CrowdStrike Holdings Inc (CRWD) 2026 Q1 法說會逐字稿

Hello, and welcome to CrowdStrike's fiscal first-quarter 2026 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，歡迎參加 CrowdStrike 2026 財年第一季財務業績電話會議。（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, Maria. Please go ahead.

現在我想把電話交給投資人關係副總裁瑪麗亞‧萊利 (Maria Riley)。請繼續。

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

下午好，感謝您今天的參與。與我一起參加電話會議的還有 CrowdStrike 執行長兼創辦人 George Kurtz 和財務長 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 second 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，本次電話會議中所作的某些陳述並非歷史事實，包括有關我們未來計劃、目標、增長（包括預測和預期業績）的陳述，包括我們對第二季度和 2026 財年的展望以及對此後財政期間的任何假設，均屬於《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。

These forward-looking statements represent our outlook only as of the date of this call. While we believe any forward-looking statements we make are reasonable, actual results could differ materially because the statements are based on current expectations and are subject to risks and uncertainties. We do not undertake and expressly disclaim any obligation to update or alter our forward-looking statements, whether as a result of new information, future events, or otherwise.

這些前瞻性陳述僅代表我們截至本次電話會議之日的展望。雖然我們相信我們所做的任何前瞻性陳述都是合理的，但實際結果可能存在重大差異，因為這些陳述是基於當前預期，並受風險和不確定性的影響。我們不承擔並明確否認任何更新或修改我們的前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。

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.

有關這些因素以及其他可能影響公司財務表現的因素的更多資訊包含在我們不時向美國證券交易委員會提交的文件中，包括公司季度和年度報告中標題為「風險因素」的部分。此外，除非另有說明，除收入外，本次電話會議所揭露的所有財務指標均為非公認會計準則。關於我們為何使用非 GAAP 財務指標的討論以及顯示 GAAP 與非 GAAP 結果的調整表目前可在我們的收益新聞稿中找到，該新聞稿可在我們的投資者關係網站 ir.crowdstrike.com 或我們今天向美國證券交易委員會提交的 8-K 表格中找到。

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

說完這些，我現在將電話轉給喬治。

Thank you, Maria, and thank you all for joining our Q1 FY 2026 earnings call. Our fiscal year started from a position of strength. While the market navigates evolving conditions, CrowdStrike is capitalizing on accelerated demand through continuous innovation, increasing win rates, and platform consolidation at scale. We consolidate point products without compromise and most importantly, CrowdStrike stops the breach.

謝謝你，瑪麗亞，也謝謝大家參加我們 2026 財年第一季財報電話會議。我們的財政年度一開始就表現強勁。在市場不斷變化發展的同時，CrowdStrike 正透過持續創新、提高中標率和大規模平台整合來滿足加速成長的需求。我們毫不妥協地整合點產品，最重要的是，CrowdStrike 阻止了違規行為。

In Q1, where we met or exceeded our key metrics, highlights include: one, Q1 net new ARR of $194 million, double-digit millions ahead of our expectations; two, Q1 ending ARR surpassing $4.4 billion, maintaining our leadership as the only pure-play cybersecurity software company of this size; three, subscription gross margin of 80%, demonstrating our AI platform efficiency; four, sustained 97% gross retention as customers remain firmly committed to Falcon; five, free cash flow of $279 million or 25% of revenue, demonstrating double-digit quarter-on-quarter growth; and six added $774 million of total Falcon Flex account value bringing the total deal value of accounts that have adopted Falcon Flex to $3.2 billion, growing 31% sequentially and more than 6x year over year.

在第一季度，我們達到或超過了關鍵指標，亮點包括：一、第一季度淨新 ARR 為 1.94 億美元，比我們的預期高出數億美元；二、第一季度期末 ARR 超過 44 億美元，繼續保持我們作為唯一一家規模如此之大的純網絡安全軟體公司的領先地位；三、訂閱毛利率達到 80%，證明了我們總存四本97%；五、自由現金流為 2.79 億美元，佔營收的 25%，環比成長達到兩位數；六、Falcon Flex 總帳戶價值增加了 7.74 億美元，使採用 Falcon Flex 的帳戶總交易價值達到 32 億美元，環比增長 31%，同比增長 6 倍多。

Seeing our customers an ecosystem embrace Falcon Flex at this speed and scale gives me confidence, confidence in improving sequential net new ARR growth next quarter and accelerating back half net new ARR. Falcon Flex is significantly evolving our go-to-market and customer experience. The subscription model sparks Falcon platform adoption, delivers point product consolidation and fuels partner success.

看到我們的客戶生態系統以這種速度和規模接受 Falcon Flex，讓我充滿信心，有信心提高下個季度的連續淨新 ARR 成長，並加速下半年淨新 ARR 的成長。Falcon Flex 正在顯著改善我們的行銷和客戶體驗。訂閱模式激發了 Falcon 平台的採用，實現了點產品整合並推動了合作夥伴的成功。

I'd like to share where we are with Falcon Flex as well as a thematic customer win showcasing the power of the model. In less than two years since starting Falcon Flex, we've closed more than $3.2 billion of total account deal value across more than 820 accounts that have adopted the subscription model.

我想分享我們與 Falcon Flex 合作的現狀以及展示該模型威力的主題客戶勝利。自從推出 Falcon Flex 以來不到兩年的時間裡，我們已經為 820 多個採用訂閱模式的帳戶完成了總帳戶交易價值超過 32 億美元的交易。

Here are the trends we're seeing. One, customers spend more, the average Flex customer deal size is greater than $1 million in ending ARR; two, customers commit to longer durations, the average Flex subscription length is 31 months; and three, Flex customers adopt Falcon faster, more than 75% of Flex contracts are already deployed.

以下是我們看到的趨勢。一是客戶支出較多，Flex 客戶的平均交易規模在期末 ARR 中超過 100 萬美元；二是客戶承諾的期限更長，Flex 的平均訂閱期限為 31 個月；三是 Flex 客戶採用 Falcon 的速度更快，超過 75% 的 Flex 合約已經部署。

The outcome of these points taken together as a phenomenon we're already seeing reflexes, 39 Flex customers have already deployed their initial contract demand plan and have returned to us for a reflex. These customers' initial Flex contracts were 35 months, nearly three years on average, and within just 5 months, they came back to CrowdStrike wanting more of the Falcon platform to achieve their cybersecurity consolidation goals. The model we pioneered is a game changer. Flex accelerates what would have taken years of module sales cycles into rapid platform transformations unlocking adoption and spend while creating even more platform stickiness.

將這些要點綜合起來的結果視為一種我們已經看到的反射現象，39 個 Flex 客戶已經部署了他們的初始合約需求計劃並返回給我們進行反射。這些客戶最初的 Flex 合約期限為 35 個月，平均近三年，僅在 5 個月內，他們就回到了 CrowdStrike，希望利用 Falcon 平台的更多功能來實現他們的網路安全整合目標。我們首創的模式改變了遊戲規則。Flex 加速了原本需要數年的模組銷售週期，使其成為快速的平台轉型，從而釋放了採用和支出，同時創造了更多的平台黏著度。

Now let's witness Flex in action at a Fortune 100 technology firm. We began our relationship with this account pre-Falcon Flex when they selected CrowdStrike to displace and consolidate a point product EDR and legacy AV. Our initial EDR contract was for $12 million over a three-year term. When we launched Falcon Flex, this customer took the opportunity to accelerate their cybersecurity modernization, executing a five-year $100 million-plus contract. This is the power of Flex, evolving Falcon from what was a singular-outcome sale into a multidimensional platform experience more than 8x the size of the initial deal.

現在讓我們來見證 Flex 在財富 100 強科技公司中的具體應用。在 Falcon Flex 之前，我們就開始與該客戶建立合作關係，當時他們選擇 CrowdStrike 來取代和整合單點產品 EDR 和傳統 AV。我們最初的 EDR 合約價值 1200 萬美元，為期三年。當我們推出 Falcon Flex 時，該客戶藉此機會加速了他們的網路安全現代化，並簽訂了為期五年、價值 1 億美元以上的合約。這就是 Flex 的力量，它將 Falcon 從單一結果銷售發展成為一個多維平台體驗，其規模是最初交易的 8 倍以上。

This transformational Flex contract was for securing cloud workloads, expanding in other business units, Next-Gen SIEM to replace two legacy SIEMs and broad-based adoption of Falcon Complete to standardize detection and response. Within just nine months of the initial Flex contract, this customer had already utilized 95% of their initial subscription and still had more point products to consolidate and cybersecurity outcomes to deliver.

這項變革性的 Flex 合約旨在保護雲端工作負載、擴展其他業務部門、採用下一代 SIEM 取代兩個傳統 SIEM，並廣泛採用 Falcon Complete 來標準化檢測和回應。在最初的 Flex 合約簽訂後的短短九個月內，該客戶就已經使用了其初始訂購量的 95%，並且仍然有更多的點產品需要整合，還有更多的網路安全成果需要交付。

As a result, in Q1, this customer reflected to realize the following new outcomes: Expansion of Falcon endpoint protection across multiple additional business units, replacing and consolidating cloud protection with Falcon Cloud Security, which has since become the standard across a vast and growing cloud estate. Identity protection became an imperative across sensitive assets.

因此，在第一季度，該客戶反映實現了以下新成果：將 Falcon 端點保護擴展到多個其他業務部門，並以 Falcon Cloud Security 取代和整合雲端保護，後者已成為龐大且不斷增長的雲端產業的標準。身分保護已成為敏感資產的當務之急。

Next-Gen SIEM quickly became the central enterprise data store replacing multiple legacy SIEMs and expanding beyond security use cases into IT. Data protection is replacing legacy DLP from endpoint to cloud, Falcon for IT is replacing a legacy endpoint management tool and Charlotte AI will deliver agentic analyst capabilities and automation, accelerating security outcomes at scale.

新一代 SIEM 迅速成為中央企業資料存儲，取代多個傳統 SIEM，並將其從安全用例擴展到 IT 領域。資料保護正在從端點到雲端取代傳統的 DLP，Falcon for IT 正在取代傳統的端點管理工具，而 Charlotte AI 將提供代理分析師功能和自動化，從而大規模加速安全成果。

This customer more than doubled their initial Flex subscription in their Q1 nine-figure reflex over an unchanged subscription duration. Through Flex, this customer now spends nearly 20x their initial EDR purchase. Replacing more than eight technologies and deploying more than 10 Falcon modules, this customer still has much more to achieve with the Falcon platform across millions of workloads, petabytes of data and hundreds of thousands of identities.

在訂閱期限不變的情況下，該客戶在第一季的九位數反射中將其初始 Flex 訂閱量增加了一倍以上。透過 Flex，該客戶現在花費的金額幾乎是其最初 EDR 購買金額的 20 倍。該客戶更換了 8 種以上的技術並部署了 10 多個 Falcon 模組，但仍可透過 Falcon 平台在數百萬個工作負載、PB 級資料和數十萬個身分上實現更多目標。

With Flex dramatically accelerating Falcon platform adoption, customers are already seeing our Agentic AI transforming their security outcomes. We're on the cusp of the fifth industrial revolution with artificial general intelligence on the horizon.

隨著 Flex 大幅加速 Falcon 平台的採用，客戶已經看到我們的 Agentic AI 正在改變他們的安全結果。我們正處於第五次工業革命的風口浪尖，通用人工智慧即將出現。

What excites me the most is the necessity Agentic AI is creating for CrowdStrike's AI-native security, growing our total addressable market each and every day. Here's why and how. In a recent market survey, 96% of respondents plan to expand their use of AI agents in the next 12 months with two-thirds already building agents and some targeting to reach over 1 billion in production agents. At their core, every AI agent represents a unique superhuman identity, necessitating visibility, control, and protection for every single agent.

最讓我興奮的是 Agentic AI 為 CrowdStrike 的 AI 原生安全所創造的必要性，使我們的總可尋址市場每天都在成長。原因和方法如下。在最近的市場調查中，96% 的受訪者計劃在未來 12 個月內擴大對 AI 代理的使用，其中三分之二的受訪者已經在建立代理，有些受訪者的目標是生產代理數量超過 10 億。從本質上講，每個人工智慧代理都代表著一個獨特的超人身份，因此需要對每個代理進行可見性、控制和保護。

These autonomous AI agents increasingly have access to multiple internal and external data stores, applications and machines, automating business processes and workflows at scale. Simply put, AI agents dramatically increased the size, severity, and speed of the enterprise attack surface. Size, more agents everywhere. Severity, everything is connected faster than it can be contained. Speed, autonomous agents move at machine speed.

這些自主的人工智慧代理越來越多地能夠存取多個內部和外部資料儲存、應用程式和機器，從而大規模地自動化業務流程和工作流程。簡而言之，人工智慧代理大大增加了企業攻擊面的規模、嚴重性和速度。規模大，各地代理商多。嚴重性是，一切事物的連線速度都比其所能容納的速度還要快。速度，自主代理以機器速度移動。

This is the new attack surface, and it's an adversary’s paradise. Just as enterprises need best-in-class protection for devices, data workloads and human identities, every AI agent has the same needs too. As an AI-first company, CrowdStrike is uniquely positioned to secure the identity, the workload, the infrastructure, the data and underlying AI models themselves.

這是新的攻擊面，也是對手的天堂。正如企業需要為設備、資料工作負載和人類身分提供一流的保護一樣，每個人工智慧代理也都有同樣的需求。作為一家 AI 優先的公司，CrowdStrike 具有獨特的優勢，可保護身分、工作負載、基礎架構、資料和底層 AI 模型本身。

We have the platform, we have the expertise, we have a track record. CrowdStrike will be the protector of autonomous AI agents. While we see a massive opportunity to protect AI agents, our use of Agentic AI is already transforming the SOC. Charlotte AI is our agentic security analyst, completing tasks and making decisions to supercharge human stock personnel.

我們有平台，我們有專業知識，我們有業績記錄。CrowdStrike 將成為自主 AI 代理的保護者。雖然我們看到了保護 AI 代理的巨大機會，但我們對 Agentic AI 的使用已經正在改變 SOC。Charlotte AI 是我們的代理安全分析師，負責完成任務並做出決策以增強人力儲備人員的能力。

With the launch of Charlotte AI's expanded detection triage, customers now have access to an agentic SOC analyst delivering autonomous expert-level triage, reasoning, and response at machine speed, flattening the hiring curve, saving time and delivering even better security outcomes. The power of Charlotte AI came to life in an eight-figure Falcon Flex expansion for a global health care provider. Charlotte AI was the tip of the spear in this customer's AI-native SOC transformation with Next-Gen SIEM, where we displaced a legacy SIEM. Charlotte AI and Next-Gen SIEM started a new chapter of cybersecurity for this customer.

隨著 Charlotte AI 擴展檢測分類的推出，客戶現在可以接觸到代理 SOC 分析師，該分析師以機器速度提供自主的專家級分類、推理和響應，從而拉平招聘曲線、節省時間並提供更好的安全結果。Charlotte AI 的強大功能在為全球醫療保健提供者的八位數 Falcon Flex 擴展中得到了充分體現。Charlotte AI 是這位客戶使用下一代 SIEM 進行 AI 原生 SOC 轉型的先鋒，我們用它取代了傳統的 SIEM。Charlotte AI 和 Next-Gen SIEM 為該客戶開啟了網路安全的新篇章。

Charlotte AI enables this customer's Level 1 threat analyst team delivering on the promise of Agentic security today. We deliver an AI-first automated approach, eliminating clicks, panes of glass, and manual operations for a predictive, fast and cost-efficient SOC.

Charlotte AI 讓該客戶的 1 級威脅分析師團隊能夠兌現 Agentic 安全的承諾。我們提供 AI 優先的自動化方法，消除點擊、玻璃窗格和手動操作，實現可預測、快速且經濟高效的 SOC。

Next, I'll share updates on the momentum we're experiencing in our cloud, identity, exposure management and Next-Gen SIEM platform products. First, turning to our cloud business. Cloud had a very strong start to the year with Q1 net new and total ARR growth accelerating year-over-year over the prior quarter. Our native unified offering combines cloud workload protection, posture management, application security and SaaS security on a single back end and with both agent and agentless form factors.

接下來，我將分享我們在雲端、身分、曝光管理和下一代 SIEM 平台產品方面的最新進展。首先，談談我們的雲端業務。雲端運算今年開局非常強勁，第一季淨新增業務和總 ARR 成長較上一季年減。我們的原生統一產品在單一後端結合了雲端工作負載保護、姿態管理、應用程式安全和 SaaS 安全，並具有代理和無代理兩種形式。

In Q1, we built on this approach with the launch of cloud data protection, all on our unified sensor, the very same sensor that also delivers our world-class workload protection which is what the market now wants and needs. Our innovation and commercial success was recognized in the 2025 Frost Radar, cloud and application runtime security report where we scored highest out of all vendors on the innovation index.

在第一季度，我們在此基礎上推出了雲端資料保護，所有這些都在我們的統一感測器上進行，該感測器還提供我們世界一流的工作負載保護，這正是市場現在所希望和需要的。我們的創新和商業成功得到了 2025 年 Frost Radar 雲端和應用程式運行時安全報告的認可，我們在創新指數上在所有供應商中得分最高。

Further driving our success is recent M&A in the space, increasing our relevance and competitiveness as a hyperscaler agnostic, independent solution. We also announced the general availability of both our AI model scanning and AI security dashboard technologies at RSA. With the rapid growth of AI tools across the enterprise, CrowdStrike is ensuring that enterprises can safely adopt AI while managing potential risk such as model vulnerabilities, data leakage, unsanctioned use, and identity-based privilege.

進一步推動我們成功的是該領域最近的併購，提高了我們作為超大規模不可知的獨立解決方案的相關性和競爭力。我們也在 RSA 上宣布了我們的 AI 模型掃描和 AI 安全儀表板技術的全面上市。隨著企業內 AI 工具的快速成長，CrowdStrike 正在確保企業能夠安全地採用 AI，同時管理模型漏洞、資料外洩、未經批准的使用和基於身分的特權等潛在風險。

A prime example of a customer adopting Falcon Cloud Security was a seven-figure technology customer doubling their spend with us. This customer had CrowdStrike on the endpoint and was using a competitor's point product, CSPM for cloud protection. The incident response call came into CrowdStrike when the competitor's CSPM didn't stop the breach. A rapid platform expansion, including Falcon Cloud Security quickly illustrated the difference between just alerting on a breach and actually stopping one. This customer was able to consolidate on Falcon, save money, and most importantly, see the benefits of Falcon Cloud securities protection.

採用 Falcon Cloud Security 的一個典型例子是一家七位數的技術客戶，在我們這裡的支出增加了一倍。該客戶在端點上安裝了 CrowdStrike，並使用競爭對手的點產品 CSPM 進行雲端保護。當競爭對手的 CSPM 未能阻止違規行為時，CrowdStrike 接到了事件回應電話。包括 Falcon Cloud Security 在內的快速平台擴充很快就說明了僅僅對違規行為發出警報和真正阻止違規行為之間的差異。該客戶能夠在 Falcon 上進行整合，節省資金，最重要的是，看到 Falcon Cloud 證券保護的好處。

Moving on to our Exposure Management business, which includes vulnerability management and attack surface management. CrowdStrike is rapidly evolving from an incumbent complement to a scaled disruptor. Historically, our biggest displacement gap was the lack of network scanning, something near and dear to me as someone who pioneered the vulnerability-management space.

繼續我們的風險管理業務，其中包括漏洞管理和攻擊面管理。CrowdStrike 正迅速從現有的補充演變為規模化的顛覆者。從歷史上看，我們最大的替代差距是缺乏網路掃描，作為漏洞管理領域的先驅者，我非常重視這一點。

With the launch of AI-powered network vulnerability assessment, CrowdStrike now delivers unified exposure management for both managed and unmanaged devices. With this innovation, CrowdStrike customers no longer need to rely on legacy third-party VM point products. Our winning offering in this space is yielding exciting share gains.

隨著人工智慧網路漏洞評估的推出，CrowdStrike 現在可以為託管和非託管設備提供統一的漏洞管理。有了這項創新，CrowdStrike 客戶不再需要依賴傳統的第三方 VM 點產品。我們在該領域的成功產品正在帶來令人興奮的市場份額成長。

A large financial services customer purchased Falcon Exposure Management across 120,000 devices through their Flex subscription. Utilizing Charlotte AI and Falcon Exposure Management together allows for AI to finally automate vulnerability detection. Now with network vulnerability scanning, this customer is moving away from their long-standing legacy VM vendor and their existing attack surface management vendor as well.

一家大型金融服務客戶透過 Flex 訂閱為 120,000 台設備購買了 Falcon Exposure Management。將 Charlotte AI 與 Falcon Exposure Management 結合使用，最終可以讓 AI 實現漏洞偵測的自動化。現在，透過網路漏洞掃描，該客戶正在遠離其長期合作的傳統 VM 供應商以及現有的攻擊面管理供應商。

Moving on to our Next-Gen SIEM business, where we're disrupting the proverbial horse and buggy with the combustion engine. Our Next-Gen SIEM delivered triple-digit ending ARR growth while displacing antiquated, expensive, and poor performing point products. With LogScale as a foundational component of the Falcon platform, we're creating even deeper tie-ins across the rest of the CrowdStrike and third-party ecosystem.

接下來是我們的下一代 SIEM 業務，我們將用內燃機顛覆傳統的馬車模式。我們的下一代 SIEM 實現了三位數的最終 ARR 成長，同時取代了過時、昂貴且性能不佳的點產品。透過將 LogScale 作為 Falcon 平台的基礎元件，我們正在與 CrowdStrike 的其他部分和第三方生態系統建立更深層的連結。

This quarter, we announced Falcon Adversary Overwatch for Next-Gen SIEM, which brings together our world-class threat hunting and our hyper-performance, cost-efficient data platform. This makes the AI-powered SOC turnkey hunting across native and third-party data with real-time intelligence and automation to deliver full visibility, high-fidelity alerts, and accelerated response.

本季度，我們宣布推出適用於下一代 SIEM 的 Falcon Adversary Overwatch，它將我們世界一流的威脅搜尋與超高性能、經濟高效的數據平台結合在一起。這使得由人工智慧驅動的 SOC 能夠透過即時智慧和自動化跨原生和第三方資料進行交鑰匙搜索，以提供全面的可見性、高保真警報和加速回應。

This is exactly why a leading payments company displaced the legacy SIEM in a large seven-figure win. Next-Gen SIEM was our entry point to the account where they were frustrated with ballooning costs, latency and complexity, substantially faster query times, accelerated and customizable dashboarding, and significant cost savings resulted in this new logo win.

這正是一家領先的支付公司以七位數巨額收益取代傳統 SIEM 的原因。下一代 SIEM 是我們進入該帳戶的切入點，客戶對不斷膨脹的成本、延遲和複雜性感到沮喪，而大幅縮短的查詢時間、加速和可定制的儀表板以及顯著的成本節約最終促成了這個新標誌的勝利。

Within our Identity business, we continued rapid expansion in both coverage and functionality. In April, we announced the general availability of Falcon Privileged Access. Before CrowdStrike's identity customers relied on third-party integrations for enforcement. Today, CrowdStrike customers experience just-in-time access and permissions for critical applications and services all within our single AI native platform.

在我們的身份業務中，我們在覆蓋範圍和功能方面繼續快速擴展。今年 4 月，我們宣布 Falcon Privileged Access 正式上市。在 CrowdStrike 的身份認證之前，客戶依賴第三方整合來執行。如今，CrowdStrike 客戶可以在我們單一的 AI 原生平台內體驗關鍵應用程式和服務的即時存取和權限。

The need is real, a foreign government expanded their seven-figure existing Falcon platform subscription with identity protection, gaining insights into stale accounts, exposed credentials, shared passwords, and agent free unmanageable devices went beyond the incumbents limited approach Falcon was the clear winner of providing immediate time to value in securing identities.

這種需求是真實存在的，某外國政府透過身分保護擴展了其七位數的現有 Falcon 平台訂閱，深入了解陳舊帳戶、暴露的憑證、共享密碼和無代理無法管理的設備，超越了現有方法的局限性，Falcon 顯然在提供身分保護的即時價值實現方面勝出。

Our ecosystem partners continue accelerating CrowdStrike's growth with 60% of our Q1 annual deal value sourced by partners. Several highlights include: first, GuidePoint joins our $1 billion partner ranks as our fifth partner to achieve this noteworthy milestone joining AWS, Optiv, CDW, and SHI and further cementing CrowdStrike as cybersecurity's benchmark for partner success.

我們的生態系統合作夥伴持續加速 CrowdStrike 的成長，我們第一季年度交易價值的 60% 來自合作夥伴。幾個亮點包括：首先，GuidePoint 加入了我們 10 億美元的合作夥伴行列，成為我們的第五個合作夥伴，實現這一值得注意的里程碑，與 AWS、Optiv、CDW 和 SHI 並列，進一步鞏固了 CrowdStrike 作為網路安全合作夥伴成功的基準。

Second, our MSSP business continues growing at a rapid pace, now representing more than 15% of our Q1 deal value. We won our largest Latin American deal of all time through our MSSP channel last quarter. And third, NVIDIA's recently announced Enterprise AI factory, their reference AI architecture integrates Falcon as the cybersecurity standard for securing NVIDIA's hardware and software.

其次，我們的 MSSP 業務持續快速成長，目前占我們第一季交易價值的 15% 以上。上個季度，我們透過 MSSP 管道贏得了有史以來最大的拉丁美洲交易。第三，NVIDIA 最近宣布的企業 AI 工廠，其參考 AI 架構整合了 Falcon 作為保護 NVIDIA 硬體和軟體的網路安全標準。

A marquee partnership with Microsoft, which we announced yesterday, highlights our bold ecosystem leadership. Since last summer, we've worked to find common ground where together, we can make the world a safer, more resilient place. I was pleased to have Satya joined me at Fal.Con last fall. And yesterday, we announced a joint threat actor strategic collaboration where we map each other's adversaries naming conventions.

我們昨天宣布與微軟建立重要合作關係，彰顯了我們強大的生態系統領導地位。自去年夏天以來，我們一直努力尋找共同點，並共同努力使世界變得更加安全、更具韌性。我很高興 Satya 去年秋天和我一起參加了 Fal.Con。昨天，我們宣布了一項聯合威脅行為者策略合作，我們將繪製彼此對手的命名約定。

Through this Rosetta Stone collaboration, we unite defenders in knowing the adversary, both in our nomenclature and Microsoft’s, so they can better defend. Together, we take the guesswork out of adversary attribution for the benefit of our joint customers and the entire market.

透過這次 Rosetta Stone 合作，我們讓防禦者團結起來，了解對手，包括我們和微軟的命名法，以便他們能夠更好地防禦。我們共同努力，消除對手歸因的猜測，以造福我們的共同客戶和整個市場。

In closing, I'm very pleased with where we are and even more excited about where we're going. Q2 will be a quarter of improving sequential net new ARR growth followed by back half net new ARR acceleration. Here's why the platform wins. Across 30 Falcon modules, we have the products and innovation engine that stops breaches. In addition, we're seeing momentum build across the entire business.

最後，我對我們的現狀感到非常滿意，並且對我們的未來發展更加興奮。第二季度將是淨新 ARR 連續成長改善的季度，隨後是下半年淨新 ARR 加速成長的季度。這就是該平台獲勝的原因。在 30 個 Falcon 模組中，我們擁有可以阻止違規行為的產品和創新引擎。此外，我們看到整個業務的發展勢頭正在增強。

I began today's comments talking about uncertainties facing the world. What's certain is that the world increasingly needs cybersecurity and increasingly needs CrowdStrike. CrowdStrike is best positioned to protect the workloads, identities, data, and infrastructure for the AI age and the superhuman AI agents themselves. Our Falcon Flex subscription model is accelerating platform adoption at a faster pace than we've ever seen before, and our execution is delivering speed and efficiency across the business.

我今天的評論從世界面臨的不確定性開始。可以肯定的是，世界越來越需要網路安全，也越來越需要CrowdStrike。CrowdStrike 最適合保護人工智慧時代和超人人工智慧代理商本身的工作負載、身分、資料和基礎設施。我們的 Falcon Flex 訂閱模式正在以前所未有的速度加速平台採用，我們的執行正在為整個業務帶來速度和效率。

It's all of these elements together that gives me confidence and excitement in our future, and that's why the company has authorized up to $1 billion in share repurchases. I'm more certain than I have ever been of CrowdStrike's place as the world's leading cybersecurity platform for the AI era with the unequivocal mission of stopping breaches. Thank you to our team, partners and customers who tell me that they cannot live without CrowdStrike.

所有這些因素讓我對我們的未來充滿信心和興奮，這也是為什麼公司批准了高達 10 億美元的股票回購。我比以往任何時候都更加確信，CrowdStrike 是人工智慧時代全球領先的網路安全平台，其明確的使命是阻止違規行為。感謝我們的團隊、合作夥伴和客戶，告訴我，他們離不開 CrowdStrike。

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

現在我將把電話轉給 CrowdStrike 的財務長 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.

謝謝你，喬治，大家下午好。快速提醒一下，除非另有說明，今天我在演講中提到的除收入之外的所有數字都是非公認會計準則的。

CrowdStrike delivered a strong first quarter to kick off the new fiscal year. Our robust Q1 performance, focused execution and growing Falcon Flex momentum, including reflexes further reinforce our conviction in improved sequential net new ARR growth in Q2 as well as net new ARR re-acceleration and margin expansion in the second half of FY26.

CrowdStrike 第一季業績強勁，拉開了新財年的序幕。我們第一季的強勁表現、專注的執行力和不斷增長的 Falcon Flex 勢頭（包括反應）進一步增強了我們對第二季度連續淨新 ARR 成長改善以及 2026 財年下半年淨新 ARR 重新加速和利潤率擴大的信心。

Additionally, the share repurchase authorization of up to $1 billion that we announced today reflects our confidence in CrowdStrike's long-term strategy, including M&A, growth prospects and robust cash flow generation capabilities as we scale on the path to $10 billion in ending ARR. We will continue to prioritize investing in our growth and innovation while retaining the flexibility to opportunistically repurchase shares to maximize returns and deliver increased value to our shareholders.

此外，我們今天宣布的最高 10 億美元的股票回購授權反映了我們對 CrowdStrike 長期策略的信心，包括併購、成長前景和強勁的現金流產生能力，我們正在朝著 100 億美元的期末 ARR 目標邁進。我們將繼續優先投資於我們的成長和創新，同時保留靈活性，以便適時回購股票，從而實現回報最大化並為股東帶來更高的價值。

In Q1, we achieved net new ARR of $194 million, growing ending ARR to $4.44 billion, up 22% over last year. Highlights in the quarter included significant big deal activity driven by Falcon Flex Momentum and Reflexes; record MSSP channel results; strength in multiple geographies, including the U.S., Europe, Canada, Japan and Latin America; deep platform adoption with subscription customers with six, seven and eight or more modules, representing 48%, 32% and 22%, respectively; strong and increasing competitive win rates; and sustained 97% gross retention and consistently strong net retention in line with our expectations, demonstrating our success in both customer retention and expansion.

第一季度，我們實現了 1.94 億美元的淨新 ARR，期末 ARR 成長至 44.4 億美元，比去年同期成長 22%。本季的亮點包括由 Falcon Flex Momentum 和 Reflexes 推動的重大交易活動；創紀錄的 MSSP 管道業績；在美國、歐洲、加拿大、日本和拉丁美洲等多個地區的優勢；深度平台採用，訂閱客戶擁有六個、七個和八個或更多模組，分別佔 48%、32% 和 22%；的總留存率和持續強勁的淨留存率，符合我們的預期，證明我們在客戶留存和擴展方面都取得了成功。

Moving to the P&L. Total revenue was within our guidance range and grew 20% over Q1 of last year to reach $1.10 billion, subscription revenue grew 20% over Q1 of last year to reach $1.05 billion and professional service revenue was a record $52.7 million. The geographic mix of first quarter revenue consisted of approximately 67% from the U.S. and 33% from international geographies. Total gross margin was 78% and subscription gross margin was best-in-class at 80% of revenue. Total non-GAAP operating expenses in the first quarter were $656.0 million or 59% of revenue.

轉到損益表。總收入在我們的指導範圍內，比去年第一季成長 20%，達到 11 億美元，訂閱收入比去年第一季成長 20%，達到 10.5 億美元，專業服務收入達到創紀錄的 5,270 萬美元。第一季營收的地理分佈中，約 67% 來自美國，33% 來自國際地區。總毛利率為 78%，訂閱毛利率達到同類最佳水平，佔營收的 80%。第一季非公認會計準則總營運費用為 6.56 億美元，佔營收的 59%。

In the first quarter, non-GAAP operating income was $201.1 million and operating margin was 18%, exceeding our guidance. We achieved strong non-GAAP operating income performance alongside strategic upfront investments in internal automation, go-to-market, and AI innovation. We expect these investments to fuel our growth in the back half of FY26 and beyond as we progress towards our long-term targets.

第一季度，非公認會計準則營業收入為 2.011 億美元，營業利潤率為 18%，超過我們的預期。我們在內部自動化、市場進入和人工智慧創新方面進行了策略性前期投資，同時實現了強勁的非公認會計準則營業收入表現。我們預計，隨著我們朝著長期目標邁進，這些投資將推動我們在 26 財年下半年及以後的成長。

GAAP net loss attributable to CrowdStrike was $110.2 million and included $39.7 million of expenses for outage and related matters. Non-GAAP net income attributable to CrowdStrike was $184.7 million or $0.73 on a diluted per share basis, exceeding our guidance. Cash and cash equivalents grew to a record $4.61 billion. Cash flow from operations was a record $384.1 million and free cash flow was $279.4 million or 25% of revenue. Expenses for outage and related matters impacted Q1 free cash flow by approximately $61 million.

歸屬於 CrowdStrike 的 GAAP 淨虧損為 1.102 億美元，其中包括 3,970 萬美元的停電及相關費用。歸屬於 CrowdStrike 的非 GAAP 淨收入為 1.847 億美元，即每股攤薄收益 0.73 美元，超過了我們的預期。現金和現金等價物成長至創紀錄的46.1億美元。經營現金流達到創紀錄的 3.841 億美元，自由現金流為 2.794 億美元，佔營收的 25%。停電及相關費用對第一季自由現金流產生了約 6,100 萬美元的影響。

Moving to our outlook and modeling notes. We believe cybersecurity remains mission-critical in today's AI-accelerated threat environment. We continue to see strong demand for the Falcon platform, growing momentum with Falcon Flex, including reflexes and a robust and growing pipeline building for the second half of FY26.

前往我們的展望和建模說明。我們相信，在當今人工智慧加速的威脅環境中，網路安全仍然至關重要。我們繼續看到對 Falcon 平台的強勁需求，Falcon Flex 的成長勢頭，包括反射以及 26 財年下半年強勁且不斷增長的管道建設。

While we do not guide to net new ARR, our Q2 assumptions include the sequential net new ARR growth rate to be at least double over what we saw from Q1 to Q2 in the prior fiscal year. I'd like to take a minute to discuss the near-term relationship between ARR and subscription revenue in FY26.

雖然我們沒有預測淨新 ARR，但我們對第二季的假設包括連續淨新 ARR 成長率至少是上一財年第一季至第二季的兩倍。我想花一點時間討論一下 26 財年 ARR 和訂閱收入之間的近期關係。

As we previously discussed, our successful CCP program that concluded in Q4 of FY25 provided customers the one-time ability to choose more product, more time or both, which results in an impact to subscription revenue. In addition, a limited special partner program related to CCP success also has an amortization impact on subscription revenue.

正如我們之前所討論的，我們在 25 財年第四季度結束的成功的 CCP 計劃為客戶提供了一次性選擇更多產品、更多時間或兩者的能力，這會對訂閱收入產生影響。此外，與 CCP 成功相關的有限的特殊合作夥伴計劃也會對訂閱收入產生攤銷影響。

As a result of these CCP-related programs, we expect to see a temporary, near-term separation between ARR and subscription revenue recognition, which was reflected in our revenue guidance. This amounted to approximately $11 million in Q1. We expect the impact to be in the range of $10 million to $15 million in each remaining quarter of this fiscal year, subsiding in Q4.

由於這些與 CCP 相關的計劃，我們預期 ARR 和訂閱收入確認將暫時、短期分離，這反映在我們的收入指引中。第一季的這筆金額約為 1,100 萬美元。我們預計，本財年剩餘每季的影響將在 1,000 萬至 1,500 萬美元之間，並在第四季消退。

Moving to the strategic realignment plan we announced in early May, we continuously look for optimizations and efficiencies across the business. We identified opportunities to re-allocate and focus investment in, one, platform growth areas of Cloud, Identity, Exposure Management, AI, and Next-Gen SIEM as well as platform resilience; two, AI to accelerate our internal execution and efficiency; and three, go-to-market and customer success as we scale.

根據我們在五月初宣布的策略調整計劃，我們不斷尋求整個業務的優化和效率。我們發現了重新分配和集中投資的機會，第一，雲端、身分、風險管理、人工智慧和下一代 SIEM 以及平台彈性等平台成長領域；第二，人工智慧加速我們的內部執行和效率；第三，隨著規模的擴大，進入市場和客戶成功。

The timing of executing the realignment in early May was focused on minimizing in-quarter business disruption while maximizing in-quarter financial benefit. We expect the full benefit of the re-alignment to add at least 1% to next year's non-GAAP operating margin from our previously discussed target, increasing our target in FY27 to at least 24%. Additionally, we now anticipate an FY27 improved free cash flow margin of more than 30%.

五月初實施調整的時機重點在於盡量減少季度業務中斷，同時盡量提高季度財務效益。我們預計，此次重新調整將使明年的非 GAAP 營業利潤率在我們之前討論的目標基礎上增加至少 1%，從而將 2027 財年的目標提高到至少 24%。此外，我們現在預計 27 財年的自由現金流利潤率將提高 30% 以上。

Moving to cash. We expect to incur Q2 cash charges of approximately $26 million in connection with the aforementioned strategic plan. Additionally, we expect Q2 free cash flow to be impacted by approximately $29 million for outage and related expenses. As I just mentioned, we now anticipate an FY27 free cash flow margin of more than 30%.

轉為現金。我們預計第二季將因上述策略計畫產生約 2,600 萬美元的現金費用。此外，我們預計第二季的自由現金流將因停電和相關費用而受到約 2,900 萬美元的影響。正如我剛才提到的，我們現在預計 27 財年的自由現金流利潤率將超過 30%。

Moving to our outlook. For the second quarter of FY26, we expect total revenue to be in the range of $1,144.7 million to $1,151.6 million, reflecting a year-over-year growth rate of 19%. We expect non-GAAP income from operations to be in the range of $226.9 million to $233.1 million, and non-GAAP net income attributable to CrowdStrike to be in the range of $209.1 million to $213.8 million. We expect diluted non-GAAP net income per share attributable to CrowdStrike to be approximately $0.82 to $0.84, utilizing a 22.5% tax rate and weighted average share count of approximately 255 million shares on a diluted basis.

轉向我們的展望。對於 26 財年第二季度，我們預計總營收將在 11.447 億美元至 11.516 億美元之間，年增 19%。我們預計非公認會計準則營業收入將在 2.269 億美元至 2.331 億美元之間，歸屬於 CrowdStrike 的非公認會計準則淨收入將在 2.091 億美元至 2.138 億美元之間。我們預計，以 22.5% 的稅率計算，CrowdStrike 每股稀釋非 GAAP 淨收益約為 0.82 美元至 0.84 美元，攤薄後加權平均股數約為 2.55 億股。

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. Non-GAAP income from operations is expected to be between $970.8 million to $1,010.8 million. We expect fiscal 2026 non-GAAP net income attributable to CrowdStrike to be between $878.7 million and $909.7 million. Utilizing a 22.5% tax rate and approximately 256 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 $3.44 to $3.56.

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%。非公認會計準則營業收入預計在 9.708 億美元至 10.108 億美元之間。我們預計 2026 財年歸屬於 CrowdStrike 的非 GAAP 淨收入將在 8.787 億美元至 9.097 億美元之間。利用 22.5% 的稅率和約 2.56 億股稀釋加權平均股數，我們預計歸屬於 CrowdStrike 的每股非 GAAP 淨收益將在 3.44 美元至 3.56 美元之間。

Please refer to our earnings presentation with additional modeling notes that we just posted on the website. George and I will now take your questions.

請參閱我們剛剛在網站上發布的收益報告以及附加建模說明。喬治和我現在將回答你們的問題。

(Operator Instructions)

（操作員指示）

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

Okay. Great. Thanks for taking my question here. Solid start to the year here, guys.

好的。偉大的。感謝您在這裡回答我的問題。夥計們，今年的開局不錯。

Thanks, Saket.

謝謝，Saket。

Sure thing. George, maybe for you. I'd love to dig a little bit more into Falcon Flex. You had a couple of interesting customer examples in your prepared remarks. Maybe the question is, as you look broadly at that growing Falcon Flex install base, what products do you feel like are benefiting most in terms of usage as customers adopt Falcon Flex? And maybe relatedly, how is the sales motion changing as Falcon Flex gets more broadly adopted?

當然可以。喬治，也許對你來說。我很想更深入地了解 Falcon Flex。您在準備好的發言中舉了幾個有趣的客戶範例。也許問題是，當您廣泛地看待不斷增長的 Falcon Flex 安裝基礎時，您認為在客戶採用 Falcon Flex 時哪些產品在使用方面受益最多？也許相關的是，隨著 Falcon Flex 得到更廣泛的採用，銷售動態將如何改變？

Sure. Well, I think that the net of it is Falcon Flex has been a real home run for us, Saket. And as I said in my prepared remarks, a real game changer for adoption. Customers are asking for it, they're talking to each other, they're hearing more about it. Our partners are now able to talk about it and so through it, and a big part of this has been around Next-Gen SIEM, Cloud and Identity.

當然。好吧，我認為 Falcon Flex 的網絡對我們來說是一個真正的本壘打，Saket。正如我在準備好的演講中所說的那樣，這對收養來說是一個真正的改變。客戶正在要求它，他們正在互相交談，他們正在聽到更多關於它的資訊。我們的合作夥伴現在可以透過它來討論它，其中很大一部分涉及下一代 SIEM、雲端和身分。

I think if you look at Next-Gen SIEM with some of our larger GSIs, Falcon Flex is the perfect complement to running out existing legacy licenses and then being able to bring up Next-Gen SIEM. So I think for sure, Next-Gen SIEM is one of the areas that's benefiting. And when you look across the metrics, $3.2 billion total account value for Falcon Flex customers, 820 customers, 31 months on average. It's been just unbelievable and more successful than we thought.

我認為，如果您將下一代 SIEM 與我們的一些較大的 GSI 結合起來，Falcon Flex 是現有傳統許可證的完美補充，然後能夠啟動下一代 SIEM。因此，我確信下一代 SIEM 是受益的領域之一。從各項指標來看，Falcon Flex 的客戶總帳戶價值為 32 億美元，平均有 820 位客戶，期限為 31 個月。這真是令人難以置信，而且比我們想像的還要成功。

And one of the things that I pointed out here in the earnings script is the reflex. We're seeing more and more reflexes faster than we thought. And the key to Flex is it does change our selling motion, where we're not selling module-by-module, but we're selling outcomes and we're doing demand planning with our customers and, ultimately, they're using more of our licenses faster, which ultimately results in net new increase in ARR.

我在收益腳本中指出的一件事就是反射。我們觀察到的反射越來越多，而且速度比我們想像的還要快。Flex 的關鍵在於它確實改變了我們的銷售模式，我們不再逐個模組地銷售，而是銷售成果，並與客戶一起進行需求規劃，最終，他們會更快地使用我們的更多許可證，這最終導致 ARR 的淨新增長。

Very helpful. Thanks, guys.

非常有幫助。謝謝大家。

Tal Liani, Bank of America.

塔爾·利亞尼（Tal Liani），美國銀行。

Hi, guys. I would like to go back to something you said about the divergence between revenue growth and ARR growth. I understand why CCP is pressuring revenue growth just near term. But why is it causing a divergence? Why don't -- why isn't it impacting the same way ARR? And just a follow-up on this is why you said that you expect ARR growth to accelerate in the second half? Why is it what drives it? Thanks.

嗨，大家好。我想回到您所說的有關收入成長和 ARR 成長之間的差異的問題。我理解為什麼中共在短期內施壓收入成長。但為什麼會引起分歧呢？為什麼——為什麼它對 ARR 的影響不一樣？接下來請問，為什麼您說預計下半年 ARR 成長將會加速？為什麼它是驅動力？謝謝。

Thanks, Tal. So one, in terms of the divergence, we talked about it in the modeling notes where we went through our overall CCP programs, and then we highlighted specifically our CCP program had with respect to a limited partner program. And we talked about how the amortization impacts revenue. So when you look at the two of them and you say, hey, how does this work with respect to our revenue? When you look at when partners have a program with us, we then are able to recognize the amortization within revenue. So this would be part of ASC 606. And so this is how we account for it, and that's why you see the divergence.

謝謝，塔爾。首先，就分歧而言，我們在建模筆記中討論了這個問題，其中我們介紹了我們的整體 CCP 計劃，然後我們特別強調了我們的 CCP 計劃與有限合夥人計劃的區別。我們討論了攤銷如何影響收入。因此，當您看到這兩者時，您會說，嘿，這對我們的收入有什麼影響？當您看到合作夥伴與我們一起制定計劃時，我們就能夠在收入中確認攤銷。因此這將是 ASC 606 的一部分。這就是我們對此的解釋，這也是為什麼你會看到這種差異。

In terms of how we think about reacceleration in the back half, so reacceleration in the back half is due to many things. One, we think about not only our -- what we expect from our products that we have. Clearly, we have momentum with respect to what George talked about Next-Gen SIEM, Identity, Cloud. So we feel great about where we have the momentum with respect to the products. We feel like we have momentum with respect to Flex.

關於我們如何看待後半段的重新加速，後半段的重新加速是由許多因素造成的。首先，我們考慮的不僅是我們對現有產品的期望。顯然，我們在喬治談到的下一代 SIEM、身份、雲方面具有發展勢頭。因此，我們對產品方面的發展動能感到非常滿意。我們感覺我們在 Flex 方面有發展勢頭。

We talked about Flex, we talked about the numbers that we had with respect to Flex, $774 million with respect to account value in the quarter. This is over double what we did year over year. So we're really excited about how we think about Flex.

我們談到了 Flex，我們談到了與 Flex 相關的數字，本季的帳戶價值為 7.74 億美元。這是我們去年同期業績的兩倍多。因此，我們對 Flex 的看法感到非常興奮。

And then when we talk about reacceleration in ARR, we're also talking about how we think about the momentum just in our overall platform. We are the consolidator, we're the one that people are looking to not only get the best outcome, but to save money. So when you wrap that all together, we have confidence with respect to our conviction in back half reacceleration.

然後，當我們談論 ARR 的重新加速時，我們也在談論如何看待整個平台的發展勢頭。我們是整合者，人們希望我們不僅能獲得最佳結果，還能節省金錢。因此，當你把所有這些綜合起來時，我們對後半段再加速的信念充滿信心。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

Hi, good afternoon. Thank you. George and Burt, some of these reflex deals are really interesting. Talk to us a little bit about the budget conversation that happens. If I was budgeting for 35 months, and I burned through my usage in five months, where does the incremental budget come from? And how does the ROI conversation change?

嗨，下午好。謝謝。喬治和伯特，其中一些反射交易確實很有趣。請與我們簡單談談預算的討論。如果我的預算是 35 個月，而我在 5 個月內就用完了，那麼增量預算從何而來？那麼，投資報酬率對話又如何改變呢？

Clearly, customers are getting value out of the they using the product? Just curious how that math works out.

顯然，顧客從使用產品中獲得了價值？只是好奇這個數學是如何計算出來的。

Yes. Great question. So a lot of what we're doing with customers is going through the demand plan and our business value assessment, and that's really where we can talk about how we can replace other point products.

是的。好問題。因此，我們與客戶合作的許多工作都是透過需求規劃和業務價值評估，而這正是我們可以討論如何替換其他點產品的地方。

So typically, the conversation will look at customer road map, they'll look at certainly our road map and the products we have in the 30 modules and then we'll begin to plan the phased rollout of our products to replace what they have. And in general, what we're focused on is how can we save them money by replacing those point products and ultimately getting a better outcome.

因此，通常情況下，對話將著眼於客戶路線圖，他們肯定會查看我們的路線圖以及我們在 30 個模組中的產品，然後我們將開始計劃分階段推出我們的產品來替換他們現有的產品。總的來說，我們關注的是如何透過替換這些點產品來為他們節省金錢並最終獲得更好的結果。

So Flex is going to give them the best discounted rates. The more they commit, the bigger the discounts and then also, it takes all the friction out of procurement. So they can roll us out and within five months, as we talked about, they can consume that Flex license. But we're now on a path to adding more modules faster. And once they see the value of it and they are using all of the products or the products that they're licensed for within the Flex suite, it just incentives to use more and more of those.

因此 Flex 將為他們提供最優惠的折扣價。他們承諾的越多，折扣就越大，同時也消除了採購過程中的所有摩擦。因此他們可以推出我們的產品，正如我們所討論的，在五個月內他們就可以使用該 Flex 授權。但我們現在正致力於更快地添加更多模組。一旦他們看到了它的價值，並使用了 Flex 套件中的所有產品或授權產品，他們就會更積極地使用它們。

So that's the way we see it. It's instead of module-by-module sale, it's more of a demand planning exercise with real tangible ROI and financial benefits, which has been a huge success for us and our partners.

這就是我們的看法。它不是逐個模組的銷售，而更像是一種需求規劃活動，具有真正的有形投資回報率和財務效益，這對我們和我們的合作夥伴來說是一個巨大的成功。

Brian Essex, JPMorgan.

摩根大通的布萊恩艾塞克斯。

Great. Good afternoon. Thank you for taking the question. George, I was wondering if you could talk about the sales go-to-market effort and how that's changed. Obviously, you're coming off a pretty meaningful period of disruption in the second half of the year and you had to adjust compensation structures and focus to focus on CCP and penetration of Flex.

偉大的。午安.感謝您回答這個問題。喬治，我想知道您是否可以談談銷售進入市場的努力以及它是如何變化的。顯然，你們剛剛經歷了下半年相當嚴重的混亂時期，你們必須調整薪資結構，並將重點放在 CCP 和 Flex 的滲透上。

How have things changed in 1Q? Have plans materially changed the way that you're compensating quota-bearing reps in the channel? And how less response been from the sales force? Thank you.

第一季情況有何變化？這些計劃是否從本質上改變了您對通路中承擔配額的銷售代表的補償方式？銷售人員的回應有多低？謝謝。

Well, I think the response has been great from a sales force perspective and customer perspective. The customers have put it in the rearview mirror, we've moved forward with our customers and partners and the focus really has been on innovation that we're delivering on how we can consolidate the point products they have, the power of the Falcon platform, Charlotte AI. We're back to business in areas that we've always focused on, which is really exciting for us.

嗯，我認為從銷售人員和客戶的角度來看，反應都很好。客戶已經將其拋諸腦後，我們與客戶和合作夥伴一起前進，重點真正放在了我們正在提供的創新上，即如何鞏固他們擁有的重點產品、Falcon 平台和 Charlotte AI 的強大功能。我們重新回到了我們一直在關注的領域的業務，這對我們來說真的令人興奮。

And the big takeaway is customers want to do more and more with us. And we're seeing that with the adoption rates, and we're seeing that with the burn down of the Falcon Flex licensing much faster than we originally anticipated. So there's still more work to do in terms of educating partners and our own sales force in this go-to-market motion around demand planning, but that's an exercise that always be ongoing, but we're seeing tremendous success, both internally and with our partners.

最大的收穫是客戶希望與我們做更多的事情。我們看到採用率有所提高，而且我們看到 Falcon Flex 許可證的消耗速度比我們最初預期的要快得多。因此，在圍繞需求規劃的行銷動議中，我們在教育合作夥伴和我們自己的銷售人員方面還有更多工作要做，但這是一個始終持續進行的工作，但我們看到無論是在內部還是與我們的合作夥伴之間都取得了巨大的成功。

Andy Nowinski, Wells Fargo.

富國銀行的安迪諾溫斯基。

Okay. Thank you for taking the question. I wanted to follow up on Falcon Flex and really the impact it has on both revenue and ARR, because it seems like it has a very different impact. So I guess when a customer burns through their contracted credits faster than they expected and they reflex, does that overage flow into your subscription revenue? Or do they have to reflex to a new contract right away?

好的。感謝您回答這個問題。我想跟進 Falcon Flex 及其對收入和 ARR 的真正影響，因為它似乎具有非常不同的影響。所以我猜想，當客戶以比他們預期更快的速度消耗掉合約規定的信用額度時，他們會產生反應，那麼超額部分會流入您的訂閱收入嗎？或者他們必須立即接受新合約？

And where do we see that showing up? I mean does that show up in your net new ARR when they reflex or is that RPO? Just any help you can give us on how we can measure the success of that reflex and where we see it showing up. Thank you.

我們在哪裡可以看到它出現？我的意思是，當他們反射時，這是否會出現在您的淨新 ARR 中，或者是 RPO？您能否為我們提供任何幫助，讓我們知道該反射的成功程度以及它在哪裡出現。謝謝。

Andy, great question. So were it shows up is basically on the reflex. So when a customer burns through all of their Flex then they're going to come back to us and say, look, we want to re-Flex with you. We enjoy what we have. You want to do more what you have, and that's where you're going to start seeing the net new ARR come into play.

安迪，好問題。所以它的出現基本上就是一種反射。因此，當客戶用完所有 Flex 時，他們就會回來找我們並說，看，我們想與您重新使用 Flex。我們享受我們所擁有的一切。您希望做更多您已有的事情，這就是您將開始看到淨新 ARR 發揮作用的地方。

Keith Weiss, Morgan Stanley.

摩根士丹利的基斯‧韋斯。

Thanks on that. Thank you, guys, for taking the question and congratulations on a solid start to the fiscal year.

謝謝。謝謝大家回答這個問題，並祝賀本財年有一個好的開始。

George, I wanted to touch on something you said in your prepared remarks about the generative-AI demand on the horizon and definitely agree with you in terms of the expansive sort of demand potential there is behind generative AI. But there's also a lot of different types of demand that you could see. You were talking a lot about surface area, but you also have it in your products. There's also the threat environment.

喬治，我想談談您在準備好的演講中提到的有關未來生成人工智慧需求的內容，我完全同意您關於生成人工智慧背後有著巨大需求潛力的觀點。但你也會看到很多不同類型的需求。您談論了很多關於表面積的問題，但您的產品中也涉及了表面積。還有威脅環境。

Can you give us a little bit of visibility on what's hitting today? What's actually driving demand today for you guys? Is it what you guys are doing in your SIEM product? And what's up more on the horizon? What should we be looking forward to going forward in terms of what could be future demand drivers?

您能否向我們簡單介紹一下今天發生的事？目前真正推動你們需求的是什麼？這是你們在 SIEM 產品中所做的事情嗎？那麼未來還會發生什麼事呢？就未來的需求驅動因素而言，我們該期待什麼？

Sure. When we think about AI, when I started CrowdStrike, it was AI-first company. Years ago, it was machine learning now AI, but at the end of the day, what we're able to do is to deliver the right outcomes to customers.

當然。當我們考慮人工智慧時，當我創辦 CrowdStrike 時，它是一家以人工智慧為先的公司。幾年前，它是機器學習，現在是人工智慧，但最終，我們能夠做的是向客戶提供正確的結果。

We'll take Charlotte AI as an example. We're just seen tremendous growth in the product itself. and the adoption within the customer base and what we're able to really solve for them in saving hours and hours of work coming up with the right results which really helps to automate Level 1 triage and really free up those resources internally. So that's, again, how we use AI to drive workflow automation as well as get better security outcomes.

我們以 Charlotte AI 為例。我們看到產品本身的巨大成長，以及客戶群的採用，以及我們能夠真正為他們解決問題，節省大量工作時間，得出正確的結果，這確實有助於實現 1 級分類的自動化，並真正釋放內部資源。這就是我們如何使用人工智慧來推動工作流程自動化以及獲得更好的安全結果。

When we think about the protection piece, we have model -- scanning-model protection today. We're doing that for customers. But really, what I highlighted in the call is something I'm really excited about and that is, if you think about CrowdStrike and you think about what we do and how we've evolved, we protect workloads, computers, users, identities, right? Those are today's speed.

當我們考慮保護部分時，我們今天有模型——掃描模型保護。我們正在為客戶做這件事。但實際上，我在電話會議中強調的是我真正感到興奮的事情，那就是，如果你想想 CrowdStrike，想想我們所做的事情以及我們如何發展，我們保護工作負載、電腦、使用者、身份，對嗎？這就是今天的速度。

When we think about generative AI and really what I'd call autonomous agents, they have the same needs, but they're super human. They have access to data, they have identities, they have access to systems outside of their own environment, they have workflows, they take action. So it's building those guardrails and then instrumenting the visibility and protection across the entire AI workflow and every agent and there could be billions of agents are going to need protection, and that's where we see a fantastic future opportunity, and we're going to be at the tip of the spear of being able to protect those in the future.

當我們思考生成性人工智慧以及我所謂的自主代理時，它們有同樣的需求，但它們是超人。他們可以存取數據，擁有身份，可以存取自己環境之外的系統，擁有工作流程，可以採取行動。因此，它正在建立這些護欄，然後在整個 AI 工作流程中實現可見性和保護，每個代理，可能有數十億代理都需要保護，這就是我們看到的未來絕佳機會，我們將站在未來能夠保護這些代理的前沿。

Matt Hedberg, RBC.

馬特·赫德伯格（Matt Hedberg），RBC。

Great. Thanks for taking my questions, guys. Congrats on the results, not an easy environment for sure. George, I wanted to ask about U.S. Fed. I guess, how has it been trending sort of what's baked into the guide? And if there's any comment that you could make on -- there's a Bloomberg article earlier in May, that would certainly be helpful.

偉大的。謝謝你們回答我的問題。恭喜你所取得的成績，這絕對不是一個輕鬆的環境。喬治，我想問一下有關聯準會的問題。我猜，指南中的內容趨勢是怎麼樣的？如果您有任何評論的話——彭博社在五月初發表了一篇文章，那肯定會有所幫助。

So I'll take the second part of your question, any comments with respect to Bloomberg. So for us, the company and how Bloomberg reported what they reported. The company received a request for information from the DOJ and the SEC relating to revenue recognition and reporting of ARR for certain transactions, the July 19 outage and related matters.

因此，我將回答您問題的第二部分，即有關彭博社的任何評論。因此對我們來說，該公司以及彭博社如何報道他們所報道的內容。該公司收到了美國司法部和證券交易委員會的資訊請求，涉及某些交易的收入確認和 ARR 報告、7 月 19 日的停電及相關事宜。

Joe Gallo, Jefferies.

喬加洛，傑富瑞。

Hey, guys, thanks for the question. Burt, can you provide some guardrails on how to think about free cash flow margin this year? I think previously you talked through an exit rate. And then maybe just talk a little bit more about what underpins your confidence in 30%-plus margin next year. Thanks.

嘿，夥計們，謝謝你的提問。伯特，您能否提供一些關於如何考慮今年自由現金流利潤率的指導意見？我認為您之前討論過退出率。然後，也許您可以再多談談是什麼支撐了您對明年 30% 以上利潤率的信心。謝謝。

Yes, sure. So yes, we did talk about the 27% exit rate on Q4 for free cash flow margin. We're excited about that. And then the 30%, we get most of our conviction from what we've already been talking about. We get it from Flex. We had it from larger, longer, bigger deals, and we get a lot of momentum with respect to how customers burn through Flex. We gave you those examples faster than we anticipated. And all that's going to turn into dollars for us. And that's where we get excited about next year's free cash flow numbers that we provided.

是的，當然。是的，我們確實討論了第四季度自由現金流保證金的 27% 退出率。我們對此感到很興奮。然後，我們的 30% 大部分信念都來自於我們已經討論過的內容。我們從 Flex 獲得它。我們從更大、更長期、更大的交易中獲得了它，並且我們在客戶如何使用 Flex 方面獲得了巨大的動力。我們比預期更快地為您提供了這些範例。而所有這些都將轉化為我們的錢。這就是我們對所提供的明年自由現金流數字感到興奮的原因。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

Great. Thanks for taking the questions, guys. I just wanted to get a quick update on what you're seeing more from a macro standpoint as far as April and May. We received some differing data points depending on which of the fiscal quarter end cyber companies you're speaking to? And just wanted to sanity check if you guys are seeing any movement at the margin when we think about how things are playing out in the month of April versus the linearity in the quarter and then how things have trended with May in the rearview mirror at this point. Thank you.

偉大的。謝謝大家回答這些問題。我只是想快速了解從宏觀角度來看四月和五月的情況。根據您所談論的財政季度末網路公司，我們收到了一些不同的數據點？我們只是想理智地檢查一下，當我們思考 4 月份的情況與本季度的線性關係時，你們是否看到了邊際變化，然後回顧 5 月份的情況趨勢。謝謝。

Yes. I think we did a great job on execution. And with the right platform and solving the problems that we're solving, we powered through it. Like you look at the results with net new ARR, it was fantastic. Again, customers want to buy more and more from us. Next-Gen SIEM has been a total home run. So I can only focus on what we can control. And I think the team did a fantastic job in an environment that had a lot of noise to power through it and deliver the results that we delivered.

是的。我認為我們在執行方面做得很好。有了正確的平台並解決了我們正在解決的問題，我們就成功了。就像您透過淨新 ARR 查看結果一樣，它非常棒。再次，客戶希望從我們這裡購買越來越多的產品。下一代 SIEM 已取得圓滿成功。所以我只能專注在我們能夠控制的事情。我認為團隊在充滿噪音的環境中表現出色，克服了困難並取得了我們所取得的成果。

Shaul Eyal, TD Cowen.

沙烏爾·埃亞爾（Shaul Eyal），考恩（Cowen）TD。

Thank you. Hi. Good afternoon, guys. George, my question is on Next-Gen SIEM. Success is absolutely unquestionable. I listened to your tone, looking at the presentation, it's unequivocal. If we think about one or two legacy SIEM incumbents that you are most frequently displacing, who would those be?

謝謝。你好。大家下午好。喬治，我的問題是關於下一代 SIEM。成功是絕對毫無疑問的。我聽了你的語氣，看了看陳述，毫不含糊。如果我們考慮您最常取代的一兩個傳統 SIEM 現任者，他們會是誰？

I would say it's across the board, but certainly a big player out there is Splunk and QRadar. And others are out there, but you have to look at the legacy incumbents and customers are looking for better, faster, and better value. So that's what we're delivering, and it's all in an integrated package.

我想說它是全面的，但其中最大的參與者無疑是 Splunk 和 QRadar。當然還有其他公司，但你必須專注於傳統的既有企業，而客戶則在尋求更好、更快、更高的價值。這就是我們所提供的，並且所有內容都包含在一個整合包中。

And a big part of our success has been it's already built in. All of our customers actually have Next-Gen SIEM, and they get petabytes of it basically built in. So it makes it easy for them to try it out. And then when they see the results of it, they don't have to move data out of our platform. It's already there. and then we're converting them internally and as well as working with our GSI partners.

我們的成功很大一部分原因就在於它已經融入其中。我們所有的客戶實際上都擁有下一代 SIEM，並且基本上都內建了 PB 級的資料。這樣他們就可以輕鬆地嘗試。當他們看到結果時，他們不必將數據移出我們的平台。它已經存在了。然後我們在內部轉換它們，並與我們的 GSI 合作夥伴合作。

So I think this is one of the most exciting areas that we have. And for us, it feels a lot like the legacy AV market when I started the company. And I think we've got a tremendous amount of runway in front of us. And I just hear time and time again from customers, we cannot believe how fast it is, how well it works, and the value we're getting from it. So I think overall, we'll continue to see great success with it.

所以我認為這是我們最令人興奮的領域之一。對我們來說，這感覺很像我創辦公司時的傳統 AV 市場。我認為我們面前還有很長的路要走。我一次又一次聽到客戶說，我們不敢相信它的速度有多快，運行得有多好，以及我們從中獲得的價值。所以我認為總的來說，我們將繼續看到它取得巨大的成功。

Roger Boyd, UBS.

瑞銀的羅傑·博伊德。

Great. Thanks for taking the question. George, I wanted to hit on MSSP. I think you said 15% of bookings coming from that channel this quarter. If I look at kind of two years ago, it was maybe kind of in the mid-single digits. So a much more significant piece today. Can you just expanding the momentum there, what's going well, your competitive positioning with those partners and where you see the channel going, particularly as you look to engage partner first on a managed SIEM and managed SOC basis? Thanks.

偉大的。感謝您回答這個問題。喬治，我想打 MSSP。我認為您說過本季 15% 的預訂來自該管道。如果我回顧兩年前的情況，那可能是一個位數的中間值。所以今天的文章意義更重大。您能否擴大那裡的發展勢頭，哪些方面進展順利，您與這些合作夥伴的競爭定位以及您認為渠道的發展方向，特別是當您希望在託管 SIEM 和託管 SOC 基礎上首先與合作夥伴互動時？謝謝。

Yes. Well, we've spent a lot of time and effort over the last couple of years of working with those channel partners, working with the managed service providers adding the capabilities that they need to be able to deploy and manage CrowdStrike very easily. There's always been a demand for us in the SMB and through managed service providers. And we had to meet that demand in a way that makes sense for the managed service providers. We've made those changes. It's very easy to use and deploy within those environments.

是的。嗯，在過去的幾年裡，我們花了大量的時間和精力與這些通路合作夥伴合作，與託管服務提供者合作，增加他們所需的功能，以便能夠非常輕鬆地部署和管理 CrowdStrike。中小型企業和託管服務提供者對我們的需求一直存在。我們必須以一種對託管服務提供者合理的方式來滿足這一需求。我們已經做出了這些改變。在這些環境中使用和部署非常容易。

And the big thing is customers have been and continue to ask for it and we're winning against our competitors. I mean we are now in a market that we weren't necessarily in and we're having an impact in the competitive environment. And that for me is, I think, a bright spot and really highlights the partner-first mentality we have.

最重要的是，客戶一直並將繼續要求它，並且我們正在戰勝競爭對手。我的意思是，我們現在處於一個我們以前不一定處於的市場，我們正在對競爭環境產生影響。對我來說，我認為這是一個亮點，真正凸顯了我們的合作夥伴至上的理念。

Peter Levine, Evercore ISI.

彼得‧萊文 (Peter Levine)，Evercore ISI。

Great. Thank you for taking my question. Maybe for you, George, at RSA, I think you announced a privileged access management product for identity. You have identity -- Falcon Flex Identity. So maybe if you could just share with us like what are -- what's your vision within getting deeper into the Identity management space.

偉大的。感謝您回答我的問題。喬治，也許對你來說，在 RSA，我認為你宣布了一款用於身分的特權存取管理產品。您有身分－Falcon Flex Identity。所以也許您可以與我們分享一下—您對深入身分管理領域的願景是什麼。

Well, when you look at what we have with our identity protection, we are there with our agent. We're built in. We've run on very critical domain controllers and customers for years have asked us, can you do more in that space. They love our identity product. And now we have the ability to help them with privilege access. And we continue to add more and more capabilities.

好吧，當你看看我們的身分保護措施時，你會發現我們和我們的代理人在一起。我們已經內建。我們一直在非常關鍵的網域控制器上運行，多年來客戶一直問我們，你能在那個領域做更多的事情嗎？他們喜歡我們的身分產品。現在我們有能力幫助他們獲得特權訪問。而我們將繼續添加越來越多的功能。

It's a big TAM. It's an area that we've got expertise. We've got the real estate of having these agents and customers are looking for the consolidation play and they're also looking to save money. Some of the other solutions are very expensive, and by consolidating on CrowdStrike in that area, it's a win for them and it's a win for us. So we'll continue to add more and more capabilities and it does unlock a new TAM for us today and the future.

這是一個很大的 TAM。這是我們擁有專業知識的領域。我們擁有的房地產是這些代理商和客戶正在尋找整合方案並且他們也希望節省金錢。其他一些解決方案非常昂貴，透過在該領域整合 CrowdStrike，對他們來說是雙贏，對我們來說也是雙贏。因此，我們將繼續增加越來越多的功能，它確實為我們現在和未來解鎖了新的 TAM。

Keith Bachman, BMO.

基思·巴赫曼，BMO。

Thank you very much. Hopefully, you can hear me okay. Burt, I wanted to direct this to you, if I could. On the CCP, I'm just trying to get a little bit of help how to think about it in the second half of the year. So last year, in the October and January quarter, you identified $80 million of CCP. And so presumably, as you anniversary that, how does that layer into the back half of the year opportunities in terms of ARR.

非常感謝。希望您能聽到我的聲音。伯特，如果可以的話，我想把這個告訴你。關於中共，我只是想得到一點幫助，關於下半年該如何思考這個問題。因此，去年 10 月和 1 月季度，您發現了價值 8000 萬美元的 CCP。因此，可以推測，正如您所記得的，就 ARR 而言，這對下半年的機會有何影響？

Would we just add it to kind of normal back half of the year growth? Or any comments on exactly how that layer takes into the second half of the year? And if you don't mind, could you just repeat what you said about the July quarter in terms of sequential growth in terms of net new ARR? Many thanks.

我們是否應該將其添加到下半年的正常成長中？或對於該層在下半年的具體表現有何評論？如果您不介意的話，您能否重複一下您所說的關於 7 月份季度淨新 ARR 的連續增長情況？非常感謝。

Yes. So Keith, thanks for the question. So first, let me just start with saying that, as I said earlier, about Flex. When the Flex licenses start burning out, that's the opportunity for customers to buy more and all the new purchases that they make that all goes into net new ARR. And the momentum we're seeing gets us for that confidence level with respect to back half acceleration that we keep talking about and have more and more conviction to.

是的。所以 Keith，謝謝你的提問。首先，正如我之前所說，關於 Flex。當 Flex 授權開始耗盡時，這就是客戶購買更多產品的機會，他們進行的所有新購買都會進入淨新 ARR。我們看到的勢頭讓我們對後半段的加速有了更多的信心，我們一直在談論這一點，並且對此越來越有信心。

When we think about the $80 million, so the $80 million was with respect to deal value that we gave out, and we talked about that number. And then when you heard my prepared remarks today, I'm talking about impact from CCP on revenue specifically. And then I go into specifically about the partner programs that we have. And we talked about, basically for Q2 and beyond, around $10 million to $15 million per quarter.

當我們考慮 8000 萬美元時，8000 萬美元是相對於我們給出的交易價值而言的，我們談到了這個數字。然後，當你們聽到我今天的準備好的發言時，我具體談論的是中共對收入的影響。然後我具體介紹一下我們的合作夥伴計畫。我們討論的是，基本上第二季及以後每季約為 1,000 萬至 1,500 萬美元。

The other thing I want to mention is that when we think about our module and module retention rates, we're over -- we're around approximately 95% with respect to module retention rate. That gives us that confidence with respect to for customers who are going to come back to Flex and re-up with Flex, which is a big piece of how we're thinking about the back half of this year. Not only by the way, do we think about net new ARR, but I talked about, Keith, margin expansion in the back half of next year. I don't want to do -- I don't want you to lose sight of that as well.

我想提到的另一件事是，當我們考慮我們的模組和模組保留率時，我們已經超過了——就模組保留率而言，我們的模組保留率約為 95%。這讓我們對那些將要回到 Flex 並重新與 Flex 簽約的客戶充滿信心，這也是我們對今年下半年的思考的重要組成部分。順便說一句，我們不僅考慮淨新 ARR，而且我還談到了明年下半年的利潤率擴張。我不想——我也不想讓你忽視這一點。

Operator?

操作員？

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

今天的問題到此結束--.現在我想將電話轉回給喬治·庫爾茨，請他作最後發言。

I want to thank everyone for joining us today, and we look forward to seeing you on our next earnings call. Stay well.

我要感謝大家今天的參加，我們期待在下次財報電話會議上見到你們。保重。