CrowdStrike Holdings Inc (CRWD) 2026 Q2 法說會逐字稿

Hello, and welcome to CrowdStrike's fiscal second-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 財年第二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)。瑪麗亞，請繼續。

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

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 third 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，包括我們對第三季度和 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.

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

Additionally, unless otherwise stated, excluding revenue, all financial measures disclosed on this call will be non-GAAP. A discussion of why we use non-GAAP financial measures and a reconciliation schedule showing GAAP versus non-GAAP results is currently available in our earnings release, which may be found on our Investor Relations website at ir.crowdstrike.com or on our Form 8-K filed with the SEC today.

此外，除非另有說明，除收入外，本次電話會議所揭露的所有財務指標均為非公認會計準則 (GAAP)。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 結果的調整表目前已在我們的收益報告中提供，您可以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 Q2 FY26 earnings call.

謝謝瑪麗亞，也謝謝大家參加我們的 2026 財年第二季財報電話會議。

Reflecting on our second quarter, the key theme was reacceleration. We've talked about reacceleration coming in the back half of this fiscal year. It's here now. I'm proud of CrowdStrike's ability to deliver reacceleration, our return to year-over-year net new ARR growth a quarter early.

回顧我們的第二季度，關鍵主題是重新加速。我們已經討論過本財年下半年的重新加速。它現在就在這裡。我為 CrowdStrike 能夠再次加速發展並提前一個季度恢復同比淨新 ARR 成長的能力感到自豪。

Our reacceleration is driven largely by AI-necessitated demand for the Falcon platform and stellar execution across the business. Q2 was a robust quarter where we exceeded all guided metrics. Highlights included: one, record Q2 net new ARR of $221 million, double-digit millions ahead of our expectations, showcasing accelerating net new ARR; two, ending ARR of $4.66 billion, growing more than 20% year over year; three, record Q2 free cash flow of $284 million or 24% of revenue; four, record operating income of $255 million or 22% of revenue; five, total revenue growth of 21% year over year, reaching $1.17 billion and exceeding the high end of our guidance; six, cloud, Next-Gen Identity, and Next-Gen SIEM platform solutions are now more than $1.56 billion in ending ARR, growing more than 40% year over year; and seven, we surpassed the 1,000 Falcon Flex customer milestone with the average Flex customer representing more than $1 million of ending ARR.

我們的重新加速主要受到人工智慧對 Falcon 平台的需求以及整個業務的出色執行的推動。第二季表現強勁，我們超越了所有指導指標。亮點包括：第一，第二季度淨新 ARR 達到創紀錄的 2.21 億美元，超出我們的預期數千萬，表明淨新 ARR 正在加速增長；第二，期末 ARR 達到 46.6 億美元，同比增長超過 20%；第三，第二季度自由現金流達到創紀錄的 2.84 億美元，同比增長超過 20%；第三，第二季度自由現金流達到創紀錄的 2.84 億美元，佔收入的 20%；第三，第二季度自由現金流達到創紀錄的 2.84 億美元，佔收入的 24%； 22%；第五，總營收年增 21%，達到 11.7 億美元，超過了我們預期的高端；第六，雲端、下一代身分和下一代 SIEM 平台解決方案的期末 ARR 超過 15.6 億美元，同比增長超過 40%；第七，我們突破了 1,000 個 Falcon Flex 客戶超過 40%；第七，我們突破了 1,000 個 Falcon Flex 客戶超過 40%。

Building on last quarter's re-Flex momentum, now more than 100 customers have already re-Flexed. We're very pleased with adoption rates. Seeing so many customers re-Flex validates the Flex model and illustrates customers' accelerating consolidation with CrowdStrike.

基於上一季 re-Flex 勢頭，目前已有超過 100 家客戶 re-Flex。我們對採用率非常滿意。看到如此多的客戶重新選擇 Flex，驗證了 Flex 模型，並說明了客戶與 CrowdStrike 的整合正在加速。

Quarters like this one highlight our momentum and progress on the path to $10 billion in ending ARR. Setting new records, achieving net new ARR reacceleration sooner than anticipated and rising competitive win rates highlight CrowdStrike leading the way in cybersecurity.

像這樣的季度凸顯了我們在實現 100 億美元期末 ARR 的道路上所取得的勢頭和進展。創下新紀錄、比預期更快實現淨新 ARR 再加速以及不斷上升的競爭勝率凸顯了 CrowdStrike 在網路安全領域的領先地位。

Our innovative solutions are winning at scale like Exposure Management, which surpassed $300 million in ending ARR and was named a leader in the 2025 IDC Worldwide Exposure Management Marketscape. CrowdStrike's market leadership was further reflected in Gartner's latest Magic Quadrant for Endpoint Protection Platforms where we were placed in the leader box for the sixth consecutive year. Our position was furthest right for completeness of vision and highest for ability to execute out of all vendors for the third year in a row.

我們的創新解決方案正在大規模取得成功，例如風險敞口管理，其最終 ARR 超過 3 億美元，並被評為 2025 年 IDC 全球風險敞口管理市場領導者。CrowdStrike 的市場領導地位在 Gartner 最新的端點保護平台魔力像限中得到了進一步體現，我們連續第六年被置於領導者象限。在所有供應商中，我們連續第三年在願景完整性方面排名最靠前，在執行能力方面排名最高。

In cybersecurity as well as the broader technology market, AI's impact is palpable. As organizations of all sizes embrace AI transformation, I hear several thematic concerns from executives and Boards.

在網路安全以及更廣泛的技術市場中，人工智慧的影響是顯而易見的。隨著各種規模的組織接受人工智慧轉型，我聽到高階主管和董事會提出了幾個主題擔憂。

One, where is shadow AI emerging in my business? Two, how do I control what data enters AI systems? Three, how do I control what AI systems can do in my enterprise? Which ultimately leads to the focal question of four, how do I secure AI agents?

一、影子人工智慧在我的業務中出現在哪裡？二、我如何控制哪些資料進入人工智慧系統？三、我如何控制人工智慧系統在我的企業中能做什麼？這最終引出了第四個焦點問題，我該如何保護人工智慧代理？

AI has made the role of CISOs and COOs more complicated than ever. Answering these four questions is far too difficult, expensive, nuanced, conditional, and incomplete. At the same time, adversaries are now using AI, democratizing destruction at mass scale. Our threat intelligence research uncovered Famous Chollima, a North Korean nexus group, using GenAI to infiltrate more than 320 enterprises by automating fabricated resumes and conducting deepfake interviews.

人工智慧使得 CISO 和 COO 的角色變得比以往任何時候都更加複雜。回答這四個問題太困難、太昂貴、太微妙、太有條件、太不完整。同時，對手現在正在使用人工智慧，使大規模破壞民主化。我們的威脅情報研究發現，北韓聯絡組織 Famous Chollima 使用 GenAI 透過自動偽造履歷和進行深度偽造面試滲透到 320 多家企業。

The threat is real. CrowdStrike's role in the agentic era is staying ahead of AI-armed threat actors to secure AI at every layer, beginning with the AI model itself to the workloads and hosts on which they run to the actual human and agentic identities, to the end-user devices accessing these systems and applications. In this time of societal and technological revolution, we secure where AI happens.

威脅是真實存在的。CrowdStrike 在代理時代的角色是領先於配備 AI 的威脅行為者，以確保 AI 的每一層安全，從 AI 模型本身到運行它們的工作負載和主機，到實際的人類和代理身份，到訪問這些系統和應用程序的最終用戶設備。在這個社會和科技革命的時代，我們要確保人工智慧發生的地方的安全。

Enterprises are quickly realizing AI security is not a network problem. AI doesn't happen in transit. Model creation and AI development happens in the cloud and in the data center. AI adoption happens at the endpoint on the computing device itself. And AI access happens by users with human and increasingly, nonhuman machine identities.

企業很快就意識到人工智慧安全不是網路問題。人工智慧不會在運輸過程中發生。模型創建和人工智慧開發發生在雲端和資料中心。人工智慧的採用發生在計算設備本身的端點上。人工智慧的訪問由具有人類身份的用戶以及越來越多的非人類機器身份的用戶進行。

CrowdStrike secures each of these attack surfaces. We deliver AI for security, where we revolutionize security operations with our own SOC agent, Charlotte. We also deliver security for AI helping the world securely adopt the power of agentic outcomes. This combination, grounded in our data foundation, is a competitive moat. You can't just stitch or acquire a unified AI native platform.

CrowdStrike 保護了每一個攻擊面。我們提供安全人工智慧，並透過我們自己的 SOC 代理 Charlotte 徹底改變安全操作。我們也為人工智慧提供安全性，幫助世界安全地採用代理成果的力量。這種以我們的數據基礎為基礎的組合是我們競爭的護城河。你不能只是拼接或取得一個統一的AI原生平台。

AI security's primary enforcement mechanism is not and will not be the firewall. AI security must be on the devices, workloads, data, and identities anywhere, everywhere and always on. AI security and now enterprise security in the agentic era is fundamentally a data, speed, and enforcement problem, one that CrowdStrike solves today and is uniquely positioned to solve tomorrow.

人工智慧安全的主要執行機制不是、也不會是防火牆。人工智慧安全必須存在於任何地方、任何地點、任何時間的設備、工作負載、資料和身分中。人工智慧安全以及現在代理時代的企業安全從根本上來說是一個數據、速度和執行問題，CrowdStrike 今天解決了這個問題，並且在未來具有獨特的優勢來解決它。

Driving adoption of the Falcon platform as the operating system of cybersecurity is our Next-Gen SIEM. Every day, customers are discovering the power of our native hyperscalable data foundation to solve their most complex security and IT problems. Falcon Next-Gen SIEM had a stellar Q2 with year-over-year growth of more than 95% and ending ARR of more than $430 million.

我們的下一代 SIEM 正在推動 Falcon 平台作為網路安全作業系統的採用。每天，客戶都在發現我們原生超可擴展資料基礎的強大功能，可以解決他們最複雜的安全性和 IT 問題。Falcon Next-Gen SIEM 在第二季表現出色，年成長超過 95%，期末 ARR 超過 4.3 億美元。

Next-GEN SIEM is becoming synonymous with AI SOC transformation, akin to upgrading from a typewriter to a computer, unlocking new capabilities, cost efficiencies, and agentic speed. A leading Global 2000 communications platform chose Next-Gen SIEM in a highly competitive seven-figure legacy SIEM replacement. Synthesizing EDR and third-party data proved easier, faster and more effective than going with a network-first SIEM product.

下一代 SIEM正在成為 AI SOC 轉型的代名詞，類似於從打字機升級到計算機，釋放新的功能、成本效率和代理速度。一家領先的全球 2000 家通訊平台選擇了下一代 SIEM，以七位數的價格取代了競爭激烈的傳統 SIEM。事實證明，綜合 EDR 和第三方資料比採用網路優先 SIEM 產品更容易、更快速、更有效。

And we're not stopping. Today, we're incredibly excited to announce our intent to acquire Onum, a leading data pipeline platform. Built on a proprietary stateless in-memory architecture, we believe Onum is the perfect complement to Next-Gen SIEM. It offers unparalleled speed, scale, and efficiency in onboarding to Next-Gen SIEM while giving customers control of their data.

我們不會停止。今天，我們非常高興地宣布我們有意收購領先的數據管道平台 Onum。我們相信，基於專有的無狀態記憶體架構，Onum 是下一代 SIEM 的完美補充。它為下一代 SIEM 的加入提供了無與倫比的速度、規模和效率，同時讓客戶能夠控制自己的資料。

Onum will bring Falcon's AI-powered detections closer to third-party data sources in pipeline, starting analysis before data even enters the Falcon platform.

Onum 將使 Falcon 的人工智慧偵測更接近管道中的第三方資料來源，在資料進入 Falcon 平台之前就開始分析。

Here's why Onum stood out to us. One, speed. Onum delivers 5 times more events per second than its nearest competitor and processes data in real-time versus legacy batch and store methods.

這就是為什麼 Onum 對我們來說如此突出。一、速度。Onum 每秒處理的事件數是其最接近的競爭對手的 5 倍，與傳統的批次和儲存方法相比，可以即時處理資料。

Two, cost. Onum's smart filtering reduces data storage costs by 50%.

二、成本。Onum 的智慧過濾功能可將資料儲存成本降低 50%。

Three, superior outcomes. Onum's real-time pipeline detection starts before data enters the Falcon platform, delivering up to 70% faster incident response with 40% less ingestion overhead. If our Next-Gen SIEM is the engine that powers the modern SOC, then data is the fuel that makes the engine run.

三、成果顯著。Onum 的即時管道偵測在資料進入 Falcon 平台之前就開始了，可將事件回應速度提高 70%，並將攝取開銷減少 40%。如果我們的下一代 SIEM 是驅動現代 SOC 的引擎，那麼數據就是推動引擎運轉的燃料。

Onum is both the pipeline and the filter, streaming high-quality filter fuel quickly into the engine to drive robust, efficient and superior performance. With Onum, CrowdStrike will align with each stage of the AI life cycle, ingestion and detection of data, filtration and optimization of data as well as actioning and enforcement to produce high-fidelity autonomous outcomes across security and nonsecurity use cases.

Onum 既是管道又是過濾器，將高品質的過濾燃料快速輸送到引擎中，以實現強勁、高效和卓越的性能。借助 Onum，CrowdStrike 將與 AI 生命週期的每個階段保持一致，包括資料的提取和偵測、資料的過濾和優化以及行動和執行，從而在安全和非安全用例中產生高保真的自主結果。

Before, migrating data into Next-Gen SIEM was a long pole in a displacement tent, often requiring third-party tools. Our acquisition of Onum is a direct response to a growing course of frustration with the incomplete data and punitive costs from today's third-party tools. We're forging a new path. Onum and Next-Gen SIEM will enable CrowdStrike customers to focus on earlier in pipeline detection, blazing fast data streaming and high-fidelity data filtration, optimizing the agentic Next-Gen SIEM experience.

以前，將資料遷移到下一代 SIEM 就像是帳篷裡的長桿，通常需要第三方工具。我們收購 Onum 是為了直接應對人們對當今第三方工具的不完整數據和懲罰性成本日益增長的不滿。我們正在開闢一條新道路。Onum 和 Next-Gen SIEM 將使 CrowdStrike 客戶能夠更早專注於管道偵測、超快速資料流和高保真資料過濾，從而優化代理 Next-Gen SIEM 體驗。

Most importantly, the acquisition of Onum will give our customers control of their security, observability, and IT data, uniquely positioning CrowdStrike as our customers' data foundation.

最重要的是，收購 Onum 將使我們的客戶能夠控制他們的安全性、可觀察性和 IT 數據，從而使 CrowdStrike 成為我們客戶的數據基礎。

With our performant data platform as its foundation, CrowdStrike is rapidly expanding our pace of AI innovation. Charlotte is our agentic SOC analyst, automating actions and now end-to-end autonomous workflows across the SOC. Charlotte had a record quarter, growing more than 85% over Q1. We're embedding Charlotte across the entirety of the Falcon platform, empowering customers to achieve their agentic security goals out of the box with immediate ROI.

以我們高效能的數據平台為基礎，CrowdStrike 正迅速擴大我們的人工智慧創新步伐。Charlotte 是我們的代理 SOC 分析師，負責自動化整個 SOC 的操作和端到端的自主工作流程。夏洛特本季業績創下紀錄，較第一季成長超過 85%。我們將 Charlotte 嵌入到整個 Falcon 平台中，讓客戶能夠立即實現其代理安全目標並獲得即時投資回報。

Charlotte is constantly learning and improving as we train it on our market-leading threat intelligence, battleground incident response, and scaled Falcon Complete MDR analyst behavior. As one of cybersecurity's largest MDRs, our Falcon Complete SOC data is akin to the encyclopedia threat telemetry, resulting in a powerful cybersecurity AI feedback loop.

隨著我們根據市場領先的威脅情報、戰場事件響應和擴展的 Falcon Complete MDR 分析師行為對 Charlotte 進行訓練，它正在不斷學習和改進。作為網路安全領域最大的 MDR 之一，我們的 Falcon Complete SOC 數據類似於百科全書威脅遙測，從而形成強大的網路安全 AI 回饋循環。

Our unique cyber data advantage, coupled with our data science expertise, create a reinforcement learning flywheel, continuously adapting and improving autonomous detection and response. The outcome is Charlotte turning our data moat into a fortified and dynamic AI wall.

我們獨特的網路數據優勢，加上我們的數據科學專業知識，創造了一個強化學習飛輪，不斷調整和改進自主檢測和反應。結果是夏洛特將我們的數據護城河變成了堅固而動態的人工智慧牆。

Our customers are facing AI disruption, which is driving our Next-Gen Identity business. As agentic identities proliferate, customers require an identity security solution to safely leverage agentic AI, preventing exploitation, misuse, and breaches.

我們的客戶正面臨人工智慧的顛覆，這推動了我們的下一代身分業務。隨著代理身分的激增，客戶需要身分安全解決方案來安全地利用代理人工智慧，防止被利用、濫用和破壞。

We recently announced the launch of Next-Gen Identity Protection, which extends our best-in-class identity protection to nonhuman identities or NHI, SaaS applications and most importantly, AI agents. Including Falcon Shield, our Next-Gen Identity Protection business exceeded $435 million of ending ARR in Q2, growing more than 21% year over year.

我們最近宣布推出下一代身分保護，將我們一流的身分保護擴展到非人類身分或 NHI、SaaS 應用程式以及最重要的 AI 代理。包括 Falcon Shield 在內，我們的下一代身分保護業務在第二季的期末 ARR 超過 4.35 億美元，年成長超過 21%。

Based on customer demand and seeing another opportunity to innovate, we launched our own PAM offering in Q1. Elevated uncertainty around the future of legacy PAM tools is driving heightened interest in our Next-Gen PAM solution. Driven by the excitement for Next-Gen Identity Protection and Next-Gen Privilege Access, these new solutions significantly expand our identity opportunity.

根據客戶需求並看到另一個創新機會，我們在第一季推出了自己的 PAM 產品。圍繞著傳統 PAM 工具未來的不確定性增加，引發了人們對我們的下一代 PAM 解決方案的高度興趣。在下一代身分保護和下一代特權存取的推動下，這些新解決方案大大擴展了我們的身分機會。

A leading global consulting firm decided to replace their legacy PAM after years of frustration with cost, limited efficacy, and point product woes. Our ability to deliver privileged account password rotation, privileged user identification and risk assessment, privileged escalation detection, user risk profile insights and flexible MFA controls for different departments helped this customer consolidate with confidence. With nothing new to deploy, this customer seamlessly met all device trust, escalating privilege and cyber insurance requirements.

一家全球領先的顧問公司多年來一直因成本、功效有限和單點產品問題而苦惱，最終決定更換其傳統的 PAM。我們能夠為不同部門提供特權帳戶密碼輪換、特權用戶識別和風險評估、特權升級偵測、用戶風險狀況洞察和靈活的 MFA 控制，幫助該客戶充滿信心地進行整合。由於無需部署任何新內容，該客戶無縫滿足了所有設備信任、升級權限和網路保險要求。

Moving to our Cloud business, the rapid adoption of AI has placed a spotlight on the importance of securing cloud infrastructure at run time. While out-of-band posture tools can lend an overall view of security health, they are incapable of stopping breaches. CrowdStrike is a leader in cloud runtime protection with the largest and most sophisticated enterprises trusting us to protect their most critical production environments.

轉向我們的雲端業務，人工智慧的快速應用凸顯了運行時保護雲端基礎設施的重要性。雖然帶外態勢工具可以提供安全健康狀況的整體視圖，但它們無法阻止違規行為。CrowdStrike 是雲端運行時保護領域的領導者，最大的和最複雜的企業都信任我們來保護他們最關鍵的生產環境。

With the need to secure AI as a backdrop, we delivered impressive net new ARR in Cloud this past quarter. Total Cloud ending ARR exceeded $700 million, growing more than 35% year over year. A Fortune 500 energy supplier selected Falcon Cloud Security in a seven-figure win. The ease of adoption for our single-platform approach and having ASPM already natively integrated drove this win.

在需要確保人工智慧安全的背景下，我們在上個季度在雲端運算領域實現了令人印象深刻的淨新 ARR。雲端 ARR 總額超過 7 億美元，較去年同期成長超過 35%。財富 500 強能源供應商以七位數的價格選擇了 Falcon Cloud Security。我們的單一平台方法易於採用，並且 ASPM 已經原生集成，這推動了這一勝利。

Our ASPM reduced months of manual work into minutes. Through this upsell, Falcon Cloud Security consolidated more than 10-point products across CNAP, CSPM, ASPM, CDR, and container security.

我們的 ASPM 將數月的手動工作縮短至幾分鐘。透過此次追加銷售，Falcon Cloud Security 整合了 CNAP、CSPM、ASPM、CDR 和容器安全領域的 10 多個產品。

Contributing to our platform growth is our revolutionary Falcon Flex model, helping customers accelerate and maximize Falcon platform adoption. In Q2, we crossed 1,000 Falcon Flex customers, adding more than 220 new Flex customers. Not only are we and our partners successfully landing new Flex deals, we also continue to see increases in: one, platform adoption. Utilization of Flex contracts is more than 75% across the Flex customer base.

我們的革命性 Falcon Flex 模式促進了我們平台的成長，幫助客戶加速並最大限度地採用 Falcon 平台。在第二季度，我們的 Falcon Flex 客戶數量突破 1,000 家，新增 220 多家 Flex 新客戶。我們和我們的合作夥伴不僅成功達成了新的 Flex 交易，我們也持續看到以下方面的成長：一是平台採用率。Flex 客戶群中 Flex 合約的使用率超過 75%。

Two, re-Flexes. We more than doubled the number of re-Flexed accounts to nearly 10% of all Flex customers. In just an average of five months from their initial Flex subscriptions, this cohort of Flex customers found themselves wanting more modules and more consolidation. Re-Flexes on average are yielding a nearly 50% uplift in Flex customer ending ARR, illustrating the strength of the Falcon platform and the power of our game-changing licensing model.

二、重新彎曲。我們的 re-Flexed 帳戶數量增加了一倍多，佔所有 Flex 客戶的近 10%。從最初訂閱 Flex 開始，平均只需五個月時間，這群 Flex 客戶就發現自己想要更多的模組和更多的整合。Re-Flexes 平均使 Flex 客戶最終 ARR 提升了近 50%，這體現了 Falcon 平台的實力以及我們改變遊戲規則的授權模式的威力。

Re-Flex activity gives us conviction in our net new ARR acceleration, highlighting the difference between a onetime ELA and the recurring Flex model. A lighthouse example of the re-Flex motion was with a Fortune 500 software firm which completed an eight-figure re-Flex. 18 months prior to their initial Flex subscription expiration, this customer decided to take their next strategic step with CrowdStrike, enabling them to modernize their SOC by replacing a legacy SIEM and a hyperscaler SIEM.

Re-Flex 活動讓我們對淨新 ARR 加速充滿信心，凸顯了一次性 ELA 和重複性 Flex 模型之間的差異。re-Flex 舉措的一個典範案例是一家財富 500 強軟體公司，該公司完成了一項八位數的 re-Flex 計劃。在其初始 Flex 訂閱到期前 18 個月，該客戶決定與 CrowdStrike 合作採取下一個戰略步驟，透過取代傳統 SIEM 和超大規模 SIEM 來實現其 SOC 的現代化。

They also adopted Charlotte to identify threat hunting and SOC operations. What was recently a very successful Flex has become an even more impressive re-Flex.

他們還採用夏洛特來識別威脅搜尋和 SOC 操作。最近非常成功的 Flex 已經成為了更令人印象深刻的 re-Flex。

Consolidation isn't just a phenomenon with our customers. We also see it with our ecosystem partners. Diverse partner types are continuing to standardize on Falcon as their cybersecurity platform of choice. Take Red Canary, an MDR focused on the mid-market to small enterprise recently acquired by Zscaler, one of our strategic technology partners.

整合不僅僅是我們客戶的一種現象。我們的生態系統合作夥伴也看到了這一點。不同類型的合作夥伴繼續將 Falcon 作為其首選的網路安全平台。以 Red Canary 為例，這是一家專注於中型市場到小型企業的 MDR，最近被我們的策略技術合作夥伴之一 Zscaler 收購。

Red Canary decided to consolidate and migrate their legacy point product EDR installed base of more than 100,000 endpoints across hundreds of customers onto Falcon. Through a multimillion-dollar Q2 transaction, Red Canary is migrating these customers to CrowdStrike, where they will enjoy Red Canary's MDR services delivered on the Falcon platform. Red Canary is just one of the many MSSPs who build their business on CrowdStrike.

Red Canary 決定將其位於數百個客戶的超過 100,000 個端點的傳統點產品 EDR 安裝基礎整合並遷移到 Falcon。透過數百萬美元的第二季交易，Red Canary 將這些客戶遷移到 CrowdStrike，他們將在那裡享受 Red Canary 在 Falcon 平台上提供的 MDR 服務。Red Canary 只是眾多在 CrowdStrike 上開展業務的 MSSP 之一。

Further into the SMB market, Amazon Business Prime selected CrowdStrike Falcon Go for millions of businesses around the world. Business Prime members now receive Falcon Go as part of their subscription, opening a significant sub-100 user TAM. This partnership highlights our ability to strategically monetize new markets and migrate underserved segments from legacy ineffective technologies.

進一步進入中小企業市場，Amazon Business Prime 為全球數百萬企業選擇了 CrowdStrike Falcon Go。商業 Prime 會員現在可以將 Falcon Go 作為其訂閱的一部分，從而打開 100 個以下用戶 TAM 的顯著空間。此次合作凸顯了我們策略性地將新市場貨幣化以及將服務不足的細分市場從傳統的低效率技術中轉移出來的能力。

And lastly, industry stalwarts like NVIDIA continue to choose CrowdStrike as their cybersecurity partner of choice. With our recently announced integration of Falcon Cloud Security, with NVIDIA universal LLM NIM microservices and NeMo Safety, NVIDIA customers now benefit from full AI life cycle protection for over 100,000 LLMs through Falcon. Partners sourced over 60% of Q2 new business, highlighting our ecosystem's competitive advantage and leadership across all customer segments.

最後，NVIDIA 等行業巨頭繼續選擇 CrowdStrike 作為其首選網路安全合作夥伴。隨著我們最近宣布將 Falcon Cloud Security 與 NVIDIA 通用 LLM NIM 微服務和 NeMo Safety 進行集成，NVIDIA 客戶現在可以透過 Falcon 為超過 100,000 個 LLM 提供完整的 AI 生命週期保護。合作夥伴佔據了第二季超過 60% 的新業務，凸顯了我們的生態系統在所有客戶群中的競爭優勢和領導地位。

I started my remarks talking about acceleration. AI is accelerating every aspect of our society and revolutionizing the way we work, but it's also accelerating the adversary. I know all too well that there is no peace time in cybersecurity. The adversary never rests. The world is soon to embark on the largest arms race ever, the arms race over AI superiority.

我的發言從加速開始。人工智慧正在加速我們社會的各個層面，徹底改變我們的工作方式，但它也在加速對手的發展。我非常清楚，網路安全領域沒有和平時期。對手永不休息。世界即將開始有史以來最大規模的軍備競賽，即爭奪人工智慧優勢的軍備競賽。

The world's AI infrastructure necessitates protection from development to deployment, from cloud to endpoint, and from human to agent. CrowdStrike isn't just a passenger in this revolution, we're driving it. We're becoming the foundation of our customers' AI future, delivering the security platform that makes AI transformation possible.

全球的人工智慧基礎設施需要從開發到部署、從雲端到終端、從人到代理的保護。CrowdStrike 不只是這場革命中的乘客，我們也是這場革命的推動者。我們正在成為客戶人工智慧未來的基礎，提供使人工智慧轉型成為可能的安全平台。

Looking forward, AI-driven market demand and customer-driven consolidation, brought together by our revolutionary Flex licensing model, drive my belief in sustained growth. In light of the demand environment and our platform superiority, our guidance now assumes back half net new ARR will grow at least 40% versus last year.

展望未來，人工智慧驅動的市場需求和客戶驅動的整合，加上我們革命性的 Flex 授權模式，推動了我對持續成長的信念。鑑於需求環境和我們的平台優勢，我們現在的指導假設是，今年上半年淨新 ARR 將比去年增長至少 40%。

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

說完這些，我會把電話轉給 CrowdStrike 的財務長 Burt Podbere。

Thank you, George, and good afternoon, everyone.

謝謝你，喬治，大家下午好。

We delivered a strong second quarter, exceeding expectations across all guided metrics. We achieved record Q2 net new ARR of $221 million and net new ARR reacceleration a quarter ahead of our expectations, growing ending ARR to $4.66 billion, up 20% over last year.

我們第二季表現強勁，所有指導指標均超乎預期。我們第二季的淨新 ARR 達到了創紀錄的 2.21 億美元，並且比預期提前一個季度重新加速，期末 ARR 增長至 46.6 億美元，比去年同期增長 20%。

Market demand for our AI native Falcon platform and Falcon Flex subscription model drove strength across the business. The number of deals with total deal value over $10 million doubled year over year, and we reached a new milestone of 800 customers with ending ARR exceeding $1 million.

市場對我們 AI 原生 Falcon 平台和 Falcon Flex 訂閱模式的需求推動了整個業務的發展。交易總額超過 1000 萬美元的交易數量同比增長了一倍，並且我們達到了 800 個客戶的新里程碑，期末 ARR 超過 100 萬美元。

As George highlighted, customers are increasingly consolidating their security operations onto the Falcon platform as they modernize their security stack for the AI era. This momentum is reflected in our module adoption metrics with 48%, 33%, and 23% of subscription customers adopting six, seven, and eight or more modules, respectively.

正如喬治所強調的那樣，隨著客戶為人工智慧時代更新其安全堆疊，他們越來越多地將其安全操作整合到 Falcon 平台上。這一動能反映在我們的模組採用指標中，分別有 48%、33% 和 23% 的訂閱客戶採用了六個、七個和八個或更多模組。

Most notably, among our customers with over $100,000 in ending ARR, we reached a new milestone with 60% adopting eight or more modules, demonstrating the power of our platform consolidation strategy. Looking into the back half of the year, the combination of strong Falcon Flex momentum, record Q3 pipeline, and increasing demand for our AI-powered innovations reinforces our conviction in driving year-over-year growth acceleration in both net new ARR and ending ARR.

最值得注意的是，在我們的客戶中，期末 ARR 超過 10 萬美元的客戶中，60％ 採用了八個或更多模組，達到了一個新的里程碑，證明了我們平台整合策略的威力。展望下半年，Falcon Flex 強勁的發展勢頭、創紀錄的第三季度產品線以及對我們人工智慧創新日益增長的需求，增強了我們推動淨新 ARR 和期末 ARR 同比增長加速的信心。

Moreover, we have a clear line of sight to well exceed the $5 billion ending ARR milestone by fiscal year-end, achieving the ambitious goal we set in 2022 as we execute on our path to $10 billion in ending ARR by FY31.

此外，我們明確的目標是在財年末超越 50 億美元的期末 ARR 里程碑，實現我們在 2022 年設定的雄心勃勃的目標，並朝著 2031 財年期末 ARR 達到 100 億美元的目標邁進。

Moving to the P&L. Total revenue exceeded our guidance range and grew 21% over Q2 of last year to reach $1.17 billion. Subscription revenue grew 20% over Q2 of last year to reach $1.10 billion, and professional services revenue was a record $66.0 million. The geographic mix of second-quarter revenue consisted of approximately 67% from the US and 33% from international geographies, with both US and EMEA year-over-year growth accelerating compared to Q1.

轉到損益表。總營收超出我們的預期範圍，比去年第二季成長 21%，達到 11.7 億美元。訂閱收入比去年第二季成長 20%，達到 11 億美元，專業服務收入創下 6,600 萬美元的紀錄。第二季營收的地理分佈中，約 67% 來自美國，33% 來自國際地區，與第一季相比，美國和 EMEA 地區的年成長率均有所加速。

Total non-GAAP gross margin was 78% and non-GAAP subscription gross margin remained best-in-class at 80% of revenue. Total non-GAAP operating expenses in the second quarter were $652.5 million or 56% of revenue.

非公認會計準則總毛利率為 78%，非公認會計準則訂閱毛利率仍維持最佳水平，為收入的 80%。第二季非公認會計準則總營運費用為 6.525 億美元，佔營收的 56%。

In the second quarter, non-GAAP operating income was a record $255.0 million and operating margin was 22%, exceeding our guidance. Strong top line performance and efficiency gains from our strategic plan drove the outperformance in profitability, highlighting our commitment to profitable growth as we accelerate net new ARR growth and execute on the path to achieving our target operating model.

第二季度，非公認會計準則營業收入達到創紀錄的 2.55 億美元，營業利益率為 22%，超過了我們的預期。我們策略計畫帶來的強勁營收表現和效率提升推動了獲利能力的優異表現，凸顯了我們在加速淨新 ARR 成長和實現目標營運模式的過程中對獲利成長的承諾。

GAAP net loss attributable to CrowdStrike was $77.7 million and included $35.7 million of expenses for outage and related matters and $38.4 million of strategic plan-related charges. Non-GAAP net income attributable to CrowdStrike was a record $237.4 million or $0.93 on a diluted per share basis, exceeding our guidance.

歸屬於 CrowdStrike 的 GAAP 淨虧損為 7,770 萬美元，其中包括 3,570 萬美元的中斷和相關事宜費用以及 3,840 萬美元的策略計畫相關費用。歸屬於 CrowdStrike 的非 GAAP 淨收入達到創紀錄的 2.374 億美元或每股稀釋收益 0.93 美元，超過了我們的預期。

In Q2, our long-term projected non-GAAP tax rate decreased to 21% from 22.5%, reflecting recent changes in tax legislation and resulting in a $0.03 benefit on a diluted per share basis.

在第二季度，我們的長期預測非公認會計準則稅率從 22.5% 降至 21%，反映了近期稅收立法的變化，並導致每股稀釋收益 0.03 美元。

Moving to cash. Our cash and cash equivalents grew to a record $4.97 billion. We generated record Q2 cash flow from operations of $332.8 million and record Q2 free cash flow of $283.6 million or 24% of revenue. Expenses for outage-related and strategic plan costs impacted Q2 free cash flow by approximately $29 million.

轉為現金。我們的現金和現金等價物成長至創紀錄的 49.7 億美元。我們第二季的經營現金流創歷史新高，達到 3.328 億美元，自由現金流創歷史新高，達到 2.836 億美元，佔營收的 24%。停電相關費用和策略計畫成本對第二季自由現金流產生了約 2,900 萬美元的影響。

Moving to our outlook and modeling notes. Our leadership is showcased by our record Q2 performance, strong Falcon Flex adoption and expansion, continued strong retention rates, and broad success across our AI-powered Falcon platform. This momentum further bolsters our conviction in continued net new ARR acceleration for the back half of FY26.

前往我們的展望和建模說明。我們創紀錄的第二季業績、強勁的 Falcon Flex 採用和擴展、持續強勁的保留率以及我們基於人工智慧的 Falcon 平台的廣泛成功證明了我們的領導地位。這一勢頭進一步增強了我們對 2026 財年下半年淨新 ARR 將繼續加速成長的信心。

While we do not guide to ending ARR or net new ARR, our revenue guidance includes the following assumptions: high-single-digit sequential net new ARR growth Q2 to Q3 and at least 40% year-over-year net new ARR growth for the back half of the fiscal year, bringing ending ARR growth for FY26 to more than 22%.

雖然我們沒有對期末 ARR 或淨新 ARR 做出指引，但我們的收入指引包括以下假設：第二季度至第三季度淨新 ARR 連續個位數增長，以及本財年下半年淨新 ARR 同比至少增長 40%，從而使 2026 財年的期末 ARR 增長率達到 22% 以上。

Our revenue guidance also assumes a wider-than-typical range for professional services, given the strong Q2 performance. Additionally, as we discussed last quarter, as a result of our successful CCP and related partner programs, our ARR to subscription revenue assumptions includes a separation of $10 million to $15 million per quarter through Q4. When this impact begins to subside, we ask that you please reflect this when updating your models.

鑑於第二季的強勁表現，我們的收入指引也假設專業服務的收入範圍將比典型情況更廣。此外，正如我們上個季度所討論的那樣，由於我們成功的 CCP 和相關合作夥伴計劃，我們的 ARR 對訂閱收入假設包括到第四季度每季度分離 1000 萬美元至 1500 萬美元。當這種影響開始消退時，我們要求您在更新模型時反映這一點。

Moving to cash. Payments related to strategic plan costs are expected to be de minimis in Q3, and we expect to make Q3 cash payments of approximately $51 million in connection with outage-related costs. As previously discussed, we expect to exit this fiscal year with a free cash flow margin of 27% in Q4, expanding to more than 30% for the full year FY27.

轉為現金。預計第三季與策略計畫成本相關的付款將很少，我們預計第三季將支付約 5,100 萬美元的與停電相關的費用現金。如前所述，我們預計本財年第四季的自由現金流利潤率將達到 27%，27 財年全年的自由現金流利潤率將擴大至 30% 以上。

Moving to our outlook. For the third quarter of FY26, we expect total revenue to be in the range of $1,208.0 million to $1,218.0 million, reflecting a year-over-year growth rate of 20% to 21%. We expect non-GAAP income from operations to be in the range of $256.0 million to $262.0 million and non-GAAP net income attributable to CrowdStrike to be in the range of $238.1 million to $242.8 million.

轉向我們的展望。對於 2026 財年第三季度，我們預計總營收將在 12.08 億美元至 12.18 億美元之間，年增 20% 至 21%。我們預計非公認會計準則營業收入將在 2.56 億美元至 2.62 億美元之間，歸屬於 CrowdStrike 的非公認會計準則淨收入將在 2.381 億美元至 2.428 億美元之間。

We expect diluted non-GAAP net income per share attributable to CrowdStrike to be approximately $0.93 to $0.95, utilizing a 21% tax rate and weighted average share count of approximately 257 million shares on a diluted basis.

我們預計，以 21% 的稅率計算，CrowdStrike 的稀釋非 GAAP 每股淨收益約為 0.93 美元至 0.95 美元，稀釋後加權平均股數約為 2.57 億股。

For the full fiscal year 2026, we currently expect total revenue to be in the range of $4,749.5 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 $1,000.1 million and $1,040.1 million.

對於 2026 財年全年，我們目前預計總營收將在 47.495 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 10.001 億美元至 10.401 億美元之間。

We expect fiscal 2026 non-GAAP net income attributable to CrowdStrike to be between $922.4 million and $954.0 million. Utilizing a 21% 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 $3.60 to $3.72.

我們預計 2026 財年歸屬於 CrowdStrike 的非 GAAP 淨收入將在 9.224 億美元至 9.54 億美元之間。利用 21% 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 3.60 美元至 3.72 美元之間。

Finally, Fal.Con 2025 begins on Monday, September 15. With over 100 sponsors and over 8,000 attendees, Fal.Con is going to be our largest customer event yet. We will hold an investor briefing during the conference on Wednesday, September 17. The briefing will be webcast live on our Investor Relations website, and we look forward to seeing many of you there.

最後，Fal.Con 2025 將於 9 月 15 日星期一開幕。Fal.Con 擁有超過 100 個贊助商和超過 8,000 名與會者，將成為我們迄今為止規模最大的客戶活動。我們將於 9 月 17 日星期三的會議期間舉行投資者說明會。簡報會將在我們的投資者關係網站上進行網路直播，我們期​​待在那裡見到你們。

George and I will now take your questions.

喬治和我現在將回答你們的問題。

(Operator Instructions) Andy Nowinski, Wells Fargo.

（操作員指示）安迪·諾溫斯基，富國銀行。

I'm really impressed with the many new products you launched this quarter, particularly on the identity side. But I do have a question around the revenue guidance that you gave for both Q3 and the full year. I'm wondering if the partner rebate program you talked about last quarter remains in effect for the remainder of the year or if it goes beyond that?

您本季推出的眾多新產品給我留下了深刻的印象，特別是在身分識別方面。但我對您給出的第三季和全年收入預測確實有疑問。我想知道您上個季度談到的合作夥伴返利計劃是否在今年剩餘時間內仍然有效，或者是否會持續更長時間？

And if so, is that $10 million to $15 million per quarter that you just mentioned, I mean, is that -- I guess, is that factored in into your revenue guidance? Or is there more to it than just the partner rebate program?

如果是這樣，您剛才提到的每季 1000 萬到 1500 萬美元，我的意思是，這是否已計入您的收入預期中？或者它除了合作夥伴返利計劃之外還有什麼其他內容？

Thanks, Andy. It's Burt. Hey, first, let me start off by saying that ARR is the best leading indicator of our business. We've used it since we went public. George and I talk about it all the time. First and foremost, we're very pleased with net new ARR performance in the quarter as well as our record Q3 pipeline.

謝謝，安迪。是伯特。嘿，首先，我要說的是，ARR 是我們業務的最佳領先指標。自上市以來我們就一直在使用它。喬治和我一直在談論這件事。首先，我們對本季淨新 ARR 表現以及創紀錄的第三季管道感到非常滿意。

Second, our guidance now assumes back half net new ARR will grow at least 40% versus last year with high single-digit sequential net new ARR growth in Q2 to Q3 and ending ARR growth for FY26 to be more than 22%.

其次，我們現在的指導假設是，下半年淨新 ARR 將比去年增長至少 40%，其中第二季至第三季淨新 ARR 將實現高個位數連續成長，而 26 財年的期末 ARR 成長率將超過 22%。

Finally, we did give a wider range than typical for pro services and for partner rebates. Last year after the outage, we made an investment in our partners through these programs, and that has paid off and has helped us sustain our high retention rates and accelerating the new ARR. As previously stated, we expect the impact of CCP and special partner programs to subside starting in Q4 of FY26.

最後，我們確實提供了比一般更廣泛的專業服務和合作夥伴回扣。去年停電之後，我們透過這些計劃對合作夥伴進行了投資，並且獲得了回報，幫助我們維持了高留存率並加速了新的 ARR。如前所述，我們預計 CCP 和特殊合作夥伴計畫的影響將從 26 財年第四季開始消退。

We would do this all again, Andy, 100% of the time. Making those investments really paid off for us.

安迪，我們會再這樣做，100% 如此。這些投資確實為我們帶來了回報。

Matt Hedberg, RBC.

馬特·赫德伯格（Matt Hedberg），RBC。

George, it was really interesting to hear you talk about identity. It seems like you're having a lot of success there with Shield and even some legacy displacement as well as your PAM acquisition now. Given the announced Palo Alto-CyberArk deal, can you talk a little bit more holistically about how you're thinking about targeting the identity market versus some of the pure plays and just kind of how you see this market evolving over time?

喬治，聽你談論身份真的很有趣。看起來你們在 Shield 以及一些傳統置換和 PAM 收購方面取得了很大成功。鑑於 Palo Alto-Cyber​​Ark 交易已宣布，您能否更全面地談談您如何考慮瞄準身份識別市場而不是一些純粹的市場，以及您如何看待這個市場隨著時間的推移而發展？

Well, yes, thanks for that. When you look at identity, this is something that we were well ahead of the curve in identifying in 2020, which is why we did the Preempt acquisition. We took the time. We've integrated it. It's a key part of our platform and our fabric today. Our customers love it. And they want more.

嗯，是的，謝謝你。當你審視身份時，我們在 2020 年就已經在識別方面遙遙領先，這就是我們進行 Preempt 收購的原因。我們花了時間。我們已經將其整合。它是我們當今平台和結構的關鍵部分。我們的顧客很喜歡它。他們還想要更多。

They've been asking us for years to come out with a PAM solution, which we did in Q1. They're looking for alternatives, and they're looking for a next-gen technology that isn't just legacy stitched together. So from the standpoint of identity, we've identified it very early as a key element to solving the security breach problems that are out there.

多年來，他們一直要求我們推出 PAM 解決方案，我們在第一季就推出了這個解決方案。他們正在尋找替代方案，他們正在尋找不僅僅是傳統技術拼湊在一起的下一代技術。因此，從身分的角度來看，我們很早就將其視為解決現有安全漏洞問題的關鍵因素。

With the announcement we made this quarter in terms of our Next-Gen Identity, which includes Shield, the uptake has been fantastic. We look at the breaches that are happening today. A huge part of that is in the enterprise SaaS market, right? And our product, Shield, combined with our other identity solutions, are key in helping prevent these.

隨著我們本季宣布推出包括 Shield 在內的下一代身分認證，其反應十分熱烈。讓我們來看看今天發生的違規行為。其中很大一部分是在企業 SaaS 市場，對嗎？我們的產品 Shield 與我們的其他身分解決方案結合，是幫助防止這些問題的關鍵。

So I think we're in a perfect spot and we're in a position where customers are demanding alternatives to legacy solutions. And we're going to continue to evolve. But the good news is we've been in the market since 2020. We've recognized identity is critical very early on.

所以我認為我們處於一個完美的位置，而且我們正處於客戶要求傳統解決方案替代方案的位置。我們將繼續進步。但好消息是，我們自 2020 年起就已進入該市場。我們很早就認識到身份至關重要。

Saket Kalia, Barclays.

巴克萊銀行的 Saket Kalia。

George, maybe for you. Thanks a lot for that comment on just the second half net new ARR growth of 40%. That's great to hear and I think very useful. Maybe the question is, what are you seeing from the customers who bought those customer care packages? That, of course, offered those customers great value in the wake of the outage.

喬治，也許對你來說。非常感謝您對下半年淨新 ARR 成長 40% 的評論。聽到這個消息我很高興，我認為這非常有用。也許問題是，您從購買這些客戶關懷套餐的客戶那裡看到了什麼？當然，這在停電之後為這些客戶提供了巨大的價值。

How do you maybe think about that net retention in the second half? And just as importantly, how helpful can Falcon Flex be in that process? Does that make sense?

您如何看待下半年的淨保留率？同樣重要的是，Falcon Flex 在此過程中能提供多大幫助？這樣有道理嗎？

Yes, it's a great question. And I have to go to the historical numbers on our renewal rates for modules. So 95%-plus of the time, a customer will renew a module once they adopt it. So I got to start with that. Obviously, CCP was a new element for us, right? But when you look at the value that we provide in these modules and once customers see it, integrated into the platform and into their workflows, 95%-plus they're going to renew it.

是的，這是一個很好的問題。我必須查看我們模組更新率的歷史資料。因此，95% 以上的時間裡，客戶一旦採用某個模組就會更新該模組。所以我必須從那裡開始。顯然，CCP 對我們來說是一個新元素，對嗎？但是，當您看到我們在這些模組中提供的價值，一旦客戶看到它，並將其整合到平台和工作流程中時，95％以上的人都會更新它。

So we feel confident that we'll see these CCP packages roll into renewals. And we've spent the last number of months working with customers and making sure that we've got the right level of success there. So I feel good about that. And obviously, that will take place in Q3 and Q4.

因此，我們有信心看到這些 CCP 方案得以延續。過去幾個月我們一直與客戶合作，確保適當的成功。所以我對此感覺很好。顯然，這將在第三季和第四季發生。

And overall, when you've got the right platform solving real problems that are out there, that's a good thing for us and it's a good thing for customers. Flex, of course, is a big part of that. Remember, our CCP program, a lot of it was delivered through Flex. So we were able to seed the market much more rapidly in the Flex licensing mechanism than we would have.

總的來說，當你擁有正確的平台來解決實際問題時，這對我們和客戶來說都是一件好事。當然，Flex 是其中很重要的一環。請記住，我們的 CCP 計劃，很多內容都是透過 Flex 交付的。因此，我們能夠比以往更快地利用 Flex 授權機制開拓市場。

So we leveraged the CCP program to actually seed Flex and now we have the ability to re-Flex them on those CCP packages as they burn off.

因此，我們利用 CCP 程式來實際播種 Flex，現在我們有能力在那些 CCP 套件燒毀時重新對它們進行 Flex 處理。

Brian Essex, JPMorgan.

摩根大通的布萊恩艾塞克斯。

George, I had a question for you on Onum. It looks like this is pushing in the direction of real-time analysis on streaming data. And I'd love to get your sense of how you envision this competing against legacy solutions, and also how you think it will either complement or potentially cannibalize what you're seeing on LogScale? I know from a practical standpoint, how do you anticipate customers utilizing this platform relative to what they're already using on a Next-Gen SIEM basis?

喬治，我有一個關於奧納姆 (Onum) 的問題想問你。這看起來正在推動串流數據即時分析的方向。我很想了解您如何看待它與傳統解決方案的競爭，以及您認為它將如何補充或潛在地蠶食您在 LogScale 上看到的東西？我知道從實際角度來看，相對於客戶已經在使用的下一代 SIEM 平台，您如何預期客戶會利用這個平台？

Well, first, let me say how excited I am about this acquisition. This is something, I think, really going to supercharge our Next-Gen SIEM business, which includes LogScale and something customers have been asking for. They're looking for a modern pipeline technology that will be able to get data, whether it's security data or IT data from one place to another.

首先，我要說一下我對這項收購感到非常興奮。我認為這確實會增強我們的下一代 SIEM 業務，其中包括 LogScale 和客戶一直要求的功能。他們正在尋找一種能夠從一個地方傳輸資料（無論是安全資料還是 IT 資料）的現代管道技術。

But the amazing thing about the technology is the in-pipeline detection. So we can begin doing detections at the point really of forwarding for third-party data, which is critical, and it gives us tremendous flexibility. And it's a great value prop for customers, right? Less data to move around and quick results, if you will.

但該技術的神奇之處在於管道內檢測。因此，我們可以在第三方資料轉發時開始進行檢測，這非常關鍵，並且為我們提供了極大的靈活性。這對顧客來說是一個非常有價值的道具，對吧？如果您願意的話，可以減少需要移動的數據並快速獲得結果。

I think what's important, and I want to reiterate is our pricing in Next-Gen SIEM is very disruptive. Why is that? Well, we actually don't charge customers for data that CrowdStrike generates. This is why we're seeing so many displacements. If you think about legacy SIEMs, people have to take data out of our platform and put it somewhere else and pay for it.

我認為重要的是，我想重申的是，我們的下一代 SIEM 定價非常顛覆性。這是為什麼？嗯，我們實際上不會向客戶收取 CrowdStrike 產生的數據的費用。這就是我們看到如此多流離失所的原因。如果你考慮傳統的 SIEM，人們必須將數據從我們的平台中取出並將其放在其他地方並為此付費。

They actually don't have to do that with CrowdStrike. They only pay for the ingest of the third-party data. Now we have other ways to monetize retention and those sort of things. But between Onum and between the way we actually price and the way we can run it because the technology is very scalable, we again think this is a tremendous value for customers and will be disruptive to the market.

他們實際上不需要對 CrowdStrike 這樣做。他們只需為第三方數據的獲取付費。現在我們有了其他方法來實現留存和諸如此類的貨幣化。但是，由於該技術具有很強的可擴展性，因此在 Onum 之間以及在我們實際定價的方式和運作方式之間，我們再次認為這對客戶來說是一個巨大的價值，並且會對市場產生顛覆性的影響。

Gabriela Borges, Goldman Sachs.

加布里埃拉·博爾赫斯，高盛。

George, I actually wanted to revisit some of the dynamics of competition on EDR in particular. One of the things we see in technology is invariably, CrowdStrike has been really good at innovating with some of the leading-edge modules that you've introduced over the years.

喬治，我實際上想重新審視 EDR 上的一些競爭動態。我們在技術領域看到的一個事實是，CrowdStrike 非常擅長利用多年來推出的一些尖端模組進行創新。

Maybe just remind us, how do you feel about EDR? Are you seeing within the Flex contracts equal interest in EDR? Or are customers maybe -- is it all else equal with modules between EDR and the US stuff? And to what extent are you still landing customers in EDR?

也許只是提醒我們，您對 EDR 有何感想？您是否看到 Flex 合約中對 EDR 有同等的興趣？或者可能是客戶——EDR 和美國產品之間的模組是否都相同？您在多大程度上仍能透過 EDR 吸引客戶？

Well, I mean, two things are important. One is to realize that the modern SOC is built on EDR and it's built on SIEM, and in our case, Next-Gen SIEM. So without that EDR data, it becomes very difficult to manage and execute on Next-Gen SIEM and all the AI elements on top of it.

嗯，我的意思是，有兩件事很重要。一是要認識到現代 SOC 是建立在 EDR 和 SIEM 之上的，在我們的例子中是下一代 SIEM。因此，如果沒有 EDR 數據，管理和執行下一代 SIEM 及其上的所有 AI 元素就會變得非常困難。

We're the leader, as many third-party organizations have pointed to, in that space. We've pioneered it. And we continue to innovate, which is really important. And the thing to remember is when you look at EDR, it's a way to get telemetry into the platform. But then you have all of the other AI elements across the platform.

正如許多第三方組織指出的那樣，我們是該領域的領導者。我們已經開創了這一先河。我們不斷創新，這點非常重要。要記住的是，當您查看 EDR 時，它是一種將遙測資料傳入平台的方法。但你還擁有整個平台上的所有其他 AI 元素。

It also then allows the collect once, reuse many philosophy that we have so we can light up all the other modules. And I think a key element is, and customers are seeing this, there is a huge difference in the service layer that we put on top of EDR, things like Overwatch or Complete. Competitor's not even close in this area.

它還允許我們採用一次收集、多次重複使用的理念，以便我們能夠點亮所有其他模組。我認為一個關鍵因素是，客戶也看到了這一點，我們在 EDR 之上放置的服務層存在巨大差異，例如 Overwatch 或 Complete。競爭對手在這一領域還遠遠不夠。

So what we're focused on is stopping the breach, and it's a combination of our technology and the service overlay, which is highly automated. But between those, people are really seeing the distinction. And then when you wrap it with Next-Gen SIEM and Charlotte AI on top of it, it's really a winning combination. So we're the leader in it. We continue to invest and we continue to innovate, and that's a core part of our DNA.

因此，我們的重點是阻止違規行為，它是我們的技術和高度自動化的服務覆蓋的結合。但人們確實看到了其中的差異。然後，當您將它與下一代 SIEM 和 Charlotte AI 結合時，它確實是一個成功的組合。因此我們是該領域的領導者。我們不斷投資，不斷創新，這是我們 DNA 的核心部分。

Joe Gallo, Jefferies.

喬加洛，傑富瑞。

It was awesome to see the $700 million in Cloud ARR growing 35%. Can you just talk through an update on that competitive environment? Has that stabilized? And where are customers in the journey to vendor consolidation for cloud security?

看到 7 億美元的雲端 ARR 成長 35% 真是太棒了。能簡單談談競爭環境的最新情況嗎？已經穩定下來了嗎？在雲端安全供應商整合的過程中，客戶處於什麼位置？

Sure. It's still in the early days. When you look at Cloud Security, it's really two paths to go down, right? CSPM, which is really more of a kind of a vulnerability exposure policy, doesn't really do any enforcement. And that was an easy button for a lot of customers. And certainly, vendors had success in that area.

當然。現在還處於早期階段。當您查看雲端安全時，它實際上有兩條路可走，對嗎？CSPM 實際上更像是一種漏洞暴露策略，它實際上並沒有執行任何措施。對許多顧客來說，這是一個簡單的按鈕。毫無疑問，供應商在該領域取得了成功。

I think what people have realized as the market matures a bit is you really need cloud workload protection, which is something that CrowdStrike helped to pioneer, and we have leading technology in that area. So when you combine that with ASPM, right, or DSPM or SaaS security posture management and all of the other technologies, we have a very fulsome offering underpinned by cloud workload protection.

我認為，隨著市場逐漸成熟，人們已經意識到你確實需要雲端工作負載保護，而這正是 CrowdStrike 幫助開創的，我們在該領域擁有領先的技術。因此，當您將其與 ASPM、DSPM 或 SaaS 安全態勢管理以及所有其他技術結合時，我們將提供以雲端工作負載保護為基礎的非常全面的產品。

So given the disruption in the market, we've seen tremendous interest and conversions with customers. So still very early innings but we are very excited about being one of the largest cloud security providers in the market by revenue. And we continue to invest and innovate there. And I think it's a perfect time, given the market dynamics, to take advantage of it.

因此，鑑於市場混亂，我們看到了客戶的巨大興趣和轉變。雖然還處於早期階段，但我們非常高興能夠成為市場上收入最高的雲端安全供應商之一。我們將繼續在那裡投資和創新。我認為，考慮到市場動態，現在是利用這個機會的最佳時機。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

Leila, maybe we can go to the next question and come back to Mike.

萊拉，也許我們可以進入下一個問題，然後回到麥克的話題。

Sure. We'll go to Tal Liani with Bank of America.

當然。我們將和美國銀行一起去塔爾利阿尼。

Yes. Can you hear me?

是的。你聽得到我嗎？

Yes. Hi, Tal.

是的。你好，塔爾。

So if you wouldn't tell me that ARR is going to grow 40% a year -- 40% year over year in the second half, I would have told you that growth is clearly decelerating because your growing -- ARR is growing on a constant basis, 5%, around 5% a quarter on a sequential basis. And that translates into deceleration on a year-over-year basis.

因此，如果您不告訴我 ARR 每年將增長 40%（下半年同比增長 40%），我會告訴您增長明顯在減速，因為 ARR 的增長速度是恆定的，每季度環比增長 5% 左右。這意味著同比增速將會放緩。

You started with about 32% last year, and every quarter, it slows down to about [20.5%]. But now you're giving this guidance of 40% growth in the second half. And the question is, what drives it and how sustainable is it? So when you think kind of beyond just the year-over-year impact of the CCP and what happened last year, how sustainable is this acceleration of growth?

去年你的成長率約為 32%，但每季都會下降到[20.5%]。但現在您給了下半年 40% 的成長預期。問題是，是什麼推動了它的發展以及它的永續性如何？因此，當您考慮中共的逐年影響以及去年發生的事情時，這種成長加速的可持續性如何？

Yes, I'll start, and then George could kick in. So there are a lot of factors that give us confidence in the back half. We talk about how we're a consolidator, that continues. AI, that's a big piece of who we are. And I think that when you combine those two with the strength of the platform, these are the things that give customers confidence in going with us.

是的，我先開始，然後喬治可以加入。所以有很多因素讓我們對後半部充滿信心。我們談論我們如何成為一個整合者，這仍在繼續。人工智慧，這是我們的重要組成部分。我認為，當你將這兩者與平台的優勢結合時，這些就會讓客戶有信心與我們合作。

Certainly, as we've moved through our journey, the biggest piece that I see out there for us in terms of how we're going to continue to reaccelerate growth is this opportunity for customers to lean in more with us with Flex. Flex has been extremely well received. Customers are able to easily implement it. It's very easy in terms of to procure.

當然，隨著我們不斷前進，就我們如何繼續加速成長而言，我認為對我們來說最大的優勢是讓客戶有機會透過 Flex 與我們更加緊密地合作。Flex 受到了極大的歡迎。客戶能夠輕鬆地實現它。就採購而言，它非常容易。

And at the end of the day, it allows customers to be able to use Flex as they need it. And we've already given out a lot of stats with respect to how fast they're burning through their Flex licenses, which has been fantastic for them and fantastic for us.

最終，它允許客戶根據需要使用 Flex。我們已經給出了大量有關他們消耗 Flex 許可證速度的統計數據，這對他們和我們來說都是好事。

With that, I'll turn it over to George.

說完這些，我就把麥克風交給喬治。

Yes. I think Burt covered sort of the financial mechanics around that. I guess what I would comment on is what I hear in the field. I spend day and night with customers, and it's all about how we're solving problems that can't be solved by other companies, how we are the number one security product for stopping breaches in some of the largest enterprises around the world, and how customers want to go in more with us and consolidate around CrowdStrike.

是的。我認為伯特已經涵蓋了與此相關的財務機制。我想我要評論的是我在該領域聽到的內容。我日夜與客戶在一起，討論我們如何解決其他公司無法解決的問題，我們如何成為阻止全球一些最大企業違規行為的頭號安全產品，以及客戶如何希望與我們進行更多合作並圍繞 CrowdStrike 進行整合。

So I kind of look at the feedback that I get and I look at the threat environment. We have one of the largest incident response practices in the world. And we're in helping noncustomers cleanup breaches from other technologies that they thought they were getting a good deal on.

所以我會查看收到的回饋並查看威脅環境。我們擁有世界上最大的事件回應實踐之一。我們正在幫助非客戶清理他們以為自己獲得了優惠的其他技術漏洞。

As I've said in the past, a good deal on a leaky lifeboat isn't really a good deal. So when you look at the end goal of saving time, money, and consolidation with the right outcome of stopping breaches, that's what our customers are buying and that's what I'm hearing. So that's why I get confident in the back half.

正如我過去所說的那樣，購買一艘漏水的救生艇並不是一筆真正的好交易。因此，當您看到最終目標是節省時間、金錢和整合，並以阻止違規的正確結果進行時，這就是我們的客戶所購買的，也是我所聽到的。這就是我對後半部充滿信心的原因。

Mike Cikos, Needham.

麥克·西科斯，尼德姆。

This is Jeff Hopson on for Mike. Can you guys hear me okay?

我是傑夫‧霍普森 (Jeff Hopson)，代替麥克 (Mike)。你們聽得到我說話嗎？

Yes.

是的。

Perfect. Congrats on the impressive Charlotte AI growth. I'm just looking for any insights to specific features that may have pushed customers to adopt. Or I guess on the flip side, any hurdles that are keeping some organizations on the sidelines as some are still hesitant to adopt AI overall?

完美的。祝賀 Charlotte AI 取得了令人矚目的發展。我只是在尋找可能促使客戶採用的特定功能的見解。或者我想，另一方面，是否存在一些障礙使得一些組織持觀望態度，因為一些組織仍然猶豫是否要全面採用人工智慧？

Well, if you look at Charlotte and its maturation, as with many technologies, these technologies mature very quickly. We've invested a lot into Charlotte. And the fact is we spent a lot of time early on on the architecture so it's not a chatbot, right? It is something as an orchestration layer that is wired into all of our modules. It's wired into our workflows, and it was really designed for agentic security and security use cases.

好吧，如果你看看夏洛特及其成熟過程，你會發現與許多技術一樣，這些技術成熟得非常快。我們在夏洛特投入了很多。事實上，我們早期在架構上花費了大量時間，所以它不是一個聊天機器人，對嗎？它就像一個編排層，連接到我們所有的模組中。它與我們的工作流程緊密相連，並且真正為代理安全和安全用例而設計。

So customers are solving problems. What do I mean by that? Tasks that would take four days to actually investigate and understand and kind of piece things together are now taking an hour. The ability to have Charlotte, right, reports automatically for you. The ability for Charlotte to triage and act autonomously as a Tier 1 analyst, this is what gets customers excited and this is really what's powering the next-gen SOC.

因此客戶正在解決問題。我這樣說是什麼意思？以前需要花四天時間進行實際調查、了解並將事情拼湊在一起的任務現在只需一個小時。擁有夏洛特的能力，對吧，會自動為您報告。Charlotte 能夠像一級分析師一樣進行分類並自主行動，這是讓客戶興奮的事情，也是真正推動下一代 SOC 發展的動力。

So customers are seeing every release more and more features and more and more capabilities. And just like any GenAI product, it keeps getting more mature and better and better.

因此，客戶會看到每個版本都有越來越多的特性和功能。就像任何 GenAI 產品一樣，它會變得越來越成熟和完善。

Jonathan Ruykhaver, Cantor Fitzgerald.

喬納森·魯伊克哈弗，坎托·菲茨杰拉德。

So my question is, when I look at the cloud-native attack surface, to me, it seems like it starts in code with misconfigurations. You have open-source vulnerabilities, insecure secrets. All those issues originate in the development stage. And we've seen move less. They capture issues, obviously in run time but it's often too late.

所以我的問題是，當我查看雲端原生攻擊面時，對我來說，它似乎是從程式碼中的錯誤配置開始的。您有開源漏洞和不安全的秘密。所有這些問題都源自於開發階段。我們看到的動作越來越少。他們捕捉到了問題，顯然是在運行時，但通常為時已晚。

So let me hear your strategy, George, or your view on where you see [X] move to when you look at (inaudible). Will we see further move beyond just (inaudible) container, et cetera?

那麼，喬治，讓我聽聽你的策略，或是你對[X]走向的看法，當你看到（聽不清楚）。我們是否會看到超越（聽不清楚）容器等的進一步發展？

Like anything else in security, if you could move left and capture these issues before they're put in production, it's going to be a good thing. We spent time in that area and have technologies. Our ASPM technology covers a lot of that. Our container scanning to understand vulnerabilities and open source before things are published, understanding what golden images are and providing some guardrails around that.

與安全領域的其他任何事情一樣，如果您能夠在這些問題投入生產之前及時發現並解決它們，那將是一件好事。我們在那個領域花了時間並擁有技術。我們的 ASPM 技術涵蓋了許多內容。我們的容器掃描是為了在發布之前了解漏洞和開源，了解什麼是黃金鏡像並為此提供一些防護。

So we've invested in those areas. We continue to invest in those areas. I think a big part of it is going to be the AI story of understanding how all these interdependencies work in the build environments, in code and obviously, in sort of these interactions with MCP-type services. So this is something that we continue to invest in this area. And I think the AI elements we've already built are going to be extremely helpful to solve these challenges in the future.

因此我們在這些領域進行了投資。我們將繼續在這些領域進行投資。我認為其中很大一部分將是人工智慧的故事，即了解所有這些相互依賴關係如何在建構環境、程式碼中以及顯然在與 MCP 類型服務的互動中發揮作用。因此，我們會繼續在該領域進行投資。我認為我們已經建立的人工智慧元素將對解決未來這些挑戰非常有幫助。

Shaul Eyal, TD Cowen.

沙烏爾·埃亞爾（Shaul Eyal），考恩（Cowen）TD。

George or Burt, a question which is not being asked frequently on your conference calls in recent quarters. $5 billion on your balance sheet. You guys focus predominantly on those tuck-in acquisitions. We just heard another one announced this evening. Those have been expanding the platform really nicely. Indeed, we see the great results of those historical investments.

喬治還是伯特，這個問題在最近幾季的電話會議上並沒有常被問到。你的資產負債表上有 50 億美元。你們主要關注那些小型收購。我們今晚剛聽到另一個消息。這些確實很好地擴展了平台。事實上，我們看到了這些歷史性投資的巨大成果。

It would appear as if nothing transformational is on the horizon, and indeed, there's no need for that right now. What's the current thinking of that utilization? Pretty much steady as she goes, more tuck-ins? How are you guys thinking about it for the second half and obviously, for calendar '26 and beyond?

看起來好像還沒有任何改變即將發生，事實上，現在也沒有必要。目前對於這項利用的想法是什麼？她走得相當穩定，還有更多的塞入？你們對於下半年以及 26 年及以後的計畫有什麼想法？

Well, as you pointed out, we have an incredible balance sheet. Myself and Mike Sentonas and the team has spent a lot of time looking at the market, looking at the different segments that are out there and really thinking about strategically where we need to go. We certainly have a history of buying acquisitions and taking the time to integrate them.

嗯，正如您所指出的，我們擁有令人難以置信的資產負債表。我和麥克·森托納斯以及團隊花了很多時間觀察市場，研究現有的不同領域，並認真思考我們需要去往何處的策略。我們確實有收購併花時間整合的歷史。

I mean, this is a hallmark of what we do and a proven track record of not just stitching things together. So we're very thoughtful about these acquisitions. We have a certain sweet spot, which you've seen. Doesn't mean that we can't go outside of that. But we've got to find the right team, the right technology, the right company that makes sense for CrowdStrike.

我的意思是，這是我們所做工作的標誌，也是我們不僅僅是將事物拼湊在一起的良好記錄。所以我們對這些收購非常慎重。我們有一個特定的最佳點，正如你所見。但這並不意味著我們不能走出去。但我們必須找到適合 CrowdStrike 的合適團隊、合適的技術、合適的公司。

So our number one goal is to be thoughtful, make sure that it's a fantastic user experience for our customer. And we're not just trying to buy ARR for the sake of ARR. It's got to make sense and it's got to be something that we can execute on and feel really good about.

因此，我們的首要目標是深思熟慮，確保為客戶提供出色的使用者體驗。我們購買 ARR 並不只是為了 ARR。它必須有意義，而且必須是我們可以執行並且感覺良好的事情。

Ittai Kidron, Oppenheimer.

伊泰·基德倫，奧本海默。

Congrats again on a good quarter. I wanted to go back to Gabriela's question on your core EDR business. If you take a look at your ARR and you exclude your [Fab 3], your SIEM, Identity and Cloud Security and you look at the ARR growth of your core business, it seems like it significantly decelerated. It was growing 18%-plus a year ago. It's growing 11% now.

再次恭喜本季業績良好。我想回到 Gabriela 關於您的核心 EDR 業務的問題。如果您查看您的 ARR 並排除您的 [Fab 3]、您的 SIEM、身分和雲端安全，然後查看您的核心業務的 ARR 成長，似乎它顯著減速了。一年前它的成長率是18%以上。目前成長率為11%。

How should we think about your core business growth going forward? Do you expect stability there? Are there any potential accelerators in that business? Or just given the size, we should expect that business to continue to decelerate going forward?

我們該如何看待您未來的核心業務成長？您期望那裡穩定嗎？該業務中是否存在任何潛在的加速器？或者僅考慮到規模，我們就應該預期未來業務將繼續減速？

Yes. I don't look at it as core, I look at it as a platform. And the platform piece actually sets up all the other modules. So when you look at the three that you just articulated, whether it's Identity, Cloud, Next-Gen SIEM, it's all predicated on getting the telemetry into the cloud, which starts with EDR. So we feel really good about that.

是的。我不認為它是核心，我把它看成一個平台。平台部分實際上設置了所有其他模組。因此，當您查看剛才闡明的這三個方面時，無論是身分、雲端還是下一代 SIEM，它們都是以將遙測資料放入雲端中為前提的，而這一切始於 EDR。所以我們對此感到非常高興。

And I think when you look across the entire platform, you need to look at it as a platform, not separate kind of things out. But from my perspective, we continue to innovate there and we continue to win. We continue to drive new business and I think people, again, looking for the best technologies with the right outcome, stopping the breach, choose CrowdStrike. And that's what we've seen time and time again.

我認為，當你審視整個平台時，你需要將其視為一個平台，而不是一個單獨的事物。但從我的角度來看，我們會繼續創新，並繼續獲勝。我們將繼續推動新業務，我認為，人們再次尋求具有正確結果的最佳技術，阻止違規行為，選擇 CrowdStrike。這正是我們一次又一次看到的情況。

Roger Boyd, UBS.

瑞銀的羅傑·博伊德。

Can you hear me okay?

你聽見我說話嗎？

Yes.

是的。

George, I wonder if you could compare and contrast your businesses in SIEM and Identity. Both are roughly similar scale but the growth rates are pretty different. How much of that difference would you attribute to the M&A disruption you've seen in the SIEM market? And given what's happening in the identity market as well as your expanded portfolio there, what's the level of conviction in reaccelerating that identity business from here?

喬治，我想知道您是否可以比較和對比您在 SIEM 和身份方面的業務。兩者規模大致相同，但成長率卻截然不同。您認為這種差異在多大程度上歸因於您在 SIEM 市場中看到的併購中斷？考慮到身分識別市場目前的發展以及您在該市場擴大的投資組合，您對從現在開始重新加速身分識別業務的信心程度如何？

Sure. Well, identity is a key area for us as I talked about. Obviously, we've got the Next-Gen offering that we announced. And I guess the positive news is that Identity was a very popular choice for CCP packages, so you'll see a little bit of impact from that.

當然。嗯，正如我所說的，身分對我們來說是一個關鍵領域。顯然，我們已經發布了下一代產品。我想好消息是，Identity 是 CCP 軟體包中非常受歡迎的選擇，因此您會看到它帶來的一點影響。

So I think when you look at identity, it is something that is going to be -- continue to be adopted by customers. There's still a lot of white space out there. And I think when you look at the SIEM market itself, we're in the perfect spot. Customers are coming to us. They've come to us for years saying, we want something different. We were locked into a vendor. We're being charged too much. Give us something that's better, faster, cheaper that's integrated into your platform.

所以我認為，當你看待身分時，它將會繼續被客戶採用。那裡仍有許多空白。我認為，當你觀察 SIEM 市場本身時，我們正處於完美的位置。顧客正向我們走來。多年來，他們一直來找我們說，我們想要一些不同的東西。我們被鎖定在一個供應商身上。我們被收取的費用太高了。給我們更好、更快、更便宜且可以整合到您的平台中的產品。

And as I mentioned earlier, it's pretty disruptive. Customers are not paying to take data out of our platform and putting it somewhere else. They actually get it and they're only paying for data they put in. So I feel really good about both of those businesses.

正如我之前提到的，它非常具有破壞性。客戶無需付費即可將資料從我們的平台中取出並放置在其他地方。他們確實得到了它並且他們只需為他們輸入的數據付費。所以我對這兩家公司都感到非常滿意。

And again, when you put them together and you look at how we're solving problems, Identity, Next-Gen SIEM, Cloud, I mean, these are all critical elements to the future of the company. And I think we've got really good performance around it.

再說一次，當你把它們放在一起並看看我們如何解決問題時，身份、下一代 SIEM、雲，我的意思是，這些都是公司未來的關鍵要素。我認為我們在這方面的表現確實很出色。

Jonathan Ho, William Blair.

喬納森·何、威廉·布萊爾。

Let me congratulate you on a strong quarter as well. When we look at cybersecurity to protect agentic AI, you have many of the pieces to help customers solve the AI challenge, yet spending in AI remains fairly fragmented. What are customers buying today? And specific to agentic AI, what categories are you most excited about right now?

我也要祝賀你們本季業績表現強勁。當我們研究網路安全以保護代理人工智慧時，我們有許多部分可以幫助客戶解決人工智慧挑戰，但人工智慧的支出仍然相當分散。顧客今天買什麼？具體到代理 AI，您現在最感興趣的類別是什麼？

Well, certainly, customers are in the early journey of how they leverage AI. And it's moving from, hey, this is really a cool technology to how do we implement it and implement it securely and do it in a way that actually accrues value back to the business?

嗯，當然，客戶正處於如何利用人工智慧的早期階段。它正在從“嘿，這確實是一項很酷的技術”轉變為“我們如何實現它、如何安全地實現它，以及如何以一種真正為企業帶來價值的方式來實現它？”

If we believe in AI, and we think there's going to be more AI in the future, in the next year, three or five years, then security is a necessity. You're not going to have more AI without security. And what that looks like is everything from helping organizations create secure models to deploying those models, to creating guardrails, to creating visibility into these AI agents and protecting them.

如果我們相信人工智慧，我們認為未來一年、三到五年內會出現更多的人工智慧，那麼安全就是必要的。如果沒有安全性，就不可能擁有更多的人工智慧。它涵蓋了從幫助組織創建安全模型到部署這些模型、創建護欄、創建這些人工智慧代理的可見性並保護它們的一切。

If you look at what CrowdStrike does, we're the leader in agent security and protecting computers and workloads, right, which is essentially protecting users, identities, data, workflows. An AI agent is just a superhuman. So we're in the perfect situation to be able to capture protecting all of these super AI agents in the future, and that's a big part of our strategy.

如果你看看 CrowdStrike 所做的事情，你會發現我們是代理安全和保護電腦及工作負載的領導者，本質上就是保護使用者、身分、資料和工作流程。人工智慧代理只是一個超人。因此，我們目前處於完美的境地，能夠在未來保護所有這些超級人工智慧代理，這是我們策略的重要組成部分。

So we're working on what's here today and we're also working on the future of protecting these agents.

因此，我們不僅致力於解決當前的問題，也致力於保護這些特工的未來。

Adam Borg, Stifel.

亞當·博格（Adam Borg），Stifel。

Maybe just on Exposure Management, it was great to hear crossing the $300 million threshold. Love to hear the traction you're seeing. And is this really living alongside what you'll call the traditional VMware exposure vendors or is this displacing them? Any thoughts here would be really helpful.

也許只是就風險敞口管理而言，聽到突破 3 億美元的門檻是件好事。很高興聽到您所看到的牽引力。這真的與所謂的傳統 VMware 曝光供應商並存嗎？還是會取代它們？這裡的任何想法都會非常有幫助。

Yes. It's an exciting business for me. I mean, it's one, in a prior life, I started a company called Foundstone in vulnerability management space. So to see where it's evolved and now into exposure management is exciting. We've got so many assets in terms of agent vulnerability management.

是的。對我來說這是一份令人興奮的事業。我的意思是，在以前，我創辦了一家名為 Foundstone 的公司，從事漏洞管理領域。因此，看到它的發展以及現在進入風險管理領域是令人興奮的。我們在代理漏洞管理方面擁有許多資產。

And one of the things that may have passed some by is that we, a few quarters ago, added network vulnerability management and we can do that right from our agents across the network. So that's been very well received. And we've got attack surface management and a host of sort of risk management technologies bundled in there.

有些人可能忽略了的一件事是，幾個季度前，我們增加了網路漏洞管理，我們可以直接從網路上的代理進行操作。因此，這項舉措受到了廣泛好評。我們已經擁有攻擊面管理和一系列風險管理技術。

So I think we're really hitting the sweet spot in the market. And again, it goes to customers want to consolidate. And we've got some great big wins out of it.

所以我認為我們確實達到了市場的最佳點。再次強調，這是客戶想要整合的結果。我們從中獲得了巨大的勝利。

And I guess the final piece is it's been recognized as a leader in the inaugural IDC Marketscape. So all good things and certainly a needed technology, it may sometimes feel a little sleepy but it's a really rapidly growing business for CrowdStrike.

我想最後一點是，它在首屆 IDC Marketscape 中被公認為領導者。因此，所有美好的事物以及必不可少的技術，有時可能會讓人感覺有些沉悶，但對於 CrowdStrike 來說，這是一項真正快速成長的業務。

Adam Tindle, Raymond James.

亞當廷德爾、雷蒙詹姆斯。

I wanted to continue on the acceleration theme. The net new ARR guidance implies another record of net new ARR for Q3. So I guess the first one for Burt. If you could just talk around assumptions for public sector, given that's Fed fiscal year-end? And then separately, you previously talked about net new ARR accelerating again in fiscal '27. I wonder if that still holds.

我想繼續討論加速主題。淨新 ARR 指引意味著第三季淨新 ARR 再創紀錄。所以我猜第一個是伯特的。鑑於這是聯準會財政年度末，您能否談談對公共部門的假設？另外，您之前曾談到 27 財年淨新 ARR 再次加速。我不知道這是否仍然成立。

For George, real quick since I'm last here. Bigger picture, if I look at your back half guide for net new ARR, you're going to be run rating over $1 billion on that metric. It's a huge milestone, and I just wonder how you're thinking bigger picture about structural changes or things that you need to do to manage an organization of that size?

對喬治來說，因為我上次來這裡，所以很快。更大的角度來看，如果我看一下您後半部分的淨新 ARR 指南，您將根據該指標獲得超過 10 億美元的營運評級。這是一個巨大的里程碑，我只是想知道您如何從更大的角度考慮結構變化或管理如此規模的組織需要做的事情？

It's Burt. I'll take the first part. As we stated many times, Fed today is not a big piece of our business. But there's a great opportunity for us. The Fed has come out and said they want to run like in the private sector. They want to consolidate, they want to reduce cost. They want to become more efficient. That plays right into our sweet spot.

是伯特。我將選擇第一部分。正如我們多次指出的那樣，聯準會如今並不是我們業務的重點。但這對我們來說是一個很好的機會。聯準會已經表示，他們希望像私營部門一樣運作。他們想要合併，想要降低成本。他們希望變得更有效率。這正好達到了我們的最佳狀態。

So we feel that there's a Fed opportunity out there for us. But those deals, they take time and we're patient and we want to land the right deals at the right time, but we're excited about that opportunity. For us, at the end of the day, we've got great certifications with the federal government, and we'll take advantage of it.

因此，我們認為聯準會對我們而言是一個機會。但這些交易需要時間，我們要有耐心，我們希望在正確的時間達成正確的交易，但我們對這個機會感到興奮。對我們來說，最終，我們已經獲得了聯邦政府的出色認證，我們將充分利用它。

In terms of FY27, we'll give more comments about FY27 at the end of our Q4. But we're excited about just the 40% acceleration in net new ARR in the back half. That, to us, should signal to you that we have a lot of confidence in the business, and we've got a lot of things that I talked about earlier that give us that confidence in the business.

關於 27 財年，我們將在第四季末對 27 財年給予更多評論。但我們對下半年淨新 ARR 成長 40% 感到非常興奮。對我們來說，這應該向您表明我們對業務充滿信心，而我之前談到的許多事情都讓我們對業務充滿信心。

George, if you have anything else?

喬治，你還有什麼事嗎？

Yes. I guess I would add that there's always ways to optimize. I think when you look at go-to-market and you look at how we've evolved from selling modules into selling Flex and platform and activation, we've got to organize for success to make sure that we continue to work with our customers around this consolidation journey and activating more Flex. And I think we've done a good job of that.

是的。我想補充一點，總有方法可以優化。我認為，當您觀察市場走向並觀察我們如何從銷售模組發展到銷售 Flex 和平台以及激活時，我們必須組織起來取得成功，以確保我們繼續與客戶合作完成這一整合之旅並啟動更多 Flex。我認為我們在這方面做得很好。

But there's different ways to help optimize that. And then we have to take those learnings and apply it to our partner and channel communities. So we're always looking at, again, how do we optimize and how do you take the platform vision that we have and the execution that we see in the field from a selling perspective and make it as impactful as we can. So I think that will be something we continue to look at.

但有不同的方法可以幫助優化這一點。然後，我們必須吸取這些經驗教訓並將其應用到我們的合作夥伴和通路社群。因此，我們始終在思考如何進行最佳化，如何從銷售角度看待我們擁有的平台願景和我們在該領域看到的執行情況，並使其盡可能產生影響。所以我認為我們會繼續關注這個事情。

And that concludes the question-and-answer session for today. I'll hand it back to George for closing remarks.

今天的問答環節到此結束。我將把它交還給喬治，讓他作最後的演講。

All right. Thanks, Maria. So thank you all for joining us today. We look forward to seeing you soon at Fal.Con 2025. Thank you.

好的。謝謝，瑪麗亞。非常感謝大家今天的參與。我們期待很快在 2025 年 Fal.Con 上見到您。謝謝。