CrowdStrike Holdings Inc (CRWD) 2024 Q2 法說會逐字稿

Hello, and welcome to the CrowdStrike's Fiscal Second Quarter 2024 Results Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，歡迎參加 CrowdStrike 2024 年第二季度財報電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

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

現在我很高興向大家介紹投資者關係副總裁瑪麗亞·萊利 (Maria Riley)。

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

下午好，感謝您今天的參與。和我一起參加電話會議的是 CrowdStrike 總裁兼首席執行官兼聯合創始人 George Kurtz；和首席財務官伯特·波德貝爾。

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 third 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，本次電話會議期間所做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，包括我們對第三季度和2024 財年的展望以及任何在此之後的財政期間的假設屬於 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 the statements are based on current expectations and are subject to risks and uncertainties. We do not undertake and expressly disclaim any obligation to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise. Further information on these and other factors that could affect the company's financial results is included in the filings we make with the SEC from time to time, including the section titled Risk Factors in the company's quarterly and annual report.

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。雖然我們相信我們做出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、未來事件還是其他原因。有關這些因素和其他可能影響公司財務業績的因素的更多信息包含在我們不時向 SEC 提交的文件中，包括公司季度和年度報告中標題為“風險因素”的部分。

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

此外，除非另有說明，除收入外，本次電話會議披露的所有財務指標都將不按公認會計準則計算。關於我們為何使用非GAAP 財務指標的討論以及顯示GAAP 與非GAAP 結果的對賬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 或我們的表格中找到8-K 今天向 SEC 提交。

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

現在，我將把電話轉給喬治。

Thank you, Maria, and thank you all for joining us today. I am pleased to report that in the second quarter, we exceeded our guidance across both top and bottom line metrics, delivering strong durable growth at scale, incredible leverage and operating within our target model on every metric. Even with a challenging macro backdrop, we delivered an impressive quarter highlighting CrowdStrike's structural competitive moat, making Falcon the definitive cybersecurity platform for the cloud era.

謝謝瑪麗亞，也感謝大家今天加入我們。我很高興地向大家報告，第二季度，我們在營收和利潤指標方面都超出了我們的指導，實現了強勁的持久規模增長、令人難以置信的槓桿作用，並在每個指標的目標模型內運營。即使在充滿挑戰的宏觀背景下，我們仍交付了令人印象深刻的季度業績，突顯了 CrowdStrike 的結構性競爭護城河，使 Falcon 成為雲時代的權威網絡安全平台。

Financial highlights for the quarter include: ending ARR of $2.9 billion, up 37% year-over-year, with record contribution from Cloud Security, Identity Protection and LogScale next-gen SIEM, together surpassing $500 million in ARR; record non-GAAP operating margin of 21.3%; record non-GAAP net income, which grew 109% year-over-year GAAP profitability for the second consecutive quarter; record Q2 free cash flow of $188.7 million; and an over 80% year-over-year increase in deals involving 8 or more Falcon platform modules.

本季度的財務亮點包括：年終 ARR 為 29 億美元，同比增長 37%，其中云安全、身份保護和 LogScale 下一代 SIEM 的貢獻創歷史新高，ARR 總計超過 5 億美元；非 GAAP 運營利潤率創紀錄的 21.3%；非 GAAP 淨利潤創歷史新高，按 GAAP 計算的盈利能力連續第二個季度同比增長 109%；第二季度自由現金流達到創紀錄的 1.887 億美元；涉及8個及以上Falcon平台模塊的交易同比增長超過80%。

Our commitment to operational excellence and the utilization of AI within our platform and across our entire organization is driving enviable leverage in our financial results even as we aggressively invest in fueling growth. As Burt will discuss, we are raising our revenue outlook for the year and bringing in our time line to sustainably achieve our non-GAAP target operating model. We now expect to exit Q4 within our target non-GAAP operating margin model and to remain within our target model on an annual basis starting in FY '25.

我們對卓越運營的承諾以及在我們的平台和整個組織內利用人工智能正在推動我們的財務業績取得令人羨慕的槓桿作用，儘管我們積極投資以促進增長。正如伯特將討論的那樣，我們正在提高今年的收入預期，並製定可持續實現非公認會計準則目標運營模式的時間表。我們現在預計第四季度將在我們的目標非公認會計原則運營利潤率模型內退出，並從 25 財年開始每年保持在我們的目標模型內。

In an increasingly digital cloud-defined world, cybersecurity is becoming more important than ever. The SEC's recently enacted cybersecurity disclosure requirements substantiate the growing gravity of cybersecurity threats, elevating the category from an operational concern to an urgent Board level and CXO spend priority. At CrowdStrike, we continue to build cybersecurity's platform of choice, offering a simple and powerful promise: we stop breaches.

在日益數字化的雲定義世界中，網絡安全變得比以往任何時候都更加重要。美國證券交易委員會 (SEC) 最近頒布的網絡安全披露要求證實了網絡安全威脅日益嚴重，將這一類別從運營問題提升為董事會層面和 CXO 支出的緊急優先事項。在 CrowdStrike，我們繼續構建網絡安全的首選平台，並提供一個簡單而有力的承諾：我們阻止違規行為。

Heading into the second half of the year, we see increased momentum in the business, driven by record levels of new logo and upsell pipeline, record deal registrations from our market-leading partner ecosystem and record levels of customers proudly trusting CrowdStrike to be their long-term security platform consolidator of choice. We are also observing substantial changes in the competitive landscape, uniquely benefiting CrowdStrike. With the business momentum we see and competitive market dynamics, we believe our second half performance will yield double-digit net new ARR growth.

進入下半年，我們看到業務增長勢頭不斷增強，這主要得益於創紀錄水平的新徽標和追加銷售渠道、來自我們市場領先的合作夥伴生態系統的創紀錄交易註冊量以及創紀錄的客戶自豪地相信CrowdStrike 是他們的長期客戶長期安全平台整合商的首選。我們還觀察到競爭格局發生了重大變化，這對 CrowdStrike 來說是獨特的優勢。憑藉我們看到的業務勢頭和競爭激烈的市場動態，我們相信下半年的業績將帶來兩位數的新 ARR 淨增長。

Working in cybersecurity for the past 30 years, I have recognized and created tectonic shifts in this industry, and we are in the midst of one right now. Organizations need better, faster and more cost-effective protection for a digital society. Organizations need seamless, not stitched together, automation to break down legacy data silos. Organizations need lower TCO and more efficient ROI-driven investment. The competitive battlefield of cybersecurity today reflects these realities, separating the wheat from the chaff: those who have platforms versus those with point products masquerading as platform stories.

在過去 30 年的網絡安全工作中，我認識到並創造了這個行業的結構性轉變，而我們現在正處於其中。組織需要為數字社會提供更好、更快和更具成本效益的保護。組織需要無縫而非拼接的自動化來打破遺留數據孤島。組織需要更低的總體擁有成本和更高效的投資回報率驅動的投資。當今網絡安全的競爭戰場反映了這些現實，將小麥與穀殼分開：那些擁有平台的人與那些擁有偽裝成平台故事的點產品的人。

What was a market littered with dozens of companies is quickly consolidating to several vendors. Smaller, narrower point product companies are being left behind. These companies are quickly going the way of legacy AV, already in the hands or looking for the safe hands of strategic or private equity buyers. Point product, single-feature cloud security companies are learning the hard way that platforms built by design win at scale. Today's competitive landscape solidifies CrowdStrike's leadership position and turns what were once competitors into immediate shared donors. CrowdStrike is purpose-built for this market. We have the technology innovation, mission-driven team and sizable scale to lead cybersecurity platform consolidation.

曾經遍布數十家公司的市場正在迅速整合為多家供應商。規模較小、產品範圍較窄的公司正在被拋在後面。這些公司正在迅速走上傳統自動駕駛的道路，已經掌握在戰略或私募股權買家手中或正在尋找安全的手中。單點產品、單一功能的雲安全公司正在經歷慘痛的教訓，通過設計構建的平台能夠在規模上獲勝。如今的競爭格局鞏固了 CrowdStrike 的領導地位，並將曾經的競爭對手轉變為直接的共同捐助者。 CrowdStrike 是專門針對這個市場而設計的。我們擁有引領網絡安全平台整合的技術創新、使命驅動的團隊和規模。

Shifting from competitive market dynamics to CrowdStrike, here are the reasons I see us winning in the second half and beyond. The Falcon platform enables real consolidation with best-of-breed outcomes, and we are flighting XDR transformations across Cloud Security, Identity Protection and LogScale next-gen SIEM. Each of these 3 platform solutions are high-growth, sizable businesses. Each are examples of IPO-worthy companies in their own right and each are seamlessly integrated components of the Falcon platform.

從競爭激烈的市場動態轉向 CrowdStrike，以下是我認為我們在下半年及以後獲勝的原因。 Falcon 平台能夠實現真正的整合和最佳成果，我們正在跨雲安全、身份保護和 LogScale 下一代 SIEM 進行 XDR 轉型。這 3 個平台解決方案都是高增長、規模較大的業務。每家公司本身都是值得首次公開募股的公司的例子，並且每家公司都是 Falcon 平台的無縫集成組件。

Let me first provide commentary on CrowdStrike as cybersecurity's consolidator, and then I'll follow up with updates on our cloud, identity and next-gen SIEM Falcon platform businesses. The Falcon platform has not only become the standard for delivering AI-powered cybersecurity, it has become the foundational cybersecurity platform for our customers. Our revolutionary cloud-native architecture consists of an AI-powered data platform and lightweight sensor form factor, which remains the easiest and fastest to deploy with no reboots. Our form factor was made for the digital anywhere enterprise, not bound by operating system or hardware-defined network perimeters. CrowdStrike has the visibility to detect and prevent attacks and the workflow integrations and automation to remediate. We have the prime enterprise real estate on devices and multi-cloud workloads to automate and consolidate cybersecurity.

首先讓我對作為網絡安全整合者的 CrowdStrike 進行評論，然後我將跟進我們的雲、身份和下一代 SIEM Falcon 平台業務的最新情況。 Falcon 平台不僅成為提供人工智能驅動的網絡安全的標準，而且還成為我們客戶的基礎網絡安全平台。我們革命性的雲原生架構由人工智能驅動的數據平台和輕量級傳感器外形組成，該架構仍然是最簡單、最快的部署方式，無需重新啟動。我們的外形尺寸是為數字化無處不在的企業而設計的，不受操作系統或硬件定義的網絡邊界的約束。 CrowdStrike 具有檢測和防止攻擊的可見性以及用於修復的工作流程集成和自動化。我們在設備和多雲工作負載方面擁有主要的企業資產，可以實現網絡安全的自動化和整合。

Customer after customer I met with at the Black Hat Security Conference wants to anchor their cybersecurity on the Falcon platform. These customers see us as their core partner in their security journey.

我在黑帽安全會議上遇到的一個又一個客戶希望將他們的網絡安全錨定在 Falcon 平台上。這些客戶將我們視為他們安全之旅中的核心合作夥伴。

With consolidation being a hot topic, let's talk about what security outcomes really mean.

隨著整合成為熱門話題，我們來談談安全結果的真正含義。

Stopping the breach. This is the most important outcome. Companies need vendors who are trusted partners that can understand, prevent and respond to threat actors to stop breaches. CrowdStrike is uniquely positioned to stop breaches with our technology, threat intelligence and services.

阻止違規行為。這是最重要的結果。公司需要值得信賴的合作夥伴供應商，能夠了解、預防和響應威脅行為者以阻止違規行為。 CrowdStrike 擁有獨特的優勢，可以利用我們的技術、威脅情報和服務來阻止違規行為。

Saving time. Delivering everything in a single modern console, coupled with generative AI, reduces dwell time and makes cybersecurity faster and easier.

節約時間。在一個現代控制台中提供所有內容，再加上生成式人工智能，可以減少停留時間，並使網絡安全變得更快、更容易。

Saving money. With most enterprises still buying north of 60 cybersecurity point products, there's too much cybersecurity shelfware. Individual products require learning and maintenance, building integrations and higher staffing costs. Eliminating the time managing, integrating, updating and operating superfluous tools represents real savings regarding product, people, process and cost.

節省金錢。由於大多數企業仍在購買超過 60 種網絡安全點產品，因此網絡安全貨架軟件過多。個別產品需要學習和維護、構建集成以及更高的人員成本。消除管理、集成、更新和操作多餘工具的時間意味著在產品、人員、流程和成本方面真正節省了時間。

And finally, doing more. CrowdStrike's Falcon unlocks new capabilities for organizations such as deploying their first code-to-cloud security, identity protection, exposure management, attack surface reduction, next-gen SIEM and more, all in one integrated platform. The breadth of native Falcon capabilities in our prime real estate within the enterprise and SMB technology stack is our advantage and creates significant customer expansion path.

最後，做得更多。 CrowdStrike 的 Falcon 為組織解鎖了新功能，例如在一個集成平台中部署第一個代碼到雲安全、身份保護、暴露管理、減少攻擊面、下一代 SIEM 等。 Falcon 原生功能在企業和中小企業技術堆棧中的廣泛應用是我們的優勢，並創造了重要的客戶擴展路徑。

Our open XDR platform, the ability to take in first-party and third-party data is quickly becoming the enterprise data destination. We see data gravity for the management of cybersecurity, but also broader observability use cases as a competitive moat for CrowdStrike. Customers gain greater value with every module they adopt, reducing agents, security gaps, complexity and cost, enabling them to transform and consolidate their security stack with the Falcon platform.

我們的開放式 XDR 平台能夠接收第一方和第三方數據，正迅速成為企業數據目的地。我們將數據引力視為網絡安全管理的一部分，同時也將更廣泛的可觀察性用例視為 CrowdStrike 的競爭護城河。客戶通過採用的每個模塊獲得更大的價值，減少代理、安全漏洞、複雜性和成本，使他們能夠利用 Falcon 平台改造和整合其安全堆棧。

Let me share several recent new customer wins that speak to this. First is a major auto manufacturer that tried but failed to consolidate their security on Microsoft E5. This company's security team quickly realized Microsoft's complexity, multiple consoles, lack of integration, misdetections and complex deployments hampered their ability to defend themselves and consolidate. This customer is now consolidating on the Falcon platform with Falcon Complete for endpoint, identity and cloud. Now with a single agent, single user interface and single platform, they have complete visibility across their end points, cloud and identities and the ability to stop threats in real time. By moving from expensive Microsoft E5 to CrowdStrike, organizations can save 50%-plus per user per year on Microsoft licensing costs, adding up to millions of dollars of savings.

讓我分享一下最近贏得的幾個新客戶，這些都說明了這一點。首先是一家大型汽車製造商嘗試在 Microsoft E5 上鞏固其安全性，但未能成功。該公司的安全團隊很快意識到微軟的複雜性，多個控制台、缺乏集成、誤檢測和復雜的部署阻礙了他們自我防禦和整合的能力。該客戶現在正在通過 Falcon Complete 整合 Falcon 平台，以實現端點、身份和雲。現在，通過單一代理、單一用戶界面和單一平台，他們可以完全了解其端點、雲和身份，並能夠實時阻止威脅。通過從昂貴的 Microsoft E5 遷移到 CrowdStrike，組織每年可以為每個用戶節省 50% 以上的 Microsoft 許可成本，總計節省數百萬美元。

Another 7-figure consolidation win was with a leading residential construction manufacturer who took their Falcon Complete subscription to the next level. Beyond the endpoint, this customer purchased Falcon Cloud Security, Identity Protection, LogScale and Falcon Surface, our external attack surface management offering. Falcon has become the platform of consolidation and trust for this enterprise, reducing spend with 3 other vendors by more than 60% and wholly eliminating multiple vendors from their stack.

另一項 7 位數的整合勝利是與一家領先的住宅建築製造商合作，該製造商將其 Falcon Complete 訂閱提升到了一個新的水平。除了端點之外，該客戶還購買了 Falcon Cloud Security、身份保護、LogScale 和 Falcon Surface（我們的外部攻擊面管理產品）。 Falcon 已成為該企業的整合和信任平台，將與其他 3 個供應商的支出減少了 60% 以上，並從其堆棧中完全消除了多個供應商。

Consolidation is not only fueling bigger new logo lands but also increased platform adoption, especially in the areas of Cloud Security, Identity Protection and LogScale, which, in aggregate, contribute well over $0.5 billion in ending ARR. Financial services, technology, retail and manufacturing industry verticals continue to demonstrate strong demand with large deal sizes. In Q2, we closed over 80% more deals involving 8 or more modules than a year ago as customers increasingly look to CrowdStrike to consolidate their security stack.

整合不僅推動了更大的新徽標領域，而且還增加了平台採用率，特別是在雲安全、身份保護和 LogScale 領域，這些領域總共為最終 ARR 貢獻了超過 5 億美元。金融服務、技術、零售和製造業垂直行業繼續表現出大宗交易的強勁需求。在第二季度，隨著客戶越來越多地希望 CrowdStrike 來整合他們的安全堆棧，我們完成的涉及 8 個或更多模塊的交易比一年前增加了 80% 以上。

Let me now discuss our momentum in the platform areas of Cloud, Identity and LogScale, next-gen SIEM, where we are setting new records. Let's start with cloud security, where net new ARR growth accelerated meaningfully and reached a new record during the quarter. Ending ARR for Falcon modules deployed in a public cloud grew to $296 million, up 70% year-over-year, larger than almost every single vendor in cloud security today. Driving this inflection is our focused innovation on Falcon Cloud Security, our CNAPP suite offering, which unifies agent and agentless cloud-native security capabilities into a single offering, providing immediate time to value across all major cloud environments. Net new ARR growth for Falcon Cloud Security accelerated to 70% quarter-over-quarter. We have made it easier for customers to consume Falcon Cloud Security with a single SKU, and customers are rapidly standardizing on CrowdStrike as their cloud security platform of choice.

現在讓我討論一下我們在雲、身份和 LogScale、下一代 SIEM 等平台領域的發展勢頭，我們正在這些領域創造新的記錄。讓我們從雲安全開始，本季度新 ARR 淨增長顯著加速並創下新紀錄。部署在公共雲中的 Falcon 模塊的最終 ARR 增長至 2.96 億美元，同比增長 70%，比當今雲安全領域的幾乎所有供應商都高。推動這一變化的是我們對Falcon Cloud Security 的專注創新，這是我們的CNAPP 套件產品，它將代理和無代理雲原生安全功能統一到單一產品中，從而在所有主要雲環境中提供即時價值實現。 Falcon Cloud Security 的新 ARR 淨增長環比加速至 70%。我們讓客戶更輕鬆地使用單一 SKU 來使用 Falcon Cloud Security，並且客戶正在快速標準化 CrowdStrike 作為他們選擇的雲安全平台。

Customers are eager to move away from multiple-point product vendors to Falcon's unified best-of-breed platform. We added many new capabilities to our CNAPP offering, including Infrastructure as Code, side scanning and attack path analysis, creating the most comprehensive CNAPP solution on the market. Combined with Falcon Surface, our external attack surface monitoring solution that we acquired last year, we now provide a complete outside-in and inside-out view of a customer's security posture.

客戶渴望從多點產品供應商轉向 Falcon 的統一最佳平台。我們為 CNAPP 產品添加了許多新功能，包括基礎設施即代碼、側面掃描和攻擊路徑分析，從而創建了市場上最全面的 CNAPP 解決方案。結合我們去年收購的外部攻擊面監控解決方案 Falcon Surface，我們現在可以提供客戶安全態勢的完整的由外而內和由內而外的視圖。

This past quarter, we executed a go-to-market emphasis on cloud security, hosting a virtual cloud security summit with over 12,500 security and DevOp participants followed by cloud-focused partner and sales plays. Our integrated cloud suite, easy management and lower TCO value propositions are resonating at scale.

上個季度，我們對雲安全進行了市場推廣，舉辦了一場虛擬雲安全峰會，有超過 12,500 名安全和 DevOp 參與者參加，隨後進行了以雲為中心的合作夥伴和銷售活動。我們的集成雲套件、易於管理和較低的 TCO 價值主張正在大規模引起共鳴。

We closed a record number of cloud customer wins in Q2, including multiple 7-figure cloud expansions with Fortune 500 customers, together in excess of $20 million in deal value. An iconic Fortune 50 retailer prioritized a full, not phased, Falcon Cloud Security purchase of $5 million in deal value, choosing CrowdStrike over a point product cloud security scanner and displacing their firewall vendor. Additionally, a major Fortune 500 manufacturer sought product superiority and a single-platform approach replacing Wiz with Falcon Cloud Security. Other cloud wins include new lands with financial, technology, media and health care companies as well as public sector accounts.

我們在第二季度贏得了創紀錄的雲客戶數量，其中包括與財富 500 強客戶進行的多次 7 位數的雲擴展，交易價值總計超過 2000 萬美元。一家標誌性的財富 50 強零售商優先考慮全面而非分階段購買交易價值 500 萬美元的 Falcon Cloud Security，選擇 CrowdStrike 而不是單點產品雲安全掃描器並取代其防火牆供應商。此外，一家主要的財富 500 強製造商尋求產品優勢和單一平台方法，用 Falcon Cloud Security 取代 Wiz。其他雲勝利包括金融、技術、媒體和醫療保健公司以及公共部門賬戶的新土地。

Finally, I want to highlight a cloud expansion with a Fortune 1000 retail brand facing increasing costs from their incumbent cloud security vendor and struggling with limited visibility over their cloud assets. This customer launched an initiative to unify their security stack and remove gaps between traditional endpoint, cloud runtime security and posture management. CrowdStrike is the only vendor that met these requirements and a unified platform and helped them drive down their overall operational costs.

最後，我想強調一下財富 1000 強零售品牌的雲擴展，該品牌面臨著現有云安全供應商成本不斷增加的問題，並在雲資產可見性有限的情況下苦苦掙扎。該客戶發起了一項計劃，旨在統一其安全堆棧並消除傳統端點、雲運行時安全和狀態管理之間的差距。 CrowdStrike 是唯一一家滿足這些要求和統一平台並幫助他們降低總體運營成本的供應商。

The cloud security market opportunity is massive and growing rapidly, with the potential to reach $18 billion in calendar year 2026. Cloud exploitation by adversaries increased 95% year-over-year and the only way to stop threats at all time is with a fully-fledged agent and agentless cloud suite like Falcon. Only CrowdStrike delivers a fully integrated CNAPP solution that unifies cloud workload protection, cloud security posture management, cloud infrastructure entitlement management, threat intelligence and threat hunting in one platform across hybrid and multi-cloud environments.

雲安全市場機會巨大且增長迅速，到 2026 年有可能達到 180 億美元。攻擊者對雲的利用同比增加了 95%，始終阻止威脅的唯一方法是採用全面的成熟的代理和無代理雲套件，如Falcon。只有 CrowdStrike 提供完全集成的 CNAPP 解決方案，該解決方案將雲工作負載保護、雲安全態勢管理、雲基礎設施權利管理、威脅情報和威脅搜尋統一到跨混合和多雲環境的一個平台上。

Our leadership in cloud security was recognized in Frost & Sullivan's recently published 2023 Frost Radar, Cloud Workload Protection Platform report based on our impressive CWPP business growth, our comprehensive cloud visibility and our unrivaled cloud detection and response services.

Frost & Sullivan 最近發布的2023 年Frost Radar、雲工作負載保護平台報告認可了我們在雲安全方面的領導地位，該報告基於我們令人印象深刻的CWPP 業務增長、全面的雲可見性以及無與倫比的雲檢測和響應服務。

Identity Protection also stands out with over $200 million in ending ARR, up 194% year-over-year. Identity-based attacks represented 62% of all interactive intrusions we observed in the last 12 months. CrowdStrike's Falcon Identity Protection delivers the best protection against identity attacks, recently winning the CRN's Tech Innovator Award as the best solution on the market. The identity protection adoption rate for new customers grew more than 100% year-over-year and the total number of deals tied to identity increased 200%.

身份保護也脫穎而出，年末 ARR 收入超過 2 億美元，同比增長 194%。基於身份的攻擊占我們過去 12 個月觀察到的所有交互式入侵的 62%。 CrowdStrike 的 Falcon Identity Protection 提供針對身份攻擊的最佳保護，最近榮獲 CRN 技術創新者獎，被譽為市場上的最佳解決方案。新客戶的身份保護採用率同比增長超過 100%，與身份相關的交易總數增長 200%。

Highlighting this in Q2 is a financial services firm that initially turned to CrowdStrike for incident response following a breach where an attacker used legitimate credentials to bypass the company's existing security products and remain undetected for a week. Following remediation by CrowdStrike incident responders, this customer consolidated on the Falcon platform, adopting Falcon Complete, Falcon Identity Complete and Falcon Cloud Security Complete, displacing and consolidating 4 vendors in the process: Microsoft, SentinelOne, Arctic Wolf and Sophos.

第二季度突出顯示這一點的是一家金融服務公司，在攻擊者使用合法憑據繞過該公司現有安全產品並在一周內未被發現的漏洞後，該公司最初轉向 CrowdStrike 進行事件響應。經過CrowdStrike 事件響應人員的修復後，該客戶在Falcon 平台上進行了整合，採用了Falcon Complete、Falcon Identity Complete 和Falcon Cloud Security Complete，在此過程中取代並整合了4 家供應商：Microsoft、SentinelOne、 Arctic Wolf 和Sophos。

Moving to LogScale. Net new ARR from LogScale next-gen SIEM reached a new record as customers increasingly adopt the solution to sell multiple use cases. The number of customers using LogScale grew more than 3x year-over-year. LogScale ending ARR grew over 200% year-over-year and is quickly approaching the $100 million ARR milestone, which we expect to achieve in Q3. A Fortune 500 manufacturing company expanded on the Falcon platform, with a nearly $4 million deal value LogScale purchase after becoming frustrated with their legacy SIEM vendor due to its increasingly prohibitive costs, complex licensing and poor forced on-prem to cloud migration experience. Given LogScale's unparalleled speed and flexibility and cost-effective licensing model, this customer is now leveraging the Falcon platform to transition away from legacy SIEM, supercharging the speed of both their observability and security use cases.

轉向對數刻度。隨著客戶越來越多地採用該解決方案來銷售多個用例，LogScale 下一代 SIEM 的淨新 ARR 達到了新紀錄。使用 LogScale 的客戶數量同比增長超過 3 倍。 LogScale 最終 ARR 同比增長超過 200%，並迅速接近我們預計在第三季度實現的 1 億美元 ARR 里程碑。一家財富500 強製造公司在Falcon 平台上進行擴張，在對其傳統SIEM 供應商感到失望後，由於其日益高昂的成本、複雜的許可以及糟糕的強製本地到雲遷移體驗而感到沮喪，該公司購買了價值近400 萬美元的LogScale。鑑於 LogScale 無與倫比的速度、靈活性以及經濟高效的許可模式，該客戶現在正在利用 Falcon 平台從傳統 SIEM 過渡，從而提高其可觀察性和安全用例的速度。

Falcon is a platform that brings the benefits of generative AI to life for every SOC, CISO, CXO and enterprise. We do it with proprietary threat data, and we do it with industry-leading AI expertise. Charlotte AI is the engine powering our portfolio of generative AI capabilities across the platform utilizing CrowdStrike's high-fidelity data advantage. Charlotte AI helps Falcon users of all skill levels to do more in the platform by automating workflows, which fuels module adoption and reduces the mean time to detect and respond. The net benefit to customers from our pioneering use of AI in a single platform is faster results, better security outcomes and lower overall cost, ushering in a new era of machine speed security. We showcased Charlotte AI earlier this month at Black Hat where we're the only vendor of consequence to showcase a live, not PowerPoint, demo of generative AI in action. Public reception was fantastic, and we will release Charlotte AI pricing at Fal.Con.

Falcon 是一個為每個 SOC、CISO、CXO 和企業帶來生成式 AI 優勢的平台。我們利用專有的威脅數據和行業領先的人工智能專業知識來做到這一點。 Charlotte AI 是利用 CrowdStrike 的高保真數據優勢為我們跨平台的生成式 AI 功能組合提供動力的引擎。 Charlotte AI 通過自動化工作流程，幫助各種技能水平的 Falcon 用戶在平台上完成更多工作，從而促進模塊採用並減少檢測和響應的平均時間。我們在單一平台中開創性地使用人工智能，為客戶帶來的淨收益是更快的結果、更好的安全結果和更低的總體成本，開創了機器速度安全的新時代。本月早些時候，我們在 Black Hat 大會上展示了 Charlotte AI，我們是唯一一家展示生成式 AI 現場演示（而非 PowerPoint）的重要供應商。公眾反響非常好，我們將在 Fal.Con 上發布 Charlotte AI 的定價。

Moving to partners. 64% of new customers from large enterprises to SMBs were sourced from our partners in the quarter. Our industry-leading partner ecosystem is embracing the broader Falcon platform, building long-term differentiated businesses with CrowdStrike. CrowdStrike is AWS's largest cybersecurity go-to-market partner. And we recently won their ISV Partner of the Year Award, validating our cloud security category leadership, commitment to innovation and go-to-market success, particularly in cloud security.

轉向合作夥伴。本季度，從大型企業到中小企業，64% 的新客戶來自我們的合作夥伴。我們行業領先的合作夥伴生態系統正在擁抱更廣泛的 Falcon 平台，與 CrowdStrike 建立長期差異化業務。 CrowdStrike 是 AWS 最大的網絡安全市場合作夥伴。我們最近贏得了他們的年度 ISV 合作夥伴獎，證明了我們在雲安全領域的領先地位、對創新的承諾以及市場成功，特別是在雲安全方面。

Finally, the initial momentum we are building through our partnership with Dell is exciting, delivering 8 figures in deal value in just a few months. As we highlighted previously, our resell agreement with Dell hit the market in Q1, delivering in-quarter new deals in every major geography region. In the second quarter, we went live with attached device sales globally and rapidly achieved industry-leading device attach rates.

最後，我們通過與戴爾的合作建立的初步勢頭令人興奮，在短短幾個月內就實現了 8 位數的交易價值。正如我們之前強調的，我們與戴爾的經銷協議在第一季度進入市場，在每個主要地理區域提供了季度新交易。第二季度，我們在全球範圍內實現了附加設備銷售，並迅速實現了行業領先的設備附加率。

Demand in our markets has remained resilient. And even as we continue to operate at a time of macro uncertainty and increased deal scrutiny, our win rates remain high. The momentum we are building with consolidation deals specifically tied to cloud security, identity protection, next-gen SIEM and an increased partner engagement is driving our pipeline to record levels.

我們市場的需求仍然保持彈性。即使我們繼續在宏觀不確定性和交易審查加強的時期運營，我們的勝率仍然很高。我們通過專門與雲安全、身份保護、下一代 SIEM 和合作夥伴參與度增加相關的整合交易建立的勢頭正在推動我們的管道達到創紀錄的水平。

Additionally, Fal.Con, our annual customer conference, is our biggest selling event of the year, and this year, registration is already up 80% from last year. The Falcon ecosystem will be on full display, with over 70 technology go-to-market partner sponsors in attendance. I would like to invite our investors and analysts to join us at Fal.Con. Similar to last year, in conjunction with the event, we will hold an investor briefing featuring conversations with customers and partners. This year's briefing will also include a financial discussion led by our CFO, Burt Podbere. Please note that customer sessions will not be available on the webcast, so please join us in person.

此外，我們的年度客戶大會 Fal.Con 是我們今年最大的銷售活動，今年的註冊人數已經比去年增加了 80%。 Falcon 生態系統將得到全面展示，超過 70 家技術上市合作夥伴贊助商將出席。我想邀請我們的投資者和分析師參加 Fal.Con。與去年類似，在此次活動期間，我們將舉行投資者簡報會，與客戶和合作夥伴進行對話。今年的簡報還將包括由我們的首席財務官伯特·波德貝爾 (Burt Podbere) 主持的財務討論。請注意，客戶會議不會通過網絡直播進行，因此請親自參加。

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

接下來，我將把電話轉給伯特，討論我們的財務業績。

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

謝謝喬治，大家下午好。快速提醒一下，除非另有說明，否則我今天講話中提到的除收入之外的所有數字均為非公認會計原則。

We delivered a strong second quarter amid a continued challenging macro environment. In Q2, we scaled the business to new heights and drove significant operating leverage. New milestones in the quarter included record operating margin, which was within our target operating model for the first time in company history, record non-GAAP net income attributable to CrowdStrike, which more than doubled year-over-year, and GAAP profitability for the second quarter in a row.

在持續充滿挑戰的宏觀環境中，我們第二季度的業績表現強勁。在第二季度，我們將業務擴展到新的高度，並顯著提高了運營槓桿。本季度的新里程碑包括創紀錄的運營利潤率（公司歷史上首次符合我們的目標運營模式）、CrowdStrike 創紀錄的非 GAAP 淨利潤（同比增長一倍以上）以及 GAAP 盈利能力連續第二個季度。

The demand environment remained resilient, and we built record levels of new logo and upsell pipeline. We achieved Q2 net new ARR of $196.2 million, which was above stated assumptions as our relentless focus on sales execution enabled us to perform well even as we continue to see heightened deal scrutiny and elongated sales cycles. We ended the quarter with ending ARR reaching $2.93 billion, up 37% over last year. We continue to be very pleased with the success of our land and expand strategy, with our dollar-based net retention rate effectively at our benchmark in Q2. Subscription customers with 5 or more, 6 or more and 7 or more modules increased to 63%, 41% and 24% of subscription customers, respectively.

需求環境保持彈性，我們建立了創紀錄水平的新標識和追加銷售渠道。我們第二季度的淨新 ARR 為 1.962 億美元，高於預期，因為我們對銷售執行的不懈關注使我們能夠表現良好，即使我們繼續看到交易審查更加嚴格和銷售週期延長。本季度結束時，最終 ARR 達到 29.3 億美元，比去年增長 37%。我們仍然對土地和擴張戰略的成功感到非常滿意，以美元計算的淨保留率實際上達到了第二季度的基準。擁有5個或以上、6個或以上和7個或以上模塊的訂閱客戶分別增加至訂閱客戶的63%、41%和24%。

Moving to the P&L. Total revenue grew 37% over Q2 of last year to reach $731.6 million. Subscription revenue grew 36% over Q2 of last year to reach $690.0 million. Professional services revenue was $41.7 million, setting a new record for the 12th consecutive quarter and representing 44% year-over-year growth.

轉向損益表。總收入比去年第二季度增長 37%，達到 7.316 億美元。訂閱收入比去年第二季度增長 36%，達到 6.9 億美元。專業服務收入為 4170 萬美元，連續 12 個季度創下新紀錄，同比增長 44%。

During the quarter, we also saw strength in Latin America, the Middle East and Japan. International revenue grew 43% year-over-year. Our second quarter non-GAAP gross margin performance remained strong. Total non-GAAP gross margin was 78%, and we achieved subscription gross margin of approximately 80% for the second consecutive quarter. We look forward to discussing the initiatives and investments we are making to drive subscription gross margin higher and beyond our target model in more detail at our Fal.Con Investor Briefing in September.

本季度，我們還看到了拉丁美洲、中東和日本的強勁表現。國際收入同比增長 43%。我們第二季度的非公認會計準則毛利率表現依然強勁。非 GAAP 總毛利率為 78%，訂閱毛利率連續第二個季度達到約 80%。我們期待在 9 月份的 Fal.Con 投資者簡報會上更詳細地討論我們為提高訂閱毛利率並超越我們的目標模型而採取的舉措和投資。

Total non-GAAP operating expenses in the second quarter were $412.5 million or 56% of revenue versus $321.4 million last year or 60% of revenue. Q2 sales and marketing and R&D expenses grew 26% and 35% year-over-year, respectively. We expect sales and marketing and R&D expenses to fluctuate quarter-to-quarter due to the timing of in-person events, marketing and technology development programs.

第二季度非 GAAP 運營支出總額為 4.125 億美元，佔收入的 56%，而去年為 3.214 億美元，佔收入的 60%。第二季度銷售和營銷費用以及研發費用同比分別增長 26% 和 35%。我們預計，由於現場活動、營銷和技術開發計劃的時間安排，銷售和營銷以及研發費用將出現季度波動。

As a result of our dedication to operational excellence and profitable growth at scale, in Q2, we achieved multiple new milestones for the profitability of the business. These milestones included record non-GAAP operating income of $155.7 million, growing 78% year-over-year, achieving our target model range for non-GAAP operating margin for the first time in company history and a record 21% of revenue, well ahead of our planned timeline, more than doubling non-GAAP net income attributable to CrowdStrike, which grew to a record $180.0 million or $0.74 on a diluted per share basis, and finally, achieving GAAP profitability for the second consecutive quarter.

由於我們致力於卓越運營和大規模盈利增長，第二季度我們實現了業務盈利能力的多個新里程碑。這些里程碑包括創紀錄的非 GAAP 營業收入 1.557 億美元，同比增長 78%，在公司歷史上首次實現我們的非 GAAP 營業利潤率目標模型範圍，以及創紀錄的 21% 收入，遙遙領先在我們計劃的時間範圍內，CrowdStrike 的非GAAP 淨利潤增加了一倍以上，增至創紀錄的1.8 億美元或稀釋每股0.74 美元，並最終連續第二個季度實現GAAP 盈利。

These achievements speak to the power of our financial model and focus on running an efficient business. We are accelerating our time line to reach the target model. As implied in our guidance, we now expect to exit Q4 within our target non-GAAP operating margin model and to remain within our target model on an annual basis starting in FY '25.

這些成就證明了我們財務模式的力量以及專注於運營高效業務的力量。我們正在加快實現目標模型的時間。正如我們的指導中所暗示的那樣，我們現在預計將在第四季度退出時保持在我們的目標非 GAAP 營業利潤率模型內，並從 25 財年開始每年保持在我們的目標模型內。

We ended the second quarter with a strong balance sheet. Cash and cash equivalents increased to $3.17 billion. Cash flow from operations grew 17% year-over-year to a Q2 record of $244.8 million. Free cash flow grew 39% year-over-year to a Q2 record of $188.7 million or 26% of revenue, achieving a rule of 63 on a free cash flow basis. Looking at the first half of fiscal year 2024, free cash flow grew 42% year-over-year to reach $416.1 million and 29% of revenue, putting us well on track to reach our stated goal of 30% free cash flow margin for the full fiscal year.

我們以強勁的資產負債表結束了第二季度。現金及現金等價物增至31.7億美元。第二季度運營現金流同比增長 17%，達到創紀錄的 2.448 億美元。第二季度自由現金流同比增長 39%，達到創紀錄的 1.887 億美元，佔收入的 26%，在自由現金流基礎上達到 63 的規則。展望 2024 財年上半年，自由現金流同比增長 42%，達到 4.161 億美元，佔收入的 29%，這使我們有望實現 30% 自由現金流利潤率的既定目標整個財政年度。

Moving to our outlook. We are raising our revenue guidance for the fiscal year and maintaining our net new ARR assumptions for the second half and fiscal year, which call for in line to modestly up net new ARR for the full year. For the third quarter of FY '24, we expect total revenue to be in the range of $775.4 million to $778.0 million, reflecting a year-over-year growth rate of 33% to 34%.

轉向我們的展望。我們正在提高本財年的收入指引，並維持下半年和財年的淨新 ARR 假設，這要求適度提高全年的淨新 ARR。對於 24 財年第三季度，我們預計總收入將在 7.754 億美元至 7.780 億美元之間，同比增長率為 33% 至 34%。

We expect non-GAAP income from operations to be in the range of $154.4 million to $156.3 million and non-GAAP net income attributable to CrowdStrike to be in the range of $179.8 million to $181.8 million. We expect diluted non-GAAP net income per share attributable to CrowdStrike to be approximately $0.74, utilizing a weighted average share count of 244 million shares on a diluted basis.

我們預計非 GAAP 運營收入將在 1.544 億美元至 1.563 億美元之間，非 GAAP 歸屬於 CrowdStrike 的淨利潤將在 1.798 億美元至 1.818 億美元之間。我們預計 CrowdStrike 攤薄後的非 GAAP 每股淨利潤約為 0.74 美元，稀釋後的加權平均股數為 2.44 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 $3,030.7 million to $3,042.9 million, reflecting a growth rate of 35% to 36% over the prior fiscal year. Non-GAAP income from operations is expected to be between $601.3 million and $610.5 million. We expect fiscal 2024 non-GAAP net income attributable to CrowdStrike to be between $680.4 million and $689.7 million. Utilizing 243 million weighted average shares on a diluted basis, we expect non-GAAP net income per share attributable to CrowdStrike to be in the range of $2.80 to $2.84.

我們正在提高 2024 年整個財年的收入和盈利能力指引。目前，我們預計總收入將在 30.307 億美元至 30.429 億美元之間，較上一財年增長 35% 至 36%。非 GAAP 運營收入預計在 6.013 億美元至 6.105 億美元之間。我們預計 2024 財年歸屬於 CrowdStrike 的非 GAAP 淨利潤將在 6.804 億美元至 6.897 億美元之間。利用稀釋後的 2.43 億股加權平均股，我們預計 CrowdStrike 的非 GAAP 每股淨利潤將在 2.80 美元至 2.84 美元之間。

George and I will now take your questions.

喬治和我現在將回答你們的問題。

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

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

Great to see the profitability, so much fun stuff to talk about in the quarter. But maybe I'll just hit one topic head on, which is the scrutiny that I think all of us have on the second half net new ARR ramp. And listen, I think we've heard it from you and George for multiple quarters now that the multiproduct pipeline just looks strong. But I was wondering if either of you could help us maybe look at that ramp from another lens to maybe help us get a little bit more confidence, whether that's based on things like net revenue retention or implied new logo business, any other lens that you'd have us look at -- I guess, look through when kind of stress testing that second half net new ARR ramp that you're guiding to?

很高興看到盈利能力，本季度有很多有趣的事情值得討論。但也許我只想直面一個話題，那就是我認為我們所有人都對下半年淨新 ARR 坡道進行的審查。聽著，我想我們已經從你和喬治那裡聽到了好幾個季度的消息，因為多產品管道看起來很強大。但我想知道你們中的任何一個人是否可以幫助我們從另一個角度看待這個斜坡，以幫助我們獲得更多的信心，無論是基於淨收入保留還是隱含的新徽標業務，還是您認為的任何其他角度讓我們看看 - 我想，看看你指導的下半年淨新 ARR 斜坡何時進行壓力測試？

Sure, Saket. Let me take the first part, and I will turn it over to Burt. So when we think about the back half of the year and our confidence, I think it starts with the product and the consolidation that we're seeing. Customer after customer looking to consolidate on the platform and the product portfolio has never been stronger, particularly in the areas that I talked about: Cloud, LogScale Identity. We gave you some great numbers around that. Then you look to our partners, our industry-leading partners in our ecosystem. We continue to grow that. We've got tremendous focus on that internally with a new leader. Dell, Pax8, I mean I can go down the list of our partners, and certainly AWS that I called out, all contributing to our momentum. And then the pipeline, a record pipeline as we see this. The partners and CrowdStrike are delivering a record pipeline because the products are there. So that's the way I look at it. Burt?

當然，薩凱特。讓我來完成第一部分，然後將其交給伯特。因此，當我們考慮今年下半年和我們的信心時，我認為這始於我們所看到的產品和整合。一個又一個的客戶希望在平台和產品組合上進行整合，這一點從未如此強烈，特別是在我談到的領域：雲、LogScale Identity。我們為您提供了一些相關的重要數據。然後您可以尋找我們的合作夥伴，我們生態系統中行業領先的合作夥伴。我們將繼續發展這一點。我們內部和新領導者都非常關注這一點。戴爾、Pax8，我的意思是我可以列出我們的合作夥伴名單，當然還有我提到的 AWS，所有這些都為我們的發展勢頭做出了貢獻。然後是管道，我們看到的是一條記錄管道。合作夥伴和 CrowdStrike 正在交付創紀錄的管道，因為產品就在那裡。這就是我的看法。伯特？

Yes. I would just add a couple of things. One, I would add, we're very happy with our retention rates. We think they're best in class, as well as I think we're seeing strength from multiple aspects of the business, right, from either our enterprise or SMB. We see strength in both. So that's why we get confidence in the second half.

是的。我只想補充幾件事。第一，我想補充一點，我們對我們的保留率非常滿意。我們認為他們是同類中最好的，而且我認為我們從業務的多個方面看到了實力，對吧，無論是我們的企業還是中小企業。我們在兩者中都看到了力量。這就是為什麼我們對下半場充滿信心。

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

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

I also want to drill in on that same topic, but specific, George, to one of the comments made about the sales pipeline. And wondering if you can just peel back the onion and talk about what you saw in this quarter and what is happening with the strength and maturity in the pipeline coverage, specifically to drive that acceleration.

我也想深入探討同一主題，但具體來說，喬治，針對有關銷售渠道的評論之一。想知道您是否可以剝開洋蔥，談談您在本季度看到的情況，以及管道覆蓋範圍的強度和成熟度正在發生什麼，特別是為了推動這種加速。

Sure. I think you have to start with the ramp reps that we have. We did a lot of hiring last year. It takes a while to ramp reps. So we're going into the back half of the year with ramped capacity, which we're obviously excited about. And then a lot of it has to do with me being in the field and talking to customers and just what I'm hearing from them. I was recently on a call with a large Fortune 200 company. I was on with their CIO, their CTO and their CSO. And they said the reason we have all of these people together is because of the spend, which is 8 figures, and two, we were so strategic. We're actually handling their observability and their security use cases. So when I look at that and I look at the product portfolio and where we are, it's just encouraging combined with the sales ramp and the capacity we have as we go to the back half of the year.

當然。我認為你必須從我們擁有的斜坡代表開始。去年我們做了很多招聘。增加次數需要一段時間。因此，我們將在今年下半年增加產能，這顯然讓我們感到興奮。這很大程度上與我在現場與客戶交談以及我從他們那裡聽到的情況有關。我最近正在與一家大型財富 200 強公司通話。我與他們的 CIO、CTO 和 CSO 一起工作。他們說我們把所有這些人聚集在一起的原因是因為支出，這是八位數，第二，我們是如此具有戰略意義。我們實際上正在處理它們的可觀察性和安全用例。因此，當我審視這一點，審視產品組合以及我們所處的位置時，結合下半年的銷售增長和產能，這令人鼓舞。

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

我們的下一個問題來自富國銀行的安德魯·諾溫斯基 (Andrew Nowinski)。

Congrats on the quarter, and I echo Saket's comments about profitability. That is really an amazing outlook. I wanted to just ask another question on the back half of the year guidance. The way you described everything, George, with products, consolidation, partners growing, record pipeline, ramped reps, I know the back half does look fairly aggressive, but you also have easy comps, too. So maybe why not -- what gives you caution about raising that guidance a little bit more coming off of a really good quarter and heading into with all those positive trends you have going for your business right now?

祝賀這個季度，我同意 Saket 關於盈利能力的評論。這確實是一個令人驚奇的前景。我想問關於下半年指導的另一個問題。喬治，按照你描述一切的方式，產品、整合、合作夥伴成長、創紀錄的管道、不斷增加的代表，我知道後半部分看起來確實相當激進，但你也有簡單的比較。那麼，也許為什麼不呢——是什麼讓你在經歷了一個非常好的季度並進入你目前業務的所有積極趨勢之後，對進一步提高指導意見持謹慎態度呢？

Andy, it's Burt. So when it comes to guidance, we take a very prudent approach. And we guide to basically what we see, not what we don't see. We definitely don't guide to running tables. And you've also got to still factor in that, it's still -- we're still in a tough macro. We do see deals getting elongated and sales cycles taking longer. So I think those are the things why we guided to the way we guided.

安迪，我是伯特。因此，在指導方面，我們採取非常謹慎的態度。我們基本上引導我們所看到的，而不是我們沒有看到的。我們絕對不指導運行表。你還必須考慮到這一點，我們仍然處於一個艱難的宏觀環境中。我們確實看到交易時間越來越長，銷售週期也越來越長。所以我認為這些就是我們遵循我們的指導方式的原因。

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

我們的下一個問題來自羅布·歐文斯和派珀·桑德勒的對話。

This is Ethan on for Rob here. George, I just wanted to touch on that observability point that just came up again and highlighted the success you're seeing with LogScale. So can you talk a little bit more about some of those observability use cases that you're seeing success with and maybe where you're seeing a little bit of differentiation?

這是伊森 (Ethan) 替羅布 (Rob) 發言。 George，我只是想談談剛剛再次出現的可觀察性問題，並強調了您在 LogScale 上看到的成功。那麼，您能否多談談您所看到的成功的一些可觀察性用例，以及您在哪些方面看到了一些差異化？

Sure. So when you look at LogScale, its capabilities are obviously next-gen SIEM, but also in observability, and we have many customers that use it just for that use case, and we have an opportunity to go back and sell them security, things like managing and monitoring the Kubernetes clusters, the cloud environment, their infrastructure. I mean we have a customer who manages like the train schedules on it. So it can manage a large set of data, and it does it extremely efficiently. And what we're seeing right now is customers telling other customers about it.

當然。因此，當您查看 LogScale 時，您會發現它的功能顯然是下一代 SIEM，而且還具有可觀察性，我們有許多客戶僅將它用於該用例，我們有機會回頭向他們出售安全性，例如管理和監控Kubernetes 集群、雲環境及其基礎設施。我的意思是，我們有一個客戶，他的管理就像上面的火車時刻表一樣。因此它可以管理大量數據，而且效率極高。我們現在看到的是客戶將此事告訴其他客戶。

We have huge Fortune 25 referenceable customers in the space. And I think the success begets more success in that area. So that's why we're pretty excited about it. And you've seen the growth in that area, and customers are looking for something that's better and faster and gives them an outcome that is more contemporary than what they're using today.

我們在該領域擁有大量財富 25 強的可參考客戶。我認為成功會在該領域帶來更多成功。這就是為什麼我們對此感到非常興奮。您已經看到了該領域的增長，客戶正在尋找更好、更快的東西，並為他們提供比他們今天使用的產品更現代的結果。

Our next question comes from the line of Keith Bachman with BMO Capital Markets.

我們的下一個問題來自 BMO 資本市場的 Keith Bachman。

I wanted to ask about the $500 million ARR run rate that you mentioned for LogScale and others. And, a, is that the same composition from the analyst event where you referenced it was $399 million in the January quarter? So it's up 25% in only 2 quarters, so pretty healthy growth there. B, any comments on how you anticipate that continuing to scale over the next couple of quarters to help realize that back half of your guidance. C, any update on the thoughts on M&A that might contribute to the growth of that emerging portfolio.

我想問一下您提到的 LogScale 和其他公司 5 億美元的 ARR 運行率。而且，這與您提到的 1 月份季度 3.99 億美元的分析師活動中的構成相同嗎？僅 2 個季度就增長了 25%，增長相當健康。 B，關於您預計如何在接下來的幾個季度繼續擴大規模以幫助實現您的指導的後半部分的任何評論。 C，有關可能有助於新興投資組合增長的併購想法的任何更新。

Yes, it's a great question. So for us, the way we've broken it out on this earnings call, it's not the emerging category that we had talked about in the past. It's different. And we wanted to give increased visibility into the specific business lines. And we thought that it would be very important for everybody to see how well they're performing and how well -- we have the scale they're performing. So you've got, obviously, our cloud momentum. You've got our LogScale momentum and our identity momentum. And we wanted to show everybody exactly how we're doing in those areas, and that they're taking flight at scale.

是的，這是一個很好的問題。因此，對我們來說，我們在本次財報電話會議上的細分方式，並不是我們過去討論過的新興類別。這不一樣。我們希望提高特定業務線的可見性。我們認為，對於每個人來說，了解他們的表現如何以及我們擁有他們表現的規模非常重要。顯然，您已經掌握了我們的雲動力。您已經獲得了我們的 LogScale 動力和我們的身份動力。我們想向大家展示我們在這些領域的具體表現，以及它們正在大規模發展。

I'll pass the other questions over to George.

我會將其他問題轉交給喬治。

Well, when we think about the current environment, I think everyone is seeing there is a shift in the competitive environment and companies that are moving around in terms of M&A activity. We think the back half of the year will be a great opportunity. We continue to evaluate many, many different candidates as we normally do. And we think the environment is getting better from an M&A perspective. And we're very diligent in how we buy things in the bar and how we look to integration because we focus on a seamless one platform approach, and we remain true to that. So back half of the year, we'll see how it goes, but certainly excited about that, and we continue to drive innovation internally and we'll look externally for good companies with good culture and good people.

嗯，當我們思考當前的環境時，我認為每個人都看到競爭環境發生了變化，公司的併購活動也發生了變化。我們認為下半年將是一個很好的機會。我們繼續像往常一樣評估許多不同的候選人。我們認為從併購的角度來看，環境正在變得更好。我們非常注重如何在酒吧購買商品以及如何尋求整合，因為我們專注於無縫的單一平台方法，並且我們始終堅持這一點。因此，今年下半年，我們將看到情況如何，但肯定對此感到興奮，我們將繼續在內部推動創新，並在外部尋找具有良好文化和優秀人才的優秀公司。

And our next question comes from the line of Mike Walkley with Canaccord Genuity.

我們的下一個問題來自 Canaccord Genuity 的 Mike Walkley。

George, it's clear platform leaders are gaining wallet share as enterprises consolidate vendors. I just want to dig in a little bit more. It seems like there's even a big shift more favorable to CrowdStrike from your comments even a quarter ago. With SentinelOne and BlackBerry silenced, potentially up for sale, are you already generating strong share gain opportunities in the SMB market? Or can you just let us know how Falcon Go is trending versus your expectations?

喬治，很明顯，隨著企業整合供應商，平台領導者正在獲得錢包份額。我只是想再深入一點。從您四分之一前的評論來看，似乎甚至出現了對 CrowdStrike 更有利的重大轉變。隨著 SentinelOne 和 BlackBerry 的沉默，並可能被出售，您是否已經在中小型企業市場中獲得了強勁的份額增長機會？或者您能否讓我們知道 Falcon Go 的趨勢與您的預期相比如何？

Yes. We already see that in the marketplace. We've got customers that are very concerned about the uncertainty. They've seen the Silence BlackBerry movie before, and they're concerned. And uncertainty is never a good thing for security buyers. So we've already seen deals come our way. And again, as a consolidator, and as the leader of the space, we think that just accrues more value to us. So we'll see how everything shakes out. But for sure, what we're hearing from partners and customers about some of the latest movements in our space is concern in terms of other competitors. And again, they're looking for a long-term viable partner, and those are -- that's what we're hearing from multiple sources.

是的。我們已經在市場上看到了這一點。我們的客戶非常擔心不確定性。他們以前看過《沉默的黑莓》電影，並且很擔心。對於證券買家來說，不確定性從來都不是一件好事。所以我們已經看到了一些交易。再說一遍，作為整合者和該領域的領導者，我們認為這只會為我們帶來更多價值。所以我們會看看一切如何發生。但可以肯定的是，我們從合作夥伴和客戶那裡聽到的關於我們領域的一些最新動向是其他競爭對手的擔憂。再說一次，他們正在尋找一個長期可行的合作夥伴，而這些正是我們從多個來源聽到的。

Our next question comes from the line of Gray Powell with BTIG.

我們的下一個問題來自 Gray Powell 與 BTIG 的對話。

Congratulations on the good results. So maybe one on the competitive side. I guess the biggest concern we've heard from investors is just on pricing in the endpoint security space, particularly as EDR adoption moves past the 50% mark. So I guess the question would be, how much room is left in the Global 2000? And then how sensitive do you think the incremental buyer is today compared to what you've seen the last 2 years?

恭喜取得好成績。所以也許是在競爭方面。我想我們從投資者那裡聽到的最大擔憂就是端點安全領域的定價，特別是當 EDR 採用率超過 50% 時。所以我想問題是，全球 2000 強還剩下多少空間？那麼，與過去兩年相比，您認為現在的增量買家有多敏感？

Well, from buyers, what we've seen is they're buying platform. They're not just buying one particular area. The way our technology works, it's single-agent architecture, a common data store and then modules, and then we've been able to obviously monetize that across different areas. Protection is just one area. But when you look at cloud, you look at agentless, you look at some of the other offerings, LogScale and Identity, it's really about the platform sale, not an individual area and getting the right outcome, as I talked about in the earnings script, stopping breaches. I talked to a customer recently. They have 60 different products and controls. And we were the only one that actually detected activity in their environment and prevented a potential issue.

嗯，從買家那裡，我們看到他們正在購買平台。他們不僅僅是購買某一特定區域。我們的技術的工作方式是單代理架構、通用數據存儲和模塊，然後我們就能夠在不同領域將其貨幣化。保護只是一個領域。但是，當您查看雲時，您會看到無代理，您會看到其他一些產品，LogScale 和Identity，這實際上是關於平台銷售，而不是單個領域並獲得正確的結果，正如我在收益腳本中談到的那樣，制止違規行為。我最近和一位客戶交談。他們有 60 種不同的產品和控件。我們是唯一真正檢測到其環境中的活動並防止潛在問題的人。

So that's really been the focus for us. And I think when you look at even the legacy areas, it's almost, what, 50% of the market is still available from a legacy perspective, near 50%. So yes, 48%. I think when you look at that, still a big opportunity in legacy displacements as well as the platform areas that we called out are just massive TAM opportunities. And as I mentioned in the script, they could each be an IPO-able business on a stand-alone basis as big as they are.

這確實是我們關注的焦點。我認為，即使你看看遺留領域，從遺留的角度來看，幾乎 50% 的市場仍然可用，接近 50%。所以是的，48%。我認為，當你看到這一點時，傳統位移仍然是一個巨大的機會，以及我們呼籲的平台領域只是巨大的 TAM 機會。正如我在劇本中提到的，它們都可以成為一家可以獨立上市的企業，規模與它們一樣大。

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

我們的下一個問題來自摩根大通的布萊恩·埃塞克斯 (Brian Essex)。

Maybe just for Burt. I wanted to understand how you're balancing spending both on a GAAP and non-GAAP perspective. It looks like operating expenses on a non-GAAP basis actually declined sequentially, but stock-based comps spiked up. Would love to know how the hiring environment is playing into that and how you think about managing that going forward and any impact that might have toward achieving your cash flow targets?

也許只是為了伯特。我想了解你們如何從公認會計原則和非公認會計原則的角度平衡支出。看起來按非公認會計原則計算的運營費用實際上連續下降，但基於股票的比較卻出現了飆升。很想知道招聘環境如何影響這一點，以及您如何看待未來的管理以及可能對實現現金流目標產生的任何影響？

Sure, Brian. So thanks for the question. So number one, we are going to continue to invest as aggressively as we can while keeping to our commitment to our profitability metrics. And for us, I think that the key here, you had mentioned on the stock-based compensation, a lot of that is based on timing of grants. And I think that for us, we're going to continue to use grants to attract and retain. Having said that, we think that we are going to continue to show low dilution, less than 2% this year, and strive to keep it under 3% for next year.

當然，布萊恩。謝謝你的提問。因此，第一，我們將繼續盡可能積極地投資，同時恪守對盈利指標的承諾。對於我們來說，我認為這裡的關鍵，你提到了基於股票的薪酬，其中很多是基於撥款的時間。我認為對我們來說，我們將繼續使用贈款來吸引和留住人才。話雖如此，我們認為我們將繼續保持低稀釋度，今年低於 2%，並力爭明年將其保持在 3% 以下。

For us today, we think it's a good hiring environment. We're taking the time in terms of how we're going to go about hiring and where, and we're being very prudent in terms of where we're deploying headcount. And as we've mentioned in prior calls, we are managing the pace of hiring in accordance with what we think is what we need to continue to hit our targets. So that's how we see it.

對於今天的我們來說，我們認為這是一個良好的招聘環境。我們正在花時間考慮如何招聘和在哪裡招聘，而且我們在部署員工的地方也非常謹慎。正如我們在之前的電話會議中提到的，我們正在根據我們認為繼續實現目標所需的內容來管理招聘節奏。這就是我們的看法。

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

我們的下一個問題來自喬納森·何（Jonathan Ho）和威廉·布萊爾（William Blair）的對話。

Congrats on the strong results. Can you maybe give us some additional color in terms of what you're seeing for these attach rates, especially with the 8 or more products? And how do we think about maybe net retention going forward as you start to realize that platform vision?

祝賀取得的強勁成果。您能否就您所看到的這些附加率（尤其是 8 種或更多產品）向我們提供一些額外的信息？當您開始實現該平台願景時，我們如何考慮未來的淨保留率？

Yes, Jonathan, great to hear your voice. We're really pleased with what we've seen with respect to customers adopting across the board, 5, 6, 7, 8 modules. So for us, when you talk about the DBNR, remember, it's a noisy metric, and it can fluctuate quarter-to-quarter, and we've talked about that repeatedly. Some quarters have bigger lands and some have bigger expands. But I think at the end of the day, for us, what we're seeing is that we've got a lot of headroom in both new logo opportunities. George talked about the available market from our legacy providers, 48%, but we also have an ever-growing customer base. And as we continue to delight our customers, they're going to continue to buy more for us, and it goes along with the consolidation theme that we've been talking about here. So it really plays into our favor. The great news is that, in addition to strong expansions, net new ARR contribution from new logos remains high, even higher than we were expecting so far for the year.

是的，喬納森，很高興聽到你的聲音。我們對客戶全面採用 5、6、7、8 個模塊的情況感到非常滿意。因此，對我們來說，當您談論 DBNR 時，請記住，這是一個嘈雜的指標，並且它可能會按季度波動，我們已經多次討論過這一點。有些宿舍有更大的土地，有些則有更大的擴展。但我認為歸根結底，對我們來說，我們看到的是，我們在兩個新標誌的機會上都有很大的空間。 George 談到了我們傳統提供商的可用市場（48%），但我們也擁有不斷增長的客戶群。隨著我們繼續取悅客戶，他們將繼續為我們購買更多產品，這與我們在這裡討論的整合主題相一致。所以它確實對我們有利。好消息是，除了強勁的擴張之外，新標識帶來的淨新 ARR 貢獻仍然很高，甚至高於我們今年迄今為止的預期。

And our next question comes from the line of Gregg Moskowitz with Mizuho.

我們的下一個問題來自格雷格·莫斯科維茨（Gregg Moskowitz）和瑞穗（Mizuho）的對話。

George, obviously, it's extremely early as it remains -- as it relates rather to the arc of generative AI. But you did mention in your prepared remarks that you plan to release Charlotte AI pricing at Fal.Con. Presumably, that means there will be some form of discrete monetization for Charlotte. We haven't really seen that though from other cybersecurity vendors as yet. So when it comes to your data and the application of your AI tech, maybe just help us understand kind of why you think you'll be able to not just deliver incremental value to your customers but monetize it as well.

喬治，顯然，現在還非常早——因為它與生成人工智能的弧線相關。但您在準備好的發言中確實提到，您計劃在 Fal.Con 上發布 Charlotte AI 的定價。據推測，這意味著夏洛特將有某種形式的離散貨幣化。不過，我們還沒有真正從其他網絡安全供應商那裡看到這一點。因此，當涉及到您的數據和人工智能技術的應用時，也許只是幫助我們理解為什麼您認為您不僅能夠為客戶提供增量價值，而且還能將其貨幣化。

Sure. Well, when you look at outcomes, as I mentioned, one of them is doing more with less. And in security, there's upwards of probably a 3-million-person gap and the ability to actually hire security folks. And as I mentioned, when we launched Charlotte AI in public preview is the fact that it really is a virtual analyst, a SOC analyst, which are super expensive and hard to maintain. So for our purposes, when we look at the total value to a customer, if we can create more virtual analysts, just as an example, that takes 8 hours of work and compress it into 10 minutes. We think there's real value to that, which is why we'll have pricing around it, which we're going to deliver at Fal.Con.

當然。好吧，當你看到結果時，正如我提到的，其中之一就是用更少的錢做更多的事情。在安全方面，可能存在超過 300 萬人的缺口，並且沒有能力實際僱用安​​全人員。正如我所提到的，當我們在公共預覽版中推出 Charlotte AI 時，事實是它確實是一個虛擬分析師，一個 SOC 分析師，而且非常昂貴且難以維護。因此，就我們的目的而言，當我們查看客戶的總價值時，如果我們可以創建更多虛擬分析師（僅作為示例），則需要 8 小時的工作並將其壓縮為 10 分鐘。我們認為這具有真正的價值，這就是為什麼我們將圍繞它定價，我們將在 Fal.Con 上提供這一定價。

And even from what we've shown recently in one of the security conferences, it's real. It's out there. People liked it. They want it and it's differentiated from others that were just showing PowerPoint. So we're really excited about it. Obviously, it's early innings. But if we can show real value in creating these virtual analysts around Charlotte AI, we think customers are going to pay for that.

即使從我們最近在一場安全會議上所展示的情況來看，它也是真實的。它就在那裡。人們喜歡它。他們想要它，而且它與其他僅展示 PowerPoint 的產品不同。所以我們對此感到非常興奮。顯然，現在還處於早期階段。但如果我們能夠展示圍繞 Charlotte AI 創建這些虛擬分析師的真正價值，我們認為客戶會為此付費。

And our next question comes from the line of Gabriela Borges with Goldman Sachs.

我們的下一個問題來自高盛的加布里埃拉·博爾赫斯。

Burt, I'm looking to better understand the impact that macro may be having on the upsell and downsell component of NRR. Are you seeing customers coming up for newer contracts, trying to optimize the number of endpoints they have with the number of employees that they have? Is that causing pressure on NRR? And if it is, when do you think that headwind might abate?

Burt，我希望更好地了解宏觀因素可能對 NRR 的向上銷售和向下銷售部分產生的影響。您是否看到客戶正在尋求更新的合同，試圖根據他們擁有的員工數量來優化他們擁有的端點數量？這會對NRR造成壓力嗎？如果是的話，您認為逆風何時會減弱？

So first, I think we talked about why we were giving guidance the way we did. We did talk about up to 10% headwinds for the first half. We came in better than that. We talked about coming in flat to slightly up for the second half over last year. And I think at the end of the day, we're still in a tough macro. We believe all the things that George talked about, we're very adamant that we feel that we're going to be able to achieve those things. Having said that, you have to remember that still, as I said earlier on this call, deals are taking longer to close, there's more scrutiny on the P&L, and so we have to overcome those things to be able to really overcome what -- anything that we would put out there. And for us, I think that we have a great opportunity to do so. And so long as we continue to stay the course, invest where we need to invest, take a prudent approach, I think we're going to be in good shape.

首先，我想我們討論了為什麼我們要以這種方式提供指導。我們確實談到了上半年高達 10% 的阻力。我們比那更好。我們談到下半年的業績將與去年持平或略有上升。我認為歸根結底，我們仍然處於艱難的宏觀環境中。我們相信喬治談到的所有事情，我們非常堅信我們將能夠實現這些目標。話雖如此，你仍然必須記住，正如我之前在這次電話會議上所說的那樣，交易需要更長的時間才能完成，對損益表的審查也更加嚴格，因此我們必須克服這些問題才能真正克服——我們會在那裡發布的任何東西。對於我們來說，我認為我們有很好的機會這樣做。只要我們繼續堅持到底，在需要投資的地方進行投資，採取謹慎的態度，我認為我們就會保持良好的狀態。

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

我們的下一個問題來自豐業銀行的帕特里克·科爾維爾。

This one is for Burt. I mean you gave us lots of juicy metrics. And I guess I just want to get some clarifications. Can you give us the emerging products number, so we can kind of triage what we had previously versus kind of what you're giving us now? And then I guess the second part of my question is in reference to your comments about fiscal '25 operating margin being in line with the target model. Can you just remind us what the target model is that you're referencing?

這是給伯特的。我的意思是你給了我們很多有趣的指標。我想我只是想得到一些澄清。您能否給我們新興產品的編號，以便我們可以對我們以前擁有的產品和您現在提供的產品進行分類？然後我想我的問題的第二部分是參考您對 25 財年營業利潤率與目標模型一致的評論。您能否提醒我們您所引用的目標模型是什麼？

Yes. So first, on the emerging products, we thought it would be better to give you full numbers on our businesses that are meaningful, that are taking flight. So we won't be going back to anything that we used to call emerging products. With respect to our target model for FY '25 and hitting those targets, the last one that we were talking about was certainly the operating margin. We said we were going to be between the 20% and 22%-plus, and we actually hit that one. That was the last one of several that we gave out, from subscription gross margin to F&M to G&A to R&D. We also gave out free cash. And for the year, we're still talking about that 30% to 32%-plus.

是的。首先，關於新興產品，我們認為最好向您提供我們有意義的、正在騰飛的業務的完整數據。因此，我們不會再回到過去所謂的新興產品。關於我們 25 財年的目標模型以及實現這些目標，我們討論的最後一個目標肯定是營業利潤率。我們說我們的目標是 20% 到 22% 以上，我們實際上達到了這個目標。這是我們給出的幾項內容中的最後一項，從訂閱毛利率到 F&M，再到 G&A，再到研發。我們還贈送了免費現金。今年，我們仍在談論 30% 至 32% 以上。

Our next question comes from the line of Yi Fu Lee with Cantor Fitzgerald.

我們的下一個問題來自李毅夫和康托·菲茨杰拉德的台詞。

Congrats on those set of results. This is Yi on for Jonathan Ruykhaver. Just one question around -- results around CNAPP. Obviously, CrowdStrike is building CNAPP around endpoint. I was wondering if maybe, George, you could share any benefits of doing this versus other vendors that are building it off, like, let's say, a Zero Trust exchange. That's it from us.

祝賀這組結果。我是易為喬納森·魯伊克哈弗 (Jonathan Ruykhaver) 發言。只有一個問題——CNAPP 的結果。顯然，CrowdStrike 正在圍繞端點構建 CNAPP。我想知道，喬治，您是否可以分享這樣做與其他正在構建它的供應商相比的任何好處，例如零信任交換。這就是我們的。

Yes. So when we think about our cloud business, and I went into some detail on this, it's both agent and agentless, so right? It's not just around the cloud workload protection, but it's also around the cloud security posture management and everything really from code to cloud. And we've added tremendous capabilities, which I've called out in the earnings script as well in terms of our ability to instrument and flight containers and understand if insecure code is being put into the CICD pipeline, et cetera. So we've always been strong in the agent world. And what we're finding is that customers are looking at agentless and moving to our solution because it combines the best of both worlds agent and agentless together in one single SKU. And we had tremendous success last quarter. We've got a dedicated sales team on cloud, and customers are seeing the benefits of an integrated platform with Falcon. So we'll continue down that path. And again, we continue to build out its capabilities and win new business there.

是的。因此，當我們考慮我們的雲業務時，我對此進行了一些詳細介紹，它既是代理又是無代理，所以對嗎？它不僅涉及雲工作負載保護，還涉及雲安全態勢管理以及從代碼到雲的所有內容。我們還增加了巨大的功能，我在收益腳本中也提到了這些功能，包括我們檢測和飛行容器的能力以及了解不安全代碼是否被放入 CICD 管道等的能力。所以我們在代理領域一直很強大。我們發現，客戶正在考慮無代理並轉向我們的解決方案，因為它將代理和無代理的優點結合在一個 SKU 中。上個季度我們取得了巨大的成功。我們在雲上擁有專門的銷售團隊，客戶正在看到 Falcon 集成平台的優勢。所以我們將繼續沿著這條路走下去。再次，我們繼續增強其能力並在那裡贏得新業務。

Our next question comes from the line of Trevor Walsh with JMP Securities.

我們的下一個問題來自 JMP 證券公司的特雷弗·沃爾什 (Trevor Walsh)。

George, maybe just to follow up on that last response around CNAPP. What's the appetite for customers to -- or at least start to look at combining CNAPP capabilities with XDR or at least kind of bridging the 2 together as far as kind of all the -- just another point of telemetry from cloud kind of feeding into that XDR outlook. And where do you see it either happening -- what's the kind of current state and where do you see it going?

喬治，也許只是為了跟進 CNAPP 的最後回應。客戶的興趣是什麼——或者至少開始考慮將 CNAPP 功能與 XDR 相結合，或者至少將兩者橋接在一起——這只是雲遙測的另一個點XDR 展望。你認為它會在哪裡發生——目前的狀態是什麼？你認為它會走向何方？

Well, the current state is the reality, which is that's what we're doing today. So we're taking all that rich telemetry from the CNAPP offering, agent, agentless, and even the exposure management that all from an XDR perspective is coming back into the Falcon platform and is available to any of the algorithms to identify and prevent any sort of malicious activity. It's also available from a compliance perspective to help customers manage their compliance and risk. It's available from an asset graph perspective, which gives customers an idea of what's actually in their environment. And then from a cloud detection response perspective, we actually have some of our managed services that are able to help cloud customers, which at this point, is sort of an epidemic of issues in cloud environments, the way the adversaries are operating. So we're really pioneering that space and putting it all together. And that is the reason why we're one of the largest cloud security by revenue vendors in the market today.

嗯，目前的狀態就是現實，這就是我們今天正在做的事情。因此，我們從 CNAPP 產品、代理、無代理甚至暴露管理中獲取所有豐富的遙測數據，所有這些從 XDR 角度來看都將返回到 Falcon 平台，並且可用於任何算法來識別和防止任何類型的攻擊的惡意活動。它還可以從合規性角度幫助客戶管理合規性和風險。它可以從資產圖的角度來看，讓客戶了解其環境中的實際情況。然後從雲檢測響應的角度來看，我們實際上擁有一些能夠幫助雲客戶的託管服務，在這一點上，這是雲環境中問題的流行病，即對手的操作方式。因此，我們確實是該領域的開拓者，並將其整合在一起。這就是為什麼我們是當今市場上收入最大的雲安全供應商之一。

Our next question comes from the line of Peter Levine with Evercore ISI.

我們的下一個問題來自 Evercore ISI 的 Peter Levine。

George, maybe just to piggyback off of that other AI question. Every vendor is telling us their AI is proprietary. The outcomes are proprietary to their data. So maybe explain to us like really where the competitive moat comes from. When we hear Microsoft talk about or at least push all their products, their customers doing copilot. Palo, Zscaler, they're all talking about kind of the same outcomes. But maybe put a finer point on why you think what your moat is around Charlotte AI.

喬治，也許只是為了借鑒其他人工智能問題。每個供應商都告訴我們他們的人工智能是專有的。結果是他們的數據專有的。所以也許可以向我們解釋一下競爭護城河從何而來。當我們聽到微軟談論或至少推銷他們的所有產品時，他們的客戶就是副駕駛。 Palo、Zscaler，他們都在談論相同的結果。但也許可以更詳細地解釋為什麼你認為夏洛特人工智能周圍有你的護城河。

Sure. It really is a good question, and I certainly agree with you. There's a lot of people talking about it, and I think we're actually delivering it. One of the things that I would point you to is the data set itself. And what's important to realize it isn't just about the most data. You'll hear that from a lot of vendors. One vendor will say they have more data than the other. It's really about sort of the curated data set because when we think about generative AI, it actually has to be trained. We think about ChatGPT, there's a bunch of humans helping to train it. Just so happens, probably more by luck than understanding generative AI was going to be on the horizon, that when we started the company, we actually have a very well-defined training set that's annotated based upon all the threat hunting that we've done over the last 10 years.

當然。這確實是一個好問題，我當然同意你的觀點。有很多人在談論它，我認為我們實際上正在實現它。我要向您指出的一件事是數據集本身。重要的是要認識到這不僅僅是最多的數據。您會從很多供應商那裡聽到這樣的說法。一個供應商會說他們比另一供應商擁有更多的數據。這實際上是關於整理的數據集，因為當我們考慮生成人工智能時，它實際上必須經過訓練。我們想到 ChatGPT，有一群人幫助訓練它。碰巧的是，當我們創辦公司時，我們實際上有一個非常明確的訓練集，它是根據我們所做的所有威脅追踪進行註釋的，這可能比理解生成式人工智能即將出現更幸運。過去10年。

So we believe our 10-year head start in terms of having a data set that's actually curated is going to give us a distinct advantage of helping our customers. So that's a big area. And then it's a foundational platform component, which is made available to every other service on the platform, which is different than others. So again, first innings, we'll see how it all unfolds, but initial customer reaction has been very, very positive.

因此，我們相信，我們在擁有實際策劃的數據集方面的 10 年領先優勢將為我們在幫助客戶方面帶來明顯的優勢。所以這是一個很大的區域。然後它是一個基礎平台組件，可供平台上的所有其他服務使用，這與其他服務不同。再說一遍，第一局，我們將看到這一切如何展開，但最初的客戶反應非常非常積極。

I'll now hand the call back over to CEO, George Kurtz, for any closing remarks.

現在，我將把電話轉回首席執行官喬治·庫爾茨 (George Kurtz)，讓其作結束語。

Great. Well, I want to thank everyone for their time today. We certainly appreciate your interest and look forward to seeing you in person at our upcoming Fal.Con conference. Thanks so much, and we'll talk soon.

偉大的。好吧，我要感謝大家今天抽出時間。我們當然感謝您的關注，並期待在即將舉行的 Fal.Con 會議上見到您。非常感謝，我們很快就會聊。

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

女士們、先生們，今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接。