CrowdStrike Holdings Inc (CRWD) 2023 Q3 法說會逐字稿

Hello, and thank you for standing by. Welcome to CrowdStrike's Fiscal Third Quarter 2023 Results Conference Call. (Operator Instructions)

你好，謝謝你的支持。歡迎來到 CrowdStrike 的 2023 財年第三季度業績電話會議。 （操作員說明）

It is now my pleasure to introduce Vice President of Investor Relations, Maria Riley.

現在我很高興介紹投資者關係副總裁 Maria Riley。

Good afternoon, and thank you for your participation today. With me on the call are George Kurtz, President and Chief Executive Officer and Co-Founder of CrowdStrike; and Burt Podbere, Chief Financial Officer.

下午好，感謝您今天的參與。與我通話的是 CrowdStrike 的總裁兼首席執行官兼聯合創始人喬治·庫爾茨 (George Kurtz)；和 Burt Podbere，首席財務官。

Before we get started, I would like to note that certain statements made during this conference call that are not historical facts, including those regarding our future plans, objectives, growth and expected performance, including our outlook for the fourth quarter and fiscal year 2023 as well as any assumptions for fiscal periods beyond that, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent our outlook only as of the date of this call. While we believe any forward-looking statements we make are reasonable, actual results could differ materially because the statements are based on current expectations and are subject to risks and uncertainties. We do not undertake and expressly disclaim any obligation to update or alter our forward-looking statements whether as a result of new information, future events or otherwise. Further information on these and other factors that could affect the company's financial results is included in the filings we make with the SEC from time to time, including the section titled Risk Factors in the company's quarterly and annual reports.

在我們開始之前，我想指出本次電話會議期間做出的某些陳述並非歷史事實，包括關於我們未來計劃、目標、增長和預期業績的陳述，包括我們對第四季度和 2023 財年的展望以及在此之後的財政期間的任何假設，都是 1995 年私人證券訴訟改革法案含義內的前瞻性陳述。這些前瞻性陳述僅代表我們截至本次電話會議之日的展望。雖然我們相信我們所做的任何前瞻性陳述都是合理的，但實際結果可能會存在重大差異，因為這些陳述是基於當前的預期，並受到風險和不確定性的影響。我們不承擔並明確否認任何更新或更改我們的前瞻性陳述的義務，無論是由於新信息、未來事件或其他原因。有關可能影響公司財務業績的這些因素和其他因素的更多信息包含在我們不時向美國證券交易委員會提交的文件中，包括公司季度和年度報告中標題為“風險因素”的部分。

Additionally, unless otherwise stated, excluding revenue, all financial measures disclosed on this call will be non-GAAP. A discussion of why we use non-GAAP financial measures and a reconciliation schedule showing GAAP versus non-GAAP results is currently available in our earnings press release, which may be found on our Investor Relations website at ir.crowdstrike.com or on our Form 8-K filed with the SEC today.

此外，除非另有說明，除收入外，本次電話會議上披露的所有財務指標都將採用非公認會計原則。關於我們為何使用非 GAAP 財務指標的討論以及顯示 GAAP 與非 GAAP 結果的對賬時間表目前可在我們的收益新聞稿中找到，該新聞稿可在我們的投資者關係網站 ir.crowdstrike.com 或我們的表格上找到8-K 今天向美國證券交易委員會提交。

With that, I will now turn the call over to George to begin.

有了這個，我現在將把電話轉給喬治開始。

Thank you, Maria, and thank you all for joining us. Let me start with a summary of our results. In Q3, we delivered 53% revenue growth year-over-year, 15% non-GAAP operating margin and record non-GAAP net income, all of which were ahead of our guidance. Additionally, we achieved record free cash flow of $174 million or approximately 30% of revenue.

謝謝你，瑪麗亞，感謝大家加入我們。讓我先總結一下我們的結果。在第三季度，我們實現了 53% 的收入同比增長、15% 的非 GAAP 營業利潤率和創紀錄的非 GAAP 淨收入，所有這些都超出了我們的指導。此外，我們實現了創紀錄的 1.74 億美元自由現金流，約佔收入的 30%。

There are many positive trends we see in our business, including strong competitive win rates, consistent ASPs, exceptional retention rates and the mission-critical nature of cybersecurity. However, I would first like to address the increased macroeconomic headwinds we saw in the quarter, which caused Q3 net new ARR to come in below our expectations.

我們在我們的業務中看到了許多積極的趨勢，包括強大的競爭獲勝率、一致的 ASP、出色的保留率和網絡安全的關鍵任務性質。但是，我首先想解決我們在本季度看到的宏觀經濟逆風增加，這導致第三季度淨新 ARR 低於我們的預期。

As we discussed on our last earnings call, organizations were starting to respond to macroeconomic conditions by adding extra layers of required approvals and extending the time it took to close some deals. As Q3 progressed and fears of a recession grew, this dynamic became more pronounced.

正如我們在上次財報電話會議上討論的那樣，組織開始通過增加額外的必要批准層並延長完成某些交易所需的時間來應對宏觀經濟狀況。隨著第三季度的進展和對經濟衰退的擔憂加劇，這種動態變得更加明顯。

In our smaller, more transactional non-enterprise accounts, we saw customers increasingly delay purchasing decisions with average days to close lengthening by approximately 11% and net new ARR contribution decreasing $15 million from Q2. This also impacted our net new logo additions in the quarter, even though our quarter-over-quarter POV win rates increased meaningfully over more complex vendors that require more headcount to manage. While sales cycles lengthen, we believe the vast majority of these deals are not lost, just delayed.

在我們規模較小、交易性更強的非企業賬戶中，我們看到客戶越來越多地推遲購買決定，平均收盤天數延長了約 11%，淨新 ARR 貢獻比第二季度減少了 1500 萬美元。這也影響了我們在本季度淨增加的新徽標，儘管我們的季度 POV 獲勝率比需要更多員工管理的更複雜的供應商有意義地增加。雖然銷售週期延長，但我們認為這些交易中的絕大多數並沒有失去，只是被推遲了。

In the enterprise, sales cycles or average days to close remain consistent with last quarter's modestly higher level. In Q3, these larger customers continue to prioritize their CrowdStrike investments, but some also had to manage timing issues related to OpEx budgets and cash flow amidst the rapidly evolving macro. To achieve this, some customers signed contracts that have multiphase subscription start dates, which pushes their expense and CrowdStrike's ARR recognition into future quarters. While every quarter, we have some deals with multiphase subscription start dates, in comparison to last quarter, in Q3, we saw approximately $10 million more ARR deferred into future quarters.

在企業中，銷售週期或平均關閉天數與上一季度略高的水平保持一致。在第三季度，這些較大的客戶繼續優先考慮他們的 CrowdStrike 投資，但有些客戶還必須在快速發展的宏觀環境中管理與運營支出預算和現金流相關的時間問題。為實現這一目標，一些客戶簽署了具有多階段訂閱開始日期的合同，這將他們的費用和 CrowdStrike 的 ARR 確認推到了未來幾個季度。雖然每個季度，我們都有一些多階段訂閱開始日期的交易，但與上一季度相比，在第三季度，我們看到推遲到未來幾個季度的 ARR 增加了約 1000 萬美元。

We expect these macro headwinds to persist through Q4. Additionally, given the increased scrutiny on budgets, we're not going to expect a typical Q4 budget flush, leading us to adjust our Q4 net new ARR expectations, as Burt will discuss in more detail. But this caution does not deter our confidence in the long-term market position of CrowdStrike or the resiliency of the cybersecurity market.

我們預計這些宏觀逆風將持續到第四季度。此外，鑑於對預算的審查越來越嚴格，我們預計不會出現典型的第四季度預算激增，這將導致我們調整第四季度淨新 ARR 預期，正如伯特將更詳細地討論的那樣。但這種謹慎並不會阻止我們對 CrowdStrike 的長期市場地位或網絡安全市場的彈性充滿信心。

We see strong inherent demand for our products, and we entered Q4 with a record pipeline. Pipeline expansion is even more important in times of an evolving macro and elongated sales cycles. We are working to stay out in front of pipeline creation. With Jennifer Johnson, our recently appointed CMO, now at the marketing helm, we are realigning our marketing initiatives and increasing our focus on ramping more top-of-funnel initiatives and brand awareness to drive pipeline to even greater heights. We also gained significant leverage from our partner ecosystem, with partner-sourced ARR growing 55% year-over-year.

我們看到對我們產品的強大內在需求，我們以創紀錄的渠道進入第四季度。在不斷發展的宏觀經濟和延長的銷售週期中，渠道擴張更為重要。我們正在努力走在管道創建的前面。隨著我們最近任命的首席營銷官 Jennifer Johnson 擔任營銷主管，我們正在重新調整我們的營銷計劃，並更加關注提升更多漏斗頂部計劃和品牌知名度，以將管道推向更高的高度。我們還從我們的合作夥伴生態系統中獲得了巨大的影響力，來自合作夥伴的 ARR 同比增長 55%。

There were many positives in this quarter highlighted by the record number of customers contributing at least $1 million in net new ARR in the quarter. Additionally, ending ARR for the $1 million-plus cohort surpassed the $1 billion milestone in Q3 with a 67% year-over-year growth rate. These larger customers are standardizing on Falcon, consolidating vendors and prioritizing expansion projects that represent sizable cross-sell and upsell opportunity that are moving forward even under uncertain macro conditions. Marquee brands that are new to our $1 million-plus cohort included a Global 500 manufacturer that landed with 10 modules, providing unprecedented visibility and protection to all areas of their environment and allowing them to consolidate 4 agents and vendors with their initial deployment of Falcon. Two Global 500 financial institutions who chose Falcon for its ability to replace multiple legacy security products and bolster their security posture through a single agent, a Global 500 consumer goods manufacturer that is now leveraging Falcon Complete for a fully managed approach to protecting its critical infrastructure and a Fortune 500 luxury brand, leveraging Falcon to protect both its traditional end points and cloud workloads.

本季度有許多積極因素突出體現在本季度貢獻至少 100 萬美元淨新 ARR 的客戶數量創紀錄。此外，超過 100 萬美元的人群的 ARR 在第三季度超過了 10 億美元的里程碑，同比增長率為 67%。這些較大的客戶正在對 Falcon 進行標準化，整合供應商並優先考慮擴展項目，這些項目代表著即使在不確定的宏觀條件下也正在向前發展的巨大交叉銷售和追加銷售機會。新加入我們 100 萬美元以上隊列的知名品牌包括一家全球 500 強製造商，該製造商擁有 10 個模塊，為其環境的所有區域提供前所未有的可見性和保護，並允許他們通過 Falcon 的初始部署整合 4 個代理商和供應商。兩家全球 500 強金融機構選擇 Falcon 是因為它能夠通過單一代理替換多種遺留安全產品並增強其安全態勢，一家全球 500 強消費品製造商現在利用 Falcon Complete 以完全託管的方法來保護其關鍵基礎設施和一家財富 500 強奢侈品牌，利用 Falcon 來保護其傳統端點和雲工作負載。

In the third quarter, we also delivered strong results in the public sector driven by a Falcon Complete LAN with one of the largest U.S. federal agencies now standardizing on the Falcon platform and a strong quarter for our SLED business with the U.S. state government standardizing on CrowdStrike in the quarter as well as wins and expansion across multiple U.S. state and local government agencies and educational institutions.

在第三季度，在 Falcon Complete LAN 的推動下，我們在公共部門也取得了強勁的業績，美國最大的聯邦機構之一現在在 Falcon 平台上實現了標準化，我們的 SLED 業務也取得了強勁的季度業績，美國州政府在 CrowdStrike 上實現了標準化在本季度以及美國多個州和地方政府機構和教育機構的勝利和擴張。

To date, 40 U.S. state governments are CrowdStrike customers, of which 21 in the District of Columbia have standardized on Falcon. Additionally, we secured a win with one of the largest federal systems integrators that will be using Falcon to protect its internal estate as well as integrate it into its MSSP offering.

迄今為止，美國有 40 個州政府是 CrowdStrike 的客戶，其中哥倫比亞特區的 21 個州政府已將 Falcon 標準化。此外，我們贏得了最大的聯邦系統集成商之一的勝利，該系統集成商將使用 Falcon 來保護其內部資產並將其集成到其 MSSP 產品中。

Moving to our expansion and retention performance. Our dollar-based net retention rate was well above Q3 of last year and consistent with our Q2 performance, which was at the highest level in 7 quarters. Our best-in-class gross retention rates remained at record levels above 98%. We are also seeing more customers standardizing the Falcon platform and adopt more modules.

轉向我們的擴展和保留性能。我們基於美元的淨保留率遠高於去年第三季度，與我們第二季度的表現一致，後者處於 7 個季度以來的最高水平。我們一流的總保留率保持在 98% 以上的創紀錄水平。我們還看到越來越多的客戶標準化 Falcon 平台並採用更多模塊。

Q3 subscription customers with 5 or more -- 6 or more and 7 or more modules were 60%, 36% and 21%, respectively. This represents a 55%, 66% and 81% year-over-year increase in these respective module adoption cohorts.

Q3 訂閱客戶擁有 5 個或更多——6 個或更多和 7 個或更多模塊分別為 60%、36% 和 21%。這表示這些模塊採用隊列分別同比增長了 55%、66% 和 81%。

It was another record quarter for our emerging product category, which includes our Discover, Spotlight, Identity Protection and LogScale modules. Our identity protection solutions are the largest contributor to ARR within the emerging category, and Q3 was another record quarter. Net new ARR for identity protection solution grew to a new all-time high, and the attach rate on net new logos continue to grow rapidly. With close to 80% of cyberattack leveraging identity-based tactics to compromise legitimate credentials and use techniques like lateral movement to evade detection, identity protection is core to stopping breaches. Our identity protection capabilities are a game changer in shoring up active directory as well as stopping ransomware and lateral movement.

這是我們新興產品類別的又一個創紀錄的季度，其中包括我們的 Discover、Spotlight、Identity Protection 和 LogScale 模塊。我們的身份保護解決方案是新興類別中 ARR 的最大貢獻者，第三季度是另一個創紀錄的季度。身份保護解決方案淨新ARR創歷史新高，淨新標識附著率繼續快速增長。近 80% 的網絡攻擊利用基於身份的策略來破壞合法憑據並使用橫向移動等技術來逃避檢測，因此身份保護是阻止違規行為的核心。我們的身份保護功能是支持活動目錄以及阻止勒索軟件和橫向移動的遊戲規則改變者。

To punctuate the value of our identity protection capabilities, I'd like to share a recent 7-figure expansion with a leading global brand. This customer has a very capable security team that spent years building a dedicated identity and access management team implementing a privileged access management solution or PAM. Even with these efforts, shortly after turning on Falcon's identity protection in the POV, we identified several misconfigurations, including dozens of domain administrator accounts that were not being managed by their PAM solution, a multitude of accounts without password expirations, thousands of users with compromised passwords and a potential attack path from unprivileged accounts to privileged ones. With Falcon Identity, this customer is shutting down routes to illegitimate access and significantly hardening their defenses.

為了強調我們身份保護功能的價值，我想與一個全球領先品牌分享最近 7 位數的擴展。該客戶擁有一支非常有能力的安全團隊，他們花了數年時間建立了一個專門的身份和訪問管理團隊來實施特權訪問管理解決方案或 PAM。即使做出了這些努力，在 POV 中打開 Falcon 的身份保護後不久，我們還是發現了幾個錯誤配置，包括數十個未由其 PAM 解決方案管理的域管理員帳戶、大量沒有密碼過期的帳戶、成千上萬的用戶受到損害密碼和從非特權帳戶到特權帳戶的潛在攻擊路徑。借助 Falcon Identity，該客戶正在關閉非法訪問路徑並顯著加強防禦。

Q3 also marked another record quarter for LogScale as we secured wins across multiple verticals, including financial services, insurance, technology, retail, energy and telecommunications. Notable wins included a statewide insurance provider in the U.S. and previously mentioned new Global 500 financial institution where Falcon LogScale is enabling both organizations to log more data, retain it longer and reduce the cost of their existing log solutions, resulting in better security and more visibility across their environments.

第三季度也標誌著 LogScale 又一個創紀錄的季度，因為我們在多個垂直領域取得了勝利，包括金融服務、保險、技術、零售、能源和電信。值得注意的勝利包括美國的一家全州保險提供商和之前提到的新的全球 500 強金融機構，Falcon LogScale 使這兩個組織能夠記錄更多數據，保留更長時間並降低其現有日誌解決方案的成本，從而提高安全性和可見性在他們的環境中。

During the quarter, we acquired external attack service management, EASM vendor, Reposify, to help our customers identify and eliminate risk from vulnerable and unknown assets before an attacker can exploit it. The acquisition closed in early October, and we expect to launch our external attack surface management module this quarter, which will bring us to 23 modules available across the Falcon platform.

在本季度，我們收購了外部攻擊服務管理、EASM 供應商 Reposify，以幫助我們的客戶在攻擊者可以利用之前識別和消除易受攻擊和未知資產的風險。此次收購於 10 月初結束，我們預計本季度將推出我們的外部攻擊面管理模塊，這將使我們在 Falcon 平台上擁有 23 個可用模塊。

On the public cloud front, we continue to build momentum with ending ARR for modules deployed in a public cloud setting growing over 100% year-over-year. Our CNAPP solution continues to gain industry recognition, including winning Best Cloud Security in CRN's 2022 Tech Innovators Awards. Falcon Complete continues to shine with net new ARR growing close to 20% quarter-over-quarter as customers embrace our extended lineup of complete services, including Identity Complete and Cloud Complete. Additionally, we launched Falcon Complete LogScale during Q3 and already secured several wins.

在公共雲方面，我們繼續建立勢頭，部署在公共雲環境中的模塊的終止 ARR 同比增長超過 100%。我們的 CNAPP 解決方案不斷獲得行業認可，包括在 CRN 的 2022 年技術創新獎中獲得最佳雲安全獎。 Falcon Complete 繼續大放異彩，淨新 ARR 環比增長近 20%，因為客戶接受了我們擴展的完整服務陣容，包括 Identity Complete 和 Cloud Complete。此外，我們在第三季度推出了 Falcon Complete LogScale，並且已經贏得了多項勝利。

In a more challenging economic environment, there is appeal for a solution like Falcon Complete that allows companies to decrease headcount or hold headcount stable.

在更具挑戰性的經濟環境中，需要像 Falcon Complete 這樣的解決方案，使公司能夠減少員工人數或保持員工人數穩定。

The significant advantages of CrowdStrike's Falcon Complete offering were showcased in the first MITRE ATT&CK Evaluation for security service providers. Out of 16 participants evaluating, the Falcon platform's integration of industry-leading technology and human expertise enable us to deliver the highest coverage. This was MITRE's first closed door test, which means the participants did not have prior knowledge of the adversary, and retesting was not allowed. We believe this evaluation demonstrates why CrowdStrike is the clear leader in EDR and XDR, whether our capabilities are delivered as a fully managed service from CrowdStrike or through our network of MSSP partners or operated independently by our customers.

CrowdStrike 的 Falcon Complete 產品的顯著優勢在第一次針對安全服務提供商的 MITRE ATT&CK 評估中得到展示。在 16 名參與評估的參與者中，Falcon 平台集成了行業領先的技術和人類專業知識，使我們能夠提供最高的覆蓋率。這是 MITRE 的第一次閉門測試，這意味著參與者事先不了解對手，因此不允許重新測試。我們相信這一評估證明了為什麼 CrowdStrike 是 EDR 和 XDR 領域的明顯領導者，無論我們的功能是作為 CrowdStrike 的完全託管服務提供的，還是通過我們的 MSSP 合作夥伴網絡提供的，或者是由我們的客戶獨立運營的。

The Falcon platform also won SE Lab's EDR ransomware detection and protection test. This well-regarded third-party testing firm involved 270 ransomware variations and deep attack tactics. Falcon achieved 100% ransomware prevention with 0 false positives. Let me repeat, 0 false positives, which we believe reflects our superior AI and machine learning models and the data mode advantage we derive from our unique graph technology in Threat Graph. Falcon's exceptionally low false positive rate represents a tremendous operational win for our customers as it enables them to significantly increase their speed to triage, investigate and remediate a verified alert.

Falcon 平台還獲得了 SE Lab 的 EDR 勒索軟件檢測和防護測試。這家備受推崇的第三方測試公司涉及 270 種勒索軟件變體和深度攻擊策略。 Falcon 實現了 100% 的勒索軟件預防和 0 誤報。讓我重複一遍，0 誤報，我們認為這反映了我們卓越的 AI 和機器學習模型以及我們從 Threat Graph 中獨特的圖形技術中獲得的數據模式優勢。 Falcon 極低的誤報率代表了我們客戶的巨大運營勝利，因為它使他們能夠顯著提高分類、調查和補救經過驗證的警報的速度。

Based upon our business value assessment and realized analysis, we estimate that, on average, enterprise customers observed a 68% increase in operational efficiencies with the Falcon platform, equating to an offset of approximately 3.5 full-time employees. We believe today's macro pressures on businesses and the escalating threat environment make Falcon's value proposition as a consolidator more important today than at any other time in CrowdStrike's history. In order to solve agent bloating complexity within the security and IT stack while also protecting the business from cyber adversaries and reducing operating costs, companies need to consolidate on a truly integrated platform, not acquired technologies stitched together by an invoice.

根據我們的商業價值評估和實現分析，我們估計，平均而言，企業客戶觀察到 Falcon 平台的運營效率提高了 68%，相當於減少了大約 3.5 名全職員工。我們認為，當今企業面臨的宏觀壓力和不斷升級的威脅環境使得 Falcon 作為整合者的價值主張在今天比 CrowdStrike 歷史上的任何時候都更加重要。為了解決安全和 IT 堆棧中代理膨脹的複雜性，同時保護業務免受網絡對手的侵害並降低運營成本，公司需要在一個真正集成的平台上進行整合，而不是通過發票將獲得的技術拼湊在一起。

CrowdStrike Falcon continues to be the gold standard and the security platform of record.

CrowdStrike Falcon 繼續成為黃金標準和記錄在案的安全平台。

While the cybersecurity market is not immune to macro pressures, it is a mission-critical technology. The adversaries don't stop. As detailed in our latest threat hunting report, OverWatch observed a nearly 50% year-over-year increase in interactive intrusion campaigns. We believe cybersecurity investments is resilient and is prioritized, especially among the world's largest organizations as represented in our $1 million-plus customer cohort and best-in-class retention rates and module adoption rates.

雖然網絡安全市場不能免受宏觀壓力的影響，但它是一項關鍵任務技術。敵人不會停止。正如我們最新的威脅追踪報告所詳述的那樣，OverWatch 觀察到交互式入侵活動同比增長近 50%。我們相信網絡安全投資是有彈性的並且是優先的，特別是在世界上最大的組織中，以我們超過 100 萬美元的客戶群和一流的保留率和模塊採用率為代表。

With the escalating threat environment, expanding attack surface and extensibility of the Falcon platform, it is our belief that we are still in the early innings of CrowdStrike's growth journey. We believe the early and rapid success of our identity protection solution best demonstrates our ability to leverage our unique and vast threat intelligence to create and dominate new and legacy markets. We intend to continue our disruptive innovation, expand our technology leadership and bring new modules to market. Even with these investments, we are responding to current macro conditions and plan to balance growth with profitability and free cash flow, as Burt will discuss in more detail.

隨著威脅環境的升級、攻擊面的擴大和 Falcon 平台的可擴展性，我們相信我們仍處於 CrowdStrike 成長之旅的早期階段。我們相信，我們的身份保護解決方案的早期和快速成功最能證明我們有能力利用我們獨特而龐大的威脅情報來創造和主導新的和傳統的市場。我們打算繼續我們的顛覆性創新，擴大我們的技術領先地位，並將新模塊推向市場。即使有這些投資，我們也在應對當前的宏觀狀況，併計劃在增長與盈利能力和自由現金流之間取得平衡，正如伯特將更詳細地討論的那樣。

We remain steadfast in our vision to grow ending ARR in $5 billion by the end of fiscal year 2026 and reach our target operating model in fiscal year 2025.

我們仍然堅定我們的願景，即到 2026 財年年底將 ARR 增加 50 億美元，並在 2025 財年實現我們的目標運營模式。

With that, I will turn the call over to Burt to discuss our financial results in more detail.

有了這個，我將把電話轉給伯特來更詳細地討論我們的財務結果。

Thank you, George, and good afternoon, everyone. As a quick reminder, unless otherwise noted, all numbers, except revenue mentioned during my remarks today, are non-GAAP.

謝謝喬治，大家下午好。快速提醒一下，除非另有說明，除我今天發言中提到的收入外，所有數字均為非 GAAP。

Before we get started, I will note that the results we are reporting today include the acquisition of Reposify, which was de minimis to revenue and ARR, contributing less than $1 million to Q3 ARR.

在我們開始之前，我會注意到我們今天報告的結果包括對 Reposify 的收購，這對收入和 ARR 來說微不足道，對第三季度 ARR 的貢獻不到 100 萬美元。

In the quarter, ending ARR grew 54% year-over-year. Net new ARR grew 17% year-over-year to $198.1 million. Given the elongated sales cycles due to macro pressures in smaller non-enterprise accounts that George discussed, the composition of net new ARR in Q3 was weighted more heavily toward our $1 million-plus customer cohort with no outsized contribution from any one deal.

本季度末 ARR 同比增長 54%。淨新 ARR 同比增長 17% 至 1.981 億美元。考慮到 George 討論的小型非企業賬戶的宏觀壓力導致銷售週期延長，第三季度淨新 ARR 的構成更傾向於我們 100 萬美元以上的客戶群體，沒有任何一筆交易做出過大的貢獻。

Our dollar-based net retention rate was above our benchmark and consistent with Q2, maintaining the highest level since Q3 in fiscal 2021. Gross retention also maintained its record level, demonstrating our strong commitment to stopping the breach, delivering value to customers and restoring trust to the security posture of companies worldwide.

我們以美元為基礎的淨保留率高於我們的基準，與第二季度一致，保持 2021 財年第三季度以來的最高水平。總保留率也保持了創紀錄的水平，表明我們堅定地致力於阻止違規行為、為客戶提供價值和恢復信任全球公司的安全態勢。

As George mentioned, we are also seeing more customers standardize on the Falcon platform and adopt more modules. We believe these trends will create an enduring business opportunity for the years to come.

正如 George 提到的，我們也看到越來越多的客戶在 Falcon 平台上進行標準化並採用更多模塊。我們相信這些趨勢將在未來幾年創造持久的商業機會。

Moving to the P&L. Total revenue grew 53% over Q3 of last year to reach $580.9 million. Subscription revenue grew 53% over Q3 of last year to reach $547.4 million. Professional services revenue was $33.5 million, setting a new record for the ninth consecutive quarter and representing 46% year-over-year growth.

轉到損益表。總收入比去年第三季度增長 53%，達到 5.809 億美元。訂閱收入比去年第三季度增長 53%，達到 5.474 億美元。專業服務收入為 3350 萬美元，連續第九個季度創下新紀錄，同比增長 46%。

In terms of our geographic performance in Q3, we continue to see strong growth in the U.S. at 46% and international revenue growth at 72% year-over-year.

就我們第三季度的地域表現而言，我們繼續看到美國的強勁增長 46%，國際收入同比增長 72%。

Third quarter total and subscription non-GAAP gross margins remained relatively consistent at 75% and 78%, respectively. Total non-GAAP operating expenses in the third quarter were approximately $348.6 million or 60% of revenue versus $239.0 million last year or 63% of revenue.

第三季度總毛利率和訂閱非 GAAP 毛利率保持相對一致，分別為 75% 和 78%。第三季度非美國通用會計準則運營費用總額約為 3.486 億美元，佔收入的 60%，而去年同期為 2.39 億美元，佔收入的 63%。

In Q3, our magic number was 1.2, reflecting the continued efficiency of our go-to-market engine. We believe a magic number in excess of 1.0 indicates very favorable go-to-market efficiency and supports our current investment plan.

在第三季度，我們的神奇數字是 1.2，反映了我們上市引擎的持續效率。我們認為超過 1.0 的神奇數字表示非常有利的上市效率並支持我們當前的投資計劃。

As George mentioned, we are focusing marketing investments on specific initiatives with the goal to drive an even bigger pipeline in response to the macroeconomic environment while at the same time maintaining our disciplined approach to unit economics.

正如 George 提到的，我們正在將營銷投資集中在特定的舉措上，目的是推動更大的渠道以應對宏觀經濟環境，同時保持我們對單位經濟的嚴格方法。

Third quarter non-GAAP operating income grew 77% year-over-year to reach a record $89.7 million, and operating margin improved by 2 percentage points year-over-year to reach 15%.

第三季度非美國通用會計準則營業收入同比增長 77%，達到創紀錄的 8970 萬美元，營業利潤率同比提高 2 個百分點，達到 15%。

Looking at the first 9 months of fiscal year 2023. Non-GAAP operating income grew 125% year-over-year to reach $260.1 million and 16% of revenue. Non-GAAP net income attributable to CrowdStrike in Q3 also more than doubled over the prior year, growing to a record $96.1 million or $0.40 on a diluted per share basis.

回顧 2023 財年的前 9 個月。非 GAAP 營業收入同比增長 125%，達到 2.601 億美元，佔收入的 16%。第三季度歸屬於 CrowdStrike 的非 GAAP 淨收入也比上年增長了一倍多，增長至創紀錄的 9610 萬美元或攤薄後每股收益 0.40 美元。

Our weighted average common shares used to calculate third quarter non-GAAP EPS attributed to CrowdStrike was on a diluted basis and totaled approximately 240 million shares.

我們用於計算歸因於 CrowdStrike 的第三季度非 GAAP 每股收益的加權平均普通股是在稀釋的基礎上，總計約 2.4 億股。

We ended the third quarter with a strong balance sheet. Cash and cash equivalents increased to approximately $2.47 billion and reflects the approximately $19 million payment net of cash acquired for the acquisition of Reposify. Cash flow from operations grew 53% year-over-year to a record $242.9 million. Free cash flow grew 41% year-over-year to a record $174.1 million or approximately 30% of revenue.

我們以強勁的資產負債表結束了第三季度。現金和現金等價物增加到約 24.7 億美元，反映了為收購 Reposify 而獲得的約 1900 萬美元的現金支付淨額。運營現金流同比增長 53% 至創紀錄的 2.429 億美元。自由現金流同比增長 41%，達到創紀錄的 1.741 億美元，約佔收入的 30%。

Before I move to our guidance, I'd like to provide a few comments about how we view the ongoing impact of the current macro climate on our business. We are maintaining our revenue guidance for fiscal year 2023 while raising our bottom line guidance.

在我轉向我們的指導之前，我想就我們如何看待當前宏觀氣候對我們業務的持續影響發表一些評論。我們維持 2023 財年的收入指引，同時提高我們的底線指引。

As George mentioned, even though we entered Q4 with a record pipeline, we are expecting the elongated sales cycles due to macro concerns to continue, and we are not expecting to see the typical Q4 budget flush given the increased scrutiny on budgets.

正如 George 所提到的，儘管我們以創紀錄的渠道進入第四季度，但我們預計由於宏觀擔憂而導致的銷售週期延長將繼續下去，而且鑑於對預算的審查越來越嚴格，我們預計不會看到典型的第四季度預算激增。

While we do not provide net new ARR guidance given the current macro uncertainty, we believe it is prudent to assume that Q4 net new ARR will be below Q3 by up to 10%.

鑑於當前的宏觀不確定性，雖然我們不提供淨新 ARR 指導，但我們認為謹慎假設第四季度淨新 ARR 將比第三季度低 10%。

Looking into FY '24. Assuming an approximately 10% year-over-year headwind in the first half of the year on net new ARR, and for the full year, net new ARR would be roughly flat to modestly up year-over-year. This would imply a low 30s ending ARR growth rate and a subscription revenue growth rate in the low to mid-30s for FY '24.

展望 24 財年。假設今年上半年淨新 ARR 同比增長約 10%，而全年淨新 ARR 將大致持平至同比小幅上升。這意味著 24 財年 30 年代末的 ARR 增長率較低，訂閱收入增長率在 30 年代中期較低。

Similar to how we partnered with customers during the height of the COVID-19 pandemic, we are exercising more flexibility with new contract payment terms as organizations navigate macroeconomic conditions. We also expect more multiyear deals converting to 1 year renewals than in previous quarters. As a result, we expect free cash flow as a percent of revenue to be in the range of 28% and 30% for FY '23.

與我們在 COVID-19 大流行高峰期間與客戶的合作方式類似，隨著組織應對宏觀經濟狀況，我們正在通過新的合同付款條款行使更大的靈活性。我們還預計，與前幾個季度相比，會有更多的多年期交易轉為 1 年期續約。因此，我們預計 23 財年的自由現金流佔收入的百分比將在 28% 和 30% 之間。

Throughout fiscal year 2023 to date, we have taken advantage of market dynamics and brought on superb talent in key functions at an accelerated pace. At the same time, employee retention rates have increased. As of the end of Q3, we have grown our team by 40% in FY '23, putting us in a really good position to execute on our plan for next year. This allows us to shift our near-term focus to enablement and productivity while significantly slowing the pace of new hires needed to execute our plans.

從 2023 財年至今，我們利用市場動態，加快在關鍵職能部門引進優秀人才的步伐。與此同時，員工保留率有所提高。截至第三季度末，我們的團隊在 23 財年增長了 40%，這使我們處於執行明年計劃的有利位置。這使我們能夠將近期的重點轉移到支持和生產力上，同時顯著放慢執行我們計劃所需的新員工的步伐。

Assuming the macro environment does not materially weaken from current levels, we see a path to free cash flow margin of 30% of revenue in FY '24, and we plan to generate modest incremental non-GAAP operating margin leverage in FY '24 as we continue to march toward our target operating model.

假設宏觀環境不會從當前水平大幅減弱，我們看到 24 財年自由現金流利潤率達到收入的 30% 的路徑，我們計劃在 24 財年產生適度增量的非 GAAP 營業利潤率槓桿，因為我們繼續朝著我們的目標運營模式邁進。

For the fourth quarter of FY '23, we expect total revenue to be in the range of $619.1 million to $628.2 million, reflecting a year-over-year growth rate of 44% to 46%, with subscription revenue being the dominant driver of growth. We expect non-GAAP income from operations to be in the range of $87.2 million to $93.7 million and non-GAAP net income attributable to CrowdStrike to be in the range of $100.9 million to $107.5 million. We expect diluted non-GAAP net income per share attributable to CrowdStrike to be in the range of $0.42 to $0.45, utilizing a weighted average share count of 241 million shares on a diluted basis.

對於 23 財年第四季度，我們預計總收入將在 6.191 億美元至 6.282 億美元之間，同比增長率為 44% 至 46%，訂閱收入是增長的主要驅動力.我們預計非 GAAP 運營收入在 8720 萬美元至 9370 萬美元之間，非 GAAP 歸屬於 CrowdStrike 的淨收入在 1.009 億美元至 1.075 億美元之間。我們預計歸屬於 CrowdStrike 的稀釋後非 GAAP 每股淨收入在 0.42 美元至 0.45 美元之間，稀釋後的加權平均股數為 2.41 億股。

For the full fiscal year 2023, we currently expect total revenue to be in the range of $2,223.0 million to $2,232.0 million, reflecting a growth rate of 53% to 54% over the prior fiscal year. Non-GAAP income from operations is expected to be between $347.2 million and $353.8 million. We expect fiscal 2023 non-GAAP net income attributable to CrowdStrike to be between $357.6 million and $364.4 million. Utilizing 240 million weighted average shares on a diluted basis, we expect non-GAAP net income per share attributable to CrowdStrike to be in the range of $1.49 to $1.52.

對於整個 2023 財年，我們目前預計總收入將在 22.23 億美元至 22.32 億美元之間，較上一財年增長 53% 至 54%。非 GAAP 運營收入預計在 3.472 億美元至 3.538 億美元之間。我們預計 2023 財年歸屬於 CrowdStrike 的非 GAAP 淨收入將在 3.576 億美元至 3.644 億美元之間。利用稀釋後的 2.4 億股加權平均股，我們預計歸屬於 CrowdStrike 的非 GAAP 每股淨收入在 1.49 美元至 1.52 美元之間。

George and I will now take your questions.

喬治和我現在將回答您的問題。

(Operator Instructions) And our first question comes from the line of Saket Kalia with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Saket Kalia 系列。

A lot to unpack. George, maybe for you, I was wondering if you could dig just one level deeper into any competitive data that you've reviewed kind of looking back in the quarter. Do you feel like any big competitors here like Microsoft or perhaps even smaller next-gen competitors are having an impact?

很多東西要打開。喬治，也許對你來說，我想知道你是否可以更深入地挖掘你在本季度回顧過的任何競爭數據。你覺得這裡有任何像微軟這樣的大競爭對手，或者更小的下一代競爭對手正在產生影響嗎？

Burt, if I could squeeze in housekeeping question in as well. Clearly, ARR is the metric that you manage to. But maybe for everybody's benefit, can you also talk to how RPO and ARR growth might have different drivers?

伯特，如果我也可以加入客房服務問題。顯然，ARR 是您設法達到的指標。但也許為了每個人的利益，您能否也談談 RPO 和 ARR 增長可能有不同的驅動因素？

Yes. Thanks, Saket. So again, if you look at what we've seen and what we've commented on, the inherent demand for our products remain strong. Obviously, there's an increase in the macro headwinds. We talked about some of the smaller customers having elongated sales cycles. We saw 11% increase in days to close. And those are delayed deals, not lost deals. And on the enterprise, again, we're seeing consistent win rates. They remain high. And in fact, in the smaller customers, we've actually seen them significantly improve quarter-over-quarter.

是的。謝謝，薩凱特。所以，如果你看看我們所看到的和我們評論的，你就會發現對我們產品的內在需求依然強勁。顯然，宏觀逆風有所增加。我們談到了一些較小的客戶延長了銷售週期。我們看到關閉天數增加了 11%。這些都是延遲的交易，而不是失去的交易。在企業方面，我們再次看到一致的贏率。他們保持高位。事實上，在較小的客戶中，我們實際上已經看到他們的季度環比有了顯著改善。

So from our standpoint, and we look at this very closely, as you might imagine, the landscape remains favorable to us. I really don't see another true consolidator like Falcon. And customers are looking for technologies that reduce costs, reduce complexities, actually work and stop breaches, and that's what we're delivering.

因此，從我們的角度來看，正如您可能想像的那樣，我們非常仔細地觀察了這一點，景觀仍然對我們有利。我真的看不到另一個像 Falcon 這樣的真正的整合者。客戶正在尋找能夠降低成本、降低複雜性、實際工作和阻止違規的技術，而這正是我們正在提供的。

So again, when we look at the competitive landscape, it remains favorable to us. And as we pointed out, we saw increased macro headwinds, and that's what we talked about. So I'll turn it over to Burt.

因此，當我們審視競爭格局時，它仍然對我們有利。正如我們指出的那樣，我們看到宏觀逆風增加，這就是我們所說的。所以我會把它交給伯特。

Thanks, Saket. So first, big picture, when we think about CRPO, we think that as a noisy metric. And it's really not designed to match or correlate with ARR given the fact that ARR is a normalized annual number. And what do I mean by a noisy metric? Well, what I mean by that is there are several positive trends in our business that can create headwinds on duration relative to prior periods and not necessarily fully captured in CRPO. Some examples would include, for us, more 1 year deals compared to prior periods. In software, it's typical for multiyear lands to renew as 1 year deals. And as renewals become a bigger portion of the business, which for us it is, this creates a headwind to CRPO. And given where we are with respect to our high gross retention rates, 1 year deals provide us the opportunity to expand within the customer to drive bigger bundles.

謝謝，薩凱特。所以首先，大局觀，當我們考慮 CRPO 時，我們認為這是一個嘈雜的指標。考慮到 ARR 是一個標準化的年度數字，它實際上並不是為了與 ARR 匹配或關聯而設計的。嘈雜的指標是什麼意思？好吧，我的意思是，我們的業務中有幾個積極的趨勢，這些趨勢可能會相對於前期造成持續時間的不利因素，而且不一定完全反映在 CRPO 中。一些例子包括，對我們來說，與前期相比更多的 1 年期交易。在軟件中，多年期土地通常會續簽為 1 年期交易。隨著續訂在業務中所佔的比重越來越大，對我們來說就是這樣，這對 CRPO 造成了不利影響。考慮到我們在高毛保留率方面所處的位置，1 年期交易為我們提供了在客戶內部擴展以推動更大捆綁的機會。

Two, with the expansion and cross-sell sold co-terminus to existing contracts, these are often less than 1 year in duration. So our expansion business has been -- as our expansion business has been increasing, as evidenced by our net new retention rate, this would have pressure on our CRPO.

第二，隨著現有合同的擴展和交叉銷售的共同終止，這些合同的期限通常不到 1 年。因此，我們的擴張業務一直是——隨著我們的擴張業務一直在增加，正如我們的淨新保留率所證明的那樣，這將對我們的 CRPO 造成壓力。

And finally, on duration, we do have some usage-based deals. It could be MSSPs, the vast majority of MSSPs are users based, and those are billed monthly. And as MSSPs become a more rapidly growing part of our business, that's going to impact CRPO as well as noncommitted consumption billings in cloud.

最後，在持續時間方面，我們確實有一些基於使用的交易。它可能是 MSSP，絕大多數 MSSP 都是基於用戶的，並且按月計費。隨著 MSSP 成為我們業務中增長更快的一部分，這將影響 CRPO 以及雲中的非承諾消費賬單。

And then finally, just to comment on ARR. You pointed out that's how we run our business. ARR, though, is really an X-ray into the contracts themselves. And as we view that as the most important -- or most transparent metric into the outlook for our business, that's the one where we're focused on. So hopefully, that gives some more clarity on how we think about CRPO and ARR.

最後，只是對 ARR 發表評論。你指出這就是我們經營業務的方式。不過，ARR 實際上是對合同本身的透視。當我們認為這是衡量我們業務前景的最重要或最透明的指標時，這就是我們關注的重點。因此，希望這能讓我們更清楚地了解我們如何看待 CRPO 和 ARR。

And our next question comes from the line of Rob Owens with Piper Sandler.

我們的下一個問題來自 Rob Owens 和 Piper Sandler 的台詞。

Wondering if you guys could compare and contrast what you saw domestically versus internationally. And a little surprising to see international actually strengthen based on growth rates and the U.S. fall off. So if you could provide a little clarity there, that'd be great.

想知道你們是否可以比較和對比您在國內和國際上看到的情況。令人驚訝的是，國際市場實際上基於增長率而走強，而美國卻在下滑。所以，如果你能在那裡提供一點清晰度，那就太好了。

Rob, this is Burt. Thanks for the question. So in general, we saw the macro hit all the geos. But as we think about our split between United States and internationally, obviously, the United States is the biggest portion overall of our business. So any impacts to ARR will generally be driven from that sector.

羅伯，這是伯特。謝謝你的問題。所以總的來說，我們看到宏影響了所有的地理區域。但是當我們考慮我們在美國和國際之間的分歧時，很明顯，美國是我們業務的最大部分。因此，對 ARR 的任何影響通常都來自該部門。

And our next question comes from the line of Sterling Auty with MoffettNathanson.

我們的下一個問題來自 Sterling Auty 與 MoffettNathanson 的對話。

Thank you for the extra commentary on macro and next year, in particular. My question is really how do you think about those macro headwinds manifesting themselves in terms of net dollar retention or expansion rates versus the growth rate in new customers? Is one side going to be more particularly hit versus the other as it unfolds over the next several quarters?

特別感謝您對宏觀和明年的額外評論。我的問題是，您如何看待那些在淨美元保留率或擴張率與新客戶增長率方面表現出來的宏觀逆風？在接下來的幾個季度中，一方會比另一方受到更大的打擊嗎？

Thanks, Sterling. So for us, the good news is that we have a very healthy installed base. And we feel we've got great opportunities in that traditional land-and-expand model. And we saw that in the ratios that we saw. Having said that, we still feel that there's a tremendous opportunity in new logos. We think that the opportunity for us to go and capture some of those new logos really has that -- goes to our model that we started and talked about since day 1. So today, we still think about tremendous opportunity in the land-and-expand model, as evidenced by our dollar-based net retention rates, but also in terms of the net new logos that we have the opportunity to go capture. We talk about the TAMs that we've seen ever increasing from IDC and the fact that we've just been able to add new modules at a nice clip. We feel that we have a great opportunity to go after those new logos as well.

謝謝，斯特林。所以對我們來說，好消息是我們擁有非常健康的安裝基礎。我們覺得我們在傳統的土地擴張模式中獲得了巨大的機會。我們在我們看到的比率中看到了這一點。話雖如此，我們仍然認為新徽標存在巨大的機會。我們認為，我們有機會去捕捉其中一些新標識——我們從第一天開始就開始討論的模型。所以今天，我們仍然在考慮土地上的巨大機會——擴展模型，正如我們基於美元的淨保留率所證明的那樣，但也體現在我們有機會捕獲的淨新徽標方面。我們談論了我們從 IDC 看到的不斷增加的 TAM，以及我們剛剛能夠快速添加新模塊的事實。我們覺得我們也有很好的機會去追求這些新標誌。

And our next question comes from the line of Joel Fishbein with Truist.

我們的下一個問題來自 Joel Fishbein 與 Truist 的對話。

George, you bought Reposify external tax service management. A lot of customers were talking about it positively at the Analyst Day or the user conference. Love to hear -- you said this is going to be launched this year. Wanted to see if there's any initial indication of interest there. And how do you think that'll trail or attract in terms of demand?

George，你購買了 Reposify 外部稅務服務管理。在分析師日或用戶大會上，很多客戶都在積極談論它。很高興聽到——你說這將在今年推出。想看看那裡是否有任何初步的興趣跡象。您認為這將如何落後或吸引需求？

Yes. We've seen tremendous interest since the acquisition. We announced that at Fal.Con. Customers are looking to understand their exposures externally. And as they move more and more to the cloud, a lot of their exposures are really configuration and policy-driven. So it's a fantastic add for us. It fits very nicely within our platform. It ties into what we're doing on the vulnerability management and risk side. And overall, we're really excited about it. And customers are not only looking at it for themselves, but also looking at it from a third-party risk perspective and leveraging it across their supply chain in terms of making sure that their suppliers are secure and not putting customers at risk.

是的。自收購以來，我們已經看到了巨大的興趣。我們在 Fal.Con 上宣布了這一點。客戶希望了解他們的外部風險敞口。隨著他們越來越多地遷移到雲端，他們的很多風險實際上都是配置和策略驅動的。所以這對我們來說是一個很棒的補充。它非常適合我們的平台。它與我們在漏洞管理和風險方面所做的工作有關。總的來說，我們對此感到非常興奮。客戶不僅自己查看它，還從第三方風險的角度查看它，並在整個供應鏈中利用它來確保供應商安全並且不會讓客戶面臨風險。

So, so far, very positive feedback, and we're excited to get the product launched and bring it to market.

所以，到目前為止，反饋非常積極，我們很高興推出該產品並將其推向市場。

And our next question comes from the line of Hamza Fodderwala with Morgan Stanley.

我們的下一個問題來自 Hamza Fodderwala 與摩根士丹利的合作。

George, a question for you. I think it's pretty clear that the macro is going to impact pretty much every company, security not excluded from that. I'm curious how you're thinking about balancing sort of growth and profitability from here because on the one hand, clearly, growth has been slow for CrowdStrike and for everybody else. But on the other hand, you've got this big market opportunity in front of you as an emerging consolidator in cybersecurity. Do you feel like this is a time to maybe continue to invest as maybe others are going to struggle more, they don't have that free cash flow generation that you do? Or do you feel like this is a time to maybe show a little bit more leverage? Just curious how you're thinking about that.

喬治，問你一個問題。我認為很明顯，宏觀將影響幾乎每家公司，安全也不排除在外。我很好奇你是如何考慮從這里平衡增長和盈利能力的，因為一方面，很明顯，CrowdStrike 和其他所有人的增長都很緩慢。但另一方面，作為網絡安全領域的新興整合者，您已經獲得了巨大的市場機會。您是否覺得現在是繼續投資的時候，因為也許其他人會更加掙扎，他們沒有像您那樣產生自由現金流？還是您覺得現在是展示更多影響力的時候了？只是好奇你是怎麼想的。

Well, great question, Hamza. And it's always been a balanced growth approach, and it's never been a growth at all costs. And I think we've shown that with our performance and track record. And we continue to play the long game. But if you put things into perspective, we're a Rule of 83 last quarter. I mean you think about the growth and the cash flow generation at scale at $2 billion plus ARR is pretty remarkable.

好吧，好問題，哈姆扎。而且這一直是一種平衡的增長方式，從來不是不惜一切代價的增長。我認為我們已經通過我們的表現和業績記錄證明了這一點。我們將繼續玩長期遊戲。但如果你把事情放在正確的角度來看，我們上個季度的規則是 83。我的意思是，你考慮到 20 億美元加上 ARR 的規模增長和現金流產生是非常了不起的。

We actually see this as a great opportunity for CrowdStrike as we go forward. As smaller competitors fall by the wayside, as private companies look for exits, we think it's a very attractive opportunity for us with our balance sheet, almost $2.5 billion in cash. And at the end of the day, as these macro trends evolve, we see a great opportunity for us now into the future to continue to consolidate customers as well as other technologies that might fit within our platform. So that's the way we look at it, balanced investment and, again, a focus on making sure that we're delivering cash flow for our shareholders.

實際上，我們認為這是 CrowdStrike 前進的一個很好的機會。隨著規模較小的競爭對手被淘汰，隨著私營公司尋求退出，我們認為這對我們的資產負債表來說是一個非常有吸引力的機會，將近 25 億美元的現金。歸根結底，隨著這些宏觀趨勢的發展，我們看到了一個很好的機會，讓我們現在進入未來，繼續鞏固客戶以及可能適合我們平台的其他技術。所以這就是我們看待它的方式，平衡投資，再次關注確保我們為股東提供現金流。

And our next question comes from the line of Andrew Nowinski with Wells Fargo.

我們的下一個問題來自 Andrew Nowinski 與 Wells Fargo 的對話。

So total ARR of $2.3 billion, growing 54% is still absolutely amazing. I was -- and it's at scale. But I was wondering, were you surprised that the net new logos that you added were down 9% this quarter?

所以 23 億美元的總 ARR，增長 54% 仍然是絕對驚人的。我是 - 而且它是大規模的。但我想知道，您對本季度添加的淨新徽標下降 9% 感到驚訝嗎？

Thanks, Andy. So when we think of the net new logos, it really corresponds to what we talked about in terms of what we saw in that SMB space. The SMB space is the one that drives the velocity of our net new logos. And as we talked about, we saw an 11% increase in our sales cycle in the SMB space. And that actually equated into 15 million in terms of deals in that space that got pushed out. And so when you think about 15 million in that space and what it means in terms of logos, well, you can do the math, it's a pretty big number. So that's how we think about net new logos corresponding to what we saw in net new ARR from the SMB space.

謝謝，安迪。因此，當我們想到淨新徽標時，它確實對應於我們在 SMB 空間中所看到的內容。 SMB 空間是推動我們淨新徽標速度的空間。正如我們所說，我們看到 SMB 領域的銷售週期增加了 11%。就該領域被推出的交易而言，這實際上相當於 1500 萬筆。因此，當您考慮該空間中的 1500 萬以及它在徽標方面的含義時，您可以計算一下，這是一個相當大的數字。這就是我們如何看待與我們在 SMB 空間的 net new ARR 中看到的內容相對應的 net new 徽標。

So from that perspective, we weren't surprised at the end of the day when we saw that what happened with respect to the increased sales cycles and the amount of money that got pushed out in the SMB space.

因此，從這個角度來看，當我們看到銷售週期增加和 SMB 領域推出的資金數量發生變化時，我們並不感到驚訝。

And our next question comes from the line of Jonathan Ho with William Blair.

我們的下一個問題來自 Jonathan Ho 和 William Blair 的對話。

Operator, maybe we can move to the next question.

接線員，也許我們可以轉到下一個問題。

And our next question comes from the line of Matt Hedberg with RBC Capital Markets.

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

George, for you. You've obviously been running -- you've been in sort of the security industry for a long time. When you see macro headwinds like this pop up, are there things that you all can do from a sales perspective to accelerate cycles, like going at customers sooner than you'd normally do? Just anything tactically that you do in times like this? And has anything changed competitively in the kind of the smaller side of the business that you play in?

喬治，給你。你顯然一直在跑步——你已經在安全行業工作了很長時間。當你看到像這樣的宏觀逆風突然出現時，從銷售的角度來看，你們是否都可以做一些事情來加速週期，比如比平時更快地拜訪客戶？在這樣的時候你有什麼戰術上的做法嗎？在你所從事的業務的較小方面，競爭有什麼變化嗎？

Sure. So let me take the latter question first. As I mentioned, we actually saw our win rates go up in the downmarket SMB space. So I think we continue to do well there. And as Burt talked about, deals getting pushed out from that segment. We saw the impact of that.

當然。所以讓我先回答後一個問題。正如我所提到的，我們實際上看到我們在低端市場 SMB 領域的贏率上升。所以我認為我們在那裡繼續做得很好。正如伯特所說，交易被從該細分市場推出。我們看到了它的影響。

But when we think about what we can do and what we continue to focus on, obviously, execution is really important to us and getting ahead of the lengthy sales cycles that you see like in the enterprise with all the various approvals and legal that you have to go through, compliance, privacy, and it's just making sure that you have all of those checked off to try to fit the deals in the kind of a normal cycle that you would expect. And it just -- it takes more work and effort. And we continue to focus on full reviews of the pipeline and making sure that we're working with not only our internal sales teams, but also our partners in leveraging that vast partner network that we have. And that's been the focus.

但是，當我們考慮我們可以做什麼以及我們繼續關注什麼時，顯然，執行對我們來說非常重要，並且要領先於您在企業中看到的漫長的銷售週期，以及您擁有的各種批准和法律通過、合規、隱私，這只是確保您已檢查所有這些，以嘗試使交易符合您期望的正常週期。它只是 - 它需要更多的工作和努力。我們將繼續專注於對管道的全面審查，並確保我們不僅與我們的內部銷售團隊合作，而且與我們的合作夥伴合作，以利用我們擁有的龐大合作夥伴網絡。這一直是重點。

So again, as you pointed out, I've been through multiple sales cycles, economic cycles, if you will, in security. And as I said in an earlier question, I do think it's a great opportunity long term as we push through the macro headwinds.

所以，正如你所指出的，我在安全方面經歷了多個銷售週期、經濟周期，如果你願意的話。正如我在之前的一個問題中所說，我確實認為這是一個長期的好機會，因為我們正在克服宏觀逆風。

And our next question comes from the line of Tal Liani with Bank of America.

我們的下一個問題來自美國銀行的 Tal Liani。

I hope for better news today after the win in soccer, but it's okay. We'll take what you have. I want to ask about budgets. So we're working off 2022 budgets now, and we see lengthening sales cycle in the low end of the market. The question is as we go into 2023 and the new budgets are set, which is around January, what's the risk that we're going to see similar behavior or larger companies work off budgets and are less sensitive to kind of quarterly fluctuations? And if you don't mind, just to touch on -- no one asked about pricing and about quarter linearity, which are 2 important trends.

我希望今天在足球比賽獲勝後能聽到更好的消息，但這沒關係。我們會拿走你所擁有的。我想問一下預算。因此，我們現在正在製定 2022 年的預算，我們看到低端市場的銷售週期正在延長。問題是，當我們進入 2023 年並確定新預算時，即 1 月左右，我們將看到類似行為或更大的公司超出預算並且對季度波動不那麼敏感的風險是什麼？如果你不介意的話，只是想談談——沒有人問過定價和季度線性，這是兩個重要的趨勢。

Yes. Sure. I'll take the first part of that. When we think about budgets, again, all the feedback that we've seen is that budgets are not in the enterprise getting cut. There's so many mandates around security. And just as customers move to the cloud, what they are looking to do, though, is optimize that spend and consolidate. So they may not be spending as much money with a whole bunch of vendors, and they're looking to consolidate with companies like CrowdStrike. We spent a lot of time on selling the value. And when we think about this, and we talked about this in the past now is the consolidation of agents. It's a huge pain point for customers, the complexity of the cost. So all the conversations that I'm having as CEO all the way down has been around how do we help consolidate the cost because they're going to spend the money, they'd rather spend it with fewer vendors, and how do they get a better outcome. And that's, I think, where CrowdStrike shines.

是的。當然。我先講第一部分。當我們再次考慮預算時，我們看到的所有反饋都是預算沒有在企業中被削減。圍繞安全有很多規定。就像客戶遷移到雲端一樣，他們希望做的是優化支出和整合。因此，他們可能不會在一大堆供應商身上花那麼多錢，而是希望與 CrowdStrike 這樣的公司進行整合。我們花了很多時間來銷售價值。當我們考慮到這一點時，我們過去談到過這個，現在是代理商的整合。這對客戶來說是一個巨大的痛點，成本的複雜性。所以我作為 CEO 一直以來的所有談話都是圍繞我們如何幫助整合成本，因為他們會花錢，他們寧願把錢花在更少的供應商身上，以及他們如何獲得更好的結果。我認為，這就是 CrowdStrike 的亮點所在。

And in some cases, that may take a little extra work because we're upsizing some deals, and we've got to go through more approvals and go through more of the value selling. But again, that's what we're focused on. So obviously, we'll monitor the environment and see if there's any changes. But in all the conversations that I've had, security remains still top of mind and top of budget for enterprise customers.

在某些情況下，這可能需要一些額外的工作，因為我們正在擴大一些交易，我們必須通過更多的批准並通過更多的價值銷售。但同樣，這也是我們關注的重點。很明顯，我們將監控環境並查看是否有任何變化。但在我進行的所有對話中，安全仍然是企業客戶的首要考慮和預算。

I'll take the second part, Tal. So first on pricing, what I can comment on is that a couple of things. So one is we see that discounting is consistent with Q2. We didn't see any change there. There were no additional escalations to George and I for outsized discounting on deals. Number two is we've seen ASPs be consistent. So -- and that drives the point home about just our overall platform play and our ability to sell value. And I think that enterprise sales cycles increased a bit in Q2, and Q3 was consistent with that level.

我來做第二部分，塔爾。所以首先關於定價，我可以評論的是幾件事。所以一個是我們看到貼現與第二季度一致。我們在那裡沒有看到任何變化。喬治和我沒有因為交易的超大折扣而額外升級。第二，我們已經看到 ASP 是一致的。所以——這讓我們明白了我們的整體平台遊戲和我們銷售價值的能力。而且我認為企業銷售週期在第二季度有所增加，第三季度與該水平一致。

So I think that when you think about linearity to the second part of your question, I think that's how I think about that. We did talk about on -- for pricing anyway. When we do talk about net new ARR, I did talk about in the prepared remarks about how we think about up to 10% headwinds going into Q4 from Q3, and that's just to coincide with some of the headwind activity that we saw accelerated at the end of this quarter. So that's how we think about that.

所以我認為當你考慮問題第二部分的線性時，我認為這就是我的想法。我們確實討論過——無論如何定價。當我們談論淨新 ARR 時，我確實在準備好的評論中談到了我們如何考慮從第三季度到第四季度的高達 10% 的逆風，這恰好與我們在本季度末。這就是我們的想法。

And our next question comes from the line of John DiFucci with Guggenheim.

我們的下一個問題來自古根海姆的 John DiFucci。

You said in the prepared remarks -- you talked about large customers pursuing multiphase subscriptions. Just maybe if we can dig into that a little bit. How long do you expect that ramp period to be? And do you have commitments for the ramp parts of the deal or just verbal intentions?

你在準備好的評論中說——你談到了追求多階段訂閱的大客戶。也許我們可以深入研究一下。您預計該上升期需要多長時間？你對交易的斜坡部分有承諾還是只是口頭意圖？

Thanks, John. So I'll take the second part first. So we do have commitments from those deals. They're signed deals. Just that when we think about structure, we have this phase start date with respect to the subscriptions. So that's how we think about those multiphase deals.

謝謝，約翰。所以我先講第二部分。所以我們確實有這些交易的承諾。他們簽署了協議。只是當我們考慮結構時，我們有關於訂閱的這個階段開始日期。這就是我們對這些多階段交易的看法。

And then I think that when we think about those multiphase deals and the patterns that we've seen, I think that we're going to see something consistent with what we've seen in Q3. I think that more of those larger enterprise deals, they're going to sign those deals. They're going to look at their budgets. So they're going to look at their OpEx, and they're going to say, okay, well, this makes sense if we turn it on at this point, which could be a date post the quarter end. But the deals that -- I think the most important part about your question is that the deals are locked in, and that's what we saw in Q3, and we anticipate that in Q4.

然後我認為，當我們考慮那些多階段交易和我們所看到的模式時，我認為我們會看到與我們在第三季度看到的一致的東西。我認為更多的大型企業交易，他們將簽署這些交易。他們將查看他們的預算。所以他們會看看他們的 OpEx，然後他們會說，好吧，好吧，如果我們在此時打開它，這很有意義，這可能是在季度末之後的日期。但是交易 - 我認為關於你的問題最重要的部分是交易已經鎖定，這就是我們在第三季度看到的，我們預計在第四季度。

And our next question comes from the line of Brad Zelnick with Deutsche Bank.

我們的下一個問題來自德意志銀行的 Brad Zelnick。

Burt, your comment saying that you expect no budget flush this Q4 is like telling a kid Santa Claus isn't coming for Christmas. And I think you guys are the only ones explicitly saying this, and I'm guessing it's because you're being more prudent and maybe more transparent than others. But I'm also wondering how much of it is pipeline versus conversion rate assumptions that inform your perspective. And I guess maybe asked a little bit differently, how is your forecast methodology adapting to the environment and the assumptions that you're inputting into it in Q4?

伯特，你的評論說你預計第四季度不會出現預算充裕，這就像告訴孩子聖誕老人不會來過聖誕節一樣。而且我認為你們是唯一明確表示這一點的人，我猜這是因為你們比其他人更謹慎，也可能更透明。但我也想知道其中有多少是管道與轉換率假設可以告知您的觀點。而且我想可能會問得有點不同，您的預測方法如何適應環境以及您在第四季度輸入的假設？

Yes. So really, I want to attack that question from the standpoint of it starts from the fact that we did see record pipeline again going into the quarter. So I think it goes back to what we've seen this quarter both on the SMB and in the enterprise space. I think we're going to see the consistent themes that the macro is driving. I think we're going to see the SMB space. We're going to see deals continue to be pushed out. And on the enterprise, we're going to see more multiphase deals. So that's how I think about the quarter.

是的。所以真的，我想從我們確實看到記錄管道再次進入本季度這一事實開始，從這個角度來回答這個問題。所以我認為這可以追溯到我們本季度在 SMB 和企業領域看到的情況。我認為我們將看到宏觀驅動的一致主題。我認為我們將看到 SMB 空間。我們將看到交易繼續被推遲。在企業方面，我們將看到更多的多階段交易。這就是我對這個季度的看法。

And I guess the one thing that I want to add is that it is important that we are continuing to drive top of the funnel. And we've got a lot of programs that are focused in on that, and it's just going to be one of those things that we have to just overcome the macro.

而且我想我想補充的一件事是，重要的是我們繼續推動漏斗的頂端。我們有很多專注於此的程序，這將成為我們必須克服宏觀的事情之一。

And our next question comes from the line of Fatima Boolani with Citi.

我們的下一個問題來自花旗的 Fatima Boolani。

Burt, to your prepared commentary around some of the flexibility that you're introducing with respect to contract negotiations, particularly on the invoicing front, wondering if you can share a little bit more detail with respect to how some of those engagements are becoming more flexible and sort of the implications on collections activity. I can appreciate you shared preliminary fiscal '24 guidance with us on a number of those fronts, but just to get a little bit more detail as to how some of these changes in business activity behavior from customers is influencing how you're doing negotiations. And on a related matter, as the business does become more and more renewal, does some of the leverage in the model start coming from maybe changed incentives to your sales team around renewal business maybe getting a lower threshold of quota payment versus net new business, which is clearly becoming a little bit more challenging to do in this environment?

伯特，關於你準備好的關於合同談判中引入的一些靈活性的評論，特別是在發票方面，想知道你是否可以分享更多關於其中一些約定如何變得更加靈活的細節以及對收藏活動的影響。感謝您與我們在許多方面分享了初步的 24 財年指南，但只是為了更詳細地了解客戶業務活動行為中的一些變化如何影響您的談判方式。在一個相關的問題上，隨著業務確實變得越來越更新，模型中的一些槓桿是否開始來自可能改變對您的銷售團隊的激勵圍繞更新業務可能獲得較低的配額支付門檻與淨新業務，在這種環境下，哪一項顯然變得更具挑戰性？

Fatima, good questions. So I'll take them both. So with respect to structure, there are 2 things that come to mind. One is obviously on the enterprise deals and the phased subscription start dates, that will obviously impact billings and cash. The second one is flexibility on when those payments become due. So we're working with our customers to meet their budgets, to meet their time lines, and we've been flexible with respect to that. And of course, that will have an impact on cash as well.

法蒂瑪，好問題。所以我會把他們兩個都帶走。因此，關於結構，我想到了兩件事。一個顯然是關於企業交易和分階段訂閱開始日期，這顯然會影響賬單和現金。第二個是這些付款何時到期的靈活性。因此，我們正在與客戶合作以滿足他們的預算，滿足他們的時間表，並且我們在這方面一直很靈活。當然，這也會對現金產生影響。

But overall, I still see -- because of our business model and our strong business model and consistent -- business model hasn't changed. I think that we've got this great opportunity to be comfortable in terms of what I talked about in the prepared remarks. And from a cash flow standpoint, we see a path to 30% free cash flow margin next year. And I think that just goes back to the strength of the model and the fact that we've got this business that is really durable.

但總的來說，我仍然看到——因為我們的商業模式和我們強大的商業模式以及一致的——商業模式沒有改變。我認為我們有這個很好的機會，可以對我在準備好的發言中談到的內容感到滿意。從現金流的角度來看，我們看到明年可以實現 30% 的自由現金流利潤率。而且我認為這可以追溯到模型的強度以及我們擁有真正持久的業務這一事實。

And with respect to how I see the big picture, I think that the things that we're doing with respect to structure really talks to the partnering with respect to our customers. And that was well appreciated well back in the -- when the pandemic first hit. It's being appreciated now in a macro with the headwinds that we all have. So we think we're still very excited about the opportunity to be able to partner with our customers.

關於我如何看待大局，我認為我們在結構方面所做的事情確實與我們客戶的合作有關。這在大流行病首次襲來時就得到了很好的讚賞。現在，在我們所有人都面臨逆風的情況下，它在宏觀上受到了讚賞。因此，我們認為我們仍然對能夠與客戶合作的機會感到非常興奮。

And then second, with respect to how we think about compensating our sales team and in light of our renewal business becoming larger and larger, I think that the good news there is that when you think about renewal business, the actual cost that it is to continue to generate net new ARR from an existing client is definitely lower than to go out -- with respect to going out and getting a new logo. So I think there is some leverage to that. So that's why I think that we're in a really good spot with respect to me talking about leverage for next year. But thanks for the question.

其次，關於我們如何考慮補償我們的銷售團隊以及鑑於我們的續訂業務越來越大，我認為好消息是，當您考慮續訂業務時，它的實際成本是繼續從現有客戶那裡產生淨新 ARR 肯定比走出去要低——就走出去並獲得新標誌而言。所以我認為這有一定的影響力。所以這就是為什麼我認為我們在談論明年的槓桿方面處於一個非常好的位置。但是謝謝你的提問。

And our next question comes from the line of Alex Henderson with Needham & Company.

我們的下一個問題來自 Needham & Company 的 Alex Henderson。

I was hoping if we could talk a little bit about the cloud segment of the market not necessarily in terms of your rate of growth per se, but rather what you're seeing in terms of company's willingness to accelerate or decelerate their progression to the cloud workloads. And within that context, what kind of share do you think you're picking up? Or are you gaining share in that -- in those workloads that are moving?

我希望我們能談談市場的雲部分，不一定是你的增長率本身，而是你所看到的公司加速或減緩其向雲發展的意願工作量。在這種情況下，您認為您獲得了什麼樣的份額？或者您是否在其中獲得份額 - 在那些正在移動的工作負載中？

Thanks. Obviously, customers are going to flex what they put in the cloud, and sort of the cloud growth is what it is in terms of the macro cloud growth. In terms of what we see in our cloud workload protection, we continue to win in those areas. We win because we've got a combination of both workload protection as well as cloud security posture management and a full suite of protection capabilities. And we have more and more customers that continue to leverage our technologies as they migrate to the cloud. So they're still migrating to the cloud. They're leveraging our technologies as it's all integrated.

謝謝。顯然，客戶將調整他們放在雲中的內容，而云增長的某種程度就是宏觀雲增長。就我們在雲工作負載保護中看到的情況而言，我們在這些領域繼續取得勝利。我們之所以獲勝，是因為我們結合了工作負載保護、雲安全態勢管理和全套保護功能。我們有越來越多的客戶在遷移到雲端時繼續利用我們的技術。所以他們仍在遷移到雲端。他們正在利用我們的技術，因為它是集成的。

And in terms of our cloud workload protection across the board, it's certainly been very, very strong. So that's what we've seen in our business. And obviously, there's a broader cloud theme in the environment, and customers are going to choose when and how they migrate. But we are there for them, and we continue to win in those environments.

就我們全面的雲工作負載保護而言，它肯定非常非常強大。這就是我們在業務中看到的情況。顯然，環境中有更廣泛的雲主題，客戶將選擇遷移的時間和方式。但我們支持他們，我們將繼續在這些環境中取勝。

And our next question comes from the line of Roger Boyd with UBS.

我們的下一個問題來自瑞銀集團的 Roger Boyd。

Burt, just to follow up on multiphase subscription start date. I just want to unpack the behavior there a little bit. It sounds like it's mostly a cash flow consideration by customers, but are there any other factors driving this behavior, whether it's resource constraints, timing of road maps or just practice more care on aligning the end and then start dates of third-party solutions being consolidated on the Falcon platform? And just a follow-up. I think you mentioned that these are confirmed deals. So I just want to make sure that, that is showing up. Those deals are showing up in RPO.

伯特，只是為了跟進多階段訂閱開始日期。我只想解開那裡的行為。聽起來這主要是客戶對現金流的考慮，但是否有任何其他因素推動了這種行為，無論是資源限制、路線圖的時間安排，還是只是更加註意調整第三方解決方案的結束和開始日期在 Falcon 平台上整合？只是一個跟進。我想你提到這些是已確認的交易。所以我只想確保它正在出現。這些交易出現在 RPO 中。

Yes. Thanks, Roger. So to answer your -- the first part of your question, so I think the biggest driver is that OpEx. They're looking at starting those subscription dates at staggered times, what makes sense for them. They've got to align their resources on their end and making sure that they have the right folks looking at it.

是的。謝謝，羅傑。所以回答你的 - 你問題的第一部分，所以我認為最大的驅動因素是 OpEx。他們正在考慮在交錯的時間開始這些訂閱日期，這對他們來說是有意義的。他們必須調整他們的資源，並確保他們有合適的人來關注它。

And I think for us, the good news is that those deals are confirmed. They are locked in. We signed the deal. Some might be deployed now, some might be later. And they will be in the RPO calculations. Thanks for the question.

我認為對我們來說，好消息是這些交易得到確認。他們被鎖定了。我們簽署了協議。有些可能現在部署，有些可能稍後部署。他們將在 RPO 計算中。謝謝你的問題。

And our next question comes from the line of Joe Gallo with Jefferies.

我們的下一個問題來自 Joe Gallo 與 Jefferies 的對話。

George, appreciate your comments on F 3Q and 4Q macro. Based on your conversations with customers, what is their view on 2023 cyber budgets as they start to think about them? Are they expecting near-term alleviation with a quick Band-Aid ripoff? Or is this more of a long-term new normal that we might see for the next year or so?

喬治，感謝您對 F 3Q 和 4Q 宏的評論。根據您與客戶的對話，他們在開始考慮 2023 年網絡預算時有何看法？他們是否期望通過快速的創可貼撕裂來緩解近期的情況？或者這更像是我們可能在明年左右看到的長期新常態？

Well, as I mentioned earlier, we haven't seen any customers come back and say, hey, our budgets are cut next year. We just haven't seen it. And as I mentioned, they're looking to consolidate. They're obviously looking to deploy those resources wisely and do it with fewer vendors and get better outcomes. So again, that's an area where I think we have tremendous strength. But nothing in my conversations, and as you might imagine, I talked to a lot of customers all over the globe and prospects. Nothing has come back that said they're spending less on security next year.

好吧，正如我之前提到的，我們還沒有看到任何客戶回來說，嘿，我們明年的預算會被削減。我們只是還沒有看到它。正如我提到的，他們正在尋求整合。他們顯然希望明智地部署這些資源，並通過更少的供應商來實現，並獲得更好的結果。再次重申，這是我認為我們擁有巨大實力的領域。但在我的談話中什麼也沒有，正如你可能想像的那樣，我與全球許多客戶和潛在客戶進行了交談。沒有任何回复說他們明年在安全方面的支出會減少。

They're deploying to the cloud. They're adding capabilities. There is a whole slew of compliance requirements that are coming in around the globe that will drive additional spend. And again, they want to do it in a way that they get the most bang for their buck in a consolidated fashion. And that's exactly what we've seen, and we haven't seen anything to deviate from that.

他們正在部署到雲端。他們正在增加功能。全球範圍內將出現大量合規要求，這將推動額外支出。再一次，他們希望以一種以整合的方式獲得最大收益的方式來做到這一點。這正是我們所看到的，而且我們還沒有看到任何偏離它的東西。

And that concludes our question-and-answer session. I would now like to turn the call back over to George Kurtz for any closing remarks.

我們的問答環節到此結束。我現在想把電話轉回給喬治庫爾茨，聽取任何結束語。

I wanted to thank all of you today for your time, and we certainly appreciate your interest and look forward to seeing you at our upcoming investor events. Thank you, and have a great day.

今天我要感謝你們所有人抽出時間，我們當然感謝你們的興趣，並期待在我們即將舉行的投資者活動中見到你們。謝謝你，祝你有美好的一天。

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

女士們，先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。