Zscaler, Inc. (ZS) 2020 Q4 法說會逐字稿

Ladies and gentlemen, thank you for standing by, and welcome to the Zscaler Fiscal Fourth Quarter and Full Year 2020 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

各位女士、先生，感謝您稍候，歡迎參加 Zscaler 2020 會計年度第四季及全年財報電話會議。（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 Mr. Bill Choi, Senior Vice President of Investor Relations. Thank you. Please go ahead, sir.

現在我想將會議交給投資人關係資深副總裁 Bill Choi 先生。謝謝。先生，請開始。

Good afternoon, everyone, and welcome to the Zscaler Fiscal Fourth Quarter and Full Year 2020 Earnings Conference Call. On the call with me today are Jay Chaudhry, Chairman and CEO; and Remo Canessa, CFO. Please note that we have posted our earnings release and a supplemental financial schedule to our Investor Relations website.

各位下午好，歡迎參加 Zscaler 2020 會計年度第四季及全年財報電話會議。今天與我一同出席的有董事長暨執行長 Jay Chaudhry，以及財務長 Remo Canessa。請注意，我們已將新聞稿與補充財務明細表發布於投資人關係網站。

Unless otherwise noted, all numbers we talk about today will be on an adjusted non-GAAP basis. You will find the reconciliation of GAAP to the non-GAAP financial measures in our earnings release. For historical periods, the GAAP to the non-GAAP reconciliations can be found in the supplemental financial information. Starting in fiscal '21, we will be excluding stock-based compensation related payroll taxes from our non-GAAP results. We have provided a separate table in the supplemental schedule with historical data for the last 8 quarters.

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 財務衡量指標的調節表。就歷史期間而言，GAAP 與非 GAAP 的調節可在補充財務資訊中查閱。自 2021 會計年度起，我們將把與股票基礎報酬相關的薪資稅自非 GAAP 結果中排除。我們已在補充明細表中提供一份獨立表格，列示過去 8 個季度的歷史資料。

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, 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 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. 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.

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、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、剩餘履約義務、所得稅以及每股盈餘。這些陳述及其他評論並非對未來表現的保證，而是受到風險與不確定性影響，其中部分超出我們的控制範圍，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。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 提交的文件以及今日的財報新聞稿。

I would also like to inform you that management will be attending the following upcoming virtual investor conferences: Citi Global Technology Conference tomorrow, Deutsche Bank Technology Conference on September 15 and Morningstar Management Behind the Moat Conference on September 29. Presentations for these events will be webcast, and the links 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投資人會議：明天的 Citi 全球科技大會、9 月 15 日的德意志銀行科技大會，以及 9 月 29 日的 Morningstar「Management Behind the Moat」大會。這些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, and thank you for joining us. I hope all of you and your families are staying healthy and safe. With the ongoing pandemic, I would like to acknowledge the tireless efforts of our team and partners who are committed to our customers' success.

謝謝你，Bill，也謝謝各位加入。我希望各位以及家人都能保持健康與安全。在疫情持續之際，我想肯定我們團隊與合作夥伴不懈的努力，他們致力於協助客戶取得成功。

I'm pleased to report our strong results for the fiscal fourth quarter and the full year 2020, with exceptional growth in both new customer and upsell business. In Q4, we delivered growth of 46% in revenue and 55% in billings, reflecting the increased momentum in our business as our customers accelerate their digital transformation despite the macroeconomic challenges. We offer customers a cloud-native platform, which we call the Zscaler Zero Trust Exchange, securely connecting users to applications or applications to applications in a borderless and hyperconnected digital world.

我很高興報告我們在 2020 會計年度第四季與全年取得強勁成果，新客戶與加購（upsell）業務皆呈現卓越成長。第四季我們營收成長 46%，帳單金額成長 55%，反映出即使面臨總體經濟挑戰，客戶仍加速數位轉型，帶動我們業務動能提升。我們為客戶提供雲端原生平台，我們稱之為 Zscaler Zero Trust Exchange，在無邊界且高度互聯的數位世界中，安全地連結使用者與應用程式，或應用程式與應用程式。

In the new work-from-anywhere economy, where applications are moving to the cloud and users are outside the corporate network, traditional network and network security have become irrelevant. We ensure that businesses can operate at any scale with users anywhere in the world on any device, independent of the network. We are helping our customers move from legacy network security to zero trust security, which reduces business risk and makes businesses agile and competitive.

在全新「隨處工作」的經濟環境下，應用程式正移轉至雲端，使用者也在企業網路之外，傳統網路與網路安全已變得不再適用。我們確保企業能在任何規模下運作，讓全球任何地方、使用任何裝置的使用者都能獨立於網路而安全運行。我們正協助客戶從傳統網路安全轉向零信任安全，降低業務風險，並讓企業更敏捷、更具競爭力。

As I reflect on the past 12 months, culminating in our strong Q4 performance, I view fiscal '20 as a pivotal year in which we made tremendous progress on a number of strategic fronts to position us well for long-term growth.

回顧過去 12 個月並以第四季的強勁表現作結，我認為 2020 會計年度是關鍵的一年；我們在多個策略面向取得重大進展，為長期成長奠定良好基礎。

Zscaler has never been stronger, and I believe we have an incredible opportunity in front of us. Let me highlight 3 pillars of our strategy: our platform, our products and our go to market.

Zscaler 從未如此強大，我相信我們面前有極佳的機會。讓我強調我們策略的三大支柱：平台、產品，以及市場推進（go to market）。

To start with our platform, Zscaler stands for zenith of scalability. True to our name, our platform continues to scale to new heights. Zscaler Zero Trust Exchange is the largest inline cloud security platform in the world, and we are processing more than 120 billion transactions and blocking more than 100 million threats per day from users across 185 countries. This large data set feeds our machine learning and AI engines for superior threat protection, better detection of user and application traffic anomalies and faster resolution of performance bottlenecks. All this happens on a platform that uses 70% renewable energy today with a goal to use over 90%. Deployed across more than 150 data centers, our Zero Trust Exchange platform was built from the ground up to fully deliver the promise of Gartner's Secure Access Service Edge or SASE framework.

先從平台談起，Zscaler 代表可擴展性的巔峰（zenith of scalability）。名副其實，我們的平台持續攀升至新的高度。Zscaler Zero Trust Exchange 是全球最大的內聯（inline）雲端安全平台，我們每天處理超過 1,200 億筆交易，並為來自 185 個國家的使用者每天阻擋超過 1 億個威脅。這個龐大的資料集為我們的機器學習與 AI 引擎提供養分，以帶來更優異的威脅防護、更佳的使用者與應用程式流量異常偵測，以及更快速的效能瓶頸排除。所有這些都發生在一個目前使用 70% 再生能源、目標超過 90% 的平台上。我們的 Zero Trust Exchange 平台部署於超過 150 個資料中心，自底層打造，完整實現 Gartner 的安全存取服務邊緣（Secure Access Service Edge，SASE）框架承諾。

Traditional network security vendors are trying to co-opt our vision of cloud security after rejecting it for years. They're trying to retrofit the legacy appliances into a cloud world. But just like you can't create Netflix by stacking thousands of DVD players in the cloud, you can't offer an inline high-performance security cloud by spinning up a bunch of virtual firewalls in a public cloud. To put it simply, having the right cloud-native architecture creates a significant barrier to entry for cloud imitators. Building a cloud-native architecture with full security and minimal latency was a daunting challenge, and running a massive inline distributed cloud with 99.999% of availability is an order of magnitude more difficult.

傳統網路安全供應商在多年否定我們的雲端安全願景之後，如今正試圖挪用（co-opt）我們的願景。他們想把傳統設備改裝（retrofit）到雲端世界。但就像你不可能把成千上萬台 DVD 播放器堆到雲端就做出 Netflix 一樣，你也不可能在公有雲中啟動一堆虛擬防火牆，就提供內聯且高效能的安全雲。簡而言之，正確的雲端原生架構，會對雲端模仿者形成顯著的進入門檻。打造兼具完整安全性與最低延遲的雲端原生架構是一項艱鉅挑戰，而要營運一個大規模、內聯、分散式且可用性達 99.999% 的雲端，其難度更是高出一個數量級。

For large enterprises who want network and security modernization, we believe we are the only cloud-native, multi-tenant platform that meets their needs. We ended fiscal '20 with over 4,500 customers, including over 150 of the Fortune 500 and over 450 of the Global 2000 companies. We have over 100 customers that generate over $1 million in ARR or annual recurring revenue. While the average NPS or Net Promoter Score of an average SaaS company is 30, Zscaler's NPS is 76, which is 2.5x higher, a proof of the value that Zscaler delivers.

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、多租戶平台。我們在 2020 會計年度結束時擁有超過 4,500 家客戶，其中包括超過 150 家《財富》500 強企業，以及超過 450 家全球 2000 大企業。我們有超過 100 家客戶的 ARR（年度經常性收入）超過 100 萬美元。一般 SaaS 公司的平均 NPS（淨推薦值）約為 30，而 Zscaler 的 NPS 為 76，高出 2.5 倍，證明 Zscaler 所提供的價值。

Next, on product innovation. This has been an exceptionally productive year for our engineering and product teams, where, through internal innovation and highly targeted acquisitions, we have significantly increased the number of products available on our platform, further expanding our already substantial technology lead. During the year, we expanded the number of solutions from 2 to 4.

接著談產品創新。對我們的工程與產品團隊而言，這是一個特別高產的一年；透過內部創新與高度聚焦的併購，我們大幅增加了平台上可用的產品數量，進一步擴大我們原本就相當可觀的技術領先優勢。在這一年中，我們將解決方案數量從 2 個擴展到 4 個。

First, our flagship ZIA solution expanded with 2 new products, out-of-band CASB and cloud browser isolation, which, together with our inline CASB and advanced DLP, expanded our addressable market for data protection.

第一，我們的旗艦 ZIA 解決方案新增了 2 項產品：帶外（out-of-band）CASB 與雲端瀏覽器隔離（cloud browser isolation）。這些產品與我們的內聯 CASB 及進階 DLP 搭配，擴大了我們在資料保護方面的可服務市場。

Second, our ZPA solution, which doubles our market opportunity, has become the most mature zero trust solution with deep and wide functionality, including support for web and non-web applications. With deployment at massive scale with over 150 Global 2000 customers, ZPA has become the market leader for zero trust security.

第二，我們的 ZPA 解決方案將我們的市場機會擴大一倍，並已成為最成熟的零信任解決方案，具備深度與廣度兼具的功能，包括支援 Web 與非 Web 應用程式。ZPA 已在大規模環境部署，擁有超過 150 家全球 2000 大客戶，並成為零信任安全的市場領導者。

Third, with the Zscaler platform uniquely sitting between the user and the application, our Zscaler Digital Experience or ZDX solution computes a performance score measuring the digital experience of every user and application, helping customers to pinpoint and resolve performance issues, further expanding our addressable market.

第三，由於 Zscaler 平台獨特地位於使用者與應用程式之間，我們的 Zscaler Digital Experience（ZDX）解決方案會計算效能分數，用以衡量每位使用者與每個應用程式的數位體驗，協助客戶精準定位並解決效能問題，進一步擴大我們的可服務市場。

Lastly, our next opportunity is to expand our Zero Trust Exchange to protect applications and data in public or private clouds. With our CSPM product, we can identify and remediate misconfigurations of cloud workloads, providing superior data protection. Our Workload Segmentation service implements a zero-trust architecture for app-to-app communication, where apps may be running on containers or virtual machines. This is a far superior approach for app segmentation without having to do network-based segmentation.

最後，我們的下一個機會是擴展 Zero Trust Exchange，以保護公有雲或私有雲中的應用程式與資料。透過我們的 CSPM 產品，我們可以識別並修復雲端工作負載的錯誤設定，提供更優異的資料保護。我們的 Workload Segmentation 服務為應用程式對應用程式（app-to-app）的通訊實作零信任架構，應用程式可能運行於容器或虛擬機器上。這是在不必進行以網路為基礎的分段（network-based segmentation）情況下，進行應用程式分段的更優越方法。

What sets us apart from the many vendors who claim to have a platform is the following: our platform is purpose-built for the cloud, it is designed to be extensible to integrate with our targeted acquisitions as well as with third-party products. Legacy network security vendors can't create a cloud platform by cobbling together a bunch of acquired companies. History has shown that this approach does not work.

讓我們有別於眾多自稱擁有平台的供應商之處在於：我們的平台是為雲端量身打造，並設計為可擴充，以整合我們有針對性的併購以及第三方產品。傳統網路安全供應商無法透過拼湊一堆收購而來的公司來打造雲端平台。歷史已證明這種做法行不通。

Moving on to the third pillar, go to market. We further refined our metric-driven, repeatable sales process, which is giving us deep visibility into our business and a strong and growing pipeline. We invested heavily this year to build our sales machine that we believe can demonstrate our compelling value to enterprises, drive larger deals and deliver consistent sales execution to take Zscaler beyond $1 billion in annual revenue.

接著談第三大支柱：市場推進（go-to-market）。我們進一步精煉以指標驅動、可重複的銷售流程，讓我們能更深入掌握業務狀況，並建立強勁且持續成長的銷售管線。今年我們大幅投資打造我們的銷售引擎，我們相信這能向企業客戶展現具說服力的價值、推動更大型的交易，並以一致的銷售執行力，帶領 Zscaler 年度營收突破 10 億美元。

Let me highlight a few of our go-to-market accomplishments. We significantly expanded our sales leadership by adding extra depth in our regional management. The build-out of our sales leadership is largely complete. We had another record quarter of hiring and exceeded our year-end target of 60% year-over-year increase in quota-carrying field reps. Even with the significant growth, our sales productivity was up for the year, exceeding our expectations. Since we launched our Summit Partner Program, we recruited additional cloud-focused channel partners to drive further sales leverage. We are pleased to see increasing wins and larger deal size with our Summit Partners. I'm extremely proud of our go-to-market team and how we executed our sales strategy this year.

我想強調幾項我們在市場推進方面的成果。我們透過在區域管理層增添更多深度，大幅擴充了銷售領導團隊。銷售領導團隊的建置大致已完成。我們再度創下單季招募新高，且配額承擔（quota-carrying）的前線業務代表人數年增幅超過我們年終目標的 60%。即使在顯著擴張之下，我們今年的銷售生產力仍有所提升，並超出我們的預期。自我們推出 Summit 夥伴計畫以來，我們招募了更多以雲端為重點的通路夥伴，以進一步提升銷售槓桿。我們很高興看到與 Summit 夥伴合作的勝出案增加，且交易規模更大。我為我們的市場推進團隊以及今年銷售策略的執行成果感到非常自豪。

Now let me provide some business highlights for the fourth quarter. Our ZIA business is accelerating due to our customers' focus on work-from-anywhere. When employees are allowed to directly access SaaS applications and the Internet from their homes, security becomes a major risk and they need ZIA. We continue to see the increased adoption of our high-end Transformation Bundle, which includes cloud firewall and sandbox. At the end of fiscal '20, 49% of our ZIA annual recurring revenue is coming from the Transformation Bundle compared to 43% last year.

接下來我提供第四季的一些業務重點。我們的 ZIA 業務正在加速成長，原因在於客戶聚焦於「隨處工作」（work-from-anywhere）。當員工被允許在家中直接存取 SaaS 應用程式與網際網路時，資安就成為重大風險，因此他們需要 ZIA。我們持續看到高階的 Transformation Bundle 採用率提升，該方案包含雲端防火牆與沙箱。在 2020 會計年度末，ZIA 的年度經常性收入（ARR）中有 49% 來自 Transformation Bundle，相較去年為 43%。

Let me share 2 ZIA deals in the quarter that show our accelerated momentum with the financial services customers.

我想分享本季兩筆 ZIA 交易，展現我們在金融服務客戶上的加速動能。

A new customer initially engaged us to secure SD-WAN for 120 offices. They shifted the focus from SD-WAN to securing 40,000 employees in their homes as a result of the pandemic. With sensitive financial data at risk, security was a major requirement and only a proxy architecture was considered. This customer purchased the entire ZIA portfolio, including CASB, advanced DLP and CSPM for Microsoft Office 365. Our integrated CASB offering replaced a CASB point product that by itself required 3 on-site engineers and a 7-figure annual spend. Our superior security at a very attractive ROI resonated with both the CIO and the CFO.

一位新客戶最初與我們接洽，是為了替 120 個辦公室的 SD-WAN 提供安全防護。但因疫情影響，他們將重點從 SD-WAN 轉為保護 4 萬名在家工作的員工。由於敏感的金融資料面臨風險，安全性成為主要需求，且只考慮代理（proxy）架構。該客戶購買了完整的 ZIA 產品組合，包括 CASB、進階 DLP，以及用於 Microsoft Office 365 的 CSPM。我們整合式的 CASB 方案取代了一個 CASB 單點產品；該單點產品本身需要 3 名駐點工程師與每年 7 位數美元的支出。我們更優異的安全性與極具吸引力的投資報酬率（ROI），同時打動了 CIO 與 CFO。

In a ZIA upsell, another financial services company that has been a customer since 2018 merged with a peer and more than doubled the purchase of Business Bundle plus DLP to protect all 70,000 employees. Like the prior example, this customer only considered a proxy architecture. They standardized on our platform and consolidated 3 vendors, streamlining their operations and reducing their cost. Our product integration with Microsoft and CrowdStrike was an important consideration.

在一筆 ZIA 加購（upsell）案中，另一家自 2018 年起即為客戶的金融服務公司與同業合併，將 Business Bundle 加上 DLP 的採購量提高到原本的兩倍以上，以保護全部 7 萬名員工。與前一個例子相同，該客戶也只考慮代理（proxy）架構。他們在我們的平台上完成標準化並整併 3 家供應商，簡化營運並降低成本。我們與 Microsoft 與 CrowdStrike 的產品整合是重要考量因素。

Next, I would like to highlight ZPA. We continue to have strong adoption of ZPA, which is benefiting from work-from-anywhere and applications migrating to the cloud. ZPA is more than a VPN replacement. It is an architectural shift to zero trust access for private applications in a multi-cloud environment. ZPA contributed 29% of our new and upsell business in fiscal '20 compared to 14% in the prior year.

接下來我想重點談 ZPA。我們持續看到 ZPA 的強勁採用，受惠於隨處工作以及應用程式遷移至雲端。ZPA 不只是 VPN 的替代品；它是在多雲環境中，針對私有應用程式導入零信任存取的架構性轉變。2020 會計年度中，ZPA 貢獻了我們新購與加購業務的 29%，相較前一年度為 14%。

In the quarter, we closed our largest deal for ZPA with a long-time customer. This Global 100 conglomerate had already purchased the entire ZIA portfolio for all employees and with the COVID pandemic, accelerated the transformation journey by purchasing ZPA for 300,000 employees. With the resounding success with ZIA and significant trust in Zscaler, they deployed ZPA globally in just a couple of weeks as the world battled the spread of COVID. While the immediate objective for this deal was to eliminate legacy VPN, ZPA was selected to implement zero trust security by establishing an application-level policy, where you connect users to specific apps, not to a network. ZPA is providing secure access to over 0.5 million unique applications, another proof point of its maturity and scalability.

本季我們與一位長期客戶完成了迄今最大的 ZPA 交易。這家全球百大（Global 100）綜合企業先前已為所有員工購買完整的 ZIA 產品組合；在 COVID 疫情下，他們透過為 30 萬名員工採購 ZPA，加速其轉型旅程。由於 ZIA 的成功導入以及對 Zscaler 的高度信任，他們在全球對抗 COVID 擴散之際，僅用數週就完成 ZPA 的全球部署。雖然此交易的即時目標是淘汰傳統 VPN，但他們選擇 ZPA 來落實零信任安全：建立應用程式層級的政策，讓使用者連到特定應用，而不是連到整個網路。ZPA 正為超過 50 萬個獨特應用程式提供安全存取，再次證明其成熟度與可擴展性。

Next, one of the world's largest IT services company with headquarters in Asia purchased ZPA for all 180,000 employees. This customer was using virtual firewalls and VPNs to protect their applications in the public cloud. They viewed each Internet-facing firewall or VPN as an attack surface that they wanted to eliminate. With the ZPA rollout, the customer reduced their Internet exposure for hundreds of applications down to a handful in less than 4 weeks, greatly reducing business risk. Legacy vendors try to sell their cloud-based VPN, but failed to meet the requirement for zero attack surface.

接著，全球最大的 IT 服務公司之一、總部位於亞洲的企業，為其全部 18 萬名員工採購了 ZPA。該客戶原本使用虛擬防火牆與 VPN 來保護其公有雲中的應用程式。他們將每一個對外網際網路曝露的防火牆或 VPN 視為攻擊面，並希望加以消除。隨著 ZPA 的導入，客戶在不到 4 週內，將數百個應用程式的網際網路曝露面從數百個縮減到少數幾個，大幅降低業務風險。傳統供應商試圖銷售其雲端 VPN，但無法滿足「零攻擊面」的需求。

I'm delighted to share that more customers are buying ZIA and ZPA together, which enables a true transformation with direct access to any application over any network.

我很高興分享，越來越多客戶同時購買 ZIA 與 ZPA，這使其能真正完成轉型：在任何網路上直接存取任何應用程式。

For example, a global professional services company purchased our Transformation Bundle plus DLP for 50,000 users and ZPA for 20,000 users. The business involves handling sensitive customer information, hence, they needed inspection of all traffic, including SSL for comprehensive data protection. The incumbent firewall vendor tried to sell its cloud-based offering, but was disqualified as they could not meet the SSL inspection and DLP requirements. Our zero trust approach will also help the customer to quickly integrate future M&A, a core growth strategy for this company.

例如，一家全球專業服務公司為 5 萬名使用者購買了我們的 Transformation Bundle 加上 DLP，並為 2 萬名使用者購買 ZPA。該業務涉及處理敏感的客戶資訊，因此他們需要對所有流量（包含 SSL）進行檢視，以達到全面資料保護。原本的防火牆供應商試圖銷售其雲端方案，但因無法滿足 SSL 檢視與 DLP 需求而被淘汰。我們的零信任方法也將協助客戶快速整合未來的併購（M&A），這是該公司核心成長策略。

And lastly, in another new logo deal, a federal civilian agency purchased ZIA Business Bundle with cloud firewall plus DLP and ZPA for 21,000 users. When the pandemic started, the agency relied on legacy VPN technology, which could not scale and resulted in poor user experience. While the immediate use case was VPN replacement, this agency acquired ZIA and ZPA together to transform its network and security with our FedRAMP authorized cloud platform. This win was notably our largest federal deal to date, and we are building considerable momentum in the U.S. federal market. With the highest levels of FedRAMP certifications of both ZIA and ZPA, which involves a rigorous process, we are positioned very well in this large market, and we are proud to help our government customers do their critical work in these trying times.

最後，在另一筆新客戶（new logo）交易中，一個聯邦文職機構為 2.1 萬名使用者購買了 ZIA Business Bundle（含雲端防火牆）加上 DLP，以及 ZPA。疫情開始時，該機構依賴傳統 VPN 技術，無法擴充並導致使用者體驗不佳。雖然即時使用情境是替換 VPN，但該機構同時採購 ZIA 與 ZPA，透過我們通過 FedRAMP 授權的雲端平台來轉型其網路與安全。這次勝出案是我們迄今最大的聯邦交易，我們也正在美國聯邦市場建立相當的動能。由於 ZIA 與 ZPA 皆取得最高等級的 FedRAMP 認證（需經嚴格流程），我們在這個龐大市場中具備非常有利的定位；我們也很自豪能在這段艱難時期協助政府客戶完成其關鍵工作。

Let me touch on a couple of our new products that are starting to contribute to deal wins. Our out-of-band CASB has become very comprehensive, helping us displace CASB point products and increase our deal size, as I indicated in the deal highlights. We are also starting to see early success with ZDX, including wins with a European consumer products company and a U.S.-based pharmaceutical company. While currently very small, we believe our new products create a significant growth opportunity.

我也想談談幾項開始為成交帶來貢獻的新產品。我們的帶外（out-of-band）CASB 已變得非常完整，正如我在交易重點中所提到的，這有助於我們取代 CASB 單點產品並提升交易規模。我們也開始看到 ZDX 的早期成功，包括在一家歐洲消費品公司與一家美國製藥公司取得勝出案。雖然目前規模仍小，但我們相信新產品將帶來顯著的成長機會。

As we start the new fiscal year, we are in a fortunate position to be able to help our customers pursue digital transformation, their highest IT priority. With the mindset change and the openness to transformation, I have seen an increase in CIO level awareness and engagement with us. The inbound customer requests have greatly increased, and we are becoming a part of bigger transformation projects and a key partner to consolidate point products, remove complexity and save costs. We are excited about our mission to make the cloud safe for business and enjoyable for users.

在新會計年度開始之際，我們處於有利位置，能協助客戶推動數位轉型——這是他們 IT 的最高優先事項。隨著思維轉變與對轉型的開放態度，我看到 CIO 層級對我們的認知與互動有所增加。客戶主動（inbound）的需求大幅提升，我們正成為更大型轉型專案的一部分，並成為整併單點產品、降低複雜度與節省成本的關鍵夥伴。我們對於「讓雲端對企業更安全、讓使用者更愉悅」的使命感到振奮。

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.

謝謝你，Jay。

As mentioned, we are pleased with the results for the fourth quarter and the full year 2020. Revenue for the quarter was $125.9 million, up 14% sequentially and 46% year-over-year. ZPA revenue was 12% of total revenue in the quarter. From a geographic perspective, for the quarter, Americas represented 50% of revenue, EMEA was 40% and APJ was 10%. For the full year, revenue was $431.3 million, up 42% year-over-year.

如前所述，我們對第四季與 2020 全年的成果感到滿意。本季營收為 1.259 億美元，較前一季成長 14%，年增 46%。本季 ZPA 營收占總營收的 12%。以地區來看，本季美洲占營收 50%，EMEA 占 40%，APJ 占 10%。全年營收為 4.313 億美元，年增 42%。

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 55% year-over-year to $194.9 million. As a reminder, our contract terms are typically 1 to 3 years, and we primarily invoice our customers 1 year in advance. Remaining performance obligations or RPO, which represents our total committed noncancelable future revenue, was $783 million on July 31, up 41% from 1 year ago. The current RPO is 55% of the total RPO.

接著談計算後帳單金額（calculated billings），我們將其定義為本季遞延收入的變動加上本季認列的總營收；帳單金額年增 55% 至 1.949 億美元。提醒一下，我們的合約期間通常為 1 至 3 年，且主要以預先開立 1 年期帳單為主。剩餘履約義務（RPO）代表我們已承諾且不可取消的未來收入總額，7 月 31 日為 7.83 億美元，較一年前成長 41%。其中，當期 RPO 占總 RPO 的 55%。

ZPA was 29% of total new and upsell business in fiscal '20 compared to 14% in the prior year. We are seeing a higher attach rate of ZPA, both in the number of deals and the number of seats per deal. We see a good mix of ZPA opportunities between new and existing customers, and we have a large upsell opportunity as only 35% of our 450 Global 2000 customers have purchased ZPA.

在 20 會計年度，ZPA 佔新業務與加購（upsell）業務總額的 29%，相較前一年度為 14%。我們看到 ZPA 的附加率（attach rate）更高，無論是在交易筆數或每筆交易的席位數（seats）上皆然。我們看到 ZPA 機會在新客戶與既有客戶之間有良好的組合，而且由於我們 450 家 Global 2000 客戶中僅有 35% 購買了 ZPA，因此我們仍有龐大的加購機會。

Our strong customer retention and ability to upsell have resulted in a consistently high dollar-based net retention rate, which is 120% for the quarter compared to 118% a year ago and 119% last quarter. 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 120% is outstanding.

我們強勁的客戶留存與加購能力，帶來持續維持高水準的以美元計價淨留存率（dollar-based net retention rate）；本季為 120%，相較一年前為 118%，上一季為 119%。如同我們先前強調，該指標會隨季度而波動。雖然這對我們的業務有利，但我們在銷售更大型的 Transformation Bundles 上更成功、從一開始就同時銷售 ZIA 與 ZPA，以及在一年內更快速的加購，未來可能會降低我們的以美元計價淨留存率。綜合考量這些因素，我們認為 120% 的表現非常出色。

Total gross margin was 78%, down 2 percentage points sequentially and 3 points year-over-year. The decline is primarily due to ZPA traffic growing over 10x since February and our augmented use of AWS and Azure to meet the surge in demand, which run at significantly higher cost compared to our data centers. The gross margin was better than our guidance of 76% to 77% as we made solid progress on migrating more of the ZPA traffic to our data centers during the quarter. As we mentioned previously, our combined gross margins of our core products, ZIA and ZPA, are expected to return to 80% in the second half of fiscal 2021. However, most of our new emerging products, which includes 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 total corporate gross margins to be 78% to 79% in fiscal 2021.

總毛利率為 78%，較上一季下降 2 個百分點，較去年同期下降 3 個百分點。下滑主要是因為自 2 月以來 ZPA 流量成長超過 10 倍，以及我們為了因應需求激增而增加使用 AWS 與 Azure；相較於我們自有資料中心，這些公有雲的成本顯著更高。由於我們在本季將更多 ZPA 流量遷移至自有資料中心方面取得扎實進展，毛利率優於我們 76% 至 77% 的指引。正如我們先前提到，我們核心產品 ZIA 與 ZPA 的合併毛利率，預期在 2021 會計年度下半年回升至 80%。然而，我們多數新興產品（包括 ZDX、Workload Segmentation 與 CSPM）在未來擴大規模並導入自有資料中心之前，將先運行於公有雲。在公有雲期間，這些產品的毛利率將低於核心產品。因此，我們預期 2021 會計年度公司整體毛利率為 78% 至 79%。

Turning to operating expenses. Our total operating expenses increased 14% sequentially and 46% year-over-year to $90.7 million, was flat year-over-year as a percentage of revenue at 72%. Operating expenses in Q4 includes approximately $2.9 million of expenses associated with the Cloudneeti and Edgewise acquisitions.

接著談營業費用。我們的總營業費用較上一季增加 14%，較去年同期增加 46%，達到 9,070 萬美元；以營收百分比計算為 72%，與去年同期持平。第四季的營業費用包含約 290 萬美元，與 Cloudneeti 與 Edgewise 併購相關的費用。

Sales and marketing increased 14% sequentially and 46% year-over-year to $59.7 million. The year-over-year increase was due to higher compensation expenses and investments in building our teams and go-to-market initiatives, offset by lower T&E. We've been very successful in hiring and onboarding remotely. We exceeded our goal of increasing our field rep headcount by 60% for the full year.

銷售與行銷費用較上一季增加 14%，較去年同期增加 46%，達到 5,970 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市場推進（go-to-market）計畫上的投資，但部分被較低的差旅與交際（T&E）所抵銷。我們在遠端招募與到職培訓方面非常成功。我們也超越了全年將前線業務代表（field rep）人數增加 60% 的目標。

R&D was up 19% sequentially and up 54% year-over-year to $20.3 million. The increase was primarily due to continued investments in our team.

研發（R&D）費用較上一季增加 19%，較去年同期增加 54%，達到 2,030 萬美元。增加主要來自我們持續對團隊的投資。

G&A increased 8% sequentially and 33% year-over-year to $10.7 million. The growth in G&A includes investments in building our teams, compensation-related expenses and professional fees, including acquisition-related expenses.

一般與行政（G&A）費用較上一季增加 8%，較去年同期增加 33%，達到 1,070 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，其中也包括併購相關費用。

Our fourth quarter operating margin was 6%, which compares to 9% in the same quarter last year. Net income in the quarter was $7 million or non-GAAP earnings per share of $0.05.

我們第四季的營業利益率為 6%，相較去年同期同一季度為 9%。本季淨利為 700 萬美元，或非 GAAP 每股盈餘為 0.05 美元。

We ended the quarter with over $1.3 billion in cash, cash equivalents and short-term investments, including net cash of approximately $1 billion raised for the June offering of convertible senior notes due in 2025. Free cash flow was positive $11 million in the quarter.

本季結束時，我們持有超過 13 億美元的現金、約當現金與短期投資，其中包含因 6 月發行、2025 年到期之可轉換優先票據（convertible senior notes）所募集的約 10 億美元淨現金。本季自由現金流為正 1,100 萬美元。

Now moving on to guidance. As a reminder, these numbers are all non-GAAP, which excludes stock-based compensation expenses, amortization of debt discount, amortization of intangible assets, facility exit costs and any associated tax effects. As Bill indicated earlier, starting in fiscal 2021, we will also be excluding stock-based compensation related payroll taxes from our non-GAAP results. For the first quarter of fiscal 2021, we expect revenue in the range of $131 million to $133 million, reflecting a year-over-year growth of 40% to 42%; operating profit in the range of $8 million to $10 million; other income of $500,000 net of interest payments on the senior convertible notes; income taxes of $1.25 million; and earnings per share of approximately $0.05 to $0.06, assuming 143 million common shares outstanding.

接下來談指引。提醒一下，以下數字皆為非 GAAP，排除以股份為基礎的薪酬費用、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。如 Bill 先前所述，自 2021 會計年度起，我們也將把與以股份為基礎薪酬相關的薪資稅（payroll taxes）自非 GAAP 結果中排除。對於 2021 會計年度第一季，我們預期營收介於 1.31 億至 1.33 億美元，反映年增 40% 至 42%；營業利益介於 800 萬至 1,000 萬美元；其他收益為 50 萬美元（已扣除可轉換優先票據利息支出）；所得稅為 125 萬美元；每股盈餘約 0.05 至 0.06 美元，假設流通在外普通股為 1.43 億股。

For the full year fiscal '21, we expect revenue in the range of $580 million to $590 million or year-over-year growth of 34% to 37%; calculated billings in the range of $710 million to $720 million or year-over-year growth of 29% to 31%. Over the last 5 years, first-half billings have represented, on average, 43% to 44% of full year billings. We would expect a similar distribution in fiscal 2021. Operating profit in the range of $44 million to $46 million; other income of $2 million; income taxes of $5 million; and earnings per share in the range of $0.28 to $0.30, assuming approximately 145 million common shares outstanding.

對於 21 會計年度全年，我們預期營收介於 5.80 億至 5.90 億美元，或年增 34% 至 37%；計算後帳單金額（calculated billings）介於 7.10 億至 7.20 億美元，或年增 29% 至 31%。過去 5 年，上半年帳單金額平均約佔全年帳單金額的 43% 至 44%。我們預期 2021 會計年度也會有類似的分布。營業利益介於 4,400 萬至 4,600 萬美元；其他收益為 200 萬美元；所得稅為 500 萬美元；每股盈餘介於 0.28 至 0.30 美元，假設流通在外普通股約 1.45 億股。

Our guidance reflects the increased investments in our business driven by 2 major developments. One, COVID-19 is accelerating digital transformation, which is the market Zscaler was created to serve. We feel we have momentum based on our performance, and we see the market coming to us. Our plans are to continue to invest aggressively in sales and marketing behind the growth in our business. Two, our pursuit of additional market opportunities with our new products that Jay reviewed earlier. As I've indicated, the acquisitions of Cloudneeti and Edgewise are expected to have an immaterial impact on revenue in fiscal '21, while adding approximately $12 million to $14 million in operating expenses. In addition, we will increase investments in our technology platform and cloud infrastructure.

我們的指引反映了在兩項重大發展驅動下，對業務加大投資。第一，COVID-19 正在加速數位轉型，而這正是 Zscaler 創立時所要服務的市場。我們基於自身表現感受到動能，也看到市場正在向我們靠攏。我們的計畫是持續在銷售與行銷上積極投資，以支撐業務成長。第二，是我們透過 Jay 先前回顧的新產品，追求更多市場機會。如我所述，收購 Cloudneeti 與 Edgewise 預期在 21 會計年度對營收影響不大，但將使營業費用增加約 1,200 萬至 1,400 萬美元。此外，我們也將增加對技術平台與雲端基礎設施的投資。

Given our accelerated investments this year, we would like to provide an update to our long-term financial model. We expect to achieve 20% to 22% operating margin for the full year in fiscal '24. While we will balance growth and profitability, growth will take priority, considering our significant market opportunity. We are confident of reaching our target operating model within the next 4 years.

鑑於我們今年加速投資，我們希望更新長期財務模型。我們預期在 24 會計年度全年達成 20% 至 22% 的營業利益率。雖然我們會在成長與獲利之間取得平衡，但考量到龐大的市場機會，成長將優先。我們有信心在未來 4 年內達成目標營運模型。

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

現在我想把電話交回給 Jay。

Thank you, Remo.

謝謝你，Remo。

We believe we are in the early innings of a significant market opportunity to secure digital transformation. Just like Salesforce and Workday developed cloud-native, multi-tenant platforms to disrupt large legacy software vendors, Zscaler has a similar opportunity to disrupt network security. With multiple tailwinds, such as SaaS adoption, work-from-anywhere and app migration to public clouds, we believe the market is coming to us. The value proposition of a zero-trust platform is resonating with customers. Our next big opportunity is to expand into securing app-to-app communication in the cloud as well as monitoring end-to-end digital experience. As we demonstrated in recent quarters, we are delivering world-class sales execution, and we believe we are positioned for long-term growth.

我們相信，在確保數位轉型安全這個重大市場機會上，我們仍處於早期階段。正如 Salesforce 與 Workday 開發雲端原生、多租戶平台以顛覆大型傳統軟體供應商一樣，Zscaler 也有類似的機會來顛覆網路安全。在多項順風因素推動下，例如 SaaS 採用、隨處工作（work-from-anywhere）以及應用程式遷移至公有雲，我們相信市場正在向我們靠攏。零信任平台（zero-trust platform）的價值主張正引起客戶共鳴。我們下一個重大機會，是擴展到保護雲端中的應用程式對應用程式（app-to-app）通訊，以及監測端到端的數位體驗。正如我們在最近幾季所展現的，我們正在交付世界級的銷售執行力，並相信我們已為長期成長做好定位。

We thank you for your interest in Zscaler and look forward to reporting our progress in the future.

感謝您對 Zscaler 的關注，我們期待未來向各位報告我們的進展。

Operator, you may now open the call for questions.

接線員，您現在可以開放提問。

(Operator Instructions) Our first question comes from Walter Pritchard with Citi.

（接線員指示）我們的第一個問題來自花旗（Citi）的 Walter Pritchard。

I'm wondering if you could juxtapose the guidance for billings next year, around 30%, with the capacity growth you've had in sales, which I think is about double that. Obviously, there's some puts and takes around productive reps and so forth, but how should we think about those 2 things together? And you had productivity increase this year, I think you said in the script, just wanted to make sure we're thinking about those together or anything that drives the disparity.

我想請教，若把明年帳單金額（billings）約 30% 的指引，與你們在銷售端的產能成長（capacity growth）做對照——我認為後者大約是前者的兩倍——你們建議我們如何把這兩者放在一起思考？顯然其中有一些因素會拉高或拉低，例如業務代表的成熟度與產能爬坡（productive reps）等等，但我們應該如何同時看待這兩件事？另外，你們今年的生產力也有提升，我記得你們在講稿中有提到；我只是想確認，我們是否應把這些一起納入考量，或是否有任何因素導致兩者之間出現差距。

Yes. If I can take that, Walter. I think you've known me for a long time. Related to how we do guidance, we like to be prudent. As Jay mentioned on the call, we had planned initially for fiscal '20 that our sales productivity would be down. And when you consider that we're able to increase our field quota sales reps by 60%, primarily in the second half, for us to be higher sales productivity in fiscal '20, I think, speaks volumes related to the go to market and the team we have in the sales organization as well as the market coming to us. As we go forward into fiscal '21, just some clarity, the key thing to remember is that we see the market coming to us. Everything points that basically the market is coming to us from pipeline growth, new customer meetings, new customer growth and just the employees that we're bringing onboard, deal sizes, consolidation going on. All the things, everything we're looking at basically points to that growth. So what we're doing basically is we're going to invest in the growth of the company.

是的。Walter，如果我可以接著回答。我想你認識我很久了。就我們如何提供指引而言，我們一向偏向審慎。如同 Jay 在電話會議中提到的，我們原先在 2020 會計年度的規劃是銷售生產力會下滑。而當你考量到我們能將前線配額制銷售代表增加 60%，且主要發生在下半年，對我們而言，2020 會計年度的銷售生產力反而更高，我認為這充分說明了我們的市場進入策略（go-to-market）、銷售組織的團隊實力，以及市場需求正朝我們而來。展望 2021 會計年度，為了更清楚說明，關鍵要記住的是：我們看到市場正在朝我們而來。從管線成長、新客戶會議、新客戶成長、我們招募加入的員工、交易規模、以及正在發生的整併等各方面來看，我們所看到的一切基本上都指向成長。因此，我們接下來要做的，就是投資公司的成長。

From an operating profitability perspective, it is easy to get to in a SaaS model to operating profitability quicker. All you got to do is slow things down because of the contribution margin in years 2 and 3. Jay and I have said from the start, if we see this market coming to us, we're going to step on the gas. And we're seeing the market coming to us, we're stepping on the gas, and we're going to significantly increase our investments across the board in the company, in particular, in sales and marketing, continued sales and marketing, R&D and also our cloud operations and delivery of our platform.

從營運獲利能力的角度來看，在 SaaS 模式下要更快達到營運獲利其實很容易。你只要把節奏放慢，因為在第 2 年與第 3 年有貢獻毛利（contribution margin）。Jay 和我從一開始就說過，如果我們看到市場正在朝我們而來，我們就會踩油門。而我們確實看到市場正在朝我們而來，所以我們正在踩油門，並將在公司各方面大幅增加投資，特別是在銷售與行銷（持續加碼銷售與行銷）、研發（R&D），以及我們的雲端營運與平台交付。

Our next question comes from Matt Hedberg with RBC Capital Markets.

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

Congrats on the quarter. Jay, digital transformations are clearly accelerating post-COVID. And I'm wondering, though, as you talk to executives, are a lot of them thinking that, in fact, security transformation has to happen first? In other words, is that a precursor to digital transformation? And is that, it's also sort of leading to what I would assume is record pipelines here exiting the year?

恭喜本季表現。Jay，COVID 之後數位轉型顯然正在加速。不過我想問的是，當你與企業高階主管交流時，是否有很多人認為其實必須先進行資安轉型？換句話說，資安轉型是否是數位轉型的前置條件？而這是否也在推動我所推測的——在年度結束時出現創紀錄的銷售管線？

That's correct, Matt. Thank you. So if you think of digital transformation, it has 3 pieces to it. Everything starts with application transformation and modernization because people need to access applications, maybe business application, collaboration and the like. And since it's new economy, you can't be sitting on the network in your branch offices or wherever. You end up working from anywhere and wherever, so you must be secured. So security becomes an important enabler of this transformation journey. In fact, I would say that security comes first before any of the network transformation or SD-WAN comes in because without proper cloud-centric, security can't be done. That's why we are seeing the acceleration in our business. That's why when people say, gee, after COVID, are things going to slow down? I say, no, we are seeing actually acceleration in our business, not because of a onetime event, but because of accelerating trend. More and more CIOs, CISOs are talking to us. The other thing I would mention is, our business is not driven by just CISOs. The #1 buyer of Zscaler or #1 sponsor of Zscaler transformation is CIO and then CTO and CISO come along with that.

沒錯，Matt。謝謝你。若你把數位轉型拆解來看，它有三個部分。一切都從應用程式轉型與現代化開始，因為人們需要存取應用程式，可能是商務應用、協作等。而在新經濟下，你不可能還坐在分公司或任何地方的網路上工作；你會變成隨時隨地工作，因此必須確保安全。所以，資安成為這段轉型旅程的重要推動者。事實上，我會說在任何網路轉型或 SD-WAN 之前，資安要先到位，因為若沒有以雲端為中心的正確架構，資安是做不好的。這也是為什麼我們看到業務加速。也因此當有人說，COVID 之後事情會不會放緩？我會說不會，我們其實看到業務在加速，不是因為一次性的事件，而是因為趨勢正在加速。越來越多 CIO、CISO 正在與我們對話。另一點我想提的是，我們的業務不只是由 CISO 驅動。Zscaler 的第一大買家或 Zscaler 轉型的第一大贊助者是 CIO，接著 CTO 與 CISO 會一起加入。

Our next question comes from Alex Henderson with Needham.

下一個問題來自 Needham 的 Alex Henderson。

Just one technical question and then one on the technology side. Can you talk about whether you expect to continue to expand your sales capacity at a pace faster than sales in your '21 guidance? And then second piece on the technology front, I'm really fascinated by your commentary around the modern application protection, domain-to-domain, app-to-app environments. Can you talk a little bit about how you penetrate into the Kubernetes orchestration environment, tie into Jenkins and CI/CD processing? And does that put you in conflict with some of the CDN players or are you more a partner with them?

我有一個技術性問題，然後再一個偏技術面的問題。你們能否談談，在你們對 2021 年的指引中，是否預期會以快於銷售成長的速度持續擴充銷售產能？第二個技術面問題，我對你們提到的現代應用程式防護、網域對網域、應用對應用的環境非常感興趣。你們能否多談一些，如何切入 Kubernetes 編排環境、如何與 Jenkins 以及 CI/CD 流程整合？這是否會讓你們與某些 CDN 業者產生競爭，還是你們更像是他們的合作夥伴？

I'll take the first question, Alex. The answer is yes. We are increasing sales capacity significantly in fiscal '21. The sales capacity increase, we took a bet last year about increasing sales capacity, and it was the right bet. And basically, the increased sales capacity puts us in good position going into fiscal '21. Much of that sales capacity in fiscal '20, basically coming on the second half, will have a positive impact in the second half of our fiscal '21.

Alex，我先回答第一個問題。答案是會。我們在 2021 會計年度將大幅提升銷售產能。我們去年押注要提高銷售產能，而那是正確的押注。基本上，提升後的銷售產能讓我們在進入 2021 會計年度時處於有利位置。2020 會計年度新增的許多銷售產能主要是在下半年到位，將在 2021 會計年度的下半年帶來正面影響。

Related to going into fiscal ['21] (corrected by the company after the call), we're trying to increase our sales capacity and trying to front-end load that sales capacity, increase it. As we go forward, we're going to monitor how the business is going. But as I mentioned before, all indicators are, it's just very, very positive. The sales productivity, as I mentioned, that we exceeded our sales productivity, being above the prior year, where we thought we'd be below, it just speaks to what we put in place. One of the key things, I mean, when you think about Zscaler, when you think about a company that built the platform for today and the future, you're talking about a market that basically we knew was there but wasn't coming to us as fast as we thought it would. It's now coming to us because basically, the external factors which are hitting the world.

關於進入 2021 會計年度（公司在電話會議後更正），我們正嘗試提高銷售產能，並試圖把這些產能的投入前置、加快擴充。往前看，我們會持續監控業務進展。但如我先前提到的，所有指標都非常、非常正向。至於銷售生產力，如我所說，我們的銷售生產力超出預期，且高於前一年；原本我們以為會低於前一年，這充分說明了我們所建立的機制。關鍵之一是，當你想到 Zscaler，想到一家為今天與未來打造平台的公司，你談的是一個我們早就知道存在、但原本沒有如我們預期那麼快朝我們而來的市場。現在它正朝我們而來，因為外部因素正在衝擊全球。

And then the missing piece basically is the go-to-market. We feel we've got, if not the world's best sales machine, one of the world's best sales machines with the leadership that we have in our sales organizations and the investments that we made in that in fiscal '20 and we'll continue to make into fiscal '21. Having said that, basically, the foundation is in place. That foundation in the go-to-market was built in fiscal '20. Now we're going to add to it. We'll monitor it. And if we see things as we're hoping to, we'll continue to expand.

而缺的那一塊基本上就是市場進入策略（go-to-market）。我們認為，憑藉我們銷售組織的領導團隊，以及我們在 2020 會計年度所做、並將在 2021 會計年度持續投入的投資，我們擁有即便不是全球最強、也是全球最強之一的銷售機器。話雖如此，基礎已經到位。這個 go-to-market 的基礎是在 2020 會計年度建立的。現在我們要在此之上加碼。我們會監控，如果事情如我們所期待的發展，我們會持續擴張。

And Alex, this is Jay. The second part of your question is application protection in public cloud. We're seeing lots and lots of dynamic workloads being launched in public cloud. Their security has to be done. Different vendors try to look at it different ways. Legacy vendors try to take the legacy approach to it. For example, firewall guys will say, let me try to create network segmentation. CDN guys are trying to say, gee, I'm a CDN vendor, can I build a WAF around it and the like? We come from the fact that, in this new world, there is no such thing as traditional security. We are the exchange. We're the switch core. We connect the right user to right application. We're extending the same concept to say, we will securely connect right application to right application, right process to the right process, and that's using core of our ZPA technology, combined with the acquisition we did of a company called Edgewise Networks. So it's a nascent new market. It's a disruption opportunity. We think we can do the same thing in a public cloud that we have done for ZIA and ZPA type of technologies.

Alex，我是 Jay。你問題的第二部分是公有雲中的應用程式防護。我們看到非常非常多的動態工作負載在公有雲上啟動，而它們的安全必須被處理。不同供應商會用不同方式看待。傳統供應商會用傳統方法來做。例如，防火牆廠商會說，讓我嘗試做網路分段（network segmentation）。CDN 廠商則會說，既然我是 CDN 供應商，我能不能在周邊建立 WAF 等等？我們的出發點是：在這個新世界裡，沒有傳統資安這回事。我們是交換平台（exchange），我們是交換核心（switch core）。我們把正確的使用者連到正確的應用程式。我們把同樣的概念延伸到：我們會安全地把正確的應用程式連到正確的應用程式、把正確的流程連到正確的流程；這是以我們 ZPA 技術的核心為基礎，再結合我們收購的 Edgewise Networks。這是一個新興市場，也是一個顛覆性的機會。我們認為，我們能在公有雲中做到我們在 ZIA 與 ZPA 類型技術上所做到的同樣事情。

Our next question comes from Andrew Nowinski with D.A. Davidson.

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

Congrats on the great quarter. I just want to ask more of a competition-related question. Cisco acquired a company called ThousandEyes recently, which I believe is a technology aimed at providing more network visibility similar to ZDX. So I'm wondering if you're seeing any more competition from Cisco in the zero-trust market. And then also, could you also provide any feedback on your win rates versus Palo Alto?

恭喜你們有很棒的一季。我想問一個比較與競爭相關的問題。Cisco 最近收購了一家叫 ThousandEyes 的公司，我相信那是一項旨在提供更多網路可視性、類似 ZDX 的技術。所以我想知道，你們是否在零信任市場看到來自 Cisco 更多的競爭？另外，你們也能否提供一些你們相較於 Palo Alto 的贏單率（win rates）回饋？

Yes. Let me start with this, your first question about network visibility vendors. It is true that a lot of vendors that are doing network monitoring and the network they monitored was typically the wide area network, the private network. We don't do any of that. We believe that Internet is the new network. So we are not focused on network itself. We are focused on end-to-end monitoring and performance of the user, from user to the application. The network is a piece of it. Application is a piece of it. An end user device may be a piece of it. Even though network performance is an old market, app performance is an old market, the market we are going after is a relatively new market because of work-from-anywhere. That's number one.

是的。我先從你第一個關於網路可視性供應商的問題開始。確實，有很多做網路監控的供應商，而他們過去監控的網路通常是廣域網路（WAN）、私有網路。我們不做那一塊。我們相信網際網路才是新的網路。因此我們不聚焦在網路本身；我們聚焦在端到端的監控與使用者的效能表現，從使用者到應用程式。網路是其中一部分，應用程式是其中一部分，終端使用者裝置也可能是其中一部分。儘管網路效能是個老市場、應用效能也是個老市場，但我們所鎖定的市場相對較新，因為它是由隨時隨地工作（work-from-anywhere）所驅動。這是第一點。

Number two, this part doesn't really have much to do with zero trust. This is about performance. Your question was, are we seeing zero trust competition from other large vendors? Zero trust can't be done by cobbling things on top of network security. If you're doing network security, you don't do zero trust because zero trust means not securing the network, assuming that you can't be trusted to be on the network. So that's the second part.

第二點，這一部分其實跟零信任沒有太大關係。這是關於效能。你的問題是，我們是否看到來自其他大型供應商的零信任競爭？零信任不能靠在網路安全之上東拼西湊來完成。如果你在做網路安全，你就不是在做零信任，因為零信任的意思是不去保護網路，而是假設你在網路上是不可信的。所以這是第二部分。

The third part is, I think you mentioned competition from a firewall company, I think. So we think, look, if you think with a zero trust, we say we securely connect an entity to another entity, a user to an application without putting them on the network. Network is merely transport for us. All network security companies, including firewalls, they're trying to secure the network. Our architecture is totally opposite to other architecture. So while we see them on some of the lower accounts, when it comes to large enterprises, they're very savvy. They understand zero trust. They understand security. They understand proxy architecture. And as I highlighted in a few of my use cases in my prepared remarks and some of the customer wins, firewalls are generally ruled out at the upfront even if they try to go in there because proxy architecture becomes a requirement to do proper security, including SSL inspection.

第三點是，我想你提到來自一家防火牆公司的競爭，我想是這樣。所以我們認為，如果你用零信任的思維來看，我們說的是把一個實體安全地連到另一個實體，把使用者連到應用程式，而不需要把他們放到網路上。對我們而言，網路只是傳輸。所有網路安全公司，包括防火牆，都在試圖保護網路。我們的架構與其他架構完全相反。所以雖然我們在一些較低階的客戶案子上會看到他們，但到了大型企業，他們非常精明。他們理解零信任。他們理解安全。他們理解代理（proxy）架構。正如我在事先準備的發言中提到的幾個使用案例以及一些客戶勝利所強調的，防火牆通常在一開始就會被排除，即使他們試圖切入，因為要做正確的安全（包括 SSL 檢查），代理架構會成為必要條件。

Our next question comes from Brad Zelnick with Crédit Suisse.

我們的下一個問題來自 Crédit Suisse 的 Brad Zelnick。

Great. Congratulations, guys, a real, real strong finish to an unbelievable year, and it's great to see. Remo, I wanted to drill in on the update that you provided on the long-term model. So you've told us now you've put a timeline to when you'd be at 20% to 22% operating margins 4 years out. And if I'm not mistaken, I recall that around the time of the IPO, you had thought that the company would be at $800 million to $1 billion in revenue at the time that you would hit that goal. And I just want to go back and think about, if I try to back of the envelope model out to '24 and we assume natural deceleration over time, is it fair that at that point you would be growing the business maybe somewhere in the high teens or low 20s? Do you think about it that way? And as well, how should we think about the slope of that margin expansion over time on the way to the 20% to 22%?

很好。恭喜各位，在這個不可思議的一年裡，最後收尾真的、真的非常強勁，很高興看到。Remo，我想深入追問你對長期模型所提供的更新。所以你現在告訴我們，你已經給出了時間表：在 4 年後達到 20% 到 22% 的營業利益率。如果我沒記錯，我記得在 IPO 前後，你曾認為公司在達到該目標時，營收會在 8 億到 10 億美元之間。我只是想回頭思考一下：如果我用粗略的方式推算到 2024 年，並假設成長率隨時間自然放緩，那麼是否可以說到那個時點，你們的業務成長可能落在高十幾％或低 20% 的區間？你是這樣看待的嗎？另外，在邁向 20% 到 22% 的過程中，我們應該如何看待利潤率擴張的斜率（速度）？

Brad, a lot of great questions in that. You've got several questions. The key thing is that the world changed. The world changed from the time we went public. And what's happened, basically, we're seeing an acceleration in our business, as I talked about before. The 2 things that we're seeing in the acceleration. One is very apparent, which is basically COVID-19. I mean it's basically accelerating transformation, and it's the market that we're built for. So that's one thing that's going on. The second thing, basically, with our emerging products, we have a significant additional TAM in our user experience product and also Workload Segmentation. And what we've decided is that to refine the 20%, 22% profit target, and we're saying for the full year fiscal '24 versus the dollar amount which we provided before. What we've also said basically is that -- and you know the model, I mean, you know the SaaS model. We can slow this thing down and get there like next year if we want to. Is that the right thing to do for the shareholders?

Brad，你裡面有很多很棒的問題，你問了好幾個。關鍵在於世界變了。從我們上市那時起，世界就改變了。而基本上發生的事情是，我們看到業務在加速，正如我之前談到的。我們看到加速的兩個因素：第一個非常明顯，就是 COVID-19。它基本上正在加速轉型，而這正是我們為之打造的市場。這是正在發生的一件事。第二件事是，隨著我們的新興產品，我們在使用者體驗產品以及 Workload Segmentation（工作負載分段）上，擁有顯著額外的 TAM（總可服務市場）。我們所做的決定是，將 20%、22% 的獲利目標加以精煉，並且改為以 2024 會計年度全年為時間點，而不是先前提供的美元金額。除此之外，我們也基本上說過——你也知道這個模型，你知道 SaaS 模型——如果我們想要的話，我們可以把成長放慢，然後像明年就達成。那對股東來說是正確的做法嗎？

No.

不是。

With this market opportunity that we have? It is absolutely not. But so therefore, from -- and Jay and I have had long discussions about this. Jay and I, we met 4 years ago. I mean there's not much that's changed. We basically are on the same page. I took this job to build a great company. I took this job because of my respect for Jay and because we're on the same page. We're trying to build a very meaningful and significant company, and we feel we have that opportunity, more so now than before because of the changes in the world. We will put growth ahead of profitability, but we're putting -- the end zones, basically, the goalpost is where we're at right now for our projections for fiscal '21 and where we are going to be for the full year fiscal '24. What growth rates? I can't tell you. How are things going to play out? I can't tell you. What I can tell you is we can get there. We can get there no matter how this market goes. with the product platform that we have, that we started out with the ZIA, then we expanded to ZPA, and you take a look at the growth in ZPA that we've had, it's been pretty significant. Now you're adding ZDX, the user experience, which we think is a significant market, as I mentioned. You're putting on board the Workload Segmentation. And then you have the ability to bring other products like CASB out-of-band, the browser isolation, B2B, CSPM. We have the ability to deliver these products because we've built the platform in order to deliver these products. So am I confident we're going to get to our operating profitability in 4 years? I am. What is the growth going to be? I cannot tell you. But I can tell you that based on what we're seeing, based on the market potential, based on the team that we have in place, I feel very good.

以我們擁有的市場機會來看？絕對不是。因此，從——Jay 和我對此進行了長時間的討論。Jay 和我四年前見面。其實沒有太多改變。我們基本上想法一致。我接下這份工作是為了打造一家偉大的公司。我接下這份工作是因為我尊重 Jay，且我們目標一致。我們正在努力打造一家非常有意義、非常重要的公司，而我們覺得我們有這個機會，而且因為世界的變化，現在比以前更有機會。我們會把成長放在獲利之前，但我們所設定的——終點區、基本上目標柱——就是我們目前對 2021 會計年度的預測，以及我們在 2024 會計年度全年要達到的位置。成長率會是多少？我無法告訴你。事情會如何發展？我無法告訴你。我能告訴你的是，我們可以達成。我們可以達成，無論這個市場怎麼走。以我們擁有的產品平台來看，我們從 ZIA 起步，接著擴展到 ZPA；你看看我們在 ZPA 的成長，已經相當顯著。現在你再加入 ZDX（使用者體驗），我們認為那是一個很大的市場，正如我提到的。你也把 Workload Segmentation 納入。然後你還有能力推出其他產品，例如帶外（out-of-band）的 CASB、瀏覽器隔離、B2B、CSPM。我們有能力交付這些產品，因為我們已經建立了能交付這些產品的平台。所以我是否有信心在 4 年內達到我們的營運獲利能力？我有。成長會是多少？我無法告訴你。但我可以告訴你，基於我們所看到的情況、基於市場潛力、基於我們現有的團隊，我感覺非常好。

Our next question comes from Keith Bachman with BMO.

我們的下一個問題來自 BMO 的 Keith Bachman。

I wanted to ask a little bit about growth drivers and just to pick on what you just mentioned is you talk about the world's change. And it would seem to be that in a COVID economy, the solution ZPA is getting a much more welcome reception, so to speak. In other words, it seems like it's been a catalyst of growth. And you mentioned that only 35% of your installed base has purchased that. When you think about the guidance you gave for '21, how are you thinking about the growth of ZPA within that context? And really, what I'm asking is any color you could give us on the distribution. But isn't that ZPA now being a help in terms of opening up new accounts as well as just selling into the installed base of ZIA, so to speak? But if you could just give us a little color on how we should be thinking about the growth rate in '21? And is it, in fact, opening new doors for you as a stand-alone?

我想問一些關於成長驅動因素的問題，並延伸你剛才提到的「世界改變了」。看起來在 COVID 的經濟環境下，ZPA 這個解決方案獲得了更受歡迎的反應，可以這麼說。換句話說，它似乎成為成長的催化劑。你提到只有 35% 的既有客戶（installed base）購買了它。當你思考你們對 2021 年給出的指引時，你如何看待在這個脈絡下 ZPA 的成長？我真正想問的是，你能否提供一些關於分布的補充說明。但 ZPA 現在不只是有助於在既有的 ZIA 客戶中進行銷售（upsell），同時也有助於開拓新客戶，對吧？如果你能再補充一些，我們應該如何看待 2021 年的成長率？而且它是否確實作為一個獨立產品在為你打開新大門？

I'll take a crack then let Jay speak. Yes. The answer is yes. I mean, ZPA was at 43% of our business total new and upsell business in Q3. ZPA for the year is 29%, and it was around 28%, 29% for Q4. I look at the dollar amount of ZPA in Q3, Q4. It's pretty comparable. The question that came up on the last call is, what's going on with ZIA? I mean, is ZIA going to fall off the cliff? Well, it was a record quarter. It was a record quarter for ZIA in Q4. The question came up last call was more of your existing customers are buying basically, and that's ZPA driven by COVID. And percentages were, I think, 60% upsell, 40% new. We said that our pipeline indicated that we'd be closer to our historical rates of 50% new or 60% new. We're pretty much 50-50. The pipeline that we have going forward related to ZIA and ZPA, I think it depends on close rates, but it's healthy. It is showing the ZPA has a lot of traction still.

我先嘗試回答，然後讓 Jay 補充。是的。答案是是的。我的意思是，ZPA 在第三季占我們整體新單與加購（upsell）業務的 43%。以全年來看，ZPA 是 29%，而在第四季大約是 28%、29%。我看第三季、第四季 ZPA 的金額，兩者相當接近。上一通電話會議提出的問題是，ZIA 怎麼了？也就是說，ZIA 會不會斷崖式下滑？結果第四季的 ZIA 是創紀錄的一季。第四季對 ZIA 來說是創紀錄的季度。上一通電話會議提出的問題更像是：你們更多是既有客戶在買，而這是由 COVID 驅動的 ZPA。當時的比例我記得是 60% 加購、40% 新客。我們說我們的管線顯示會更接近歷史水準，也就是 50% 新客或 60% 新客。實際上我們大致是 50-50。往前看，我們在 ZIA 和 ZPA 相關的管線，我認為取決於成交率，但它是健康的。它顯示 ZPA 仍然有很強的動能。

The key thing, though, when you take a look at the contribution of ZIA and ZPA, what I want to draw your attention to is that Zscaler is a platform. That platform as we talked about, ZDX and Workload

不過關鍵是，當你看 ZIA 和 ZPA 的貢獻時，我想提醒你注意的是：Zscaler 是一個平台。正如我們談到的，那個平台，ZDX 和 Workload

Segmentation and the other products that I've talked about, as we go forward, customers have a need related to securing their networks for the 21st century. Zscaler was built for the 21st century. Zscaler is right in the center of what these companies need. We need to go out there and tell companies what we have so they understand that their lives can be a lot better. So when you think about us going forward, think about Zscaler as a platform play with the ability to add additional applications relatively quickly to really service our customers to properly secure them, both in a workload environment as well as going in a user environment.

分段（Segmentation）以及我談到的其他產品，隨著我們持續向前推進，客戶在為 21 世紀保護其網路方面有相關需求。Zscaler 是為 21 世紀而打造的。Zscaler 正位於這些公司所需的核心位置。我們需要走出去告訴企業我們擁有什麼，讓他們理解他們的日子可以好很多。因此，當你思考我們未來的發展時，請把 Zscaler 視為一個平台型布局，具備相對快速新增額外應用程式的能力，真正為客戶提供服務並妥善保護他們，無論是在工作負載環境中，還是在使用者環境中。

Yes. That's great, Remo. I would say many times people think of COVID means ZPA. No, work-from-anywhere means ZIA and ZPA both combined, and there's big potential for both of them.

是的。很棒，Remo。我會說很多時候人們以為 COVID 就等於 ZPA。不，隨處辦公（work-from-anywhere）意味著 ZIA 與 ZPA 兩者結合，而且兩者都有很大的潛力。

Our next question comes from Daniel Bartus with Bank of America.

下一個問題來自美國銀行（Bank of America）的 Daniel Bartus。

I wanted to ask about new products, specifically ZDX and Z B2B. So first, Jay, can you just talk about customer interest at this time maybe compared to the early years for ZPA? And then Remo, just curious what you have baked into your fiscal '21 assumptions for these products or new products in general?

我想問一下新產品，特別是 ZDX 和 Z B2B。首先，Jay，你能否談談目前客戶的興趣，或許與 ZPA 早期幾年相比如何？然後 Remo，我也好奇你在 2021 財年的假設中，對這些產品或一般新產品納入了哪些預期？

Yes. So let me start with the 2 new products you talked about, ZDX, which is digital experience. When your CEO lands in Sydney connect to Office 365, things slow, there's not a single product in the market that helps IT figure out where the issues are. That's a big hole we are filling. So there's a pretty high demand for ZDX, and we just got the product out last quarter. We're seeing a good pipeline, lots of interest, and we are evolving the product pretty rapidly. B2B is actually in a little bit interesting angle. A big, sizable opportunity but different kind of product, a little bit different buyer. It's a Chief Digital Officer who is building new B2B applications. They're interested in it. So we're seeing a lot of interest, but we see a lot more evangelism needed on the B2B side than on the ZDX side, but good growing pipeline in both areas, good interest, a shorter sales cycle on ZDX, longer sales cycle on B2B, but both help us because they're part of a proper platform. All these things aren't bought piece at a time. They become extension to the platform our customer has bought because customers are trying to buy best-of-breed platform rather than best-of-breed products.

好的。我先從你提到的兩個新產品開始：ZDX，也就是數位體驗（digital experience）。當你的 CEO 抵達雪梨連上 Office 365，速度變慢時，市面上沒有任何單一產品能幫 IT 找出問題出在哪裡。這是一個很大的缺口，而我們正在填補。因此 ZDX 的需求相當高，我們也在上個季度才剛推出產品。我們看到不錯的商機管線、很多興趣，而且我們正在非常快速地迭代產品。B2B 則有點有趣的角度：機會很大、規模可觀，但它是不同類型的產品、買方也略有不同。買方是正在打造新 B2B 應用的首席數位長（Chief Digital Officer）。他們對此有興趣。所以我們看到很多興趣，但相較於 ZDX，我們認為 B2B 端需要更多的市場教育（evangelism）。不過兩個領域的管線都在良好成長、興趣也很高；ZDX 的銷售週期較短，B2B 的銷售週期較長，但兩者都能幫助我們，因為它們都是完整平台的一部分。這些東西不是一次買一個零件，而是成為客戶已購平台的延伸，因為客戶正試圖購買同級最佳的平台，而不是同級最佳的單一產品。

In the financial side, the revenue is basically immaterial because they're ratable. And for the new business, new ACV, I would say, the mid single-digit type range for all the products combined, similar type trajectory that we had for ZPA, where we went from like 4% and then up to 10%. More in that single-digit type range is probably best baked into the plan.

在財務面，營收基本上不具重大性，因為它們是按期認列（ratable）。至於新業務、新 ACV，我會說把所有產品合併來看，大概是中等個位數百分比的範圍，類似我們當年 ZPA 的軌跡：從大約 4% 然後上升到 10%。在計畫中納入較合理的假設，可能就是那種個位數百分比的範圍。

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

下一個問題來自高盛（Goldman Sachs）的 Brian Essex。

Jay, I had a question for you, maybe to pivot off of Keith's question. It seems though, last quarter, there was a lot of, I don't know, call it, panic buying, but a lot of enterprise purchases that maybe they didn't have enough time to assess a new enterprise architecture. And it sounds like you have a more -- and I think that naturally led to higher ZPA attach rates, it sounds like growth is more balanced now. Could you maybe talk about strategically what you're seeing with customers? Do they now have time to reassess their network architecture? And are those leading to larger deals and more new customers added on to the platform? Maybe you can just give us a little bit of color in terms of what you're seeing, that would be real helpful.

Jay，我有個問題，或許延伸 Keith 的問題。看起來上個季度有很多——我不知道該怎麼形容——算是恐慌性採購（panic buying）吧，很多企業採購可能沒有足夠時間去評估新的企業架構。而聽起來你們現在更——而且我想那自然導致 ZPA 的搭售率（attach rates）更高；現在成長似乎更均衡了。你能否從策略角度談談你看到客戶端的情況？他們現在是否有時間重新評估其網路架構？這是否帶來更大的交易以及更多新客戶加入平台？能否分享一些你所觀察到的細節，會很有幫助。

Yes, 2 points you mentioned there. One is the assessment to do the right architecture. Two is, are there decisions driven by some of the cost, complexity-driven? The answer is yes to both of those things. It is very true that a lot of people, who actually are familiar and exposed to Zscaler, and in fact, some of them are already testing it, they bought ZPA pretty quickly because they knew us already. We also saw a number of ZIA, ZPA combined deals in Q3. The acceleration of combined ZIA and ZPA deals together has further increased, so we like that. But also what we are finding is, a number of customers we're talking to now or, I would say, prospects we're talking to now are saying, yes, we bought a bunch of VPNs or whatever or VDIs for a short-term need to be met, but we know we want to go to zero trust. We need this digital transformation. So evaluation of Zscaler ZIA and ZPA aren't driven by some of those needs, not for the short term but for architectural transformation.

是的，你提到兩點：第一是評估以做出正確的架構；第二是決策是否受到成本、複雜度等因素驅動。兩者答案都是肯定的。確實有很多人其實熟悉並接觸過 Zscaler，事實上其中一些人已經在測試了；他們很快就買了 ZPA，因為他們已經認識我們。我們也在第三季看到不少 ZIA、ZPA 的組合交易。ZIA 與 ZPA 的組合交易加速程度進一步提高，所以我們很喜歡這個趨勢。但同時我們也發現，現在我們正在對話的一些客戶——或者我會說潛在客戶——表示：是的，我們為了短期需求買了很多 VPN 或其他方案或 VDI，但我們知道我們想走向零信任（zero trust），我們需要這個數位轉型。因此，他們評估 Zscaler 的 ZIA 與 ZPA，並不是出於短期需求，而是為了架構轉型。

The second big trend we are seeing is that because of macroeconomic pressures, every CIO and more and more CFOs are trying to figure out how to do cost consolidation and simplification. So now they are beginning to buy more and more bigger platform bundles than smaller bundles. That has led to an increase of Transformation Bundle on the ZIA side, but also a combination of ZIA, ZPA together on the other side. So we're benefiting from consolidation, simplification, reduction of complexity as well. We think it's a good trend that market needs to do for making their business more agile and more competitive.

我們看到的第二個大趨勢是：由於總體經濟壓力，每位 CIO 以及越來越多 CFO 都在思考如何進行成本整併與簡化。因此他們開始購買越來越多的大型平台套裝（platform bundles），而不是較小的套裝。這帶動了 ZIA 端的 Transformation Bundle 增加，也帶動了另一端 ZIA 與 ZPA 的組合採購。因此我們也受益於整併、簡化與降低複雜度。我們認為這是個好趨勢，市場需要這麼做，才能讓企業更敏捷、更具競爭力。

Our next question comes from Patrick Colville with Deutsche Bank.

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

Congrats on the very impressive set of results. Can I just talk about the sales hiring in 2020? That was probably one of the biggest things we saw with you guys is increase in sales headcount by a net 60%. In hindsight, a very astute decision. Can we just think about 2021, if you can give us any metrics around, I guess, the headcount hiring would be great and a net amount, that would be awesome, just how we should think about the momentum there. And I guess, how you see that trending?

恭喜你們交出非常亮眼的一組成果。我想談談 2020 年的銷售招募。你們其中一個最大的動作，可能就是銷售人力淨增加了 60%。事後看來是非常精明的決策。那我們能否談談 2021 年？如果你能提供一些指標，例如人頭招募的規模、淨增加數量會很棒；也想了解我們應該如何看待這股動能，以及你認為趨勢會如何發展？

Yes. We're not going to give as much color as we did last time. What I can say, though, to give you some perspective, we do expect to increase the number of heads that we increased fiscal '20 in our field sales organization substantially. So we are, as I mentioned, we see the market coming to us. We're going to do what we feel are the right things for the business. We are going to aggressively hire. That aggressive hiring has already started. And that aggressive hiring, what we're finding is that basically I think there's an increased awareness related to the value proposition that Zscaler has, and I think that we are attracting some very high-quality people. But the total amount, the numeric amount will be substantially higher in fiscal '21 than fiscal '20 that we hired.

是的。我們不會像上次那樣提供那麼多細節。不過我可以給你一些觀點：我們確實預期在外勤銷售組織中，2021 財年增加的人數將顯著高於 2020 財年增加的人數。正如我提到的，我們看到市場正在向我們靠攏。我們會做我們認為對業務正確的事情。我們將積極招募。這種積極招募已經開始。而我們發現，基本上我認為市場對 Zscaler 價值主張的認知正在提升，我們也正在吸引一些非常高品質的人才。但總量、也就是數字上，2021 財年將顯著高於我們在 2020 財年所招募的人數。

Our next question comes from Jonathan Ruykhaver with Baird.

下一個問題來自 Baird 的 Jonathan Ruykhaver。

Yes. Jay, wondering if you could provide some more color around the initiatives that have been put into place with the new Summit Partner Program. Specifically, just what kind of reception are you seeing and has there been any impact yet to channel sales velocity?

是的。Jay，想請你就新的 Summit Partner Program 已推動的各項措施提供更多細節。具體來說，你們看到的市場回饋如何？以及是否已對通路銷售速度（channel sales velocity）產生任何影響？

Yes, very good question. I briefly mentioned in my prepared remarks that Summit Partner was put in place to identify cloud-focused or cloud-born partners who could help customers with their transformation. So it's actually very well aligned with how our sales were done. So we are seeing increased number of deal registrations. We're also seeing the deal size growing because of the way this transformation sale is happening. We expect to get more and more leverage in fiscal '21 from these partners. So I would say, very bullish on the progress we've made and expecting even better results in this fiscal year.

是的，這是個很好的問題。我在事先準備的發言中簡要提到，設立 Summit Partner 的目的，是為了識別以雲為核心或雲原生（cloud-born）的合作夥伴，讓他們能協助客戶進行轉型。這其實與我們的銷售方式非常一致。因此我們看到交易註冊（deal registrations）數量增加。我們也看到交易規模在成長，因為這種轉型型銷售正在發生。我們預期在 2021 財年能從這些合作夥伴取得越來越多的槓桿效益。因此我會說，我們對目前取得的進展非常樂觀，並期待在本財年有更好的成果。

Thank you. Ladies and gentlemen, this concludes our question-and-answer session. I would now like to turn the call back over to Jay Chaudhry for any closing remarks.

謝謝。各位女士、先生，問答環節到此結束。現在我想把電話交回給 Jay Chaudhry，請他做結語。

All right. Well, thank you all for joining us. We look forward to seeing you at one of the sell-side conferences that we'll be attending. Thank you again.

好的。非常感謝各位加入我們。我們期待在我們將參加的某場賣方（sell-side）投資者會議上與各位見面。再次感謝。

Thank you.

謝謝。

Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now 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。