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.

您好，感謝您的支持。歡迎參加 CrowdStrike 2024 財年第一季業績電話會議。 （操作員指示）請注意，今天的會議正在錄音。

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

現在，我想將會議交給今天的發言人、投資者關係副總裁瑪麗亞·萊利 (Maria Riley)。

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

下午好，感謝您今天的參與。與我一起參加電話會議的還有 CrowdStrike 總裁兼執行長兼聯合創始人 George Kurtz；以及財務長 Burt Podbere。

Before we get started, I would like to note that certain statements made during this conference call that are not historical facts, including those regarding our future plans, objectives, growth and expected performance, including our outlook for the 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，我想指出的是，本次電話會議中所作的某些陳述並非歷史事實，包括有關我們未來計劃、目標、增長和預期業績的陳述，包括我們對第二季度和 2024 財年的展望以及對此後財務期間的任何假設，均屬於《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。

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，但實際結果可能存在重大差異，因為這些陳述是基於當前預期並受風險和不確定性的影響。我們不承擔並明確否認任何更新或修改我們的前瞻性陳述的義務，無論是由於新資訊、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.

有關這些因素以及其他可能影響公司財務表現的因素的更多資​​訊包含在我們不時向美國證券交易委員會提交的文件中，包括公司季度和年度報告中標題為「風險因素」的部分。

Additionally, unless otherwise stated, excluding revenue, all financial measures 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，除收入外，我們在本次電話會議上揭露的所有財務指標均為非公認會計準則 (GAAP)。關於我們為何使用非 GAAP 財務指標的討論以及顯示 GAAP 與非 GAAP 結果的調整表目前可在我們的收益新聞稿中找到，該新聞稿可在我們的投資者關係網站 ir.crowdstrike.com 或我們今天向美國證券交易委員會提交的 8-K 表格中找到。

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.

我想指出的是，我們今天的電話會議是從我們歐洲的一個辦事處召開的，如果出現技術困難，請您耐心等待。

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

說完這些，我現在將電話轉給喬治。

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

謝謝你，瑪麗亞，也謝謝大家加入我們。

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，我們仍堅持執行，實現了強勁增長和卓越利潤率，從而推動公司歷史上首次創下非公認會計準則盈利能力、創下自由現金流記錄和公認會計準則盈利能力。我們在頂線和底線指標方面都超出了預期。毛利率的提高、成本控制和員工人數成長的放緩促成了我們強勁的獲利業績。作為一家上市公司，我們在如此早的時期就實現了 GAAP 盈利，這讓我們了解到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.

我的評論將重點放在為什麼我們相信 CrowdStrike 在三大趨勢（人工智慧、整合和雲端）不斷發展的情況下具有明顯且可持續的優勢。

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.

讓我們從人工智慧開始。自成立以來，CrowdStrike 一直並將繼續走在利用人工智慧的前沿，以推動我們自己的業務取得更好的客戶成果並提高效率。除了為客戶提供領先業界的檢測和快速補救之外，利用人工智慧還可以降低成本並產生更高的利潤，從而使我們的業務受益。

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.

人工智慧使我們的財務模型受益的一個例子是 Falcon Complete。多年來，我們利用人工智慧使我們能夠迅速將業務擴展到領導地位，其卓越的產品利潤率超過了我們公司的整體毛利率。如果沒有我們在人工智慧領域的創新，我們管理的產品所實現的利潤率和規模是不可能實現的。

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.

當其他人剛加入人工智慧潮流時，我們從一開始就利用人工智慧驅動的雲端業務改變了網路安全。生成式人工智慧正在改變世界，安全也不例外。 大型語言模型或 LLM 的品質取決於訓練它們的數據，而人工註釋的內容則可以成為最佳的訓練數據。推動更好的客戶結果依賴數據優勢以及從數據中得出的背景。雖然我們預期法學碩士 (LLM) 會隨著時間的推移而商品化，但用於訓練 LLM 的資料卻不會。

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, 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.

CrowdStrike 具有獨特的優勢，可以從這項新技術中受益。我們的資料集達到 PB 級，每天從我們的全球感測器群捕獲數萬億個新事件。結合我們超過 10 年的攻擊數據和威脅圖表，並結合 OverWatch 的高品質人工分析、完整的情報和直覺的回應服務，您將獲得無與倫比的遙測數據。簡而言之，我們相信 CrowdStrike 擁有可持續的數據優勢，即整個網路中最強大、最獨特的相關人力和機器生成的數據集。我們的數據優勢創造了獨特的競爭優勢，從而產生更好的模型、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.

我們看到，從對抗和保護的角度來看，生成式人工智慧的應用正在迅速成長，成為網路安全領域的民主化力量。

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，我們預期採用 LLM 將降低惡意行為者發動複雜網路攻擊的門檻。生成式人工智慧有望使較不先進的攻擊者更容易策劃民族國家層級的攻擊活動。我們相信這將刺激對 Falcon 等現代網路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.

從保育的角度來看，我們認為生成人工智慧是一種民主化的力量，它大大降低了從業者的學習曲線，甚至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，我們利用 CrowdStrike 的高保真數據優勢，推出了 Charlotte AI，一位令人興奮的新型生成式 AI 安全分析師。我們相信 Charlotte AI 將使我們新晉的一級分析師取得與高級三級分析師相當的成果。對客戶而言的淨收益是：更快的結果、更好的安全結果和更低的整體成本。

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，幫助全球安全團隊應對網路安全技能差距、更快應對威脅並降低營運成本。 Charlotte AI 將從我們與 OverWatch、Falcon Complete 和英特爾團隊的持續人工回饋循環中受益匪淺。

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.

這種對人類驗證內容的持續回饋循環至關重要。正因為如此，網路領域中沒有其他供應商能夠與 CrowdStrike 的生成 AI 方法相提並論。

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.

為了展現我們透過下一波創新引領和保護產業的承諾，我們與 AWS 合作開發了強大的新型生成式 AI 應用程序，幫助客戶加速他們的雲端、安全和 AI 之旅。透過這項舉措，CrowdStrike 和 AWS 將整合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 在幫助保護人工智慧創新者方面已經佔據領導地位。一個完美的例子就是最近與一家 B2B 生成式人工智慧研發公司進行的擴張。該客戶利用大量公有雲資源來支援他們的解決方案，同時也意識到其他人面臨的對手破壞雲端環境的危險。該客戶擴展到 Falcon Cloud Security Complete，以支援其小團隊獲得全面託管的覆蓋，在其多雲環境中提供雲端運行時保護和姿態監控，並隨著其增長無縫擴展，所有這些都無需部署多種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.

網路安全領域持續展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擴張、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，企業客戶可以透過 Falcon 實現超過 200% 的投資報酬率。有了這樣的投資報酬率結果，公司轉向 CrowdStrike 來保護、支持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，儘管這些規模更大、更複雜的交易可能需要更長的銷售週期，但我們來自百萬以上客戶的淨新 ARR 仍同比增長。本季我們實現了 1.742 億美元的淨新 ARR，超出了我們的預期。我們與大客戶合作的勢頭、創紀錄的第二季度銷售管道以及成功追蹤交易的完成讓我們對下半年充滿信心。

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.

與去年同期相比，我們第一季完成的涉及 8 個或更多模組的交易增加了 50% 以上。我們相信，這表明客戶對使用 Falcon 平台進行整合的需求不斷增加。當我們展望今年剩餘時間的計劃時，我們預計這一趨勢將會持續下去，這使我們有信心在下半年實現淨新 ARR 成長。

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話題。客戶希望透過 Falcon 整合他們的安全堆疊，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.

讓我分享我們最近幾個客戶的勝利，重點介紹公司如何使用 CrowdStrike 來鞏固並改善他們的網路安全結果。首先，我們贏得了 2 個新的財富 100 強客戶。這些組織正在 Falcon（單一的現代 XDR 平台）上進行整合，統一其不同業務部門的安全方法。這些新的 CrowdStrike 客戶都購買了多個模組，其中 1 個採用 9 個模組，取代了其環境中的傳統和下一代供應商，並在 CrowdStrike 上實現標準化。

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。該組織對其傳統安全產品產生的大量誤報感到沮喪，這妨礙了其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.

該客戶認識到透過現代化其安全堆疊和整合 CrowdStrike 可以獲得更高的價值，因此採用了 8 個 Falcon 模組，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已將 CrowdStrike 推至 Forrester Wave 託管偵測和回應領域的領導者地位，並在 Gartner 的託管安全服務 MDR 報告中連續第二年佔據市場份額第一的位置。 CrowdStrike 的 MDR 領導地位不僅限於我們的託管服務，還延伸到了我們的 MDR 合作夥伴生態系統。在 Gartner 定義的市佔率排名前 25 位的 MDR 供應商中，88% 的供應商已在 Falcon 平台上建立了他們的 MDR 服務，表明 Falcon 是他們首選的現代 XDR 平台。我們很自豪 Falcon 平台能夠為如此多不同的合作夥伴提供支持，使他們能夠在 CrowdStrike 的基礎上開展業務。

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，為我們的成長做出了有意義的貢獻。 CrowdStrike 最近與領先的 MSP 雲端市場 Pax8 建立了策略合作夥伴關係，Pax8 在北美、歐洲、中東和非洲地區以及亞太及日本地區擁有超過 30,000 個 MSP 合作夥伴，為 SMB 市場提供服務。此次合作為 CrowdStrike 提供了一條雲端誕生的 MSP 消費市場路線，並為 Pax8 合作夥伴提供了取代目前使用的傳統 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，以實現輕鬆的產品購買、快速的軟體部署和完全整合的計費，從而開展包括網路安全在內的業務。 Pax8 的 MSP 合作夥伴群體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.

我們在公共部門的發展動能持續擴大。本季度公共部門的勝利包括 Falcon Complete 贏得美國前 20 名政府承包商的青睞以及贏得美國主要聯邦機構的青睞。

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 獲得了美國國防部頒發的影響等級 5 或 IL5 臨時授權。 IL5 認證使我們能夠將業務範圍擴展到龐大的國防 IT 和網路安全市場。

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 4 月深入研究以來，競爭環境並沒有改變，當時我們透露，企業客戶在 10 次測試中，有 8 次都會選擇 CrowdStrike 而不是微軟。本季我們相對於所有競爭對手的勝率依然保持強勁。如今，組織比以往任何時候都更需要擁有深厚專業知識的安全合作夥伴，以阻止違規行為，同時提高安全計畫的效率。然而，對微軟來說，公司面臨著複雜性增加、覆蓋範圍縮小和成本上升的問題。

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.

一家擁有超過 50,000 名員工的企業客戶告訴我們，從 Microsoft E3 遷移到 E5 的升級成本將比他們的 CrowdStrike 訂閱至少多出 230 萬美元，而且這只是升級費用。隨著微軟每年成本的過度增加，到第 5 年，這一數字將增長到 470 萬美元，這還不包括支援或 [SIM] 解決方案或增加員工以管理額外複雜性所需的額外成本。

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.

當客戶將所有這些都規劃出來時，他們很快意識到使用 Microsoft E5 來確保安全的成本更高、需要更多的人員並且會增加他們的網路風險。

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.

雲端運算是第三大趨勢，代表著我們業務的長期和可持續的順風。雲端運算正在迅速崛起，成為新的對手戰場。我們觀察到，雲端服務使用率年增 95%，懂得如何在雲端環境中操作的威脅行為者數量增加了 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.

如今，保護雲端資產的安全至關重要，其重要性將持續增加。作為保護一些最大、最關鍵的雲端公司的領導者，我們看到部署在公有雲中的模組的淨新 ARR 成長強勁。

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 雲端安全產品將我們的代理和無代理雲端原生安全功能統一為單一產品，該產品易於在所有主要雲端環境中從建置到運行時部署，並且隨著客戶整合其雲端安全並用 Falcon 替換多個雲點產品，正在推動令人難以置信的客戶發展勢頭。

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.

綜合起來，快速發展和擴大的威脅環境表明了為什麼將您的端點、雲端身分和資料保護放在一個統一的現代 XDR 平台 Falcon 上是如此重要。

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.

我們今天已經涵蓋了很多內容，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，我想重申幾個要點。首先，CrowdStrike 結合了我們無與倫比的人工智慧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.

對客戶而言，CrowdStrike 的優勢意味著更好、更快、更具成本效益的網路安全。對我們的業務而言，CrowdStrike AI 的卓越表現透過我們差異化的業務模式效率得以彰顯。

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

其次，我們透過推出夏洛特人工智慧 (Charlotte AI) 將網路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疊，以降低複雜性、減少代理並降低成本，同時又不犧牲覆蓋範圍或安全性。他們需要使用單一統一的平台來保護他們的雲端環境從建置到運作。為了實現這一目標，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之外，我們還建立了一個強大的商業模式，能夠在規模、盈利和持久的自由現金流方面實現快速增長。

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

說完這些，我將把電話轉給伯特，討論我們的財務表現。

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

謝謝你，喬治，大家下午好。快速提醒一下，除非另有說明，今天我在演講中提到的除收入之外的所有數字都是非 GAAP 的。儘管宏觀環境持續充滿挑戰，我們第一季仍取得了強勁業績，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高。

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，我們的財務表現體現了我們商業模式的實力以及根植於 CrowdStrike 文化中的卓越運營，其中包括在平衡成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.

需求環境仍保持彈性。儘管我們繼續看到交易審查越來越嚴格，銷售週期也比典型的銷售週期更長，特別是對於較大的合併交易而言，但由於我們堅持不懈地關注銷售執行，我們實現了第一季淨新 ARR 1.742 億美元，高於預期。本季末，我們的期末 ARR 達到 27.3 億美元，比去年同期成長 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.

本季新標誌和擴展交叉銷售淨新 ARR 的組合與第四季度類似，保持了良好的平衡。我們對我們的土地和擴張策略的成功感到非常高興，我們的美元淨留存率在第一季再次超過 120% 的基準。目前，擁有 5 個或以上、6 個或以上和 7 個或以上模組的訂閱客戶分別佔訂閱客戶的 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。總營收比去年第一季成長 42%，達到 6.926 億美元。訂閱收入比去年第一季成長 42%，達到 6.512 億美元。專業服務收入為4,140萬美元，連續第11季創下新高，較去年同期成長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，我們也看到了歐洲、中東和日本的強勁表現。國際營收年增53%。我們第一季的非公認會計準則毛利率表現優異，整體及認購非公認會計準則毛利率均攀升至新高。非公認會計準則總毛利率為 78%，訂閱毛利率首次突破 80%。

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.

我們對資料中心和工作負載優化的投資推動了本季毛利率的提高。正如我們過去所說，由於我們在優化投資與容量成長和新平台功能之間取得平衡，我們預計訂閱毛利率將逐季度波動高達 1 個百分點。

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，隨著我們繼續執行長期計劃，將訂閱毛利率持續保持在 80% 以上，這些投資將在未來進一步提高利潤率。

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.

第一季非公認會計準則總營運費用約為 4.246 億美元，佔營收的 61%，去年同期為 2.91 億美元，佔營收的 60%。銷售額和行銷活動的連續成長反映了現場活動和行銷計劃的時機。

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，我們在自由現金流基礎上實現了 75 法則，這兩個指標都反映了我們模型的持續效率。第一季非公認會計準則營業收入年增 40%，達到創紀錄的 1.159 億美元，營業利益率為 17%。第一季度，CrowdStrike 的非公認會計準則淨收入成長至創紀錄的 1.364 億美元，即每股攤薄收益 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.

我們用於計算第一季歸屬於 CrowdStrike 的非 GAAP 每股盈餘的加權平均普通股是按稀釋後計算的，總計約 2.41 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.

我們也在公司歷史上首次實現了 GAAP 利潤。雖然我們對這一里程碑感到非常自豪，但我們尚未實現持續的 GAAP 利潤。第一季淨新員工數量減少，為公司帶來了顯著收益，我們預計今年剩餘時間內淨新員工數量將會回升，儘管與 23 財年相比增速會放緩很多。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 獲利能力。

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。現金、現金等價物及短期投資增加至約 29.3 億美元。經營現金流年增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.

自由現金流年增 44%，達到創紀錄的 2.274 億美元，約佔營收的 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.

在介紹我們的指導之前，我想提供一些建模說明。我們正在提高本財年的收入預期，並維持上半年和本財年的淨新 ARR 假設，即上半年淨新 ARR 將同比下降 10%，而全年淨新 ARR 將小幅上升。

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.

我們第二季的強勁銷售管道和大型整合交易的勢頭讓我們對今年剩餘時間充滿信心，包括下半年，我們預計淨新 ARR 將恢復同比增長。另外，需要提醒的是，考慮到費用的時間、帳單的季節性以及年中 ESPP 購買，第二季通常是我們一年中現金流產生率最低的季度。

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，我們預計季節性因素將更加明顯，並保持本財年實現 30% 自由現金流利潤率的目標。正如我們在 4 月的投資者簡報會上所討論的那樣，這包括了帳單期限和現金稅對全年的預期影響，並受到營運槓桿增加、利息收入增加和資本支出降低等利好因素的推動。

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，我們預計總營收將在 7.172 億美元至 7.274 億美元之間，年增 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.

我們預計非公認會計準則營業收入將在 1.164 億美元至 1.238 億美元之間，歸屬於 CrowdStrike 的非公認會計準則淨收入將在 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，以稀釋後股數 2.42 億股計算，歸屬於 CrowdStrike 的每股稀釋非 GAAP 淨收益將在 0.54 美元至 0.57 美元之間。

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.

我們正在上調 2024 財年全年的營收和獲利預期。我們目前預計總營收將在 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.

非公認會計準則營業收入預計在 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.

以稀釋後 2.43 億股加權平均股計算，我們預期 CrowdStrike 的非 GAAP 每股淨收益將在 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你們的問題。

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

（操作員指示）我們的第一個問題來自巴克萊銀行的 Saket Kalia。

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?

祝賀國防部授權。喬治，也許對你來說是這樣，我在這裡只堅持 1。我們能否稍微談談您在傳統端點份額成長方面看到的情況？我的意思是，CrowdStrike 顯然擁有超越端點的更廣闊的平台。但我很好奇——考慮到宏觀因素和正在發生的一切，好奇您對終端繼續增加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.

嗯，我對這個機會感到很高興。如果你看看我們目前的市場領導地位以及現代端點安全市場 17.8% 的領先地位，這仍然是一個非常分散的市場，我們繼續從市場上的傳統參與者那裡奪取份額。

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.

再說一次，當你觀察不同的地區時，顯然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參與者方面。所以我對此感覺非常好。如果你只看數字，你會發現這是一個分散的市場，在可預見的未來，傳統技術將繼續轉向 CrowdStrike 等下一代參與者。

Our next question comes from Sterling Auty with SVB MoffettNathanson.

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

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告訴我們，三月銀行業危機對業務造成了什麼樣的影響，包括對 ARR 線性甚至本季的帳單的影響。

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。首先，讓我們來談談影響——首先，讓我們來談談銀行業危機的影響。因此對我們來說，銀行對 ARR 沒有實質的影響。我認為銀行業客戶流失的影響確實微乎其微。本季我們繼續與地區性銀行達成交易，銀行尤其需要強大的網路防禦。

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.

整體毛留存率仍然較高，處於同類最佳水平。因此，就該片段的這個特定部分而言，我們感覺相當良好。就整體營業額而言，對我們來說，營業額當然是相當週期性的，並且主要受季節性影響。因此，第四季度是我們最大的交易，而續約也產生了影響，然後影響會落在第一季度，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.

如您所知，業務重點是 ARR，而不是帳單，這可能會產生連鎖反應，而對 ARR 的關注只會讓您了解業務的整體健康狀況。

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。感謝您提供有關 AI 的更新資訊。我只是很好奇，因為它增加了[完整表面]，只是好奇你是否最近看到任何威脅，這些威脅可能是由於一些新模型的擴散而產生的新威脅。我有一個快速的後續行動。

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，我們已經看到對抗性人工智慧有一段時間了，即對手使用人工智慧來試圖擊敗安全系統。這種情況已經持續了一段時間了。我認為，我們現在透過生成式人工智慧和法學碩士 (LLM) 看到的事實是，即使是新手對手也能輕鬆地擁有與民族國家相同的能力，從而創造新的漏洞、新的弱點，以便能夠發送網路釣魚電子郵件等等。

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.

所以這將是一項持續的努力。再次強調，我們對本週發布的 Charlotte AI 感到非常興奮。我認為這對我們公司來說絕對是一個改變，我們可以做的是真正壓縮分析師的工作量，並透過 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，我們會繼續監控這種情況，但我們已經看到這項活動持續了一段時間。

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。作為 CrowdStrike Falcon Complete XDR 的後續。您能否談談新版本如何增強您在該領域的競爭優勢？我認為外面有很多噪音。

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，噪音很大。當您查看 XDR 以及我們所討論的關於使用 AI 來真正推動業務的額外槓桿作用時，它確實有助於實現我們所做的許多工作的自動化，而且我們現在可以在完整的產品中提供這種級別的自動化。

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 作為一個行業仍然是一項不成熟的技術，所以我認為將其與完整的服務結合確實可以讓客戶安心。它們可以讓我們獲得第三方數據，利用我們已經建立的模型來獲得更好的結果、更快的回應並降低整體營運成本。

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，我也想問你一個人工智慧問題。所以我很好奇您是如何考慮將您發布的一些新的人工智慧服務貨幣化的。我的意思是，它是否會推動更多漏斗頂部的轉換？您認為這會推動對 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.

嗯，它是平台中真正基礎構建的東西，我們相信它將推動整個客戶群對模組和平台的大量採用。因此我們就從那裡開始。

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，我們將看看是否可以透過特定的 SKU 將其貨幣化。但我認為——首先，讓我們把它推廣到客戶群，讓我們不斷迭代它。讓我們利用我們擁有的數據優勢，因為正如我在收益電話會議上所說的那樣，我們有 10 年的時間來訓練這些演算法。我認為，正如大多數人所知，人際互動才是法學碩士真正閃耀光芒的關鍵。我認為，我們擁有真正的優勢，因為我們擁有 10 年的攻擊配對資料以及可用於訓練的攻擊運作方式。因此，我們將把它推廣到客戶群，並繼續進行迭代。然後我相信它將推動更多平台模組的採用。然後，我們將從單獨的 SKU 角度看看如何將其貨幣化。

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?

您說的是對於下半年淨新 ARR 加速成長的信心。當你坐下來觀看它時，我認為有很多事情值得興奮。您認為推動這項成長的最大因素是什麼？也許我錯過了，但您仍將 24 財年的 ARR 成長率定為 30% 以下嗎？

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。好問題。那麼首先，讓我們來談談下半場，顯然，後半部的比賽比較容易，對吧？這是第一點。真正讓我們對下半場充滿信心的是三件事。

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.

一是管道。我們看到下半年的勢頭和交易活動正在迅速增強。它實際上始於第一季中期，我們看到了為下半年建立管道的勢頭。這是第一點。

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 感到非常興奮。喬治對此談了很多。我們已經給了一些例子。因此我們認為 Log Scale 存在整合機會。我們也看到了雲端運算的發展動能。我認為這是我們真正興奮的事情，現在我們與夏洛特合作推出了基於人工智慧的 XDR，喬治已經談到了這一點。

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，無論是戴爾、Pax8 或其他即將上線的公司，我們都認為，這些都可能對我們下半年的發展起到推動作用。因此，這裡的關鍵是網路安全仍然至關重要。我認為客戶比以往任何時候都更希望整合並降低 TCO，而 Falcon 的設計正是為此而設計的。

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，當您查看整體模組採用情況時，我們會討論——與去年同期相比，本季度我們完成的涉及 8 個或更多模組的交易增加了 50% 以上，這說明了我們平台的強大功能。因此，所有這些都讓我們對下半場所討論的內容充滿信心，並且所述的假設保持不變。

Our next question comes from Andrew Nowinski with Wells Fargo.

下一個問題來自富國銀行的安德魯諾溫斯基。

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進一步闡述您上個季度談到的與戴爾的合作關係。只是想知道它對本季度的貢獻有多大，您是否對該合作夥伴關係有足夠的了解，以將其納入今年的新收入指導中，以及這是否真的推動了 SMB 領域的發展。

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。首先，我們正在按照計劃進行。顯然，我們與戴爾合作仍處於早期階段。本季度，我們透過與戴爾的合作，與一家地區醫療保健公司達成了一筆七位數的交易。顯然，任何新聯盟都需要時間來獲得支持。因此，我們預計與戴爾合作帶來的數字將會隨著時間的推移而增長。但就本季的大部分而言，還沒有，對嗎？我們抱持著很大的期望。但就像其他事情一樣，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?

您能否向我們提供有關 2 個問題的最新消息？您能否向我們介紹一下低端市場的最新情況以及 Falcon Go（中小企業重點領域）的發展？那麼，鑑於微軟在低端市場實力更強，您認為會面臨什麼樣的競爭？

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，我們發現該領域的許多公司對現有客戶的銷售額遠高於對新客戶的銷售額。新客戶的銷售速度正在放緩。您能否提供我們一些數據，說明您認為現有客戶和新客戶的成長來自哪裡？

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 對我們來說是個成功。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過我們的內部組織方式。我們對此有特定的關注點，並且有一位領導者。

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.

我們在那裡已經看到了很多成功。而且我們還需要——我需要強調我們在 MSP 市場的成功以及與 Pax8 這樣的合作夥伴關係，這確實使我們能夠透過託管服務提供者向客戶提供這些低成本的產品。所以這對我們來說是一個巨大的市場。中小企業市場高度分散。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，是因為客戶追求的是結果。您談到微軟客戶在遭受勒索軟體攻擊後經常會來找我們——他們遇到問題並尋求下一代解決方案。它不依賴簽名。

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.

所以我們看到了成功。我們必須加強我們的管道。我們正在與戴爾和其他公司以及託管服務提供者合作。但我對這個機會感到非常高興，隨著時間的推移，這種機會將會不斷增長。

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.

我將回答問題的第二部分，塔爾。因此，與上一季相比，我們確實沒有看到（聽不清楚）安裝基數和淨新標誌之間的組合存在實質差異。我們確實認為，隨著時間的推移，隨著我們的安裝基礎越來越大，他們就有更多機會向我們的安裝基礎銷售產品。

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網路方面還有很大的發展空間（聽不清楚）。我們還有很長的路要走，我們在之前的電話會議中談到了這一點。因此，總體而言，從新標誌的角度以及交叉銷售、追加銷售的機會來看，我們對新標誌的機會感到非常滿意。

Our next question comes from Shaul Eyal with TD Cowen.

我們的下一個問題來自 TD Cowen 的 Shaul Eyal。

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?

喬治，我相信，上個季度，或者可能是在更新期間，您談了很多關於微軟的一些替代產品。您實際上剛剛提到了這一點。在這種背景下，也許可以轉向——從模型的角度來看，您可以與我們談談本季度與前幾個季度相比在主要模組、身份、一些新興模組以及您從微軟看到的所有方面有哪些具體趨勢嗎？

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。我想我將從鞏固開始，然後參考我在準備好的演講中談到的內容。我們與每位客戶交談過，我在分析師日與許多客戶交談過，甚至在整個季度中，這實際上都是關於合併的。我認為我們已經很好地向他們展示了一個非常具有成本吸引力的模型，他們實際上為安全部件（特別是 CrowdStrike）支付的費用低於 5 歐元，而且他們獲得了更好的結果。

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.

因此，許多客戶表示：「我們希望整合 CrowdStrike。我們想買更多。」顯然，這些——這些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所看到的情況。當然，隨著客戶希望利用 CrowdStrike 做更多的事情，我們看到了管道的成長。

Our next question comes from John DiFucci with Guggenheim Securities.

我們的下一個問題來自古根漢證券公司的 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?

我的問題是問喬治的。所以這是你們有史以來第一個新 ARR 下降的季度，而大多數其他公司的下降都是在幾個季度前就開始了，例如幾個季度前。 Tal 詢問了中小企業市場的競爭情況。但需求又如何呢？我們開始聽到中端市場中小企業的一些疲軟跡象。我們意識到這對您來說基本上是一片新天地。所以你可能很難說，但你看到本季與之前相比市場需求有什麼變化嗎？

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 的強勁需求和成果。我認為我們已經有了一個很棒的模型。我們已經擁有了正確的技術，並且正在解決結果問題，對嗎？當你不僅僅關注技術本身時，顯然，作為客戶，你可以購買 Falcon Go，也可以購買 Falcon Complete。我們有很多中小企業客戶。其中很多都是 Falcon Complete 的客戶。為什麼？因為從價格角度來看，這是一個非常引人注目的提案。

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.

他們甚至可以用我們收取的費用來滿足一個人的需求，而且他們還享受了世界上最好的安全保障。因此我們並未看到中小企業的放緩。我認為，我們在那裡取得了非常好的進展。正如您所指出的，最終這仍然是一個分散的市場，並且只占我們整體收入的較小部分。因此，我們看到了它未來的巨大機遇，並且上個季度沒有看到任何影響。

Our next question comes from Brian Essex with JPMorgan.

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，對伯特來說，實現 GAAP 獲利或許是一個美好的里程碑。我想我希望您能更詳細地了解一下您對保持 GAAP 盈利能力的承諾。我們該期待什麼？而且我認為，這是股票薪酬首次出現連續下降。那裡的前景怎麼樣？我們應該如何建立您的觀點和計劃來推動未來的 GAAP 獲利能力和平衡成長與獲利能力？

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。好問題。因此，總體而言，我們採取了非常有條理的方法來看待模型的各個方面。因此，首先，我們關注毛利率。您可以看到我們在那裡取得的進展。第二部分則聚焦在非公認會計準則獲利能力和自由現金流。如您所知，自由現金流為 30%，這是一個持續的過程。第三個變革是 GAAP 利潤，我們將繼續專注並推動永續發展。當然，[FBC] 是其中最重要的部分。我們將繼續管理 FBC，我們將注意保持平衡，保留最優秀、最聰明的人才，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.

我們也關注稀釋。我們覺得，我們的稀釋度是好的。今年控制在2%以內，未來幾年力求維持在3%以內。因此，總體而言，我們對實現 GAAP 利潤感到非常高興，並相信它證明了該模型的強大功能，並且我們在增長方面非常自律，我們對當今市場的看法也非常自律。我們所做的一切都是為了等待時機。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這個問題。但對我們 FBC 來說，我們真正關注的是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.

我們確實是這樣想的。對我們來說，我們期待著實現永續發展，但我們現在還要追求其他目標，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 William Blair 的 Jonathan Ho。

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?

我只是想稍微問一下這些附加模組所取得的成功。您能否幫助我們了解這種成功的來源，是您在雲端或 EASM 等領域的一些新產品？或者這是您現有的端點功能中的一種多產品銷售？

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。嗯，我們已經看到許多不同領域的力量。我們利用 Log Scale 取得了一些令人難以置信的勝利。我確實看到了這方面的勢頭。業界確實需要更快、更好、更便宜的記錄，客戶正在尋找解決方案。看到這一點真是太好了。

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，當你審視身份時，這是一個領域，就像早期的 EDR 一樣，它不一定被納入預算。我們現在開始看到的是，公司實際上正在當前和未來的預算中為身份識別做預算，就像 XDR——抱歉，EDR 是一種新興產品一樣。

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.

第三個領域是雲端。我們在雲端運算領域取得了一些令人難以置信的勝利。我們已將我們的服務打包，將雲端的代理和無代理服務基本上都包含在 1 個 SKU 中。顧客可以使用它。他們喜歡從代理和無代理技術中獲得結果，這是環境、競爭環境中的真正區別因素。

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，當你回顧我過去提到的許多領域時，你會發現我們正在全速前進，並且繼續增加更多的功能，我對我們本財年的產品陣容感到非常興奮。

Our next question comes from Gregg Moskowitz with Mizuho.

下一個問題來自瑞穗的 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 (Burt) 簡單澄清一下。如果您能評論一下本季的平均持續時間以及是否有任何變化。然後是喬治，我知道你多年來一直將人工智慧融入威脅圖譜和更廣泛的平台。但在夏洛特，您提到了法學碩士的商品化。但是，您可以利用開源並根據您的資料集開發自己的 LLM 來提供額外的價值。只是想聽聽您如何利用您固有的數據優勢來增強現有的 LLM 以潛在地發揮更大的作用？

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.

格雷格，我來回答這個問題的第一部分。因此，如您所知，我們曾表示，我們預計從長期來看，交易將從多年期轉向一年期。我認為那是傳統的和軟體的。但與上一季相比，本季的趨勢並未發生實質變化。所以，我要非常非常清楚地說明這一點。

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，但這是意料之中的。它仍然在我們整體業務模型的參數範圍內。

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 (LLM) 的問題，顯然已經存在一些很棒的技術。我認為我們的觀點是利用法學碩士學位。

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.

這是一個非常相似的概念，可以利用不同的雲端供應商，利用適合您特定目的的 LLM。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提到了這一點，那就是培訓是真正讓法學碩士學位大放異彩的領域之一。我認為許多人已經看到，僅僅憑藉他們對 ChatGPT 的理解，這些東西就必須經過訓練，你會在結果方面產生幻覺——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，我們相信，過去 10 年來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工培訓。我們可以利用並交換我們自己的資料集中的 LLM，根據我們所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，我們將利用現有的資源。我們可能會建造一些我們自己的。但我認為更重要的是，我們擁有正確的資料集，可以按照我們需要的方式進行訓練。

Our next question comes from Alex Henderson with Needham.

我們的下一個問題來自 Needham 的 Alex Henderson。

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.

我希望您能稍微談談您對交易管道、交易規模、持續時間、成交率以及相對於條件的價格的假設。您是否對某些參數的假設更加保守一些？您是否預期交易規模將持續增加，但在完成交易時卻會出現延誤？在這種環境下，您對關閉率有何假設？如果你能對聯邦政府稍微約束一下，我會很高興。

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。那裡有幾件東西要打開。那麼就讓我們從較大的交易開始。與去年同期相比，本季我們達成的交易增加了 50% 以上，涉及的模組增加了 8 個。我認為這確實表明客戶確實希望進行整合。他們希望繼續利用 Falcon 平台以合適的價格獲得正確的結果。

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，從宏觀角度來看，我們認為目前以及今年剩餘時間內宏觀環境不會有所改善。因此，以此為背景，當我們考慮交易期限時，是的，當然。我們認為交易持續時間將會更短。我認為人們會——就其尺寸而言，他們會花更長的時間才能圓房。

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.

我們不斷看到，尋求進行更大交易的公司需要花費更多時間進行額外的審查。因此，當我們從各個角度考慮這些問題時，我們知道在某個特定季度內有些交易會更難達成。所以我們對此進行了建模。

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，就您提到的一些其他指標而言，我認為首先 - 對於我們的淨新 ARR，我們將維持我們先前提出的假設。我認為這是正確的做法。

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

說完這些，我就把話題交給喬治來談。

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。正如我之前提到的，我們對 IL5 感到非常興奮。我認為這確實為聯邦政府帶來了更大的機會。我們在本季度取得了一些非常好的勝利。這就是其中之一——再次強調，它是緩慢而穩定的。你必須加入。完成交易可能需要一段時間，但它們會持續很長時間，而且規模龐大且內容豐富。因此，我們將繼續推動這項進程。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奧本海默的 Ittai Kidron。

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?

我想這個問題是問伯特的。 正如喬治所描述的，借助人工智慧的優勢，您多久可以提高長期利潤目標？

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.

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。您看到了我們在那裡取得的進展。我們已經討論了我們的資料中心以及雲端工作負載的持續最佳化發展。

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.

我們將人工智慧領域的進步融入我們所做的每一件事中，而且我們已經這樣做了 10 年。我們確實期待繼續看到這些改進。

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.

只是作為回憶——只是提醒你，Ittai，我們從一開始就在做人工智慧，就像我們從一開始就在做雲端運算一樣。那兩個人手牽手。好消息是，正如喬治所提到的，我們已經擁有超過 10 年的人工智慧和人工智慧訓練經驗。這對我們的其他競爭對手而言是一個巨大的領先優勢。

Our next question comes from Patrick Colville with Scotiabank.

下一個問題來自豐業銀行的派崔克‧科爾維爾。

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.

在準備好的發言中，您提到在本季度，您看到交易審查更加嚴格，銷售週期更長。 我可以雙擊該評論嗎？我的意思是，這是否意味著交易審查加強和銷售週期延長，這是否發生在季度末，例如三月或四月？或者說這只是開始？我想，如果您能對這些評論提供更多細節或解釋，將會非常有趣。

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。因此該評論旨在貫穿整個季度。當我們達成交易時，我們發現客戶想要整合更多，而這需要更多時間，因為他們會為我們添加更多模組。因此，他們希望在我們這裡投入更多資金，同時減少在其他競爭對手身上的支出。從某種意義上說，他們實際上是在考慮安全領域及其他領域的整體更好的結果，以及如何以更低的價格實現這一目標。這也是我們從第一天起就討論過的事情，而我們今天也看到了這些事情的發生。

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，由於我剛才提到的原因，我們在整個季度都看到了額外的交易審查，但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 Cantor Fitzgerald 的 Jonathan Ruykhaver。

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，當你查看資料保留要求時，特別是針對 [主動威脅蜜罐] 的 XDR，但我猜，越來越多地轉向這些大型語言模型。您能否談談業界面臨的問題—有關日益增加的資料保留要求和相關成本。我知道您已經對 Log Scale 的採用表示了正面的評價，但是與其他解決方案相比，Log Scale 的成本如何，您能否量化其優勢？

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.

嗯，具體到 Log Scale，您會看到我們的壓縮演算法和儲存資料的能力有了巨大的提升。我認為，從 Log Scale 的角度來看，其簡單視圖更好、更快、更便宜。這就是我們所看到的。我們有一些大客戶真正地將其用作他們的——如果你願意的話，我稱之為他們的資料湖。他們可以在本地儲存大量數據，也可以將許多數據儲存在雲端，這既節省成本，又保證良好的效能。

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.

因此，我認為該架構，即圍繞 Log Scale 的現代架構確實為我們帶來了優勢，這一點也得到了客戶和他們自己的測試的證實。

And our last question comes from Catharine Trebnick with Rosenblatt.

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

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?

在上一次分析師日或更前一次分析師日上，您談到了您的聯盟夥伴關係。您能談談網路保險嗎—這仍然是一個順風嗎？最大的順風是去年的，已經消散了嗎？

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路保險，而且成本實際上已經上漲。因此，作為 CrowdStrike 收購的一部分，我們有許多客戶正在努力實現以下目標：a、獲得網路保險；b、在許多情況下，能夠降低整體成本，因為許多網路保險提供者認識到，有了 CrowdStrike，整體風險將大幅降低。

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。我不知道是否存在任何異常，但實際上獲得網路保險是業內持續存在的問題，這是我們向客戶提出的整體價值主張的一部分，即 a、幫助他們獲得保險；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。現在我想將電話轉回給喬治·庫爾茨，請他做最後發言。

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。我們非常感謝您的提問，並期待下個季度與您見面。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。您現在可以斷開連線。