CrowdStrike Holdings Inc (CRWD) 2023 Q4 法說會逐字稿

Thank you for standing by, and welcome to Crouch Holdings Fourth Quarter and 2023 Financial Results Conference Call. (Operator Instructions)

感謝您的支持，歡迎來到 Crouch Holdings 第四季度和 2023 年財務業績電話會議。 （操作員說明）

I would now like to hand the call over to Maria Riley, Investor Relations. Please go ahead.

我現在想把電話轉給投資者關係部的 Maria Riley。請繼續。

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 first quarter and fiscal year 2024 and 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.

在我們開始之前，我想指出，本次電話會議期間發表的某些聲明並非歷史事實，包括有關我們未來計劃、目標、增長和預期業績的聲明，包括我們對 2024 年第一季度和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。

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 report.

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. CrowdStrike delivered a record fourth quarter that exceeded our expectations across the board. I will focus my comments today on a few key points.

謝謝你，瑪麗亞，感謝大家加入我們。 CrowdStrike 第四季度的業績創下歷史新高，全面超出了我們的預期。我今天的評論將集中在幾個關鍵點上。

First, CrowdStrike is executing exceptionally well in a challenging macro environment. We believe this is best showcased by the fourth quarter's record net new ARR of $222 million, record net new customers of 1,873, strong retention rates, record operating income, record free cash flow of $209 million and a Rule of 81 on a free cash flow basis.

首先，CrowdStrike 在充滿挑戰的宏觀環境中表現出色。我們認為，第四季度創紀錄的 2.22 億美元淨新 ARR、創紀錄的 1,873 名淨新客戶、強勁的保留率、創紀錄的營業收入、創紀錄的 2.09 億美元自由現金流以及自由現金流的 81 條規則是最好的證明基礎。

Second, the dual mandate of high efficacy and low total cost of ownership faced the CrowdStrike strength as a leading consolidator. CrowdStrike's growing market share showcases the Falcon platforms, advanced AI and technology leadership that drives better security outcomes, automation and lower TCO for customers.

其次，作為領先的整合商，CrowdStrike 面臨著高效率和低總擁有成本的雙重任務。 CrowdStrike 不斷增長的市場份額展示了 Falcon 平台、先進的 AI 和技術領先地位，這些都為客戶帶來了更好的安全成果、自動化和更低的 TCO。

And third, our conviction in CrowdStrike's expansive opportunity continues to grow. We see a massive opportunity to leverage our AI-driven collect data once, reuse many times platform to expand share across our markets. As Burt will discuss, we are continuing our thoughtful and balanced approach to investing to drive both top line and bottom line growth. We remain steadfast in our vision to grow ending ARR to $5 billion by the end of fiscal year 2026 and to reach our target operating model sometime within fiscal year 2025.

第三，我們對 CrowdStrike 廣闊機會的信念繼續增強。我們看到了一個巨大的機會，可以利用我們的人工智能驅動的收集數據一次，重複使用多次的平台來擴大我們市場的份額。正如伯特將要討論的那樣，我們將繼續採用深思熟慮和平衡的投資方法，以推動收入和利潤的增長。我們始終堅定我們的願景，即到 2026 財年年底將年末 ARR 增長到 50 億美元，並在 2025 財年的某個時候實現我們的目標運營模式。

The key to our success in the fourth quarter was execution and strong market demand for the Falcon platform. We converted our pipeline into wins and built a record Q1 pipeline even as sales cycles elongated as we saw late in Q3, and we did not see the typical budget flush as organizations continue to work through macro concerns. Our competitive win rate remained high and ASPs remained consistent, and we ended the year with a best-in-class gross retention rate and a strong net retention rate.

我們在第四季度取得成功的關鍵是獵鷹平台的執行力和強勁的市場需求。我們將我們的管道轉化為勝利並建立了創紀錄的第一季度管道，即使我們在第三季度末看到的銷售週期延長了，而且隨著組織繼續解決宏觀問題，我們沒有看到典型的預算充裕。我們具有競爭力的獲勝率仍然很高，ASP 也保持穩定，並且我們以一流的總保留率和強勁的淨保留率結束了這一年。

We believe our strong fourth quarter performance and record Q1 pipeline demonstrates the mission-critical nature of cybersecurity for modern businesses, the resiliency of our market and CrowdStrike's growing leadership as the cybersecurity platform of record. I'd like to thank each and every CrowdStriker for their dedication and hard work in making the fourth quarter our best quarter to date. As a team, we should be proud of the amazing accomplishments we have achieved and excited about the opportunities ahead of us.

我們相信我們強勁的第四季度業績和創紀錄的第一季度管道證明了網絡安全對現代企業的關鍵任務性質、我們市場的彈性以及 CrowdStrike 作為記錄的網絡安全平台不斷增長的領導地位。我要感謝每一位 CrowdStriker，感謝他們的奉獻和辛勤工作，使第四季度成為迄今為止最好的季度。作為一個團隊，我們應該為我們取得的驚人成就感到自豪，並為我們面前的機遇感到興奮。

We'll take a moment to highlight several year-over-year milestones that CrowdStrike team delivered in FY '23 that I'm most excited about. Ending ARR grew 48% to reach $2.56 billion. Net new ARR grew 22% to reach $828 million, setting a new record. Our emerging product category contributed $182 million to net new ARR, which was 22% of all net new ARR and a 97% increase.

我們將花點時間強調 CrowdStrike 團隊在 23 財年交付的幾個年度里程碑，這是我最興奮的。期末 ARR 增長 48%，達到 25.6 億美元。淨新 ARR 增長 22%，達到 8.28 億美元，創下新紀錄。我們的新興產品類別為淨新 ARR 貢獻了 1.82 億美元，佔所有淨新 ARR 的 22%，增幅為 97%。

Emerging products ended ARR growing 116% to $339 million, surpassing CrowdStrike's total ARR at the time of IPO in 2019. This included a standout year for our Identity Protection modules, which contributed over $100 million in ending ARR and over 1,000 net new identity customers. Additionally, LogScale posted over 200% ending ARR growth.

新興產品的年末 ARR 增長 116%，達到 3.39 億美元，超過了 CrowdStrike 在 2019 年 IPO 時的總 ARR。這包括我們的身份保護模塊表現出色的一年，該模塊在年末 ARR 和 1,000 多個淨新身份客戶中貢獻了超過 1 億美元。此外，LogScale 公佈了超過 200% 的最終 ARR 增長。

From a public cloud deployment view, ending ARR surpassed the $200 million milestone to reach $224 million. And we added a record 6,694 net new customers for the fiscal year to bring us to 23,019 subscription customers, a 41% increase. CrowdStrike now serves 556 of the Global 2000, 271 of the Fortune 500 and 15 of the top 20 U.S. banks.

從公共雲部署的角度來看，最終 ARR 超過了 2 億美元的里程碑，達到 2.24 億美元。我們在本財年增加了創紀錄的 6,694 名淨新客戶，使我們的訂閱客戶達到 23,019 名，增長了 41%。 CrowdStrike 現在為全球 2000 強中的 556 家、財富 500 強中的 271 家和美國前 20 大銀行中的 15 家提供服務。

On the bottom line, FY '23 operating and net income growth well outpaced revenue growth, showcasing the leverage in our model. Non-GAAP operating income grew 81% year-over-year to reach a record $356 million. Non-GAAP diluted EPS grew 130% to reach a record $1.54. Free cash flow grew 53% to reach a record $677 million, and we achieved at least 30% free cash flow margin for the third consecutive year.

最重要的是，23 財年的運營和淨收入增長遠遠超過收入增長，展示了我們模型中的槓桿作用。非 GAAP 營業收入同比增長 81%，達到創紀錄的 3.56 億美元。非 GAAP 稀釋每股收益增長 130%，達到創紀錄的 1.54 美元。自由現金流增長 53%，達到創紀錄的 6.77 億美元，我們連續第三年實現至少 30% 的自由現金流利潤率。

Our market leadership continues to grow as customers are voting for their platform of choice with their wallets. CrowdStrike ranked first in IDC's annual Worldwide Modern Endpoint Security Market Share report for the third consecutive year with 17.7% market share, outpacing all vendors by posting the largest increase in revenue and market share.

隨著客戶用他們的錢包投票選擇他們選擇的平台，我們的市場領導地位繼續增長。 CrowdStrike 以 17.7% 的市場份額連續第三年在 IDC 年度全球現代端點安全市場份額報告中排名第一，以收入和市場份額的最大增幅超越所有廠商。

The efficacy of the Falcon platform continues to be widely tested and recognized for delivering superior outcomes regardless of whether you are looking at MITRE, TrustRadius, G2, Frost & Sullivan, Forrester Wave, SE Labs, Gartner Peer Insights or Gartner Magic Quadrant, Falcon's superior technology has been awarded a lead or a #1 position.

Falcon 平台的功效繼續得到廣泛測試和認可，無論您是關注 MITRE、TrustRadius、G2、Frost & Sullivan、Forrester Wave、SE Labs、Gartner Peer Insights 還是 Gartner Magic Quadrant，Falcon 的卓越成果技術已被授予領先地位或排名第一的位置。

This was most recently highlighted by winning the 2023 SE Labs Award for Best EDR and Best Product Development. This is the third consecutive time that CrowdStrike has won in the Best EDR category, further reinforcing our innovation in endpoint security and putting us in the pole position to help customers enter the XDR era.

最近贏得了 2023 SE Labs 最佳 EDR 和最佳產品開發獎，這突出了這一點。這是 CrowdStrike 連續第三次獲得最佳 EDR 類別，進一步加強了我們在端點安全方面的創新，使我們在幫助客戶進入 XDR 時代方面處於領先地位。

Additionally, CrowdStrike was once again positioned as a leader furthest to the right for completeness of vision in Gartner's Magic Quadrant for endpoint protection platforms for the third consecutive year. We believe this recognition highlights our long-standing track record of disruptive innovation, including our use of AI and indicators of attack to stop cyber adversaries in real time.

此外，CrowdStrike 連續第三年在 Gartner 的端點保護平台魔力像限中再次被定位為遠景完整性最靠右的領導者。我們認為，這一認可突出了我們在顛覆性創新方面的長期記錄，包括我們使用人工智能和攻擊指標來實時阻止網絡對手。

While the use of AI has become the new topic of the day, it is not new to CrowdStrike. We were a pioneer in applying AI and cybersecurity. The Falcon platform was designed from the ground up to effectively process and correlate the massive volume of data required for effective AI and leverage it across our entire platform from prevention through to detection and response. This enables Falcon to spot fainter signals and identify activity earlier in the kill chain. We have become experts at leveraging data science to deliver best-of-breed attack discovery and prevention for our more than 23,000 customers. This drives immense leverage across the platform and better, more efficient outcomes for our customers.

雖然人工智能的使用已成為當今的新話題，但它對 CrowdStrike 來說並不陌生。我們是應用人工智能和網絡安全的先驅。 Falcon 平台的設計初衷是為了有效地處理和關聯有效人工智能所需的海量數據，並在我們的整個平台上利用它，從預防到檢測和響應。這使 Falcon 能夠發現較微弱的信號並識別殺傷鏈中較早的活動。我們已成為利用數據科學為 23,000 多家客戶提供同類最佳攻擊發現和預防的專家。這推動了整個平台的巨大影響力，並為我們的客戶帶來更好、更高效的結果。

There is a clear mandate from customers. They want to reduce cost and headcount, reduce the number of point products and agents, reduce complexity and simplify operations. This mandate is even more acute for customers given the current macro climate, and it is the exact imperative that Falcon platform was built to deliver from day 1 with its advanced AI engine and collect once, reuse many architecture.

客戶有明確的授權。他們希望降低成本和員工人數，減少單點產品和代理商的數量，降低複雜性並簡化運營。鑑於當前的宏觀環境，這一要求對客戶來說更加緊迫，而 Falcon 平台的構建正是為了從第一天開始交付其先進的 AI 引擎並收集一次，重用許多架構。

CrowdStrike delivers on these customer mandates where with our hallmark immediate time to value that accelerates cost savings for the customer. Let's take a look at a few customers that are using CrowdStrike to drive consolidation, lower TCO and realize better outcomes within their environment.

CrowdStrike 滿足這些客戶要求，我們標誌性的即時價值實現加速了客戶的成本節約。讓我們來看看一些使用 CrowdStrike 來推動整合、降低 TCO 並在其環境中實現更好結果的客戶。

One of our marquee enterprise customer wins this quarter was with a leading financial institution in the Fortune 50 that is consolidating on Falcon and replacing 4 vendors and multiple point products including Symantec, Trellix, Trend Micro and Aqua. Their testing proved Falcon's superior visibility, protection and threat hunting capabilities of our both incumbent and prospective new vendors. These factors, along with Falcon's holistic approach to protecting the cloud environment with our integrated CNAPP offering, drove the decision to adopt the Falcon platform.

本季度我們贏得的一個大型企業客戶是財富 50 強中的一家領先金融機構，該機構正在 Falcon 上進行整合併更換 4 家供應商和多點產品，包括 Symantec、Trellix、Trend Micro 和 Aqua。他們的測試證明了 Falcon 對現有和潛在新供應商的卓越可見性、保護和威脅追踪能力。這些因素，加上 Falcon 通過我們的集成 CNAPP 產品保護雲環境的整體方法，促使我們決定採用 Falcon 平台。

Another customer win I'd like to highlight was with a multinational fintech company looking for a security partner to consolidate their hodgepodge of legacy and next-gen vendors. This customer identified 8 vendors they could eliminate with their initial deployment of Falcon, including Microsoft, Carbon Black, Trellix, Trend Micro, Sophos, ESET, F-Prot and ClamAV. The Falcon platform provides them the ability to significantly reduce their complexity, reduce agent bloat, reduce TCO and improve security outcomes. Additionally, this customer purchased LogScale to store its security data to gain better performance and avoid the high cost associated with existing log management solutions.

我想強調的另一個客戶勝利是一家跨國金融科技公司正在尋找安全合作夥伴來鞏固他們的傳統和下一代供應商的大雜燴。該客戶確定了他們可以在初始部署 Falcon 時淘汰的 8 家供應商，包括 Microsoft、Carbon Black、Trellix、Trend Micro、Sophos、ESET、F-Prot 和 ClamAV。 Falcon 平台為他們提供了顯著降低複雜性、減少代理膨脹、降低 TCO 和改善安全結果的能力。此外，該客戶購買了 LogScale 來存儲其安全數據，以獲得更好的性能並避免與現有日誌管理解決方案相關的高成本。

Another LogScale win this quarter was with a leading global financial institution that wanted to increase the volume of Falcon data retained as well as gain faster query results and avoid the high cost associated with expanding the usage of their legacy log management system. Their testing showed that LogScale delivered query speed orders of magnitude faster than their existing tools. This customer is now ingesting close to 40 terabytes of data per day with plans to standardize on LogScale across their organization over time.

本季度 LogScale 的另一項勝利是與一家領先的全球金融機構合作，該機構希望增加保留的 Falcon 數據量並獲得更快的查詢結果，並避免與擴大其遺留日誌管理系統的使用相關的高成本。他們的測試表明，LogScale 提供的查詢速度比他們現有的工具快幾個數量級。該客戶現在每天攝取近 40 TB 的數據，併計劃隨著時間的推移在整個組織內實現 LogScale 標準化。

The next exciting win I'd like to share with you is an expansion to Falcon Complete with one of the largest global transportation and logistic companies. In a highly targeted sector by cyber adversary, this customer wanted a round-the-clock 365-day SOC. While this customer had budget and head count reserve to build out an internal SOC, after performing a thorough cost-benefit analysis, this customer determined that Falcon Complete, including Falcon Complete for Identity Threat Protection, would deliver the best coverage, protection and value without adding head count. Falcon Complete for Identity Threat Protection was a key aspect to the win as they sought to run an effective and mature identity security program without the burden, cost and time associated with managing it internally.

我想與大家分享的下一個激動人心的勝利是 Falcon Complete 與全球最大的運輸和物流公司之一的合作。在網絡對手高度針對性的部門中，該客戶想要一個 365 天全天候的 SOC。雖然該客戶有預算和人員儲備來構建內部 SOC，但在執行全面的成本效益分析後，該客戶確定 Falcon Complete，包括 Falcon Complete for Identity Threat Protection，將提供最佳的覆蓋範圍、保護和價值，而無需增加人數。 Falcon Complete for Identity Threat Protection 是獲勝的關鍵因素，因為他們尋求運行有效且成熟的身份安全計劃，而無需承擔與內部管理相關的負擔、成本和時間。

Even if doing more with fewer internal resources has become the new normal for many companies, the outcome of stopping breaches remains the #1 priority for CISOs and CIOs. As cited in our global threat report, the threat landscape remains elevated with an observed 50% increase in the number of interactive intrusion campaigns and 95% growth of the number of cloud exploitation cases in 2022.

即使用更少的內部資源做更多的事情已經成為許多公司的新常態，但阻止違規的結果仍然是 CISO 和 CIO 的第一要務。正如我們在全球威脅報告中提到的那樣，威脅形勢依然嚴峻，觀察到 2022 年交互式入侵活動的數量增加了 50%，雲利用案例的數量增加了 95%。

Compromising on security can easily translate to compromised coverage, added complexity and catastrophe. Let me be clear, there is no participation trophy for coming in second place when up against cyber adversaries. Good is never good enough on the cyber battlefield and perceived free is never free. To demonstrate my point, I'd like to share a recent win with a company that suffered a breach after relying on an OS vendor that claimed their legacy signature-based product was good enough to take on today's threat actors.

對安全性的妥協很容易轉化為覆蓋範圍的損害、複雜性和災難性的增加。讓我明確一點，在對抗網絡對手時，沒有獲得第二名的參與獎杯。在網絡戰場上，好的永遠不夠好，認為免費永遠不會免費。為了證明我的觀點，我想與一家公司分享最近的一次勝利，該公司在依賴操作系統供應商後遭受了破壞，該供應商聲稱其基於簽名的遺留產品足以應對當今的威脅行為者。

This company had initially chosen Microsoft to replace existing AV products across their estate, but quickly ran into trouble when they discovered that Defender could not be fully deployed within their heterogeneous environment, leaving their service vulnerable. Unfortunately, it did not take long for threat actors to find these gaps and breach their environment.

該公司最初選擇 Microsoft 來替換其資產中的現有 AV 產品，但當他們發現 Defender 無法在其異構環境中完全部署時很快就遇到了麻煩，從而使他們的服務容易受到攻擊。不幸的是，威脅行為者很快就發現了這些漏洞並破壞了他們的環境。

They turned to one of our incident response partners, a leading global SI that uses Falcon as a key part of the responsive remediation service. During engagement, the customer found that Falcon provided 2.5x more coverage than Defender and was much simpler to operationalize. It quickly became obvious to this company why AI protection was far superior to signature-based technologies, and they need world-class protection across heterogeneous operating systems. The CISO also determined that excluding the cost to remediate the breach, Defender cost twice as much and would still fall short of the functionality, simplicity and efficacy of Falcon. Having lost faith in Microsoft's low-cost, good enough promise, this new CrowdStrike customer adopted Falcon Complete.

他們求助於我們的事件響應合作夥伴之一，這是一家領先的全球 SI，它使用 Falcon 作為響應式補救服務的關鍵部分。在參與期間，客戶發現 Falcon 提供的覆蓋範圍是 Defender 的 2.5 倍，並且操作起來更簡單。這家公司很快就明白為什麼 AI 保護遠優於基於簽名的技術，並且他們需要跨異構操作系統的世界級保護。 CISO 還確定，排除補救漏洞的成本，Defender 的成本是 Falcon 的兩倍，但仍達不到 Falcon 的功能、簡單性和有效性。這位 CrowdStrike 的新客戶對 Microsoft 的低成本、足夠好的承諾失去了信心，於是採用了 Falcon Complete。

Our professional services organization is a strong lead generation engine for the Falcon platform. The average ARR per dollar of professional services revenue derived from organizations new to CrowdStrike through our incident response or proactive services grew to $6.07 as of January 31, 2023. To summarize, every dollar from these professional services engagements in the past 2 years has turned into $6.07 of ARR.

我們的專業服務組織是 Falcon 平台強大的潛在客戶生成引擎。截至 2023 年 1 月 31 日，通過我們的事件響應或主動服務從新加入 CrowdStrike 的組織獲得的每美元專業服務收入的平均 ARR 增長到 6.07 美元。總而言之，過去 2 年來自這些專業服務的每一美元都變成了6.07 美元的 ARR。

Our thriving partner ecosystem is also growing to become a powerful source of lead generation. In FY '23, MSSP ending ARR grew over 100%, and partner-sourced ending ARR grew over 50% year-over-year. Additionally, revenue through channel partners grew to 83% of total revenue. Strategically expanding and investing in our partner ecosystem with the goal of further expanding our reach within the enterprise as well as down market in the SMB is one of our top initiatives in FY '24.

我們蓬勃發展的合作夥伴生態系統也正在成長為潛在客戶的強大來源。在 23 財年，MSSP 結束 ARR 增長超過 100%，而來自合作夥伴的結束 ARR 同比增長超過 50%。此外，來自渠道合作夥伴的收入增長到總收入的 83%。戰略性地擴展和投資我們的合作夥伴生態系統，以進一步擴大我們在企業中的影響力以及 SMB 的低端市場是我們在 24 財年的首要舉措之一。

As we recently announced, we entered into a new multifaceted strategic partnership with Dell to deliver the Falcon platform to Dell's customers globally. The Falcon platform is now offered through Dell's global go-to-market organization via several avenues, including a traditional resell agreement on device for new purchases made through Dell's direct sales team and as the cornerstone to Dell's managed cybersecurity service offering. While it's still early days for this new go-to-market partnership, we expect it to significantly expand our reach across the market from large enterprises to the small S in the SMB. Customers have chosen CrowdStrike as the platform of choice and so has Dell.

正如我們最近宣布的那樣，我們與戴爾建立了新的多方面戰略合作夥伴關係，以向戴爾全球客戶提供 Falcon 平台。 Falcon 平台現在通過戴爾的全球上市組織通過多種途徑提供，包括傳統的設備轉售協議，用於通過戴爾的直銷團隊購買的新設備，以及作為戴爾託管網絡安全服務產品的基石。雖然這種新的上市合作夥伴關係仍處於早期階段，但我們預計它將顯著擴大我們在從大型企業到 SMB 中的小型 S 的市場範圍。客戶選擇 CrowdStrike 作為首選平台，戴爾也是如此。

We had tremendous initial success with our Falcon Go bundle, which was specifically designed as a starter package or a landing point for smaller businesses with 100 endpoints or less that may be more price sensitive. We launched Falcon Go a little more than 2 quarters ago and have already added over 1,000 net new customers through the program. We believe this early success reaching the S in the SMB demonstrates the immense demand for CrowdStrike's best-in-class endpoint protection, even among the smallest and cost-conscious organizations.

我們的 Falcon Go 捆綁包取得了巨大的初步成功，該捆綁包專門設計為入門包或著陸點，適用於擁有 100 個或更少端點的小型企業，這些企業可能對價格更敏感。我們在兩個多季度前推出了 Falcon Go，並且已經通過該計劃增加了 1,000 多個淨新客戶。我們相信，在 SMB 中取得 S 的早期成功證明了對 CrowdStrike 一流端點保護的巨大需求，即使是最小的和對成本敏感的組織也是如此。

In late January, we launched the next-gen iteration of our e-commerce engine with the goal of removing even more friction out of the buying process and driving higher connection between digital top of funnel and conversion into buying. We view these advancements in our e-commerce engine as a differentiator. And within just a few weeks post launch, we have seen a dramatic increase in no-touch digital conversions.

1 月下旬，我們推出了電子商務引擎的下一代迭代，目標是消除購買過程中的更多摩擦，並推動數字渠道頂部與轉化為購買之間建立更高的聯繫。我們將電子商務引擎的這些進步視為差異化因素。在推出後的短短幾週內，我們就看到非接觸式數字轉換的急劇增加。

The market dynamics in the SMB are velocity-driven and very different from our traditional enterprise customer base. To accelerate growth and drive market share within the massive SMB opportunity as well as increased growth through all of our channels, we changed the organizational structure and created a new leadership role with the appointment of Daniel Bernard as Chief Business Officer. Daniel has a proven track record in leading channel partnerships and business development at several high-growth SaaS, cloud and cybersecurity companies and is most recently recognized for transforming SentinelOne's market awareness.

SMB 中的市場動態是速度驅動的，與我們傳統的企業客戶群截然不同。為了在巨大的 SMB 機會中加速增長和推動市場份額，並通過我們所有的渠道實現增長，我們改變了組織結構，並任命 Daniel Bernard 為首席商務官，創建了一個新的領導角色。 Daniel 在多家高增長 SaaS、雲和網絡安全公司的領先渠道合作夥伴關係和業務發展方面擁有良好的業績記錄，並且最近因轉變 SentinelOne 的市場意識而獲得認可。

I'd also like to welcome Raj Rajamani to the CrowdStrike team who also joined us from SentinelOne. Reporting to Amol Kulkarni, Raj is our Chief Product Officer for data, identity, cloud and endpoint. I've worked with Raj in the past, and I'm excited to have him join our team as we continue to drive disruptive innovation.

我還要歡迎 Raj Rajamani 加入 CrowdStrike 團隊，他也是從 SentinelOne 加入我們的。 Raj 向 Amol Kulkarni 匯報工作，是我們的數據、身份、雲和端點首席產品官。我過去曾與 Raj 共事過，在我們繼續推動顛覆性創新的過程中，我很高興他能加入我們的團隊。

And finally, I'm extremely proud to congratulate Mike Sentonas on his promotion to President. Mike has been an invaluable contributor to CrowdStrike's success, and as President, he has responsibility for leading the company's product and go-to-market functions. These leadership changes are designed to drive greater focus and alignment across our key growth initiatives and enable me to spend more time with customers as we scale CrowdStrike to achieve our vision of $5 billion in ending ARR and beyond.

最後，我非常自豪地祝賀 Mike Sentonas 晉升為總裁。 Mike 一直是 CrowdStrike 成功的寶貴貢獻者，作為總裁，他負責領導公司的產品和上市職能。這些領導層變動旨在推動我們的關鍵增長計劃更加專注和協調一致，並使我能夠在我們擴展 CrowdStrike 以實現 50 億美元結束 ARR 及以後的願景時花更多時間與客戶在一起。

In summary, CrowdStrike is executing across all facets of our strategy, winning in our markets and providing customers with protection that powers them.

總之，CrowdStrike 正在執行我們戰略的各個方面，贏得我們的市場並為客戶提供支持他們的保護。

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，否則我今天發言中提到的所有數字（收入除外）均為非 GAAP。

We delivered an exceptional fourth quarter and a strong finish to the year with $221.7 million in net new ARR, bringing ending ARR to $2.56 billion, up 48% over last year. In the quarter, we saw strong expansion within our customer base, including an 8-figure net new ARR expansion. Ending ARR for the $1 million-plus cohort grew 57% year-over-year. We now have over 400 subscription customers with ending ARR over $1 million at an average of 10 modules. Overall in Q4, we landed a record number of net new customers, fueled by growth in enterprise, nonenterprise and public sector accounts.

我們在第四季度取得了出色的成績，並以 2.217 億美元的淨新 ARR 結束了這一年，使年末 ARR 達到 25.6 億美元，比去年增長 48%。在本季度，我們看到客戶群的強勁擴張，包括 8 位數的新 ARR 淨擴張。超過 100 萬美元人群的最終 ARR 同比增長 57%。我們現在有 400 多個訂閱客戶，平均 10 個模塊的年末 ARR 超過 100 萬美元。總體而言，在企業、非企業和公共部門賬戶增長的推動下，我們在第四季度獲得了創紀錄數量的淨新客戶。

We continue to be very pleased with the success of our land-and-expand strategy. Our dollar-based net retention rate was above the 120% benchmark throughout the year, ending Q4 at 125.3%, which is higher than last year and on a much bigger base. For the interim FY '23 quarters, net retention was 127.6% in Q3, 127.6% in Q2 and 125.5% in Q1. Our best-in-class gross retention rate remained exceptionally strong at 98.0% as of year-end.

我們繼續對我們的土地擴張戰略的成功感到非常高興。我們全年以美元為基礎的淨保留率高於 120% 的基準，第四季度末為 125.3%，高於去年，基數也大得多。對於 23 財年的中期季度，第三季度的淨保留率為 127.6%，第二季度為 127.6%，第一季度為 125.5%。截至年底，我們一流的總保留率保持在 98.0% 的異常強勁水平。

Subscription customers with 5 or more, 6 or more and 7 or more modules grew 52%, 62% and 75% year-over-year, respectively. Now the respective module adoption cohorts represents 62%, 39% and 22% of subscription customers, respectively. Given the strong momentum we have seen with our Falcon Go bundle of 3 modules for very small businesses, we are now excluding these customers from our module adoption metrics and have provided comparable metrics for prior periods in the investor presentation on our website.

擁有 5 個或更多、6 個或更多和 7 個或更多模塊的訂閱客戶分別同比增長 52%、62% 和 75%。現在，相應的模塊採用隊列分別佔訂閱客戶的 62%、39% 和 22%。鑑於我們為非常小型企業提供的 Falcon Go 3 模塊捆綁包的強勁勢頭，我們現在將這些客戶排除在我們的模塊採用指標之外，並在我們網站上的投資者介紹中提供了前期的可比指標。

Additionally, given the growing number of smaller end customers that we serve through our MSSP partners, which we estimate exceeds 18,000, and our downmarket bundles, as George discussed, we don't believe that quarterly fluctuations in our new logo metric appropriately reflects the health of our business as we have discussed previously. Therefore, we are moving to reporting logo metrics on an annual basis only. We look forward to providing additional details, including the usual annual deep dive of our customer cohorts on our investor webinar scheduled for April 4.

此外，鑑於我們通過我們的 MSSP 合作夥伴服務的小型終端客戶數量不斷增加（我們估計超過 18,000 個）以及我們的低端市場捆綁包，正如 George 所討論的那樣，我們認為我們新徽標指標的季度波動並不能恰當地反映健康狀況我們之前討論過的業務。因此，我們將轉向僅每年報告徽標指標。我們期待提供更多詳細信息，包括在定於 4 月 4 日舉行的投資者網絡研討會上對我們的客戶群體進行的年度深入探討。

Moving to the P&L. Total revenue grew 48% over Q4 of last year to reach $637.4 million. Subscription revenue grew 48% over Q4 of last year to reach $598.3 million. Professional services revenue was $39.1 million, setting a new record for the tenth consecutive quarter and representing 53% year-over-year growth. This brings total revenue growth for FY '23 to 54%.

轉到損益表。總收入比去年第四季度增長 48%，達到 6.374 億美元。訂閱收入比去年第四季度增長 48%，達到 5.983 億美元。專業服務收入為 3910 萬美元，連續第十個季度創下新紀錄，同比增長 53%。這使 FY'23 的總收入增長達到 54%。

In terms of our geographic performance in Q4, we continue to see strong growth in the U.S. at 44% and international revenue growth at 57% year-over-year. Fourth quarter total and subscription non-GAAP gross margins were 75% and 77%, respectively. Looking into Q1, we expect subscription gross margin to increase by up to 1 percentage point quarter-over-quarter driven by cost optimization.

就我們第四季度的地域表現而言，我們繼續看到美國的強勁增長 44%，國際收入同比增長 57%。第四季度總毛利率和訂閱非 GAAP 毛利率分別為 75% 和 77%。展望第一季度，我們預計在成本優化的推動下，訂閱毛利率將比上一季度增長最多 1 個百分點。

Total non-GAAP operating expenses in the fourth quarter and fiscal year 2023 were $385.0 million and $1.35 billion, respectively. Operating expenses in fiscal year 2023 were 60% of revenue compared to 63% of revenue in fiscal year 2022. In Q4, our magic number was 1.1, reflecting the continued efficiency of our go-to-market engine. Fourth quarter non-GAAP operating income grew 19% year-over-year to reach a record $95.6 million, and we reported operating margin of 15%. Looking at fiscal year 2023, non-GAAP operating income growth outpaced revenue growth, increasing 81% year-over-year to reach $355.6 million and 16% of revenue, picking up 235 basis points of operating margin for the year.

第四季度和 2023 財年的非美國通用會計準則運營費用總額分別為 3.85 億美元和 13.5 億美元。 2023 財年的運營支出佔收入的 60%，而 2022 財年佔收入的 63%。在第四季度，我們的神奇數字是 1.1，反映了我們進入市場引擎的持續效率。第四季度非美國通用會計準則營業收入同比增長 19%，達到創紀錄的 9560 萬美元，營業利潤率為 15%。展望 2023 財年，非 GAAP 營業收入增長超過收入增長，同比增長 81% 至 3.556 億美元，佔收入的 16%，全年營業利潤率提高 235 個基點。

As our magic number and Rule of 40 reflect, we have a highly efficient model. For the past 3 years, we have grown operating income faster than revenue, and we remain focused on continuing to drive efficiency, balancing robust growth with increased leverage. In FY '23, we took advantage of opportunities we saw in the labor market and expanded the team by 46% over last year. We are now more than 7,000 CrowdStrikers strong. This gives us a significant head start to achieving our goals for FY '24 and enables us to significantly moderate the pace of new hires while continuing to invest responsibly for the long term.

正如我們的神奇數字和 40 法則所反映的那樣，我們擁有一個高效的模型。在過去的 3 年裡，我們的營業收入增長速度快於收入增長速度，我們仍然專注於繼續提高效率，平衡強勁增長和增加槓桿率。在 23 財年，我們利用了在勞動力市場上看到的機會，將團隊規模比去年擴大了 46%。我們現在有 7,000 多名 CrowdStrikers。這使我們在實現 24 財年目標方面取得了重要的領先優勢，並使我們能夠顯著放慢新員工的步伐，同時繼續以負責任的方式進行長期投資。

Non-GAAP net income attributable to CrowdStrike in Q4 grew to a record $111.6 million or $0.47 on a diluted per share basis. Our weighted average common shares used to calculate fourth quarter non-GAAP EPS attributable to CrowdStrike was on a diluted basis and totaled approximately 240 million shares.

第四季度歸屬於 CrowdStrike 的非 GAAP 淨收入增長至創紀錄的 1.116 億美元，或按攤薄後的每股收益計算為 0.47 美元。我們用於計算歸屬於 CrowdStrike 的第四季度非 GAAP 每股收益的加權平均普通股是在稀釋的基礎上計算的，總計約 2.4 億股。

We ended the fourth quarter with a strong balance sheet. Cash, cash equivalents and short-term investments increased to approximately $2.71 billion. Cash flow from operations grew 71% year-over-year to a record $273.3 million. Free cash flow grew 65% year-over-year to a record $209.5 million or approximately 33% of revenue. This brings free cash flow for the year to $676.8 million or 30% of revenue.

我們以強勁的資產負債表結束了第四季度。現金、現金等價物和短期投資增至約 27.1 億美元。運營現金流同比增長 71%，達到創紀錄的 2.733 億美元。自由現金流同比增長 65%，達到創紀錄的 2.095 億美元，約佔收入的 33%。這使當年的自由現金流達到 6.768 億美元，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 and a few modeling notes. We delivered a record Q4 and have a record Q1 pipeline. However, given continued increased budget scrutiny and elongated sales cycles, we believe it is prudent to maintain the FY '24 ARR assumptions we discussed on our last earnings call that normalized the first half of the year for the current macro environment with a full year net new ARR assumption of roughly flat to very modestly up year-over-year, albeit on a higher base than expected 3 months ago. This would imply a low 30s ending ARR growth rate for the year.

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和一些建模說明提供一些評論。我們交付了創紀錄的第四季度，並擁有創紀錄的第一季度管道。然而，鑑於預算審查持續增加和銷售週期延長，我們認為維持我們在上次財報電話會議上討論的 FY '24 ARR 假設是謹慎的，該假設將當前宏觀環境的上半年正常化為全年淨利潤新的 ARR 假設與去年同期相比大致持平至非常適度上升，儘管基數高於 3 個月前的預期。這意味著今年的 ARR 增長率低於 30 多歲。

As our guidance implies, we expect to deliver operating margin leverage for the full year with operating income growing faster than revenue. In terms of seasonality, we expect operating margin leverage to be more weighted to the back half of the year in comparison to FY '23. We expect to deliver a free cash flow margin of approximately 30% of revenue in FY '24. This assumes CapEx as a percentage of revenue to be between 6% and 8% for FY '24 and approximately $32 million in cash outlay for income taxes compared with $12 million in FY '23. The midpoint of our FY '24 non-GAAP net income guidance assumes $129 million in interest income, and we expect interest expense to remain consistent with FY '23. And lastly, as implied in our guidance, we expect weighted average diluted share count to increase less than 2% in fiscal 2024.

正如我們的指導所暗示的那樣，我們預計全年將實現營業利潤率槓桿，營業收入增長快於收入。就季節性而言，我們預計與 23 財年相比，今年下半年的營業利潤率槓桿將更加重要。我們預計在 24 財年實現約佔收入 30% 的自由現金流利潤率。這假設 24 財年資本支出佔收入的百分比在 6% 到 8% 之間，所得稅現金支出約為 3200 萬美元，而 23 財年為 1200 萬美元。我們的 FY '24 非 GAAP 淨收入指引的中點假設利息收入為 1.29 億美元，我們預計利息支出將與 FY '23 保持一致。最後，正如我們的指引所暗示的那樣，我們預計 2024 財年加權平均攤薄後的股份數量將增加不到 2%。

For the first quarter of FY '24, we expect total revenue to be in the range of $674.9 million to $678.2 million, reflecting a year-over-year growth rate of 38% to 39%, with subscription revenue being the dominant driver of growth. We expect non-GAAP income from operations to be in the range of $107.1 million to $109.5 million, and non-GAAP net income attributable to CrowdStrike to be in the range of $121.1 million to $123.5 million. We expect diluted non-GAAP net income per share attributable to CrowdStrike to be in the range of $0.50 to $0.51, utilizing a weighted average share count of 241 million shares on a diluted basis.

對於 24 財年第一季度，我們預計總收入將在 6.749 億美元至 6.782 億美元之間，同比增長率為 38% 至 39%，訂閱收入是增長的主要驅動力.我們預計非 GAAP 運營收入在 1.071 億美元至 1.095 億美元之間，非 GAAP 歸屬於 CrowdStrike 的淨收入在 1.211 億美元至 1.235 億美元之間。我們預計歸屬於 CrowdStrike 的稀釋後非 GAAP 每股淨收益在 0.50 美元至 0.51 美元之間，稀釋後的加權平均股數為 2.41 億股。

For the full fiscal year 2024, we currently expect total revenue to be in the range of $2,955.1 million to $3,014.8 million, reflecting a growth rate of 32% to 35% over the prior fiscal year. Non-GAAP income from operations is expected to be between $474.0 million and $518.7 million. We expect fiscal 2024 non-GAAP net income attributable to CrowdStrike to be between $535.9 million and $580.7 million. Utilizing 243 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 $2.21 to $2.39.

對於整個 2024 財年，我們目前預計總收入將在 29.551 億美元至 30.148 億美元之間，較上一財年增長 32% 至 35%。非 GAAP 運營收入預計在 4.74 億美元至 5.187 億美元之間。我們預計 2024 財年歸屬於 CrowdStrike 的非 GAAP 淨收入將在 5.359 億美元至 5.807 億美元之間。利用稀釋後的 2.43 億股加權平均股，我們預計歸屬於 CrowdStrike 的非 GAAP 每股淨收入在 2.21 美元至 2.39 美元之間。

We look forward to sharing additional details about our business on our next investor webinar scheduled for April 4.

我們期待在定於 4 月 4 日舉行的下一次投資者網絡研討會上分享有關我們業務的更多詳細信息。

George and I will now take your questions.

喬治和我現在將回答您的問題。

(Operator Instructions) Our first question comes from the line of Saket Kalia of Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Saket Kalia。

George, maybe for you. Maybe I'll direct my one question to you. Very helpful customer example there of that Microsoft switch-out. The numbers certainly wouldn't indicate it, but curious if you can just talk about the general competitive environment, particularly with respect to Microsoft and how, if at all, that competitive backdrop is impacting industry pricing.

喬治，也許適合你。也許我會把我的一個問題直接問你。那裡有非常有用的客戶示例，說明了 Microsoft 的退出。這些數字當然不會表明這一點，但很好奇你是否可以只談論一般的競爭環境，特別是關於微軟，以及這種競爭背景如何影響行業定價（如果有的話）。

Sure. Thanks, Saket. Our ASPs remain consistent. Certainly, you've seen what we've been able to do in the SMB market, and I think we've been very focused on that, where we have run some promotions, which is where we designed the promotions to be run. But I think when you look at the competitive positioning, just as an example, in IDC's Modern Endpoint Security Market Share, as I pointed out, we're 17.7%. And we gained 3.8 percentage points, which is more share gain than any other vendor, including outpacing Microsoft.

當然。謝謝，薩凱特。我們的 ASP 保持一致。當然，您已經看到了我們在 SMB 市場上所做的事情，我認為我們一直非常關注這一點，我們已經開展了一些促銷活動，這是我們設計促銷活動的地方。但我認為，當您查看競爭定位時，例如，在 IDC 的現代端點安全市場份額中，正如我所指出的，我們是 17.7%。我們獲得了 3.8 個百分點，比任何其他供應商都多，包括超過微軟。

And what customers are really telling us is that Microsoft's good-enough security is not good enough. And we've been winning because of our coverage across multiple operating systems, the complexity of Microsoft, 6 consoles. In fact, just today alone, they had 6 signature updates. And in general, as I call them the 3 Cs, the last one is catastrophe, during our incident response engagements, the majority of the systems that are breached are using Defender.

客戶真正告訴我們的是，Microsoft 足夠好的安全性還不夠好。由於我們覆蓋多個操作系統、Microsoft 的複雜性、6 個控制台，我們一直在獲勝。事實上，僅在今天，他們就有 6 次簽名更新。總的來說，正如我所說的 3 C，最後一個是災難，在我們的事件響應過程中，大多數被破壞的系統都在使用 Defender。

So when you wrap all that together, we feel good about our competitive positioning. And again, from a pricing perspective, ASPs have remained consistent.

因此，當您將所有這些放在一起時，我們對我們的競爭定位感到滿意。同樣，從定價的角度來看，ASP 一直保持一致。

Our next question comes from the line of Sterling Auty of MoffetNathanson.

我們的下一個問題來自 MoffetNathanson 的 Sterling Auty。

So my question actually is on, George, what you touched on with SMB. I'm wondering if you can kind of go a layer deeper in terms of what you're doing to drive the business there. Because that's one area that we've seen some sluggishness out of vendors. What are you doing to drive the velocity in that business? And how much durability do you think that gives you?

所以我的問題實際上是，喬治，你談到了 SMB。我想知道你是否可以更深入地了解你正在做什麼來推動那裡的業務。因為這是我們看到供應商表現不佳的一個領域。您正在做什麼來推動該業務的發展速度？您認為這能給您帶來多少耐用性？

Well, we're really excited about that segment. As I mentioned, we hired Daniel Bernard, who was with SentinelOne. He's now our Chief Business Officer. And a big part of his remit, not only in channel and partnerships, is the SMB market. You saw the partnership with Dell. We're excited about that as an exclusive partner for the endpoint piece in their market.

好吧，我們對該部分感到非常興奮。正如我提到的，我們聘請了 SentinelOne 的 Daniel Bernard。他現在是我們的首席商務官。他的很大一部分職責是 SMB 市場，不僅在渠道和合作夥伴關係方面。您看到了與戴爾的合作夥伴關係。作為其市場端點產品的獨家合作夥伴，我們對此感到很興奮。

And then when we think about Falcon Go, it really is a very lightweight bundle that is perfect for the SMB market, the SME/SMB. So we can go down market. We've got some updates that we've done in our e-commerce engine to make it even more frictionless to acquire customers. And we've seen great adoption in those markets. And it's not only delivering what we believe is the best technology but making it also the best go-to-market motion with our partnerships and channels.

然後當我們想到 Falcon Go 時，它確實是一個非常輕量級的捆綁包，非常適合 SMB 市場，SME/SMB。所以我們可以走低端市場。我們在電子商務引擎中進行了一些更新，使獲取客戶更加順暢。我們已經看到這些市場的廣泛採用。它不僅提供我們認為最好的技術，而且還通過我們的合作夥伴關係和渠道使其成為最佳的上市行動。

So we continue to focus on that. We're still in the early innings of our SMB journey. But again, customers are wanting this. They're telling the likes of Dell that they want our technology, which is why we were selected by Dell, and more to go, but early innings and very favorable in the SMB market.

所以我們繼續關注這一點。我們仍處於 SMB 旅程的早期階段。但同樣，客戶想要這個。他們告訴像戴爾這樣的公司他們想要我們的技術，這就是我們被戴爾選中的原因，而且還有更多的東西要走，但在中小企業市場上很受歡迎。

Our next question comes from the line of Joel Fishbein of Truist.

我們的下一個問題來自 Truist 的 Joel Fishbein。

Congrats, Mike, on the promotion. Burt, for you. Just -- you had a very tough comp this quarter, and you called out the 8-figure net new ARR expansion. Just like to get any more color on any larger deals that contributed to the quarter, and obviously, this is a big renewal quarter, how those trended as well. That would be really helpful.

恭喜，邁克，晉升。伯特，給你。只是 - 你本季度的表現非常艱難，你提出了 8 位數的淨新 ARR 擴張。就像對本季度做出貢獻的任何較大交易獲得更多顏色一樣，顯然，這是一個重要的更新季度，這些交易的趨勢也是如此。那真的很有幫助。

Joel, yes, we were really pleased with being able to sell an 8-figure deal into an existing client. I think in general, we were really happy with the overall mix of our $1 million-plus deals as well as our SMB. So overall, just a really well-balanced quarter, and we're really happy with that result.

喬爾，是的，我們真的很高興能夠向現有客戶出售 8 位數的交易。我認為總的來說，我們對我們超過 100 萬美元的交易以及我們的 SMB 的整體組合非常滿意。所以總的來說，這是一個非常平衡的季度，我們對這個結果非常滿意。

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

我們的下一個問題來自 RBC 的 Matt Hedberg。

George, a lot of great year-end metrics. I think the emerging product growth is particularly exciting. And identity really sticks out to us from what you've said and what we've been hearing. Fast forward a year from now, which emerging product do you think we'll look back at having the biggest incremental impact on fiscal '24 and why?

喬治，很多很棒的年終指標。我認為新興產品的增長特別令人興奮。從你所說的和我們所聽到的，身份確實對我們很重要。快進一年後，您認為我們將回顧哪種新興產品對 24 財年的增量影響最大，為什麼？

Well, we continue to be excited about identity. As you called out, it's a big business for us. It's one of those modules that super easy to turn on this tremendous amount of competitive differentiation between what we have in a single agent and how it actually works versus our competitors, including the likes of Microsoft. So we feel really good about that.

好吧，我們仍然對身份感到興奮。正如您所說，這對我們來說是一項大生意。它是那些超級容易打開我們在單個代理中所擁有的以及它與我們的競爭對手（包括 Microsoft 之類的公司）之間的實際工作方式之間的巨大競爭差異的模塊之一。所以我們對此感覺非常好。

And then I called out LogScale. I think that to have one of the largest financial institutions in the world adopt their technology, battle test it, they understand the scalability and what it's able to do in sub-second search results, we're incredibly excited about that.

然後我調用了 LogScale。我認為讓世界上最大的金融機構之一採用他們的技術，對其進行戰鬥測試，他們了解可擴展性以及它在亞秒級搜索結果中的能力，我們對此感到非常興奮。

And even Surface, which is enterprise attack service management, has been one of our fastest-growing sort of early adopter modules post acquisition. So by and large, when you look at sort of the kind of emerging business, including cloud, great opportunities there, fantastic growth. And I think it really showcases the power of the platform.

甚至作為企業攻擊服務管理的 Surface，也是我們收購後增長最快的早期採用者模塊之一。所以總的來說，當你看到一些新興業務時，包括雲，那裡有巨大的機會，驚人的增長。我認為它確實展示了平台的力量。

Our next question comes from the line of Rob Owens of Piper Sandler.

我們的下一個問題來自 Piper Sandler 的 Rob Owens。

Building on Matt's question a little bit, are you seeing those emerging modules as the tip of the spear as you're seeing new customer acquisition at this point? And can you give us some color with regard to that?

基於 Matt 的問題，您是否將這些新興模塊視為矛尖，因為此時您正在尋找新的客戶？你能給我們一些關於這個的顏色嗎？

Sure. When we think about how a customer can come into the CrowdStrike family, it's certainly -- the traditional way has been on the endpoint, your core modules of AV, EDR, things of that nature. But when you look at something like Surface, it's so easy to get up and running. Just you can get a trial, you can use it, you don't have to install anything. And we see customers coming in, in various ways.

當然。當我們考慮客戶如何進入 CrowdStrike 家族時，肯定是——傳統方式一直在端點上，你的 AV、EDR 核心模塊，以及那種性質的東西。但是當你看到像 Surface 這樣的東西時，它很容易啟動和運行。只要你可以試用，你就可以使用它，你不需要安裝任何東西。我們看到客戶以各種方式進來。

I think LogScale is another good example. Someone might have a need for a collection of data at scale and looking at the cost and expense of the current SIEM and looking at this and saying, "Hey, can we get something that's faster, better, cheaper?" And they might enter that way. And then even when you think about our cloud offering, we have plenty of customers that actually come to us in the cloud first before they actually deploy us on their internal network.

我認為 LogScale 是另一個很好的例子。有人可能需要大規模收集數據並查看當前 SIEM 的成本和費用，然後看著這個說，“嘿，我們能得到更快、更好、更便宜的東西嗎？”他們可能會以這種方式進入。然後，即使您考慮我們的雲產品，我們也有很多客戶在實際將我們部署到他們的內部網絡之前首先在雲中找到我們。

So I think we've got enough modules and coverage and breadth in the environment, in the marketplace that customers can get to us in various ways depending on what their needs are.

所以我認為我們在環境中有足夠的模塊、覆蓋面和廣度，在市場上，客戶可以根據他們的需求以各種方式找到我們。

Our next question comes from the line of Andrew Nowinski of Wells Fargo.

我們的下一個問題來自 Wells Fargo 的 Andrew Nowinski。

Okay. Great. Great quarter and nice recovery from last quarter despite not seeing a real change in the macro. I just had a question on the Dell partnership. So I thought that was really interesting. And I know you said it will help you reach SMB customers all the way up to large enterprise. But can you give us any more color around maybe how that partnership will work? And any sort of framework for how you're thinking about it as it relates to your fiscal '24 guidance?

好的。偉大的。偉大的季度和上一季度的良好復甦，儘管沒有看到宏觀上的真正變化。我剛剛有一個關於戴爾合作夥伴關係的問題。所以我覺得這真的很有趣。我知道你說過它會幫助你接觸到中小企業客戶，一直到大型企業。但是你能給我們更多關於這種夥伴關係如何運作的顏色嗎？以及與您的 24 財年指南相關的您如何考慮它的任何類型的框架？

Sure. Let me take the first part of that. So when we think about what we're doing with Dell, we'll be on the box. So you can check the button and it will be shipped on a box as you buy a Dell computer. We'll actually -- Dell will have the ability to actually sell subscriptions to customers. I think they cover 96% of the Fortune 500, so large and small customers.

當然。讓我來談談第一部分。因此，當我們考慮我們與戴爾的合作時，我們會直截了當。因此，您可以選中該按鈕，它會在您購買戴爾計算機時裝在包裝盒中發貨。我們實際上 - 戴爾將有能力向客戶實際銷售訂閱。我認為他們覆蓋了 96% 的財富 500 強，所以大大小小的客戶。

An SMB bundle, so they actually have a device as a service, which is really interesting, and that subscription service they have will be part of that. And then part of their managed service, they actually selected us to drive their managed service on the endpoint side.

一個 SMB 捆綁包，所以他們實際上有一個設備即服務，這真的很有趣，他們擁有的訂閱服務將成為其中的一部分。然後是他們託管服務的一部分，他們實際上選擇了我們來在端點端驅動他們的託管服務。

So there's various go-to-market motions with them, which we're really excited about. And again, I think it showcases our technology leadership in the market and the customer pull because customers have been clamoring for this technology to Dell.

因此，他們有各種上市動議，我們對此感到非常興奮。再一次，我認為它展示了我們在市場上的技術領先地位和客戶的吸引力，因為客戶一直在向戴爾呼籲這項技術。

So Burt, you want to talk about the outlook?

伯特，你想談談前景嗎？

Sure. Thanks, George. Look, the partnership is just getting started. So we have not factored that into our guidance. As with any new alliance, it does take time to ramp, but we are excited to be reengaged with Dell.

當然。謝謝，喬治。看，合作才剛剛開始。所以我們沒有將其納入我們的指南。與任何新聯盟一樣，它確實需要時間來發展，但我們很高興能與戴爾重新合作。

Our next question comes from the line of Tal Liani of Bank of America.

我們的下一個問題來自美國銀行的 Tal Liani。

I have a few questions. So you beat on revenues, great numbers, but gross margin was down and EBIT is kind of not above -- not much above expectations. So is the pricing environment deteriorating? Did you have to give price concessions in order to grow faster? Or is it the impact of Microsoft? Just anything about pricing and the difference between the beat on revenues and margins. Maybe I'll start with that.

我有幾個問題。所以你的收入超過了很多，但是毛利率下降了，息稅前利潤有點不高於預期——不高於預期。那麼定價環境是否正在惡化？為了更快地增長，你必須給予價格優惠嗎？還是微軟的影響？關於定價以及收入和利潤率之間的差異的任何事情。也許我會從那開始。

Sure. So first, on gross margin, it's not really about pricing. I think we expect it to fluctuate quarter-over-quarter. And as I said in the prepared remarks, we expect it to increase up to 1% in Q1.

當然。因此，首先，就毛利率而言，這與定價無關。我認為我們預計它會按季度波動。正如我在準備好的評論中所說，我們預計第一季度將增長 1%。

But there are a few things that are impacting gross margin in the short term, which will pay dividends in the long term. One is we're continuing to invest in our data centers. And as we continue to do that, that is going to impact our gross margin again in the short term, but long term, that's what we believe is the right strategy. And second, with our acquisition of Humio, it's not been fully synchronized. So when that does happen, that will take some pressure off of our COGS.

但有一些因素會在短期內影響毛利率，而這將在長期內帶來紅利。一是我們將繼續投資於我們的數據中心。隨著我們繼續這樣做，這將在短期內再次影響我們的毛利率，但從長遠來看，我們認為這是正確的策略。其次，隨著我們對 Humio 的收購，它並沒有完全同步。因此，當這種情況發生時，我們的 COGS 會減輕一些壓力。

So those 2 things are really some of the drivers on the cost side. And I think as we continue to move into Q1 and beyond, we'll be looking for more of that cost optimization. And I still strongly and firmly believe in our long-term model, which talks about our subscription gross margin going up to 82-plus percent.

所以這兩件事實際上是成本方面的一些驅動因素。而且我認為，隨著我們繼續進入第一季度及以後，我們將尋求更多的成本優化。而且我仍然堅信我們的長期模式，它談到我們的訂閱毛利率高達 82% 以上。

Our next question comes from the line of Hamza Fodderwala of Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Hamza Fodderwala。

George, you talked about AI being nothing new in cybersecurity. Obviously, there's a lot of focus on it these days from customers. Can you talk about how you're equipping yourself to sort of handle this growing threat around AI? And how being on the endpoint gives you that strategic real estate to attack this growing opportunity and threat?

喬治，你談到人工智能在網絡安全領域並不是什麼新鮮事。顯然，這些天客戶非常關注它。你能談談你是如何裝備自己來應對這種圍繞人工智能日益增長的威脅的嗎？位於端點上如何為您提供戰略資產來應對這一日益增長的機遇和威脅？

Sure. Thanks. And when we think about AI, we really are one of the pioneers in AI from a security perspective. We started the company leveraging big data AI to be able to identify threats that have never been seen before and prevent against those.

當然。謝謝。當我們想到 AI 時，從安全角度來看，我們確實是 AI 的先驅之一。我們創辦公司利用大數據 AI 來識別以前從未見過的威脅並加以預防。

We continue to build out our AI capabilities across all of our different modules with the massive data and telemetry that we collect every week. It's mind-boggling. We can use that to continually train and learn, and our AI continues to get smarter as we put more data into the system.

我們繼續利用每週收集的海量數據和遙測數據，在所有不同模塊中構建我們的 AI 功能。這令人難以置信。我們可以用它來不斷地訓練和學習，隨著我們向系統中輸入更多數據，我們的 AI 會變得越來越聰明。

So when we think about stopping breaches, the tip of the spear really is the endpoint, the workloads. That's where the adversaries are targeting, and that's where they're focused on stealing data and encrypting it and breaking in and doing damage.

因此，當我們考慮阻止違規行為時，矛尖實際上就是端點，即工作負載。這就是對手的目標，這就是他們專注於竊取數據、加密數據、闖入並造成破壞的地方。

And I think when you look at our technology lead in this area, we've proven our efficacy through various testing outlets. We continue to get incredible scores. And at the end of the day, it's really about the brand promise of stopping breaches. And AI is a massive part of what we're able to do to implement how we stop those breaches, and it does represent a competitive advantage and moat for us.

而且我認為，當您查看我們在該領域的技術領先優勢時，我們已經通過各種測試渠道證明了我們的功效。我們繼續獲得令人難以置信的分數。歸根結底，這實際上是關於阻止違規行為的品牌承諾。人工智能是我們為阻止這些違規行為所做的努力的重要組成部分，它確實代表了我們的競爭優勢和護城河。

Our next question comes from the line of Brian Essex of JPMorgan.

我們的下一個問題來自摩根大通的 Brian Essex。

I guess, Burt, for you, would like to dig in a little bit in terms of the levers that you see for margin expansion. I appreciate the commentary that you had on accelerated hires in 2022, and it sounded like some moderation in 2023. But you've already hit free cash flow margins of about 30% on operating margins of about 15%. As we kind of model out and fine-tune our models over the next few years, how should we think about the levers that you have for better operating profitability and cash flow? What should the spread between the 2 be? And how should we think of -- obviously, you've consistently been conservative, but just want to understand how you're thinking about the spend versus growth and prioritization given the success that we've seen so far with the margin expansion.

我想，伯特，對你來說，想深入了解一下你看到的利潤擴張的槓桿。我很欣賞你對 2022 年加速招聘的評論，這聽起來像是在 2023 年有所緩和。但你已經達到了約 30% 的自由現金流利潤率和約 15% 的營業利潤率。隨著我們在未來幾年對模型進行建模和微調，我們應該如何考慮您擁有的槓桿來提高運營盈利能力和現金流？兩者之間的價差應該是多少？我們應該如何思考——顯然，你一直很保守，但只是想了解你是如何考慮支出與增長和優先次序的，因為我們迄今為止在利潤率擴張方面取得了成功。

Yes, great question. So number one, we're going to continue our balanced approach to supporting our rapid growth at even our greater scale with profitability. I think it's always going to be a slider, and I think we've done a great job in being able to manage that growth, not at all costs, but with a realized bottom. I mean operating at a magic number above 1 and a Rule of 81 on a free cash flow basis are best-in-class. And we're excited about being able to continue to monitor that and watch that.

是的，很好的問題。因此，第一，我們將繼續採用平衡的方法來支持我們在更大範圍內的快速增長和盈利能力。我認為它總是會成為一個滑塊，我認為我們在能夠管理這種增長方面做得很好，不是不惜一切代價，而是實現了底部。我的意思是，以高於 1 的神奇數字和自由現金流基礎上的 81 法則運營是一流的。我們很高興能夠繼續監控和觀看。

Look, I think we posted record operating income in Q4 and FY '23, growing operating margins to 16% for the year. I think that what we talked about last quarter with respect to our hiring and our pace of hiring, we've taken a really solid approach about moderating the pace of hiring for this year. And I think that it goes to watching how and who we're hiring with an increased eye to making sure we're hiring the best. And for us, that really matters, and we're going to get the results that we want to get by doing that.

看，我認為我們在第四季度和 23 財年公佈了創紀錄的營業收入，全年營業利潤率增長至 16%。我認為我們上個季度談到的關於我們的招聘和招聘速度的內容，我們採取了一種非常可靠的方法來減緩今年的招聘速度。而且我認為它會關注我們正在招聘的方式和人員，並更加關注確保我們招聘的是最好的。對我們來說，這真的很重要，我們將通過這樣做得到我們想要的結果。

Our next question comes from the line of Gabriela Borges of Goldman Sachs.

我們的下一個問題來自高盛的 Gabriela Borges。

So I wanted to ask you the rate of change question on the budgeting environment. Last quarter, you gave a statistic on deals taking 11% longer to close. So looking for a quantitative update there. And then any qualitative overlay either from myself or from you, George, and what you're sharing from customers. I'm willingness to spend an endpoint in 2023 versus maybe what they were expecting 90 days ago.

所以我想問你有關預算環境的變化率問題。上個季度，您給出了交易完成時間延長 11% 的統計數據。所以在那裡尋找定量更新。然後是來自我自己或你 George 的任何定性疊加，以及你從客戶那里分享的內容。我願意在 2023 年花費一個終點，而不是他們 90 天前的預期。

Gabriela, it's great to hear your voice. So first, deals did take longer to close this quarter. We did see that. And we do anticipate to see those headwinds continue throughout next year. And for us, as we think about next year, our thoughts are consistent with what we said last quarter. I'll turn it over to George.

加布里埃拉，很高興聽到你的聲音。因此，首先，本季度交易確實需要更長的時間才能完成。我們確實看到了。我們確實預計這些不利因素會在明年持續。對於我們來說，當我們考慮明年時，我們的想法與我們上個季度所說的一致。我會把它交給喬治。

Yes. In terms of modernizing their security stack, I think that's front and center. There isn't a CIO that I haven't talked to that doesn't want to consolidate their hodgepodge of technologies out there. And again, that goes beyond just endpoint, right, in terms of the things that we offer and the capabilities and the outcomes.

是的。就安全堆棧的現代化而言，我認為這是首要任務。沒有一位 CIO 不想整合他們的技術大雜燴，我沒有與之交談過。再一次，就我們提供的東西、能力和結果而言，這不僅僅是端點，對吧。

And if you just think about the endpoint market itself, as we talked about, the IDC numbers were 17.7%. There's a lot more to go, right? There's still a massive, massive amount of legacy technology that's out there. And again, customers are looking to really take a modern platform approach and consolidate their spend.

如果你只考慮端點市場本身，正如我們所說，IDC 的數字是 17.7%。還有很多事情要做，對吧？那裡仍然存在大量的遺留技術。再一次，客戶希望真正採用現代平台方法並整合他們的支出。

So it's been something that customer are not looking to just stick with what they have, and breaches are not getting any better. They're getting worse, the threat actors being more sophisticated. And it's going to require better protection with a better outcome.

因此，客戶不希望僅僅堅持他們擁有的東西，而且違規行為也沒有好轉。他們變得越來越糟，威脅行為者越來越老練。它將需要更好的保護和更好的結果。

Our next question comes from the line of Brian Colley of Stephens.

我們的下一個問題來自 Stephens 的 Brian Colley。

So I'm curious on the XDR front, if you've seen an acceleration in XDR adoption since you introduced Falcon Insight, XDR and the new pricing strategy there. And also wondering if you could kind of share what the average ARR or ASP uplift has looked like from those customers that have implemented an XDR strategy.

所以我很好奇 XDR 方面，如果你看到自從你在那裡引入 Falcon Insight、XDR 和新的定價策略以來 XDR 的採用加速。並且還想知道您是否可以分享那些實施了 XDR 策略的客戶的平均 ARR 或 ASP 提升情況。

Yes, sure. So we haven't given that level of information now specific to XDR. So I can't comment on that. But when we think about XDR, I think as an industry, it's still in the early innings. We're, of course, one of the pioneers of EDR. We've extended that out into XDR with our third-party integrations. I think we've got some incredible partners that were flowing data into the CrowdStrike platform and being able to make advanced decisions on whether something is good or bad across multiple platforms, including CrowdStrike. And it's been well received so far, but still in the early innings.

是的，當然。所以我們現在還沒有提供特定於 XDR 的信息級別。所以我不能對此發表評論。但是當我們考慮 XDR 時，我認為作為一個行業，它仍處於早期階段。當然，我們是 EDR 的先驅之一。我們通過第三方集成將其擴展到 XDR。我認為我們有一些令人難以置信的合作夥伴，他們正在將數據流入 CrowdStrike 平台，並能夠在包括 CrowdStrike 在內的多個平台上就某些事情的好壞做出高級決策。到目前為止，它一直很受歡迎，但仍處於早期階段。

I'd just add that we are seeing great early traction.

我只想補充一點，我們看到了早期的巨大吸引力。

Our next question comes from the line of Ittai Kidron of Oppenheimer.

我們的下一個問題來自 Oppenheimer 的 Ittai Kidron。

Nice quarter. I was hoping I could get some more color on the SMB. Clearly, it's a very big opportunity for you then. And with the Go bundles, you're doing -- off to a very good start there. But maybe as a point of reference, can you tell us how much of your revenue or ARR is concentrated in that tier? How do you -- how much do you think -- where do you think that can go within a year's time?

不錯的季度。我希望我能在 SMB 上獲得更多顏色。顯然，這對你來說是一個非常大的機會。使用 Go 捆綁包，您正在做 — 在那裡有了一個很好的開始。但也許作為參考點，您能否告訴我們您的收入或 ARR 中有多少集中在該層級？你如何 - 你認為多少 - 你認為一年內可以去哪裡？

And also, Burt, specifically on the dollar retention rate. I can't imagine that the expansion opportunity with those type of customers is similar to that of enterprise customer. So how do you think about the impact of those -- of the growing mix of those type of customers on the dollar-based retention rates?

還有，伯特，特別是關於美元保留率。我無法想像這些類型客戶的擴展機會與企業客戶的擴展機會相似。那麼，您如何看待這些類型的客戶不斷增長的組合對基於美元的保留率的影響？

So look, we're really excited about our F&B space. George talked about Daniel Bernard coming on board. We think we've got great products for them to come in and to expand. It's not just limited to our enterprise, although certainly the NBR is going to be driven by our enterprise customers.

所以看，我們對我們的餐飲空間感到非常興奮。喬治談到了丹尼爾伯納德的加入。我們認為我們有很棒的產品供他們進入和擴展。它不僅限於我們的企業，儘管 NBR 肯定會由我們的企業客戶驅動。

For dollar-based and retention, as I think about next year, I think we're going to see slightly more net new ARR coming from expansion deals than net new ARR coming from new logos. I think that we've got this incredible base of 23,000 subscription customers today, and we can certainly continue to add more modules to their security stack and continue to delight them. So that's how we think about the splits.

對於基於美元的和保留，正如我明年所想的那樣，我認為我們將看到來自擴張交易的淨新 ARR 略高於來自新標識的淨新 ARR。我認為我們今天擁有 23,000 名訂閱客戶這一令人難以置信的基礎，我們當然可以繼續向他們的安全堆棧添加更多模塊並繼續取悅他們。這就是我們對拆分的看法。

Our next question comes from the line of Patrick Colville of Scotiabank.

我們的下一個問題來自豐業銀行的 Patrick Colville。

This is Patrick Colville from Scotiabank. My question is about the net cash. You guys have about $2 billion of net cash on the balance sheet. We saw CRM. We saw Workday. And just last week, Snowflake announced buyback programs. Do you think that's something that you guys might consider on a go-forward basis to limit dilution in calendar 2023 and beyond?

我是豐業銀行的 Patrick Colville。我的問題是關於淨現金。你們的資產負債表上有大約 20 億美元的淨現金。我們看到了 CRM。我們看到了工作日。就在上週，Snowflake 宣布了回購計劃。你認為這是你們可能會考慮的事情，以限制 2023 年及以後的稀釋嗎？

Yes. Look, we will evaluate every quarter that proposition. So I think that, that's just a quarter-by-quarter decision that will come up. If we do look at it, we do look at what's happening in the environment. There are many factors that we're going to decide whether we were going to do something like that. So it would be really on a quarter-by-quarter basis where we would do the evaluation.

是的。看，我們將每個季度評估該提議。所以我認為，這只是一個逐個季度的決定。如果我們真的看它，我們確實會看環境中發生的事情。有很多因素決定我們是否要做那樣的事情。因此，我們將按季度進行評估。

Our next question comes from the line John DiFucci of Guggenheim.

我們的下一個問題來自古根海姆的 John DiFucci。

George, I sort of have a follow-up to several of the questions there. It has to do with the enterprise versus the mid-market and new logos versus add-on sales. I mean I would think like it's a lot tougher to sell to new logos in this macro backdrop, especially in enterprise, but you obviously sold a lot of new logos this quarter, and it sounds like a lot to the mid-market and SMB.

喬治，我對其中的幾個問題進行了跟進。它與企業與中端市場以及新徽標與附加銷售有關。我的意思是，我認為在這種宏觀背景下向新徽標銷售要困難得多，尤其是在企業中，但您顯然在本季度售出了很多新徽標，這對中端市場和 SMB 來說聽起來很多。

I guess can you remind us how you think a typical mid-market customer or SMB customer will evolve? Will they eventually buy as many modules as enterprises? I could see how they could since it really makes security easier for them to have an integrated solution. But then again, it's tough to say. I mean the mid-market customers are typically much less sophisticated buyers of IT. Just curious your thoughts there.

我想您能否提醒我們您認為典型的中端市場客戶或 SMB 客戶將如何發展？他們最終會購買與企業一樣多的模塊嗎？我可以看到他們如何做到這一點，因為它確實使他們擁有集成解決方案的安全性變得更加容易。但話又說回來，這很難說。我的意思是，中端市場客戶通常是不太成熟的 IT 買家。只是好奇你的想法。

Sure. So let's think about this on a worldwide basis. The mid-market customer in the U.S. is much different than a mid-market customer in APAC as an example, right? So the sizing is quite different. But when you think about sort of nonenterprise customers, they still have all the same problems. These are billion-dollar companies that have 1 IT person -- 2 IT people, half a security person. And we think that's a perfect opportunity for Falcon Complete where we can sell them multiple modules.

當然。因此，讓我們在全球範圍內考慮這個問題。例如，美國的中端市場客戶與亞太地區的中端市場客戶有很大不同，對吧？所以尺寸是完全不同的。但是當你考慮一些非企業客戶時，他們仍然有同樣的問題。這些價值數十億美元的公司擁有 1 名 IT 人員——2 名 IT 人員，半名安全人員。我們認為這對 Falcon Complete 來說是一個絕佳的機會，我們可以向他們出售多個模塊。

We've added now identity into Falcon Complete. End-to-end, we can service that account and basically take a lot of the burden away in a challenging macro environment. They're getting more headcount, but they still have a great risk from a security perspective. That's the mid-market, all the way down to SMB. We have very small companies that are Falcon Complete customers.

我們現在已將身份添加到 Falcon Complete 中。端到端，我們可以為該客戶提供服務，並在充滿挑戰的宏觀環境中基本上減輕很多負擔。他們的人數越來越多，但從安全角度來看，他們仍然面臨著巨大的風險。那是中端市場，一直到 SMB。我們有非常小的公司是 Falcon Complete 的客戶。

So if they can't quite digest everything that we have, that's okay. What they're buying is an outcome, and our outcome is stopping the breaches, reducing complexity and lowering their overall cost. And that is resonating with customers as we consolidate in this challenging macro environment.

因此，如果他們不能完全消化我們擁有的一切，那也沒關係。他們購買的是結果，而我們的結果是阻止違規行為、降低複雜性並降低他們的總體成本。當我們在這個充滿挑戰的宏觀環境中進行整合時，這引起了客戶的共鳴。

Thank you. I would now like to turn the conference back over to George Kurtz for closing remarks. Sir?

謝謝。我現在想把會議轉回給喬治庫爾茨作閉幕詞。先生？

Great. I want to thank all of you today for your time. We certainly appreciate your interest and look forward to seeing you at our upcoming investor webinar. Thanks so much, and we'll see you soon.

偉大的。我要感謝大家今天的時間。我們當然感謝您的興趣，並期待在我們即將舉行的投資者網絡研討會上見到您。非常感謝，我們很快就會見到你。

This concludes today's conference call. Thank you for participating. You may now disconnect.

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。