Jay Chaudhry

So AI is a massive opportunity because what AI is doing is bringing lots of AI agents in the enterprise.

Agents are some alike people.

Traditionally, users have been the weakest link for cybersecurity.

Now, AI agents are becoming the weakest link.

How do you secure them?

Well, you need to make sure that you can do one-to-one connection.

That means an agent can only access certain applications and nothing more.

That requires a global infrastructure that Z-Square has built in the form of zero-test exchange.

That's why we're very bullish about our future.

So go ahead, Mandeep.

So billings is a secondary number for us.

The number one area of focus for us is ARR growth and revenue growth.

Our revenue grew 26% year over year.

ARR, 25%.

Free cash flow, 18%.

Operating margin, 22%.

They're all great numbers.

Now, we have a Z-Flex program that gives some flexibility in billings.

So, billings can get impacted, but with Z-Flex, customers are doing multi-year, four- or five-year deals with us, committing to Z-scaler, which is a very strong sign.

So, I don't think the billing should be viewed in a negative light.