CrowdStrike Holdings, Inc. (CRWD) 2027 Q1 法說會逐字稿

Hello and welcome to CrowdStrike's fiscal first quarter 2027 financial results conference call. (Operator Instructions) Please be advised that today's conference is being recorded.

大家好，歡迎參加 CrowdStrike 2027 會計年度第一季財務業績電話會議。(接線員指示) 請注意，今天的會議將被錄音。

I would now like to hand the call over to Andy Nowinski, Vice President of Investor Relations and Strategic Finance. Andy, please go ahead.

現在我想把電話交給投資人關係與策略財務副總裁 Andy Nowinski。Andy，請開始。

Good afternoon, and thank you for your participation today. With me on the call are George Kurtz, Chief Executive Officer and Founder of CrowdStrike; and Burt Podbere, Chief Financial Officer. Before we get started, I would like to note that certain statements made during this conference call that are not historical facts, including those regarding our future plans, objectives, growth, including projections, and expected performance, including our outlook for the second quarter and fiscal year 2027 and any assumptions for fiscal periods beyond that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

各位下午好，感謝各位今天的參與。與我一同出席本次電話會議的有 CrowdStrike 執行長暨創辦人 George Kurtz，以及財務長 Burt Podbere。在開始之前，我想提醒各位，本次電話會議中所作的某些陳述並非歷史事實，包括關於我們未來計畫、目標、成長（含預測）以及預期表現（包括我們對 2027 會計年度第二季與 2027 會計年度全年的展望，以及任何超出該期間之會計期間假設）等，均屬於《1995 年私人證券訴訟改革法》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截至本次電話會議日期我們的觀點。雖然我們相信所作的任何前瞻性陳述均屬合理，但由於這些陳述係基於目前預期，且受風險與不確定性影響，實際結果可能會有重大差異。我們不承擔且明確聲明不負有更新或修改任何前瞻性陳述之義務，不論係因新資訊、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 annual and quarterly reports.

關於這些及其他可能影響公司財務結果之因素的進一步資訊，載於我們不時向美國證券交易委員會（SEC）提交的文件中，包括公司年度與季度報告中題為「風險因素」的章節。

Additionally, unless otherwise stated, excluding revenue, all financial measures disclosed in 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，除營收外，本次電話會議披露的所有財務衡量指標均為非 GAAP。我們使用非 GAAP 財務衡量指標之原因的說明，以及顯示 GAAP 與非 GAAP 結果之調節表，目前可於我們的財報新聞稿中取得；該新聞稿可在我們的投資人關係網站 ir.crowdstrike.com 查閱，或於我們今日向 SEC 提交的 Form 8-K 中取得。

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

接下來，我將把電話交給 George。

Thank you, Andy, and thank you for joining CrowdStrike's Q1 FY27 earnings call. We started our fiscal year in an environment where cybersecurity has dramatically risen in organizational visibility and funding priority. CrowdStrike is now being understood as critical AI infrastructure. Frontier AI Labs started a new chapter in the AI revolution.

謝謝你，Andy，也感謝各位參加 CrowdStrike 2027 會計年度第一季（Q1 FY27）財報電話會議。我們在一個資安在組織能見度與資金優先順序上大幅提升的環境中展開本會計年度。CrowdStrike 現在被理解為關鍵的 AI 基礎設施。前沿 AI 實驗室為 AI 革命開啟了新篇章。

New model releases starting in April connected AI innovation with cybersecurity necessity. CrowdStrike was the only cybersecurity company selected by both Anthropic and OpenAI from the very start to secure these new models, their adoption and the new risks they create.

自四月起的新模型發布，將 AI 創新與資安必要性連結在一起。CrowdStrike 是唯一一家從一開始就同時被 Anthropic 與 OpenAI 選中、用以保護這些新模型、其採用，以及它們所帶來新風險的資安公司。

Today, AI adoption is not a nice to have, it's an existential imperative across every geography and vertical. The more AI an organization adopts, the more cybersecurity it requires. In this new agentic era, we're now guiding net new ARR acceleration for the full year.

今天，採用 AI 不再是可有可無，而是跨所有地區與產業的生存性必要條件。一個組織採用越多 AI，就需要越多資安防護。在這個新的代理式（agentic）時代，我們現在指引全年淨新增 ARR 加速成長。

Q1 highlights included, one, record Q1 net new ARR of $256 million, up 32% year over year and exceeding the high end of our guidance. Two, ending ARR of $5.51 billion, accelerating over our record Q4 and more than 24% growth. Three, total revenue of $1.39 billion, up 26% year over year, beating guidance and accelerating for the fourth consecutive quarter. Four, all-time record free cash flow of $468 million or 34% of revenue. Exceeding our expectations, our free cash flow Rule of 40 was 59, increasing for the fourth consecutive quarter. Five, record Q1 operating income of $326 million or 24% of revenue, up 62% year over year, exceeding guidance. And six, we added over 300 Falcon Flex accounts in the quarter with accounts that have adopted the subscription model reaching more than $1.9 billion in ending ARR, growing 99% year over year.

第一季重點包括：第一，第一季淨新增 ARR 創紀錄達 2.56 億美元，年增 32%，並超越我們指引區間的高端。第二，期末 ARR 為 55.1 億美元，較我們創紀錄的第四季進一步加速，成長超過 24%。第三，總營收 13.9 億美元，年增 26%，優於指引，且連續第四季加速成長。第四，自由現金流創歷史新高達 4.68 億美元，約占營收 34%。超出我們預期，自由現金流的 Rule of 40 為 59，連續第四季提升。第五，第一季營業利益創紀錄達 3.26 億美元，約占營收 24%，年增 62%，並超越指引。第六，本季新增超過 300 個 Falcon Flex 帳戶，採用訂閱模式的帳戶期末 ARR 超過 19 億美元，年增 99%。

These data points illustrate momentum, traction and achievement. It's on the backs of our strong Q1 results and the unprecedented market dynamics I see that we are raising our growth expectations for the full year net new ARR by more than 500 basis points. For the full year, we now expect net new ARR growth to accelerate over FY26.

這些數據點展現了動能、牽引力與成果。基於我們強勁的第一季表現，以及我所看到前所未有的市場動態，我們將全年淨新增 ARR 的成長預期上調超過 500 個基點。就全年而言，我們現在預期淨新增 ARR 成長將較 FY26 加速。

What I see is AI driving structural demand for cybersecurity that compounds, not decelerates. The AI enterprise is unfolding in real time and CrowdStrike is a necessity to secure it. AI's technology progression has unfolded in waves. Wave one of AI adoption was about making information rapidly accessible and foreshadowing the power of reasoning using existing data points to connect new dots.

我所看到的是，AI 正在推動對資安的結構性需求，而且這種需求是複利式累積，而非減速。AI 企業化正在即時展開，而 CrowdStrike 是保護它的必需品。AI 的技術演進以波浪式推進。AI 採用的第一波，是讓資訊能被快速取得，並透過既有資料點進行推理、連結新的線索，預示推理能力的威力。

Wave two of AI adoption started with the agent. Transforming what was once a basic web experience into a rich, connected and human-like digital worker. Agents became a major unlock moment for the enterprise, opening the door to productivity gains and augmentation of human workers.

AI 採用的第二波，從代理（agent）開始。它把過去基本的網路體驗，轉變為豐富、互聯且更像人類的數位工作者。代理成為企業的一個重大解鎖時刻，開啟生產力提升與人類工作者增能的可能。

The concept of the agentic workforce was born, and for the first time, enterprises could start pointing to economic value creation and newfound outputs from the AI revolution. This brings us to Q1, right in the middle of wave two, the wave of agent creation.

「代理式勞動力」的概念因此誕生，企業也首次能夠指出 AI 革命所帶來的經濟價值創造與新產出。這也把我們帶到第一季，正位於第二波的中段，也就是代理創造之浪潮。

In April of Q1, more happened in a matter of weeks in cybersecurity than in the whole year prior, the Mythos inflection moment. In collaboration with Anthropic from the start, we saw a new model emerge that had relevance for the cybersecurity market, relevance for defenders in identifying vulnerabilities much faster than before, including the chaining of multiple vulnerabilities to create lethal cyber attacks.

在第一季的四月，資安領域在短短數週內發生的事情，比前一年整年還多——這就是 Mythos 的拐點時刻。我們從一開始就與 Anthropic 合作，看到一個與資安市場相關的新模型出現；它對防禦方的意義在於能比以往更快識別弱點，包括將多個弱點串連起來以形成致命網路攻擊。

Project Glasswing brought together CrowdStrike and a focus group of consequential companies to ensure market readiness for Anthropic's new model.

Project Glasswing 匯聚了 CrowdStrike 與一個由具關鍵影響力公司組成的焦點小組，以確保市場已為 Anthropic 的新模型做好準備。

Shortly thereafter, OpenAI announced GPT-5.5 Cyber, later known as Daybreak, where we were selected as a founding member of their Trusted Access for Cyber program. CrowdStrike is the only cybersecurity company to secure both Anthropic and OpenAI's introduction programs from the very start.

不久之後，OpenAI 宣布 GPT-5.5 Cyber，後來稱為 Daybreak，而我們被選為其「Trusted Access for Cyber」計畫的創始成員。CrowdStrike 是唯一一家從一開始就同時為 Anthropic 與 OpenAI 的導入計畫提供安全防護的資安公司。

What the Mythos moment proved is that the world, starting from the frontier AI labs themselves, realized that AI needs a cybersecurity ecosystem. This was the Mythos inflection point. The discussion evolved from is AI going to disrupt cybersecurity to organizations and even the frontier AI labs relying on Falcon as their AI-powered defender for the post-Mythos era.

Mythos 時刻所證明的是：世界——從前沿 AI 實驗室本身開始——已經意識到 AI 需要一個資安生態系。這就是 Mythos 的拐點。討論已從「AI 是否會顛覆資安」演變為：組織，甚至前沿 AI 實驗室，都在後 Mythos 時代依賴 Falcon 作為其 AI 驅動的防禦者。

Even more consequential is how adversaries can use these new and future models to democratize destruction. Now any human or agent can be a vibe hacker, or worse, wage serious cyber attacks that threaten enterprise survival, nation state continuity, and critical infrastructure operations. AI has now directly entered the world of cybersecurity across two dimensions.

更具關鍵影響的是，對手如何利用這些新的與未來的模型來「民主化破壞」。如今，任何人類或代理都可能成為「vibe 駭客」，甚至更糟，發動威脅企業存續、國家體制延續與關鍵基礎設施運作的嚴重網路攻擊。AI 現在已直接從兩個面向進入資安世界。

One, you need cybersecurity to secure AI itself. Deploying AI across the enterprise is simply too risky without cybersecurity from the start. Cybersecurity is now foundational AI infrastructure. And two, an explosion in greenfield attack surfaces, each of which needs cybersecurity.

第一，你需要資安來保護 AI 本身。在企業內部部署 AI，若一開始沒有資安防護，風險實在太高。資安如今是基礎性的 AI 基礎設施。第二，綠地（greenfield）攻擊面爆炸式增加，而每一個都需要資安防護。

The AI revolution has led to a boom in, one, hardware, GPUs, NPUs, TPUs, and Trainium chips. Two, data centers and hyperscalers, training and housing AI models. Three, Neoclouds, a whole new class of cloud focusing on inference. Four, token factories, we're seeing unprecedented, eye-watering demand for Anthropic and OpenAI. And five, agentic applications, a whole new class of agentic tools such as Cursor, Sierra, ElevenLabs, Exa, Legora, and more.

AI 革命帶來了繁榮：第一，硬體，包括 GPU、NPU、TPU 與 Trainium 晶片。第二，資料中心與超大規模雲端業者（hyperscalers），用於訓練與承載 AI 模型。第三，Neocloud，一種全新類別、聚焦於推論（inference）的雲端。第四，token 工廠，我們看到對 Anthropic 與 OpenAI 前所未有、令人咋舌的需求。第五，代理式應用，一整個新的代理式工具類別，例如 Cursor、Sierra、ElevenLabs、Exa、Legora 等等。

The inflection point is that every player in this value chain is experiencing hyper growth and every one of these technologies needs cybersecurity. The Mythos moment crystallized the reality for the market. And for the first time in my career, the market's view of cybersecurity's role has shifted from being viewed primarily through the lens of risk management, compliance and protection, to being recognized as a strategic accelerator and a critical enabler of AI adoption.

轉折點在於，這條價值鏈中的每一個參與者都正經歷超高速成長，而每一項技術都需要資安防護。Mythos 時刻讓市場的現實清晰成形。而在我職涯中首次，市場對資安角色的看法已從主要以風險管理、合規與防護的視角來看待，轉變為將其視為策略性加速器，以及推動 AI 採用的關鍵賦能者。

Here's how we're seeing this shift manifest across our ecosystem, customers and business. As soon as Project Glasswing and Mythos were announced, a deluge of customer, prospect and partner inquiries followed. Post-Mythos threat landscape readiness reached a fever pitch with the primary question being, is my organization protected?

以下是我們看到這項轉變如何在我們的生態系、客戶與業務中具體展現。Project Glasswing 與 Mythos 一宣布，隨即湧入大量客戶、潛在客戶與合作夥伴的詢問。在 Mythos 之後，威脅態勢的整備度升至沸點，核心問題是：我的組織是否受到保護？

The immediate focus turned to uncovering and remediating vulnerabilities susceptible to being weaponized by new models. Answering this question across tens of thousands of organizations created an opportunity to showcase the power of our platform and ecosystem.

焦點立刻轉向找出並修補可能被新模型武器化的弱點。在數以萬計的組織中回答這個問題，創造了展示我們平台與生態系力量的機會。

Within days of Anthropic's Project Glasswing and OpenAI's TAC, we announced Project QuiltWorks to unite and mobilize the industry around mythos readiness. QuiltWorks is a phased process of vulnerability discovery, prioritization, remediation and then executive communication. Are we protected conversations at executive and board levels quickly became opportunities to leapfrog legacy point-in-time vulnerability discovery.

在 Anthropic 的 Project Glasswing 與 OpenAI 的 TAC 推出後的數天內，我們宣布 Project QuiltWorks，以凝聚並動員產業共同因應 mythos readiness（Mythos 整備）。QuiltWorks 是一個分階段流程：弱點發現、優先排序、修補，接著進行高階主管溝通。在高階主管與董事會層級的「我們是否受到保護」對話，很快就成為超越傳統一次性弱點發現方式的契機。

The answer became real-time continuous discovery and remediation. This conversation plays right into the strength of Falcon's continuous exposure management solution and Falcon for IT, both of which saw adoption nearly double year-over-year in the quarter.

答案變成即時、持續性的發現與修補。這樣的對話正好契合 Falcon 的持續曝險管理（continuous exposure management）解決方案與 Falcon for IT 的強項；本季這兩者的採用率皆接近年增一倍。

We saw immediate interest from our ecosystem to join our coalition. At the announcement of Project QuiltWorks, Accenture, EY, IBM, Kroll and OpenAI joined us to use the latest OpenAI and Anthropic models for QuiltWorks engagements. And a few weeks later, we expanded the coalition to include Armadin, Cognizant, HCLTech, Infosys, KPMG, NTT Data, Tata Consultancy Services and Wipro.

我們看到生態系立即表達加入聯盟的興趣。在 Project QuiltWorks 發布時，Accenture、EY、IBM、Kroll 與 OpenAI 加入我們，於 QuiltWorks 專案中使用最新的 OpenAI 與 Anthropic 模型。而在幾週後，我們擴大聯盟，納入 Armadin、Cognizant、HCLTech、Infosys、KPMG、NTT Data、Tata Consultancy Services 與 Wipro。

And more recently, insurers such as Coalition, Liberty Mutual Insurance, Lockton, Resilience, and Marsh joined the coalition to start underwriting Frontier AI model risk to the enterprises they serve. QuiltWorks engagements include: EY engaged with a Fortune 100 account and uncovered more than 45 million vulnerabilities leveraging Falcon exposure management and Frontier models, and the engagement is also accelerating next-gen SIEM adoption within this account.

更近期，Coalition、Liberty Mutual Insurance、Lockton、Resilience 與 Marsh 等保險業者也加入聯盟，開始為其服務的企業承保 Frontier AI 模型風險。QuiltWorks 專案案例包括：EY 與一家《財富》100 大企業客戶合作，運用 Falcon 曝險管理與 Frontier 模型發現超過 4,500 萬個弱點；該專案也正在加速該客戶採用新一代 SIEM。

Kroll, who recently replaced their incumbent next-gen endpoint vendor with CrowdStrike, brought us into a clothing manufacturer, which is becoming a new logo account on the back of a QuiltWorks assessment. QuiltWorks is how we're preparing the market for cybersecurity's Y2K moment with CrowdStrike as the key security control for AI deployment.

Kroll 最近以 CrowdStrike 取代其既有的新一代端點供應商，並將我們帶入一家服飾製造商；該公司因 QuiltWorks 評估而成為新的新客戶（new logo）。QuiltWorks 正是我們在為市場的資安「Y2K 時刻」做準備，並以 CrowdStrike 作為 AI 部署的關鍵安全控制。

QuiltWorks and the AI accelerated demand environment are delivering growth across the business. In Q1, we delivered innovation and saw pronounced demand across the following platform modules. First, endpoint, our endpoint business again accelerated for the third consecutive quarter. The endpoint has become the epicenter of where AI happens and our best-in-class efficacy sets us apart.

QuiltWorks 與 AI 加速的需求環境正帶動全公司成長。在 Q1，我們交付創新，並在以下平台模組看到明顯需求。首先是端點：我們的端點業務再度加速，且已連續第三季加速成長。端點已成為 AI 發生的核心場域，而我們同級最佳的效能使我們脫穎而出。

The rapid adoption of AI tools like Claude Cowork, Claude Code and Codex have dramatically expanded the endpoint attack surface. Our endpoint leadership continues to widen with Gartner naming us a leader for the seventh consecutive year and scoring us the very highest on both axes of the Magic Quadrant ahead of all other participants for the fourth year in a row.

Claude Cowork、Claude Code 與 Codex 等 AI 工具的快速採用，大幅擴大了端點的攻擊面。我們在端點領域的領先地位持續擴大：Gartner 連續第七年將我們評為領導者，且連續第四年在魔力象限（Magic Quadrant）的兩個軸向上都獲得最高評分，領先所有其他參與者。

Today, we're seeing two new phenomena on the endpoint. First, AI's rapid evolution has created renewed enterprise focus on endpoint security investment. Second, non-human identities and agents require their own underlying host, creating greenfield demand for sensors. We're already seeing companies deploying agentic workloads inside virtual machines, each requiring its own sensor.

目前我們在端點看到兩個新現象。第一，AI 的快速演進讓企業重新聚焦於端點安全投資。第二，非人類身分（non-human identities）與代理（agents）需要各自的底層主機，帶來感測器（sensor）的綠地需求。我們已看到企業在虛擬機內部署代理型工作負載（agentic workloads），而每一台都需要自己的感測器。

Illustrating this was an eight-figure new logo land in a major US government agency. We replaced a legacy AV, an operating system EDR, and a legacy vulnerability management point product across more than 200,000 hosts, and that unlocks what's next. We pioneered EDR. We have the endpoint real estate, and that gives us the structural advantage to own what we're bringing to the market, AIDR, AI detection and response.

一個例子是我們在美國某大型政府機構拿下八位數金額的新客戶案。我們在超過 200,000 台主機上，取代了傳統防毒（AV）、作業系統內建的 EDR，以及傳統弱點管理的單點產品，並由此解鎖下一步。我們開創了 EDR。我們掌握端點版圖，這讓我們具備結構性優勢，得以主導我們帶給市場的 AIDR——AI 偵測與回應。

AIDR is quickly becoming a new growth pillar in our business with ending ARR growing more than 250% sequentially and Q2 pipeline already exceeding $50 million. We went from zero to this in under two quarters. In my career, I've never seen adoption happen this fast.

AIDR 正迅速成為我們業務的新成長支柱：期末 ARR 連續季增超過 250%，且 Q2 的管線已超過 5,000 萬美元。我們在不到兩季內就從零做到這個規模。在我職涯中，從未見過採用速度如此之快。

As I look forward, I see AIDR as a larger opportunity than EDR, here's why. First, our structural advantage. We built EDR because the endpoint is where attacks execute and you need a sensor there to see them. The same is true for AI. Agents run on the endpoint. They make tool calls, access files, invoke APIs, and move data at the process level.

展望未來，我認為 AIDR 的機會將大於 EDR，原因如下。第一，我們的結構性優勢。我們打造 EDR，是因為攻擊在端點上執行，而你需要在那裡部署感測器才能看見它們。AI 也是如此。代理在端點上運行。它們會進行工具呼叫、存取檔案、呼叫 API，並在程序層級移動資料。

To detect and respond to AI threats in real time, you need a runtime sensor where AI executes. That's Falcon. While competitors may provide AI visibility, only CrowdStrike can detect, block and respond where AI actually runs. The pattern that made EDR ours repeats.

要即時偵測並回應 AI 威脅，你需要在 AI 執行的位置部署執行期感測器（runtime sensor）。那就是 Falcon。競爭對手或許能提供 AI 可視性，但只有 CrowdStrike 能在 AI 真正運行之處進行偵測、阻擋與回應。讓 EDR 成為我們領域的模式正在重演。

Second, the AIDR market opportunity is structurally larger. EDR secured one attack surface, the host. AIDR secures seven: data, models, prompts, agents, identities, infrastructure and the interaction layer where they converge.

第二，AIDR 的市場機會在結構上更大。EDR 只保護一個攻擊面：主機。AIDR 則保護七個：資料、模型、提示（prompts）、代理、身分、基礎設施，以及它們匯聚的互動層。

Worldwide spending on AI is forecasted to total over $2.5 trillion and only a low single-digit percent of organizations have an advanced AI security strategy. The gap between AI adoption and AI protection is the widest asymmetry in security since the cloud transition and it's moving faster. We're already converting the demand and automotive financial services leader added AIDR to more than 30,000 hosts for shadow AI visibility and protection in a seven-figure win, greenfield opportunity, seamless upsell, same sensor.

全球 AI 支出預估將超過 2.5 兆美元，而具備先進 AI 資安策略的組織僅占低個位數百分比。AI 採用與 AI 防護之間的落差，是自雲端轉型以來資安領域最大的非對稱，而且變化更快。我們已在轉化這股需求：一家汽車金融服務領導者在一筆七位數美元的勝案中，將 AIDR 加入超過 30,000 台主機，用於影子 AI（shadow AI）的可視性與防護——綠地機會、無縫加購、同一個感測器。

Moving to next-gen SIEM, cloud and identity. We saw a record Q1 net new ARR from the combination of these businesses. Combined, these businesses have now exceeded $2 billion in ending ARR. Our next-gen SIEM business exceeded $600 million in ending ARR and has transformed CrowdStrike into the operating system of the AI SOC.

接著談新一代 SIEM、雲端與身分。我們看到這些業務組合帶來創紀錄的 Q1 淨新增 ARR。合計而言，這些業務的期末 ARR 現已超過 20 億美元。我們的新一代 SIEM 業務期末 ARR 已超過 6 億美元，並使 CrowdStrike 轉型為 AI SOC 的作業系統。

Charlotte AI, where ending ARR accelerated sequentially over Q4 is now the reasoning engine across Falcon: triaging alerts, correlating cross-domain telemetry and automating investigation at machine speed. This quarter, we expanded that vision with AgentWorks, our ecosystem of purpose-built AI agents built on the Falcon platform.

Charlotte AI 的期末 ARR 相較 Q4 連續加速成長，現已成為 Falcon 全平台的推理引擎：分流告警、關聯跨領域遙測資料，並以機器速度自動化調查。本季，我們透過 AgentWorks 擴展了這個願景——這是建立在 Falcon 平台上的、由生態系打造的目的型 AI 代理。

Partners including Accenture, AWS, Anthropic, Deloitte, NVIDIA, OpenAI and Salesforce are building specialized security agents that operate natively on Falcon data. The result: a security operations center that runs at AI speed, orchestrated by Charlotte, extended by the ecosystem, and grounded in the richest telemetry in the industry.

包括 Accenture、AWS、Anthropic、Deloitte、NVIDIA、OpenAI 與 Salesforce 在內的合作夥伴，正在打造可原生運行於 Falcon 資料之上的專業化安全代理。成果是：一個以 AI 速度運作的安全營運中心，由 Charlotte 進行編排、由生態系延伸，並以業界最豐富的遙測資料為基礎。

A key next-gen SIEM win was an eight-figure new logo land in a major fuel retailer. CrowdStrike was selected to replace a legacy SIEM, a next-gen EDR, and stitched together software from a network security hardware vendor. The performance and price superiority of next-gen SIEM combined with Charlotte AI's autonomous triage eliminates swivel chair alert management successfully starting this customer's AI SOC journey.

一項關鍵的次世代 SIEM 勝利，是在一家大型燃料零售商拿下八位數金額的新客戶。CrowdStrike 獲選用以取代傳統 SIEM、次世代 EDR，以及一家網路安全硬體供應商所拼接整合的軟體。次世代 SIEM 在效能與價格上的優勢，結合 Charlotte AI 的自主分流處置，成功消除需要在多系統間來回切換的告警管理，並啟動該客戶的 AI SOC 旅程。

Cloud had another strong quarter as enterprises continue securing their AI infrastructure. Concern around elevated risk from new frontier models has pushed customers to harden their cloud environments. An eight-figure win in a high-performance AI chip company allowed this customer to secure the rapidly expanding Kubernetes managed data center and cloud environments in the wake of the AI boom.

雲端業務本季同樣表現強勁，因企業持續強化其 AI 基礎設施的安全。對新一代前沿模型帶來更高風險的擔憂，促使客戶加固其雲端環境。一家高效能 AI 晶片公司帶來的八位數訂單，使該客戶得以在 AI 熱潮下，保護其快速擴張的 Kubernetes 託管資料中心與雲端環境。

Next-gen identity net new ARR growth accelerated versus Q4. In the AI era, every agent needs an identity, every identity needs governance, and every enterprise is realizing they can't tell a human from machine in their environment. Falcon Shield had another stellar quarter with ending ARR growing nearly 4x year over year as organizations secure their SaaS agentic attack surface.

次世代身分（Identity）業務的新增 ARR 成長較 Q4 加速。在 AI 時代，每個代理（agent）都需要身分，每個身分都需要治理，而每家企業都意識到在其環境中已無法分辨人類與機器。Falcon Shield 再度交出亮眼一季，期末 ARR 年增近 4 倍，因組織正保護其 SaaS 的代理式（agentic）攻擊面。

Our recently acquired signal solution and our fast-growing Privileged Access offering are boasting strong early demand as enterprises lock down what agents can do and access. A major American healthcare company selected Falcon NextGen Identity and Signal in a seven-figure expansion to solve a problem that simply didn't exist two years ago, governing what AI agents can and cannot do across the enterprise.

我們近期收購的 Signal 解決方案，以及快速成長的特權存取（Privileged Access）產品，在企業鎖定代理可執行與可存取內容之際，展現強勁的早期需求。一家美國大型醫療保健公司以七位數金額擴大採用 Falcon NextGen Identity 與 Signal，以解決兩年前根本不存在的問題：在全企業範圍內治理 AI 代理能做與不能做的事。

Signal delivers granular, policy-based authorization over agentic workloads in real time. This is the identity opportunity in the AI era. Falcon Flex is how we go to market with accounts that have adopted the subscription model rapidly approaching $2 billion and ending ARR.

Signal 可針對代理式工作負載提供細緻、以政策為基礎的即時授權控管。這就是 AI 時代的身分機會。Falcon Flex 是我們面向市場的方式；採用訂閱模式的帳戶快速逼近 20 億美元的採用規模與期末 ARR。

The most exciting part is the Re-Flex dynamic, customers renewing and expanding their investment beyond their first Flex contract with highlights including the number of Re-Flex customers reached 480, representing nearly 25% of all Flex customers.

最令人振奮的是 Re-Flex 動態：客戶在第一份 Flex 合約之後續約並擴大投資；亮點包括 Re-Flex 客戶數達到 480 家，約占所有 Flex 客戶的近 25%。

The average Re-Flex uplift was 26% with the average Re-Flex happening in seven months, well ahead of their subscription renewal date and the most compelling - over 130 customers have Re-Flexed multiple times with the average ARR uplift over their original Flex coming in at 51%. Customers are coming back multiple times and they're continuously spending more, consolidating on CrowdStrike. This is the power of the platform in action. To secure AI, organizations need the Falcon platform. To deliver the platform, you need the right go-to-market model. Flex is the commercial harness to drive secure AI adoption.

平均 Re-Flex 增購幅度為 26%，且平均在七個月內就發生 Re-Flex，遠早於其訂閱續約日；更具說服力的是——超過 130 家客戶多次 Re-Flex，其相較原始 Flex 的平均 ARR 增幅達 51%。客戶多次回流並持續加大支出，將安全堆疊整合到 CrowdStrike。這就是平台力量的實際展現。要保護 AI，組織需要 Falcon 平台。要交付平台，你需要正確的市場進入（go-to-market）模式。Flex 是推動安全 AI 採用的商業引擎。

In closing, I'm proud of the start of our year. Q1 was another beat. And as the quarter progressed, we saw the Mythos inflection point. The worlds of cybersecurity and Frontier AI collided. The result is that Frontier AI needs the very best defender, and that's CrowdStrike. The inflection is now. The need for cybersecurity to defend AI is non-negotiable.

最後，我為我們本年度的開局感到自豪。Q1 再次超出預期。而隨著季度推進，我們看到了 Mythos 的拐點。資安與前沿 AI 的世界發生碰撞。結果是：前沿 AI 需要最頂尖的防禦者，而那就是 CrowdStrike。拐點就在此刻。以資安防禦 AI 的需求不容妥協。

CrowdStrike is not only in the right place at the right time, we’re the right technology to stop the breach. Think of CrowdStrike as the picks and shovels for the world's largest technology gold rush of all time. CrowdStrike is in the prime position to be the world's AI security layer with nearly 100,000 businesses, including hundreds of the Fortune 500, already trusting us to secure their organizations.

CrowdStrike 不僅在對的時間站在對的位置，我們更是阻止入侵所需的正確技術。把 CrowdStrike 想像成史上最大科技淘金熱中的「鎬與鏟」。CrowdStrike 具備成為全球 AI 安全層的最佳位置，近 10 萬家企業（包括數百家《財富》500 強）已信任我們來保護其組織。

Our ecosystem of thousands of partners are looking to us for the answers on how to secure AI at global scale. This is even bigger than customers and partners. The market's very best AI talent seeks out CrowdStrike to join our mission.

我們由數千家合作夥伴組成的生態系，正向我們尋求如何在全球規模下保護 AI 的答案。這甚至比客戶與合作夥伴更宏大。市場上最頂尖的 AI 人才主動選擇 CrowdStrike，加入我們的使命。

I'm excited to announce Dr. Bartley Richardson joins my leadership team as Chief AI and Autonomous System Officer. He joins CrowdStrike from longtime strategic partner NVIDIA, where he led agentic AI and cybersecurity AI. Bartley deepens our NVIDIA collaboration and furthers our verticalization of AI into cybersecurity. The best AI talent in the world is choosing to build at CrowdStrike.

我很高興宣布 Bartley Richardson 博士加入我的領導團隊，擔任首席 AI 與自主系統長（Chief AI and Autonomous System Officer）。他從我們長期策略合作夥伴 NVIDIA 加入 CrowdStrike，先前負責代理式 AI 與資安 AI。Bartley 將深化我們與 NVIDIA 的合作，並推進我們將 AI 垂直化導入資安領域。全球最優秀的 AI 人才正選擇在 CrowdStrike 打造未來。

In this inflection moment, I see CrowdStrike's opportunity larger than ever before. The technology is here, the talent is here and the market opportunity is here. We're raising our full year net new ARR guidance by more than $50 million.

在這個拐點時刻，我看到 CrowdStrike 的機會比以往任何時候都更大。技術在這裡、人才在這裡、市場機會也在這裡。我們將全年新增淨 ARR 指引上調超過 5,000 萬美元。

We now expect full year net new ARR growth to accelerate over last year. At $5.5 billion in ending ARR, we are accelerating. We see this as the AI tailwind in action. Given the strength of this quarter and our confidence in what's ahead, I'm announcing CrowdStrike's first stock split as a public company. We'll be doing a four-for-one stock split making CrowdStrike more accessible for investors to join our mission.

我們現在預期全年新增淨 ARR 成長將較去年加速。在期末 ARR 達 55 億美元的規模下，我們仍在加速。我們將此視為 AI 順風的具體展現。基於本季的強勁表現與對未來的信心，我宣布 CrowdStrike 作為上市公司以來首次股票分割。我們將進行 1 拆 4 的股票分割，讓更多投資人更容易參與我們的使命。

Cybersecurity isn't a nice to have in the world of AI. It's a need to have and CrowdStrike is the innovator of choice, the partner of choice and the protector of choice for this new accelerated AI world. Thank you for your trust.

在 AI 的世界裡，資安不是可有可無。它是必需品，而 CrowdStrike 是這個全新加速 AI 世界中首選的創新者、首選的合作夥伴、以及首選的守護者。感謝您的信任。

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

接下來我把電話會議交給我們的財務長 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. We delivered strong first quarter results to begin the new fiscal year, exceeding expectations across all guided metrics.

謝謝你，George，各位下午好。先快速提醒，除非另有說明，我今天發言中提到的所有數字（除營收外）皆為非 GAAP。我們以強勁的第一季成績開啟新的會計年度，在所有指引指標上均超出預期。

We achieved record Q1 net new ARR of $255.8 million, up 32% year over year, driving ending ARR to $5.51 billion, accelerating growth to more than 24% year over year. As George outlined, the Mythos moment marked an inflection point for the industry, confirming that cybersecurity is not just foundational to AI adoption it is critical AI infrastructure.

我們達成創紀錄的 Q1 新增淨 ARR 2.558 億美元，年增 32%，帶動期末 ARR 達 55.1 億美元，使年增速加快至超過 24%。如 George 所述，Mythos 時刻標誌著產業的拐點，確認資安不僅是 AI 採用的基礎，更是關鍵的 AI 基礎設施。

Our Q1 results and FY27 outlook reflect the very beginnings of this technology wave with broad-based momentum fueled by customers consolidating their security needs, lowering their total cost of ownership and accelerating AI adoption with CrowdStrike as their security foundation.

我們的 Q1 成果與 FY27 展望，反映了這波技術浪潮的初期跡象；廣泛的動能來自客戶整合其安全需求、降低總持有成本（TCO），並以 CrowdStrike 作為其安全基礎，加速 AI 採用。

This strength is reflected in our continued strong retention rates, increased module adoption, third consecutive quarter of ending ARR growth acceleration for the endpoint business and Q2 record pipeline. Additionally, we closed the acquisitions of Signal and Seraphic in the first quarter, contributing a combined $7.8 million of acquired net new ARR, which was within our stated expectations of $5 million to $8 million.

這股強勁態勢反映在我們持續維持高留存率、模組採用提升、端點業務期末 ARR 連續第三季成長加速，以及 Q2 創紀錄的銷售管線。此外，我們在第一季完成對 Signal 與 Seraphic 的收購，合計貢獻 780 萬美元的收購新增淨 ARR，落在我們先前所述 500 萬至 800 萬美元的預期範圍內。

Moving to the P&L, total revenue exceeded our guidance range and grew 26% over Q1 of last year to reach $1.39 billion with year over year growth accelerating sequentially for the fourth consecutive quarter. Subscription revenue grew 26% over Q1 of last year to reach $1.32 billion and professional services revenue remained strong at $64.8 million, up 23% year over year driven by the elevated threat environment.

接著看損益表（P&L），總營收超出我們的指引區間，較去年 Q1 成長 26% 至 13.9 億美元，且年增速已連續第四季逐季加速。訂閱營收較去年 Q1 成長 26% 至 13.2 億美元；專業服務營收維持強勁，達 6,480 萬美元，年增 23%，主要受威脅環境升溫所帶動。

The geographic mix of first quarter revenue consisted of approximately 66% from the US and 34% from international geographies with EMEA and overall international year over year revenue growth accelerating compared to Q4.

第一季營收的地理組合約為：美國占 66%，國際地區占 34%；其中 EMEA 與整體國際營收的年增速相較 Q4 皆有所加快。

Total non-GAAP gross margin was a Q1 record 79% and non-GAAP subscription gross margin was a Q1 record 81% of revenue, up 90 basis points over the prior year driven by continued cloud optimization. First quarter non-GAAP operating income was a Q1 record $325.7 million and non-GAAP operating margin was 24%, up 530 basis points over the prior year and exceeding our guidance.

非 GAAP 總毛利率為第一季創紀錄的 79%，非 GAAP 訂閱毛利率為第一季創紀錄的 81%（占營收比重），較去年同期提升 90 個基點，主要受持續的雲端最佳化所帶動。第一季非 GAAP 營業利益為第一季創紀錄的 3.257 億美元，非 GAAP 營業利益率為 24%，較去年同期提升 530 個基點，並超出我們的指引。

The outperformance was driven by our strong top-line performance, gross margin improvement and increased operating efficiency underscoring our commitment to durable, profitable growth. In Q1, we once again delivered positive GAAP net income attributable to CrowdStrike of $27.8 million. Non-GAAP net income attributable to CrowdStrike was a Q1 record $283.4 million or $1.10 on a diluted per share basis, exceeding our guidance.

優於預期的表現主要來自我們強勁的營收表現、毛利率改善以及營運效率提升，凸顯我們對可持續、具獲利性的成長承諾。在第一季，我們再次實現歸屬於 CrowdStrike 的 GAAP 正向淨利 2,780 萬美元。非 GAAP歸屬於 CrowdStrike 的淨利為第一季創紀錄的 2.834 億美元，或以稀釋後每股計為 1.10 美元，超出我們的指引。

Moving to cash. Our cash and cash equivalents were $4.55 billion. We generated record cash flow from operations of $590.9 million and record free cash flow of $468.5 million or 34% of revenue. In Q1, we repurchased $176 million of shares outstanding at an average price of $365.63. We now have approximately $1.3 billion remaining under our share repurchase authorization. We will remain opportunistic in returning capital to shareholders as we remain focused on capturing the significant growth opportunities ahead of us.

接著談現金。我們的現金及約當現金為 45.5 億美元。我們創下營運活動現金流 5.909 億美元的新高，以及自由現金流 4.685 億美元的新高，約占營收的 34%。在第一季，我們以平均價格 365.63 美元回購了 1.76 億美元的流通在外股份。我們目前在股票回購授權額度下仍約有 13 億美元可用。在持續專注於把握眼前重大成長機會的同時，我們也將以機會主義方式向股東回饋資本。

Finally, as George mentioned, we are announcing a four to one forward stock split to make ownership of CrowdStrike stock more accessible to investors. Stockholders of record after the close of market on June 25, 2026, will receive an additional three shares of common stock for every one share held after the close of market on July 1, 2026, with trading on a split adjusted basis expected to commence at market open on July 2, 2026.

最後，如 George 所提到，我們宣布進行 4 比 1 的遠期股票分割，以讓投資人更容易持有 CrowdStrike 股票。於 2026 年 6 月 25 日收盤後登記在冊的股東，將在 2026 年 7 月 1 日收盤後就其持有的每 1 股普通股獲配額外 3 股普通股；預計將於 2026 年 7 月 2 日開盤起以分割調整後的基準開始交易。

Moving to our outlook and modeling notes. Our record Q2 pipeline and strong momentum across competitive displacements, Falcon Flex adoption and platform consolidation give us conviction in the durability of CrowdStrike's growth trajectory, profitability expansion and cash flow generation.

接著談我們的展望與建模說明。我們創紀錄的第二季管線，以及在競品替換、Falcon Flex 採用與平台整合方面的強勁動能，使我們對 CrowdStrike 成長軌跡的持久性、獲利能力擴張與現金流創造更具信心。

As George outlined, AI adoption has become an existential imperative and it requires cybersecurity. CrowdStrike provides critical infrastructure that enterprises need to adopt AI safely and at scale. Our broad business momentum and the accelerating AI tailwind we see are reflected in our raised FY27 outlook.

如 George 所概述，AI 的採用已成為攸關生存的必要條件，而這需要資安。CrowdStrike 提供企業安全且可規模化採用 AI 所需的關鍵基礎設施。我們廣泛的業務動能，以及我們所看到加速的 AI 順風，已反映在我們上調的 FY27 展望中。

We now expect FY27 net new ARR growth to accelerate over FY26. With year over year growth of 27.7% at the midpoint, a 520 basis point increase in year over year growth from our prior guidance translating to an increase of $52 million to $1.291 billion of net new ARR. Given our Q1 net new ARR outperformance and increased outlook for the full fiscal year, we now expect FY27 net new ARR seasonality to be approximately 42% in the first half and 58% in the second-half.

我們目前預期 FY27 淨新增 ARR 成長將較 FY26 加速。以中位數計算，年增率為 27.7%，較先前指引的年增率提高 520 個基點，對應淨新增 ARR 增加 5,200 萬美元至 12.91 億美元。鑑於第一季淨新增 ARR 優於預期，以及我們對全年財年的展望上調，我們目前預期 FY27 淨新增 ARR 的季節性約為上半年 42%、下半年 58%。

Moving to cash, at the midpoint of our guidance, we expect free cash flow margin of 24.5% in Q2, our seasonally lowest free cash flow quarter and continue to expect at least 30% for the full fiscal year on our increased revenue guidance. As a result of our outperformance in Q1, we now expect the seasonal mix of free cash flow dollars between the first and second-half to be 46% in the first half and 54% in the second-half.

回到現金面，以我們指引的中位數來看，我們預期第二季自由現金流利潤率為 24.5%，這是我們季節性最低的自由現金流季度；在上調營收指引後，我們仍預期全年財年至少達到 30%。由於第一季表現優於預期，我們目前預期自由現金流金額在上、下半年之間的季節性分布為上半年 46%、下半年 54%。

For the second quarter of FY'27, we expect annual recurring revenue to be in the range of $5.793 billion to $5.795 billion, reflecting a year over year growth rate of 24%, translating to net new ARR of $284 million to $286 million, reflecting a year over year growth rate of 28% to 29%. We expect total revenue to be in the range of $1.436 billion to $1.442 billion, reflecting a year over year growth rate of 23%. We expect non-GAAP income from operations to be in the range of $346 million to $349 million and non-GAAP net income attributable to CrowdStrike to be in the range of $301 million to $303 million.

就 FY'27 第二季而言，我們預期年度經常性收入（ARR）將介於 57.93 億至 57.95 億美元，反映年增率 24%，對應淨新增 ARR 為 2.84 億至 2.86 億美元，反映年增率 28% 至 29%。我們預期總營收將介於 14.36 億至 14.42 億美元，反映年增率 23%。我們預期非 GAAP 營業利益將介於 3.46 億至 3.49 億美元，且非 GAAP 歸屬於 CrowdStrike 的淨利將介於 3.01 億至 3.03 億美元。

We expect diluted non-GAAP net income per share attributable to CrowdStrike to be approximately $1.16 to $1.17, utilizing a 21% tax rate and weighted average share count of approximately 258 million shares on a diluted basis.

我們預期歸屬於 CrowdStrike 的稀釋後非 GAAP 每股淨利約為 1.16 至 1.17 美元，採用 21% 稅率，並以稀釋後加權平均股數約 2.58 億股計算。

Adjusted for the stock split, we expect diluted non-GAAP net income per share attributable to CrowdStrike to be approximately $0.29, utilizing a weighted average share count of approximately 1.034 billion shares on a diluted basis.

經股票分割調整後，我們預期歸屬於 CrowdStrike 的稀釋後非 GAAP 每股淨利約為 0.29 美元，並以稀釋後加權平均股數約 10.34 億股計算。

For the full fiscal year 2027, we expect annual recurring revenue to be in the range of $6.532 billion to $6.556 billion, reflecting a year over year growth rate of 24% to 25% and translating to net new ARR of $1.279 billion to $1.303 billion, reflecting a year-over-year growth rate of 27% to 29%. We expect total revenue to be in the range of $5.915 billion to $5.959 billion, reflecting a growth rate of 23% to 24% over the prior fiscal year.

就 2027 全年財年而言，我們預期年度經常性收入（ARR）將介於 65.32 億至 65.56 億美元，反映年增率 24% 至 25%，對應淨新增 ARR 為 12.79 億至 13.03 億美元，反映年增率 27% 至 29%。我們預期總營收將介於 59.15 億至 59.59 億美元，較前一財年成長 23% 至 24%。

Non-GAAP income from operations is expected to be between $1.452 billion and $1.480 billion. We expect non-GAAP net income attributable to CrowdStrike to be between $1.263 billion and $1.285 billion. Utilizing a 21% tax rate and approximately 259 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 $4.88 to $4.96. Adjusted for the stock split, we expect diluted non-GAAP net income per share attributable to CrowdStrike to be approximately $1.22 to $1.24, utilizing a weighted average share count of approximately 1.036 billion shares on a diluted basis.

非 GAAP 營業利益預期介於 14.52 億至 14.80 億美元。我們預期非 GAAP 歸屬於 CrowdStrike 的淨利介於 12.63 億至 12.85 億美元。採用 21% 稅率，並以稀釋後加權平均股數約 2.59 億股計算，我們預期歸屬於 CrowdStrike 的非 GAAP 每股淨利介於 4.88 至 4.96 美元。經股票分割調整後，我們預期歸屬於 CrowdStrike 的稀釋後非 GAAP 每股淨利約為 1.22 至 1.24 美元，並以稀釋後加權平均股數約 10.36 億股計算。

George and I will now take your questions.

接下來 George 和我將回答各位的提問。

(Operator Instructions)

(接線員指示)

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Great. Thanks, George and Burt, you noted a lot of tailwinds for the business as customers invest in AI. Can you just unpack which of those are the biggest near-term drivers that prompted you to meaningfully raise the net new ARR guidance for both Q2 and the full fiscal year? Thanks.

很好。謝謝，George 和 Burt，你們提到在客戶投資 AI 的背景下，業務有許多順風因素。你們能否進一步說明，哪些是近期最主要的驅動因素，促使你們大幅上調第二季與全年財年的淨新增 ARR 指引？謝謝。

Sure. Thanks, Meta. The first key driver of demand for us in terms of the tailwinds, the AI tailwinds that George talked about in his prepared remarks. But then you look into other things that really give us confidence in terms of raising the guide. One is basically the strong module adoption rates that we have, the strong gross and net retention rates that we have.

當然。謝謝你，Meta。就順風因素而言，我們需求的第一個關鍵驅動力，是 George 在事先準備的發言中提到的 AI 順風。但接著你再看其他真正讓我們有信心上調指引的因素。其中之一基本上是我們強勁的模組採用率，以及我們強勁的總留存率與淨留存率。

And of course, our strong Q2, record Q2 pipeline. And then you can throw in the Mythos moment, which created an inflection point around ARR for our business. So you combine all those things that gave us confidence for both the Q2 guide as well as the full year guide.

當然，還有我們強勁的第二季、創紀錄的第二季管線。此外還可以加上 Mythos 時刻，這為我們的業務在 ARR 方面帶來了一個拐點。因此，把所有這些因素結合起來，就讓我們對第二季指引以及全年指引都更有信心。

Thanks, Meta. Operator, next question please.

謝謝你，Meta。接線員，請進行下一個問題。

Saket Kalia, Barclays.

Saket Kalia，巴克萊。

Okay. Great. Hey, guys, thanks for taking my question here. Great to see the raised net new ARR for the year. George, maybe for you related to that point, can you just give us a little bit of color on when you started to see that inflection in demand related to what I think we called the Mythos moment? I'm curious how it's sort of unfolded here from a timing perspective? Thanks.

好的。很好。各位，謝謝讓我在這裡提問。很高興看到今年淨新增 ARR 上調。George，或許想就這點請教你，你能否多分享一些背景：你們是在什麼時候開始看到與我們所稱的「Mythos 時刻」相關的需求出現拐點？我很好奇從時間點的角度來看，這件事是如何逐步展開的？謝謝。

Yes. Thanks, Saket. It actually started at RSA just at the end of March, which is slightly before Mythos. And every meeting that we had with customers was all about protecting AI and providing visibility into things like shadow AI. We talked about the inflection point in endpoint and the acceleration.

是的。謝謝你，Saket。其實是從 3 月底的 RSA 大會就開始了，時間點比 Mythos 略早一些。我們與客戶的每一場會議，主題都圍繞在保護 AI，以及提供對「影子 AI」等事項的可視性。我們也談到端點的拐點與加速。

And obviously, there's a lot of customers that want to deploy more AI, but they're actually being held back because they don't have the right visibility, security controls around everything from identity to data protection to MCP type services. So every meeting was literally the same meeting all over on help us protect these AI workloads that are running on the endpoints. And all the developers are running it, marketing is running it, accounting is running it. We heard just crazy stories about AI run amok.

而且很明顯，很多客戶想部署更多 AI，但他們其實被卡住了，因為他們缺乏適當的可視性與安全控管，涵蓋從身分到資料保護，再到 MCP 類型服務等各個面向。所以每一場會議基本上都像是同一場會議重播：請幫我們保護在端點上運行的這些 AI 工作負載。而且所有開發人員在跑它，行銷在跑它，會計也在跑它。我們聽到一些 AI 失控的瘋狂案例。

And the biggest thing for me when I ask what outcome the customer is looking for. It wasn't a technology outcome per se, it was we need to solve the security issue because we want to deploy AI faster. We want to go faster in our business, and our CEO is demanding the adoption of AI. We can't do it securely. So that was a kind of a lightbulb moment, obviously, or an inflection point in RSA.

對我來說最大的一點是，當我問客戶想要的成果是什麼時，那並不是某種技術成果，而是：我們需要解決安全問題，因為我們想更快部署 AI。我們希望業務跑得更快，而我們的 CEO 正在要求採用 AI。但我們無法在安全的前提下做到。所以這顯然是在 RSA 上的一個頓悟時刻，或者說是一個拐點。

And then you combine that with Mythos in April. And I mean the, literally, the thousands of interactions that we've had with customers on Mythos and briefings and our project QuiltWorks has been incredible. So you kind of put all that together, and you've got a real inflection point in the market.

接著再加上 4 月的 Mythos。我的意思是，我們與客戶在 Mythos、各種簡報，以及我們的 QuiltWorks 專案上，真的有成千上萬次互動，令人難以置信。所以把這些因素綜合起來，你就會看到市場出現真正的拐點。

Thanks, Saket. Operator, next question please

謝謝你，Saket。接線員，請下一題。

Brian Essex, JPMorgan.

Brian Essex，摩根大通。

Thanks, everyone. Good afternoon and thank you for taking my question. Likewise, great to see the pretty impressive net new ARR increase in recent guide. George, would love to pick your brain a little bit. We've been hearing that security has been gaining budgets outside of traditional IT and security budgets, maybe around RSA.

謝謝各位。下午好，也謝謝讓我提問。同樣地，很高興看到近期指引中相當亮眼的淨新增 ARR 成長。George，我想請你分享一下看法。我們聽到安全預算正在從傳統 IT 與資安預算之外取得資金，可能是在 RSA 前後。

And then after Mythos release, was released, it seems as though we have a bit of panic spending, which we're seeing a lot in the consulting industry, and it sounds like everyone is seeing it in their pipeline. But would love your sense of where the money is -- where do you think the money is coming from? How much of the current AI tailwind might be incremental security spend? And how much is maybe a reallocation of existing budgets towards vendors perceived as more AI native and where is the money coming from within, what I would imagine are relatively set budgets for the year?

然後在 Mythos 發布之後，似乎出現了一些恐慌性支出——我們在顧問產業看到很多這種情況，聽起來大家在各自的管線中也都看到了。但我很想聽聽你的看法：這筆錢——你認為資金來源是哪裡？目前 AI 的順風中，有多少可能是增量的資安支出？又有多少可能是把既有預算重新分配到被視為更「AI 原生」的供應商？在我想像中年度預算相對固定的情況下，這筆錢在企業內部到底是從哪裡挪出來的？

Yes. I think you have to look at just a crazy inflection point in the adoption of frontier type models, right? And we've all seen the revenue curves with the big players that are out there. So we're tending to follow the slope of that adoption curve. And the token spend has been just jaw dropping.

是的。我認為你必須看到一個非常瘋狂的拐點：前沿類型模型的採用正在加速，對吧？而且我們都看過那些大型玩家的營收曲線。所以我們往往是在跟隨那條採用曲線的斜率。而 Token 支出真的令人瞠目結舌。

And when you have that level of adoption, you're going to have incremental funding around security. I think if we look at this realistically two years ago, there wasn't these big token budgets, right? All of a sudden there is and people are finding money and it's incremental, and they need to adopt more of it.

當你有那樣的採用程度時，安全方面就會有增量資金投入。我想如果務實地回頭看兩年前，當時並沒有這些龐大的 Token 預算，對吧？突然之間就有了，人們正在找錢出來，而且這是增量的，他們也需要採用更多。

We have plenty of companies that are tracking token usage not only from the spend standpoint of what are they spending, but they want to know who's spending it, are they spending it enough? Are they going fast enough.

我們看到很多公司在追蹤 Token 使用量，不只是從支出角度看他們花了多少，還想知道是誰在花、花得夠不夠、以及他們推進得夠不夠快。

So we've seen it being incremental. And at the end of the day, getting back to something I've said time and time again. If you want to create AI, you need GPUs, if you want to use AI, you need security, and that's what we're finding.

所以我們看到這是增量的。而歸根結底，回到我一再強調的一點：如果你想打造 AI，你需要 GPU；如果你想使用 AI，你需要安全，而這正是我們所看到的。

Alright. Thanks, Brian. Operator, next question please,

好的。謝謝你，Brian。接線員，請下一題。

Gabriela Borges, Goldman Sachs.

Gabriela Borges，高盛。

Hey, good afternoon. George and Burt, I want to ask you a little bit about the modules in your business where you price based on consumption. I think there might be a little bit of that in your Next-Gen SIEM business maybe in the cloud business as well. What I want to ask you is, are you seeing a change in or a step function change in the amount of ingestion, data ingestion, cloud workloads, that sort of dynamic either because of agentic activity or because perhaps the amount of agentic threats that customers have to deal with has gone up in the SOC.

嗨，下午好。George 和 Burt，我想請教你們一些關於你們業務中按用量（consumption）計價的模組。我想你們的次世代 SIEM 業務可能有一些這種模式，雲端業務可能也有。我想問的是：你們是否看到攝取量（ingestion）、資料攝取、雲端工作負載等動態出現變化或階躍式變化？這可能是因為代理式（agentic）活動，或是因為客戶在 SOC 需要處理的代理式威脅增加了。

And I'm wondering because of the structural advantages you have on the cost and performance side in Next-Gen SIEM, can that now create an additional motion for you to have success in the Next-Gen SIEM product? Thanks so much.

我也想知道，鑑於你們在次世代 SIEM 的成本與效能面具有結構性優勢，這是否能為你們帶來額外的推動力（motion），讓你們在次世代 SIEM 產品上取得更多成功？非常感謝。

Well, when we think about the agentic world, it's all about data, and that's been a foundational element of CrowdStrike since my starting of the company. If you have the right amount of data, you can solve most security use cases. And in today's world, it's all about creating data, using that data for training, instrumenting the agentic SOC. And that's why we've seen incredible adoption in our Next-Gen SIEM.

嗯，當我們思考代理式世界時，一切都與資料有關，而這一直是 CrowdStrike 自我創辦公司以來的基礎要素。如果你有適量且正確的資料，你就能解決大多數資安使用情境。而在今天的世界，重點在於產生資料、用這些資料做訓練、為代理式 SOC 進行儀表化（instrumenting）。這也是為什麼我們看到次世代 SIEM 有驚人的採用。

We've seen workloads increase in the cloud. We've seen companies where in the past, they may not have put as much data into their SIEM just because of a legacy provider and sort of the cost model. And given the disruptive nature of our SIEM pricing, it's all part of our platform, and we're really charging for third-party ingest, it's been a real win for customers.

我們看到雲端的工作負載增加。我們也看到一些公司，過去可能因為傳統供應商及其成本模型，而沒有把那麼多資料放進 SIEM。而考量到我們 SIEM 計價的顛覆性——它是我們平台的一部分，我們主要是對第三方資料攝取收費——這對客戶而言是一個很大的勝利。

So we're seeing more and more adoption broader and we're able to cover use cases that weren't covered in the past just given sort of the economics of how we go market with it. So I think there'll be more tailwinds. And again, there are a lot of customers now that are using that data with our own AI agents that we provide on the platform, and they're getting incredible outcomes. So the data gravity and the data moat that we talk about is obviously here. It's been here, and it's only getting bigger given the nature of AI.

所以我們看到更廣泛、更多的採用，我們也能涵蓋過去因為經濟性因素、也就是我們推向市場的方式，而未被涵蓋的使用情境。因此我認為順風會更多。而且再次強調，現在有很多客戶正在使用這些資料，搭配我們在平台上提供的自家 AI 代理，並取得非常出色的成果。所以我們所談的資料引力（data gravity）與資料護城河（data moat）顯然已經在這裡。它一直都在，而且在 AI 的特性驅動下只會越來越大。

Thanks, Gabriela. Operator, next question, please.

謝謝你，Gabriela。接線員，請下一個問題。

Matthew Hedberg, RBC.

Matthew Hedberg，RBC。

Great. Thanks for taking my questions, congrats from me as well. George, you mentioned your Script Cloud Security had another strong quarter. I guess I'm curious with the rise in AI demand, how is cloud security impacted by AI? And what are you seeing in terms of either competitive displacements or win rates in the segment?

很好。謝謝讓我提問，我也要恭喜你們。George，你提到你們的 Script Cloud Security 又有一個強勁的季度。我想在 AI 需求上升的情況下，我很好奇雲端安全會如何受到 AI 的影響？另外，在這個領域你們看到的競爭性替換（competitive displacements）或贏單率（win rates）表現如何？

Well, yes, it's a good question. And when you think about cloud security for a long time, it was about posture management. In the AI world, it's really about runtime protection and control because you're seeing now these AI workloads being hosted in the cloud, right?

嗯，是的，這是個好問題。長期以來，談到雲端安全，重點多在於態勢管理（posture management）。在 AI 的世界裡，重點其實在於執行期（runtime）的防護與控管，因為你現在看到這些 AI 工作負載被託管在雲端，對吧？

These containers that have agents that are long-running agents, right? And they're being spun up with a certain level of control, and they need the run time enforcement that we bring to it, which is a real strategic advantage for us. So that has certainly played into our favor.

這些容器裡有代理程式，而且是長時間運行的代理程式，對吧？它們在一定程度的控管下被啟動，而它們需要我們所提供的執行期強制（run time enforcement），這對我們而言是一個真正的策略性優勢。所以這確實對我們非常有利。

And then you combine that with the ability to understand sort of SaaS posture for cloud providers and some of the attack vectors around those SaaS providers. It's been just a very I would say, a bright spot for us given the full nature of the cloud stack that we've been building over many years.

再加上我們能夠理解雲端供應商的 SaaS 態勢，以及圍繞這些 SaaS 供應商的一些攻擊向量。我會說，考量到我們多年來打造的完整雲端堆疊（cloud stack）的本質，這一直是我們的一個亮點。

Thanks, Matt. Operator, next question, please.

謝謝你，Matt。接線員，請下一個問題。

Rob Owens, Piper Sandler.

Rob Owens，Piper Sandler。

Great. Andy, thanks for the question, George and Burt. George, another seminal cyber event here in our careers, but definitely probably lending to a greater step function than we've seen historically in terms of the opportunity. And so given the events of the last couple of months, how are you thinking about your business in general and where you might lean in to take advantage of it? Obviously, you've been building out the product set. But given the greater sense of urgency, are there things you're contemplating from packaging, pricing, further M&A, to really go after this opportunity is seemingly is exploding from a demand perspective. Thank you.

很好。Andy，謝謝提問，George 和 Burt。George，這又是我們職涯中的一個具指標性的資安事件，但它很可能在機會面帶來比過去歷史上更大的躍升。因此，鑑於過去幾個月發生的事件，你如何看待整體業務，以及你們可能會在哪些方面加大投入以把握這個機會？顯然你們一直在擴充產品組合。但在更強烈的急迫感之下，你們是否在思考從產品打包、定價、進一步的併購（M&A）等方面著手，去真正抓住這個看起來在需求面正在爆發的機會？謝謝。

Well, I guess, I mean, I'll start with the Flex model itself, and it's something that we put in for a few years now, and we're all seeing the benefits of the Flex model in terms of taking advantage of helping customers in these Mythos moments. There are many technologies that are rapidly evolving in an enterprise, and they all need protection, a lot of them obviously centered around AI. I think we've done a good job from an acquisition perspective. I think we've been very strategic in getting companies that fit within our portfolio.

嗯，我想我先從 Flex 模式本身談起。這是我們幾年前就導入的，而我們也都看到了 Flex 模式的好處：在這些「Mythos 時刻」中協助客戶、把握機會。企業裡有許多技術正在快速演進，而它們都需要防護，其中很多顯然都以 AI 為核心。我認為我們在併購方面做得不錯。我們一直很有策略地挑選能融入我們產品組合的公司。

Again, we spent a lot of time on the integration, which is something customers recognize and reward us for and we’ll continue to be acquisitive. We're always looking at companies. Again, we tend to buy tech and great teams and spend a lot of time on the integration. But I think there's just a lot of areas in AI that are rapidly emerging and we continue to monitor that market, and we'll continue to build it organically as we have.

同樣地，我們在整合上投入了大量時間，客戶也看得到並因此回饋我們；我們也會持續進行併購。我們一直在尋找合適的公司。再說一次，我們通常是買技術與優秀團隊，並在整合上花很多時間。但我認為 AI 領域有很多面向正在快速浮現，我們會持續關注這個市場，也會像過去一樣持續以有機方式（organically）來建置。

And inorganically as we round out the entire portfolio, specifically in that area. You've got data protection, we continue to invest in those areas. You've got Falcon for IT. We've seen just incredible progress in replacing some of the larger incumbents in that market. So where we need to, we'll augment that with acquisitions, and we continue to be a company that drives innovation organically as well.

同時也會以非有機方式（inorganically）來補齊整個產品組合，特別是在那個領域。你有資料保護，我們會持續投資那些領域。你有 Falcon for IT。我們看到在替換該市場上一些更大型的既有業者（incumbents）方面取得了驚人的進展。因此在需要的地方，我們會透過併購來補強，同時我們也會持續作為一家能以有機方式推動創新的公司。

Thanks, Rob. Operator, next question, please.

謝謝你，Rob。接線員，請下一個問題。

Josh Tilton, Wolfe.

Josh Tilton，Wolfe。

Hey, guys. Thanks for taking my question. George, maybe for you, I thought it was very interesting in the prepared remarks. you mentioned how things were just moving so fast in the month of April. I'm just trying to understand, was there any delayed spending or decision-making that maybe changed the net new ARR seasonality relative to what you guys were initially thinking 90 days ago? And I'm just asking because I'm trying to reconcile the incredibly impressive raise and understandably so kind of to the beat that you saw in the quarter. Thank you.

嗨，各位。謝謝讓我提問。George，可能問你。在事先準備的發言中你提到四月份事情進展得非常快，我覺得很有意思。我想了解的是：是否有任何延後的支出或決策，讓淨新增 ARR 的季節性（seasonality）相較於你們 90 天前原先的想法有所改變？我這樣問是因為我想把你們令人印象深刻、也很合理的上調（raise），與你們本季看到的超預期表現（beat）做個對照與理解。謝謝。

Well, I'll start and I'll turn it over to Burt. But as I mentioned earlier, you kind of look at March and RSA as a real inflection point. And you have to look at sort of the adoption of things like Claude Code just exploded. I mean I think everyone knows the numbers there, right? So seeing this massive adoption very quickly of AI agents, and that really kind of took place, I think, in earnest towards the end of March. And then the Mythos moment was in April and then obviously, just incredible demand from that standpoint that we saw. And obviously, you're seeing it in the forward guidance and the rate.

好，我先回答，然後交給 Burt 補充。但如我先前提到的，你可以把三月與 RSA 視為一個真正的拐點（inflection point）。而你必須看像 Claude Code 這類產品的採用是如何爆發式成長的。我的意思是，我想大家都知道那些數字，對吧？所以看到 AI 代理（AI agents）在非常短的時間內被大量採用，而我認為這真正開始明顯發生是在三月底。然後四月出現了 Mythos 時刻，接著我們就看到從那個角度來看非常驚人的需求。而且很明顯地，你也在前瞻指引（forward guidance）與成長速度（rate）中看到了。

So Burt, do you want to add to that?

Burt，你要補充嗎？

Yes. So for sure, I mean, all the things that George said, it all came down to just our record Q2 pipeline. That gave us the confidence as we looked out into the full year. It gave us confidence in terms of how we saw the business, the momentum in the business. And as I look at Q1, and I remark on Q1, I look at the 32% year over year growth rate for net new ARR. That's an impressive number.

是的。確實，George 說的那些都沒錯，歸根結底就是我們創紀錄的 Q2 管線（pipeline）。這讓我們在展望全年時更有信心。也讓我們對業務的走勢、業務動能更有信心。而當我看 Q1、回顧 Q1 時，我看到淨新增 ARR 年增率 32%。那是一個很亮眼的數字。

Then you go to the cash, our record cash, free cash flow and you look at our rule of 59, which is impressive at our scale. So you look at all those things combined, and that gives me confidence in terms of the raise that we looked at for the year.

接著你再看現金，我們創紀錄的現金、自由現金流（free cash flow），以及我們的 59 法則（rule of 59），以我們這樣的規模來說相當出色。把這些因素綜合起來，就讓我對我們今年所做的上調更有信心。

Thanks, Josh. Operator, next question, please.

謝謝你，Josh。接線員，請下一個問題。

Joe Gallo, Jefferies.

Joe Gallo，Jefferies。

Hey, guys. Thanks for the question. I've got a two parter on agentic identity. This is clearly a huge need that all CSOs know they have. But at the same time, companies aren't really deploying security there. What is causing that? And what's the catalyst that can revert that? And then just two, can you talk a little bit more about your product positioning in identity outside of ITDR, especially now with Signal in the fold and just the right to win that agentic identity market. Thanks.

嗨，各位。謝謝提問。我有兩個關於代理式身分（agentic identity）問題。這顯然是所有資安長（CSO）都知道自己需要的一個重大需求。但同時，公司其實並沒有真的在那裡部署安全防護。造成這種情況的原因是什麼？而能夠扭轉這種情況的催化因素（catalyst）會是什麼？第二個問題是，你能否多談談你們在 ITDR 之外的身分產品定位，特別是在 Signal 納入版圖之後，以及你們在代理式身分市場的致勝權（right to win）？謝謝。

Yes. I mean we've been in the identity market in some segments since 2020. And we've built a great business there, one of the largest pure-play security identity businesses around. And what are we seeing? Well, obviously, with what we've built, the organic evolution of the products and now combined with Signal we've got an incredible opportunity in front of us.

是的。我的意思是，我們自 2020 年起就在某些細分領域進入身分市場。我們在那裡建立了一個很棒的業務，是市場上規模最大的純資安身分（pure-play security identity）業務之一。那我們看到了什麼？嗯，很明顯地，憑藉我們已打造的能力、產品的有機演進，再加上現在與 Signal 的結合，我們面前有一個極佳的機會。

Just Signal alone, we've got customers who are using it for nonhuman identities and they're getting incredible results. And I met with a customer at RSA, became a two-time customer. This particular gentleman left one company that was a Signal customer. And the first thing he did was to get Signal as next company, which we called out in the prepared remarks.

單就 Signal 而言，我們就有客戶把它用在非人類身分上，而且取得了令人難以置信的成果。我在 RSA 跟一位客戶見面，他成了二度客戶。這位先生離開了一家原本就是 Signal 客戶的公司。而他做的第一件事，就是在下一家公司導入 Signal，我們也在事先準備的講稿中提到過。

And I asked him, I said, what do you like? What works? Why are you here so quickly for your second time around? He said, it would take him two weeks to get an identity up and running and now it takes them like 2 minutes. And the amount of just efficiencies that he was able to provide is incredible. And what we're seeing right now, and we're working with customers right now on this, is using a Signal as the identity control plane combined with our AIDR. So we see a fantastic opportunity.

我問他，我說，你喜歡什麼？什麼有效？為什麼你這麼快就第二次回來？他說，以前要花兩週才能把一個身分建好並上線，現在大概 2 分鐘就可以。而他能帶來的效率提升之大，令人驚嘆。我們現在看到的、也正在與客戶合作推進的，是把 Signal 作為身分控制平面，並結合我們的 AIDR。所以我們看到一個極佳的機會。

And remember, we're not saddled with legacy technology and sort of a patchwork of things that we have to deal with, with respect to sort of vaulting, right? Customers want a new, they want a fresh approach of zero standing privileges and we have it, and it works in the agentic world. So we feel really good about this acquisition and our Identity business.

而且請記得，我們沒有被傳統舊技術所拖累，也不需要面對那種拼拼湊湊的系統組合，尤其是在所謂的 vaulting（保管庫式管理）方面，對吧？客戶想要新的，他們想要一種「零常駐權限」的全新方法，而我們有，而且在代理式（agentic）世界也行得通。所以我們對這次收購以及我們的身分業務非常有信心。

Thanks, Joe. Operator, next question, please.

謝謝，Joe。接線員，請下一題。

Roger Boyd, UBS.

UBS 的 Roger Boyd。

Great. Thanks, Andy, for the question. George, I wanted to come back to AI detection and response and a pretty impressive pipeline and color you provided on that product. From a higher perspective, relative to that $2.5 trillion forecasted AI market, how are you thinking about the TAM for AIDR? And then a few months ago, it felt like this was a pretty early market. I guess can you talk about with these early deals what you're seeing from a competitive perspective? What's giving you the right to win here? Thanks.

很好。謝謝你，Andy，提出這個問題。George，我想回到 AI 偵測與回應（AIDR），你對這個產品所提供的管線與細節相當令人印象深刻。從更高層次來看，相對於預估 2.5 兆美元的 AI 市場，你如何看待 AIDR 的 TAM（總可服務市場）？另外，幾個月前感覺這還是個很早期的市場。我想請你談談，從這些早期案子來看，你們在競爭面上看到了什麼？是什麼讓你們有「贏的理由」？謝謝。

Yes. So Roger, I think when you look at this market now and the TAM, I think, is going to be very large. I called out in my prepared remarks, I think it's going to be larger than EDR. And the reason why I think that is from an EDR perspective, we're protecting machines and workloads and such.

是的。Roger，我認為當你現在看這個市場以及 TAM，我覺得它會非常大。我在事先準備的講稿中提到，我認為它會比 EDR 更大。我之所以這麼認為，是因為從 EDR 的角度，我們是在保護機器、工作負載等等。

In the agentic world, on average, and this an industry stat, there will be 90 agents per employee. So when you look at all of those agents that need protection, this is what gives me confidence that it is going to be a bigger market than EDR. And why do we have a right to win? Well, we've pretty much created the EDR category. We're the number one pure-play player in that category. And customers already have what they need.

在代理式（agentic）世界裡，平均而言——這是產業統計——每位員工會有 90 個代理（agent）。所以當你看所有那些需要被保護的代理，這就是我有信心它會成為比 EDR 更大市場的原因。那我們為什麼有贏的理由？因為我們幾乎是創造了 EDR 這個類別。我們是該類別中排名第一的純玩家。而客戶已經擁有所需的一切。

They already have the agent. They already have visibility into what's happening. And we've created some incredible advancements that gives like unparalleled visibility to what's happening at the agentic layer. And we're working with some of the biggest companies on the planet now in preview mode on some of this technology in addition to what we already have in the market.

他們已經有 agent。他們已經能看見正在發生什麼。而我們做出了一些令人驚豔的進展，讓我們對代理層（agentic layer）正在發生的事情擁有幾乎無可比擬的可視性。此外，除了我們已經在市場上的產品之外，我們也正以預覽模式與全球一些最大的公司合作，測試其中部分技術。

So as a leader in EDR, it is a natural evolution where customers have said we need this to protect our agents, and we are there to meet them in the market. So for me, it's one of the most exciting times since when I started the company because it really is just an incredible moment to be in security and given all of the fast-moving tailwinds of AI, I think we're perfectly positioned.

因此，作為 EDR 的領導者，這是一個自然的演進：客戶說他們需要這個來保護他們的代理，而我們就在市場上與他們相遇、滿足需求。對我而言，這是自從我創立公司以來最令人興奮的時刻之一，因為這真的是身處資安領域的一個非凡時刻；再加上 AI 快速推進所帶來的各種順風，我認為我們的位置非常到位。

Thanks, Roger. Operator, next question, please.

謝謝，Roger。接線員，請下一題。

Eric Heath, KeyBanc.

KeyBanc 的 Eric Heath。

Hey, thanks for taking my question. Can you hear me okay?

嗨，謝謝讓我提問。你們聽得到我嗎？

Yes.

聽得到。

George, as the security industry starts to embrace and leverage these frontier models to deliver products and services as you've done, do the pricing models need to move to more of a token-based pricing model? Just how do you see this evolving? Thanks.

George，隨著資安產業開始採用並運用這些前沿模型來交付產品與服務，就像你們所做的那樣，定價模式是否需要轉向更偏 token（代幣）式的定價？你怎麼看這件事會如何演進？謝謝。

Well, it is an evolving market. And the great news is that Falcon Flex license already contemplates that. Remember, Flex is a commitment model, but it has the ability to use tokens, use credits, things of that nature. So I think we're in a great spot because we've done the hard work of getting these Falcon Flex licenses in place. We've got customers who have already committed massive dollars to it.

嗯，這是一個正在演進的市場。好消息是，Falcon Flex 授權其實已經把這點納入考量。請記得，Flex 是一種承諾式（commitment）模式，但它具備使用 tokens、使用 credits（點數/額度）等這類機制的能力。所以我認為我們處在很好的位置，因為我們已經完成了把這些 Falcon Flex 授權落地的艱難工作。我們也有客戶已經對此承諾投入了巨額資金。

And then as it evolves, we can easily add token consumption into the model. And that's certainly something that we may do in the future. But obviously, it's moving pretty quick and we want to make sure that we get it right. We want to make sure we meet customers where they want to be met where they've got a level of flexibility but also a level of certainty around the spend. And I think as a company, we've done a good job to help provide that to our customers, which is why you've seen the adoption around Flex.

接著隨著市場演進，我們可以很容易把 token 的用量計費納入這個模式。這當然是我們未來可能會做的事情。但很明顯，變化速度很快，我們希望確保把它做對。我們要確保在客戶希望被服務的方式上與他們對接：既要有一定程度的彈性，也要對支出有一定程度的確定性。我認為我們公司在協助客戶提供這兩者方面做得不錯，這也是你看到 Flex 被採用的原因。

Alright. Thanks, Eric. Operator, next question, please.

好的。謝謝，Eric。接線員，請下一題。

John DiFucci, Guggenheim Securities.

Guggenheim Securities 的 John DiFucci。

Thank you. George, a question for you. You said the gap between AI adoption and AI protection is the widest asymmetry in security since the cloud transition. You also talked about an inflection in the market, which implies some incremental business, and that's your results look good, and that's reflected. But it seems like that's more about interest and intent and it sounds like we're still really early in this journey for enterprises.

謝謝。George，我有個問題想問你。你說 AI 採用與 AI 防護之間的落差，是自雲端轉型以來資安領域最寬的「不對稱」。你也談到市場出現拐點，這意味著會有一些增量業務，而你們的結果看起來不錯，也反映在表現上。但聽起來這更像是興趣與意圖，而企業在這段旅程中似乎仍然非常早期。

So my question is, like, where are we in the actual adoption of AI in the enterprise. Are enterprises is still trying to figure out how to harness its power and stepping in lightly or are they actually really starting to deploy it broadly. And I guess, more importantly, as it pertains to CrowdStrike because I don't think they are necessarily going to be aligned where are enterprises in their journey of adoption of security for AI?

所以我的問題是：企業在實際採用 AI 方面，我們現在處於哪個階段？企業是否仍在摸索如何駕馭它的力量、以較保守的方式小步嘗試，還是其實已經開始大規模部署？我想更重要的是，就 CrowdStrike 而言——我不認為兩者必然同步——企業在 AI 的資安防護採用旅程上，現在走到哪裡了？

Well, yes, John, let's start from the top. It's still the early innings, as you might imagine in AI adoption, but you have to look across an enterprise where they've gone deep very quickly, obviously, around developers first, and then they're moving into other areas. So depending on the industry, depending on the company. But certainly, in the developer world, just since January and the evolution of some of the models and the harnesses that they've created to actually get work done, you've just seen incredible adoption very quickly. And that, like many other technology sort of inflection points, the adoption front runs the security piece of it.

嗯，是的，John，我們先從整體來看。如你所料，AI 採用仍在早期階段，但你必須看整個企業：他們在某些領域已經非常快速地深入，顯然首先是在開發者（developer）這一塊，接著正往其他領域擴展。所以會因產業、因公司而異。但可以確定的是，在開發者世界裡，光是從一月以來，隨著一些模型的演進，以及他們打造出能真正把工作做完的工具鏈/框架，你已經看到非常驚人的快速採用。而這就像許多其他技術拐點一樣：採用會領先於資安防護的跟進。

And that's why so many CISOs and CIOs, CEOs are calling us saying, we need something to keep up with the adoption of security. We want AI. We want to go faster, and we need something like CrowdStrike and AIDR. So we're still in the early innings.

這也就是為什麼這麼多 CISO、CIO 以及 CEO 都打電話給我們說，我們需要一些東西來跟上安全採用的步伐。我們想要 AI。我們想要更快，而我們需要像 CrowdStrike 和 AIDR 這樣的東西。所以我們仍然處於非常早期的階段。

The other thing I will point out, even when you look at our pipelines and the things that Burt talked about is the AI adoption isn't all enterprise-wide yet. And it's almost like the early days of EDR, where someone would adopt it in a division or geography or something. We're still in those early innings, and we're seeing incredible pipeline. So once it goes really mainstream and entire companies adopted across all of their employees and workloads, again, I think you're going to see just another incremental increase in opportunities there.

我還要指出另一點，即使你看我們的銷售管線以及 Burt 談到的那些事情，AI 的採用也還沒有在整個企業範圍內全面鋪開。這幾乎就像 EDR 的早期，有人會先在某個事業部、某個地理區域或類似範圍先行採用。我們仍然在那些早期階段，而且我們看到非常驚人的管線。所以一旦它真正成為主流、整家公司在所有員工與工作負載上全面採用之後，我認為你會再次看到那裡的機會出現另一波增量式的提升。

Thanks, John. Operator, next question, please.

謝謝你，John。接線員，請下一題。

Gregg Moskowitz, Mizuho.

Gregg Moskowitz，瑞穗（Mizuho）。

Great, thank you for taking the question. George, as you know, the US government just announced an executive order to upgrade systems for advanced AI, can you talk about the role that you expect CrowdStrike to play here? And then maybe for Burt, how, if at all, is this being reflected in your guidance? Thanks.

很好，謝謝讓我提問。George，如你所知，美國政府剛宣布一項行政命令，以升級系統來支援先進 AI，你能談談你預期 CrowdStrike 在其中將扮演的角色嗎？另外也想請教 Burt，這是否、以及在多大程度上，已反映在你們的財測指引中？謝謝。

Yes. So I mean, first, let me commend the administration for calling out the need for AI security. And I think the White House struck an appropriate balance here. And we're certainly excited and we'll continue to engage. We've been very active in DC. We work very closely with various groups, administration, et cetera. And I think this is a good thing.

是的。所以首先，我要稱讚政府點出 AI 安全的需求。我認為白宮在這裡取得了適當的平衡。我們當然感到振奮，也會持續參與。我們在華府一直非常積極，並與各個團體、政府部門等密切合作。我認為這是一件好事。

When you look at AI and how important it is for the future of the federal business and the security of the country, it’s something that you really have to get right. And I think the executive order will create a tailwind ultimately for businesses like CrowdStrike because these federal governments are going to need to expedite, prioritize cyber defenses in a more modern way.

當你看 AI，以及它對聯邦業務未來與國家安全的重要性時，這是一件你必須真正做對的事。我認為這項行政命令最終將為像 CrowdStrike 這樣的企業帶來順風，因為這些聯邦政府機構將需要以更現代化的方式，加速並優先強化網路防禦。

And you have to keep in mind that when we think about this, cybersecurity is national security. And it's incredibly important, we're at the epicenter there, we will continue to engage, and we're happy to be part of those efforts as they unfold.

你也必須記住，從我們的角度來看，網路安全就是國家安全。這極其重要；我們正處於其中的核心位置，我們會持續參與，也很高興能在這些工作推進的過程中成為其中一份子。

Thanks, Gegg. Operator, next question, please.

謝謝你，Gegg。接線員，請下一題。

[Michael Turrin], Wells Fargo Securities.

[Michael Turrin]，富國證券（Wells Fargo Securities）。

Hey, great. Thanks. I appreciate you taking the question. I want to go back to just the shape of what you're seeing and how it shows up in the model. The 1Q ARR was strong, but a bit closer to the guide, especially relative to how the full year numbers went up. So I know, George, you've mentioned the post-Mythos moment multiple times. Maybe speak to the sequence of what you're expecting for rest of the year in terms of pipeline progression and Burt, maybe you can just also touch on how we should think about the visibility you have into the ARR guide for the rest of the year versus what would drive further upside? Thank you.

嗨，很好。謝謝。感謝讓我提問。我想回到你們所看到的整體走勢，以及它如何反映在模型中。第一季 ARR 很強，但更接近指引，尤其是相較於全年數字上調的幅度。所以我知道 George，你多次提到「Mythos 之後的時刻」。也許請談談你對今年剩餘時間在管線推進節奏上的預期；另外 Burt，也請你談談我們應如何看待你們對今年剩餘時間 ARR 指引的能見度，相較之下，什麼因素會驅動進一步的上行空間？謝謝。

Yes. So I'll start and turn it over to Burt. But when you look at AIDR, I mean, it's 250% quarter over quarter up with a $50 million-plus pipeline and that's only growing by the day. I mean the EB, our executive briefing centers are full with companies that want to be talking about Mythos, how to protect AI. Every conversation, every rep, every, you name it.

是的。我先說，然後交給 Burt。但當你看 AIDR，我的意思是，它季對季成長 250%，管線超過 5,000 萬美元，而且每天都在增加。我的意思是，EB——我們的高階主管簡報中心——擠滿了想要討論 Mythos、以及如何保護 AI 的公司。每一場對話、每一位業務代表、每一個——你想得到的都是如此。

And we've done a tremendous amount of executive and Board briefings because Mythos, this is from the back room to the boardroom. I can tell you, CEO after CEO, who called their CISOs on the weekend saying, is this thing really a problem? What does it mean for us? How do we protect themselves? What does it mean going forward? And it really is a Y2K moment for security. So that's, we look at the upcoming year and the guidance and it reflects that sort of momentum that we've seen in the pipeline. Burt?

而且我們做了大量面向高階主管與董事會的簡報，因為 Mythos——這已經從後台走進董事會。我可以告訴你，一位又一位 CEO 在週末打電話給他們的 CISO 說，這件事真的有問題嗎？這對我們意味著什麼？我們要如何保護自己？未來又意味著什麼？這確實是安全領域的 Y2K 時刻。所以我們看接下來一年以及指引時，它反映了我們在管線中看到的那種動能。Burt？

Yes, I think that's exactly right. So for us, again, we're getting that confidence from all the fundamentals in the business. We're getting the confidence from all the conversations we're having with our customers, what George talked about with the Mythos moment and there's not a conversation that isn't happening from our largest customers down to our smaller customers about how are we going to protect our AI.

是的，我認為完全正確。所以對我們而言，再次強調，我們的信心來自業務的所有基本面。我們的信心也來自與客戶進行的所有對話，正如 George 談到的 Mythos 時刻——從我們最大的客戶到較小的客戶，沒有一場對話不是在談：我們要如何保護我們的 AI。

Look, I think the world is looking to us to be an accelerant for AI deployment because CISOs all over the world are the ones that have to kind of be the roadblock in terms of deploying all of the AI, but they can't do it unless they know that there are the proper guardrails in place, and that's where they look to CrowdStrike. So based on all of that, I got confidence in the full year guide as well as the Q2 guide.

你看，我認為全世界都在期待我們成為 AI 部署的加速器，因為全球各地的 CISO 在部署所有 AI 方面，某種程度上必須扮演「路障」的角色；但如果他們不知道已經有適當的防護欄（guardrails）到位，他們就無法放行，而這正是他們會看向 CrowdStrike 的地方。因此基於以上所有因素，我對全年指引以及第二季指引都有信心。

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

謝謝。今天的問答環節到此結束。現在我想把電話交回給 George Kurtz 作結語。

I want to thank everyone for their time today. We certainly appreciate your continued support and look forward to seeing you at our upcoming events. Thanks so much and will see you soon.

我要感謝各位今天撥冗參與。我們非常感謝大家持續的支持，也期待在即將到來的活動中與各位見面。非常感謝，我們很快再見。