Zscaler, Inc. (ZS) 2021 Q1 法說會逐字稿

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

各位女士、先生，感謝您耐心等候，歡迎參加 Zscaler 2021 會計年度第一季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。（接線員指示）

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

現在我想把會議交給今天的第一位講者——投資人關係與策略財務資深副總裁 Bill Choi 先生。謝謝。請開始。

Good afternoon, everyone, and welcome to the Zscaler Fiscal First Quarter 2021 Earnings Conference Call.

各位下午好，歡迎參加 Zscaler 2021 會計年度第一季財報電話會議。

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

今天與我一同出席電話會議的有董事長暨執行長 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。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。

Starting in fiscal 2021, we are excluding stock-based compensation-related payroll taxes in our non-GAAP presentation. The GAAP to the non-GAAP reconciliations for historical periods can be found in the supplemental financial information.

自 2021 會計年度起，我們在非 GAAP 呈現中排除與以股票為基礎之薪酬相關的薪資稅。歷史期間的 GAAP 與非 GAAP 調節表可在補充財務資訊中查閱。

I'd like to remind you that today's discussion will contain forward-looking statements, including, but not limited to, the company's anticipated future revenue, calculated billings, operating performance, gross margin, operating expenses, operating income, net income, free cash flow, dollar-based net retention rate, future hiring decisions, remaining performance obligations, income taxes and earnings per share.

提醒各位，今天的討論將包含前瞻性陳述，包括但不限於公司對未來營收、計算後帳單金額（calculated billings）、營運表現、毛利率、營業費用、營業利益、淨利、自由現金流、以美元計價的淨留存率、未來招募決策、剩餘履約義務、所得稅以及每股盈餘的預期。

These statements and other comments are not guarantees of future performance, but rather are subject to risk and uncertainty, some of which are beyond our control, including, but not limited to, the duration and impact of COVID-19 on our business, the global economy and the respective businesses of our customers, vendors and partners.

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、全球經濟，以及我們客戶、供應商與合作夥伴各自業務的持續時間與影響。

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.

這些前瞻性陳述以今日為準，您不應將其視為我們未來的觀點。我們不承擔在本次電話會議後更新這些陳述的義務。關於風險與不確定性的更完整討論，請參閱我們向 SEC 提交的文件以及今天的財報新聞稿。

I would also like to inform you that management will be presenting at the following upcoming events: Credit Suisse Technology Conference tomorrow; UBS Global TMT Conference on December 7; Barclays Global TMT Conference on December 10; our annual Zenith Live Cloud Summit for the Americas and EMEA will be held virtually next week, and for APJ, the following week.

我也想告知各位，管理團隊將在以下即將到來的活動中發表：明天的瑞士信貸科技大會（Credit Suisse Technology Conference）；12 月 7 日的瑞銀全球 TMT 大會（UBS Global TMT Conference）；12 月 10 日的巴克萊全球 TMT 大會（Barclays Global TMT Conference）；我們一年一度的 Zenith Live Cloud Summit（美洲與 EMEA）將於下週以線上方式舉行，而 APJ 則在再下一週舉行。

We encourage everyone to register and view our summit. We also invite you to attend a 1-hour product Q&A session specifically for investors and financial analysts on Wednesday, December 9. The presentations for these events will be webcast, and the links will be available on our Investor Relations website.

我們鼓勵大家註冊並觀看我們的峰會。我們也邀請您於 12 月 9 日（週三）參加一場專為投資人與金融分析師舉辦、為期 1 小時的產品問答（Q&A）場次。上述活動的簡報將以網路直播方式進行，相關連結將公布於我們的投資人關係網站。

Now I'll turn the call over to Jay.

現在我把電話會議交給 Jay。

Thank you, Bill. First of all, I hope all of you and your families are healthy and safe. I'm proud of our strong results and an exceptionally strong start to fiscal '21 in our first quarter.

謝謝你，Bill。首先，我希望各位以及你們的家人都健康平安。我為我們在第一季取得的強勁成果，以及 2021 會計年度在第一季的極為強勁開局感到自豪。

We delivered 52% growth in revenue and 64% growth in billings, while also generating record operating profits and free cash flow. I believe our financial results demonstrate Zscaler's pivotal role in enabling our customers' digital transformation journeys, which are accelerating at a pace never seen before.

我們實現了營收 52% 的成長與帳單金額 64% 的成長，同時創下營業利益與自由現金流的新高。我相信，我們的財務成果展現了 Zscaler 在協助客戶推動數位轉型旅程中的關鍵角色，而這些轉型正以前所未見的速度加速。

Our visibility and business momentum remains strong, and we are pleased to increase our fiscal year guidance. I believe the market is coming to us, and we are investing across our organization to capture a significant share of a large and growing opportunity.

我們的能見度與業務動能依然強勁，因此我們很高興上調全年指引。我相信市場正在向我們靠攏，而我們正於整個組織加大投資，以在龐大且持續成長的機會中取得顯著市占。

I would like to thank the Zscaler team and our partners for their tireless efforts and commitment to our customers' success. I'm also pleased and excited to welcome Chris Kozup to the Zscaler team as our new Chief Marketing Officer.

我要感謝 Zscaler 團隊以及我們的合作夥伴，為客戶成功所付出的不懈努力與承諾。我也很高興並興奮地歡迎 Chris Kozup 加入 Zscaler 團隊，擔任我們的新任行銷長（Chief Marketing Officer）。

Let me highlight 3 factors that drove our strong performance in the quarter. One, building on our growing traction with large enterprises, we closed a record number of 7-figure ACV deals. The majority of these wins are 3-year commitments to provide the foundation for application, network and security transformation. In particular, I am pleased with our increasing wins in the financial services vertical, which is now embracing the cloud, and their Office 365 deployments have become an important catalyst for us.

我想強調三個推動本季強勁表現的因素。第一，在我們於大型企業客戶持續提升的牽引力基礎上，我們締結了創紀錄數量的百萬美元級（7-figure）ACV（年度合約價值）交易。這些勝出案多數為三年期承諾，為應用、網路與資安轉型奠定基礎。特別是，我很高興看到我們在金融服務垂直領域的勝出案持續增加；該產業正擁抱雲端，而其 Office 365 部署已成為我們的重要催化劑。

Two, our optimized go-to-market engine is driving significant velocity including a strong pace of new logo acquisitions. I'm very pleased with the performance across all geos. Last year, we doubled down on our investment in our sales organization. We scaled our sales enablement team and built a repeatable and metrics-driven process, which is giving us better visibility into our business and ultimately, resulting in a strong and growing pipeline.

第二，我們優化後的 go-to-market 引擎正帶動顯著的速度，包括強勁的新客戶（new logo）取得節奏。我對各地區（geos）的表現都非常滿意。去年，我們加碼投資銷售組織；我們擴大了銷售賦能（sales enablement）團隊，並建立可複製且以指標驅動的流程，讓我們對業務有更好的能見度，最終帶來強勁且持續成長的銷售管線。

These efforts are also bearing fruit in 2 big ways: one, our newly hired sales reps are contributing at a faster pace; and two, our sales productivity is higher than a year ago despite a high percentage of ramping sales reps.

這些努力也以兩個重要面向開花結果：第一，我們新招募的業務代表以更快的速度做出貢獻；第二，儘管仍有相當比例的業務代表處於爬坡期（ramping），我們的銷售生產力仍高於一年前。

Three, the power of our Zero Trust Exchange platform is resonating with CXOs. Our platform is comprised of 4 key pillars, with each enabling a critical element of the transformation: ZIA to secure direct access to Internet and SaaS; ZPA for zero trust access to private applications; Zscaler Digital Experience, or ZDX, to deliver user experience or work-from-anywhere, cloud workload segmentation to protect applications.

第三，我們 Zero Trust Exchange 平台的力量正引起 CXO 們的共鳴。我們的平台由四大關鍵支柱組成，每一項都支援轉型中的關鍵要素：ZIA 用於保護對網際網路與 SaaS 的直接存取；ZPA 用於對私有應用程式提供零信任存取；Zscaler Digital Experience（或稱 ZDX）用於提供使用者體驗或隨處工作（work-from-anywhere）；雲端工作負載分段（cloud workload segmentation）用於保護應用程式。

An increasing share of our sales is coming from initial platform purchases by new customers and also growing upsell to existing customers, which is driving a record 122% net retention rate. I believe, in the current challenging environment and in the post-COVID economy, Zscaler will be the go-to platform for vendor consolidation, cost savings, increased user productivity and better cyber protection.

我們越來越多的銷售來自新客戶的初始平台採購，以及對既有客戶不斷成長的加購（upsell），推動淨留存率創下 122% 的新高。我相信，在當前充滿挑戰的環境以及後 COVID 經濟中，Zscaler 將成為供應商整併、成本節省、提升使用者生產力與更佳網路防護的首選平台。

We are excited about our mission to make the cloud safe for business and enjoyable for users. We enable our customers to increasingly use the Internet as their corporate network and replace legacy perimeter-based security with zero trust security. As the CIO of a Zscaler customer told us, "We ended up with the security posture that's better than when we had a complex network and network security. And have a user experience that's materially better."

我們對「讓雲端對企業而言更安全、讓使用者使用起來更愉悅」的使命感到振奮。我們協助客戶日益以網際網路作為其企業網路，並以零信任安全取代傳統以邊界為核心的資安架構。正如一位 Zscaler 客戶的 CIO 告訴我們的：「我們最終得到的安全態勢，比過去擁有複雜網路與網路安全時更好；而使用者體驗也顯著更佳。」

As we look forward to the next few years, we are focused on driving broader adoption of our 4 major cloud solutions, which together, maximize the value for our customers' digital transformation. From presales to deployment and customer success, we've built a sophisticated sales machine to sell value, and deliver measurable outcome at the CXO level.

展望未來幾年，我們將專注於推動四大雲端解決方案更廣泛的採用；這些方案合在一起，能為客戶的數位轉型創造最大價值。從售前到部署與客戶成功，我們打造了一套成熟的銷售機器，以價值為導向銷售，並在 CXO 層級交付可衡量的成果。

We continue to scale our organization as the market increasingly moves our way. We will continue to build our ecosystem of technology and channel partners, which are contributing to overall sales velocity and expanding our reach across our total addressable market. Additionally, we are demonstrating our value to customers through an increased focus on thought leadership and demand generation programs.

隨著市場愈來愈朝我們有利的方向發展，我們持續擴大組織規模。我們也將持續建立技術與通路合作夥伴生態系，這些夥伴正提升整體銷售速度，並擴大我們在整體可服務市場（total addressable market）中的觸及範圍。此外，我們也透過更聚焦於思想領導力（thought leadership）與需求創造（demand generation）計畫，向客戶展現我們的價值。

At our recent Virtual CXO Summit series, we hosted 6 events that drew over 400 CXOs and IT leaders to discuss secure digital transformation. Many CXOs shared with me that the current work-from-home environment, while temporary, has helped them realize that zero-trust architecture is the future, and it can be implemented easily and rapidly. COVID was a catalyst in changing the mindset and shaking off inertia, resulting in a reduced need for educating customers about the value of the Zscaler architecture over legacy approaches.

在我們近期的 Virtual CXO Summit 系列中，我們舉辦了 6 場活動，吸引超過 400 位 CXO 與 IT 領導者共同討論安全的數位轉型。許多 CXO 與我分享，當前的居家辦公環境雖然是暫時的，但已幫助他們意識到零信任架構是未來，而且可以輕鬆且快速地導入。COVID 成為改變思維、打破惰性的催化劑，使得我們在教育客戶理解 Zscaler 架構相較於傳統方法的價值方面所需投入的力道降低。

Inbound customer requests have greatly increased, and we're becoming an integral part of a growing number of larger transformation projects. We continue to see more customers buying ZIA and ZPA together, which enables a true transformation with direct and seamless access to SaaS applications or applications in your data center or the public cloud.

客戶主動洽詢（inbound）大幅增加，我們正成為越來越多大型轉型專案中不可或缺的一環。我們持續看到更多客戶同時採購 ZIA 與 ZPA，這使其能真正完成轉型，對 SaaS 應用程式，或對資料中心與公有雲中的應用程式，提供直接且無縫的存取。

For example, a global manufacturing company purchased our transformation bundle plus DLP and CASB for 45,000 users and ZPA for 25,000 users. Drivers for this deal were network and security transformation. They had a traditional hub-and-spoke network for 300 manufacturing facilities, which were slowing their adoption of cloud applications such as WebEx, Office 365 and Workday. A next-gen firewall vendor tried to sell its hybrid offering, but failed to meet the security and performance requirements, including SSL inspection. Interestingly, this initiative was part of a 5-year managed services RFP where all 6 system integrators and service providers bid Zscaler.

例如，一家全球製造公司為 45,000 名使用者採購了我們的轉型套裝（transformation bundle）加上 DLP 與 CASB，並為 25,000 名使用者採購 ZPA。此交易的驅動因素是網路與資安轉型。他們在 300 個製造據點採用傳統的樞紐—輻射（hub-and-spoke）網路，拖慢了其採用 WebEx、Office 365 與 Workday 等雲端應用程式的速度。一家次世代防火牆供應商嘗試銷售其混合式方案，但未能滿足安全與效能需求，包括 SSL 檢查。有趣的是，這項計畫是某個為期 5 年的代管服務 RFP 的一部分，當時所有 6 家系統整合商與服務供應商的投標方案都採用了 Zscaler。

We are seeing customers increasingly migrate away from their large installed base of legacy on-prem, gateway and security appliances to pursue direct-to-cloud architecture. In one new customer win, a Fortune 50 retail customer, replaced a legacy web gateway with ZIA for cybersecurity and data protection.

我們看到客戶正日益從其大量既有的傳統本地端（on-prem）、閘道與資安設備遷移，轉而採用直連雲端（direct-to-cloud）架構。在一個新客戶勝出案中，一家《財富》50 大的零售客戶以 ZIA 取代傳統網頁閘道，用於網路安全與資料保護。

This customer purchased ZIA professional bundle plus CASB, sandbox and DLP for 45,000 users. Security was a major requirement, and only a proxy architecture with SSL inspection was considered. This deal was a good example of Zscaler leveraging our tech partners, where CrowdStrike became the end point security provider and Microsoft the identity provider.

這位客戶為 45,000 名使用者購買了 ZIA 專業套裝組合，並加購 CASB、沙箱與 DLP。安全性是主要需求，且只考慮具備 SSL 檢查的代理（proxy）架構。這筆交易很好地展現了 Zscaler 如何善用我們的技術合作夥伴：由 CrowdStrike 擔任端點安全供應商，Microsoft 則擔任身分識別供應商。

I'm very pleased with our growing success with the financial industry, where adoption of cloud is accelerating. A Fortune 100 financial services company purchased our transformation bundle with advanced DLP and CASB for 18,000 employees to overcome capacity issues with their security appliances when they deployed Office 365. Firewall-based technologies were ruled out due to strict security requirements for SSL inspection and DLP with exact data match.

我對我們在金融產業日益成長的成功感到非常滿意，該產業的雲端採用正在加速。一家《財富》100 大的金融服務公司為 18,000 名員工購買了我們的轉型套裝組合（含進階 DLP 與 CASB），以解決其在部署 Office 365 時，既有安全設備面臨的容量問題。由於對 SSL 檢查以及具備精確資料比對（exact data match）的 DLP 有嚴格的安全要求，基於防火牆的技術被排除在外。

As these 3 deals show, our comprehensive data protection offering within ZIA has been gaining traction as customers are concerned about data leakage with employees working from anywhere. Our new out-of-band CASB is helping us displace CASB point products and increase our deal size. The most common themes in our customer wins are to increase user productivity, reduce business risk, simplify IT and reduce cost. The Zscaler platform enables this by consolidating and eliminating point products.

如同這 3 筆交易所示，我們在 ZIA 內的完整資料保護方案正逐漸獲得市場青睞，因為客戶擔心員工可在任何地方工作時會發生資料外洩。我們新的帶外（out-of-band）CASB 正協助我們取代 CASB 單點產品並提升交易規模。我們客戶勝出的最常見主題是提升使用者生產力、降低業務風險、簡化 IT 並降低成本。Zscaler 平台透過整合並淘汰單點產品來實現這些目標。

Moving on to ZPA. Our customers view ZPA as the foundation for the architectural shift to zero trust access for private applications. Our platform eliminates the Internet attack surface of customers' applications, resulting in reduced business risk. ZPA is the clear market leader with proven maturity and scalability. We are supporting hundreds of large enterprises in the complex, multi-cloud environment.

接著談 ZPA。我們的客戶將 ZPA 視為把私有應用程式的存取架構轉向零信任（zero trust）存取的基礎。我們的平台可消除客戶應用程式的網際網路攻擊面，進而降低業務風險。ZPA 是明確的市場領導者，具備經驗證的成熟度與可擴展性。我們正在複雜的多雲環境中支援數百家大型企業。

Let me highlight 2 ZPA deals in the quarter. First, a global bank with headquarters in Europe needed to scale its remote access after the legacy VPN and VDI became a performance bottleneck and a security concern. Their IT team had to cope with over 4,000 trouble tickets per month from users having issues with their connectivity. This customer purchased ZPA for over 100,000 employees to deliver a seamless, always-on experience. While the immediate objective for this deal was to replace legacy VPN, ZPA was selected to implement zero trust architecture by establishing an application-level policy where users connect to specific applications, not to a network.

我來重點說明本季 2 筆 ZPA 交易。第一筆是一家總部位於歐洲的全球性銀行，在傳統 VPN 與 VDI 成為效能瓶頸並引發安全疑慮後，需要擴充其遠端存取能力。他們的 IT 團隊每月必須處理超過 4,000 張使用者連線問題的支援工單。該客戶為超過 100,000 名員工購買 ZPA，以提供無縫、永遠在線（always-on）的體驗。雖然這筆交易的即時目標是取代傳統 VPN，但之所以選擇 ZPA，是為了透過建立應用程式層級的政策來落實零信任架構：使用者連到特定應用程式，而不是連到網路。

In another deal, a Fortune 500 tech company purchased ZPA to accelerate M&A integration. After 1 year, 6,000 employees at the acquired division were still using 2 laptops with separate VPNs to 2 separate networks. Integrating 2 complex corporate networks can take 12 months or more. ZPA is the elegant solution to this problem.

另一筆交易中，一家《財富》500 大科技公司購買 ZPA 以加速併購（M&A）整合。併購一年後，被收購事業部的 6,000 名員工仍需使用兩台筆電，分別透過兩套 VPN 連到兩個不同的網路。整合兩個複雜的企業網路可能需要 12 個月或更久。ZPA 是解決此問題的優雅方案。

Without having to connect to corporate networks, ZPA provides secure application access across both companies in weeks. Purchasing our high-end ZPA offering, the customer is leveraging ZPA's multiple identity support to accelerate deployment. The customer plans to use ZPA as a standard solution for future M&A, a core strategy for growth at this customer. In addition to ZPA, the customer purchased ZDX for 6,000 users to quickly troubleshoot issues and increase employee productivity.

在不必連線到企業網路的情況下，ZPA 可在數週內為兩家公司提供安全的應用程式存取。該客戶購買我們高階的 ZPA 方案，並運用 ZPA 的多重身分（multiple identity）支援來加速部署。客戶計畫將 ZPA 作為未來併購的標準解決方案，而併購是該客戶成長的核心策略。除 ZPA 外，客戶也為 6,000 名使用者購買 ZDX，以快速排除問題並提升員工生產力。

To close my business review, I will touch on some early success with our new emerging products. There is an accelerated market shift towards work-from-anywhere, which aligns with our platform and emerging products like ZDX. We had a number of ZDX wins in the quarter, including an upsell with a European bank for 40,000 employees. This customer has ZIA for all employees, and it was frictionless to turn on ZDX to get end-to-end visibility and resolve performance issues.

在結束我的業務回顧前，我將談談我們新興產品的一些早期成果。市場正加速轉向「隨處工作」（work-from-anywhere），這與我們的平台以及像 ZDX 這類新興產品高度契合。本季我們取得多筆 ZDX 勝利案，包括向一家歐洲銀行為 40,000 名員工進行加購（upsell）。該客戶已為所有員工部署 ZIA，而啟用 ZDX 非常順暢，可取得端到端可視性並解決效能問題。

We also had wins for our CSPM offering, giving us additional opportunities for growth. Our emerging products are increasing our overall competitive differentiation. For large enterprises who want network and security modernization, we believe we are the only cloud-native, multi-tenant platform that meets their needs.

我們的 CSPM 方案也取得勝利案，為我們帶來額外的成長機會。我們的新興產品正在提升整體競爭差異化。對於希望進行網路與安全現代化的大型企業，我們相信我們是唯一能滿足其需求的雲端原生（cloud-native）、多租戶（multi-tenant）平台。

Zscaler is the largest in-line cloud security platform in the world. We are processing more than 140 billion transactions daily, while preventing 7 billion security incidents and policy violations. Deployed across more than 150 data centers, our Zero Trust Exchange platform was built from the ground up for the secure access service edge or SASE framework. Building a cloud-native architecture with full security and minimal latency is very hard, and running a massive in-line global cloud with 5 nines of availability is an order of magnitude harder.

Zscaler 是全球最大的內聯（in-line）雲端安全平台。我們每日處理超過 1,400 億筆交易，同時防止 70 億起安全事件與政策違規。我們部署於超過 150 個資料中心的 Zero Trust Exchange 平台，從零開始打造以支援安全存取服務邊緣（SASE）框架。要建立具備完整安全性且延遲極低的雲端原生架構非常困難，而要營運一個具備五個九（99.999%）可用性的超大型內聯全球雲端，其難度更是高出一個數量級。

As the world moves to SASE framework and zero trust architecture, some of you have asked about competition and why others can't build a cloud-native platform like Zscaler? Well, the answer lies in the architecture, which is like the foundation of a building that supports everything.

隨著世界走向 SASE 框架與零信任架構，你們之中有些人問到競爭情況，以及為什麼其他人無法打造像 Zscaler 這樣的雲端原生平台？答案在於架構，架構就像建築物的地基，支撐一切。

Our foundation is a multi-tenant architecture built from the ground up for in-line traffic inspection. It delivers over 20 key security solutions, including antivirus, cloud sandbox, cloud firewall, DLP, advanced threat prevention and SSL inspection at scale.

我們的基礎是一個從零開始打造、用於內聯流量檢查的多租戶架構。它可提供超過 20 項關鍵安全解決方案，包括防毒、雲端沙箱、雲端防火牆、DLP、進階威脅防護以及可擴展的 SSL 檢查。

That's extremely hard to build and complex to operate as a cloud service without compromising user experience. It is like the difference between building a simple SaaS application versus a highly complex SaaS platform like an ERP. How many cloud-native ERP systems are you aware of since NetSuite started 2 decades ago? While single dimensional SaaS applications are easy to develop, multidimensional platforms like an ERP and Zscaler are much harder to design, build and operate.

要在不犧牲使用者體驗的前提下，把它建置出來並以雲端服務方式營運，極其困難且操作複雜。這就像打造一個簡單的 SaaS 應用程式，與打造一個高度複雜的 SaaS 平台（例如 ERP）之間的差異。自 NetSuite 在 20 年前起步以來，你知道有多少雲端原生 ERP 系統？單一維度的 SaaS 應用程式很容易開發，但像 ERP 與 Zscaler 這樣的多維度平台，在設計、建置與營運上都困難得多。

With our business momentum, we are also demonstrating that our strategic sales process and world-class execution are important competitive advantages. First, our consultative sales model identifies the value we can drive for the customers and enables them to fully realize the benefits of digital transformation. This strategic sales process requires top sales talent. I believe we have the best sales team, top to bottom, and we are hiring at a rapid pace. We are now a destination for top talent around the globe.

隨著我們的業務動能，我們也證明了我們的策略性銷售流程與世界級執行力是重要的競爭優勢。第一，我們的顧問式銷售模式能辨識我們可為客戶帶來的價值，並讓客戶充分實現數位轉型的效益。這種策略性銷售流程需要頂尖的銷售人才。我相信我們擁有從上到下最優秀的銷售團隊，並且正以很快的速度招募。我們如今已成為全球頂尖人才的首選目的地。

Second, we are deepening our ecosystem of technology partners, which are contributing to deal wins and adding leverage to our sales model. In addition to our ongoing partnership with Microsoft and CrowdStrike, we have now extended our strategic partnership with VMware to integrate with their SD-WAN solution, and to partner for joint go-to-market engagements. I believe we've built a go-to-market engine that will generate long-term sustainable growth.

第二，我們正在深化技術合作夥伴生態系，這些夥伴正在促成交易勝出，並為我們的銷售模式增加槓桿。除了與 Microsoft 與 CrowdStrike 的持續合作外，我們也已延伸與 VMware 的策略夥伴關係，以與其 SD-WAN 解決方案整合，並在聯合上市推廣（go-to-market）活動上合作。我相信我們已建立一個能帶來長期、可持續成長的 go-to-market 引擎。

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 first quarter of 2021. Revenue for the quarter was $142.6 million, up 13% sequentially and 52% year-over-year. ZPA revenue was 13% of total revenue.

謝謝你，Jay。如 Jay 所提到的，我們對 2021 年第一季的結果感到滿意。本季營收為 1.426 億美元，較前一季成長 13%，較去年同期成長 52%。ZPA 營收占總營收的 13%。

From a geographic perspective, we have broad strength across our 3 major regions: Americas represented 51% of revenue; EMEA was 39%; and APJ was 10%. Revenue exceeded our guidance due to stronger-than-expected deal activity as the value proposition of ZIA and ZPA is increasingly becoming clear to customers.

從地理區域來看，我們在三大主要區域皆展現廣泛的強勁表現：美洲占營收 51%；EMEA 占 39%；APJ 占 10%。由於交易活動強於預期，且客戶愈來愈清楚 ZIA 與 ZPA 的價值主張，營收超出我們的指引。

Turning to calculated billings, which we define as the change in deferred revenue for the quarter plus totally recognized in that quarter, billings grew 64% year-over-year to $144.7 million. As a reminder, our contract terms are typically 1 to 3 years. We primarily invoice our customers 1 year in advance.

接著看計算後的帳單金額（calculated billings），我們將其定義為本季遞延收入的變動，加上本季確認的總收入；帳單金額較去年同期成長 64%，達 1.447 億美元。提醒一下，我們的合約期限通常為 1 至 3 年。我們主要採取預先開立 1 年期發票給客戶。

Remaining performance obligations, or RPO, which represents our total committed noncancelable future revenue, was $864 million on October 31, up 56% from a year ago. The current RPO is 54% of the total RPO. We had a healthy mix between new and existing customers with new customers contributing over 50% of new and upsell ACV.

剩餘履約義務（Remaining performance obligations，RPO）代表我們已承諾且不可取消的未來收入總額，10 月 31 日為 8.64 億美元，較一年前成長 56%。其中，當期 RPO 占總 RPO 的 54%。我們在新客戶與既有客戶之間維持健康的組合，新客戶貢獻了超過 50% 的新增與加購 ACV。

Our strong customer retention, ability to upsell, have resulted in a consistently high dollar-based net retention rate, which is 122% compared to 120% last quarter and a year ago. As we have highlighted, this metric will vary quarter-to-quarter. While good for our business, our increased success selling bigger transformation bundles, selling both ZIA and ZPA 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 122% is outstanding.

我們強勁的客戶留存與加購能力，使得以美元計的淨留存率（dollar-based net retention rate）持續維持在高水準，目前為 122%，高於上一季與去年同期的 120%。如我們先前強調，該指標會隨季度波動。雖然這對我們的業務有利，但我們在銷售更大型的轉型套裝組合、從一開始就同時銷售 ZIA 與 ZPA，以及在一年內更快加購的成功提升，未來可能會降低以美元計的淨留存率。綜合考量這些因素，我們認為 122% 仍然非常出色。

Total gross margin of 81% increased 2 percentage points sequentially and was comparable on a year-over-year basis. The sequential improvement was driven by migrating most of the ZPA infrastructure to our data centers during the quarter as well as timing of expenses.

總毛利率為 81%，較前一季提升 2 個百分點，與去年同期大致相當。季度改善主要來自於本季將大部分 ZPA 基礎設施遷移至我們的資料中心，以及費用時點因素。

While we are pleased with the gross margin performance, I would like to remind investors that a number of our new emerging products, which include ZDX, workload segmentation and CSPM, will be running in the public cloud until we scale them into our own data centers in the future. While in the public cloud, these products will have lower gross margins than our core products. As a result, we expect gross margins to be approximately 79% for the full year in fiscal 2021.

雖然我們對毛利率表現感到滿意，但我想提醒投資人：我們一些新的新興產品（包括 ZDX、工作負載分段（workload segmentation）與 CSPM）在未來擴展並遷入我們自有資料中心之前，將先在公有雲上運行。在公有雲上運行期間，這些產品的毛利率將低於我們的核心產品。因此，我們預期 2021 會計年度全年的毛利率約為 79%。

Turning to operating expenses, our total operating expenses increased 11% sequentially and 33% year-over-year to $96 million. Operating expenses as a percentage of revenue improved by 10 percentage points from 77% a year ago to 67% in the quarter. Sales and marketing increased 12% sequentially and 31% year-over-year to $64.2 million.

接著談營運費用，我們的總營運費用較前一季增加 11%，較去年同期增加 33%，達到 9,600 萬美元。營運費用占營收比重較一年前的 77% 改善 10 個百分點至本季的 67%。銷售與行銷費用較前一季增加 12%，較去年同期增加 31%，達到 6,420 萬美元。

The year-over-year increase was due to higher compensation expenses and investments of building our teams and go-to-market initiatives, offset by lower T&E with our employees working from home. We've been very successful in hiring and onboarding remotely. And we're accelerating our sales and marketing hiring throughout this fiscal year.

年增主要來自較高的薪酬費用，以及我們在擴編團隊與市場推進（go-to-market）計畫上的投資；同時因員工在家工作，差旅與交際（T&E）費用下降而部分抵銷。我們在遠端招募與到職培訓方面非常成功，並且在本會計年度將加速銷售與行銷的人才招募。

R&D increased 8% sequentially and 42% year-over-year to $20.9 million. The increase was primarily due to continued investments in our team. G&A increased 9% sequentially and 29% year-over-year to $10.9 million. The growth in G&A includes investments in building our teams, compensation-related expenses and professional fees.

研發（R&D）費用較前一季增加 8%，較去年同期增加 42%，達到 2,090 萬美元。增加主要是因為持續投資於我們的團隊。一般與行政（G&A）費用較前一季增加 9%，較去年同期增加 29%，達到 1,090 萬美元。G&A 的成長包含擴編團隊的投資、與薪酬相關的費用以及專業服務費。

Our first quarter operating margin was 14%, which compares to 4% in the same quarter last year. Net income in the quarter was $20 million or non-GAAP earnings per share of $0.14.

我們第一季的營業利益率為 14%，相較去年同期的 4%。本季淨利為 2,000 萬美元，或非 GAAP 每股盈餘為 0.14 美元。

We ended the quarter with over $1.4 billion in cash, cash equivalents and short-term investments. Free cash flow was positive $42 million in the quarter, which is a meaningful improvement from $11 million in the prior quarter and $9 million in the year ago quarter. The strength in free cash flow was driven by strong receivable collections and better underlying profitability in the quarter.

本季末我們持有超過 14 億美元的現金、約當現金與短期投資。本季自由現金流為正 4,200 萬美元，較前一季的 1,100 萬美元以及去年同期的 900 萬美元有顯著改善。自由現金流的強勁表現主要由應收帳款回收良好，以及本季更佳的基礎獲利能力所帶動。

Now moving on to guidance. As a reminder, these numbers are all non-GAAP, which excludes stock-based compensation expenses and related payroll taxes, amortization of debt discount, amortization of intangible assets, facility exit costs and any associated tax effects.

接下來談財測。提醒一下，以下數字皆為非 GAAP，排除以股份為基礎之酬勞費用及相關薪資稅、債務折價攤銷、無形資產攤銷、設施退出成本及任何相關稅務影響。

For the second quarter of fiscal 2021, we expect revenue in the range of $146 million to $148 million reflecting year-over-year growth of 44% to 46%; operating profit, $11 million to $12 million; other income of $800,000, net of interest payments on the senior convertible notes; income taxes of $1.25 million; and earnings per share of approximately $0.07 to $0.08, assuming 144 million common shares outstanding.

針對 2021 會計年度第二季，我們預期營收介於 1.46 億至 1.48 億美元，對應年增 44% 至 46%；營業利益為 1,100 萬至 1,200 萬美元；其他收益為 80 萬美元（已扣除高級可轉換公司債之利息支付）；所得稅為 125 萬美元；每股盈餘約 0.07 至 0.08 美元，假設流通在外普通股為 1.44 億股。

Due to better-than-expected first quarter performance and our strong pipeline, we're increasing our full year fiscal 2021 guidance for revenue, billings and profit. For fiscal 2021, we now expect revenue in the range of $608 million to $612 million or year-over-year growth of 41% to 42%; calculated billings in the range of $755 million to $765 million or year-over-year growth of 37% to 39%; operating profit in the range of $55 million to $57 million; other income of $2.7 million; income taxes of $4.5 million; and earnings per share in the range of $0.37 to $0.38, assuming approximately 145 million common shares outstanding.

由於第一季表現優於預期且我們的銷售管線強勁，我們上調 2021 全年會計年度的營收、計算後帳單（calculated billings）與獲利指引。對於 2021 會計年度，我們目前預期營收介於 6.08 億至 6.12 億美元，或年增 41% 至 42%；計算後帳單介於 7.55 億至 7.65 億美元，或年增 37% 至 39%；營業利益介於 5,500 萬至 5,700 萬美元；其他收益為 270 萬美元；所得稅為 450 萬美元；每股盈餘介於 0.37 至 0.38 美元，假設流通在外普通股約 1.45 億股。

We continue to see the market coming to us, and 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'll balance growth and profitability, growth will continue to take priority considering our significant market momentum.

我們持續看到市場主動向我們靠攏，並且仍致力於在業務成長的帶動下，對公司進行積極投資。我們擁有高度效率的商業模式，並正於今日在全組織範圍內進行投資，以把握眼前龐大的機會。雖然我們會在成長與獲利之間取得平衡，但鑑於顯著的市場動能，成長仍將持續優先。

Now I'd like to turn the call back over to Jay.

現在我想把電話交回給 Jay。

Thank you, Remo. Coming off a record Q1, we're seeing the market coming to us and validating our vision for zero trust cloud-native platform. We believe we are in the early innings of a significant market opportunity to enable secure digital transformation.

謝謝你，Remo。在創下第一季紀錄之後，我們看到市場主動向我們靠攏，並驗證我們對零信任雲原生平台的願景。我們相信，我們正處於一個重大市場機會的早期階段，可用以推動安全的數位轉型。

The value proposition of our zero trust platform is resonating with customers, and we're seeing this reflected in our business momentum over the last 3 quarters. We've scaled our go-to-market engine, and are delivering world-class sales execution, which we believe will drive sustainable long-term growth.

我們零信任平台的價值主張正與客戶產生共鳴，這也反映在過去 3 個季度的業務動能上。我們已擴大市場推進引擎（go-to-market engine）的規模，並提供世界級的銷售執行力，我們相信這將帶動可持續的長期成長。

Thank you for your interest in Zscaler. We hope to see you at Zenith Live next week. Operator, you may now open the call for questions.

感謝您對 Zscaler 的關注。我們希望下週在 Zenith Live 與您相見。接線員，您現在可以開放提問。

(Operator Instructions) I show our first question comes from the line of Sterling Auty from JPMorgan.

（接線員指示）我看到第一個問題來自 JPMorgan 的 Sterling Auty。

So Jay, you mentioned financial services a number of times in terms of the traction that you're seeing. Where would you say -- or where would you characterize the penetration in that industry? How big is it as a percentage of revenue? And perhaps, are we seeing some continued momentum as maybe it catches up to other industries?

Jay，你多次提到金融服務業在你們所看到的推進力（traction）方面的表現。你會怎麼說——或怎麼描述——你們在該產業的滲透率？它占營收的比例大概有多大？另外，我們是否看到一些持續的動能，因為它可能正在追上其他產業？

Sterling, thank you. Financial services have been slow in embracing cloud, but now they are all opening up. They are embracing cloud and Office 365 is becoming the catalyst. To make Office 365 work, there had to be some transformation in the network and security. And we have done so much work with Microsoft to make sure Office 365 can be enabled, securely delivering fast user experience.

Sterling，謝謝。金融服務業過去在採用雲端方面較慢，但現在都在開放。他們正在擁抱雲端，而 Office 365 正成為催化劑。要讓 Office 365 運作，就必須在網路與資安上做一些轉型。我們與 Microsoft 做了大量工作，以確保能啟用 Office 365，並以安全方式提供快速的使用者體驗。

So that's becoming our #1 application to get into that space, then it's expanding from there. Remo, you want to add anything to it?

因此，這正成為我們進入該領域的第一大應用，接著再從那裡擴展。Remo，你要補充嗎？

Yes. So I mean the 3 top verticals that we have are financial, manufacturing and health. But we're broad across all verticals. So there's really no vertical that's dominant. So we haven't given out the percentages of each of those verticals, but we're very broad.

是的。我的意思是，我們前三大垂直產業是金融、製造與醫療。但我們在所有垂直產業都有布局，所以其實沒有任何單一垂直產業占主導地位。我們沒有公布各垂直產業的占比，但我們的覆蓋面非常廣。

I show our next question comes from the line of Matt Hedberg from RBC Capital Markets.

我看到下一個問題來自 RBC Capital Markets 的 Matt Hedberg。

Congrats on really strong results here. Jay, I'm curious, the conversations with CIOs obviously are showing up in numbers, really the importance of Zscaler.

恭喜你們交出非常強勁的成績。Jay，我很好奇，與 CIO 的對話顯然反映在數字上，也就是 Zscaler 的重要性。

I'm curious, though, how are those conversations in the tone of a vaccine. I mean, to me, it would feel like a lot of the momentum has sort of cemented the change. But I'm sort of curious on sort of post vaccine, what do you think the tone of buying behavior is in your target customer?

不過我想問的是，這些對話在疫苗的背景下語氣如何？我的意思是，對我來說，很多動能似乎已經把改變「定型」了。但我有點好奇，在疫苗之後，你認為你們目標客戶的採購行為語氣會是什麼樣子？

Yes. Lots of questions are being asked pre-COVID, post-COVID and whatnot. If you look at our record pre-COVID, we had very good growth. Our business is accelerating. It's driven by acceleration in digital transformation, not COVID. COVID was a catalyst in shaking of inertia. The change in mindset has accelerated demand for zero trust.

是的。大家會問很多關於 COVID 前、COVID 後等等的問題。如果你看我們在 COVID 前的表現，我們就有非常好的成長，我們的業務也在加速。這是由數位轉型加速所驅動，而不是 COVID。COVID 只是打破惰性的催化劑。思維模式的改變加速了對零信任的需求。

When I talk to CIOs they tell me, we did not realize how important it was to do transformation, being able to embrace cloud for collaboration, for security and the like. So they are really moving faster than they did before. And so momentum to our business really has picked up because it has highlighted the limitation of the old legacy and old network, and need to transform. And this transformation works.

當我和 CIO 交談時，他們告訴我，他們沒有意識到做轉型有多重要——能夠擁抱雲端以進行協作、資安等等。因此他們的推進速度比以前快得多。我們業務的動能確實提升，因為這凸顯了舊式傳統架構與舊網路的限制，以及轉型的必要性，而這個轉型是有效的。

So we are pretty bullish. We think even after a vaccine, our business will keep on accelerating.

所以我們相當看多。我們認為即使在疫苗之後，我們的業務仍會持續加速。

Yes. One follow-on with Jay, is that we take a look at our pipeline, our pipeline is accelerating. So we're seeing an acceleration in our pipeline, and that's across the board, both in ZIA and ZPA.

是的。再補充一點，Jay，我們看我們的銷售管線，管線正在加速。因此我們看到管線加速，而且是全面性的，ZIA 與 ZPA 都是如此。

I show our next question comes from the line of Saket Kalia from Barclays.

我看到下一個問題來自 Barclays 的 Saket Kalia。

Okay. Great. Jay, maybe for you, the question is, do you have any statistics or just general thoughts on how many of your engagements are competitive, meaning a competitive bake-off process, versus perhaps being brought in by a service provider where there really isn't a competitive process? Does that make sense?

好的。Jay，這題可能問你：你是否有任何統計數據或一般性的看法，關於你們的案子有多少是競爭性的——也就是競爭性評選（competitive bake-off）流程——相較於可能是由服務供應商帶入、而實際上沒有競爭流程的情況？這樣問有清楚嗎？

Yes. Saket, thank you. Your question reminds me of my days at air defense at CipherTrust, when I used to sell security appliances, and we used to have lots of bake-offs, which box is faster, with big box is cheaper.

是的。Saket，謝謝。你的問題讓我想起我在 CipherTrust 做 air defense 的日子，當時我賣資安設備，我們常常做很多評選（bake-offs），比哪個盒子更快、哪個大盒子更便宜。

At Zscaler, we're all driven by transformation. Transformation is not a box you sell. It actually starts with the CIO-level discussion to help them enable the applications to network to security all of that. So most of our deals at a higher end, at the large enterprise level, aren't really competitive much at all. When you come to lower end, we do see some of the competition.

在 Zscaler，我們一切都以轉型為驅動。轉型不是你賣的一個盒子。它其實是從 CIO 層級的討論開始，協助他們把應用、網路到資安等全部串起來。因此我們大多數較高端、面向大型企業的案子，其實不太有競爭性。到了較低端市場，我們確實會看到一些競爭。

But bake-offs are rare. In fact, I highlighted a win in my prepared remarks, where -- even though there was an RFP that we won with managed services partners, all 6 SI and SPs bid Zscaler. Okay. And we're very proud of it. That's because the customers and the SI/SP channel understands that you can't take typical legacy boxes and try to make them do cloud transformation.

但評選（bake-offs）很少見。事實上，我在事先準備的發言中提到一個得標案例：即使有一個 RFP，我們與受管理服務合作夥伴一起贏得了該案，所有 6 家 SI 與 SP 的投標都選用 Zscaler。好的。我們對此非常自豪。這是因為客戶以及 SI/SP 通路都理解，你不能拿典型的傳統舊式盒子，然後試圖讓它們去完成雲端轉型。

So when it comes to competition, I think we got some big, big lead. Unless someone tries really purpose-built something, have a good architecture, we'll maintain this lead.

所以談到競爭，我認為我們有非常、非常大的領先優勢。除非有人真的打造出高度專用的東西、具備良好的架構，否則我們會維持這個領先。

I show our next question comes from the line of Alex Henderson from Needham.

我看到下一個問題來自 Needham 的 Alex Henderson。

It's kind of hard to decide what's more to like in your numbers, the margin expansion or the accelerated top line. Good job.

要決定你們數字裡哪一點更令人喜歡其實有點難：是毛利率擴張，還是營收加速成長。做得很好。

I wanted to look forward a little bit, if I could, with you, talk about machine-to-machine environments, domain to domain, and what you're doing on that front. It seems pretty clear to me that as we see more and more modern applications coming out that it's not just the cloud-direct architecture that's important, but actually the cross domain traffic.

如果可以的話，我想跟你一起把視角稍微往前看一點，談談機器對機器的環境、網域對網域，以及你們在這方面做了什麼。對我來說很明顯，隨著越來越多現代化應用出現，重要的不只是雲端直連架構，實際上還包括跨網域的流量。

Can you talk a little bit about how you participate in that, and what you're doing to secure it?

你能談談你們如何參與其中，以及你們如何確保其安全嗎？

Yes. The 2 aspects of your question. One is machine-to-machine or app-to-app communication within a public cloud. And the second part is, across clouds, maybe Azure East and Azure West type of stuff.

好的。你的問題有兩個面向。第一是在公有雲內部的機器對機器或應用對應用通訊。第二部分是跨雲端，例如 Azure East 和 Azure West 之類的情境。

While companies are trying to do this, doing traditional network security way to doing virtual firewalls and whatnot, we have taken zero trust approach to the public cloud, where we can have app-to-app communication. And where we have the zero trust, a switching technology, we needed identity technology, identity for various apps would be built using the acquisition we did a few months ago for a company called Edgewise Networks.

當企業嘗試做這件事時，會用傳統網路安全的方法，例如部署虛擬防火牆等等；而我們在公有雲採取零信任方法，讓我們能進行應用對應用通訊。在零信任交換技術之上，我們需要身分技術；各種應用的身分能力，會透過我們幾個月前收購的一家公司 Edgewise Networks 來建置。

So with that, we can do, within the data center, machine-to-machine communication without doing network segmentation and achieve app segmentation. And we can also go across clouds.

因此，藉由這些能力，我們可以在資料中心內做到機器對機器通訊，而不需要做網路分段，並達成應用分段。我們也可以跨雲端運作。

But having said that, that's a young market, that's a nascent market. It needs some education. So it will take some time for the market to grow. But if we are well positioned to go in early and get positioned there, that's a big area of investment for us.

不過話說回來，那是一個年輕的市場、仍在萌芽的市場，需要一些市場教育。因此市場成長還需要一些時間。但如果我們能在早期就切入並站穩位置，這會是我們很大的投資領域。

Our next question comes from the line of Walter Pritchard from Citi.

下一個問題來自 Citi 的 Walter Pritchard。

I'm wondering, Jay, on the cloud workload protection market. There's -- you're in that market, clearly new products for you. A number of players are in that market. Could you help us understand what you're seeing in the early deals and sales cycles there? Who's the competition? Is the buyer the same as the buyer that you've generally been selling to? And the differentiation you have there when you're competing in that market kind of as maybe a starting point or when it's a pretty competitive situation?

Jay，我想請教雲端工作負載防護市場。你們顯然已在這個市場，而且對你們來說是較新的產品；市場上也有不少玩家。你能幫我們理解你們在早期案子與銷售週期中看到的情況嗎？競爭對手是誰？買方是否與你們過去主要銷售的買方相同？以及當你們在這個市場競爭時（可能是作為切入點，或在相當競爭的情境下），你們的差異化是什麼？

Yes. Thank you. Good question, Walter. Cloud protection is not one piece, but multiple pieces, and they're in different stages of the market. CSPM is one area where we are actually competing well in that. So fairly well understood and fairly simple market.

是的，謝謝。Walter，這是個好問題。雲端防護不是單一一塊，而是多個部分，而且它們處於市場的不同階段。CSPM 是其中一個領域，我們在那裡其實競爭得很好；這是相對被理解、也相對簡單的市場。

Your cloud traffic from Azure AWS workload going to Internet, which most of these workloads do. You can try to do some virtual firewalling and whatnot, which doesn't work. Or you can simply send it through Zscaler Internet Access by simply pointing traffic. We're very well positioned in that part of the segment.

你在 Azure、AWS 的工作負載流量要上網——多數工作負載都是如此——你可以嘗試用一些虛擬防火牆之類的方式，但那行不通；或者你可以只要把流量導向 Zscaler Internet Access 讓它通過即可。我們在這個細分領域的位置非常好。

Then the third segment is what Alex asked about, machine-to-machine communication and whatnot, app to app. That's a younger area, and that's where we -- we see some young players, some start-ups in the game. But generally, the market being so young, there's not a whole lot of competition in that space, and only selected customers are kind of trying to pursue that.

接著第三個細分領域就是 Alex 問到的：機器對機器通訊等等、應用對應用。那是一個更年輕的領域，我們在那裡——我們看到一些年輕玩家、一些新創在參與。但整體市場還很年輕，所以那個空間的競爭其實不算多，只有部分客戶在嘗試推動那件事。

I see many customer who said, I tried to do network segmentation doing this and this, it hasn't worked. Had tried this. And the buyer is somewhat different, and you said, the 2 types of buyer for cloud protection. One is actually the IT organization that's actually building the application, the dev ops team, because they are actually driven by application, and they often ignore security.

我看到很多客戶說，我嘗試用網路分段做這個做那個，但沒有成功，也試過其他方法。而買方也有些不同；你提到雲端防護有兩種類型的買方：一種是實際在建置應用的 IT 組織，也就是 DevOps 團隊，因為他們是以應用為驅動，往往會忽略安全。

Then CSO comes and says, wait a second. You can do things fast, but you must put security in place. So we end up dealing with 2 parties: CSOs, we already deal with; and dev ops party that's a little bit new for us to get to know and learn.

然後 CSO 會出面說，等一下。你可以做得很快，但你必須把安全措施建起來。所以我們最後會同時面對兩方：CSO——我們本來就一直在接觸；以及 DevOps 這一方——對我們來說比較新，需要去認識並學習。

I show our next question comes from the line of Tal Liani from Bank of America.

我看到下一個問題來自美國銀行的 Tal Liani。

Great quarter. I want to -- my question is more higher level. I'm trying to understand the expectations for next year.

這一季很棒。我想——我的問題比較偏高層次。我在試著理解你們對明年的預期。

So if I look at your guidance and I add a little bit more for beat and raise, which you've done in the last few years, you're going to be staying in the same growth rate we have seen this year. And I'm trying to get the qualitative part of -- you have older solutions and you have newer markets.

如果我看你們的指引，再加上一點你們過去幾年一貫的 beat and raise（超預期並上調），你們明年的成長率大概會維持在今年看到的同一個水準。我想了解的是定性的部分——你們有較成熟的解決方案，也有較新的市場。

How do you view the growth rate in older solutions like ZPA? How do you view your level of competition there, new customer -- ability to gain new customers versus grow with existing customers?

你們如何看待像 ZPA 這類較成熟解決方案的成長率？你們如何看待那裡的競爭程度、新客戶——獲取新客戶的能力，相較於在既有客戶中擴張成長？

And then same question about your newer areas. What are the driving factors? I'm trying to understand how to build the spreadsheet for next year when it comes to the various solutions that you're offering.

然後同樣的問題也想問你們較新的領域。驅動因素是什麼？我想了解在你們提供的各種解決方案上，明年的試算表該怎麼建。

I mean it's a very good question, Tal. Think about the 4 key solutions that I talked about. ZIA has been a workhorse, has been growing rapidly. But in spite of that, if you look at our penetration in Global 2000, we are just under 25%. And there's a big market. Majority of the market's sitting open out there. In fact, there's still a sizable market of legacy web proxies like Blue Coat that's to be removed. And we are taking more and more part of that.

Tal，這確實是個非常好的問題。想想我提到的四個關鍵解決方案。ZIA 一直是主力產品，成長很快。但即便如此，如果你看我們在 Global 2000 的滲透率，還不到 25%。市場很大，多數市場仍然是空白。事實上，還有相當大的傳統網頁代理（web proxy）市場，例如 Blue Coat，需要被汰換，而我們正在拿下越來越多份額。

So that's kind of one piece. And ZIA is not one product. As you know, ZIA is a portfolio of several offerings. And more and more customers are buying either bigger bundles like Transformation to start with or they're moving up from business bundles or professional bundles. So that's a pretty sizable thing on ZIA. We are nowhere close to leveling off at all.

這是一個面向。另外，ZIA 不是單一產品；如你所知，ZIA 是由多項產品組成的產品組合。越來越多客戶要嘛一開始就買更大的套裝（例如 Transformation），要嘛從 Business 套裝或 Professional 套裝往上升級。所以在 ZIA 上這是一個相當可觀的動能。我們離成長趨緩還差得遠。

ZPA, relatively younger, only about 4 years old, has gone from 0 to about 30% of the new business in that range. And if you look at our customer base, just about in the mid-30 somewhere, 30% or so of the Global 2000 ZIA customers have ZPA. So even in our installed base of ZIA there's a big market out there. So we think these 2 big proven product portfolios, or call them 2 big pillars, there are plenty of room for opportunity.

ZPA 相對較年輕，只有大約 4 年，已從 0 成長到約占新業務的 30% 左右。如果你看我們的客戶基礎，大約在 30% 多一點——約 30% 的 Global 2000 ZIA 客戶也有採用 ZPA。所以即使在我們既有的 ZIA 裝機基礎中，仍有很大的市場空間。因此我們認為這兩個已被驗證的大型產品組合——或稱兩大支柱——仍有非常多的機會。

And in ZDX, Digital Experience, is becoming an interesting product. It's a new product in a new area because as you go on the Internet, no one has any meaningful offering to let someone know end-to-end response time. We expect pretty good growth from it. One day, we expect almost every user will have ZIA, ZPA and ZDX. That's the way we are driving towards.

而 ZDX（數位體驗）正在成為一個有趣的產品。它是在新領域的新產品，因為當你走在網際網路上，沒有人有任何有意義的端到端回應時間（response time）可視化方案。我們預期它會有不錯的成長。有一天，我們預期幾乎每位使用者都會同時擁有 ZIA、ZPA 和 ZDX。我們正朝這個方向推進。

The fourth area is new area, the cloud workload, the data center. I think that market will take some time to mature. As Remo has said, we are not really putting tons of revenue in some of the new areas. But you shouldn't think about CASB-type of things as new products. I mean they're part of -- they're new, but they're part of ZIA portfolio. They automatically attach to our ZIA bundle.

第四個領域是新的領域：雲端工作負載、資料中心。我認為那個市場需要一些時間成熟。正如 Remo 所說，我們在某些新領域並沒有放入大量營收。但你不應該把 CASB 類型的東西視為新產品；它們是——它們是新的，但它們是 ZIA 產品組合的一部分，會自動附加在我們的 ZIA 套裝中。

In the same way, we are seeing browser isolation picking up, which either goes with ZIA or goes with ZPA. But plenty of room in all areas. And I always said to my sales leaders, we have lots of product to sell. Let's scale our sales organization.

同樣地，我們也看到瀏覽器隔離（browser isolation）正在升溫，它要嘛搭配 ZIA，要嘛搭配 ZPA。各個領域都有很大的空間。我也一直對我的銷售主管說，我們有很多產品可以賣，讓我們擴大銷售組織規模。

And that's what we are focused on. We are focused on growing go-to-market, which is doing very well. So excited for next year. Remo, did I cover everything?

這就是我們的重點。我們專注於擴大 go-to-market（市場推進），而且表現非常好。所以對明年很興奮。Remo，我有把重點都涵蓋到嗎？

Yes. I mean, it's a great question. I mean you take a look at the percentage of customers that have transformation, we've indicated was 49% in our last call in July. And it's gone up this quarter, has continually gone up.

有。我是說，這是個很棒的問題。你看看採用 Transformation 的客戶占比，我們在 7 月上次電話會議中指出是 49%。而這一季又上升了，並且持續上升。

ZPA, 13% of revenues. So big opportunity with their installed base for that and our emerging products. We had an acceleration in growth of new customers in Q1 versus the growth in Q4. So we're seeing momentum. We're seeing deal sizes getting bigger. We're seeing the need for transformation on a broader scale that as Jay mentioned, driven by COVID.

ZPA 占營收的 13%。因此在其裝機基礎以及我們的新興產品上都有很大的機會。我們在第一季的新客戶成長相較第四季有所加速。所以我們看到動能、看到交易規模變大，也看到更廣泛規模的 Transformation 需求——如 Jay 提到的——是由 COVID 所驅動。

But COVID started the visibility. What we're seeing right now is the realization on the part of CIOs and others and companies at high levels, who understand that the legacy architectures they have got are really not the right architectures. That's what's driving the business for us. It is that.

但 COVID 讓能見度開始提升。我們現在看到的是，CIO 以及其他高層與企業開始意識到，他們現有的傳統架構其實並不是正確的架構。這正是推動我們業務的原因。就是這樣。

In addition to that, proof points that we have, pipeline, interest, productivity. Just -- there's -- you feel the momentum. We feel momentum that's coming our way. The -- what it comes down to at the end, it comes down to the people. It comes down to the execution. The market is there. The product is there. The vision is there. And I believe the people are there also.

除此之外，我們也有一些佐證，包括商機管線、客戶興趣、以及生產力。就是——你能感受到那股動能。我們感受到有動能正朝我們而來。——歸根結底，最後還是回到人。回到執行力。市場在那裡。產品在那裡。願景在那裡。而我相信人也在那裡。

And I think in the past 3 quarters, we had done an amazing job in scaling our go-to-market, which was the last piece we needed to scale. And we're very -- feeling very good about it.

而且我認為在過去 3 個季度，我們在擴大 go-to-market 規模方面做得非常出色，這是我們需要擴大的最後一塊拼圖。我們也非常——對此感到非常好。

Agreed.

同意。

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

我們的下一個問題來自 Morgan Stanley 的 Hamza Fodderwala。

Jay, a question for you. You mentioned earlier that COVID has been a catalyst for Zscaler more longer term in terms of the market coming to you in terms of customers coming to you for cloud transformation deals as well as talent coming to you as well. And you mentioned a really strong hiring environment for you guys.

Jay，我有個問題想請教你。你先前提到，COVID 長期來看成為 Zscaler 的催化劑，因為市場在雲端轉型案方面把客戶帶到你們這邊，同時人才也更願意加入你們。你也提到你們目前的招募環境非常強勁。

I'm wondering where are these newer hires coming from. Are they coming from some of your competitors within the security space? Or is it coming from outside the security space? Can you give us any sort of color on that.

我想知道這些新進人員主要來自哪裡？是來自資安領域內的一些競爭對手？還是來自資安領域以外？你能否提供一些說明。

Yes. So first of all, I think our hiring is happening at a faster pace than we had even expected. So very good actually. Remember about a year or 2 years ago, we used to say we are behind in hiring sales reps. Remo, you recall that? All that has passed. I think probably our brand is helping, well-known out there. Also, sales leadership has put a deep and wide leadership in place.

是的。首先，我認為我們的招募速度比我們原先預期的還要快。所以其實非常好。記得大約一兩年前，我們常說我們在招募業務代表方面落後。Remo，你還記得嗎？那些都已經過去了。我想可能是我們的品牌在幫忙，外界知名度更高。另外，業務領導團隊也建立了深且廣的領導層架構。

And then, getting more specific to answer your question, if you look at 2 broad areas of sales hiring even though there are multiple areas beyond that are RSMs. Typically, sales reps are not coming from box selling background. Majority of our sales reps come from solutions selling SaaS-type of background because our sales is very different from than a typical box security selling. So they come from generally software and SaaS-type of companies by and large, that's number one.

再更具體回答你的問題，如果你看業務招募的兩大領域（雖然除此之外還有多個領域），也就是 RSM。一般來說，業務代表並不是來自賣盒裝產品（box selling）的背景。我們大多數業務代表來自解決方案式銷售、SaaS 類型的背景，因為我們的銷售方式與典型的盒裝資安銷售非常不同。所以他們大致上來自軟體與 SaaS 類型公司，這是第一點。

On the technical side, the SE side, we generally hire from someone that comes with a little bit networking and security background because they need domain expertise, which takes a little longer. But we are getting tons and tons of interest. And we are trying to stay selective when we hire, but we are pretty much tracking our progress on hiring very well.

在技術端，也就是 SE 端，我們通常會招募具備一些網路與資安背景的人，因為他們需要領域專業，而這需要較長時間累積。但我們收到非常非常多的興趣。我們在招募時仍努力保持挑選性，但整體而言，我們在招募進度的追蹤上做得很好。

Yes. On a net hiring basis, one of the things I'd like to call out, we had a record quarter for net hires in the quarter. We hired over 260 people. The quarter before it was 200. The quarter before it was 150. And the quarter before that, it was 100.

是的。以淨增人數來看，我想特別指出，我們這一季的淨增招募創下紀錄。我們招募了超過 260 人。前一季是 200 人。再前一季是 150 人。再前一季則是 100 人。

Of that 260, about 60% were in the sales and marketing area. We had a record quarter for quota-carrying sales rep hires in Q4. We had a comparable number in Q1. We are accelerating the hiring even more than what we had anticipated on our last call given what we're seeing.

在這 260 人當中，大約 60% 在銷售與行銷領域。我們在 Q4 的配額制（quota-carrying）業務代表招募也創下紀錄。Q1 的數量也相當。我們正在把招募速度再加快，甚至超過我們在上次電話會議中基於目前所見而預期的水準。

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

我們的下一個問題來自 Deutsche Bank 的 Patrick Colville。

This is [Dan Kyle along] for Patrick. Congratulations on a great quarter. I just wanted to ask on the pricing environment. Obviously, it seems really strong, but I'm just curious if you guys could comment on how prices have trended.

我是 [Dan Kyle along]，代 Patrick 提問。恭喜你們這一季表現非常出色。我想問一下定價環境。顯然看起來非常強勁，但我很好奇你們能否評論一下價格走勢。

And then, obviously, really impressive retention rate. So I'm curious how much of that is adding new products on versus expanding more into the organization, if that makes sense.

另外，你們的留存率也非常亮眼。所以我想了解其中有多少是加購新產品帶動的，還是更多是擴大到組織內部更廣的使用範圍，如果這樣問有道理的話。

Yes. So it's a comparable pricing environment. Our price per user did go up quarter-over-quarter. Related to what drove the net retention rate, as Jay mentioned, the emerging products are not significant impact. So it's more of the existing products, the movement to transformation as well as ZPA, which is what drove the increase in net retention rate.

是的。所以定價環境大致相當。我們的每用戶價格確實季對季上升。至於推動淨留存率的因素，如 Jay 所提，新興產品的影響並不顯著。因此更多是既有產品、向轉型的推進，以及 ZPA，這些是推動淨留存率上升的原因。

Yes.

是的。

Our next question comes from the line of Brian Essex from Goldman Sachs.

我們的下一個問題來自 Goldman Sachs 的 Brian Essex。

Congrats from me as well on a great result in the quarter. Jay, I was just wondering if you could maybe give a little bit of color on the sales force and the maturity of deals that you're seeing. I think in your 10-K, it looked like you -- customer growth was just over 15%. But it sounds like deals are getting larger, as you noted, record number of 7-figure ACV deals.

我也要恭喜你們這一季的好成績。Jay，我想請你多分享一些關於銷售團隊以及你們看到的交易成熟度。我想在你們的 10-K 裡，看起來你們——客戶成長率略高於 15%。但聽起來如你所說，交易規模正在變大，例如創紀錄的 7 位數 ACV 交易數量。

Can you maybe help me understand what is the -- what factor is the maturity of the sales force playing into the type of deals that you're seeing. How much is new customer versus expansion of the -- expansion into your installed base or better penetration into your installed base. And how do you see that maturing throughout the rest of the year?

你能否幫我理解一下——銷售團隊的成熟度在你們看到的交易類型中扮演了什麼角色？新客戶與擴張——也就是在既有客戶基礎中的擴張或更深的滲透——各占多少？以及你如何看待這在今年剩餘時間的成熟演進？

I know that you've noted previously that the elevated hiring of last year should drive better growth in the back half of this year. Is that accelerating? Just to maybe get a little bit of color in terms of the level of confidence we have for growth through the back end of the year based on the deal activity and sales force maturity.

我知道你之前提到，去年提高的招募應該會在今年下半年帶動更好的成長。這是否正在加速？想請你提供一些說明，讓我們了解基於交易活動與銷售團隊成熟度，我們對今年後段成長的信心程度。

Yes, Brian, well, that's quite a few questions. So let me give a piece at a time. Sales force maturity, right? Since Dali joined us, we spent about 3.5, 4 quarters to make sure we bring in a systematic and disciplined sales process, sales enablement and sales metrics to understand the business leading indicators and all that stuff, plus putting a number of leaders in place.

是的，Brian，這裡面有不少問題。我就一部分一部分回答。先談銷售團隊成熟度，對吧？自從 Dali 加入我們之後，我們花了大約 3.5 到 4 個季度，確保導入系統化且有紀律的銷售流程、銷售賦能（sales enablement）與銷售指標，以理解業務的領先指標等所有這些事情，並且也安排了多位領導者到位。

So you ask me, what do I think about the maturity of the sales organization? I say, extremely happy, very good about it. Because having that in place drives the rest of the stuff. So very comfortable. And it's because of that comfort, we are accelerating, hiring more and more salespeople in the field.

所以你問我對銷售組織的成熟度怎麼看？我會說：非常滿意，感覺非常好。因為把這些建立起來，就能帶動其他所有事情。所以我非常放心。也正因為這份放心，我們正在加速，在前線招募越來越多的業務人員。

Next question's related to deals, customers, new customers, customer growth. I think if you look at one number holistically that out of whatever, 4,500 or 4,800, whatever those customers are, those percentages will be misleading because there's some small customers, some large customers, we need to get to a level where we start kind of looking at proper segmentation and growth within segmentations.

下一個問題與交易、客戶、新客戶、客戶成長有關。我認為如果你用單一數字整體來看，無論是 4,500 或 4,800（不管客戶數是多少），那些百分比都可能會有誤導性，因為其中有些是小客戶、有些是大客戶；我們需要到達一個程度，開始以適當的分群（segmentation）來看各分群內的成長。

We -- our big focus traditionally has been large enterprises. And we have done extremely well that among the penetration we are doing in those customers in terms of percentage. And in terms of the deal, the ARR we're having, those customers is actually going up very well. We're very pleased with that. And as I finish, I'll let Remo talk about some of those numbers.

我們——傳統上最大的重點一直是大型企業。我們在這方面做得非常好，就我們在這些客戶中的滲透率百分比而言。而就交易而言、就我們在這些客戶取得的 ARR 而言，也確實成長得很好。我們對此非常滿意。等我講完，我會讓 Remo 談一些相關數字。

And then we also expanding more into the lower enterprises, so to speak. I think over time, we'll give you more color, so you can start computing the growth pattern. But if you look at the segment, we are now getting more focused on 2,000-user to 10,000-user segments because we already got the largest segment, over 10,000, and it's pretty well covered, and we are getting great wins out there.

然後我們也在更往下擴展到所謂的中小型企業。隨著時間推進，我們會提供更多說明，讓你可以開始計算成長型態。但如果你看分群，我們現在更聚焦在 2,000 使用者到 10,000 使用者的區間，因為最大的分群——超過 10,000 使用者——我們已經拿下，而且覆蓋得相當好，我們在那裡也取得了很好的勝利。

So there's a big market for us to come downstream and expand as well. Remo, you want to add more?

所以對我們來說，往下游擴張也有很大的市場。Remo，你要補充嗎？

Yes. I mean the -- Jay is absolutely correct. The ARR per customer is definitely increasing. One of the ways we break it out is customers with greater than 3,000 users, we're over $450,000 ARR per customer, which is up year-over-year, it just keeps on going up.

是的。我的意思是——Jay 說得完全正確。每位客戶的 ARR 確實在增加。我們拆解的一種方式是：使用者數大於 3,000 的客戶，我們每位客戶的 ARR 超過 45 萬美元，這個數字年對年上升，而且持續往上。

New customer growth, we've stated, it's within the range or historical range of 50%, 60%. As I've mentioned before, we had an acceleration of new customer growth in Q1.

新客戶成長方面，我們已經說過，它落在我們歷史區間的 50% 到 60% 範圍內。如我之前提到的，我們在 Q1 的新客戶成長有加速。

Also, the comment about sales productivity, the thing to keep in mind, which is really encouraging, is that significant majority of the RSM headcount increase occurred in the second half of fiscal '20. Also, the comment that I made about Q1, that the hiring that we had for RSMs in Q1 was comparable to our record quarter in Q4. And our sales productivity on a year-over-year basis in Q1 was up.

另外，關於銷售生產力的評論，需要記住的一點（這非常令人鼓舞）是：RSM 人數增加的相當大一部分發生在 2020 財年下半年。另外我提到 Q1 的那點：我們在 Q1 對 RSM 的招募數量與 Q4 的創紀錄季度相當。而我們在 Q1 的銷售生產力以年對年來看是上升的。

Those are all good indicators from my perspective and give me confidence that things are looking strong for the company as well as what we've put in place, the structure, the organization. I can -- I've been around for a long time. And I've seen a lot. I have never seen anything like we've got here at Zscaler with our go-to-market, quite frankly.

從我的角度來看，這些都是很好的指標，讓我對公司整體的強勁表現，以及我們所建立的制度、架構與組織充滿信心。我——我在這個產業待了很久，也見過很多。我坦白說，從未見過像 Zscaler 這樣的 go-to-market（市場推進）模式。

I show our next question comes from the line of Andrew Nowinski from D.A. Davidson.

我看到下一個問題來自 D.A. Davidson 的 Andrew Nowinski。

Congrats on a great quarter. I just wanted to ask about the partnerships. So you announced a new partnership with VMware, and you've always had a very strong partnership with Microsoft. So I'm just wondering if Microsoft contributed to the record number of 7-figure deals you had in the quarter. And how you're thinking about the new partnership with VMware.

恭喜你們交出非常出色的一季。我想問一下合作夥伴關係。你們宣布了與 VMware 的新合作，而且你們一直與 Microsoft 維持非常強的合作關係。所以我想了解，Microsoft 是否對本季創紀錄的 7 位數（百萬美元級）交易數量有所貢獻？以及你們如何看待與 VMware 的新合作？

So let me start with VMware. VMware has been a good partner for us. The portfolio of SD-WANs, if you look at SD-WANs, we have always said that SD-WAN is a good complementary area for us. And we have been actually securing some very, very large SD-WAN deployments out there. And it was natural for us to team up with VMware.

我先從 VMware 談起。VMware 一直是我們很好的合作夥伴。就 SD-WAN 的產品組合而言，如果你看 SD-WAN，我們一直說 SD-WAN 對我們來說是很好的互補領域。而且我們實際上也在外部保護了一些非常、非常大型的 SD-WAN 部署。因此，與 VMware 合作是很自然的選擇。

So what did we do? We had done integration so those SD-WANs can be deployed a lot more easily with a single click. And -- but more exciting than that, we are actually working them on -- with them on a number of joint go-to-market initiatives. Our salespeople are kind of doing joint account planning, and we were a number of market initiatives. So we think that will be a good partnership for incremental revenue for both our companies. That's on the VMware side of it.

那我們做了什麼？我們完成了整合，讓這些 SD-WAN 能夠透過單鍵點擊更容易部署。而且——更令人興奮的是，我們正與他們在多項聯合 go-to-market（市場推進）計畫上合作。我們的業務人員正在進行聯合客戶規劃，我們也推動了多項市場計畫。因此我們認為，這將會是能為兩家公司帶來增量營收的良好合作關係。以上是 VMware 方面。

Microsoft, you know that partner goes for several years, it started with helping Office 365 deployments with great user experience, single-configuration type of deployments. And then expand it beyond to Azure AD, to Azure Access, to Azure Sentinel and even to end point areas.

至於 Microsoft，你知道這個合作已經持續好幾年了，最初是協助 Office 365 的部署，提供很好的使用者體驗、單一設定類型的部署。之後又擴展到 Azure AD、Azure Access、Azure Sentinel，甚至延伸到端點領域。

Microsoft is pushing now Office 365 in financial services because they have been the late adopter of Office 365, and that's particularly helping us because those large companies want to make sure this deployment goes well, and Zscaler is the go-to partner in those deployments. So Microsoft is helping -- or we are helping Microsoft and they are helping us in these financial services customers.

Microsoft 現在正在金融服務業推動 Office 365，因為金融服務業一直是 Office 365 的較晚採用者。這對我們特別有利，因為那些大型公司希望確保部署順利，而 Zscaler 是這些部署中的首選合作夥伴。因此 Microsoft 正在幫助——或者說我們在幫助 Microsoft，而他們也在這些金融服務客戶上幫助我們。

I'm not sure if any of the specific deals this quarter were impacted by Microsoft. But in large companies, there will be large deals where we'll be working together with Microsoft to close those deals.

我不確定本季是否有任何特定交易受到 Microsoft 的影響。但在大型企業中，會有一些大型交易需要我們與 Microsoft 一起合作來完成成交。

Remo, did I miss something?

Remo，我有漏掉什麼嗎？

No. I think you got it.

沒有。我想你都講到了。

I show our next question comes from the line of Fatima Boolani from UBS.

我看到下一個問題來自 UBS 的 Fatima Boolani。

Jay or Remo, I wanted to hit back on some of the commentary in the prepared remarks around ZPA, ZPA deployment. I mean, we've gone from 0 to mid-teens percentage of your revenue now derived from ZPA. So I'm wondering, and appreciating some of the bigger picture factors that are driving the demand for ZPA, I'm wondering if you can be more specific about where some of the budget dollars are coming from that are getting reallocated in your favor for ZPA adoption?

Jay 或 Remo，我想回到你們在事先準備的講稿中對 ZPA、ZPA 部署的一些評論。我的意思是，ZPA 目前已從 0 成長到你們營收中約中十幾個百分點的占比。所以我想問，在理解推動 ZPA 需求的一些更宏觀因素之下，你們能否更具體說明：為了採用 ZPA，有哪些預算資金是從哪些項目被重新分配、轉移到你們這邊的？

And to what extent is there more expansion runway here that hasn't necessarily been pulled forward because we've all started working from home overnight over the course of this year? So just getting some more specificity around where sort of the ZPA budgetary dollars are being earmarked away from in your favor.

另外，這裡還有多大程度的擴張空間尚未被提前拉動？畢竟今年我們幾乎是一夕之間開始在家工作。所以想更具體了解，ZPA 的預算資金大致是從哪些地方被挪出、轉而支持你們的。

So if you think about it, while a lot of stuff we do are transformation, generally, there's an entry point for each area. That's the easiest one from a budget point of view. So VPN ends up being the entry point, that's the first point. But as we have said many times, ZPA is being bought for zero trust implementation.

如果你這樣想，雖然我們做的很多事情屬於轉型，但通常每個領域都會有一個切入點——從預算角度來看那是最容易的切入點。VPN 往往就是切入點，是第一步。但正如我們多次提到的，ZPA 的採購是為了落實零信任（zero trust）。

In the past 1 year, I have seen interest in zero trust gone big, big time. And it's a specific architecture where you don't connect users to the network. So any product, that's VPN related, whether it is an on-prem product or it's a cloud-based VPN, it's still VPN and doesn't really get counted as a zero trust offering.

在過去一年，我看到市場對零信任的興趣大幅、大幅提升。這是一種特定的架構：你不把使用者連到網路上。因此任何與 VPN 相關的產品，不論是地端產品或雲端 VPN，本質上仍是 VPN，並不真正被視為零信任方案。

So it starts with taking out the VPN budget. But more importantly, all the wins we are having are being done to make sure they can also do zero trust access, to not only your data center, but also do cloud applications sitting in Azure or AWS. And more and more customers want to implement zero trust even when you are in the office.

所以一開始是從移除 VPN 預算著手。但更重要的是，我們所有的勝出案例，都是為了確保他們也能做到零信任存取——不僅是存取你們的資料中心，也能存取位於 Azure 或 AWS 上的雲端應用。而且越來越多客戶希望即使在辦公室內也能實施零信任。

So we don't think the ZPA wins are coming because some of the deals are being pulled forward. We think COVID is actually accelerating and showing the need for zero trust, being able to access anything from anywhere. And we see this acceleration continuing. So very confident about that, the ZPA projection, and that's reflected in the pipeline we're seeing for ZPA. Remo?

因此我們不認為 ZPA 的勝出是因為某些交易被提前拉動。我們認為 COVID 實際上是在加速並凸顯零信任的必要性——能夠隨時隨地存取任何資源。我們也看到這種加速會持續下去。所以我們對 ZPA 的展望非常有信心，而這也反映在我們看到的 ZPA 銷售管線上。Remo？

Yes. With -- for new customer business, you take a look at what percentage of our new customers are buying both ZIA and ZPA? It's in the high 30% range. That's up from Q4. It was low 30% range. That's what's resonating. That is the digital transformation occurring that we see.

是的。就新客戶業務而言，你看看我們的新客戶中，有多少比例同時購買 ZIA 與 ZPA？目前在 30% 後段的高位。相較於 Q4 當時是 30% 出頭的低位，這是上升的。這正是市場的共鳴點。這就是我們所看到正在發生的數位轉型。

So it's -- again, the things that we're seeing internally related to what's occurring in the market indicates that digital transformation is top of mind for many IT professionals, and Zscaler's got a great solution -- or the best solution for them. And so that's giving us confidence.

所以——再一次，我們內部所看到、以及與市場正在發生的事情相關的各項跡象，都顯示數位轉型是許多 IT 專業人士最關注的議題，而 Zscaler 提供了很好的解決方案——或者說是最好的解決方案。因此這讓我們更有信心。

Yes. If I may say, the combination of ZIA and ZPA ensure that any user can work anywhere, office, home, wherever, and that's where the zero trust comes in. It's the same user experience, same level of security, same level of policy. That's what CIOs are buying.

是的。如果我可以補充，ZIA 與 ZPA 的組合可確保任何使用者都能在任何地方工作——辦公室、家裡或任何地方——而這正是零信任的核心所在。相同的使用者體驗、相同等級的安全性、相同等級的政策控管。這就是 CIO 們在買的東西。

I show our last question comes from the line of Catharine Trebnick from Colliers.

我看到我們最後一個問題來自 Colliers 的 Catharine Trebnick。

Congratulations on a phenomenal quarter. You had said in your prepared remarks that you had done well in the 3 verticals, finance, health care and manufacturing. But it seems like the federal government is a pretty big greenfield for you in 2021. And can you describe or give us some background on what you're doing to prepare to do well in that because they're also moving to Office 365, similar to the financial folks -- space.

恭喜你們交出非常亮眼的一季。你們在事先準備的講稿中提到，你們在三個垂直領域表現很好：金融、醫療保健與製造業。但看起來聯邦政府在 2021 年對你們而言是一個相當大的綠地市場。你能否描述一下，或提供一些背景，說明你們正在做什麼準備以在那個市場取得好成績？因為他們也在導入 Office 365，類似金融業——那個領域。

Yes. Catharine, thank you. Federal is a big opportunity for us. And our business is making good progress there. Our market -- we have a sizable team in place now. We have some very good FedRAMP certifications. And we've got a growing pipeline. In '21 and beyond, we expect federal to be a bigger part of our business.

是的，Catharine，謝謝。聯邦政府對我們而言是很大的機會，而且我們在那裡的業務正在取得良好進展。我們的市場——我們現在已經建立了一支相當規模的團隊。我們也取得了一些非常好的 FedRAMP 認證，並且銷售管線正在成長。在 2021 年及之後，我們預期聯邦業務會在我們整體業務中占比更大。

Remo, do you want to give color of where it is now?

Remo，你要不要補充一下目前的狀況？

Yes. Yes. Federal in Q1 was mid-single-digit of our new and upsell business. And as Jay mentioned, we're very pleased with the progress of our federal and see that as a substantial opportunity going forward.

好的。好的。Q1 聯邦業務在我們的新客與加購（upsell）業務中占比約為中個位數百分比。正如 Jay 提到的，我們對聯邦業務的進展非常滿意，並且認為這將是未來一個相當可觀的機會。

All right. So I think we're done with the questions. And I would like to say thank you for your interest in Zscaler. We hope to see you at Zenith Live and upcoming several investor conferences that we are participating in. Goodbye.

好的。我想我們的提問就到這裡。也想感謝各位對 Zscaler 的關注。我們希望在 Zenith Live 以及接下來我們將參與的幾場投資人會議上與各位再見。再會。

Great. Thank you.

好的。謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for attending. You may disconnect.

各位女士、先生，今天的電話會議到此結束。感謝各位參與。您現在可以掛線。