CrowdStrike Holdings, Inc. (CRWD) 2027 Q2 法說會逐字稿

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

您好，歡迎參加 CrowdStrike 2027 會計年度第二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.

各位下午好，感謝各位今天的參與。與我一同出席電話會議的有 CrowdStrike 執行長兼創辦人 George Kurtz，以及財務長 Burt Podbere。

Before we get started, I would like to note that certain statements made during this conference call that are not historical facts, including those regarding our future plans, objectives, growth, including projections, and expected performance, including our outlook for the third-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. These forward-looking statements represent our outlook only as of the date of this call.

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）與預期表現（包括我們對 2027 會計年度第三季與 2027 會計年度全年的展望），以及對此後各會計期間的任何假設，均屬於 1995 年《私人證券訴訟改革法》所界定的前瞻性陳述。這些前瞻性陳述僅代表截至本次電話會議日期的公司展望。

While we believe any forward-looking statements we make are reasonable, actual results could differ materially because the statements are based on current expectations and are subject to risks and uncertainties. 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. 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.

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並受風險與不確定性影響，實際結果可能出現重大差異。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，無論係因新資訊、未來事件或其他原因。有關可能影響公司財務結果之上述及其他因素的更多資訊，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 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 財務衡量指標的原因說明，以及顯示 GAAP 與非 GAAP 結果之調節表，目前已載於我們的財報新聞稿中；該新聞稿可於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，我把電話交給 George。

Thank you, Andy, and thank you for joining CrowdStrike's Q2 FY27 earnings call. When we last spoke, we were just weeks after what we called the Mythos moment, an inflection point in cybersecurity.

謝謝你，Andy，也感謝各位參加 CrowdStrike 2027 會計年度第二季（Q2 FY27）財報電話會議。上次與各位通話時，距離我們所稱的「Mythos 時刻」僅過了幾週——那是網路資安領域的一個拐點。

The world came to understand that cybersecurity is a necessity for AI adoption. New models created a new risk environment with no turning back. Recently, this realization became even clearer with the market's newest adversary, AI agents themselves. We told you this was the future, and this future is now a reality.

全世界開始理解，網路資安是採用 AI 的必要條件。新模型創造了全新的風險環境，且無法回頭。近期，隨著市場最新的對手——AI 代理（AI agents）本身——出現，這項認知變得更加清晰。我們告訴各位這就是未來，而這個未來如今已成為現實。

Our previous guidance foreshadowed this conviction and CrowdStrike's Q2 was our very best quarter in company history. Inflection has become acceleration. Our Q2 results set a new bar. Here's what we delivered.

我們先前的指引已預示了這份信念，而 CrowdStrike 的第二季是公司史上表現最佳的一季。拐點已轉為加速。我們第二季的成果樹立了新標竿。以下是我們交出的成績。

One, all-time record net new ARR of $333 million, accelerating to 51% year-over-year growth and beating the high end of our guidance by more than $45 million. Two, ending ARR growth accelerated for the fourth consecutive quarter, reaching $5.84 billion, up more than 25% year over year.

第一，淨新增 ARR 創歷史新高，達 3.33 億美元；年增率加速至 51%，並較我們指引上緣高出超過 4,500 萬美元。第二，期末 ARR 成長連續第四季加速，達 58.4 億美元，年增超過 25%。

Three, total revenue growth accelerated for the fifth consecutive quarter, reaching $1.47 billion, up 26% year over year. Four, Q2 record free cash flow of $377 million or 26% of revenue, growing 33% year over year.

第三，總營收成長連續第五季加速，達 14.7 億美元，年增 26%。第四，第二季自由現金流創紀錄達 3.77 億美元，約占營收 26%，年增 33%。

Five, all-time record operating income of $372 million or 25% of revenue, growing 46% year over year. Six, all-time record net new ARR from new logos, while both net and gross dollar-based retention improved over the prior quarter.

第五，營業利益創歷史新高，達 3.72 億美元，約占營收 25%，年增 46%。第六，來自新客戶（new logos）的淨新增 ARR 創歷史新高，同時淨與毛的以美元計留存率（dollar-based retention）均較前一季改善。

Seven, all-time record Falcon Flex quarter with ending ARR from accounts that have adopted the Falcon Flex subscription model surpassing $2.29 billion, accelerating to 101% year-over-year growth. And eight, FY27, net new ARR guidance increase of 630 basis points. We now expect year-over-year growth of 34% at the midpoint, a 1,150 basis point increase from our initial outlook.

第七，Falcon Flex 單季表現創歷史新高；採用 Falcon Flex 訂閱模式之帳戶的期末 ARR 超過 22.9 億美元，年增率加速至 101%。第八，FY27 淨新增 ARR 指引上調 630 個基點。我們目前預期年增率在中位數為 34%，較我們最初展望提高 1,150 個基點。

The quarter was a sea change for CrowdStrike, and I see these dynamics continuing. We're in an arms race. AI is driving more cyber attacks. AI is driving more cyber spending, AI is driving a clear divide between the cybersecurity companies that solve problems and those that compound problems. CrowdStrike's quarter demonstrates the market trusting us more than ever to secure their adoption of AI with cybersecurity's single platform of choice.

本季對 CrowdStrike 而言是一次巨變，而我認為這些動態將持續。我們正處於軍備競賽之中。AI 正推動更多網路攻擊。AI 正推動更多資安支出；AI 也正加劇資安公司之間的明顯分化——哪些公司能解決問題，哪些公司反而讓問題更嚴重。CrowdStrike 本季的表現顯示，市場比以往任何時候都更信任我們，能以資安領域首選的單一平台，守護他們採用 AI 的過程。

The world's adoption of AI is rapidly expanding the attack surface, more models, more agents, more agentic applications, more data and with that more identities, more permissions, more policies, more cyber attacks and more risk. Agent proliferation is becoming mainstream to augment work and personal life. Agents are powerful forces for productivity and good. Agents are also human and machine risk multipliers with access to data, continuous operational capability and limited judgment.

全球對 AI 的採用正迅速擴大攻擊面：更多模型、更多代理、更多代理式（agentic）應用、更多資料；隨之而來的是更多身分、更多權限、更多政策、更多網路攻擊與更多風險。代理的擴散正成為主流，用以強化工作與個人生活。代理是提升生產力與促進正向成果的強大力量。代理同時也是人為與機器風險的放大器——它們可存取資料、具備持續運作能力，且判斷力有限。

We're seeing agents go rogue, swarming to attack and moving beyond their guardrails to autonomously harm. Agents are proving capable of data theft, permission alteration and full-on command and control at scale, leading to organizational compromise. The agent of today is both a friend and foe. The currency of protection is increasingly presence and speed.

我們看到代理失控（go rogue），群起發動攻擊，並越過其防護欄（guardrails）而自主造成傷害。代理已證明具備資料竊取、權限變更，以及大規模完整指揮與控制（command and control）的能力，進而導致組織遭到入侵。今日的代理既是朋友也是敵人。防護的「貨幣」正日益取決於部署覆蓋（presence）與速度。

Do you have the right technology deployed that can see, prevent and stop agentic attacks? Do you have the right technology that can outpace an entirely new real-time adversary? The AI threat environment is shining a clear light on which products work and which don't. We see failing products as open doors for agentic adversaries. At CrowdStrike, we don't just stop these breaches; we and our partners help the world recover from them.

你是否部署了正確的技術，能看見、預防並阻止代理式攻擊？你是否擁有能超越全新即時對手的正確技術？AI 威脅環境正清楚照出哪些產品有效、哪些無效。我們將失效的產品視為替代理式對手敞開的大門。在 CrowdStrike，我們不僅阻止這些入侵；我們與合作夥伴也協助全球從中復原。

In this threat landscape, CrowdStrike stands out. Our market-leading cybersecurity services are in high demand, the flywheel we've created of best-in-class incident response services, lauded by law firms and insurance brokers translates into best-in-class product outcomes for new customers. Ever since Mythos, we've seen growth in our business, not measured by meetings or calls, but measured by ARR. And we don't see the threat landscape subsiding. Far from it.

在這樣的威脅版圖中，CrowdStrike 脫穎而出。我們市場領先的資安服務需求強勁；我們打造的飛輪——一流的事件應變（incident response）服務，並獲律師事務所與保險經紀人高度肯定——可為新客戶帶來一流的產品成果。自 Mythos 以來，我們看到業務成長，不是以會議或通話次數衡量，而是以 ARR 衡量。而我們不認為威脅版圖會趨緩。恰恰相反。

Demand for AI grows our TAM driving the need for CrowdStrike. The AI transformation doesn't just necessitate a technological lift and shift, it's necessitating a fundamentally new go-to-market motion, one based on maximizing time to value, ecosystem impact and ROI. The Falcon platform removes friction from cybersecurity and the go-to-market motion we created with Falcon Flex does the same.

對 AI 的需求擴大了我們的 TAM，進而推動對 CrowdStrike 的需求。AI 轉型不僅需要技術層面的遷移與轉換（lift and shift），更需要一種根本全新的市場進入（go-to-market）動能——以最大化價值實現時間（time to value）、生態系影響力與投資報酬率（ROI）為核心。Falcon 平台降低網路資安的摩擦，而我們透過 Falcon Flex 所打造的 go-to-market 動能亦是如此。

Flex is the commercial harness to enable customer success in the agentic era. This quarter, we kicked Falcon Flex activity into high gear with our Flex first go-to-market strategy. Our top 10 deals by deal value were each Flexes and the results speak for themselves.

Flex 是在代理式（agentic）時代促成客戶成功的商業化方案。本季，我們以 Flex 優先的上市策略，將 Falcon Flex 的推進活動全面加速。按交易金額計算的前 10 大交易全部都是 Flex，成果不言自明。

This quarter, we delivered record Flex deal volume, adding more than 935 Flex accounts. That's more than 10 Flexes every day of the quarter and more Flexes than the last 3 quarters combined. When Falcon customers convert from standard subscriptions to Flex, we see a greater than 40% average ending ARR uplift. We're not just focused on converting existing customers to Flex, we use Flex from the start with new logo customers. Flex new logo ARR contributed 34% of Q2 net new ARR, a record.

本季我們創下 Flex 交易量新高，新增超過 935 個 Flex 帳戶。這相當於本季每天超過 10 個 Flex，且 Flex 數量超過前 3 個季度總和。當 Falcon 客戶從標準訂閱轉換為 Flex 時，我們看到平均期末 ARR 提升超過 40%。我們不僅專注於將既有客戶轉換為 Flex，也從一開始就以 Flex 服務新的標誌性客戶（new logo）。Flex 新標誌性客戶 ARR 貢獻了第二季淨新增 ARR 的 34%，創下紀錄。

We also saw a record Re-Flex activity for existing Flex customers with more than 630 accounts having Re-Flexed at least once up 6x year over year. On average, a customer's first Re-Flex happens in eight months from their initial Flex.

我們也看到既有 Flex 客戶的 Re-Flex 活動創下新高，超過 630 個帳戶至少 Re-Flex 過一次，年增達 6 倍。平均而言，客戶第一次 Re-Flex 會在初次 Flex 後的 8 個月發生。

Lastly, we saw record repeat Re-Flex customers with average ending ARR uplift of 53% from their initial Flex subscription. Falcon Flex wins include a Frontier Lab that significantly grew with CrowdStrike in an eight-figure ARR deal using Flex to maintain cost visibility while significantly growing Falcon Cloud security across its rapidly expanding data center infrastructure.

最後，我們看到重複 Re-Flex 的客戶數創下新高，其相較於初始 Flex 訂閱的平均期末 ARR 提升達 53%。Falcon Flex 的勝案例包括：一家 Frontier Lab 透過 Flex 在一筆八位數 ARR 交易中與 CrowdStrike 大幅擴張合作，在顯著擴大其快速成長的資料中心基礎設施上的 Falcon Cloud 安全防護同時，仍能維持成本可視性。

A European automotive manufacturer called upon CrowdStrike to replace a Next-Gen EDR, a legacy SIEM and a legacy vulnerability management product, landing with an eight-figure net new Falcon Flex CrowdStrike delivered superior outcomes and immediate platform consolidation. Our Falcon Flex go-to-market motion unlocks the complete aperture of the Falcon platform. When looking at our Q2 performance, I'm pleased to see strength across so many different product areas.

一家歐洲汽車製造商委託 CrowdStrike 取代新一代 EDR、傳統 SIEM 與傳統弱點管理產品，最終以一筆八位數的淨新增 Falcon Flex 落地；CrowdStrike 帶來更優異的成果並立即完成平台整併。我們的 Falcon Flex 上市推進模式解鎖了 Falcon 平台的完整能力範圍。回顧第二季表現，我很高興看到多個不同產品領域都展現強勁動能。

Increasingly, the epicenter of agentic work securing the endpoint is now a top spend priority. CrowdStrike is the leader in endpoint. We're now capitalizing on our ubiquitous endpoint presence to deliver the future of AI security.

端點安全正日益成為代理式工作（agentic work）的核心戰場，並已成為支出優先項目。CrowdStrike 是端點領域的領導者。我們正運用無所不在的端點佈署優勢，交付 AI 安全的未來。

In Q2, our endpoint business accelerated for the fourth consecutive quarter as customers look to secure their growing AI attack surface. We're seeing dramatic expansion in agentic work on the endpoint, both through fast-growing tools such as Codex and Claude as well as custom agentic applications.

第二季，我們的端點業務連續第四個季度加速成長，因客戶希望保護其不斷擴大的 AI 攻擊面。我們看到端點上的代理式工作大幅擴張，既來自 Codex、Claude 等快速成長的工具，也來自客製化的代理式應用。

In sampling our customer base, we've seen more than 400% growth in Claude usage and more than 100% growth in custom agent usage on endpoints in recent months. As enterprises look to deploy these new technologies, they're also seeking ways to contain the new risk created ranging from code exploitation to data leakage to Identity compromise. Instead of turning to science projects or point products, the market is trusting CrowdStrike as critical infrastructure to both enable and safeguard their AI future.

在抽樣我們的客戶群後，我們看到近幾個月端點上的 Claude 使用量成長超過 400%，客製代理使用量成長超過 100%。當企業部署這些新技術時，也在尋求方法來控管新增風險，涵蓋從程式碼被利用、資料外洩到身分（Identity）遭入侵。市場不再依賴研究型專案或單點產品，而是信任 CrowdStrike 作為關鍵基礎設施，既能促成也能守護其 AI 未來。

A large financial services firm worked with 2 of our GSI partners to replace a Next-Gen EDR in an eight-figure Flex win. Across more than 100 entities and hundreds of thousands of endpoints, CrowdStrike was selected for the best detection coverage, deployment ease and the lightest impact.

一家大型金融服務公司與我們 2 家 GSI 合作夥伴合作，在一筆八位數的 Flex 勝案中取代新一代 EDR。在超過 100 個法人實體與數十萬個端點的範圍內，CrowdStrike 因具備最佳偵測覆蓋、部署容易且對系統影響最小而獲選。

Our endpoint success fuels the adoption of AIDR, a product surging past our expectations. AIDR ending ARR nearly tripled versus Q1 as customers embrace our frictionless approach to AI visibility and security. One of the world's largest banks adopted AIDR in an eight-figure Flex win. Immediate AI deployments necessitated security, visibility and control. We were selected for AI usage visibility and data exfiltration prevention. Demand adoption and growth like this is rarely seen. I can't wait to unveil our newest AI security innovations at next week's Fal.Con conference.

我們在端點的成功也帶動 AIDR 的採用，該產品成長速度超出我們預期。隨著客戶採納我們無摩擦的 AI 可視性與安全方法，AIDR 期末 ARR 相較第一季幾乎成長至近三倍。全球最大銀行之一在一筆八位數的 Flex 勝案中採用了 AIDR。AI 的即時部署需要安全性、可視性與控管能力。我們因 AI 使用可視性與資料外洩防護而獲選。如此的需求、採用與成長相當罕見。我迫不及待要在下週的 Fal.Con 大會揭曉我們最新的 AI 安全創新。

Moving to our cloud, Identity and Next-Gen SIEM businesses. The market is rapidly embracing these products to protect fast expanding attack services. We delivered record Q2 net new ARR from the combination of these businesses.

接著談我們的雲端、身分（Identity）與新一代 SIEM 業務。市場正快速採用這些產品，以保護迅速擴張的攻擊面。我們在這些業務的組合上，創下第二季淨新增 ARR 的新高。

Unpacking these results, our Next-Gen SIEM business delivered another banner quarter driven by record Q2 net new ARR. Next-Gen SIEM ending ARR surpassed $695 million this quarter as both new and existing customers are standardizing on Falcon as the operating system of the SOC.

進一步拆解成果，我們的新一代 SIEM 業務在第二季再度交出亮眼成績，淨新增 ARR 創下紀錄。本季新一代 SIEM 期末 ARR 超過 6.95 億美元，新舊客戶皆正將 Falcon 標準化為 SOC 的作業系統。

Our native first-party data advantage, coupled with the speed and efficiency of our platform continue to set us apart. Features like AgentWorks enable security teams to build, deploy and manage custom AI security agents, setting the foundation for the AI SOC. In an eight-figure Falcon Flex win, a major American power provider replaced a legacy-acquired SIEM, selecting Next-Gen SIEM over a firewall first product for technical, speed and economic superiority.

我們原生的第一方資料優勢，加上平台的速度與效率，持續讓我們脫穎而出。像 AgentWorks 這類功能可讓資安團隊建置、部署並管理客製化 AI 資安代理，為 AI SOC 奠定基礎。在一筆八位數的 Falcon Flex 勝案中，美國一家主要電力供應商取代了透過併購而來的傳統 SIEM，基於技術、速度與經濟性優勢，選擇新一代 SIEM 而非以防火牆為先的產品。

Turning to our Identity business. Ending ARR grew 34% year over year to more than $585 million driven by strength across our Identity product portfolio. Specifically, Falcon Shield had another strong quarter as enterprises look to secure their third-party agentic applications. Shield ending ARR grew more than 185% year over year in Q2. In addition, our privileged account security offering saw a stellar adoption with ending ARR growing more than 35x year over year.

再來看我們的身分（Identity）業務。在身分產品組合全面走強的帶動下，期末 ARR 年增 34% 至超過 5.85 億美元。其中，Falcon Shield 在企業尋求保護其第三方代理式應用之際，再度繳出強勁一季。第二季 Shield 期末 ARR 年增超過 185%。此外，我們的特權帳號安全產品也出現亮眼採用，期末 ARR 年增超過 35 倍。

Rounding out our Identity portfolio, we're seeing early success with signal. Large enterprises are rethinking decades of legacy access controls, no longer effective for the agentic era. Instead, they're embracing Signal's real-time granular access model for both humans and nonhuman alike. In one customer alone, Signal brokered more than 30 million unique access decisions without friction.

在身分產品組合的最後一塊，我們也看到 Signal 的早期成功。大型企業正重新思考沿用數十年的傳統存取控制，這些控制在代理式時代已不再有效。相反地，他們正採用 Signal 的即時、細粒度存取模型，同時適用於人類與非人類身分。僅在一位客戶中，Signal 就在無摩擦的情況下仲裁了超過 3,000 萬次獨特的存取決策。

A major global financial firm added Next-Gen Identity to their Falcon deployment following a Board-mandated AI security audit. Hand-in-hand with Next-Gen Identity was an immediate deployment of AIDR where Identity protection enabled AI adoption.

一家全球大型金融機構在董事會要求的 AI 安全稽核後，將新一代身分（Next-Gen Identity）加入其 Falcon 佈署。與新一代身分相輔相成的是 AIDR 的即時部署，身分防護促成了 AI 的採用。

Moving on to cloud, where ending ARR exceeded $905 million, growing more than 29% year over year. CrowdStrike is the leader in cloud runtime security, which has become an imperative in protecting modern AI workloads. Our customers tell us that point in time, posture scans are no longer enough to protect against fast-moving threats that now proliferate in seconds.

接著是雲端業務，期末 ARR 超過 9.05 億美元，年增超過 29%。CrowdStrike 是雲端執行期（runtime）安全的領導者，而這已成為保護現代 AI 工作負載的必要條件。客戶告訴我們，僅做定點式的態勢掃描已不足以防範如今以秒為單位擴散的快速威脅。

A mega technology conglomerate opted to use Falcon Cloud Security for our runtime superiority in an eight-figure ARR win. CrowdStrike now secures this organization's AI cloud and labs because of our build pipeline integration and compatibility with internal tools resonating with their DevOps teams.

一家超大型科技集團在一筆八位數 ARR 勝案中，因我們在 runtime 的優勢而選擇使用 Falcon Cloud Security。CrowdStrike 現在保護該組織的 AI 雲端與實驗室，原因在於我們與建置管線的整合，以及與其內部工具的相容性，深受其 DevOps 團隊認同。

Finally, we're seeing the Mythos moment transform the market's need for exposure management, pressuring antiquated vulnerability management products built for a bygone era. The agentic adversary has broken the exploit sound barrier, and you simply cannot patch vulnerabilities fast enough. As the patch window collapsed, our exposure management business accelerated sequentially in Q2.

最後，我們看到 Mythos 時刻正在改變市場對曝險管理（exposure management）的需求，並對為過去時代打造的老舊弱點管理產品形成壓力。代理式對手已突破漏洞利用的音障，你根本無法以足夠快的速度修補弱點。隨著修補窗口崩塌，我們的曝險管理業務在第二季呈現連續加速成長。

Falcon Exposure Management offers real-time detection and continuous prioritization to successfully contain a new speed and scale of vulnerability risk. Our representative exposure management win included a global religious organization that replaced a legacy vulnerability management product as part of their AI transformation initiatives. In this seven-figure Flex, the account also immediately deployed AIDR to bring visibility and control to its AI usage, showcasing CrowdStrike's position to protect against AI threats and govern AI adoption.

Falcon 曝險管理提供即時偵測與持續優先排序，得以成功遏止以全新速度與規模出現的弱點風險。我們具代表性的曝險管理勝案之一，是一家全球性宗教組織，作為其 AI 轉型計畫的一部分，汰換了既有的弱點管理產品。在這筆七位數的 Flex 交易中，該客戶也立即部署 AIDR，以提升其 AI 使用的可視性與控管能力，展現 CrowdStrike 在防護 AI 威脅與治理 AI 導入方面的領先地位。

Our partner ecosystem is mobilized around Falcon and its role in securing AI. Project QuiltWorks, has united more than 25 of our partners from GSIs to hyperscalers, resellers to ISVs and even distributors and MSPs. To date, our QuiltWorks partners are collaborating with us on nearly $400 million of total contract value pipeline. We've seen exceptional engagement from GSI partners, resulting in our GSI business growing nearly 50% year over year, largely focused on Next-Gen SIEM transformations and vulnerability management needs.

我們的合作夥伴生態系正圍繞 Falcon 及其在確保 AI 安全方面的角色而動員。Project QuiltWorks 已凝聚超過 25 家合作夥伴，涵蓋從 GSI 到超大規模雲端業者、從經銷商到 ISV，甚至包括通路商與 MSP。截至目前，我們的 QuiltWorks 夥伴正與我們在近 4 億美元的總合約價值（TCV）商機管線上合作。我們也看到 GSI 夥伴的參與度極為出色，使我們的 GSI 業務年增近 50%，主要聚焦於次世代 SIEM 轉型與弱點管理需求。

Across our MSSP business, we're seeing significant traction in the SMB space with key partners such as Kroll. Three quarters ago, Kroll took a strategic step to migrate all of its customers off a competing Next-Gen endpoint technology. A majority of customers already successfully migrated to Falcon across 450,000 endpoints. Tracking ahead of plan, Kroll took a major next step with a multiyear Flex subscription growing their spend with CrowdStrike by more than 3 times.

在我們的 MSSP 業務中，透過 Kroll 等關鍵合作夥伴，我們在 SMB 市場看到顯著進展。三個季度前，Kroll 採取策略性行動，將其所有客戶自競品的次世代端點技術遷移。目前多數客戶已成功遷移至 Falcon，涵蓋 450,000 個端點。進度超前於計畫，Kroll 進一步採取重大下一步，簽訂多年期 Flex 訂閱，使其在 CrowdStrike 的支出增加超過 3 倍。

This Flex addresses platform consolidation and SIEM transformation across Kroll's existing Falcon installed base and incoming new customers. In another Q2 win Accenture standardized on CrowdStrike for its new SMB-focused Accenture Edge business launched in June.

這份 Flex 合約涵蓋平台整併與 SIEM 轉型，適用於 Kroll 既有的 Falcon 裝機基礎以及新導入的客戶。在另一筆 Q2 勝案中，Accenture 針對其於 6 月推出、聚焦 SMB 的 Accenture Edge 新業務，標準化採用 CrowdStrike。

Lastly, Q2 showcased the power of our one-of-a-kind cloud marketplace go-to-market motion across AWS, Google and Microsoft. Each of our hyperscaler marketplace partners we saw a record Q2 as customers use their hyperscaler of choice for security investments. In Q2 alone, we transacted more than $600 million in deal value through cloud marketplaces representing more than 30% year-over-year growth. We quickly saw traction with our Microsoft marketplace presence, opening a new addressable market.

最後，Q2 展現了我們在 AWS、Google 與 Microsoft 上獨一無二的雲端市集（cloud marketplace）上市策略（go-to-market motion）的威力。我們在每一家超大規模雲端市集合作夥伴上都創下 Q2 紀錄，因為客戶正透過其偏好的超大規模雲端平台進行資安投資。僅在 Q2，我們透過雲端市集成交的交易價值超過 6 億美元，年增超過 30%。我們也迅速在 Microsoft 市集取得進展，開啟新的可服務市場。

Immediate Microsoft marketplace wins included a new logo Australian health care provider started using CrowdStrike for SOC transformation in a seven-figure Flex. An American manufacturing firm previously used our services and has now expanded to the Falcon platform through a seven-figure Flex on Microsoft Marketplace.

Microsoft 市集的即時勝案包括：一家澳洲醫療保健供應商新客戶，以七位數 Flex 採用 CrowdStrike 進行 SOC 轉型。一家美國製造業公司先前使用我們的服務，現已透過 Microsoft 市集上的七位數 Flex 擴大採用至 Falcon 平台。

In closing, Q2 was an incredible quarter where the Mythos moment turned into acceleration. Acceleration in net new ARR, acceleration in ending ARR, acceleration in Falcon Flex, acceleration in our ecosystem, acceleration in innovation. We're seeing endpoint as the epicenter for AI adoption. We're seeing AIDR define a new cybersecurity category. We're seeing Next-Gen SIEM as the operating system of cybersecurity, Falcon Identity becoming the security front door for human and non-human users, and exposure management as mission-critical for prioritizing AI risk. Taken together, the Falcon platform is cybersecurity's infrastructure layer for AI adoption.

總結而言，Q2 是極為出色的一季，Mythos 時刻已轉化為加速動能。淨新增 ARR 加速、期末 ARR 加速、Falcon Flex 加速、生態系加速、創新加速。我們看到端點正成為 AI 導入的核心。我們看到 AIDR 正在定義一個全新的資安類別。我們看到次世代 SIEM 作為資安的作業系統、Falcon Identity 成為人類與非人類使用者的安全前門，而曝險管理則是用於優先排序 AI 風險的關鍵任務能力。綜合而言，Falcon 平台是支撐 AI 導入的資安基礎設施層。

AI adoption is accelerating from Frontier Labs and open weight models alike, and we're still in the early innings of the AI revolution. When I look at our business, here's what this acceleration means.

AI 導入正從 Frontier Labs 與開放權重模型等各方加速推進，而我們仍處於 AI 革命的早期階段。當我檢視我們的業務時，這種加速意味著以下幾點。

Last quarter, we raised our forward net new ARR growth guidance by 520 basis points and this quarter, we're raising our FY27 year-over-year net new ARR growth outlook by an additional 630 basis points, even more than last quarter. That's a raise to our net new ARR guidance of more than $100 million since the start of the year.

上季我們將前瞻淨新增 ARR 成長指引上調 520 個基點，而本季我們再將 FY27 年對年淨新增 ARR 成長展望額外上調 630 個基點，幅度甚至高於上季。這代表自年初以來，我們的淨新增 ARR 指引累計上調超過 1 億美元。

Delivery of a quarter like this and this outlook is fueled by the demand environment and our technology, team, ecosystem and customers. The innovation engine is in overdrive. As I shared last quarter, Dr. Bartley Richardson, previously at NVIDIA, has joined us as our Chief AI Autonomous Systems Officer as part of our long planned and mutually agreed upon CTO leadership transition.

能交出這樣的一季表現與此一展望，來自需求環境以及我們的技術、團隊、生態系與客戶所共同驅動。創新引擎正全速運轉。如同我上季分享的，先前任職於 NVIDIA 的 Bartley Richardson 博士已加入我們，擔任首席 AI 自主系統長（Chief AI Autonomous Systems Officer），這是我們長期規劃且經雙方同意的 CTO 領導交接的一部分。

I can't wait to share the vision and innovation that we are bringing to the world's adoption of AI Fal.con in Las Vegas next week. The conference sold out in early August, and it's our largest pipeline generation event of the year. We'll have record customer and partner attendance. I also encourage everyone to tune into our investor briefing on Wednesday, September 2.

我迫不及待想在下週於拉斯維加斯舉行的 AI Fal.con 上，分享我們為全球 AI 導入所帶來的願景與創新。本次大會於 8 月初即售罄，且是我們全年最大的管線生成活動。客戶與合作夥伴出席人數將創下新高。我也鼓勵各位收看我們於 9 月 2 日（週三）舉行的投資人簡報。

Our role in securing enterprises, governments and economies is vital to AI adoption and mission-critical in an AI-first world.

我們在確保企業、政府與經濟體安全方面所扮演的角色，對 AI 導入至關重要，並且在 AI 優先的世界中屬於關鍵任務。

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

接下來我把電話會議交給 CrowdStrike 的財務長 Burt Podbere。

Thank you, George, and good afternoon, everyone. As a quick reminder, unless otherwise noted, all numbers except revenue mentioned during my remarks today are non-GAAP. Additionally, all earnings per share and share amounts presented today and in our accompanying investor materials, have been adjusted to reflect our recent 4-for-1 stock split for all periods presented.

謝謝你，George，各位下午好。先快速提醒，除非另有說明，我今天談話中提到的所有數字（營收除外）皆為非 GAAP。此外，今天所呈現的每股盈餘與股數，以及我們隨附的投資人資料中的相關數據，均已調整以反映我們近期 1 拆 4 的股票分割，並適用於所呈現的所有期間。

We delivered a record second quarter, exceeding expectations across all guided metrics. We achieved an all-time record $333 million of net new ARR well ahead of our guidance and accelerating to 51% growth year over year. Ending ARR reached $5.84 billion, up more than 25% over the prior year as growth accelerated for the fourth consecutive quarter.

我們交出創紀錄的第二季，所有指引指標皆超越預期。我們達成歷史新高的淨新增 ARR 3.33 億美元，遠高於指引，且年增加速至 51%。期末 ARR 達 58.4 億美元，較去年同期成長超過 25%，並連續第四季呈現成長加速。

As George discussed, the post-Mythos demand environment continued to strengthen in Q2. The customer urgency we began to see in Q1 translated into increased cybersecurity investment, accelerated modernization and stronger demand for the Falcon platform.

如 George 所述，Mythos 之後的需求環境在 Q2 持續轉強。我們在 Q1 開始看到的客戶急迫性，轉化為更高的資安投資、更快的現代化進程，以及對 Falcon 平台更強勁的需求。

Our exceptional Q2 performance was broad-based across customer sizes and geographies. Net new ARR contribution from new logos was an all-time record. And both our dollar-based net and gross retention rates improved sequentially. Platform adoption also continued to deepen with 51%, 35% and 26% of subscription customers adopting six, seven and eight or more modules, respectively.

我們 Q2 的卓越表現，橫跨不同客戶規模與各地區，呈現廣泛動能。來自新客戶（new logos）的淨新增 ARR 貢獻創下歷史新高。我們的以美元計算之淨留存率與總留存率也皆較前一季改善。平台採用深度亦持續提升，訂閱客戶中分別有 51%、35% 與 26% 採用 6 個、7 個以及 8 個或以上模組。

Falcon Flex continues to be a key driver of our platform consolidation with this quarter showcasing the power of our Flex First strategy. In Q2, customers converting from standard subscriptions to Flex delivered an average ending ARR uplift of more than 40%. From that new baseline, customers completing their first Re-Flex this quarter generated an additional average ending ARR expansion of 25%.

Falcon Flex 仍是推動我們平台整併的關鍵動能，本季也展現了 Flex First 策略的威力。在 Q2，從標準訂閱轉換為 Flex 的客戶，其平均期末 ARR 提升超過 40%。在此新基準之上，本季完成首次 Re-Flex 的客戶，平均再帶來 25% 的期末 ARR 擴張。

Looking at the cumulative uplift of customers who have Re-Flexed at least twice, in Q2, these customers had average ending ARR 53% higher than their initial Flex starting point, increasing for the second consecutive quarter. Taken together, these results underscore exceptional execution and the power of our platform strategy with AI-driven demand, accelerating platform consolidation and helping deliver the strongest quarter in CrowdStrike's history.

觀察至少完成兩次 Re-Flex 的客戶之累計提升幅度，在 Q2，這些客戶的平均期末 ARR 較其初始 Flex 起點高出 53%，且已連續第二季上升。綜合而言，這些成果凸顯了卓越的執行力與我們平台策略的威力：在 AI 驅動的需求下，加速平台整併，並協助交出 CrowdStrike 歷史上最強的一季。

We also exited the quarter with a record Q3 pipeline, further reinforcing our confidence in the demand environment ahead.

我們在本季結束時也創下第三季管線（pipeline）新高，進一步強化我們對未來需求環境的信心。

Moving to the P&L. Total revenue exceeded our guidance range and grew 26% over Q2 of last year to reach $1.47 billion, with year-over-year growth accelerating sequentially for the fifth consecutive quarter. Subscription revenue grew 27% over Q2 of last year to reach $1.40 billion and professional services revenue was an all-time record $71 million as AI creates incremental demand for our AI readiness and incident response services, further increasing software cross-sell opportunities.

接著談損益表（P&L）。總營收超出我們的指引區間，較去年第二季成長26%，達到14.7億美元，且年增率已連續第五個季度逐季加速。訂閱營收較去年第二季成長27%，達到14.0億美元；專業服務營收則創下歷史新高，達7,100萬美元，因AI帶動我們AI就緒（AI readiness）與事件應變（incident response）服務的增量需求，進一步提升軟體交叉銷售機會。

The geographic mix of second-quarter revenue consisted of approximately 65% from the US and 35% from international geographies. Broad-based strength across our major regions drove international year-over-year revenue growth acceleration for the fifth consecutive quarter.

第二季營收的地理組合約為：美國占65%，國際地區占35%。我們主要區域的全面性強勁表現，推動國際營收年增加速，且已連續第五個季度加速。

Total Q2 non-GAAP gross margin was 79%, up approximately 110 basis points over the prior year. Non-GAAP subscription gross margin was 81%, up approximately 90 basis points over the prior year, driven by continued cloud optimization efforts as we remain focused on achieving our FY29 target model of 82% to 85% non-GAAP subscription gross margin.

第二季非GAAP總毛利率為79%，較去年同期提升約110個基點。非GAAP訂閱毛利率為81%，較去年同期提升約90個基點，主要受惠於我們持續進行雲端最佳化；我們仍專注於達成FY29目標模型：非GAAP訂閱毛利率82%至85%。

Second-quarter non-GAAP operating income was a record $372 million, exceeding our guidance, and non-GAAP operating margin was 25%, up 350 basis points over the prior year. The outperformance was driven by strong top-line execution, continued gross margin expansion and increased operating efficiency.

第二季非GAAP營業利益創下紀錄，達3.72億美元，超出我們的指引；非GAAP營業利益率為25%，較去年同期提升350個基點。優於預期主要來自強勁的營收端執行、毛利率持續擴張，以及營運效率提升。

Our internal investments in automation and AI continue to yield greater operational efficiencies and productivity gains across our business. The combination of accelerating revenue growth and substantial year-over-year operating margin expansion demonstrates our strong operating leverage as we invest in the significant opportunities ahead positioning us to deliver durable, profitable growth.

我們在自動化與AI方面的內部投資，持續在全公司帶來更高的營運效率與生產力提升。營收成長加速與顯著的年對年營業利益率擴張相結合，展現我們強勁的營運槓桿；在投資未來重大機會的同時，也使我們具備交付可持續且具獲利性的成長之定位。

In Q2, we delivered $5 million of GAAP net income attributable to CrowdStrike, marking the third consecutive quarter of positive GAAP earnings. Non-GAAP net income attributable to CrowdStrike was a record $323 million or $0.31 per diluted share, exceeding our guidance and up 34% compared to the prior year on a split-adjusted basis.

第二季我們實現歸屬於CrowdStrike的GAAP淨利500萬美元，為連續第三個季度GAAP獲利為正。歸屬於CrowdStrike的非GAAP淨利創下紀錄，達3.23億美元，或稀釋後每股0.31美元，超出我們的指引，且在拆股調整基礎上較去年同期成長34%。

Moving to cash. Our cash and cash equivalents grew to $5.01 billion. We generated Q2 record cash flow from operations of $530 million and Q2 record free cash flow of $377 million or 26% of revenue, exceeding our free cash flow margin expectation of 24.5%.

接著談現金。我們的現金及約當現金增加至50.1億美元。第二季我們創下營運活動現金流紀錄，達5.30億美元；自由現金流亦創第二季新高，達3.77億美元，約占營收26%，高於我們對自由現金流利潤率24.5%的預期。

Moving to our outlook and modeling notes. Consistent with our guidance philosophy, our outlook reflects the strength we see in the business while maintaining a prudent approach. Our record second-quarter performance, record Q3 pipeline and broad-based demand across customer segments and the Falcon platform give us increased confidence in the strength of the demand environment and our long-term growth opportunity.

接著談我們的展望與建模說明。秉持我們一貫的指引理念，我們的展望反映出我們在業務中看到的強勁動能，同時維持審慎的做法。我們創紀錄的第二季表現、創紀錄的第三季管線，以及在客戶區隔與Falcon平台上的廣泛需求，使我們對需求環境的強度與長期成長機會更具信心。

As a result, we are once again raising our fiscal 2027 net new ARR outlook. At the midpoint, we now expect $1.355 billion of net new ARR for the full year, an increase of approximately $116 million from our initial FY27 outlook. This equates to expected year-over-year net new ARR growth of approximately 34% compared to 22.5% in our initial FY27 outlook representing an increase of 1,150 basis points.

因此，我們再次上調FY27淨新增ARR展望。以中位數計算，我們目前預期全年淨新增ARR為13.55億美元，較我們最初的FY27展望增加約1.16億美元。這相當於預期淨新增ARR年增約34%，相較於我們最初FY27展望的22.5%，提升了1,150個基點。

The magnitude of this increase reflects more than our Q2 outperformance. As AI expands the attack surface and increases the urgency around cybersecurity, we believe it is driving a broader security modernization cycle that creates durable demand across the Falcon platform. Combined with continued platform consolidation and strong Falcon Flex momentum, these demand signals reinforce our confidence in the full-year opportunity ahead.

這次上調的幅度不僅反映我們第二季的優於預期表現。隨著AI擴大攻擊面並提高資安的急迫性，我們認為這正在推動更廣泛的資安現代化週期，並在Falcon平台上創造持久需求。再加上持續的平台整合以及Falcon Flex的強勁動能，這些需求訊號進一步強化我們對全年機會的信心。

Before I walk through our detailed guidance, let me highlight two additional items to keep in mind. First, the acquisition of XM Cyber's technology assets is expected to close in the second half of FY27 and will not bring any ARR or revenue to CrowdStrike nor are we including any ARR or revenue from this transaction into the FY27 guidance. And second, at the midpoint of our guidance, we expect free cash flow margin of 27.5% in Q3 and continue to expect at least 30% for the full fiscal year on our increased revenue guidance.

在我說明更詳細的指引之前，先強調兩點需要留意。第一，收購XM Cyber的技術資產預計在FY27下半年完成交割，且不會為CrowdStrike帶來任何ARR或營收；我們也未將此交易的任何ARR或營收納入FY27指引。第二，以我們指引的中位數計算，我們預期第三季自由現金流利潤率為27.5%，並在上調營收指引後，仍預期全年至少達到30%。

With that, for the third quarter of FY27, we expect annual recurring revenue to be in the range of $6.184 billion to $6.188 billion, up 26% year over year. This translates to net new ARR of $343 million to $347 million, up 29% to 31% year over year. Total revenue to be in the range of $1.523 billion to $1.529 billion, up 23% to 24% year over year.

基於此，對FY27第三季，我們預期年度經常性收入（ARR）將介於61.84億至61.88億美元之間，年增26%。這對應的淨新增ARR為3.43億至3.47億美元，年增29%至31%。總營收預期介於15.23億至15.29億美元之間，年增23%至24%。

Non-GAAP income from operations to be in the range of $373 million to $376 million and non-GAAP net income attributable to CrowdStrike to be in the range of $325 million to $328 million. Diluted non-GAAP net income per share attributable to CrowdStrike to be approximately $0.31, assuming a 21% tax rate and approximately 1.048 billion weighted average diluted shares.

非GAAP營業利益預期介於3.73億至3.76億美元之間；歸屬於CrowdStrike的非GAAP淨利預期介於3.25億至3.28億美元之間。歸屬於CrowdStrike的稀釋後非GAAP每股淨利預期約為0.31美元，假設稅率21%，以及加權平均稀釋股數約10.48億股。

For the full fiscal year 2027, we expect annual recurring revenue to be in the range of $6.603 billion to $6.612 billion, up 26% year over year. This translates to net new ARR of $1.350 billion to $1.359 billion, up 34% year over year. Total revenue to be in the range of $5.991 billion to $6.011 billion, up 25% over the prior fiscal year.

對FY27全年，我們預期年度經常性收入（ARR）將介於66.03億至66.12億美元之間，年增26%。這對應的淨新增ARR為13.50億至13.59億美元，年增34%。總營收預期介於59.91億至60.11億美元之間，較前一財年成長25%。

Non-GAAP income from operations is expected to be between $1.497 billion and $1.508 billion, and non-GAAP net income attributable to CrowdStrike to be between $1.303 billion and $1.312 billion. Assuming a 21% tax rate and approximately 1.044 billion weighted average diluted shares, we expect non-GAAP net income per share attributable to CrowdStrike to be in the range of $1.25 to $1.26.

非GAAP營業利益預期介於14.97億至15.08億美元之間；歸屬於CrowdStrike的非GAAP淨利預期介於13.03億至13.12億美元之間。假設稅率21%以及加權平均稀釋股數約10.44億股，我們預期歸屬於CrowdStrike的非GAAP每股淨利將介於1.25至1.26美元。

George and I will now take your questions.

接下來George和我將回答各位的提問。

(Operator Instructions) Saket Kalia, Barclays.

（接線員指示）Barclays的Saket Kalia。

Okay. Excellent. Well, great to see the acceleration continue. George, maybe for you, the Mythos moment happened in the spring. And now we've gotten a few months of activity behind us. Could you maybe talk about what transpired after that? And as you look back, what were some of the key drivers of this upside here in Q2?

好的。非常好。很高興看到加速成長持續。George，或許請你談談，Mythos時刻發生在春季。現在我們已經累積了幾個月的進展。你能否談談之後發生了什麼？回頭看，第二季這次超預期表現的關鍵驅動因素有哪些？

Thanks, Saket. So as we mentioned in the spring, the Mythos moment was building. And as we told you it was going to be a growth driver and a tailwind for us, and you saw that show up in our results. When we think about AI agents going rogue, when you think about the need for protecting AI and understanding where shadow AI is, it all points to the technologies that we're building and delivering here like AIDR, which was just had a phenomenal quarter, no surprise.

謝謝你，Saket。如同我們在春季提到的，Mythos時刻正在醞釀。而且我們也告訴各位，這將成為我們的成長驅動因素與順風，你們也在我們的業績中看到了反映。當我們思考AI代理（AI agents）失控（going rogue）、以及保護AI並了解影子AI（shadow AI）所在位置的需求時，這一切都指向我們正在打造並交付的技術，例如AIDR；它剛剛交出一個極為出色的季度，毫不意外。

Obviously, cloud Identity Next-Gen SIEM, endpoint was accelerating and exposure management, which is a big element now given the fact that companies can't keep up with the patching. So when you put all of that together, it comes to what we said. The Mythos moment was a point of acceleration, and we see those tailwinds continuing.

顯然，雲端身分（Cloud Identity）、次世代 SIEM、端點（endpoint）正在加速，以及曝險管理（exposure management）——在當下這是一個很大的要素，因為企業跟不上修補（patching）的節奏。所以把這些全部放在一起，就回到我們所說的。Mythos 時刻是一個加速點，而我們看到這些順風仍在延續。

Brian Essex, JPMorgan.

Brian Essex，摩根大通（JPMorgan）。

Great to see the nice magnitude of net new ARR upside this quarter. Maybe, George, for you, just to piggyback on Saket's question there.

很高興看到本季淨新增 ARR 的上行幅度相當不錯。也許 George，我想在 Saket 剛才那個問題的基礎上接著問。

I would love to get your view on the durability of strength that you're seeing on the back of the Mythos moment, so to speak. I mean how much of the momentum goes beyond next quarter, perhaps beyond the end of the year. And given what you have in your pipeline, how much visibility do you have into the strength, maybe just into next year and beyond?

我很想聽聽你對所謂 Mythos 時刻帶來的強勁動能，其持續性的看法。我的意思是，這股動能有多少能延伸到下個季度以後，甚至到年底之後。再加上你們的 pipeline，你對這股強度的能見度有多少——也許到明年甚至更久？

Sure. I think when you look at the durability, it's -- in my opinion, it is absolutely there. It's one of the reasons why we raised FY27 outlook again. And what we're hearing from customers is they want to deploy more AI, but they are being held back because of security compliance, privacy data protection type issues. So every customer that we talk to is concerned about the agentic threats.

當然。我認為談到持續性——以我的看法，絕對是存在的。這也是我們再次上調 FY27 展望的原因之一。我們從客戶那裡聽到的是，他們想部署更多 AI，但因為安全合規、隱私、資料保護等問題而受到掣肘。因此，我們接觸到的每一位客戶都在擔心代理式（agentic）威脅。

We've seen agents go wild. We've seen them break out of the Frontier Labs. And this is a sustainable tailwind. If we believe that AI is in its early days and it's only going to get better and more powerful, combined with the autonomous nature of these attacks, it's absolutely something that every company is going to need.

我們看過代理（agents）失控。我們看過它們突破 Frontier Labs 的範圍。而這是一股可持續的順風。如果我們相信 AI 還在早期階段，且只會變得更好、更強大，再加上這些攻擊的自主性特徵，這絕對是每家公司都會需要面對的事情。

And as I said in the prior earnings call, I think the AIDR business can be bigger than the EDR business, just given the pure number of agents, which each person will have, which is estimated to be about 90. So for me, it's a sustained tailwinds, and I think we're only going to see more stories around agents gone wild and we're going to be there to protect our customers.

而且如同我在上一通財報電話會議所說，我認為 AIDR 業務可以比 EDR 業務更大，原因在於代理的純數量——每個人將擁有的代理數量，估計大約是 90 個。所以對我而言，這是持續性的順風，我想我們只會看到更多關於代理失控的案例，而我們會在那裡保護我們的客戶。

Yeah. I think, Brian, the numbers back it up. Look, you start with the record Q3 pipeline. So that prompted us to raise our full year guidance by an additional 630 basis points. That means we moved our FY27 net new ARR growth rate from 27.7% at the end of last quarter to 34% this quarter.

是的。我想，Brian，數字也證明了這一點。你看，先從創紀錄的 Q3 pipeline 開始。因此我們把全年指引再上調了額外 630 個基點。這表示我們把 FY27 淨新增 ARR 成長率，從上季末的 27.7% 提升到本季的 34%。

When compared to our initial guide for the year, we raised the growth rate 1,150 basis points or $116 million in just two quarters. That talks to the durability of the things that George talked about.

相較於我們年初給出的初始指引，我們在短短兩個季度內把成長率上調了 1,150 個基點，或 1.16 億美元。這也說明了 George 所談到的那些因素具有持續性。

Gabriela Borges, Goldman Sachs.

Gabriela Borges，高盛（Goldman Sachs）。

George and Burt, I wanted to ask you a little bit of product question. You gave a little bit of -- you gave the case studies earlier on customer journeys and some of the flagship wins in the quarter. What I want to better understand is if you have a customer, let's say it's a large financial organization, and they go from having agents being sandboxed and isolated regardless of how effective those sand boxes can be to actually wanting the agents to have real customer data, real enterprise data. Walk us through the before and after, how do you advise those clients on what products they need to buy from CrowdStrike? Clearly Identity as a part of it to be able to say, agents isolated to agents in production.

George 和 Burt，我想問一個偏產品面的問題。你們先前談到一些客戶旅程的案例研究，以及本季一些旗艦級的贏單。我想更了解的是：如果你有一位客戶，假設是一家大型金融機構，他們從把代理放在沙箱中、隔離運行——不管那些沙箱有多有效——轉而希望代理能接觸真實的客戶資料、真實的企業資料。請帶我們走一遍前後的差異：你們如何建議這些客戶需要向 CrowdStrike 購買哪些產品？很明顯，身分（Identity）是其中一部分，才能從「隔離中的代理」走到「正式環境（production）中的代理」。

Sure. Well, I think to make the agents productive, they're going to have to have access to data. And again, when you look at what we're delivering for customers, it's looking across the entire spectrum of threats, right? You have to have an Identity control plane, which we have for non-human identities.

好的。我認為要讓代理具備生產力，它們就必須能存取資料。再者，當你看我們為客戶交付的內容時，是橫跨整個威脅光譜，對吧？你必須有一個身分控制平面（Identity control plane），而我們針對非人類身分（non-human identities）已具備。

You have to have data protection, which we have. You have to understand at run-time what the agents are actually doing, whether that's in a sandbox or if those agents are running essentially on your computer, your laptop. You have to understand the exposures that you have, you have to be able to keep track of where those agents are calling out to.

你必須有資料保護，而我們也有。你必須在執行期（run-time）了解代理實際在做什麼——不論是在沙箱裡，或是那些代理基本上就跑在你的電腦、你的筆電上。你必須了解你有哪些曝險（exposures），也必須能追蹤那些代理呼叫到哪些外部端點。

We can do all of that. So if it's in a sandbox, we can run in a sandbox. If it's out of a sandbox, which many of our customers are just kind of consuming AI on their desktops using the various Frontier Lab harnesses and the like, and we cover all of those, including if you're creating agents in a cloud environment.

我們可以做到以上所有事情。所以如果是在沙箱中，我們可以在沙箱中運行。如果不在沙箱中——我們許多客戶其實就是在桌面端使用各種 Frontier Lab 的工具（harnesses）等來消費 AI——我們也都能涵蓋，包括你在雲端環境中建立代理的情境。

So from my perspective, the agents -- first of all, you need to know where AI is being created. You need to know where it's being consumed, and you have to put the right guardrails around Identity, data, execution and network connectivity, and we're delivering that for our customers.

所以以我的角度來看，代理——首先，你需要知道 AI 在哪裡被建立。你需要知道它在哪裡被使用（consumed），並且你必須在身分、資料、執行與網路連線性上設置正確的護欄（guardrails），而我們正在為客戶交付這些能力。

Matt Hedberg, RBC.

Matt Hedberg，RBC。

I'll offer my congrats as well. I wanted to piggyback sort of on this train of thought. And George, you talked about it in your prepared remarks, but I just -- I think we're all sitting back there and we're seeing these agents going rogue and just how quickly this landscape is changing. So I guess from your perspective, I just wanted to kind of get a double click on like how do you see the threat landscape today.

我也要表示祝賀。我想沿著這個思路接著問。George，你在事先準備的發言中提到過，但我只是——我想我們都在那裡觀察到這些代理開始失控，以及這個環境變化得有多快。所以我想從你的角度，我想更深入了解你如何看待當前的威脅態勢。

And when we think about how quickly this is changing, the relationship with the Frontier Labs is obviously great. But talk to us about why you're uniquely positioned even if these Frontier Labs start to release some of their own security solutions in the future.

而當我們思考這變化的速度時，與 Frontier Labs 的合作顯然很棒。但也請談談：即便未來這些 Frontier Labs 開始釋出他們自己的安全解決方案，為什麼你們仍然具備獨特的有利位置？

Sure. Well, I think it's important that when you look at AI and to make AI protection more effective, you have to have very deep data expertise. And this has been something that's been basically built in the platform from day 1. Over the last 15 years, we have some of the richest threat data -- richest attack data, richest data around actually how to mitigate the threats in the industry.

好的。我認為很重要的一點是，當你看 AI，並要讓 AI 防護更有效，你必須具備非常深厚的資料專業能力。而這基本上從第一天起就內建在我們的平台之中。在過去 15 年裡，我們擁有業界最豐富的一些威脅資料——最豐富的攻擊資料，以及關於如何實際緩解威脅的最豐富資料。

So when you look at the models that we've built, we've trained on those specifically and that gives us a unique perspective. Customers, of course, want choice. They want to work with frontier models. They want to work with our technology and our platform, fantastic. But having the right data, having it trained in a specific fashion and labeled appropriately, I think, is unique. And we have data that just isn't available outside of the CrowdStrike walls. That's very important.

因此，當你看我們建立的模型時，我們是針對那些資料進行訓練，這讓我們具備獨特的視角。客戶當然希望有選擇。他們希望使用前沿模型（frontier models）。他們希望使用我們的技術與平台，這很好。但我認為，擁有正確的資料、以特定方式訓練並適當標註（labeled），是獨特之處。而且我們擁有一些在 CrowdStrike 之外無法取得的資料。這非常重要。

The other piece is, and I mentioned this some time ago, we are net data creators. We're constantly creating new data that's coming out of our endpoints. We're constantly using that data, update our algorithms as the threat environment changes.

另一個部分是，我之前也提過一段時間了，我們是淨資料創造者。我們不斷在端點產生新的資料。我們也持續使用這些資料，隨著威脅環境變化來更新我們的演算法。

And again, I think this is very important to our customers. They want security companies, they can trust. They want data sovereignty from a technology perspective, and they want to get actual results based upon the information in their own environment, and we're delivering that today.

再一次，我認為這對我們的客戶非常重要。他們希望能信任的資安公司。他們從技術角度希望擁有資料主權，並且希望能基於其自身環境中的資訊取得實際成果，而我們今天就正在交付這些。

Fatima Boolani, Citi.

Fatima Boolani，花旗。

I wanted to double back on some of the earlier questions around portfolio pervasiveness, so specifically just around the acceleration that you continue to see in Falcon Flex, both from a standard conversion and Re-Flex. George, I was hoping if you could help us maybe parse out more granularly where you are seeing the most incremental or outsized traction on a SKU or disciplinary basis as organizations move to production-grade AI adoption. And I guess in other words, sort of what parts of the portfolio have proven to be most potent in giving organizations the assurances and confidence they need that they are in a secure situation with their AI adoption?

我想回到先前一些關於產品組合滲透率的問題，特別是你們在 Falcon Flex 上持續看到的加速成長，無論是標準轉換或 Re-Flex。George，我想請你協助我們更細緻地拆解一下：當組織走向生產級的 AI 導入時，你們在哪些 SKU 或哪些領域/職能面向看到最具增量或超預期的牽引力？換句話說，產品組合中的哪些部分最能有效地為組織提供他們在 AI 導入上所需要的保證與信心，讓他們確信自己的 AI 導入處於安全狀態？

Sure. I'll take that, Fatima. So first, let's just talk about Flex. So Flex, it was an all-time record Flex quarter with year-over-year growth accelerating to 101% and year over year, surpassing $2.29 billion. And a lot of that is coming from some of the different technologies that we've been talking about quarter after quarter.

當然。Fatima，我來回答。首先，我們先談 Flex。Flex 這一季創下歷史新高，年增率加速至 101%，年比年金額也超過 22.9 億美元。其中很大一部分來自我們一季又一季持續討論的不同技術。

When you think about cloud, Next-Gen SIEM, Next-Gen Identity, ending ARR was $2.1 billion, up 39% year over year. And if you go down the list of how we've done in each one of those particular elements, they're all really impressed right? You think about cloud over $905 million and ending ARR up 29%. You've got Next-Gen Identity, which is a big piece of the AI story. That's up over 33% year over year.

當你想到雲端、次世代 SIEM、次世代身分（Identity），期末 ARR 為 21 億美元，年增 39%。而如果你逐一看我們在這些要素上的表現，全部都非常亮眼，對吧？以雲端來說，超過 9.05 億美元，期末 ARR 年增 29%。你還有次世代身分，這是 AI 故事中的重要一環。這部分年增超過 33%。

And then you've got, obviously, Next-Gen SIEM, just a home run for us. That's coming up on almost $700 million, and that's up 60% year over year. So all three of those can be an IPO by itself. So you're seeing kind of adoption through our Flex licensing really showcased itself in those three products. And then George mentioned a whole bunch of other ones. We talked about exposure management having a great quarter. We talked about AIDR having a fantastic quarter.

然後你當然還有次世代 SIEM，對我們來說就是一記全壘打。這部分即將接近 7 億美元，年增 60%。所以這三個單獨拿出來都可以各自 IPO。因此你會看到，透過我們的 Flex 授權，採用情況在這三個產品上被非常清楚地展現出來。另外 George 也提到一大堆其他產品。我們談到曝險管理（exposure management）這一季表現很棒。我們也談到 AIDR 這一季表現非常出色。

So I think the point is that Flex is letting itself to be able to buy multiple of our products at the same time. And that's what's leading to bigger, longer deals for us. And it's better for the customer. At the end of the day, it's the platform sale. That's what matters. Customers are looking to consolidate on. They want more -- better outcomes at a cheaper cost.

所以我認為重點是，Flex 讓客戶能夠同時購買我們多項產品。而這正帶動我們拿到更大、期限更長的合約。這對客戶也更好。歸根結底，這是平台型銷售。這才是關鍵。客戶正在尋求整合。他們希望以更低的成本取得更多、更好的成果。

Meta Marshall, Morgan Stanley.

Meta Marshall，摩根士丹利。

Great. I wanted to maybe follow up on some of that Next-Gen SIEM strength. If we're having this conversation a year ago, there was a lot of -- they can start with -- our customers can start moving their EDR data over and then kind of gradually over time, expand those implementations.

很好。我想針對次世代 SIEM 的強勁表現追問一下。如果我們在一年前談這件事，當時有很多——他們可以先從——我們的客戶可以先把他們的 EDR 資料移過來，然後隨著時間推進，再逐步擴大這些部署。

I just wanted to get a sense, as you guys are seeing continued really strong growth, is that kind of land happening differently? Like are people taking more of a chance upfront and moving more to you guys initially? And then just are we seeing kind of more data or logs being put into the SIEM to give better signals as they try to kind of detect more advanced attacks?

我想了解的是，當你們持續看到非常強勁的成長時，這種「先落地（land）」的方式是否正在以不同的形式發生？例如人們是否一開始就更願意冒險、在初期就把更多東西移到你們這邊？另外，我們是否看到有更多資料或日誌被放進 SIEM，以提供更好的訊號，讓他們在嘗試偵測更進階的攻擊時能有更好的效果？

Yeah. Well, when you look at Next-Gen SIEM, the great news is it's every customer's Next-Gen SIEM enabled. Like the data is just in the platform. So it's just a matter of signing up and paying for the license entitlement and you're up and running with the CrowdStrike, what we call first-party data, the data that we actually generate. So that has made it incredibly easy and friction-free for many customers.

是的。嗯，當你看次世代 SIEM，好消息是每一位客戶都已啟用次世代 SIEM。因為資料本來就在平台裡。所以只要註冊並支付授權權益費用，你就能立即使用 CrowdStrike 我們所謂的第一方資料（first-party data），也就是我們實際產生的資料。因此，對許多客戶而言，這讓導入變得極其容易、幾乎沒有摩擦。

They routinely say it's the easiest SIEM to get up and running. It's the quickest return in terms of time to value of what they're putting in and the results they are getting out. And then it's very easy to connect to other data sources.

他們經常說這是最容易上線運作的 SIEM。就投入到產出而言，它在「價值實現時間（time to value）」上回收最快，且能得到他們想要的結果。而且也非常容易連接到其他資料來源。

We've seen the other data sources rapidly expand. If we think about AI, AI agents, SaaS and SaaS cloud agents, if you will, these are all an Identity. These are all areas that customers have to instrument because we see these cross-domain attacks that go from internal systems to the cloud or cloud to internal systems and everything in between.

我們看到其他資料來源快速擴張。如果我們想到 AI、AI 代理（agents）、SaaS 以及你可以說的 SaaS 雲端代理，這些全都屬於身分（Identity）。這些都是客戶必須進行監測與佈署（instrument）的領域，因為我們看到這些跨網域攻擊，會從內部系統到雲端，或從雲端到內部系統，以及介於兩者之間的所有路徑。

So we've seen just tremendous results there. It's a fantastic product. and it's very disruptive from a price point because of how we charge for the first-party data that we create. So it is a story of better, faster and more value for the money. And you can see the results they speak for themselves.

所以我們在那裡看到非常驚人的成果。這是一個很棒的產品，而且在定價上非常具顛覆性，因為我們對自己所創造的第一方資料採用特定的計費方式。因此這是一個「更好、更快、同樣的錢帶來更多價值」的故事。你也看得到結果——它們不言自明。

Adam Tindle, Raymond James.

Adam Tindle，Raymond James。

Congrats on a great quarter. George, I wanted to ask on AIDR versus the core EDR platform kind of a two-parter. I ask because investors are struggling with the definition and a view that there might be more gray area between AIDR and your core platform.

恭喜你們有個很棒的季度。George，我想就 AIDR 相對於核心 EDR 平台問一個兩段式問題。我之所以問，是因為投資人對定義感到困惑，並且認為 AIDR 與你們核心平台之間可能存在更多灰色地帶。

So I guess the first part of the question would be, is there kind of a simple way to think about AIDR, where is this incremental where customers are buying this in addition to EDR? Or is this being used more as a substitute for EDR or any other products?

所以我想第一部分是：有沒有一個比較簡單的方式來理解 AIDR？它在哪些方面是增量的，也就是客戶是在購買 EDR 之外另外加購它？還是它更多被用來替代 EDR 或任何其他產品？

And the second part would be, you've kind of alluded to some metrics around this that have been helpful. But I wonder if you might just take a second to put in context, the ramp of AIDR versus other products at the stage as we try to think about the potential ultimate size of that platform.

第二部分是：你們先前提到一些有幫助的相關指標。但我想請你花點時間把 AIDR 的爬坡速度（ramp）與其他產品在相同階段做個對照，讓我們在思考這個平台最終可能的規模時能更有脈絡。

Yeah. So on the first point, it is separate and incremental. It's another module and it's priced separately, which is, again, where we're seeing a lot of the growth. So that is certainly a good fact to make sure that we clear up if there was any confusion about it.

是的。就第一點而言，它是獨立且具增量的。它是另一個模組，並且是獨立定價的，而這也正是我們看到大量成長的原因之一。所以如果先前對此有任何混淆，這確實是一個需要釐清的重點。

When we think about the beauty of the architecture and the platform, it's still using the same agent. And if you want to enable AIDR, again, that's a license entitlements part of our friction-free deployment. Again, why is Falcon Flex so successful? Why have we been successful in media time to value, and you don't have to roll out yet another agent? So that's very important.

當我們思考這個架構與平台的美感時，它仍然使用同一個代理程式。而如果你想啟用 AIDR，同樣地，那是我們無摩擦部署中的授權權益（license entitlements）一部分。再一次，為什麼 Falcon Flex 如此成功？為什麼我們能在媒體時間到價值（time to value）上取得成功，而且你不必再部署另一個代理程式？所以這非常重要。

And when we talk about sort of like the ramp of this, it's been incredible over the last couple of quarters. And we've seen almost the results sort of parallel some of the Frontier Labs growth. As they continue to add more agents and capabilities, you have customers that are deploying more AI, they actually want to deploy AI faster and they need to scale incredibly fast.

而當我們談到這個推進（ramp）的情況時，過去幾個季度的表現令人難以置信。而我們看到的結果幾乎與 Frontier Labs 的成長呈現某種平行。隨著他們持續加入更多代理程式與能力，你會看到客戶正在部署更多 AI，他們其實想更快部署 AI，而且需要以驚人的速度擴張。

So when you combine what we're building with -- again, it's on the same platform, that's the beauty, but we're able to monetize it separately. We think that's a home run. And we're showing the value to customers and they're willing to pay for it because it's very unique in the environment and they don't want to deploy yet another agent, right? They're getting it all with CrowdStrike, and that's what they're looking for.

所以當你把我們正在打造的東西結合起來——再一次，它是在同一個平台上，這就是美妙之處——但我們能夠把它分開變現。我們認為那是一次全壘打。而我們正在向客戶展示價值，他們也願意付費，因為在這個環境中它非常獨特，而且他們不想再部署另一個代理程式，對吧？他們在 CrowdStrike 這裡就能一次取得全部，這正是他們在找的。

Roger Boyd, UBS.

Roger Boyd，瑞銀（UBS）。

For George or maybe for Burt, given the traction you're seeing around AI security and you noted the acceleration in AIDR and overall AI usage across your installed base inflecting. Look, I appreciate your updated views on how you're evolving the pricing model. And namely, are customers asking for token-based pricing in cybersecurity. And if so, how is that incorporated in the Flex contracts?

這題給 George 或也許給 Burt：鑑於你們在 AI 安全方面看到的動能，以及你提到 AIDR 與整體 AI 使用在既有客戶基礎中出現加速拐點。我理解你們對於如何演進定價模型的最新看法。具體來說，客戶是否在資安領域要求以 token 為基礎的定價？如果是，這在 Flex 合約中是如何納入的？

Yeah. So we actually have token-based pricing as part of AIDR. So we already have that today. And what's important from a customer perspective is they do want some certainty on what they're paying. So we provide a certain number of tokens across an environment, and we -- obviously, we scale out to how big the customer is. And then if they exceed that token usage, they can buy extra token packs. And again, the beauty is it's all consumable via the Falcon Flex licensing.

是的。所以我們其實在 AIDR 中就有以 token 為基礎的定價。所以我們今天已經有了。而從客戶角度來看，重要的是他們確實希望對自己要付多少有一定的確定性。因此我們會在一個環境中提供一定數量的 tokens，而我們——當然——會依客戶規模擴展配置。然後如果他們超出該 token 用量，他們可以再購買額外的 token 套件。而且再次強調，妙處在於這一切都可以透過 Falcon Flex 授權來消耗使用（consumable）。

So it's a model, I think that served us well, where it's not runaway cost for customers. They can define it, they can budget for it. But certainly, as they scale up their AI if they exceed their budget allowance, they certainly can up-level the tokens, and it's friction-free to do that with Falcon Flex.

所以我認為這是一個對我們很有幫助的模型，客戶不會面臨失控的成本。他們可以界定它、為它編列預算。但當然，隨著他們擴大 AI 規模，如果超出預算額度，他們確實可以提高 token 等級，而透過 Falcon Flex 來做這件事是無摩擦的。

Rob Owens, Piper Sandler.

Rob Owens，Piper Sandler。

Great. George, I guess back to the start in thinking about your history with Foundstone a little bit. And twice on this call, you did mention exposure management. So love to understand the evolution of that market where you're seeing displacement? Because I think you mentioned a large-scale transaction there.

很好。George，我想回到一開始，稍微談談你在 Foundstone 的歷史。而在這通電話中你兩次提到曝險管理（exposure management）。所以很想了解那個市場的演進，以及你們看到哪些替代（displacement）？因為我想你提到那裡有一筆大規模交易。

And effectively, what the older solutions aren't providing at this point. I know that you guys adopted a network scanning capability a year ago. But with AI, I'd assume it's well beyond that at this point. So just would love for you to drill down on that opportunity in why CrowdStrike is winning.

以及就目前而言，舊有解決方案到底缺少了什麼。我知道你們在一年前採用了網路掃描能力。但有了 AI，我猜這已經遠遠不只如此。所以很希望你能深入談談這個機會，以及為什麼 CrowdStrike 正在勝出。

Sure. So when we think about where we are with exposure management, I think it's a rebirth and certainly, we're in a pole position in that area. So what I mean by that is given the fact that there's an exponential increase in vulnerabilities that are found via Frontier AI and patches that can be created via Frontier AI, that's great. The problem is you've hit the sound barrier of actually rolling out a patch. And what that means is that companies are looking for their ability to prioritize where these exposures are because they're not going to be able to fix everything all at once within the window of what autonomous agents can actually exploit.

當然。所以當我們思考我們在曝險管理上的位置時，我認為這是一種重生（rebirth），而且我們在那個領域確實處於領先位置（pole position）。我的意思是，鑑於透過 Frontier AI 發現的弱點數量呈指數型增加，以及透過 Frontier AI 可以建立的修補程式（patches）也在增加，這很好。問題在於，你已經撞上了實際部署修補程式的音障。這代表企業正在尋求能夠優先排序這些曝險的位置，因為在自主代理（autonomous agents）實際可利用（exploit）的時間窗口內，他們不可能一次把所有問題都修完。

So that's really the driver in an area where customers are looking at and saying, hey, I've got to think about this differently. I can't be doing the same old things that we've been doing. I can't keep using the same old legacy exposure management or vulnerability management technology.

所以這正是驅動因素：客戶在看這個領域時會說，嘿，我必須用不同的方式來思考。我不能再做我們一直以來做的那些老方法。我不能再繼續使用同樣的傳統曝險管理或弱點管理技術。

So they want a view of their assets. They want a view of where their protection is, Falcon. They want to view what's exposed, right, what patches need to be applied but haven't and they want to understand the attack paths. And we are delivering that in an autonomous fashion within the Falcon platform. And that's a big reason why we're displacing a lot of legacy vendors in the market today.

所以他們想要看到自己的資產全貌。他們想要看到他們的防護在哪裡——Falcon。他們想看到哪些地方是暴露的，對吧，哪些修補程式需要套用但尚未套用，並且他們想了解攻擊路徑（attack paths）。而我們正在 Falcon 平台內以自主化的方式交付這些能力。這也是為什麼我們今天能在市場上替代許多傳統供應商的一大原因。

Mike Cikos, Needham.

Mike Cikos，Needham。

Congratulations on another significant lift here to the net new ARR guide following the strong 2Q execution. George, maybe for you, we've been doing a significant amount of work with CISOs. And the common refrain we're hearing comes back to AI governance, both in terms of security as well as the pull-through on the economic need to control these AI costs.

恭喜在強勁的第二季執行之後，再次大幅上調淨新增 ARR 指引。George，也許問你：我們與許多 CISO 做了大量交流。我們聽到的共同說法回到 AI 治理（AI governance），既包括安全層面，也包括在經濟需求上必須控制這些 AI 成本所帶來的帶動效應（pull-through）。

My question really ties to, can you just put a finer point on discussing how customers are turning to Crowd in terms of serving as that strategic partner for implementing and enforcing AI governance guardrails? I think that would be super helpful.

我的問題是，你能否更精準地說明客戶如何轉向 CrowdStrike，把你們視為策略夥伴，來協助實施並強制執行 AI 治理的護欄（guardrails）？我想那會非常有幫助。

Sure. Well, on the product today, we have the ability to set policy and enforce those guardrails, which is incredibly useful, needed and incredibly difficult. As you might imagine, in some organizations that are dealing with -- they make chemicals as an example. Well, that may be something that is not an approved sort of topic, if you will, in other companies. But in some companies, that's what they make, right?

當然。嗯，就目前的產品而言，我們具備設定政策並強制執行這些護欄的能力，這非常有用、非常必要，而且也非常困難。如你所想像，在一些組織中——例如他們生產化學品。那麼在其他公司裡，這可能不是一個被核准的主題（topic），如果你願意這麼說。但在某些公司，這正是他們的業務，對吧？

So you have to be able to have the right models to understand what's happening in the environment. You have to be able to set the policies in a way that actually work and minimize false positives. And then you have to give these customers very good results very quickly so they can roll this thing out without a lot of friction. And we're doing that today.

所以你必須具備正確的模型來理解環境中正在發生什麼。你必須能以真正可行的方式設定政策，並把誤判（false positives）降到最低。然後你必須非常快速地給客戶很好的結果，讓他們能在沒有太多摩擦的情況下把這套東西推行出去。而我們今天就在做這件事。

The other piece that you touched on, which is very important, is we actually have the ability to count tokens and track cost. And this is very important as you expand outside of the boundaries of just pure security. When we think about IT infrastructure, and we think about the CIO, having the ability to help them manage cost is a big part of our selling point as well.

你提到的另一個部分也非常重要：我們其實具備計算 tokens 並追蹤成本的能力。而當你把範圍擴展到不只是純安全的邊界之外時，這點非常重要。當我們思考 IT 基礎架構、以及思考 CIO 時，能夠幫助他們管理成本，也是我們銷售主張中的一大部分。

So you get the guardrails that you're looking for, get the protection you need and also you have visibility into where your AI agents are and what people are actually spending on these results. And it's incredible. I mean we've heard EA spending $10,000 just on tokens because of the way they were using the models. And dramatically, once you understand and have visibility around that, you can dramatically cut those costs down. So it's really a one-two punch of protection and cost management.

因此，你就能取得你所尋求的防護欄，獲得所需的保護，同時也能掌握你的 AI 代理位於何處，以及人們實際在這些結果上花了多少錢。而這真的令人難以置信。我的意思是，我們聽說 EA 僅僅因為他們使用模型的方式，就在代幣上花了 10,000 美元。而且一旦你理解並對此有可視性，你就能大幅降低那些成本。所以這真的是保護與成本管理的一記組合拳。

Patrick Colville, Scotiabank.

Patrick Colville，豐業銀行（Scotiabank）。

I guess this one for both George and Burt, please. I mean you talked about the Frontier Lab, eight-figure deal with this customer protecting their rapidly expanding data center infrastructure. I mean any more questions -- any more details you can share on this specific eight-figure deal? And then to zoom out the aperture a little bit, could you just talk to this emerging customer category of helping to protect the Frontier Labs?

我想這題請 George 和 Burt 兩位都回答。我的意思是，你們談到 Frontier Lab，與這位客戶達成八位數交易，用以保護其快速擴張的資料中心基礎設施。關於這筆特定的八位數交易，還有沒有更多—你們能分享的更多細節？然後把視角稍微拉遠一些，你們能否談談這個新興的客戶類別：協助保護 Frontier Labs？

Sure. I think you've got the digital natives that are out there, AI-native companies. You've got the Fronter labs, as you might imagine, all of the companies that are involved in creating need to protect AI. And they're turning to CrowdStrike because we've got the right technologies across the entire stack.

當然。我認為你有那些數位原生的公司，也就是 AI 原生公司。你也有 Frontier labs，如你所想像，所有參與創建的人都需要保護 AI。而他們轉向 CrowdStrike，因為我們在整個技術堆疊上都具備合適的技術。

And again, like if you look at what we've done with NVIDIA and how we have integrated into their platforms, it's a complete ecosystem from the chips all the way up to the applications and AI inference. So we think we're in a great position to be able to help these rapidly growing and expanding companies because they're going to need visibility. They're going to need protection. They're going to need control. They're going to need compliance as they continue to scale.

再者，如果你看看我們與 NVIDIA 的合作，以及我們如何整合進他們的平台，這是一個從晶片一路到應用程式與 AI 推論的完整生態系。因此我們認為自己處於非常有利的位置，能夠協助這些快速成長與擴張的公司，因為他們將需要可視性。他們將需要保護。他們將需要控制。隨著他們持續擴張，他們將需要合規。

And we think the sky is the limit with the Frontier model creators and anyone involved in the AI ecosystem and we're there for them. And we think we have a very unique and differentiated technology in those areas.

我們認為，對於 Frontier 模型創作者以及任何參與 AI 生態系的人而言，成長空間無可限量，而我們會在那裡支持他們。而且我們認為，在這些領域我們擁有非常獨特且差異化的技術。

Joseph Gallo, Jefferies.

Joseph Gallo，Jefferies。

There's a lot of excitement and big numbers with the emerging products in the call, but I just wanted to focus on endpoint, which accelerated for the fourth straight quarter. Can you just unpack that a little bit more? Is that new logos? Is that selling more managed services and premium SKUs? And just how much runway is left there, just given it's perceived as a more mature market?

本次電話會議中，新興產品帶來了很多令人振奮的內容與大數字，但我想把焦點放在端點（endpoint）上，因為它已連續第四個季度加速成長。你能否再多拆解一下？這是新客戶（new logos）帶動的嗎？還是更多在銷售託管服務與高階 SKU？另外，考量到端點市場被視為較成熟的市場，那裡還剩下多少成長跑道？

Sure. Well, I think when you look at companies desire to protect AI, again, a lot of the AI is being consumed on the endpoint. right? It might be created in the cloud, but it's being consumed on the endpoint. You can think about your own organizations and perhaps how you even use AI.

當然。我認為當你看企業想要保護 AI 的需求時，再次強調，很多 AI 是在端點上被使用的，對吧？它可能在雲端被建立，但它是在端點上被使用。你可以想想你自己的組織，或許你自己是如何使用 AI 的。

So that has driven the need for companies like CrowdStrike to be able to actually protect those instances. If we think about the market, about half the market is still using legacy AV, right? So legacy AV and legacy providers are not really going to have the capabilities to identify rogue AI agents, shadow AI and be able to protect against its very unique and differentiated, but it fits within the platform that we built from the beginning.

因此，這推動了像 CrowdStrike 這樣的公司需要能夠實際保護那些實例。如果我們看市場，大約有一半的市場仍在使用傳統防毒（legacy AV），對吧？所以傳統防毒與傳統供應商，並不真正具備識別流氓 AI 代理、影子 AI 的能力，也無法防護其非常獨特且差異化的風險，但這些能力從一開始就被納入我們所打造的平台之中。

So that's one area where, again, if you want to protect these endpoints, you're going to have to have something like CrowdStrike, and that includes net new wins from a lot of the legacy providers that are out there, certainly in addition to cross-selling into our customer base.

所以這是其中一個領域：如果你想保護這些端點，你就必須擁有像 CrowdStrike 這樣的方案；這也包括從許多仍在市場上的傳統供應商那裡取得的全新勝出（net new wins），當然也包括對我們既有客戶群的交叉銷售。

Todd Weller, Stephens.

Todd Weller，Stephens。

Congrats. George, a question on QuiltWorks. Can you talk about how impactful it was in the quarter? And then trying to better understand the monetization angles there, should we initially think about that as like a partner-led motion where they're leveraging your platform and Frontier AI model capabilities to do assessments and then that drives kind of follow-on platform pull-through?

恭喜。George，關於 QuiltWorks 的問題。你能談談它在本季度的影響有多大嗎？然後為了更好理解那裡的變現角度，我們是否應該一開始把它視為一種由合作夥伴主導的推進方式：他們利用你們的平台與 Frontier AI 模型能力來做評估，接著帶動後續的平台帶動效應（pull-through）？

Yeah, that's exactly right. When we think about the Mythos moment, there's many of our partners. And again, we're a very partner-first organization that want to be able to service their customers. They've got great relationships, but we need to be able to arm them with Frontier-caliber capabilities to be able to understand where these vulnerabilities are, what threats are out there and what they can do.

是的，完全正確。當我們談到 Mythos 時刻時，我們有許多合作夥伴。而且再次強調，我們是一家非常以合作夥伴優先的組織，合作夥伴希望能夠服務他們的客戶。他們擁有很好的關係，但我們需要用 Frontier 等級的能力武裝他們，讓他們能夠了解漏洞在哪裡、有哪些威脅，以及他們能做些什麼。

So essentially, they're leveraging our platform in a partner-led motion and finding these vulnerabilities, understanding exposure and then obviously working on remediation with some of the largest enterprises in the world. And of course, that leads to platform pull-through.

所以本質上，他們是在合作夥伴主導的推進方式下運用我們的平台，找出這些漏洞、理解曝險，然後很明顯地與全球一些最大的企業一起推動修復。而當然，這會帶來平台帶動效應（pull-through）。

So I think from our perspective, it's been a home run in QuiltWorks. We have many companies that want to still yet get into it. We're working through all of those, and we'll continue to expand the partners as well as its capabilities within the platform for them to leverage.

所以我認為，從我們的角度來看，QuiltWorks 一直是一次全壘打。我們還有許多公司仍然想加入。我們正在逐一推進這些工作，並且也會持續擴大合作夥伴，以及擴展平台內的能力，讓他們能加以運用。

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。我現在想把電話會議交回給 George Kurtz，請他做結語。

Thank you for your time today. We appreciate your continued support and look forward to seeing you at Fal.Con 2026 and other upcoming events. Thank you.

感謝各位今天撥冗參與。我們感謝各位持續的支持，並期待在 Fal.Con 2026 以及其他即將到來的活動中與各位見面。謝謝。