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 財年第二季業績電話會議。 （操作員指示）請注意，今天的會議正在錄音。

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

現在我很高興介紹投資者關係副總裁瑪麗亞·萊利 (Maria Riley)。

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

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

Before we get started, I would like to note that certain statements made during this conference call that are not historical facts, including those regarding our future plans, objectives, growth and expected performance including our outlook for the 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，包括我們對第三季度和 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 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。有關這些因素以及其他可能影響公司財務表現的因素的更多資​​訊包含在我們不時向美國證券交易委員會提交的文件中，包括公司季度和年度報告中標題為「風險因素」的部分。

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

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

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

說完這些，我現在將電話轉給喬治。

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.

謝謝你，瑪麗亞，也謝謝大家今天加入我們。我很高興地報告，在第二季度，我們在頂線和底線指標上都超出了我們的預期，實現了強勁持久的規模增長、令人難以置信的槓桿率，並且在每個指標上都按照我們的目標模式運營。即使面臨嚴峻的宏觀環境，我們仍然取得了令人印象深刻的季度業績，凸顯了 CrowdStrike 的結構性競爭優勢，使 Falcon 成為雲端時代的權威網路安全平台。

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.

本季的財務亮點包括：期末 ARR 為 29 億美元，年增 37%，其中雲端安全、身分保護和 LogScale 下一代 SIEM 的貢獻創歷史新高，合計 ARR 超過 5 億美元；非公認會計準則營業利潤率創歷史新高，達到 21.3%；億美元；涉及 8 個或更多 Falcon 平台模組的交易年增超過 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 timeline 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.

我們致力於卓越營運以及在我們的平台和整個組織內利用人工智慧，即使我們積極投資於推動成長，也為我們的財務表現帶來了令人羨慕的槓桿作用。正如伯特將要討論的那樣，我們正在提高今年的收入預期，並製定時間表以可持續地實現我們的非公認會計準則目標營運模式。我們現在預計第四季度的業績將符合我們的目標非公認會計準則營業利潤率模型，並從 25 財年開始按年度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.

在日益數位化、雲端定義的世界中，網路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) 最近頒布的網路安全揭露要求證實了網路安全威脅日益嚴重的現象，將該類別從營運問題提升為緊急的董事會層級和 CXO 支出優先事項。在 CrowdStrike，我們繼續建立網路安全的首選平台，並做出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，我們看到業務成長勢頭強勁，這得益於創紀錄的新標誌和追加銷售管道、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以及創紀錄的客戶數量，他們自豪地信任 CrowdStrike 成為他們首選的長期安全平台整合商。我們也觀察到競爭格局發生了重大變化，這對 CrowdStrike 來說是一個獨特的優勢。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實現兩位數的淨新 ARR 成長。

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 年的網路安全工作中，我意識到並創造了這個行業的巨大變化，而我們現在正處於這一變化之中。組織需要為數位社會提供更好、更快、更具成本效益的保護。組織需要無縫而非拼湊的自動化來打破遺留的資料孤島。組織需要更低的 TCO 和更有效率的 ROI 驅動的投資。當今網路安全的競爭戰場反映了這些現實，將優劣勢區分開來：擁有平台的人與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.

原本擁有數十家公司的市場正迅速整合為幾家供應商。規模較小、產品重點較窄的公司正被甩在後面。這些公司正在迅速走上傳統 AV 的道路，它們已經掌握在策略或私募股權買家手中，或正在尋找安全的買家。點產品、單一功能的雲端安全公司正透過慘痛的教訓認識到，透過設計建構的平台才能在規模上取勝。當今的競爭格局鞏固了 CrowdStrike 的領導地位，並將曾經的競爭對手變成了直接的共享捐助者。 CrowdStrike 是專門為這個市場打造的。我們擁有技術創新、使命驅動的團隊和相當大的規模來引領網路安全平台整合。

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，以下是我認為我們將在下半年及以後取得成功的原因。 Falcon 平台能夠實現真正的整合，並帶來最佳成果，我們正在雲端安全、身分保護和 LogScale 下一代 SIEM 領域進行 XDR 轉型。這三個平台解決方案都是高成長、規模可觀的業務。每個公司都是具有 IPO 價值的公司的典範，並且都是 Falcon 平台的無縫整合組件。

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 CrowdStrike 作為網路安全整合者進行評論，然後我將跟進我們的雲端、身分和下一代 SIEM Falcon 平台業務的更新。 Falcon 平台不僅成為提供人工智慧網路安全的標準，也成為我們客戶的基礎網路安全平台。我們革命性的雲端原生架構由人工智慧資料平台和輕量感測器外形組成，無需重新啟動即可最簡單、最快速地部署。我們的外形尺寸是為數位化任何地方的企業而設計的，不受作業系統或硬體定義的網路邊界的限制。 CrowdStrike 具有偵測和預防攻擊的可見性以及補救的工作流程整合和自動化功能。我們在設備和多雲工作負載方面擁有主要的企業資產，可以實現網路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.

在黑帽安全大會上，我遇到的客戶一個接一個地希望將他們的網路安全錨定在 Falcon 平台上。這些客戶將我們視為其安全之旅的核心合作夥伴。

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

由於整合是一個熱門話題，讓我們來談談安全結果的真正意義。

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。這是最重要的成果。公司需要值得信賴的合作夥伴供應商，能夠了解、預防和應對威脅行為者，從而阻止違規行為。 CrowdStrike 憑藉其技術、威脅情報和服務，擁有獨特的優勢來阻止違規行為。

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

節省時間。透過單一現代控制台提供所有內容，並結合生成式人工智慧，可以減少停留時間，使網路安全變得更快、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.

省錢。由於大多數企業仍在購買 60 多種網路安全點產品，因此網路安全擱置軟體過多。單一產品需要學習和維護、建立整合以及更高的人員成本。消除管理、整合、更新和操作多餘工具的時間意味著產品、人員、流程和成本的真正節省。

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，做更多的事情。 CrowdStrike 的 Falcon 為組織解鎖了新功能，例如在一個整合平台上部署他們的第一個代碼到雲端安全、身分保護、暴露管理、攻擊面減少、下一代 SIEM 等。我們在企業和 SMB 技術堆疊中的黃金房地產中擁有廣泛的原生 Falcon 功能，這是我們的優勢，並為客戶拓展創造了重要的途徑。

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 XDR 平台能夠吸收第一方和第三方數據，正迅速成為企業數據目的地。我們認為資料引力對於網路安全管理至關重要，但更廣泛的可觀察性用例也是 CrowdStrike 的競爭優勢。客戶採用的每個模組都能帶來更大的價值，減少代理、安全漏洞、複雜性和成本，使他們能夠使用 Falcon 平台轉換和整合他們的安全堆疊。

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.

讓我分享幾個最近贏得新客戶的例子來證明這一點。首先是一家大型汽車製造商，曾嘗試但未能鞏固其在 Microsoft E5 上的安全性。該公司的安全團隊很快就意識到微軟的複雜性、多控制台、缺乏整合、錯誤檢測和複雜的部署阻礙了他們的自我防禦和鞏固能力。該客戶目前正在 Falcon 平台上使用 Falcon Complete 來整合端點、身分和雲端。現在，透過單一代理、單一使用者介面和單一平台，他們可以完全了解其端點、雲端和身份，並能夠即時阻止威脅。透過從昂貴的 Microsoft E5 遷移到 CrowdStrike，組織每年可以為每位使用者節省 50% 以上的 Microsoft 授權成本，總計可節省數百萬美元。

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 位數的整合勝利來自一家領先的住宅建築製造商，他們將其 Falcon Complete 訂閱提升到了一個新的水平。除了端點之外，該客戶還購買了我們的外部攻擊面管理產品 Falcon Cloud Security、Identity Protection、LogScale 和 Falcon Surface。 Falcon 已成為該企業的整合和信任平台，將對其他 3 家供應商的支出減少了 60% 以上，並從其堆疊中完全消除了多家供應商。

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.

整合不僅推動了新標誌的擴張，也增加了平台的採用，特別是在雲端安全、身分保護和 LogScale 領域，這些領域合計為期末 ARR 貢獻了超過 5 億美元的收入。金融服務、科技、零售和製造業垂直領域持續表現出強勁的需求和較大的交易規模。在第二季度，我們完成的涉及 8 個或更多模組的交易比一年前增加了 80% 以上，因為客戶越來越希望透過 CrowdStrike 來整合他們的安全堆疊。

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，讓我來討論一下我們在雲端、身分和 LogScale、下一代 SIEM 平台領域的發展勢頭，我們正在這些領域創下新的紀錄。讓我們從雲端安全開始，其中淨新 ARR 成長在本季顯著加速並創下新高。部署在公有雲的 Falcon 模組的最終 ARR 成長至 2.96 億美元，年成長 70%，比當今幾乎所有雲端安全供應商的 ARR 都要高。推動這項轉變的是我們對 Falcon Cloud Security（我們的 CNAPP 套件產品）的重點創新，它將代理和無代理雲端原生安全功能統一到單一產品中，可在所有主要雲端環境中立即實現價值。 Falcon Cloud Security 的淨新 ARR 成長率較上季加速至 70%。我們讓客戶更輕鬆地透過單一 SKU 使用 Falcon Cloud Security，並且客戶正在迅速將 CrowdStrike 標準化為其首選的雲端安全平台。

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，包括基礎設施即程式碼、側掃和攻擊路徑分析，從而打造了市場上最全面的 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，我們專注於雲端安全，舉辦了一場虛擬雲端安全高峰會，有超過 12,500 名安全性和 DevOp 參與者參加，隨後是雲端重點合作夥伴和銷售活動。我們的整合式雲端套件、易於管理和更低的 TCO 價值主張正在引起廣泛共鳴。

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數量的雲端客戶，其中包括與財富 500 強客戶達成的多個 7 位數雲端擴展，總交易價值超過 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 Falcon Cloud Security，交易價值 500 萬美元，選擇 CrowdStrike 而不是點產品雲端安全掃描器並取代其防火牆供應商。此外，一家大型財富 500 強製造商尋求產品優勢和單一平台方法，以 Falcon Cloud Security 取代 Wiz。其他雲端運算勝利包括金融、技術、媒體和醫療保健公司以及公共部門帳戶的新土地。

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，我想重點介紹財富 1000 強零售品牌的雲端擴展情況，該品牌面臨來自現有雲端安全供應商的成本不斷增加的問題，並且其雲端資產的可見性有限。該客戶發起了一項計劃，以統一他們的安全堆疊並消除傳統端點、雲端運行時安全性和姿態管理之間的差距。 CrowdStrike 是唯一滿足這些要求並擁有統一平台並幫助他們降低整體營運成本的供應商。

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.

雲端安全市場機會龐大且成長迅速，預計 2026 年市場規模將達到 180 億美元。攻擊者對雲端的利用年增長了 95%，而始終阻止威脅的唯一方法是使用像 Falcon 這樣功能齊全的代理和無代理雲端套件。只有 CrowdStrike 提供完全整合的 CNAPP 解決方案，該解決方案在混合和多雲環境中將雲端工作負載保護、雲端安全態勢管理、雲端基礎設施授權管理、威脅情報和威脅搜尋統一在一個平台上。

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.

我們在雲端安全領域的領導地位得到了 Frost & Sullivan 最近發布的 2023 年 Frost Radar、雲端工作負載保護平台報告的認可，該報告基於我們令人印象深刻的 CWPP 業務成長、全面的雲端視覺性以及無與倫比的雲端偵測和回應服務。

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%.

身分保護業務也表現突出，其期末 ARR 超過 2 億美元，較去年同期成長 194%。在過去 12 個月中，我們觀察到的所有互動式入侵中，基於身分的攻擊佔 62%。 CrowdStrike 的 Falcon Identity Protection 提供了針對身分攻擊的最佳保護，最近榮獲 CRN 的技術創新者獎，成為市場上最佳解決方案。新客戶的身分保護採用率年增超過 100%，與身分相關的交易總數增加了 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.

一家金融服務公司在第二季度突顯了這一點，該公司在發生一起入侵事件後，最初向 CrowdStrike 尋求事件響應，攻擊者使用合法憑證繞過該公司現有的安全產品，並且在一周內未被發現。在 CrowdStrike 事件回應人員採取補救措施後，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.

轉到 LogScale。隨著客戶越來越多地採用該解決方案來銷售多種用例，LogScale 下一代 SIEM 的淨新 ARR 創下了新紀錄。使用 LogScale 的客戶數量比去年同期成長了 3 倍以上。 LogScale 的期末 ARR 年成長超過 200%，並很快接近 1 億美元的 ARR 里程碑，我們預計該里程碑將在第三季實現。一家財富 500 強製造公司在 Falcon 平台上進行了擴展，以近 400 萬美元的價格收購了 LogScale，此前該公司對其傳統 SIEM 供應商感到失望，因為後者的成本越來越高，許可證複雜，而且強制從本地遷移到雲端的體驗很差。鑑於 LogScale 無與倫比的速度和靈活性以及經濟高效的授權模式，該客戶現在正在利用 Falcon 平台從傳統 SIEM 過渡，從而大大提高其可觀察性和安全性用例的速度。

Falcon is a platform that brings the benefits of generative AI to life for every SOC, CISO, CSO 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 是一個平台，它為每個 SOC、CISO、CSO 和企業帶來生成性 AI 的好處。我們利用專有威脅數據和領先業界的人工智慧專業知識來實現這一目標。 Charlotte AI 是利用 CrowdStrike 的高保真數據優勢為我們整個平台的生成 AI 功能組合提供動力的引擎。 Charlotte AI 透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，從而促進模組採用並減少檢測和回應的平均時間。我們在單一平台上率先使用人工智慧，為客戶帶來淨效益，即更快的結果、更好的安全效果和更低的整體成本，開創了機器速度安全的新時代。我們在本月初在 Black Hat 上展示了 Charlotte AI，我們是唯一一家透過現場而非 PowerPoint 展示生成式 AI 實際操作演示的重量級供應商。大眾的反應非常熱烈，我們將在 Fal.Con 上公佈 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，從大型企業到中小型企業，64% 的新客戶來自我們的合作夥伴。我們領先業界的合作夥伴生態系統正在擁抱更廣泛的 Falcon 平台，與 CrowdStrike 一起建立長期差異化業務。 CrowdStrike 是 AWS 最大的網路安全市場合作夥伴。我們最近贏得了他們的年度 ISV 合作夥伴獎，這證明了我們在雲端安全類別中的領導地位、對創新的承諾以及進入市場的成功，尤其是在雲端安全領域。

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 reseller 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，我們透過與戴爾的合作所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那樣，我們與戴爾的經銷商協議於第一季上市，並在每個主要地理區域提供了季度新交易。第二季度，我們在全球範圍內開始了附加設備銷售，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.

我們的市場需求依然保持強勁。即使我們繼續在宏觀不確定性和交易審查日益嚴格的情況下運營，我們的成功率仍然很高。我們透過與雲端安全、身分保護、下一代 SIEM 和不斷增加的合作夥伴參與相關的整合交易所建立的勢頭，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，我們的年度客戶會議 Fal.Con 是我們一年一度的最大的銷售活動，今年的註冊人數已經比去年增加了 80%。 Falcon 生態系統將全面展示，超過 70 個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，配合此次活動，我們將舉辦投資者說明會，並與客戶和合作夥伴進行對話。今年的簡報會還將包括由我們的財務長 Burt Podbere 主持的財務討論。請注意，客戶會議將不會在網路直播中提供，因此請親自參加。

And 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.

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公認會計準則的。

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下，我們在第二季取得了強勁的業績。在第二季度，我們將業務擴展到新的高度，並實現了顯著的營運槓桿。本季的新里程碑包括創紀錄的營業利潤率（公司歷史上首次達到我們的目標營運模式）、創紀錄的歸屬於 CrowdStrike 的非 GAAP 淨收入（同比增長一倍以上）以及連續第二個季度實現 GAAP 盈利。

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.

需求環境依然保持彈性，我們建立了創紀錄的新標誌和追加銷售管道。我們第二季的淨新 ARR 達到 1.962 億美元，高於預期，因為我們堅持不懈地專注於銷售執行，這使我們能夠在交易審查日益嚴格、銷售週期延長的情況下仍然表現良好。本季末，我們的期末 ARR 達到 29.3 億美元，比去年同期成長 37%。我們對我們的土地和擴張策略的成功感到非常高興，我們基於美元的淨留存率在第二季度實際上達到了基準。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增加到訂閱客戶的 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.

轉到損益表。總營收比去年第二季成長 37%，達到 7.316 億美元。訂閱收入比去年第二季成長 36%，達到 6.9 億美元。專業服務收入為4,170萬美元，連續第12季創下新高，較去年同期成長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，我們也看到拉丁美洲、中東和日本的強勁表現。國際營收年增43%。我們第二季的非公認會計準則毛利率表現依然強勁。非公認會計準則總毛利率為 78%，連續第二季實現約 80% 的訂閱毛利率。我們期待在 9 月的 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目標模式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.

第二季非公認會計準則總營運費用為 4.125 億美元，佔營收的 56%，去年同期為 3.214 億美元，佔營收的 60%。第二季銷售和行銷費用以及研發費用分別較去年同期成長26%和35%。我們預計，由於現場活動、行銷和技術開發計劃的時間表，銷售、行銷和研發費用將逐季度波動。

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營運和規模獲利成長，在第二季度，我們實現了業務盈利的多個新里程碑。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%；公司歷史上首次達到非 GAAP 營業利潤率的目標模型範圍，收入達到創紀錄的 21%，遠遠超出了我們的計劃時間表；歸屬於 CrowdStrike 的非 GAAP 淨收入增長一倍以上，遠遠超出了我們的計劃時間表；歸屬於 CrowdStrike 的非 GAAP 淨收入增長一倍以上，增長至創 4 億美元的每股收益 1.88 億

These achievements speak to the power of our financial model and focus on running an efficient business. We are accelerating our timeline 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的財務模式的強大以及我們專注於高效經營業務。我們正在加快實現目標模型的時間表。正如我們的指引中所暗示的，我們現在預計第四季度的業績將符合我們的目標非 GAAP 營業利潤率模型，並且從 25 財年開始，每年都將保持在我們的目標模型之內。

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。現金及現金等價物增加至31.7億美元。經營現金流年增 17%，達到第二季創紀錄的 2.448 億美元。自由現金流年增 39%，達到第二季創紀錄的 1.887 億美元，佔營收的 26%，在自由現金流基礎上實現了 63 規則。展望 2024 財年上半年，自由現金流年增 42%，達到 4.161 億美元，佔營收的 29%，使我們有望實現全年 30% 自由現金流利潤率的既定目標。

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預期，並維持下半年和本財年的淨新 ARR 假設，這要求全年淨新 ARR 略有上升。對於 24 財年第三季度，我們預計總營收將在 7.754 億美元至 7.78 億美元之間，年增 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.

我們預計非公認會計準則營業收入將在 1.544 億美元至 1.563 億美元之間，歸屬於 CrowdStrike 的非公認會計準則淨收入將在 1.798 億美元至 1.818 億美元之間。我們預計，以稀釋後股數 2.44 億股計算，CrowdStrike 每股非 GAAP 淨收益約為 0.74 美元。

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.

我們正在上調 2024 財年全年的營收和獲利預期。我們目前預計總收入將在 30.307 億美元至 30.429 億美元之間，較上一財年增長 35% 至 36%。非公認會計準則營業收入預計在 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 淨收入將在 6.804 億美元至 6.897 億美元之間。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 2.80 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.

（操作員指示）我們的第一個問題來自巴克萊銀行的 Saket Kalia。

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?

很高興看到獲利能力，本季有很多有趣的事情可以談。但也許我只會直接談一個話題，那就是我認為我們所有人都對下半年淨新 ARR 成長的審查。聽著，我想我們已經從您和喬治那裡聽說了好幾個季度了，多產品管道看起來很強勁。但我想知道你們是否可以幫助我們從另一個角度來看待這個增長，以便讓我們更有信心，無論是基於淨收入保留還是隱含的新標誌業務，或者您希望我們從其他角度來看待——我想，在對您所指導的下半年淨新 ARR 增長進行壓力測試時，您是否可以看一下？

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，Saket。讓我來談談第一部分，然後我會把它交給伯特。因此，當我們考慮今年下半年和我們的信心時，我認為這一切始於我們看到的產品和整合。客戶越來越希望整合平台和產品組合，而這些需求從未像現在這樣強大，特別是在我談到的領域：雲端、LogScale Identity。我們為您提供了一些有關此方面的出色數據。然後你看看我們的合作夥伴，我們生態系統中的產業領先合作夥伴。我們將繼續發展這項事業。隨著新領導人的到來，我們在內部高度重視這個問題。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，它們都為我們的發展做出了貢獻。然後是管道，正如我們所見的記錄管道。由於產品已經存在，合作夥伴和 CrowdStrike 正在提供創紀錄的管道。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。我只想補充幾點。首先，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都看到了優勢，無論是從我們的企業還是中小型企業來看。我們看到兩者都有優勢。這就是我們對下半場充滿信心的原因。

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

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

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.

喬治，我也想深入探討同一主題，但具體來說，是關於銷售管道的評論之一。我想知道您是否可以簡單地談談本季度看到的情況，以及管道覆蓋的強度和成熟度方面發生了什麼變化，特別是推動了這種加速。

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坡道代表開始。去年我們招募了很多員工。增加代表次數需要一段時間。因此，我們將在下半年提升產能，這顯然讓我們感到興奮。這很大程度上與我親臨現場、與客戶交談以及我從他們那裡聽到的信息有關。我最近與一家財富 200 強大型公司進行了通話。我和他們的 CIO、CTO 以及 CSO 在一起。他們說，我們之所以把這些人聚集在一起，一是因為支出高達 8 位數，二是因為我們非常有戰略眼光。我們實際上正在處理他們的可觀察性和安全用例。因此，當我看到這一點並查看產品組合以及我們所處的位置時，結合銷售額的成長和下半年的產能，這一切都令人鼓舞。

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。

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?

恭喜本季取得的成績，我同意 Saket 關於獲利能力的評論。這真是一個令人驚嘆的觀點。我只是想問一下有關下半年指導的另一個問題。喬治，根據您描述的一切，包括產品、整合、合作夥伴的成長、唱片管道、不斷增加的銷售代表，我知道後半部分確實看起來相當激進，但您也有簡單的比較。那麼為什麼不呢——在一個非常好的季度之後，以及在目前您的業務呈現的所有積極趨勢下，是什麼讓您謹慎地提高該預期呢？

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方法。我們引導的基本上是我們所看到的，而不是我們看不到的。我們絕對不會指導運行表。而且你還必須考慮到這一點，我們仍然處於艱難的宏觀經濟情勢中。我們確實看到交易時間被延長，銷售週期也變得更長。所以，我認為這些就是我們採取這種指導方式的原因。

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

我們的下一個問題來自 Piper Sandler 的 Rob Owens。

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 Ethan，代替 Rob 發言。喬治，我只是想談談剛剛再次出現的可觀察性點，並強調您在 LogScale 中看到的成功。那麼，您能否再多談談一些您認為成功的可觀察性用例，以及您可能看到的一些差異？

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，它的功能顯然是下一代 SIEM，但也具有可觀察性，並且我們有許多客戶僅將其用於該用例，並且我們有機會回頭向他們銷售安全性，例如管理和監控 Kubernetes 叢集、雲端環境及其基礎設施。我的意思是我們有一位客戶管理上面的火車時刻表。因此，它可以管理大量數據，而且效率極高。我們現在看到的是顧客們正在向其他顧客講述這件事。

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 強可參考客戶。我認為這一成功將帶來該領域的更多成功。這就是我們對此感到非常興奮的原因。您已經看到了該領域的成長，客戶正在尋找比他們今天使用的產品更好、更快、能提供更現代結果的產品。

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.

我想問您提到的 LogScale 和其他公司的 5 億美元 ARR 運行率。並且，這是否與您在分析師會議上提到的 1 月季度的 3.99 億美元相同？因此，僅在兩個季度內就成長了 25%，成長相當健康。 B，您如何預期未來幾季繼續擴大規模以幫助實現您指導目標的後半部分？ C，關於可能有助於新興投資組合成長的併購想法有何更新？

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，我們在本次收益電話會議上所討論的方式並不是我們過去所談論的新興類別。這是不同的。我們希望提高特定業務線的可見度。我們認為，讓每個人都看到自己的表現有多好以及我們擁有他們的表現規模非常重要。因此，顯然你已經獲得了我們的雲端運算動力。您已經獲得了我們的 LogScale 動力和我們的身分動力。我們想向所有人展示我們在這些領域的具體表現，以及它們正在大規模地發展。

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，當我們考慮當前的環境時，我想每個人都會看到競爭環境正在轉變，而且公司在併購活動方面也在改變。我們認為今年下半年將是一個很好的機會。我們像往常一樣繼續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。我們非常認真地考慮如何在酒吧購買商品以及如何進行整合，因為我們專注於無縫的單平台方法，並且我們始終堅持這一點。因此，回顧今年下半年，我們將看看情況如何，但肯定會對此感到興奮，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 Cylance, 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。我只是想進一步深入挖掘一下。從您一個季度前的評論來看，似乎對 CrowdStrike 的看法發生了很大的轉變，變得更加有利。隨著 SentinelOne 和 BlackBerry Cylance 可能被出售，您是否已經在 SMB 市場創造了強大的市佔率成長機會？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 CylanceBlackBerry 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這種不確定性。他們之前看過 CylanceBlackBerry 電影，因此感到擔憂。對於證券購買者來說，不確定性從來都不是一件好事。因此，我們已經看到交易達成。而且，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，我們將看看一切將如何發展。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對其他競爭對手的擔憂。而且，他們正在尋找一個長期可行的合作夥伴，這就是我們從多個消息來源聽到的。

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

我們的下一個問題來自 BTIG 的 Gray Powell。

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?

恭喜你取得好成績。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，您認為今天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，從買家來看，我們看到他們正在購買平台。他們購買的不只是某個特定區域。我們的技術運作方式是單代理架構、通用資料儲存和模組，然後我們顯然能夠在不同領域將其貨幣化。保護只是一個面向。但是當你查看雲端、查看無代理、查看其他一些產品（LogScale 和 Identity）時，它實際上是關於平台銷售，而不是單一領域並獲得正確的結果，正如我在收益腳本中提到的那樣，阻止違規行為。我最近與一位顧客交談過。他們有 60 種不同的產品和控制。我們是唯一一家真正檢測到其環境中的活動並阻止潛在問題的公司。

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.

所以這確實是我們關注的重點。我認為，即使看一下遺留領域，從遺留角度來看，幾乎仍有 50% 的市場可用，接近 50%。是的，48%。我認為，當你看到這一點時，遺留的替代領域以及我們所提到的平台領域仍然存在巨大的機遇，這些領域都是巨大的 TAM 機會。正如我在腳本中提到的那樣，只要它們規模足夠大，它們都可以成為獨立的 IPO 企業。

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 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。我想了解您如何從 GAAP 和非 GAAP 角度平衡支出。看起來非公認會計準則下的營業費用其實較上季下降，但股票基數的營業費用卻大幅上漲。很想知道招募環境對此有何影響，以及您如何考慮在未來管理這個問題，以及這對實現您的現金流目標可能會產生什麼影響？

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。感謝您的提問。因此，首先，我們將繼續盡可能積極地投資，同時堅持對獲利指標的承諾。對我們來說，我認為這裡的關鍵，正如您提到的股票薪酬，很大程度上取決於授予的時間。我認為，我們將繼續使用補助金來吸引和留住人才。話雖如此，我們認為我們將繼續保持較低的稀釋度，今年將低於 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.

對我們今天來說，我們認為這是一個良好的招募環境。我們正在花時間考慮如何以及在何處招聘，並且在部署員工方面我們非常謹慎。正如我們在之前的電話會議中提到的那樣，我們正在根據我們認為繼續實現目標所需的條件來管理招募步伐。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 William Blair 的 Jonathan Ho。

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?

恭喜您取得如此優異的成績。您能否就您所看到的這些附加率給我們提供一些額外的信息，特別是 8 種或更多產品的附加率？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。我們很高興看到客戶全面採用 5、6、7、8 個模組。因此，對於我們來說，當您談論 DBNR 時，請記住，這是一個嘈雜的指標，並且它可能每個季度都發生波動，我們已經反覆談論過這個問題。有的地區土地面積較大，有的地區擴張面積較大。但我認為，最終對我們來說，我們看到的是，我們在兩個新標誌機會上都有很大的發展空間。喬治談到了我們傳統供應商的可用市場，即 48%，但我們也擁有不斷增長的客戶群。隨著我們繼續讓客戶滿意，他們將繼續為我們購買更多產品，這與我們一直在談論的整合主題一致。所以，這確實對我們有利。好消息是，除了強勁擴張之外，新標誌帶來的淨新 ARR 貢獻仍然很高，甚至高於我們對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瑞穗的 Gregg Moskowitz。

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，現在還處於非常早期的階段——因為它與生成人工智慧的弧線有關。但您在準備好的發言中確實提到，您計劃在 Fal.Con 上公佈 Charlotte AI 的定價。據推測，這意味著夏洛特將以某種形式實現離散貨幣化。不過，我們還沒有從其他網路安全供應商看到這種情況。因此，當涉及您的數據和人工智慧技術的應用時，也許可以幫助我們理解為什麼您認為您不僅能夠為您的客戶提供增量價值，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，正如我所提到的，當你看結果時，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 300 萬人的缺口，並且無法真正僱用安全人員。正如我所提到的，當我們在公開預覽中推出 Charlotte AI 時，事實是它確實是一個虛擬分析師、SOC分析師，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的虛擬分析師，舉個例子，這需要 8 小時的工作時間，並將其壓縮為 10 分鐘。我們認為這確實有價值，這就是為什麼我們會圍繞它進行定價，我們將在 Fal.Con 上實現這一點。

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.

甚至從我們最近在一次安全會議上所展示的情況來看，這也是真的。它就在那裡。人們喜歡它。他們想要它，而且它與僅展示 PowerPoint 的其他產品有所不同。所以，我們對此感到非常興奮。顯然，比賽才剛開始。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 Gabriela Borges。

Burt, I'm looking to better understand the impact that macro may be having on the upsell and down-sell 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?

伯特，我希望更了解宏觀經濟對 NRR 的追加銷售和降價銷售部分可能產生的影響。您是否看到客戶簽訂了新的合同，並試圖根據其擁有的員工數量來優化其擁有的端點數量？這是否會對 NRR 造成壓力？如果是的話，您認為這種不利因素何時會減弱？

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.

因此首先，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% 的逆風。我們的表現比那更好。我們談到了下半年的業績與去年同期相比持平或略有上升。我認為，最終我們仍處於艱難的宏觀經濟情勢中。我們相信喬治所說的一切，我們堅信我們能夠實現這些目標。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，才能真正克服我們所面臨的任何問題。對我們來說，我認為我們有很好的機會去實現這一點。只要我們繼續堅持下去，在需要投資的地方進行投資，採取審慎的態度，我認為我們就會處於良好的狀態。

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派崔克·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。您能否向我們提供新興產品的編號，以便我們能夠對先前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關於您關於 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參考的目標模型是什麼？

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 S&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。因此，首先，關於新興產品，我們認為最好向您提供有關我們有意義的、正在起飛的業務的完整數據。所以，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，我們談論的最後一個當然是營業利潤率。我們說過我們的成長率將達到 20% 至 22% 以上，事實上我們也確實實現了這個目標。這是我們給出的幾個數據中的最後一個，包括訂閱毛利率、銷售與市場、一般與行政費用以及研發費用。我們還發放了免費現金。而對於今年來說，我們仍然在談論 30% 至 32% 以上的成長。

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 Cantor Fitzgerald 的問題。

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.

祝賀你取得這些成果。我是易為喬納森·魯伊克哈弗 (Jonathan Ruykhaver) 發言。只有一個問題—有關 CNAPP 的結果。顯然，CrowdStrike 正在圍繞端點建立 CNAPP。喬治，我想知道您是否可以分享一下這樣做與其他正在建立它的供應商（例如零信任交易所）相比有哪些好處。這就是我們要說的。

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端業務時，我對此進行了詳細介紹，它既有代理又無代理，對嗎？它不僅涉及雲端工作負載保護，還涉及雲端安全態勢管理以及從程式碼到雲端的一切。我們還增加了許多強大的功能，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是否有不安全的程式碼被放入 CICD 管道等等。所以，我們在代理商領域一直很強大。我們發現，客戶正在關注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。我們在雲端擁有專門的銷售團隊，客戶也看到了與 Falcon 整合平台帶來的好處。因此，我們將繼續沿著這條路走下去。我們將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 Securities 的 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 的最後一個回應。客戶的興趣是什麼？或至少開始考慮將 CNAPP 功能與 XDR 結合，或至少將兩者結合在一起，就像雲端遙測的另一個點一樣，融入 XDR 前景中。您認為它將在哪裡發生—目前的狀態是怎樣的，您認為它將如何發展？

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，從 XDR 的角度來看，所有這些都回到了 Falcon 平台，並且可用於任何演算法來識別和防止任何類型的惡意活動。從合規性角度來看，它還可以幫助客戶管理其合規性和風險。它從資產圖的角度提供，讓客戶了解他們的環境中實際情況。然後從雲端偵測反應的角度來看，我們實際上有一些託管服務可以幫助雲端客戶，目前，這在雲端環境中是一種問題的流行病，對手的運作方式也是如此。所以，我們確實在開拓這個領域並將一切整合在一起。這就是我們成為當今市場上收入最高的雲端安全供應商之一的原因。

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，也許只是為了搭上另一個人工智慧問題的便車。每個供應商都告訴我們他們的人工智慧是專有的。這些結果屬於他們的數據。所以也許可以向我們解釋一下競爭護城河的真正來源。當我們聽到微軟談論或至少推銷他們的所有產品時，他們的客戶都在做副駕駛。 Palo、Zscaler，他們都在談論相同的結果。但也許可以更詳細地說明為什麼你認為夏洛特人工智慧的護城河是什麼。

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。這確實是個好問題，我當然同意你的看法。很多人都在談論它，我認為我們確實正在實現它。我想向您指出的一件事是資料集本身。重要的是要認識到這不僅僅與最多的數據有關。您會從許多供應商那裡聽到這個說法。一個供應商會說他們擁有的數據比另一個供應商多。這實際上是一種精選資料集，因為當我們考慮生成人工智慧時，它實際上必須經過訓練。我們考慮 ChatGPT，有一群人幫忙訓練它。碰巧的是，當我們創辦這家公司時，我們實際上有一個非常明確的訓練集，它是根據我們在過去 10 年中所做的所有威脅搜尋而註釋的，這可能更多的是出於運氣，而不是因為理解生成式人工智慧即將出現。

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，我們在擁有實際精心策劃的數據集方面的 10 年領先優勢將為我們幫助客戶帶來獨特的優勢。這是一個很大的區域。然後它是一個基礎平台元件，可供平台上的所有其他服務使用，這與其他服務不同。所以，再次強調，第一局，我們會看看一切如何展開，但最初的客戶反應非常非常正面。

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給執行長喬治·庫爾茨 (George Kurtz)，請他做最後發言。

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，我想感謝大家今天抽出時間。我們非常感謝您的關注，並期待在即將舉行的 Fal.Con 會議上與您見面。非常感謝，我們很快再聊。

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了。