CrowdStrike Holdings Inc (CRWD) 2025 Q1 法說會逐字稿

Good day, everyone, and thank you for standing by. Welcome to CrowdStrike's fiscal first quarter 2025 results conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to hand it over to the Vice President of Investor Relations, Maria Riley. Please go ahead.

大家好，感謝你們的支持。歡迎參加 CrowdStrike 2025 年第一季業績電話會議。 （操作員指示）請注意，今天的會議正在錄製中。我現在想將其交給投資者關係副總裁瑪麗亞·萊利 (Maria Riley)。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 Bert 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有 CrowdStrike 總裁兼執行長兼聯合創始人 George Kurtz 和財務長 Bert Podbere。

Before we get started, I would like to note that certain statements made during this call that are not historical facts, including those regarding our future plans, objectives, growth including projection, and expected performance, including our outlook for the second quarter and fiscal year 2025, 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. 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.

在我們開始之前，我想指出，本次電話會議中所做的某些陳述並非歷史事實，包括有關我們未來計劃、目標、成長（包括預測）和預期業績的陳述，包括我們對第二季和財年的展望2025 年以及此後財政期間的任何假設都是 1995 年《私人證券訴訟改革法案》含義內的前瞻性陳述。雖然我們相信我們所做的任何前瞻性陳述都是合理的，但實際結果可能會存在重大差異，因為這些陳述是基於當前的預期，並受到風險和不確定性的影響。我們不承擔並明確否認任何更新或更改我們的前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。

Further information on these and other factors that could affect the company's financial results is included in the filings we make with the SEC from time to time, including the section titled Risk Factors in the company's quarterly and annual report. 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.

有關這些因素和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 SEC 提交的文件中，包括公司季度和年度報告中標題為「風險因素」的部分。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都將不按公認會計準則計算。關於我們為何使用非GAAP 財務指標的討論以及顯示GAAP 與非GAAP 結果的對賬表目前可在我們的收益新聞稿中找到，該新聞稿可在我們的投資者關係網站ir.crowdstrike.com 或我們的表格中找到8-K 今天向 SEC 提交。

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

現在，我將把電話轉給喬治。

Thank you, Maria, and thank you all for joining us for our first earnings call of fiscal year 2025. We start the year from a position of momentum and exceptional strength, outperforming our guided metrics. Our AI-native platform wins at scale, every geography, every market segment, and every solution area.

謝謝瑪麗亞，也感謝大家參加我們 2025 財年的第一次財報電話會議。我們的人工智慧原生平台在規模、每個地理位置、每個細分市場和每個解決方案領域都取得了勝利。

CrowdStrike delivered a record Q1. Record Q1 net new ARR of $212 million, growing 22% year over year. Record ending ARR of $3.65 billion, growing 33% year over year. Record subscription gross margin of over 80%, and record free cash flow of $322 million, reaching 35% of revenue, and a free cash flow rule of 68, making us the only cybersecurity vendor of scale delivering this level of growth and profitability.

CrowdStrike 第一季的業績創歷史新高。第一季淨新 ARR 創紀錄，達 2.12 億美元，年增 22%。年終 ARR 創紀錄，達 36.5 億美元，年增 33%。訂閱毛利率創歷史新高，超過80%，自由現金流創紀錄，達到3.22 億美元，佔收入的35%，自由現金流規則為68，使我們成為唯一一家能夠實現這種增長和盈利水平的網絡安全供應商。

We achieved all of these records while closely managing every P&L line, delivering significant year-over-year operating leverage and our fifth consecutive quarter of GAAP profitability. Even as we continue investing in growth, we're adding sales capacity, investing in our market leading brands, and accelerating innovation while firmly on the path to $10 billion in ending ARR.

我們實現了所有這些記錄，同時密切管理每個損益表，實現了顯著的同比營運槓桿和連續第五個季度的公認會計準則獲利能力。在我們繼續投資於成長的同時，我們也在增加銷售能力，投資於我們的市場領先品牌，並加速創新，同時堅定地走在最終 ARR 達到 100 億美元的道路上。

The foundational theme underpinning CrowdStrike's results is the power of the Falcon platform to consolidate cybersecurity at scale. This is coupled with the market's unequivocal desire for a single AI-powered software platform consolidator. We're landing with more modules than ever before. The number of deals involving cloud, identity, or Falcon next-gen SIEM modules more than doubled year over year, and we're closing some of our largest deals ever. We're consistently hearing that customers want to partner with us as they consolidate, standardizing their cybersecurity future on the Falcon platform and investing their trust in CrowdStrike as cybersecurity's North Star. Let me explain why.

支持 CrowdStrike 成果的基本主題是 Falcon 平台大規模鞏固網路安全的能力。再加上市場對單一人工智慧驅動的軟體平台整合者的明確渴望。我們登陸的模組比以往任何時候都多。涉及雲端、身分或 Falcon 新一代 SIEM 模組的交易數量比去年同期增加了一倍多，我們正在完成一些有史以來最大的交易。我們不斷聽到客戶希望在整合過程中與我們合作，在 Falcon 平台上標準化他們的網路安全未來，並信任 CrowdStrike 作為網路安全的北極星。讓我解釋一下原因。

We built the right architecture from the start. The industry's lightest-weight, easiest-to-install sensor, embedded with AI, no system reboot required. A single AI-native platform console, not just for its stitched-together or siloed multi-platform. Our architecture built from the start, with what I refer to as gold-plated plumbing, allows the Falcon platform to gracefully land, retrive data once and then flight, infinite security, IT, data, and compliance capabilities without any friction. This is the definition of a true platform, and our platform strategy from inception continues to deliver the results. Deals with 8 plus modules grew 95% year over year.

我們從一開始就建立了正確的架構。業界最輕、最容易安裝的感測器，嵌入人工智慧，無需重新啟動系統。單一人工智慧原生平台控制台，不僅僅是為了縫合在一起或孤立的多平台。我們的架構從一開始就構建起來，我稱之為鍍金管道，使 Falcon 平台能夠優雅地著陸、檢索一次數據然後飛行，無限的安全、IT、數據和合規能力，沒有任何摩擦。這是真正平台的定義，我們的平台策略從一開始就持續交付成果。 8 個以上模組的交易年增 95%。

Our 28 modules are best in class on a stand-alone basis, as rated by applicable leading industry analysts, yet combined and natively built into the single Falcon platform, our solution modules work even better together, unlocking customer-valued characteristics of a virtuous flywheel. The sume of platform adoption is even greater than the individual parts. The Falcon platform's differentiated architecture creates a technological competitive moat around our ability to be cybersecurity's premier platform consolidator. This is something you can't acquire or fix later. You must build it right from the start.

根據適用的領先產業分析師的評價，我們的28 個模組在獨立基礎上是同類最佳的，但結合併本地構建到單個Falcon 平台中，我們的解決方案模組可以更好地協同工作，釋放客戶重視的良性飛輪特性。平台採用的總和甚至大於各部分。 Falcon 平台的差異化架構為我們成為網路安全首要平台整合者的能力創造了一條技術競爭護城河。這是您以後無法獲得或修復的東西。您必須從一開始就建立它。

Our platform architecture delivers the following unique customer outcomes. Through consolidation, the Falcon platform delivers faster and more effective cybersecurity than ever before. Out AI-native platform is consistently evolving to close the gap between detection and response, compressing alert to resolution timescales from days and hours to seconds and real-time. And now, with Charlotte AI, customers are experiencing more platform utility at faster speeds, shrinking hours of the security work days into minutes.

我們的平台架構可提供以下獨特的客戶成果。透過整合，Falcon 平台提供比以往更快、更有效的網路安全。我們的人工智慧原生平台不斷發展，以縮小檢測和回應之間的差距，將警報到解決的時間範圍從幾天和幾小時壓縮到幾秒和即時。現在，透過 Charlotte AI，客戶能夠以更快的速度體驗更多平台實用性，將安全工作時間縮短為幾分鐘。

Threat hunting is supercharged. Response and remediation are revolutionized. The AI-powered SOC is no longer a vision; it's a reality. We stand out in our ability to secure diverse attack surfaces with the industry's highest protection levels, spanning cloud, data, device, identity, third-party sources, and beyond, natively alerting in one place and automatically responding across the platform at machine speeds. There's no console, hide-and-go-seek, no separate platforms with their own UI languages, no multi-agent bloat, and no stitched data silos.

威脅追蹤已變得更加強大。回應和補救發生了革命性的變化。 AI驅動的SOC不再是一個願景；這是現實。我們以業界最高的保護等級保護各種攻擊面的能力而脫穎而出，涵蓋雲端、資料、裝置、身分、第三方來源等，在一處本地發出警報，並以機器速度在整個平台上自動回應。沒有控制台，沒有捉迷藏，沒有擁有自己的 UI 語言的單獨平台，沒有多代理膨脹，也沒有縫合的數據孤島。

Through consolidation, the Falcon platform delivers extreme cost savings. The more modules customers adopt, the more cost savings they realize. The Falcon platform consolidates point and pseudo platform vendors across point cloud security fragments like CWP, CSPM, ASPM, DSPM, and CIEM products, identity protection, SIEM, threat intel feed, data protection and DLP, vulnerability management, attack surface management, compliance, endpoint management suite, and legacy AV and next-gen AV, and EDR.

透過整合，Falcon 平台可大幅節省成本。客戶採用的模組越多，他們節省的成本就越多。 Falcon 平台整合了跨點雲端安全片段的點和偽平台供應商，例如CWP、CSPM、ASPM、DSPM 和CIEM 產品、身分保護、SIEM、威脅情報來源、資料保護和DLP、漏洞管理、攻擊面管理、合規性、端點管理套件、傳統 AV 和下一代 AV 以及 EDR。

As an industry, organizations are buying many promises. Unfortunately, they are left with wasteful shelfware, point product learning curves, and features that fail to deliver end-to-end outcomes. The long-time cybersecurity adage of defense-in-depth has led to a new phenomenon: expense-in-depth. Consolidating on the Falcon platform reverses the ever-increasing cost curve. A recent IDC report quantifies CrowdStrike's extreme cost savings. For every dollar invested in Falcon solution, our customers recognize $6 of cost savings.

作為一個行業，組織正在購買許多承諾。不幸的是，他們留下了浪費的貨架軟體、單點產品學習曲線以及無法提供端到端結果的功能。長期以來的網路安全格言「縱深防禦」引發了一種新現象：縱深費用。 Falcon 平台上的整合扭轉了不斷增長的成本曲線。 IDC 最近的一份報告量化了 CrowdStrike 的極大成本節省。在 Falcon 解決方案上每投資一美元，我們的客戶就能節省 6 美元的成本。

Our customers came to us asking for new ways to adopt the Falcon platform even faster. Instead of acquiring Falcon module by module, we developed the Falcon Flex subscription model. Falcon Flex customers enjoy the best prices for the products they want today and tomorrow, while eliminating procurement and legal cycles from module use. The outcome for CrowdStrike is even broader platform adoption. Unlike vendors who pedal wasteful ELAs, our customers utilize what they purchase, because when you buy what you want and need when you want and need it, utilization is natural. We're not reclassifying, recounting, or repositioning existing business to concoct perceived platform value. When a platform delivers real value, you don't have to give it away.

我們的客戶向我們尋求新的方法來更快地採用 Falcon 平台。我們開發了 Falcon Flex 訂閱模式，而不是逐個模組地收購 Falcon。 Falcon Flex 客戶可以享受他們當前和未來想要的產品的最優惠價格，同時消除模組使用的採購和法律週期。 CrowdStrike 的成果是更廣泛的平台採用。與那些踩著浪費的 ELA 的供應商不同，我們的客戶會利用他們購買的東西，因為當您在想要和需要的時候購買您想要和需要的東西時，利用率是自然的。我們不會重新分類、重新計算或重新定位現有業務來砲制感知平台價值。當一個平台提供真正的價值時，您不必放棄它。

In the three quarters since we've built the Falcon Flex program, the customers who have subscribed to this new licensing model represent over $500 million in deal value, growing our share of customer wallet while consolidating and simplifying their security. Applying IDC's analysis would imply Falcon Flex has assisted customers in saving more than $3 billion that would have been spent on other products. Now that's extreme cost saving and indicative of the platform momentum we are seeing with new and existing customers.

自從我們建立Falcon Flex 計劃以來的三個季度中，訂閱這種新許可模式的客戶代表了超過5 億美元的交易價值，增加了我們在客戶錢包中的份額，同時鞏固和簡化了他們的安全性。應用 IDC 的分析意味著 Falcon Flex 已幫助客戶節省了超過 30 億美元，而這些成本本應花在其他產品上。現在，這極大地節省了成本，並表明了我們在新客戶和現有客戶中看到的平台勢頭。

Through consolidation, the Falcon platform delivers innovation to solve tomorrow's cybersecurity as well as broader IT and data problems. Our position as cybersecurity's consolidation platform keeps CrowdStrike innovating to lead the industry forward. This focus has allowed us to ship game-changing product at rapid pace. Within months of our Bionic acquisition, we fully integrated ASPM into our Falcon Cloud Security suite. Over the past few months, we brought our LogScale next-gen SIEM into the console of all of our customers, [seating] their utilization of Falcon to replace legacy SIEMs.

透過整合，Falcon 平台提供創新來解決未來的網路安全以及更廣泛的 IT 和資料問題。我們作為網路安全整合平台的地位使 CrowdStrike 不斷創新，引領業界前進。這種專注使我們能夠快速推出改變遊戲規則的產品。在收購 Bionic 後的幾個月內，我們將 ASPM 完全整合到我們的 Falcon Cloud Security 套件中。在過去的幾個月裡，我們將 LogScale 下一代 SIEM 引入了所有客戶的控制台，讓他們利用 Falcon 來取代傳統的 SIEM。

And more recently, following yet another major Microsoft breach, and since its cyber safety review boards findings, we received an outpouring of requests from the market for help. We decided enough is enough. There's a widespread crisis of confidence amongst security and IT teams within the Microsoft security customer base. At the request of organizations saddled with Microsoft E5 licensing, we delivered Falcon for Defender, a platform on-ramp to help organizations of all sizes start utilizing Falcon to secure their Microsoft Defender usage. Falcon for Defender is delivered via the CrowdStrike sensor, encompassing our industry leading OverWatch threat hunting services, as well as mission-critical reporting to help security teams do their job. With Falcon for Defender, organizations using Microsoft now have what we call v-squared: validation and verification, a missing third-party protection layer for their security programs. And with our sensor already deployed on customer systems, we're dropping anchor on the beachfront real estate to not only transform cybersecurity, but also stop breaches. Feedback has been overwhelmingly positive. CISOs now have the ability to reduce monoculture risk from only using Microsoft products and cloud services.

最近，在微軟再次發生重大漏洞之後，自從其網路安全審查委員會的調查結果以來，我們收到了來自市場的大量幫助請求。我們決定受夠了。 Microsoft 安全客戶群中的安全性和 IT 團隊之間存在廣泛的信任危機。應擁有 Microsoft E5 授權的組織的請求，我們提供了 Falcon for Defender，這是一個平台入口，可幫助各種規模的組織開始利用 Falcon 來保護其 Microsoft Defender 的使用。 Falcon for Defender 透過 CrowdStrike 感測器提供，包括我們領先業界的《鬥陣特攻》威脅搜尋服務，以及幫助安全團隊完成工作的關鍵任務報告。借助 Falcon for Defender，使用 Microsoft 的組織現在擁有了我們所說的 v 平方：驗證和驗證，即其安全程序缺少的第三方保護層。由於我們的感測器已經部署在客戶系統上，我們將在海濱房地產上紮根，不僅可以改變網路安全，還可以阻止違規行為。反饋非常正面。 CISO 現在能夠降低僅使用 Microsoft 產品和雲端服務所帶來的單一文化風險。

Our innovation continues at breakneck pace, multiplying the reasons for the market to consolidate on Falcon. Thousands of organizations are consolidating on the Falcon platform. There were a few that stood out from the quarter. A seven-figure deal in a Fortune 100 health care company who was using Microsoft and experienced a breach. Our industry-leading IR team deployed more than 46,000 sensors in days, stopping the adversary, restarting business, and importantly, keeping this business out of promotional vendor fanfare. This customer immediately adopted Falcon Complete Identity, Falcon Cloud Security, LogScale next-gen SIEM and Charlotte AI. In addition to removing Microsoft security products, they were able to move off their vulnerability management vendor and their legacy SIEM too. The consolidation outcome, 75% reduction agent footprint by consolidating to our single agent and a 700% improvement in mean time to detect and respond, taking average alert triage times from 4 plus hours down to minutes. We stopped the breach, displacing more than three vendors along the way, and now this customer experiences not only lower TCO, but also cybersecurity outcomes they hadn't thought possible.

我們的創新繼續以驚人的速度進行，增加了市場在 Falcon 上整合的理由。數以千計的組織正在 Falcon 平台上整合。有一些在本季度中脫穎而出。一家財富 100 強醫療保健公司使用 Microsoft 進行了一筆七位數的交易，但遭遇了資料外洩。我們業界領先的 IR 團隊在幾天內部署了超過 46,000 個感測器，阻止了對手，重新啟動了業務，而且重要的是，使這項業務遠離了供應商的促銷宣傳。該客戶立即採用了 Falcon Complete Identity、Falcon Cloud Security、LogScale 下一代 SIEM 和 Charlotte AI。除了刪除 Microsoft 安全產品之外，他們還能夠擺脫漏洞管理供應商和舊版 SIEM。整合結果是，透過整合到我們的單一代理，代理足跡減少了 75%，平均偵測和回應時間提高了 700%，將平均警報分類時間從 4 個多小時縮短到了幾分鐘。我們阻止了違規行為，一路上取代了三個以上的供應商，現在這個客戶不僅體驗到了更低的整體擁有成本，而且還獲得了他們認為不可能的網路安全結果。

A seven-figure deal in a large Middle Eastern power and utilities provider that experienced many incidents using a regional point product endpoint vendor. These incidents were each preventable with the Falcon platform's AI defenses. Standardizing the Falcon platform, this customer adopted CrowdStrike for Endpoint, Identity, Cloud, and next-gen SIEM, consolidating five security vendors down to just one, in a few short months during the deal cycle.

中東一家大型電力和公用事業供應商達成了一筆七位數的交易，該供應商在使用區域點產品端點供應商時遇到了許多事件。這些事件都可以透過 Falcon 平台的人工智慧防禦來預防。該客戶對 Falcon 平台進行標準化，採用了適用於端點、身分、雲端和下一代 SIEM 的 CrowdStrike，在交易週期的短短幾個月內將 5 家安全供應商整合為 1 家。

Lastly, our focus on solving cybersecurity and IT use cases inspired a multinational services customer headquartered in Japan to consolidate on CrowdStrike in a seven-figure expansion deal. Acquiring four additional modules, they successfully eliminated Tanium, a legacy AV vendor, and their vulnerability management provider. This deal illustrates existing customers taking the opportunity to further consolidate on Falcon beyond just security. We have the platform, data gravity, and trust to make consolidation turnkey for security and IT teams alike.

最後，我們對解決網路安全和 IT 用例的關注促使一家總部位於日本的跨國服務客戶透過一項價值七位數的擴張交易來整合 CrowdStrike。他們購買了四個額外的模組，成功消除了傳統防毒供應商 Tanium 及其漏洞管理提供者。這筆交易表明，現有客戶藉此機會進一步整合 Falcon，而不僅僅是安全性。我們擁有平台、資料引力和信任，可以為安全和 IT 團隊提供整合交鑰匙服務。

These deals highlight the tempo and scale of Falcon consolidation. It's not on a PowerPoint slide; it's inside a single console with a single sensor and delivered on a single platform. What we see are prospects and customers using consolidation as an opportunity to transform trading expense-in-depth for cybersecurity, that's better, faster, and more cost-effective.

這些交易凸顯了獵鷹整合的節奏和規模。它不是在 PowerPoint 投影片上；而是在 PowerPoint 投影片上。它位於具有單一感測器的單一控制台內，並在單一平台上提供。我們看到的是，潛在客戶和客戶正在利用整合作為深入轉變網路安全交易費用的機會，從而更好、更快、更具成本效益。

Consolidation isn't just a phenomenon happening with end customers. It's also a priority embraced and prioritized by our partners, too. In our MSSP business, one of our fastest-growing segments, partners are coming to us to migrate their customers off legacy and substandard point products, as well as multi-platform vendors. In large seven-figure deal, eSentire, and industry-leading MSSP, selected the Falcon platform to migrate hundreds of Carbon Black customers en masse, representing an exodus of nearly 0.5 million endpoints. This is a prime example of an industry leading MDR that developed their own award-winning services on the Falcon platform, consolidating on CrowdStrike.

整合不僅發生在最終客戶身上。這也是我們的合作夥伴所接受和優先考慮的優先事項。在我們成長最快的細分市場之一的 MSSP 業務中，合作夥伴紛紛向我們求助，幫助他們的客戶擺脫傳統和不合格的單點產品以及多平台供應商。在一筆七位數的巨額交易中，eSentire 和業界領先的 MSSP 選擇 Falcon 平台來大量遷移數百個 Carbon Black 客戶，這意味著近 50 萬個端點的外流。這是業界領先的 MDR 的一個典型例子，該公司在 Falcon 平台上開發了自己的屢獲殊榮的服務，並在 CrowdStrike 上進行了整合。

In our expanded partnership with Mandiant and Google Cloud announced at the RSA conference, Mandiant is migrating its Mandiant Managed Defense MDR customers for the Falcon platform. Recognizing our market leadership and the need to deliver services on the best technology platform, CrowdStrike is the natural choice to migrate their customers off legacy AV and other point products.

我們在 RSA 會議上宣布擴大與 Mandiant 和 Google Cloud 的合作關係，Mandiant 正在將其 Mandiant Managed Defense MDR 客戶遷移到 Falcon 平台。認識到我們的市場領導地位以及在最佳技術平台上提供服務的需求，CrowdStrike 是讓客戶擺脫傳統 AV 和其他單點產品的自然選擇。

In our channel ecosystem at large, we're seeing partners de-prioritizing other vendors on their line cards to consolidate their time, headcount and go-to-market focus on CrowdStrike. Our top 50 partners in every geo are growing and telling us they're doing less and less with other vendors, instead increasing their focus and business results on Falcon. Partners are a key driver of market consolidation, both representing our technology to their end customers and also consolidating their efforts away from anecdotal declining point feature vendors.

在我們整個通路生態系統中，我們看到合作夥伴在其線路卡上降低了其他供應商的優先級，以將他們的時間、人員數量和上市重點集中在 CrowdStrike 上。我們在每個地區的前 50 名合作夥伴都在成長，並告訴我們他們與其他供應商的合作越來越少，反而增加了對 Falcon 的關注和業務成果。合作夥伴是市場整合的關鍵驅動力，既向他們的最終客戶代表我們的技術，又鞏固他們的努力，遠離傳聞中的衰退點功能供應商。

The power to consolidate on a single platform requires having the right technologies at the right time, delivered on the right platform. Our investments in hyper growth solution businesses continue to deliver market-leading capabilities and record results. Here's our Q1 color on Cloud Security, Identity Protection, and LogScale next-gen SIEM, as well as several platform innovation areas.

在單一平台上進行整合的能力需要在正確的時間在正確的平台上提供正確的技術。我們對高速成長解決方案業務的投資持續提供市場領先的能力並取得創紀錄的成果。這是我們關於雲端安全、身分保護和 LogScale 下一代 SIEM 以及多個平台創新領域的第一季顏色。

Cloud utilization is reaching unprecedented highs. This is largely driven by the AI revolution of the past few quarters. Today, every company is or is quickly becoming an AI company. Every CISO, CIO and Board Member I speak with is experimenting with using AI in new ways. We all know that AI is transformative and this transformation is happening in public and private clouds. The cloud is foundational technology for building AI models, operationalizing AI, and integrating AI into existing technologies. The only way to safely harness the transformative nature of AI is through best-in-class security that operates at the speed and scale of AI built natively with AI, with CrowdStrike. As hyperscalers print remarkable results, as NVIDIA continues to amaze, and as AI hardware spend reaches Gold Rush levels estimated to be north of $60 billion in the last 12 months. CrowdStrike is at the epicenter of securing the workloads driving the AI revolution.

雲端利用率正達到前所未有的高度。這很大程度上是由過去幾季的人工智慧革命所推動的。如今，每家公司都已經或正在迅速成為人工智慧公司。我採訪過的每一位首席資訊安全長、資訊長和董事會成員都在嘗試以新的方式使用人工智慧。我們都知道人工智慧具有變革性，而這種變革正在公有雲和私有雲中發生。雲端是建構人工智慧模型、實施人工智慧以及將人工智慧整合到現有技術中的基礎技術。安全利用 AI 變革性的唯一方法是透過 CrowdStrike 提供一流的安全性，以與 AI 原生建構的 AI 速度和規模運作。隨著超大規模企業取得令人矚目的成果，隨著 NVIDIA 繼續令人驚嘆，隨著人工智慧硬體支出達到淘金熱水平，預計在過去 12 個月內將超過 600 億美元。 CrowdStrike 處於保護驅動 AI 革命的工作負載的中心。

For the next conversation, Jensen Huang, Founder and CEO of NVIDIA, recently validated this, stating in our Q1 partnership announcement that "Pairing NVIDIA accelerated computing and generative AI with CrowdStrike cybersecurity can give enterprises unprecedented visibility into threats to help them better protect their businesses." And this is why industry leaders across every vertical, including the GenAI companies themselves, are choosing Falcon Cloud Security to secure their heterogeneous cloud environments, consolidating multiple point products on the Falcon platform.

在接下來的對話中，NVIDIA 創始人兼首席執行官黃仁勳最近驗證了這一點，他在第一季合作夥伴公告中表示：「將NVIDIA 加速計算和生成式AI 與CrowdStrike 網路安全相結合，可以為企業提供前所未有的威脅可見性，幫助他們更好地保護自己的業務」。這就是為什麼各個垂直領域的產業領導者（包括 GenAI 公司本身）都選擇 Falcon Cloud Security 來保護其異質雲端環境，在 Falcon 平台上整合多個單點產品。

Here's a lighthouse example. One of the world's leading hyperscalers grew their adoption of the Falcon platform, standardizing on the Falcon Cloud Security in an eight-figure deal. In a public press release, this customer and partner extolled the unified nature of our security platform and their ability to consolidate multiple cloud security point products on Falcon Cloud Security. Our joint go-to-market partnership has evolved to focus on Falcon Cloud Security, where CrowdStrike rises above other vendors to enable secure cloud consumption.

這是一個燈塔的例子。全球領先的超大規模企業之一擴大了對 Falcon 平台的採用，以八位數的交易實現了 Falcon 雲端安全的標準化。在公開新聞稿中，該客戶和合作夥伴稱讚了我們安全平台的統一性以及他們在 Falcon Cloud Security 上整合多個雲端安全點產品的能力。我們的聯合上市合作夥伴關係已發展到專注於 Falcon Cloud Security，其中 CrowdStrike 優於其他供應商，可實現安全的雲端消費。

Driving our Cloud Security customer wins is the market embracing our runtime-centric cloud detection and response vision that focuses on real-time cloud visibility and protection, offering features like cloud attack path analysis, API-based [site] scanning and most recently, integrated ASPM and CDR, sets us apart as the only solution on the market that spans code to application to the infrastructure on which everything runs. Our latest acquisition of Flow furthers our competitive mode, adding in the industry's only runtime DSPM, securing data both at rest and in motion. Falcon Cloud Security has surpassed a garden of unicorns, decacorns, and legacy vendors as one of the largest cloud security businesses in the market. As of Q1, Falcon has been selected by 62 of the Fortune 100 as their cloud security provider of choice.

推動我們的雲端安全客戶獲勝的是市場接受我們以運行時為中心的雲端偵測和回應願景，該願景專注於即時雲端可見性和保護，提供雲端攻擊路徑分析、基於API 的[網站]掃描以及最近整合的功能等功能。我們最新收購的 Flow 進一步增強了我們的競爭模式，並添加了業界唯一的運行時 DSPM，保護靜態和動態資料。 Falcon Cloud Security 已超越獨角獸、十角獸和傳統供應商，成為市場上最大的雲端安全企業之一。截至第一季度，Falcon 已被 62 家財富 100 強企業選為他們的首選雲端安全供應商。

ClowdStrike pioneered the creation of the identity detection and response category. Our Identity Protection module continues to be the only single-agent solution on the market, giving us a major competitive advantage. Our Active Directory expertise has evolved to now support increasingly popular cloud identity solutions such as Microsoft Entra ID, formerly known as Azure AD, giving us the ability to support diverse customers, wherever their identities reside.

ClowdStrike 率先創建了身分偵測和回應類別。我們的身分保護模組仍然是市場上唯一的單一代理解決方案，為我們提供了主要的競爭優勢。我們的 Active Directory 專業知識已發展到現在支援日益普及的雲端身分解決方案，例如 Microsoft Entra ID（以前稱為 Azure AD），使我們能夠支援不同的客戶，無論他們的身分位於何處。

Our sustained focus on identity protection continues to pay dividends, not only winning deals, but also with industry analysts, where CrowdStrike was named the overall leader in KuppingerCole's inaugural ITDR Compass. Our key customer wins from the quarter includes a seven figure deal with a large health care provider who was stuck in a Broadcom contract and increasingly being pushed towards a multi-platform hardware provider's password products. Our Identity Threat Protection module was a game changer for this customer, deploying us in more than 100,000 devices and allowing us to replace these other two vendors. Identity Protection led to an 85% better mean time to respond for identity-based attacks and motivated this customer's significant cyber transformation.

我們對身分保護的持續關注繼續帶來紅利，不僅贏得了交易，而且贏得了行業分析師的青睞，CrowdStrike 在 KuppingerCole 的首個 ITDR Compass 中被評為總體領導者。我們本季贏得的主要客戶包括與一家大型醫療保健提供商達成的七位數交易，該提供商陷入了 Broadcom 合同，並且越來越多地被推向多平台硬體提供商的密碼產品。我們的身分威脅防護模組改變了該客戶的遊戲規則，將我們部署在超過 100,000 台設備中，並允許我們取代其他兩家供應商。身分保護使基於身分的攻擊的平均回應時間縮短了 85%，並推動了該客戶的重大網路轉型。

One of the solution areas I'm most excited about is our LogScale next-gen SIEM business. There's certainly no shortage of market activity in the SIEM space, where consolidation is afoot, with M&A activity impacting Splunk and more recently, Exabeam and QRadar. More happened in the SIEM market over the past few months than in decades. In the wake of this consolidation, the demand environment is ripe. Each of these consolidation moves creates immediate opportunity zones. Organizations are iconoclastically questioning their legacy SIEM choices and looking for new, better, and more cost0effective ways to run their stock in the AI era. With CrowdStrike representing more than 80% of the data going into today's SIEMs, we are naturally placed to disrupt, consolidate, and chart the future of the SIEM market. This is because our LogScale next-gen SIEM is already natively in the Falcon platform, already ingesting, visualizing, and actioning all first-party CrowdStrike data for all of our customers. While other vendors must buy their way into this market, acquiring legacy technology, our flag is already firmly planted and flying. Our goal is to win the hearts and minds of customers through superior technology and outcomes, not ELAs, forced migrations, and traps.

我最感興趣的解決方案領域之一是我們的 LogScale 下一代 SIEM 業務。 SIEM 領域當然不乏市場活動，該領域的整合正在進行，併購活動影響了 Splunk，最近也影響了 Exabeam 和 QRadar。過去幾個月 SIEM 市場發生的事情比幾十年來還要多。在這次整合之後，需求環境已經成熟。這些整合舉措中的每一項都創造了直接的機會區。組織正在反傳統地質疑他們傳統的 SIEM 選擇，並尋找新的、更好的、更具成本效益的方法來在人工智慧時代運行他們的股票。由於 CrowdStrike 佔當今 SIEM 數據的 80% 以上，我們自然有能力顛覆、整合並規劃 SIEM 市場的未來。這是因為我們的 LogScale 下一代 SIEM 已經原生存在於 Falcon 平台中，並且已經為我們所有客戶提取、視覺化和處理所有第一方 CrowdStrike 資料。雖然其他供應商必須透過收購來進入這個市場，獲取傳統技術，但我們的旗幟已經牢固地插在了地面並飄揚。我們的目標是透過卓越的技術和成果贏得客戶的青睞，而不是 ELA、強制遷移和陷阱。

Here's why we're winning. We have the right technology. Our next-gen SIEM immediately solves one of the biggest and most costly SIEM challenges: ingestion of data. CrowdStrike data natively resides in the platform, requiring zero transportation costs, zero storage costs, and zero configuration. We have also made it easy to ingest data from third-party sources. Once the data is in the platform, users benefit from our head-turning Incident Workbench, providing curated alert visualization, delivering on the promises of XDR like never seen before. Our next-gen SIEM is created for security users by security users, making running a cybersecurity program easier and more data-driven. And coupled with Charlotte AI, going from an idea to action, context to conquest, and of course detection to response, is supercharged for the AI era. At our recent partner symposium in Asia and Europe, we received standing ovations, with viewers commenting that next-gen SIEM is our biggest industry-changing innovation.

這就是我們獲勝的原因。我們擁有正確的技術。我們的下一代 SIEM 立即解決了最大且成本最高的 SIEM 挑戰之一：資料攝取。 CrowdStrike 資料原生駐留在平台中，需要零運輸成本、零儲存成本和零配置。我們也讓從第三方來源取得資料變得容易。一旦資料進入平台，使用者就可以從我們令人驚嘆的事件工作台中受益，提供精心策劃的警報視覺化，以前所未有的方式兌現 XDR 的承諾。我們的下一代 SIEM 是由安全用戶為安全用戶創建的，使網路安全程式的運作更加輕鬆且更加資料驅動。與 Charlotte AI 結合，從想法到行動，從背景到征服，當然還有檢測到回應，為人工智慧時代帶來了強勁動力。在我們最近在亞洲和歐洲舉行的合作夥伴研討會上，我們獲得了全場起立鼓掌，觀眾評論道，下一代 SIEM 是我們改變行業的最大創新。

We have the content. With over 500 integrations, we welcome data from all sources to call the Falcon platform home. While many competitors are closed and complicated in what data they ingest, we are open. The melting pot of cyber and IT data. Our ecosystem is a proxy for the cybersecurity market at large. For years, we've collaborated closely with ISVs of all kinds, from startups and innovators in our Falcon Fund portfolio to industry stalwarts across cybersecurity and the broader IT market. With hundreds of native vendor-specific connectors as well as a generic log ingester, bringing data into next-gen SIEM is easier and faster than ever before, and once the data is in, cybersecurity experiences are enriched, with the Falcon platform illustrating alert-specific, attack-surface-specific, and campaign-specific events, coupled with automated response through Fusion SOAR playbooks and Charlotte AI actions. To date, Fusion SOAR is used by 47% of our top 5,000 customers, who have created more than 135,000 custom workflows, processing more than 155 billion signals weekly to automate actions across the Falcon platform and third-party products.

我們有內容。 Falcon 平台擁有超過 500 個集成，歡迎所有來源的數據。雖然許多競爭對手在獲取數據方面是封閉且複雜的，但我們是開放的。網路和 IT 資料的熔爐。我們的生態系統是整個網路安全市場的代表。多年來，我們一直與各類 ISV 密切合作，從 Falcon Fund 投資組合中的新創公司和創新者，到網路安全和更廣泛的 IT 市場的行業中堅力量。借助數百個本機特定於供應商的連接器以及通用日誌採集器，將數據引入下一代SIEM 比以往任何時候都更容易、更快捷，一旦數據進入，網絡安全體驗就會豐富，Falcon 平台說明了警報-特定的、特定於攻擊面和特定於活動的事件，再加上透過 Fusion SOAR 劇本和 Charlotte AI 操作進行的自動回應。迄今為止，我們排名前5,000 名的客戶中有47% 使用Fusion SOAR，他們創建了超過135,000 個自訂工作流程，每週處理超過1550 億個訊號，以自動執行跨Falcon 平台和第三方產品的操作。

We have the right services, helping organizations move into their next-gen SIEM as a partner-led opportunity. Today's SIEMs were installed, configured, and oftentimes managed by partners. Partners see where the puck is going and have approached CrowdStrike to build their next-gen SIEM practices. These practices span data governance, data movement, dashboard configuration, and automation response creation, as well as managed SIEM services. System integrators like Deloitte, EY, HCLTech, as well as SIEM-specific partners like NETbuilder, are leading the movement with CrowdStrike as their next-gen SIEM platform of choice.

我們擁有合適的服務，幫助組織以合作夥伴主導的機會進入下一代 SIEM。現今的 SIEM 是由合作夥伴安裝、配置和管理的。合作夥伴了解冰球的走向，並已聯繫 CrowdStrike 來建立他們的下一代 SIEM 實踐。這些實踐涵蓋資料治理、資料移動、儀表板配置和自動化回應建立以及託管 SIEM 服務。 Deloitte、EY、HCLTech 等系統整合商以及 NETbuilder 等 SIEM 特定合作夥伴正在引領這項運動，並選擇 CrowdStrike 作為下一代 SIEM 平台。

Here's an example of a noteworthy customer win. A Global 2000 manufacturing and machine system conglomerate with more than 100,000 employees left Splunk for LogScale next-gen SIEM in an eight figure deal. Together with Accenture, we were able to successfully and swiftly migrate numerous data sources as well as ongoing SIEM management to the Falcon platform, delivering the outcome of consolidation, cost savings as well as longer data retention and faster alert response times.

這是一個值得注意的客戶獲勝的例子。一家擁有超過 10 萬名員工的全球 2000 強製造和機械系統集團以八位數的交易離開 Splunk，轉向 LogScale 下一代 SIEM。與埃森哲合作，我們能夠成功、迅速地將眾多資料來源以及持續的 SIEM 管理遷移到 Falcon 平台，實現了整合、節省成本以及更長的資料保留和更快的警報回應時間的成果。

We have the technology platform, the content, the partners, the customers, and the native data gravity to transform the SIEM market, and it's happening right now. Outside of our Cloud, Identity and next-gen SIEM hyper growth businesses, new platform innovation areas are quickly taking flight. Demand for each of these products is exceeding our expectations, driven by both the innovative nature of our technology, but also secular consolidation market factors and frustration with legacy incumbents.

我們擁有技術平台、內容、合作夥伴、客戶和本地數據引力來改變 SIEM 市場，而這一切現在正在發生。除了我們的雲端、身分和下一代 SIEM 高速成長業務之外，新的平台創新領域正在迅速發展。對這些產品的需求超出了我們的預期，這不僅受到我們技術的創新性的推動，也受到長期整合市場因素以及對傳統現有企業的失望的推動。

First, data protection. Frustration with legacy DLP remains at a fever pitch, where logging into these products is akin to taking a time machine back to the 90s. In a little bit more than a quarter, we sold our Data Protection module to several hundred customers, many of which are Fortune 1000 accounts, delivering results indicative of a hyper-growth startup. We win because we scratch the consolidation itch, delivering the compliance necessities without anything new to deploy and manage. Data Protection, coupled with Flow's DSPM, are important components of our ability to natively secure AI as well. And with data becoming increasingly important for AI model development, customers want more than backup and disaster recovery for the data. Data protection is laying the groundwork for another multibillion adjacent Falcon market.

第一，資料保護。人們對傳統 DLP 的失望情緒仍然非常強烈，登入這些產品就像乘坐時光機回到 90 年代。在一個多季度的時間裡，我們將資料保護模組出售給了數百名客戶，其中許多是財富 1000 強客戶，所取得的成果表明這是一家高速成長的新創公司。我們之所以獲勝，是因為我們抓住了整合的渴望，提供了合規性必需品，而無需部署和管理任何新內容。資料保護與 Flow 的 DSPM 結合，也是我們本地保護 AI 能力的重要組成部分。隨著資料對於人工智慧模型開發變得越來越重要，客戶需要的不僅僅是資料的備份和災難復原。資料保護正在為 Falcon 另一個數十億美元的鄰近市場奠定基礎。

Next Falcon for IT. The desire to move away from endpoint management point products is pronounced and exceeding our expectations. Organizations are looking to Falcon to deliver enterprise search, patching deployment, device health and more, all from the same sensor. It's a very logical add-on, and our pipeline is already in the eight figures since shipping this module a little more than a quarter ago.

下一個 IT 獵鷹。擺脫端點管理點產品的願望是顯而易見的，並且超出了我們的預期。組織希望 Falcon 能夠透過相同感測器提供企業搜尋、修補程式部署、裝置運作狀況等服務。這是一個非常合乎邏輯的附加元件，自從四分之一多年前發布該模組以來，我們的管道已經達到了八位數。

And lastly, Charlotte AI. Every CISO is eager to see their employees become more productive. Every CISO wants their cybersecurity to be faster. The productivity gains are real and the benefits of making cybersecurity easier, conversational, and instant multiply the cybersecurity outcomes the Falcon platform creates. While still early, our POV close rate is close to 90%, reflecting excitement for Charlotte AI.

最後是夏洛特·艾伊。每個 CISO 都渴望看到他們的員工提高工作效率。每個首席資訊安全官都希望他們的網路安全速度更快。生產力的提高是實實在在的，而且使網路安全變得更容易、對話式和即時的好處使 Falcon 平台創造的網路安全成果倍增。雖然還為時過早，但我們的 POV 接近率已接近 90%，這反映出對 Charlotte AI 的興奮。

Despite each of these solutions areas being young in the Falcon nest, the feedback from prospects, customers, and partners show us we're on the right path for these technologies to be meaningful growth drivers and competitive differentiators. CrowdStrike's innovation engine is just another reason why customers are confident in Falcon as cybersecurity's platform consolidator for today and tomorrow.

儘管這些解決方案領域都還處於起步階段，但來自潛在客戶、客戶和合作夥伴的回饋表明，我們正走在正確的道路上，使這些技術成為有意義的成長動力和競爭優勢。 CrowdStrike 的創新引擎是客戶對 Falcon 作為當今和未來網路安全平台整合者充滿信心的另一個原因。

In closing, I'm excited about the consolidation CrowdStrike is driving in the market, the business results we're delivering, and most importantly, the Falcon platform's societal impact of stopping breaches. Over the past 12 months, our industry-leading incident responders in our partner network used Falcon to respond to thousands of breaches, cementing CrowdStrike as the industry's incident response authority. These engagements often convert to net new Falcon customers.

最後，我對 CrowdStrike 正在推動的市場整合、我們正在交付的業務成果以及最重要的是 Falcon 平台在阻止違規行為方面產生的社會影響感到興奮。在過去 12 個月中，我們合作夥伴網路中業界領先的事件回應人員使用 Falcon 回應了數千起違規事件，鞏固了 CrowdStrike 作為產業事件回應權威的地位。這些合作通常會轉化為獵鷹的新客戶。

Delivering a Q1 like the one we're announcing today is a strong reflection not only of the technological superiority of the Falcon platform, but also of the passion, the tenacity, and the mission focus from the very best team in cybersecurity. While the talent war is ongoing, CrowdStrike remains a career destination. Many vendors take great pride in Best Place to Work designations. I'd like to point to a figure that dimensionalizes CrowdStrike as cybersecurity's Very Best Place to Work. Over the past five quarters, we received more than 687,000 applications from individuals who want to work for CrowdStrike. These professionals decided that CrowdStrike would be the ideal venue to build a career. In hiring low-single-digit thousands of these individuals, our acceptance rate is low, a lower acceptance rate than to every Ivy League institution. It's figures like this one that send a clear message to me, to CrowdStrikers, to customers, to partners, to prospects, to the cybersecurity community, and to the market at large, the very best talent builds the very best cybersecurity. And we have ample runway ahead of us to revolutionize, innovate, and of course, consolidate, this year and well into the future.

交付像我們今天宣布的 Q1 不僅強烈反映了 Falcon 平台的技術優勢，也體現了網路安全領域最優秀團隊的熱情、堅韌和使命專注。儘管人才爭奪戰仍在繼續，CrowdStrike 仍然是一個職業目的地。許多供應商對最佳工作場所頭銜感到非常自豪。我想指出一個數字，該數字將 CrowdStrike 描述為網路安全的最佳工作場所。在過去的五個季度中，我們收到了超過 687,000 份來自想要為 CrowdStrike 工作的個人的申請。這些專業人士認為 CrowdStrike 將成為建立職業生涯的理想場所。在僱用數千名這樣的人時，我們的錄取率很低，比每個常春藤盟校的錄取率都要低。像這樣的數字向我、CrowdStrikers、客戶、合作夥伴、潛在客戶、網路安全社群以及整個市場傳達了一個明確的訊息：最優秀的人才建立最好的網路安全。我們前面有足夠的跑道來進行改革、創新，當然還有鞏固，無論是今年還是未來。

I'll now turn the call over to Bert for our financial updates. Thank you.

我現在將把電話轉給伯特，以了解我們的財務最新情況。謝謝。

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 Flow Security, which closed during the quarter and was de minimis to revenue and ARR.

謝謝喬治，大家下午好。快速提醒一下，除非另有說明，否則我今天講話中提到的除收入之外的所有數字均為非公認會計原則。此外，我們今天報告的業績包括對 Flow Security 的收購，該收購在本季度完成，對收入和 ARR 影響微乎其微。

CrowdStrike delivered an exceptional start to the fiscal year, driven by strong execution and increased platform adoption, as customers prioritize their cybersecurity budgets around consolidation on the Falcon platform, driving bigger deals and increased wallet share. We have demonstrated a consistent track record of execution, profitably scaling the business to new heights.

在強大的執行力和平台採用率增加的推動下，CrowdStrike 在本財年取得了出色的開局，因為客戶將其網路安全預算優先考慮在Falcon 平台上的整合，從而推動了更大的交易並增加了錢包份額。我們展示了一貫的執行記錄，將業務獲利擴展到新的高度。

In Q1, we achieved net new ARR of $212 million, up 22% year over year, bring ending ARR to $3.65 billion, up 33% over last year. Demand in the quarter was broad-based across the platform. Our strong win rates remained consistent with the prior quarter, and we built a record Q2 pipeline. As George discussed, the Falcon platform's unique ability to consolidate multiple vendors, along with the early success of our Falcon Flex program, drove bigger consolidation deals in the quarter. Customers are embracing CrowdStrike's platform strategy more than ever, as evidenced by the number of deals with eight or more modules, which grew 95% over Q1 of last year. Subscription customers with five, six, and seven or more modules grew to 65%, 44%, and 28% of subscription customers, respectively, and the number of deals involving Cloud, Identity, or Falcon next-gen SIEM modules more than doubled year over year. Additionally, our dollar-based gross and net retention rates were consistent with our expectations, as we are executing well across landing, retaining, and expanding with our customers.

第一季度，我們實現淨新 ARR 2.12 億美元，年增 22%，期末 ARR 達到 36.5 億美元，比去年增長 33%。本季整個平台的需求廣泛。我們強勁的勝率與上一季保持一致，並且我們在第二季度建立了創紀錄的管道。正如 George 所討論的，Falcon 平台整合多個供應商的獨特能力，以及我們 Falcon Flex 計畫的早期成功，推動了本季更大的整合交易。客戶比以往任何時候都更接受 CrowdStrike 的平台策略，八個或更多模組的交易數量就證明了這一點，該交易數量比去年第一季增長了 95%。擁有五個、六個和七個或更多模組的訂閱客戶分別成長到訂閱客戶的 65%、44% 和 28%，涉及 Cloud、Identity 或 Falcon 下一代 SIEM 模組的交易數量去年增加了一倍多一年多了。此外，我們以美元為基礎的毛保留率和淨保留率與我們的預期一致，因為我們在登陸、保留和擴展客戶方面表現良好。

Moving to the P&L, total revenue grew 33% over Q1 of last year to reach $921.0. million. Subscription revenue growth accelerated to 34% over Q1 of last year to reach $872.2 million. Professional services revenue was $48.9 million, representing 18% year-over-year growth.

轉向損益表，總營收比去年第一季成長 33%，達到 921.0 美元。百萬。訂閱收入比去年第一季成長 34%，達到 8.722 億美元。專業服務收入為 4,890 萬美元，年增 18%。

The geographic mix of first-quarter revenue consisted of approximately 68% from the US and 32% from international geographies.

第一季營收的地理組合包括約 68% 來自美國和 32% 來自國際地區。

Record total gross margin of 78% increased by 26 basis points year over year. Record subscription gross margin of 80% increased 32 basis points over the prior year, driven by investments in data center and workload optimization and a consistent pricing environment.

總毛利率創歷史新高，達78%，較去年成長26個基點。在資料中心和工作負載優化投資以及一致的定價環境的推動下，訂閱毛利率達到創紀錄的 80%，比前一年增長了 32 個基點。

Total non-GAAP operating expenses in the first quarter were $522.5 million or 57% of revenue, compared to 61% of revenue in the prior year. As planned, in Q1, we increased our pace of hiring, growing total headcount by 15% year over year, as we invest in scaling the business to $10 billion in ending ARR and capture the massive opportunities ahead of us.

第一季非 GAAP 營運支出總額為 5.225 億美元，佔營收的 57%，去年同期為 61%。按照計劃，我們在第一季度加快了招聘步伐，總人數同比增長了 15%，同時我們投資將業務規模擴大到 100 億美元，以結束 ARR，並抓住擺在我們面前的巨大機遇。

In the first quarter, non-GAAP operating income grew 72% year over year to reach $198.7 million and operating margin increased by 5 percentage points year over year to reach 22%. We once again delivered GAAP profitability, which grew to $42.8 million, up significantly over Q1 of last year. Non-GAAP net income attributable to CrowdStrike grew to $231.7 million or $0.93 on a diluted per-share basis.

第一季度，非 GAAP 營業收入年增 72%，達到 1.987 億美元，營業利潤率年增 5 個百分點，達到 22%。我們再次實現了 GAAP 獲利能力，成長至 4,280 萬美元，比去年第一季大幅成長。非 GAAP 歸屬於 CrowdStrike 的淨利潤增至 2.317 億美元，攤薄後每股收益增至 0.93 美元。

Cash and cash equivalents grew to a record $3.70 billion and free cash flow grew 42% over Q1 of last year to reach a record $322.5 million or 35% of revenue, increasing to achieve our rule of 68 on a free cash flow basis.

現金和現金等價物成長至創紀錄的37 億美元，自由現金流比去年第一季成長42%，達到創紀錄的3.225 億美元，佔營收的35%，成長達到了我們基於自由現金流的68 規則。

Before I move to our outlook, I'd like to provide a few modeling notes. First, we are encouraged by the momentum we see across the business and pleased by our strong execution to start the fiscal year. While the macro environment remains challenging, the unique capabilities and data gravity of the Falcon platform, coupled with our Falcon Flex program, are driving larger platform deal sizes, consistently strong win rates, and record levels of pipeline for the year.

在開始展望之前，我想提供一些建模說明。首先，我們對整個業務的發展勢頭感到鼓舞，並對我們在本財年開始時的強勁執行力感到高興。儘管宏觀環境仍然充滿挑戰，但 Falcon 平台的獨特功能和數據引力，加上我們的 Falcon Flex 計劃，正在推動更大的平台交易規模、持續強勁的獲勝率以及創紀錄的今年管道水平。

With that in mind, we continue to maintain a consistent and prudent approach to our outlook and assumptions amid a macro environment that remains challenging. While we did not specifically guide to net new ARR, our net new ARR year-over-year growth assumptions for the second quarter of the fiscal year are at least double digits, up to the low teens. And second, we are maintaining our free cash flow margin target of 31% to 33% of revenue for the full fiscal year 2025 and expect Q1 to Q2 seasonality similar to last year.

考慮到這一點，在仍然充滿挑戰的宏觀環境中，我們繼續對我們的前景和假設保持一致和審慎的態度。雖然我們沒有具體指導淨新 ARR，但我們對本財年第二季度淨新 ARR 的同比增長假設至少為兩位數，最高可達十位數。其次，我們維持 2025 年整個財年自由現金流利潤率目標為營收的 31% 至 33%，並預期第一季至第二季的季節性與去年類似。

Moving to our outlook, for the second quarter of FY '25, we expect total revenue to be in the range of $958.3 million to $961.2 million, reflecting a year-over-year growth rate of 31%. We expect non-GAAP income from operations to be in the range of $208.3 million to $210.5 million and non-GAAP net income attributable to CrowdStrike to be in the range of $245.7 million to $247.8 million. We expect diluted non-GAAP net income per share attributable to CrowdStrike to be approximately $0.98 to $0.99, utilizing our weighted average share count of approximately 250 million shares on a diluted basis.

展望 25 財年第二季度，我們預計總營收將在 9.583 億美元至 9.612 億美元之間，年成長率為 31%。我們預計非 GAAP 營運收入將在 2.083 億美元至 2.105 億美元之間，非 GAAP 歸屬於 CrowdStrike 的淨利潤將在 2.457 億美元至 2.478 億美元之間。根據稀釋後約 2.5 億股的加權平均股數，我們預期 CrowdStrike 攤薄後的非 GAAP 每股淨利潤約為 0.98 至 0.99 美元。

We are raising our guidance for the full fiscal year 2025. We currently expect total revenue to be in the range of $3,976.3 million to $4,010.7 million, reflecting a growth rate of 30% to 31% over the prior fiscal year. Non-GAAP income from operations is expected to be between $890.1 million and $916.5 million. We expect fiscal 2025 non-GAAP net income attributable to CrowdStrike to be between $985.6 million and $1,012 million. Utilizing approximately 251 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 $3.93 to $4.03 .

我們正在上調 2025 年整個財年的指導。非 GAAP 營運收入預計在 8.901 億美元至 9.165 億美元之間。我們預計 2025 財年歸屬於 CrowdStrike 的非 GAAP 淨利將在 9.856 億美元至 10.12 億美元之間。利用約 2.51 億股稀釋後的加權平均股，我們預計 CrowdStrike 的非 GAAP 每股淨利潤將在 3.93 美元至 4.03 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。

Thank you. (Operator Instructions) Andrew Nowinski, Wells Fargo.

謝謝。 （操作員說明）Andrew Nowinski，富國銀行。

Okay, thank you and congrats on another amazing quarter, particularly in a tough environment where every single one of your peers has put up pretty mediocre results this quarter. So you have so many interesting things going on with Cloud and Identity and SIEM but a lot of my questions will stay focused on the SIEM offering, which I think you've done a really nice job building out. It clearly has a lot of advantages over the legacy vendors like Splunk and QRadar, and now it seems like the SIEM market in general has been revitalized. So I'm wondering, how are you thinking about the opportunity with your SIEM solution going forward, and what are the -- what are you seeing in terms of Splunk and QRadar displacements, which are obviously some of the largest potential share owners?

好的，謝謝您，恭喜又一個令人驚嘆的季度，特別是在一個艱難的環境中，您的每個同行本季度的業績都相當平庸。因此，您在雲端、身分和 SIEM 方面發生了很多有趣的事情，但我的許多問題將集中在 SIEM 產品上，我認為您在建置方面做得非常好。與 Splunk 和 QRadar 等傳統供應商相比，它顯然具有許多優勢，現在看來 SIEM 市場總體上已經煥發了活力。所以我想知道，您如何看待 SIEM 解決方案未來的機會，以及您對 Splunk 和 QRadar 的取代有何看法，它們顯然是最大的潛在股東之一？

Thanks, Andy. So when we look at this market, as I've said in my prepared remarks, we've seen more movement in the last year than 10 years. And I think a lot of the various factors in play in the market, M&A and various partnerships and the like, have really contributed to a broad interest and adoption of our technology. If you look at what we've done and what we talked about for some period of time, 80%, 85% of the data that goes into a SIEM comes from the endpoints themselves. So having this type of capability natively built into our platform now gives us data gravity. And we've got all of our customers enabled for next-gen SIEM. And that's one of the things I really want to reinforce. All of our customers are now enabled. Now it becomes a sales motion to be able to convert them into next-gen SIEM customers. And given the the movement in the marketplace, we've got many, many customers reaching out, dissatisfied with their current vendors and also interested in leveraging a completely integrated solution with the data they already have. So we think this is a massive, massive opportunity for us, and given what we're doing in the space and the innovations we're driving, particularly with AI and the data we have, we think it's going to be a many multiyear journey of opportunity for us, in a very antiquated space and one that's ripe for disruption.

謝謝，安迪。因此，當我們審視這個市場時，正如我在準備好的演講中所說的那樣，我們在過去一年看到了比十年更多的變化。我認為市場中發揮作用的各種因素、併購和各種合作夥伴關係等，確實促進了我們技術的廣泛興趣和採用。如果你看看我們在一段時間內所做的事情和所討論的內容，你會發現進入 SIEM 的資料中有 80%、85% 來自端點本身。因此，將這種類型的功能原生內建到我們的平台中現在為我們提供了資料重力。我們已經讓所有客戶都啟用了下一代 SIEM。這是我真正想強調的事情之一。我們所有的客戶現在都已啟用。現在，將他們轉變為下一代 SIEM 客戶已成為一項銷售舉措。鑑於市場的變化，我們有很多很多客戶對他們目前的供應商不滿意，並且有興趣利用他們現有的數據完全整合的解決方案。因此，我們認為這對我們來說是一個巨大的機會，考慮到我們在該領域所做的事情和我們正在推動的創新，特別是人工智慧和我們擁有的數據，我們認為這將是一個多年的旅程對我們來說，在一個非常陳舊且即將被顛覆的空間裡，有很多機會。

Thank you. Saket Kalia with Barclays.

謝謝。 Saket Kalia 與巴克萊銀行。

Okay. Great. Hey George, Hey Burt, thanks for taking my question here and nice start to the year.

好的。偉大的。嘿喬治，嘿伯特，感謝您在這裡提出我的問題，祝今年有個美好的開始。

Thanks, Saket.

謝謝，薩凱特。

Sure thing, George, maybe for you, I thought the AWS win that you announced publicly intra-quarter was interesting. And of course, you've talked about them as a key customer and partner for CrowdStrike in the past. Can you just dig into how you've maybe expanded that relationship, particularly around Cloud Security? I think you referenced it a little bit in your prepared remarks, but could you maybe flesh that out a little bit and also touch on how that's maybe setting CrowdStrike apart competitively in the cloud security market?

當然，喬治，也許對你來說，我認為你在季度內公開宣布的 AWS 勝利很有趣。當然，您過去曾將他們視為 CrowdStrike 的主要客戶和合作夥伴。您能否深入探討一下您是如何擴展這種關係的，特別是在雲端安全方面？我認為您在準備好的發言中提到了這一點，但您能否稍微充實一下這一點，並談談這如何使 CrowdStrike 在雲端安全市場的競爭中脫穎而出？

Sure, and when we look at our cloud offerings, as we've talked about in the past, we've built an incredible portfolio of capabilities from code to cloud and everything in between, whether that's agent, agentless, entitlement management, et cetera. So I think it's really reflective of what we've built and the technological advantages that our offerings have for our customers. When you look at someone like AWS, they're obviously looking for the best cloud technology in the market, and we believe we have it, and it's fantastic to be able to continue to expand our relationships there. This was also a Falcon Flex deal and I think, again, reflective of the fact that customers want to book more with us, they want to buy more, and we're giving them the opportunity to do this. And in fact, Saket, while we're on the call, we actually just won another award, Best Cloud Security Solution by SC Europe, followed up by another five wins.

當然，當我們審視我們的雲端產品時，正如我們過去所討論的那樣，我們已經建立了令人難以置信的功能組合，從程式碼到雲端以及介於兩者之間的一切，無論是代理、無代理、權利管理等等。因此，我認為這確實反映了我們所建立的產品以及我們的產品為客戶帶來的技術優勢。當你看到像 AWS 這樣的公司時，他們顯然正在尋找市場上最好的雲端技術，我們相信我們擁有它，並且能夠繼續擴大我們在那裡的關係真是太棒了。這也是 Falcon Flex 的交易，我認為這再次反映了這樣一個事實：客戶希望透過我們預訂更多產品，他們想要購買更多產品，而我們正在為他們提供這樣做的機會。事實上，Saket，當我們在通話時，我們實際上剛剛贏得了另一個獎項，即 SC Europe 頒發的最佳雲端安全解決方案，隨後又獲得了另外五個獎項。

So as I've said for many years, and you've heard me say it, you know, the best architecture, the best technology starts from the beginning, and it can't be stitched together. And I think these wins really highlight what we've been able to do and how we've been able to deliver on what we've built since I started the company.

正如我多年來所說的那樣，你也聽過我說過，你知道，最好的架構、最好的技術都是從頭開始的，而且它們無法拼接在一起。我認為這些勝利確實凸顯了我們自成立公司以來所取得的成就以及我們如何能夠實現我們所建立的目標。

Brian Essex with JPMorgan. Please proceed.

摩根大通的布萊恩艾塞克斯。請繼續。

Hi, good afternoon, and thank you for taking the question and congrats from me as well on a nice set of results. George, I was wondering if you could maybe just broadly talk about the emerging products on the platform and now that they're becoming meaningful in scale. I think last year or last quarter you referenced that they're each kind of IPO-able segments in their own right. How often are you leading with individual solutions that are emerging solutions, whether it's LogScale or Identity or Cloud versus leading with the platform and pulling some of those emerging products onto the platform? Just wanted to get a sense of maybe how this go-to-market might be changing there. Thank you.

大家好，下午好，感謝您提出問題，也祝賀我取得了一系列不錯的結果。喬治，我想知道你是否可以廣泛地談論一下平台上的新興產品，現在它們的規模正在變得有意義。我認為去年或上個季度您提到，它們本身就是可以進行 IPO 的細分市場。您多久會主導新興解決方案（無論是 LogScale、身分識別或雲端）的單獨解決方案，而不是主導平台並將其中一些新興產品拉到平台上？只是想了解那裡的市場進入可能會發生什麼變化。謝謝。

It's a good question. I mean, I think in general, we're leading with the platform. But maybe to focus in on the heart of your question, which is we have various use cases for the platform. So we may have a customer that comes to us and says, hey, we're using a legacy SIEM, we want something better, right? We may have a new prospect that says the same thing: we're using legacy SIEM and we want to explore what CrowdStrike can offer us. We have plenty of new customers that come to us and say, hey, we need a better solution of our cloud because what we have is not working or doesn't give us the full spectrum of capabilities. So we can land with something specific to that customer's use case and that's -- a lot of times they're looking for something that they need to solve immediately. And of course, we're selling the value of the platform. So whether it's an existing customer or a new one, we're focused on delivering the full value of the platform, but solving their use case of today and into the future and obviously consolidating on what they have in place. In terms of legacy -- you've heard some of the incredible stats -- and delivering more value at a lower cost.

這是一個好問題。我的意思是，我認為總的來說，我們在這個平台上處於領先地位。但也許要專注於你問題的核心，也就是我們有該平台的各種用例。因此，我們可能會有一位客戶來找我們說，嘿，我們正在使用舊版 SIEM，我們想要更好的東西，對吧？我們的新前景可能會說同樣的話：我們正在使用舊版 SIEM，我們希望探索 CrowdStrike 可以為我們提供什麼。我們有很多新客戶來找我們說，嘿，我們需要更好的雲端解決方案，因為我們現有的解決方案不起作用，或者不能為我們提供全方位的功能。因此，我們可以針對該客戶的用例提供特定的解決方案，而且很多時候他們正在尋找需要立即解決的問題。當然，我們正在出售該平台的價值。因此，無論是現有客戶還是新客戶，我們都專注於提供平台的全部價值，但解決他們今天和未來的用例，並顯然鞏固他們現有的東西。就遺產而言——您已經聽說過一些令人難以置信的統計數據——並以更低的成本提供更多的價值。

Tal Liani with Bank of America.

美國銀行的塔爾·利亞尼。

Hi, guys. Two questions. First is SBC went up 40% and that's on the back of 28% increase last year. That's a material increase from previous quarters. Can you talk about stock-based compensation and what's the driver for this?

嗨，大家好。兩個問題。首先，SBC 在去年上漲 28% 的基礎上上漲了 40%。這比前幾季有了實質成長。您能談談以股票為基礎的薪酬嗎？

And then second, on the results, the -- so for your platform sales, total pricing is going up because you can bundle in more and more components. But does it mean, for those who are selling point solutions, that pricing is coming down? The fact that you and others are driving platform, does it result in individual component pricing coming down? Can you talk about the pricing environment? Thanks.

其次，就結果而言，對於您的平台銷售而言，總定價正在上升，因為您可以捆綁越來越多的組件。但這是否意味著，對於那些賣點解決方案的人來說，價格正在下降？事實上，您和其他人正在推動平台的發展，這是否會導致單一組件的價格下降？能談談定價環境嗎？謝謝。

So let's talk about SBC. So first, as I think about SBC, I think about dilution, right? SBC, in and of itself, really doesn't tell you a whole lot until you get into dilution or until you look at EPS. So for us, dilution, as I've stated many times, we're looking at around 3% for the year, and that's well within our -- in terms of our expectations.

那我們來談談SBC。首先，當我想到 SBC 時，我想到的是稀釋，對吧？ SBC 本身並不能告訴您很多信息，除非您進行稀釋或查看 EPS。因此，對於我們來說，正如我多次說過的那樣，我們今年的稀釋率約為 3%，就我們的預期而言，這完全在我們的預期之內。

In terms of the pricing environment, the pricing environment for us is -- we're in a consistent area for, ourselves. And how it impacts other point solutions, well you can see by our results, we're winning. People want to consolidate with us. People want to actually go to one single platform, one single agent, one single console. Those are -- all those things combined together, those are the things that are making us win.So as I think about the pricing environment, I think about an advantage to crowd given our single platform, given the fact that we have 28 modules to choose from.

就定價環境而言，我們的定價環境是－我們自己處於一個一致的區域。以及它如何影響其他單點解決方案，您可以從我們的結果中看到，我們正在獲勝。人們想與我們合併。人們實際上希望使用單一平台、單一代理、單一控制台。這些——所有這些因素結合在一起，就是讓我們獲勝的因素。

Hamza Fodderwala, Morgan Stanley.

哈姆扎·福德瓦拉，摩根士丹利。

Hey, everyone. Good afternoon and very solid results and a strong start to the year. George, you spoke a little bit about public sector. There was an article last month about the State Department looking to really broaden their security vendors beyond Microsoft, which you mentioned in your prepared remarks. I'm curious, how is that conversation going with some of those federal agencies who are looking at CrowdStrike, and how is the pipeline trending, particularly ahead of the September fiscal year close in Fed?

嘿大家。下午好，我們取得了非常紮實的成果，為今年開了個好頭。喬治，您談到了一些關於公共部門的問題。上個月有一篇文章介紹了國務院希望真正擴大其安全供應商的範圍，使其超越微軟，您在準備好的演講中提到了這一點。我很好奇，與一些正在關注 CrowdStrike 的聯邦機構的對話進展如何，以及管道趨勢如何，特別是在美聯儲 9 月財年結束之前？

Well, when we think about the federal market, obviously the buying cycles happen mostly in the third quarter for them, but we continue to maintain our momentum and gain momentum in those areas. Many of the challenges that we've seen over the years from organizations outside of the public sector continue to plague the government. And when you look at the additional budget that's being released into these governments, given cybersecurity's importance, we think we can play a meaningful part in those opportunities. So from our perspective, we continue to gain and I think deliver technologies. And now, if you look at next-gen SIEM, we think there's a massive opportunity in the federal space for our products.

好吧，當我們考慮聯邦市場時，顯然購買週期主要發生在第三季度，但我們繼續保持勢頭並在這些領域獲得動力。多年來我們從公共部門以外的組織看到的許多挑戰繼續困擾著政府。當你看到向這些政府發放的額外預算時，考慮到網路安全的重要性，我們認為我們可以在這些機會中發揮有意義的作用。因此，從我們的角度來看，我們將繼續獲得並交付技術。現在，如果您看看下一代 SIEM，我們認為我們的產品在聯邦領域中存在著巨大的機會。

Matt Hedberg, RBC.

馬特‧赫德伯格，加拿大皇家銀行。

Great, guys, thanks for taking my question. I'll offer my congrats as well. Obviously, a difficult selling environment. You guys are doing really well.

太好了，夥伴們，謝謝你們提出我的問題。我也將表示祝賀。顯然，銷售環境很困難。你們做得非常好。

George, I had a question for you. You know, the success you had with Charlotte AI, I think you said 90% POV close rates, is great to hear. And I know it's still early, but I guess in the spirit of a customer's overall GenAI journey, one of these we're hearing is that that could potentially slow down deal cycles for the broader software landscape. I'm wondering, as your customers adopt your AI platform, maybe more specifically, Charlotte AI, are they seeing faster time to production for GenAI application? In other words, does it speed up a customer's GenAI journey?

喬治，我有個問題想問你。你知道，你在 Charlotte AI 上取得的成功，我想你說過 90% POV 的成功率，很高興聽到。我知道現在還為時過早，但我想本著客戶整個 GenAI 旅程的精神，我們聽到的其中之一是，這可能會減慢更廣泛軟體領域的交易週期。我想知道，當您的客戶採用您的 AI 平台（也許更具體地說，Charlotte AI）時，他們是否會看到 GenAI 應用程式的生產時間更快？換句話說，它是否加快了客戶的 GenAI 之旅？

Yes. I think what we're seeing is that customers are really embracing the fact that we can reduce their operational workload for their SOC analysts. We can take hours of mundane grunt work and turn it into minutes, and not only answer questions with the collective wisdom and knowledge that CrowdStrike has developed over the many years, but also drive automation. We talked about the Falcon Fusion SOAR technology built in. So when they look at what we've built, and how we can save time, and how we can drive AI automation into an AI-native SOC, I think this is really important for them and overall, I think it's a fantastic technology. And as I mentioned, we won a few other awards. While we're on the call, we actually won Best AI category for SC awards specific to Charlotte. So we're delivering on our promises, and this is real technology in the hands of customers today.

是的。我認為我們看到的是，客戶確實接受了這樣一個事實：我們可以減少他們的 SOC 分析師的營運工作量。我們可以將數小時的平凡繁瑣工作變成幾分鐘，不僅可以利用 CrowdStrike 多年來開發的集體智慧和知識來回答問題，還可以推動自動化。我們討論了內建的 Falcon Fusion SOAR 技術。一項很棒的技術。正如我所提到的，我們還贏得了一些其他獎項。在我們通話期間，我們實際上贏得了專門針對 Charlotte 的 SC 最佳人工智慧類別獎項。因此，我們正在兌現我們的承諾，這是當今客戶手中的真正技術。

Fatima Boolani with Citi.

花旗銀行的法蒂瑪·布拉尼。

Thank you for taking my questions. George, I'm going to ask you a very high-level question just with regards to the $10 billion ARR target. You've reemphasized it, you've reaffirmed it with a lot of confidence, and there's a lot of reasons to anticipate why that's going to be a very likely outcome. But I wanted to ask you, very specifically, what do you feel like will help your relative velocity in attaining that sort of bogey? So frankly, what would have to go really right for that outcome to be realized within three years versus five years? You know, appreciating that you haven't put a timeframe on it, and I can appreciate there's no shortage of product. You've seen so much momentum in Falcon Flax and a lot of the platform anecdotes that you -- platformization anecdotes, dare I say that, that you shared, but would love to kind of get your perspective on what could change your relative velocity to that ARR target?

感謝您回答我的問題。喬治，我要問你一個非常高層次的問題，涉及 100 億美元的 ARR 目標。你再次強調了這一點，你充滿信心地重申了這一點，並且有很多理由可以預測為什麼這將是一個非常有可能的結果。但我想非常具體地問你，你覺得什麼會幫助你的相對速度達到那種柏忌？坦白說，要在三年內而不是五年內實現這一結果，必須採取哪些真正正確的措施？你知道，很高興你沒有設定時間表，而且我可以理解不缺少產品。您已經在Falcon Flax 中看到瞭如此多的動力，以及您分享的許多平台軼事——平台化軼事，我敢說，您分享了，但很想了解您對什麼可以改變您的相對速度的看法那個 ARR 目標？

Sure. I think there's probably two key points there, and then I'll see if Burt wants to chime in. When we look at our ability to consolidate -- and I talked about in the call, Falcon Flex, I think, is a game changer for a lot of customers, buying more, buying bigger, leveraging the platform, and you see velocity of adoption using Falcon Flex. So really excited about that and what it's going to mean for CrowdStrike.

當然。我認為可能有兩個關鍵點，然後我會看看伯特是否願意插話。客戶來說，購買更多，購買更大，利用平台，您會看到Falcon Flex 的採用速度。對此以及它對 CrowdStrike 的意義感到非常興奮。

The second piece, again, as I talked about in my prepared remarks, is that next-gen SIEM is natively built in. So rather than sending data out somewhere else and paying for the transport costs and all the complexity around that, the bulk of the use cases and the data that's generated that goes into a SIEM is already in the platform of choice for customers, and we see that being a meaningful opportunity for us; it's a massive market opportunity. And then other things like Data Protection. I talked about that. That is an industry or technology that's ripe for disruption. It's the definition of legacy and we've got a fantastic product around it and combine that with Falcon for IT, leveraging the single agent architecture to do more than just security, these are all meaningful drivers for our growth.

第二點，正如我在準備好的演講中談到的，下一代 SIEM 是本機內置的。用例和產生的數據已經存在於客戶選擇的平台中，我們認為這對我們來說是一個有意義的機會；這是一個巨大的市場機會。然後是其他事情，例如資料保護。我談到過這一點。這是一個顛覆的時機已經成熟的產業或技術。這是傳統的定義，我們圍繞著它提供了一款出色的產品，並將其與Falcon for IT 相結合，利用單一代理架構來實現不僅僅是安全性的任務，這些都是我們成長的有意義的驅動力。

Any other comments, Burt, on that?

伯特，對此還有其他評論嗎？

Yes. Thanks, George. So one of the things that we took talked about at Falcon was the $10 billion ARR number in five, seven years. And along with that, we gave an illustrative example of some of the things that will get us there, other than what George has talked about, in terms of TAM. We talked about Cloud being around in that same timeframe, $2.5 billion to $3 billion. We talked about Identity being $1 billion to $1.5 billion. We talked about next-gen SIEM being $1 billion to $1.5 billion. So you start adding up those numbers and you get more and more confidence in terms of being able to attain that number. That's how we think about it internally.

是的。謝謝，喬治。因此，我們在 Falcon 討論的一件事就是五、七年內 100 億美元的 ARR 數字。除此之外，我們還給出了一個說明性範例，說明了除了 George 所談論的 TAM 之外的一些可以幫助我們實現這一目標的事情。我們討論了雲端在同一時間範圍內的價值為 25 億至 30 億美元。我們談到身分價值為 10 億至 15 億美元。我們談到下一代 SIEM 的價值為 10 億至 15 億美元。因此，您開始將這些數字相加，並且您對能夠達到該數字越來越有信心。這就是我們內在的想法。

Gabriela Borges with Goldman Sachs. Please proceed.

加布里埃拉·博爾赫斯與高盛。請繼續。

Hi, good afternoon and thank you for taking my question. George and Burt, I wanted to follow up on one of the earlier questions on AI and more specifically, when you talk to your customers and they start planning out their generative AI projects, how does that impact their cybersecurity plans? To what extent are you seeing scenarios where you may be seeing a pause in budget or maybe an acceleration in budget? And maybe as part of that, George, if you could just touch on -- help us understand the technical differences between protecting, call it a classic cloud workload versus a cloud workload that's running an LLM or connecting to an LLM. Thank you.

你好，下午好，謝謝你回答我的問題。喬治和伯特，我想跟進有關人工智慧的早期問題之一，更具體地說，當您與客戶交談並且他們開始規劃他們的生成式人工智慧專案時，這對他們的網路安全計劃有何影響？您在多大程度上看到了預算暫停或預算加速的情況？也許作為其中的一部分，喬治，如果你能幫助我們理解保護之間的技術差異，稱之為經典雲工作負載與運行法學碩士或連接到法學碩士的雲端工作負載。謝謝。

Sure. So we see opportunity growing. And a number of years ago, we talked about the cloud opportunity. We thought that was under-represented by some of the market researchers. And now when we think about the proliferation of new hardware, just look at how much new hardware has been procured over the last six to eight months, right? A lot of that is going towards generative AI workloads. And you've seen the announcements with NVIDIA. These workloads continue to be something that needs to be secured and will be, I think, a huge opportunity for CrowdStrike. Given what we've built and the fact that not only can we tell you what maybe misconfigured, but our cloud workload protection is really a -- is a hallmark of what we do at CrowdStrike and it's providing real prevention capabilities into these workloads, which consistently come under attack.

當然。所以我們看到機會在成長。幾年前，我們討論過雲端機會。我們認為一些市場研究人員的代表性不足。現在，當我們考慮新硬體的激增時，只要看看過去六到八個月採購了多少新硬件，對吧？其中很大一部分都用於產生人工智慧工作負載。您已經看到了 NVIDIA 的公告。這些工作負載仍然是需要保護的東西，我認為這對 CrowdStrike 來說將是一個巨大的機會。鑑於我們已經建立的內容以及我們不僅可以告訴您可能配置錯誤的事實，而且我們的雲端工作負載保護確實是我們在 CrowdStrike 所做工作的一個標誌，它為這些工作負載提供了真正的預防功能，這不斷受到攻擊。

So that's the way I would look at it, as a huge opportunity for us. And we've spent many, many years protecting cloud workloads, and we've adapted that into protecting GenAI workloads and providing additional information on how those workloads run and how they need to be protected. So big opportunity for us today and in the future.

所以這就是我看待它的方式，對我們來說這是一個巨大的機會。我們花了很多很多年的時間來保護雲端工作負載，並且我們已經將其調整為保護 GenAI 工作負載，並提供有關這些工作負載如何運作以及如何保護它們的更多資訊。對我們今天和未來都是如此巨大的機會。

Alex Henderson with Needham. Please proceed.

亞歷克斯·亨德森與李約瑟。請繼續。

Great. Thank you so much, You guys had an outstanding quarter here and in an environment where a lot of people are struggling. So what I was hoping you could talk to a little bit is what you're seeing as you're talking to CISOs, or you're talking to CEOs, C-suite type people, about what is causing their reticence to spend short term. I know you're gaining share and doing well, but many aren't, and I'm wondering if that's a function of their challenges in figuring out how they're going to implement AI and to what extent that's causing a slowdown in the decision-making process, or is it macro, or alternatively, is it they are determined what they're going to spend on and they're shifting money away from other things, including some security and some -- if you look at the results of some of the other players. So what is exactly going on in the field right now with the decision-making process?

偉大的。非常感謝你們，你們在這個許多人都在苦苦掙扎的環境中度過了一個出色的季度。因此，我希望您能談談您在與首席資訊安全官(CISO) 交談時所看到的情況，或者與首席執行官、最高管理層類型的人交談時所看到的情況，了解導致他們不願短期投資的原因。我知道你們正在獲得份額並且做得很好，但很多人並沒有，我想知道這是否是他們在弄清楚他們將如何實施人工智能以及這在多大程度上導致了人工智能發展放緩的過程中所面臨的挑戰的一個函數。玩家的。那麼，目前該領域的決策過程到底發生了什麼事？

Sure, well, what we've seen and Bert talked about in the prepared remarks is that customers are looking to consolidate and save money on CrowdStrike, and at the same time, Alex, as we mentioned, it's still a challenging macro environment. But I think the results you're seeing from us is the fact that the consolidation technologies and platform that we're delivering is working. We are providing more for our customers and consolidating other spend that they have, and they're taking that share of wallet and putting it with CrowdStrike from other vendors. And we gave you some, I think, really interesting stats around that.

當然，我們和 Bert 在準備好的演講中談到的是，客戶希望在 CrowdStrike 上整合並節省資金，同時，Alex，正如我們所提到的，這仍然是一個充滿挑戰的宏觀環境。但我認為您從我們這裡看到的結果是我們提供的整合技術和平台正在發揮作用。我們正在為客戶提供更多服務，並整合他們的其他支出，他們正在拿走這部分錢包，並將其與其他供應商的 CrowdStrike 放在一起。我認為，我們為您提供了一些非常有趣的統計數據。

That's the simple version of it. We've got the right technology. We've got the ability to reduce their costs. We've got a partner network which is delivering massive value for us. And when you put it all together, yes, it's challenging, but if you've got the right solution with the right offerings, we think we can be very successful. And I think the quarter that you just saw is reflective of what we've been saying for a long time and what we delivered.

這就是它的簡單版本。我們擁有正確的技術。我們有能力降低他們的成本。我們擁有一個為我們提供巨大價值的合作夥伴網路。當你把所有這些放在一起時，是的，這很有挑戰性，但如果你有正確的解決方案和正確的產品，我們認為我們可以非常成功。我認為您剛剛看到的季度反映了我們長期以來所說的話以及我們所交付的內容。

John DiFucci, Guggenheim Securities.

約翰‧迪福奇，古根漢證券公司。

Thanks for taking my question. So George, you and your team have put up consistency in numbers we just haven't seen from anyone over what's been described as a challenging IT spending environment. And I'm talking about the last couple of years, especially this quarter. I think we understand how early on you expanded the definition and the scope of the market you address and also more recently, you did something similar in broadening your market influence to customers of all sizes. But if the backdrop remains the same, at least for the rest of this year, and it doesn't get better like a lot of people thought it would at the beginning of the year, is it more of the same for you? Or are there other levers that you can or need to pull to continue to put up the impressive numbers that you have?

感謝您提出我的問題。因此，George，您和您的團隊在數字方面表現出了一致性，而我們在任何人那裡都沒有看到過，在所謂的充滿挑戰的 IT 支出環境中。我說的是過去幾年，尤其是本季。我想我們了解您很早就擴大了您所針對的市場的定義和範圍，而且最近您在擴大對各種規模的客戶的市場影響力方面也做了類似的事情。但如果背景保持不變，至少在今年剩下的時間裡，而且情況並沒有像年初很多人想像的那樣好轉，那麼對你來說，情況是否會更加相似？或者您可以或需要使用其他槓桿來繼續保持令人印象深刻的數字？

So thanks, John. I think you said it right. We, Burt and I and the rest of the team, focus on consistency and delivering value to our customers, if we can provide the right technology and solve use cases, and more importantly, listen to them. If you look at Falcon Flex, which I talked about, which we're really excited, and I know is going to continue to drive results for us, that was an outcome of listening to our customers. We actually worked with several customers on putting that together, buying it how they want it, the way they want it, reducing friction in their procurement cycle.

所以謝謝，約翰。我認為你說得對。如果我們能夠提供正確的技術並解決用例，更重要的是傾聽他們的意見，那麼我們、伯特和我以及團隊的其他成員就會專注於一致性並為客戶提供價值。如果你看看我談到的 Falcon Flex，我們真的很興奮，而且我知道它將繼續為我們帶來成果，這是傾聽客戶意見的結果。實際上，我們與幾位客戶合作，將其整合在一起，按照他們想要的方式購買，減少採購週期中的摩擦。

So that's what we're going to focus on and I think I'll leave you with if we take care of the customer, the rest takes care of itself. And that's, again, a hallmark of what we try to do at CrowdStrike and what Burt and I are focused on every day.

所以這就是我們要專注的重點，我想如果我們照顧好客戶，我就會把你留給你，剩下的就自然而然了。這又是我們在 CrowdStrike 嘗試做的事情的一個標誌，也是我和伯特每天關注的事情。

And thank you. With that, I will conclude the Q&A session and will pass it back to George Kurtz for his final comments.

謝謝你。至此，我將結束問答環節，並將其傳回給喬治·庫爾茨以徵求他的最終評論。

Thank you so much for joining our call, and we look forward to seeing you next quarter. Be safe.

非常感謝您加入我們的電話會議，我們期待下個季度見到您。注意安全。

Thank you, everyone, for joining. You may now disconnect.

謝謝大家的加入。您現在可以斷開連線。