CrowdStrike Holdings Inc (CRWD) 2025 Q3 法說會逐字稿

Hello, and welcome to CrowdStrike's fiscal third-quarter 2025 financial results conference call. (Operator Instructions) Please be advised that today's conference call is being recorded.

您好，歡迎參加 CrowdStrike 2025 年第三季財務業績電話會議。 （操作員說明）請注意，今天的電話會議正在錄音。

I would now like to hand the call over to Maria Riley, Vice President of Investor Relations. Maria, please go ahead.

我現在想將電話轉給投資者關係副總裁瑪麗亞·萊利 (Maria Riley)。瑪麗亞，請繼續。

Good afternoon, and thank you for your participation today. With me on the call are George Kurtz, Chief Executive Officer and Founder of CrowdStrike; and Burt Podbere, Chief Financial Officer. 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 2025 and any assumptions for the 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.

下午好，感謝您今天的參與。和我一起參加電話會議的是 CrowdStrike 的執行長兼創辦人 George Kurtz；和財務長伯特·波德貝爾。在我們開始之前，我想指出，本次電話會議期間所做的某些陳述並非歷史事實，包括有關我們未來計劃、目標、增長（包括預測）和預期業績的陳述，包括我們對第四季度和第四季的展望。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 reports. 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 our third-quarter FY25 earnings call. I'd like to start today's comments by sharing three key themes that excite me about this quarter and our bright future.

謝謝瑪麗亞，也謝謝大家參加我們的 2025 財年第三季財報電話會議。我想透過分享三個讓我對本季和我們光明的未來感到興奮的關鍵主題來開始今天的評論。

First, trust; the trust that customers, partners, and the market have in CrowdStrike. We grew ending ARR more than 27% year-over-year and maintained stable gross retention rates.

第一，信任；客戶、合作夥伴和市場對 CrowdStrike 的信任。我們的期末 ARR 年成長超過 27%，並保持穩定的毛保留率。

Second, widespread platform adoption. Our Falcon Flex subscription model is supercharging Falcon platform adoption. With CrowdStrike, cybersecurity consolidation is rapid and ROI is measurable. Falcon Flex is increasing both our share of wallet and enterprise real estate, furthering CrowdStrike as cybersecurity's AI native platform of record.

其次，平台的廣泛採用。我們的 Falcon Flex 訂閱模式正在加速 Falcon 平台的採用。透過 CrowdStrike，網路安全整合速度很快，投資報酬率也可衡量。 Falcon Flex 正在增加我們在錢包和企業房地產中的份額，進一步推動 CrowdStrike 作為網路安全記錄的 AI 原生平台。

And third, trailblazing innovation. From cloud to device, data to GenAI, application to identity, and compliance to resilience, our innovation disrupts legacy markets and creates new categories. CrowdStrike is leading the future of AI-powered cybersecurity. The themes of trust, platform adoption, and innovation guide CrowdStrike's customer obsession and continued strong execution.

第三，開拓性創新。從雲端到設備、數據到 GenAI、應用程式到身分、合規性到彈性，我們的創新顛覆了傳統市場並創造了新的類別。 CrowdStrike 正在引領人工智慧驅動的網路安全的未來。信任、平台採用和創新的主題引導著 CrowdStrike 對客戶的執著和持續強大的執行力。

Following the summer's incident, as a company, we were tested. We responded with speed, care and resolve, and we focused on becoming even better, continuing to deliver industry-leading cyber protection on the Falcon platform's proven, resilient, and scaled AI native architecture. I'm encouraged by CrowdStrike's Q3 results, our first full quarter post-incident.

夏季事件發生後，我們作為一家公司接受了考驗。我們以速度、謹慎和決心做出回應，並專注於變得更好，繼續在 Falcon 平台經過驗證、有彈性和可擴展的 AI 原生架構上提供業界領先的網路保護。我對 CrowdStrike 第三季的業績感到鼓舞，這是我們在事件發生後的第一個完整季度的業績。

First, ending ARR surpassed $4 billion, making CrowdStrike the fastest pure-play cybersecurity software company to achieve this reported milestone, tracking to our $10 billion ARR vision. Second, Q3 revenue surpassed $1 billion. Subscription revenue grew 31% year over year, and total revenue surpassed $1 billion for the first time in company history. Third, free cash flow of $231 million or 23% of revenue, achieving a Rule of 51 on a free cash flow basis. Fourth, we closed more than 150 Falcon Flex transactions with these customers representing more than $600 million in total deal value. And fifth, more recently, we announced and closed the acquisition of Adaptive Shield, adding SaaS posture management to our portfolio, further differentiating and connecting the Falcon platform's cloud security suite and identity protection offerings.

首先，最終 ARR 超過 40 億美元，使 CrowdStrike 成為最快實現這一里程碑的純網路安全軟體公司，從而實現我們 100 億美元 ARR 的願景。其次，第三季營收超過10億美元。訂閱營收年增 31%，總營收在公司史上首次突破 10 億美元。第三，自由現金流為 2.31 億美元，佔收入的 23%，在自由現金流的基礎上實現了 51 條規則。第四，我們與這些客戶完成了 150 多筆 Falcon Flex 交易，交易總價值超過 6 億美元。第五，最近，我們宣布並完成了對 Adaptive Shield 的收購，將 SaaS 狀態管理添加到我們的產品組合中，進一步區分和連接 Falcon 平台的雲端安全套件和身分保護產品。

In addition to these achievements, I'd like to provide some perspective on what we saw in Q3. First, Falcon customers are staying with CrowdStrike as their trusted cybersecurity platform of choice. Q3 gross retention was over 97%, down less than a 0.5 percentage point. Strength in retention was driven by the value that customers receive from the Falcon platform.

除了這些成就之外，我還想就我們在第三季所看到的情況提供一些看法。首先，Falcon 客戶選擇 CrowdStrike 作為值得信賴的網路安全平台。第三季毛留存率超過 97%，下降不到 0.5 個百分點。客戶從 Falcon 平台獲得的價值推動了客戶保留率的提高。

Second, Falcon customers are growing with us. Q3 dollar-based net retention was 115%, temporarily impacted by the incident and reflective of customers strengthening their commitment to CrowdStrike. Customers are leveraging our customer commitment package and Flex subscription model to both increase their long-term investment in CrowdStrike and increase their adoption of the Falcon platform.

其次，獵鷹的客戶與我們一起成長。第三季以美元計算的淨留存率為 115%，暫時受到該事件的影響，反映出客戶加強了對 CrowdStrike 的承諾。客戶正在利用我們的客戶承諾套件和 Flex 訂閱模式來增加對 CrowdStrike 的長期投資並提高 Falcon 平台的採用率。

And third, we're seeing exceptional strength in key verticals and market segments. Healthcare saw a record quarter as providers are investing in cybersecurity's criticality based on heightened and targeted attacks.

第三，我們看到關鍵垂直產業和細分市場的非凡實力。醫療保健行業經歷了創紀錄的季度增長，因為提供者正在根據加強和有針對性的攻擊對網路安全的重要性進行投資。

Our corporate sales team covering organizations below 2,500 employees had their largest quarter ever, benefiting from Falcon Flex as well as successful competitive takeouts. These successes are in the context of CrowdStrike's sustained Fortune 500 market leadership.

我們的企業銷售團隊（涵蓋員工人數低於 2,500 人的組織）迎來了有史以來最大的季度業績，這得益於 Falcon Flex 以及成功的競爭性收購。這些成功是在 CrowdStrike 持續保持財富 500 強市場領導的背景下取得的。

Our track record of AI innovation and market-leading protection delivered on our highly resilient and cybersecurity's most performing architecture continues to resonate at scale. Our competitive win rates remain consistent to trending upwards in our total deal size for new business trended up over the last year, which we attribute to the continuous evolution of our platform solutions across cloud security, Next-Gen SIEM, identity protection, data security, and AI. Our revolutionary Falcon Flex subscription model and CrowdStrike's amplified brand recognition and favorable market sentiment from our transparent and deliberate response to the summer's incident. Through it all, we remain laser-focused on innovation, which is what drives our platform differentiation, customer stickiness, and superior protection outcomes.

我們在人工智慧創新和市場領先的保護方面取得了良好的記錄，在我們的高度彈性和網路安全性能最佳的架構上提供的保護繼續在規模上引起共鳴。我們的競爭性獲勝率與去年新業務總交易規模的上升趨勢保持一致，這歸因於我們的平台解決方案在雲端安全、下一代 SIEM、身分保護、資料安全、和人工智慧。我們革命性的 Falcon Flex 訂閱模式和 CrowdStrike 透過我們對夏季事件的透明和深思熟慮的反應而擴大了品牌認知度和有利的市場情緒。自始至終，我們始終專注於創新，這推動了我們的平台差異化、客戶黏著度和卓越的保育成果。

This fall, we hosted the largest events in CrowdStrike's history, Fal.Con, our global flagship ecosystem event in Las Vegas, where 6,000 attendees joined us from more than 60 countries and 100 exhibiting ecosystem partners showcased their Falcon-integrated solutions. More recently, we hosted our inaugural Fal.Con Europe in Amsterdam, where we welcomed more than 1,700 attendees from more than 50 countries and showcased nearly 40 exhibiting ecosystem partners. These events demonstrate our continued global momentum, innovation, and the strength of the crowd, cybersecurity's ecosystem building with through and around CrowdStrike. Both events generated significant pipeline.

今年秋天，我們在拉斯維加斯舉辦了CrowdStrike 歷史上最大的活動Fal.Con，這是我們的全球旗艦生態系統活動，來自60 多個國家的6,000 名與會者參加了此次活動，100家參展生態系統合作夥伴展示了他們的Falcon 整合解決方案。最近，我們在阿姆斯特丹舉辦了首屆 Fal.Con Europe，迎來了來自 50 多個國家的 1,700 多名與會者，並展示了近 40 個參展生態系統合作夥伴。這些活動展示了我們持續的全球動力、創新和人群的力量，以及透過 CrowdStrike 和圍繞 CrowdStrike 構建的網路安全生態系統。這兩個事件都產生了重要的管道。

Aside from the platform innovations we announced, attendees were captivated by our novel subscription model, Falcon Flex. We announced the Falcon Flex model a year ago at Fal.Con 2023, and we shared at our Fal.Con 2024 Analyst Day that accounts that had adopted Falcon Flex represented more than $700 million in total deal value. We saw remarkable and accelerating Falcon Flex adoption in Q3, bolstered by our customer commitment packages with over 150 Falcon Flex deals in the quarter. Unpacking this momentum, we did two Falcon Flex deals every business day of the quarter on average. Accounts that have adopted the Falcon Flex model now represent more than $1.3 billion of total deal value, with the average Falcon Flex subscription being multiples larger than our typical contract value.

除了我們宣布的平台創新之外，與會者還被我們新穎的訂閱模式 Falcon Flex 所吸引。一年前，我們在 Fal.Con 2023 上宣布了 Falcon Flex 模型，並在 Fal.Con 2024 分析師日上分享了採用 Falcon Flex 的帳戶的總交易價值超過 7 億美元。在本季超過 150 筆 Falcon Flex 交易的客戶承諾套件的支援下，我們在第三季看到 Falcon Flex 的採用率顯著加快。借助這一勢頭，我們在本季的每個工作日平均完成兩筆 Falcon Flex 交易。採用 Falcon Flex 模型的帳戶目前的交易總價值超過 13 億美元，平均 Falcon Flex 訂閱量比我們典型的合約價值高出數倍。

Flex customers enjoy preferred pricing for both their contracted modules as well as other current and future modules in our portfolio, and it all comes with the flexibility of access to the products they want when they're needed. Through Flex, platform consolidation is rapid, and ROI is real. Falcon Flex also became the key delivery mechanism for our customer commitment package. We've already worked through a significant number of CCPs, with the remainder to be concluded in the upcoming quarters.

Flex 客戶可以享受其合約模組以及我們產品組合中其他當前和未來模組的優惠價格，並且可以在需要時靈活地存取他們想要的產品。透過 Flex，平台整合非常迅速，投資報酬率也是實實在在的。 Falcon Flex 也成為我們客戶承諾包的關鍵交付機制。我們已經解決了大量的 CCP，其餘的將在未來幾季完成。

We see Falcon Flex deal volume accelerating. Flex has ushered in a new tempo of module adoption. We've seen customers accelerate their platform demand plans across our existing as well as new products. For example, upon announcing Adaptive Shield, we had a slew of Flex customers eagerly asking if they could use their Flex dollars for Adaptive Shield SSPM adoption. Flex enables us to rapidly commercialize innovation, whether organic or acquired, across our global sales team and partner network. Flex is already proving to be a rapid platform adoption accelerator across the customer base, giving us confidence in net new ARR acceleration in the back half of next year.

我們看到 Falcon Flex 交易量正在加速成長。 Flex 引領了模組採用的新節奏。我們已經看到客戶加快了我們現有產品和新產品的平台需求計劃。例如，在宣布 Adaptive Shield 後，大量 Flex 客戶急切地詢問他們是否可以使用 Flex 資金來採用 Adaptive Shield SSPM。 Flex 讓我們能夠在我們的全球銷售團隊和合作夥伴網路中快速將創新（無論是有機創新還是收購創新）商業化。事實證明，Flex 是跨客戶群的快速平台採用加速器，這讓我們對明年下半年淨新 ARR 加速充滿信心。

Flex also broadens the customer audience for CrowdStrike as a whole. We've talked about cybersecurity moving from the back room to the boardroom. With Flex, we've expanded our customer stakeholder audience to include the CFO. The Flex subscription model aligns cybersecurity investment and more specifically, platform consolidation with measurable dollars and cents.

Flex 也擴大了 CrowdStrike 的整體客戶群。我們已經討論過網路安全從幕後室轉移到董事會會議室的問題。借助 Flex，我們擴大了客戶利害關係人受眾範圍，將 CFO 也納入。 Flex 訂閱模式將網路安全投資，更具體地說，平台整合與可衡量的資金結合。

And with CrowdStrike Financial Services, we bring even more tangible financial value to CFOs, deepening our relationship and relevance to this increasingly important CXO persona. As we steadily engaged with more CFOs over the past year, the feedback has been resoundingly consistent. With Falcon Flex, CFOs can see the economic benefits of platform consolidation.

透過 CrowdStrike Financial Services，我們為財務長帶來了更切實的財務價值，加深了我們與這個日益重要的 CXO 角色的關係和相關性。過去一年，隨著我們與更多財務長的穩定接觸，反饋非常一致。借助 Falcon Flex，財務長可以看到平台整合的經濟效益。

The Flex model solves today's customer needs while seeding future growth. Flex customers demonstrate the following Falcon platform characteristics. More Falcon platform adoption. Flex customers, on average, have adopted more than nine modules, and we expect to see these numbers continue to rise.

Flex 模型解決了當今客戶的需求，同時為未來的成長奠定了基礎。 Flex 客戶展示了以下 Falcon 平台特性。更多 Falcon 平台採用。 Flex 客戶平均採用了九個以上的模組，我們預計這些數字將繼續上升。

Faster Falcon platform adoption. All of our Flex licensing has happened in the past 12 months. In looking at this customer cohort, the amount of adoption we've seen at speed and scale is encouraging. With Flex, we have seen some customers more than double or even more than triple their module adoption.

更快採用 Falcon 平台。我們所有的 Flex 許可證都是在過去 12 個月內完成的。透過觀察這個客戶群，我們看到的採用速度和規模都令人鼓舞。借助 Flex，我們發現有些客戶的模組採用率增加了一倍以上甚至三倍以上。

Increased investment in CrowdStrike. Flex has allowed us to increase our share of wallet, consolidating multiple point product vendors. Looking at Q3, the average CrowdStrike customer spent hundreds of thousands while the average Flex customer spent multimillions. At the same time, Flex seamlessly takes cost out of cybersecurity programs, eliminating organizational and product inefficiencies from the long list of legacy disjointed point product cybersecurity tools.

增加對 CrowdStrike 的投資。 Flex 讓我們能夠增加錢包份額，整合多個單點產品供應商。從第三季來看，CrowdStrike 客戶平均花費數十萬，而 Flex 客戶平均花費數百萬。同時，Flex 無縫地降低了網路安全計畫的成本，消除了眾多遺留的脫節點產品網路安全工具中組織和產品效率低下的問題。

Alongside Falcon Flex's success and larger transactions overall was the announcement of CrowdStrike Financial Services, CFS, our financing arm that aligns customer cybersecurity and cash flow objectives. CFS gives customers financial flexibility while driving larger deals, faster deal cycles, and longer subscription duration.

除了 Falcon Flex 的成功和整體規模較大的交易之外，我們還宣布成立 CrowdStrike Financial Services (CFS)，這是我們的融資部門，旨在協調客戶網路安全和現金流目標。 CFS 為客戶提供財務靈活性，同時推動更大的交易、更快的交易週期和更長的訂閱期限。

In our first quarter of CFS, we closed more than $49 million in deal value, including two eight-figure deals. Here are a few Flex noteworthy wins: an 8-figure expansion deal with a Fortune 500 travel leader who sought CCP pricing to do more with CrowdStrike, growing their spend with us by over $15 million. Despite impact from the summer's incident, our response and partner-assisted recovery solidified trust and inspired increased Falcon investment from the Board to executives to the cybersecurity team. Through Flex, this customer expanded their Falcon plan to include Falcon Cloud Security, bio-integrity monitoring, firewall management, and data protection going from 8 modules to 14 modules in a single Flex transaction.

在 CFS 第一季度，我們完成了超過 4,900 萬美元的交易，其中包括兩筆八位數的交易。以下是Flex 的一些值得關注的勝利：與財富500 強旅遊領先者達成8 位數的擴張協議，該領先者尋求CCP 定價，以便透過CrowdStrike 做更多事情，從而使他們在我們這裡的支出增加了超過1500 萬美元。儘管受到夏季事件的影響，我們的反應和合作夥伴協助的恢復鞏固了信任，並激發了董事會、高階主管和網路安全團隊增加獵鷹投資。透過 Flex，該客戶擴展了他們的 Falcon 計劃，將 Falcon 雲端安全性、生物完整性監控、防火牆管理和資料保護功能從單一 Flex 事務中的 8 個模組增加到 14 個模組。

An eight-figure new logo land with a Global 2000 technology manufacturer, where Falcon displaced legacy AV, a legacy SIEM, and a legacy vulnerability management product. Through Flex, the customer was able to go all in on the Falcon platform for EDR, Next-Gen SIEM, Falcon Complete MDR, Identity Protection, Threat Intelligence, and Exposure Management, consolidating four vendors in this initial Flex purchase. Consolidation goals achieved, protection outcomes delivered, and platform adoption success.

一個八位數的新標誌出現在全球 2000 強技術製造商中，Falcon 取代了傳統的 AV、傳統的 SIEM 和傳統的漏洞管理產品。透過 Flex，客戶能夠全面使用 Falcon 平台的 EDR、下一代 SIEM、Falcon Complete MDR、身分保護、威脅情報和暴露管理，在最初的 Flex 購買中整合了四家供應商。達成整合目標、交付保護成果、平台採用成功。

Closing off on Falcon Flex, customers are spending more, entering into longer subscription terms and taking the opportunity to achieve their consolidation objectives faster. We expect to see faster and larger ARR uplift over time through the Falcon Flex model, aligning the industry's leading cybersecurity platform with our revolutionary subscription model is a lightning in a bottle combination for current and future growth.

關閉 Falcon Flex 後，客戶將花費更多，簽訂更長的訂閱期限，並藉此機會更快地實現其整合目標。我們預計，隨著時間的推移，透過Falcon Flex 模型，ARR 會出現更快、更大的提升，將業界領先的網路安全平台與我們革命性的訂閱模式結合起來，對於當前和未來的成長來說是一個瓶中閃電。

Next, I'd like to share our innovation progress where we're trailblazing new cybersecurity outcomes across cloud security, identity protection, and Next-Gen SIEM in addition to our data, AI, and IT investments. We're incredibly excited by the innovation taking place within both our cloud and identity businesses.

接下來，我想分享我們的創新進展，除了我們的資料、人工智慧和 IT 投資之外，我們還在雲端安全、身分保護和下一代 SIEM 方面開拓新的網路安全成果。我們對雲端和身分認同業務中發生的創新感到非常興奮。

We recently announced the acquisition of Adaptive Shield, a leading vendor in the fast-growing SaaS security posture management, or SSPM market. Adaptive Shield builds on our AI leadership, giving us unmatched coverage of the rapidly growing SaaS threat plane, with more than 150 native integrations across everything from CRM tools to cloud backup to workforce productivity.

我們最近宣布收購 Adaptive Shield，這是快速成長的 SaaS 安全態勢管理 (SSPM) 市場的領先供應商。 Adaptive Shield 建立在我們的AI 領先地位之上，為我們提供了無與倫比的覆蓋快速增長的SaaS 威脅平面的能力，並在從CRM 工具到雲備份到員工生產力等各個方面提供了150 多個本機集成。

More importantly, Adaptive Shield slots in perfectly as a complement to both our cloud and identity security businesses with multiple integrations already completed, another example of CrowdStrike charting the course ahead of the market. Within Cloud Security, the combination of adaptive field with our core Falcon Cloud Security functionality gives us the broadest cloud security ecosystem coverage. This move builds on both our organic developments as well as the recent acquisition of Bionic and Flow.

更重要的是，Adaptive Shield 完美地補充了我們的雲端和身分安全業務，並已完成多項集成，這是 CrowdStrike 領先於市場的另一個例子。在雲端安全領域，自適應領域與我們的核心 Falcon Cloud Security 功能相結合，為我們提供了最廣泛的雲端安全生態系統覆蓋範圍。這項舉措建立在我們的有機發展以及最近收購 Bionic 和 Flow 的基礎上。

With Adaptive Shield, CrowdStrike is the only platform delivering an end-to-end cloud security suite with runtime at the center of everything from code data and now SaaS to runtime. And with Adaptive Shield, we further enhanced our ability to secure the enterprise's prolific adoption of AI. CrowdStrike pioneered the use of AI for security through our on-sensor model and threat graph and pioneered the use of GenAI for improving SOC analyst workflows through Charlotte AI.

憑藉 Adaptive Shield，CrowdStrike 成為唯一提供端到端雲端安全套件的平台，該套件以運行時為中心，從程式碼資料到現在的 SaaS 到運行時。借助 Adaptive Shield，我們進一步增強了確保企業廣泛採用人工智慧的能力。 CrowdStrike 透過我們的感測器模型和威脅圖率先使用 AI 實現安全，並透過 Charlotte AI 率先使用 GenAI 來改進 SOC 分析師工作流程。

We've also recently introduced bespoke services for AI security, pen testing AI models to reduce exposure, weaknesses, and data leakage risk. At CrowdStrike, we deliver both AI for security and security for AI.

我們最近也推出了人工智慧安全客製化服務，對人工智慧模型進行滲透測試，以減少暴露、弱點和資料外洩風險。在 CrowdStrike，我們既提供人工智慧的安全性，也提供人工智慧的安全性。

While our recently launched AI SPM offering enables organizations to secure the adoption of AI within their cloud infrastructure, Adaptive Shield works by protecting the enterprise from GenAI risk. As more employees look to leverage GenAI tools for their everyday workflows, data leakage, data theft, and adversary espionage are on the rise. The combination of AI SPM and Adaptive Shield gives our customers more holistic AI protection from code to runtime and now to the end user.

雖然我們最近推出的 AI SPM 產品使組織能夠確保在其雲端基礎設施中採用 AI，但 Adaptive Shield 的作用是保護企業免受 GenAI 風險。隨著越來越多的員工希望在日常工作流程中利用 GenAI 工具，資料外洩、資料竊取和對手間諜活動正在增加。 AI SPM 和 Adaptive Shield 的組合為我們的客戶提供了從程式碼到運行時再到最終用戶的更全面的 AI 保護。

AI-powered cloud security wins in the quarter include, a unicorn AI leader that took their Falcon deployment to the next level in an eight-figure Falcon Cloud Security expansion deal. Growing their cloud security footprint rapidly over the last few years, the combination of workload protection as well as our CSPM, CIEM, and more recently, our Posture Management for AI, data, and applications solidified our position as this company's cloud security consolidator of choice. Once again, this customer set a new largest transaction record for our corporate sales team.

本季人工智慧驅動的雲端安全勝利包括，一家獨角獸人工智慧領導者在一項價值八位數的 Falcon 雲端安全擴展交易中將其 Falcon 部署提升到了一個新的水平。在過去幾年中，他們的雲端安全足跡快速增長，工作負載保護以及我們的CSPM、CIEM 以及最近我們針對AI、數據和應用程式的狀態管理的結合鞏固了我們作為該公司首選雲端安全整合商的地位。該客戶再次為我們企業銷售團隊創造了新的最大交易記錄。

A [Fortune 50] retailer expanded in an eight-figure deployment of Falcon Cloud Security. Seeing the difference that runtime protection makes, we seamlessly expanded from being the company's EDR vendor of choice to its cybersecurity platform of record for the cloud and AI era.

一家[財富 50 強]零售商以八位數的價格部署 Falcon Cloud Security 進行擴張。看到運行時保護帶來的差異，我們從公司選擇的 EDR 供應商無縫擴展到雲端和人工智慧時代的網路安全記錄平台。

Falcon Cloud Security goes well beyond narrow CSPM use cases and associated alert fatigue. Falcon completes CVR securing their expansive multi-cloud and hybrid cloud estate, the easy and frictionless choice.

Falcon Cloud Security 遠遠超出了狹隘的 CSPM 用例和相關的警報疲勞。 Falcon 完成了 CVR，確保其廣泛的多雲和混合雲資產的安全，這是簡單、順暢的選擇。

Within identity protection, Adaptive Shield builds on our continued organic innovation. Since launching our identity prediction module, CrowdStrike has always had best-in-class coverage of active directory environments. However, with Adaptive Shield, CrowdStrike is now capable of securing identity where potentially malicious user behavior takes place. Whether on-device, in the cloud, or in a SaaS application, CrowdStrike offers holistic protection across critical identity touch points. And we're just getting started.

在身分保護方面，Adaptive Shield 建立在我們持續的有機創新之上。自從推出我們的身份預測模組以來，CrowdStrike 始終擁有一流的活動目錄環境覆蓋率。然而，借助 Adaptive Shield，CrowdStrike 現在能夠在發生潛在惡意使用者行為時保護身分。無論是在裝置上、在雲端或 SaaS 應用程式中，CrowdStrike 都能提供跨關鍵身分接觸點的全面保護。我們才剛開始。

We recently announced support of Microsoft Entra ID, formerly Azure Active Directory, making CrowdStrike capable of securing the rapidly emerging identity threat vector for all Microsoft customers from highly regulated enterprises to born-in-the-cloud AI disruptors. Here's a representative identity win from the quarter. A Fortune 500 new logo in the travel and hospitality space saw the difference that our robust identity protection technology makes in stopping prolific actors. Replacing a patchwork of legacy technologies, we were able to showcase the differentiation of Falcon identity protection to land a sizable platform win across identity, EDR, Next-Gen SIEM, and threat intelligence.

我們最近宣布支援 Microsoft Entra ID（以前稱為 Azure Active Directory），使 CrowdStrike 能夠為所有 Microsoft 客戶（從嚴格監管的企業到雲端中誕生的 AI 顛覆者）保護快速新興的身份威脅向量。這是本季具有代表性的身份勝利。旅遊和酒店領域的財富 500 強新徽標見證了我們強大的身份保護技術在阻止多產行為者方面所發揮的作用。我們取代了拼湊而成的傳統技術，展示了 Falcon 身分保護的差異化優勢，在身分認同、EDR、下一代 SIEM 和威脅情報方面取得了巨大的平台勝利。

Falcon Next-Gen SIEM has been a game changer, and we're experiencing a hypergrowth inflection point. While we provide more granular detail during our Q2 and Q4 earnings calls, Next-Gen SIEM performed exceptionally well this quarter, with net new ARR growth accelerating to over 150% year over year at multi-hundred million dollar scale.

Falcon 下一代 SIEM 已經改變了遊戲規則，我們正在經歷一個高速成長的轉折點。雖然我們在第二季和第四季的財報電話會議中提供了更詳細的細節，但下一代 SIEM 在本季度表現異常出色，新 ARR 淨增長同比加速超過 150%，規模達數億美元。

With 30 million Fusion SOAR workflows per week and over 2,000 Next-Gen SIEM customers, Falcon Next-Gen SIEM is quickly becoming our customers' data foundation. We've introduced several new groundbreaking features. AI-generated parcels take the guesswork and learning curve out of integrating third-party data sources into Next-Gen SIEM. AI Investigator accelerates query speed and flattens analyst learning curves through a GenAI-powered query builder, and AI Alert Triage automates end-to-end workflows at the speed of AI. Yet the core differentiation for Next-Gen SIEM remains unchanged, unmatched speed and scalability and an unmatched cost with Falcon Data natively resident from the start. This is why more and more customers are ditching their legacy SIEM vendors for CrowdStrike.

憑藉每週 3,000 萬個 Fusion SOAR 工作流程和超過 2,000 個下一代 SIEM 客戶，Falcon 下一代 SIEM 正迅速成為我們客戶的資料基礎。我們推出了幾個突破性的新功能。 AI 產生的地塊消除了將第三方資料來源整合到下一代 SIEM 時的猜測和學習曲線。 AI Investigator 透過 GenAI 支援的查詢產生器加快查詢速度並壓平分析師學習曲線，而 AI Alert Triage 則以 AI 的速度自動化端到端工作流程。然而，下一代 SIEM 的核心差異化仍然沒有改變：無與倫比的速度和可擴展性以及 Falcon Data 從一開始就固有的成本。這就是為什麼越來越多的客戶放棄傳統 SIEM 供應商並轉而使用 CrowdStrike。

Next-Gen SIEM customer wins in the quarter include an eight-figure major national health care provider that replaced a competing SIEM, expanding their Falcon usage with Next-Gen SIEM. Using CrowdStrike Financial Services, we were able to close a sizable seven-year deal.

本季贏得的下一代 SIEM 客戶包括一家價值八位數的大型國家醫療保健提供商，該提供商取代了競爭對手的 SIEM，透過下一代 SIEM 擴大了 Falcon 的使用範圍。利用 CrowdStrike Financial Services，我們能夠完成一項為期七年的大規模交易。

Working across the customer C-suite, specifically with the CFO, we aligned cybersecurity innovation with cost reduction, platform consolidation with protection outcomes, and payment terms with ROI, delivering eight figures of customer business value benefits within three years of purchase. CrowdStrike is now firmly rooted as the organization's cybersecurity data platform of choice.

我們與客戶最高管理層合作，特別是與財務長合作，將網路安全創新與降低成本、平台整合與保護成果、付款條件與投資回報率結合起來，在購買後三年內為客戶帶來八位數的業務價值效益。 CrowdStrike 現已成為該組織首選的網路安全資料平台。

A near eight-figure expansion deal with a Fortune 500 manufacturing giant, where we replaced a hyperscaler SIEM in a competitive deal against several SIEM vendors. Multiple consoles and a lack of security workflows created inefficiencies for this customer. The transaction was also an opportune time to grow with CrowdStrike, purchasing Charlotte AI and Threat Intelligence as SIEM enhancements as well as other modules such as Data Protection.

與財富 500 強製造巨頭達成了一項近八位數的擴張協議，我們在與多家 SIEM 供應商的競爭中取代了超大規模 SIEM。多個控制台和缺乏安全工作流程導致該客戶效率低下。此次交易也是與 CrowdStrike 一起發展的好時機，購買了 Charlotte AI 和 Threat Intelligence 作為 SIEM 增強功能以及資料保護等其他模組。

Having a single console in a single platform continues to differentiate Falcon customer experiences. All the while, our innovation investments continue to grow and show promise.

在單一平台上擁有單一控制台繼續使 Falcon 客戶體驗與眾不同。同時，我們的創新投資持續成長並展現出希望。

Let me first talk about CrowdStrike's AI innovation and the progress we're making with Charlotte, our AI agent. Much like peer companies ServiceNow and Salesforce, we're using advanced AI models to deliver proactive and autonomous outcomes. Charlotte AI is capable of taking actions based upon observed data to achieve specific security goals.

首先讓我談談 CrowdStrike 的人工智慧創新以及我們與人工智慧代理 Charlotte 取得的進展。與同行公司 ServiceNow 和 Salesforce 非常相似，我們正在使用先進的人工智慧模型來提供主動和自主的結果。 Charlotte AI 能夠根據觀察到的數據採取行動，以實現特定的安全目標。

Going well beyond the capabilities of a chatbot, Charlotte addresses a critical skills gap in human capital need by automating detection triage, traditionally a labor-intensive process for all security personnel. Charlotte AI detection triage announced that Falcon eliminates a significant amount of routine EDR investigation tasks. Charlotte continues to evolve through customer use, leveraging the Falcon platform's unique data advantage, CrowdStrike's highly curated threat data and high-fidelity security events. We had a record triple-digit growth quarter for Charlotte AI, fueled by customer demand for increased time savings and workflow automation.

Charlotte 遠遠超出了聊天機器人的能力，透過自動檢測分類來解決人力資本需求方面的關鍵技能差距，而檢測分類傳統上是所有安全人員的勞動密集型過程。 Charlotte AI 檢測分類宣布 Falcon 消除了大量常規 EDR 調查任務。 Charlotte 透過客戶使用不斷發展，利用 Falcon 平台獨特的資料優勢、CrowdStrike 精心策劃的威脅資料和高保真安全事件。在客戶對節省時間和提高工作流程自動化的需求的推動下，Charlotte AI 實現了創紀錄的三位數季度成長。

Data Security with our largest Data Security quarter to date, driven by customer desire to replace legacy DLP without additional overhead. Falcon for IT. We're seeing continued demand from large enterprises seeking to unify security and IT management while eliminating vendors to further their consolidation objectives.

資料安全性是我們迄今為止最大的資料安全性季度，這是由於客戶希望在不增加額外費用的情況下替換舊版 DLP。 IT 獵鷹。我們看到大型企業不斷尋求統一安全和 IT 管理的需求，同時消除供應商以進一步實現其整合目標。

The Falcon platform continues to resonate at scale with partners of all types. In Q3, nearly 70% of our new subscription business was partner-sourced, illustrating the commitment and stickiness of our winning partner ecosystem. Our GSI partners are building Next-Gen SIEM practices across the world. Our hyperscaler partners are seeing CrowdStrike records, with AWS Marketplace transaction values up more than 100% year over year as organizations pursue their Falcon Flex licensing on their hyperscaler platforms of choice.

Falcon 平台持續與各類合作夥伴產生大規模共鳴。第三季度，我們近 70% 的新訂閱業務來自合作夥伴，這體現了我們獲勝合作夥伴生態系統的承諾和黏性。我們的 GSI 合作夥伴正在全球範圍內建立下一代 SIEM 實踐。我們的超大規模合作夥伴看到了 CrowdStrike 記錄，隨著組織在其選擇的超大規模平台上尋求 Falcon Flex 許可，AWS Marketplace 交易價值同比增長超過 100%。

Our technology partners continue to win with us. We announced a strategic partnership with Fortinet, the global firewall market share leader by shipments. We're already seeing Fortinet take us into their accounts, and we're doing the same.

我們的技術合作夥伴繼續與我們一起獲勝。我們宣布與全球防火牆市場出貨量領導者 Fortinet 建立策略合作夥伴關係。我們已經看到 Fortinet 將我們納入他們的帳戶，我們也在做同樣的事情。

Helping us reach the long tail of SMBs, our MSSP business continues to expand at a rapid triple-digit pace through The Pax8 Marketplace, NinjaOne, and leading MSPs who contract with CrowdStrike.

我們的 MSSP 業務透過 The Pax8 Marketplace、NinjaOne 以及與 CrowdStrike 簽約的領先 MSP，繼續以三位數的速度快速擴張，幫助我們觸及中小型企業的長尾。

And lastly, in Q3, SHI became our fourth billion-dollar partner, bringing the Falcon platform to their customers. This is highlighted by their success bringing Next-Gen SIEM, Cloud Security, Identity Protection, and Falcon Complete MDR to market. We ended Q3 with deal registrations up year over year, a marked turnaround from incident levels. Our business results speak to the conviction partners have in the Falcon platform and the multi-TAM transformation opportunity that only CrowdStrike offers.

最後，在第三季度，SHI 成為我們的第四個價值十億美元的合作夥伴，為他們的客戶帶來了 Falcon 平台。他們成功地將下一代 SIEM、雲端安全、身分保護和 Falcon Complete MDR 推向市場，凸顯了這一點。我們在第三季結束時，交易登記量年增，事件水準明顯改善。我們的業務成果證明了合作夥伴對 Falcon 平台和只有 CrowdStrike 提供的多 TAM 轉型機會的信心。

Our continued market and technology leadership isn't only recognized by customers and partners, it is also lauded by industry analysts. Several recent noteworthy accolades include, one, the Gartner Magic Quadrant for Endpoint Protection. Even after the summer, CrowdStrike was placed highest for ability to execute and furthest provision in the whole Magic Quadrant, ahead of all competitors in every dimension.

我們持續的市場和技術領先地位不僅得到了客戶和合作夥伴的認可，也得到了產業分析師的讚揚。最近獲得的幾項值得注意的榮譽包括 Gartner 端點保護魔力像限。即使在夏季過後，CrowdStrike 在整個魔力像限中的執行能力和最遠的供應方面仍名列前茅，在各個方面都領先於所有競爭對手。

Two, in Gartner's critical capabilities, CrowdStrike earned the highest scores, ahead of all vendors evaluated in both core endpoint protection and managed security services for the second year in a row.

第二，在 Gartner 的關鍵能力中，CrowdStrike 獲得了最高分，連續第二年領先於在核心端點保護和託管安全服務方面評估的所有供應商。

Three, Falcon Cloud Security was recognized as a frost radar leader in cloud workload protection platforms for the second consecutive year, ahead of CSPM startups and industry peers.

第三，Falcon Cloud Security 連續第二年被評為雲端工作負載保護平台中的霜雷達領導者，領先 CSPM 新創公司和產業同業。

Four, Attack Surface Management was positioned as a leader in the Q3 2024 Forrester Wave, showcasing our emergence in a new market category with significant TAM opportunity.

第四，攻擊面管理在 2024 年第三季 Forrester Wave 中被定位為領導者，展示了我們在一個具有重大 TAM 機會的新市場類別中的崛起。

And five, Falcon Next-Gen SIEM was named a major player in the latest SIEM IDC MarketScape, underscoring our success displacing the legacy SIEMs.

第五，Falcon 新一代 SIEM 被評為最新 SIEM IDC MarketScape 的主要參與者，突顯了我們成功取代了傳統 SIEM。

In closing, customers and partners remain firmly committed to CrowdStrike as their cybersecurity platform of record. Our Flex licensing model delivers accelerated platform adoption, and Falcon innovation isn't stopping. These themes set up a Q4 of continued progress in an upcoming year of back-half net new ARR acceleration growth.

最後，客戶和合作夥伴仍然堅定地致力於將 CrowdStrike 作為他們的網路安全記錄平台。我們的 Flex 授權模式加速了平台的採用，並且 Falcon 的創新從未停止。這些主題為即將到來的下半年淨新 ARR 加速成長奠定了第四季的持續進展基礎。

Our future is bright. A vivid example that struck me this past quarter is the scale and consistency at which we're doing substantial transactions. We set a new record of million-dollar-plus transactions, closing more than 260 this quarter equating to an average of four more million-dollar-plus deals every business day. Results like these demonstrate the customer conviction, partner commitment, and market sentiment for CrowdStrike as cybersecurity's innovation leader and a security platform of record.

我們的未來是光明的。上個季度令我印象深刻的一個生動例子是我們進行大量交易的規模和一致性。我們創下了百萬美元以上交易的新紀錄，本季完成了 260 多筆交易，相當於每個工作日平均多完成四筆百萬美元以上交易。此類結果證明了 CrowdStrike 作為網路安全創新領導者和記錄安全平台的客戶信念、合作夥伴承諾和市場情緒。

Before turning the call over to Burt, I would like to thank all CrowdStrikers for their dedication to our mission of stopping breaches, our partners for helping us win and continuing to build large businesses with us, and, of course, our customers for their commitment and unwavering trust in CrowdStrike.

在將電話轉給Burt 之前，我要感謝所有CrowdStrikers 為我們阻止違規行為的使命所做的奉獻，感謝我們的合作夥伴幫助我們獲勝並繼續與我們一起建立大型業務，當然還要感謝我們的客戶的承諾以及對 CrowdStrike 堅定不移的信任。

I'll now turn the call over to our CFO, Burt Podbere.

現在我將把電話轉給我們的財務長伯特波德貝爾 (Burt Podbere)。

Thank you, George, and good afternoon, everyone. As a quick reminder, unless otherwise noted, all numbers except revenue mentioned during my remarks today are non-GAAP. We delivered third-quarter results above our stated expectations across all guided metrics. Our third-quarter results reflect our focused execution and relentless customer-first mindset, which drove a strong finish and quarter-over-quarter increase in pipeline despite continued headwinds and a pause in pipeline generation at the start of the quarter following July 19.

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。我們在所有指導指標上交付的第三季業績均超出了我們既定的預期。我們的第三季業績反映了我們專注的執行力和堅持不懈的客戶至上的心態，儘管持續的不利因素以及7 月19 日之後季度初管道生成的暫停，但仍推動了管道的強勁完成和季度環比增長。

In Q3, ending ARR surpassed the $4 billion milestone, growing 27% year over year to reach $4.02 billion, of which $153 million was net new added in the quarter. As expected, the July 19 incident resulted in near-term headwinds to net new ARR as we experienced extended sales cycles with both existing and prospective customers and one-time incentives offered through our customer commitment packages, which resulted in increased contraction and muted upsell rates.

第三季度，年終 ARR 突破了 40 億美元的里程碑，年增 27%，達到 40.2 億美元，其中本季淨新增 1.53 億美元。正如預期的那樣，7 月19 日的事件導致了近期淨新ARR 的不利因素，因為我們經歷了現有客戶和潛在客戶的銷售週期延長以及透過客戶承諾包提供的一次性激勵措施，導致收縮加劇和追加銷售率低迷。

Sales cycles increased by approximately 15% year over year within enterprise accounts. As of last Friday, we closed more than half of the push deals that had remained open at the time of our Q2 call. While we normally recognize ARR contraction in the quarter a transaction is subject to renew, in Q3 FY 2025, we excluded approximately $26 million from ARR after a distributor in the federal space provided notice of its intention to exercise transferability rights with respect to a transaction, and we concluded that the transaction would not recur.

企業客戶的銷售週期較去年同期成長約 15%。截至上週五，我們完成了一半以上在第二季電話會議時尚未完成的推動交易。雖然我們通常會在交易需要續訂的季度確認ARR 收縮，但在2025 財年第三季度，在聯邦地區的一家分銷商發出關於其打算就交易行使可轉讓權的通知後，我們從ARR 中排除了約2600 萬美元，我們得出的結論是該交易不會再次發生。

In compliance with US GAAP revenue recognition rules, this transaction remains in revenue. In total, our Q3 dollar-based gross retention rate of over 97% held resilient, with less than 0.5 percentage point decrease from Q2's strong performance. And given the July 19 incident, we are also pleased with our Q3 dollar-based net retention rate of 115% as customers embraced our customer commitment packages and more of the Falcon platform. We estimate that customer commitment packages impacted net new ARR by approximately $25 million in Q3 within our expectations.

根據美國通用會計準則收入確認規則，本次交易仍計入收入。總的來說，我們第三季以美元計算的毛保留率超過 97%，保持彈性，與第二季的強勁表現相比下降了不到 0.5 個百分點。鑑於 7 月 19 日的事件，我們對第三季以美元計算的淨保留率為 115% 感到滿意，因為客戶接受了我們的客戶承諾包和更多 Falcon 平台。我們估計，客戶承諾包對第三季淨新 ARR 的影響約為 2,500 萬美元，符合我們的預期。

The majority of deal value that closed in the quarter with customer commitment packages included additional product or Flex dollars rather than extended time and professional services. That, coupled with the timing and linearity of in-quarter Q3 revenue, limited the impact to Q3 revenue and contributed to the strong revenue beat in the quarter.

本季透過客戶承諾包完成的大部分交易價值包括額外的產品或 Flex 美元，而不是延長時間和專業服務。再加上第三季營收的時間安排和線性，限制了對第三季營收的影響，並促成了該季營收的強勁成長。

Our customer commitment packages are helping fuel an increase in platform and module adoption. Subscription customers with five, six, and seven or more modules grew to 66%, 47%, and 31% of subscription customers, respectively. Notably, we reached a new milestone for module adoption in the quarter as customers with eight or more modules grew to 20% of subscription customers. This momentum in increased module adoption and our Falcon Flex program gives us confidence in our customer commitment strategy and ability to reaccelerate net new ARR growth starting in the back half of fiscal year 2026.

我們的客戶承諾包正在幫助推動平台和模組採用的增加。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 66%、47% 和 31%。值得注意的是，我們在本季的模組採用方面達到了一個新的里程碑，擁有八個或更多模組的客戶成長到訂閱客戶的 20%。模組採用率增加的勢頭和我們的 Falcon Flex 計劃使我們對我們的客戶承諾策略以及從 2026 財年下半年開始重新加速新 ARR 淨增長的能力充滿信心。

Moving to the P&L. Total revenue grew 29% over Q3 of last year to reach $1.01 billion, ahead of our expectations and our first quarter exceeding the $1 billion milestone. Subscription revenue grew 31% over Q3 of last year to reach $962.7 million, and professional services revenue was $47.4 million. Total gross margin of 78% was flat year over year, and subscription gross margin remained strong at 80% of revenue. Total non-GAAP operating expenses in the third quarter were $591.7 million compared to $436.1 million in the prior year.

轉向損益表。總營收比去年第三季成長 29%，達到 10.1 億美元，超出了我們的預期，第一季也超過了 10 億美元的里程碑。訂閱收入比去年第三季成長 31%，達到 9.627 億美元，專業服務收入為 4,740 萬美元。總毛利率為 78%，與去年同期持平，訂閱毛利率依然強勁，佔營收的 80%。第三季非 GAAP 營運支出總額為 5.917 億美元，去年同期為 4.361 億美元。

As outlined in our last earnings call, we continue to invest in our FY 2025 plan and bolstered our R&D, quality assurance, and customer support programs. In the third quarter, non-GAAP operating income grew 11% year over year to $194.9 million and operating margin was 19%. GAAP net loss attributable to CrowdStrike was $16.8 million, primarily due to $33.9 million in expenses related to the July 19 incident. Non-GAAP net income attributable to CrowdStrike grew 18% to $234.3 million or $0.93 on a diluted per share basis.

正如我們在上次財報電話會議中所述，我們將繼續投資 2025 財年計劃，並加強我們的研發、品質保證和客戶支援計劃。第三季度，非 GAAP 營業收入年增 11% 至 1.949 億美元，營業利潤率為 19%。 CrowdStrike 的 GAAP 淨虧損為 1,680 萬美元，主要是由於與 7 月 19 日事件相關的費用為 3,390 萬美元。非 GAAP 歸屬於 CrowdStrike 的淨利潤成長 18%，達到 2.343 億美元，即稀釋每股收益 0.93 美元。

Cash and cash equivalents grew to $4.26 billion. Free cash flow was $230.6 million or 23% of revenue and was impacted by the July 19 incident as well as planned investments in data center and workload optimization, R&D, and sales and marketing. Additionally, the $49 million in deals financed through CrowdStrike Financial Services had a de minimis impact to Q3 free cash flow as expected.

現金及現金等價物增至 42.6 億美元。自由現金流為 2.306 億美元，佔營收的 23%，受到 7 月 19 日事件以及資料中心和工作負載優化、研發以及銷售和行銷方面規劃投資的影響。此外，透過 CrowdStrike Financial Services 融資的 4,900 萬美元交易對第三季自由現金流的影響微乎其微，正如預期的那樣。

Turning to our outlook. We are encouraged by our continued high-dollar-based gross retention rate, success of our customer commitment packages with customers opting for more product or Flex dollars, the continued strong adoption of the Falcon platform and growing module adoption rates, and quarter-over-quarter growth in pipeline. All of these positive indicators give us confidence in our ability to reaccelerate net new ARR growth starting in the back half of FY 2026.

轉向我們的展望。我們對持續的高美元毛保留率、我們的客戶承諾包的成功（客戶選擇更多產品或 Flex 美元）、Falcon 平台的持續強勁採用和不斷增長的模組採用率以及季度以上的增長感到鼓舞。季度增長。所有這些正面指標讓我們對從 2026 財年下半年開始重新加速新 ARR 淨成長的能力充滿信心。

However, in the near term, visibility remains limited, given the headwinds related to the July 19 incident that we outlined last quarter, including the delay of the vast majority of outbound pipeline generation activities for a few weeks following the July 19 incident, extended sales cycles for both new and existing customers, and continued deployment of customer commitment packages resulting in muted upsell rates and potentially higher-than-typical levels of contraction.

然而，鑑於我們上季度概述的 7 月 19 日事件相關的不利因素，包括 7 月 19 日事件後絕大多數外向管道發電活動推遲了幾週、延長了銷售時間，短期內能見度仍然有限​​。新客戶和現有客戶的周期，以及客戶承諾包的持續部署，導致追加銷售率低迷，並且可能出現高於典型水平的收縮。

While in Q3, customers strongly embraced the additional modules and Flex options associated with our customer commitment packages rather than additional time, it is still too early to determine if that trend will remain the same in Q4. Recognizing our continued reduced visibility, we are maintaining our estimated impact of approximately $30 million to both net new ARR and subscription revenue in Q4 from our customer commitment packages.

雖然在第三季度，客戶強烈接受與我們的客戶承諾包相關的附加模組和 Flex 選項，而不是額外的時間，但現在確定這種趨勢是否會在第四季度保持不變還為時過早。認識到我們的可見性持續下降，我們將維持我們的客戶承諾包對第四季度淨新 ARR 和訂閱收入約 3000 萬美元的影響。

As discussed last quarter, the aforementioned headwinds are additive to the expected quantified impact. While we do not typically comment on analyst estimates, we wanted to note that the vast majority of analysts are modeling Q3 to Q4 net new ARR seasonality well above historical levels. We request that you keep historical sequential seasonality in mind when updating your models.

如上季所討論的，上述不利因素是預期量化影響的補充。雖然我們通常不會對分析師的估計發表評論，但我們想指出的是，絕大多數分析師正在對第三季至第四季的淨新 ARR 季節性進行建模，遠高於歷史水平。我們要求您在更新模型時牢記歷史連續季節性。

Additionally, as we discussed last quarter, the modeling of ARR and subscription revenue should be decoupled in the short term, given the customer commitment packages. Our Fal.Con 2024 investor presentation has additional details on this dynamic.

此外，正如我們上季度討論的那樣，考慮到客戶承諾包，ARR 和訂閱收入的建模應該在短期內脫鉤。我們的 Fal.Con 2024 投資者簡報提供了有關此動態的更多詳細資訊。

Moving beyond the top line, we expect to incur additional GAAP tax expense in Q4 of approximately $58 million due to previous acquisitions. Additionally, we closed our acquisition of Adaptive Shield last week, which is expected to have a $0.01 to $0.02 impact to non-GAAP EPS as reflected in our Q4 guidance.

除了營收之外，我們預計由於先前的收購，第四季度將產生約 5,800 萬美元的額外 GAAP 稅收費用。此外，我們上週完成了對 Adaptive Shield 的收購，預計這將對非 GAAP 每股收益產生 0.01 至 0.02 美元的影響，如我們第四季度指導中所反映的那樣。

Moving to cash, we expect Q4 free cash flow to reflect a significantly more pronounced July 19 impact in comparison to Q3. This is due to collections impacted by increased flexible payment terms under customer commitment packages for deals closed in Q3, the incremental sales compensation expenses and the timing and size of G&A costs, all relating to July 19.

轉向現金方面，我們預計第四季的自由現金流將比第三季反映出 7 月 19 日的影響更為明顯。這是由於第三季完成的交易的客戶承諾包中靈活付款條件的增加、增量銷售補償費用以及一般管理費用的時間和規模的影響，所有這些都與 7 月 19 日有關。

As a result, we do not expect to see sequential free cash flow margin leverage in Q4. We continue to expect CrowdStrike Financial Services to have a de minimis impact to free cash flow in Q4. We remain committed to achieving $10 billion in ending ARR by the end of fiscal year 2031 and achieving our target non-GAAP operating model on an annual basis by fiscal year 2029, which includes a free cash flow margin target between 34% and 38%.

因此，我們預計第四季不會出現連續的自由現金流保證金槓桿。我們仍預期 CrowdStrike 金融服務將對第四季的自由現金流產生微乎其微的影響。我們仍致力於在 2031 財年末實現 100 億美元的年末 ARR，並在 2029 財年之前實現我們的年度非 GAAP 營運模式目標，其中包括 34% 至 38% 之間的自由現金流利潤率目標。

Moving to our guidance. For the fourth quarter of FY 2025, we expect total revenue to be in the range of $1,028.7 million to $1,035.4 million, reflecting a year-over-year growth rate of 22%. We expect non-GAAP income from operations to be in the range of $184.0 million to $189.0 million, and non-GAAP net income attributable to CrowdStrike to be in the range of $210.9 million to $215.8 million. We expect diluted non-GAAP net income per share attributable to CrowdStrike to be approximately $0.84 to $0.86, utilizing a weighted average share count of approximately 252 million shares on a diluted basis. For the full fiscal year 2025, we currently expect total revenue to be in the range of $3,923.8 million to $3,930.5 million, reflecting a growth rate of 28% to 29% over the prior fiscal year.

轉向我們的指導。 2025 財年第四季度，我們預計總營收將在 10.287 億美元至 10.354 億美元之間，年成長率為 22%。我們預計非 GAAP 營運收入將在 1.84 億美元至 1.89 億美元之間，非 GAAP 歸屬於 CrowdStrike 的淨利潤將在 2.109 億美元至 2.158 億美元之間。我們預計 CrowdStrike 攤薄後的非 GAAP 每股淨利潤約為 0.84 至 0.86 美元，稀釋後加權平均股數約為 2.52 億股。對於 2025 年整個財年，我們目前預計總營收將在 39.238 億美元至 39.305 億美元之間，較上一財年增長 28% 至 29%。

Non-GAAP income from operations is expected to be between $804.4 million and $809.4 million. We expect fiscal 2025 non-GAAP net income attributable to CrowdStrike to be between $937.5 million and $942.6 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 $3.74 to $3.76.

非 GAAP 營運收入預計在 8.044 億美元至 8.094 億美元之間。我們預計 2025 財年歸屬於 CrowdStrike 的非 GAAP 淨利將在 9.375 億至 9.426 億美元之間。利用稀釋後約 2.51 億股加權平均股票，我們預期 CrowdStrike 的非 GAAP 每股淨利潤將在 3.74 美元至 3.76 美元之間。

George and I will now take your questions.

喬治和我現在將回答你們的問題。

(Operator Instructions) Our first question comes from Saket Kalia. Please unmute your line and ask your question.

（操作員說明）我們的第一個問題來自 Saket Kalia。請取消線路靜音並提出問題。

Saket, are you there? Operator, is he there? If not, please go to the next question. Okay, great.

薩凱特，你在嗎？接線員，他在嗎？如果沒有，請轉到下一個問題。好的，太好了。

Not a problem. We will move forward with the next question.

不是問題。我們將繼續討論下一個問題。

No, wait. He's there.

不，等等。他就在那兒。

Hey, guys. Can you hear me?

嘿，夥計們。你聽得到我嗎？

Yeah. Hi, Saket. Thank you.

是的。嗨，薩凱特。謝謝。

There we go. Sorry about that. Absolutely. So George, maybe for you, lots of helpful detail. I wanted to start, sort out just zooming out a little bit. You spend a lot of time with customers. I guess the question is, what are they telling you about some of the puts and takes to security spending next year? I mean, you've got plenty of tailwinds like lower interest rates and potentially a better macro but also different policies out of the federal government. So how do you think about those factors as you maybe gauge the health of security spending next year?

我們開始吧。對此感到抱歉。絕對地。喬治，也許對你來說，有很多有用的細節。我想開始，稍微縮小一點。您花費大量時間與客戶打交道。我想問題是，他們對明年安全支出的一些調整和調整有何看法？我的意思是，你有很多有利因素，例如較低的利率和可能更好的宏觀政策，而且聯邦政府也有不同的政策。那麼，在您評估明年安全支出的健康狀況時，您如何看待這些因素？

Sure. Thanks, Saket. I think if you're -- and everyone probably is following some of the news, you'd see the security environment is only getting worse. E-crime groups have been prolific, and we continue to see ransomware and extortion where be very, very successful for big dollars.

當然。謝謝，薩凱特。我想如果你——而且每個人可能都在關註一些新聞，你會發現安全環境只會變得更糟。電子犯罪團夥數量眾多，我們繼續看到勒索軟體和敲詐勒索活動非常非常成功地獲取巨額資金。

So from a security environment perspective, customers want the best products, want the best platform. They want something that's going to stop the breach and be most effective, that hasn't changed. Two, they want to consolidate; this hasn't changed either. This complexity normally breeds inconsistencies and seams in protection gaps within multiple technologies, so a broad platform approach is something that aids in stopping the breach. And they want to drive down their overall operational cost, and that hasn't changed and I don't think that is going to change based upon my interactions with companies in the coming year.

所以從安全環境的角度來看，客戶想要最好的產品，想要最好的平台。他們想要一些能夠阻止違規行為並且最有效的東西，這一點並沒有改變。第二，他們想要整合；這也沒有改變。這種複雜性通常會導致多種技術中的保護差距出現不一致和接縫，因此廣泛的平台方法有助於阻止違規行為。他們希望降低整體營運成本，這一點沒有改變，而且根據我來年與公司的互動，我認為這一點不會改變。

So we'll see how it all unfolds, but we're certainly encouraged by the forward-looking environment based upon just what we see. And companies, whether it's the threat environment or regulatory pressures, they're going to have to spend money on the best technologies. And we're certainly going to be there to be able to capitalize on it.

因此，我們將看到這一切如何展開，但基於我們所看到的前瞻性環境，我們肯定會受到鼓舞。而公司，無論是威脅環境還是監管壓力，他們都將不得不花錢購買最好的技術。我們肯定會在那裡利用它。

Very helpful. Thanks, guys.

非常有幫助。謝謝，夥計們。

Hamza Fodderwala, Morgan Stanley.

哈姆扎·福德瓦拉，摩根士丹利。

Great. Can you hear me?

偉大的。你聽得到我嗎？

Yes.

是的。

Good evening. Thank you so much for taking my question. Burt, maybe for you just to comment on the ARR or net new ARR seasonality that you spoke about for Q4. If I look at the last few years, last Q4, we had a pretty strong budget flush, pretty strong Q4 overall. The year before that, I think it was a bit more muted. When you speak on Q4 net new ARR seasonality this year, is that assuming that budget flush that we saw a year ago or something similar to what we saw maybe two years ago? Thank you.

晚安.非常感謝您回答我的問題。 Burt，也許您只是想評論一下您談到的第四季度的 ARR 或淨新 ARR 季節性。如果我看看過去幾年，也就是上個第四季度，我們的預算充足，整體上第四季非常強勁。前一年，我認為它有點低調。當您談到今年第四季度淨新 ARR 季節性時，是假設我們一年前看到的預算充裕還是類似於我們兩年前看到的情況？謝謝。

Hi, Hamza. Thanks for your question. So when we think about Q4, I talked about some of the things that impact us and certainly, one of them is the limited visibility that we have. It's just too early to tell. We have a lot of things that are going to be in play for Q4, the continued CCP packages that we have. And with that, it just limits our visibility in terms of how we think about Q4. Generally, it is, of course, our biggest quarter, and we have the most that's subject to renewal but we still need to sell through it.

嗨，哈姆扎。謝謝你的提問。因此，當我們考慮第四季度時，我談到了一些影響我們的事情，當然，其中之一就是我們的可見度有限。現在說還太早。我們有很多事情將在第四季度發揮作用，即我們擁有的持續的 CCP 方案。這樣一來，它就限制了我們對第四季的看法。一般來說，當然，這是我們最大的季度，我們有最多的需要更新的季度，但我們仍然需要透過它進行銷售。

Brian Essex, JPMorgan.

布萊恩‧艾塞克斯，摩根大通。

Hi, good afternoon, and thanks for taking the question. George, great to see the durability of the growth retention rates, particularly in light of the event of July 19. Is there anything that you can call out in terms of trends that you're seeing as you're speaking with customers, both on the churn side? Like, what tend to be some of the themes of customers that are churning off?

你好，下午好，感謝您提出問題。喬治，很高興看到成長保留率的持久性，特別是考慮到 7 月 19 日的事件。例如，客戶流失的主題往往是什麼？

And then also on the better adoption side, what are some of the more durable factors that are leading to better adoption rates on the platform? Thank you.

然後，在更好的採用方面，有哪些更持久的因素可以提高平台的採用率？謝謝。

Well, thank you, and good question. As you probably know, I spend a lot of my time with the larger customers and really haven't had a lot of conversations around churn. And the conversations that I have had have been recognition that we do have the best technology in the market and a recognition of how we handled the July 19 outage. And I think that's an area where we turned prices into a customer trust building opportunity. And of course, we're trying to make it right for customers.

嗯，謝謝你，這是個好問題。您可能知道，我花了很多時間與大客戶打交道，但實際上並沒有就客戶流失問題進行過很多對話。我所進行的談話讓我認識到我們確實擁有市場上最好的技術，也認識到我們如何處理 7 月 19 日的停電事件。我認為這是我們將價格轉變為建立客戶信任機會的領域。當然，我們正在努力使其適合客戶。

So from my perspective, I certainly haven't seen a lot in the larger to midsized deals. In fact, our corporate business, as I called out, had the best quarter ever. So from a churn perspective, you could see some churn in the very small MSP space. It's an area where it really doesn't matter the vendor. It's easy to kind of move in and out. But I'm encouraged by the conversations that I'm having with our largest customers and a reflection on the fact that they realize that we have the best tech in the industry and the ability to stop breaches and drive down their overall operational cost from a platform perspective.

因此，從我的角度來看，我當然沒有看到很多大中型交易。事實上，正如我所說，我們的企業業務經歷了有史以來最好的季度。因此，從流失的角度來看，您可以在非常小的 MSP 空間中看到一些流失。在這個領域，供應商真的不重要。進出都很容易。但令我感到鼓舞的是，我與我們最大的客戶進行了對話，並反思了這樣一個事實：他們意識到我們擁有業內最好的技術，並且有能力阻止違規行為，並將他們的整體營運成本從平台視角。

Next.

下一個。

Patrick Colville, Scotiabank.

派崔克‧科爾維爾，豐業銀行。

Hey, team. Thank you so much for taking my question. I guess I want to ask George. I mean, 2024 was the year of Copilots, including Charlotte AI. In your prepared remarks, George, you talked about kind of Detection Triage. I guess the topic du jour amongst the investment community is agentic AI. You didn't mention that in your prepared remarks. So I guess, how is CrowdStrike thinking about internal usage of agentic AI or possibly the ability for agentic AI to help CrowdStrike's customers? Thank you.

嘿，團隊。非常感謝您回答我的問題。我想我想問喬治。我的意思是，2024 年是包括 Charlotte AI 在內的副駕駛的一年。喬治，在您準備好的發言中，您談到了檢測分類。我想投資界的熱門話題是代理人工智慧。你在準備好的發言中沒有提到這一點。所以我想，CrowdStrike 是如何考慮代理 AI 的內部使用或代理 AI 幫助 CrowdStrike 客戶的能力的？謝謝。

Thanks, Patrick. And I covered that a bit in the prepared remarks and the fact that Charlotte AI was built to be something more than a Copilot. We probably built it before it even had a term, which is now agentic AI. And the whole idea with Charlotte AI was not only to collective wisdom of CrowdStrike over the last decade, all of our threat indicators, all of the sort of workflows that we've created around triaging events, and answer those questions but go beyond that to actually do work on behalf of customers. So today, and it's the way we built it, it actually will do work on behalf of customers, and that's the entire piece of SOC transformation.

謝謝，派崔克。我在準備好的發言中對此進行了一些介紹，並且夏洛特人工智慧不僅僅是一個副駕駛。我們可能在它有一個術語（現在是代理人工智慧）之前就已經建構了它。 Charlotte AI 的整個想法不僅是 CrowdStrike 在過去十年中的集體智慧、我們所有的威脅指標、我們圍繞分類事件創建的所有工作流程，並回答這些問題，但更進一步實際上是代表客戶做工作。所以今天，這就是我們建構它的方式，它實際上將代表客戶工作，這就是 SOC 轉型的全部內容。

And just to give you an example, we talked about Alert Triage and some of those things in the prepared remarks, but we had a customer that would take four days to create what's called a sit rep, a situational report and that manually, they would create these reports, and now takes them one hour. So that's the level of efficiency that we're seeing with Charlotte. And you couldn't do that if it was just a chatbot. It's the agentic nature of Charlotte AI, and that's what we're delivering to customers.

舉個例子，我們在準備好的評論中討論了警報分類和其中一些內容，但我們有一個客戶需要四天的時間來創建所謂的坐席代表、情況報告，然後他們會手動創建創建這些報告，現在需要一小時。這就是我們在夏洛特身上看到的效率水準。如果它只是一個聊天機器人，你就無法做到這一點。這就是 Charlotte AI 的代理本質，這也是我們為客戶提供的服務。

Internally, we're certainly leveraging a lot of what our great partners put together, whether that's Salesforce or ServiceNow or what have you. There's many technologies that we leverage, including many of the GenAI technologies to help us create greater efficiencies.

在內部，我們當然會利用我們優秀合作夥伴的許多資源，無論是 Salesforce、ServiceNow 還是您擁有的其他資源。我們利用許多技術，包括許多 GenAI 技術來幫助我們提高效率。

Tal Liani, Bank of America.

塔爾·利亞尼，美國銀行。

Hello. Thank you. So Burt, I know you're cautious but your net new ARR was not bad at 150, given that we had 250 before the outage. It's -- there are some people expect it even to be negative. And I hear you now on 4Q cautious again. And the question is what are the -- how are the factors changing in 4Q? Meaning, you said that you have a big renewal quarter. Outside of the renewal or can you speak about, for example, what was your experience with renewals this past quarter? I would have thought that 4Q would be better than 3Q just because we don't have an outage in the middle, so it eliminates these 10 days or 14 days that people were kind of unclear about what's happening. So I want to understand how 4Q changes and why wouldn't 4Q be actually better than 3Q. Thanks.

你好。謝謝。 Burt，我知道您很謹慎，但考慮到停電前我們有 250 個，您的淨新 ARR 還不錯，為 150。有些人甚至預計它會是負面的。我聽說你現在在第四季再次保持謹慎。問題是第四季因素有何變化？意思是，你說你有一個很大的續訂季度。除了續約之外，您能否談談上個季度您在續約方面的經驗？我以為第四季會比第三季更好，因為我們中間沒有停電，所以它消除了人們不太清楚發生了什麼事的這 10 天或 14 天。所以我想了解 4Q 如何變化以及為什麼 4Q 實際上不會比 3Q 更好。謝謝。

Thanks, Tal. So although true that we are a little further from sun, we're still kind of fighting through the incident. But I'll give you some additional color in terms of the things that I went through when I thought about Q4. And I talked a little bit about limited visibility with Hamza. So one is when we think about what happened shortly after the incident, the lay of the vast majority of our outbound pipeline-generating activities, for the first few weeks following the incident, that certainly has an impact for Q4. So that's one.

謝謝，塔爾。因此，儘管我們離太陽有點遠，但我們仍在與這一事件作鬥爭。但我會根據我在考慮第四季時所經歷的事情向您提供一些額外的資訊。我與哈姆札談了一些有限的可見度。因此，當我們考慮事件發生後不久發生的事情時，我們絕大多數的出站管道生成活動，在事件發生後的最初幾週內，這肯定會對第四季度產生影響。這就是其中之一。

I think we're still going to see extended sales cycles for both new and existing customers. I think customers have additional scrutiny, additional layers, approvals, all that sort of thing. And I think we're going to continue to deploy customer commitment packages. This is going to result in muted upsell rates and potentially higher-than-typical levels of contraction. You factor all those things together, and I still want to be mindful of those things taking place and the activities that the sales team has to do to sell through all of that.

我認為我們仍然會看到新客戶和現有客戶的銷售週期延長。我認為客戶需要接受額外的審查、額外的層數、批准等等。我認為我們將繼續部署客戶承諾包。這將導致加售率低迷，並且可能出現高於典型水平的收縮。你把所有這些事情放在一起考慮，我仍然想注意正在發生的這些事情以及銷售團隊為完成所有這些而必須進行的活動。

Well, I had a couple of other things. While in Q3, customers strongly embraced the additional modules and Flex options associated with CCPs, rather than additional time, it is still too early to determine if that trend will remain the same for Q4. I want to give caution in terms of what customers are going to choose with respect to CCP. We don't know yet. We had one quarter, and so that really impacts our ability to really understand what's going to happen in the dynamics in Q4.

嗯，我還有其他一些事情。雖然在第三季度，客戶強烈接受與 CCP 相關的附加模組和 Flex 選項，而不是額外的時間，但現在確定這種趨勢是否會在第四季度保持不變還為時過早。我想對客戶對 CCP 的選擇持謹慎態度。我們還不知道。我們只有一個季度，因此這確實影響了我們真正了解第四季度動態將發生什麼的能力。

And then finally, I do want to talk about the fact that we are maintaining our estimated impact of approximately $30 million to both net new ARR and subscription revenue in Q4 from our customer commitment packages. And remember, the two of those, you have to decouple both of them. And we talked about that last quarter, and we talked about it in our Fal.Con 2024 investor presentation, and it has the details on that dynamic.

最後，我確實想談談這樣一個事實：我們的客戶承諾套餐對第四季度的淨新 ARR 和訂閱收入的估計影響保持在約 3000 萬美元。請記住，這兩者，你必須將它們兩者解耦。我們在上個季度討論過這一點，並在 Fal.Con 2024 投資者演講中討論過這一點，其中包含有關動態的詳細資訊。

Joel Fishbein, Truist.

喬爾·菲什拜因，真理論者。

Thanks for taking the question. I guess one for Burt. Burt, on the Falcon Flex, obviously, it sounded like it was ahead of your guys' expectations in terms of adoption. The one thing that I didn't get, what from you is the average deal term or duration of those deals, that would be really helpful. Really appreciate it.

感謝您提出問題。我猜是伯特的。伯特，在 Falcon Flex 上，顯然，它在採用方面超出了你們的預期。我沒有得到的一件事是，您提供的平均交易期限或這些交易的持續時間，這將非常有幫助。真的很感激。

Hey, Joel. Thanks for the catch. We didn't give a specific number but we did see deals being slightly longer, and so that excites us for sure.

嘿，喬爾。謝謝你的捕獲。我們沒有給出具體數字，但我們確實看到交易時間稍長，這肯定讓我們感到興奮。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hi, good afternoon. Thanks for taking the question. Burt, I wanted to connect the dots here on what you're saying about Falcon Flex and the potential for reacceleration next year. Is there anything you're seeing in the Falcon Flex cohorts post July 19 versus this before July 19 in terms of average ARR increases, average deal sizes, et cetera, that would lead you to think that the conversion rates for the upsell routes on today's Falcon Flex deals could look different a year from now versus the baseline that you already have?

嗨，下午好。感謝您提出問題。 Burt，我想將您所說的 Falcon Flex 以及明年重新加速的潛力與這些點聯繫起來。您在7 月19 日之後的Falcon Flex 隊列中與7 月19 日之前相比，在平均ARR 增長、平均交易規模等方面看到的情況是否有任何變化，這會讓您認為今天的追加銷售路線的轉換率一年後 Falcon Flex 的交易可能會與您已有的基線有所不同？

Hi, Gabriela. So I talked a little bit about the fact that we've seen deals being slightly larger, which is great. Still too early to tell what's going to happen as these renewals come due. But certainly, it goes back to how we already thought about this and how we talked about it last quarter with respect to seeding the future. And having the ability to do upsell on the renewal and getting customers to enjoy us more and wanting to use more. We had over 150 Falcon Flex deals and that's a great number.

嗨，加布里埃拉。所以我談到了這樣一個事實：我們看到交易規模稍大，這很好。當這些續約到期時，判斷會發生什麼事還為時過早。但當然，這可以追溯到我們已經思考過這個問題以及我們上個季度如何談論播種未來的問題。並且有能力在續訂時進行追加銷售，讓客戶更喜歡我們並希望使用更多。我們有超過 150 筆 Falcon Flex 交易，這是一個很大的數字。

And then, I think that we had accounts -- at the end of the day, the accounts have adopted the Falcon Flex model now represent more than $1.3 billion of total deal value, and in there with an average Falcon Flex subscription being multiples larger than our typical contract value. So those are important takeaways. Flex customers, on average, have adopted more than nine modules. So if you factor all those things together, we get encouraged again by reacceleration in the back half of next year.

然後，我認為我們有帳戶 - 到最後，這些帳戶採用了 Falcon Flex 模型，現在代表了超過 13 億美元的總交易價值，其中平均 Falcon Flex 訂閱量比我們的典型合約價值。所以這些都是重要的收穫。 Flex 客戶平均採用了九個以上的模組。因此，如果將所有這些因素綜合考慮，我們會因明年下半年的重新加速而再次受到鼓舞。

Matt Hedberg, RBC.

馬特‧赫德伯格，加拿大皇家銀行。

Thanks, guys. Can you hear me okay?

謝謝，夥計們。你聽得到我說話嗎？

Yeah.

是的。

Yeah, great. George, a question for you. You talked about Next-Gen SIEM in the prepared remarks. It's really good to hear the growth that you're seeing there. I guess I'm wondering, what are you seeing really from a competitive perspective? I think we all are thinking that there's a good opportunity there, but just wondering about that. And then what are pushing some customers to change, I guess, is ultimately the question?

是的，太棒了。喬治，問你一個問題。您在準備好的演講中談到了下一代 SIEM。很高興聽到您在那裡看到的增長。我想我想知道，從競爭的角度來看，您真正看到了什麼？我想我們都認為那裡有一個很好的機會，但只是想知道這一點。我想最終的問題是什麼促使一些客戶做出改變？

Yeah. I think when you look at the Next-Gen SIEM market, and one of the things that we really, again, helped, I would say, create and pioneer, it's greater efficiencies, speed and scalability, which is just not available in legacy products. The fact that we can basically give immediate outcomes because it's all built into our system, right? This is a concept of first-party data, which comes from CrowdStrike third-party data. Well, we've created an incredible ecosystem and opened up the platform now where these workflows can be done within the Falcon platform and then aided by Charlotte AI.

是的。我認為，當您審視下一代 SIEM 市場時，我們真正幫助創建和開拓的事情之一就是更高的效率、速度和可擴展性，這是傳統產品所不具備的。事實上，我們基本上可以立即給出結果，因為它都內建在我們的系統中，對吧？這是第一方資料的概念，它來自於CrowdStrike第三方資料。好吧，我們已經創建了一個令人難以置信的生態系統，並開放了該平台，這些工作流程可以在 Falcon 平台內完成，然後在 Charlotte AI 的幫助下完成。

So customers are putting more and more data into the technologies. And they're seeing the performance and the speed and maybe, more importantly, the cost differences between some of the legacy providers that are out there.

因此，客戶正在將越來越多的數據投入到技術中。他們看到了效能和速度，也許更重要的是，看到了一些傳統提供者之間的成本差異。

And we go into a POV and we go through all of the stats, and people kind of scratch their heads sometime to go, okay, prove it, and then when we get through it, they're like, we've never seen anything this fast or performant or get the outcome that we're looking for. So we're really excited about it and keep broadening the ecosystem there. And I think it represents a tremendous opportunity for us in the short, medium and long term. It's a huge business, Next-Gen SIEM and we're going to be front and center in it.

我們進入 POV 並查看所有統計數據，有時人們會撓頭想要證明這一點，然後當我們完成它時，他們會說，我們從未見過任何東西如此快速或高性能或獲得我們正在尋找的結果。因此，我們對此感到非常興奮，並不斷擴大那裡的生態系統。我認為這對我們來說是短期、中期和長期的巨大機會。下一代 SIEM 是一項巨大的業務，我們將成為其中的前沿和中心。

Andy Nowinski, Wells Fargo.

安迪諾溫斯基，富國銀行。

Okay, good evening. Thanks for taking the question. First off, congrats on getting through what was likely your most challenging quarter you probably had in company history. So I wanted to ask a question again on Falcon Flex. I know you booked $1.3 billion in deals and you talked about how it's supercharging the adoption of your platform. But if I'm thinking about it correctly, I would think it's also supercharging your customer retention rates because as customers deploy more modules, like you said, it seems like it makes it increasingly difficult to leave the platform. So I guess, first, am I thinking about that correctly in terms of customer retention? And are you factoring in any improvement to ARR due to Falcon Flex going forward?

好的，晚上好。感謝您提出問題。首先，恭喜您度過了公司歷史上最具挑戰性的季度。所以我想再問一個關於Falcon Flex的問題。我知道您預訂了 13 億美元的交易，並且您談到了它如何促進您的平台的採用。但如果我的想法正確的話，我認為這也會提高您的客戶保留率，因為正如您所說，隨著客戶部署更多模組，離開該平台似乎變得越來越困難。所以我想，首先，我在客戶保留方面的考慮是否正確？您是否考慮到 Falcon Flex 未來對 ARR 的任何改進？

Well, I'll take the first part, and Burt, you can feel free to chime in. It absolutely makes the platform stickier. The more modules, we know this is a fact, more modules customers use, the stickier the platform becomes. And you're talking 9, 10, we've talked about, I think, 1 to 14. That's incredibly sticky because a lot of processes are built around that. So from our perspective, it is a great opportunity for customers and for us they get a better value.

好吧，我會講第一部分，伯特，你可以隨意插話。模組越多，我們知道這是事實，客戶使用的模組越多，平台的黏性就越大。你說的是 9、10，我想我們已經討論過 1 到 14。因此，從我們的角度來看，這對客戶來說是一個很好的機會，對我們來說，他們獲得了更好的價值。

And again, what we're seeing is, in general, we're seeing customers adopt more and faster, right, which if they adopt more and faster, that gives us the opportunity to go back in and top up those Falcon Flex pool. So we are excited about the licensing mechanism. Customers are, we talked about Adaptive Shield. The day we announced that, we were at Fal.Con Europe and a customer said, okay, if I'm a Falcon Flex customer, can I use it day one when it closes? And we're like, yes, since we closed the deal and we get it skewed up, you'll be able to use it, which, again, removes a lot of friction and aids in the adoption.

再說一次，我們所看到的是，總的來說，我們看到客戶採用更多、更快，對吧，如果他們採用更多、更快，這讓我們有機會重新加入並補充Falcon Flex 池。因此，我們對許可機制感到興奮。客戶是，我們談到了 Adaptive Shield。我們宣布這一消息的那天，我們在 Fal.Con Europe，一位客戶說，好吧，如果我是 Falcon Flex 客戶，我可以在第一天關閉時使用它嗎？我們就像，是的，自從我們完成了交易並且我們得到了它的傾斜，你將能夠使用它，這再次消除了很多摩擦並有助於採用。

So anything to add, Burt?

那還有什麼要補充的嗎，伯特呢？

Yes. Just I think all the things that George said gives us more confidence in our ability to reaccelerate in the back half of next year.

是的。只是我認為喬治所說的所有事情讓我們對明年下半年重新加速的能力更有信心。

Gregg Moskowitz, Mizuho.

格雷格·莫斯科維茨，瑞穗。

Okay, great. Thank you very much. Your RPO growth accelerated quite strongly this quarter and your RPO bookings growth, which at least by our estimates, is greater than 60%, that appears to be the highest we've seen since fiscal 2022.

好的，太好了。非常感謝。本季您的 RPO 成長相當強勁，而且您的 RPO 預訂成長（至少根據我們的估計）超過 60%，這似乎是我們自 2022 財年以來看到的最高水準。

Now, clearly, the customer commitment packages and Flex had a significant impact here. And so I guess with that in mind, it would just be helpful, Burt, to get your perspective on, A, how the CRPO performance was, and B, how we should generally be thinking about what these strong bookings might mean for revenue recognition and ARR when we look down the road? Thanks.

現在，很明顯，客戶承諾套件和 Flex 在這裡產生了重大影響。因此，我想考慮到這一點，伯特，了解您對 A、CRPO 績效如何以及 B、我們通常應該如何考慮這些強勁的預訂對收入確認可能意味著什麼的看法會很有幫助。看時，ARR 會怎樣？謝謝。

Thanks, Gregg. So I think ultimately, when we think about our view and we think about the increase, it does talk to just longer deals, longer duration. I think all the things that we've talked about, whether it's CCP, whether it's CrowdStrike Financial Services, they all add in terms of helping customers do more with us for longer periods of time, and that's reflected in our RPO number.

謝謝，格雷格。所以我認為最終，當我們思考我們的觀點並考慮成長時，它確實涉及更長的交易、更長的持續時間。我認為我們討論過的所有事情，無論是 CCP，還是 CrowdStrike Financial Services，它們都有助於幫助客戶在更長時間內與我們一起做更多事情，這反映在我們的 RPO 數字中。

John DiFucci, Guggenheim.

約翰‧迪福奇，古根漢。

Thanks for taking my question. Burt, listen, you've always been really clear, which has, I think, been great for investors and great for the stock, too. And ARR is always and revenue have always been great, had a great connection over time. Can you -- and I know there's some small print, but I don't -- can you explain to us what's making this coupling diverge? And I don't know, hopefully, it's not a long explanation. It's probably why you haven't said it. But can you do that? Can you give us, like even if it's temporary here because I don't want to see -- my model works great for you and you're the first ones to do this. And it's really clear and you put it right out there for everybody to see. But why is that going to diverge? Why could it diverge in the short term?

感謝您提出我的問題。伯特，聽著，你一直都很清楚，我認為這對投資人和股票都有好處。 ARR 始終很高，收入也一直很高，隨著時間的推移，它們之間存在著密切的聯繫。我知道有一些小字，但我不知道，你能向我們解釋一下是什麼導致了這種耦合的分歧嗎？我不知道，希望這不是一個很長的解釋。這可能就是你沒有說出來的原因。但你能做到嗎？你能否告訴我們，即使這是暫時的，因為我不想看到——我的模型非常適合你，而你是第一個這樣做的人。它真的很清楚，你把它放在那裡讓每個人都可以看到。但為什麼會出現分歧呢？為什麼短期內會出現分化？

So thanks, John. So number one, for all your comments. I appreciate all your comments that you made. So first, big picture, it's temporary. The divergence is temporary. And I think it just talks to when you have a CCP and out of the gate, there is, for example, extended time, it's offered, there's going to be a more immediate hit on ARR than revenue. It's going to lag. And so that's how we think about it and that's how I've tried to be clear on explaining it. Hopefully, that helps, John.

所以謝謝，約翰。所以，對於您的所有評論，排名第一。我感謝您提出的所有評論。首先，從大局來看，這是暫時的。這種分歧是暫時的。我認為這只是說明當你有一個 CCP 並走出大門時，例如，它提供了延長的時間，對 ARR 的影響將比對收入的影響更直接。它會滯後。這就是我們的想法，這就是我試圖清楚地解釋它的方式。希望這會有所幫助，約翰。

Thank you. This concludes today's question-and-answer session. I would now like to turn the call back over to George Kurtz for closing remarks.

謝謝。今天的問答環節到此結束。現在我想將電話轉回給喬治·庫爾茨（George Kurtz）做總結發言。

Okay. Thank you, operator. So thank you all for your time today. We appreciate your continued support and look forward to seeing you at our upcoming investor events.

好的。謝謝你，接線生。謝謝大家今天抽出時間。我們感謝您的持續支持，並期待在我們即將舉行的投資者活動中見到您。