CrowdStrike Holdings Inc (CRWD) 2024 Q3 法說會逐字稿

Thank you for standing by, and welcome to CrowdStrike Holdings' Third Quarter Fiscal Year 2024 Earnings Conference Call. (Operator Instructions) I would now like to hand the call over to VP of Investor Relations, Maria Riley. Please go ahead.

感謝您的支持，歡迎參加 CrowdStrike Holdings 2024 財年第三季財報電話會議。 （操作員指示）現在我想將電話交給投資者關係副總裁瑪麗亞·萊利。請繼續。

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

下午好，感謝您今天的參與。與我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, including projections and expected performance, including our outlook for the fourth quarter and fiscal year 2024, and any assumptions for fiscal periods beyond that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent our outlook only as of the date of this call. 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.

在我們開始之前，我想指出的是，本次電話會議中所作的某些陳述並非歷史事實，包括有關我們未來計劃、目標、增長（包括預測和預期業績）的陳述，包括我們對 2024 年第四季度和財年的展望，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。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。

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.

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 would like to begin my remarks today by expressing gratitude to our customers, who proudly trust CrowdStrike as their cybersecurity platform consolidator for the AI era. Gratitude to our partners, who win with CrowdStrike, taking our joint customers on Falcon platform transformation journeys from device to cloud, to identity, to data and beyond, and to our team for their passionate dedication to our mission, stopping breaches, fighting adversaries and delivering the very best cybersecurity outcomes.

謝謝你，瑪麗亞，也謝謝大家今天加入我們。今天，我首先要向我們的客戶表示感謝，他們自豪地信任 CrowdStrike 作為他們人工智慧時代的網路安全平台整合者。感謝我們的合作夥伴，他們與 CrowdStrike 一起取得成功，帶領我們的共同客戶踏上 Falcon 平台轉型之旅，從設備到雲端、到身分、到數據等等，也感謝我們的團隊對我們的使命充滿熱情的奉獻，阻止違規行為，打擊對手並提供最好的網路安全成果。

Moving on to Q3. Despite a challenging macro environment and geopolitical tension, I am extremely proud of the resilience of our business and that we delivered a record Q3. CrowdStrike surpassed the $3 billion ARR milestone with an ending ARR of $3.15 billion, growing 35% year-over-year. CrowdStrike is the fastest and only pure play cybersecurity software vendor in history to achieve this milestone.

進入第三季。儘管宏觀環境充滿挑戰且地緣政治緊張，但我對我們業務的韌性以及創紀錄的第三季業績感到非常自豪。 CrowdStrike 的 ARR 突破了 30 億美元的里程碑，最終 ARR 達到 31.5 億美元，年成長 35%。 CrowdStrike 是史上最快且唯一實現此里程碑的純網路安全軟體供應商。

In Q3, we delivered double-digit net new ARR acceleration at scale powered by customer demand for the depth and breadth of CrowdStrike's AI-native XDR platform, terrific execution exemplified by rising win rates against our competitors and acceleration in our cloud security and identity businesses as well as a record quarter in our LogScale next-gen SIEM business.

在第三季度，我們實現了兩位數的淨新 ARR 加速成長，這得益於客戶對 CrowdStrike 的 AI 原生 XDR 平台的深度和廣度的需求，出色的執行力體現在我們相對於競爭對手的獲勝率上升、雲端安全和身份業務的加速成長，以及我們的 LogScale 下一代 SIEM 業務創下紀錄的季度增長。

Our standout top line performance came in tandem with P&L discipline as our profitability soared to record heights. Q3 was indeed a quarter of records. Let me share several of our financial highlights: record net new ARR of $223 million, representing 13% year-over-year growth from acceleration in new and expansion business; record non-GAAP subscription gross margin; record GAAP and non-GAAP operating profitability; record free cash flow of $239 million, representing 30% free cash flow margin and achieving free cash flow rule of 66, up from 63 last quarter. Burt will share more color on our financials and platform adoption steps following my remarks. This was a standout quarter and places us well on the path to $10 billion in ARR that we outlined in our latest investor briefing.

我們的獲利能力飆升至創紀錄的高度，出色的營收表現與嚴格的損益表管理相輔相成。第三季確實是創紀錄的一個季度。讓我分享一下我們的幾個財務亮點：創紀錄的 2.23 億美元淨新 ARR，由於新業務和擴張業務的加速，同比增長 13%；記錄非公認會計準則認購毛利率；記錄 GAAP 和非 GAAP 營業盈利能力；創紀錄的 2.39 億美元自由現金流，代表 30% 的自由現金流率；創紀錄的 2.39 億美元自由現金流，代表 30% 的自由現金流率，實現 66 30% 上一季度的自由現金流，實現的 66630% 的自由現金流。在我的發言之後，伯特將分享更多有關我們的財務狀況和平台採用步驟的資訊。這是一個出色的季度，使我們順利地邁向了我們在最新投資者簡報中概述的 100 億美元 ARR 的目標。

The market continues to validate CrowdStrike's widening leadership position. While others scale back R&D, we are increasing our investments as innovation is the lifeblood of our company. We continue to make meaningful investments in go-to-market and profitable growth. To this end, we received multiple industry awards and accolades over the course of this quarter. Across industry analyst firms, CrowdStrike is consistently top rated.

市場繼續驗證 CrowdStrike 不斷擴大的領導地位。當其他公司縮減研發規模時，我們卻增加投資，因為創新是我們公司的命脈。我們繼續對市場進入和獲利成長進行有意義的投資。為此，我們在本季度獲得了多個行業獎項和榮譽。在各行業分析公司中，CrowdStrike 的評級始終名列前茅。

In Q3, CrowdStrike was awarded a perfect 100% across protection, visibility and analytics detections in MITRE's latest ATT&CK testing, an industry first; recognized as Gartner customer choice and one of the highest rated in their latest Peer Insights Voice of the Customer for EPP Report; named the leader in The Forrester Wave for endpoint security; and positioned as a leader in the IDC vulnerability management MarketScape. Our leadership position is translating into record demand for our Exposure Management solution in its first quarter on the market.

第三季度，CrowdStrike 在 MITRE 最新的 ATT&CK 測試中，在保護、可見性和分析檢測方面獲得了 100% 的完美評價，這是業界的首例；被 Gartner 評為客戶之選，並在其最新的 Peer Insights EPP 客戶之聲報告中被評為最高之一；我們的領導地位轉化為我們的風險管理解決方案在市場上第一季創紀錄的需求。

Our market presence and open platform approach to XDR is a uniting force in cybersecurity. In Q3, we hosted Fal.Con, our flagship customer and ecosystem event with more than 4,000 attendees and 70 sponsors. This was fast followed by our Fal.Con On the Road series, where we have already hosted Fal.Con Tokyo and Fal.Con São Paulo with thousands in attendance. The drumbeat of innovation was loud and clear with multiple releases and announcements showcasing CrowdStrike as the XDR leader, including the Falcon platform Raptor release, which standardizes all of our customers on LogScale. This builds our platform data gravity, coupling native Falcon data with third-party data ingest, further enabling our customers to realize SIEM and XDR use cases on Falcon.

我們的市場影響力和對 XDR 的開放平台方法是網路安全領域的凝聚力。第三季度，我們舉辦了旗艦客戶和生態系統活動 Fal.Con，有超過 4,000 名與會者和 70 個贊助商。緊接著，我們又舉辦了 Fal.Con On the Road 系列活動，其中我們已經舉辦了 Fal.Con Tokyo 和 Fal.Con São Paulo，共有數千人參加。創新的鼓聲響亮而清晰，多個版本和公告展示 CrowdStrike 作為 XDR 領導者，包括 Falcon 平台 Raptor 版本，它使我們所有客戶在 LogScale 上實現標準化。這建構了我們的平台資料引力，將原生 Falcon 資料與第三方資料擷取結合，進一步使我們的客戶能夠在 Falcon 上實現 SIEM 和 XDR 用例。

Falcon for IT, a new module to unify IT and SecOps from hygiene to patching, Falcon for IT lets customers consolidate multiple use cases and replace legacy products with our single-agent architecture; our new Falcon Data Protection module that liberates customers from legacy DLP products with modern, frictionless data security, which prevents data exfiltration; Falcon Foundry, a no-code application development solution, enabling both customers and technology partners to build directly on Falcon. Foundry epitomizes the true definition of a platform offering limitless apps.

Falcon for IT 是一個統一 IT 和 SecOps（從衛生到修補）的新模組，Falcon for IT 可讓客戶整合多個用例，並用我們的單代理架構替換遺留產品；我們全新的 Falcon 資料保護模組，透過現代、無摩擦的資料安全性將客戶從傳統的 DLP 產品中解放出來，防止資料上進行建構。 Foundry 體現了提供無限應用程式的平台的真正定義。

We announced the acquisition of Bionic, bringing application security posture management to the Falcon Cloud Security suite. Falcon Cloud Security is the industry's most comprehensive and innovative cloud security offering with integrated agent and agentless CSPM, CIEM, CWP and now ASPM. We released the beta and pricing for Charlotte AI, our AI-powered SOC analyst, which was incredibly well received. CrowdStrike's generative AI, leveraging multiple foundational models, can turn hours of work into minutes while democratizing cybersecurity, unlocking value and adoption across the entire breadth of the Falcon platform.

我們宣布收購 Bionic，為 Falcon Cloud Security 套件帶來應用安全態勢管理。 Falcon Cloud Security 是業界最全面、最具創新性的雲端安全產品，具有整合代理程式和無代理程式 CSPM、CIEM、CWP 以及現在的 ASPM。我們發布了由人工智慧驅動的 SOC 分析師 Charlotte AI 的測試版和定價，獲得了極大的好評。 CrowdStrike 的生成式人工智慧利用多種基礎模型，可以將數小時的工作時間縮短為幾分鐘，同時實現網路安全的民主化，在整個 Falcon 平台上釋放價值並實現採用。

Enthusiasm for Falcon for IT, our automation and hygiene module for IT teams, is exciting to witness because it is something so intuitive that our customers want. Like Data Protection, Falcon for IT solves a clear and long-neglected pain point, where customers are forced to rely on multiple legacy products that have long outstayed their welcome. Customers are eager to consolidate their agent estate while reducing cost and complexity. Falcon for IT illustrates the power of CrowdStrike's single platform approach. We have the real estate and data foundation to solve ever-evolving use cases, delighting our customers while disrupting vendors that have failed to evolve.

我們為 IT 團隊提供的自動化和衛生模組 Falcon for IT 所獲得的熱情令人興奮，因為它非常直觀，正是我們的客戶想要的。與資料保護一樣，Falcon for IT 解決了一個明顯且長期被忽視的痛點，即客戶被迫依賴多個早已不受歡迎的傳統產品。客戶渴望整合其代理商資產，同時降低成本和複雜性。 Falcon for IT 展現了 CrowdStrike 單一平台方法的強大功能。我們擁有房地產和數據基礎來解決不斷發展的用例，讓客戶滿意，同時顛覆那些未能發展的供應商。

The resounding takeaway from my customer engagements at Fal.Con and throughout the quarter is that CrowdStrike is the right choice for CSOs, CIOs, executive teams and boards. Here's why. Our built by design, single platform architecture requires no integration, no stitching and no platformization. Our unified cloud native platform and critical beachfront real estate within the customer estate naturally creates cybersecurity data gravity, solving for today's challenges while preparing for the unknowns of tomorrow.

我在 Fal.Con 和整個季度與客戶接觸時得出的最深刻的結論是，CrowdStrike 是 CSO、CIO、執行團隊和董事會的正確選擇。原因如下。我們設計建構的單一平台架構無需整合、無需拼接、無需平台化。我們統一的雲端原生平台和客戶資產內的關鍵海濱房地產自然創造了網路安全資料引力，解決了當今的挑戰，同時為未來的未知做好準備。

Organizations are looking for a trusted cybersecurity consolidator. CrowdStrike is cybersecurity's AI consolidator, liberating organizations from a litany of increasingly ineffective legacy tools, multiple agents, point products and fragmented pseudo platforms. Illustrating this point, deals with 8 or more modules increased 78% year-over-year in the quarter. This is what consolidation looks like.

各組織正在尋找值得信賴的網路安全整合者。 CrowdStrike 是網路安全領域的人工智慧整合器，它將組織從日益低效的傳統工具、多個代理、點產品和分散的偽平台中解放出來。為了說明這一點，本季涉及 8 個或更多模組的交易年增了 78%。這就是整合的樣子。

And third, stopping the breach matters more today than ever. Adversaries continue to evolve, moving faster and increasing their use of dark AI, turning AI into a weapon for evil. At the same time, legislative and SEC regulatory oversight pressures boards and executives to prioritize cybersecurity.

第三，制止違規行為現在比以往任何時候都更重要。對手不斷進化，行動速度更快，並增加對黑暗人工智慧的使用，將人工智慧變成邪惡的武器。同時，立法和美國證券交易委員會的監管監督也迫使董事會和高階主管優先考慮網路安全。

With these 3 takeaways in mind, let's start by expanding on the first, why CrowdStrike is the definitive single security platform. Multiple fragmented platforms, consoles and data silos force customers to focus on integrating not security outcomes. Our relentless focus on innovation and commitment to a single built-by-design platform creates cybersecurity source of truth. Built on this platform foundation, our cloud, identity and LogScale next-gen SIEM products are examples of IPO-worthy hyper-growth businesses.

考慮到這 3 個要點，讓我們先擴展第一個要點，為什麼 CrowdStrike 是權威的單一安全平台。多個分散的平台、控制台和資料孤島迫使客戶專注於整合而不是安全結果。我們堅持不懈地專注於創新並致力於打造單一設計平台，從而創造網路安全的真相之源。基於此平台基礎，我們的雲端、身分和 LogScale 下一代 SIEM 產品是值得 IPO 的超成長業務的典範。

Let's take a look at our momentum in cloud security. Growth accelerated in the quarter, and we're entering Q4 with a record pipeline. Noteworthy wins in the quarter included an 8-figure total deal value with a new Falcon customer in the hospitality vertical where we now secure their vast multi-cloud estate as part of a broader Microsoft replacement; a 7-figure cloud security expansion with one of the largest enterprise SaaS providers where we replaced multiple existing point products with Falcon Cloud Security; a 7-figure cloud security expansion with a major apparel brand, where we replaced a firewall hardware vendor's cloud security with our unified Falcon Cloud Security offering.

讓我們來看看我們在雲端安全方面的勢頭。本季成長加速，我們以創紀錄的銷售量進入第四季。本季值得注意的勝利包括與酒店業垂直領域的新 Falcon 客戶達成的 8 位數總交易價值，現在我們作為更廣泛的微軟替代品的一部分，保護了他們龐大的多雲資產；與最大的企業 SaaS 提供商之一進行了 7 位數的雲安全擴展，我們用 Falcon Cloud 擴展 Security 替換了多個現有的點組。產品取代了防火牆硬體供應商的雲端安全。

CrowdStrike has one of the largest and fastest-growing cloud security businesses by ARR and customer count. The number of customers we protect in the public cloud has increased 45% from last year, as we rapidly replace other cloud security vendors in the ecosystem. Point product, API-based CSPMs have emerged as the easiest to replace as the market rapidly adopts our consolidated view that, together, agent and agentless security stops the breach. Combined with our recently completed Bionic acquisition, we're the only vendor offering ASPM, CSPM, CWP and CIEM under a single CNAPP umbrella.

以 ARR 和客戶數量計算，CrowdStrike 擁有最大且成長最快的雲端安全業務之一。隨著我們迅速取代生態系統中的其他雲端安全供應商，我們在公有雲中保護的客戶數量比去年增加了 45%。隨著市場迅速接受我們的統一觀點，即代理和無代理安全共同阻止漏洞，基於 API 的點產品 CSPM 已成為最容易被取代的產品。結合我們最近完成的 Bionic 收購，我們是唯一一家在單一 CNAPP 旗下提供 ASPM、CSPM、CWP 和 CIEM 的供應商。

Moving to Identity Threat Protection, where we delivered a record quarter. More and more companies are investing in protection from the growing number of identity-based attacks with highly visible breaches prominently covered in the news over the past few months. Identity Threat Protection wins in the quarter included an 8-figure total deal value win in the federal government, where Falcon Identity landed as the identity security solution of choice; and multiple 7-figure wins across diverse verticals including financial services, consumer packaged goods and manufacturing to name a few.

轉向身份威脅防護，我們在本季創下了紀錄。越來越多的公司正在投資保護措施，以抵禦日益增多的基於身分的攻擊，過去幾個月來，新聞中大量報道了引人注目的違規行為。本季身分威脅防護方面的勝利包括與聯邦政府簽訂的一項 8 位數總交易價值的勝利，Falcon Identity 成為首選的身份安全解決方案；並在金融服務、消費品和製造業等多個垂直領域獲得了多個七位數的勝利。

We see a long runway for guiding organizations on their Zero Trust transformation with our Identity Threat Protection given a rapidly growing threat vector, a largely untapped market where most organizations aren't protected and our frictionless unified architecture that secures identity across devices, clouds, domain controllers and Active Directory. CrowdStrike pioneered the identity threat protection category, and we are unmatched in the market as the only company with a single agent solution for both on-prem and cloud environments.

鑑於威脅載體的快速成長、大多數組織尚未受到保護的尚未開發的市場以及我們跨裝置、雲端、網域控制器和 Active Directory 保護身分安全的無摩擦統一架構，我們認為透過我們的身分威脅防護來指導組織進行零信任轉型還有很長的路要走。 CrowdStrike 開創了身份威脅防護類別，並且作為市場上唯一一家為本地和雲端環境提供單一代理解決方案的公司，我們在市場上無與倫比。

Moving to LogScale. Our LogScale next-gen SIEM business achieved new records in Q3, surpassing the $100 million ARR milestone. The combination of search speed, data gravity and cost efficiencies, all integrated within the Falcon platform, sets LogScale miles apart from its competitors. However, it is the future of this business that really excites me. Our LogScale next-gen SIEM opportunity is supercharged by pervasive discontent with legacy SIEMs, recent M&A activity and CrowdStrike's growing position as cybersecurity's platform of record.

轉到 LogScale。我們的 LogScale 下一代 SIEM 業務在第三季度創下了新紀錄，突破了 1 億美元的 ARR 里程碑。搜尋速度、資料引力和成本效率的結合，全部整合在 Falcon 平台中，使得 LogScale 遠遠領先其競爭對手。然而，真正讓我興奮的是這個產業的未來。人們對傳統 SIEM 的普遍不滿、近期的併購活動以及 CrowdStrike 作為網路安全記錄平台日益增長的地位，為我們的 LogScale 下一代 SIEM 機會提供了助力。

We have seen a significant and pronounced increase in interest among customers looking to leapfrog their expensive, cumbersome and slow legacy SIEMs. Our next-gen SIEM offering is the right technology in the right place at the right time to benefit from market dynamics and the scale of CrowdStrike.

我們發現，客戶對於放棄昂貴、繁瑣且緩慢的傳統 SIEM 的興趣顯著增加。我們的下一代 SIEM 產品是在正確的時間和地點提供的正確技術，可以從市場動態和 CrowdStrike 的規模中受益。

Q3 wins include a 7-figure expansion in a major consumer staples company, selected LogScale to ingest data from third parties, correlate alerts and benefit from long-term data retention; a 7-figure financial services new customer land, where CrowdStrike was called in to stop a breach. With the desire to operationalize their high fidelity security data without compromising on cost, Falcon LogScale was an easy choice to replace the incumbent Microsoft; a 7-figure new logo land in a business process outsourcing firm that had decided it was time to replace their antiquated SIEM with LogScale while also adopting the Falcon platform for XDR, Identity and Cloud Security.

Q3 的成功包括一家大型消費品公司的 7 位數擴張，選擇 LogScale 從第三方獲取數據、關聯警報並從長期數據保留中受益；一家 7 位數的金融服務新客戶，CrowdStrike 被要求阻止違規行為。由於希望在不影響成本的情況下實現高保真安全資料的操作，Falcon LogScale 成為了取代現任微軟的輕鬆選擇；一家業務流程外包公司以 7 位數的新標識登陸，該公司決定是時候用 LogScale 替換其過時的 SIEM，同時採用 Falcon 平台進行 XDR、身份和雲端安全。

Our advancement into the next-gen SIEM market is accelerated by the Raptor release, which brings LogScale to the forefront of the Falcon platform experience. With Raptor, we've made it significantly easier for customers to build their security and data lake efforts on top of LogScale next-gen SIEM across our native first-party data and that of any third-party product. Our single platform approach evolves and broadens the aperture of cybersecurity.

Raptor 的發布加速了我們向下一代 SIEM 市場的推進，它使 LogScale 處於 Falcon 平台體驗的最前沿。借助 Raptor，我們讓客戶能夠更輕鬆地在 LogScale 下一代 SIEM 之上跨我們的原生第一方資料和任何第三方產品的資料建立他們的安全和資料湖工作。我們的單一平台方法不斷發展並拓寬了網路安全的範圍。

CrowdStrike is cybersecurity's AI consolidator, liberating organizations from legacy AV, sub-par EDRs and a hodgepodge of hygiene, compliance, vulnerability, device management tools, costly and clunky SIEMs, and a confusing alphabet soup of immature cloud point products. This lengthy list of costly point products can be left behind saving tens of millions annually for businesses.

CrowdStrike 是網路安全領域的 AI 整合者，它將組織從傳統的 AV、低於標準的 EDR 以及雜亂無章的衛生、合規性、漏洞、設備管理工具、昂貴而笨重的 SIEM 和令人困惑的不成熟雲點產品中解放出來。可以省去這一長串昂貴的點產品，每年為企業節省數千萬美元。

Most importantly, stopping the breach matters more today than ever before. Adversaries don't discriminate. No matter the industry vertical, the geography or the business side, stopping the breach is nonnegotiable. The business disruption and financial losses from breaches are growing. Cutting corners on security is one of the most costly choices a business can make. The costs associated with cleaning up a breach can exceed $100 million. Our seminal cybersecurity platform innovation as well as threat intelligence and service expertise delivers the best security outcomes. This is why we win. Stopping the breach is the security outcome that CrowdStrike delivers. This makes our business incredibly durable in diverse economic cycles. We are a business necessity.

最重要的是，阻止違規行為現在比以往任何時候都更重要。對手不會歧視。無論行業垂直度、地理或業務方面如何，阻止違規行為都是不可協商的。違規行為造成的業務中斷和財務損失正在增加。在安全方面偷工減料是企業可能做出的最昂貴的選擇之一。清理漏洞的相關成本可能超過 1 億美元。我們開創性的網路安全平台創新以及威脅情報和服務專業知識可提供最佳的安全結果。這就是我們獲勝的原因。阻止違規行為是 CrowdStrike 提供的安全成果。這使得我們的業務在不同的經濟週期中具有極強的持久力。我們是商業必需品。

A win this quarter exemplifying our unmatched capabilities is a large multinational who was using legacy EDR until they were breached. They called CrowdStrike, and we quickly remediated the breach. Seeing the power of the Falcon platform, this customer purchased Falcon Complete, Identity Complete and LogScale next-gen SIEM for hundreds of thousands of workloads. Helping this large multinational in their time of need showcases CrowdStrike's differentiation.

本季度的一場勝利體現了我們無與倫比的能力，這家大型跨國公司一直在使用傳統的 EDR，直到遭到入侵。他們打電話給 CrowdStrike，我們很快就修復了漏洞。在看到了 Falcon 平台的強大功能後，該客戶購買了 Falcon Complete、Identity Complete 和 LogScale 下一代 SIEM，以應對數十萬個工作負載。在這家大型跨國公司需要的時候給予幫助體現了 CrowdStrike 的差異化優勢。

Our AI trained on cybersecurity's richest data set drives the industry's most comprehensive protection and automation. We couple the right technology platform with cybersecurity's best and brightest incident responders and the expertise that comes from curating the industry's leading threat intelligence.

我們的人工智慧經過網路安全最豐富的資料集的訓練，推動了業界最全面的保護和自動化。我們將合適的技術平台與網路安全領域最優秀、最聰明的事件回應人員以及整理業界領先威脅情報的專業知識結合在一起。

The need for stopping breaches is not just an enterprise concern. The problem is just as pronounced in the SMB market, especially the S of SMB, where businesses remain stuck on legacy signature-based AV, oftentimes not knowing that better exists for them. Falcon Go is fit for purpose, delivering big protection for their small business.

阻止違規行為的需要不僅僅是企業關心的問題。這個問題在中小企業市場中同樣突出，尤其是中小企業中的中小企業，企業仍然停留在基於傳統簽名的 AV 上，常常不知道有更好的解決方案。 Falcon Go 非常適合此目的，可以為小型企業提供強大的保護。

With our latest release of Falcon Go, we deliver a whole new user experience, creating the easy button for cybersecurity. Removing the need for CrowdStrike users to have cyber or IT skills, the new console is intuitive and preconfigured for immediate SMB success. We're always looking to remove the friction from the customer experience, and this new release makes Falcon Go as easy as one click to accelerate customer adoption. Falcon Go is a major step for SMB cybersecurity, and we are now investing in go-to market. We launched sales of Falcon Go on Amazon business, a marketplace where over 6 million SMBs purchase everything for their businesses. With Falcon Go, our mission of stopping breaches extends to businesses of all sizes, large and small.

隨著我們最新發布的 Falcon Go 的發布，我們提供了全新的用戶體驗，創建了網路安全的簡易按鈕。新主機直覺且預先配置，可立即為 SMB 帶來成功，無需 CrowdStrike 用戶具備網路或 IT 技能。我們始終致力於消除客戶體驗中的摩擦，而這次新版本讓 Falcon Go 變得只需單擊即可輕鬆使用，從而加速客戶採用。 Falcon Go 是中小企業網路安全邁出的重要一步，我們現在正在投資進入市場。我們在亞馬遜商業平台上推出了 Falcon Go 的銷售，亞馬遜是一個有超過 600 萬家中小型企業為其業務購買所有商品的市場。借助 Falcon Go，我們阻止違規行為的使命擴展到各種規模的企業，無論大小。

Our go to market is propelled by our partner ecosystem. Partners bring CrowdStrike into new accounts and drive platform adoption in existing customers. Year-to-date, 62% of all our new logo wins were partner sourced. The efficacy and success of our channel-led growth was reported by Canalys, the channel's leading industry analyst firm, in their most recent cybersecurity research. Canalys reported CrowdStrike's endpoint market share as #1 ahead of Microsoft. In addition, the research highlights CrowdStrike as the fastest-growing cybersecurity vendor in the channel ahead of Microsoft and Palo Alto Networks among others.

我們的行銷由我們的合作夥伴生態系統推動。合作夥伴將 CrowdStrike 引入新帳戶並推動現有客戶採用該平台。今年迄今為止，我們所有新標誌的 62% 均來自合作夥伴。通路領先的產業分析公司 Canalys 在其最新的網路安全研究中報告了我們以通路為主導的成長的有效性和成功。 Canalys 報告稱，CrowdStrike 的終端市佔率位居第一，超過微軟。此外，研究也強調，CrowdStrike 是通路中成長最快的網路安全供應商，領先微軟和 Palo Alto Networks 等公司。

We are setting new records. We announced surpassing $1 billion in AWS Marketplace sales. Being the first and fastest cybersecurity vendor to reach this milestone exemplifies CrowdStrike's leadership position as the cloud's cybersecurity platform of choice. And our AWS momentum is not slowing. This past quarter was a CrowdStrike record AWS Marketplace quarter.

我們正在創造新的紀錄。我們宣布 AWS Marketplace 銷售額突破 10 億美元。作為第一個也是最快達到這一里程碑的網路安全供應商，CrowdStrike 彰顯了其作為首選雲端網路安全平台的領導地位。我們的 AWS 勢頭並未放緩。過去一個季度是 CrowdStrike 創下 AWS Marketplace 記錄的一個季度。

Our global systems integrator alliance partners are increasingly engaging with us across the entire Falcon platform. For example, EY built a 150-person strong and growing global LogScale next-gen SIEM practice based on the demand they are seeing for SIEM transformation and our technological superiority. In addition, EY refers their clients to CrowdStrike for incident response engagements and secured digital transformation projects. To date, we have done over $160 million in business with EY across 24 countries.

我們的全球系統整合商聯盟合作夥伴正在整個 Falcon 平台上與我們進行越來越多的合作。例如，安永根據其對 SIEM 轉型的需求和我們的技術優勢，建立了一個擁有 150 名員工且不斷發展的全球 LogScale 下一代 SIEM 實踐團隊。此外，安永還將其客戶推薦給 CrowdStrike 進行事件應變工作和安全的數位轉型專案。迄今為止，我們已與 24 個國家的安永開展了超過 1.6 億美元的業務。

In closing, in a challenging macroeconomic environment, which impacted even the largest cybersecurity vendors, we delivered a record Q3, accelerating double-digit net new ARR growth, record free cash flow and record profitability. Surpassing $3 billion of ARR as the fastest and only pure-play cybersecurity software vendor in history to achieve this milestone validates CrowdStrike's market leadership.

最後，在充滿挑戰的宏觀經濟環境中，即使是最大的網路安全供應商也受到了影響，我們還是創造了創紀錄的第三季度業績，加速了兩位數的淨新 ARR 增長，創下了自由現金流和盈利能力的記錄。作為歷史上最快且唯一實現這一里程碑的純網路安全軟體供應商，CrowdStrike 的 ARR 超過 30 億美元，證明了其市場領導地位。

Our Q4 setup is strong with a record pipeline and the competitive gap between CrowdStrike and other players in the market continues to widen. I'm excited about the path we are on and the progress we are making to $10 billion in ARR.

我們的第四季度設置非常強大，擁有創紀錄的管道，CrowdStrike 與市場上其他參與者之間的競爭差距繼續擴大。我對我們所走的道路以及我們在實現 100 億美元 ARR 方面所取得的進展感到非常興奮。

Today's cyber environment is exactly why I built CrowdStrike. The adversary is moving faster and the rise of dark AI significantly increases attacker sophistication. Falcon has made cybersecurity easy and effective for small businesses to the world's largest enterprises. Simply put, CrowdStrike is cybersecurity's platform consolidator of choice. The platform is winning at scale. Our customers are looking to Falcon for more, more workloads, more use cases and more security outcomes. CrowdStrike remains unrelenting in our focus and promise stopping the breach.

當今的網路環境正是我創建 CrowdStrike 的原因。對手的行動速度越來越快，黑暗人工智慧的興起大大提高了攻擊者的複雜性。 Falcon 讓從小型企業到全球最大企業的網路安全變得簡單而有效。簡而言之，CrowdStrike 是網路安全的首選平台整合商。該平台正在規模上取得成功。我們的客戶希望 Falcon 能夠提供更多功能、更多工作負載、更多用例和更多安全成果。 CrowdStrike 始終堅持我們的重點並承諾阻止違規行為。

With that, we have a busy and exciting Q4 ahead of us, and I will now turn it over to Burt for commentary on our financial performance.

就這樣，我們迎來了忙碌而激動人心的第四季度，現在我將把時間交給 Burt，請他對我們的財務表現進行評論。

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. Additionally, the results we are reporting today include the acquisition of Bionic, which closed during the quarter and was de minimis to revenue and ARR.

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。此外，我們今天報告的結果還包括對 Bionic 的收購，該收購在本季度完成，對收入和 ARR 的影響微乎其微。

Outstanding execution from the CrowdStrike team resulted in a record third quarter despite a continued challenging macro environment. Financial highlights in the quarter included an acceleration in net new ARR growth, driving ending ARR well above the $3 billion milestone; 96% year-over-year growth in operating income and record operating margin; record net income, which more than doubled year-over-year; record GAAP profitability for the third consecutive quarter; and record free cash flow.

儘管宏觀環境持續充滿挑戰，CrowdStrike 團隊的出色表現仍使第三季創下了紀錄。本季度的財務亮點包括淨新 ARR 成長加速，推動期末 ARR 遠超 30 億美元的里程碑；營業收入同比增長96%，營業利潤率創歷史新高；淨收入創歷史新高，同比增長一倍多；連續第三個季度創下 GAAP 盈利記錄；並記錄自由現金流。

In the third quarter, we achieved record net new ARR of $223.1 million, with year-over-year growth accelerating to 13%. Demand in the quarter was broad-based as we expanded our leadership across the market from large enterprises to small businesses. New customer acquisition, strong expansion business within existing customers and a record quarter with the U.S. federal government contributed to the acceleration in net new ARR growth and ending ARR reached $3.15 billion, up 35% year-over-year.

第三季度，我們實現了創紀錄的淨新 ARR 2.231 億美元，年增 13%。由於我們將市場領導地位從大型企業擴展到小型企業，本季的需求範圍十分廣泛。新客戶的獲得、現有客戶的強勁擴張業務以及與美國聯邦政府創紀錄的季度合作促進了淨新 ARR 增長的加速，期末 ARR 達到 31.5 億美元，同比增長 35%。

We continue to be very pleased with our platform strategy as subscription customers with 5 or more, 6 or more and 7 or more modules now represent 63%, 42% and 26% of subscription customers, respectively. Our gross retention rate remained high, and our dollar-based net retention rate was slightly below our benchmark in Q3, as the mix of net new ARR from new customers has remained above our expectations and we continue to land bigger deals.

我們對我們的平台策略仍然非常滿意，因為擁有 5 個或更多、6 個或更多和 7 個或更多模組的訂閱客戶現在分別佔訂閱客戶的 63%、42% 和 26%。我們的總留存率仍然很高，而基於美元的淨留存率在第三季度略低於基準，因為來自新客戶的淨新 ARR 組合仍然高於我們的預期，而且我們繼續達成更大的交易。

Moving to the P&L. Total revenue grew 35% over Q3 of last year to reach $786.0 million. Subscription revenue grew 34% over Q3 of last year to reach $733.5 million. Professional services revenue was a record $52.6 million, representing 57% year-over-year growth.

轉到損益表。總營收比去年第三季成長 35%，達到 7.86 億美元。訂閱收入比去年第三季成長 34%，達到 7.335 億美元。專業服務收入達到創紀錄的 5,260 萬美元，年增 57%。

The geographic mix of third quarter revenue consisted of approximately 69% from the U.S., 15% from Europe, Middle East and Africa, 10% from the Asia Pacific region, and 6% from other markets. Our investments in data center and workload optimization that we outlined in our Fal.Con investor briefing in September, continuing to bear fruit, resulting in record subscription gross margin performance above 80% in the third quarter.

第三季營收的地理分佈如下：約 69% 來自美國，15% 來自歐洲、中東和非洲，10% 來自亞太地區，6% 來自其他市場。我們在 9 月的 Fal.Con 投資者簡報會上概述的資料中心和工作負載優化方面的投資繼續取得成果，導致第三季的訂閱毛利率創紀錄地超過 80%。

Total non-GAAP operating expenses in the third quarter were $436.1 million or 55% of revenue versus $348.6 million last year or 60% of revenue. Q3 sales and marketing and R&D expenses grew 23% and 31% year-over-year, respectively. We continue to invest aggressively in innovation and growth while exceeding our profitability expectations. Third quarter non-GAAP operating income grew 96% year-over-year to reach a record $175.7 million, and operating margin increased by 7 percentage points year-over-year to reach a record 22%.

第三季非公認會計準則總營運費用為 4.361 億美元，佔營收的 55%，去年同期為 3.486 億美元，佔營收的 60%。第三季銷售和行銷費用以及研發費用分別年增23%和31%。我們繼續積極投資於創新和成長，同時超越我們的獲利預期。第三季非公認會計準則營業收入年增 96%，達到創紀錄的 1.757 億美元，營業利潤率年增 7 個百分點，達到創紀錄的 22%。

As we outlined during our Fal.Con investor briefing in September, we have once again raised our target model, which now calls for subscription gross margin of 82% to 85%, operating margin of 28% to 32% and free cash flow margin of 34% to 38%. We expect to achieve our new target model within the next 3 to 5 years as we also flight the company to reach $10 billion of ARR over the next 5 to 7 years.

正如我們在 9 月的 Fal.Con 投資者簡報會上所概述的那樣，我們再次提高了目標模型，現在要求訂閱毛利率為 82% 至 85%，營業利潤率為 28% 至 32%，自由現金流利潤率為 34% 至 38%。我們預計在未來 3 到 5 年內實現我們的新目標模式，同時我們也將推動公司在未來 5 到 7 年內達到 100 億美元的 ARR。

Non-GAAP net income attributable to CrowdStrike in Q3 grew to a record $199.2 million or $0.82 on a diluted per share basis, each more than doubling year-over-year. Our weighted average common shares used to calculate third quarter non-GAAP EPS attributable to CrowdStrike was on a diluted basis and totaled approximately 244 million shares.

第三季度，CrowdStrike 的非公認會計準則淨收入成長至創紀錄的 1.992 億美元，即每股攤薄收益 0.82 美元，較去年同期成長一倍以上。我們用於計算第三季歸屬於 CrowdStrike 的非 GAAP 每股盈餘的加權平均普通股是按稀釋基礎計算的，總計約 2.44 億股。

We ended the third quarter with a strong balance sheet. Cash and cash equivalents and short-term investments totaled $3.17 billion and reflects the $238.7 million payment net of cash acquired for the acquisition of Bionic. Cash flow from operations was a Q3 record of $273.5 million. Free cash flow reached a record $239.0 million or 30% of revenue, achieving a rule of 66 on a free cash flow basis.

我們以強勁的資產負債表結束了第三季。現金、現金等價物和短期投資總額為 31.7 億美元，反映了收購 Bionic 所獲得的 2.387 億美元現金淨額。第三季經營現金流創歷史新高，達到 2.735 億美元。自由現金流達到創紀錄的 2.39 億美元，佔收入的 30%，在自由現金流基礎上實現了 66 法則。

Moving to our outlook. As George outlined, strong demand for the Falcon platform is driving our pipeline to new heights. However, the macro environment remains challenging with continued increased budget scrutiny, and as a result, we are not expecting to see the typical Q4 budget flush.

轉向我們的展望。正如喬治所概述的，對 Falcon 平台的強勁需求正在推動我們的產品線邁向新的高度。然而，宏觀環境依然充滿挑戰，預算審查持續加強，因此，我們預計第四季的預算不會出現典型的激增。

Balancing these factors, we are maintaining our net new ARR assumptions, which call for in line to modestly up net new ARR for the full year and double-digit year-over-year net new ARR growth in the second half. As our guidance reflects, we are raising our full year revenue and profitability expectations for the year. Additionally, we are maintaining our target of 30% free cash flow margin for the full fiscal year.

平衡這些因素後，我們維持淨新 ARR 假設，即要求全年淨新 ARR 保持適度增長，下半年淨新 ARR 實現兩位數的同比增長。正如我們的指導意見所反映的那樣，我們提高了今年全年收入和獲利預期。此外，我們將整個財年的自由現金流利潤率維持在 30% 的目標。

More specifically, for the fourth quarter of FY '24, we expect total revenue to be in the range of $836.6 million to $840.0 million, reflecting a year-over-year growth rate of 31% to 32%. We expect non-GAAP income from operations to be in the range of $186.5 million to $189.0 million, and non-GAAP net income attributable to CrowdStrike to be in the range of $199.6 million to $202.1 million. We expect diluted non-GAAP net income per share attributable to CrowdStrike to be approximately $0.81 to $0.82, utilizing a weighted average share count of 245 million shares on a diluted basis.

更具體地說，對於 24 財年第四季度，我們預計總營收將在 8.366 億美元至 8.4 億美元之間，年成長率為 31% 至 32%。我們預計非公認會計準則營業收入將在 1.865 億美元至 1.89 億美元之間，歸屬於 CrowdStrike 的非公認會計準則淨收入將在 1.996 億美元至 2.021 億美元之間。我們預計，以稀釋後股數計算，歸屬於 CrowdStrike 的每股非 GAAP 淨收益約為 0.81 美元至 0.82 美元，加權平均股數為 2.45 億股。

For the full fiscal year 2024, we currently expect total revenue to be in the range of $3,046.8 million to $3,050.2 million, reflecting a growth rate of 36% over the prior fiscal year. Non-GAAP income from operations is expected to be between $633.6 million and $636.2 million. We expect fiscal 2024 non-GAAP net income attributable to CrowdStrike to be between $715.2 million and $717.7 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 $2.95 to $2.96.

對於 2024 財年全年，我們目前預計總收入將在 30.468 億美元至 30.502 億美元之間，比上一財年增長 36%。非公認會計準則營業收入預計在 6.336 億美元至 6.362 億美元之間。我們預計 2024 財年歸屬於 CrowdStrike 的非 GAAP 淨收入將在 7.152 億美元至 7.177 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 2.95 美元至 2.96 美元之間。

George and I will now take your questions.

喬治和我現在將回答你們的問題。

(Operator Instructions) Our first question comes from the line of Saket Kalia of 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 net new ARR return to growth in the quarter. George, maybe for you. A lot of great stuff in your prepared remarks to run through, but maybe I'll just stick to one question here. You've talked about how the legacy SIEM market is starting to feel kind of like the legacy AV market did. And of course, we've recently seen some M&A in that market. It's probably too early, but maybe the question is what are prospective SIEM customers saying to you about LogScale and their willingness to explore other solutions besides their traditional SIEM. Does that make sense?

很高興看到本季淨新 ARR 恢復成長。喬治，也許對你來說。您準備好的發言中有很多精彩內容，但我可能只想在這裡問一個問題。您曾談到傳統 SIEM 市場開始變得有點像傳統 AV 市場。當然，我們最近看到該市場出現了一些併購行為。現在可能還為時過早，但問題可能是潛在的 SIEM 客戶對您如何評估 LogScale 以及他們是否願意探索傳統 SIEM 以外的其他解決方案。這樣有道理嗎？

It does. Yes, it's a great question. So when I look at the market today and I compare that to when I started CrowdStrike in 2011 and really talking to customers in 2012 and 2013 about replacing their legacy AV, it feels like it's the same conversation just with a different context of replacing their legacy SIEM.

確實如此。是的，這是一個很好的問題。因此，當我觀察當今的市場，並將其與我在 2011 年創立 CrowdStrike 時以及在 2012 年和 2013 年與客戶討論更換其傳統 AV 時的情況進行比較時，感覺這是同一場對話，只是更換其傳統 SIEM 的背景不同。

What I found -- and I tend to like businesses in markets where this is in play, where the incumbents are entrenched but have a high degree of dissatisfaction, where the technology is legacy and where the complexity is just tie of patching all this stuff together. And in talking to customers, they want better, faster, cheaper, and they want something that works at cloud scale. If you look at what we've done with LogScale, it's a much more modern version of a SIEM, a next-gen SIEM. We got ahead of the curve a couple of years ago when we bought Humio, which is now LogScale. We've now integrated it into our platform, and it's extended out our XDR technology, and it allows us to do log and SIEM on the same platform.

我發現——我傾向於喜歡在這樣的市場中的企業，在這樣的市場中，現有企業根深蒂固，但人們高度不滿，技術是遺留的，而複雜性只是將所有這些東西拼湊在一起的紐帶。在與客戶交談時，他們想要更好、更快、更便宜的產品，並且他們想要能夠在雲端規模上運作的產品。如果你看看我們對 LogScale 所做的事情，你會發現它是一個更現代的 SIEM 版本，是下一代 SIEM。幾年前，我們收購了 Humio（現為 LogScale），從而走在了時代的前沿。我們現在已將其整合到我們的平台中，它擴展了我們的 XDR 技術，並允許我們在同一個平台上進行日誌和 SIEM。

So from our perspective, the feedback that we've gotten not only from customers but partners like EY are building practices around this. This is a massive opportunity for CrowdStrike and now is the right time for us given the level of dissatisfaction, M&A and the environment and the customer's willingness to look for a much better solution, which also gives us data gravity in the platform.

因此，從我們的角度來看，我們不僅從客戶那裡得到了回饋，而且像安永這樣的合作夥伴也圍繞著這一點建立了實踐。這對 CrowdStrike 來說是一個巨大的機會，考慮到不滿程度、併購和環境以及客戶尋求更好解決方案的意願，現在對我們來說是正確的時機，這也為我們平台帶來了數據引力。

Our next question (Operator Instructions) comes from the line of Joel Fishbein of Truist.

我們的下一個問題（操作員指示）來自 Truist 的 Joel Fishbein。

Good quarter on the net new ARR side. George, another question along Saket's line but around the comments you made with regard to Data Protection. The same could be said about the legacy DLP market. And as you know, I would say that's even longer in the tooth than some of the SIEM market players out there. Love to hear how you are. You didn't talk about it like you did Cloud Security, Identity Protection, LogScale, et cetera. How far are we in that displacement market? And how big do you think they are? And what's the competitive dynamics there? Would be really helpful.

淨新增 ARR 方面表現良好。喬治，另一個問題與薩克特的思路一致，但與您對資料保護的評論有關。傳統 DLP 市場也是如此。如您所知，我想說這比一些 SIEM 市場參與者的壽命還要長。很高興聽到你的近況。您沒有像談論雲端安全、身分保護、LogScale 等那樣談論它。我們在替代市場中走了多遠？您認為它們有多大？那裡的競爭動態是怎麼樣的呢？將會非常有幫助。

Sure. Well, we actually showed our Data Protection technology at Fal.Con, a couple of months ago. We're actively working with some of the largest enterprises in the world to make sure that we account for all their requirements and their ability to actually move off their legacy DLP product. There's not one customer that I've talked to that says they like their DLP product, period.

當然。嗯，幾個月前我們實際上在 Fal.Con 上展示了我們的資料保護技術。我們正在積極與世界上一些最大的企業合作，以確保我們滿足他們的所有要求以及他們真正擺脫傳統 DLP 產品的能力。我所交談過的客戶中沒有一個說他們喜歡他們的 DLP 產品，就是這樣。

And in today's environment with data in motion, particularly through cloud services, the ability to actually be able to track from endpoint through cloud where data moves, what type of data is out there, leveraging our AI to understand is it something that should be moving in certain places is going to be incredibly important. And the way we look at it is the same way we looked at legacy AV. There's a better way to reimagine DLP into Falcon Data Protection. And we're very, very close to being able to release that as we continue to put the fine touches on what customers are looking for and what they're willing to write a check for. So stay tuned but another massive market opportunity for us.

在當今數據流動的環境中，特別是透過雲端服務，能夠從端點到雲端實際追蹤數據移動的位置、存在哪些類型的數據，利用我們的人工智慧來了解是否應該在某些地方移動某些數據，這一點非常重要。我們看待它的方式與我們看待傳統 AV 的方式相同。有一個更好的方法可以將 DLP 重新構想為 Falcon Data Protection。隨著我們不斷完善客戶的需求以及他們願意為之掏錢的產品，我們很快就能發布該產品了。所以請繼續關注，這對我們來說是另一個巨大的市場機會。

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

我們的下一個問題來自 Piper Sandler 的 Rob Owens。

George, I guess, staying on theme here with these extensible adjacencies. Maybe you can touch on Falcon for IT, what early response has been since, I guess, showing it at your recent user conference and where you see the opportunity on that front.

我想，喬治會繼續討論這些可擴展的鄰接關係這一主題。也許您可以談談 Falcon for IT，我想自從您在最近的用戶會議上展示它以來，它的早期反應如何，以及您認為這方面的機會在哪裡。

Well, coming out of Fal.Con, I would say that was the #1 requested feedback item across all the great announcements that we had. I think it's so overdue in the technology space to be able to unify IT and security. Sometimes the technology is in the harder part. It's the org structure. So having a single agent that both security and IT can use, a home for IT, I think, is very important. We're actually working with large customers right now, gathering their feedback, and then we'll look to have a product out probably in Q1.

好吧，從 Fal.Con 開始，我想說這是我們發布的所有重大公告中要求回饋的第一項。我認為技術領域早就應該實現 IT 和安全的統一了。有時技術是比較困難的部分。這是組織結構。因此，我認為，擁有一個安全和 IT 都可以使用的單一代理、一個 IT 之家非常重要。實際上，我們現在正在與大客戶合作，收集他們的回饋，然後我們可能會在第一季推出產品。

But so far, the feedback has been amazing in terms of what we've already delivered, and now we're capturing additional capabilities for our first release. So I think that one is -- has a lot of legs to it and certainly opens up a massive TAM opportunity for us in IT well beyond anything in security given the agent cloud architecture that we built. We've got the real estate, and we plan to monetize it.

但到目前為止，就我們已經交付的產品而言，反饋是驚人的，現在我們正在為我們的第一個版本獲取額外的功能。因此，我認為，考慮到我們所建構的代理雲架構，它具有很大的發展空間，並且無疑為我們在 IT 領域開闢了巨大的 TAM 機會，遠遠超出了安全領域的任何領域。我們擁有房地產，並計劃將其貨幣化。

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

我們的下一個問題來自 RBC 的 Matthew Hedberg。

Burt, I've got one for you. Obviously, you didn't comment on fiscal '25. I believe at this point last year, you just gave a couple of breadcrumbs how to think about ARR. I'm curious, as we sort of sharpen our pencils on '25, are there any guideposts or things that we should think about whether it's growth or profitability?

伯特，我有一個給你。顯然，您沒有對 25 財年發表評論。我相信在去年的這個時候，您只是給了一些關於如何思考 ARR 的提示。我很好奇，當我們在 25 年磨礪我們的鉛筆時，是否有任何指導方針或我們應該考慮的事情，無論是增長還是盈利能力？

Matt, great question. So for us, we are always looking to maximize our growth while at the same time, paying attention to the bottom line. So that's never changed. We are absolutely going to continue to invest in innovation. We've got -- we announced so much at our last Fal.Con. We've got a lot of momentum. We're going to continue to invest to continue that momentum, but also, at the same time, we recognize that we want to make sure that we're a very well-run company and people are seeing the output of that, certainly on this quarter, and we don't plan on changing that at all for next year.

馬特，這個問題問得好。因此，對我們來說，我們始終在尋求最大化成長，同時關注底線。所以這一點從未改變。我們絕對會繼續投資創新。我們在上屆 Fal.Con 大會上宣布了很多消息。我們擁有很大的發展動能。我們將繼續投資以保持這一勢頭，但同時，我們也認識到，我們希望確保我們是一家運營良好的公司，人們看到了這一成果，當然是在本季度，我們計劃明年完全不改變這一點。

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

我們的下一個問題來自古根漢美術館的約翰‧迪富奇 (John DiFucci)。

George, it's impressive to really to see the consistency of your team at scale here. But I'm just curious, how did traction continue into the end of the October quarter? And then again into -- I mean, we're almost through November relative to the October period. And the reason I'm asking this is that we've generally heard of a fade in business activity through October across the industry, not necessarily with you. I mean, actually, we didn't hear it with you but across most others. And it's actually sort of shown up in results of some of your security peers. So I'm just wondering maybe what are you seeing. What did you see into the end of the quarter? And what are you seeing at the beginning of the January period?

喬治，看到你的團隊如此大規模地保持一致真的令人印象深刻。但我只是好奇，這種勢頭如何持續到十月季度末？然後再進入——我的意思是，相對於 10 月而言，我們已經快要度過 11 月了。我之所以問這個問題，是因為我們普遍聽說整個行業的商業活動在十月都會減少，但您的情況不一定如此。我的意思是，實際上，我們不是聽到了你的回答，而是聽到了其他大多數人的回答。事實上，它已經體現在一些安全同行的成果中。所以我只是想知道你看到了什麼。您對本季末有何看法？那麼，一月初您看到了什麼情況呢？

Yes. We certainly had a strong October. I think, as I said in my prepared remarks, the macro environment is still challenging. And we make no mistake about that. Deals take longer, a lot more scrutiny, a lot of sign-offs. And there's a lot more work that goes into these larger enterprise deals, getting deals done even like FalconFlex, which are more enterprise like in their nature, takes time.

是的。我們確實度過了一個強勁的十月份。我認為，正如我在準備好的演講中所說，宏觀環境仍然充滿挑戰。我們對此深信不疑。交易需要更長的時間、更多的審查和大量的簽署。這些大型企業交易需要做更多的工作，即使像 FalconFlex 這樣本質上更像企業的交易，也需要時間來完成。

So we had a great October, but in general, buyers are still cautious. And I think the fact that we're able to provide a real platform play that allows them to consolidate in other technologies and ultimately save money accrues value to us, but it certainly takes a lot of time and effort to get the deals through the goal line. But the team did a great job, and October was strong for us.

因此，我們度過了一個美好的十月份，但總體而言，買家仍然保持謹慎。我認為，我們能夠提供一個真正的平台，讓他們能夠整合其他技術，最終節省資金，這為我們帶來了價值，但要達成交易肯定需要花費大量的時間和精力。但團隊表現非常出色，十月對我們來說表現強勁。

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

我們的下一個問題來自美國銀行的塔爾·利亞尼。

First question is Bionic contribution. You said it was de minimis. Can you define what's de minimis for net new -- the contribution to net new ARR? And then quarter was phenomenal, but I do see some weakness across the board of cyber companies with billings. In your case, it was down about 2%. I also see some weakness in deferred revenues. How do I reconcile what I see with billings, with deferred, with the underlying drivers that are very strong and your strong execution? Why are we seeing weakness not just with you, maybe with the entire space? But why are we seeing weakness with billings across the board?

第一個問題是仿生貢獻。你說這是微不足道的。您能否定義淨新值（對淨新 ARR 的貢獻）的最低限度是什麼？本季業績表現驚人，但我確實看到網路公司整體的營收表現存在一些疲軟跡象。就你的情況而言，它下降了約 2%。我還發現遞延收入存在一些弱點。我如何將我所看到的帳單、延期付款、非常強勁的潛在驅動因素以及你們的強力執行力相協調？為什麼我們看到的弱點不只在於你，而在於整個領域？但為什麼我們看到各方面的帳單都表現疲軟呢？

Thanks, Tal. Good question. I'm going to start with billings. Yes, you're correct. For us, specifically, we don't manage the business to billings. And we feel the ARR gives you the absolute best proxy to revenue, and we felt that that's the right metric, as you know, since we went public to give you more transparency into the health of our business. And that's the metric that really guides you on health.

謝謝，塔爾。好問題。我將從帳單開始。是的，你說得對。具體來說，對於我們來說，我們不按帳單來管理業務。我們認為 ARR 為您提供了絕對最佳的收入代理，我們認為這是正確的指標，正如您所知，因為我們上市是為了讓您更透明地了解我們的業務健康狀況。這才是真正指導您健康的指標。

With respect to billings ourselves, I mean, we think about billings similar to probably most of you out there, is that billings typically for hardware companies use that when they don't disclose any sort of bookings metric, and that's not us, right? We think that billings have certain things that just are not as relevant as a metric like ARR. You're comparing a balance sheet item to a P&L item, and for us, the P&L is going to dictate the health of the business.

關於我們自己的賬單，我的意思是，我們認為賬單可能與你們大多數人的賬單類似，硬件公司通常在不披露任何預訂指標時使用這種賬單，而我們不是，對吧？我們認為帳單中的某些內容與 ARR 等指標較不相關。您正在將資產負債表項目與損益表項目進行比較，對我們來說，損益表將決定業務的健康狀況。

So for us, billings obviously is going to be impacted by duration, and there are many things that go into that. And remember also that when you think about it on a year-on-year basis, we're still up on billings, and I think that's the one thing that you want to take away. For us, when we think about how we want to continue to be transparent, ARR really gives you that notion of where we're going and how we're doing. And I think that that's the focus, and it has been, by the way, since we went public. Even as a private company, that's the one that we manage the business to. That's how we look at how to give out quotas to our reps, et cetera, et cetera. So for us, that's not going to change. And I hope that answers that question.

因此，對於我們來說，帳單顯然會受到持續時間的影響，並且有很多因素會影響它。還要記住，當你按年計算時，我們的帳單仍然在增加，我認為這是你想要消除的一件事。對我們來說，當我們思考如何繼續保持透明度時，ARR 確實會讓您了解我們的發展方向和我們的表現如何。我認為這就是重點，順便說一句，自從我們上市以來就一直如此。即使作為一家私人公司，我們也是將其作為業務管理的對象。這就是我們如何看待向我們的代表分配配額等等。所以對我們來說，這不會改變。我希望這能回答這個問題。

Our next question comes from the line of Adam Borg of Stifel.

我們的下一個問題來自 Stifel 的 Adam Borg。

Maybe just for George on CNAPP, it's obviously great to hear the traction. As we look ahead, should we still view this more of an upsell opportunity to existing customers? Or what needs to happen for this to be more of a tip of spear to drive net new logos?

也許只是對於 CNAPP 上的喬治來說，聽到這樣的關注顯然是件好事。展望未來，我們是否仍應將此視為對現有客戶的追加銷售機會？或者需要做些什麼才能讓這成為推動新標誌發展的先導？

I'm sorry. Would you mind repeating your question?

對不起。您介意重複一下您的問題嗎？

Great. Can you hear me okay now?

偉大的。你現在能聽見我說話嗎？

Yes, I can -- we can hear you now.

是的，我可以──我們現在可以聽到你的聲音。

Great. Sorry about that. Maybe just on CNAPP, it's great to see the continued traction there. And as the market matures, should we view this as more of an upsell opportunity? Or what needs to happen for this to be more of a tip of spear to drive net new logos?

偉大的。很抱歉。也許只是在 CNAPP 上，很高興看到它持續受到關注。隨著市場逐漸成熟，我們是否應該將其視為一個追加銷售的機會？或者需要做些什麼才能讓這成為推動新標誌發展的先導？

Yes. It's really a bright star for us when you look at our CNAPP capabilities of cloud workload protection, CSPM, CIEM, ASPM now with Bionic. We really have, I think, the -- one of the most complete cloud security offerings in the industry. And we're winning deals with it. We're leading in many cases, particularly forward leaning cloud companies, that we're selling to.

是的。當您看到我們的 CNAPP 功能（包括雲端工作負載保護、CSPM、CIEM、ASPM）現在具有 Bionic 時，這對我們來說真的是一顆耀眼的明星。我認為，我們確實擁有業界最全面的雲端安全產品之一。我們正在利用它來贏得交易。我們在許多情況下都處於領先地位，特別是我們銷售產品的具有前瞻性的雲端運算公司。

If you look at the latest threat environment and what's happening and how identities are being abused and 2-factor authentication systems being bypassed, those sort of things, it's important to have a full suite of cloud protection. And I think this is sort of the awakening time for that industry in that companies can't just say, hey, we've got something from a cloud provider or we're going to go at it alone.

如果您觀察最新的威脅環境和正在發生的事情以及身分如何被濫用以及雙重認證系統如何被繞過等事情，那麼擁有全套雲端保護非常重要。我認為這是一個行業的覺醒時刻，因為公司不能只是說，嘿，我們從雲端提供者那裡得到了一些東西，或者我們要單獨行動。

I remember many, many, many years ago, companies didn't run antivirus, right? And you would say that's silly to anybody who runs an antivirus type technology. It wasn't so silly 30, 35-plus years ago. And I think this is kind of the inflection point in the cloud world where you're going to have multiple levels of protection, both agent and ageless and the fact that we've been able to harmonize those 2 together and deliver a very robust agentless technology combined with the best cloud workload protection in the industry gives us a real advantage.

我記得很多很多年前，公司都沒有運行防毒軟體，對吧？你會說，對於任何使用防毒技術的人來說，這都是愚蠢的。 30、35 多年前，這並不是那麼愚蠢。我認為這是雲端世界的轉折點，您將擁有多層次的保護，包括代理和永久保護，事實上，我們已經能夠將這兩者協調在一起，並提供非常強大的無代理技術，並結合業內最好的雲端工作負載保護，這給了我們真正的優勢。

Our next question comes from the line of Mike Walkley of Canaccord Genuity.

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

George, you touched on the new release of Falcon Go to better target SMB customers with more concise packaging. Can you just give us some color on how this segment of your business is trending as some of your competitors have called out soft SMB spending due to the macro? And also just how is this new release helping address pain points for these smaller customers because it seems like you're starting to accelerate the win rates in this segment?

喬治，您提到了 Falcon Go 的新版本，它以更簡潔的包裝更好地瞄準 SMB 客戶。由於宏觀因素導致部分競爭對手的中小企業支出疲軟，您能否向我們介紹貴公司這部分業務的趨勢？而且，這個新版本如何幫助解決這些小客戶的痛點，因為看起來您開始加快這一領域的成功率？

Well, we saw a very strong SMB segment. We've done a lot of work, a, starting with our partners like Pax8 and others, Dell, in that market. So meeting the customers where they like to buy is really, really important. And then coming up with a very innovative and easy-to-use technology designed for the SMB, our latest release of Falcon Go is literally one-click install. And the feedback that we've gotten from customers are like, wow, this is the easiest thing I've seen. It just works. And I think you're going to see even more broad adoption because we've made it so easy to install. You don't have to be an IT professional.

嗯，我們看到了非常強大的 SMB 細分市場。我們已經做了很多工作，首先是與 Pax8 和戴爾等合作夥伴一起在該市場開展工作。因此，在顧客喜歡的購買地點與他們見面真的非常重要。然後，我們推出了一種專為 SMB 設計的非常創新且易於使用的技術，我們最新發布的 Falcon Go 實際上是一鍵安裝。我們從客戶那裡得到的回饋是，哇，這是我見過的最簡單的東西。它確實有效。而且我認為您將會看到它得到更廣泛的採用，因為我們讓它的安裝變得如此簡單。您不必是 IT 專業人士。

And then we've got our partner network that are building services around it. So they're able to generate dollars. We're able to sell our product through their channels where they meet the customers. And I think we've taken a very innovative and effective approach in our partnering strategy, and this is something that we've really worked on over the last year, 18 months, and we're bearing the fruit of it right now.

然後，我們擁有圍繞它建立服務的合作夥伴網路。所以他們能夠賺錢。我們能夠透過他們與客戶接觸的管道銷售我們的產品。我認為我們在合作策略中採取了非常創新和有效的方式，這是我們在過去一年半中一直在努力的事情，現在我們正在取得成果。

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

我們的下一個問題來自 BTIG 的 Gray Powell。

Yes, I was just wondering if you could repeat the commentary on the potential for a year-end budget flush. I think you said that it was not going to be a typical year. And if I remember correctly, last year, the commentary is more like there's going to be little or no budget flush. So I guess my question is like how does this year look in comparison. Is it better, same, worse? And just sort of what's your confidence level on trends?

是的，我只是想知道您是否可以重複一下關於年底預算激增的可能性的評論。我想您說過今年不會是典型的一年。如果我沒記錯的話，去年的評論更像是預算幾乎沒有或根本沒有充裕的資金。所以我想我的問題是，今年相比之下情況如何。是更好、一樣還是更糟？您對趨勢的信心程度如何？

I think we're looking at it, saying it may not happen, right? So we're not necessarily counting on that. And if it does happen, fantastic. And you have to, again, keep in mind that our fiscal year-end is the beginning of a new budget cycle as well. So we have year-end budget if it comes in December and the new budgets in January. But we -- the macro environment, I would say, has remained steady. As I said earlier, still challenging, and we'll see if a budget flush comes, but that's not something that we're counting on.

我想我們正在研究它，並說它可能不會發生，對嗎？所以我們不一定指望這一點。如果這確實發生了，那就太棒了。而且，你必須再次記住，我們的財政年度結束也是新預算週期的開始。因此，如果是 12 月的話，我們會有年終預算，而新的預算則會在 1 月公佈。但我想說，宏觀環境保持穩定。正如我之前所說，這仍然充滿挑戰，我們將看看預算是否充足，但這不是我們所指望的。

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

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

Congratulations on the strong quarter. I just wanted to get a little bit more color around the Charlotte AI revenue potential and maybe what customer use cases are seeing the most interest so far.

恭喜本季業績強勁。我只是想進一步了解 Charlotte AI 的收入潛力，以及迄今為止最受關注的客戶用例。

Well, we announced our pricing at Fal.Con. That was actually well received with customers. And in terms of the overall use cases, as I've talked about in the past, really, it's helping a Tier 1 SOC analyst up level themselves to be a Tier 3, right? It's really driving SOC automation, which is a big focus for us with things like Charlotte and things like Falcon Foundry. How do you drive automation into organizations to give them better outcomes?

嗯，我們在 Fal.Con 上宣布了我們的定價。這確實受到了客戶的一致好評。就整體用例而言，正如我過去所談到的，它確實可以幫助 Tier 1 SOC 分析師提升到 Tier 3，對嗎？它確實推動了 SOC 自動化，這是我們在 Charlotte 和 Falcon Foundry 等產品上關注的重點。如何推動組織自動化，進而帶來更好的結果？

At the end of the day, they would be willing to pay for something if it's going to save them time or money or make their job easier. And what we've seen in the customers who are using Charlotte right now in its preview mode is they're able to do things way faster than they ever could and they're able to explore and ask questions that they haven't been able to do in the past, right? Just -- it just makes it so easy to have Charlotte gather up all the information and then take an action on their behalf.

歸根結底，如果某樣東西能節省他們的時間或金錢，或者讓他們的工作更輕鬆，他們就願意為此付費。我們看到，目前使用 Charlotte 預覽模式的客戶能夠以比以往更快的速度完成任務，並且能夠探索和提出過去無法做到的問題，對嗎？只是——這使得夏洛特能夠輕鬆地收集所有信息，然後代表他們採取行動。

So a, the pricing has resonated well with customers. We'll see how it shakes out as we get into full swing of things. But overall, what we've put together and the fact that it isn't an independent chatbot, it's really a foundational platform service, it's wired into everything that we do and allows automation through all the modules, I think is a home run for us.

因此，定價得到了客戶的一致好評。當我們全面展開工作時，我們將看看結果會如何。但總的來說，我們所建造的以及它不是一個獨立的聊天機器人的事實，它實際上是一個基礎平台服務，它與我們所做的一切緊密相連，並允許通過所有模組實現自動化，我認為這對我們來說是一個本壘打。

Our next question comes from the line of Gregg Moskowitz of Mizuho.

我們的下一個問題來自瑞穗的 Gregg Moskowitz。

George, in your prepared remarks, you expressed a lot of excitement for Falcon for IT. But in addition to better security, better unification with IT, it also strikes me as having the potential to be a real ROI-driven sale for many customers. Do you agree with that? And if so, is that going to be an angle that you really go after from a go-to-market standpoint?

喬治，在你準備好的發言中，你表達了對 Falcon for IT 的極大興奮。但除了更好的安全性、與 IT 更好的統一之外，我還認為它有可能成為許多客戶真正由投資報酬率驅動的銷售。你同意嗎？如果是這樣，從市場進入的角度來看，這是否是你真正追求的角度？

Well, it's exactly what we're hearing from customers. I was with a customer last night, and they were saying we're so excited with Falcon for IT because we've got to work -- we find the problems. We document them and then we've got to work with the IT teams to get them fixed. And a lot of times, their tooling is well behind what we can do with Falcon and they sort of end up fixing it themselves with IT because we just have the capabilities to do that.

嗯，這正是我們從客戶那裡聽到的。昨晚我和一位客戶在一起，他們說我們對 Falcon for IT 感到非常興奮，因為我們必須努力工作——我們發現問題。我們記錄這些問題，然後與 IT 團隊合作解決它們。很多時候，他們的工具遠遠落後於我們用 Falcon 所能做到的，他們最終會自己透過 IT 來修復這個問題，因為我們有能力做到這一點。

So to be able to carve out a home for IT and seamlessly help them understand their exposures on their assets that matter and then drive the automation to actually remediate those is incredible. And it goes beyond just kind of simple remediation. If you think about all the internal use cases in HR, hey, an employee might have an issue. They might have to investigate it, might have to do forensics on systems. Systems are remote all over the world. We've got many, many airlines that use our technology. They don't want to send out an IT person to go fix a kiosk that has a Microsoft blue screen. So what can they do? They can use Falcon for IT to bring it back to health, tremendous savings in terms of cost and travel and complexity.

因此，能夠為 IT 開闢一個家園並無縫地幫助他們了解其重要資產的風險敞口，然後推動自動化來實際補救這些問題，這是令人難以置信的。它不僅僅是一種簡單的補救措施。如果你考慮到人力資源中的所有內部用例，那麼員工可能會遇到問題。他們可能必須對此進行調查，可能必須對系統進行取證。系統遍布世界各地。有很多航空公司使用我們的技術。他們不想派出 IT 人員去修復出現 Microsoft 藍色畫面的資訊亭。那麼他們能做什麼呢？他們可以使用 Falcon for IT 來恢復健康，從而節省大量成本、減少差旅和複雜性。

So this one I'm really, really excited about. And again, we're working to get all the components of what customers need at least for this first release. And then I think sort of the sky is the limit on what we can build out there.

所以我對這個真的非常非常興奮。再次強調，我們正在努力獲取客戶至少在第一個版本中所需的所有組件。然後我認為我們可以建造的東西是無限的。

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

我們的下一個問題來自高盛的 Gabriela Borges。

George and Burt, I have a question for you as you think about your fiscal year '25 planning assumptions. You mentioned a couple of times that the macro environment is very consistent. Clearly, the execution on growth and profitability is very consistent. I'd love your observations on what's incrementally changing. Meaning, as you think about your priorities into next year, what's new versus this time last year?

喬治和伯特，當你們考慮 25 財年的規劃假設時，我有一個問題想問你們。您多次提到宏觀環境非常一致。顯然，成長和獲利的執行非常一致。我很想聽聽您對正在逐步發生的變化的看法。意思是，當您考慮明年的優先事項時，與去年同期相比有什麼新變化？

Well, I'll start and then I'll let Burt jump in. I think from a priority perspective, just on go to market and product, I'll let you talk about the fiscal piece, Burt.

好吧，我先開始，然後讓伯特插話。我認為從優先角度來看，只要進入市場和產品，我就讓你談談財務部分，伯特。

But we continue to drive innovation. Our focus has been on innovation, not integration. And I think that's shown in what we've been able to deliver in the market how fast we've been able to come out products. Falcon was our richest release of technology. So we want to continue to be the innovation leader in security, and I think customers will recognize that.

但我們將繼續推動創新。我們的重點是創新，而不是整合。我認為這體現在我們能夠向市場提供什麼以及我們能夠多快推出產品。 Falcon 是我們最豐富的技術版本。因此，我們希望繼續成為安全領域的創新領導者，我認為客戶也會意識到這一點。

From a go-to-market perspective, there's a lot of work that we've done in terms of really, really making sure we've got the right hygiene across the enterprise and making sure that we can compress these basically time in sales cycles to get deals done when we need to and factor them in, and then also, as we go down market into SMB, creating the right products for that segment and then delivering it through the right channel. So what we have is working. So it's going to continue to drive innovation, continue to remove friction in a go-to-market motion and continue operational excellence up and down the sales and the partner organization. Burt?

從市場進入的角度來看，我們做了很多工作，真正確保整個企業都有正確的衛生習慣，並確保我們可以壓縮銷售週期中的時間，以便在需要時完成交易並將其考慮在內，然後，當我們進入中小企業市場時，為該細分市場創造合適的產品，然後通過正確的渠道交付。所以我們現在所做的都是有效的。因此，它將繼續推動創新，繼續消除進入市場過程中的摩擦，並在銷售和合作夥伴組織中繼續保持卓越的營運。伯特？

Thanks, George. So in terms of how we think about the macro next year, we're not going to predict the change in the macro until we actually see it, right? I think that's going to be the wait-and-see game for most companies, and that's certainly the one that we're going to take. But that's how I see it.

謝謝，喬治。因此，就我們如何看待明年的宏觀經濟而言，我們不會在真正看到宏觀經濟變化之前預測它的變化，對嗎？我認為對大多數公司來說這將是一場觀望的遊戲，而這肯定是我們要採取的策略。但我就是這麼看的。

Our next question comes from the line of Alex Henderson of Needham.

我們的下一個問題來自尼德姆的亞歷克斯·亨德森。

I was hoping you could give us some clarity around some of the key metrics that people use to track conditions, closure rates, whether they are stable, improving or eroding, cycle time. I know you've said your deal size is up. And I think at the -- at Fal.Con, you talked about a significant increase in pipeline build. I think the comment was made on the stage that your pipeline target that they had tried to build was more than double the target. So I was hoping you could talk about what the pipeline looks like as we go into this quarter and into the new year.

我希望您能向我們闡明人們用來追蹤條件、關閉率、是否穩定、改善或減弱以及週期時間的一些關鍵指標。我知道您說過您的交易規模已經增加。我認為在 Fal.Con 上您談到了管道建設的顯著增加。我認為，在舞台上發表的評論是，他們試圖建立的管道目標是目標的兩倍以上。所以我希望您能談談進入本季和新年時管道的情況。

Great. Well, when we look at the current macro environment, it is stable, but as I talked about in the Q&A and in the prepared remarks, it's still a challenging environment. It takes a lot of effort to get deals done. And again, it depends on the segments. Some segments are going to be a little bit longer in the enterprise and SMB a little bit shorter.

偉大的。嗯，當我們看當前的宏觀環境時，它是穩定的，但正如我在問答和準備好的發言中談到的那樣，它仍然是一個充滿挑戰的環境。達成交易需要付出很多努力。再次強調，這取決於細分市場。在企業中某些部分會稍微長一點，而在 SMB 中某些部分會稍微短一點。

But that being said, when we look out and we look at things like our pipeline, we have a record pipeline. And we have that because I think we've got the best product suite in the industry. We've got customers that are truly understanding the platform capabilities of what we've built. They're coming to us and saying, "Hey, let's sit down and go through your road map and our road map, and let's figure out what we can consolidate."

但話雖如此，當我們觀察並查看我們的管道等事物時，我們擁有創紀錄的管道。我們擁有這個是因為我認為我們擁有業內最好的產品套件。我們的客戶真正了解我們所建立的平台功能。他們來找我們說，“嘿，讓我們坐下來，仔細研究一下你的路線圖和我們的路線圖，看看我們可以合併哪些部分。”

So they're coming to us with the openness of wanting to buy more and leveraging things like FalconFlex to be able to have bigger commits at CrowdStrike, which is important. And overall, it's, as I said, still a tough environment, but I think we've got some key metrics like the pipeline that is encouraging to us. And when you look at LogScale and our cloud business, and our identity business, I mean, these are absolutely bright stars across the entire platform. And again, keep in mind, we're not selling individual piece parts. People are buying the platform, and that's what's driving the growth.

因此，他們以開放的態度來找我們，希望購買更多產品並利用 FalconFlex 之類的產品，以便在 CrowdStrike 獲得更大的承諾，這很重要。總的來說，正如我所說，這仍然是一個艱難的環境，但我認為我們已經獲得了一些令我們感到鼓舞的關鍵指標，例如管道。當你看到 LogScale 和我們的雲端業務以及我們的身份業務時，我的意思是，它們絕對是整個平台上的耀眼明星。再次提醒，請記住，我們不出售單個零件。人們正在購買該平台，這就是推動成長的動力。

Our last question comes from the line of Eric Heath of KeyBanc Capital Markets.

我們的最後一個問題來自 KeyBanc Capital Markets 的 Eric Heath。

Great. George, I guess I'll come back to the SIEM conversation. So appreciate the color on the synergies of using LogScale to do the analytics on top of your first-party data that you're already capturing. Makes a ton of sense. But I guess can you flesh out a bit more as to why your AI engine and your proprietary endpoint data is a better approach to capture the next-gen SIEM opportunity that many seem to be targeting, including those that tend to have more first-party data sources?

偉大的。喬治，我想我會回到 SIEM 對話上。因此，請欣賞使用 LogScale 對您已經捕獲的第一方資料進行分析的協同效應。非常有道理。但我想您能否更詳細地解釋一下，為什麼您的 AI 引擎和專有端點數據是捕捉許多人似乎都在瞄準的下一代 SIEM 機會的更好方法，包括那些傾向於擁有更多第一方數據源的人？

Well, when you look at just kind of the data gravity and what customers care about from a security perspective, I would say 85% of really the value of the data and the data that's generated comes from the endpoint. That really is the richest source of data because that's where it's generated from. As it goes across the network, it gets down selected and you lose a lot of the fidelity. So we already have a lot of that data. So let's start there.

好吧，當你從安全角度看待資料引力和客戶關心的內容時，我會說 85% 的資料價值和產生的資料都來自端點。這確實是最豐富的資料來源，因為資料就是從那裡產生的。當它在網路中傳播時，它會被選中，從而失去很多保真度。所以我們已經擁有大量此類數據。那我們就從那裡開始吧。

Then when you look at LogScale, LogScale is very robust and has the capabilities to ingest just about any type of third-party data into the product and very effectively without creating an index, which is its unique capabilities, index reingestion, which means you get immediate results. So from a platform perspective, we sort of have the data gravity already. We've got that 85% of the data. So customers would rather give us 15% that we don't have and leverage LogScale to replace their SIEM.

然後，當您查看 LogScale 時，您會發現 LogScale 非常強大，能夠將幾乎任何類型的第三方資料提取到產品中，並且非常有效，無需建立索引，這是其獨特的功能，即索引重新提取，這意味著您可以立即獲得結果。因此，從平台的角度來看，我們已經擁有了數據引力。我們已經獲得了 85% 的數據。因此，客戶寧願給我們沒有的 15%，並利用 LogScale 來取代他們的 SIEM。

And beyond replacing their SIEM, that's the security use case. We have customers -- many, many customers that use it for all kinds of performance management, logging their infrastructure, logging their Kubernetes clusters. So when you combine the fact that we're coming out with Falcon for IT, now with LogScale, which can log any data above and beyond security, we think that's a much broader opportunity than just SIEM itself. It opens up the entire data architecture of an organization to CrowdStrike.

除了替換他們的 SIEM 之外，這就是安全用例。我們擁有許多客戶，他們使用它來進行各種效能管理、記錄他們的基礎設施、記錄他們的 Kubernetes 叢集。因此，當我們將即將推出的 Falcon for IT 與現在的 LogScale（可以記錄安全性之上的任何數據）結合起來時，我們認為這是一個比 SIEM 本身更廣泛的機會。它向 CrowdStrike 開放了組織的整個資料架構。

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

現在我想請喬治·庫爾茨致閉幕詞。先生？

Well, thank you. And I first want to close by acknowledging the heroic dedication of our team in Israel who continue to remain focused on CrowdStrike's mission. Our thoughts are with each and every one of you in these trying times of war. Thanks all of you for your time today. We appreciate your interest and look forward to seeing you at our upcoming investor event and happy holidays.

好的，謝謝你。最後，我首先要感謝我們以色列團隊的英勇奉獻，他們繼續專注於 CrowdStrike 的使命。在這艱難的戰爭時期，我們的心與你們每一個人同在。感謝大家今天的寶貴時間。我們感謝您的關注，並期待在即將舉行的投資者活動中見到您並祝您節日快樂。

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

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。