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)

各位好，感謝您稍候。歡迎參加 Zscaler 2022 年第二季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。（接線員指示）

I 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.

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

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.

各位下午好，歡迎參加 Zscaler 2022 會計年度第二季財報電話會議。今天與我一同出席的有董事長兼執行長 Jay Chaudhry，以及財務長 Remo Canessa。請注意，我們已在投資人關係網站發布財報新聞稿與補充財務附表。

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，我們今天討論的所有數字皆以調整後的非 GAAP 基礎呈現。您可在我們的財報新聞稿中找到 GAAP 與非 GAAP 財務衡量指標之間的調節表。

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.

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、計算後的帳單金額（calculated billings）、營運表現、毛利率、營業費用、營業利益、淨利、自由現金流、以美元計價的淨留存率、未來招募決策、剩餘履約義務、所得稅、每股盈餘、我們的市占率與市場機會。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。

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.

這些前瞻性陳述僅適用於今日，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。當我們進入問答環節時，我們將把今天的事先準備講稿上傳至投資人關係網站。

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.

另外也告知各位，我們將於 3 月參加以下即將舉行的活動：3 月 2 日 Berenberg Thematics Software Conference、3 月 7 日 JMP Securities Technology Conference，以及 3 月 23 日 Wolfe Research 線上軟體研討會。

Now I'll turn the call over to Jay.

現在我把電話交給 Jay。

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，Bill。我很高興分享我們在會計年度第二季（Q2）的強勁成果。隨著客戶擁抱雲端，我們持續看到市場對 Zero Trust Exchange 平台的強勁需求。我們實現營收年增 63%、帳單金額年增 59%，同時營業利益與自由現金流也都成長超過 50%。許多上市 SaaS 公司能達到「40 法則」就很滿意，而我們在過去 12 個月持續超越「70 法則」，驗證了我們在把握龐大市場機會上的強大執行力。

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.

我們持續投資以擴大工程與市場推進（go-to-market）引擎的規模，帶來了過去 3 年最佳的營收成長，即使我們的年化營收已突破 10 億美元。我們計畫持續在全公司進行大幅投資，以維持快速的創新與成長步伐。我們的平台所提供的能力，正是客戶最高優先事項的關鍵。這反映在我們的交易規模上：由於我們在大型企業客戶的成功，客戶購買我們不斷擴展的平台內容更多，使得交易規模持續提升；同時，年化價值超過 100 萬美元的訂單中，新客戶（new logo）與加購（upsell）客戶數量也顯著成長。我們目前已有超過 250 家客戶的 ARR 超過 100 萬美元，年增 85%。由於雲端與行動化世界需要現代化安全架構，我們的 Zero Trust Exchange 業務動能依然強勁。

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.

我們的旗艦產品 ZIA 表現持續強勁，因為我們不斷擴展網路資安與資料保護服務。ZPA 已成為我們第二個旗艦產品，支援數百萬名使用者以及我們多數 Global 2000 客戶。我們是零信任應用存取（zero trust application access）領域明確的市場領導者，並具備經驗證的成熟度與可擴展性。透過 ZIA 與 ZPA，我們已證明在使用者層面落實零信任的成功。

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.

我們下一個近期的重大機會，是在 ZCP 支柱中把零信任帶到工作負載（workloads），並由與 ZIA、ZPA 相同的核心技術所驅動。此外，我們的 ZDX 支柱正在提升員工生產力，且需求強勁。在單一整合的雲端平台中，我們的 Zero Trust Exchange 可為使用者、應用程式、工作負載，以及 IoT 與 OT 系統提供安全的任意對任意（any-to-any）連線，不受其所在地點限制。

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.

許多供應商宣稱提供平台，實際上是收購了一堆難以整合的點狀產品（point products）；但在雲原生、可擴展的平台能力方面，沒有任何一家能接近我們。我們將持續投資於工程研發、客戶支援、行銷與銷售，在維持旗艦產品強勁動能的同時，加速新產品成長。我們相信目前處於持續的高需求環境。我們擁有龐大且持續擴張的市場機會，動能來自客戶的數位轉型旅程，而其推進速度仍以前所未見的步伐持續進行。

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 最新的《CIO 現況》報告，CEO 對 2022 年 IT 的首要指令是升級資安以降低企業風險。無論是支援遠距工作，或是啟用新的數位化客戶與員工體驗，IT 領導者都必須確保營運具備敏捷性、韌性與安全性。鑑於勒索軟體激增與多起高知名度資料外洩事件，IT 領導者正尋求淘汰「城堡與護城河」式安全，轉而採用零信任架構，以釋放數位轉型的全部承諾。從我們在大型企業贏單的成長可清楚看出：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.

儘管傳統供應商行銷宣稱，真正的零信任安全無法建立在傳統網路安全架構之上。正如我先前強調的，企業選擇 Zscaler 有兩個原因。第一，我們是唯一經驗證的雲端安全供應商，採用代理（proxy）架構，能以可擴展的方式檢查 TLS 加密流量，提供更優異的安全性。我們將使用者連到應用程式，而不是連到網路，從而消除橫向威脅移動。這是零信任架構的核心原則，無法透過次世代防火牆或雲端 VPN 達成。

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.

接下來我分享幾個第二季的贏單案例，凸顯我們 Zero Trust Exchange 的優勢。我先從一個大型 ZIA 案例談起。一家《財富》100 大的專業服務客戶，最初為 125,000 名可在任何地點工作的員工採購了我們的 ZIA 轉型套裝（transformation bundle），並加購 CASB、DLP 與 ZDX。本季他們又新增 175,000 個 ZIA 授權席次（seats），以保護全部 300,000 名員工。

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.

在雲端優先策略下，且攸關任務關鍵的客戶面向資料面臨風險，他們選擇了我們經驗證、可擴展的平台，以及支援其在 150 多個國家營運所需的全球佈局。由於其 93% 的網際網路流量皆為加密，TLS 檢查是重要需求，因此該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.

接著是一家新客戶（new logo），其以 ZPA 起步，作為轉型 IT 基礎架構的策略性計畫之一。這家總部位於歐洲的 Global 50 製造商，為 200,000 名使用者採購 ZPA 以實施零信任安全。ZPA 將消除其攻擊面，透過我們的 Zero Trust Exchange 保護數千個私有應用程式。因此，他們的應用程式無法被發現、被利用或遭受 DDoS 攻擊。我們正在取代其以防火牆為基礎的 VPN，因為那類 VPN 允許橫向威脅移動。一家負責整體轉型專案的全球系統整合商（SI）合作夥伴，在促成 Zscaler 贏單方面扮演了重要角色，這也展現了我們對 SI 夥伴投資所帶來的通路槓桿效益。

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.

隨著上雲加速，客戶正同時採購 ZIA 與 ZPA，無論是在地端或公有雲，都能對 SaaS 與私有應用程式提供直接且無縫的存取，從而實現真正的轉型。

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.

我再強調幾筆此類交易。在一筆新客戶贏單中，一家《財富》50 大保險公司簽下為期 4 年的承諾，採購 ZIA、ZPA 與 ZDX，以安全地支援 65,000 名可在任何地點工作的員工；為了全面的資安與資料保護，他們採購了高階轉型套裝，並加購 CASB、進階 DLP 與 SSPM（SaaS security posture management，SaaS 安全態勢管理），其概念類似於針對 SaaS 的 CSPM。快速的使用者體驗與更優異的資安能力，是我們贏單的關鍵因素。

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.

在另一筆新客戶贏單中，一家透過併購成長的《財富》500 大金融科技公司，簽下近 5 年的承諾，以提升安全等級並簡化 IT。他們為 60,000 名員工採購 ZIA 轉型方案加上 CASB 與 DLP，並同時採購 ZPA 與 ZDX。此舉整合了 7 種不同的資安點狀產品，並加速關閉 24 座資料中心。此外，ZPA 也將新員工到職上線（onboarding）時間從 2.5 個月縮短至數天，並消除了許多員工為了存取兩個獨立網路而需要兩台筆電的需求。

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方案感到振奮。一家總部位於墨西哥的《財富》全球500大製造商，為超過18,000名使用者採購了 ZIA 與 ZDX，並為14,000名使用者採購了 CPA。這是我們在拉丁美洲的第一筆年化七位數交易；該地區是我們近期才開始加大投資的市場。

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（M&A）是 Zscaler 平台的一個絕佳使用案例。在一筆加購（upsell）交易中，一家擁有超過20家營運公司的多元化工業集團，先前已採購 ZIA 轉型套組，這次新增為16,000名使用者採購 ZPA，以加速併購整合並降低業務風險。無需以傳統防火牆連接兩個企業網路（這可能需要14個月或更久），我們的 Zero Trust Exchange 在數週內就為兩家公司提供跨應用程式的安全存取，節省時間與成本。

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.

該客戶採購了高階的 ZPA 套組，並整合瀏覽器隔離功能以強化資料保護。他們也購買了我們的欺敵（deception）技術，用於攔截可能已滲透網路的惡意行為者。這次最新採購使其對我們的年度支出增加到原來的兩倍以上。

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，我想重點介紹採購我們平台全部4大支柱的客戶。在一筆新客戶（new logo）勝出案例中，一家《全球2000大》的科技產品領導企業，為11,000名員工採購了含 DLP 與 CASB 的 ZIA 轉型方案、ZPA 與 ZDX，並在多雲環境中為6,000個工作負載採購了 ZCP 工作負載態勢（posture）方案。隨著我們加速數位轉型，該公司 CIO 的首要任務是在確保最佳使用者體驗的同時，消除傳統 VPN 與橫向威脅移動的風險。

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.

他們透過要求我們排查一位在歐洲出差的高階主管使用 Microsoft 365 體驗不佳的問題，來測試 ZDX。ZDX 即時繪製整條網際網路上的網路路徑，定位特定問題，讓客戶能迅速解決並改善使用者體驗。這項價值驗證（proof of value）促成了 ZDX 的快速採購。我相信，隨著時間推移，每一位 ZIA 與 ZPA 客戶都會採用 ZDX，因為提升員工生產力是 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，我對我們透過雲端市集擴展市場通路（routes to market）的早期成果感到滿意。先是 AWS，現在是 Azure。以下我將重點介紹兩筆 Azure 市集交易。

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.

第一筆是一家總部位於歐洲的《全球200大》既有製藥客戶，為全部87,000名員工採購了 ZPA，使其能以零信任方式存取部署於混合雲環境中的私有應用程式。這次採購只需點擊滑鼠幾下即可完成，並使其對我們的年度支出翻倍。

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.

第二筆是一家能源產業的新《財富》500大客戶，為全部23,000名員工就 ZIA、ZPA 與 ZDX 做出為期3年、八位數金額的承諾。我們將持續投資雲端市集，作為新的營收通路。

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.

企業之所以信任 Zscaler 而非雲端模仿者與新進者，是因為我們擁有真正的零信任架構，並具備超過10年營運全球最大安全雲的實務經驗。我們的 Zero Trust Exchange 以線上（in-line）方式處理超過2,100億筆交易，每天阻擋超過70億次安全與政策違規，為客戶提供無可匹敵的網路效應以實現更卓越的安全性。要以五個九（99.999%）可用性無瑕運行全球最大的安全雲，所需的不僅是安全專業，還需要網路專業以及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 自創立起就是一家雲端公司，並自2008年起營運線上（in-line）雲端，我們隨時間累積了這些專業能力。多年經驗沒有任何「壓縮演算法」可以取代。當我們要涵蓋數以億計的工作負載以及數十億的 OT/IoT 裝置時，這些專業將變得更加重要。

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.

我分享一個我們雲端營運差異化的例子。由於 Zscaler 與 Microsoft 之間的流量規模龐大，Microsoft 從主要資料中心延伸了直連光纖到我們的資料中心。這種直連使我們能提供比傳統網際網路交換中心對等互連（peering）方式更高的可靠性與效能。這也驗證了我們的規模，以及我們服務對雙方共同客戶的重要性。

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.

另一個提供高可用性與高效能的例子，是我們與 Microsoft 與 Zoom 的整合。透過對 Teams 與 Zoom 的 API 整合，我們能主動識別並解決這些對延遲敏感的應用程式之效能問題；若缺少這些能力，使用者協作將受干擾、企業生產力也會受損。我們在營運全球最大線上（in-line）安全雲方面的實績，使 Zscaler 成為顯而易見且值得信賴的首選合作夥伴，協助企業安全存取關鍵任務應用程式。

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.

我也想談談我們獲得認可的市場與創新領導地位。Zscaler 開創了零信任架構。隨著時間推移，我們的平台將多種單點產品的功能整合到我們的安全網關（secure web gateway）基礎之中。隨著市場演進、客戶轉向如 Zscaler 這樣的平台化方法，Gartner 擴大其安全網關魔力象限（MQ）的範疇，納入 CASB、ZTNA、數位體驗監測與瀏覽器隔離等功能，並將其更名為 SSE（Security Service Edge，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 安全網關 MQ 的領導者之後，我們再次被評為 SSE 的市場領導者。許多人也了解 SASE。那麼 SASE 與 SSE 的關係是什麼？SASE 架構是 SSE 與 WAN Edge 的結合。SSE 具備建立在零信任架構上的所有安全能力，且不依賴網路類型。WAN Edge（通常是 SD-WAN）則提供連線到 SSE 雲端的能力。

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 雲端中實作，而不是在 WAN Edge 中。作為具備最廣且最深產品組合的 SSE 類別領導者，Zscaler 是企業進行供應商整併、節省成本、提升使用者生產力並強化網路防護的首選平台。

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.

隨著我們的市場機會擴大，我們也提拔兩位強而有力的領導者，持續擴大 Zscaler 的規模。我們將擴大 Amit Sinha 的職責，升任公司總裁（President）。Amit 將持續領導我們的工程與雲端營運團隊，同時承擔更廣泛的責任，推動平台向新領域擴展。我們也將 Dali Rajic 晉升為營運長（Chief Operating Officer）。Dali 將持續領導全球銷售組織，同時承擔更廣泛的責任，促進銷售、行銷、業務開發與轉型團隊之間的緊密協作，以進一步提升客戶全生命週期旅程。

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.

在新職務中，Amit 與 Dali 將負責推動進一步成長、營運卓越，以及 Zscaler 全公司的跨部門協作，持續邁向下一個里程碑：年經常性收入（ARR）達50億美元。為了支持客戶不斷成長的數位轉型願景並延伸我們的市場領導地位，我們整個組織專注於吸引與培育人才，並打造能在各層級獎勵創新的文化。

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.

過去6個月，我們在全球新增約1,000名員工，目前有超過4,000名員工因共同使命而充滿動能：打造一個高度互聯的數位世界，讓資訊交換始終安全且無縫。在當今競爭激烈的招募市場中，Zscaler 是頂尖人才的首選目的地。我們以 Glassdoor 評分為榮，其在業界名列前茅。Zscaler 從未如此強大，我相信我們面前有一個龐大且持續成長的機會。

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

現在我想把電話會議交給 Remo，請他說明我們的財務結果。

Thank you, Jay. As Jay mentioned, we are pleased with the results for the 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，Jay。正如 Jay 所提到的，我們對2022會計年度第二季的表現感到滿意。本季營收為2.56億美元，較前一季成長11%，較去年同期成長63%。以年對年來看，本季營收成長加速，主要由強勁的業務活動所帶動。ZPA 產品營收占總營收的17%。從地理區域來看，我們在三大主要區域皆展現廣泛的強勁表現：美洲占營收51%，EMEA 占35%，APJ 占14%。APJ 仍是我們成長最快的區域，營收成長達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.

我們的總計計算後帳單金額（calculated billings）年增59%，達3.68億美元，帳單期間接近我們10至14個月區間的中點。我們也很高興報告短期帳單金額年增61%。截至1月31日，剩餘履約義務（RPO）為19.5億美元，較一年前成長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.

目前的 RPO 為總 RPO 的 50%。我們強勁的客戶留存率以及向客戶加售更廣泛平台的能力，帶動以美元計的淨留存率維持在高水準，本季再次高於 125%。年度付費超過 100 萬美元的客戶數達 251 家，較前一年的 136 家成長 85%。此指標持續強勁，凸顯我們在客戶數位轉型計畫中所扮演的策略性角色。過去 12 個月我們新增超過 560 家年度付費超過 10 萬美元的客戶，使本季末此類客戶總數達到 1,751 家。

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.

接著談我們第二季其餘的財務表現。總毛利率為 80.4%，較上一季大致持平，較去年同期下降 90 個基點。我們的總營業費用較前一季增加 13%，較去年同期增加 62%，至 1.83 億美元。營業費用占營收比重為 72%，與一年前相近，儘管我們持續投資於去年下半年收購的 Smokescreen 與 Trustdome 業務，且差旅與娛樂（T&E）也部分恢復。

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.

營業利益率為 9%，自由現金流利益率為 12%。我們仍預期全年資本支出（CapEx）占營收比重將維持在高個位數百分比。本季末我們持有超過 16.1 億美元的現金、約當現金及短期投資。

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.

接下來談財測與建模重點。提醒各位，以下數字皆為非 GAAP，排除股票基礎薪酬費用及相關薪資稅、債務折價攤銷，以及無形資產攤銷。2022 會計年度第三季，我們預期營收介於 2.70 億至 2.72 億美元，對應年增 53% 至 54%，毛利率為 79%。我也想提醒投資人，我們若干新興產品（包括 ZDX、Workload Segmentation 與 CSPM）在初期的毛利率將低於核心產品，因為我們更著重於上市時程與成長，而非先行針對毛利率最佳化。

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.

營業利益預期介於 1,900 萬至 2,000 萬美元。如先前所述，本季起我們將有更多線下活動，包括客戶活動、研討會以及公司內部年中銷售活動。淨損及其他收益為 10 萬美元，所得稅為 400 萬美元；每股盈餘為 0.10 至 0.11 美元，假設完全稀釋股數為 1.49 億至 1.50 億股。

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.

就 2022 會計年度全年而言，我們將營收指引上調至 10.45 億至 10.50 億美元，或年增 55% 至 56%；將計算後帳單金額（calculated billings）上調至 13.65 億至 13.70 億美元，或年增 46% 至 47%；將營業利益上調至 9,500 萬至 9,800 萬美元；將每股盈餘上調至 0.54 至 0.56 美元，假設完全稀釋股數約為 1.49 億至 1.50 億股。請注意，我們的股數指引包含依現行庫藏股法（treasury method）會計處理、由可轉換公司債帶來的稀釋影響。

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.

面對龐大的市場機會，以及客戶日益採用更廣泛的平台，我們承諾將積極投資公司。我們看到在這個快速成長的市場中，存在一個可延伸先行者優勢的機會窗口，並將對長期帶來正面影響。我們會依業務成長狀況在成長與獲利之間取得平衡，但仍將持續優先追求成長，因為我們相信這符合股東、員工與客戶的最佳利益。

Operator, you may now open the call for questions.

接線員，現在可以開放提問。

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

（接線員指示）我們的第一個問題來自富國銀行（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.

很好。恭喜各位先生今天下午交出漂亮的一季。我想先從俄烏衝突的影響談起。在 COVID 疫情剛開始時，隨著更多員工被迫遠端工作，你們顯然看到 ZPA 出現一些新的動能。我想了解俄烏衝突是否也有類似效果，是否為你們的解決方案帶來任何新的需求？以及這些需求是否來自該地區的公司，或甚至是烏克蘭以外、擔心後續可能發動網路攻擊的公司？

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.

Andrew，現在判斷影響還稍早，但我們的客戶確實很關切。對網路威脅的敏感度更高。我今天稍早與一位來自德國的 CXO 通話，他一開始就以這個主題開場。客戶希望確保自身安全。我們認為會直接幫助我們的一點是 ZPA，它可以隱藏攻擊面；如果你看不到某個東西，就無法攻擊它。而 ZIA 對所有線上（in-line）防護也變得更重要。我們的研究團隊在過去幾週看到偵察活動增加的訊號。我們有一支 100 人的研究團隊，並將他們作為資源提供給客戶使用。

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

下一個問題來自 RBC 資本市場（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。我是代 Matt Hedberg 提問的 Matt Swanson。Jay，首先，在這樣的環境下，過去 6 個月能找到並聘用 1,000 人，真的非常令人印象深刻。但當你們想到每 4 位 Zscaler 員工就有 1 位是新進員工時，能否談談你們如何管理這樣的成長？另外，考量產品版圖擴大以及更多多產品（multicolor）銷售，我們應如何看待新增銷售人力的上手（ramp）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.

謝謝，這是個多段式問題。首先我想說，在這個艱難的招募環境中，我們很高興仍能招募到優秀人才，因為我們是頂尖人才的首選目的地。因此，招募顯然只是起點。第二部分，我認為我們正在做許多必要的事情，以確保這些人能夠順利融入公司。過去我們談過非常強的賦能（enablement）團隊、我們進行的多種訓練營（boot camps），以及重新調整的夥伴制度（buddy systems）。我們做了很多事情，確保這些人能成為團隊的一部分。過去兩年的成果也顯示，在這個 COVID 環境下，我們已能把他們有效培養到具生產力。

Remo, next part.

Remo，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.

就人力編制（head count）而言，我們在上一季提到，外勤配額人員（field quota）新增表現非常出色；第二季同樣也非常好。因此我們的計畫是全力推動成長。我們視此為巨大的市場機會。我們會持續這麼做，也會持續在全公司範圍內招募。

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.

我唯一想補充的是，對我們而言重要的不只是區域銷售經理（RSMs）。我們自上而下的策略性銷售流程需要解決方案架構師（solution architects）；我們也有由 CIO、CISO 與 CTO 組成的轉型團隊。他們都扮演重要角色，而我們在各方面的招募進展都很不錯。

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

接下來是 Needham 的 Alex Henderson。

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?

很好，謝謝，也請讓我對你們這一季的傑出表現致意。你們在非常艱難的比較基期下，仍交出極佳成果。我希望你們能多談一些關於銷售組織擴充產能的招募情況。你們在例如一年前的那一波招募，達成配額（quota）的進度到什麼程度？而目前這一波招募，預計何時能達到配額？以及你們對 2022 年曆年（CY '22）銷售產能人力增加的預期為何？是否合理認為可能又會是銷售產能成長 50% 的一年？

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，我來回答。就配額而言，我們看到新人上手速度更快，但在滿一年後才會承擔完整配額，因此這點完全沒有改變。關於銷售產能，我不想給出具體百分比。我想說的是，市場機會非常大，我們也看得到。因此我們會持續在模型中擴建銷售產能。我們在上一季以及再上一季也提到過一點：如果我們營收（top line revenue）成長超過 30%，你可以預期營業利益率擴張將少於 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.

我們的看法是，這是一個巨大的市場機會，你說得對，Alex。以我們這樣規模的公司而言，這些成果非常出色，絕對非常出色。但你的帳單（billings）成長率達到 59%。短期帳單成長率達到 61%。而你看到的是一個在我看來規模龐大的市場中，具備極高槓桿效應的商業模式。我們將持續把重點放在營收端（top line），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以及巨大的市場機會。

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

接下來，我們請 Morgan Stanley 的 Hamza Fodderwala 提問。

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.

Remo，如果我可以先把問題指向你。我的意思是，Jay 提到了很多關於需求環境的好消息，還有你們看到的一些長期結構性順風、更大的交易規模。如果我看帳單成長，這個規模下仍有 59% 的成長顯然非常亮眼，但它略低於你們過去 4 個季度大約 70% 這種帳單成長的典型季節性表現。

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?

所以我只是好奇，當我們在這個規模下思考帳單時，未來在季節性方面有沒有什麼需要特別留意的？或者在思考未來 4 個季度帳單成長相對於營收成長時，有沒有什麼可能是一年前或上季的一次性因素？

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。這裡面有不少問題，我試著回答。首先，如你所說，59% 的帳單成長絕對非常出色。如果我看第二季（Q2），若要說有哪一個領域沒有達到我們原先預期的表現，那就是聯邦（federal）。聯邦在我們新增與加購（upsell）業務中的占比是低個位數。為什麼會這樣？基本上就是預算限制。因此我們的看法是，聯邦將會是我們業務中很大的一部分或相當重要的一部分。我們已取得 FedRAMP 認證。此外，我們也建立了一支具備關係網絡的強大團隊。所以——但若要點出本季一個我會說沒有如預期進來的項目，就是聯邦；它是低、低個位數。

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.

至於未來帳單與營收的關係，很難一概而論，這完全取決於我們最上層的成長動能。就像我先前和 Alex 提到的，這是一個巨大的市場機會，絕對巨大。我們認為自身定位良好，也看到客戶端的牽引力。我相信我們有 251 家客戶的 ARR 超過 100 萬美元，較去年同期成長 85%。ARR 超過 10 萬美元的客戶大約是 1,750 家。因此年對年也有顯著成長，我想大概增加了 500 家左右或 550 家之類。市場就在那裡，而我們認為我們有解決方案。

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.

再說一次，以我的角度來看，我們交出的成績是非常出色的。而且對投資人而言，關鍵在於我們將持續投資於業務的營收端成長（top line growth）。我們看不到任何需要放慢的理由。我們會留意營運獲利能力，但大家也都知道，SaaS 模式有 80% 的毛利率，要達到營運獲利、甚至高營運獲利並不困難。我們真正想做的是把握這個市場機會。

And next, we have Joel Fishbein of Truist.

接下來，我們請 Truist 的 Joel Fishbein 提問。

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.

恭喜你們執行得很出色。我想這題給 Jay 和 Remo。你們在交叉銷售多種不同產品方面相當成功，而且很明顯交易規模也大幅上升。我很想聽聽你們對每席位 ARPU（每用戶平均收入）趨勢的看法。

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.

第二個部分是，由於這些產品顯然會影響組織內不同部門，你們在向組織不同部門銷售方面的情況如何？也請分享一下，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.

我可以先回答。在我準備好的發言中，我提到很多交易是 ZIA、ZPA、ZDX 一起搭配，並且有不少交易購買了全部 4 大產品支柱。因此我們對目前看到的牽引力非常滿意。過去幾年你們也看到，ZIA 與 ZPA 一起購買已經變得相當——相當常見。而在過去 1 年，ZDX 也變得越來越常見；我們看到非常多客戶購買 ZDX，因為沒有它，一旦某個地方出問題，你就無法進行故障排除。至於 ZCP，對我們而言正成為一個有趣的席位擴張（seating）機會，因為工作負載（workloads）仍屬早期市場，而我們也把自己定位得很好以推動成長。所以我們對交叉銷售感到非常樂觀。Remo 可以再補充更多細節。

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 的確在上升，我們會以年度為基礎提供相關資訊。本季新增對比加購的組成是 45% 新增、55% 加購。因此對我們來說，這是一個不錯的季度，在新增與加購之間取得了平衡。

And next, we have Gray Powell of BTIG.

接下來，我們請 BTIG 的 Gray Powell 提問。

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?

很好，謝謝讓我提問，也恭喜你們本季表現強勁。我知道很多人把帳單（billings）視為主要指標。但如果我算得沒錯，本季當期 RPO（current RPO）大約成長了 80%，上季接近 83%，而且明顯高於你們 63% 的營收成長率。所以我想問，你認為我們應該把哪個指標視為未來營收成長的最佳領先指標？而且它是否應該隨時間推移逐步向 RPO 的趨勢收斂？

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，這是個很好的問題。如果你看我們年對年的 RPO 成長，大約是 90%，而 CRPO 成長是 79%。我們一直強調的是，當 RPO 與 CRPO 的成長率衝到三位數時，我們會回到投資人所說的：帳單是看我們業務的最佳方式。因為當你看 RPO 和 CRPO，它們對大型交易的簽約時點、續約時點、合約期限以及其他特定條款更為敏感。基於這些原因，我們——我們認為大家應該看帳單，而不是 RPO 或 CRPO。還有，我們——特別是當我們的合約期限落在 10 到 14 個月這個區間時更是如此。所以——而本季我們的期限正好落在 10 到 14 個月區間的中間位置。

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.

另外我也想指出，投資人可能會看的另一個指標是短期帳單成長。我們的短期帳單成長是 61%。所以作為投資人，我會看所有指標，但從 Zscaler 的角度來看，最重要的是帳單。而如果我們的合約期限在 12 到 14 個月這個範圍，它會有些波動；同時也要看短期帳單成長。這些是關鍵指標，能把 RPO 與 CRPO 相關的雜訊、以及各種時點因素從方程式中剔除。

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

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?

你們上季宣布工作負載通訊（workload communication）正式全面可用（general availability）。所以我想聽聽你們對採用趨勢的評論、對於爬坡速度的預期，以及你們如何看待長期的採用情況？它會不會像你們對工作負載分段（workload segmentation）的評論一樣，主要侷限於大型組織？還是說這是一個更大的機會？

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.

這是個非常好的問題。工作負載分段只是整體方案的一部分。核心、基本的方案是我們所稱的「工作負載零信任」（zero trust for workloads）。工作負載是使用者的鏡像。就像使用者一樣，它們會與網際網路溝通。而且就像使用者會與工作負載溝通一樣，工作負載也會與其他工作負載溝通。因此我們把我們具顛覆性的零信任 [to users, the ZIA and ZPA, and applied] (added by the company after the call) 到工作負載上。

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.

那麼今天在雲端要真正保護工作負載，通常是怎麼做的？大多是防火牆的 VM 版本。你要連到網際網路前有一道防火牆；你要連到另一個區域前也有一道防火牆，如此等等。我們相信，我們將以同樣的方式顛覆以工作負載為基礎的安全防護，就像我們用 ZIA 和 ZPA 對使用者所做的一樣。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.

我強調了多筆交易，實際上是多個產品一起被採購的，其中也包括 ZCP。這些交易中有些包含《財富》500 大的半導體公司、《財富》500 大的金融服務公司，以及全球 500 大的物流公司。現在我會說，客戶確實會先從雲端工作負載領域小規模開始，然後再與我們一起成長。

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

我們下一個問題來自 Citi 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，這題是問你關於現金流。我們看到在疫情期間，營業利益率與現金流利益率之間的關係出現相當明顯的背離，而我們也開始看到這種情況稍微收斂。所以我想請你說明一下，從現在起我們應該如何看待自由現金流的走勢，特別是在 Jay 在事先準備的發言中提到的多年期承諾與大型交易的背景下，以及當你們開始做更多企業級與大型交易、規模達到 7、8 位數的業務時。

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。先說明，我們希望在預測上保持審慎，請把這點放在心上。若你看我們第一季的自由現金流利潤率，大約是營收的 35%、36% 左右。在會計年度——或在第二季，我們的自由現金流利潤率是 12%，而營業獲利率是 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.

以我的觀點，我認為把自由現金流視為略高於營業獲利率是比較審慎的做法，大概高出 3、4、5 個百分點。它會在每一季之間波動。我們的第一季和第三季通常是自由現金流最高的季度。原因是第二季到第四季是我們開立帳單（billing）最大的季度，所以你會在第一季和第三季收現。

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.

隨著規模變大，我們通常採年繳開立帳單。所以——這也是為什麼我們說在 10 到 14 個月之間，billings 是一個很好的衡量指標，我們指的就是這件事。當然，我們可以透過多年期開立帳單來提高自由現金流，但那不是我們的模式。我們努力的是取得多年期承諾合約，而我們也看到這類合約在增加。但就自由現金流或 billings 而言，我們通常仍以 1 年為主。

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 billings 成長，因為股價正在因 billings 成長低於買方預期而下跌。你們的 billings 成長大約 71%，前四個季度相當穩定。這一季雖然比指引好很多，但低於前四個季度的水準，也就是 59%。而全年指引大約是 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 billings 成長？你能對這一季說些什麼？為什麼它比前四個季度低？接著，對於接下來幾個季度，有什麼解釋？或有哪些拉抬與壓抑（puts and takes）的因素？

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。我是說，這是個很好的問題。連續四個季度在這個規模下維持 70% 以上，表現非常出色。這能持續嗎？當你成長到我們現在的規模時，要維持這樣的增速非常困難。59% 的 billings 成長仍然非常出色。

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.

如果你看一些先前的季度，合約期間（duration）會影響到 billings 的頂線成長。如果你看短期 billings 成長，是 61%。所以你回頭看之前的季度會發現——61% 的短期 billings 成長是個相當不錯、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.

往前看，你已經有我們的預測。我們喜歡在預測上保持審慎。關鍵是我們把這視為一個巨大的市場。我們會持續投資，並持續推動頂線數字。這些數字包括營收、billings 與短期 billings。因為推動頂線所帶來的價值、所獲得的槓桿非常大。因為在 SaaS 模式下，第二年與第三年的貢獻毛利率在 60% 左右，達到營業獲利並不需要太久。因此，建立你的 ARR 對於取得市占、成為主導者非常非常重要。這就是我們的重點。

Our next question comes from Mike Walkley of Canaccord.

我們下一個問題來自 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?

我是 Daniel，代替 Mike 提問。最近一段時間，你們一直在努力大幅改善企業級客群（enterprise segment）的銷售運作方式。你能否分享一下這部分業務在本季的走勢？以及我想問，你們是否因為迄今所做的投資而看到更多額外的勝利（wins）？

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.

企業級客群（我們定義為每家公司 2,000 到 6,000 名員工）進展非常順利，我們也持續在擴編團隊方面進行重大投資。往小型企業（small enterprises）延伸對我們而言是很自然的一步。這是一個很有吸引力的市場。同時，這也是通路能扮演更大角色的市場，而 summit 通路計畫也對我們幫助很大。因此我們計畫持續投資並擴大銷售。

Remo, do you want to add anything, too?

Remo，你也想補充些什麼嗎？

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。我是說，本季所有區隔都成長得不錯。但由於我們本季在大型交易上的強勢表現，大型企業客群的表現更好。

Our next question comes from Patrick Colville of Deutsche Bank.

我們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?

我可以再深入追問一下你先前在電話會議中提到的聯邦（federal）部分嗎？你提到聯邦在新增與加購（new and upsell）中只占低個位數。你能否提供一個框架，讓我們比較這與上季或去年相比大概是什麼樣子，好讓我們有參考基準？另外我也想問，是否有任何交易被延後，或是在 1 月 31 日之後才完成簽約的交易，是你希望——或我們應該注意的？

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.

我先回答第一部分，至於交易的部分 Jay 可以回答。不過一般而言，聯邦通常是中個位數；有時甚至是高個位數。但我不記得，Patrick，去年是多少。不過你可以把聯邦視為在我們每季新增與加購業務中，平均貢獻約中個位數，而本季是低個位數。

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.

至於管線（pipeline）與交易等方面，它正在成長，管線在成長。我們的參與度很高。我們也看到一些新備忘錄與新倡議的落地帶來更多動能。我們有架構，也有 FedRAMP 認證。我認為仍稍微不可預測的一點，是部分聯邦預算以及時程。

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

我們下一個問題來自蒙特婁銀行的 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.

Remo，我想釐清一下。你提到合約期間（duration）。如果看短期 billings，你們成長 61%。相較前一季大概下滑了 7 個點，但比較基期（compare）高了 6 個點。所以你們的短期 billings 一直相當穩定。

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?

如果我看去年 1 月到 7 月的幾個季度，你們成長 70% 以上。但你能否提醒我，其中有多少是因合約期間而被拉高，讓我們可以把比較基期正常化？

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?

然後如果我可以再偷問一題，我想看看你能否談談你們對今年 NRR 走勢的看法。它會維持穩定嗎？還是你認為隨著你們推出像 ZCP 這樣的新產品，這些趨勢其實可能改善以促進成長？

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。我只點出一個我有印象的季度，也就是去年的第三季。去年的第三季，在 10 到 14 個月的區間內，它接近 14 個月的那一端。所以這就是我記得的、去年第 3 季的合約期間影響。

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 與新產品。我們上季的說法是，如果超過 125%，我們就不會具體揭露 NRR 是多少。本季超過 125%，而我們的新產品表現良好。我是說，我們的新產品表現良好，ZPA 也是如此。而這些都是與 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，我們預期 NRR 會表現良好。不過話說回來，這也是我們觀察到的情況之一：我們一開始賣出的套裝越大，NRR 就越低。或者如果我們今天做了第一筆交易，兩個季度後再做第二筆加購交易，那其實不太會反映在 NRR 裡。所以我們對 NRR 很滿意。但過去我們也有點說過，我們並不會太刻意把重點放在 NRR 上。這也是為什麼我們給你們 125% 或更高作為一個良好指標。

And next, we have Brian Essex of Goldman Sachs.

接下來是高盛（Goldman Sachs）的 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?

恭喜這次的成果。我想，Jay，也許你可以回應這題。我知道 Dali 加入後，他的重點之一是提升成交速度（deal velocity）以及招募人員。那麼現在你們——你們正在拿到更大的案子，銷售團隊也更成熟了，所以其中有一些取捨。你能否談談銷售週期（sales cycles）？以及在你們規模更大、以更大單在更高基數上成長的同時，搭配更成熟的銷售團隊，你們如何管理這種動態？銷售週期大概長什麼樣子？

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，這是個好問題。首先，銷售團隊以及我們建立的所有流程與賦能（enablement），幫助我們在過去 2.5 到 3 年、也就是我們導入這套新銷售模式以來，取得非常出色的成長。這是第一點。

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.

第二點，我認為當時我們主要聚焦在市場的高端，基本上是大型 MLE。現在我們也進一步往下延伸到企業市場（enterprise），而且表現相當不錯。正如你所預期，越往市場的低端，銷售週期越短；在高端市場，銷售週期仍然相對較長。這是一種轉型型銷售（transformation sale），會牽涉到 CIO、CISO、CTO 等多方。但當我們切入、開始互動後，最後往往能拿下大單。

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.

而且不只如此，無論我們從這些客戶的哪個切入點開始，我們的黏著度非常高，會持續加購與成長。所以我非常有信心、也很放心。當然，隨著數字變得更大，我們需要——持續做同樣的事情。市場在、產品組合在。我們沒有競爭壓力，真正需要的是持續執行。我認為我們做得不錯，也會繼續推進。而且我們在毛利率層面有不錯的利潤空間，可以持續投資。

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

很好。有沒有辦法量化一下銷售週期大概是多少，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.

我會說我們沒有出來宣稱它們降低了 x%，但我會說這個區間我們一直都有提：較低端、較小的案子是 3 到 6 個月，較大的案子是 6 到 12 個月。（聽不清）隨著（案子）變得更大，可能會往區間的較低端移動一些。但交易有各種不同的形態與規模，所以它們都——不過我們——我們的管線成長非常快，成交率也相當不錯。所以我感到非常樂觀、也很安心。

Next question comes from Roger Boyd of UBS.

下一個問題來自瑞銀（UBS）的 Roger Boyd。

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?

想請你談談——首先，$100 萬以上 ARR 客群的表現非常強勁。我想了解你們在較小型企業客群那邊看到的競爭情況如何。另外，Gartner 在其新的 Secure Service Edge 魔力象限（Magic Quadrant）中的認可，對你們在面向那個較小的 6,000 到 2,000（規模）客群推向市場時意味著什麼？

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.

好的，這是個好問題。首先，MQ 不只是針對低端市場。MQ 是涵蓋全市場的，只是某種程度上在大型市場可能更相關，因為大型公司往往是 Gartner 的客戶。但坦白說，我很驚訝看到有兩家 CASB 供應商被列在領導者象限，因為我們在真實世界裡並沒有看到他們。所以如果要我對 Gartner 使用的評選標準提出一點意見，我認為它對 CASB 的權重過高——CASB 比較容易建置，屬於 out of band；而對 secure web gateway 的權重過低——而 secure web gateway 是零信任的基礎，且更難建置，因為它是 in line。

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，我們正在替換多年來被銷售出去的許多 CASB 單點產品。你看看我們的平台，它已經大幅擴展，包含 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.

第二個問題是關於較小型企業，對吧？在那裡，我們確實在企業市場的低端看到比高端更多的供應商——高端客戶非常精明，他們其實會先排除一些沒有正確架構的供應商，也會尋求營運卓越（operational excellence）。

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.

昨天我和一家大型金融服務公司的 CIO 通話。他想用這段話開始討論：我看到太多供應商一直來談各種功能與特性。但當我問到他們在雲端運行的營運經驗時，他們其實沒什麼可說的。嗯，他們沒有，因為他們以前並沒有真正做過。

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，隨著你們也看到從 AWS 到 Azure AD 等等在外部發生的一些問題，營運經驗變得越來越重要。但在低端市場，我們確實會看到防火牆供應商、Cisco 這類公司，以及其他一些新進者。不過一旦我們介入，我們幾乎每次都能贏。過去我們在 enterprise 的能見度較低，但現在我們其實正在投入更多資源到市場低端並取得勝利。這對我們來說是個成長領域。

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?

我想延續前面關於競爭的問題，但更廣泛一點。你能否評論一下你們的出手機會（at-bats）數量趨勢如何？你們是獲得更多機會、還是更少？過去幾個月相較於前幾季的趨勢如何？另外，你會如何描述你們在整個市場的整體勝率，相較於可能前幾季的變化？

Sorry, the first one was how our numbers?

抱歉，第一個是我們的數量怎麼樣？

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?

你們的出手機會（at-bats）數量趨勢如何？你們是得到更多機會、還是更少？過去幾個月相較於前幾季，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。首先，由於是轉型型交易驅動，我們其實不太常遇到正在進行的競標（bake-offs）。即使在資安領域，人們也習慣做各種 bake-offs 等等。我們做得比較少，因為通常我們進去後會協助推動轉型，與 CIO 合作並由上而下推進。而在確實有 bake-offs 的情況下，我們幾乎總是能在某種程度上勝出。我們並不真的追蹤我們預期會參與並贏下多少次。若我們沒有贏下一筆交易，主要原因是我們無法在該季度把案子真正結案，它就延到下一季之類。所以交易延後可能是原因之一。一般而言，並不是競爭壓力在傷害我們的業務。

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——而且隨著我們的平台越來越多——市場也在快速轉變。這不再是 90 年代和 2000 年代初期那種同一套打法。我是說，看看兩年前、三年前，或我們 IPO 的時候，ZIA 只是個小部分。現在 ZIA 的轉型套裝已經變成大項目，現在又是 ZIA、ZPA 一起。讓每位使用者都能在任何地方工作。

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.

接著我們把遊戲推進到把數位體驗納入需求，現在又到工作負載等等。所以在競爭方面，我們狀況很好。我們只需要確保持續招募並訓練人員，去做這種由上而下的策略型銷售。

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

以上為本次電話會議的問答環節。我將把會議交回給 Jay Chaudhry 作最後結語。

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.

感謝各位參與，以及持續關注 Zscaler。我也要感謝我們的客戶、合作夥伴與員工，協助我們交出強勁的一季。我們期待在接下來的投資人活動與各位見面，或在下個季度向各位更新我們持續進展的情況。再次感謝。

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

本日電話會議到此結束。感謝各位參與。您現在可以中斷連線，祝您有美好的一天。