Zscaler, Inc. (ZS) 2022 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Zscaler Third 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 年第三季財報電話會議。（接線員指示）請注意，今天的會議將被錄音。（接線員指示）

I would now like to hand the conference over to your 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 Third 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 have posted our earnings release and a supplemental financial schedule to our Investor Relations website. Unless otherwise noted, all numbers we talk about today will be on an adjusted non-GAAP basis. You'll find the reconciliation of GAAP to the non-GAAP financial measures in our earnings release.

各位下午好，歡迎參加 Zscaler 2022 會計年度第三季財報電話會議。今天與我一同出席的有董事長兼執行長 Jay Chaudhry，以及財務長 Remo Canessa。請注意，我們已將財報新聞稿與補充財務明細表發布於投資人關係網站。除非另有說明，我們今天討論的所有數字皆以調整後的非 GAAP 基礎呈現。GAAP 與非 GAAP 財務衡量指標之間的調節表，請見我們的財報新聞稿。

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 objectives and outlook, our customer response to our products and 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. 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.

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、營運費用、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、我們的目標與展望、客戶對我們產品的回應，以及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。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 提交的文件以及今天的財報新聞稿。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 June: Loop's Software Conference on June 1; Bank of America's Global Tech Conference on June 8; Mizu Virtual Cybersecurity Summit on June 13; and we will also host an investor briefing focused on our latest innovations at the Zenith Live Conference on June 22.

另外也向各位說明，我們將於 6 月參加以下即將舉行的活動：6 月 1 日 Loop 的軟體研討會；6 月 8 日美國銀行（Bank of America）全球科技研討會；6 月 13 日 Mizu 虛擬資安高峰會；此外，我們也將於 6 月 22 日在 Zenith Live 大會上，主辦一場聚焦於我們最新創新的投資人簡報會。

Now I'll turn the call over to Jay.

現在把電話交給 Jay。

Thank you, Bill. We are pleased to report another strong quarter. In Q3, we delivered 63% year-over-year revenue growth, 54% billings growth and 15% free cash flow margins, all while investing for high growth. While most public SaaS companies are happy to get to rule of 40, we again exceeded the rule of 70 based on revenue growth and free cash flow margins.

謝謝你，Bill。我們很高興再度繳出強勁的一季。第三季我們實現營收年增 63%、帳單年增 54%，以及 15% 的自由現金流利潤率，同時仍持續投資以支持高速成長。多數上市 SaaS 公司能達到「40 法則」就已相當滿意，而我們再次以營收成長與自由現金流利潤率計算，超越了「70 法則」。

With our increased guidance today, we expect to achieve the rule of 80 for the full year. We are not only delivering excellent growth. We are also delivering strong profitability. We are disciplined in making investments for innovation and go-to-market scale with the breadth and depth of our ever-expanding Zero Trust platform, we can efficiently sell to our growing base of enterprise customers. We believe our clear focus on securing large enterprises makes us the partner of choice for our customers' Zero Trust security journey.

隨著我們今天上調指引，我們預期全年將達成「80 法則」。我們不僅帶來卓越的成長，也展現強勁的獲利能力。我們在創新與市場拓展規模（go-to-market scale）的投資上保持紀律；憑藉我們持續擴展的 Zero Trust 平台之廣度與深度，我們能有效率地向不斷成長的企業客戶群銷售。我們相信，對大型企業資安的明確聚焦，使我們成為客戶 Zero Trust 資安旅程的首選合作夥伴。

While there are broader macro challenges and economic uncertainties, we have seen an increase in large multiyear commitments for multiple product pillars of Zscaler platform as periods of uncertainty can act as a catalyst for change. This, coupled with growing cyber threats such as ransomware are driving IT leaders to transform security from (inaudible) mode security to Zero Trust architecture. In this environment, customers cannot risk transformational and mission-critical projects with immature offerings from unproven vendors. As the pioneer and category leader in Security Service Edge or SSE with the widest and deepest offerings, Zscaler is the trusted partner for vendor consolidation, cost savings, increased user productivity and better cyber protection. We are adding new Global 2000 customers at a record pace. In the last 2 quarters, we added close to 80 G2K customers. Now 40% of the Fortune 500 and 30% of Global 2000 companies trust Zscaler to secure their digital transformation. Approximately half of our Global 2000 customers have bought ZIA and ZPA, and I am excited to report that ZPA has surpassed over $200 million in annualized revenue.

儘管宏觀環境面臨更廣泛的挑戰與經濟不確定性，我們仍看到針對 Zscaler 平台多個產品支柱的大型多年期承諾增加，因為不確定時期往往會成為變革的催化劑。再加上勒索軟體等日益增長的網路威脅，正推動 IT 領導者將資安從（聽不清）模式的安全性轉向 Zero Trust 架構。在此環境下，客戶無法冒險把轉型與關鍵任務專案交給尚未成熟、且供應商未經驗證的產品。作為 Security Service Edge（SSE）領域的先驅與類別領導者，並擁有最廣且最深的產品組合，Zscaler 是客戶進行供應商整併、節省成本、提升使用者生產力與強化網路防護的可信賴夥伴。我們正以創紀錄的速度新增 Global 2000 客戶。過去兩季我們新增了接近 80 家 G2K 客戶。如今，《財富》500 強中有 40%，以及 Global 2000 企業中有 30% 信任 Zscaler 來保護其數位轉型。約有一半的 Global 2000 客戶同時採購了 ZIA 與 ZPA；我也很高興報告，ZPA 的年化營收已突破 2 億美元。

In Q3, we had significant growth in new $1 million plus ACV deals across major geographies and customer verticals. We are seeing an acceleration in multiyear, multiproduct pillar deals as enterprises are racing to transform their business. We provide a path for large strategic customers to ramp into larger and longer commitments for our entire transformational platform, not just for elements of it. This is driving a strong growth in bookings with the total value of our committed future revenue reaching a key milestone. It has surpassed $2 billion.

第三季，我們在主要地區與各客戶垂直領域中，新增年約合約價值（ACV）達 100 萬美元以上的交易數量大幅成長。我們看到多年期、跨多產品支柱的交易加速成長，因為企業正加速推動業務轉型。我們為大型策略客戶提供一條路徑，使其能逐步提升對我們整體轉型平台的承諾規模與年限，而不僅僅是採購其中的部分要素。這正帶動預訂（bookings）強勁成長，使我們已承諾的未來營收總價值達到一個重要里程碑——已超過 20 億美元。

Now let me highlight some customer deal wins during the quarter. As I mentioned before, I believe all customers will ultimately purchase ZIA, ZPA and ZDX for all users. This quarter, we have seen ample evidence that customers are buying ZIA, ZPA and ZDX together, providing zero trust security for users with fast user experience. In a new logo win, a global 500 food services conglomerate headquartered in Europe, purchased ZIA ZPA and ZDX for all 100,000 users, leveraging our globally distributed SSE platform. This customer is consolidating dozens of different vendors, point products across hundreds of locations in 45 countries. The customer was most excited about having a single zero trust security policy framework for in-line inspection across its business units in every location.

接下來我分享本季幾個客戶成交案例。如我先前所提，我相信所有客戶最終都會為所有使用者採購 ZIA、ZPA 與 ZDX。本季我們看到充分證據顯示，客戶正同時採購 ZIA、ZPA 與 ZDX，在提供 Zero Trust 使用者安全的同時，也帶來快速的使用者體驗。在一個新客戶（new logo）成交案中，一家總部位於歐洲的全球 500 大食品服務集團，為其 100,000 名使用者採購了 ZIA、ZPA 與 ZDX，並利用我們全球分散式的 SSE 平台。該客戶正在整併分布於 45 個國家、數百個據點的數十家不同供應商與點狀產品（point products）。客戶最興奮的是，能在每個地點、各事業單位之間，透過單一的 Zero Trust 安全政策框架進行線上（in-line）檢測。

Given the significant cost savings, up-level security and improved user experience across the company, the CEO and CFO signed off on this non-budgeted 4-year commitment. In addition, they started a paid pilot for our zero trust for workloads offering for this sizable AWS footprint, which we are very excited about.

鑑於顯著的成本節省、更高等級的安全性，以及全公司使用者體驗的改善，該公司的 CEO 與 CFO 核准了這項非預算內的 4 年期承諾。此外，他們也針對我們的「工作負載 Zero Trust」產品，為其龐大的 AWS 佈署啟動了付費試點（paid pilot），我們對此感到非常振奮。

Next, in an upsell deal, a global 10 oil and gas customer headquartered in Europe. After deploying ZIA and ZPA for 100,000 users, purchased ZDX for all 100,000 employees. ZDX is delivering immediate value by reducing the customers' time to troubleshoot performance issues by 50% to 80%, while consolidating 40 legacy performance point products.

接著，在一筆加購（upsell）交易中，一家總部位於歐洲的全球前 10 大油氣客戶，在為 100,000 名使用者部署 ZIA 與 ZPA 之後，為所有 100,000 名員工採購了 ZDX。ZDX 透過將客戶排除效能問題的時間縮短 50% 至 80%，並整併 40 個既有的效能點狀產品，立即帶來價值。

In addition, the customer upgraded to a newly introduced ZPA transformation bundle that includes browser isolation, application protection and deception services. This is a 4-year deal that increased the customer's annual spend by over 70%. This customer's journey with Zscaler is remarkable. I remember sitting with the Chief Architect in their office, finalizing the purchase of our ZIA professional bundle 6 years ago. Since then, the annual spend has increased over 14x to well over $10 million.

此外，該客戶也升級至新推出的 ZPA 轉型套裝（transformation bundle），其中包含瀏覽器隔離（browser isolation）、應用程式防護（application protection）與欺敵（deception）服務。這是一筆 4 年期交易，使客戶年度支出增加超過 70%。該客戶與 Zscaler 的合作歷程令人印象深刻。我記得 6 年前我曾在他們辦公室與首席架構師會面，完成我們 ZIA 專業套裝（professional bundle）的採購。自那時起，年度支出已成長超過 14 倍，達到 1,000 萬美元以上。

Next, we look forward to working with them on zero trust for workloads.

接下來，我們也期待與他們在「工作負載 Zero Trust」方面展開合作。

In an upsell win, a Fortune 50 bank in Asia that has deployed ZIA for over 50,000 users purchased ZPA and ZDX, for all 50,000 employees. This is another example of a large customer buying ZIA, ZPA and ZDX for all users. While the immediate objective for this deal was to replace a legacy multi-vendor VPN infrastructure, ZPA was selected to implement zero trust access by establishing an application-level policy, where users connect to specific applications now to a network, hence, achieving app segmentation without having to do legacy network segmentation.

在另一筆加購成交案中，亞洲一家《財富》50 強銀行已為超過 50,000 名使用者部署 ZIA，並為全部 50,000 名員工採購了 ZPA 與 ZDX。這是大型客戶為所有使用者同時採購 ZIA、ZPA 與 ZDX 的另一個例子。雖然這筆交易的即時目標是取代既有的多供應商 VPN 基礎架構，但他們選擇 ZPA 來透過建立應用程式層級政策實作 Zero Trust 存取；使用者連線到特定應用程式，而非連線到網路，因此能在不進行傳統網路分段的情況下，達成應用程式分段（app segmentation）。

ZPA did not just replace VPN. It's eliminating the need for the entire inbound DMC, including DDoS protection, app delivery controllers and firewalls, generating a payback on the Zscaler purchase within 6 months because of the substantial ROI Even in a tougher macro, Zscaler can help reduce cost while driving transformation. Our integration with Microsoft's E5 suite across ZIA and ZPA was also an important decision factor for them. This latest purchase more than doubled the customers' annual spend.

ZPA 不僅取代了 VPN。它也消除了對整個入站 DMC 的需求，包括 DDoS 防護、應用程式交付控制器（app delivery controllers）與防火牆；由於可觀的投資報酬率（ROI），使得採購 Zscaler 的回收期在 6 個月內完成。即使在更具挑戰的宏觀環境下，Zscaler 仍能在推動轉型的同時協助降低成本。我們與 Microsoft E5 套件在 ZIA 與 ZPA 方面的整合，也是他們的重要決策因素。這次最新採購使該客戶的年度支出增加逾一倍。

ZIA, ZPA and CDX together form a complete solution to implement zero trust for users. Our next immediate big opportunity is zero trust for workloads powered by the same core ZI and ZPA technology. Let me highlight a few exciting wins in this area. An existing Fortune 100 financial services customer with ZIA deployed for 60,000 users purchased zero trust for workloads to protect 50,000 workloads spanning across multiple data centers and public clouds. This eliminates the need for virtual firewalls and site-to-site VPNs. This multimillion-dollar ACV deal is our largest workload deal to date and more than doubles the customers' annual spend. The customer protects both users and workloads under a single policy framework, enhancing their cyber protection, providing visibility and simplifying operations.

ZIA、ZPA 與 CDX 共同構成一套完整解決方案，用於為使用者落實零信任。我們下一個近期的重大機會，是以相同的核心 ZI 與 ZPA 技術為基礎，將零信任延伸至工作負載。讓我強調幾個在此領域令人振奮的勝利案例。一家既有的《財富》100 大金融服務客戶，已為 60,000 名使用者部署 ZIA，並採購「工作負載零信任」以保護 50,000 個工作負載，涵蓋多個資料中心與公有雲。這消除了對虛擬防火牆與站點對站點 VPN 的需求。這筆數百萬美元 ACV 的交易，是我們迄今為止最大的工作負載交易，並使該客戶的年度支出增加逾一倍。該客戶在單一政策框架下同時保護使用者與工作負載，強化其網路防護、提升可視性並簡化營運。

Lastly, let me discuss the new customer purchasing all 4 product pillars together. At a lead research university purchased our comprehensive ZIA, ZPA and ZDX offerings for 35,000 users and 0 trustful workloads for over 3,000 workloads for the multi-cloud environment. their CIO's top priorities to eliminate the risk of legacy VPNs and lateral threat movement as universities are increasingly becoming a target for an somewhere and intellectual property effect. Also, a critical requirement for this win was our zero trust platform, meeting the criteria of zero trust framework as recommended by NIST we closed this 3-year 8-figure deal through AWS marketplace. I'm very happy with our continued success in expanding our routes to market via cloud marketplaces.

最後，我想談談一位同時採購全部 4 大產品支柱的新客戶。一所頂尖研究型大學採購了我們完整的 ZIA、ZPA 與 ZDX 方案，涵蓋 35,000 名使用者，並為多雲環境中的逾 3,000 個工作負載採購零信任工作負載防護。他們 CIO 的首要優先事項，是消除傳統 VPN 的風險與橫向威脅移動，因為大學正日益成為勒索軟體與智慧財產外洩的攻擊目標。此外，此次得標的一項關鍵要求，是我們的零信任平台需符合 NIST 所建議的零信任框架標準；我們透過 AWS Marketplace 完成了這筆為期 3 年、金額達 8 位數的交易。我對我們持續透過雲端市集擴展市場進入路徑的成功感到非常高興。

Next, I'm excited to highlight U.S. federal government where we are having considerable momentum, driven in part by the President's executive order, we are seeing increased interest in our zero trust exchange across all levels of the government. We are excited to help our country dramatically improve our security posture while significantly reducing legacy IT costs. We have the highest level of FedRAMP certifications for ZIA and ZPA. In addition, ZPA is the only zero trust solution with DoD IL-5 certification. There are only a select few cloud companies that have this level of certification. -- and there's no other cybersecurity company at this level.

接下來，我很高興強調我們在美國聯邦政府市場的進展；在總統行政命令的部分推動下，我們正看到政府各層級對我們零信任交換平台的興趣顯著提升。我們很期待協助國家大幅改善安全態勢，同時顯著降低傳統 IT 成本。我們的 ZIA 與 ZPA 具備最高等級的 FedRAMP 認證。此外，ZPA 是唯一取得 DoD IL-5 認證的零信任解決方案。只有少數雲端公司擁有此等級的認證——而且沒有任何其他資安公司達到這個層級。

IL-5 certification is an important differentiator for us. Let me highlight 2 new customer wins this quarter where this was an important factor. -- plus, a defense contractor that purchased ZIA and ZPA in a 6-year 7-figure ACV deal. Second, a DoD unit also purchased ZPA for secure access to SAP instances in AWS GovCloud. Two important considerations for our ongoing success in the federal market are : first, ZPA is the only cloud security service with FedRAMP high authorization for zero trust remote access. We connect users to applications and not to the network eliminating lateral threat movement, a core principle of zero trust architecture that can't be achieved by next-gen firewalls or cloud VPNs; second, ZIA's proxy architecture, which inspects TLS encrypted traffic at scale, delivering superior security.

IL-5 認證是我們的重要差異化優勢。讓我分享本季兩個新客戶得標案例，其中此認證是重要因素。——其一，一家國防承包商以為期 6 年、7 位數 ACV 的交易採購了 ZIA 與 ZPA。其二，一個 DoD 單位也採購了 ZPA，用於在 AWS GovCloud 中安全存取 SAP 執行個體。我們在聯邦市場持續成功有兩項重要考量：第一，ZPA 是唯一具備 FedRAMP High 授權、可用於零信任遠端存取的雲端安全服務。我們將使用者連到應用程式而非網路，消除橫向威脅移動——這是零信任架構的核心原則，次世代防火牆或雲端 VPN 無法達成；第二，ZIA 的代理（proxy）架構可在大規模下檢查 TLS 加密流量，提供更優異的安全性。

Our proven track record, running the world's largest in-line security cloud makes Zscaler the obvious and trusted partner of choice for governments and enterprises. We now have 288 customers exceeding $1 million in ARR, an increase of 77% year-over-year. We deliver a mission-critical service that requires unmatched reliability and availability for an in-line cloud. There is no compression algorithm for over 10 years of operational experience running such a cloud. An example of our proven scale is that Zscaler processes over 240 billion transactions in line per day, which is more than 20x the number of Google searches per day.

我們經驗證的實績——營運全球最大規模的 inline 安全雲——使 Zscaler 成為政府與企業顯而易見且值得信賴的首選合作夥伴。我們目前有 288 家客戶的 ARR 超過 100 萬美元，年增 77%。我們提供的是關鍵任務型服務，對 inline 雲而言需要無可匹敵的可靠性與可用性。對於超過 10 年的此類雲端營運經驗，沒有任何「壓縮演算法」可以取代。我們規模的例證之一是：Zscaler 每天 inline 處理超過 2,400 億筆交易，這比 Google 每日搜尋量多出 20 倍以上。

Now let me share a few observations about our high net retention rate, which has exceeded 125% for the last 6 quarters. We made a number of investments in customer success services, technical account managers, partner services and certification of partners, which together are driving a faster and greater adoption across our broad portfolio. We have a sorted blueprint for accelerating value delivery, which is driving upsells. All of these investments result in happy customers, demonstrated by our Net Promoter Score or NPS of more than 70%, which is more than 2x that of an average SaaS company.

接著我分享幾點關於我們高淨留存率（high net retention rate）的觀察；過去 6 個季度均超過 125%。我們在客戶成功服務、技術客戶經理、合作夥伴服務以及合作夥伴認證方面進行多項投資，這些投資共同推動客戶在我們廣泛產品組合上更快、更深入地採用。我們有一套成熟的藍圖用以加速價值交付，進而帶動加購（upsell）。所有這些投資都帶來更滿意的客戶，並由我們超過 70% 的淨推薦值（NPS）所證明，這是一般 SaaS 公司的 2 倍以上。

Next, let me now highlight our rapid pace of innovation. After having built the most comprehensive platform to provide zero trust for users. We are now expanding it for zero trust for workloads. Unlike scores of vendors who offer point products for cloud-native apps. Zscaler has developed a fully integrated CSM, IEM and infrastructure as core scanning with a common back end and fully correlated actionable dashboard. Gartner calls his functionality CNA, but we have moved beyond CNA by integrating the threat and data awareness from CIA and ZPA. We will be highlighting it and other innovations at Zenith Live, our Annual Cloud Summit next month. We enhanced our AI ML engine for ZDX, our fastest-growing new service to leverage billions of telemetry points from millions of users to improve digital user experience. It cannot only automatically figure out what and where performance issues are but can also provide information about the quality of voice, video and screen sharing due to our integration with Microsoft Teams and Zoom. We have also integrated ZDX with ServiceNow, making customer end user support far more efficient. ZDX also got certified and became available on our Federal Cloud. Our threat labs security research team is tracking over a dozen APT groups and getting better reconnaissance about the tools and behavioral patterns, resulting in higher order threat intelligence. This specific threat intel, coupled with a massive cloud effect from 240 billion transactions and 300 trillion signals per day, enables Zscaler to deliver better threat protection than other vendors.

接下來，讓我強調我們快速的創新步伐。在打造出最全面、可為使用者提供零信任的平台之後，我們現在正將其擴展至工作負載零信任。不同於眾多為雲原生應用提供點狀產品的供應商，Zscaler 已開發出完整整合的 CSM、IEM 與以基礎架構為核心的掃描能力，具備共同後端與完全關聯、可採取行動的儀表板。Gartner 將此功能稱為 CNA，但我們透過整合來自 CIA 與 ZPA 的威脅與資料感知，已超越 CNA。我們將在下個月的年度雲端高峰會 Zenith Live 上重點展示此項與其他創新。我們也強化了 ZDX 的 AI/ML 引擎——這是我們成長最快的新服務——利用來自數百萬使用者、數十億個遙測點來改善數位使用者體驗。它不僅能自動判斷效能問題是什麼、發生在哪裡，還能因我們與 Microsoft Teams 與 Zoom 的整合，提供語音、視訊與螢幕分享品質的資訊。我們也將 ZDX 與 ServiceNow 整合，使客戶的終端使用者支援更有效率。ZDX 亦已通過認證並在我們的 Federal Cloud 上線。我們的 ThreatLabs 安全研究團隊正在追蹤十多個 APT 組織，並更深入偵察其工具與行為模式，產出更高階的威脅情報。這些特定威脅情資，加上每天 2,400 億筆交易與 300 兆個訊號所帶來的巨大雲端效應，使 Zscaler 能提供優於其他供應商的威脅防護。

Moving beyond users and workloads. We are now bringing zero trust to IoT and OT systems, a large emerging opportunity. Today, Siemens and Zscaler announced the availability of an integrated all-in-one solution to accelerate secure access to OT systems. Our joint development with Siemens brings the benefits of Zscaler to factory and industrial control systems. We are thrilled to have Siemens a long-standing customer as a development and go-to-market partner.

不僅止於使用者與工作負載。我們現在正將零信任帶到 IoT 與 OT 系統，這是一個龐大且正在浮現的機會。今天，Siemens 與 Zscaler 宣布推出整合式一體化解決方案，以加速對 OT 系統的安全存取。我們與 Siemens 的共同開發，將 Zscaler 的效益帶入工廠與工業控制系統。我們很高興 Siemens 作為長期客戶，同時也是開發與市場推進（go-to-market）合作夥伴。

In closing, in spite of uncertain macro conditions, we continue to see strong demand for our services. We are in a strong financial position and we will continue to aggressively invest in our business. We are focused on hiring and developing talent and creating a culture that rewards innovation at all levels. We have grown our global organization to approximately 4,500 employees who are energized by our shared mission to secure the hyper-connected world of cloud and mobility. We grew our total sales and marketing headcount by 54% year-over-year, and we remain focused on investing in our go-to-market machine.

總結而言，儘管宏觀環境充滿不確定性，我們仍持續看到對我們服務的強勁需求。我們的財務狀況穩健，並將持續積極投資於業務。我們專注於招募與培育人才，並打造一種在各層級獎勵創新的文化。我們已將全球組織擴展至約 4,500 名員工，大家因共同使命而充滿動能：守護雲端與行動化高度互聯的世界。我們的銷售與行銷總人數年增 54%，並仍專注於投資我們的市場推進機器（go-to-market machine）。

In today's competitive hiring market, Zscaler is a destination for top talent to drive continued growth in hiring and to build on Zscaler's high-performing hybrid work culture. This month, we welcome Brandon Cassel, Google's former Global Head of Talent Acquisition, as our new Chief People Officer. Brandon has proven experience in building highly motivated and productive teams at scale with app transformation already mainstream. Network and security transformation is also becoming mainstream, which we pioneered with our Zero Trust Exchange. We believe customers trust Zscaler more than any other provider for securing their cloud journey.

在當今競爭激烈的人才招募市場中，Zscaler 是頂尖人才的首選目的地，可推動持續的招募成長，並在 Zscaler 高績效的混合辦公文化基礎上再接再厲。本月，我們迎來 Google 前全球人才招募主管 Brandon Cassel，擔任新的首席人資長（Chief People Officer）。Brandon 在大規模打造高度投入且高產能團隊方面具備經驗；在應用程式轉型已成主流之際，網路與安全轉型也正成為主流，而這正是我們以 Zero Trust Exchange 所開創的方向。我們相信，客戶在保護其雲端旅程方面，對 Zscaler 的信任勝過任何其他供應商。

Recent uncertainty in the macro environment is driving customers to accelerate their network and security transformation with our integrated platform, resulting in a reduction in cost, complexity and business risk. We are adding a record number of Global 2000 customers, know with 30% of Global 2000 and 40% of Fortune 500 customers trusting Zscaler. These demanding customers are making large multiyear commitments to our platform.

近期宏觀環境的不確定性，正驅使客戶以我們的整合平台加速其網路與安全轉型，從而降低成本、複雜度與業務風險。我們新增了創紀錄數量的 Global 2000 客戶，目前已有 30% 的 Global 2000 與 40% 的《財富》500 大客戶信任 Zscaler。這些要求嚴苛的客戶正對我們的平台做出大額的多年期承諾。

We are not just growing rapidly at any cost, we are also profitable and delivering efficient growth. We will continue our disciplined investment in innovation and growth to capture the large and growing opportunity ahead of us.

我們並非不計代價地快速成長；我們同時具備獲利能力，並提供高效率的成長。我們將持續以紀律性的方式投資創新與成長，以掌握眼前龐大且持續擴大的機會。

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

現在我想把電話會議交給 Remo，請他說明我們的財務結果。

Thank you, Jay. As Jay mentioned, we are pleased with the results for the third quarter of fiscal 2022. Revenue for the quarter was $287 million, up 63% year-over-year and up 12% sequentially. On a year-over-year basis, revenue growth exceeded 60% for the third straight quarter driven by strong customer demand for our zero trust platform. CPA product revenue was approximately 18% of total revenue, growing 87% year-over-year.

謝謝你，Jay。正如 Jay 所提到的，我們對 2022 會計年度第三季的表現感到滿意。本季營收為 2.87 億美元，年增 63%，較前一季成長 12%。以年對年來看，在客戶對我們零信任平台的強勁需求帶動下，營收成長已連續第三個季度超過 60%。CPA 產品營收約占總營收的 18%，年增 87%。

From a geographic perspective, we had broad strength across our 3 major regions. Americas represented 52% of revenue, EMEA was 33% and APJ was 15%. APJ continues to be our fastest-growing region with revenue growth of 105% year-over-year. Our total calculated billings grew 54% year-over-year to $346 million, with billing duration comparable to a year ago and above the midpoint of our normal 10 to 14 months range.

從地理區域的角度來看，我們在三大主要區域皆展現廣泛的強勁表現。美洲占營收的 52%，EMEA 占 33%，APJ 占 15%。APJ 仍是我們成長最快的區域，營收年增 105%。我們的總計算帳單金額（calculated billings）年增 54% 至 3.46 億美元，帳單期間與一年前相當，且高於我們正常 10 至 14 個月區間的中位數。

Our remaining performance obligations or RPO grew 83% from a year ago, to $2.216 billion. The current RPO is 49% 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 288 customers paying us more than $1 million annually, up 77% and from 163 in the prior year. I'm very pleased with the pace at which we're adding these $1 million ARR customers. We increased by 37 customers in the quarter, the continued strength of this metric speaks to our large enterprise focus and the strategic role we play in our customers' digital transformation initiatives.

我們的剩餘履約義務（RPO）較一年前成長 83%，達 22.16 億美元。其中，當期 RPO 占總 RPO 的 49%。我們強勁的客戶留存率，以及向上銷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，再次高於 125%。年度付費超過 100 萬美元的客戶數達 288 家，年增 77%，較前一年的 163 家大幅增加。我對我們新增這些 100 萬美元 ARR 客戶的速度感到非常滿意。本季增加 37 家客戶，這項指標持續強勁，反映我們聚焦大型企業，以及我們在客戶數位轉型計畫中扮演的策略性角色。

We added 140 customers in the quarter paying us more than $100,000 annually, ending the quarter at 1,891 such customers.

本季我們新增 140 家年度付費超過 10 萬美元的客戶，季末此類客戶總數達 1,891 家。

Turning to the rest of our Q3 financial performance. Total gross margin of 80.6% was approximately flat quarter-over-quarter and year-over-year. Our total operating expenses increased 11% sequentially and 70% year-over-year to $204 million. Operating expenses as a percentage of revenue was 71% compared to 68% in the year ago quarter due to a partial return of T&E.

接著談我們第三季其餘的財務表現。總毛利率為 80.6%，與前一季及去年同期大致持平。我們的總營業費用較前一季增加 11%，較去年同期增加 70%，至 2.04 億美元。營業費用占營收比重為 71%，相較去年同期的 68%，主要因差旅與娛樂（T&E）部分恢復。

Operating margin was 9% and free cash flow margin was 15%. We continue to expect data center CapEx to be around high single-digit percent of revenue for the full year. We ended the quarter with over $1.66 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 15%。我們仍預期全年資料中心資本支出（CapEx）約為營收的高個位數百分比。本季末我們持有超過 16.6 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. We are once again increasing our guidance across all metrics. For the fourth quarter of fiscal 2022, we expect revenue in the range of $304 million to $306 million, reflecting a year-over-year growth of 54% to 55%, 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're more focused on time to market and growth rather than optimizing them for gross margins.

接下來進入財測與建模重點。提醒一下，這些數字皆為非 GAAP，排除以股票為基礎的薪酬費用及相關薪資稅、債務折價攤銷，以及無形資產攤銷。我們再次上調所有指標的財測。針對 2022 會計年度第四季，我們預期營收介於 3.04 億至 3.06 億美元，反映年增 54% 至 55%；毛利率為 79%。我想提醒投資人，我們若干新興產品（包括 ZDX、工作負載分段（workload segmentation）與 CSPM）在初期的毛利率將低於核心產品，因為我們更著重上市時程與成長，而非一開始就以毛利率最佳化為目標。

Operating profit in the range of $33 million to $34 million, we have more in-person events this quarter, including customer events, Zenith Live and RSA conferences. Net loss on other income of $500,000, income taxes of $3 million; earnings per share of $0.20 to $0.21, assuming approximately 146 million to 147 million fully diluted shares.

營業利益預期介於 3,300 萬至 3,400 萬美元。本季我們將舉辦更多線下活動，包括客戶活動、Zenith Live 以及 RSA 大會。其他收入淨損失 50 萬美元，所得稅 300 萬美元；每股盈餘為 0.20 至 0.21 美元，假設完全稀釋後股數約 1.46 億至 1.47 億股。

For the full year fiscal 2022, we are increasing our revenue guidance to approximately $1.078 billion for a year-over-year growth of 60%. Increasing calculated billings to a range of $1.425 billion to $1.43 billion for a year-over-year growth of approximately 53%. Increasing our operating profit to a range of $106 million to $108 million. Increasing our earnings per share to a range of $0.64 to $0.65, assuming approximately $147 million to 148 million fully diluted shares. Free cash flow of $215 million, reflecting free cash flow margin of approximately 20% for the full year with a revenue growth outlook of 60% and free cash flow margin of 20%, we expect to operate at the rule of 80 for the full year.

針對 2022 會計年度全年，我們將營收指引上調至約 10.78 億美元，年增 60%。將計算帳單金額上調至 14.25 億至 14.30 億美元區間，年增約 53%。將營業利益上調至 1.06 億至 1.08 億美元區間。將每股盈餘上調至 0.64 至 0.65 美元區間，假設完全稀釋後股數約 1.47 億至 1.48 億股。自由現金流為 2.15 億美元，反映全年自由現金流利益率約 20%。在營收成長展望 60% 與自由現金流利益率 20% 的情況下，我們預期全年將達到「80 法則」（rule of 80）。

With customers increasingly adopting the broader platform with longer-term commitments, we plan to invest in capturing our large market opportunity, confidence in the durability of our business model with very high contribution margins, after the initial land and proven ability to retain and upsell to our enterprise customer base.

隨著客戶日益採用更廣泛的平台並做出更長期的承諾，我們計畫加大投資以掌握龐大的市場機會。我們對商業模式的持久性充滿信心：在初期導入（land）之後，我們具備非常高的貢獻毛利（contribution margins），並已證明能在企業客戶基礎上維持留存並進行向上銷售。

We will balance growth and profitability based on how our business is growing, and we'll continue to prioritize growth, which we believe is the best interest of our shareholders, employees and customers.

我們將依據業務成長狀況在成長與獲利之間取得平衡，並將持續優先追求成長；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，您現在可以開放提問。

(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 Wells Fargo 的 Andrew Nowinski。

Congrats on another amazing quarter. I wanted to ask about your federal demand. Jay, I think you said you saw you're seeing considerable momentum in the U.S. Federal this quarter or this -- which seems to be an uptick from Q2, where I think it was maybe one of the underperforming sectors. So just wondering if you could comment on maybe what changed and what caused that uptick in demand this quarter ahead of the usual budget flush in calendar Q3?

恭喜又交出一個非常出色的季度。我想問一下你們的聯邦政府需求。Jay，我記得你說你們本季在美國聯邦政府端看到相當可觀的動能，或是這個——看起來相較第二季有所回升；第二季我印象中它可能是表現較弱的部門之一。所以想請你們談談，可能是什麼改變了、以及是什麼原因讓本季需求在日曆年第三季常見的預算集中釋出（budget flush）之前就出現上升？

Andrew, I'll start it last quarter, Q2, our federal was low single digit of new and upsell. And in Q3, it was mid-single digit. -- so definitely an uptick. Also, on a go-forward basis, we do see federal as being an important contributor to Zscaler. We feel that we're well positioned in the federal market.

Andrew，我先說明一下：上季第二季，我們在聯邦政府端的新訂與向上銷售占比是低個位數；而在第三季則是中個位數——所以確實有回升。此外，從未來角度來看，我們也認為聯邦政府將是 Zscaler 的重要貢獻來源。我們覺得自己在聯邦市場的布局相當到位。

I'll let Jay speak more to that.

我讓 Jay 再補充說明。

Yes. Andrew, as you know, President's executive order is to implement zero trust architecture, and it's well aligned it actually aligns with what we have done. To be success in federal, you need 2 things. One, you need the right architecture, zero trust, which we have. Two, unique FedRAMP certifications. And we have the highest FedRAMP certifications. And now there's a timing issue as well. White House issued a memo setting a time line for agencies to achieve zero trust architecture within 2 years. These plans are being submitted and more budgets are becoming available. All of this is positive long-term development from our point of view. However, for opportunities always save time.

好的。Andrew，如你所知，總統的行政命令是推動零信任架構，而這與我們所做的事情高度一致。要在聯邦市場成功，你需要兩件事：第一，你需要正確的架構——零信任——我們具備。第二，獨特的 FedRAMP 認證。而我們擁有最高等級的 FedRAMP 認證。現在也有時點因素：白宮發布備忘錄，訂出各機構在兩年內達成零信任架構的時間表。這些計畫正在提交，更多預算也逐步到位。從我們的角度看，這些都是長期的正向發展。不過，機會的落地一向需要時間。

Our next question comes from Alex Henderson of Needham.

我們的下一個問題來自 Needham 的 Alex Henderson。

Great. I've been listening to a lot of people trying to get into this zero trust market. And 1 of the things that really strikes me is highly differentiated is, one, the policy implementation mechanics are so radically different than what you're doing versus the traditional perimeter defense. And then second is the sharp increase in attacks that we're seeing in terms of encrypted traffic, received the report today talking about over a 300% increase in encrypted attacks over the last year.

很好。我一直在聽很多人談他們想切入零信任市場。而其中有一點讓我印象很深、也非常具差異化：第一，政策（policy）落地的機制，和你們正在做的事情相比，與傳統邊界式防禦截然不同。第二，我們看到加密流量相關攻擊大幅增加；我今天收到一份報告，提到過去一年加密攻擊增加超過 300%。

Can you talk to the relevance of those 2 data points or those 2 concepts relative to your platform? And how you solve that better than, say, alternative vendors? And in that context, can you just address Cloudflare's comments that they're getting more aggressive in this space?

你能談談這兩個數據點或概念，對你們平台的相關性嗎？以及你們如何比例如其他替代供應商做得更好？在這個脈絡下，也能否回應一下 Cloudflare 表示他們在這個領域會更積極的評論？

Yes, Alex. So first of all, zero trust implementation. People sometimes build a little P&A play spend they call it zero trust. What we built with Zscaler Private Access is a platform that it plays the entire inbound D&C. Literally, you need nothing between c-scale and the workload and application running. And in fact, on top of that, we further expanded to a browser isolation, app protection, interior deception and IM-based policy that can help you do segmentation. It's because of that you're winning CPB a big time. So that's 1 part.

好的，Alex。首先談零信任的落地。有些人會做一點點 P&A 的拼裝式方案，就稱之為零信任。我們透過 Zscaler Private Access 建立的是一個平台，它涵蓋整個入站的 D&C。字面上來說，在 c-scale 與正在運行的工作負載與應用程式之間，你不需要任何東西。除此之外，我們也進一步擴展到瀏覽器隔離、應用程式保護、內部欺敵（interior deception）以及基於 IM 的政策（IM-based policy），可協助你做分段（segmentation）。正因如此，你才能在 CPB 上大幅勝出。這是第一部分。

The second part was a tax. So first of all, for someone to attack the need to find with our Zero Trust architecture, your applications behind the power they can even find. And with the next from are taxes, and this is impacted tax. For that, you need a proper proxy architecture that actually terminate connection, look at the package and everything, decrypt them, find them and take care of them. For that, we have built a very, very highly scalable architecture that sets us apart that scales like nothing else out there. So it's a combination of these things. With 10-plus years of experience running a massive in-line cloud is what sets us apart from others.

第二部分是攻擊。首先，若要攻擊，在我們的零信任架構下，攻擊者必須先找到目標；你的應用程式在其背後，他們甚至找不到。接著談到加密攻擊，以及這會影響到的攻擊。為此，你需要正確的代理（proxy）架構，能夠終止連線、檢視封包與所有內容、進行解密、辨識並加以處置。針對這點，我們打造了非常、非常高可擴展性的架構，使我們與其他方案拉開差距，其擴展能力是市面上無可比擬的。因此，這是多項因素的組合。我們在大規模 inline 雲端上運行超過 10 年的經驗，正是我們與他人不同之處。

Now regarding some of the competitors coming from CD and market are DDoS or DNS market, right, those guys generally have been focused on servers, we start focusing on users to start with. It takes a lot of time and experience to build our richness and breadth of functionality we have built with ZIP and associated functionality. I think it will take a long, long time for someone to try to catch us. And we are setting. We are innovating at a very fast pace.

現在談到一些來自 CD 與市場上的競爭對手，像是 DDoS 或 DNS 市場，對吧，那些公司一般都把重心放在伺服器上；而我們一開始就把重心放在使用者上。要建立我們透過 ZIP 以及相關功能所打造的豐富度與功能廣度，需要大量時間與經驗。我認為要有人試圖追上我們，會需要很長、很長的時間。而我們正在持續推進。我們正以非常快的速度創新。

Next, we have Hasma Fodderwala of Morgan Stanley.

接下來是摩根士丹利（Morgan Stanley）的 Hasma Fodderwala。

Just one question for Remo. I'm wondering if you can give us a little bit more color on how you're thinking about the margin trajectory going forward? It seems like you want to continue hiring against the market opportunity that you're seeing. Zscaler has obviously been more of a destination for talent in the last couple of years. And particularly the incentive structure around the stock, a lot of employees have done well. How are you thinking about that incentive structure between cash and stock going forward, given that we're probably going to be in a more difficult equity market in general and just the pace of hiring relative to what you've done in the last couple of years.

我只有一個問題要問 Remo。我想知道你是否可以再多提供一些細節，說明你對未來毛利率走勢（margin trajectory）的看法？看起來你希望持續因應你所看到的市場機會而繼續招募。過去幾年 Zscaler 顯然更像是人才的目的地。尤其是圍繞股票的激勵結構，很多員工表現得很好。考量到整體股權市場可能會更艱難，以及相較於過去幾年的招募速度，你們未來打算如何在現金與股票之間設計這個激勵結構？

There are a lot of questions Yes. Yes. Let me see if I can go through and just kind of give you my view and maybe Jay can tell that also. We -- currently, we're at the rule of 80. That's what we're projecting for this year. And the way we define the rule of 80 is our revenue growth and also free cash flow margin. Our free cash flow margin this year, we're projecting to be 20%. It was 20% last year. So we're in a unique position to really take advantage of this market opportunity because we've got significant cash flow coming into the company as well as we're in the early stages of this market. So we're going to continue to make investments as we go forward. Those investments are going to be across the board throughout the organization, and we're going to -- and our goal is to get to a $5 billion ARR company. So we're building the infrastructure in place to do that.

問題很多，是的。是的。讓我看看能不能逐一回答，並分享一下我的看法，也許 Jay 也可以補充。我們——目前處於「80 法則」（rule of 80）。這是我們對今年的預測。我們對 80 法則的定義是營收成長率加上自由現金流利潤率（free cash flow margin）。今年我們預估自由現金流利潤率為 20%。去年也是 20%。因此我們處於一個獨特的位置，能真正把握這個市場機會，因為公司有可觀的現金流入，同時我們也仍在這個市場的早期階段。所以我們會在未來持續投資。這些投資將遍及整個組織，我們的目標是成為一家 ARR 達到 50 億美元的公司。因此我們正在建立相應的基礎設施來達成這一點。

And related to employees and incentives with the stock options and just cash incentives, the cash incentives that we talked about on the last call related to the frothy environment, last quarter with a lot of start-up companies and companies or PE-backed companies having really big packages. So we adjusted our merit to reflect to get our employees at market levels. So from a cash compensation perspective, we're in pretty good shape.

至於員工以及以股票選擇權與現金激勵為主的激勵措施，我們在上一次電話會議提到的現金激勵，主要是因應當時市場過熱的環境——上一季有很多新創公司以及公司或 PE（私募股權）支持的公司，提供非常大的薪酬方案。因此我們調整了我們的調薪（merit），以反映並讓員工薪酬回到市場水準。就現金薪酬而言，我們目前狀況相當不錯。

Regarding stock, Stock, all companies basically have decreased stock prices and -- what we're doing is we're taking a look at that. No decisions made at this point regarding what we're going to do from a stock perspective. But what I can say is our stock-based compensation as we go forward, will decrease as a percentage of revenue. What happens is that when you get to a certain scale as a company and a very large company, their stock-based compensation becomes -- goes down. We'll follow the same path as the large companies, you'll see our stock base coming down over a period of time.

關於股票，股票——基本上所有公司的股價都下跌了，而我們正在檢視這件事。目前在股票面向我們尚未做出任何決定。但我可以說的是，展望未來，我們的股票基礎薪酬（stock-based compensation）占營收的比例會下降。通常當公司達到一定規模、成為非常大的公司時，股票基礎薪酬就會——會下降。我們會走與大型公司相同的路徑，你會看到我們的股票基礎薪酬在一段時間內逐步下降。

Regarding the pace of hiring, -- and again, we're seeing all the things that you're seeing related to the global macro environment. We're not seeing it. From our perspective, we are strategic for our customers. As Jay talked about, our deal sizes are getting large. Our strategic nature and our engagement with our customers is increasing. So our plan is to continue the pace of hiring. And if we can increase the pace of hiring, we will. Now regarding color to -- related to operating profitability and also growth. we'll put growth because, #1, we are mindful. Jay and I are mindful of operating profitability in world school, quite frankly, we look at the bottom line. So we see -- we see a huge market opportunity, huge we feel we're the leader in that market. We will continue to invest, and we'll do it on a prudent basis that we feel is the best interest of our shareholders and our employees.

關於招募速度——同樣地，我們也看到你所看到的、與全球總體環境相關的一切。但從我們的角度來看，我們並沒有感受到那樣的影響。對客戶而言，我們是策略性供應商。正如 Jay 所說，我們的交易規模正在變大。我們的策略性定位以及與客戶的互動正在提升。因此我們的計畫是維持招募速度；如果能加快招募速度，我們也會加快。至於你提到的——與營運獲利能力以及成長相關的補充說明，我們會把成長放在前面，因為第一，我們很謹慎。Jay 和我都很重視營運獲利能力，坦白說，我們會看最終盈餘。因此我們看到——我們看到巨大的市場機會，也認為我們是該市場的領導者。我們會持續投資，但會以審慎的方式進行，並以我們認為最符合股東與員工利益的方式來做。

If I may add 2 quick comments to what Remo said, with very high gross margins and unit economics, it becomes easier for us to invest in businesses. Secondly, the hiring environment has -- is actually getting easier. We are hearing of high-flying companies that raise funding and multibillion-dollar valuations last year, they're starting to lay off people or freeze hiring, and companies that are spending to grow at any cost are now starting to slow down. So we will keep on accelerating our plan because our customers want to leverage Zscaler. To accelerate their transformation because they want to be competitive NHI.

如果我可以對 Remo 的說法再補充兩點簡短的評論：第一，因為我們有非常高的毛利率與單位經濟效益（unit economics），我們更容易在業務上進行投資。第二，招募環境其實正在變得更容易。我們聽到一些去年募資、估值達到數十億美元的高飛公司，開始裁員或凍結招募；而那些不計代價追求成長的公司，現在也開始放慢腳步。因此我們會持續加速我們的計畫，因為客戶希望運用 Zscaler 來加速他們的轉型，因為他們想要保持競爭力 NHI。

And next, we have Matt Hedberg of RBC Capital Markets.

接下來是 RBC Capital Markets 的 Matt Hedberg。

Congrats. Jay, what really stood out to me was the success in large deals and multiproduct sales. I think especially impressive given the partner momentum in some of these large deals. Can you talk about the importance of hyperscalers? I believe you called out on an 8-figure deal. Is there more -- is there even more that you guys can do to drive even faster partner contribution? Because it really does feel like that flywheel is really kicking in well?

恭喜。Jay，最讓我印象深刻的是大型交易與多產品銷售的成功。我認為在其中一些大型交易中，合作夥伴動能也很強，這尤其令人印象深刻。你能談談超大規模雲端供應商（hyperscalers）的重要性嗎？我記得你提到一筆八位數的交易。你們是否還能做更多事情，來推動合作夥伴貢獻更快成長？因為感覺那個飛輪效應真的運轉得很好。

Yes. So the partner momentum comes from 2 sides. One is partners like Microsoft, who have been helping us even without fulfilling through marketplace. That momentum has been leveraged for the last several years. Now it has extended over AWS quite a bit. So that's 1 area. The second area is being able to deliver orders through cloud marketplace. It is 1 more channel for us to revenue. Our business through both AWS and Azure has been steadily growing, and these current viewed as a part of a clone transformation solution. So when it's focal through a marketplace channel, it often comes out of an annual cloud spend that's already committed by the customer with a hyperscaler. So that makes it actually easier in many ways.

是的。合作夥伴動能來自兩個面向。其一是像 Microsoft 這樣的合作夥伴，即使不透過市集（marketplace）交付，也一直在協助我們。這股動能在過去幾年已被充分運用。現在它也相當程度延伸到 AWS。這是一個面向。第二個面向是能夠透過雲端市集交付訂單。這對我們而言是另一個營收通路。我們透過 AWS 與 Azure 的業務一直穩定成長，而這些也被視為雲端轉型解決方案的一部分。因此當透過市集通路成交時，往往會來自客戶已經對某個 hyperscaler 承諾的年度雲端支出預算。這在很多方面其實讓事情更容易。

In Q3, with 1 of our largest deals through AWS marketplace. And if you recall, we did a very large deal last quarter through Azure Marketplace, and we are training AWS and Microsoft sales teams. And I think there's a good opportunity to create more leverage. And these are generally larger deals. So you've seen our momentum in larger deals in the last 2 quarters, we have added almost 80 Global 2000 companies to our portfolio. I mean that's pretty remarkable, and we don't see any slowdown.

在第三季（Q3），我們透過 AWS Marketplace 完成了我們最大的一筆交易之一。而如果你還記得，我們上一季也透過 Azure Marketplace 完成了一筆非常大的交易；我們也正在培訓 AWS 與 Microsoft 的銷售團隊。我認為這裡有很好的機會創造更多槓桿效益。而這些通常都是更大的交易。所以你在過去兩季看到我們在大型交易上的動能——我們的客戶組合新增了將近 80 家 Global 2000 公司。我的意思是，這相當驚人，而我們沒有看到任何放緩。

Next, we have Patrick Colville of Deutsche Bank.

接下來是德意志銀行（Deutsche Bank）的 Patrick Colville。

Thank you so much for having me on and Echo, everyone else's congratulations on a very impressive set of numbers. My question is on the billings guide, which to me was probably the standout metric of the quarter. So I think above probably where many investors were expecting. So very healthy there. Can you just talk to what you guys are seeing in the pipes for fiscal fourth quarter and the health that I guess you underline the confidence to give that strong billings guidance for the fiscal year.

非常感謝讓我加入，也附和大家對這組非常亮眼數字的祝賀。我的問題是關於帳單（billings）指引，對我來說這可能是本季最突出的指標。我認為它高於許多投資人原本的預期，因此非常健康。你們能否談談在 2022 財年第四季（fiscal fourth quarter）的管線（pipeline）中看到了什麼，以及你們所強調的健康狀況，讓你們有信心給出如此強勁的全年帳單指引？

Yes. I'll start it. And Jay, if you'd like to contribute anything. We have a strong pipeline. As we talked about, we're becoming more strategic. Our deal sizes are getting bigger. We review our pipeline with our sales organization. And based on our projections, we did give a strong guide, Patrick, which is basically up 6%, basically guide up. The key thing is that with the world that's changed with in this way for a while with applications in the cloud and users removal and workloads both in the cloud and on-prem and other locations, platform Zscaler created really addresses this market head on.

是的。我先開始回答。Jay，如果你想補充也請加入。我們有強勁的管線。正如我們談到的，我們正變得更具策略性。我們的交易規模正在變大。我們會與銷售組織一起檢視管線。根據我們的預測，我們確實給出了強勁的指引，Patrick，基本上是上調 6%，也就是把指引往上調。關鍵在於，世界在過去一段時間以來已經以這種方式改變——應用在雲端、使用者遠端化，以及工作負載同時在雲端、地端（on-prem）與其他位置；Zscaler 所打造的平台正面且直接地解決了這個市場需求。

Also, the efficiency that we create for customers at a very attractive ROI. It's really what stands out. And so we're seeing with large customers that adopting more of the platform, as Jay has talked about, we're seeing that. So it is basically a review of the pipeline and review what we feel we're comfortable to guide to.

此外，我們為客戶創造的效率，並帶來非常具吸引力的投資報酬率（ROI），這才是真正突出的地方。因此我們看到大型客戶正在採用更多的平台功能，正如 Jay 所談到的，我們確實看到了這一點。所以這基本上是對管線的檢視，以及檢視我們認為可以有把握給出指引的水準。

Yes. So I think what Remo said, our projection is always take into account our pipeline, our customer engagements. But at a qualitative level, as I talked to lots and losses, CIOs and CSOs, I mean there is a sense of uncertainty out there. And they're beginning to think about how do I do my cost and complexity reduction by consolidation. And that's where we start becoming pretty important. And for that, customers are driving transformation. We help them with it. On top of that cyber is a big issue. So when you bring all these things together, we become more important for them, and they start a discussion with, Jay, what all security products and networking products can I replace with you? And now, we are able to actually talk about a bigger set of products that need to be removed, which actually leads to a bigger part of platform to be bought.

是的。所以我認為 Remo 所說的，我們的預測一向都會把我們的 pipeline（銷售管道）、我們的客戶互動納入考量。但從質性的層面來看，當我和許多 CIO 與 CSO（我指的是贏單與輸單的各種情況）交流時，外界確實有一種不確定感。而他們開始思考，如何透過整併來降低成本與複雜度。這正是我們開始變得相當重要的地方。為此，客戶正在推動轉型，我們協助他們。此外，資安也是一個重大議題。所以當你把這些因素放在一起，我們對他們就更重要，他們也會開始跟我討論：Jay，我可以用你們來取代哪些資安產品與網路產品？而現在，我們確實能夠談一個更大的產品集合需要被移除，這也會帶動更大一部分的平台被採購。

Now on top of that, it's interesting to see certainly on the high-flying private start-up companies, which would talk about all kinds of different hiring, how many employees, all that stuff is getting tempered down. That means the unnecessary noise in the market, it's expected to slow down. And it's fascinating to see people calling us from those start-ups already. So we are bullish about the business.

另外，很有意思的是，我們確實看到那些高速成長的私募新創公司，過去會談各式各樣的招募、員工人數等等，現在這些都在降溫。這表示市場上不必要的雜音，預期會放緩。更令人著迷的是，我們已經開始接到那些新創公司的來電。所以我們對業務前景仍然偏多、相當樂觀。

Next, we have Joel Fishbein of Truist.

接下來是 Truist 的 Joel Fishbein。

I'll echo the congrats on the great execution this quarter. Jay, I just want to ask about workload segmentation. It sounds like your -- I know it's early days. You're very excited about it and have some good uptake. I'm really interested in go-to-market around workload segmentation and actually IoT and OT. It doesn't seem like they're natural -- they have different buying centers inside of organizations than ZIA, ZPA and ZDX. Love to hear how you're going to plan to go to market there and increase deal sizes around those specific areas.

我也要呼應一下，恭喜本季執行得非常出色。Jay，我想問一下工作負載分段（workload segmentation）。聽起來你們——我知道現在還是早期——你們對此非常興奮，而且已有不錯的採用。我特別想了解工作負載分段以及實際上 IoT 和 OT 的 go-to-market（上市/銷售策略）。它們看起來不是那種自然——在組織內部，它們的採購決策中心和 ZIA、ZPA、ZDX 不同。很想聽聽你們打算如何在那裡推進 go-to-market，並在那些特定領域提升交易規模（deal sizes）。

Good question. In Q2, we talked about how a number of our large customers are beginning to buy workloads, our zero trust of workloads, but at a small scale. This last quarter, we start to see them actually buying some very large orders in this area. So that's very encouraging now. In terms of the buyer and the products, the cloud protection products can be put in 2 broad buckets. One, what Gartner now called CNP is a collection of CSPM, CI and type of stuff. It's API-based security. It's a new area for everyone. It's a simple to build, and we have a very good offering in that space. We revamped our CNP offering, which we'll be launching at Zenith Live next month.

好問題。在 Q2，我們談到我們的一些大型客戶開始購買工作負載（workloads），也就是我們的工作負載零信任，但規模還不大。到了上一季，我們開始看到他們在這個領域實際下了非常大的訂單。所以這點現在非常令人鼓舞。就買方與產品而言，雲端防護產品大致可分成兩大類。第一類是 Gartner 現在稱為 CNP 的一組產品，包含 CSPM、CI 之類的東西。這是以 API 為基礎的安全，是每個人都在做的新領域。它相對容易建置，而我們在這個領域有非常好的產品。我們也重新改版了我們的 CNP 產品組合，將在下個月的 Zenith Live 發表。

And parallel with that is zero trust workload, which is taking ZIA and CPA technology and making it available for workloads because at flows need to talk to Internet that goes through ZIA engine. They need to talk to each other, which goes to ZPA engine. This is bringing zero trust to workloads.

與此並行的是工作負載零信任（zero trust workload），也就是把 ZIA 和 CPA 技術提供給工作負載使用，因為工作負載需要連到網際網路的流量會經過 ZIA 引擎；它們彼此之間也需要互通，這會走 ZPA 引擎。這就是把零信任帶到工作負載上。

Bringing the 2 together, in-line piece of it and API piece of it sets us apart from any other vendor in the market out there. Regarding buying centers, if you really look at it, if we were selling at a lower level, buying will be very different. No matter what you -- who buys the product, when it comes to security part, CECO is definitely involved. So our good relationship CECL are helping us with zero trust workload and cloud protection. Our relationship with Head of Networking are helping us because in the old world, you are extending your data center to cloud with all these dedicate link out there. The area, we are developing and building more relationship is the DevOps side of it. But since CECL relations are strong, it is helping us. We are not creating an overlay team, but we do have product (inaudible). You need overlay teams when you're selling point products at low level. When we have been selling platform at a high level, I don't need to overlay teams. I do need product specialists, which we are hiring to work with our broad sales team. Did that help?

把兩者結合起來，其中的 inline（線上/串流）部分與 API 部分，讓我們與市場上任何其他供應商都不同。至於採購決策中心，如果你真的去看，若我們是在較低層級銷售，採購方會非常不同。不管是誰買產品，談到資安這一塊，CECO 肯定會參與。所以我們與 CECL 的良好關係，正在協助我們推動工作負載零信任與雲端防護。我們與網路主管（Head of Networking）的關係也在幫助我們，因為在舊世界裡，你會用各種專線把資料中心延伸到雲端。我們正在發展並建立更多關係的領域，是 DevOps 端。但由於 CECL 的關係很強，這也在幫助我們。我們不會建立一個 overlay 團隊，但我們確實有產品（聽不清）。當你在低層級賣單點產品時，你才需要 overlay 團隊。當我們一直是在高層級賣平台時，我不需要 overlay 團隊。我確實需要產品專家，我們正在招募，讓他們與我們廣泛的銷售團隊一起合作。這樣有回答到嗎？

And next, we have Fatima Boolani of Citi.

接下來是 Citi 的 Fatima Boolani。

Remo, this one is for you. in Jay's script, a lot of anecdotes around the multi-land transactions in the 8-figure deal momentum in the $1 million customer momentum. So what I wanted to ask you was just from a booking standpoint, I think you've called out that you are seeing a bigger multi-year commitments from some of your customers. So we're certainly not seeing that impact on billings in terms of your invoicing duration. But I'm curious if you can comment or share any sort of observations on your backlog? And if there's any duration impact in there that we should be thinking about more critically?

Remo，這題給你。在 Jay 的講稿裡，有很多關於多產品交易（multi-land transactions）、八位數交易動能，以及 100 萬美元客戶動能的案例。我想問的是，從 bookings（訂單/簽約）角度來看，我想你提到你看到部分客戶做出更大的多年期承諾。所以我們當然沒有在 billings（帳單/開票）上看到影響，因為你們的開票期間沒有拉長。但我好奇你能否評論或分享一下你們的 backlog（在手訂單/待履約合約）有什麼觀察？以及其中是否有任何期間（duration）上的影響，是我們應該更嚴肅地納入考量的？

Yes. That's a great question. If you take a look at our RPO and CRPO growth on a year-over-year basis. Those are committed deals. Our RPO growth was 83% and our CRPO growth was 75% . Related to duration, the duration was comparable on a year-over-year basis. There's no headwinds. We expect duration to be in that 10 to 14 months range. So I mean, the key things from billings. Billings is calculated billings, which is calculated off of deferred revenue. So that's what we actually build. But we look at the RPO and CRPO growth rates, RPO is 83% and CRPO at 75% growth rate on a year-over-year basis.

是的。這是個很好的問題。如果你看我們的 RPO 與 CRPO 年對年成長，這些都是已承諾的交易。我們的 RPO 成長是 83%，CRPO 成長是 75%。就期間而言，期間與去年同期相當。沒有逆風。我們預期期間會落在 10 到 14 個月的區間。所以，billings 的關鍵在於：billings 是計算後的 billings，是根據遞延收入（deferred revenue）計算出來的。那是我們實際開立的部分。但我們會看 RPO 與 CRPO 的成長率，RPO 年對年 83%，CRPO 年對年 75%。

Now having said that, even though those metrics are outstanding, we still feel that billings is the best measure for Zscaler because we found that duration period from 10 to 14 months. That's -- so I hope that answers your question. I believe that answers your question. But the actual commitment that customers are making to Zscaler is quite impressive.

話雖如此，即使這些指標非常亮眼，我們仍然認為 billings 對 Zscaler 來說是最好的衡量方式，因為我們發現期間大約在 10 到 14 個月。這就是——所以我希望這回答了你的問題。我相信這回答了你的問題。但客戶對 Zscaler 所做出的實際承諾確實相當令人印象深刻。

And Remo, if I may add one thing. This is an outstanding quarter from lots of customers doing multi-product pillar deal for multi-years, which is very exciting.

Remo，如果我可以再補充一點：這一季非常出色，很多客戶以多年期方式做了多產品支柱（multi-product pillar）的交易，這非常令人振奮。

Next question comes from Ben Bollin of Cleveland Research.

下一題來自 Cleveland Research 的 Ben Bollin。

Good afternoon, I wanted to go back to the topic around cloud marketplaces. Remo, can you quantify how much of the business is being transacted over cloud marketplaces today or how that has evolved? And then also interested in any way we should think about the margin implications of that business versus other sales channels?

午安，我想回到雲端市集（cloud marketplaces）的話題。Remo，你能否量化一下目前有多少業務是透過雲端市集成交的，或這個比例如何演變？另外也想了解，我們應該如何看待這類業務相較於其他銷售通路的毛利影響？

Yes. I mean not much business currently going through cloud new marketplace. There is business going through, but we see that as a very important channel for us. And related to margin, we expect good margins through a flat marketplace.

是的。我的意思是，目前透過雲端新市集（cloud new marketplace）走的業務不多。確實有一些業務是透過那裡進行，但我們把它視為對我們非常重要的通路。至於毛利，我們預期透過（平台）市集會有不錯的毛利。

Jay, if you want to?

Jay，你要補充嗎？

Yes. But one thing that business through cloud marketplaces has been steadily growing over time. So that is very good. For us, I don't think the driver is what's the fulfillment channel for us. I personally care about partners who actually helped me with strategic sales to the customer. When Microsoft accounting cancer able to sit together with the CIO and talk through a large deal. It is extremely useful. But it does help to get cloud hyperscaler sales team more engaged because they actually do compensate it for the business that flows through the channel part -- through cloud marketplace. So we actually are putting more focus on training AWS and Microsoft sales team, so which helps them and helps us.

是的。不過有一點是，透過雲端市集的業務一直在隨時間穩定成長。所以這非常好。對我們而言，我不認為驅動因素是履約通路（fulfillment channel）是什麼。我個人更在意的是，合作夥伴是否真的能協助我對客戶進行策略性銷售。當微軟的客戶團隊能夠和 CIO 坐在一起，把一筆大型交易談透，這非常有用。但它也確實有助於讓雲端 hyperscaler 的銷售團隊更投入，因為流經該通路——也就是透過雲端市集——的業務，他們是會拿到相應的補償的。所以我們其實更聚焦在訓練 AWS 與微軟的銷售團隊，這既幫助他們，也幫助我們。

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

接下來是美國銀行（Bank of America）的 Tal Liani。

I have 2 questions. One, in general, but I'm trying -- I get this question along from investors. I'm trying to understand economic slowdown, what's the impact on your business? It's a little bit of a philosophical question, but it's a question we're being asked a lot, and I would like to hear your view on this topic.

我有兩個問題。第一個是比較一般性的，但我想——投資人常常問我這個問題。我想了解經濟放緩對你們業務的影響是什麼？這有點偏哲學性的問題，但我們被問得很多，我也想聽聽你對這個主題的看法。

And second, we are at times of focus on cash flow and margins. And I look at your operating margin in the last 4 quarters, -- it went down from 13% to 8.7% in the previous quarter, this quarter slightly recovered. And at the same time, your revenues went up by 50%, give or take. So we don't see much leverage on the margin. And the question is if I pass forward 2 to 3 years, if I think about margin leverage and what needs to happen for you to have serious margin upside. Can you talk about the pros and cons of your operating margin?

第二個，我們正處於重視現金流與利潤率的時期。我看你們過去 4 個季度的營業利益率——從 13% 降到上一季的 8.7%，本季略有回升。同時，你們的營收大約成長了 50%（上下）。所以我們沒有看到太多利潤率的槓桿。問題是，如果我把時間往前推 2 到 3 年，當我思考利潤率槓桿以及你們要如何才能有顯著的利潤率上行空間，你能否談談你們營業利益率的利與弊？

I'll start with that. We absolutely do have leverage in the model. In a SaaS model with 80% gross margin, growing at the scale that we're growing we absolutely have no leverage. What we talked about is that with this large market opportunity, it would be a disservice to our shareholders and our employees if we try to drive top line operating profitability at this stage.

我先從這點開始。我們的模式絕對具備營運槓桿。在一個毛利率 80% 的 SaaS 模式下，以我們目前這樣的成長規模，我們絕對沒有槓桿。我們所談到的是，面對這麼大的市場機會，如果我們在這個階段試圖推動營收端的營運獲利，對股東與員工而言將是一種失職。

Having said that, when you take a look at our free cash flow margin last year, it was around 20% or over 20%. And we're projecting free cash flow margin this year at 20%. So when you have that kind of free cash flow margin at the scale that we are, making the investments that we're making in the position that we are as a company in this very large market, there's no better use of our cash for our resources than investing in the business and really executing and trying to drive our top line growth. Having said that, we will be mindful, we will be mindful.

話雖如此，回頭看我們去年的自由現金流利潤率，大約是 20% 或超過 20%。而我們預估今年的自由現金流利潤率也將是 20%。因此，當我們在目前的規模下擁有這樣的自由現金流利潤率，並且在這個非常大的市場中、以公司目前的位置進行我們正在進行的投資時，對我們的現金與資源而言，沒有比投資於業務、更扎實地執行並推動營收成長更好的用途。話雖如此，我們會留意，我們會留意。

If we wanted to drive operating profitability, it doesn't take much. But with our free cash flow margin where it is, we're very, very comfortable. Now from an economic slowdown perspective, Security is important. Companies basically are knocking out the attacks are going to keep coming, and they're probably going to increase.

如果我們想推動營運獲利，其實不需要做太多。但以我們目前的自由現金流利潤率而言，我們非常、非常安心。從經濟放緩的角度來看，資安很重要。企業基本上正在應對攻擊，而攻擊會持續發生，而且很可能還會增加。

Also, companies going through this downturn have to find areas to save money. We are efficient. Our ROI is absolutely outstanding. It is significant ROI with the highest level of security down to the deepest level. And so from an economic slowdown perspective, we are not seeing it currently. Now can that change? It can. But right now, based on our pipeline, based on what we're seeing, and what we talked about, we're going to continue to hire at pace.

此外，企業在這波景氣下行中必須找出可以省錢的領域。我們很有效率。我們的投資報酬率（ROI）絕對非常出色。它是在最深層次提供最高等級安全性的同時，帶來顯著的 ROI。因此，從經濟放緩的角度來看，我們目前並沒有看到影響。那會不會改變？有可能。但就目前而言，根據我們的銷售管線、根據我們所看到的情況，以及我們所談到的，我們將持續以既定速度招募。

Jay and I, as I mentioned before, have a lot of experience. We've been -- we've seen the 3 downturns -- 3 or 4 downturns actually in our lifetime or careers. Zscaler is different. -- and we feel we're in a great position. We will take things into account all things but -- and driving operating profitability at this stage, it's really -- we will increase operating profitability as we go. But we're going to be also trying to drive that top line growth. Jay?

如我先前提到的，Jay 和我都有很多經驗。我們曾經——在我們的人生或職涯中其實看過 3 次——3 或 4 次景氣下行。Zscaler 不一樣——我們覺得自己處於非常有利的位置。我們會把所有因素都納入考量，但——在這個階段推動營運獲利，確實——我們會隨著時間推進而提升營運獲利能力。但同時我們也會努力推動營收成長。Jay？

Yes. Two quick comments. First of all, I do believe there's uncertainties helping us because we are going to help customers with cost reduction and complexity reduction. And on the other side, our flagship CIC products, they have reached significant scale and are generating good margins. But we are reinvesting that to drive the growth of new products. We have proven that when we brought CPA on, we made it successful. We've seen -- we brought ZD Exxon. We're making it successful. It's growing even faster than ZPA did, and we have high expectations from workload protection as well.

是的。兩點簡短補充。第一，我確實相信不確定性反而在幫助我們，因為我們將協助客戶降低成本並降低複雜度。另一方面，我們的旗艦 CIC 產品已達到相當規模，並產生良好利潤率。但我們正把這些利潤再投資，用來推動新產品的成長。我們已證明，當我們推出 CPA 時，我們把它做成功了。我們也看到——我們推出 ZD Exxon，我們也正在把它做成功。它的成長甚至比 ZPA 更快，而我們對工作負載防護也有很高的期待。

So I think with such a large platform, we expect that we'll keep on growing fairly efficiently.

因此我認為，憑藉這麼大的平台，我們預期將能持續以相當高的效率成長。

Our next question comes from Roger Boyd of [USB] (UBS) Securities.

下一個問題來自 [USB]（UBS）證券的 Roger Boyd。

Congrats on the results. Just a quick question on SD-WAN. Historically, you've had some success tied to adoption there. I know Zscaler agnostic to how customers ultimately onboard to the Zero Trust Exchange. But with some of the SD-WAN vendors facing some disruption in share losses and potential change of ownership. How do you think about those changes in terms of potential opportunities or risks?

恭喜這次的成果。關於 SD-WAN 我有個簡短問題。過去你們在那邊的採用上曾有一些成功案例。我知道 Zscaler 對客戶最終如何導入 Zero Trust Exchange 並不偏好特定方式。但目前一些 SD-WAN 供應商正面臨市占流失的干擾，以及潛在的所有權變動。你們如何看待這些變化所帶來的機會或風險？

Yes. Before COVID came in, Zscaler used to start with, let's do network transformation. When COVID started 2.5 years ago, (inaudible) went out the door, there's nobody working in the branch office and customers start to roll out Zscaler by downloading a lightweight agent and here it goes. So with that, the role of any network or SD-WAN became really insignificant.

是的。在 COVID 發生之前，Zscaler 通常會從「我們來做網路轉型」開始。當 COVID 在 2.5 年前開始時，（聽不清）就被拋到腦後，因為沒有人在分支辦公室工作，客戶開始透過下載一個輕量級代理程式來部署 Zscaler，就這樣上線了。因此，任何網路或 SD-WAN 的角色都變得非常不重要。

Today, most of our customers roll it out or lapped our mobile with a lightweight agent they can work from home, they can work from office with SD-WAN, without SD-WAN. So we'll stay neutral to supporting SD-WAN vendors. Our sales processes are no longer led by SD-WAN. If a customer sales on rolling on SD-WAN, we are generally the preferred choice, and that's how we see it. So we don't really see any changes in the SD-WAN marketplace impacting us.

今天，我們大多數客戶都是透過輕量級代理程式在行動端部署或覆蓋，他們可以在家工作，也可以在辦公室工作；可以搭配 SD-WAN，也可以不搭配 SD-WAN。因此我們會保持中立，持續支援各家 SD-WAN 供應商。我們的銷售流程不再由 SD-WAN 所主導。如果客戶堅持要上 SD-WAN，我們通常是首選，這就是我們的看法。所以我們不太認為 SD-WAN 市場的任何變化會影響我們。

Our next question comes from Joshua Tilton of Wolfe Research.

下一個問題來自 Wolfe Research 的 Joshua Tilton。

I don't believe you mentioned it in the prepared remarks, but can you talk about any impact to the business you're seeing either positive or negative from the Russia Ukraine prices?

我不認為你們在事先準備的講稿中有提到，但能否談談你們看到俄烏價格（Russia Ukraine prices）對業務的影響，不論是正面或負面？

Yes. Russia, Ukraine. It was a bigger thing a quarter ago. I decided years ago not to sell in Russia. Hence, we do not have any revenue exposure in Russia or Ukraine, but cybersecurity is a global threat. It's not a regional at -- our threat research team is tracking heightened cyber cat environment, which is making every CIO and CECL more nervous in this area. So this is driving the adoption of zero trust architecture and it is increasing our engagement with customers. More so in Europe, actually European customers are more worried about it while Americans are, too. So we have some very large deals in Europe this quarter, including a couple of them I highlighted. We don't really see any negative impact of this conflict -- and we remain engaged with our customers to drive the transformation. They want to become agile, competitive player role there and then cyber on top of that. So I don't see any negative impact.

是的。俄羅斯、烏克蘭。這在上一季是更大的議題。我多年前就決定不在俄羅斯銷售。因此，我們在俄羅斯或烏克蘭沒有任何營收曝險，但網路安全是全球性威脅，並非區域性的——我們的威脅研究團隊正在追蹤升高的網路（聽不清）環境，這讓每位 CIO 和 CECL 在這方面更加緊張。因此這正在推動零信任架構的採用，也提升了我們與客戶的互動。尤其是在歐洲，實際上歐洲客戶更擔心，美國客戶也同樣擔心。所以本季我們在歐洲有一些非常大的交易，包括我提到的其中幾筆。我們並未看到這場衝突帶來任何負面影響——我們仍與客戶保持密切合作以推動轉型。他們希望變得更敏捷、成為更具競爭力的參與者，並在此之上加強資安。因此我看不到任何負面影響。

The next question shall come from Rob Owens of Piper Sandler.

下一個問題來自 Piper Sandler 的 Rob Owens。

I wonder if you guys could drill into the Siemens partnership a little bit. And I guess, Jay, more broadly, what you see as the opportunity in OT from where you sit?

我想請你們更深入談談與西門子（Siemens）的合作夥伴關係。另外，Jay，更廣泛地說，從你的角度來看，你認為 OT 的機會在哪裡？

OT plants and factories have been slow in changing typically plans take their own time, but all these critical infrastructure attacks and some threats have made it a priority. Vendors like Sims are big providers of 4P systems out there. They see this as an opportunity for really providing or should I say, taking fiber and PPN based security of OT systems to 0 trust-based security, where you no longer connect these OT networks and IT networks where you no longer need remote VPN to act the systems. So Siemens has worked with us over the last year or so. They essentially shows us as a partner, we did joint development where we made our technology available on their hardened systems, and this combined solution of Siemens and ours is not available through our customers (inaudible) I think it's a good opportunity for us. I think it's a matter of time when all IoT OP systems will embrace zero trust, and we are positioned well for that opportunity.

OT 的工廠與製造現場在變革上通常比較慢，計畫往往需要自己的時間，但這些關鍵基礎設施攻擊與一些威脅使其成為優先事項。像 Siemens 這樣的供應商是市場上 4P 系統的大型供應者。他們把這視為一個機會，真正去提供——或者我應該說，把以光纖與 PPN 為基礎的 OT 系統安全，帶到以零信任為基礎的安全，也就是你不再需要把 OT 網路與 IT 網路連在一起，也不再需要透過遠端 VPN 來存取系統。Siemens 在過去一年左右與我們合作。他們基本上把我們視為合作夥伴，我們進行了共同開發，讓我們的技術能在他們的強固系統上使用，而 Siemens 與我們的這個整合解決方案，現在可透過我們的客戶（聽不清）取得。我認為這對我們是個很好的機會。我認為只是時間問題，所有 IoT OP 系統都會擁抱零信任，而我們在這個機會上具備良好定位。

And this concludes today's Q&A session. I would turn the conference back over to your CEO, Jay Chaudhry, for closing remarks.

以上為今天的問答環節。我將把電話會議交回給我們的執行長 Jay Chaudhry 作結語。

Thank you. I want to thank you all for your continued interest in Zscaler. I also want to thank Zscaler employees, customers and partners for delivering a strong quarter. We look forward to seeing many of you at Zscaler Live, our Annual Cloud Summit. Thank you.

謝謝。我想感謝各位持續關注 Zscaler。我也要感謝 Zscaler 的員工、客戶與合作夥伴，讓我們交出強勁的一季。我們期待在 Zscaler Live——我們的年度雲端高峰會——見到各位中的許多人。謝謝。

Thank you.

謝謝。

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

今天的電話會議到此結束。感謝各位參與。您現在可以掛線，祝您有美好的一天。