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)

您好，感謝您的支持。歡迎參加 CrowdStrike 2023 財年第三季業績電話會議。 （操作員指示）

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瑪麗亞·萊利 (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。與我一起參加電話會議的還有 CrowdStrike 總裁兼執行長兼聯合創始人 George Kurtz；以及財務長 Burt Podbere。

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，我想指出的是，本次電話會議中所作的某些陳述並非歷史事實，包括有關我們未來計劃、目標、增長和預期業績的陳述，包括我們對第四季度和2023財年的展望以及對此後財務期間的任何假設，均屬於《1995年私人證券訴訟改革法案》所定義的前瞻性陳述。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，但實際結果可能存在重大差異，因為這些陳述是基於當前預期，並受風險和不確定性的影響。我們不承擔並明確否認任何因新資訊、未來事件或其他原因而更新或修改我們的前瞻性陳述的義務。有關這些因素以及其他可能影響公司財務表現的因素的更多資​​訊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，本次電話會議所揭露的所有財務指標均為非公認會計準則。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 結果的調整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 或我們今天向美國證券交易委員會提交的 8-K 表格中找到。

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

現在，我將把發言權交給喬治。

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，也謝謝大家加入我們。讓我先總結一下我們的成果。第三季度，我們的營收年增 53%，非公認會計準則營業利潤率成長 15%，非公認會計準則淨收入創歷史新高，所有這些都超出了我們的預期。此外，我們的自由現金流達到創紀錄的 1.74 億美元，約佔營收的 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.

我們的業務中出現了許多積極的趨勢，包括強勁的競爭中標率、穩定的平均銷售價格、卓越的留存率以及網路安全的關鍵任務性質。不過，我首先想談談我們在本季看到的宏觀經濟逆風加劇，這導致第三季淨新 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.

正如我們在上次收益電話會議上所討論的那樣，各組織開始透過增加額外的審批層級和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帳戶中，我們發現客戶越來越多地推遲購買決定，平均成交天數延長了約 11%，淨新 ARR 貢獻較第二季度減少了 1500 萬美元。儘管與需要更多員工管理的更複雜供應商相比，我們的季度 POV 成功率環比大幅提升，但這也影響了我們本季的新標誌淨增加量。雖然銷售週期延長，但我們相信絕大多數交易並沒有失去，只是被延後了。

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，銷售週期或平均成交天數與上一季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變化的宏觀環境中管理與營運支出預算和現金流相關的時間問題。為了實現這一目標，一些客戶簽署了具有多階段訂閱開始日期的合同，這將他們的支出和 CrowdStrike 的 ARR 確認推遲到未來幾個季度。雖然每個季度我們都會有一些多階段訂閱開始日期的交易，但與上一季相比，在第三季度，我們看到約有 1000 萬美元的 ARR 被遞延到未來幾季。

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.

我們預計這些宏觀不利因素將持續到第四季。此外，鑑於對預算的審查力度加大，我們預計第四季度的預算不會出現典型的大幅增長，這將導致我們調整第四季度淨新 ARR 預期，Burt 將對此進行更詳細的討論。但這種謹慎並沒有削弱我們對 CrowdStrike 的長期市場地位或網路安全市場彈性的信心。

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.

我們看到市場對我們產品的強勁內在需求，我們進入第四季時擁有創紀錄的銷售管道。在宏觀經濟情勢不斷變化和銷售週期延長的時期，通路擴張顯得更為重要。我們正在努力保持管道建設的領先地位。我們最近任命的首席行銷長 Jennifer Johnson 現在擔任行銷主管，我們正在重新調整我們的行銷計劃，並更加重視加強更多頂級行銷計劃和品牌知名度，以推動管道達到更高的高度。我們也從合作夥伴生態系統中獲得了巨大的優勢，合作夥伴來源的 ARR 年比成長 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.

本季度有很多積極的跡象，其中最突出的是創紀錄的客戶數量，該季度貢獻了至少 100 萬美元的淨新 ARR。此外，100 萬美元以上族群的期末 ARR 在第三季突破了 10 億美元的里程碑，年增 67%。這些較大的客戶正在對 Falcon 進行標準化，整合供應商，並優先考慮代表大量交叉銷售和追加銷售機會的擴展項目，即使在不確定的宏觀條件下，這些項目也在向前發展。我們價值 100 萬美元以上的客戶群中新加入的知名品牌包括一家全球 500 強製造商，該製造商擁有 10 個模組，為其環境的所有區域提供了前所未有的可視性和保護，並允許他們在首次部署 Falcon 時整合 4 個代理商和供應商。兩家全球 500 強金融機構選擇 Falcon，因為它能夠取代多種傳統安全產品，並透過單一代理商增強其安全態勢；一家全球 500 強消費品製造商現在利用 Falcon Complete 採取全面託管的方式保護其關鍵基礎設施；一家財富 500 強奢侈品品牌利用 Falcon 採取全面託管的方式保護其關鍵基礎設施；一家財富 500 強奢侈品品牌利用 Falcon 保護其傳統端點和工作負載。

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.

第三季度，我們在公共部門也取得了強勁的業績，這得益於 Falcon Complete LAN，美國最大的聯邦機構之一目前已在 Falcon 平台上實現標準化；我們的 SLED 業務也取得了強勁增長，美國州政府在本季度實現了 CrowdStrike 的標準化擴張；此外，我們還在多個美國州和地方政府以及教育機構以及教育機構中取得了成功並實現了國家。

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 40 個州政府都是 CrowdStrike 的客戶，其中哥倫比亞特區的 21 個州政府已採用 Falcon 作為標準。此外，我們還與最大的聯邦系統整合商之一達成了合作，該公司將使用 Falcon 保護其內部資產並將其整合到其 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.

轉向我們的擴張和保留表現。我們的美元淨留存率遠高於去年第三季度，與我們第二季度的業績一致，第二季度的業績處於 7 個季度以來的最高水平。我們的最佳毛留存率仍保持在創紀錄的 98% 以上。我們也看到越來越多的客戶標準化 Falcon 平台並採用更多模組。

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.

第三季擁有 5 個或以上、6 個或以上以及 7 個或以上模組的訂閱客戶分別為 60%、36% 和 21%。這意味著這些模組採用群體的年增長率分別為 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另一個創紀錄的季度，其中包括 Discover、Spotlight、Identity Protection 和 LogScale 模組。我們的身分保護解決方案是新興類別中 ARR 的最大貢獻者，第三季又創下了新高。身分保護解決方案的淨新ARR成長至歷史新高，淨新標誌的附加率持續快速成長。近 80% 的網路攻擊利用基於身分的策略來破壞合法憑證並使用橫向移動等技術來逃避偵測，因此身分保護是阻止違規行為的核心。我們的身分保護功能在加強活動目錄以及阻止勒索軟體和橫向移動方面具有重大變化。

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.

為了強調我們的身分保護能力的價值，我想分享最近與一家全球領先品牌進行的 7 位數擴張。該客戶擁有一支非常有能力的安全團隊，該團隊花費數年時間建立專門的身份和存取管理團隊來實施特權存取管理解決方案或 PAM。即使做出了這些努力，在 POV 中開啟 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 解決方案管理的網域管理員帳戶、大量沒有密碼過期的帳戶、數千個密碼被洩露的用戶以及從非特權帳戶到特權帳戶的潛在攻擊路徑。借助 Falcon Identity，該客戶可以關閉非法存取的途徑並顯著加強防禦能力。

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.

第三季也是 LogScale 創下的另一個紀錄，我們在金融服務、保險、科技、零售、能源和電信等多個垂直領域取得了勝利。值得注意的勝利包括美國一家州級保險提供者和前面提到的新的全球 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現有日誌解決方案的成本，從而提高其環境的安全性和可視性。

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利用之前識別並消除來自脆弱和未知資產的風險。此次收購於 10 月初完成，我們預計將於本季度推出外部攻擊面管理模組，這將使我們在 Falcon 平台上可用的模組數量達到 23 個。

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.

在公有雲方面，我們繼續保持強勁勢頭，在公有雲環境中部署的模組的期末 ARR 年比增長超過 100%。我們的 CNAPP 解決方案持續獲得業界認可，包括在 CRN 的 2022 年技術創新者獎中榮獲最佳雲端安全獎。隨著客戶接受我們擴展的完整服務陣容（包括 Identity Complete 和 Cloud Complete），Falcon Complete 繼續大放異彩，淨新 ARR 環比增長近 20%。此外，我們在第三季推出了 Falcon Complete LogScale，並且已經取得了許多勝利。

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，像 Falcon Complete 這樣的解決方案很有吸引力，它允許公司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 產品的顯著優勢在安全服務提供者的首次 MITRE ATT&CK 評估中得到了展示。在 16 位評估參與者中，Falcon 平台融合了業界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，並且不允許重新測試。我們相信，這次評估證明了為什麼 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，還是透過我們的 MSSP 合作夥伴網絡提供的，還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平台也贏得了SE Lab的EDR勒索軟體偵測和保護測試。這家備受推崇的第三方測試公司涉及 270 種勒索軟體變種和深度攻擊策略。 Falcon 實現了 100% 勒索軟體預防，誤報率為 0。讓我重複一遍，0 誤報，我們相信這反映了我們卓越的人工智慧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 極低的誤報率對我們的客戶來說是一個巨大的營運勝利，因為它使他們能夠顯著提高對已驗證警報進行分類、調查和補救的速度。

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.

根據我們的業務價值評估和實現分析，我們估計，企業客戶平均發現使用 Falcon 平台後營運效率提高了 68%，相當於減少了約 3.5 名全職員工。我們相信，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比 CrowdStrike 歷史上的任何其他時期都更加重要。為了解決安全和 IT 堆疊中的代理膨脹複雜性，同時保護企業免受網路對手的攻擊並降低營運成本，公司需要在一個真正整合的平台上進行整合，而不是透過發票拼湊起來的技術。

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.

雖然網路安全市場無法免受宏觀壓力的影響，但它是一項關鍵任務技術。對手不會停止。正如我們最新的威脅搜尋報告中所詳述的那樣，OverWatch 發現互動式入侵活動比去年同期增加了近 50%。我們相信網路安全投資具有彈性且是優先考慮的，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組採用率為代表。

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.

隨著威脅環境的不斷升級、攻擊面的不斷擴大以及 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，我們的身分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廣泛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的模組推向市場。即使有這些投資，我們也在應對當前的宏觀條件，併計劃平衡增長與盈利能力和自由現金流，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.

我們始終堅定不移地實現我們的願景：到 2026 財年末，年平均經常性收入 (ARR) 增長至 50 億美元，並在 2025 財年實現我們的目標營運模式。

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

說完這些，我將把電話轉給伯特，讓他更詳細地討論我們的財務表現。

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.

謝謝你，喬治，大家下午好。快速提醒一下，除非另有說明，今天我講話中提到的收入以外的所有數字都是非 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，我要指出的是，我們今天報告的結果包括收購 Reposify，這對營收和 ARR 的影響微乎其微，對第三季 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，期末 ARR 年增 54%。淨新 ARR 年增 17%，達到 1.981 億美元。鑑於喬治所討論的小型非企業帳戶的宏觀壓力導致銷售週期延長，第三季度淨新 ARR 的組成更多地傾向於我們 100 萬美元以上的客戶群，而任何一筆交易都沒有帶來過大的貢獻。

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.

我們的美元淨留存率高於基準並與第二季保持一致，保持了 2021 財年第三季以來的最高水準。總留存率也保持了創紀錄的水平，顯示了我們堅定地致力於阻止違規行為、為客戶提供價值並恢復對全球公司安全態勢的信任。

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.

正如喬治所提到的，我們也看到越來越多的客戶在 Falcon 平台上標準化並採用更多模組。我們相信這些趨勢將為未來幾年創造持久的商機。

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。總營收比去年第三季成長 53%，達到 5.809 億美元。訂閱收入比去年第三季成長 53%，達到 5.474 億美元。專業服務收入為 3,350 萬美元，連續第九個季度創下新高，年增 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.

就我們第三季的地區表現而言，我們繼續看到美國強勁成長，年成長 46%，國際營收年增 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.

第三季總和訂閱非 GAAP 毛利率保持相對穩定，分別為 75% 和 78%。第三季非公認會計準則總營運費用約為 3.486 億美元，佔營收的 60%，去年同期為 2.39 億美元，佔營收的 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，反映了我們的市場引擎的持續效率。我們相信，超過 1.0 的神奇數字表明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.

正如喬治所提到的，我們將行銷投資集中在特定的舉措上，目標是根據宏觀經濟環境推動更大的管道，同時保持我們對單位經濟學的嚴謹態度。

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%.

第三季非公認會計準則營業收入年增 77%，達到創紀錄的 8,970 萬美元，營業利潤率年增 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.

綜觀2023財年的前9個月，非公認會計準則營業收入較去年同期成長125%，達到2.601億美元，佔營收的16%。第三季度，CrowdStrike 的非公認會計準則淨收入也比前一年增長了一倍多，達到創紀錄的 9,610 萬美元，即每股攤薄收益 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.

我們用於計算歸屬於 CrowdStrike 的第三季非 GAAP 每股盈餘的加權平均普通股是按稀釋後計算的，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。現金和現金等價物增加至約 24.7 億美元，反映了收購 Reposify 所獲得的約 1,900 萬美元的淨現金支付。經營現金流年增53%，達到創紀錄的2.429億美元。自由現金流年增 41%，達到創紀錄的 1.741 億美元，約佔營收的 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.

在談到我們的指導之前，我想就我們如何看待當前宏觀環境對我們業務的持續影響發表一些評論。我們維持 2023 財年的營收預期，同時提高底線預期。

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.

正如喬治所提到的，儘管我們在進入第四季時擁有創紀錄的銷售管道，但我們預計宏觀擔憂導致的銷售週期延長將持續下去，而且鑑於預算審查的加強，我們預計不會出現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%.

雖然考慮到當前宏觀不確定性，我們沒有提供淨新 ARR 指導，但我們認為，謹慎地假設第四季度淨新 ARR 將低於第三季高達 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 年減約 10%，那麼全年淨新 ARR 將與去年同期基本持平或略有上升。這意味著 2024 財年的期末 ARR 成長率將在 30% 左右，訂閱收入成長率將在 30% 左右。

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 疫情高峰期與客戶的合作方式類似，隨著各組織應對宏觀經濟狀況，我們正在對新的合約付款條款施加更大的靈活性。我們也預計，與前幾季相比，更多的多年期交易將轉換為 1 年期續約。因此，我們預計 23 財年的自由現金流佔營收的百分比將在 28% 至 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.

2023財年至今，我們充分利用市場動態，加速引進關鍵職能領域的優秀人才。同時，員工留任率也提高了。截至第三季末，我們的團隊規模在 23 財年成長了 40%，這讓我們處於非常有利的位置來執行明年的計畫。這使我們能夠將近期重點轉移到實現能力和生產力上，同時顯著減緩執行計劃所需的新員工招募速度。

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準大幅減弱，我們預計24財年的自由現金流利潤率將達到收入的30%，並且我們計劃在24財年產生適度增量的非公認會計準則營業利潤率槓桿，繼續朝著我們的目標營運模式邁進。

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，我們預計總營收將在 6.191 億美元至 6.282 億美元之間，年增 44% 至 46%，其中訂閱收入是成長的主要動力。我們預計非公認會計準則營業收入將在 8,720 萬美元至 9,370 萬美元之間，歸屬於 CrowdStrike 的非公認會計準則淨收入將在 1.009 億美元至 1.075 億美元之間。我們預計，以稀釋後股數 2.41 億股計算，CrowdStrike 每股非 GAAP 淨收益將在 0.42 美元至 0.45 美元之間。

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 2023 財年全年，我們目前預計總營收將在 22.23 億美元至 22.32 億美元之間，比上一財年成長 53% 至 54%。非公認會計準則營業收入預計在 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。以稀釋後 2.4 億股加權平均股計算，我們預期 CrowdStrike 的非 GAAP 每股淨收益將在 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你們的問題。

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

（操作員指示）我們的第一個問題來自巴克萊銀行的 Saket Kalia。

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?

有很多東西要解開。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。您是否覺得像微軟這樣的大型競爭對手或甚至規模較小的下一代競爭對手正在產生影響？

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，我是否可以也擠出時間問家事問題。顯然，ARR 是你能夠實現的指標。但也許為了大家的利益，您能否談談 RPO 和 ARR 成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，Saket。所以，如果你再看看我們所看到的和我們所評論的，你會發現我們產品的內在需求仍然強勁。顯然，宏觀逆風正在增加。我們談到了一些較小客戶的銷售週期延長的情況。我們發現成交天數增加了 11%。這些都是延遲的交易，而不是遺失的交易。在企業方面，我們再次看到了持續的獲勝率。它們仍然保持高位。事實上，對於較小的客戶，我們實際上已經看到他們每個季度都有顯著的改善。

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，我們仔細觀察這一點，正如您可能想像的那樣，情況仍然對我們有利。我確實沒有看到另一個像 Falcon 這樣的真正的整合者。客戶正在尋找能夠降低成本、減少複雜性、真正有效並能阻止違規的技術，而這正是我們所提供的。

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，當我們再次審視競爭格局時，它仍然對我們有利。正如我們所指出的，我們看到宏觀逆風不斷增加，這就是我們所談論的。所以我將其交給伯特。

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，Saket。因此，首先，從總體上看，當我們考慮 CRPO 時，我們認為這是一個嘈雜的指標。鑑於 ARR 是一個標準化的年度數字，它的設計實際上並不是與 ARR 相符或關聯的。那我所說的噪音指標是什麼意思呢？嗯，我的意思是，我們的業務中存在一些積極的趨勢，這些趨勢可能會對持續時間產生不利影響，相對於前幾個時期，而且不一定能在 CRPO 中完全捕捉到。例如，對我們來說，與前期相比，一年期交易更多。在軟體領域，多年期土地續約為一年合約是很常見的。隨著續約在我們業務中所佔的比重越來越大，這對 CRPO 來說是一個阻力。考慮到我們的高毛留存率，一年交易為我們提供了向客戶擴展的機會，從而推動更大的捆綁銷售。

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.

二、隨著合約的擴展和交叉銷售與現有合約同時終止，這些合約的期限通常不到 1 年。因此，我們的擴張業務一直在成長——正如我們的淨新保留率所證明的那樣，這會對我們的 CRPO 帶來壓力。

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，就期限而言，我們確實有一些基於使用情況的交易。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 成為我們業務中成長更快的一部分，這將影響 CRPO 以及雲端中的非承諾消費帳單。

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，我只想評論一下 ARR。您指出這就是我們經營業務的方式。然而，ARR 實際上是對合約本身的透視。我們認為這是我們業務前景的最重要或最透明的指標，因此我們將重點放在這一點上。所以希望這能讓我們對 CRPO 和 ARR 的看法更加清晰。

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

我們的下一個問題來自 Piper Sandler 的 Rob Owens。

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國內和國際的情況。令人有點驚訝的是，國際經濟實際上是基於成長率而走強，而美國則是下滑。因此，如果您可以提供一些澄清，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.

羅布，這是伯特。謝謝你的提問。因此，總體而言，我們看到宏觀影響到了所有地理位置。但當我們考慮美國和國際業務的劃分時，顯然美國是我們業務中最大的部分。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 MoffettNathanson 的 Sterling Auty。

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?

感謝您對宏觀以及明年的額外評論。我的問題實際上是，您如何看待這些宏觀不利因素在淨美元保留率或擴張率與新客戶成長率方面的表現？隨著未來幾季情勢的發展，一方是否會比另一方受到更嚴重的打擊？

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。因此對我們來說，好消息是我們擁有非常健康的安裝基礎。我們覺得，在傳統的「佔領並擴張」模式中，我們擁有巨大的機會。我們從所見的比例中看到了這一點。話雖如此，我們仍然認為新標誌蘊藏著巨大的機會。我們認為，我們有機會去捕捉一些新標識，這確實與我們從第一天開始討論的模式有關。所以今天，我們仍然認為「登陸並擴張」模式中存在巨大機會，這不僅體現在我們基於美元的淨留存率上，還體現在我們有機會捕捉的淨新標誌方面。我們討論了從 IDC 看到的不斷增長的 TAM，以及我們剛剛能夠以良好的速度添加新模組的事實。我們覺得我們也有很大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 Truist 的 Joel Fishbein。

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?

喬治，您購買了 Reposify 外部稅務服務管理。許多客戶在分析師日或使用者大會上都對此給予了正面的評價。很高興聽到—您說這個會在今年推出。想看看那裡是否有任何初步的興趣跡象。您認為這在需求方面會帶來什麼影響或吸引力？

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，我們看到了巨大的興趣。我們在 Fal.Con 上宣布了這一消息。客戶希望從外部了解他們的風險敞口。隨著他們越來越多地轉向雲端，他們的許多風險實際上都是由配置和策略驅動的。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息息相關。總的來說，我們對此感到非常興奮。客戶不僅要自己考慮這個問題，還要從第三方風險的角度考慮這個問題，並在整個供應鏈中利用它，確保供應商的安全，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摩根士丹利的 Hamza Fodderwala。

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。我認為很明顯宏觀經濟將影響幾乎每家公司，安全也不例外。我很好奇您是如何考慮平衡成長和獲利能力的，因為一方面，顯然 CrowdStrike 和其他公司的成長都很緩慢。但另一方面，身為網路安全領域的新興整合者，您面前有著龐大的市場機會。您是否覺得現在是繼續投資的時機，因為其他人可能會面臨更多困難，他們沒有像您一樣擁有自由現金流？或者您覺得現在是時候展現更多的影響力了？只是好奇你怎麼想的。

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.

嗯，哈姆扎，這個問題問得好。這始終是一種平衡的成長方式，而從來不是不惜一切代價的成長。我認為我們的表現和業績記錄已經證明了這一點。我們將繼續進行長期博弈。但如果你客觀地看待問題，上個季度我們遵循了 83 法則。我的意思是，想想成長和 20 億美元加上 ARR 規模的現金流產生是相當了不起的。

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.

我們實際上將此視為 CrowdStrike 未來發展的絕佳機會。隨著規模較小的競爭對手逐漸被淘汰，私人公司尋求退出，我們認為這對我們來說是一個非常有吸引力的機會，因為我們的資產負債表上有近 25 億美元的現金。最終，隨著這些宏觀趨勢的發展，我們看到了未來的巨大機遇，可以繼續整合客戶以及可能適合我們平台的其他技術。這就是我們的看法，平衡投資，並再次專注於確保為股東提供現金流。

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

我們的下一個問題來自富國銀行的安德魯·諾溫斯基。

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?

因此，23 億美元的總 ARR，成長 54% 仍然是絕對驚人的。我曾經是——而且規模很大。但我想知道，您是否對本季新增識別數量下降 9% 感到驚訝？

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，當我們想到新的網路識別時，它實際上與我們在 SMB 領域所看到的情況相對應。 SMB 領域是推動我們新網路識別速度的領域。正如我們所討論的，我們發現中小企業領域的銷售週期成長了 11%。這實際上相當於該領域被推遲的交易額為 1500 萬美元。因此，當您考慮該領域的 1500 萬以及它對徽標的意義時，您可以計算一下，這是一個相當大的數字。這就是我們對淨新標誌的看法，與我們在 SMB 領域的淨新 ARR 中看到的一致。

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以及中小企業領域資金流出增加時，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 William Blair 的 Jonathan Ho。

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，為了你。顯然，您一直在從事安全行業很長時間了。當您看到像這樣的宏觀逆風出現時，從銷售角度來看，您可以做些什麼來加速週期，例如比平常更快地接觸客戶？在這種時候您會採取什麼戰術措施嗎？在您所從事的較小規模的業務中，競爭力有什麼變化嗎？

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。因此，我先回答後者的問題。正如我所提到的，我們實際上看到我們在低端 SMB 領域的成功率上升。所以我認為我們在那裡會繼續做得很好。正如伯特所談到的，交易被從該領域擠出來。我們看到了其影響。

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，當我們思考我們能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，並且要領先於企業中冗長的銷售週期，其中包括必須經過的各種審批和法律、合規、隱私等，而這只是確保你已經檢查了所有這些，以嘗試在你期望的正常週期內完成交易。這只是——它需要更多的工作和努力。我們將繼續專注於對通路進行全面審查，並確保我們不僅與內部銷售團隊合作，還與合作夥伴合作，利用我們擁有的龐大合作夥伴網路。這就是我們關注的重點。

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，正如您所指出的，在安全領域，我經歷了多個銷售週期、經濟週期。正如我在之前的問題中所說，我確實認為，從長遠來看，這對我們克服宏觀逆風來說是一個很好的機會。

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.

我希望今天足球比賽獲勝後會有更好的消息，但沒關係。我們將接受你所擁有的一切。我想問一下預算問題。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 年並且新的預算確定下來（大約在 1 月份）時，我們是否會看到類似的行為，或者大公司是否按照預算運作並且對季度波動不那麼敏感？如果您不介意的話，我只是想提一下——沒有人問到定價和季度線性，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。我將討論第一部分。當我們考慮預算時，我們看到的所有回饋都是企業的預算不會被削減。關於安全的規定有很多。然而，當客戶轉向雲端時，他們想要做的是優化支出並進行整合。因此，他們可能不會在眾多供應商上花費太多資金，而是希望與 CrowdStrike 等公司進行整合。我們花了很多時間來推銷價值。當我們考慮這一點時，我們過去也討論過這個問題，現在就是代理商的整合。成本的複雜性對客戶來說是一個巨大的痛點。因此，作為首席執行官，我一直進行的所有對話都是圍繞著如何幫助他們整合成本，因為他們要花錢，他們寧願把錢花在更少的供應商身上，以及如何讓他們獲得更好的結果。我認為，這就是 CrowdStrike 的閃光點。

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，我們必須經過更多的批准並進行更多的價值銷售。但這正是我們關注的重點。因此顯然，我們會監測環境並觀察是否有任何變化。但在我進行過的所有對話中，安全仍然是企業客戶最關心的問題，也是預算中最重要的因素。

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.

我將選擇第二部分，塔爾。首先關於定價，我可以評論幾件事。因此，我們看到折扣與第二季一致。我們沒有看到那裡有任何變化。喬治和我並沒有因為交易中的過大折扣而面臨進一步的升級。第二，我們看到 ASP 是一致的。所以——這讓我們更清楚地認識到我們的整體平台運作和銷售價值的能力。我認為企業銷售週期在第二季有所增加，第三季與該水準保持一致。

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，我想這就是我的想法。無論如何，我們確實討論過定價問題。當我們談論淨新 ARR 時，我在準備好的發言中確實談到了我們如何看待從第三季度到第四季度高達 10% 的逆風，這只是為了與我們在本季度末看到的一些逆風活動加速相吻合。這就是我們對此的看法。

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漢美術館的約翰‧迪富奇 (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?

您在準備好的演講中談到了大客戶追求多階段訂閱。也許我們可以深入研究這一點。您預計這個上升期會持續多久？您對交易的坡道部分有承諾嗎？還是只是口頭上的？

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。因此我將首先討論第二部分。所以我們確實對這些交易做出了承諾。他們已經簽署了協議。只是當我們考慮結構時，我們有與訂閱相關的這個階段的開始日期。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，當我們考慮這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情況一致的東西。我認為他們將會簽署更多大型企業交易。他們將審視他們的預算。因此，他們會查看他們的營運支出，然後說，好吧，如果我們現在啟動它，這是有意義的，這可能是季度末之後的一個日期。但我認為你提出的問題中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情況，我們預計在第四季度也會出現這種情況。

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布拉德澤爾尼克。

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，你說你預計第四季不會有預算短缺，這就好比告訴孩子聖誕老人不會來過聖誕節一樣。我認為只有你們明確地這麼說，我猜這是因為你們比其他人更加謹慎，也許更加透明。但我也想知道，您的觀點中有多少是基於通路與轉換率假設的。我想也許可以換一種問法，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。因此，實際上，我想從我們確實看到本季度再次創下紀錄這一事實的角度來回答這個問題。所以我認為這可以追溯到我們本季在中小企業和企業領域看到的情況。我認為我們將看到宏觀推動的一致主題。我認為我們將會看到 SMB 空間。我們將看到交易繼續被推遲。在企業方面，我們將看到更多多階段交易。這就是我對本季的看法。

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.

我想補充的一點是，我們必須繼續推動漏斗頂端的發展，這一點很重要。我們有很多專注於此的項目，這只是我們必須克服的宏觀問題之一。

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銀行的 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，針對您在合約談判方面引入的一些靈活性，特別是在發票方面，您準備好的評論，想知道您是否可以分享更多細節，說明其中一些約定如何變得更加靈活，以及對收款活動的影響。我很感激您在多個方面與我們分享了 24 財年的初步指導，但我只是想更詳細地了解客戶商業活動行為的一些變化如何影響您的談判方式。在相關問題上，隨著業務的更新越來越頻繁，模型中的某些槓桿作用是否開始來自於對銷售團隊的激勵措施的改變，這些激勵措施圍繞更新業務展開，也許可以獲得較低的配額支付門檻，而不是淨新業務，這在這種環境下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。所以我會選擇它們兩個。因此，就結構而言，我想到兩件事。一個顯然​​是企業交易和分階段訂閱開始日期，這顯然會影響帳單和現金。第二個是付款到期時間的彈性。因此，我們正在與客戶合作以滿足他們的預算和時間表，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.

但總體而言，我仍然看到——由於我們的商業模式和我們強大的商業模式以及一致性——商業模式並沒有改變。我認為，我們有這個絕佳的機會來就我在準備好的發言中談到的內容進行討論。從現金流的角度來看，我們預計明年自由現金流利潤率將達到 30%。我認為這又回到了模型的優勢以及我們擁有真正持久的業務的事實。

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.

就我如何看待大局而言，我認為我們在結構方面所做的事情實際上與我們的客戶的合作有關。早在疫情首次爆發時，人們就對此表示讚賞。鑑於我們都面臨的逆風，宏觀上現在對它有所讚賞。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，以及考慮到我們的續約業務規模越來越大，我認為好消息是，當你考慮續約業務時，繼續從現有客戶那裡產生淨新 ARR 的實際成本肯定低於出去——就出去獲得新標誌而言。所以我認為這有一定的優勢。所以這就是為什麼我認為我們在談論明年的槓桿率時處於一個非常好的位置。但感謝您的提問。

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?

我希望我們能夠稍微談論一下雲端運算市場，不一定是從成長率本身的角度，而是從公司加速或減緩向雲端運算工作負載發展的意願的角度來談論。在這種背景下，您認為您會獲得什麼樣的份額？或者說，在那些正在移動的工作負載中，您是否獲得了份額？

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，客戶將會靈活地調整他們在雲端中放置的內容，而雲端的成長就是宏觀雲端成長。就我們在雲端工作負載保護方面看到的情況而言，我們在這些領域繼續取得勝利。我們之所以能獲勝，是因為我們結合了工作負載保護以及雲端安全態勢管理以及全套保護功能。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，因為一切都已整合。

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.

就我們全面的雲端工作負載保護而言，它確實非常非常強大。這就是我們在業務中看到的。顯然，環境中存在更廣泛的雲端主題，客戶將選擇何時以及如何遷移。但我們會為他們提供幫助，並在這些環境中不斷取得勝利。

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的羅傑·博伊德。

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，只是想跟進多階段訂閱的開始日期。我只是想稍微解釋一下那裡的行為。這聽起來主要是客戶的現金流考慮，但還有其他因素推動這種行為嗎？無論是資源限制、路線圖的時間安排，還是只是更謹慎地協調在 Falcon 平台上整合的第三方解決方案的結束和開始日期？這只是後續行動。我想您有提到這些都是已確認的交易。所以我只是想確保它能夠顯現出來。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。所以要回答你的問題的第一部分，我認為最大的驅動因素是營運支出。他們正在考慮以交錯的時間開始這些訂閱日期，這對他們來說很有意義。他們必須協調各自的資源，並確保有合適的人員來監督。

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，好消息是這些交易已經得到確認。他們被鎖定了。我們簽署了協議。有些可能現在就部署，有些可能稍後再部署。它們將包含在 RPO 計算中。謝謝你的提問。

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

我們的下一個問題來自 Jefferies 的 Joe Gallo。

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，他們對 2023 年網路預算有何看法？他們是否期望透過快速撕掉創可貼就能在短期內緩解症狀？或者這更像是我們在未來一年左右可能會看到的長期新常態？

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.

嗯，正如我之前提到的，我們還沒有看到任何客戶回來並說，嘿，我們明年的預算被削減了。我們只是還沒看到而已。正如我所提到的，他們正在尋求整合。他們顯然希望明智地部署這些資源，用更少的供應商來實現更好的結果。所以，我再次認為，這是一個我們擁有巨大優勢的領域。但我的談話中沒有任何內容，正如你可能想像的那樣，我與世界各地的許多客戶和潛在客戶進行了交談。沒有任何消息表明他們明年將減少安全支出。

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。全球範圍內正在出台一系列合規要求，這將推動額外的支出。而且，他們希望以一種綜合的方式來實現這一目標，從而獲得最大的收益。這正是我們所看到的，而且我們沒有看到任何偏離這一點的情況。

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。現在我想將電話轉回給喬治·庫爾茨，請他做最後發言。

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.

我想感謝大家今天抽出時間，我們非常感謝你們的關注，並期待在即將舉行的投資者活動中見到你們。謝謝您，祝您有愉快的一天。

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了。