Zscaler Inc (ZS) 2022 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Zscaler Second Quarter 2022 Earnings Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded. (Operator Instructions)

美好的一天，感謝您的支持。歡迎來到 Zscaler 2022 年第二季度收益電話會議。 （操作員說明）請注意，今天的會議正在錄製中。 （操作員說明）

I will now like to hand the conference over to your speaker today, Mr. Bill Choi, Senior Vice President of Investor Relations and Strategic Finance. Mr. Choi, the floor is yours.

我現在想把會議交給你今天的演講者，投資者關係和戰略財務高級副總裁 Bill Choi 先生。崔先生，地板是你的。

Good afternoon, everyone, and welcome to the Zscaler Fiscal Second Quarter 2022 Earnings Conference Call. On the call with me today are Jay Chaudhry, Chairman and CEO; and Remo Canessa, CFO. Please note that [we released] our earning release and a supplemental financial schedule on the Investor Relations website.

大家下午好，歡迎參加 Zscaler 2022 財年第二季度收益電話會議。今天與我通話的是董事長兼首席執行官 Jay Chaudhry；和首席財務官雷莫·卡內薩。請注意，[我們發布了]我們的收益發布和投資者關係網站上的補充財務時間表。

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

除非另有說明，否則我們今天討論的所有數字都將基於調整後的非公認會計原則。您將在我們的收益發布中找到 GAAP 與非 GAAP 財務指標的對賬。

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

我想提醒您，今天的討論將包含前瞻性陳述，包括但不限於公司預期的未來收入、計算的賬單、經營業績、毛利率、經營費用、經營收入、淨收入、自由現金流量、基於美元的淨保留率、未來的招聘決定、剩餘的履約義務、所得稅、每股收益、我們的市場份額和市場機會。這些陳述和其他評論不是對未來業績的保證，而是受到風險和不確定性的影響，其中一些是我們無法控制的。

These forward-looking statements apply as of today, and you should not rely on them as representing our views in the future. We undertake no obligation to update these statements after this call. For a more complete discussion of the risks and uncertainties, please see our filings with the SEC as well as in today's earnings release. We will upload a copy of today's prepared remarks to the IR website when we move to the Q&A segment of the call.

這些前瞻性陳述自今天起適用，您不應依賴它們來代表我們未來的觀點。我們不承擔在本次電話會議後更新這些聲明的義務。有關風險和不確定性的更完整討論，請參閱我們向美國證券交易委員會提交的文件以及今天的收益報告。當我們轉到電話的問答部分時，我們會將今天準備好的評論的副本上傳到 IR 網站。

I would also like to inform you that we'll be attending the following upcoming events in March: Berenberg Thematics Software Conference on March 2, JMP Securities Technology Conference on March 7 and Wolfe Research virtual software conference on March 23.

我還想通知您，我們將在 3 月參加以下即將舉行的活動：3 月 2 日的 Berenberg 主題軟件會議、3 月 7 日的 JMP 證券技術會議和 3 月 23 日的 Wolfe Research 虛擬軟件會議。

Now I'll turn the call over to Jay.

現在我將把電話轉給傑伊。

Thank you, Bill. I'm pleased to share our strong results for fiscal Q2. We continue to see strong demand for our Zero Trust Exchange platform as our customers embrace the cloud. We delivered 63% year-over-year revenue growth and 59% billings growth, while also generating over 50% growth in operating profits and free cash flow. Public SaaS companies are happy to get to rule of 40, while we have been exceeding the rule of 70 for the last 12 months, validating our strong execution in pursuing our large market opportunity.

謝謝你，比爾。我很高興分享我們第二財季的強勁業績。隨著我們的客戶擁抱雲，我們繼續看到對我們的零信任交換平台的強勁需求。我們實現了 63% 的同比收入增長和 59% 的賬單增長，同時還實現了超過 50% 的營業利潤和自由現金流增長。公共 SaaS 公司很高興達到 40 規則，而我們在過去 12 個月中一直超過 70 規則，這證明了我們在追求巨大市場機會方面的強大執行力。

Our continued investment in scaling our engineering and go-to-market machines is yielding the best revenue growth we have had in 3 years, even as we surpassed $1 billion in annualized revenue. We plan to keep on making substantial investments across the company to continue our rapid pace of innovation and growth. What we deliver with our platform is critical to our customers' highest priorities. This is reflected in our deal sizes, which are increasing due to our success with large enterprises who are buying more of our expanding platform with a significant growth in the number of new logo and upsell customers for orders with over $1 million in annual value. We now have over 250 customers exceeding $1 million in ARR, an increase of 85% year-over-year. Business momentum for our Zero Trust Exchange is strong due to the market need for a modern security architecture in the world of cloud and mobility.

即使我們的年化收入超過 10 億美元，我們在擴展工程和上市機器方面的持續投資正在產生我們 3 年來最好的收入增長。我們計劃繼續在整個公司進行大量投資，以繼續我們快速的創新和增長步伐。我們通過我們的平台提供的內容對於客戶的最高優先級至關重要。這反映在我們的交易規模上，由於我們與大型企業的成功合作，這些企業正在購買更多我們不斷擴大的平台，新標識的數量顯著增長，並為年價值超過 100 萬美元的訂單追加銷售客戶。我們現在有超過 250 家 ARR 超過 100 萬美元的客戶，同比增長 85%。由於市場需要雲和移動領域的現代安全架構，我們的零信任交換業務勢頭強勁。

Our flagship ZIA offering has been growing very well as we continue to expand our cyber and data protection services. ZPA has emerged as our second flagship offering, supporting millions of users and the majority of our Global 2000 customers. We are the clear market leader in zero trust application access with proven maturity and scalability. With ZIA and ZPA, we had demonstrated our success implementing zero trust for users.

隨著我們繼續擴展我們的網絡和數據保護服務，我們的旗艦 ZIA 產品一直在增長。 ZPA 已成為我們的第二個旗艦產品，為數百萬用戶和我們全球 2000 強客戶中的大多數提供支持。我們是零信任應用程序訪問的明顯市場領導者，具有成熟的成熟度和可擴展性。通過 ZIA 和 ZPA，我們展示了我們為用戶實現零信任的成功。

Our next immediate big opportunity is to bring zero trust to workloads, in our ZCP pillar, powered by the same core ZIA and ZPA technology. In addition, our ZDX pillar is enabling a highly productive workforce, and it is seeing strong demand. In a single integrated cloud platform, our Zero Trust Exchange provides secure any-to-any connectivity for users, applications, workloads and IoT and OT systems regardless of their location.

我們的下一個直接重大機會是在我們的 ZCP 支柱中為工作負載帶來零信任，由相同的核心 ZIA 和 ZPA 技術提供支持。此外，我們的 ZDX 支柱正在打造高生產力的勞動力，並且需求強勁。在單個集成雲平台中，我們的零信任交換為用戶、應用程序、工作負載以及物聯網和 OT 系統提供安全的任意連接，無論其位於何處。

While many vendors claim to offer a platform because they bought a bunch of point products that are very hard to integrate, no one comes close to the capabilities of our cloud native extensible platform. We will continue to invest in engineering, customer support, marketing and sales to accelerate the growth of our new products while keeping the strong momentum on our flagship products. We believe we are in a sustained high demand environment. We have a large and expanding market opportunity powered by our customers' digital transformation journeys, which continue at a place never seen before.

雖然許多供應商聲稱提供平台是因為他們購買了一堆很難集成的單點產品，但沒有人能比得上我們的雲原生可擴展平台的功能。我們將繼續在工程、客戶支持、營銷和銷售方面進行投資，以加快我們新產品的增長，同時保持我們旗艦產品的強勁勢頭。我們相信我們處於持續的高需求環境中。我們擁有由客戶的數字化轉型之旅提供支持的巨大且不斷擴大的市場機會，這種轉型在前所未見的地方繼續進行。

According to IDG's recent State of the CIO report, the top CEO mandate for IT in 2022 is to upgrade cybersecurity to reduce business risk. Whether it is supporting remote work, or enabling new digital customer and employee experiences, IT leaders must ensure that business operations are agile, resilient and secure. Given the explosion in ransomware and high-profile data breaches, IT leaders are looking to phase out castle and moat security to adopt zero trust architecture to unlock the full promise of digital transformation. It is clear from our growth in our large enterprise wins that architecture matters.

根據 IDG 最近的 CIO 狀況報告，2022 年 IT 首席執行官的首要任務是升級網絡安全以降低業務風險。無論是支持遠程工作，還是實現新的數字客戶和員工體驗，IT 領導者都必須確保業務運營靈活、有彈性和安全。鑑於勒索軟件和備受矚目的數據洩露事件激增，IT 領導者正在尋求逐步淘汰城堡和護城河安全，以採用零信任架構來解鎖數字化轉型的全部承諾。從我們在大型企業中獲勝的增長中可以清楚地看出，架構很重要。

Despite legacy vendors marketing claims, true zero trust security can be built on legacy network security architecture. As I have highlighted before, there are 2 reasons why enterprises are selecting Zscaler. One, we are the only proven cloud security provider with a proxy architecture that inspects TLS encrypted traffic at scale to deliver superior security. We connect users to applications and not to the network, eliminating lateral threat movement. This is a core principle of zero trust architecture that can't be achieved by next-gen firewalls or cloud VPNs.

儘管傳統供應商營銷聲稱，真正的零信任安全可以建立在傳統網絡安全架構上。正如我之前強調的，企業選擇 Zscaler 有兩個原因。一，我們是唯一一家經過驗證的雲安全提供商，其代理架構可大規模檢查 TLS 加密流量以提供卓越的安全性。我們將用戶連接到應用程序而不是網絡，從而消除橫向威脅移動。這是下一代防火牆或云 VPN 無法實現的零信任架構的核心原則。

Let me discuss some of our Q2 deal wins that highlight the advantages of our Zero Trust Exchange. I will start with a big ZIA event. A Fortune 100 professional services customer initially purchased our ZIA transformation bundle plus CASB and DLP and ZDX for 125,000 employees working from anywhere. This quarter, they added 175,000 ZIA seats to secure all 300,000 employees.

讓我討論一下我們在第二季度贏得的一些交易，這些交易突出了我們零信任交易所的優勢。我將從一個大型的 ZIA 活動開始。一位財富 100 強專業服務客戶最初為在任何地方工作的 125,000 名員工購買了我們的 ZIA 轉換包以及 CASB 和 DLP 以及 ZDX。本季度，他們增加了 175,000 個 ZIA 席位，以確保所有 300,000 名員工的安全。

With a cloud-first strategy and mission-critical client-facing data at stake, they selected our proven scalable platform with a global footprint needed to support their business in over 150 countries. With 93% of their Internet traffic encrypted, TLS inspection was a major requirement, and the customer only considered a proxy architecture.

憑藉雲優先戰略和麵向任務的關鍵客戶數據，他們選擇了我們經過驗證的可擴展平台，該平台具有支持其在 150 多個國家/地區的業務所需的全球足跡。由於 93% 的 Internet 流量加密，TLS 檢查是一項主要要求，而客戶只考慮代理架構。

Next is a new logo customer that started with ZPA as part of a strategic initiative to transform their IT infrastructure. This Global 50 manufacturer, headquartered in Europe, purchased ZPA for 200,000 users to implement zero trust secure. ZPA will eliminate their attack surface, protecting thousands of private applications behind our Zero Trust Exchange. Hence, their apps can't be discovered, exploited or DDoS-ed. We are replacing their firewall-based VPNs that allow lateral threat movement. A global systems integrator partner who is implementing the overall transformation project played a major role in driving the Zscaler win, an example of the channel leverage we are creating with our investments in our SI partners.

接下來是一個新的徽標客戶，該客戶從 ZPA 開始，作為其 IT 基礎架構轉型戰略計劃的一部分。這家總部位於歐洲的全球 50 強製造商為 20 萬用戶購買了 ZPA，以實現零信任安全。 ZPA 將消除他們的攻擊面，保護我們零信任交換背後的數千個私有應用程序。因此，他們的應用程序無法被發現、利用或 DDoS 攻擊。我們正在替換他們允許橫向威脅移動的基於防火牆的 VPN。正在實施整體轉型項目的全球系統集成商合作夥伴在推動 Zscaler 獲勝方面發揮了重要作用，這是我們通過對 SI 合作夥伴的投資創造的渠道槓桿的一個例子。

As the shift to the cloud accelerates. Customers are buying ZIA and ZPA together, enabling a true transformation with direct and seamless access to SaaS and private applications, whether on-prem or in the public cloud.

隨著向雲的轉移加速。客戶正在同時購買 ZIA 和 ZPA，通過直接無縫訪問 SaaS 和私有應用程序（無論是在本地還是在公共雲中）實現真正的轉型。

Let me highlight several such deals. In a new logo win, a Fortune 50 insurance customer signed a 4-year commitment for ZIA, ZPA and ZDX to securely enable 65,000 employees working from anywhere or comprehensive cyber and data protection, they purchased the high-end transformation bundle plus CASB, advanced DLP and SSPM, or SaaS security posture management, which is like CSPM for SaaS. Fast user experience and superior cybersecurity were the key factors for our win.

讓我強調幾個這樣的交易。在贏得新徽標時，財富 50 強保險客戶簽署了一份為期 4 年的 ZIA、ZPA 和 ZDX 承諾，以安全地支持 65,000 名員工在任何地方工作或全面的網絡和數據保護，他們購買了高端轉換包和 CASB、高級DLP 和 SSPM，或 SaaS 安全狀態管理，類似於 SaaS 的 CSPM。快速的用戶體驗和卓越的網絡安全性是我們獲勝的關鍵因素。

In another new customer win, a Fortune 500 fintech company that had grown through acquisitions signed a nearly 5-year commitment to up-level security and simplify IT. They purchased ZIA transformation plus CASB and DLP as well as ZPA and ZDX for 60,000 employees. This consolidates 7 different security point products and accelerates the closure of the 24 data centers. Moreover, ZPA also shortens new employee onboarding to a few days from 2.5 months. It also eliminates the need many of the employees had for 2 laptops to access 2 separate networks.

在另一個新客戶中，一家通過收購發展起來的財富 500 強金融科技公司簽署了一項近 5 年的承諾，以提高安全性和簡化 IT。他們為 60,000 名員工購買了 ZIA 轉換、CASB 和 DLP 以及 ZPA 和 ZDX。這整合了 7 種不同的安全點產品，並加速了 24 個數據中心的關閉。此外，ZPA 還將新員工入職時間從 2.5 個月縮短至幾天。它還消除了許多員工使用 2 台筆記本電腦訪問 2 個獨立網絡的需要。

I'm also excited about our success selling security transformation in new countries. A Global 500 manufacturer headquartered in Mexico purchased ZIA and ZDX for over 18,000 users and CPA for 14,000 users. This is our first 7-figure annual deal in Latin America, a region where we recently started making investments.

我也對我們在新國家成功銷售安全轉型感到興奮。一家總部位於墨西哥的全球 500 強製造商為超過 18,000 名用戶購買了 ZIA 和 ZDX，並為 14,000 名用戶購買了 CPA。這是我們在拉丁美洲的第一筆 7 位數年度交易，我們最近開始在該地區進行投資。

Next, M&A is an elegant use case for the Zscaler platform. In an upsell deal, a diversified industrial conglomerate with over 20 operating companies that previously purchased ZIA transformation bundle added ZPA for 16,000 users to accelerate M&A integration and reduce business risk. Without having to connect 2 corporate networks with legacy firewalls, which could have taken 14 months or more, our Zero Trust Exchange provided secure access to applications across both companies in weeks, saving time and money.

接下來，併購是 Zscaler 平台的一個優雅用例。在追加銷售交易中，一家擁有 20 多家運營公司的多元化工業集團之前購買了 ZIA 轉型捆綁包，為 16,000 名用戶添加了 ZPA，以加速併購整合併降低業務風險。我們的零信任交換無需將 2 個企業網絡與傳統防火牆連接起來，這可能需要 14 個月或更長時間，我們的零信任交換可在數週內為兩家公司的應用程序提供安全訪問，從而節省時間和金錢。

This customer purchased a high-end ZPA bundle with integrated browser isolation to enhance data protection. They also bought our deception technology to intercept bad actors who may have infiltrated the network. This latest purchase more than doubled their annual spend with us.

該客戶購買了帶有集成瀏覽器隔離功能的高端 ZPA 捆綁包，以增強數據保護。他們還購買了我們的欺騙技術來攔截可能已經滲透到網絡的不良行為者。這次最新的購買使他們在我們這裡的年度支出增加了一倍多。

Next, let me highlight customers purchasing all 4 pillars of our platform. In a new logo win, a Global 2000 leader in technology products purchased ZIA transformation with DLP and CASB, ZPA and ZDX for 11,000 employees and ZCP workload posture for 6,000 workloads in multi-cloud environment. As we accelerate the digital transformation, the CIO's top priority was to eliminate the risk of legacy VPNs and lateral threat movement while ensuring the best user experience.

接下來，讓我重點介紹購買我們平台所有 4 個支柱的客戶。在新的徽標中，一家全球 2000 強技術產品領導者為 11,000 名員工購買了帶有 DLP 和 CASB、ZPA 和 ZDX 的 ZIA 轉換，以及為多雲環境中的 6,000 個工作負載購買了 ZCP 工作負載狀態。隨著我們加速數字化轉型，CIO 的首要任務是消除傳統 VPN 和橫向威脅移動的風險，同時確保最佳用戶體驗。

They put ZDX to the test by asking us to troubleshoot poor Microsoft 365 experience of an executive traveling in Europe. ZDX mapped the entire network path over the Internet in real time, isolating specific issues and allowing the customer to quickly resolve the issue and improve the user experience. This proof of value led to the quick ZDX purchase. I believe that, over time, every ZIA and ZPA customer will embrace ZDX as workforce productivity is one of the highest priorities for a CIO.

他們要求我們對一位在歐洲旅行的高管的糟糕 Microsoft 365 體驗進行故障排除，從而對 ZDX 進行了測試。 ZDX通過互聯網實時映射整個網絡路徑，隔離具體問題，讓客戶快速解決問題，提升用戶體驗。這種價值證明促成了 ZDX 的快速購買。我相信，隨著時間的推移，每個 ZIA 和 ZPA 客戶都會接受 ZDX，因為勞動力生產力是 CIO 的最高優先事項之一。

Lastly, I'm happy with our early success in expanding our routes to market via cloud marketplaces. First, with AWS and now with Azure. Let me highlight 2 Azure marketplace deals.

最後，我很高興我們早期成功通過雲市場擴展了我們的市場路線。首先是 AWS，現在是 Azure。讓我重點介紹 2 個 Azure 市場交易。

First, an existing Global 200 pharma customer with headquarters in Europe purchased ZPA for all 87,000 employees, enabling zero trust access to the private apps posted in hybrid cloud environments. This purchase was done with just a couple of mouse clicks, and it doubled their annual spend with us.

首先，一家總部位於歐洲的現有全球 200 強製藥客戶為所有 87,000 名員工購買了 ZPA，從而實現了對發佈在混合雲環境中的私有應用程序的零信任訪問。只需單擊幾下鼠標即可完成此次購買，這使他們每年在我們這裡的支出翻了一番。

Second, a new Fortune 500 customer in the energy industry made a 3-year 8-figure commitment for ZIA, ZPA and ZDX for all 23,000 employees. We will continue to invest in cloud marketplaces as a new channel to revenue.

其次，能源行業的新財富 500 強客戶為所有 23,000 名員工做出了 3 年 8 位數的 ZIA、ZPA 和 ZDX 承諾。我們將繼續投資雲市場作為新的收入渠道。

Enterprises trust Zscaler over cloud imitators and new entrants because we have a true zero trust architecture and have over 10 years of operational experience running the largest security cloud in the world. Our Zero Trust Exchange processes over 210 billion transactions in line and prevents more than 7 billion security and policy violations per day, providing our customers an unmatched network effect for superior security. To flawlessly run the world's largest security cloud with 5-nines of availability requires more than security expertise. It requires networking expertise and the ability to control the traffic paths.

與雲模仿者和新進入者相比，企業更信任 Zscaler，因為我們擁有真正的零信任架構，並且在運行世界上最大的安全雲方面擁有超過 10 年的運營經驗。我們的零信任交換在線處理超過 2100 億筆交易，每天防止超過 70 億次安全和政策違規行為，為我們的客戶提供無與倫比的網絡效應以實現卓越的安全性。要以 5-9 的可用性完美運行世界上最大的安全雲，需要的不僅僅是安全專業知識。它需要網絡專業知識和控制流量路徑的能力。

As Zscaler was born as a cloud company and has been operating an in-line cloud since 2008, we have gained this expertise over time. There's no compression algorithm for years of experience. This expertise will become even more important as we address hundreds of millions of workloads and billions of OT/IoT devices.

由於 Zscaler 作為一家云公司誕生，並且自 2008 年以來一直在運營在線雲，我們隨著時間的推移獲得了這種專業知識。多年經驗沒有壓縮算法。隨著我們處理數以億計的工作負載和數十億的 OT/IoT 設備，這種專業知識將變得更加重要。

Let me share an example of our cloud operations differentiation. Microsoft extended direct fiber connectivity from the major data centers to ours because of the volume of traffic that flows between Zscaler and Microsoft. This direct connectivity enables us to deliver higher reliability and performance than the traditional Internet exchange peering approach. This is a validation of our scale and the criticality of our services to our mutual customers.

讓我分享一個我們的雲運營差異化的例子。由於 Zscaler 和 Microsoft 之間的流量很大，Microsoft 將直接光纖連接從主要數據中心擴展到我們的數據中心。這種直接連接使我們能夠提供比傳統互聯網交換對等方法更高的可靠性和性能。這是對我們的規模和我們為共同客戶提供服務的重要性的驗證。

Another example of delivering great availability and high performance is our integrations with Microsoft and Zoom. With API-based integration for Teams and Zoom, we proactively identify and resolve performance issues for these latency-sensitive apps, without which user collaboration is disrupted and business productivity is lost. Our proven track record, running the world's largest in-line security cloud, makes Zscaler the obvious and trusted partner of choice, but enterprises need to securely access mission-critical applications.

提供高可用性和高性能的另一個例子是我們與 Microsoft 和 Zoom 的集成。通過針對 Teams 和 Zoom 的基於 API 的集成，我們可以主動識別和解決這些對延遲敏感的應用程序的性能問題，否則會中斷用戶協作並損失業務生產力。我們運行世界上最大的在線安全雲的可靠記錄使 Zscaler 成為顯而易見且值得信賴的首選合作夥伴，但企業需要安全地訪問任務關鍵型應用程序。

Let me also talk about our recognized market and innovation leadership. Zscaler pioneered the zero trust architecture. And over time, our platform subsumed functionality of multiple point products into our secure web gateway foundation. As the market evolved and customers migrated towards a platform approach such as Zscaler, Gartner expanded the scope of their secure web gateway MQ to include functionalities such as CASB, ZTNA, digital experience monitoring and browser isolation and renamed it SSE or security service edge.

讓我也談談我們公認的市場和創新領導力。 Zscaler 開創了零信任架構。隨著時間的推移，我們的平台將多點產品的功能納入我們的安全 Web 網關基礎。隨著市場的發展和客戶向 Zscaler 等平台方法遷移，Gartner 擴大了其安全 Web 網關 MQ 的範圍，包括 CASB、ZTNA、數字體驗監控和瀏覽器隔離等功能，並將其重命名為 SSE 或安全服務邊緣。

After 10 consecutive years of being named a leader in Gartner's MQ for secure web gateway, we were again named a market leader for SSE. Many of you are aware of SASE. So how are SASE and SSE related? SASE framework is the combination of SSE and WAN Edge. SSE has all the security capabilities built on zero trust architecture and is independent of the type of network. WAN-Edge, which is generally SD-WAN, provides connectivity to an SSE cloud.

在連續 10 年被評為 Gartner 安全 Web 網關 MQ 的領導者之後，我們再次被評為 SSE 的市場領導者。你們中的許多人都知道 SASE。那麼 SASE 和 SSE 有什麼關係呢？ SASE 框架是 SSE 和 WAN Edge 的結合。 SSE 具有建立在零信任架構上的所有安全功能，並且獨立於網絡類型。 WAN-Edge，通常是 SD-WAN，提供與 SSE 雲的連接。

Importantly, zero trust security is implemented in the SSE cloud, not in the WAN-Edge. As the category leader in SSE with the widest and deepest offerings, Zscaler is the go-to platform for vendor consolidation, cost savings, increased user productivity and better cyber protection.

重要的是，零信任安全是在 SSE 雲中實現的，而不是在 WAN-Edge 中。作為擁有最廣泛和最深入產品的 SSE 類別領導者，Zscaler 是供應商整合、成本節約、提高用戶生產力和更好的網絡保護的首選平台。

And as our market opportunities expand, we are promoting 2 strong leaders to continue scaling Zscaler. We're expanding Amit Sinha's role to President of the company. Amit will continue to lead our engineering and cloud operations teams while also assuming broad responsibilities for expansion of our platform into new areas. We are also promoting Dali Rajic to Chief Operating Officer. Dali will continue to lead our global sales organization, while also assuming broader responsibilities for interlocking among sales, marketing, business development and transformation teams to further enhance the customers' life cycle journey.

隨著我們市場機會的擴大，我們正在提拔 2 位強大的領導者來繼續擴展 Zscaler。我們正在將 Amit Sinha 的角色擴大為公司總裁。 Amit 將繼續領導我們的工程和雲運營團隊，同時承擔將我們的平台擴展到新領域的廣泛責任。我們還將 Dali Rajic 提升為首席運營官。達利將繼續領導我們的全球銷售組織，同時承擔更廣泛的責任，在銷售、營銷、業務發展和轉型團隊之間聯動，進一步提升客戶的生命週期之旅。

In their new roles, Amit and Dali will be responsible for driving further growth, operational excellence and collaboration across Zscaler as we continue the path towards our next milestone of $5 billion in ARR. To enable our customers' ever-growing digital transformation aspirations, extend our market leadership, our entire organization is focused on attracting and developing talent and creating a culture that rewards innovation at all levels.

在他們的新角色中，Amit 和 Dali 將負責推動 Zscaler 的進一步增長、卓越運營和協作，因為我們將繼續邁向 50 億美元 ARR 的下一個里程碑。為了實現我們客戶不斷增長的數字化轉型願望，擴大我們的市場領導地位，我們整個組織都專注於吸引和培養人才，並創造一種獎勵各級創新的文化。

We added approximately 1,000 employees globally in the last 6 months and have over 4,000 employees who are energized by our shared mission to create a hyperconnected digital world in which the exchange of information is always secure and seamless. In today's competitive hiring market, Zscaler is a destination for top talent. We are proud of our Glassdoor rating, which is among the highest in the industry. Zscaler has never been stronger, and I believe we have a large and growing opportunity in front of us.

在過去的 6 個月裡，我們在全球增加了大約 1,000 名員工，並擁有超過 4,000 名員工，他們的共同使命是創建一個信息交換始終安全和無縫的超連接數字世界。在當今競爭激烈的招聘市場中，Zscaler 是頂尖人才的目的地。我們為我們的 Glassdoor 評級感到自豪，該評級是業內最高的。 Zscaler 從未如此強大，我相信我們面前有一個巨大且不斷增長的機會。

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

現在，我想將電話轉給 Remo，以了解我們的財務業績。

Thank you, Jay. As Jay mentioned, we are pleased with the results for the second quarter of fiscal 2022. Revenue for the quarter was $256 million, up 11% sequentially and 63% year-over-year. On a year-over-year basis, revenue growth accelerated in the quarter, driven by strong business activity. ZPA product revenue was 17% of total revenue. From a geographic perspective, we had broad strength across our 3 major regions. Americas represented 51% of revenue, EMEA was 35% and APJ was 14%. APJ continues to be our fastest-growing region with revenue growth of 116%.

謝謝你，傑。正如傑伊所說，我們對 2022 財年第二季度的業績感到滿意。該季度的收入為 2.56 億美元，環比增長 11%，同比增長 63%。在強勁的業務活動的推動下，本季度收入同比增長加快。 ZPA 產品收入佔總收入的 17%。從地理角度來看，我們在 3 個主要地區擁有廣泛的實力。美洲佔收入的 51%，EMEA 為 35%，APJ 為 14%。 APJ 繼續成為我們增長最快的地區，收入增長 116%。

Our total calculated billings grew 59% year-over-year to $368 million, with billings duration near the midpoint of our 10 to 14 months range. We are also pleased to report 61% year-over-year growth in short-term billings. Remaining performance obligations, or RPO, were $1.95 billion as of January 31, growing 90% from 1 year ago.

我們的總計算賬單同比增長 59% 至 3.68 億美元，賬單持續時間接近我們 10 到 14 個月範圍的中點。我們也很高興地報告短期賬單同比增長 61%。截至 1 月 31 日，剩餘履約義務 (RPO) 為 19.5 億美元，比一年前增長 90%。

The current RPO is 50% of the total RPO. Our strong customer retention rate and our ability to upsell the broader platform have resulted in a high dollar-based net retention rate, which was again above 125%. We had 251 customers paying us more than $1 million annually, up 85% from 136 in the prior year. The continued strength in this metric speaks to the strategic role we play in our customers' digital transformation initiatives. We added over 560 customers in the past 12 months, paying us more than $100,000 annually, ending the quarter at 1,751 such customers.

當前 RPO 是總 RPO 的 50%。我們強大的客戶保留率和我們向更廣泛平台追加銷售的能力導致以美元為基礎的高淨保留率再次超過 125%。我們有 251 位客戶每年向我們支付的費用超過 100 萬美元，比上一年的 136 位增長了 85%。該指標的持續優勢說明了我們在客戶的數字化轉型計劃中發揮的戰略作用。在過去的 12 個月中，我們增加了 560 多個客戶，每年向我們支付超過 100,000 美元，本季度末此類客戶達到 1,751 個。

Turning to the rest of our Q2 financial performance. Total gross margin of 80.4% was approximately flat quarter-over-quarter and down 90 basis points year-over-year. Our total operating expenses increased 13% sequentially and 62% year-over-year to $183 million. Operating expenses as a percentage of revenue of 72% were similar to a year ago, even as we made ongoing investments in Smokescreen and Trustdome businesses we acquired in the second half of last year and with a partial return of T&E.

轉向我們第二季度財務業績的其餘部分。總毛利率為 80.4%，環比基本持平，同比下降 90 個基點。我們的總運營費用環比增長 13%，同比增長 62%，達到 1.83 億美元。營業費用佔收入的 72% 與一年前相似，儘管我們對去年下半年收購的 Smokescreen 和 Trustdome 業務進行了持續投資，並獲得了部分 T&E 回報。

Operating margin was 9% and free cash flow margin was 12%. We continue to expect CapEx as a percent of revenue to be in the high single digits for the full year. We ended the quarter with over $1.61 billion in cash, cash equivalents and short-term investments.

營業利潤率為 9%，自由現金流利潤率為 12%。我們繼續預計全年資本支出佔收入的百分比將保持在高個位數。我們在本季度末擁有超過 16.1 億美元的現金、現金等價物和短期投資。

Now moving on to guidance and modeling points. As a reminder, these numbers are all non-GAAP, which excludes stock-based compensation expenses and related payroll taxes, amortization of debt discount and amortization of intangible assets. For the third quarter of fiscal 2022, we expect revenue in the range of $270 million to $272 million, reflecting a year-over-year growth of 53% to 54%, gross margins of 79%. I would like to remind investors that a number of our emerging products, including ZDX, Workload Segmentation and CSPM, will initially have lower gross margins than our core products because we are more focused on time to market and growth rather than optimizing them for gross margins.

現在轉到指導和建模點。提醒一下，這些數字都是非公認會計原則，不包括基於股票的薪酬費用和相關的工資稅、債務貼現的攤銷和無形資產的攤銷。對於 2022 財年第三季度，我們預計收入在 2.7 億美元至 2.72 億美元之間，同比增長 53% 至 54%，毛利率為 79%。我想提醒投資者，我們的一些新興產品，包括 ZDX、Workload Segmentation 和 CSPM，最初的毛利率將低於我們的核心產品，因為我們更關注上市時間和增長，而不是針對毛利率進行優化.

Operating profit in the range of $19 million to $20 million. As noted before, we have more in-person events starting this quarter, including customer events, conferences and our internal midyear sales events. Net loss and other income of $100,000, income taxes of $4 million, earnings per share of $0.10 to $0.11, assuming 149 million to 150 million fully diluted shares.

營業利潤在 1900 萬美元到 2000 萬美元之間。如前所述，從本季度開始，我們將舉辦更多現場活動，包括客戶活動、會議和我們的內部年中銷售活動。淨虧損和其他收入 100,000 美元，所得稅 400 萬美元，每股收益 0.10 美元至 0.11 美元，假設 1.49 億至 1.5 億股完全攤薄後的股份。

For the full year fiscal 2022, we are increasing our revenue guidance to a range of $1.045 billion to $1.05 billion or year-over-year growth of 55% to 56%, increasing calculated billings to a range of $1.365 billion to $1.37 billion or year-over-year growth of 46% to 47%, increasing our operating profit to a range of $95 million to $98 million, increasing our earnings per share to a range of $0.54 to $0.56, assuming approximately 149 million to 150 million fully diluted shares. Please note that our share count guidance includes dilution from our convertible debentures based on the existing treasury method of accounting.

對於 2022 財年全年，我們將收入指引提高至 10.45 億美元至 10.5 億美元的範圍，或同比增長 55% 至 56%，將計算的賬單增加至 13.65 億美元至 13.7 億美元或每年的範圍- 同比增長 46% 至 47%，將我們的營業利潤增加到 9500 萬美元到 9800 萬美元之間，假設大約 1.49 億到 1.5 億股完全攤薄後的股份，我們的每股收益將增加到 0.54 美元到 0.56 美元之間。請注意，我們的股份計數指導包括基於現有國庫會計方法的可轉換債券稀釋。

With a large market opportunity and customers increasingly adopting the broader platform, we're committed to investing aggressively in our company. We see a window of opportunity to extend our first mover advantages in this fast-growing market, which will have positive long-term impacts. We will balance growth and profitability based on how our business is growing but we'll continue to prioritize growth, which we believe is in the best interest of our shareholders, employees and customers.

隨著巨大的市場機會和客戶越來越多地採用更廣泛的平台，我們致力於積極投資於我們的公司。我們看到了在這個快速增長的市場中擴大先發優勢的機會之窗，這將產生積極的長期影響。我們將根據我們的業務增長方式平衡增長和盈利能力，但我們將繼續優先考慮增長，我們認為這符合我們股東、員工和客戶的最大利益。

Operator, you may now open the call for questions.

接線員，您現在可以打開問題電話了。

(Operator Instructions) Our first question comes from Andrew Nowinski of Wells Fargo.

（操作員說明）我們的第一個問題來自 Wells Fargo 的 Andrew Nowinski。

Great. Congrats on a nice quarter this afternoon, gentlemen. I'd like to start off with a question on the impact from the Russia-Ukraine conflict. So at the start of the COVID pandemic, you clearly saw some new momentum with ZPA as more employees were forced to work remotely. I'm wondering if the Russia-Ukraine conflict has had a similar effect, creating any new demand for your solutions. And whether it's from companies in the region or even outside of Ukraine that might be concerned with the ensuing cyberattacks that could be launched.

偉大的。先生們，恭喜今天下午過得愉快。我想先問一個關於俄羅斯-烏克蘭衝突的影響的問題。因此，在 COVID 大流行開始時，隨著越來越多的員工被迫遠程工作，您清楚地看到 ZPA 出現了一些新的勢頭。我想知道俄羅斯與烏克蘭的衝突是否產生了類似的影響，從而對您的解決方案產生了新的需求。無論是來自該地區的公司還是烏克蘭以外的公司，都可能擔心隨後可能發起的網絡攻擊。

Andrew, it's a little bit early to tell the impact, but our customers are concerned. There's higher cyber threat sensitivity. I was talking to a CXO from Germany earlier today, and he actually opened the call I had with him with this topic. And customers want to make sure they're secure. And one of the things we think is going to help us directly is ZPA, which can hide the attack surface. If you can't see something, you can't attack it. And ZIA becomes more important for all the in-line protection. Our research team is seeing signals of increased reconnaissance activity that's increasing for the past few weeks. We have a 100 person research team, and we're making them available as a resource to our customers.

安德魯，現在說影響還為時過早，但我們的客戶很擔心。網絡威脅敏感性更高。今天早些時候，我與一位來自德國的 CXO 交談，他實際上打開了我與他的電話，討論了這個話題。客戶希望確保他們是安全的。我們認為可以直接幫助我們的一件事是 ZPA，它可以隱藏攻擊面。如果你看不到東西，你就不能攻擊它。 ZIA 對於所有在線保護變得更加重要。我們的研究團隊看到了過去幾週偵察活動增加的信號。我們有一個 100 人的研究團隊，我們將他們作為資源提供給我們的客戶。

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

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

Yes. This is Matt Swanson on for Matt Hedberg. Jay, first of all, incredibly impressive to be able to find and hire 1,000 people over the last 6 months in this environment. But when you kind of think about 1 of every 4 Zscaler employees being new to the company, could you just talk about how you're managing that growth? And also given the expanded draft of the products and the more multicolor sales, how we should think about the ramp time for adding new sales head count?

是的。這是馬特·斯旺森為馬特·海德伯格代言。傑伊，首先，令人難以置信的是，能夠在過去 6 個月中在這種環境下找到並僱用 1000 人，這令人印象深刻。但是，當您想到每 4 名 Zscaler 員工中就有 1 名是公司的新員工時，您能談談您是如何管理這種增長的嗎？並且考慮到產品的擴大草案和更多的多色銷售，我們應該如何考慮增加新銷售人數的坡道時間？

Well, thank you, a multipart question. So first of all, let me start by saying that we are very pleased that we have been able to do good hiring in this tough hiring environment because we are a top destination for top talent. So hiring is obviously the starting point. Part two, I think we are doing a number of things that need to be done to make sure these people can be easily incorporated in the company. And in the past, we talked about a very strong enablement team, a number of boot camps for training we do and buddy systems realigned. So a number of things are doing to make sure these people are becoming part of it. And the results we have shown over the past 2 years show that in this COVID environment, we have been able to do a good job in making them productive.

好吧，謝謝你，一個多部分的問題。首先，讓我首先說，我們很高興能夠在這個艱難的招聘環境中進行良好的招聘，因為我們是頂尖人才的首選目的地。所以招聘顯然是起點。第二部分，我認為我們正在做一些需要做的事情，以確保這些人可以輕鬆地融入公司。過去，我們談到了一個非常強大的支持團隊，我們進行了一些訓練營，並且重新調整了夥伴系統。因此，許多事情正在做以確保這些人成為其中的一部分。我們在過去 2 年中展示的結果表明，在這種 COVID 環境下，我們能夠很好地提高他們的生產力。

Remo, next part.

雷莫，下一部分。

From a head count perspective, we called out last quarter, that we had an outstanding quarter for field quota adds. We had an equally great quarter also in Q2. So our plans are to really push growth. We see this as a huge market opportunity. We're going to continue to do that, and we're going to continue to hire across the company.

從人數的角度來看，我們在上個季度指出，我們在增加字段配額方面表現出色。我們在第二季度也有同樣出色的季度。所以我們的計劃是真正推動增長。我們認為這是一個巨大的市場機會。我們將繼續這樣做，我們將繼續在整個公司招聘。

The only comment I'll add next to it is it's not just RSMs that matter for us. our top-down strategic sales process requires solution architects, we have transformation team of CIOs, CISOs and CTOs. They all play an important role, and we're doing well across the board in hiring.

我要在它旁邊添加的唯一評論是，對我們來說重要的不僅僅是 RSM。我們自上而下的戰略銷售流程需要解決方案架構師，我們擁有由 CIO、CISO 和 CTO 組成的轉型團隊。他們都扮演著重要的角色，我們在招聘方面做得很好。

And next, we have the line of Alex Henderson of Needham.

接下來，我們有 Needham 的 Alex Henderson 的產品線。

Great, thanks, and let me also extend my compliments to an outstanding quarter. You guys really, against a very tough comp, really delivered superb results. I was hoping you could talk a little bit more in the terms of hiring around the capacity expansion within your sales organization. To what extent you've delivered on the prior hiring, say, a year ago, getting to quota and where we are on the current hiring, getting to when you think they'll get to quota and what your expectations are for CY '22 for staffing increases in sales capacity. Is it reasonable to think that it could be another year of 50% capacity growth?

太好了，謝謝，讓我也對出色的季度表示讚賞。你們真的，在非常艱難的比賽中，確實取得了出色的成績。我希望你能就銷售組織內的產能擴張就招聘方面多談一點。例如，一年前，您在上一次招聘中的表現如何，達到配額以及我們目前的招聘情況，達到您認為他們會達到配額的時間以及您對 CY '22 的期望用於增加銷售能力的人員。是否有理由認為這可能是又一年產能增長 50%？

Yes, I'll take it. So from a quota perspective, we are seeing people getting ramped quicker, but they're on full quota after 1 year. So that hasn't changed at all. Regarding sales capacity, I don't want to give percentages out. What I'd like to say is that there's a huge market opportunity, and we see it. So we will continue to build sales capacity in our model. The one thing that we did call out in the last quarter and the quarter before. If we're growing over 30% on the top line revenue, you can expect less than 300 basis points operating margin expansion.

是的，我會接受的。所以從配額的角度來看，我們看到人們越來越快，但他們在 1 年後就達到了全部配額。所以這根本沒有改變。關於銷售能力，我不想給出百分比。我想說的是，有一個巨大的市場機會，我們看到了。因此，我們將繼續在我們的模型中建立銷售能力。我們在上一季度和上一季度確實呼籲過的一件事。如果我們的收入增長超過 30%，您可以預期營業利潤率增長不到 300 個基點。

Our view is that this is a huge market opportunity and you're right, Alex. These results for a company of our scale are outstanding. They're absolutely outstanding. But you've got billings growth at 59%. You've got short-term billings growth at 61%. And you look at a model that's got tremendous leverage in a market that's, in my opinion, huge. We're going to continue to really focus in on that top line and invest in our business. And we're very confident that we have the best product and a huge market opportunity.

我們的觀點是，這是一個巨大的市場機會，你是對的，Alex。對於我們這樣規模的公司來說，這些結果非常出色。他們絕對出類拔萃。但是你的賬單增長了 59%。您的短期賬單增長率為 61%。你看看一個模型，它在我認為巨大的市場中具有巨大的影響力。我們將繼續真正專注於這一頂線並投資於我們的業務。我們非常有信心我們擁有最好的產品和巨大的市場機會。

Next, we have the line of Hamza Fodderwala of Morgan Stanley.

接下來，我們有摩根士丹利的 Hamza Fodderwala 的產品線。

Remo, if I could direct my question to you first. I mean Jay mentioned a lot of great things about the demand environment, about some of the secular tailwinds that you guys are seeing, larger deal sizes. If I look at the billings growth and 59% growth at this scale is obviously very impressive, it was a little bit below sort of the usual seasonality in the 70% type billings growth that you guys were doing over the last 4 quarters.

雷莫，如果我能先把我的問題問你。我的意思是傑伊提到了很多關於需求環境的好事情，關於你們看到的一些長期順風，更大的交易規模。如果我看一下比林斯的增長，這種規模的 59% 的增長顯然非常令人印象深刻，它比你們在過去 4 個季度所做的 70% 類型的比林斯增長的通常季節性略低。

So I'm just curious, when we think about billings at this scale, is there anything that we should be mindful of in terms of seasonality going forward? Or anything that was perhaps one-time-y a year ago or last quarter when we think about billings growth in relation to revenue growth over the next 4 quarters?

所以我很好奇，當我們考慮這種規模的賬單時，在未來的季節性方面有什麼我們應該注意的嗎？或者當我們考慮與未來 4 個季度的收入增長相關的賬單增長時，一年前或上個季度可能是一次性的？

Yes. I mean a lot of questions there. Let me try to answer it. So 59% billings growth, as you mentioned, is absolutely outstanding. If I take a look at Q2, if there's one area that didn't perform at the level that we bought it would, it was federal. Federal was low single digit of our new and upsell business. Now why is that? It's just the budget constraints, basically. So our feeling is that federal will be a big portion or a substantial portion of our business. We got the FedRAMP certification. Also, we've built up a strong team with the relationships. So -- but to call out one thing in the quarter that I would say was -- didn't come in as we expected would be federal. It was low, low single digits.

是的。我的意思是那裡有很多問題。讓我試著回答一下。因此，正如您所提到的，59% 的比林斯增長絕對是出色的。如果我看一下第二季度，如果有一個地區的表現沒有達到我們購買的水平，那就是聯邦。聯邦是我們新的和追加銷售業務的低個位數。為什麼會這樣？基本上，這只是預算限制。所以我們的感覺是，聯邦將是我們業務的很大一部分或很大一部分。我們獲得了 FedRAMP 認證。此外，我們已經建立了一個強大的團隊與關係。所以 - 但要在本季度指出我想說的一件事 - 並沒有像我們預期的那樣進入聯邦。它很低，很低的個位數。

Regarding billings and revenue as we go forward, hard to say. It all depends on our really top-level growth. Like I mentioned before, with Alex, it's a huge market opportunity, absolutely huge. We feel we're well positioned. We're seeing the traction with our customers. I believe we had 251 customers greater than the $1 million ARR, which is growth rate 85% over the prior year. Our customers bigger than $100,000 ARR was like 1,750. So substantial growth also year-over-year, I think it's like 500 customers or something like that or 550. The market is there, and we feel we have the solution.

關於我們前進的賬單和收入，很難說。這一切都取決於我們真正的頂級增長。就像我之前提到的，對於 Alex，這是一個巨大的市場機會，絕對是巨大的。我們覺得我們處於有利位置。我們看到了客戶的吸引力。我相信我們有 251 名客戶超過了 100 萬美元的 ARR，比上一年增長了 85%。我們的 ARR 超過 100,000 美元的客戶大約是 1,750。同比增長如此之快，我認為這就像 500 個客戶或類似的東西或 550 個。市場就在那裡，我們覺得我們有解決方案。

And again, from my perspective, the results that we put up were outstanding results. And again, the key thing for investors is that we're going to continue to invest in top line growth in the business. We see no reason to slow it down. We'll be cognizant related to operating profitability. But you're all aware, the SaaS model with 80% gross margin, getting to operating profitability, high operating profitability, it's not a difficult thing. Really trying to take advantage of this market is what we're after.

同樣，從我的角度來看，我們提出的結果非常出色。同樣，對投資者而言，關鍵是我們將繼續投資於業務的頂線增長。我們認為沒有理由放慢速度。我們將認識到與運營盈利能力有關。但是大家都知道，80%毛利率的SaaS模式，想要運營盈利，運營盈利高，並不是什麼難事。真正試圖利用這個市場是我們所追求的。

And next, we have Joel Fishbein of Truist.

接下來，我們有 Truist 的 Joel Fishbein。

Congrats on the great execution. I guess this is for Jay and Remo. You've been pretty successful in terms of cross-selling a lot of the different products and obviously, deal sizes are going up pretty dramatically. I'd love to get your take on how ARPU per seat has been trending.

祝賀偉大的執行。我想這是給傑伊和雷莫的。你在交叉銷售許多不同的產品方面非常成功，顯然，交易規模正在顯著增加。我很想了解每個座位的 ARPU 趨勢如何。

And then a second part of that is, how is it being able to sell into different parts of an organization since the products affect, obviously, different parts of an organization? That would be helpful as well.

然後第二部分是，由於產品顯然會影響組織的不同部分，它如何能夠向組織的不同部分銷售？那也會很有幫助。

I can start. In my prepared remarks, I covered so many deals where ZIA, ZPA, ZDX worked together and a number of deals with all 4 product pillars were bought. So we're actually very happy with the traction we're seeing. You've seen over the past couple of years that ZIA, ZPA common together has become a fairly -- a common thing. And on ZDX for the last 1 year has becoming more and more common, we've seen lots and lots of customers buying ZDX because without this, you can't troubleshoot if something goes on wrong somewhere. And ZCP is becoming an interesting seating opportunity for us because that's an early market for the workloads, and we are positioning ourselves well to grow it. So we feel very good about the cross-selling. Remo can give further color to it.

我可以開始了。在我準備好的評論中，我介紹了許多 ZIA、ZPA、ZDX 合作的交易，並且購買了所有 4 個產品支柱的許多交易。所以我們實際上對我們看到的牽引力非常滿意。在過去的幾年中，您已經看到，ZIA、ZPA 的共同點已經成為一個相當普遍的事情。在過去 1 年中，ZDX 變得越來越普遍，我們已經看到很多客戶購買 ZDX，因為沒有這個，如果某處出現問題，您將無法進行故障排除。 ZCP 正在成為我們一個有趣的座位機會，因為這是工作負載的早期市場，我們正在為自己的發展做好準備。所以我們對交叉銷售感覺很好。雷莫可以給它更多的顏色。

Yes. I mean the ARPU is definitely increasing, and we'll be giving information on that on an annual basis. New versus upsell in the quarter was 45% new and 55% upsell. So a good quarter, balance between new and upsell for us.

是的。我的意思是 ARPU 肯定在增加，我們將每年提供這方面的信息。本季度的新品與追加銷售為 45% 新品和 55% 追加銷售。所以一個很好的季度，對我們來說是新的和追加銷售之間的平衡。

And next, we have Gray Powell of BTIG.

接下來，我們有 BTIG 的 Gray Powell。

Great, thanks for taking the question, and, yes, congratulations on a strong quarter. So I know a lot of people are focused on billings as the primary metric. But if I'm doing my math correctly, it looks like current RPO grew about 80% this quarter. Pretty close to 83% last quarter and well above your 63% revenue growth rate. So just curious, what do you think we should be looking at as the best leading indicator for future revenue growth? And should it converge to RPO trends over time?

太好了，感謝您提出這個問題，並且，是的，祝賀您取得了強勁的季度業績。所以我知道很多人都把賬單作為主要指標。但是，如果我的數學計算正確，那麼本季度當前的 RPO 似乎增長了約 80%。上個季度非常接近 83%，遠高於 63% 的收入增長率。所以只是好奇，您認為我們應該將什麼視為未來收入增長的最佳領先指標？隨著時間的推移，它是否應該收斂到 RPO 趨勢？

Yes, that's a great question. And if you take a look at our RPO growth year-over-year, it was about 90% and CRPO growth was 79%. What we've always called out when the RPO growth rates and CRPO growth rates are going just triple digit, we brought back investors that said billings is the best way to look at our business. And when you take a look at RPO and CRPO, they're more sensitive to the timing of large deals, the timing of renewals, contract durations and other specific terms. It's for these reasons that we want -- we feel the people should be looking at billings versus RPO or CRPO. Also, our -- especially when we're in the range of 10 to 14 months. So -- and both in the quarter, our duration was right in the middle of the range of 10 to 14 months.

是的，這是一個很好的問題。如果你看一下我們的 RPO 同比增長，大約是 90%，而 CRPO 增長是 79%。當 RPO 增長率和 CRPO 增長率僅達到三位數時，我們一直在呼籲，我們帶回了投資者，他們說 billings 是看待我們業務的最佳方式。當您查看 RPO 和 CRPO 時，它們對大宗交易的時間、續約時間、合同期限和其他具體條款更為敏感。正是出於這些原因，我們想要——我們認為人們應該關注賬單與 RPO 或 CRPO。此外，我們的 - 特別是當我們在 10 到 14 個月的範圍內時。所以 - 在本季度，我們的持續時間都在 10 到 14 個月的中間。

One thing I'll also call out that investors probably look at is short-term billings growth. Our short-term billings growth was 61%. So I would look at everything as an investor, but from a Zscaler perspective, it's really billings. And if we're in that range, 12 to 14 months, it kind of bounces and then also short-term billings growth. Those are the key metrics. That takes all the noise level, all the things going on with RPO and CRPO out of the equation.

我還要指出，投資者可能會關注的一件事是短期賬單增長。我們的短期賬單增長率為 61%。所以我會以投資者的身份看待一切，但從 Zscaler 的角度來看，這真的是比林斯。如果我們在這個範圍內，12 到 14 個月，它會反彈，然後是短期的賬單增長。這些是關鍵指標。這消除了所有噪音水平，所有與 RPO 和 CRPO 相關的事情都被排除在外。

Our next question comes from the line of Jonathan Ruykhaver of Baird.

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

So you announced last quarter general availability of workload communication. So just kind of curious to hear commentary on adoption trends, expectations around that ramp. And how would you view long-term adoption over time? Will it be somewhat limited to larger organizations, similar to what you've commented on workload segmentation? Or is it a bigger opportunity?

因此，您在上個季度宣布了工作負載通信的一般可用性。所以只是有點好奇地聽到關於採用趨勢的評論，以及圍繞這個斜坡的期望。隨著時間的推移，您如何看待長期採用？它會在某種程度上僅限於大型組織，類似於您對工作負載分段的評論嗎？還是更大的機會？

It's a very good question. Workload segmentation is only 1 piece of the offering. The core, the basic offering is what we call zero trust for workloads. Workloads are a mirror image of users. Like users, they talk to Internet. And like users talk to workloads, workloads also talk to other workloads. So we've taken our disruptive zero trust [to users, the ZIA and ZPA, and applied] (added by the company after the call) to workloads.

這是一個很好的問題。工作負載分段只是產品中的一小部分。核心、基本產品是我們所說的工作負載零信任。工作負載是用戶的鏡像。像用戶一樣，他們與互聯網交談。就像用戶與工作負載對話一樣，工作負載也與其他工作負載對話。因此，我們將顛覆性的零信任 [對用戶、ZIA 和 ZPA，並應用]（由公司在電話會議後添加）到工作負載。

So today, what's done to really secure workloads in the cloud? It's largely VM version of firewalls. There's a firewall before you go to the Internet. There's a firewall before you go to another region and so on and so forth. We believe we will disrupt the workload-based security the same way we did it for users with ZIA and ZPA. So it's a massive opportunity.

那麼今天，為真正保護雲中的工作負載做了什麼？它主要是防火牆的虛擬機版本。在你上網之前有一個防火牆。在你去另一個地區之前有一個防火牆等等。我們相信我們將像我們為使用 ZIA 和 ZPA 的用戶所做的那樣破壞基於工作負載的安全性。所以這是一個巨大的機會。

I highlighted a number of deals where actually multiple products got bought together, including ZCP. Some of these deals included a Fortune 500 semiconductor company, a Fortune 500 financial services company, a global 500 logistics company. Now I would say that customers do start small in the cloud workload area and then they grow with us.

我強調了一些實際上是多個產品一起購買的交易，包括 ZCP。其中一些交易包括一家財富 500 強半導體公司、一家財富 500 強金融服務公司、一家全球 500 強物流公司。現在我想說的是，客戶確實從雲工作負載領域的小規模開始，然後他們與我們一起成長。

Our next question comes from the line of Fatima Boolani of Citi.

我們的下一個問題來自花旗的 Fatima Boolani。

Remo, this a question for you on cash flow. We saw the relationship between operating margins and the cash flow margins diverge pretty materially over the course of the pandemic, and we are starting to see that consolidate a little bit. So I'm curious if you can shed some light on how we should think about the free cash flow trajectory from here, particularly in the context of the multiyear commits and large deals that Jay alluded to in his prepared remarks and as you start to do a lot more enterprise and large deal in 7, 8-figure business.

Remo，這是一個關於現金流的問題。在大流行期間，我們看到營業利潤率和現金流利潤率之間的關係存在很大差異，我們開始看到這種關係有所鞏固。所以我很好奇你是否能闡明我們應該如何考慮從這裡開始的自由現金流軌跡，特別是在傑伊在他準備好的講話中提到的多年承諾和大筆交易的背景下，當你開始做在 7、8 位數的業務中有更多的企業和大筆交易。

Yes. Let me first say, we would like to be prudent with our projections. So keep that in mind. If you take a look at our free cash flow margins in Q1, it was like in the 35%, 36% range of revenue. In fiscal -- or in Q2, our free cash flow margins were 12%, with operating profitability at 9%.

是的。首先讓我說，我們希望對我們的預測保持謹慎。所以記住這一點。如果你看看我們第一季度的自由現金流利潤率，它就像在 35% 到 36% 的收入範圍內。在財年或第二季度，我們的自由現金流利潤率為 12%，運營利潤率為 9%。

From my perspective, I just think it's just prudent to think about free cash flow being slightly higher, 3, 4, 5 percentage points higher than operating profitability. It is going to fluctuate on a quarter-on-quarter basis. Our Q1s and Q3s are typically our highest quarter for free cash flow. The reason for that is that our Q2 to Q4 is our biggest billing quarters. So you're collecting the cash in Q1s and Q3s.

從我的角度來看，我只是認為自由現金流略高於運營盈利能力3、4、5個百分點是謹慎的做法。它將按季度波動。我們的第一季度和第三季度通常是我們自由現金流量最高的季度。原因是我們的第二季度到第四季度是我們最大的計費季度。所以你在第一季度和第三季度收集現金。

As we get bigger, we bill typically annually. So -- and that's -- when we talk about billings being a good metric in between that 10 and 14 months, that's what we talk about. Certainly, we could increase free cash flow by doing multiyear billings, but that's not our model. What we try to do is get a multiyear commitment contracts, which we have seen increase. But for free cash flow or billings, we typically say it's 1 year.

隨著我們變得更大，我們通常每年計費。所以 - 這就是 - 當我們談論賬單是 10 到 14 個月之間的一個很好的指標時，這就是我們所談論的。當然，我們可以通過多年計費來增加自由現金流，但這不是我們的模式。我們試圖做的是獲得一份多年承諾合同，我們已經看到這種合同有所增加。但對於自由現金流或賬單，我們通常說它是 1 年。

And next, we have Tal Liani of Bank of America.

接下來是美國銀行的 Tal Liani。

I want to ask about billing growth because the stock is going down on lower billing growth than buy-side expectations. So you grew billing around 71%, pretty stable the previous 4 quarters. This quarter, it was much better than guidance, but it was lower than what we've seen the previous 4 quarters. So that's 59%. And then the guidance for the year is 46% more or less.

我想問一下賬單增長，因為該股正在下跌，因為賬單增長低於買方的預期。所以你的賬單增長了 71% 左右，在前 4 個季度相當穩定。本季度，它比指引要好得多，但低於我們在前四個季度看到的水平。所以這是59%。然後今年的指導是或多或少的 46%。

So the question is how should we think about billing growth? What can you say about this quarter? Why is it lower than previous 4 quarters? And then what's the explanation? Or what are the puts and takes for the following few quarters?

所以問題是我們應該如何看待賬單增長？你對這個季度有什麼想說的？為什麼低於前四個季度？然後解釋是什麼？或者接下來幾個季度的看跌期權是多少？

Yes. I mean great question. Well, 4 quarters in a row, at this scale, that 70% plus is outstanding. Is that sustainable? It's very hard to sustain that when you get to the size that we are. 59% billings growth is outstanding.

是的。我的意思是很好的問題。嗯，連續 4 個季度，在這個規模上，70% 以上是非常出色的。那是可持續的嗎？當您達到我們的規模時，很難維持這種狀態。 59% 的比林斯增長非常出色。

If you take a look at some of the prior quarters, duration plays into that top line billing growth. If you look at short-term billings grow, it was 61%. And so if you go back in prior quarters, you'll see that's -- a 61% short-term billings growth is a pretty good number, a very good number.

如果您查看之前的一些季度，持續時間會影響收入的賬單增長。如果你看一下短期賬單的增長，它是 61%。因此，如果你回顧之前的幾個季度，你會發現——61% 的短期賬單增長是一個非常好的數字，一個非常好的數字。

Going forward, you've got our projections. We like being prudent with our projections. The key thing is that we see this as a huge market. And we're going to continue to invest, and we're going to keep on driving that top line numbers. Those numbers are for revenue and billings and short-term billings. And then because the value that you get from driving that top line number, the leverage you get is huge. Because in a SaaS model, with the contribution margin in that 60% range for years 2 and 3, it doesn't take long to get to the operating profitability. So building up your ARR is really, really important in getting that market share and being the dominant player. That's our focus.

展望未來，你已經得到了我們的預測。我們喜歡對我們的預測保持謹慎。關鍵是我們認為這是一個巨大的市場。我們將繼續投資，我們將繼續推動收入增長。這些數字用於收入和賬單以及短期賬單。然後，因為您從推動該頂線數字中獲得的價值，您獲得的槓桿作用是巨大的。因為在 SaaS 模型中，第 2 年和第 3 年的邊際貢獻在 60% 的範圍內，很快就可以實現運營盈利。因此，建立您的 ARR 對於獲得市場份額並成為主導者非常非常重要。這是我們的重點。

Our next question comes from Mike Walkley of Canaccord.

我們的下一個問題來自 Canaccord 的 Mike Walkley。

It's Daniel on for Mike. So over the -- over recent periods, you've been working on really improving your sales motion within the enterprise segment. Could you give us some color on how this part of your business trended this quarter? And I guess if you're recognizing some additional wins given the investments you've made so far?

邁克是丹尼爾。因此，在最近一段時間內，您一直致力於真正改善企業部門內的銷售活動。您能否就本季度這部分業務的趨勢給我們一些顏色？而且我想，鑑於您迄今為止所做的投資，您是否認識到一些額外的勝利？

Enterprise segment, which we define as 2,000 to 6,000 employees per company, is progressing very well, and we continue to make significant investments in growing the team. Moving to small enterprises is a natural step for us. It's an attractive market. And it's also a market where channel can play a bigger role, and summit channel program has been helping us quite a bit. So we plan to continue to invest and grow the sales.

企業部門，我們將其定義為每家公司 2,000 至 6,000 名員工，進展非常順利，我們將繼續為發展團隊進行重大投資。轉向小企業對我們來說是自然而然的一步。這是一個有吸引力的市場。而且這也是一個渠道可以發揮更大作用的市場，峰會頻道節目對我們幫助很大。因此，我們計劃繼續投資並增加銷售額。

Remo, do you want to add anything, too?

Remo，你也想添加什麼嗎？

Yes. I mean, in the quarter, all segments grew well. But given our strength in large deals during the quarter, the large enterprise did better.

是的。我的意思是，在本季度，所有細分市場都增長良好。但鑑於我們本季度在大宗交易中的實力，這家大型企業的表現更好。

Our next question comes from Patrick Colville of Deutsche Bank.

我們的下一個問題來自德意志銀行的 Patrick Colville。

Can I just double click on the point you made earlier in the call around federal? You called out that federal was only low single digits of new and upsell. Can you just give us a framework to just compare what that was like last quarter or last year so we can get a frame of reference? And can I also just ask, were there any deals that were pushed out or that have subsequently closed after January 31 that you hope -- that we should be aware of?

我可以雙擊你之前在聯邦電話會議中提出的觀點嗎？你說聯邦只是新的和追加銷售的低個位數。您能否給我們一個框架來比較上個季度或去年的情況，以便我們獲得一個參考框架？我還可以問一下，是否有任何交易被推遲或隨後在 1 月 31 日之後關閉，您希望我們應該注意這些交易？

I'll answer the first part, and Jay can answer the part about the deals. But typically, federal has been mid-single digit. Sometimes, even high single digits. But I don't recall, Patrick, what it was last year. But you can think of federal being mid-single digit on average contribution in our quarterly new and upsell business, and this quarter it was low single digits.

我會回答第一部分，傑伊可以回答有關交易的部分。但通常情況下，聯邦一直是中個位數。有時，甚至是高個位數。但我不記得，帕特里克，去年是什麼情況。但是您可以認為，聯邦在我們的季度新增和追加銷售業務中的平均貢獻是中個位數，而本季度是個位數的低值。

And in terms of pipeline and deals and all, it is growing. Pipeline is growing. We are well engaged. We're seeing more momentum coming from some of the new memos and initiatives being put in place. We got the architecture. We got the FedRAMP certification. I think one thing remains a little unpredictable is some of the federal budgets and the timings.

就管道和交易而言，它正在增長。管道正在增長。我們訂婚很好。我們看到一些新的備忘錄和舉措正在實施中帶來了更多的動力。我們得到了架構。我們獲得了 FedRAMP 認證。我認為還有一點難以預測的是一些聯邦預算和時間安排。

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

我們的下一個問題來自蒙特利爾銀行的 Keith Bachman。

Just clarification on the question, Remo. You mentioned duration. And if you look at short-term billing, you grew at 61%. It's a little bit of a degradation, call it, 7 points from the previous quarter, but the compare was 6 points higher. So your short-term billings have been pretty steady.

只是澄清這個問題，雷莫。你提到了持續時間。如果你看一下短期賬單，你增長了 61%。這有點降級，稱之為，比上一季度高出 7 分，但比較高出 6 分。所以你的短期賬單一直很穩定。

If I look at the January through July quarters of last year, you grew 70-plus percent. But can you just remind me how much that was enhanced by duration so we can normalize for the compare?

如果我看一下去年 1 月到 7 月的季度，你增長了 70% 以上。但是你能提醒我持續時間增加了多少，這樣我們就可以標準化進行比較嗎？

And then if I'm allowed to sneak one in, I just wanted to see if you could just talk about NRR trends as you see going through the year. Does it stay steady? Or do you think as you're rolling out new products like ZCP, that those trends actually may improve to facilitate growth?

然後，如果我被允許偷偷溜進去，我只是想看看你是否可以談談你在這一年中看到的 NRR 趨勢。它保持穩定嗎？或者你認為當你推出像 ZCP 這樣的新產品時，這些趨勢實際上可能會改善以促進增長？

No problem. I'll just call out 1 quarter that I'm aware of, which is Q3 of last year. Q3 of last year, in that 10- to 14-month range, it was close to that 14-month range in Q3. So that's the duration impact of Q3 of last year, which I can recall.

沒問題。我只說我知道的第一個季度，也就是去年的第三季度。去年第三季度，在 10 到 14 個月的範圍內，它接近第三季度的 14 個月的範圍。這就是我記得的去年第三季度的持續時間影響。

Regarding NRR, new products. The comment that we made last quarter is that if it's over 125%, we're not going to give out specifically what the NRR is. It was over 125% in the quarter, but our new products are doing well. I mean our new products are doing well, as well as ZPA. And those are pretty big contributors related to that NRR.

關於NRR，新產品。我們上個季度的評論是，如果超過 125%，我們不會具體給出 NRR 是多少。本季度超過 125%，但我們的新產品表現良好。我的意思是我們的新產品和 ZPA 都做得很好。這些都是與 NRR 相關的相當大的貢獻者。

If I may add, we expect NRR to do well. But having said that, it's one of those things we see, the bigger bundles we sell upfront, the lower NRR. Or if we do the first deal today and in 2 quarters, we do the second upsell deal, that doesn't really get picked up in NRR. So happy with NRR. But in the past, we kind of said that we don't really try to focus too much on NRR. That's why we gave you 125% or higher as, as a good indicator.

如果我可以補充一下，我們預計 NRR 會做得很好。但話雖如此，這是我們看到的其中一件事情，我們預先銷售的捆綁包越大，NRR 就越低。或者，如果我們今天和兩個季度後進行第一筆交易，我們會進行第二筆加售交易，這並沒有真正在 NRR 中得到體現。對 NRR 很滿意。但在過去，我們有點說我們並沒有真正嘗試過多地關注 NRR。這就是為什麼我們給你 125% 或更高作為一個好的指標。

And next, we have Brian Essex of Goldman Sachs.

接下來，我們有高盛的布萊恩·埃塞克斯（Brian Essex）。

Congrats on the results. I guess, Jay, maybe if you could address this one. I know when Dali came on board, a focus of his was increasing deal velocity and also hiring. Well, now you've got -- you're kind of getting larger deals, you have a more mature sales force. So there's some puts and takes there. Maybe any commentary you can provide on sales cycles? And now that you're larger, growing over large numbers with bigger deals, but now with a more mature sales force, how you're managing that dynamic and what those sales cycles look like?

祝賀結果。我想，傑伊，也許你能解決這個問題。我知道當達利加入時，他的重點是提高交易速度和招聘。好吧，現在你得到了——你得到了更大的交易，你有一個更成熟的銷售隊伍。所以那裡有一些看跌期權。也許您可以就銷售週期提供任何評論？現在你的規模更大了，通過更大的交易實現大量增長，但現在擁有更成熟的銷售隊伍，你如何管理這種動態以及這些銷售週期是什麼樣的？

Yes. So it's a good question. So first of all, it is the sales force with all the processes and enablement we put in place has helped us grow exceptionally well over these -- over the past 2.5, 3 years since we put this new motion in place. That's number one.

是的。所以這是一個很好的問題。因此，首先，我們實施了所有流程和支持的銷售人員幫助我們在這些方面取得了非常好的發展——在過去 2.5 年、3 年以來，我們實施了這項新舉措。那是第一名。

Number two, I think at that time, we merely focused on the higher end of the market, largely a major MLEs. Now we expanded further down to enterprise as well, which is doing quite well. As you would expect, the sales cycle is lower towards the lower end of the market. It remains fairly high on the high end of the market. It is a transformation sale. It involves CIO, CISO, CTO, multiple parties. But as we go in, we engage, we end up winning big.

第二，我認為當時我們只專注於高端市場，主要是主要的 MLE。現在我們也進一步擴展到企業，它做得很好。正如您所料，銷售週期越低，越接近市場的低端。它在高端市場上仍然相當高。這是一次轉型銷售。它涉及CIO、CISO、CTO、多方。但是當我們進入，我們參與時，我們最終會贏得大獎。

And not only that we start, wherever we're going in these accounts, we are so sticky that we keep on upselling and growing. So I'm very confident, very comfortable. Obviously, as numbers are growing bigger, we need to do -- keep on doing the same thing. The market is there. Product portfolio is there. We have no competitive pressure, and it really needs to keep on executing. I think we're doing a good job, and we'll keep on driving. And we have good margins at the gross margin level to keep on investing.

不僅我們開始，無論我們在這些賬戶中去哪裡，我們都非常粘人，以至於我們繼續向上銷售和增長。所以我很自信，很舒服。顯然，隨著數字越來越大，我們需要做——繼續做同樣的事情。市場就在那裡。產品組合在那裡。我們沒有競爭壓力，它確實需要繼續執行。我認為我們做得很好，我們會繼續努力。我們在毛利率水平上擁有良好的利潤率，可以繼續投資。

Great. Any way to quantify what sales cycles are and how they've trended?

偉大的。有什麼方法可以量化銷售週期是什麼以及它們的趨勢如何？

I would say we haven't come and said they are reduced by x percent, but I would say it's a range that we have always said the lower, smaller deals was 3 to 6 months and bigger are from 6 to 12 months. (inaudible) is getting bigger, probably there's a movement towards the lower side of it. But deals come in many shapes and sizes. So they are all -- but we are -- we have a very rapidly growing pipeline, and our close rates are pretty good as well. So I feel very bullish and comfortable.

我會說我們還沒有來說他們減少了 x%，但我會說這是一個我們一直說較低、較小的交易是 3 到 6 個月，而較大的交易是 6 到 12 個月的範圍。 （聽不清）變大了，可能有朝下側移動。但交易有多種形式和規模。所以他們都是 - 但我們是 - 我們有一個非常快速增長的管道，我們的關閉率也相當不錯。所以我覺得非常樂觀和舒服。

Next question comes from Roger Boyd of UBS.

下一個問題來自瑞銀的羅傑博伊德。

Wondering if you could talk about -- so first of all, really strong performance out of the $1 million plus ARR cohort. I wonder if you could talk about what you're seeing in that smaller enterprise cohort in terms of competition. And then also what's the recognition of Gartner on their new secure service edge Magic Quadrant means as you go to market with that smaller 6,000 to 2,000 cohort?

想知道您是否可以談論-首先，在 100 萬美元以上的 ARR 隊列中表現非常出色。我想知道您能否談談您在競爭方面看到的小型企業群體中的情況。然後，當您以 6,000 到 2,000 人的規模進入市場時，Gartner 對其新的安全服務邊緣魔力像限的認可意味著什麼？

Right. It's a good question. So first of all, the MQ is not just the lower market. MQ is across the board, probably more relevant in the larger markets to some degree because larger companies tend to be Gartner customers. But I would say, frankly, I was surprised to see that the 2 CASB vendors listed in the leaders quadrant because we don't see them in the real world out there. So if I were to quibble with the criteria that Gartner used, I believe it was overweight on CASB, which is much easier to build, it's out of band. And it was underweight on secure web gateway, which is foundation of zero trust and much harder to build because it is in line.

對。這是個好問題。所以首先，MQ不僅僅是低端市場。 MQ 是全面的，在某種程度上可能與更大的市場更相關，因為大公司往往是 Gartner 的客戶。但坦率地說，我很驚訝地看到這 2 家 CASB 供應商被列入領導者象限，因為我們在現實世界中看不到它們。因此，如果我要對 Gartner 使用的標準提出質疑，我認為它對 CASB 的要求過高，因為它更容易構建，它是帶外的。它在安全 Web 網關上的權重較低，這是零信任的基礎，而且由於它符合要求，因此更難構建。

In our customer base, we are replacing lots of CASB point products that have been sold over the years. And you look at our platform, it has expanded significantly, ZIA, ZPA, ZDX, ZCP and all.

在我們的客戶群中，我們正在更換許多多年來銷售的 CASB 單點產品。你看看我們的平台，它已經顯著擴展，ZIA、ZPA、ZDX、ZCP 等等。

Now second question related to smaller enterprises, right? There, we do see more vendors in low end of the enterprise than we saw -- when we see on the high end, high-end are very savvy. They rule out actually some of the vendors who don't have the right architecture, and they also look for operational excellence.

現在第二個問題與小企業有關，對嗎？在那裡，我們確實看到企業低端的供應商比我們看到的要多——當我們在高端看到時，高端非常精明。他們實際上排除了一些沒有正確架構的供應商，他們還尋求卓越的運營。

Yesterday, I had a call with the CIO of a large financial services company. He wanted to start the discussion by saying this, I see so many vendors that keep on coming and talking about all kind of feature and functionality. And when I talked to their operational experience running the cloud, they don't have much to talk about. Well, they don't because they haven't really done it before.

昨天，我與一家大型金融服務公司的 CIO 通了電話。他想通過這樣說來開始討論，我看到很多供應商不斷地來討論各種特性和功能。當我談到他們運行雲的運營經驗時，他們沒有什麼可談的。好吧，他們沒有這樣做，因為他們以前沒有真正做過。

So operational experience is becoming more and more important as some of these -- you have seen issues for AWS to Azure AD and some of those stuff out there. But on the lower end, we do see firewall vendors, Ciscos of the world, some of the other new entrants. But once we engage and we win almost every time. Typically, in the past, we had less presence in enterprise, but now we are actually engaged in putting more resources in the lower end of the market and winning. It's a growth area for us.

因此，操作經驗變得越來越重要——您已經看到 AWS 到 Azure AD 的問題以及其中的一些問題。但在低端，我們確實看到了防火牆供應商、世界思科公司以及其他一些新進入者。但是一旦我們參與進來，我們幾乎每次都贏了。通常，過去我們在企業中的存在較少，但現在我們實際上是在將更多資源投入到低端市場並取得勝利。這對我們來說是一個增長領域。

And next, we have Joshua Tilton of Wolfe Research.

接下來是 Wolfe Research 的 Joshua Tilton。

I kind of just wanted to follow up on the previous competition question, but just a little bit more broadly. Could you possibly kind of just comment on how have your number of at-bats been trending? And how would you characterize your overall win rates across the entire market relative to maybe previous quarters?

我只是想跟進上一個競賽問題，但范圍更廣一些。您能否評論一下您的擊球手數量的趨勢？相對於前幾個季度，您如何描述整個市場的整體勝率？

Sorry, the first one was how our numbers?

對不起，第一個是怎麼我們的號碼？

How are the number of your at-bats been trending? Are you getting more opportunities, less opportunities? How has that been trending over the last couple of months in previous quarters?

你的擊球手數量趨勢如何？你得到更多的機會，更少的機會？在前幾個季度的過去幾個月中，這種趨勢如何？

Yes. So first of all, driven by transformation deals, there aren't too many cases where we do have active bake-offs. Even in the security space, people are used to bake-offs off and all. We do less of that because typically, we go in, we help drive transformation, working with the CIO and going down from there. And in case we do have bake-offs, we almost always win to a degree. We don't really track how many wins we expect us to engage and win. The main reason if we don't win a deal, it's because we couldn't really get the thing closed in the quarter. It moved down to the next quarter and the like. So probably deal getting delayed is part of the reason. It's not generally that competitive pressure is kind of hurting our business.

是的。因此，首先，在轉型交易的推動下，我們確實沒有太多的案例進行積極的烘焙。即使在安全領域，人們也習慣於烘烤。我們做的較少，因為通常情況下，我們會幫助推動轉型，與 CIO 合作並從那裡往下走。如果我們確實有烘焙，我們幾乎總是會在一定程度上獲勝。我們並沒有真正追踪我們期望我們參與並贏得多少勝利。如果我們沒有贏得交易，主要原因是我們無法在本季度真正完成交易。它向下移動到下一個季度等。因此，交易延遲可能是部分原因。競爭壓力通常不會損害我們的業務。

We -- and as we grow more and more platforms -- and the market is shifting fast. It's no longer the days of '90s and early 2000 when it's the same play. I mean look at it 2 years ago, 3 years ago or when we did IPO, ZIA, small piece was a thing. Now ZIA is transformation bundle became a big thing, now, ZIA, ZPA together. So every user could work from wherever.

我們——並且隨著我們發展越來越多的平台——市場正在快速變化。它不再是 90 年代和 2000 年初的日子，它是同一場戲。我的意思是看 2 年前、3 年前或當我們進行 IPO 時，ZIA，小塊是一回事。現在ZIA正在轉型捆綁成為一件大事，現在，ZIA、ZPA在一起了。因此，每個用戶都可以在任何地方工作。

Then we moved the game to have digital experience being part of the requirements and now workload and whatnot. So as we think on the competitive stuff, we are good. We just need to make sure we keep on hiring and training people to do this top-down strategic sale.

然後我們將游戲轉移到將數字體驗作為要求的一部分，現在是工作量等等。因此，當我們考慮競爭性的東西時，我們很好。我們只需要確保我們繼續招聘和培訓人員來進行這種自上而下的戰略銷售。

And that concludes the Q&A portion of the call. I will hand the conference back over to Jay Chaudhry for final comments.

電話的問答部分到此結束。我將把會議交還給 Jay Chaudhry 以徵求最終意見。

Thank you, everybody, for joining us and your continued interest in Zscaler. I also want to thank our customers, partners and employees who are helping us deliver a strong quarter. We look forward to seeing you at upcoming investor events or to updating you next quarter on our continued progress. Thank you, again.

感謝大家加入我們並感謝您對 Zscaler 的持續關注。我還要感謝幫助我們實現強勁季度業績的客戶、合作夥伴和員工。我們期待在即將舉行的投資者活動中見到您，或在下個季度向您更新我們的持續進展。再次感謝你。

This concludes today's conference call. Thank you for participating. You may now disconnect, and have a pleasant day.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接，度過愉快的一天。