CrowdStrike Holdings Inc (CRWD) 2025 Q4 法說會逐字稿

Hello, and welcome to CrowdStrike's fourth quarter and fiscal year 2025 financial results conference call.

您好，歡迎參加 CrowdStrike 第四季和 2025 財年財務業績電話會議。

(Operator Instructions) Please be advised that today's conference is being recorded.

（操作員指示）請注意，今天的會議正在錄音。

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

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

Maria, please go ahead.

瑪麗亞，請繼續。

Good afternoon, and thank you for your participation today.

下午好，感謝您今天的參與。

With me on the call are George Kurtz, Chief Executive Officer and Founder of CrowdStrike; and Burt Podbere, Chief Financial Officer.

與我一起參加電話會議的還有 CrowdStrike 的執行長兼創辦人 George Kurtz；以及財務長 Burt Podbere。

Before we get started, I would like to note that certain statements made during this conference call that are not historical facts, including those regarding our future plans, objectives, growth, including projections and expected performance, including our outlook for the first quarter and fiscal year 2026 and any assumptions for fiscal periods beyond that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

在我們開始之前，我想指出的是，本次電話會議中做出的某些陳述並非歷史事實，包括關於我們未來計劃、目標、增長（包括預測和預期業績）的陳述，包括我們對 2026 年第一季度和財年的展望以及對此之後財務期間的任何假設，均屬於《1995 年私人證券訴訟改革法》含義內的前瞻性陳述。

These forward-looking statements represent our outlook only as of the date of this call.

這些前瞻性陳述僅代表我們截至本次電話會議之日的展望。

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.

雖然我們相信我們所做的任何前瞻性陳述都是合理的，但實際結果可能存在重大差異，因為這些陳述是基於當前預期，並受風險和不確定性的影響。

We do not undertake and expressly disclaim any obligation to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.

我們不承擔更新或修改我們的前瞻性陳述的任何義務，並明確否認這種義務，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.

有關這些因素以及其他可能影響公司財務業績的因素的更多信息，包含在我們不時向美國證券交易委員會提交的文件中，包括公司季度和年度報告中標題為“風險因素”的部分。

Additionally, unless otherwise stated, excluding revenue, all financial measures disclosed on this call will be non-GAAP.

此外，除非另有說明，除收入外，本次電話會議所揭露的所有財務指標均為非公認會計準則。

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.

有關我們使用非 GAAP 財務指標的原因的討論以及顯示 GAAP 與非 GAAP 結果的調整表目前可在我們的收益新聞稿中找到，該新聞稿可在我們的投資者關係網站 ir.crowdstrike.com 或我們今天向美國證券交易委員會提交的 8-K 表格中找到。

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

說完這些，我現在將電話轉給喬治。

Thank you, Maria, and thank you all for joining us today for our Q4 2025 earnings call.

謝謝你，瑪麗亞，也謝謝大家今天參加我們的 2025 年第四季財報電話會議。

I'm extremely proud of the engagement we've had with customers, partners, prospects in the market, navigating a year that tested CrowdStrike.

我對我們與客戶、合作夥伴和市場潛在客戶的合作感到非常自豪，度過了對 CrowdStrike 充滿考驗的一年。

Q4 showcases the fruits of our labors, giving me a strong conviction in our AI native single platform, excellent execution, and accelerating market opportunity.

Q4 展現了我們勞動的成果，讓我對我們的 AI 原生單一平台、出色的執行力和加速的市場機會充滿信心。

Q4 and FY 2025 highlights include: Q4 net new ARR of $224 million, well ahead of our expectations, closing FY 2025 at $4.24 billion in ending ARR; FY25 ending ARR for Cloud Security, Identity Protection, and Next-Gen SIEM of over $1.3 billion, growing nearly 50% year over year; gross dollar retention of 97% as customers remain firmly committed to the Falcon platform; Q4 free cash flow of $240 million; and for the full year, we delivered free cash flow of $1.07 billion, or 27% of revenue, setting a new record and for the first time exceeding $1 billion in annual free cash flow.

2025 財年第四季和全年亮點包括：第四季淨新 ARR 為 2.24 億美元，遠超我們的預期，2025 財年末 ARR 為 42.4 億美元； 2025 財年雲端安全、身分保護和下一代 SIEM 的 ARR 超過 13 億美元，較去年同期成長近 50%；由於客戶仍堅定致力於 Falcon 平台，總美元保留率達到 97%； Q4自由現金流2.4億美元；全年我們實現自由現金流10.7億美元，佔營收的27%，創下新紀錄，年度自由現金流首次超過10億美元。

CrowdStrike is the first cybersecurity ISV to cross $1 billion in deal value on AWS Marketplace in a single calendar year, setting a new standard for ecosystem execution and record and accelerating FY25 total contract value of $6 billion, the first and only pure-play software cybersecurity company reported to achieve this metric, which increased 40% year on year, showcasing the scale and commitment of customers' long-term cybersecurity consolidation on the Falcon platform.

CrowdStrike 是第一家在單一日曆年內 AWS Marketplace 上交易價值突破 10 億美元的網路安全 ISV，為生態系統執行和記錄樹立了新標準，並加速了 2025 財年總合約價值達到 60 億美元的進程，這是第一家也是唯一一家報告實現這一規模的純軟體網路安全公司，同比增長了 40%，客戶在安全的規模上展示了 40%

Everyone loves a comeback story, and that's exactly what we've started experiencing in Q4 as we've closed out the year.

每個人都喜歡東山再起的故事，而這正是我們在年底第四季開始經歷的故事。

The results tell our story.

結果講述了我們的故事。

One, we've never been closer to our customers and partners with market-leading customer satisfaction levels; two, we're playing best-in-class defense as well as offense with our Falcon Flex subscription model; and three, our innovation engine hasn't missed a beat.

一是我們與客戶和合作夥伴的關係從未如此密切，客戶滿意度達到市場領先水準；二，我們透過 Falcon Flex 訂閱模式，在進攻和防守方面都做到了一流的水準；第三，我們的創新引擎沒有任何故障。

The Falcon platform has never been more market competitive, whether that's winning new logos or in third-party analyst research.

Falcon 平台從未具有如此強的市場競爭力，無論是贏得新標誌還是在第三方分析師研究中。

We find ourselves placed at the epicenter of a rapidly evolving demand environment, a new administration, a new wave of technology, and a new threat landscape necessitate all businesses to evolve their cybersecurity programs.

我們發現自己正處於快速發展的需求環境的中心，新的政府、新的技術浪潮和新的威脅情況要求所有企業改進其網路安全計劃。

Consolidation, cost reduction, and automation are now the accepted enterprise and federal priorities.

整合、降低成本和自動化如今已成為企業和聯邦政府公認的首要任務。

These priorities are accelerating the shift from ineffective, narrow or duplicative point products.

這些優先事項正在加速從無效、狹窄或重複的點產品的轉變。

I'd like to share AI-specific trends on the broader demand environment and how these trends relate to CrowdStrike.

我想分享更廣泛需求環境下的 AI 特定趨勢以及這些趨勢與 CrowdStrike 的關係。

First, AI experimentation is just starting to evolve into AI outcomes; second, we're in the midst of a rapidly accelerating geopolitical AI armed race; and third, winning the AI war requires the very best data and battle-tested innovation engine.

首先，人工智慧實驗才剛開始演變為人工智慧成果；第二，我們正處於一場快速加速的地緣政治人工智慧武裝競賽之中；第三，贏得人工智慧戰爭需要最好的數據和久經考驗的創新引擎。

Commenting on the shift from AI experimentation to AI outcomes.

評論從人工智慧實驗到人工智慧成果的轉變。

We're still in the early but rapidly evolving innings of the AI revolution.

我們仍處於人工智慧革命的早期但快速發展的階段。

Businesses and governments across the globe are looking for their AI investments to yield both improved efficiencies and novel outputs.

全球各地的企業和政府都在尋求透過人工智慧投資來提高效率並取得新穎的成果。

At CrowdStrike, we're requiring every team and function to leverage the power of AI.

在 CrowdStrike，我們要求每個團隊和職能都利用人工智慧的力量。

We expect these investments to play critical top- and bottom-line roles on our path to $10 billion in ARR.

我們預計這些投資將在我們實現 100 億美元 ARR 的過程中發揮關鍵的營收和利潤作用。

In the broader market, businesses are equally grappling with how to secure their environments in this AI age.

在更廣泛的市場中，企業也同樣在努力解決如何在人工智慧時代保護其環境安全的問題。

Here's my take on what this means.

以下是我對此意義的理解。

First, more AI everywhere means more data, more access, and more processes, services, and products requiring cybersecurity.

首先，越來越多的人工智慧意味著更多的資料、更多的存取權限以及更多需要網路安全的流程、服務和產品。

The locales of AI adoption are either in cloud workloads or data centers or even on edge devices, all of which we are market leaders in securing with AI native technology that stops the breach.

人工智慧的應用場景要么是雲端工作負載，要么是資料中心，甚至是邊緣設備，我們在使用人工智慧原生技術保護這些設備以阻止漏洞方面處於市場領先地位。

Second, more access to more third-party and in-house Agentic applications and services requires rethinking identity and data protection.

其次，更多地存取更多第三方和內部 Agentic 應用程式和服務需要重新考慮身分和資料保護。

Who is accessing data and where is it traveling matters more now than ever before.

誰在存取資料以及資料在何處傳輸現在比以往任何時候都更加重要。

And third, securing AI starts a broader enterprise data discussion.

第三，確保人工智慧的安全開啟了更廣泛的企業數據討論。

I'm seeing CISOs, CIOs, and CEOs going to the drawing board to reinvent their technology stack with AI-powered platforms of record for their next decade and beyond.

我看到資訊安全長、資訊長和執行長們開始從頭開始，利用人工智慧驅動的平台重塑他們的技術堆疊，為未來十年及以後做好準備。

And for security, it's even more pressing.

對於安全而言，這甚至更加緊迫。

For our customers, Falcon has quickly become their AI native SOC.

對我們的客戶來說，Falcon 已迅速成為他們的 AI 原生 SOC。

Charlotte, our generative AI security analyst, is a SOC analyst best friend and already driving tangible AI outcomes.

我們的生成式 AI 安全分析師 Charlotte 是 SOC 分析師最好的朋友，並且已經推動了切實的 AI 成果。

Charlotte AI detection Triage accelerates SOC operations and threat response times.

夏洛特 AI 檢測分類加速了 SOC 操作和威脅反應時間。

Across more than 100 Q4 Charlotte AI deals, customers are seeing outcomes.

在第四季度的 100 多筆 Charlotte AI 交易中，客戶都看到了成果。

Sharing feedback like what we've received from a European financial services firm, which stated Charlotte AI has been very useful for us.

分享我們從歐洲金融服務公司收到的回饋，該公司表示 Charlotte AI 對我們非常有用。

It's done summarization of activity on host and users in 10 to 15 seconds, which would have taken us 20 to 30 minutes to do manually.

它在 10 到 15 秒內完成主機和使用者活動的總結，而如果手動完成則需要 20 到 30 分鐘。

Returning to my second point on the geopolitical AI arms race.

回到我關於地緣政治人工智慧軍備競賽的第二點。

Our threat intelligence practice sees nation-state cyber craft proliferation at all-time new highs.

我們的威脅情報實踐發現，國家網路攻擊的擴散達到了歷史最高水準。

A new wave of nationalism and threat actors is creating adversary stockpiling akin to the cold war era.

新一波民族主義和威脅行為者正在製造類似冷戰時期的對手儲備。

In our recently released annual global threat report, we exposed China Nexus adversaries escalating state-sponsored cyber operations by 150%, with targeted attacks in financial services, media, manufacturing, and industrial sectors soaring up to 300%.

在我們最近發布的年度全球威脅報告中，我們揭露了中國 Nexus 對手將國家支持的網路行動升級了 150%，針對金融服務、媒體、製造業和工業領域的攻擊飆升了 300%。

And with tools such as DeepSeek making AI access easier and cheaper, the pace and prevalence of adversarial AI adoption is only accelerating.

而且，隨著 DeepSeek 等工具讓 AI 的存取變得更容易、更便宜，對抗性 AI 的採用速度和普及度只會加快。

It is in this intensifying threat landscape that CrowdStrike and our threat intelligence expertise shines.

正是在這種日益加劇的威脅情況下，CrowdStrike 和我們的威脅情報專業知識發揮了重要作用。

Q4 was our largest threat intelligence quarter in company history.

第四季是我們公司史上威脅情報最大的一個季度。

Governments and enterprises increasingly turned to CrowdStrike, especially in a competitive environment where M&A activity has subsumed many existing threat intelligence vendors.

政府和企業越來越多地轉向 CrowdStrike，尤其是在競爭激烈的環境中，併購活動已經吸收了許多現有的威脅情報供應商。

We're the market's leading threat intelligence authority, discovering and naming the adversaries to unite Cyber defenders and stopping them.

我們是市場領先的威脅情報機構，發現並命名對手，以聯合網路防禦者並阻止他們。

The democratization of destruction, AI in the hands of more adversaries intensifies the market need for CrowdStrike.

破壞的民主化、人工智慧掌握在更多對手手中加劇了市場對 CrowdStrike 的需求。

And lastly, my third point, CrowdStrike is manufacturing the instruments to win the AI war.

最後，我的第三點，CrowdStrike 正在製造贏得人工智慧戰爭的工具。

We have the innovation engine and the security data to fuel it.

我們擁有創新引擎和為其提供動力的安全數據。

Finally, in this AI fuel demand environment, the point product vendors and those that have failed to deliver open and native single platforms increasingly fall short.

最後，在這個人工智慧推動需求的環境中，點產品供應商和那些未能提供開放和原生單一平台的供應商越來越無法滿足需求。

CrowdStrike is cyber security's AI native SOC.

CrowdStrike 是網路安全的 AI 原生 SOC。

Our greatest asset is our role as the creator of cybersecurity's richest data.

我們最大的資產是我們身為網路安全最豐富資料的創造者。

We've curated this data set with millions of Falcon Complete analysts annotations, making threat data contextualized and actionable.

我們透過數百萬 Falcon Complete 分析師註釋整理了這個資料集，使威脅資料具有情境化和可操作性。

No one else has this.

其他人都沒有這個。

Our data is liquid gold for creating new Agentic models for continuously improving protection.

我們的數據是用於創建新的 Agentic 模型以不斷改進保護的「液體黃金」。

Falcon is purpose-built to win the AI war with market-leading protection.

Falcon 旨在透過市場領先的保護贏得人工智慧戰爭。

As the first call for organizations, large and small, to stop the breach, we see where others fall short.

作為對大大小小的組織停止違規行為的第一個呼籲，我們看到了其他組織所存在的不足。

We saw an uptick in incident response engagements in Q4.

我們發現第四季度的事件響應活動增加。

Thematically, these organizations were using a next-gen EDR vendors technology, where we saw one of our strongest competitive displacement quarters in a logistics software vendor, a national packaging and marketing firm, and security software provider to name a few.

從主題上看，這些組織正在使用下一代 EDR 供應商技術，其中我們看到最強大的競爭置換季度之一出現在物流軟體供應商、國家包裝和行銷公司以及安全軟體供應商等。

Falcon's efficacy and rapid ease of deployment is why CrowdStrike is the first call to stop the breach.

Falcon 的有效性和快速簡便的部署是 CrowdStrike 成為阻止違規行為的首選的原因。

We've also innovated in devising the most effective model for customers to adopt the Falcon platform, Falcon Flex.

我們也進行了創新，為客戶設計了最有效的模型來採用 Falcon 平台，即 Falcon Flex。

Falcon Flex is a subscription model that enables customers to adopt the modules they want across their subscription term.

Falcon Flex 是一種訂閱模式，使客戶能夠在訂閱期間內採用他們想要的模組。

This model deeply resonates with prospects and customers as well as our ecosystem partners.

這一模式引起了潛在客戶、客戶以及我們的生態系統合作夥伴的深刻共鳴。

Following the summer's incident, we worked with impacted customers to offer them Customer Commitment Packages, CCPs, largely in the form of additional product and Falcon Flex subscriptions.

夏季事件發生後，我們與受影響的客戶合作，向他們提供客戶承諾包（CCP），主要以附加產品和 Falcon Flex 訂閱的形式提供。

The CCP program was a Falcon Flex accelerant.

CCP 計劃是 Falcon Flex 的加速器。

In Q3, we shared accounts that adopted the Falcon Flex model representing more than $1.3 billion of total deal value.

在第三季度，我們分享了採用 Falcon Flex 模式的帳戶，總交易價值超過 13 億美元。

In Q4 alone, we added over $1 billion of total account Flex deal value, with accounts that adopted Falcon Flex soaring to $2.5 billion in total deal value, growing 80% quarter over quarter and growing more than 10x year-over-year.

僅在第四季度，我們的帳戶 Flex 交易總價值就增加了 10 多億美元，其中採用 Falcon Flex 的帳戶交易總價值飆升至 25 億美元，環比增長 80%，同比增長超過 10 倍。

Our ability to close Falcon Flex deals at size and scale shows customers' long-term commitment to CrowdStrike and was a key contributor to our TCV acceleration.

我們能夠大規模完成 Falcon Flex 交易，顯示了客戶對 CrowdStrike 的長期承諾，也是我們 TCV 加速的關鍵貢獻者。

This commitment is supported by action, deploying more Falcon modules and consolidating on the platform.

這項承諾透過行動得到支持，部署了更多的 Falcon 模組並進行了平台整合。

With more than 60% of Falcon Flex deal value already deployed by customers to date, we are pleased with the deployment stats.

迄今為止，客戶已經部署了 Falcon Flex 交易價值的 60% 以上，我們對部署統計數據感到滿意。

Falcon Flex is a game changer, accelerating module adoption and making it easier and faster than ever before to consolidate on Falcon.

Falcon Flex 改變了遊戲規則，加速了模組的採用，並使在 Falcon 上進行整合變得比以往更輕鬆、更快捷。

With the summer now several quarters behind us, we're ending our Customer Commitment Package program.

隨著夏季已經過去幾個季度，我們將結束客戶承諾包計劃。

The CCP program was an excellent proactive measure, which not only built our relationship with impacted customers but also resulted in significant platform adoption.

CCP 計劃是一項非常出色的主動措施，它不僅建立了我們與受影響客戶的關係，而且還帶來了平台的廣泛採用。

This uptake gives me confidence in our second half net new ARR reacceleration as products are deployed, one-time discounts drop off, and contracts are upsized and renewed.

隨著產品的部署、一次性折扣的減少以及合約的擴大和續簽，這種增長讓我對下半年淨新 ARR 的重新加速充滿信心。

And one of the biggest beneficiaries of Falcon Flex is the accelerated adoption of our rapidly emerging platform solutions.

Falcon Flex 最大的受益者之一就是我們的新興平台解決方案的加速採用。

In the past, we've discussed three core solutions: Cloud, Identity, and Next-Gen SIEM.

過去，我們討論了三個核心解決方案：雲端、身分和下一代 SIEM。

This quarter, I'd also like to provide an update on our Exposure Management business, which is displacing legacy vulnerability management products and has swiftly become a meaningful contributor to the business with line of sight to $300 million in ARR.

本季度，我還想介紹我們的風險管理業務的最新情況，該業務正在取代傳統的漏洞管理產品，並迅速成為業務的重要貢獻者，預計 ARR 可達 3 億美元。

Starting with Cloud.

從雲開始。

Our Cloud Security business delivered a strong Q4, growing more than 45% with ending ARR more than $600 million.

我們的雲端安全業務在第四季表現強勁，成長超過 45%，期末 ARR 超過 6 億美元。

The cloud is central to the AI revolution, providing the core infrastructure to enable enterprises to harness the power of AI across their businesses.

雲端是人工智慧革命的核心，它提供核心基礎設施，使企業能夠在其業務中利用人工智慧的力量。

Cloud security has never been more important.

雲端安全從未如此重要。

We're seeing two core trends emerge in the cloud security market.

我們看到雲端安全市場出現了兩種核心趨勢。

First, the core mechanism for protecting the cloud is run time protection, where CrowdStrike is uniquely positioned to deliver the best and most comprehensive workload protection in the industry.

首先，保護雲端的核心機制是運行時保護，其中 CrowdStrike 具有獨特的優勢，可以提供業界最佳、最全面的工作負載保護。

We are the cloud runtime security vendor.

我們是雲端運行時安全供應商。

While others are trying to catch up, CrowdStrike has delivered frictionless CWP for years, battle tested to stop cloud breaches.

在其他公司努力追趕的同時，CrowdStrike 多年來一直提供無摩擦的 CWP，並經過實戰測試以阻止雲端漏洞。

And second, the market for cloud security is rapidly consolidating, with customers looking for an integrated end-to-end platform where the sum of the parts is greater than the individual pieces.

其次，雲端安全市場正在迅速整合，客戶尋求一個整合的端到端平台，其各部分的總和大於各個部分的價值。

This is the promise on which Falcon Cloud Security delivers.

這是 Falcon Cloud Security 兌現的承諾。

By securing the entirety of the AI infrastructure from workload to LLM, CrowdStrike is enabling enterprises to harness the power of AI securely.

透過保護從工作負載到 LLM 的整個 AI 基礎設施，CrowdStrike 讓企業能夠安全地利用 AI 的力量。

A key win in the quarter was an eight-figure Falcon Flex transaction for a major global financial services holding company, where we displaced a network security vendor’s multiplatform cloud offering.

本季的一個關鍵勝利是為一家大型全球金融服務控股公司達成的八位數 Falcon Flex 交易，我們取代了網路安全供應商的多平台雲端產品。

CrowdStrike Financial Services made it even easier to go all in with Falcon, committing to a large multi-year deal.

CrowdStrike Financial Services 承諾簽訂多年的大型協議，這使得與 Falcon 的全面合作變得更加容易。

Too many consoles got in the way of seamless SOC operations.

太多的控制台妨礙了 SOC 的無縫操作。

Falcon Cloud Security was far easier to manage in a single console and provided all the right security controls to stop cloud breaches.

Falcon Cloud Security 在單一控制台中管理起來更加容易，並提供所有正確的安全控制來阻止雲端漏洞。

Moving on to our Identity business, which grew to more than $370 million in ending ARR.

接下來是我們的身分業務，其期末 ARR 成長至 3.7 億美元以上。

Our Identity business continues to benefit from several key trends, including the rapidly growing identity attack surface.

我們的身分認同業務繼續受益於幾個關鍵趨勢，包括快速成長的身份攻擊面。

In addition, our vision for the recently acquired Adaptive Shield business, now called Falcon Shield, secures identities everywhere, whether on-premises, in SaaS applications or within hyperscaler infrastructure.

此外，我們對最近收購的 Adaptive Shield 業務（現稱為 Falcon Shield）的願景是保護任何地方的身份，無論是在本地、在 SaaS 應用程式中還是在超大規模基礎設施中。

A key Identity win was a large state university hospital system that consolidated on Falcon in a seven-figure deal.

Identity 贏得的一項關鍵勝利是一家大型州立大學醫院系統，該系統以七位數的價格收購了 Falcon。

The CSO secured independent budget for Falcon because of the operational superiority of our identity protection module.

由於我們的身分保護模組在操作上具有優勢，CSO 為 Falcon 獲得了獨立的預算。

Specifically, this university had enough of a competitor's identity protection bolt-on product that produced too many false positives.

具體來說，這所大學已經受夠了競爭對手的身份保護附加產品，因為該產品產生了太多的誤報。

Moving on to our Next-Gen SIEM business. which grew more than 115% year-over-year, finishing the year at more than $330 million in ending ARR.

繼續我們的下一代 SIEM 業務。該公司的年增長率超過 115%，年底的 ARR 超過 3.3 億美元。

Next-Gen SIEM is rapidly breaking out as a foundational cornerstone of the integrated Falcon platform, offering unmatched speed, scalability, and cost efficiency compared to legacy SIEMs.

下一代 SIEM 正迅速成為整合 Falcon 平台的基礎基石，與傳統 SIEM 相比，它提供無與倫比的速度、可擴展性和成本效率。

We believe the coupling of Next-Gen SIEM alongside our native first-party data and the Agentic power of Charlotte AI gives CrowdStrike a unique advantage to continue leading the AI security revolution.

我們相信，下一代 SIEM 與我們原生的第一方數據以及 Charlotte AI 的代理能力的結合，將為 CrowdStrike 帶來獨特優勢，繼續引領 AI 安全革命。

This is why CrowdStrike is uniquely delivering the AI SOC of the future today.

這就是 CrowdStrike 今天以獨特的方式提供未來 AI SOC 的原因。

A key seven-figure Next-Gen SIEM win from the quarter was a major US airline, which also ranks as one of the top of global airlines by passengers carried.

本季獲得七位數 NextGen SIEM 的關鍵勝利的是一家美國大型航空公司，該公司也是按載客量排名全球前列的航空公司之一。

This airline selected CrowdStrike to replace legacy AV in the fall and then turned to us to replace their legacy radar SIEM.

這家航空公司在秋季選擇了 CrowdStrike 來取代傳統的 AV，然後又找我們來取代他們的傳統雷達 SIEM。

Falcon Next-Gen SIEMs, ease of use, incident workbench, and ease of data ingestion prevailed over a network security vendor and hyperscaler SIEM.

Falcon Next-Gen SIEM、易用性、事件工作台和資料提取的便利性優於網路安全供應商和超大規模 SIEM。

In total, our cloud identity and Next-Gen SIEM businesses represent more than $1.3 billion in ending ARR growing nearly 50% year over year.

總體而言，我們的雲端身分和下一代 SIEM 業務的期末 ARR 超過 13 億美元，較去年同期成長近 50%。

While each of these businesses can stand on their own, it's the combination of these technologies when delivered together alongside the broader Falcon platform that continues to propel CrowdStrike forward as the only true single platform on the market today.

雖然這些業務各自都可以獨立存在，但當這些技術與更廣泛的 Falcon 平台結合在一起時，將繼續推動 CrowdStrike 向前發展，成為當今市場上唯一真正的單一平台。

And finally, for the first time, I'm excited to discuss our exposure management business which has quickly become a market disruptor.

最後，我很高興第一次討論我們的風險管理業務，該業務已迅速成為市場顛覆者。

CrowdStrike Exposure Management offers both native vulnerability management for devices and applications, coupled with integrated attack surface management.

CrowdStrike Exposure Management 為裝置和應用程式提供本機漏洞管理，並結合整合式攻擊面管理。

This enables features like attack path analysis and dramatically improved vulnerability prioritization.

這使得攻擊路徑分析等功能能夠實現，並顯著提高漏洞優先權。

Our customers are already replacing legacy vulnerability management products at scale.

我們的客戶已經大規模地更換傳統的漏洞管理產品。

Exposure Management wins are easy module attaches to Falcon Flex deals, and we're closing them with regularity as we consolidate out legacy vulnerability management vendors.

風險管理勝利是 Falcon Flex 交易的簡單模組附加，我們在整合傳統漏洞管理供應商的過程中定期完成這些交易。

Representative wins include a large digital radio station, a multinational shipping line and a large healthcare provider in Asia Pacific.

代表性案例包括亞太地區的一家大型數位廣播電台、一家跨國航運公司和一家大型醫療保健提供者。

Cybersecurity's leading partners see CrowdStrike as a generational opportunity.

網路安全的主要合作夥伴將 CrowdStrike 視為一代人的機會。

Our ecosystem is a key growth lever on our $10 billion ARR journey, already returning significant dividends.

我們的生態系統是我們 100 億美元 ARR 歷程中的關鍵成長槓桿，已經產生了可觀的紅利。

From a deal origination standpoint, partners source 60% of our new business in the fiscal year, validating our partner first strategy and ecosystem investments.

從交易發起的角度來看，合作夥伴在財政年度中為我們帶來了 60% 的新業務，這驗證了我們的合作夥伴優先策略和生態系統投資。

In particular, Next-Gen SIEM has attracted the interest of the GSI community, given their experience configuring the SIEMs of yesterday and the market opportunity to displace these legacy products.

特別是，鑑於 GSI 社群配置昨天 SIEM 的經驗和取代這些傳統產品的市場機會，下一代 SIEM 引起了 GSI 社群的興趣。

In addition, the Falcon Flex subscription model fits the GSI selling motion with incentives for customer Flex utilization.

此外，Falcon Flex 訂閱模式符合 GSI 銷售動向，並激勵客戶使用 Flex。

Our GSI business neared the $1 billion milestone in FY25, growing north of 40% year over year.

我們的 GSI 業務在 25 財年接近 10 億美元的里程碑，年增超過 40%。

Leading GSIs like Accenture, Deloitte, EY, HCL, Wipro, NTT TCS, Infosys, and Cognizant are investing in their Falcon Services practice, and I expect us to see continued growth from these partners this fiscal year.

埃森哲、德勤、安永、HCL、Wipro、NTT TCS、Infosys 和 Cognizant 等領先的 GSI 都在投資其 Falcon Services 業務，我預計本財年這些合作夥伴將繼續成長。

Our MSSP go-to-market continues to expand at a hyper growth pace, addressing the needs of small to medium businesses who want their cybersecurity program fully managed.

我們的 MSSP 市場拓展繼續以超快​​的速度擴大，滿足了希望全面管理其網路安全計畫的中小型企業的需求。

MSSP contributed nearly 15% of our new business in FY25, signifying a route to market, which has quickly grown and scaled over the past two years.

MSSP 在我們 25 財年貢獻了近 15% 的新業務，標誌著一條進入市場的途徑，該途徑在過去兩年中迅速增長和擴大。

All of our go-to-market partners benefit from our deep investment and strategic focus on cloud marketplaces.

我們所有的市場合作夥伴都受益於我們對雲端市場的深入投資和策略重點。

We recently announced being the first cybersecurity ISV to achieve more than $1 billion in sales on the AWS Marketplace in one calendar year.

我們最近宣布成為第一個在 AWS Marketplace 上一年內實現超過 10 億美元銷售額的網路安全 ISV。

We also had a noteworthy year with Google Marketplace, where in our first year of partnership, we did over $150 million in deal value out of the gate.

我們與 Google Marketplace 的合作也取得了顯著的成績，在合作的第一年，我們的交易價值就超過了 1.5 億美元。

We have aligned our partner ecosystem around hyperscaler marketplaces where we see larger deal sizes and faster deal cycle times.

我們已經圍繞著超大規模市場調整了我們的合作夥伴生態系統，在這些市場中，我們看到了更大的交易規模和更快的交易週期。

In closing, we are cybersecurity's AI native Agenetic platform that stops the breach.

最後，我們是網路安全的 AI 原生 Agenetic 平台，可以阻止違規行為。

Our innovation engine enables us to be a consolidating force for secure AI transformation.

我們的創新引擎使我們成為安全人工智慧轉型的鞏固力量。

Our platform wins seven modules are each now individually over $300 million in ending ARR, demonstrating the power of our innovation in driving record adoption and Falcon's multi-act platform opportunity that continues to drive growth.

我們的平台贏得了七個模組，每個模組的期末 ARR 均超過 3 億美元，這展示了我們在推動記錄採用方面的創新力量以及 Falcon 的多幕平台機會，將繼續推動成長。

And our go-to-market execution momentum is unprecedented.

我們進入市場的執行勢頭是前所未有的。

Businesses are speaking with their wallets, investing in CrowdStrike to secure their futures.

企業正在用錢包說話，投資 CrowdStrike 以確保他們的未來。

Today, including our end customers and those of our MSSPs, CrowdStrike is trusted by more than 74,000 organizations as their cybersecurity platform of choice, growing more than 30% year-over-year.

今天，包括我們的最終客戶和 MSSP 的客戶在內，CrowdStrike 已被超過 74,000 家組織信賴為首選的網路安全平台，並且同比增長超過 30%。

And in Q4 alone, we've closed new records in every total deal value segment.

光是在第四季度，我們就在每個交易總價值領域創下了新紀錄。

Over 20 deals greater than $10 million, over 350 deals greater than $1 million, over 2,300 deals greater than $100,000, and that was all in Q4.

超過 20 筆交易超過 1000 萬美元，超過 350 筆交易超過 100 萬美元，超過 2300 筆交易超過 10 萬美元，而這些都是在第四季度發生的。

The data tells me that customers trust CrowdStrike, partners trust CrowdStrike and the market trusts CrowdStrike.

數據告訴我，客戶信任 CrowdStrike，合作夥伴信任 CrowdStrike，市場信任 CrowdStrike。

I opened with everyone loving a good comeback story.

我和大家一起開場，講述一個個精彩的東山再起的故事。

Ours was forged by the trust of our customers, the dedication of our team and the loyalty of our partners.

我們的成功是由客戶的信任、團隊的奉獻和合作夥伴的忠誠所鑄造的。

For that, I am truly grateful.

對此，我深表感激。

One thing is certain in our AI evolving world.

在我們不斷發展的人工智慧世界中，有一件事是肯定的。

Cybersecurity will be an increasingly essential ingredient for life in the AI era.

網路安全將成為人工智慧時代生活中越來越重要的組成部分。

And now more than ever, the world needs CrowdStrike.

現在，世界比以往任何時候都更需要 CrowdStrike。

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

現在我將電話轉給 CrowdStrike 的財務長 Burt Podbere。

Thank you, George, and good afternoon, everyone.

謝謝你，喬治，大家下午好。

As a quick reminder, unless otherwise noted, all numbers except revenue mentioned during my remarks today are non-GAAP.

快速提醒一下，除非另有說明，今天我發言中提到的除收入之外的所有數字都是非 GAAP 的。

CrowdStrike delivered a strong fourth quarter and finish to the year, achieving results above our stated expectations across all guided metrics and demonstrating our ability to adapt to unexpected challenges and emerge stronger.

CrowdStrike 在第四季度和全年表現強勁，在所有指導指標中取得了超出我們預期的成績，並展示了我們適應意外挑戰和變得更加強大的能力。

Several key areas from our performance and outlook demonstrate the strength and resilience of our business, including: first, the strength of our results demonstrates the power of our business model and sales execution highlighted by our record total contract value reaching $6 billion in FY25, with growth accelerating to 40% year over year.

我們的業績和展望中的幾個關鍵領域展示了我們業務的實力和韌性，包括：首先，我們業績的強勁證明了我們商業模式和銷售執行的強大力量，其中最突出的是我們在25財年創紀錄的合約總價值達到60億美元，同比增長加速至40%。

Second, the successful completion of our Customer Commitment Program, which accelerated platform adoption and deepened customer relationships.

其次，我們成功完成了客戶承諾計劃，加速了平台採用並加深了客戶關係。

Our success is demonstrated by Falcon Flex customers adding over $1 billion in Q4 account value and our strong gross retention rate of 97%.

Falcon Flex 客戶的第四季帳戶價值增加了超過 10 億美元，我們的總留存率高達 97%，這證明了我們的成功。

And third, as we look ahead our visibility is improving.

第三，展望未來，我們的知名度正在提高。

We expect net new ARR reacceleration as well as operating margin and free cash flow margin expansion in the second half of FY26.

我們預計 26 財年下半年淨新 ARR 將重新加速，且營業利益率和自由現金流利潤率將擴大。

We believe this momentum will set the stage for further acceleration in FY27 over FY26 and position us well to achieve our long-term targets.

我們相信，這股動能將為2027財年較2026財年的進一步加速奠定基礎，並為我們實現長期目標做好準備。

For the full fiscal year, we achieved 23% and 29% ending ARR and total revenue growth, respectively.

整個財年，我們的期末 ARR 和總收入分別實現了 23% 和 29% 的成長。

Operating income grew 27% year-over-year to reach a record $837.7 million, or 21% of revenue.

營業收入年增 27%，達到創紀錄的 8.377 億美元，佔營收的 21%。

Net income attributable to CrowdStrike and EPS grew 31% and 27%, respectively, to reach a record $987.6 million, or $3.93 per diluted share.

歸屬於 CrowdStrike 的淨收入和每股盈餘分別成長 31% 和 27%，達到創紀錄的 9.876 億美元，即每股收益 3.93 美元。

Free cash flow grew 14% year over year to reach a record $1.07 billion ,or 27% of revenue.

自由現金流年增14%，達到創紀錄的10.7億美元，佔營收的27%。

For the fourth quarter, we achieved net new ARR of $224 million and ending ARR grew 23% over last year to reach $4.24 billion.

第四季度，我們實現淨新 ARR 2.24 億美元，期末 ARR 較去年同期成長 23%，達到 42.4 億美元。

Our fourth quarter results showcase the success of our go-to-market and single platform strategies.

我們的第四季業績證明了我們的市場進入和單一平台策略的成功。

Falcon Flex momentum is increasing.

Falcon Flex 勢頭正在增強。

Accelerating platform adoption and our strong sales execution positions us to extend our market leadership with the AI-native Falcon platform.

加速平台採用和強大的銷售執行使我們能夠透過 AI 原生 Falcon 平台擴大我們的市場領導地位。

Additionally, we entered the new fiscal year with a healthy pipeline as we continue to see robust demand for both prospective and existing customers.

此外，我們以健康的產品線進入了新的財年，因為我們繼續看到潛在客戶和現有客戶的強勁需求。

In Q4, we completed our very successful Customer Commitment Program.

在第四季度，我們完成了非常成功的客戶承諾計畫。

We estimate that the ARR value of customer commitment packages provided in Q4 was approximately $56 million, bringing the estimated value for the fiscal year to approximately $80 million.

我們估計第四季度提供的客戶承諾包的 ARR 價值約為 5,600 萬美元，使得本財年的估計價值達到約 8,000 萬美元。

While this exceeded our expectations in Q4 as we concluded the program, the majority of deals that closed with customer commitment packages in the quarter included additional product or Flex dollars, rather than extended time and professional services.

雖然這超出了我們在第四季度完成該計劃時的預期，但本季以客戶承諾包達成的大多數交易都包括額外的產品或 Flex 美元，而不是延長時間和專業服務。

We view this as a positive for the business as it demonstrates customers' trust in our long-term partnership, and importantly, drives bigger deals and increased levels of platform adoption as customers further consolidate onto the Falcon platform.

我們認為這對業務來說是一個積極的信號，因為它表明了客戶對我們長期合作關係的信任，而且重要的是，隨著客戶進一步整合到 Falcon 平台上，它將推動更大的交易和更高的平台採用率。

And as George stated, the success of the program, combined with the strong uptake of Falcon Flex, gives us confidence in future net new ARR reacceleration as products are deployed, one-time discounts expire, and contracts are upsized and renewed.

正如喬治所說，該計劃的成功，加上 Falcon Flex 的強勁增長，讓我們對未來隨著產品的部署、一次性折扣的到期以及合約的擴大和續簽，淨新 ARR 的重新加速充滿信心。

This dynamic also limited the impact on Q4 revenue, which was de minimis and well below our $30 million expectation, contributing to our strong revenue beat for the quarter.

這種動態也限制了對第四季營收的影響，影響微乎其微，遠低於我們 3,000 萬美元的預期，有助於我們本季營收強勁成長。

As mentioned earlier, we are seeing substantial increases in Falcon platform adoption, accelerated by our Falcon Flex subscription model.

如前所述，我們看到 Falcon 平台的採用率正在大幅成長，這得益於我們的 Falcon Flex 訂閱模式。

In Q4, subscription customers with six, seven and eight or more modules grew to 48%, 32% and 21% of subscription customers, respectively.

第四季度，擁有六個、七個和八個以上模組的訂閱客戶分別成長至訂閱客戶的 48%、32% 和 21%。

Notably, customers with five or more modules reached an all-time high of 67%, and on average, new customers are landing with at least five modules.

值得注意的是，擁有 5 個或更多模組的客戶達到了 67% 的歷史新高，而且平均而言，新客戶至少擁有 5 個模組。

Given this new heightened level of platform adoption on a broad scale, we will discontinue the five or more metric.

鑑於平台採用率在廣泛範圍內達到新的高度，我們將停止使用五個或更多指標。

Our Falcon Flex program fueled an acceleration in platform adoption in FY25.

我們的 Falcon Flex 計畫推動了 25 財政年度平台採用的加速。

With Falcon Flex customers adopting more than nine modules on average, Flex is our future.

由於 Falcon Flex 客戶平均採用超過 9 個模組，因此 Flex 就是我們的未來。

Additionally, in Q3 of FY25, we announced the launch of CrowdStrike Financial Services, or CFS, and have already closed deals worth over $140 million through the program in FY25.

此外，在25財年第三季度，我們宣布推出CrowdStrike Financial Services（簡稱CFS），並且已經透過該計畫在25財年完成了價值超過1.4億美元的交易。

CFS enhances our customers' ability to do larger and longer-term deals with us, further enabling future platform adoption and strategic Falcon Flex deals.

CFS 增強了我們客戶與我們進行更大規模和更長期交易的能力，進一步支援未來的平台採用和策略性的 Falcon Flex 交易。

As our growing module adoption demonstrates, customers are purchasing the Falcon platform for a strategic, long-term single platform standardization and increasingly leveraging Falcon Flex as the vehicle for these purchases.

正如我們不斷增長的模組採用率所表明的那樣，客戶正在購買 Falcon 平台以實現戰略性的長期單一平台標準化，並越來越多地利用 Falcon Flex 作為這些購買的工具。

In addition to accelerating module adoption, our strong customer relationships underpin our exceptional customer retention.

除了加速模組採用之外，我們牢固的客戶關係還支撐著我們卓越的客戶保留率。

Gross retention in Q4 remained high at 97%, and our dollar-based net retention rate was 112%, reflecting the impact of customer commitment packages.

第四季的總留存率仍高達 97%，而我們的美元淨留存率為 112%，反映了客戶承諾包的影響。

Given the size and scale of our business, we're very pleased with our net retention.

考慮到我們業務的規模，我們對我們的淨留存率非常滿意。

Moving to the P&L.

轉到損益表。

Total revenue grew 25% over Q4 of last year to reach $1.06 billion ahead of our expectations.

總收入比去年第四季成長了 25%，達到 10.6 億美元，超出了我們的預期。

Subscription revenue reached a new milestone of over $1 billion in quarterly revenue, growing 27% year over year to $1.01 billion, while professional services revenue was $50.2 million.

訂閱收入達到了季度收入超過 10 億美元的新里程碑，年增 27%，達到 10.1 億美元，而專業服務收入為 5,020 萬美元。

Total gross margin was 78%, and subscription gross margin was over 80% of revenue, both in line with last year's Q4 performance.

總毛利率為78%，訂閱毛利率佔營收的80%以上，皆與去年第四季的表現一致。

Total non-GAAP operating expenses in the fourth quarter were $607.8 million compared to $448.1 million in the prior year.

第四季非公認會計準則總營業費用為 6.078 億美元，去年同期為 4.481 億美元。

In Q4, we continued our disciplined approach to investing, prioritizing investments in platform innovation, and resiliency.

在第四季度，我們繼續採取嚴謹的投資方式，優先投資平台創新和彈性。

Our customer-first mindset is central to our approach to innovation and the driving force behind the success of our single-platform strategy and industry-leading retention rates.

客戶至上的理念是我們創新方法的核心，也是我們單一平台策略和產業領先保留率成功的驅動力。

In the fourth quarter, non-GAAP operating income grew to $217.3 million and operating margin was 21%, well ahead of our guidance.

第四季度，非公認會計準則營業收入成長至 2.173 億美元，營業利益率為 21%，遠高於我們的預期。

Our investments in AI are driving significant internal efficiencies, enabling our teams to focus on high-value activities across the business.

我們在人工智慧方面的投資正在顯著提高內部效率，使我們的團隊能夠專注於整個業務的高價值活動。

In Q4, we saw strong employee adoption of AI capabilities with average reported time savings per employee of over one full workday a month, equating to more than 24,000 work weeks saved, if annualized across our entire workforce.

在第四季度，我們看到員工大力採用人工智慧功能，平均每位員工每月節省超過一個整天的工作時間，如果按年度計算，整個員工隊伍每年可節省超過 24,000 個工作週。

We are also leveraging AI to automate key sales processes and streamline reporting and workflow.

我們也利用人工智慧來自動化關鍵銷售流程並簡化報告和工作流程。

By automating the hours of manual work involved in these tasks, we can deliver new efficiencies in the business while continuing to execute on growth initiatives.

透過將這些任務所涉及的大量手動工作自動化，我們可以在繼續執行成長計畫的同時提高業務效率。

GAAP net loss attributable to CrowdStrike was $92.3 million and included $49.9 million of tax expenses related to acquisitions and $21 million of incident-related expenses with the remaining loss related to the ongoing impact of one-time programs for employees and one-time incentives for the sales team.

歸屬於 CrowdStrike 的 GAAP 淨虧損為 9,230 萬美元，其中包括與收購相關的 4,990 萬美元稅費和 2,100 萬美元事件相關費用，剩餘損失與針對員工的一次性計劃和針對銷售團隊的一次性激勵措施的持續影響有關。

Non-GAAP net income attributable to CrowdStrike grew 10% over Q4 of last year to $261.0 million, or $1.03 on a diluted per share basis, well ahead of our guidance.

歸屬於 CrowdStrike 的非 GAAP 淨收入較去年第四季成長 10%，達到 2.61 億美元，或每股攤薄收益 1.03 美元，遠高於我們的預期。

Cash and cash equivalents grew to $4.32 billion.

現金及現金等價物成長至43.2億美元。

Free cash flow was $239.8 million, or 23% of revenue.

自由現金流為 2.398 億美元，佔收入的 23%。

Incident-related expenses impacted Q4 free cash flow by approximately $22 million.

事件相關費用對第四季自由現金流影響了約 2,200 萬美元。

The $93 million in deals financed through CrowdStrike Financial Services in Q4 had a de minimis impact to the quarter's free cash flow as expected.

正如預期的那樣，第四季度透過 CrowdStrike Financial Services 融資的 9,300 萬美元交易對本季的自由現金流影響甚微。

Moving to our outlook and modeling notes.

轉向我們的展望和建模說明。

The fundamentals of our business remain strong, and we remain committed to our long-term target model.

我們的業務基本面依然強勁，我們仍然致力於我們的長期目標模式。

We are encouraged by: first, best-in-class customer retention rates and the success of our concluded Customer Commitment Program; second, continued strong and rapid adoption of Falcon Flex, which is accelerating module adoption rates, helping drive deeper strategic relationships with our customers and positioning us for long-term growth; and third, a robust demand environment across multiple large and growing markets, including Next-Gen SIEM, where we are in the early stages of disrupting a large legacy market and newer markets such as Agentic AI for cybersecurity, where our unique data advantage positions us as the natural innovation and category leader.

我們感到鼓舞：首先，​​一流的客戶保留率和我們完成的客戶承諾計劃的成功；第二，Falcon Flex 的持續強勁和快速應用，加速了模組採用率，有助於與客戶建立更深層的策略關係，並為我們的長期成長做好準備；第三，多個大型且不斷成長的市場有著強勁的需求環境，包括下一代 SIEM，我們正處於顛覆大型傳統市場和較新市場（如網路安全領域的 Agentic AI）的早期階段，我們獨特的數據優勢使我們成為天然的創新和類別領導者。

Visibility is improving as we move further from the sun.

隨著我們離太陽越來越遠，能見度也越來越好。

While we do not guide to net new ARR, our assumptions include a typical Q4 to Q1 seasonal decline of approximately 21% to 23% quarter-over-quarter.

雖然我們沒有公佈淨新 ARR 的指引，但我們的假設包括第四季度至第一季的典型季節性下降，季減約 21% 至 23%。

The net new ARR acceleration we expect in the second half of FY26 sets the foundation for further acceleration in FY27 over FY26 and -- as we scale the business to our goal of $10 billion of ending ARR by FY31.

我們預計 26 財年下半年淨新 ARR 將會加速成長，這為 27 財年較 26 財年的進一步加速奠定了基礎，並且我們將把業務規模擴大到 31 財年實現 100 億美元的期末 ARR 的目標。

It also sets the stage for operating and free cash flow margin improvement in the back half of the year, particularly in Q4.

這也為下半年，特別是第四季的營業和自由現金流利潤率改善奠定了基礎。

Our operating margin guidance reflects the upfront investments we're making in key areas of the business, which we expect to yield clear ROI by the back half of FY26, fueling our growth and innovation.

我們的營業利潤率指引反映了我們在業務關鍵領域進行的前期投資，我們預計這些投資將在 26 財年下半年產生明確的投資回報，從而推動我們的成長和創新。

The high end of our guidance implies a fiscal year 2026 non-GAAP operating margin of approximately 21% and we plan to return to GAAP profitability in Q4.

我們的預期高端意味著 2026 財年非 GAAP 營業利潤率約為 21%，我們計劃在第四季度恢復 GAAP 獲利能力。

Looking beyond this year, we plan to deliver 23% non-GAAP operating margin in FY27 as we quickly ramp to our target non-GAAP operating model by fiscal 2029, which includes a free cash flow margin target between 34% and 38%.

展望今年，我們計劃在 2027 財年實現 23% 的非 GAAP 營業利潤率，因為我們將在 2029 財年迅速實現我們的目標非 GAAP 營運模式，其中包括 34% 至 38% 之間的自由現金流利潤率目標。

Please note, in Q1 of FY26, we expect cash impacts of approximately $73 million for outage-related costs, including incremental sales compensation, as well as $43 million due to the impact of flexible payment terms provided under customer commitment packages for deals closed in the back half of FY25.

請注意，在26財年第一季度，我們預計與停電相關的成本（包括增量銷售補償）的現金影響約為7300萬美元，以及25財年下半年達成的交易的客戶承諾方案下提供的靈活付款條件的影響產生的4300萬美元。

We expect to exit fiscal year 2026 with Q4 free cash flow margin at approximately 27% and to return to 30% or more free cash flow margin on an annual basis in FY27.

我們預計，2026 財年第四季的自由現金流利潤率將達到約 27%，2027 財年的年度自由現金流利潤率將恢復到 30% 或更高。

Moving to our guidance.

轉向我們的指導。

For the first quarter of FY 2026, we expect total revenue to be in the range of $1,100.6 million to $1,106.4 million, reflecting a year-over-year growth rate of approximately 20%.

對於 2026 財年第一季度，我們預計總營收在 11.006 億美元至 11.064 億美元之間，年成長率約為 20%。

We expect non-GAAP income from operations to be in the range of $173.1 million to $180.0 million and non-GAAP net income attributable to CrowdStrike to be in the range of $162.1 million to $167.5 million.

我們預計非公認會計準則下的營業收入將在 1.731 億美元至 1.8 億美元之間，歸屬於 CrowdStrike 的非公認會計準則下淨收入將在 1.621 億美元至 1.675 億美元之間。

We expect diluted non-GAAP net income per share attributable to CrowdStrike to be approximately $0.64 to $0.66, utilizing a weighted average share count of approximately 254 million shares on a diluted basis and a 22.5% non-GAAP effective tax rate, which is a $0.19 impact to EPS at the midpoint.

我們預計，歸屬於 CrowdStrike 的每股攤薄非 GAAP 淨利潤約為 0.64 美元至 0.66 美元，採用攤薄後加權平均股數約 2.54 億股和 22.5% 的非 GAAP 有效稅率，即中位數對每股收益的影響為 0.19 美元。

For the full fiscal year 2026, we currently expect total revenue to be in the range of $4,743.5 million to $4,805.5 million, reflecting a growth rate of 20% to 22% over the prior fiscal year.

對於 2026 財年全年，我們目前預計總營收將在 47.435 億美元至 48.055 億美元之間，比上一財年增長 20% 至 22%。

Non-GAAP income from operations is expected to be between $944.2 million and $985.1 million.

非公認會計準則營業收入預計在 9.442 億美元至 9.851 億美元之間。

We expect fiscal 2026 non-GAAP net income attributable to CrowdStrike to be between $851.2 million and $883.0 million.

我們預計 2026 財年歸屬於 CrowdStrike 的非 GAAP 淨收入將在 8.512 億美元至 8.83 億美元之間。

Utilizing approximately 256 million weighted average shares on a diluted basis and a 22.5% non-GAAP effective tax rate, which is a $0.98 impact to EPS at the midpoint, we expect non-GAAP net income per share attributable to CrowdStrike to be in the range of $3.33 to $3.45.

利用稀釋後約 2.56 億股加權平均股份和 22.5% 的非 GAAP 有效稅率（中間值對每股收益產生 0.98 美元的影響），我們預計歸屬於 CrowdStrike 的非 GAAP 每股淨利潤將在 3.33 美元至 3.45 美元之間。

Please refer to our earnings release and earnings presentation for additional details regarding our changes in presentation of non-GAAP measures related to tax and presentation and additional modeling notes.

有關我們對與稅收和展示以及附加建模說明相關的非 GAAP 指標展示變化的更多詳細信息，請參閱我們的收益報告和收益展示。

George and I will now take your questions.

喬治和我現在將回答你們的問題。

Operator, we are now ready for questions.

接線員，現在我們可以回答問題了。

(Operator Instructions) Saket Kalia, Barclays.

(操作員指示) Saket Kalia，巴克萊銀行。

Okay.

好的。

Great.

偉大的。

And nice finish to the year.

為這一年畫下圓滿的句點。

Thank you, Saket.

謝謝你，Saket。

Sure.

當然。

George, maybe for you.

喬治，也許對你來說是這樣。

We heard on the call that Falcon Flex is the future.

我們在電話中聽說 Falcon Flex 代表著未來。

I was wondering if you could just talk a little bit about how Falcon Flex is driving better value for customers.

我想知道您是否可以簡單談談 Falcon Flex 如何為客戶帶來更高的價值。

And any examples you have maybe how current customers are growing their existing spending with CrowdStrike through Falcon Flex.

您是否可以舉個例子，說明現有客戶如何透過 Falcon Flex 在 CrowdStrike 上增加現有支出。

Sure.

當然。

Thanks, Saket.

謝謝，Saket。

And as we've talked about for some time, Falcon Flex was really borne out of customer demand. wanting to consolidate more with CrowdStrike and wanted to create a flexible way to procure more modules.

正如我們一段時間以來所談論的，Falcon Flex 確實是出於客戶需求而產生的。希望與 CrowdStrike 進行更多整合，並希望創建一種靈活的方式來購買更多模組。

So when we think about Falcon Flex, again, it opens the entire product catalog up to our customers, and then they can add new modules without necessarily going through a procurement cycle.

因此，當我們考慮 Falcon Flex 時，它再次向我們的客戶開放了整個產品目錄，然後他們可以添加新的模組而不必經過採購週期。

The more they commit, the better the discounts and they can basically use that very seamlessly in their environment.

他們承諾的越多，折扣就越好，而且他們基本上可以在自己的環境中非常無縫地使用它。

So let me just give you one example.

讓我給你舉一個例子。

Last quarter, we had a large transportation company where we consolidated three vendors: Cloud, SIEM, and multiple endpoint vendors, and we move them to a Flex.

上個季度，我們有一家大型運輸公司，我們整合了三個供應商：雲端、SIEM 和多個端點供應商，並將它們轉移到 Flex。

And in this particular case, a large enterprise, we increased the ARR by 67%.

在這個特殊的案例中，我們是一家大型企業，我們將 ARR 提高了 67%。

And that's just one of many examples that we've seen.

這只是我們所見過的眾多例子之一。

And in general, what we're finding is that customers are -- as we go through the demand plan, they're ahead of schedule in their demand plan in consuming the Flex, which is a great stat for us.

總體而言，我們發現，當我們執行需求計劃時，客戶在消費 Flex 方面已經提前完成了需求計劃，這對我們來說是一個很好的數據。

And we called out some of those in the earnings script.

我們在盈利腳本中提到了其中的一些。

So excited about Falcon Flex, and it's our really market-leading way to engage with customers as we go forward.

我對 Falcon Flex 感到非常興奮，這是我們未來與客戶互動的真正市場領先的方式。

Brian Essex, JPMorgan.

摩根大通的布萊恩‧艾塞克斯 (Brian Essex)。

Okay.

好的。

Hopefully, you can hear me.

希望你能聽到我的聲音。

I guess I want to talk about emerging products.

我想談談新興產品。

And if I look at the growth rate, it seems as though Cloud and Identity decelerated at a faster rate than logscale.

如果我看一下成長率，似乎雲端運算和識別的減速速度比對數尺度更快。

Is that a function of the incentives and how customers may have spent it in Cloud and Identity as opposed to log scale, which may have more injection costs associated with it?

這是激勵機制的功能嗎？

Just maybe if you could give a little bit of color on how your customers are consuming those.

也許您可以稍微介紹一下您的客戶是如何消費這些產品的。

We understand the sustainability of those emerging segments.

我們了解這些新興領域的可持續性。

Yes, good question.

是的，好問題。

So just recently, as you may have seen in our threat report, we talked about identity and how critical it is to customers.

就在最近，正如您可能在我們的威脅報告中看到的那樣，我們討論了身份以及它對客戶的重要性。

Since 2019, as an example, 40% of the attacks were identity-based or non-malware based.

以 2019 年以來為例，40% 的攻擊是基於身分或非惡意軟體的攻擊。

And in the current report, 79% are non-malware base.

而在目前報告中，79％是非惡意軟體基礎。

A lot of it is around Identity.

其中很多都與身分有關。

So what we've seen as part of the CCP package is that Identity and Cloud has been a big driver of what people have been taking because they know it's so critical for their protection going forward.

因此，我們在 CCP 方案中看到的是，身分和雲端已經成為人們採用這些技術的重要驅動力，因為他們知道這對他們未來的保護至關重要。

So when we look at that and as we talked about the back half of the year, CCP sort of elements will be burning off and Obviously, it's a great opportunity to be able to renew what they're already using and how we're ready protecting them.

所以，當我們回顧這一點並談到今年下半年時，中共的一些元素將會逐漸消失，顯然，這是一個很好的機會，可以更新他們已經在使用的東西，以及我們準備好如何保護他們。

So we view it as a net positive and seeding the customer base.

因此，我們認為這會產生正面影響並能擴大客戶群。

Gabriela Borges, Goldman Sachs.

高盛的加布里埃拉·博爾赫斯 (Gabriela Borges)。

Burt, I wanted to ask you a little bit about how you thought about guidance for the year because we had the pause in the external demand gen around the July time frame we have the enterprise sales cycles pushing out, by I think you said 15%.

伯特，我想問你一下，你對今年的指導意見有何看法，因為我們在 7 月份左右的外部需求生成方面暫停了，而企業銷售週期正在延長，我記得你說的延長幅度是 15%。

Maybe just talk us through how did you think about the puts and takes to the back half of the year as some of those dynamics reverse?

也許您可以跟我們講講，當某些動態發生逆轉時，您如何看待下半年的看跌和看漲走勢？

And then to Brian's earlier question.

然後回答布萊恩之前的問題。

You also have the CCP contracts renewing.

你們還與中共續約了。

Maybe just walk us through how you thought about some of those dynamics.

也許您可以向我們介紹一下您是如何看待這些動態的。

Yeah, sure, Gabriela.

是的，當然，加布里埃拉。

Thanks for that.

謝謝。

So I think George touched on some of it already with respect to the CCP programs, the onetime incentives with respect to those coming due in the back half of next year, gives us confidence that we're going to be able to take advantage of the opportunity to upsell our customers.

所以我認為喬治已經談到了有關 CCP 計劃的一些內容，關於明年下半年即將到期的一次性激勵措施，讓我們有信心能夠利用這個機會來向客戶追加銷售。

They're already using it.

他們已經在使用它了。

They're already loving it.

他們已經愛上它了。

It's going to be easy for them to renew.

對他們來說，續約將會很容易。

And of course, as we continue to think about new products that we're coming to market with, it's a great discussion to have we've already gone through, as George said, the demand plan.

當然，當我們繼續考慮將要推向市場的新產品時，正如喬治所說，我們已經進行了需求計劃，這是一次很好的討論。

We're ahead of the demand plan in terms of where customers are at in terms of drawing down from their flex pools.

從客戶從其彈性池中提取資源的情況來看，我們領先於需求計劃。

So this gives us excitement about our ability to actually go and have that reacceleration in the back half.

所以這讓我們對自己在後半段真正實現加速的能力感到興奮。

And I think that it really talks to not only the emerging products that we've had great success in.

我認為這實際上不僅僅涉及我們取得巨大成功的新興產品。

But even the rest of our products, we have 29 modules to sell to our customers.

但即使是我們其餘的產品，我們也有 29 個模組可以銷售給客戶。

We have this opportunity to upsell them, to take out costs and show the value of CrowdStrike.

我們有這個機會向他們追加銷售，降低成本並展示 CrowdStrike 的價值。

That's why we get excited about the reacceleration of net new ARR in the back half.

這就是我們對下半年淨新 ARR 的重新加速感到興奮的原因。

Tal Liani, BofA.

美國銀行的 Tal Liani。

Here you go.

幹得好。

I have two questions, so I'll choose one.

我有兩個問題，所以我將選擇一個。

Contribution from existing customers.

來自現有客戶的貢獻。

If I look at your GRR and NRR and I calculate contribution from existing customers versus new customers.

如果我查看您的 GRR 和 NRR，並計算現有客戶與新客戶的貢獻。

Your performance on new customers is very consistent.

你們在新客戶方面的表現非常一致。

You're growing between 10% to 11% a year from new customers.

您每年從新客戶獲得的成長率為 10% 到 11%。

But the growth from existing customers had gone down, which means there are some -- there is a decline in the growth in upselling to existing customers.

但來自現有客戶的成長已經下降，這意味著對現有客戶的追加銷售成長有所下降。

So you started the year with Q1, with 21% growth coming from existing customers, and you ended the year with 15% and every quarter, it goes down.

因此，您從第一季開始，現有客戶的成長率為 21%，而到年底，成長率只有 15%，每季都在下降。

Can you talk about your ability to take NRR back up which is the function of sales to existing customers or upsell to existing customers?

您能否談談您提高 NRR 的能力，這是對現有客戶銷售或向現有客戶追加銷售的功能？

Sure, Tal.

當然，塔爾。

Thanks.

謝謝。

So there's a few dynamics that are impacting, obviously, dollar-based net retention.

因此，顯然有一些動態因素會影響基於美元的淨留存率。

Obviously, our CCP had an impact.

顯然，我們中共產生了影響。

But remember, DBNR is a noisy metric for us.

但請記住，DBNR 對我們來說是一個吵雜的指標。

As you know, we don't manage to it.

正如你所知，我們沒能做到這一點。

In any given quarter, we can land bigger longer deals, which does put pressure on our dollar-based net retention, George talked about what Flex does to that environment.

在任何一個季度，我們都可以達成更大、更長期的交易，這確實給我們基於美元的淨保留帶來壓力，喬治談到了 Flex 對這種環境的影響。

Flex gives us the opportunity to enter into larger, longer deals, which could impact DBNR, but that's a good thing for us.

Flex 讓我們有機會達成更大、更長期的交易，這可能會影響 DBNR，但對我們來說是一件好事。

We want customers to engage with us with bigger deals, longer deals, that's exciting.

我們希望客戶能夠與我們進行更大、更長期的交易，這是令人興奮的。

Conversely, we now have a bigger base to sell into.

相反，我們現在擁有更大的銷售基礎。

We have this opportunity to go after more logos.

我們有機會追求更多的標誌。

So in any given quarter, we're going to get different dynamics and different pressures, but I think the good news is we've got a lot of room with respect to new logos, and we've got this ever-expanding base where we can sell into an upsell and cross-sell.

因此，在任何一個季度，我們都會面臨不同的動態和不同的壓力，但我認為好消息是我們在新的標誌方面有很大空間，而且我們擁有不斷擴大的基礎，可以進行追加銷售和交叉銷售。

So that's how we look at that dynamic.

這就是我們看待這種動態的方式。

Joel Fishbein, Truist Securities.

Truist Securities 的 Joel Fishbein。

George, thanks for the color around AI and AI strategy in Charlotte.

喬治，感謝您為夏洛特帶來的人工智慧和人工智慧策略。

I would just love to get a little bit more color around pricing and competitive environment around the AI security, that would be really helpful.

我很想多了解人工智慧安全的定價和競爭環境，這將非常有幫助。

Thank you.

謝謝。

So yes, I mean when you look at Charlotte AI and what we've been able to do from an Agentic AI perspective.

是的，我的意思是當你從 Agentic AI 的角度看 Charlotte AI 以及我們能夠做什麼。

We talked about some of the efficiencies in terms of our safe.

我們談論了安全方面的一些效率。

We've talked about taking a level 1 analyst turning into a level 3.

我們已經討論過如何將 1 級分析師提升為 3 級分析師。

And with Falcon Flex, we have a lot of attach of Charlotte in these deals, and we continue to be wired into our workflows, which is a key part of being Agentic.

透過與 Falcon Flex 的合作，我們在這些交易中與夏洛特有很多聯繫，我們將繼續將其融入我們的工作流程，這是 Agentic 的關鍵部分。

So I think overall, we're getting feedback from customers.

所以我認為總的來說，我們正在收到來自客戶的回饋。

They like it.

他們喜歡它。

They're using it.

他們正在使用它。

And one of the interesting facts that has come out since we released this is that we certainly geared it towards that level 1 analyst.

自從我們發布這項報告以來，我們發現一個有趣的事實：我們確實將其面向 1 級分析師。

But we're actually finding that the level three analysts are using it even more because they understand how to prompt it and get information out of it.

但我們實際上發現，三級分析師使用它更多，因為他們知道如何提示它並從中獲取資訊。

So overall, it's, I think, been very encouraging uptake.

所以總的來說，我認為，這是一個非常令人鼓舞的進展。

And certainly, it continues to perform and save our customers a tremendous amount of time and effort.

當然，它繼續發揮作用並為我們的客戶節省了大量的時間和精力。

So we'll have updates on Charlotte, but full steam ahead.

因此，我們將全速前進，更新夏洛特的情況。

And as you and I have talked about in the past, it's still early innings in this Agentic world, and we continue to lead the way.

正如你我過去談到的，Agentic 世界仍處於早期階段，我們將繼續引領潮流。

Matt Hedberg, RBC.

馬特·赫德伯格（Matt Hedberg），RBC。

George, for you, Exposure Management is near and dear to your heart.

喬治，對你來說，風險管理是你最關心的事。

And you could sense the enthusiasm with some of your early wins.

您可以從早期的一些勝利中感受到這種熱情。

I'm just curious to put a finer point on that.

我只是好奇想更詳細地闡述這一點。

Are we talking about full like network endpoint replacements there?

我們討論的是完整的網路端點替換嗎？

I just want to make sure that I understand like the composition of your platform versus some of the pure plays?

我只是想確保我理解你們平台的組成以及一些純粹的遊戲？

Yes, we are.

是的。

When we look at our technology there, whether it's exposure management, vulnerability management is an element of exposure management.

當我們檢視我們的技術時，無論是風險管理，漏洞管理都是風險管理的要素。

We've done some acquisitions.

我們已經進行了一些收購。

We've had some capabilities for a while, particularly on the agent side.

我們已經具備一些能力一段時間了，特別是在代理方面。

And we have released the ability to actually scan over the network, which was a missing element that we didn't have in the past.

我們已經發布了透過網路進行實際掃描的功能，這是我們過去所缺少的功能。

So that really allows for fuller replacements in a competitive environment.

因此，在競爭環境中，這確實可以實現更全面的替換。

And our customers have been asking for it.

我們的客戶也一直要求這樣做。

We focused on the agent first.

我們首先關注代理商。

Of course, that's where our strength is.

當然，這正是我們的優勢所在。

And now with the ability to scan it really has unlocked the potential to replace a lot of the competitive products in that market.

現在，有了掃描功能，它確實有潛力取代市場上許多競爭產品。

So we remain excited.

因此我們依然感到興奮。

It's fully integrated.

它是完全整合的。

It leverages the full base of data that we have in our AI and workflow infrastructure.

它利用了我們在人工智慧和工作流程基礎設施中擁有的全部數據。

And we'll continue to give you updates on it because we think it's a real added element to the repertoire of the modules that we have, and we're proud to tell you about the success.

我們將繼續向您提供最新信息，因為我們認為它是我們現有模組庫的真正附加元素，我們很自豪地告訴您它的成功。

Andrew Nowinski, Wells Fargo.

富國銀行的安德魯‧諾溫斯基 (Andrew Nowinski)。

Congrats on a really strong recovery quarter here.

恭喜本季經濟復甦勢頭強勁。

I'd like to just dig a little bit deeper on your net new ARR.

我想更深入地了解您的淨新 ARR。

If you could just clarify how much the Adaptive Shield acquisition contributed this quarter in Q4?

您能否澄清一下 Adaptive Shield 的收購對第四季度的貢獻有多大？

And then if you add back the $56 million you talked about in CCP, it looks like net new ARR is still down about 1% year over year, but gross retention was unchanged.

然後，如果您加上您在 CCP 中談到的 5600 萬美元，看起來淨新 ARR 仍同比下降約 1%，但總留存率保持不變。

So it doesn't look like churn increased at all.

因此看起來客戶流失率根本沒有增加。

I'm wondering if you think customers might still be holding back on spending as a reason why net new is still down 1%.

我想知道您是否認為客戶仍然抑制支出是導致淨新增量仍下降 1% 的原因。

Andrew, so let me take the churn and contraction question first.

安德魯，首先讓我來回答客戶流失和收縮的問題。

So basically, for us, what we saw for CCP any churn and contraction with respect to CCP was really de minimis.

因此基本上，對我們來說，我們看到的 CCP 的任何流失和收縮都是微不足道的。

There was not much there at all.

那裡什麼也沒有。

And with respect to churn and contraction overall, it was really in line with what we've been seeing.

就整體的客戶流失和收縮而言，這確實與我們所看到的情況一致。

There's been no anomalous behavior with respect to churn and contraction.

在流失和收縮方面沒有出現異常行為。

So we're actually really excited about where we're headed with respect to net new ARR and certainly with the reacceleration in the back half.

因此，我們對於淨新 ARR 的發展方向以及下半年的重新加速感到非常興奮。

With respect to Adaptive Shield, it was a very small number with respect to ARR.

就 Adaptive Shield 而言，相對於 ARR 來說，這是一個非常小的數字。

So it's de minimis from our perspective.

所以從我們的角度來看，這是微不足道的。

But when you think about the opportunity, that's a very different story, and I'll turn it over to George to talk about the opportunity with Adaptive Shields

但當你考慮到這個機會時，這是一個非常不同的故事，我會把主題交給喬治，讓他談談自適應護盾的機會

Yes.

是的。

This is one where our customers are really excited.

這是我們客戶非常興奮的一點。

The day it was announced, all of our Flex customers asked when they can have it.

發布當天，我們所有的 Flex 客戶都詢問何時可以使用它。

And twenty days later, it was part of their rate card.

二十天后，它就成了他們的收費表的一部分。

So we've seen amazing adoption of it in the early days here.

因此，我們在早期就看到了它在這裡的驚人採用。

Obviously, we'll continue to give you updates.

顯然，我們會繼續向您提供更新資訊。

But it's a fantastic technology and something that's really needed in the environment today.

但這是一項了不起的技術，也是當今環境真正需要的技術。

Fatima Boolani, Citi.

花旗銀行的 Fatima Boolani。

George, you referenced the staggering in the period deal value that you have contracted for Falcon Flex specifically.

喬治，您提到了您為 Falcon Flex 簽訂的定期交易價值的驚人數字。

I specifically wanted to ask you about the Falcon Flex dollars that you have given in kind to some of your CCP customers.

我特別想問您關於以實物形式贈送給部分 CCP 客戶的 Falcon Flex 美元的問題。

And I wanted to get an understanding of how quickly they're burning through those in-kind flex dollars that you've given them such that it is triggering earlier renewal, earlier upsell events.

我想了解他們是如何快速消耗你給予他們的實體彈性美元的，從而引發更早的續約和更早的追加銷售活動。

And if that was a contributing factor to how robust the in-quarter deal value was for Falcon Flex?

這是否是影響 Falcon Flex 本季交易價值強勁的因素？

Sure.

當然。

Well, what we've seen as we've moved to Falcon Flex and certainly, CCP is just leveraging the licensing model of Falcon Flex to provide some value back to our customers.

好吧，當我們轉向 Falcon Flex 時，我們看到 CCP 只是利用 Falcon Flex 的許可模式為我們的客戶提供一些價值。

But as Burt and I've talked about the back half of the year, we certainly look towards that as where those Falcon Flex CCP dollars would burn off.

但正如伯特和我談到今年下半年時那樣，我們肯定會將 Falcon Flex CCP 的資金花光。

A lot of our sellers now, again, are focused not on just selling new modules, but demand planning with our customers.

現在，我們的許多賣家不僅專注於銷售新模組，還專注於與客戶一起進行需求規劃。

And we're seeing the demand plans be ahead of schedule, right?

我們看到需求計劃提前了，對嗎？

So that's a good thing.

這是一件好事。

And obviously, the more they consume within a shorter period of time, the better for us.

顯然，他們在較短的時間內消耗得越多，對我們越有利。

And obviously, we want to be there to provide value in any of the modules we have or some of the newer ones like Shield.

顯然，我們希望為我們現有的任何模組或一些較新的模組（如 Shield）提供價值。

So any other comments on that Burt?

那麼伯特對此還有其他評論嗎？

Yes.

是的。

Look, I think we have this great opportunity in front of us.

看，我認為我們面前有這個絕佳的機會。

I think -- remember, the one thing that really gives us more excitement about the back half that George was referring to, is we still have a lot of customers it's talk about Flex with, right?

我認為——記住，喬治提到的後半部分真正讓我們更加興奮的一件事是，我們仍然有很多客戶在談論 Flex，對吧？

We have a subset that we've already dealt with, but we've got a whole lot more that we can go after that are still coming up for renewal or talking to them about their demand plan.

我們已經處理了一部分客戶，但還有更多客戶需要處理，他們也需要續約或與他們討論需求計畫。

So we're excited about that opportunity that's in front of us.

因此，我們對擺在我們面前的機會感到非常興奮。

Gregg Moskowitz, Mizuho.

瑞穗的格雷格·莫斯科維茲。

George, exceeding $1 billion in sales through AWS Marketplace in a 12-month period, I mean, that's really stunning and I'm not sure everyone remembers that you only eclipsed $1 billion in lifetime sales on AWS in October of 2023.

喬治，12 個月內透過 AWS Marketplace 的銷售額超過 10 億美元，這真的令人震驚，我不確定每個人都記得您在 2023 年 10 月才在 AWS 上實現了 10 億美元的終身銷售額。

So clearly, the growth rate that you're showing here is still very high.

所以很明顯，您這裡展示的成長率仍然很高。

But given that we're running into the law of larger numbers, it would just be helpful to get your perspective on the growth outlook for CrowdStrike on AWS Marketplace over the next two to three years?

但鑑於我們正在遵循大數定律，了解您對未來兩到三年內 CrowdStrike 在 AWS Marketplace 上的成長前景的看法，這會很有幫助嗎？

Well, certainly, you remember it, so thanks for calling that out.

嗯，當然，你記得，所以謝謝你說出來。

And AWS has been a tremendous partner for us.

AWS 一直是我們非常重要的合作夥伴。

Not only do we work with them, but we work with our other partner network in conjunction with them, right?

我們不僅與他們合作，還與我們的其他合作夥伴網路共同合作，對嗎？

So it's important to make sure that we've got all the partners moving in the right direction.

因此，確保所有合作夥伴都朝著正確的方向前進非常重要。

I only see it going up.

我只看到它上升。

I mean it is the way customers want to consume -- and you have to look at the cloud environments and the hyperscalers right now.

我的意思是這是客戶想要消費的方式——你現在必須關注雲端環境和超大規模。

The larger enterprises are committing more into these marketplaces and cloud providers.

規模較大的企業正在向這些市場和雲端供應商投入更多資金。

And the beauty of the marketplace is that customers can use those dollars to burn down and procure CrowdStrike.

這個市場的美妙之處在於，客戶可以利用這些美元來購買 CrowdStrike。

So we only see opportunity in this marketplace.

所以我們在這個市場上只看到機會。

And we see it certainly outside of the US.

我們在美國以外也確實看到了這種情況。

A lot of it has been focused in North America.

其中很大一部分集中在北美。

But I think the rest of the world really opens up, particularly when you look at some of the cloud environments in different nations and sovereign data requirements and things of that nature.

但我認為世界其他地區確實正在開放，特別是當你看看不同國家的雲端環境和主權資料要求以及諸如此類的事情時。

So we're very optimistic with our partner and not only AWS, right?

所以我們對我們的合作夥伴非常樂觀，而不僅僅是 AWS，對嗎？

We talked about GCP and others that have been fantastic routes to market.

我們討論了 GCP 和其他進入市場的絕佳途徑。

I think it is really one of the future ways that customers will continue to procure through CrowdStrike.

我認為這確實是客戶未來將繼續透過 CrowdStrike 進行採購的方式之一。

Joseph Gallo, Jefferies.

傑富瑞的約瑟夫·加洛。

It was awesome to see the $600 million of cloud ARR growing 45%.

看到 6 億美元的雲端運算 ARR 成長 45% 真是太棒了。

Can you just talk through that competitive landscape?

能談談競爭格局嗎？

Has that stabilized?

已經穩定了嗎？

One of your biggest cloud competitors noted on the earnings call that customers are gravitating towards workload protection and agent architecture.

您最大的雲端運算競爭對手之一在財報電話會議上指出，客戶正傾向於工作負載保護和代理架構。

Is that something that you're seeing as well?

您也看到這個了嗎？

And then given your strength in workload protection, when, if ever, do you expect customers to consolidate on a cloud solution?

那麼，鑑於您在工作負載保護方面的優勢，您是否希望客戶何時（如果有的話）整合到雲端解決方案上？

Yeah.

是的。

I think that's absolutely right.

我認為這絕對正確。

When you look at the market and you've got CSPM and you've got workload protection.

當你觀察市場時，你會發現你擁有 CSPM，並且擁有工作量保護。

I mean, CSPM is a great technology, but it's more of a reporting and compliance as opposed to stopping the breach.

我的意思是，CSPM 是一項很棒的技術，但它更多的是一種報告和合規，而不是阻止違規行為。

So if customers are looking to stop the breach, you're going to need a workload protection.

因此，如果客戶希望阻止違規行為，那麼您將需要工作量保護。

And of course, that is our DNA.

當然，這是我們的 DNA。

We've been working on that for the better part of a decade, and it's very well refined.

我們在這方面已經努力了近十年，並且已經非常完善。

And we've earned a trusted spot in running in the most critical infrastructure on these workloads.

並且，我們在這些工作負載最關鍵的基礎設施中贏得了可信賴的地位。

So we continue to see consolidation in these areas.

因此我們繼續看到這些領域的整合。

We certainly have expanded our CNAPP capabilities across whether it's CSPM or ASBM or DSP, et cetera, lots of PMs in there, but we have all of those, and we are routinely consolidating customer spend in that area.

我們當然已經擴展了我們的 CNAPP 功能，無論是 CSPM 還是 ASBM 還是 DSP 等等，其中有很多 PM，但我們擁有所有這些，我們會定期整合該領域的客戶支出。

So we're excited about the $600 million milestone and the success that we're having in the cloud environments with our customers.

因此，我們對 6 億美元的里程碑以及我們與客戶在雲端環境中的成功感到非常興奮。

Great.

偉大的。

And we're ready for our last question, please.

現在我們已經準備好回答最後一個問題了。

Patrick Colville, Scotiabank.

加拿大豐業銀行的派崔克‧科爾維爾。

And I guess I want to ask about the bottom line, any questions on the bottom line.

我想問底線問題，關於底線的任何問題。

So guiding to 20% operating profit margin in fiscal '26, I guess, can you just talk us through the puts and takes there?

因此，我猜 26 財年的營業利潤率將達到 20%，您能否與我們講講其中的利弊？

Is that because of the kind of drag on the first half before the reacceleration in the back half?

這是因為前半部有某種拖延，後半部才重新加速嗎？

And then did you soft guide Burt to 23% op margins in fiscal '27?

那麼，您是否指導 Burt 在 27 財年實現 23% 的營業利潤率？

So I guess, a snapback from next year?

所以我想，明年會有一個反彈嗎？

Yes.

是的。

Thanks, Patrick.

謝謝，派崔克。

So let me start with saying that we had a very successful CCP program.

首先我要說的是，我們的 CCP 計劃非常成功。

And our profitability guidance reflects some of the sales and marketing costs of FY25 CCP packages amortized over the entire year.

我們的獲利預測反映了 2025 財年 CCP 套餐的部分銷售和行銷成本全年攤提。

So that's going to impact our margin.

這會影響我們的利潤。

We also have some one-time upfront investments in key areas of the business that we need to bolster our increasing scale.

我們也對業務的關鍵領域進行了一些一次性的前期投資，以鞏固我們不斷成長的規模。

Some of those could be related to the fact that we are fully reigniting our marketing initiatives post the outage.

其中一些可能與我們在停電後全面重啟行銷計劃有關。

We've got innovation across high-growth and emerging products across areas, including Cloud Security, Identity Protection, Next-Gen SIEM, and AI.

我們在多個領域的高成長和新興產品方面都有創新，包括雲端安全、身分保護、下一代 SIEM 和人工智慧。

We also have ramping investments in our internal use of AI tools.

我們也加大了內部使用人工智慧工具的投資。

We feel that we can get significant savings in the out periods by the investments that we're going to make today.

我們認為，透過今天進行的投資，我們可以在未來獲得大量的節省。

We also have been -- increased in our investments and our platform resiliency which we believe will be a competitive advantage for us when we're going up against some of our competitors with respect to our -- being the best -- not only the best in class in terms of security, but the resilience behind that as well.

我們也增加了投資和平台彈性，我們相信，這將成為我們與一些競爭對手競爭的優勢，因為我們不僅在安全性方面做到最好，而且在背後的彈性方面也做到最好。

And then finally, I want to end by saying we expect operating margin and free cash flow margin to expand in the second half of FY26.

最後，我想說，我們預計營業利潤率和自由現金流利潤率將在 26 財年下半年擴大。

Thank you all for joining.

感謝大家的加入。

Please, I just wanted to make one reminder to please refer to our earnings presentation, which is posted on our Investor Relations website and for additional modeling notes as well as the details on the changes in presentation of non-GAAP measures.

請注意，我只是想提醒一下，請參閱我們的收益報告，該報告發佈在我們的投資者關係網站上，並附加建模說明以及非 GAAP 指標呈現變化的詳細資訊。

With that, I'll turn the call over to George for closing remarks.

說完這些，我將把電話交給喬治，請他作最後發言。

Thank all of you for your time today.

感謝大家今天的寶貴時間。

We appreciate your continued support and look forward to seeing you at our upcoming investor events.

我們感謝您一直以來的支持，並期待在我們即將舉行的投資者活動中見到您。

Have a great day.

祝你有美好的一天。