CrowdStrike Holdings Inc (CRWD) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the CrowdStrike Fiscal First Quarter 2024 Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，謝謝你的支持。歡迎參加 CrowdStrike 2024 財年第一季度業績電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Maria Riley, Vice President of Investor Relations.

我現在想把會議交給今天的發言人，投資者關係副總裁 Maria Riley。

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

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

Before we get started, I would like to note that certain statements made during this conference call that are not historical facts, including those regarding our future plans, objectives, growth and expected performance, including our outlook for the second 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.

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，包括關於我們未來計劃、目標、增長和預期業績的聲明，包括我們對第二季度和 2024 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。

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 these 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.

這些前瞻性陳述僅代表我們截至本次電話會議之日的展望。雖然我們相信我們所做的任何前瞻性陳述都是合理的，但實際結果可能會存在重大差異，因為這些陳述是基於當前的預期，並受到風險和不確定性的影響。我們不承擔並明確否認任何更新或更改我們的前瞻性陳述的義務，無論是由於新信息、未來事件或其他原因。

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.

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 we'll disclose 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，不包括收入，我們將在本次電話會議上披露的所有財務指標都將是非公認會計原則。關於我們為何使用非 GAAP 財務措施的討論以及顯示 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 8 上找到-K 今天向美國證券交易委員會提交了文件。

I would like to note that we are conducting today's call from one of our European offices and ask for your patience in the event of technical difficulties.

我想指出，今天的電話會議是從我們的一個歐洲辦事處進行的，如果遇到技術困難，請耐心等待。

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

有了這個，我現在將把電話轉給喬治。

Thank you, Maria, and thank you all for joining us.

謝謝你，瑪麗亞，感謝大家加入我們。

Our continued execution despite a challenging macro environment translated to strong growth and exceptional margins which drove record non-GAAP profitability, record free cash flow and GAAP profitability for the first time in company history. We exceeded our guidance across both top and bottom line metrics. Increased gross margin, cost discipline and moderated head count growth contributed to our strong bottom line results. Reaching GAAP profitability so early in our life as a public company provides insight into the strength of the model we have built and what we can achieve over time. Burt will cover the financial results in more detail.

儘管宏觀環境充滿挑戰，但我們的持續執行轉化為強勁的增長和卓越的利潤率，這推動了公司歷史上首次創紀錄的非 GAAP 盈利能力、創紀錄的自由現金流和 GAAP 盈利能力。我們超出了頂線指標和底線指標的指導。毛利率的提高、成本控制和適度的員工人數增長促成了我們強勁的利潤結果。作為一家上市公司，我們在這麼早的時候就實現了 GAAP 盈利能力，這讓我們深入了解了我們所建立的模型的優勢，以及我們隨著時間的推移可以取得的成就。伯特將更詳細地介紹財務結果。

I will focus my comments on why we believe CrowdStrike has a clear and sustainable advantage as 3 megatrends continue to unfold: AI, consolidation and cloud.

我的評論將集中在為什麼我們相信 CrowdStrike 具有明顯和可持續的優勢，因為 3 個大趨勢繼續展開：人工智能、整合和雲。

Let's start with AI. Since inception, CrowdStrike has been and will continue to be at the forefront of leveraging AI to drive better customer outcomes and efficiencies within our own business. In addition to industry-leading detections and rapid remediation for customers, utilizing AI has benefited our business by lowering cost and yielding higher margins.

讓我們從人工智能開始。自成立以來，CrowdStrike 一直並將繼續走在利用 AI 推動更好的客戶成果和我們自己業務效率的前沿。除了為客戶提供行業領先的檢測和快速補救之外，利用人工智能還通過降低成本和產生更高的利潤率使我們的業務受益。

One example of AI benefiting our financial model is Falcon Complete. For years, our use of AI has enabled us to rapidly scale that business to a leadership position with an exceptional product margin that exceeds our overall company gross margin. The margin profile and scale we have achieved for our managed offering would not have been possible without our innovations in AI.

人工智能使我們的財務模型受益的一個例子是 Falcon Complete。多年來，我們對人工智能的使用使我們能夠迅速將該業務擴展到領先地位，產品利潤率超過我們公司的整體毛利率。如果沒有我們在 AI 方面的創新，我們就無法實現託管產品的利潤率和規模。

While others are just now jumping on the AI bandwagon, we have transformed cybersecurity with an AI-powered cloud business from inception. Generative AI is transforming the world and security is no exception. Large language models or LLMs are only as good as the data on which they are trained and human-annotated content makes for the best training data. Driving better customer outcomes relies on having a data advantage and the context derived from that data. While we expect that LLMs will become commoditized over time, the data on which they are trained will not.

當其他人剛剛加入 AI 潮流時，我們從一開始就通過 AI 支持的雲業務轉變了網絡安全。生成式人工智能正在改變世界，安全也不例外。大型語言模型或 LLM 僅與訓練它們的數據一樣好，人工註釋的內容構成最佳訓練數據。推動更好的客戶結果依賴於擁有數據優勢和從該數據中派生的上下文。雖然我們預計 LLM 會隨著時間的推移變得商品化，但他們訓練的數據不會。

CrowdStrike is uniquely positioned to benefit from this new technology. Our datasets spans petabytes and captures trillions of new events daily from our global fleet of sensors. Combine that with our over 10 years of attack data and Threat Graph that has been paired with high-quality human analysis from OverWatch, complete intelligence and intuitive response services and you get unrivaled telemetry. Simply put, we believe CrowdStrike has a sustainable data advantage.

CrowdStrike 具有得天獨厚的優勢，可以從這項新技術中獲益。我們的數據集跨越 PB 級，每天從我們的全球傳感器群中捕獲數万億個新事件。結合我們 10 多年的攻擊數據和威脅圖，再加上來自 OverWatch 的高質量人工分析、完整的情報和直觀的響應服務，您將獲得無與倫比的遙測。簡而言之，我們相信 CrowdStrike 具有可持續的數據優勢。

(technical difficulty)

（技術難度）

the most powerful and unique set of correlated human and machine-generated data across all of cyber. Our data advantage creates a unique competitive moat, yielding better models, better automation and better outcomes.

跨所有網絡的最強大和獨特的一組相關的人類和機器生成的數據。我們的數據優勢創造了獨特的競爭護城河，產生更好的模型、更好的自動化和更好的結果。

We see the rapidly growing adoption of generative AI as a democratizing force within cybersecurity from both an adversarial and protection standpoint.

從對抗和保護的角度來看，我們看到生成人工智能作為網絡安全中的民主化力量的迅速增長。

From an adversarial perspective, we expect that the adoption of LLMs will lower the barrier of entry for malicious actors to create sophisticated cyberattacks. Generative AI is expected to make it even easier for less advanced attackers to craft nation-state caliber campaigns. We believe this will catalyze even greater demand for modern cybersecurity technologies like Falcon.

從對抗的角度來看，我們預計 LLM 的採用將降低惡意行為者創建複雜網絡攻擊的進入門檻。生成式人工智能有望讓不太先進的攻擊者更容易策劃民族國家級的活動。我們相信這將促進對 Falcon 等現代網絡安全技術的更大需求。

From a protection standpoint, we see generative AI as a democratizing force by dramatically lowering the learning curve for practitioners, transforming even a novice analyst into a power user.

從保護的角度來看，我們將生成式 AI 視為一種民主化力量，它可以顯著降低從業者的學習曲線，甚至可以將新手分析師轉變為高級用戶。

With all of this in mind, we introduce Charlotte AI, an exciting new generative AI security analyst, utilizing CrowdStrike's high-fidelity data advantage. We believe Charlotte AI will empower our newly minted Tier 1 analyst to yield the results of an advanced Tier 3 analyst. The net benefit to the customer: faster results, better security outcomes and lower overall costs.

考慮到所有這些，我們介紹了 Charlotte AI，這是一位令人興奮的新型生成 AI 安全分析師，它利用了 CrowdStrike 的高保真數據優勢。我們相信 Charlotte AI 將使我們新晉的 1 級分析師能夠產生高級 3 級分析師的結果。為客戶帶來的淨收益：更快的結果、更好的安全結果和更低的總體成本。

Charlotte AI represents CrowdStrike's latest innovation helping security teams worldwide contend with the cybersecurity skills gap, respond to threats faster and reduce operational cost. Charlotte AI will uniquely benefit from a continuous human feedback loop with our OverWatch, Falcon Complete and Intel teams.

Charlotte AI 代表了 CrowdStrike 的最新創新，可幫助全球安全團隊應對網絡安全技能差距、更快地響應威脅並降低運營成本。 Charlotte AI 將獨特地受益於與我們的 OverWatch、Falcon Complete 和英特爾團隊的持續人類反饋循環。

This continuous feedback loop on human validated content is critical. And because of this, no other vendor in cyber will be able to match CrowdStrike's approach generative AI.

這種對人工驗證內容的持續反饋循環至關重要。正因為如此，網絡領域沒有其他供應商能夠與 CrowdStrike 的方法生成 AI 相匹敵。

Demonstrating our commitment to lead and protect the industry through this next wave of innovation, we teamed up with AWS to develop powerful, new generative AI applications that help customers accelerate their cloud, security and AI journey. Through this initiative, CrowdStrike and AWS will bring together their solutions and teams to keep customers safe across a range of AI services while meeting stringent security requirements.

為了展示我們通過下一波創新浪潮引領和保護行業的承諾，我們與 AWS 合作開發功能強大的新一代 AI 應用程序，幫助客戶加速他們的雲、安全和 AI 之旅。通過這一舉措，CrowdStrike 和 AWS 將匯集他們的解決方案和團隊，以確保客戶在一系列 AI 服務中的安全，同時滿足嚴格的安全要求。

CrowdStrike already has a leadership position in helping protect AI innovators. A perfect example of this is a recent expansion with a B2B generative AI research and development company. This customer leverages significant public cloud resources to support their solutions, also aware of the dangers others have faced from adversaries compromising cloud environments. This customer expanded to Falcon Cloud Security Complete to support their small team with fully managed coverage, provide both cloud runtime protection and posture monitoring across their multi-cloud environment and scale seamlessly with their growth, all without having to deploy multiple products or hire more people.

CrowdStrike 在幫助保護 AI 創新者方面已經處於領先地位。一個完美的例子是最近與 B2B 生成 AI 研發公司的擴張。該客戶利用重要的公共雲資源來支持他們的解決方案，同時也意識到其他人面臨著來自破壞雲環境的對手的危險。該客戶擴展到 Falcon Cloud Security Complete 以支持其具有完全託管覆蓋範圍的小型團隊，在其多雲環境中提供雲運行時保護和狀態監控，並隨著其增長無縫擴展，所有這些都無需部署多個產品或僱用更多人員.

Another megatrend continuing to unfold in cybersecurity is consolidation. The macro backdrop has only accelerated the need for customers to reduce vendor sprawl, reduce agents, reduce cost and protect their businesses with the best of SaaS platform.

網絡安全領域繼續呈現的另一個大趨勢是整合。宏觀背景只會加速客戶減少供應商蔓延、減少代理商、降低成本並使用最佳 SaaS 平台保護其業務的需求。

On average, enterprise customers can realize over 200% ROI with Falcon. With ROI results like this, it's no surprise companies turn to CrowdStrike to protect, power and drive efficiencies for their businesses.

平均而言，企業客戶可以通過 Falcon 實現超過 200% 的投資回報率。有了這樣的投資回報率結果，公司轉向 CrowdStrike 來保護、推動和提高其業務效率也就不足為奇了。

In Q1, net new ARR from our million-plus customers grew year-over-year even as these larger, more complex deals can have longer sales cycles. We delivered $174.2 million in net new ARR for the quarter, which exceeded our stated assumptions. Our momentum with large customers, record Q2 pipeline and success tracking deals to close gives us confidence in the back half of the year.

在第一季度，來自我們超過 100 萬客戶的淨新 ARR 同比增長，儘管這些更大、更複雜的交易可能有更長的銷售週期。我們在本季度交付了 1.742 億美元的新 ARR 淨額，超出了我們規定的假設。我們與大客戶的勢頭、創紀錄的第二季度管道和成功的跟踪交易使我們對今年下半年充滿信心。

In Q1, we closed over 50% more deals involving 8 or more modules compared to a year ago. We believe this speaks to increasing customer demand for consolidation using the Falcon platform. When we look at our pipeline for the remainder of the year, we expect this trend to continue, giving us confidence in our ability to deliver net new ARR growth in the back half of the year.

在第一季度，與一年前相比，我們完成的涉及 8 個或更多模塊的交易增加了 50% 以上。我們認為這表明客戶對使用 Falcon 平台進行整合的需求不斷增加。當我們審視今年剩餘時間的管道時，我們預計這一趨勢將繼續下去，這讓我們對我們在今年下半年實現新 ARR 淨增長的能力充滿信心。

Over the past few months, I have personally met with many of our customers, prospects and partners. These conversations all centered on the same topic. Customers want to consolidate their security stack with Falcon and drive greater cost efficiencies while unlocking new capabilities.

在過去的幾個月裡，我親自會見了我們的許多客戶、潛在客戶和合作夥伴。這些對話都圍繞著同一個話題。客戶希望通過 Falcon 整合他們的安全堆棧，並在解鎖新功能的同時提高成本效率。

Let me share our few recent customer wins highlighting ways companies use CrowdStrike to consolidate while improving their cybersecurity outcomes. First, our wins with 2 new Fortune 100 customers. These organizations are consolidating on Falcon, a single modern XDR platform, unifying their approach to security across their different business units. Each of these new CrowdStrike customers purchased multiple modules with 1 adopting 9 modules displacing legacy and next-gen vendors in their environment and standardizing on CrowdStrike.

讓我分享一下我們最近贏得的幾項客戶勝利，重點介紹公司使用 CrowdStrike 進行整合併同時改善其網絡安全成果的方式。首先，我們贏得了 2 個新的財富 100 強客戶。這些組織正在 Falcon 上進行整合，這是一個單一的現代 XDR 平台，統一了他們不同業務部門的安全方法。這些新的 CrowdStrike 客戶中的每一個都購買了多個模塊，其中 1 個採用了 9 個模塊，取代了其環境中的傳統和下一代供應商，並在 CrowdStrike 上實現了標準化。

One of my favorite customer wins this quarter was with a regional health care customer brought to us by our partner, Dell. This organization was frustrated by the volume of false positives generated by their legacy security product, which hampered their security teams' efficiency and obscured critical incidents.

本季度我最喜歡的客戶之一是我們的合作夥伴戴爾為我們帶來的區域醫療保健客戶。該組織對其遺留安全產品產生的大量誤報感到沮喪，這些誤報影響了安全團隊的效率並掩蓋了關鍵事件。

Recognizing the increased value they could gain by modernizing their security stack and consolidating on CrowdStrike, this customer adopted 8 Falcon modules, including Falcon Complete, Identity Threat Protection and Log Scale in a 7-figure total value deal.

認識到通過現代化安全堆棧和在 CrowdStrike 上進行整合可以獲得更高的價值，該客戶採用了 8 個 Falcon 模塊，包括 Falcon Complete、Identity Threat Protection 和 Log Scale，總價值達 7 位數。

In addition, our managed services teams have catapulted CrowdStrike to a leader position in the Forrester Wave for managed detection and response and the #1 market share position for the second consecutive year in Gartner's MDR for managed security service report. CrowdStrike's MDR leadership extends beyond our managed services and into our MDR partner ecosystem. Of the top 25 MDR vendors by market share defined by Gartner, 88% have built their MDR services on top of the Falcon platform showcasing Falcon as their modern XDR platform of choice. We are proud that the Falcon platform powers so many different partners, enabling them to build their businesses on top of CrowdStrike.

此外，我們的託管服務團隊使 CrowdStrike 在 Forrester Wave 的託管檢測和響應方面一躍成為領導者，並連續第二年在 Gartner 的託管安全服務 MDR 報告中排名第一。 CrowdStrike 的 MDR 領導地位超越了我們的託管服務，並延伸到了我們的 MDR 合作夥伴生態系統中。在 Gartner 定義的市場份額排名前 25 位的 MDR 供應商中，88% 的供應商在 Falcon 平台之上構建了他們的 MDR 服務，將 Falcon 展示為他們選擇的現代 XDR 平台。我們感到自豪的是，Falcon 平台為眾多不同的合作夥伴提供支持，使他們能夠在 CrowdStrike 之上建立自己的業務。

Our industry-leading partner ecosystem continues to expand rapidly, contributing meaningfully to our growth. CrowdStrike recently entered into a strategic partnership with Pax8, the leading MSP cloud marketplace with over 30,000 MSP partners across North America, EMEA and APJ that serve the SMB market. This partnership provides CrowdStrike a born-in-the-cloud route to market for MSP consumption and a prime opportunity to displace the legacy AV and next-gen product vendors Pax8 partners use today.

我們行業領先的合作夥伴生態系統繼續快速擴張，為我們的發展做出了有意義的貢獻。 CrowdStrike 最近與 Pax8 建立了戰略合作夥伴關係，Pax8 是領先的 MSP 雲市場，在北美、EMEA 和 APJ 擁有超過 30,000 個 MSP 合作夥伴，服務於 SMB 市場。這種合作夥伴關係為 CrowdStrike 提供了一條在雲中誕生的 MSP 消費市場途徑，以及取代 Pax8 合作夥伴當今使用的傳統 AV 和下一代產品供應商的絕佳機會。

MSPs are increasingly turning to the Pax8 marketplace for ease-of-product purchase, rapid software deployment and fully integrated billing to run their businesses, including cybersecurity. Pax8's MSP partner base will now be able to protect their end customers with the same cutting-edge XDR technology selected by the world's leading and largest enterprises.

MSP 越來越多地轉向 Pax8 市場，以簡化產品購買、快速軟件部署和完全集成的計費來運營他們的業務，包括網絡安全。 Pax8 的 MSP 合作夥伴群現在將能夠使用世界領先和最大的企業選擇的相同尖端 XDR 技術來保護他們的最終客戶。

Our momentum in the public sector continues to expand. Public sector wins in the quarter included a Falcon Complete win at a top 20 U.S. government contractor and a win with a major U.S. federal agency.

我們在公共部門的勢頭繼續擴大。本季度公共部門的勝利包括 Falcon Complete 在美國前 20 名政府承包商中的勝利以及在美國主要聯邦機構中的勝利。

Today, we announced CrowdStrike was granted an Impact Level 5 or IL5 provisional authorization from the Department of Defense. IL5 certification positions us well to extend our reach into the massive defense IT and cybersecurity markets.

今天，我們宣布 CrowdStrike 獲得了國防部的 Impact Level 5 或 IL5 臨時授權。 IL5 認證使我們能夠很好地將我們的影響力擴展到龐大的國防 IT 和網絡安全市場。

The competitive environment has not changed since our deep dive in April, where we disclosed that 8 out of 10 times when an enterprise customer tests, they choose CrowdStrike over Microsoft. And our win rates across all competitors remained strong in the quarter. Organizations today more than ever before need security partners with deep expertise that can stop breaches while driving efficiencies in their security programs. However, for Microsoft, companies experience added complexity, less coverage and higher costs.

自從我們在 4 月份進行深入研究以來，競爭環境並沒有改變，當時我們透露，在企業客戶進行測試時，10 次中有 8 次選擇了 CrowdStrike 而不是 Microsoft。本季度我們在所有競爭對手中的獲勝率仍然很高。今天的組織比以往任何時候都更需要具有深厚專業知識的安全合作夥伴，這些合作夥伴可以阻止違規行為，同時提高其安全計劃的效率。然而，對於 Microsoft，公司會經歷更多的複雜性、更少的覆蓋範圍和更高的成本。

One enterprise customer with over 50,000 employees told us the upgrade cost of moving from Microsoft E3 to E5 would be at least $2.3 million more than their CrowdStrike subscription, and that's just for the upgrade. With Microsoft's excessive annual cost increases, this would grow to $4.7 million by year 5, excluding the additional costs required for support or a [SIM] solution or increased staff to manage the extra complexity.

一位擁有超過 50,000 名員工的企業客戶告訴我們，從 Microsoft E3 遷移到 E5 的升級成本至少比他們的 CrowdStrike 訂閱多 230 萬美元，而且這只是升級費用。隨著 Microsoft 每年成本的過度增加，到第 5 年，這將增長到 470 萬美元，這還不包括支持或 [SIM] 解決方案所需的額外成本或管理額外複雜性所需的增加的員工。

When customers map it all out, they quickly realize that using Microsoft E5 for security is more expensive, requires more headcount and increases their cyber risk.

當客戶將其全部規劃好後，他們很快就會意識到使用 Microsoft E5 來確保安全的成本更高，需要更多的員工並增加他們的網絡風險。

The cloud is the third megatrend representing a long and sustainable tailwind for our business. The cloud is rapidly emerging as the new adversary battleground. We have observed a 95% year-over-year increase in cloud service exploitation and a 288% increase in threat actors that know how to operate in cloud environments.

雲是第三大趨勢，代表著我們業務的長期可持續順風。雲正在迅速成為新的對手戰場。我們觀察到雲服務利用同比增長 95%，知道如何在雲環境中操作的威脅參與者增加了 288%。

Securing cloud assets is paramount today and will continue to grow in importance. As a leader in protecting some of the largest and most critical cloud companies, we have seen strong net new ARR growth for modules deployed in public clouds.

保護雲資產在當今至關重要，並將繼續變得越來越重要。作為保護一些最大和最關鍵的雲公司的領導者，我們看到部署在公共雲中的模塊的新 ARR 淨增長強勁。

Our Falcon cloud security offering unifies our agent and agent-less cloud-native security capabilities into a single offering that's easy to deploy from build to run time across all major cloud environments and is driving incredible customer momentum as customers consolidate their cloud security, replacing multiple cloud point products with Falcon.

我們的 Falcon 雲安全產品將我們的代理和無代理雲原生安全功能統一到一個單一的產品中，從構建到運行時都可以輕鬆部署到所有主要的雲環境中，並且隨著客戶鞏固他們的雲安全，取代多個雲點產品與獵鷹。

Tying this all together, the rapidly evolving and expanding threat environment demonstrates why it is so critical to have your endpoint, cloud identity and data protection on 1 unified modern XDR platform, Falcon.

將這一切結合在一起，快速發展和擴大的威脅環境證明了為什麼在一個統一的現代 XDR 平台 Falcon 上擁有您的端點、雲身份和數據保護如此重要。

We've covered a lot today, and you can see that our relentless innovation continues to widen the gap between CrowdStrike and the competition. In closing, I will reiterate a few key points. First, CrowdStrike has a clear data advantage built over the past 12 years by combining our unmatched AI and human threat intelligence expertise.

我們今天介紹了很多內容，您可以看到我們不懈的創新不斷擴大 CrowdStrike 與競爭對手之間的差距。最後，我要重申幾個要點。首先，CrowdStrike 通過結合我們無與倫比的 AI 和人類威脅情報專業知識，在過去 12 年中建立了明顯的數據優勢。

For customers, CrowdStrike's advantage means better, faster and more cost-effective cybersecurity. For our business, CrowdStrike AI excellence shines through our differentiated business model efficiencies.

對於客戶而言，CrowdStrike 的優勢意味著更好、更快和更具成本效益的網絡安全。對於我們的業務，CrowdStrike AI 的卓越表現體現在我們差異化的商業模式效率上。

Second, we ushered cybersecurity into a new era with the introduction of Charlotte AI.

其次，我們通過引入 Charlotte AI 將網絡安全帶入了一個新時代。

Third, companies must consolidate their security stack to reduce complexity reduce agents and reduce cost without sacrificing coverage or security. They need to protect their cloud environments from build to run time with a single unified platform. To achieve this, customers choose CrowdStrike.

第三，公司必須整合其安全堆棧以降低複雜性，減少代理並降低成本，同時不犧牲覆蓋範圍或安全性。他們需要使用一個統一的平台來保護他們的雲環境從構建到運行。為此，客戶選擇了 CrowdStrike。

And fourth, we believe that in addition to building a winning platform, we built a robust business model capable of generating rapid growth at scale, earnings and durable free cash flow.

第四，我們相信，除了建立一個成功的平台外，我們還建立了一個強大的商業模式，能夠在規模、收益和持久的自由現金流方面產生快速增長。

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

有了這個，我會把電話轉給伯特來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. We delivered a strong first quarter even with the continued challenging macro environment with revenue, subscription gross margin, operating income, net income and free cash flow all exceeding our guidance and reaching new records.

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。儘管宏觀環境持續充滿挑戰，但我們第一季度仍表現強勁，收入、訂閱毛利率、營業收入、淨收入和自由現金流均超出我們的預期並創下新紀錄。

We believe our financial performance speaks to the strength of our business model and the operational excellence ingrained in the fabric of CrowdStrike's culture, which includes diligence and discipline when balancing growth and profitability.

我們相信，我們的財務業績體現了我們商業模式的實力以及植根於 CrowdStrike 文化結構中的卓越運營，其中包括在平衡增長和盈利能力時的勤奮和紀律。

The demand environment remains resilient. Although we continue to see increased deal scrutiny and longer than typical sales cycles, especially for larger consolidation deals, with our relentless focus on sales execution, we achieved Q1 net new ARR of $174.2 million which was above stated assumptions. We ended the quarter with ending ARR reaching $2.73 billion, up 42% over last year.

需求環境保持彈性。儘管我們繼續看到交易審查的增加和比典型銷售週期更長的時間，尤其是對於較大的整合交易，但由於我們不懈地關註銷售執行，我們實現了 1.742 億美元的第一季度淨新 ARR，這高於所述假設。我們在本季度末的 ARR 達到 27.3 億美元，比去年增長 42%。

The quarter was well balanced with the mix between new logos and expansion cross-sell net new ARR similar to Q4. We continue to be very pleased with the success of our land and expand strategy with our dollar-based net retention rate once again above the 120% benchmark in Q1. Subscription customers with 5 or more, 6 or more and 7 or more modules now represent 62%, 40% and 23% of subscription customers, respectively.

本季度與第四季度類似，新徽標和擴展交叉銷售淨新 ARR 之間的組合很好地平衡了。我們繼續對我們的土地和擴張戰略的成功感到非常高興，我們基於美元的淨保留率在第一季度再次高於 120% 的基準。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現在分別佔訂閱客戶的 62%、40% 和 23%。

Moving to the P&L. Total revenue grew 42% over Q1 of last year to reach $692.6 million. Subscription revenue grew 42% over Q1 of last year to reach $651.2 million. Professional services revenue was $41.4 million, setting a new record for the 11th consecutive quarter and representing 48% year-over-year growth.

轉到損益表。總收入比去年第一季度增長 42%，達到 6.926 億美元。訂閱收入比去年第一季度增長 42%，達到 6.512 億美元。專業服務收入為 4140 萬美元，連續第 11 個季度創下新紀錄，同比增長 48%。

During the quarter, we also saw strength in Europe, the Middle East and Japan. International revenue grew 53% year-over-year. Our first quarter non-GAAP gross margin performance was outstanding with both total and subscription non-GAAP gross margins ascending to new heights. Total non-GAAP gross margin was 78% and subscription gross margin crossed the 80% milestone for the first time.

本季度，我們還看到了歐洲、中東和日本的強勁表現。國際收入同比增長 53%。我們第一季度的非 GAAP 毛利率表現出色，非 GAAP 總毛利率和訂閱非 GAAP 毛利率均攀升至新高。非 GAAP 總毛利率為 78%，訂閱毛利率首次突破 80% 的里程碑。

Our investments in data center and workload optimization drove our gross margin improvement in the quarter. As we have said in the past, we expect subscription gross margin to fluctuate by up to 1 point on a quarter-to-quarter basis as we balance optimization investments with capacity growth and new platform functionality.

我們在數據中心和工作負載優化方面的投資推動了本季度毛利率的提高。正如我們過去所說，我們預計訂閱毛利率每季度波動最多 1 個百分點，因為我們會平衡優化投資與容量增長和新平台功能。

We expect these investments to drive further margin enhancement in the future as we continue to execute on our long-term plan to drive subscription gross margin sustainably above 80%.

我們預計這些投資將在未來推動進一步提高利潤率，因為我們將繼續執行我們的長期計劃，將訂閱毛利率可持續地提高到 80% 以上。

Total non-GAAP operating expenses in the first quarter were approximately $424.6 million or 61% of revenue versus $291.0 million last year or 60% of revenue. The sequential increase in sales and marketing reflects the timing of in-person events and marketing programs.

第一季度非美國通用會計準則運營費用總額約為 4.246 億美元，佔收入的 61%，而去年同期為 2.91 億美元，佔收入的 60%。銷售和營銷的連續增長反映了面對面活動和營銷計劃的時間安排。

In Q1, our magic number was 1.0 and we achieved the rule of 75 on a free cash flow basis, both metrics reflecting the continued efficiency of our model. First quarter non-GAAP operating income grew 40% year-over-year to reach a record $115.9 million, and we reported operating margin of 17%. Non-GAAP net income attributable to CrowdStrike in Q1 grew to a record $136.4 million or $0.57 on a diluted per share basis.

在第一季度，我們的神奇數字是 1.0，我們在自由現金流的基礎上達到了 75 的規則，這兩個指標都反映了我們模型的持續效率。第一季度非 GAAP 營業收入同比增長 40%，達到創紀錄的 1.159 億美元，營業利潤率為 17%。第一季度歸屬於 CrowdStrike 的非美國通用會計準則淨收入增長至創紀錄的 1.364 億美元，或按攤薄後的每股收益計算為 0.57 美元。

Our weighted average common shares used to calculate first quarter non-GAAP EPS attributable to CrowdStrike was on a diluted basis and totaled approximately 241 million shares.

我們用於計算歸屬於 CrowdStrike 的第一季度非 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 2.41 億股。

We also reached GAAP profitability for the first time in company history. While we are very proud of this milestone, we have yet to reach sustained GAAP profitability. Q1 benefited significantly from fewer net new hires in Q1, which we expect to pick up throughout the remainder of the year, albeit at a much more moderated pace in comparison to FY '23. We believe reaching this milestone demonstrates that our financial model will deliver GAAP profitability in due time.

我們還在公司歷史上首次實現了 GAAP 盈利能力。雖然我們為這一里程碑感到非常自豪，但我們尚未達到持續的 GAAP 盈利能力。第一季度明顯受益於第一季度淨新員工人數減少，我們預計在今年剩餘時間裡，這一數字將回升，儘管與 23 財年相比增速要緩和得多。我們相信達到這一里程碑表明我們的財務模型將在適當的時候實現 GAAP 盈利能力。

We ended the first quarter with a strong balance sheet. Cash, cash equivalents and short-term investments increased to approximately $2.93 billion. Cash flow from operations grew 40% year-over-year to a record $300.9 million.

我們以強勁的資產負債表結束了第一季度。現金、現金等價物和短期投資增至約 29.3 億美元。運營現金流同比增長 40%，達到創紀錄的 3.009 億美元。

Free cash flow grew 44% year-over-year to a record $227.4 million or approximately 33% of revenue.

自由現金流同比增長 44%，達到創紀錄的 2.274 億美元，約佔收入的 33%。

Before I move to our guidance, I'd like to provide a few modeling notes. We are raising our revenue guidance for the fiscal year and maintaining our net new ARR assumptions for the first half and fiscal year, which call for a 10% year-over-year headwind to net new ARR in the first half and in line to modestly up net new ARR for the full year.

在開始我們的指導之前，我想提供一些建模說明。我們正在提高本財年的收入指引，並維持我們對上半年和本財年的淨新 ARR 假設，這要求在上半年出現 10% 的同比逆風，以實現新的 ARR，並適度適度全年淨新 ARR。

Our strong Q2 pipeline and momentum with large consolidation deals give us confidence in the remainder of the year, including the back half where we expect to return to year-over-year growth in net new ARR. Also, as a reminder, given the timing of expenses, billing seasonality and the midyear ESPP purchase, the second quarter is generally our lowest cash flow generation quarter of the year.

我們強勁的第二季度管道和大型整合交易的勢頭使我們對今年剩餘時間充滿信心，包括我們預計新 ARR 將恢復同比增長的下半年。此外，提醒一下，考慮到支出的時間、計費的季節性和年中 ESPP 的購買，第二季度通常是我們一年中產生現金流量最低的季度。

This year, we expect to see more pronounced seasonality and maintain our target of achieving 30% free cash flow margin for the fiscal year. As we discussed during our investor briefing in April, this is inclusive of estimated full year impacts from billings duration and cash taxes, bounced by the positive tailwinds of increased operating leverage, higher interest income and lower CapEx.

今年，我們預計會出現更明顯的季節性，並維持本財年實現 30% 自由現金流利潤率的目標。正如我們在 4 月份的投資者簡報會上所討論的那樣，這包括了賬單期限和現金稅的估計全年影響，受到經營槓桿增加、利息收入增加和資本支出減少的積極推動。

And lastly, our assumptions on interest income, cash outlay for income taxes and capital expenditures are unchanged. For the second quarter of FY '24, we expect total revenue to be in the range of $717.2 million to $727.4 million, reflecting a year-over-year growth rate of 34% to 36%.

最後，我們對利息收入、所得稅現金支出和資本支出的假設保持不變。對於 24 財年第二季度，我們預計總收入將在 7.172 億美元至 7.274 億美元之間，同比增長率為 34% 至 36%。

We expect non-GAAP income from operations to be in the range of $116.4 million to $123.8 million and non-GAAP net income attributable to CrowdStrike to be in the range of $129.5 million to $137.0 million.

我們預計非 GAAP 運營收入在 1.164 億美元至 1.238 億美元之間，非 GAAP 歸屬於 CrowdStrike 的淨收入在 1.295 億美元至 1.37 億美元之間。

We expect diluted non-GAAP net income per share attributable to CrowdStrike to be in the range of $0.54 to $0.57, utilizing a weighted average share count of 242 million shares on a diluted basis.

我們預計歸屬於 CrowdStrike 的稀釋後非 GAAP 每股淨收益在 0.54 美元至 0.57 美元之間，稀釋後的加權平均股數為 2.42 億股。

We are raising our revenue and profitability guidance for the full fiscal year 2024. We currently expect total revenue to be in the range of $3,000.5 million to $3,036.7 million, reflecting a growth rate of 34% to 35% over the prior fiscal year.

我們正在提高 2024 年整個財年的收入和盈利能力預期。我們目前預計總收入將在 30.005 億美元至 30.367 億美元之間，較上一財年增長 34% 至 35%。

Non-GAAP income from operations is expected to be between $498.9 million and $526.2 million. We expect fiscal 2024 non-GAAP net income attributable to CrowdStrike to be between $562.8 million and $590.1 million.

非 GAAP 運營收入預計在 4.989 億美元至 5.262 億美元之間。我們預計 2024 財年歸屬於 CrowdStrike 的非 GAAP 淨收入將在 5.628 億美元至 5.901 億美元之間。

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 $2.32 to $2.43.

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 2.32 美元至 2.43 美元之間。

George and I will now take your questions.

喬治和我現在將回答您的問題。

(Operator Instructions) Our first question comes from Saket Kalia with Barclays.

（操作員說明）我們的第一個問題來自巴克萊銀行的 Saket Kalia。

Congrats on the DOD authorization. George, maybe for you, and I'll just stick to 1 here. Can we just talk a little bit about what you're seeing in legacy endpoint share gains? I mean clearly, CrowdStrike has a broader platform beyond just endpoint. But I'm curious -- just given the macro and everything happening, curious how you feel about that opportunity for continued share gain in endpoint specifically?

恭喜獲得國防部授權。 George，也許適合你，我在這裡只使用 1。我們能否談談您在傳統端點份額增長中看到的情況？我的意思很明確，CrowdStrike 擁有一個更廣泛的平台，而不僅僅是端點。但我很好奇 - 考慮到宏觀和發生的一切，好奇你對端點持續增長份額的機會有何看法？

Well, I feel good about that opportunity. And if you look at our current market leadership and this market-leading leadership at 17.8% for modern endpoint security, it's still a very fragmented market, and we continue to take share from the legacy players that are in the market.

好吧，我對這個機會感覺很好。如果你看看我們目前的市場領導地位，以及現代端點安全領域以 17.8% 的市場領先地位，它仍然是一個非常分散的市場，我們將繼續從市場上的傳統參與者那里奪取份額。

Again, when you look at different geographies, obviously, we've got heavier penetration in North America, but there's many geographies in the rest of world that still have to be penetrated deeper, particularly in converting those legacy players. So I feel really good about it. It's a fragmented market, if you just look at the numbers and the ongoing conversion of legacy technologies into next-gen players like CrowdStrike will continue for the foreseeable future.

同樣，當你看不同的地區時，很明顯，我們在北美的滲透率更高，但世界其他地區的許多地區仍然需要更深入地滲透，特別是在轉換那些傳統玩家方面。所以我感覺很好。這是一個分散的市場，如果你只看數字，傳統技術向像 CrowdStrike 這樣的下一代玩家的持續轉變將在可預見的未來繼續下去。

Our next question comes from Sterling Auty with SVB MoffettNathanson.

我們的下一個問題來自 Sterling Auty 和 SVB MoffettNathanson。

I wonder if you could give us a sense of what kind of impact you saw in the business from the disruption from the banking crisis in March, both on kind of ARR linearity and maybe even billings in the quarter.

我想知道您是否可以讓我們了解您在 3 月份的銀行業危機中斷後對業務產生了什麼樣的影響，無論是對 ARR 線性還是本季度的賬單。

Thanks, Sterling. So number one, let's talk about the impact -- number one, let's talk about the impacts of the banking crisis. So for us, there was not a material impact on ARR from the banks. I think the impacts of churn from the bank industry was really de minimis. And we continue to close deals with regional banks in the quarter and banks particularly need robust cyber defenses.

謝謝，斯特林。所以第一，讓我們談談影響——第一，讓我們談談銀行業危機的影響。所以對我們來說，銀行對 ARR 沒有實質性影響。我認為銀行業流失的影響確實微乎其微。我們在本季度繼續與地區性銀行達成交易，銀行尤其需要強大的網絡防禦。

Overall gross retention remained high and best-in-class. So we felt pretty good in terms of that particular piece of the segment. In terms of overall billings, billings is, of course, for us, quite cyclical, and it is driven primarily through seasonality. So Q4 has our largest deals, and the renewals that came up have an impact, and then the impact falls into Q1, which we would see overall decrease. So that's how we think about it.

總體毛留存率仍然很高，處於同類最佳水平。因此，就該細分市場的特定部分而言，我們感覺非常好。就整體賬單而言，賬單對我們來說當然是周期性的，主要受季節性驅動。所以第四季度有我們最大的交易，隨之而來的續約產生了影響，然後影響落入第一季度，我們會看到整體下降。這就是我們的想法。

And as you know, the business is focused on ARR as opposed to billings, which can be -- which can have whipsaw effects and the focus on ARR just gives you an idea about the overall health of the business.

正如你所知，企業關注的是 ARR 而不是賬單，賬單可能會產生洗盤效應，而對 ARR 的關注只會讓你了解企業的整體健康狀況。

Our next question comes from Joel Fishbein with Truist Securities.

我們的下一個問題來自 Truist Securities 的 Joel Fishbein。

George, one for you. Thank you for the update on AI. I'm just curious, as it increases the [intact surface], just curious if you've seen any threats recently that may have been exploited new threats as a result of the proliferation of some of these new models that are out there. And I have a quick follow-up.

喬治，給你一個。感謝您更新 AI。我只是好奇，因為它增加了[完整表面]，只是好奇你最近是否看到任何威脅，這些威脅可能由於其中一些新模型的擴散而被新威脅利用。我有一個快速的跟進。

Well, we continue to see, and we have seen for some period of time, adversarial AI, so the use of AI, specifically by the adversary to try to defeat security systems. So that's been going on for some time. I think what we're seeing now with generative AI and LLMs is the fact that it becomes very easy for even a novice adversary to be able to have the same capabilities as a nation-state to create new exploits, new vulnerabilities to be able to deliver phish e-mails, et cetera.

好吧，我們繼續看到，而且我們已經看到了一段時間，對抗性人工智能，所以使用人工智能，特別是對手試圖打敗安全系統。所以這已經持續了一段時間。我認為我們現在看到的生成式 AI 和 LLM 的事實是，即使是新手對手也很容易擁有與民族國家相同的能力來創造新的攻擊、新的漏洞，從而能夠發送網絡釣魚電子郵件等。

So that will be an ongoing effort. And again, we're really excited about Charlotte AI, which we announced this week. I think it's an absolute game changer for us in the company and what we're able to do and to really compress the workloads for analysts and provide a lot of the intelligence that we have and our analysts have right through the Falcon platform.

因此，這將是一項持續的努力。再一次，我們對本周宣布的 Charlotte AI 感到非常興奮。我認為這對我們公司來說是一個絕對的遊戲規則改變者，我們能夠做到並真正壓縮分析師的工作量，並通過 Falcon 平台提供我們和我們的分析師所擁有的大量情報。

So we'll continue to monitor that, but that's been an ongoing activity that we've seen for some time.

因此，我們將繼續對此進行監控，但這是我們已經看到一段時間的持續活動。

Great. And just as a follow-up on this CrowdStrike Falcon Complete XDR. Can you just talk about how the new release may increase your competitive advantage in that space? I think there's a lot of noise out there.

偉大的。就像這款 CrowdStrike Falcon Complete XDR 的後續產品一樣。您能否談談新版本如何增加您在該領域的競爭優勢？我認為那裡有很多噪音。

Well, there's a lot of noise. And when you look at XDR and what we've talked about with our use of AI in terms of really driving additional leverage in the business, it does help to automate a lot of what we do, and we can now provide that level of automation in a complete offering.

嗯，有很多噪音。當您查看 XDR 以及我們在真正推動業務中的額外影響力方面使用 AI 所討論的內容時，它確實有助於使我們所做的很多工作自動化，而且我們現在可以提供該級別的自動化在一個完整的產品中。

Because XDR is still -- as an industry, is still an immature technology, I think wrapping it with a complete service really allows customers to have peace of mind. They can allow us to take in that third-party data, leverage the models that we've already built to get better outcomes, faster response and drive down their overall operational cost.

因為 XDR 仍然——作為一個行業，仍然是一項不成熟的技術，我認為用完整的服務包裹它真的能讓客戶安心。他們可以讓我們獲取第三方數據，利用我們已經構建的模型來獲得更好的結果、更快的響應並降低他們的整體運營成本。

Our next question comes from Hamza Fodderwala with Morgan Stanley.

我們的下一個問題來自摩根士丹利的 Hamza Fodderwala。

George, an AI question for you as well. So I'm curious how you're thinking about monetizing some of the new AI services that you've released. I mean, is it something that's going to drive more sort of top of the funnel conversion? Do you think it's going to drive more demand for Log Scale? Is there like explicit SKU that you're offering? Just curious how you're thinking about that. I know it's pretty early days.

喬治，你也有一個 AI 問題。所以我很好奇你是如何考慮將你發布的一些新人工智能服務貨幣化的。我的意思是，它是否會推動更多類型的漏斗轉換？您認為它會推動對 Log Scale 的更多需求嗎？您是否提供明確的 SKU？只是好奇你是怎麼想的。我知道現在還為時過早。

Well, it's something that's really foundationally built into the platform, and we believe it's going to drive a lot of additional adoption of modules and platform usage throughout the customer base. So we'll start there.

好吧，這是平台真正內置的東西，我們相信它將推動整個客戶群對模塊和平台使用的大量額外採用。所以我們將從那裡開始。

As it evolves over time, we'll look to see if we'll monetize it with specific SKUs. But I think -- and first and foremost, let's get it to the customer base, let's iterate it. Let's leverage the data advantage that we have because as I've talked about in the earnings call, we've got 10 years of being able to train these algorithms. And I think as most know, it really is the human interaction that allows LLMs to shine. And we've got, I think, a real advantage because we've got 10 years of attack paring, if you will, with data and how the attacks work that can be used for training. So we're going to get it down to the customer base, continue to iterate it. And then I believe it will drive more adoption of the platform modules. And then we'll see how we'll monetize it after that from a separate SKU perspective.

隨著它隨著時間的推移而發展，我們將看看我們是否會通過特定的 SKU 將其貨幣化。但我認為——首先也是最重要的，讓我們把它帶給客戶群，讓我們迭代它。讓我們利用我們擁有的數據優勢，因為正如我在財報電話會議上所說的那樣，我們已經有 10 年的時間來訓練這些算法。我認為正如大多數人所知，正是人際互動讓法學碩士大放異彩。我認為，我們有一個真正的優勢，因為我們有 10 年的攻擊配對，如果你願意的話，數據和攻擊如何工作可用於培訓。所以我們要把它深入到客戶群中，繼續迭代它。然後我相信它將推動平台模塊的更多采用。然後我們將從單獨的 SKU 角度來看我們如何將其貨幣化。

Our next question comes from Matt Hedberg with RBC.

我們的下一個問題來自 RBC 的 Matt Hedberg。

You're talking about a lot of confidence in the second half net new ARR acceleration. When you sit back and you look at it, there's a lot of things, I think, to be excited about. What do you think are the biggest drivers of that growth? And maybe I missed it, but are you still targeting low 30% ARR growth for fiscal '24?

你說的是對下半年淨新 ARR 加速的信心。當你坐下來看著它時，我認為有很多事情值得興奮。您認為這種增長的最大推動力是什麼？也許我錯過了，但您是否仍將 24 財年的 ARR 增長率定為 30%？

Yes. Great question. So first, let's talk a little bit about the second half, obviously, the easier comps in the back half, right? So that's number one. And then what really gives us confidence going into the second half is 3 things.

是的。很好的問題。所以首先，讓我們談談下半場，顯然，後半場的比賽更容易，對吧？所以這是第一。然後真正讓我們有信心進入下半場的是三件事。

One is pipeline. We see momentum and deal activity rapidly building for the second half. It really started in the middle of Q1, and we saw that momentum to be able to build the pipe for the second half. So that was number one.

一是流水線。我們看到下半年勢頭和交易活動迅速建立。它真正開始於第一季度中期，我們看到了能夠為下半年建造管道的勢頭。所以這是第一。

Number two, products. We're excited about Log Scale. George talked about it a lot. We've given some examples. So we think that there's an integrated opportunity with Log Scale. We're also seeing momentum in cloud. I think that's something that we're really excited about and AI-powered XDR now with Charlotte, and George has already talked about that.

第二，產品。我們對 Log Scale 感到興奮。喬治談了很多。我們已經給出了一些例子。所以我們認為 Log Scale 有一個整合的機會。我們也看到了雲的發展勢頭。我認為這是我們真正感到興奮的事情，現在 Charlotte 的 AI 驅動的 XDR，George 已經談到了這一點。

And then third, our partnerships, whether it's Dell or Pax8 or others that are coming online, we think that, that can be something that will move the needle for us in the second half. So the key here is cybersecurity remains mission-critical. And I think customers want to consolidate and drive down TCO more than ever, and Falcon is designed to do exactly like that.

第三，我們的合作夥伴關係，無論是戴爾、Pax8 還是其他即將上線的合作夥伴，我們認為，這可能會在下半年為我們帶來積極影響。所以這裡的關鍵是網絡安全仍然是關鍵任務。而且我認為客戶比以往任何時候都更希望整合和降低 TCO，而 Falcon 的設計正是為了做到這一點。

So I think that when you look at the overall module adoption and we talk about -- we closed over 50% more deals involving 8 or more modules this quarter compared to a year ago, that gives -- that speaks to the power of our platform. And so all those things give us confidence about what we talked about in -- for second half and stated assumptions remain same.

因此，我認為，當您查看整體模塊採用情況時，我們會談論——與一年前相比，我們本季度涉及 8 個或更多模塊的交易增加了 50% 以上，這說明了我們平台的力量.因此，所有這些事情讓我們對我們所談論的內容充滿信心——因為下半年和陳述的假設保持不變。

Our next question comes from Andrew Nowinski with Wells Fargo.

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

So I was wondering if you could just expand on your partnerships with Dell that you talked about last quarter. Just wondering how much it contributed into the quarter, whether you have enough visibility from that partnership yet to factor that into your new revenue guidance for the year and if that's actually driving any traction in that SMB sector.

所以我想知道您是否可以擴大上個季度談到的與戴爾的合作夥伴關係。只是想知道它對本季度的貢獻有多大，您是否已經從該合作夥伴關係中獲得足夠的知名度，以便將其納入您今年的新收入指南，以及這是否真的推動了該 SMB 部門的任何牽引力。

Yes, good question. So one, we're tracking to plan. We're still early days, obviously, with Dell. We called out 1 7-figure deal with a regional health care company that was brought through our partnership with Dell in the quarter. And obviously, with any new alliance, it does take time to gain traction. So the numbers that are coming from that Dell partnership, we anticipate to grow over time. But in terms of a big piece of the quarter, not yet, right? We have great expectations. But like anything else, those things do take time, but we are still excited about it.

是的，好問題。所以，我們正在跟踪計劃。顯然，與戴爾合作，我們還處於早期階段。我們在本季度通過與戴爾的合作關係與一家地區性醫療保健公司達成了 1 筆 7 位數的交易。顯然，對於任何新的聯盟來說，獲得牽引力都需要時間。因此，我們預計來自戴爾合作夥伴關係的數字會隨著時間的推移而增長。但就本季度的一大部分而言，還沒有，對吧？我們抱有很大的期望。但就像其他任何事情一樣，這些事情確實需要時間，但我們仍然對此感到興奮。

Our next question comes from Tal Liani with Bank of America.

我們的下一個問題來自美國銀行的 Tal Liani。

Can you give us an update on -- 2 questions. Can you give us an update on going downmarket and your traction with Falcon Go, the SMB focus area? So what's the -- what kind of competition do you see there given that Microsoft is stronger in the downmarket?

您能否就 2 個問題向我們提供最新信息。您能否向我們介紹一下進入低端市場的最新情況以及您對 SMB 重點領域 Falcon Go 的吸引力？那麼，鑑於微軟在低端市場的實力更強，您認為那裡存在什麼樣的競爭？

And second question, we have seen many companies in the space having sales to existing customers much stronger than sales to new customers. There is slowdown in sales to new customers. Can you give us kind of the data on where do you see the growth coming from in existing versus new customers?

第二個問題，我們已經看到該領域的許多公司對現有客戶的銷售比對新客戶的銷售要強得多。對新客戶的銷售放緩。你能給我們一些數據，說明你認為現有客戶和新客戶的增長來自哪裡嗎？

Sure. I'll start out and then Burt can add anything if he needs to. So Falcon Go has been a success for us. We continue to target the SMB market. I think I called out in one of the prior earnings calls how we organized ourselves internally. We've got a specific focus and a leader on that.

當然。我先開始，然後伯特可以根據需要添加任何內容。所以 Falcon Go 對我們來說是成功的。我們繼續瞄準中小企業市場。我想我在之前的一次財報電話會議上提到了我們如何在內部組織自己。我們有一個特定的重點和領導者。

We've seen a lot of success there. And we'll also -- I need to call out the pairing to our success in the MSP market and a partnership like Pax8, which really allows us to get those lower-cost offerings out to customers through managed service providers. So it's a big market for us. SMB, it's a very highly fragmented market. You have some players there.

我們在那裡看到了很多成功。我們還將——我需要指出我們在 MSP 市場取得成功的配對以及像 Pax8 這樣的合作夥伴關係，這確實使我們能夠通過託管服務提供商向客戶提供這些低成本產品。所以這對我們來說是一個很大的市場。 SMB，這是一個高度分散的市場。你那裡有一些球員。

But we've been successful because customers are looking for outcomes. You talk about Microsoft customers routinely come to us after they get hit with ransomware -- after they have an issue and looking for a next-gen solution. It doesn't depend on signature.

但我們之所以成功，是因為客戶正在尋找結果。你談到微軟客戶在遇到勒索軟件攻擊後經常來找我們——在他們遇到問題並尋找下一代解決方案之後。它不依賴於簽名。

So we see success there. We've got to ramp our channels up. We're working with Dell and others and managed service providers. But I feel really good about that opportunity, and that will continue to grow over time.

所以我們在那裡看到了成功。我們必須擴大我們的渠道。我們正在與戴爾和其他公司以及託管服務提供商合作。但我對這個機會感覺非常好，而且隨著時間的推移，這種機會會繼續增長。

I'll take the second part of the question, Tal. So we really haven't seen a material difference in terms of the mix between (inaudible) installed base and net new logos versus last quarter. We do think that we will see over time, as our installed base gets larger, they have more opportunities to sell to our installed base.

Tal，我將回答問題的第二部分。因此，與上一季度相比，我們在（聽不清）安裝基礎和淨新徽標之間的組合方面確實沒有看到實質性差異。我們確實認為，隨著時間的推移，我們會看到，隨著我們的安裝基數越來越大，他們有更多機會向我們的安裝基數銷售產品。

Having said that, we still think we have a lot of headroom in terms of net (inaudible). We have a long way to go, and we talked about that on earlier calls. So overall, we're really pleased with our opportunity on both net new logos from a new logo standpoint and from a cross-sell, upsell opportunity.

話雖如此，我們仍然認為我們在淨（聽不清）方面有很大的空間。我們還有很長的路要走，我們在早些時候的電話中談到了這一點。因此，總的來說，我們對從新標識的角度和交叉銷售、追加銷售機會的淨新標識的機會感到非常高興。

Our next question comes from Shaul Eyal with TD Cowen.

我們的下一個問題來自 Shaul Eyal 和 TD Cowen。

George, last quarter, I believe, or maybe during the update, you talked a lot about some of the Microsoft displacements. And you've actually just kind of mentioned that. In that context, maybe shifting to -- from a model perspective, any specific trend that you can talk to us about this quarter versus prior quarters with respect to the leading modules, the identity, some of the emerging ones versus everything that you're seeing from Microsoft in that respect?

George，我相信上個季度，或者可能在更新期間，你談到了很多關於微軟的一些替代。你實際上只是提到了這一點。在這種情況下，也許會轉向——從模型的角度來看，你可以與我們討論本季度與前幾個季度的任何具體趨勢，包括領先模塊、身份、一些新興模塊與你所擁有的一切從微軟那裡看到這方面？

Sure. I think I'll start with consolidation, and I'll reference back to what I spoke about in the prepared remarks. Every customer that we spoke to, and I spoke to many, many customers at our Analyst Day, and even throughout the quarter, it was really about consolidation. I think we've done a good job of showing a very cost compelling model for them, where they're actually paying less than, say, an E5 for the security pieces, particularly CrowdStrike, and they're getting better outcomes.

當然。我想我將從整合開始，然後我會回顧我在準備好的發言中所說的內容。我們採訪過的每一位客戶，我在我們的分析師日，甚至整個季度都採訪過很多很多客戶，這實際上是關於整合。我認為我們在為他們展示一個極具成本效益的模型方面做得很好，他們實際上支付的費用低於 E5 的安全部分，尤其是 CrowdStrike，而且他們正在獲得更好的結果。

So there are many customers that have said, "We want to consolidate on CrowdStrike. We want to buy more." Obviously, these take -- these sort of bigger deals take time. They have more deals proving those sort of things. But that's what we're seeing. And that's, I think, reflective in what we saw this quarter. And certainly, what we've seen growing in the pipeline as customers want to do more with CrowdStrike.

所以有很多客戶說，“我們想在 CrowdStrike 上整合。我們想購買更多。”顯然，這些需要——這類更大的交易需要時間。他們有更多的交易來證明這些事情。但這就是我們所看到的。我認為，這反映了我們本季度所看到的情況。當然，隨著客戶希望使用 CrowdStrike 做更多事情，我們已經看到了管道中的增長。

Our next question comes from John DiFucci with Guggenheim Securities.

我們的下一個問題來自古根海姆證券公司的 John DiFucci。

My question is for George. So this is the first quarter ever that new ARR declined for you guys, whereas most other's decline started quarters ago, like several quarters ago. Tal asked about competition in the SMB market. But what about demand? We started to hear some weakness in the SMB in the mid-market. We realize that's largely greenfield for you. So it might be harder for you to tell, but are you seeing any changes in that market demand this quarter versus previously?

我的問題是給喬治的。所以這是你們新 ARR 下降的第一個季度，而大多數其他人的下降是在幾個季度前開始的，就像幾個季度前一樣。 Tal 詢問了 SMB 市場的競爭情況。但是需求呢？我們開始聽到中端市場 SMB 的一些弱點。我們意識到這對您來說很大程度上是未開發的。所以你可能很難說，但你是否看到本季度市場需求與之前相比有任何變化？

No, we actually saw strong demand and results in SMB. I think we've got a great model. We've got the right technology for it, and we're solving outcomes, right? When you look at not only the technology itself, obviously, you can buy Falcon Go as a customer, but you can also buy Falcon Complete. We have many SMB customers. Many, many that are Falcon Complete customers. Why? Because it's a very compelling proposition from a price perspective.

不，我們實際上看到了 SMB 的強勁需求和結果。我認為我們有一個很棒的模型。我們有合適的技術，我們正在解決結果，對吧？當你不僅看技術本身時，很明顯，你可以作為客戶購買 Falcon Go，但你也可以購買 Falcon Complete。我們有很多 SMB 客戶。很多很多是 Falcon Complete 的客戶。為什麼？因為從價格的角度來看，這是一個非常有吸引力的提議。

They could even fill 1 head for the cost of what we're charging them, and they're getting the best in the world in terms of security. So we have not seen a slowdown in SMB. We've got, I think, really good traction there. And at the end of the day, as you pointed out, it's still a fragmented market and it's a smaller part of our overall revenue. So we see great future opportunity with it and didn't see any impact last quarter.

他們甚至可以用 1 頭來支付我們向他們收取的費用，而且他們在安全方面獲得了世界上最好的。所以我們沒有看到 SMB 放緩。我認為，我們在那裡有很好的牽引力。歸根結底，正如你所指出的，它仍然是一個分散的市場，它只占我們總收入的一小部分。因此，我們看到了巨大的未來機會，並且在上個季度沒有看到任何影響。

Our next question comes from Brian Essex with JPMorgan.

我們的下一個問題來自摩根大通的 Brian Essex。

I guess maybe for Burt, nice milestone of hitting GAAP profitability. I guess I would love a little bit more color around your commitment to maintaining GAAP profitability. What should we expect? And you also had a really -- I think, for the first time, stock-based comp declined sequentially. What is kind of the outlook there? And how should we kind of frame out your view and your plans to drive GAAP profitability and balanced growth and profitability going forward?

我想也許對於伯特來說，這是達到 GAAP 盈利能力的一個很好的里程碑。我想我會更喜歡你對維持 GAAP 盈利能力的承諾。我們應該期待什麼？而且你也有一個真正的 - 我認為，這是第一次，基於股票的補償連續下降。那裡的前景如何？我們應該如何構建您的觀點和您推動 GAAP 盈利能力以及未來平衡增長和盈利能力的計劃？

Thanks, Brian. Great question. So one, overall, we've had a very methodical approach in how we look at the various aspects of the model. So first, we focused on gross margin. And you can see the progress that we've made there. Second piece was focusing on non-GAAP profitability and free cash flow. The free cash flow, as you know, which is 30%, and that is something that's ongoing. Third evolution is GAAP profit, which we will continue to focus on and drive towards achieving sustainability. Of course, [FBC] is the biggest piece of that. We continue to manage FBC , and we're going to be mindful with the balance with retaining the best and the brightest talent, that's paramount for us.

謝謝，布萊恩。很好的問題。因此，總的來說，我們在如何看待模型的各個方面方面採用了一種非常有條理的方法。所以首先，我們關注毛利率。你可以看到我們在那裡取得的進展。第二部分關注非 GAAP 盈利能力和自由現金流。自由現金流，如你所知，是 30%，而且這是持續的事情。第三個演變是 GAAP 利潤，我們將繼續關注並推動實現可持續發展。當然，[FBC] 是其中最大的一塊。我們將繼續管理 FBC，我們將注意保留最優秀和最聰明的人才之間的平衡，這對我們來說至關重要。

We also look to dilution. Our dilution, we feel, is in a good place. Less than 2% this year, strive to keep it under 3% in the years that are coming. So overall, we are very pleased with hitting the GAAP profitability and believe it demonstrates the power of the model and that we are disciplined in our growth and we're disciplined in how we see the market today. Everything we do is bide time. It's not a fluke.

我們也期待稀釋。我們認為，我們的稀釋是在一個好地方。今年不到 2%，爭取在未來幾年保持在 3% 以下。因此，總的來說，我們對達到 GAAP 盈利能力感到非常高興，並相信它證明了模型的力量，我們在增長方面受到紀律處分，我們在看待當今市場的方式上也受到紀律處分。我們所做的一切都是在等待時間。這不是僥倖。

We think about it in terms of where we can expand and how we can extend. But for us with FBC , we really focus on making sure we're able to get the best talent and retain the best talent and attract the best talent.

我們從可以擴展的地方和如何擴展的角度來考慮它。但對於我們 FBC 來說，我們真正專注於確保我們能夠獲得最優秀的人才，留住最優秀的人才，並吸引最優秀的人才。

That's how we really think about it. And for us, we're going to look forward to when we reach sustainability, but we have other things we're going after right now, including that retention and attraction.

這就是我們真正考慮的方式。對於我們來說，我們將期待實現可持續發展，但我們現在還有其他事情要做，包括保留和吸引力。

Our next question comes from Jonathan Ho with William Blair.

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

I just wanted to maybe ask a little bit about sort of the success that you've seen with these additional add-on modules. Can you help us understand maybe where that success is coming from, whether it's some of your newer products in areas like cloud or EASM? Or is this in sort of multiproduct sales from your more existing endpoint capabilities?

我只是想問一下您看到的這些額外附加模塊的成功情況。您能否幫助我們了解成功的來源，無論是您在雲或 EASM 等領域的一些新產品？或者這是來自更多現有端點功能的多產品銷售？

Sure. Well, we've seen strength in many different areas. We had some incredible wins with Log Scale. I'm really seeing the momentum on that. There's a real need in the industry for faster, better, cheaper logging, and customers are looking for a solutions. So that was great to see.

當然。好吧，我們已經看到許多不同領域的實力。我們使用 Log Scale 取得了一些令人難以置信的勝利。我真的看到了這方面的勢頭。業界確實需要更快、更好、更便宜的日誌記錄，而客戶正在尋找解決方案。所以很高興看到。

I think when you look at identity, this is one of those areas where, just like EDR in the early days, it wasn't necessarily budgeted. And what we're starting to see now is that companies are actually budgeting in current and future budgets for identity, just like XDR -- sorry, EDR as an emerging product.

我認為當你看身份時，這是其中一個領域，就像早期的 EDR 一樣，它不一定有預算。我們現在開始看到的是，公司實際上正在為身份編制當前和未來的預算，就像 XDR —— 抱歉，EDR 作為一種新興產品。

And the third area is cloud. We had some incredible cloud wins. We've packaged up our offering to include both agent and agent-less on the cloud as basically 1 SKU. Customers can use it. They love the fact that they're getting results from both agent and agent-less technologies, and that is a true differentiator in the environment, the competitive environment.

第三個領域是雲。我們取得了一些令人難以置信的雲勝利。我們已經打包了我們的產品，將雲上的代理和無代理都包含為基本上 1 個 SKU。客戶可以使用它。他們喜歡這樣一個事實，即他們從代理和無代理技術中獲得結果，這是環境和競爭環境中真正的差異化因素。

So overall, when you look at a lot of these areas that I've called out in the past, it's full speed ahead on them, and we continue to add more capabilities, and I'm really excited about the product lineup that we have for this fiscal year.

所以總的來說，當你看看我過去提到的很多這些領域時，它們正在全速前進，我們繼續增加更多的功能，我對我們擁有的產品陣容感到非常興奮本財政年度。

Our next question comes from Gregg Moskowitz with Mizuho.

我們的下一個問題來自 Mizuho 的 Gregg Moskowitz。

First, a quick clarification from Burt. If you could just comment on average duration this quarter and if there was any change. And then for George, so I know you've been incorporating AI into Threat Graph and the broader platform for years. But on Charlotte, you alluded to commoditizing LLMs. But might you leverage open source and develop your own LLMs based on your dataset to provide additional value there. Just curious to hear a little more on how you may augment existing LLM to potentially drive a greater wedge, so to speak, based on your inherent data advantage there?

首先，伯特的快速澄清。如果你能評論本季度的平均持續時間以及是否有任何變化。然後是 George，所以我知道你多年來一直在將 AI 整合到 Threat Graph 和更廣泛的平台中。但是在夏洛特，你提到了將法學碩士商品化。但是，您是否可以利用開源並根據您的數據集開發自己的 LLM 以提供額外的價值。只是想知道更多關於您如何根據您在那裡固有的數據優勢來增加現有的 LLM 以潛在地推動更大的楔子，可以這麼說嗎？

Gregg, I'll take the first part of that question. So as you know, we called out that we expect to see in the long term the shift from multiyear deals to 1-year deals. I think that's traditional and software. But we did not see a material shift in the trend this quarter compared to the last quarter. So just to be very, very clear on that point.

Gregg，我將回答這個問題的第一部分。如您所知，我們呼籲從長遠來看，我們希望看到從多年期交易轉向 1 年期交易。我認為這是傳統的和軟件的。但與上一季度相比，我們沒有看到本季度的趨勢發生實質性轉變。所以在這一點上要非常非常清楚。

Deal durations are getting shorter, but are expected. And it remains within the parameters of how we've modeled out our overall business.

交易持續時間越來越短，但在意料之中。它仍然在我們如何為我們的整體業務建模的參數範圍內。

Yes. Greg, on the question regarding LLMs, obviously, there's some great technology that's already out there. And I think our view is to leverage LLMs.

是的。格雷格，關於法學碩士的問題，顯然，已經有一些很棒的技術。我認為我們的觀點是利用法學碩士。

It's a very similar concept to be able to leverage different cloud providers, leverage the LLMs that suit you for a particular purpose. It doesn't mean we couldn't build our own.

能夠利用不同的雲提供商，利用適合您的 LLM 來達到特定目的，這是一個非常相似的概念。這並不意味著我們不能建立自己的。

But I think what's important, and I called this out in the prepared remarks, is the fact that the training is one of the areas that really makes an LLM shine. And I think many people have seen that just with their understanding of ChatGPT, these things have to be trained, where you get hallucinations in terms of results -- there's various results, if you will.

但我認為重要的是，我在準備好的發言中指出了這一點，即培訓是真正讓法學碩士大放異彩的領域之一。而且我認為很多人已經看到，只要他們對 ChatGPT 有所了解，就必須對這些東西進行訓練，在那裡你會對結果產生幻覺——如果你願意的話，會有各種各樣的結果。

So from our standpoint, we believe the pairing of the Threat Graph with annotated threat data over the last 10 years is and will continue to be a sustainable advantage and a barrier to entry because we've already done a lot of that kind of human training. And we can take advantage and interchange LLMs within our own dataset to provide the best outcome depending on what we're looking for.

因此，從我們的角度來看，我們認為過去 10 年威脅圖與帶註釋的威脅數據的結合是並將繼續成為一種可持續的優勢和進入壁壘，因為我們已經進行了大量此類人類培訓.我們可以利用和交換我們自己的數據集中的 LLM，以根據我們正在尋找的內容提供最佳結果。

So we'll leverage what's out there. We may build some of our own. But I think more importantly, we've got the right dataset to get the training the way we need it.

因此，我們將利用那裡的資源。我們可能會建造一些我們自己的。但我認為更重要的是，我們擁有正確的數據集，可以按照我們需要的方式進行培訓。

Our next question comes from Alex Henderson with Needham.

我們的下一個問題來自 Alex Henderson 和 Needham。

I was hoping you could talk a little bit about what your assumptions are in terms of your pipeline, in terms of deal sizes, duration, closure rates and price relative to the conditions. Are you baking in a little bit more conservatism into your assumptions on some of those parameters? Are you expecting the deal sizes to continue to go up, but then push out in the time to close deals? And what are you assuming around closure rates in this environment? And if you could tether in a little bit on the federal, I would love it.

我希望你能談談你對你的管道的假設，在交易規模、持續時間、關閉率和相對於條件的價格方面。您是否對其中一些參數的假設更加保守？您是否預計交易規模會繼續增加，但會推遲完成交易的時間？在這種環境下，您對關閉率有何假設？如果你能稍微了解一下聯邦，我會很高興的。

Thanks, Alex. A few things to unpack there. So let's start with -- in terms of larger deals. Again, we closed over 50% more deals involving 8 more modules this quarter compared to a year ago. I think this really speaks to the fact that customers really want to do the consolidation play. They want to continue to leverage Falcon platform as a means to get the right outcomes at the right price.

謝謝，亞歷克斯。有一些東西要在那裡打開。因此，讓我們從更大的交易開始。同樣，與一年前相比，本季度我們完成的交易增加了 50% 以上，涉及 8 個模塊。我認為這確實說明了這樣一個事實，即客戶真的想進行整合。他們希望繼續利用 Falcon 平台作為一種手段，以合適的價格獲得合適的結果。

In terms of the overall environment, so first, big picture in the macro, we don't see the macro improving now and for the rest of the year. So with that as a backdrop, when we think about deal durations, yes, sure. We think deal durations are going to be shorter. I think people are going to -- in terms of their size, they're going to be longer to be able to consummate.

就整體環境而言，首先，宏觀的大局，我們現在和今年餘下時間都看不到宏觀的改善。因此，以此為背景，當我們考慮交易期限時，是的，當然。我們認為交易期限將會縮短。我認為人們會——就他們的規模而言，他們會更長的時間才能達到完美。

And that goes to the additional scrutiny that we're continuing to see from companies looking to do bigger deals takes more time. And so when we think about that all in perspective, we know that there's going to be deals that are going to be more difficult to close within a particular quarter. And so we've modeled that in.

這就是我們繼續從尋求進行更大交易的公司那裡看到的額外審查需要更多時間。因此，當我們全面考慮這一切時，我們知道在特定季度內將更難完成一些交易。所以我們已經將其建模。

I think that overall, with respect to some of the other metrics that you had mentioned, I think that for one -- I think that for our net new ARR, we are going to maintain the assumptions that we stated previously. I think that's the right thing to do.

我認為總體而言，關於您提到的其他一些指標，我認為對於一個 - 我認為對於我們的淨新 ARR，我們將保持我們之前陳述的假設。我認為這是正確的做法。

With that, I'll pass over to George to talk about that.

有了這個，我將交給喬治來談談。

Sure. As I mentioned, prior comments, we're excited about IL5. That does open up, I think, a much bigger federal opportunity. We had some really nice wins in the quarter. And that's one -- again, it's slow and steady. You've just got to get in. It may take a while to get deals done, but they last a long time and they're big and [meaty]. So we continue to drive forward on that. And I think this IL5 certification opens up more doors for us.

當然。正如我在之前的評論中提到的，我們對 IL5 感到興奮。我認為，這確實打開了一個更大的聯邦機會。我們在本季度取得了一些非常好的勝利。那就是一個——再一次，它緩慢而穩定。你只需要進入。完成交易可能需要一段時間，但它們會持續很長時間，而且它們很大而且 [meaty]。因此，我們繼續推動這一點。而且我認為這個 IL5 認證為我們打開了更多的大門。

Our next question comes from Ittai Kidron with Oppenheimer.

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

I guess the question is for Burt. With the benefits of AI, as George described them, how soon can you raise your long-term margin targets?

我想這個問題是給伯特的。正如 George 所描述的那樣，有了人工智能的好處，您多久可以提高長期利潤率目標？

Look, for us, we're really pleased with where we're going with our margins. It starts at gross margin. You saw the progress that we've made there. We've talked about continued developments for optimization in our -- certainly in our data centers as well as our cloud workloads.

看，對我們來說，我們對我們的利潤率感到非常滿意。它從毛利率開始。你看到了我們在那裡取得的進展。我們已經討論了我們的優化的持續發展 - 當然是在我們的數據中心以及我們的雲工作負載中。

And then the progress that we're making in AI, we build into everything we do, and we've been doing it for 10 years. We do anticipate to continue to see those improvements.

然後我們在人工智能方面取得的進步，我們融入到我們所做的一切中，我們已經做了 10 年了。我們確實希望繼續看到這些改進。

And just as a memory -- just to remind you, Ittai, we've been doing AI from the beginning, just as we did cloud from the beginning. Those 2 were hand in hand. And the good news there is we've got, as George has mentioned, over 10 years of all that AI and the training on the AI. And that's a massive head start over anyone of our other competitors.

就像一個記憶——只是提醒你，Ittai，我們從一開始就在做人工智能，就像我們從一開始就做雲一樣。那兩個手拉手。好消息是，正如 George 所提到的，我們已經擁有超過 10 年的所有 AI 和 AI 培訓。與我們的任何其他競爭對手相比，這是一個巨大的領先優勢。

Our next question comes from Patrick Colville with Scotiabank.

我們的下一個問題來自豐業銀行的 Patrick Colville。

In the prepared remarks, you mentioned that in the quarter, you saw increased deal scrutiny and longer sales cycles. Can I just double-click on that comment? I mean was that increased deal scrutiny and longer sales cycles, was that like late in the quarter in the kind of -- in March, April? Or is that towards the beginning? And I guess any more color or clarity you can give on those comments would be fascinating.

在準備好的評論中，您提到在本季度，您看到了交易審查的增加和銷售週期的延長。我可以雙擊該評論嗎？我的意思是交易審查的增加和銷售週期的延長，是不是像本季度末那樣——在 3 月、4 月？還是剛開始？而且我想如果你能對這些評論給出更多的顏色或清晰度，那將是很有趣的。

Sure. So the comment was meant to be throughout the quarter. As we go into deals, we're seeing customers want to consolidate more and that takes more time because they're adding more modules with us. So they're looking to spend more with us, but then reduce other spends from other competitors. And in a sense, they're actually thinking about better outcomes overall in the security space and beyond and how to get it at a cheaper price. And that's, again, things that we've talked about from day 1, and we're seeing that happen today.

當然。因此，評論本應貫穿整個季度。當我們進行交易時，我們看到客戶希望整合更多，這需要更多時間，因為他們正在向我們添加更多模塊。因此，他們希望在我們身上花費更多，但隨後會減少其他競爭對手的其他支出。從某種意義上說，他們實際上是在考慮在安全領域及其他領域取得更好的整體成果，以及如何以更便宜的價格獲得它。這又是我們從第一天開始就討論過的事情，我們今天看到了這種情況的發生。

So throughout the quarter that we're seeing both additional deal scrutinies because of what I just mentioned, but also they do take longer, and that's throughout the entire quarter.

因此，在整個季度中，由於我剛才提到的內容，我們看到了額外的交易審查，而且它們確實需要更長的時間，而且整個季度都是如此。

Our next question comes from Jonathan Ruykhaver with Cantor Fitzgerald.

我們的下一個問題來自 Jonathan Ruykhaver 和 Cantor Fitzgerald。

So I'm curious, when you look at data retention requirements, particularly XDR for [active threat honey], but I guess, increasingly going forward to these large language models. Can you just talk about the issue the industry is seeing -- around the increasing data retention requirements and the associated cost. And I know you've already talked positively on Log Scale adoption, but those costs with Log Scale versus other solutions, is there any way for you to quantify what that looks like, the advantage you have?

所以我很好奇，當你查看數據保留要求時，尤其是 [active threat honey] 的 XDR，但我想，越來越多地轉向這些大型語言模型。您能否談談業界正在看到的問題——圍繞不斷增加的數據保留要求和相關成本。而且我知道您已經對 Log Scale 的採用持積極態度，但是 Log Scale 與其他解決方案相比的那些成本，您是否有任何方法可以量化它的外觀，您擁有的優勢？

Well, specifically around Log Scale, you see a massive increase in terms of our compression algorithms and our ability to store data. And I think one of the areas where you look at Log Scale and just the simple view of it is better, faster, cheaper. And that's what we've seen. We've had some big customers that are using that really as their -- I'll call it, their data lake, if you will. They can store lots of data on-prem or many of them in the cloud for a very cost efficient -- in a very cost-efficient manner, and they still get the performance.

好吧，特別是在 Log Scale 周圍，您會看到我們的壓縮算法和存儲數據的能力有了巨大的提高。而且我認為您查看 Log Scale 的其中一個領域，只是簡單地查看它會更好、更快、更便宜。這就是我們所看到的。我們有一些大客戶正在使用它作為他們的 - 我會稱之為他們的數據湖，如果你願意的話。他們可以在本地存儲大量數據或將其中的許多數據存儲在雲中，以非常經濟高效的方式——以一種非常經濟高效的方式，而且他們仍然可以獲得性能。

So I think the architecture, which is the modern architecture around Log Scale really does give us an advantage there, and that's being borne out by customers and their own testing.

所以我認為這個架構，也就是圍繞 Log Scale 的現代架構確實給我們帶來了優勢，而且客戶和他們自己的測試也證實了這一點。

And our last question comes from Catharine Trebnick with Rosenblatt.

我們的最後一個問題來自 Catharine Trebnick 和 Rosenblatt。

At the last Analyst Day or the one before, you talked about your coalition partnership. And can you talk to cyber insurance as a -- is that still a tailwind? Biggest tailwind is that was last year, is that dissipated?

在上一個或之前的分析師日，您談到了您的聯盟夥伴關係。您能否將網絡保險視為 - 這仍然是順風嗎？最大的順風是去年，它消散了嗎？

Yes. I think cyber insurance for a lot of customers is very difficult to get, and it's actually gone up in cost. So we have many customers that, as part of the CrowdStrike acquisition are baking in their ability to a, get cyber insurance and b, in many cases, being able to reduce the overall cost because many of the cyber insurance providers recognize, with CrowdStrike in place, overall risk is dramatically going to be reduced.

是的。我認為很多客戶很難獲得網絡保險，而且它的成本實際上在上漲。所以我們有很多客戶，作為 CrowdStrike 收購的一部分，他們正在培養他們的能力 a，獲得網絡保險和 b，在許多情況下，能夠降低總體成本，因為許多網絡保險提供商認識到，CrowdStrike 在地方，整體風險將大大降低。

So that's what we've seen. I don't know that there's any anomalies one way or another, but it's a continued problem in the industry to actually get cyber insurance and it is part of our overall value proposition to a customer to be able to, a, help them get it and b, reduce their overall cyber insurance costs.

這就是我們所看到的。我不知道這樣或那樣有任何異常，但實際上獲得網絡保險是該行業的一個持續問題，並且它是我們對客戶的整體價值主張的一部分，能夠，a，幫助他們獲得它b，降低他們的整體網絡保險成本。

Thank you. And this concludes the Q&A session. I'd now like to turn the call back over to George Kurtz for any closing remarks.

謝謝。問答環節到此結束。我現在想把電話轉回給喬治庫爾茨，聽取任何結束語。

Well, I just want to thank everyone for their time and attention. And we appreciate the questions, and we look forward to seeing you next quarter. Thank you so much.

好吧，我只想感謝大家的時間和關注。感謝您提出問題，我們期待下個季度與您相見。太感謝了。

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

謝謝。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。