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.

各位女士、先生，大家好，感謝您稍候。歡迎參加 Zscaler 2021 會計年度第三季財報電話會議。（接線員指示）提醒您，本次電話會議將被錄音。

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.

此刻，我想將電話會議交給投資人關係與策略財務資深副總裁 Bill Choi 先生。Choi 先生，您可以開始。

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.

各位下午好，歡迎參加 Zscaler 2021 會計年度第三季財報電話會議。今天與我一同出席的有董事長兼執行長 Jay Chaudhry，以及財務長 Remo Canessa。請注意，我們已將財報新聞稿與補充財務明細表發布於我們的投資人關係網站。

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，我們今天討論的所有數字皆以調整後的非 GAAP 基礎呈現。您可在我們的財報新聞稿中找到 GAAP 與非 GAAP 財務衡量指標之間的調節表。我也要提醒各位，今天的討論將包含前瞻性陳述，包括但不限於：公司預期的未來營收與市占率、計算後的帳單金額（calculated billings）、營運表現、毛利率、營運費用、營業利益、淨利、自由現金流、以美元計價的淨留存率（dollar-based net retention rate）、未來招募決策、剩餘履約義務（remaining performance obligations）、所得稅以及每股盈餘。這些陳述及其他評論並非對未來績效的保證，而是受到風險與不確定性影響，其中部分超出我們的控制範圍，包括但不限於：COVID-19 對我們業務的持續期間與影響；全球經濟以及我們客戶、供應商與合作夥伴各自業務的狀況；市場對我們產品與服務的採用情形；任何過去或未來併購的影響；以及我們所競爭市場的發展。

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.

這些前瞻性陳述僅適用於今天，您不應將其視為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陳述的義務。關於風險與不確定性的更完整討論，請參閱我們向 SEC 提交的文件以及今天的財報新聞稿。當我們進入問答環節時，我們將把今天的預先準備講稿上傳至投資人關係網站。

I would also like to inform you that 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.

我也想告知各位，管理團隊將出席以下即將舉行的線上活動：明天 5 月 26 日的摩根大通（J.P. Morgan）科技、媒體與通訊大會；6 月 4 日 Bernstein 的策略決策大會；6 月 8 日美國銀行全球科技大會；6 月 10 日 Baird 的全球消費科技與服務大會；以及 6 月 15 日瑞穗（Mizuho）資安高峰會。提供網路直播的場次將可於我們的投資人關係網站觀看。

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，我們也誠摯邀請各位參加 Zenith Live 2021，這是我們面向客戶與合作夥伴的線上雲端高峰會。美洲與 EMEA 場次將於 6 月 15 日至 17 日舉行；APJ 場次將於 6 月 22 日至 23 日舉行。我們鼓勵大家至我們的網站 zscaler.com/zenithlive 註冊並參加。

Now I'll turn the call over to Jay.

現在我把電話交給 Jay。

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，Bill。正如各位在我們的財報新聞稿中所見，我們在第三季交出亮眼成果，在規模化的同時加速成長，並提升客戶對我們更廣泛平台的採用。我們推動營收成長 60%，帳單金額成長 71%。我們也帶動營業利益強勁成長，並創下自由現金流新高。

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.

企業正尋求 Zscaler 來保護其數位轉型，並為「隨處工作」經濟打造架構；我們相信這將成為新的常態。我們的成果超出預期，因此再次上調 2021 會計年度的財測指引。

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.

我們的業務全面發力。我們優越的架構與最佳化的市場推進引擎（go-to-market engine）讓我們在競爭雜音之上脫穎而出。我們的 Zero Trust Exchange 平台連結使用者、裝置與應用程式，這與以防火牆為基礎的「城堡與護城河」式安全架構有根本差異。我們的平台可防止威脅橫向移動，並透過讓應用程式從網際網路上不可見來消除攻擊面，從而降低業務風險。此外，我們的代理（proxy）架構專為檢查 SSL 加密流量而設計，可阻擋複雜威脅並防止敏感資料外洩。

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.

面對近期成為新聞焦點的勒索軟體與其他網路攻擊，CISO 與 CIO 正轉向 Zscaler，以在降低傳統 IT 成本的同時，大幅提升其安全態勢。正如我之前所說，架構很重要。Zscaler 從第一天起就以正確的高效能、多租戶代理架構為目的打造；而許多供應商則試圖改造其既有解決方案，這不可避免地會失敗。我們自一開始就為在邊緣執行政策而建置，符合 SASE 架構所倡議的方向；我們部署於 150 個資料中心，提供 5 個 9 的可用性。我們每日處理超過 1,600 億筆交易，並可防止多達 70 億起安全事件與政策違規。這種無可匹敵的網路效應帶來更好的安全性與使用者體驗。

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.

我來強調三個推動本季強勁表現的因素。第一，延續我們在大型企業的優勢。我們在廣泛產業中締結了創紀錄數量的七位數年合約價值（ACV）交易。這些勝出案多為三年期承諾，為客戶提供應用、網路與安全轉型的基礎。第二，我們的銷售中，來自新舊客戶購買更廣泛平台的占比持續提高。強勁的平台加購（upsell）推動本季以美元計價的淨留存率達到 126%。

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（out-of-band）CASB、Zscaler Digital Experience（ZDX）以及 Zscaler Cloud Protection（ZCP），正日益為我們的勝出案做出貢獻。我們平台的廣度與深度正與客戶產生共鳴。我相信 Zscaler 是供應商整併、成本節省、提升使用者生產力與更佳網路防護的首選平台。第三，我們去年做出的策略性決策——加大對市場推進（go-to-market）的投資——正在帶來極佳成果。我對我們在所有地區、所有市場區隔與所有產品上的表現與動能感到非常滿意。

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.

今年稍早，我們擴大了對企業（enterprise）區隔的投資，該區隔由員工數 2,000 至 6,000 人的組織構成。本季，我們看到來自該區隔的新業務占比更高。

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.

接下來我將重點說明本季的關鍵勝出案，先從 ZIA 開始。由於疫情，一家位於亞洲的全球 500 大科技公司，將居家工作的員工網際網路流量透過 VPN 經由企業資料中心轉送。這導致對 Office 365 等 SaaS 應用的使用者體驗不佳，並使安全設備不堪負荷。為了推動其 80,000 名員工的工作場所現代化計畫，該客戶購買了 ZIA transformation 版本（addition），包含 SSL 檢查、雲端防火牆與沙箱（sandboxing），以及 ZDX。ZDX 透過即時辨識並協助解決整條雲端網路路徑上的使用者效能問題，在使用者抱怨之前提升生產力。

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.

在另一個新客戶（new logo）勝出案中，一家全球商業服務公司在支援隨處工作方面面臨挑戰，為其 46,000 名直接存取 SaaS 應用的員工，購買了我們的 business 版本（addition）以及雲端防火牆、CASB、DLP 與 ZDX，以降低業務風險並改善使用者體驗。

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，該客戶以 ZPA 取代傳統 VPN，為 29,000 名客服中心員工透過私有應用提供零信任存取。透過購買我們四大平台支柱中的三項，該客戶正將原本五年的數位轉型目標，加速為六個月即可實現的成果。

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.

接著，我分享兩筆重要交易，展現我們在金融服務垂直領域日益增長的動能，以及我們與技術合作夥伴合作的成功提升。一家頂級全球投資銀行正透過重建其安全架構，為現代混合式工作環境推動零信任策略。他們為 50,000 名使用者購買了我們的 ZIA business 版本（addition），以及 DLP、Cloud Sandbox 與 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.

由於安全是主要需求，只有具備可規模化 SSL 檢查能力的代理（proxy）架構被納入考量。我們在大規模、高可靠性與高可用性的 inline 安全雲端運行方面擁有 10 年的實績，使我們成為最佳選擇，並能充分利用我們平台的廣度。

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.

該客戶也開始對其他產品進行有限部署，包括瀏覽器隔離、CASB、工作負載分段（Workload Segmentation）與 ZPA。這筆交易是 Zscaler 與我們技術合作夥伴 CrowdStrike 之間成功的前線銷售協作的絕佳例子。在另一筆金融服務勝出案中，一家跨國公司擁抱雲端轉型，為 30,000 名員工購買了完整的 ZIA 產品組合，包括 CASB、進階 DLP，以及針對 Microsoft Office 365 的 CSPM，並加購 ZDX。與前一筆交易相同，該客戶只考慮代理（proxy）架構，而防火牆架構被排除。所購買的 Zscaler 平台整併了 4 家供應商、簡化其營運並降低 IT 成本。這也是與另一個重要技術合作夥伴（本案為 Microsoft）進行前線銷售合作的另一個絕佳例子。

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.

如同這些新客戶得標所顯示，我們的資料保護產品（包括 DLP、帶外 CASB、瀏覽器隔離以及用於 SaaS 的 CSPM）的附加採用率正在提升。

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.

現在我來談一筆主要由資料保護所帶動的加購（upsell）交易。一家既有的 Global 200 製藥客戶（總部位於歐洲）為其全部 79,000 名員工採購了 CASB、進階 DLP 與 Sandbox，以提升其安全防護等級。我們取代了既有的帶外 CASB 單點產品供應商；隨著客戶逐步標準化採用 Zscaler 的整合式平台，這種趨勢正愈來愈常見。除存取私有應用程式之外，他們也購買了 3,000 個 ZPA 席次，作為淘汰傳統 VPN 的第一步。這次最新採購是一筆 7 位數 ACV 的交易，使該客戶的 ARR 翻倍。

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.

展望後疫情時代，員工可能在不知情的情況下把受感染的筆電帶回辦公室，組織需要真正的零信任平台，以消除威脅橫向移動的風險。其次，我們也看到 SD-WAN 專案重新啟動，企業正從傳統的樞紐—輻射（hub-and-spoke）網路以及「城堡與護城河」式安全架構，轉向直連雲端（direct-to-cloud）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.

本季，一家既有的 Global 200 製造業客戶（總部位於歐洲）將其 120,000 名使用者的訂閱從 business 升級至 transformation bundle，以保護其全球 1,000 個據點的本地分流（local breakouts），其中部分據點有 SD-WAN、部分沒有 SD-WAN。transformation bundle 新增了雲端防火牆中的 hub sandbox，使該客戶的 ARR 翻倍。

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，我要強調一個加購勝利案例：一家全球製藥公司先前已為 15,000 名使用者購買 transformation bundle 與 ZPA。其 SD-WAN 部署去年延後，而現在他們正加速網路與應用程式轉型，並對 Zscaler 做出 5 年期承諾。本季，我們額外採購了 50,000 個 ZIA 與 CPSC，以涵蓋全部 65,000 名員工，同時也為自有使用者加購 DLP。他們也採購了我們新的 ZPA private service edge，讓返回辦公室的員工能啟用零信任存取。這顯示客戶正在為所有員工導入 ZPA，而不僅僅是遠端使用者。

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.

除了我們在保護使用者方面持續成功之外，我們下一個重大機會是透過 Zscaler cloud protection 來保護工作負載。我們正透過內生創新與精準併購，快速擴展 ZCP 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.

我來重點說明我們近期的併購活動。如上月所宣布，我們收購了 Trustdome——雲端基礎架構與權限管理（CIEM）的領先供應商——以補強我們的 CSPM 解決方案。CIEM 與 CSPM 若能妥善整合，可將身分資訊與組態資料進行關聯，並在雲端環境中落實最小權限存取，從而降低業務風險。這也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，今天我們宣布已簽署最終協議，將收購 Smokescreen Technologies；該公司提供欺敵（deception）技術，用於偵測主動攻擊與威脅的橫向移動。我們計畫將 Smokescreen 與我們的 ZIA 與 ZPA 解決方案整合，以強化主動防禦能力。下個月在我們的 Zenith Live Cloud Summit 上，您將聽到更多關於這些解決方案的內容。

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，我們將專注推動四大平台支柱的更廣泛採用，這些支柱共同最大化數位轉型的成功。我們核心的 ZIA 與 ZPA 業務從未如此強勁。我們也對 ZDX 與 ZCP 的早期進展感到振奮，它們將成為公司下一波成長引擎。

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.

接下來我將重點說明我們 go-to-market 機器的三點，該機器正非常良好地擴張。我們的前線組織持續擴編，並全速執行。談到合作夥伴，如我在成交案例中提到的，我們擁有強勁且持續成長的技術合作關係。除了逐步增加的產品整合之外，我們也持續擴大與 CrowdStrike 的 go-to-market 合作夥伴關係；CrowdStrike 本季也成為我們的客戶。我很自豪 Zscaler 在 Microsoft 2020 Partner Awards 中被評為 Zero Trust Champion，進一步擴展了我們的技術合作關係。

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.

我們近期也與 IBM 合作，將 Zscaler 服務納入其零信任安全產品。此合作包含與其身分識別、MDM 與 SIEM 解決方案的整合，以及共同的 go-to-market 推廣計畫。

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.

在通路方面，我們正在擴大 Summit Partner Program，並新增正在建立雲端轉型實務的 VAR。我們與服務供應商的關係穩健，並正與系統整合商建立聯合專案。在行銷方面，我們正積極投資零信任安全的思想領導力，並擴大需求開發（demand generation）計畫。

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.

總結來說，我們在三個領域都取得了巨大進展：銷售組織、行銷與通路夥伴，並且季季交出強勁成果。我相信我們正走在正確軌道上，可望在我們 720 億美元的可服務市場中取得可觀的市占。

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

現在我想把電話會議交給 Remo，請他說明我們的財務結果。

Thank you, Jay. As Jay mentioned, we are pleased with the results for the 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，Jay。如 Jay 所提到的，我們對 2021 會計年度第三季的結果感到滿意。本季營收為 1.764 億美元，較前一季成長 12%，年增 60%。ZPA 產品營收占總營收的 16%。從地理區域來看，我們在三大主要區域皆表現強勁：美洲占營收 51%，EMEA 占 38%，APJ 占 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.

接著談計算後的帳單金額（calculated billings），我們將其定義為本季遞延營收的變動加上本季認列的總營收。帳單金額年增 71% 至 2.25 億美元，帳單期間落在我們 10 至 14 個月區間的上緣。有數位客戶選擇針對其多年期合約預先付款。提醒一下，我們的合約期限通常為 1 至 3 年，且我們不會為預付提供任何特殊誘因。在此背景下，我們也很高興短期帳單金額（short-term billings）年增 61%；其計算方式為短期遞延營收的變動加上本期揭露的營收。剩餘履約義務（RPO）代表我們已承諾且不可取消的未來營收總額，截至 4 月 30 日為 12 億美元，較一年前成長 85%。其中，當期 RPO 占總 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.

我們強勁的客戶留存，以及向上銷售更廣泛平台的能力，使以美元計的淨留存率（dollar-based net retention rate）持續維持在高水準：本季為 126%，相較上季 127%，一年前為 119%。如我們先前強調，該指標會隨季度而波動。

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.

雖然這對我們的業務有利，但我們在銷售更大型的套裝方案、從一開始就銷售多個平台支柱，以及在一年內更快速加購的成功提升，未來可能會降低我們的以美元計淨留存率。綜合考量這些因素，我們認為 126% 仍是非常出色的表現。

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%，較前一季持平，並較去年同期提升 1 個百分點。提醒一下，上個會計年度下半年，毛利率曾受到壓力，原因是疫情封鎖開始時，為因應 ZPA 流量暴增 10 倍，我們加大使用公有雲資源。

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.

接著談營業費用。我們的總營業費用較前一季增加 6%，年增 53% 至 1.197 億美元。營業費用占營收比重由一年前的 71% 降至本季的 68%，主要因差旅與交際（T&E）費用較低，但部分被招募增加與併購相關費用上升所抵銷。

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.

銷售與行銷費用較前一季增加 6%，年增 56% 至 8,090 萬美元。年增主要來自較高的薪酬費用，以及我們在團隊建置與 go-to-market 推廣計畫上的投資。

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.

研發費用較前一季增加 8%，年增 55% 至 2,590 萬美元，主要因持續投資於工程團隊。一般與行政（G&A）費用較前一季增加 4%，年增 33% 至 1,290 萬美元。G&A 的成長包含團隊建置投資、薪酬相關費用與專業服務費用。

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.

我們第三季的營業利益率為 13%，相較去年同期為 9%。此外，差旅與交際（T&E）支出帶來正向 270 個基點的助益。營業利益率優於我們的指引區間，原因在於業務表現優於預期，以及部分銷售與行銷支出的時點因素。

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.

本季淨利為 2,140 萬美元，或非 GAAP 每股盈餘 0.15 美元。我們在季末持有超過 14 億美元的現金、約當現金及短期投資。本季自由現金流為正 5,600 萬美元，相較去年同期為 900 萬美元。此增長主要由我們強勁的帳單成長、應收帳款、收款以及營運表現所帶動。

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.

接下來談展望。提醒一下，以下數字皆為非 GAAP，排除以股票為基礎之薪酬費用及相關薪資稅、債務折價攤銷、無形資產攤銷，以及任何相關稅務影響。

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.

針對 2021 會計年度第四季，我們預期營收介於 1.85 億至 1.87 億美元，反映年增 47% 至 49%；毛利率為 79%。我想提醒投資人，我們若干新興產品（包括 ZDX、Workload Segmentation 與 CSPM）在初期的毛利率將低於我們的核心產品。

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.

我們目前管理新興產品的重點在於上市時程與成長，而非以毛利率最佳化為目標。基於此，我們認為短期內 79% 至 80% 是合理區間；營業利益介於 1,350 萬至 1,450 萬美元；其他收益為 30 萬美元（已扣除高級可轉換公司債之利息支出）；所得稅為 170 萬美元；每股盈餘為 0.08 至 0.09 美元，假設完全稀釋後股數約 1.46 億股。

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.

針對 2021 會計年度全年，我們目前預期營收介於 6.60 億至 6.64 億美元，年增 53% 至 54%。計算後帳單金額（calculated billings）介於 8.78 億至 8.80 億美元，年增約 60%。營業利益介於 7,100 萬至 7,200 萬美元。每股盈餘為 0.47 美元，假設完全稀釋後股數約 1.45 億股。

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.

由於 Trustdome 與 Smokescreen 為早期公司，預期其收購案對第四季及 2022 會計年度的營收影響不大。我們的計畫是進一步開發這些產品，並將其技術整合進我們的平台。我們預期第四季將因收購案產生額外 250 萬至 300 萬美元的營運費用，包括在以色列新設的研發卓越中心。此已納入我們第四季的展望。就你們建模之用，我們預期在 2020 會計年度將因收購案產生約 1,300 萬至 1,500 萬美元的營運費用。

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.

面對龐大的市場機會，我們仍致力於在業務成長的帶動下，積極投資公司。我們擁有高度效率的商業模式，並正於全組織進行投資，以把握眼前的巨大機會。雖然我們會在成長與獲利之間取得平衡，但考量到強勁的業務動能，成長仍將持續優先。

Operator, you may now open the call for questions.

接線員，現在可以開放提問。

(Operator Instructions) Our first question or comment comes from the line of Alex Henderson.

（接線員指示）我們的第一個問題或意見來自 Alex Henderson。

Mr. Anderson, please repeat your question?

Anderson 先生，請重複您的問題？

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，讓我感謝你們交出一個極佳的季度，成果非常出色。我想問的是過去一年你們持續擴增的銷售產能。你們認為這些產能在生產力方面成熟到什麼程度？以及你們如何看待延續這個極為成功的計畫、進一步擴張？

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?

Alex，如你所知，我們一直在增加、甚至加速擴充銷售產能。我們對表現感到滿意，也仰賴它帶動我們更快的成長。Remo，你要不要補充更具體的說明？

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.

好的。我們大多數的前線配額制業務代表仍在爬坡期，因此組織中相當大一部分仍處於 ramp 階段。我們過去提到的關鍵是：我們正在積極招募。我們在第三季招募表現不錯，預期第四季會有非常好的招募成果。因此，我們的計畫如 Jay 在財報電話會議中所說，市場非常強勁，趨勢正朝向我們。各項跡象都顯示我們處於很好的位置。所以我們將持續積極招募，並在未來持續全力追求 Zscaler 的成長。

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.

如果我可以再補充一句：雖然人才市場競爭激烈，但 Zscaler 已成為頂尖人才的首選目的地之一。因此我們能吸引優秀人才，並讓我們的銷售團隊更強大地成長。

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

下一個問題或意見來自 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?

顯然，恭喜你們有非常強勁的成果。Jay，你們在企業端的加購與大型交易上顯然很成功。但我想問的是聯邦政府，或我想應該說公部門市場。顯然 Colonial Pipeline 的攻擊凸顯了部分公用事業所面臨的風險。你能否談談你們如何看待零信任架構能為公部門帶來哪些好處？以及在未來一到兩年，這是否可能成為一個加速因素？

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?

我認為在過去 12 到 18 個月，企業談論零信任的頻率越來越高，尤其是在一些類似 SolarWind 的攻擊之後，這股趨勢更是加速。不過，很高興看到聯邦政府也開始警覺並表示需要採取行動。也很高興看到拜登政府發布非常明確的指令，強調零信任的必要性。順帶一提，我必須說很多供應商試圖搭上零信任的順風車。但依據歐盟基於 NIST 研究論文所撰寫的零信任，它不是靠防火牆完成的；而是讓實體對實體直接連接，而非透過穿透式連線（pass-through connection），我們相信在這方面我們會有很大的優勢。我們大約 3 年前開始投資聯邦市場，必須經歷 FedRAMP 等一系列冗長的認證流程。我們已取得非常完善的認證。我們約 2 年前開始投資銷售組織，擁有強大的團隊，以及強勁且持續成長的管線。因此聯邦業務看起來非常好。你問題的第二部分其實是公部門，也就是非聯邦部分，包括州政府、地方政府與教育等。我們在那一塊也做得很好。Remo？

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.

沒有，我想 Jay 已經說到重點。關鍵在於我們在聯邦市場投入相當多。如 Jay 所提到的 FedRAMP 認證：ZPA 已取得 FedRAMP High。此外，我們也正朝向讓 ZIA 取得 FedRAMP High，這讓我們處於與其他公司完全不同的位置。再者，我認為我們的一項優勢是：我們在聯邦市場建立了非常強的銷售組織、SP 組織，以及合作夥伴體系。因此我覺得我們在未來的聯邦市場上具備良好布局。

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

下一個問題或意見來自 Mizuho 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。恭喜你們有一個非凡的季度。Jay，延續上一個問題再追問一下，你剛才也稍微提到：就你們所觀察到的，近期從 SolarWind 起的一些高知名度資安事件（包括 Colonial Pipeline 的攻擊），是否對你們的銷售管線帶來任何可辨識的影響？我們也像你們一樣聽到一些案例，我只是好奇，從你們能判斷的角度，是否有任何能在某種程度上轉化為實際影響的跡象？

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.

首先，不只是 CIO 與 CISO，我們收到的主動接洽（inbound engagement）數量也增加了；在許多情況下，董事會也開始更積極介入。這清楚顯示大家對確保企業安全有高度關注。第二點，當這種 C-level 高層開始參與時，預算就會被打開，預算不再是那麼大的問題。當你面對的是預算高達數億美元的 CIO 時，對我們而言要拿下一筆幾百萬美元的案子通常就容易得多。因此我們確實看到非常強烈的興趣。我們的客戶正在討論他們需要推動零信任的落地實施。由於包括 Colonial 與 SolarWinds 在內的安全因素，是的，確實有影響。我能量化它對業務與管線的占比嗎？那可能就太像猜測了。所以我會保留不做量化，只能說是正面影響，但難以精確衡量。

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

我們的下一個提問或評論來自 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?

恭喜取得良好成果。是的，您提到本季在中型市場或中型企業區隔、也就是員工數 2,000 到 6,000 人的公司上擴大投資，使得本季的組合占比更高。是否有方法可以大致量化這個區隔帶來了多少上行貢獻？另外，未來 6 到 12 個月這個區隔持續爬坡時，我們應該如何看待其潛在貢獻？

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，先澄清一下，enterprise（企業）區隔指的是每家公司員工數 2,000 到 6,000 人，而且這是我們成長最快的區隔。以季對季來看，新單與加購業務的成長大約是幾個百分點。這基本上顯示了我們在 Summit 計畫上的投資成果。因此，Summit 計畫主要鎖定 VAR（加值經銷商），而 VAR 主要面向這個區隔；我們看到非常、非常好的成長，也對這個成長感到滿意。如我所提到的，這是我們成長最快的區隔。我們的區隔包括 majors、large enterprise、enterprise 以及 commercial。所以這是最大的一個。這個區隔正在帶動大型資產的成長。

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，如果我可以補充一下，我們擴展到 enterprise 是很自然的。我們從高端市場起步，在 majors 和大型企業有很強的布局。這對我們而言是很自然的一步，我們也很高興看到其表現。在這個領域，我們增加了相當多的銷售人力，並且搭配合作夥伴計畫一起推進，正在帶來良好成果。

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

了解。那邊的銷售週期是否更快？或競爭環境有什麼不同嗎？

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，確實更快。如你所預期，一般而言，規模越大、產出越高，銷售週期就越長；公司越小，利害關係人越少，銷售週期也越快。

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

（接線員指示）我們的下一個提問或評論來自 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?

也恭喜你們交出強勁的成績。想深入了解你們對 ZPA 的評論：它將涵蓋所有使用者，而不只是遠端使用者。是否能估算在既有客戶群中進一步滲透的機會規模？另外，考量 ZPA 在疫情期間快速起飛，對於較長期的模型假設有何看法？即使目前管線看起來很強，但未來可能會面臨更具挑戰的比較基期。

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.

首先，從第一天起，我們就相信 ZPA 從來不是只為遠端存取 VPN 而設計；它是作為零信任架構的落地實作，無論使用者在哪裡，都會經由我們的交換平台（switchboard），因此他們永遠不會在企業內部網路上。疫情發生後，因為所有人都在遠端工作，所以 ZPA 幾乎被企業買給每一位員工使用，這是我們看到的一個重大轉變。過去企業可能只為 20%、30%、40%、50%、60% 的員工購買 ZPA，但我們知道最終會到 100%。而當員工回到辦公室時，客戶反而擔心這些人把受感染的設備帶回辦公室，所以即使在辦公室內也想做零信任。因此，他們希望流量仍然經由我們的 Zero Trust Exchange。事實上，為此我們打造了另一項服務，稱為 Private Service Edge。你可以把它想像成在你的資料中心裡運行的一個私有交換平台，用來為內部部署（on-prem）的使用者實施零信任；這其實是個很好的機會，還能進一步為應用程式做客戶所需要的分段（segmentation）。所以我認為這只是時間問題。我們客戶的每一位員工都會同時擁有 ZIA、ZPA，並且也會使用 ZDX。因為 ZIA 與 ZPA 讓你能在任何地方工作並存取任何應用程式，而 ZDX 則確保使用者有很好的體驗，並且能更容易地解決問題。

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。就滲透率而言，在我們的 G2K 客戶中，略高於 40% 已經有 ZPA。因此，我們在既有客戶中進行加購（upsell）仍有相當大的機會。

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

所以略高於 40% 的 ZIA 客戶也有 ZPA。

That is correct.

沒錯。

Just to clarify.

只是確認一下。

Yes, that is correct.

是的，沒錯。

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

我們的下一個提問或評論來自 D.A. Davidson 的 Andrew Nowinski。

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?

恭喜再度交出很棒的一季。我想問關於贏下 CrowdStrike 這個案子。大家常談到端點安全、特別是 EDR 技術，對於阻止像 Colonial Pipeline 攻擊那樣的入侵事件是必要的。而且 CrowdStrike 也以能阻止這類入侵為傲，所以我想知道他們為什麼還需要 Zscaler？如果可以的話，能否提供更多背景，例如他們部署了什麼、如何使用 Zscaler，以及你是否認為其他企業也可能跟進，同時部署 CrowdStrike 與 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。我們還沒遇過任何一家嚴肅的大型企業不相信分層式安全（layered security）的方法；端點是一個重要層，雲端是第二個層，這是最常見的做法。所以——當你接受這個概念（這也是我們與多數客戶的做法）時，客戶自然會選擇：端點用 CrowdStrike、雲端安全用 Zscaler。對客戶而言更令人興奮的是，兩者能透過適當的 API 整合一起運作。CrowdStrike 與 Zscaler 在過去 12 到 18 個月完成了這項產品整合，而且整合持續提升到更高層次，使我們能彼此協助，讓客戶獲得好處。因此，這是由客戶想要的產品整合所驅動，再加上我們在前線的聯合銷售合作——我們的團隊一起合作，因為我們彼此互補。這對我們雙方——CrowdStrike 和我們——都是很棒的雙贏夥伴關係。我有回答到你的問題嗎？

Yes, it did.

有，回答到了。

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

我們的下一個提問或評論來自蒙特婁銀行（Bank of Montreal）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?

Jay，我想看看你是否能就 ZCP 與 ZDX 提供更多細節。問題主要是：對於附加銷售率（attach rates）有什麼評論或補充嗎？它們貢獻多少？贏單主要在哪些地方？能否再多給一些資訊，讓我們能理解這些新解決方案目前的貢獻程度，以及你如何看待未來 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.

好的，謝謝。我先從策略定位談起，Remo 可以再補充量化面的部分。如你所知，ZCP（雲端防護）在保護工作負載（workloads）方面是一個巨大的機會，裡面有幾個領域。其中一個很大的領域是工作負載之間的通訊；傳統上是用舊式方法，透過廣域網路、站點對站點 VPN 等方式把不同工作負載與可用區（availability zones）連起來，但這會帶來很大的風險，因為存在橫向移動（lateral movement）。因此，透過工作負載分段（workload segmentation），我們落實了零信任架構，將像我們用 ZIA 與 ZPA 為使用者所做的一樣，去顛覆以網路為基礎的傳統工作負載安全。這是其中一部分。當然，對我們而言，從既有客戶開始很容易，而我們的客戶基礎很大，早期的動能也主要來自這裡。

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...

第二部分是安全態勢（security posture）相關的內容。這部分我們的一些產品屬於雲端安全態勢管理（CSPM），再加上 Trustdome 的收購整合，讓我們具備強而有力的產品組合。我們對 ZCP 市場很有信心；它仍屬新興（nascent），但成長非常快。ZDX 的部分也很有意思，它用來補強 ZIA 與 ZPA，以識別並解決任何使用者效能問題。因此，這是任何 ZIA 與 ZPA 銷售的自然加購項。過去我們通常只賣 ZIA，之後開始把 ZIA 與 ZPA 一起賣。越來越多的案子在一開始就同時採購 ZIA 與 ZPA。而現在我們看到越來越多的案子會同時採購 ZIA、ZPA 與 ZDX，這對客戶而言是一個自然的套裝組合，讓員工能在任何地方工作並擁有很好的體驗。Remo 再補充一些…

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。從數字角度來看，我們仍預期今年 ZCP 與 ZDX 在新單與加購的貢獻會落在中個位數百分比（mid-single digits）。如 Jay 所提到，兩項產品的市場反應都很高，我們對它們未來的發展感到樂觀。但就今年而言，請把它們對新單與加購的貢獻視為中個位數百分比的區間。

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

我們的下一個提問或評論來自德意志銀行（Deutsche Bank）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?

就數學來看，如果我沒記錯的話，CRPO 的 billings 本季成長了 85%，從你們的揭露來看，因為你們一直在提供 RPO 和 CRPO，這似乎是史上最高的成長率。所以非常令人印象深刻。你們本季看到什麼，讓成長出現這樣的加速？你們的信心來源與因素是什麼？另外我想更重要的是，當我們展望 2021 年與 2022 年剩餘時間時，這樣的動能有多可持續？

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。我先回答第一部分，然後請 Jay 補充一些說明。Patrick，你說得對，這是非常出色的成果。我的意思是，CRPO 成長 68%，RPO 成長 85%，這確實非常亮眼。再加上我們的 billings 成長 71%，這顯示基本上我們的進展非常順利。正在改變的其實就是我們所看到的情況。我們一直在談的加速因素，源自去年 COVID 爆發時，公司意識到他們必須讓員工連上他們的網路或應用程式，才能持續營運。我們確實看到了這點。去年最大的增長來自 ZPA，佔我們新增與加購業務的 43%。從那之後，基本上這讓大家看清楚：昨天的網路已經行不通了；基礎架構也行不通了。這些就是我們一直與客戶討論的議題。正在發生的改變，是大家開始認知到現有的基礎架構其實不是企業未來所需要的最佳架構。基於此，我們作為一家公司擴展了我們的平台。我們擴展了我們的平台。我們剛剛也談到 ZDX、workload protection，以及在我們產品上新增的其他功能。

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，平台的擴展，加上真正推動網路轉型的趨勢，帶動了交易規模變大、合作關係更具策略性。同時，Zscaler 的可信度也提升了——作為一家優質的上市公司已超過 3 年。我們有強健的資產負債表，也有強大的團隊。再者，關鍵在於 Zscaler 是為這個世界而打造的；這個平台在 10 多年前就為這個世界而建。並且——如果你看看我們所承載的流量規模擴張，在超過 150 個資料中心處理如此龐大的流量，同時仍能維持這樣的毛利率，而且 SLA 幾乎為 0（坦白說，以季度來看），這證明了 Zscaler 的實力。我認為這也反映在我們與客戶的溝通之中。Jay？

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.

我想這是多個因素共同推動，而且正在加速：第一是加速的數位轉型；第二是擴展的產品組合與平台；第三是規模大且優秀的銷售團隊；第四是我們的品牌與客戶黏著度——這四點都在加速我們的銷售。

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

我們的下一個提問或評論來自 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，這是一個現象級的季度。你能否更詳細拆解一下 Summit 計畫，以及你們在那邊的表現相較於透過服務供應商通路的銷售如何，讓我們更清楚你們真正看到機會爆發的地方在哪裡？

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.

好的。我們的服務供應商通路很早就開始演進。當客戶想要新的轉型時，CIO 也會告訴服務供應商（SP）與我們合作來促成這件事。這是一個強勁的通路，也是一個成長中的通路。VAR 則花了一些時間。在過去幾年，越來越多 VAR 意識到「賣盒子」不會永遠持續，所以他們正在轉型。那些轉向並擁抱雲端轉型服務的 VAR，是我們最喜歡的合作夥伴。他們實際上正在成為我們 Summit 計畫的一部分。這就是該合作夥伴計畫建立的初衷，而且我們在 VAR 計畫上有很好的參與度。因此，我們看到 VAR 對業務的貢獻成長速度更快。

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.

從數字角度來看，VAR 佔我們營收的比例在 50% 出頭；SP 與 SI 合計在 40% 出頭；直銷則是中個位數百分比。SP、SI 的成長率年對年也相當顯著。所以我們在 SP、SI 方面年對年都有顯著成長。

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

我們的下一個提問或評論來自 Barclays 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?

其實我想延續上一題關於通路的問題，從更策略的角度問你，Jay。你剛提到服務供應商通路是這些經銷商多年來合作的領域，而這一季感覺你們開始看到其他資安廠商也可能開始與他們合作。我想問的是：你們與這些服務供應商的對話目前是怎樣的？以及當其他資安廠商也開始在 SASE（特別是 SASE）上與這個通路合作時，你認為未來會如何發展？

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.

好的。首先，如 Remo 所說，我們的 SP/SI 業務年對年成長得相當不錯。若以其他防火牆類型的廠商來看，這其實不是新消息。服務供應商多年來一直在賣防火牆類型的東西，尤其是針對 MSSP 服務，已經很多很多年了，所以這不是新領域。是的，把 SD-WAN 加到那些防火牆上，可能是我們最近聽到的新方向。但那大多發生在較低端市場。當你與大型企業對話時，他們其實會先與我們合作，然後再一起與合作夥伴推動轉型。這些都沒有改變。

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.

在較低端市場，可能會看到一些把 SD-WAN 與防火牆結合的方案，但我們對 SP 通路、SI 通路以及 VAR 通路都很看好。事實上，我們在通路上的投資正在顯著增加，因為這讓我們獲得越來越多的槓桿效益，而我們也會持續這麼做。

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（Bank of America）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?

我如果問你們為什麼成功，答案總是同一套，所以我不會再問一次。但我想問的是市場狀況。你們長期以來都非常成功，而我們也確實看到這個領域出現新玩家。我想知道競爭格局如何改變？你們今天在競標中看到的競爭對手，和以前相比有哪些不同？你們與競爭者之間的差距如何？關於競爭格局，你們能分享些什麼？

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.

我們自己也問過這個問題很多很多次。我們每一季都會分析。坦白說，競爭格局並沒有太大的改變。我們聽到很多來自防火牆廠商等的雜音，但在大型客戶、也就是我們一直談的較大客群上，幾乎沒有看到什麼改變。我們確實看到少數案例，我在事先準備的發言中也提到其中幾個。有些防火牆廠商試圖進來競爭，但因為沒有相應的架構而被淘汰。你可以說現在有些廠商宣稱「是的，我們有 proxy 架構」。但宣布是一回事，打造一個可擴展、可靠、能讓大型企業依賴的 proxy，是完全不同的另一回事。話雖如此，當我們往市場較低端看，例如 5,000 名使用者以下，我們確實會看到其中一些廠商——通常是資安成熟度較低的客戶。但隨著我們在企業市場區隔越來越深入，我們也會遇到他們。不過一旦我們介入，我們通常都能相當漂亮地贏下來。

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.

因此在競爭面上我們非常有信心，因為客戶在各個區隔都越來越追求整合與簡化。那些從單點產品出發、試圖擴張的低端玩家，坦白說很難真正做得好。一些較大的、傳統的舊廠商仍在講舊故事；而我們的 Zero Trust Exchange 平台表現更好，因為我們是真正的零信任架構。正如我說的，你不可能把一堵防火牆「轉換」成零信任架構——那本身就是自相矛盾。

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?

了解。那你覺得你們需要透過併購來擴大 TAM（可服務市場）以持續成長嗎？還是說現在更應該專注在執行力、銷售與行銷，並在你們目前的 TAM 之內爭取更多市佔？你們在這兩者之間的重點取捨是什麼？

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。兩者都是。為什麼不呢？不過話說回來，我會說我們不會為了擴大 TAM 而尋求併購。我們尋求併購是為了補足任何可能需要強化的領域，或擴展到相鄰市場。好嗎？這方面相當開放。我們在合適的時機、搭配合適的技術，做過幾筆小型併購。我們會評估所有符合商業邏輯的事情。我們把這視為市場機會；我們的動能非常好，所以為什麼不以更快的速度持續前進。至於銷售與行銷，我們正在投資，而且是大力投資。事實上，Remo 和我在內部經常辯論營收成長與獲利之間的取捨。我們的共識是，營收成長是優先事項，但我們也不會像醉酒水手一樣亂花錢。你們也會看到我們的獲利表現相當不錯。

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

下一個提問或評論來自 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。在 SD-WAN 領域，目前你們最好的合作夥伴是誰？是否有不同的 SD-WAN 架構特別適合與你們搭配？你們如何看待這個市場？

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。答案其實很簡單。先從高階競爭、具備企業級架構的供應商談起，他們很自然會與我們合作，因為我們的大型客戶需要那樣的架構。正如我先前提到的，我們在大型企業的 SD-WAN 部署中，最常看到三家供應商：VMware、HP Aruba，以及 Cisco。我們的大多數客戶在高階端都部署了這三者之一。至於從防火牆端切入的低階供應商，他們有一些大型企業客戶嗎？有，但他們很多業務最終落在較低階市場，因此我們較少遇到。不過我們也有客戶可能使用其他 SD-WAN 供應商，但他們選擇我們作為首選的安全雲。我們是開放的；我們與所有人整合。我幾乎可以接收任何 SD-WAN 供應商的流量，但對其中一些，我們有更緊密的合作關係。就共同拓展市場（go-to-market）而言，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.

下一個提問或評論來自 Morgan Stanley 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?

Jay，我想問一個較高層次的市場問題。我想你先前有部分提到，但我們顯然看到在 SASE 與零信任網路存取（Zero Trust network access）等趨勢的採用上，出現了關鍵的臨界點；而這些方向你們從第一天起就很一致地投入，你們也明顯是主要受益者，且一直如此。但同時，我認為至少在短期內，這似乎有點像水漲船高，兩邊都受惠，對吧？你先前提到的許多防火牆競爭對手也在談類似的方法。我不是要逼你評論任何特定供應商，但從你的角度來看，你認為市場上那些 FUD（恐懼、不確定與懷疑）在什麼時點會消退，讓大家開始尋找真正為這個趨勢而設計的解決方案，就像你所說的那樣？

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，有些代理（proxy）供應商的銷售在上升，大家就會問：Jay，你們在贏，為什麼他們沒有輸？我們畢竟還年輕，在市場上仍只占一小部分；大約 25%、30% 的客戶部署了我們。那其他人為了持續應付以資料為中心的架構、以網路為中心的架構，正在做什麼？他們在買更多、更多的防火牆，對吧？這需要一些時間。慣性是很強大的。但我認為，當真正要做新的零信任架構時，也就是不把人放在網路上、沒有穿透式（pass-through）架構時，才是阻止像 Colonial 這類威脅與 SolarWinds 這類威脅的唯一方法。屆時你會看到情況改變。這就是我的看法。整體而言，市場現在非常大。我們並沒有真的被那些表現不錯的競爭對手所抑制或影響。我認為慣性會讓他們再走一段時間，直到架構真正改變。舉例來說，把 VPN 搬到雲端並不會讓任何人變成零信任，它仍然是 VPN。我們的客戶會買、會部署嗎？當然會，對吧？這會隨時間改變嗎？當然會。你能把 VPN 變成零信任嗎？不能。

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

下一個提問或評論來自 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?

很好。Jay，關於重返辦公室與重新開放，您預期數位轉型、因此也包括網路轉型的節奏，可能會如何改變？目前客戶在緊迫感方面的對話進展到哪裡？

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.

客戶正開始規劃回到辦公室工作。許多公司已部分開放。他們在 COVID 危機期間學到的是，企業網路其實不是那麼重要；他們可以在任何地方工作。不過話說回來，當員工在分公司辦公室時，他們需要確保流量能像員工在家一樣，從分公司直接到雲端，而不是繞回資料中心。這其實正在重新啟動一些 SD-WAN 專案，以便進行本地分流（local breakout）。但更大的議題、也是更大的機會在於：他們希望確保員工在辦公室時仍採用零信任架構，例如使用 ZPA 這樣的產品。因此我們看到對完整零信任的高度興趣，避免像 SolarWinds 這類威脅的橫向移動（lateral movement）造成麻煩，或避免受感染的機器回到辦公室而引發問題。我們也在協助企業在重返辦公室的同時，落實更好的安全性與完整的安全架構。整體而言，對我們是很正面的機會。

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

我們還有時間進行最後一個問題。最後一個提問來自 Goldman Sachs 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?

恭喜這次的成果。我想請教，Jay，你是否能多談一些這裡的驅動因素——你們面臨總體逆風、銷售生產力、向雲端的轉型性轉變，以及平台擴張。這些因素與客戶成長之間的關係是什麼？是否有方法可以量化客戶成長，並將這些順風因素按重要性分級，看看哪些對你們目前所經歷的成長軌跡最有意義？

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

你說的客戶成長，是指客戶數量的成長，還是營收成長？

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。我想看的是新客戶（logo）成長，並與你們目前推動的平台擴張與銷售生產力計畫做對照？

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.

了解。我們在兩方面都表現不錯：新客戶（new logo）成長與加購/升級銷售（upsell）。公司內部其實也有討論：是否應該為了拿下新客戶而付出更多成本，對吧？我們決定不這麼做，因為銷售平台的機會非常大，而這屬於 upsell。新客戶方面，我們的業務來源在新客戶與 upsell 之間有很好的組合。至於你提到的機會面，總體環境讓大家更聚焦在資安，這也幫助了我們的銷售團隊；他們在銷售組織中做得非常出色。現在我們也看到早期聚焦與通路 Summit 夥伴帶來非常好的成果。行銷方面，我們有一位新的 CMO；我們擴編並強化了行銷團隊，在行銷領域投入更多資源。而平台與產品引擎也正以非常好的速度推進。我對未來的機會非常樂觀。

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

從總客戶數的角度來看，我們的客戶基礎年增約 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。問答環節到此結束。接下來我想把會議交回給 Jay Chaudhry 先生，請他做結語。

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.

我要感謝各位持續的支持。也請各位在六月中旬參加我們的 Zenith Live 年度雲端高峰會。再次感謝。

Thank you.

謝謝。

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

各位女士先生，感謝您參與今天的會議。本次議程到此結束。您現在可以斷線。祝各位有美好的一天。