒙特利爾銀行的 Keith Bachman。

Jay, I wanted to see if you could give some more color around both ZCP and ZDX. And the question really is, any comments or color on attach rates? How much are contributing? Where the wins are? Any more color, so we could get a sense about how much those assets, new solutions rather contributing today? And how you see that unfolding over the next 12 months?

傑伊，我想看看你能否為 ZCP 和 ZDX 提供更多色彩。真正的問題是，對附加費率有何評論或顏色？貢獻了多少？勝利在哪裡？更多顏色，這樣我們就可以了解這些資產、新解決方案在今天做出了多少貢獻？您如何看待未來 12 個月的發展？

Yes. Thank you. I'll start with the strategic positioning, and Remo can add on the quantitative side of it. As you know, ZCP, is cloud protection is a massive opportunity for protecting workloads. There are a couple of areas there. One big one is communication among workloads, which has traditionally done the old school way by connecting various workloads and availability zones with a wide area network, site-to-site VPN and the like, which creates big risks because of lateral moment. So with workload segmentation, we have implemented our Zero Trust Architecture which will disrupt legacy network-based security for workload just like we've done it for users with ZIA and ZPA. That's one part of it. And obviously, it's easy for us to start with our own customers, and that's a large customer base, and that's where early traction is.

是的。謝謝你。我將從戰略定位開始，Remo 可以添加它的數量方面。如您所知，ZCP 是雲保護，是保護工作負載的巨大機會。那裡有幾個區域。其中一個大問題是工作負載之間的通信，傳統上是通過將各種工作負載和可用區與廣域網、站點到站點 VPN 等連接起來的老派方式，這會因為橫向力矩而產生很大的風險。因此，通過工作負載分段，我們實施了零信任架構，它將破壞基於網絡的傳統工作負載安全性，就像我們為使用 ZIA 和 ZPA 的用戶所做的那樣。這是其中的一部分。顯然，我們很容易從自己的客戶開始，這是一個龐大的客戶群，這就是早期牽引力所在。

And then on second side is the security posture type of stuff. This is where some of offering is cloud security, posture management, CSPM and Trustdome acquisition combined give us a strong offering. We are bullish about the ZCP market, which is nascent, but it's growing rapidly. The ZDX part is very interesting. This is complementing ZIA and ZPA to identify and resolve any user performance issues. So this is a natural add on to any ZIA and ZPA sales. Normally we used to sell ZIA only. Then we started selling ZIA and ZPA together. More and more deals are with ZIA and ZPA together at the start. And now we are seeing more and more deals with ZIA, ZPA and ZDX together, which makes a natural bundle for our customers to enable their employees to work here and have great experience. Remo color on...

其次是安全態勢類型的東西。這就是雲安全、狀態管理、CSPM 和 Trustdome 收購等產品組合為我們提供強大產品的地方。我們看好 ZCP 市場，它是新生的，但它正在迅速增長。 ZDX 部分非常有趣。這是對 ZIA 和 ZPA 的補充，可識別和解決任何用戶性能問題。因此，這是對任何 ZIA 和 ZPA 銷售的自然補充。通常我們過去只賣 ZIA。然後我們開始一起銷售 ZIA 和 ZPA。越來越多的交易一開始就與 ZIA 和 ZPA 合作。現在我們看到越來越多的與 ZIA、ZPA 和 ZDX 合作的交易，這為我們的客戶提供了一個自然的捆綁，使他們的員工能夠在這里工作並獲得豐富的經驗。雷莫顏色...

Yes. I mean, just from a numbers perspective, we still expect the contribution for new and upsell for ZCP and ZDX to be mid-single digits this year. As Jay mentioned, the reception of both products has been high, and we feel good about those products going forward. But think about the contribution this year for new and upsell in that mid- single-digit range.

是的。我的意思是，僅從數字的角度來看，我們仍然預計今年 ZCP 和 ZDX 的新增和追加銷售的貢獻將達到中個位數。正如 Jay 所說，這兩種產品的接受度都很高，我們對這些產品的未來發展感到滿意。但是想想今年在這個中個位數範圍內的新產品和追加銷售的貢獻。

Our next question or comment comes from the line of Patrick Colville from Deutsche Bank.

我們的下一個問題或評論來自德意志銀行的 Patrick Colville。

So just on the math, CRPO billings, if I'm not mistaken, rose 85% this quarter, which looking at the disclosure since you guys have been kind of giving RPO and CRPO seems to be the kind of highest growth rate ever. So hugely impressive. What are you guys seeing to kind of have this real acceleration this quarter? What are the kind of confidence and factors? And I guess kind of importantly, how sustainable are they as we look forward into the rest of calendar '21 and '22?

因此，僅從數學上看，如果我沒記錯的話，CRPO 賬單本季度增長了 85%，從披露情況來看，你們一直在提供 RPO，而 CRPO 似乎是有史以來最高的增長率。如此令人印象深刻。你們認為本季度有什麼真正的加速？有什麼樣的信心和因素？而且我想有點重要的是，當我們期待日曆 '21 和 '22 的其餘部分時，它們的可持續性如何？

Yes. I'll take the first part and have Jay, give some color. You're right, Patrick, it's outstanding results. I mean the CRPO growth is 68% and the RPO growth is 85%, which is absolutely outstanding. When you couple that with our billings growth of 71%, it just shows that, basically, things are going very well for us. What's changing is basically what we've seen. We've been talking about with the accelerant last year related to with COVID hit, and companies recognized that they had to get their employees connected to their networks in order to or applications in order to do business. And we saw that. Now that was the big increase for last year with ZPA, which is 43% of our new and upsell business. Since then, basically, that brought to light, it's basically that yesterday's networks aren't going to work. Infrastructure is not going to work. Those are the discussions that we've been having with customers. That is basically a change, which is occurring, is recognizing the current infrastructure in place is really not the optimal infrastructure that companies need going forward. With that, what we've done as a company, we broadened our platform. We broadened our platform. We just talked about ZDX workload protection and additional basically features onto our product.

是的。我會拿第一部分，讓傑，給一些顏色。你是對的，帕特里克，這是出色的結果。我的意思是 CRPO 增長率為 68%，RPO 增長率為 85%，這絕對是出色的。當您將其與我們 71% 的賬單增長相結合時，它只是表明，基本上，我們的事情進展順利。正在發生的變化基本上就是我們所看到的。去年，我們一直在討論與 COVID-19 相關的加速器，公司意識到他們必須讓員工連接到他們的網絡才能開展業務或應用程序才能開展業務。我們看到了。現在這是 ZPA 去年的大幅增長，占我們新業務和追加銷售業務的 43%。從那以後，基本上，這被曝光了，基本上昨天的網絡無法正常工作。基礎設施行不通。這些是我們一直在與客戶進行的討論。這基本上是一種正在發生的變化，即認識到當前的基礎設施實際上並不是公司未來需要的最佳基礎設施。有了這個，我們作為一家公司所做的，我們拓寬了我們的平台。我們拓寬了平台。我們剛剛談到了 ZDX 工作負載保護和我們產品的基本附加功能。

So the broadening of the platform related to the movement to really transforming your networks has led to basically deal sizes becoming larger, more strategic partnership. And also, just the credibility that Zscaler had, now a good public company for 3-plus years. And we've got a strong balance sheet, and we've got a strong team. And again, the key thing is Zscaler was built for this world. The platform was built for this world over 10 years ago. And it was -- if you take a look at the expansion basically of the amount of traffic that we put through to have the type of gross margins with the type of traffic across over 150 data centers, with SLAs being almost 0, quite frankly, on a quarterly basis, is a testament to the strength of Zscaler. And I think that's what's playing through with our communications with our customers. Jay?

因此，與真正改變您的網絡的運動相關的平台的擴大導致基本上交易規模變得更大，更具戰略性的合作夥伴關係。而且，只是 Zscaler 的信譽，現在是一家優秀的上市公司 3 年多。我們有一個強大的資產負債表，我們有一個強大的團隊。再一次，關鍵是 Zscaler 是為這個世界而構建的。該平台是在 10 多年前為這個世界打造的。它是 - 如果你看一下我們投入的流量的擴張，其毛利率類型與跨越 150 多個數據中心的流量類型相同，坦率地說，SLA 幾乎為 0，每季度一次，證明了 Zscaler 的實力。我認為這就是我們與客戶溝通的原因。傑？

I think it's Fed at all, but accelerating digital transformation being one; expanded portfolio and platform being 2; large, great sales force being three; and our brand and customer affiances all 4 are accelerating our sales.

我認為這完全是美聯儲，但加速數字化轉型是其中之一；擴展的產品組合和平台為 2；大、大的銷售隊伍是三個；我們的品牌和客戶關係都在加速我們的銷售。

Our next question or comment comes from the line of Catharine Trebnick from Colliers.

我們的下一個問題或評論來自 Colliers 的 Catharine Trebnick。

Congratulations, phenomenal quarter. Can you unpack a little bit the Summit program and how well you're doing there versus your sales through the service provider channel to give us a better idea where you're really seeing explosion in your opportunities?

恭喜，非凡的季度。您能否詳細介紹一下峰會計劃，以及您在那裡的表現與通過服務提供商渠道的銷售情況相比，以便讓我們更好地了解您在哪些方面真正看到了您的機會爆炸式增長？

Yes. Our service provider channel evolved fairly early on. As our customers want new transformation and CIOs told SPs to work with us to make that happen. It's a strong channel. It's a growing channel. VARs took time. In the past couple of years, more and more the VARs that realized that The box sales are not going to last forever, so they are pivoting more. The one who are pivoting to embrace cloud transformation services, they are our favorites. They're actually becoming part of our Summit program. That's what the part program was built, and we have good participation for VAR programs. And as a result of that, we're seeing the growth of VAR contribution to business growing at a faster rate.

是的。我們的服務提供商渠道發展得相當早。由於我們的客戶想要新的轉型，CIO 告訴 SP 與我們合作以實現這一目標。這是一個強大的渠道。這是一個成長的渠道。 VAR需要時間。在過去的幾年裡，越來越多的 VAR 意識到盒子銷售不會永遠持續下去，所以他們更加關注。那些正在轉向接受雲轉型服務的人，他們是我們的最愛。他們實際上正在成為我們峰會計劃的一部分。這就是零件程序的構建，我們對 VAR 程序有很好的參與。因此，我們看到 VAR 對業務的貢獻以更快的速度增長。

From a numbers perspective, also, VARs as a percentage of our revenue is in the low 50% range. SPs and SIs combined in the low 40% and direct is mid-single-digit. The growth rate in SPs SIs has been significant year-over-year also. So we've had significant growth in SPs, SIs on a year-over-year basis.

同樣，從數字的角度來看，VAR 占我們收入的百分比在 50% 的低位範圍內。 SP 和 SI 加起來低於 40%，直接是中個位數。 SP SI 的同比增長率也很顯著。因此，我們在 SP 和 SI 方面取得了顯著的同比增長。

Our next question or comment comes from the line of Saket Kalia from Barclays.

我們的下一個問題或評論來自巴克萊的 Saket Kalia。

Actually, maybe just to piggyback off that last question on channel. Maybe a little bit more of a strategic one for you, Jay. The service provider channel has been an area that these dealers worked with for years, as you noted, and it felt like this quarter, you're starting to see some other security vendors maybe start to work with them a little bit as well. I guess the question is, how are your conversations of those service providers? And how do you think that sort of plays out in the future as other security vendors maybe start to work with that channel as well on SASE specifically?

實際上，也許只是為了背負頻道上的最後一個問題。傑伊，也許對你來說更具戰略意義。正如您所指出的，服務提供商渠道多年來一直是這些經銷商合作的一個領域，感覺就像本季度一樣，您開始看到其他一些安全供應商也可能開始與他們合作。我想問題是，您與這些服務提供商的對話如何？您認為隨著其他安全供應商可能開始與該渠道合作，以及特別是在 SASE 上，這種情況在未來會如何發展？

Yes. So first of all, as Remo said, our business, that SP/SI year-over-year is growing quite well. Think in terms of other firewall type of vendors, that's not new news. Service providers have been selling firewall type of stuff, especially for MSSP servers for years and years. So not a new area. Yes, adding the SD-WAN to those firewalls is probably a new area we hear about. But most of that stuff has happened on the lower end. When you talk to large enterprises, they actually engage with us and then partner together and drive the transformation. None of that has changed.

是的。因此，首先，正如 Remo 所說，我們的業務 SP/SI 同比增長非常好。想想其他防火牆類型的供應商，這不是什麼新鮮事。服務提供商多年來一直在銷售防火牆類型的東西，尤其是 MSSP 服務器。所以不是一個新領域。是的，將 SD-WAN 添加到這些防火牆可能是我們聽說的一個新領域。但大多數事情都發生在低端。當您與大型企業交談時，他們實際上與我們互動，然後共同合作並推動轉型。這一切都沒有改變。

On the lower end, probably this combination of some SD-WAN combined with firewalls, but we are bullish about the SP channel, SI channel as well as the VAR channel. In fact, our investments in channel are growing significantly because that's giving us more and more leverage, and we will continue to do so.

在低端，可能是一些 SD-WAN 與防火牆的組合，但我們看好 SP 通道、SI 通道以及 VAR 通道。事實上，我們對渠道的投資正在顯著增長，因為這給了我們越來越多的影響力，我們將繼續這樣做。

Our next question comes from the line of Tal Liani from Bank of America.

我們的下一個問題來自美國銀行的 Tal Liani。

When I ask you, why are you successful? The answer is always the same. So I'm not going to ask you again. But I want to ask you about condition. And the fact that you're so successful for such a long period of time, and we do see new players in the space. I'm wondering how the competitive landscape changed? What's the -- what do you -- who do you see today in competitive bids versus what you've seen before? And how is the gap between you and the competitors? So anything you can share with us on the competitive landscape?

當我問你，你為什麼成功？答案總是一樣的。所以我不會再問你了。但是我想問你關於條件的問題。事實上，您在如此長的一段時間內都非常成功，而且我們確實在這個領域看到了新的參與者。我想知道競爭格局如何變化？什麼是 - 你是什麼 - 你今天在競爭性投標中看到的與你以前看到的相比是什麼？你和競爭對手的差距如何？那麼，您可以與我們分享有關競爭格局的任何信息嗎？

Well, we asked this question to ourselves many, many times. We analyze it every quarter. Frankly, the truth is not a whole lot has changed on the competitive landscape. We were hearing so much noise from firewall vendors and the like have we seen any change. On the larger segment, larger customers that we always talked about haven't seen change much at all. We have seen a few cases. And I mentioned a couple of them during our prepared remarks. We have firewalls vendors try to go in and compete but got disqualified because they don't have the architecture. Well, you could say that now, some of them are saying, yes, we have a proxy architecture. But announcing is one thing, building a scalable, reliable proxy that a large enterprise will depend upon is a very different thing altogether. Having said that, when we come down to the lower end of the spectrum, say, under 5,000 users, so we do see some of them. Vendors where it's kind of less security savvy customers. But as we are engaging more and more in this space with our enterprise segment, we do some of them. But once we engage, we are winning pretty handsomely.

好吧，我們多次向自己提出這個問題。我們每季度對其進行分析。坦率地說，事實上競爭格局並沒有發生太大變化。我們從防火牆供應商那裡聽到了很多噪音，我們看到了任何變化。在更大的細分市場上，我們一直談論的更大的客戶根本沒有看到太大的變化。我們已經看到了一些案例。我在準備好的發言中提到了其中的幾個。我們有防火牆供應商試圖進入競爭，但因為沒有架構而被取消資格。好吧，你現在可以說，他們中的一些人說，是的，我們有一個代理架構。但是宣布是一回事，構建一個大型企業將依賴的可擴展、可靠的代理完全是另一回事。話雖如此，當我們降到頻譜的低端時，比如說，不到 5,000 個用戶，所以我們確實看到了其中的一些。供應商的安全意識較低的客戶。但是，隨著我們越來越多地與我們的企業部門在這個領域進行互動，我們會做其中的一些。但是一旦我們參與進來，我們就會贏得相當可觀的勝利。

So very comfortable on the competitive front because customers are more and more actually on every segment looking for consolidation and simplification. So low end players that are coming from point product and trying to expand, so to speak, don't really make it well. Some of the bigger ones, our legacy vendors with old story, our Zero Trust Exchange platform does much better because we are truly a zero trust architecture. And as I said, you can convert a firewall wall into a zero trust architecture. That's kind of oxymoron.

在競爭方面非常舒服，因為客戶越來越多地在每個細分市場尋求整合和簡化。因此，來自點產品並試圖擴張的低端玩家，可以這麼說，並沒有真正做好。一些較大的，我們的舊故事的傳統供應商，我們的零信任交換平台做得更好，因為我們是真正的零信任架構。正如我所說，您可以將防火牆牆轉換為零信任架構。這有點矛盾。

Got it. And do you feel that you need to make acquisitions in order to grow the TAM? Or is it more time to focus on execution and sales and marketing and just try to, within your current TAM, try to get more market share? Where is your focus between the 2?

知道了。您是否認為需要進行收購以發展 TAM？還是有更多時間專注於執行、銷售和營銷，並嘗試在您當前的 TAM 中爭取更多的市場份額？兩者之間的重點在哪裡？

It's a good question. Both. Why not? No. Having said that, I would say we won't be looking for acquisition to grow TAM. We're looking for acquisition to fill in any potential areas that need to kind of strengthen or expand into adjacent markets. Okay? It's pretty open to. We've done a few small acquisitions at the right opportunity with the right technology. We'll look for everything that makes business sense. We see that as a market opportunity for us, our momentum is so good, so why not keep on moving at a faster pace. And on sales and marketing, we are investing. We're investing heavily. In fact, Remo and I have lots of internal debates, our top line growth versus the bottom line. We kind of say, hey, top line is a priority, so both of us happen to be such that we can't be spending like drunken sailors. You'll also see our bottom line being pretty good.

這是個好問題。兩個都。為什麼不？不。話雖如此，我想說我們不會尋求收購來發展 TAM。我們正在尋找收購以填補任何需要加強或擴展到鄰近市場的潛在領域。好的？它非常開放。我們已經在合適的機會用合適的技術進行了一些小型收購。我們將尋找一切有商業意義的東西。我們認為這對我們來說是一個市場機會，我們的勢頭如此之好，所以為什麼不繼續以更快的速度前進。在銷售和營銷方面，我們正在投資。我們正在大力投資。事實上，雷莫和我有很多內部辯論，我們的頂線增長與底線。我們有點說，嘿，頂線是重中之重，所以我們倆都碰巧不能像醉酒的水手一樣花錢。您還會看到我們的底線非常好。

Our next question or comment comes from the line of Erik Suppiger from JMP.

我們的下一個問題或評論來自 JMP 的 Erik Suppiger。

Congrats. Just in the SD-WAN space, who are your best partners at this point? Are there different architectures for SD-WAN that fit well with you? Or how do you look at that space?

恭喜。就在 SD-WAN 領域，目前誰是您最好的合作夥伴？是否有適合您的 SD-WAN 不同架構？或者你如何看待那個空間？

Okay. SD-WAN. So the answer is pretty simple. Starting with vendors who compete on the higher end who have an enterprise-class architecture, they are natural to work with us because our large customers want that. As I said kind of before, there are 3 vendors we see frequently for SD-WAN deployments of large enterprises. It's VMware, it's HP Aruba, and it is Cisco. Most of our customers have one of the 3 deployed on the high end. Then the low end customers coming from the firewall side of it, do they have some large enterprise customers? Yes, but a lot of their business ends up being on the lower end, and we see them less often. But we do have customers who may have and other SD-WAN vendors, but they decided that we were the security cloud of choice. And we're open. We integrate with everyone. I can take traffic from almost any SD-WAN vendor but with some of them, we have stronger working relationships. VMware is our best partner when it comes to go to market.

好的。 SD-WAN。所以答案很簡單。從擁有企業級架構的高端競爭供應商開始，他們很自然地與我們合作，因為我們的大客戶想要這樣。正如我之前所說，我們經常看到有 3 家供應商用於大型企業的 SD-WAN 部署。它是 VMware，它是 HP Aruba，它是 Cisco。我們的大多數客戶都在高端部署了 3 個中的一個。那麼來自防火牆端的低端客戶，他們有一些大型企業客戶嗎？是的，但他們的很多業務最終都處於低端，我們很少見到他們。但我們確實有可能擁有的客戶和其他 SD-WAN 供應商，但他們認為我們是首選的安全雲。我們是開放的。我們與每個人融為一體。我可以從幾乎任何 SD-WAN 供應商處獲取流量，但與其中一些供應商建立了更牢固的工作關係。在進入市場時，VMware 是我們最好的合作夥伴。

Our next question or comment comes from the line of Hamza Fodderwala from Morgan Stanley.

我們的下一個問題或評論來自摩根士丹利的 Hamza Fodderwala。

Jay, just maybe a high level market question for you. I think some of this you touched on earlier, but we're clearly seeing a critical math in terms of adoption of trends such as SASE and Zero Trust network access, a lot of the stuff that, obviously, you've been aligned towards in day 1, and you're clearly a big beneficiary of that and have been. But at the same time, I think at least in the short term, it seems to be kind of a rising tide lift of both, right? And many of the firewall competitors that you mentioned earlier are talking about similar approaches. Not to necessarily gouge you to talk about any one particular vendor. But at what point do you think that some of the FUD, right, from your perspective, kind of when that was down and people are -- look for a solution that's truly architected for this trend like you've talked about?

傑伊，也許對你來說是一個高層次的市場問題。我認為您之前提到了其中的一些內容，但我們清楚地看到了在採用 SASE 和零信任網絡訪問等趨勢方面的關鍵數學，很明顯，您在第一天，你顯然是其中的一大受益者，而且一直是。但與此同時，我認為至少在短期內，這似乎是兩者的漲潮，對吧？您之前提到的許多防火牆競爭對手都在談論類似的方法。不一定要欺騙您談論任何一個特定的供應商。但是，您認為某些 FUD 是在什麼時候，對的，從您的角度來看，在這種情況下，人們正在尋找一種真正為這種趨勢設計的解決方案，就像您談到的那樣？

Yes. We've seen this movie before. If you recall, there's some proxy vendors whose sales were rising and deprocessing. Jay, you guys are winning, why aren't they losing? I mean we are still young. We still have a small part of the market, with 25%, 30% of the customers deployed us. What are other guys doing to keep on dealing with the data-centric architecture, network-centric architecture? They're buying more and more firewalls, right? It will be -- it will take some time. Inertia is powerful thing. But I think when it comes to doing truly the new architecture with Zero Trust, where you don't put people on the network, you don't have a pass-through architecture. That's the only way to stop Colonial type of kind of threats and SolarWinds type of threats. I think you'll see things changing. And that's what I think. Overall, the market is pretty big right now. We aren't really inhibited or impacted by any of those competitors who are doing well. I think inertia will keep them going for some time until the architecture really changes. Take, for example, spinning a VPN in the cloud doesn't make anyone Zero Trust, it's still VPN. Our customers buying and deploying it? Of course, they are, right? Will that change over time? Of course, it will. Can you make VPN into Zero Trust? You can't.

是的。我們以前看過這部電影。如果你還記得，有一些代理供應商的銷售額正在上升和去處理。傑，你們贏了，他們為什麼不輸？我的意思是我們還年輕。我們還有一小部分市場，有25%、30%的客戶部署了我們。其他人在做什麼來繼續處理以數據為中心的架構、以網絡為中心的架構？他們正在購買越來越多的防火牆，對吧？會的——這需要一些時間。慣性是強大的東西。但我認為，當談到真正採用零信任的新架構時，你不把人放在網絡上，你就沒有直通架構。這是阻止 Colonial 類型的威脅和 SolarWinds 類型的威脅的唯一方法。我想你會看到事情發生變化。這就是我的想法。總的來說，現在的市場很大。我們並沒有真正受到任何表現良好的競爭對手的抑製或影響。我認為慣性會讓它們持續一段時間，直到架構真正發生變化。舉個例子，在雲中旋轉 VPN 不會讓任何人零信任，它仍然是 VPN。我們的客戶購買和部署它？當然，他們是，對吧？這會隨著時間而改變嗎？當然，它會的。你能把VPN變成零信任嗎？你不能。

Our next question or comment comes from the line of Rob Owens from Piper Sandler.

我們的下一個問題或評論來自 Piper Sandler 的 Rob Owens。

Great. Jay, relative to return to work and we think about reopening, how would you expect the pace of digital transformation and therefore, network transformation potentially change? And where are customer conversations right now around the sense of urgency?

偉大的。傑伊，相對於重返工作崗位，我們考慮重新開放，您如何看待數字化轉型的步伐，因此網絡轉型可能會發生變化？現在圍繞緊迫感的客戶對話在哪裡？

So customers are beginning to make plans to come and work from the office. Many of them have partially opened up. What they learned during the COVID crisis was that the corporate network doesn't play a very important role. They could work from anywhere. But having said that, when employees are in the branch office, they need to make sure the traffic and go directly from the branch office to the cloud just like it went from employees home directly without going back to the data centers. So that is actually restarting some of the SD-WAN projects so they can do local breakout. But the bigger issue that's helping us, or the bigger opportunity that's helping us is, they want to make sure employees in the office still do Zero Trust architecture with a product like ZPA. So we are seeing good interest in fully Zero Trust, so they don't have an issue where the lateral movement of threats like SolarWinds can get them in trouble. Or the infected machines coming back to the office and get them in trouble. And we are helping companies implement better security, full security asset return to the office as well. Overall, a good positive opportunity for us.

因此，客戶開始製定計劃來辦公室工作。他們中的許多人已經部分開放。他們在 COVID 危機期間學到的是，企業網絡並沒有發揮非常重要的作用。他們可以在任何地方工作。但是話雖如此，員工在分支機構時，需要確保流量，直接從分支機構到雲端，就像從員工家直接去而不回到數據中心一樣。所以這實際上是重新啟動一些 SD-WAN 項目，以便他們可以進行本地突破。但幫助我們的更大問題，或者幫助我們的更大機會是，他們希望確保辦公室的員工仍然使用 ZPA 之類的產品進行零信任架構。因此，我們看到了對完全零信任的濃厚興趣，因此他們不存在像 SolarWinds 這樣的威脅橫向移動會給他們帶來麻煩的問題。或者受感染的機器回到辦公室並給他們帶來麻煩。我們正在幫助公司實施更好的安全性，並將完整的安全資產返還給辦公室。總的來說，這對我們來說是一個很好的積極機會。

We have time for one final question. Our last question comes from the line of Brian Essex from Goldman Sachs.

我們有時間回答最後一個問題。我們的最後一個問題來自高盛的 Brian Essex。

Congrats on the results. I was wondering, maybe, Jay, if you could expand a little bit on some of the drivers here in terms of -- you've got macro headwinds. You've got sales productivity. You've got transformational shift to the cloud, expansion of your platform. How does that relate to customer growth? Is there any way to kind of quantify customer growth and then grade those tailwinds in terms of which are the most meaningful with regard to the growth trajectory that you're experiencing now?

祝賀結果。我想知道，也許，傑伊，如果你能稍微擴展一下這裡的一些驅動因素——你有宏觀逆風。你有銷售生產力。您已經實現了向雲的轉型，擴展了您的平台。這與客戶增長有何關係？有什麼方法可以量化客戶增長，然後根據對您現在所經歷的增長軌跡最有意義的因素對這些順風進行評分？

When you said customer growth, are you telling a number of customers or revenue growth?

當您說客戶增長時，您是在告訴客戶數量還是收入增長？

Yes. I guess I'm looking for logo growth relative to some of the kind of platform expansion and sales productivity initiatives that you have currently in play?

是的。我想我正在尋找與您目前正在實施的某些平台擴展和銷售生產力計劃相關的徽標增長？

Right. We are doing well in both areas, new logo growth and upsell. If it's interesting to bear inside the company should be pay more for new logo or not, okay? And we decided not to because there's so much an opportunity to sell the platform, which falls under upsell. The new logo, we have a good mix of business coming from new logo as well as upsell. So the opportunities, as you said, the macro environment is helping more focused on security, is helping us sales force. They have done a phenomenal job in the sales organization. Now we are seeing very good results from our early focus and channel Summit partners. Marketing, we've got a new CMO. We expanded and strengthened the marketing team, a lot more investments in the marketing area. And platform and product machine is really coming at a very good speed. Very bullish on our opportunity going forward.

正確的。我們在新標識增長和追加銷售這兩個領域都做得很好。如果在公司內部承擔有趣的事情，是否應該為新徽標支付更多費用，好嗎？我們決定不這樣做，因為有太多機會出售該平台，該平台屬於追加銷售。新標誌，我們有來自新標誌和追加銷售的良好業務組合。因此，正如您所說，宏觀環境正在幫助更多地關注安全性，正在幫助我們的銷售隊伍。他們在銷售組織中做得非常出色。現在，我們從早期的重點和渠道峰會合作夥伴那裡看到了非常好的結果。營銷，我們有一個新的首席營銷官。我們擴大和加強了營銷團隊，在營銷領域進行了更多的投資。而且平台和產品機真的來的非常快。非常看好我們未來的機會。

From a total customer perspective, we grew our customer base by about 20% year-over-year.

從總客戶的角度來看，我們的客戶群同比增長了約 20%。

Thank you. That concludes our Q&A session. At this time, I'd like to turn the conference over to Mr. Jay Chaudhry for any closing remarks.

謝謝你。我們的問答環節到此結束。在這個時候，我想把會議交給 Jay Chaudhry 先生做任何閉幕詞。

I would like to thank you all for your continued support. Please join us at our Zenith Live Annual Cloud Summit in mid-June. Thank you again.

我要感謝大家一直以來的支持。請參加 6 月中旬的 Zenith Live 年度雲峰會。再次感謝你。

Thank you.

謝謝你。

Ladies and gentlemen, thank you for participating in today's conference. This concludes the program. You may now disconnect. Everyone, have a wonderful day.

女士們，先生們，感謝你們參加今天的會議。程序到此結束。您現在可以斷開連接。大家，有一個美好的一天。