CrowdStrike Holdings Inc (CRWD) 2023 Q1 法說會逐字稿

Hello. Thank you for standing by, and welcome to the CrowdStrike Fiscal First Quarter 2023 Results Conference Call. (Operator Instructions) As a reminder, today's call is being recorded.

你好。感謝您的支持，歡迎參加 CrowdStrike 2023 財年第一季業績電話會議。 （操作員指示）提醒一下，今天的通話正在被錄音。

I would now like to turn the conference over to your host, Ms. Maria Riley, Vice President of Investor Relations. Please go ahead, ma'am.

現在，我想將會議交給主持人、投資者關係副總裁瑪麗亞·萊利女士。請繼續，女士。

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

下午好，感謝您今天的參與。與我一起參加電話會議的還有 CrowdStrike 總裁兼執行長兼聯合創始人 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 and expected performance, including our outlook for the second quarter and fiscal year 2023, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.

在我們開始之前，我想指出的是，本次電話會議中所作的某些非歷史事實的陳述，包括有關我們未來計劃、目標、增長和預期業績的陳述，包括我們對第二季度和 2023 財年的展望，均屬於《1995 年私人證券訴訟改革法案》所定義的前瞻性陳述。

These forward-looking statements represent our outlook only as of the date of this call. While we believe any forward-looking statements we make are reasonable, actual results could differ materially because the statements are based on current expectations and are subject to risks and uncertainties.

這些前瞻性陳述僅代表我們截至本次電話會議之日的展望。雖然我們相信我們所做的任何前瞻性陳述都是合理的，但實際結果可能存在重大差異，因為這些陳述是基於當前預期，並受風險和不確定性的影響。

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 quarterly and annual reports.

我們不承擔並明確否認任何更新或修改我們的前瞻性陳述的義務，無論是由於新資訊、未來事件或其他原因。有關這些因素以及其他可能影響公司財務表現的因素的更多資​​訊包含在我們不時向美國證券交易委員會提交的文件中，包括公司季度和年度報告中標題為「風險因素」的部分。

Additionally, unless otherwise stated, excluding revenue, all financial measures discussed 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 press release, which may be found on our Investor Relations website at ir.crowdstrike.com or on our Form 8-K filed with the SEC today.

此外，除非另有說明，除收入外，本次電話會議討論的所有財務指標均為非公認會計準則 (GAAP)。關於我們為何使用非 GAAP 財務指標的討論以及顯示 GAAP 與非 GAAP 結果的調整表目前已在我們的新聞稿中提供，該新聞稿可在我們的投資者關係網站 ir.crowdstrike.com 或我們今天向美國證券交易委員會提交的 8-K 表格中找到。

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

現在，我將把發言權交給喬治。

Thank you, Maria, and thank you all for joining us. I will start today's call by summarizing 3 key points. First, fiscal 2023 is off to a fantastic start. We believe our Q1 results exemplify that we have a winning formula that includes scale, growth, profitability and free cash flow. Second, we saw strength across the platform, including a record quarter for modules deployed in the public cloud and over 100% year-over-year ending ARR growth for our emerging product group, which includes our Discover Spotlight, Identity Protection and Log Management modules.

謝謝你，瑪麗亞，也謝謝大家加入我們。我將從總結三個要點開始今天的電話會議。首先，2023財年開局良好。我們相信，我們的第一季業績證明我們擁有一個成功的秘訣，包括規模、成長、獲利能力和自由現金流。其次，我們看到了整個平台的強勁表現，包括在公共雲中部署的模組創下季度紀錄，以及我們的新興產品組（包括 Discover Spotlight、身份保護和日誌管理模組）的年化經常性收入 (ARR) 同比增長超過 100%。

And third, we are seeing more and more customers standardize on the Falcon platform. The number of customers adopting 6 or more and 7 or more modules both grew more than 100% year-over-year. We believe this underscores our wide competitive moat and our opportunity to drive long-term sustainable growth in both our core and expansion markets.

第三，我們看到越來越多的客戶採用 Falcon 平台作為標準化平台。採用6個以上模組及7個以上模組的客戶數量較去年同期成長均超過100%。我們相信，這凸顯了我們廣泛的競爭優勢以及推動核心市場和擴張市場長期可持續成長的機會。

Now let's discuss our results in more detail. The CrowdStrike team achieved another outstanding first quarter. Building on our historic Q4, this quarter, we delivered net new ARR of $190 million, topping our expectations. We delivered ending ARR growth of 61% year-over-year to exceed $1.9 billion, record non-GAAP operating profit of $83 million and free cash flow margin of 32%.

現在讓我們更詳細地討論我們的結果。 CrowdStrike 團隊在第一季再次取得了優異的成績。在我們歷史性的第四季度的基礎上，本季度我們實現了 1.9 億美元的淨新 ARR，超出了我們的預期。我們實現了年平均經常性收入 (ARR) 年比成長 61%，超過 19 億美元，非公認會計準則營業利潤達到創紀錄的 8,300 萬美元，自由現金流利潤率達到 32%。

In 8 out of the last 10 quarters, we have delivered 30% or greater free cash flow margin. Our powerful combination of growth, profitability and cash flow is reflected in our continued performance well in excess of the SaaS industry's Rule of 40 benchmark. In Q1, we achieved a Rule of 78 on a non-GAAP operating income basis, and when calculated on a free cash flow basis, a Rule of 93.

在過去 10 個季度中，有 8 個季度我們的自由現金流利潤率都達到了 30% 或更高。我們強大的成長、獲利能力和現金流組合體現在我們持續遠遠超出 SaaS 產業 40 規則基準的表現。在第一季度，我們以非公認會計準則營業收入計算實現了 78 規則，以自由現金流量計算實現了 93 規則。

Given our market opportunity, platform, subscription business model and high unit economics, we believe we have the ability to continue to grow at scale, generate cash and invest in initiatives that will further widen the gap between CrowdStrike and the competition, especially at a time when companies are forced to reduce their spending and hiring plans.

鑑於我們的市場機會、平台、訂閱業務模式和高單位經濟效益，我們相信我們有能力繼續大規模增長、產生現金並投資於進一步擴大 CrowdStrike 與競爭對手之間差距的計劃，尤其是在公司被迫削減支出和招聘計劃的時候。

I'd like to thank those of you who joined our investor briefing in April, where we showcased the simplicity and the power of the Falcon platform. We also demonstrated how our differentiated single-agent architecture that does not require reboot, enables a frictionless go-to-market motion with an e-commerce engine. We believe this is unique to CrowdStrike and translates to increased module adoption, deal sizes, ARR growth and sales efficiency. And in Q1, we saw the flywheel effect and strong differentiation of the Falcon platform in motion.

我要感謝那些參加我們四月投資者簡報會的人，我們在會議上展示了 Falcon 平台的簡單性和強大功能。我們也展示瞭如何透過無需重新啟動的差異化單代理架構，利用電子商務引擎實現無摩擦的上市動作。我們相信這是 CrowdStrike 獨有的，可以轉化為模組採用率、交易規模、ARR 成長和銷售效率的提高。在第一季度，我們看到了 Falcon 平台的飛輪效應和強大的差異化。

The demand environment we see is more robust today than this time last year as cybersecurity is not discretionary. Additionally, the competitive environment has remained favorable to CrowdStrike. Our growing leadership in the market is reflected in IDC's most recent report where CrowdStrike leapfrogged to the #1 position amongst all vendors in the 2021 market share for worldwide corporate endpoint security and once again took the top spot in modern endpoint security.

由於網路安全不是可自由支配的，我們看到今天的需求環境比去年同期更加強勁。此外，競爭環境對 CrowdStrike 仍然有利。 IDC 的最新報告反映了我們在市場上日益增長的領導地位，該報告顯示，CrowdStrike 在 2021 年全球企業端點安全市場份額的所有供應商中躍居第一，並再次在現代端點安全領域佔據榜首。

In Q1, we executed well across all market segments with over 1,600 subscription customers of all sizes choosing CrowdStrike for the fourth consecutive quarter. This brings the total number of customers that rely on Falcon to protect their business to 17,945, a 57% increase year-over-year. The first quarter was a record quarter for our e-commerce engine. Late in Q4, we significantly expanded our trial program, increasing the number of modules available for trial to 12, up from just 4 modules in the prior quarter.

在第一季度，我們在所有細分市場都表現良好，連續第四個季度有超過 1,600 個各種規模的訂閱客戶選擇了 CrowdStrike。這使得依賴 Falcon 保護其業務的客戶總數達到 17,945 人，年增 57%。第一季是我們電子商務引擎創紀錄的一個季度。在第四季末，我們大幅擴展了試用計劃，可供試用的模組數量從上一季的 4 個模組增加到 12 個。

The expanded trial program provides an even larger foundation to drive velocity through our e-commerce engine and makes it even easier for companies to trial and purchase more modules on the Falcon platform, and we are very pleased with the record performance in Q1. Our ability to rapidly innovate on the Falcon platform and solve a growing number of security imperatives for our customers with a single-agent platform provides CrowdStrike strong differentiation, wide competitive moat and multiple growth engines in both our core and expansion markets.

擴展的試用計劃為透過我們的電子商務引擎提高速度提供了更大的基礎，並使公司更容易在 Falcon 平台上試用和購買更多模組，我們對第一季的創紀錄表現感到非常滿意。我們能夠在 Falcon 平台上快速創新，並透過單代理平台為客戶解決越來越多的安全問題，這為 CrowdStrike 提供了強大的差異化、廣泛的競爭優勢以及核心市場和擴展市場的多種成長引擎。

Our frictionless adoption motion drives larger deal sizes among both large and small customers over time and has translated to increasing module adoption metrics quarter-after-quarter. In Q1, subscription customers with 4 or more, 5 or more and 6 or more modules increased to 71%, 59% and 35%, respectively. Given subscription customers with 4 or more modules surpassed the 70% milestone and is now commonplace, we are retiring this disclosure and raising the bar by introducing a new metric customers with 7 or more modules, which reached 19% at the end of Q1. We are pleased with our strong module performance across the Falcon platform in both our core and expansion markets.

我們的無摩擦採用運動隨著時間的推移推動了大客戶和小客戶之間的交易規模不斷擴大，並轉化為逐季度提高模組採用指標。第一季度，擁有4個以上、5個以上和6個以上模組的訂閱客戶分別增加到71%、59%和35%。鑑於擁有 4 個或更多模組的訂閱客戶已超過 70% 的里程碑並且現已司空見慣，我們將停止此披露並通過引入新指標“擁有 7 個或更多模組的客戶”來提高標準，該指標在第一季度末已達到 19%。我們對 Falcon 平台在核心市場和擴展市場上的強大模組效能感到非常滿意。

I'd like to highlight a few standouts in Q1. First is Falcon Complete, our industry-leading full turnkey managed detection and response offering that uniquely blends technology and services to stop breaches for customers of all sizes. Q1 was a record-breaking quarter for Falcon Complete with net new ARR reaching an all-time high. Falcon Complete has continued to gain momentum in the market as companies look to address the growing cybersecurity imperative and contend with the cybersecurity skills gap.

我想強調第一季的幾個突出特點。首先是 Falcon Complete，這是我們業界領先的全交鑰匙託管偵測和回應產品，它獨特地融合了技術和服務，可以阻止各種規模客戶的違規行為。第一季是 Falcon Complete 創紀錄的一個季度，淨新 ARR 創下歷史新高。隨著企業尋求解決日益增長的網路安全需求並彌補網路安全技能差距，Falcon Complete 在市場上繼續獲得發展勢頭。

By leveraging the advanced automation in the platform, Falcon Complete offers customers and partners a way to quickly and cost effectively scale, fortify their cyber defenses with gold standard expertise and technology. We believe our massive success with Falcon Complete is a testament to the increasing trust customers place in CrowdStrike every day.

透過利用平台中的先進自動化技術，Falcon Complete 為客戶和合作夥伴提供了一種快速且經濟高效地擴展規模的方法，並透過黃金標準的專業知識和技術加強他們的網路防禦。我們相信，Falcon Complete 的巨大成功證明了客戶對 CrowdStrike 的信任日益增強。

As one of our largest customers recently posted on LinkedIn, "CrowdStrike's Complete team allows our team to focus on the bigger picture without sacrificing the quality and detail of Tier 1 response."

正如我們最大的客戶之一最近在 LinkedIn 上發布的一樣，“CrowdStrike 的完整團隊讓我們的團隊能夠專注於更大的局面，同時又不會犧牲一級響應的品質和細節。”

Our growing leadership in the MDR market is also recognized by market research firms. In Gartner's recent Market Share Managed Security Services Worldwide 2021 report, CrowdStrike was ranked #1 by market share. As we have added modules to the Falcon platform, we have introduced new complete offerings that extend beyond core endpoint, including a complete for Cloud Workload Protection and Complete for Identity Protection. This ability to create new extended offerings within the Complete product line generates new multidimensional avenues to drive ARR growth.

我們在 MDR 市場日益增強的領導地位也得到了市場研究公司的認可。在 Gartner 最近發布的《2021 年全球託管安全服務市場份額報告》中，CrowdStrike 按市佔率排名第一。隨著我們為 Falcon 平台添加模組，我們推出了超越核心端點的全新完整產品，包括完整的雲端工作負載保護和完整的身份保護。這種在完整產品線內創建新擴展產品的能力產生了新的多維途徑來推動 ARR 成長。

Moving to the public cloud. Building on top of a strong Q4, the first quarter was a record quarter with ending ARR growth for public cloud deployments accelerating quarter-over-quarter. As organizations are moving more workloads to the cloud, the adversaries are quickly following, and traditional security tools are not enough to keep pace with the ever-changing nature of cloud environments.

遷移至公有雲。在第四季度強勁表現的基礎上，第一季創下了紀錄，公共雲部署的期末 ARR 成長逐季加快。隨著組織將更多的工作負載轉移到雲端，對手也迅速跟進，而傳統的安全工具不足以跟上雲端環境不斷變化的特性。

CrowdStrike's cloud capabilities stand alone in the market by delivering agent-based and agentless solutions delivered natively from the Falcon platform in a single user interface with a shared data back end in Threat Graph. The combination of agent-based and agentless capabilities in the cloud enables pre-runtime and runtime protection whereas agentless-only solutions can only offer partial visibility and lack remediation capabilities.

CrowdStrike 的雲端功能在市場上獨樹一幟，它透過單一使用者介面提供由 Falcon 平台原生交付的基於代理和無代理的解決方案，並在 Threat Graph 中提供共享資料後端。雲端中基於代理和無代理功能的結合實現了運行時前和運行時保護，而僅無代理的解決方案只能提供部分可見性並且缺乏補救功能。

Additionally, the (inaudible) of the public cloud put an even higher emphasis on the importance of a lightweight agent. The time we took at the inception of CrowdStrike to design the agent with the lightest footprint amongst all competitors and that doesn't require a reboot makes our agent perfectly suited for cloud deployments.

此外，公有雲的（聽不清楚）更強調輕量級代理的重要性。在 CrowdStrike 成立之初，我們花了大量時間設計出所有競爭對手中佔用空間最小的代理，並且不需要重新啟動，這使得我們的代理非常適合雲端部署。

One of our marquee wins this quarter was a global financial software company that was looking to protect its private cloud and growing public cloud environment. In this cloud win, CrowdStrike was chosen over the competition given Falcon's unified interface across public, hybrid and multi-cloud assets, ease-of-use, superior performance and speed of detections.

本季我們最大的勝利之一是一家全球金融軟體公司，該公司正在尋求保護其私有雲和不斷增長的公有雲環境。在這場雲端運算勝利中，CrowdStrike 憑藉 Falcon 跨公有、混合和多雲資產的統一介面、易用性、卓越的效能和偵測速度而在競爭中脫穎而出。

In the quarter, we introduced new Cloud Native Application Protection Platform or CNAPP capabilities to accelerate threat hunting for cloud environments and workloads and reduce the meantime to respond. The new capabilities we announced provide the visibility, automation and cloud hygiene necessary to defend against today's adversaries.

本季度，我們推出了新的雲端原生應用程式保護平台或 CNAPP 功能，以加速對雲端環境和工作負載的威脅搜尋並減少回應時間。我們宣布的新功能提供了防禦當今對手所必需的可見性、自動化和雲端衛生。

Identity Protection is another emerging area where we are seeing growing success in the market with the number of customers subscribing to these modules growing more than 30% quarter-over-quarter. Our Identity Protection solution is a game changer in the fight against ransomware and preventing lateral movement. This was demonstrated in the recent MITRE prevention evaluation in which Falcon achieved 100% prevention and our Identity Protection module stopped the would-be attacker before it could even gain access to the target environment, redefining what it means to stop the breach.

身分保護是另一個新興領域，我們看到該領域在市場上取得了越來越大的成功，訂購這些模組的客戶數量環比增長超過 30%。我們的身分保護解決方案在打擊勒索軟體和防止橫向移動方面具有重大變更。這在最近的 MITRE 預防評估中得到了證明，其中 Falcon 實現了 100% 的預防，我們的身分保護模組在潛在攻擊者能夠訪問目標環境之前就將其阻止，重新定義了阻止入侵的含義。

In terms of opportunity, we see many similarities between this new emerging market and the EDR market at its inception, with customers not knowing how much they need it until they saw it in action. To demonstrate this point, I'd like to share feedback I personally receive via text from a long-standing Falcon customer. "We are doing our POC of identity protection, and it alerted us that all members of domain users errantly had permissions to reset the machine for one of our domain controllers. We fixed it immediately and identified the root cause. We never would have found this in 1 million years, and it could have been used to do great harm. We really are in love with this product. Thanks to you and the team for building these amazing tools for us."

在機會方面，我們發現這個新興市場與 EDR 市場初期有許多相似之處，客戶直到看到它的實際應用才知道自己有多需要它。為了證明這一點，我想分享我親自從一位長期的 Falcon 客戶那裡透過簡訊收到的回饋。我們正在進行身分保護的概念驗證 (POC)，它提醒我們，所有網域使用者都錯誤地擁有了重置我們其中一個網域控制站的權限。我們立即修復了這個問題，並找到了根本原因。我們永遠找不到這個問題，它可能會被用來造成巨大的傷害。我們真的非常喜歡這款產品。感謝您和您的團隊為我們打造了這些出色的工具。

And on the Humio front, we are seeing increasing momentum in the log management space with customers. Additionally, our resellers, MSSPs and technology partners are excited about building their businesses with Humio. With the recent sales enablement and quota assignment for the global CrowdStrike sales team, our pipeline of log management opportunity rapidly growing. Specifically in Q1, we secured wins with new and existing CrowdStrike customers, including a Fortune 100 industrial company, a Fortune 500 materials manufacturer and a large health services provider.

在 Humio 方面，我們看到客戶在日誌管理領域的發展勢頭日益增強。此外，我們的經銷商、MSSP 和技術合作夥伴都很高興與 Humio 合作開展業務。隨著最近為全球 CrowdStrike 銷售團隊提供的銷售支援和配額分配，我們的日誌管理機會管道迅速成長。具體來說，在第一季度，我們贏得了新的和現有的 CrowdStrike 客戶，其中包括一家財富 100 強工業公司、一家財富 500 強材料製造商和一家大型醫療服務提供商。

Moving to the market dynamics and threat environment. We continue to see powerful tailwinds fueling our market, and we do not currently see any indication that these trends will abate anytime soon. These tailwinds include a rapidly expanding attack surface and digital supply chains as organizations embrace digital transformation and move more workloads to the cloud, the cybersecurity skills gap in a heightened threat environment.

轉向市場動態和威脅環境。我們繼續看到強勁的順風推動著我們的市場，我們目前沒有看到任何跡象表明這些趨勢會在短期內減弱。隨著企業接受數位轉型並將更多工作負載轉移到雲端，這些順風因素包括快速擴大的攻擊面和數位供應鏈，以及在威脅加劇的環境中網路安全技能的差距。

We remain in a shields-up threat environment with adversaries rapidly evolving their tactics. Ransomware is no longer enough for advanced e-criminals. They are now weaponizing the data they extract by periodically leaking it to the public in an effort to extort their victims and drive even higher paydays.

我們仍然處於一個充滿威脅的環境中，對手的策略正在迅速演變。對於高階電子犯罪者來說，勒索軟體已經不夠了。他們現在將所提取的數據作為武器，定期向公眾洩露，以勒索受害者並獲取更高的報酬。

Over the past few months, I spent significant time traveling to meet with customers, prospects, partners and fellow CrowdStrikers. I found it energizing and inspiring to resume in-person engagement, and I would like to share with you a few recurring themes from my conversations.

在過去的幾個月裡，我花了大量時間去見客戶、潛在客戶、合作夥伴和 CrowdStrikers 同事。我發現恢復面對面的交流令人精力充沛、深受啟發，我想與大家分享我在談話中反覆出現的幾個主題。

First, cybersecurity is an essential technology that underpins modern business, and we see this growing as regulators sharpen their lens on cybersecurity requirements. As a result, cybersecurity is a growing priority, words of directors and initiatives to fortify an organization security posture and reduce enterprise risk are being discussed, evaluated and funded at the highest levels.

首先，網路安全是支撐現代商業的重要技術，隨著監管機構對網路安全要求的關注度不斷提高，我們看到這項技術正在不斷發展。因此，網路安全日益成為優先事項，最高層正在討論、評估和資助董事的言論和加強組織安全態勢和降低企業風險的措施。

Second, in order to cope with the skills gap, organizations are looking for technologies that help them achieve more with fewer human resources. CIOs and CISOs are looking for a true platform that delivers on the promise to consolidate agents, reduce complexity, simplify operations and reduce operational costs. This includes replacing legacy log management and SIEM products, and that is why they are so excited about Falcon XDR.

其次，為了彌補技能差距，組織正在尋找能夠幫助他們用更少的人力資源取得更多成果的技術。 CIO 和 CISO 正在尋找一個真正的平台，以實現整合代理商、降低複雜性、簡化營運和降低營運成本的承諾。這包括替換傳統的日誌管理和 SIEM 產品，這就是他們對 Falcon XDR 如此興奮的原因。

And that brings me to my third point, trust. I heard directly from Boards, CIOs and CISOs that when it comes to cybersecurity, the importance of trust increasingly eclipses price during the buying decision. In fact, we saw this exact dynamic and a key win with a leading-edge tech innovator and S&P 500-listed company where we were competing against Microsoft. Even though this new customer is a Microsoft-first shop, we were told that the buying decision, which the Board of Directors was actively involved in, ultimately came down to who they trusted to protect them from their worst day.

這就引出了我的第三點：信任。我直接從董事會、資訊長和資訊安全長那裡聽說，當談到網路安全時，信任在購買決策中的重要性越來越超過價格。事實上，我們在與微軟的競爭中看到了這種確切的動態和關鍵的勝利，我們是一家領先的技術創新者和標準普爾 500 指數上市公司。儘管這個新客戶是微軟優先的商店，但我們被告知，董事會積極參與的購買決策最終取決於他們信任誰來保護他們免受最糟糕的日子。

Before I hand it over to Burt, I will share one more recent new subscription customer win where the incumbent vendor fell short of expectations. This global business process service provider based in Europe was struggling with their Microsoft deployment as complexity and misconfiguration pitfalls were hampering their efforts to protect their heterogeneous environment.

在將其交給伯特之前，我將分享最近贏得的新訂閱客戶案例，其中現任供應商未能達到預期。這家位於歐洲的全球業務流程服務供應商在部署 Microsoft 時遇到了困難，因為複雜性和錯誤配置陷阱阻礙了他們保護異質環境的努力。

After months of continuous issues, they fell victim to a breach and turned to CrowdStrike for incident response and endpoint recovery services. During the remediation process, this customer was able to experience firsthand the value of trusted expertise and the ease and speed of deploying Falcon across their environment. This led them to adopt Falcon Complete, which was fully up and running only 24 hours after the expanded engagement was completed. Falcon Complete is highly differentiated in the market as competing offerings only notify the customer of a problem, whereas Falcon Complete with Fusion no-code security automation will proactively remediate any issues.

經過數月的持續問題，他們成為了違規行為的受害者，並向 CrowdStrike 尋求事件回應和端點復原服務。在補救過程中，該客戶能夠親身體驗值得信賴的專業知識的價值以及在其環境中部署 Falcon 的便利性和速度。這促使他們採用了 Falcon Complete，該產品在擴展合作完成後僅 24 小時就全面啟動並運行。 Falcon Complete 在市場上具有高度差異化，因為競爭產品只會通知客戶問題，而採用 Fusion 無程式碼安全自動化的 Falcon Complete 將主動修復任何問題。

In closing, I would like to thank each and every CrowdStriker for your passionate focus on making CrowdStrike the trusted cybersecurity company. With that, I will turn the call over to Burt to discuss our financial results in more detail.

最後，我要感謝每一位 CrowdStriker，感謝你們的熱情，致力於將 CrowdStrike 打造為值得信賴的網路安全公司。說完這些，我將把電話轉給伯特，讓他更詳細地討論我們的財務表現。

Thank you, George, and good afternoon, everyone. As a quick reminder, unless otherwise noted, all numbers except revenue mentioned during my remarks today are non-GAAP.

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

Moving to our results. We delivered another outstanding quarter with strength in multiple areas of the business and superb execution by the CrowdStrike team translating to rapid growth at an increased scale, record non-GAAP profitability and record cash generation.

轉向我們的結果。我們又度過了一個出色的季度，憑藉業務多個領域的強勁表現和 CrowdStrike 團隊的出色執行，實現了規模的快速增長、創紀錄的非 GAAP 盈利能力和創紀錄的現金產生。

In the first quarter, we continued to maintain very high unit economics, drive leverage and remain very capital efficient even as we aggressively invest in the business, innovate on the Falcon platform, expand into new markets and grow the CrowdStrike team.

在第一季度，即使我們積極投資業務、在 Falcon 平台上進行創新、拓展新市場並壯大 CrowdStrike 團隊，我們仍繼續保持非常高的單位經濟效益、推動槓桿率並保持非常高的資本效率。

Demand in the quarter was broad-based and fueled by strength in multiple areas of the business. These included continued strong customer adoption of our core products, growing success with our emerging product category and cloud modules, strong retention and expansion within our customer base and continued rapid new customer acquisition.

本季的需求基礎廣泛，並受到業務多個領域強勁成長的推動。這些包括客戶繼續大力採用我們的核心產品、新興產品類別和雲端模組取得越來越大的成功、客戶群的強勁保留和擴張以及新客戶的持續快速獲取。

Net new ARR grew 32% to reach $190.5 million. Our exceptional Q1 net new ARR performance was ahead of our expectations and follows our unprecedented Q4 highlighting our continued strong momentum in the market. Additionally, the composition of net new ARR in Q1 was very well balanced across deal size with no outsized contribution from any one deal.

淨新 ARR 成長 32%，達到 1.905 億美元。我們出色的第一季淨新 ARR 業績超出了我們的預期，並且延續了我們前所未有的第四季度業績，凸顯了我們在市場上持續強勁的發展勢頭。此外，第一季淨新 ARR 的組成在交易規模上非常均衡，沒有任何一筆交易的貢獻過大。

Our dollar-based net retention rate was once again above our benchmark, and gross retention reached a new all-time high. Our consistently high gross retention rate reflects our strong commitment to stopping the breach, delivering value to customers and restoring trust to the security posture of companies worldwide.

我們的美元淨留存率再次高於基準，總留存率創下歷史新高。我們持續的高總留存率反映了我們堅定致力於阻止違規行為、為客戶提供價值並恢復對全球公司安全態勢的信任。

As George mentioned, we are also seeing more customers standardizing on the Falcon platform and adopting more modules. We believe these trends will create an enduring business opportunity for the years to come.

正如喬治所提到的，我們也看到越來越多的客戶在 Falcon 平台上標準化並採用更多模組。我們相信這些趨勢將為未來幾年創造持久的商機。

Moving to the P&L. Total revenue grew 61% over Q1 of last year to reach $487.8 million. Subscription revenue grew 64% over Q1 of last year to reach $459.8 million. Professional services revenue was $28.0 million, setting a new record for the seventh consecutive quarter and representing 30% year-over-year growth.

轉到損益表。總營收比去年第一季成長 61%，達到 4.878 億美元。訂閱收入比去年第一季成長 64%，達到 4.598 億美元。專業服務收入為 2,800 萬美元，連續第七個季度創下新高，年增 30%。

In terms of our geographic performance in Q1, we continue to see strong growth in the U.S. at 57%, and international revenue growth accelerated to 71% year-over-year.

從第一季的地區表現來看，美國市場持續保持強勁成長，增幅達 57%，國際營收增幅則加速至 71%。

First quarter total and subscription non-GAAP gross margins remained relatively consistent at 77% and 79%, respectively. As we continue to invest for growing demand, we are pleased with our strong subscription gross margin performance, which remains within our target model range. As planned, we invested aggressively in our business during the quarter, including increasing investments in new technologies, international geographies and marketing programs.

第一季總和訂閱非 GAAP 毛利率保持相對穩定，分別為 77% 和 79%。隨著我們繼續投資以滿足不斷增長的需求，我們對強勁的訂閱毛利率表現感到滿意，這仍然在我們的目標模型範圍內。按照計劃，我們在本季大力投資業務，包括增加對新技術、國際地區和行銷計劃的投資。

We are also executing our 2023 hiring plan and pleased to report that we added a record number of net new hires during the quarter. We believe the investments we are making today will lead to sustained growth over the long term and maintain our position as a trusted security partner of choice. Given our strong top line, disciplined approach to investing and efficient sales motion, we were able to make these investments also driving increased leverage and profit.

我們也正在執行 2023 年的招募計劃，並很高興地報告，我們在本季度增加了創紀錄數量的淨新員工。我們相信，我們今天所做的投資將帶來長期的持續成長，並保持我們作為值得信賴的首選安全合作夥伴的地位。鑑於我們強勁的營收、嚴謹的投資方式和高效的銷售動力，我們能夠進行這些投資，同時提高槓桿率和利潤。

Total non-GAAP operating expenses in the first quarter were approximately $291.0 million or 60% of revenue versus $202.9 million last year or 67% of revenue. In Q1, our magic number increased to 1.4, reflecting the efficiency of our go-to-market engine and our ability to rapidly onboard and support customers of all sizes. We have put as much thought into our go-to-market as we have into our technology, creating a new paradigm for enterprise cybersecurity sales.

第一季非公認會計準則總營運費用約為 2.91 億美元，佔營收的 60%，去年同期為 2.029 億美元，佔營收的 67%。在第一季度，我們的神奇數字增加到 1.4，反映了我們的市場進入引擎的效率以及我們快速接納和支援各種規模客戶的能力。我們對行銷的思考與對科技的思考一樣多，為企業網路安全銷售創造了新的典範。

The Falcon platform was designed from the start to foster module adoption. And on top of that, we built an e-commerce engine that would not have been possible to achieve without the architectural choices made in CrowdStrike's early days. We also have a thriving partner ecosystem, which includes MSSPs that is contributing to our ability to efficiently scale our business.

Falcon 平台從一開始就被設計為促進模組的採用。除此之外，我們也建構了一個電子商務引擎，如果沒有 CrowdStrike 早期做出的架構選擇，這個引擎是不可能實現的。我們還擁有蓬勃發展的合作夥伴生態系統，其中包括有助於我們有效擴展業務的 MSSP。

First quarter non-GAAP operating income more than doubled, growing 179% year-over-year to reach a record $83.0 million, and operating margin improved by over 7 percentage points year-over-year to reach 17%.

第一季非公認會計準則營業收入成長一倍以上，年增 179%，達到創紀錄的 8,300 萬美元，營業利潤率年增超過 7 個百分點，達到 17%。

Non-GAAP net income attributable to CrowdStrike in Q1 also more than tripled, growing to a record $74.8 million or $0.31 on a diluted per share basis. Our weighted average common share is used to calculate first quarter non-GAAP EPS attributable to CrowdStrike was on a diluted basis and totaled approximately 239 million shares.

第一季歸屬於 CrowdStrike 的非 GAAP 淨收入也成長了兩倍多，達到創紀錄的 7,480 萬美元或每股攤薄收益 0.31 美元。我們的加權平均普通股用於計算第一季歸屬於 CrowdStrike 的非 GAAP 每股盈餘，以稀釋後計算，總計約 2.39 億股。

We ended the first quarter with a strong balance sheet. Cash and cash equivalents increased to approximately $2.15 billion. Cash flow from operations grew 46% year-over-year to a record $215.0 million. Free cash flow grew 34% year-over-year to a new record of $157.5 million or 32% of revenue and reflects our planned increased capital investments, which more than doubled year-over-year. Given the current geopolitical environment and growing regulatory requirements, such as GDPR, CISA reporting mandates and the forthcoming SEC cybersecurity disclosure requirements, we believe the essential nature of our offerings is increasing.

我們以強勁的資產負債表結束了第一季。現金和現金等價物增加至約 21.5 億美元。經營現金流年增46%，達到創紀錄的2.15億美元。自由現金流年增 34%，達到 1.575 億美元的新高，佔收入的 32%，這反映了我們計劃增加的資本投資，比去年同期增長一倍以上。鑑於當前的地緣政治環境和不斷增長的監管要求，例如 GDPR、CISA 報告要求和即將出台的 SEC 網路安全揭露要求，我們相信我們提供的產品的重要性質正在不斷提高。

This, along with our corporate customer base, our efficient sales motion, our high gross retention rates, and our SaaS model that includes subscription contracts and multiyear customer relationships will provide consistent cash flow performance. Further, we believe these factors will provide resiliency in any type of environment as we build a durable cash generator for today and years to come.

這一點，加上我們的企業客戶群、高效的銷售動態、高毛留存率以及包括訂閱合約和多年客戶關係在內的 SaaS 模式，將提供持續的現金流表現。此外，我們相信，這些因素將在我們為當前和未來幾年打造持久的現金產生器的過程中，為任何類型的環境提供彈性。

Before moving to guidance, I would like to cover a few modeling notes. While we do not specifically guide to net new ARR, we would like to provide a framework for how we view lease and seasonality trends. Similar to last year, we delivered an exceptional Q1 with significantly muted Q4 to Q1 net new ARR seasonality when normalizing for the 2 accounts that contributed approximately 8 figures each to our unprecedented Q4 results. As a result, looking to Q2, we expect to see seasonality off of Q1 to be similar to last fiscal year.

在開始指導之前，我想先介紹一些建模注意事項。雖然我們沒有專門指導淨新 ARR，但我們希望提供一個框架來說明我們如何看待租賃和季節性趨勢。與去年類似，我們在第一季度取得了出色的成績，當我們將為我們前所未有的第四季度業績分別貢獻約 8 位數的兩個帳戶正常化時，第四季度與第一季度淨新 ARR 的季節性影響明顯減弱。因此，展望第二季度，我們預計第一季的季節性將與上一財年相似。

Next is on operating leverage. Given our strong Q1 performance and as reflected in our increased guidance, which reflects 56% to 62% year-over-year growth in operating income, we expect to see the year-over-year operating margin leverage for the year materialize in the first half of fiscal 2023. This is primarily driven by our commitment to continue investing aggressively in our massive opportunity and leverage our unique leadership position in the market, current demand and increased unit economics.

接下來是經營槓桿。鑑於我們第一季的強勁表現以及我們上調的業績指引（反映出營業收入年增 56% 至 62%），我們預計全年營業利潤率的同比增長將在 2023 財年上半年實現。這主要歸功於我們致力於繼續積極投資於我們的巨大機遇，並利用我們在市場上的獨特領導地位、當前需求和增加的單位經濟效益。

Lastly, I will touch on cash flow. As a reminder, given the timing of expenses, seasonality of new hires and the midyear ESPP purchase, the second quarter is generally our lowest cash flow generation quarter of the year.

最後，我將談談現金流。提醒一下，考慮到費用的時間、新員工的季節性以及年中 ESPP 購買，第二季通常是我們一年中現金流產生最低的季度。

Moving to our guidance. We continue to remain optimistic about the demand for our offerings, record pipeline and our ability to execute on the powerful secular trends fueling our markets, and as a result, we are raising our guidance for fiscal 2023.

轉向我們的指導。我們繼續對我們的產品的需求、創紀錄的管道以及我們執行推動市場強勁長期趨勢的能力保持樂觀，因此，我們提高了 2023 財年的指導。

For the second quarter of FY '23, we expect total revenue to be in the range of $512.7 million to $516.8 million, reflecting a year-over-year growth rate of 52% to 53% with subscription revenue being the dominant driver of growth. We expect non-GAAP income from operations to be in the range of $70.4 million to $73.3 million, and non-GAAP net income attributable to CrowdStrike to be in the range of $64.9 million to $67.9 million. We expect diluted non-GAAP net income per share attributable to CrowdStrike to be in the range of $0.27 to $0.28 utilizing a weighted average share count of 240 million shares on a diluted basis.

對於 23 財年第二季度，我們預計總營收將在 5.127 億美元至 5.168 億美元之間，年增 52% 至 53%，其中訂閱收入是成長的主要動力。我們預計非公認會計準則營業收入將在 7,040 萬美元至 7,330 萬美元之間，歸屬於 CrowdStrike 的非公認會計準則淨收入將在 6,490 萬美元至 6,790 萬美元之間。我們預計，以稀釋後加權平均股數 2.4 億股計算，歸屬於 CrowdStrike 的每股稀釋非 GAAP 淨收益將在 0.27 美元至 0.28 美元之間。

For the full fiscal year 2023, we currently expect total revenue to be in the range of $2,190.5 million to $2,205.8 million, reflecting a growth rate of 51% to 52% over the prior fiscal year. Non-GAAP income from operations is expected to be between $306.5 million and $317.8 million. We expect fiscal 2023 non-GAAP net income attributable to CrowdStrike to be between $283.3 million and $294.6 million. Utilizing 241 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 $1.18 to $1.22.

對於 2023 財年全年，我們目前預計總營收將在 21.905 億美元至 22.058 億美元之間，比上一財年增長 51% 至 52%。非公認會計準則營業收入預計在 3.065 億美元至 3.178 億美元之間。我們預計 2023 財年歸屬於 CrowdStrike 的非 GAAP 淨收入將在 2.833 億美元至 2.946 億美元之間。以稀釋後 2.41 億股加權平均股計算，我們預期 CrowdStrike 的非 GAAP 每股淨收益將在 1.18 美元至 1.22 美元之間。

And George and I will now take your questions.

現在喬治和我將回答你們的問題。

(Operator Instructions) Your first question is from Saket Kalia with Barclays.

（操作員指示）您的第一個問題來自巴克萊銀行的 Saket Kalia。

Okay. Great. George, maybe I'll direct this one to you. A lot of fun stuff to talk about from a product perspective. But maybe we could zero in on one, specifically Humio. The question is, what are you seeing from customers on their willingness to explore alternatives to SIEM. And how do you think Humio is positioned there to disrupt?

好的。偉大的。喬治，也許我可以把這個交給你。從產品角度來說有很多有趣的東西可以談論。但也許我們可以集中精力於其中之一，特別是 Humio。問題是，您從客戶身上看到了他們探索 SIEM 替代方案的意願。您認為 Humio 的定位是什麼？

Saket, it's a great question. When we talk to customers, particularly legacy SIEM customers, there's absolutely an appetite to explore something that's different, modern, more scalable and more cost effective. And again, we've been big fans of Humio. We continue to get the technology integrated and expand its capabilities.

Saket，這是一個很好的問題。當我們與客戶，特別是傳統 SIEM 客戶交談時，他們絕對渴望探索一些與眾不同、更現代化、更具可擴展性和更具成本效益的東西。再說一次，我們一直是 Humio 的忠實粉絲。我們將繼續整合該技術並擴展其功能。

And when you think about Humio, you also have to think about Falcon XDR, right, in terms of its ability to ultimately subsume SIEM. And I think XDR, in general, will do that from a category perspective.

當您考慮 Humio 時，您還必須考慮 Falcon XDR，就其最終吸收 SIEM 的能力而言。我認為從類別角度來看，XDR 總體上會做到這一點。

So it's still in the early days, but we're excited about the customer interest, what they want, the expansions that we've done in the quarter, the ability to actually consume, not only security data but observability data. And we'll continue to iterate the product and get it out through the sales force. So overall, very excited about it.

所以現在還處於早期階段，但我們對客戶的興趣、他們的需求、我們在本季度所做的擴展以及實際使用的能力（不僅是安全數據，還有可觀察性數據）感到興奮。我們將繼續迭代產品並透過銷售團隊將其推廣出去。總的來說，我對此感到非常興奮。

Your next question comes from Andrew Nowinski with Wells Fargo.

您的下一個問題來自富國銀行的安德魯諾溫斯基。

Congrats on a great quarter. I had a similar question to the last one. So you talked a lot on the call about Falcon Complete, Preempt and Humio. And I would imagine Spotlight was also fairly strong given Log4j this quarter. But I was wondering if you could maybe just rank order your top 3 modules that you think will drive or have the most impact on your growth in this fiscal year?

恭喜本季取得優異成績。我有一個與上一個類似的問題。所以你在電話中談了很多關於 Falcon Complete、Preempt 和 Humio 的事情。而且我認為，考慮到本季的 Log4j，Spotlight 的表現也相當強勁。但我想知道您是否可以對您認為將推動或對本財年的成長產生最大影響的前 3 個模組進行排序？

Andy, great to hear your voice. So as we talked about on our April 7 webinar, we went through the module growth dynamics. And we highlighted some of our products like Complete, which has been very, very successful for us. Then we talked about Spotlight, and we talked about Identity Threat Detection, Horizon, Cloud Workload Protection. These are just some of the hyper-growth modules that we highlighted in the webinar. And that really means year-over-year growth rates are significantly higher than the overall customer growth. And so we're excited about those.

安迪，很高興聽到你的聲音。正如我們在 4 月 7 日的網路研討會上所討論的那樣，我們討論了模組成長動態。我們重點介紹了一些產品，例如 Complete，它對我們來說非常非常成功。然後我們討論了 Spotlight，討論了身分威脅偵測、Horizo​​n、雲端工作負載保護。這些只是我們在網路研討會上重點介紹的一些超增長模組。這確實意味著同比成長率明顯高於整體客戶成長率。因此我們對此感到興奮。

And your next question comes from Brian Essex with Goldman Sachs.

您的下一個問題來自高盛的布萊恩·艾塞克斯。

Congrats from me as well on the results. Yes. I guess I want to dig in a little bit too. It looks like international growth pretty strong in the quarter. And given it's an area of focused investment, just wondering if you could peel that back a little bit and help us understand what are some of the key drivers there, how sustainable they are? And specifically, any color into what geos were the strongest for you?

我也對所取得的成果表示祝賀。是的。我想我也想深入挖掘一下。本季國際成長看起來相當強勁。鑑於這是一個重點投資領域，您是否可以稍微詳細說明一下，幫助我們了解其中的一些關鍵驅動因素以及它們的可持續性？具體來說，對於您來說，哪種顏色最適合哪種地理位置？

Brian, it's George. When we look at our capabilities outside North America, again, we spend a lot of time building out the sales channels, building out the partner network. And you see that multiplier effect through our partners now, which are really excited. And we continue to expand our sales capabilities there.

布萊恩，我是喬治。當我們審視我們在北美以外的能力時，我們再次花費大量時間來建立銷售管道和合作夥伴網路。現在您可以透過我們的合作夥伴看到這種乘數效應，他們真的非常興奮。我們將繼續擴大那裡的銷售能力。

So when you look at where we'd like to be in terms of increasing that revenue and the split between North America and rest of world, it was a great quarter for us. So I think Burt will probably add some other comments to it, but I think it's reflective of the fact that we've got a great offering and the strong demand in all geographies.

因此，當您考慮我們希望增加收入以及北美和世界其他地區的收入分配時，這對我們來說是一個很棒的季度。所以我認為伯特可能會補充一些其他評論，但我認為這反映了我們在所有地區都有很好的產品和強勁的需求。

Yes. It's a great question, and we're continually focused on investing in territories outside of the U.S. When we talk about aggressive investing or investing aggressively, we think about not only product lines, but we think about geos. And that's one area, certainly, that is a focus for us.

是的。這是一個很好的問題，我們一直專注於投資美國以外的地區。當我們談論積極投資或積極投資時，我們不僅考慮產品線，還考慮地理位置。這當然是我們關注的一個領域。

We also think about, ultimately, we'd love to see 50-50 in terms of the split at some point. And in order to do that, we need to continue to invest. The great thing about what we saw in the results is that for rest of world is that it's keeping pace to an incredible opportunity here in North America. And so when you can keep pace with America, you're doing really well. And in this quarter, we saw a slight uptick in terms of rest of world sales. So we're excited about where we're headed.

我們也考慮，最終我們希望在某個時候看到 50-50 的分成比例。為了做到這一點，我們需要繼續投資。我們從結果中看到的偉大之處在於，世界其他地區正在與北美保持同步，這是一個令人難以置信的機會。因此，當你能跟上美國的步伐時，你就做得很好了。本季度，我們看到世界其他地區的銷售額略有上升。因此，我們對於未來的發展方向感到十分興奮。

Our next question comes from Joel Fishbein with Truist.

我們的下一個問題來自 Truist 的 Joel Fishbein。

Great execution this quarter. George and/or Burt, you had a great new subscription customer growth this quarter. I'm just curious when these guys are landing, how many modules on average are they landing with these net new customers?

本季執行得很好。喬治和/或伯特，本季你們的新訂閱客戶成長強勁。我只是好奇，當這些人登陸時，他們平均為這些淨新客戶登陸了多少個模組？

Yes. So our bigger customers, those over $1 million, as we talked about on the webinar in April, we -- each of those customers has about 7 on average, just over 7 modules. In terms of landing new, we talked about in FY '22, it's 4.7. And that's up from 4.3 from the year before.

是的。因此，我們的大客戶，那些超過 100 萬美元的客戶，正如我們在 4 月份的網路研討會上所討論的那樣，每個客戶平均有大約 7 個模組，略多於 7 個。就我們談到的 22 財年新登陸數量而言，這一數字是 4.7。這一數字比前一年的 4.3 有所上升。

Your next question comes from Matt Hedberg with RBC Capital Markets.

您的下一個問題來自 RBC Capital Markets 的 Matt Hedberg。

Congrats from me on the results, guys, as well. George, I know this is not necessarily a strong U.S. Fed quarter. But I think I'll reflect back on your CISA win from last year as really a sort of a watershed type deal. Can you talk about how that rollout has been going? And how you think Federal plays out -- U.S. Fed plays out this year?

大家，我也對取得的成績表示祝賀。喬治，我知道這不一定是聯準會表現強勁的一個季度。但我認為，我會回顧您去年在 CISA 的勝利，這確實是一種分水嶺式的交易。能談談這次推廣的進度嗎？您認為聯準會今年的表現如何？

Yes. It's been going well. A key part of our strategy is because there's many agencies that can procure the product through the CISA contract, if you will. And the key area of focus is making sure that everyone is successful. It's a great rollout. And like any category, you want to have your reference accounts, and that's what we've been focused on. So it's tremendous interest. Folks understand our capabilities where we can help protect them, particularly in areas like identity. And they know it's a leading product in the industry.

是的。一切進展順利。我們的策略的關鍵部分是，因為有很多機構可以透過 CISA 合約採購產品。重點關注的領域是確保每個人都成功。這是一次很棒的展示。就像任何類別一樣，您希望擁有自己的參考帳戶，而這正是我們一直在關注的重點。因此這引起了極大的興趣。人們了解我們能夠如何幫助保護他們，特別是在身分識別等領域。他們知道這是業界領先的產品。

So we expect great things from Fed. And we also believe that, as I said before, 10 years in the making, we finally have these big contracts after we got the certifications that we needed. We think it's going to be a long runway in federal, and not only federal, but state local, and then you have federal type organizations that are around the world. So we think we're in a great spot there.

因此，我們對聯準會抱有很高的期望。而且我們也相信，正如我之前所說，經過 10 年的努力，在獲得所需的認證後，我們最終會獲得這些大合約。我們認為這將是一條漫長的道路，不僅在聯邦政府，而且在州和地方政府，然後還有遍布世界各地的聯邦類型的組織。因此我們認為我們處於一個很好的位置。

And your next question comes from Rob Owens with Piper Sandler.

您的下一個問題來自 Piper Sandler 的 Rob Owens。

I was wondering if you could address some of the competitive dynamics around cloud and when it represents a tip of the spear versus selling into the installed base, if we were looking at that net new ARR that cloud touches.

我想知道您是否可以談談雲端運算方面的一些競爭動態，以及當它代表先發製人而非向已安裝基礎銷售時，我們是否正在研究雲端運算所涉及的淨新 ARR。

Yes. So when you think about our cloud offerings, a couple of points that I highlighted in the call is that we have both agent and agentless, and that is the ability to actually gather cloud information at scale without an agent, understand the posture of what's happening, understand misconfigurations and go beyond what our competitors do is we actually look for active attacks with our indicator of attack technology applied to it. And then you combine that with our agent and our cloud workload protection. And that really is like the ultimate package. CNAPP, we talked about that in the call as well, and that has been well received.

是的。因此，當您考慮我們的雲端產品時，我在電話會議中強調的幾點是，我們同時擁有代理和無代理產品，即能夠在沒有代理的情況下大規模收集雲信息，了解正在發生的事情的態勢，了解錯誤配置，並超越我們的競爭對手所做的，我們實際上是在利用應用的攻擊技術指標來尋找主動攻擊。然後將其與我們的代理和雲端工作負載保護結合。這確實就像是終極套餐。 CNAPP，我們在電話會議中也談到了這一點，並且得到了好評。

And as we pointed out in the April investor call, we've had many lands in just cloud organizations, particularly in big financial services companies, land in the cloud and then actually be able to cross-sell it into the internal network. So overall, we continue to iterate very rapidly, got great capabilities there, and it's been really well received by our customers.

正如我們在四月份的投資者電話會議上指出的那樣，我們在雲端運算組織中擁有許多土地，特別是大型金融服務公司，這些土地位於雲端，然後實際上能夠將其交叉銷售到內部網路中。因此總體而言，我們繼續快速迭代，獲得了強大的功能，並且受到了客戶的一致好評。

And your next question comes from Fatima Boolani with Citi.

您的下一個問題來自花旗銀行的 Fatima Boolani。

Let's go to the next question and we can come back to Fatima.

讓我們進入下一個問題，然後我們可以回到法蒂瑪。

And your next question is from Alex Henderson with Needham & Company.

您的下一個問題來自 Needham & Company 的 Alex Henderson。

I was hoping you could talk a little bit about the implications of the VMware acquisition by Broadcom and to what extent that has a positive impact on your ability to gain share in the endpoint/XDR space, but also whether that has implications for your cloud product lines? And has there been any impact that immediately happened after that announcement?

我希望您能談談博通收購 VMware 的影響，以及這對您在端點/XDR 領域獲得份額的能力有多大程度的積極影響，以及這是否會對您的雲端產品線產生影響？該聲明發布後是否立即產生了任何影響？

Yes. Very good question. And we were quite excited by the acquisition. And I think, again, when you look at the shared donor that Symantec has imparted on us, we were happy to see Carbon Black and VMware to be acquired. So we've continued to replace Carbon Black over the last few years. And after the acquisition, we certainly had a lot of customer interest in what that means for Carbon Black customers, in particular, how CrowdStrike can help them in a long-term relationship.

是的。非常好的問題。我們對此次收購感到非常興奮。我認為，當您看到賽門鐵克與我們共享的捐助者時，我們很高興看到 Carbon Black 和 VMware 被收購。因此，過去幾年我們一直在不斷更換炭黑。收購之後，我們確實有很多客戶對這對 Carbon Black 客戶意味著什麼感興趣，特別是 CrowdStrike 如何幫助他們建立長期合作關係。

So we'll see how it all plays out. But given what we've seen in the past with Symantec, we're pretty positive.

因此我們將拭目以待事情將如何發展。但考慮到我們過去對賽門鐵克的了解，我們對此持相當樂觀的態度。

And your next question comes from Roger Boyd with UBS Securities.

您的下一個問題來自瑞銀證券的羅傑·博伊德。

Just on e-commerce, you noted a record e-commerce quarter as you added a bunch of new triable solutions. Can you just talk about how that might be benefiting your sales efficiency. You noted the strong magic number in the quarter and how you see that benefiting margins this year and beyond?

僅在電子商務方面，您就注意到電子商務季度創下了紀錄，因為您增加了一系列新的可嘗試解決方案。您能否談談這將如何提高您的銷售效率？您注意到本季強勁的神奇數字，您認為這將如何提高今年及以後的利潤率？

Yes. So as we've talked about in the April update, to investors. We spent many, many years working on our e-commerce platform, and we're starting to really see the fruits of our labor there with a magic number of 1.4. With the increase in the number of trials that we can actually run through the e-commerce platform, it's incredibly efficient, not only to gain new customers, but also to continue to cross-sell into the customer base.

是的。正如我們在 4 月更新中向投資者所討論的那樣。我們花了很多年的時間致力於我們的電子商務平台，並且我們開始真正看到我們的勞動成果，1.4 這個神奇的數字。隨著我們透過電子商務平台實際進行的試驗次數的增加，它變得非常高效，不僅可以獲得新客戶，還可以繼續向客戶群進行交叉銷售。

And with 22 modules, it's important to be able to prioritize what customers are looking for, for our channel partners as well as our sales team. So we spent a lot of time and effort there. We're seeing the fruits of it. It certainly has been a great addition to growing our SMB business as well. We take credit card sales, it's very easy to get the product up and running and buy from us. And I think that is a unique differentiation point between us and our competition. Burt?

透過 22 個模組，對於我們的通路合作夥伴和銷售團隊來說，能夠優先考慮客戶的需求非常重要。所以我們在那裡花了很多時間和精力。我們正在看到它的成果。這無疑也對我們的中小企業業務成長起到了很大的促進作用。我們接受信用卡銷售，從我們這裡購買產品非常容易。我認為這是我們與競爭對手的獨特差異點。伯特？

Yes. No, it's definitely part of the equation when we think about our long-term operating margin target model. So as I think about hitting the 20% to 22% long-term model, that's a piece of it, right? I think we spend as much time on go-to-market execution and flighting how that is all going to work just as much as we do on the tech. And for us, that's a bet that I think where we think is very, very derisked. And I think that we've got lots of examples where we've seen success of companies that are able to fight it well, not in security. And so we believe that we've got a great opportunity.

是的。不，當我們考慮長期營業利潤率目標模型時，它肯定是方程式的一部分。因此，當我考慮達到 20% 到 22% 的長期模型時，這就是其中的一部分，對嗎？我認為我們在市場實施和探索如何運作上花費的時間與我們在技術上花費的時間一樣多。對我們來說，我認為這是一場風險非常低的賭注。我認為我們已經有很多例子可以證明，有些公司能夠很好地應對這個問題，但不是在安全方面。因此我們相信我們有一個絕佳的機會。

And your next question comes from Mike Walkley with Canaccord Genuity.

您的下一個問題來自 Canaccord Genuity 的 Mike Walkley。

It's Daniel on for Mike. So with your total free trials increasing at 12 modules, could you speak to how the strategy is echoing downstream, especially at the lower end of the market? Typically, this has been a segment where customers have really gone with the good-enough approach in the past.

丹尼爾代替麥克上場。那麼，隨著你們的免費試用模組總數增加到 12 個，您能否談談這項策略在下游市場，特別是在低端市場中是如何產生的？通常來說，這是一個客戶過去真正採取「足夠好」方法的領域。

I think when customers look at the impact of ransomware and now you've got lock and leak where they actually are disseminating this information and extorting customers. It's just too critical to rely on an operating system vendor or the cheapest technology that's out there. They're looking at the viability of their business being impacted. They're looking at wire transfers that are going out fraudulently. I mean you go down the list of e-crime activities, and it continues to mushroom.

我認為，當客戶看到勒索軟體的影響時，就會發現他們實際上正在傳播這些訊息並勒索客戶。依賴作業系統供應商或現有的最便宜的技術實在是太重要了。他們正在考慮其業務的可行性是否會受到影響。他們正在調查以欺詐手段發出的電匯款項。我的意思是，如果你看一下電子犯罪活動的清單，你會發現它正在不斷增加。

So customers leveraging our trial, converting them into our e-commerce platform, upselling our modules, even upselling them into Falcon Complete customers, we can take a few thousand dollar deal and turn it into a $50,000 deal, leveraging the full suite of e-commerce technology as well as our inside sales team. And that has really driven efficiency in our organization as well as it's reflected in things like our magic number that I talked about earlier.

因此，客戶可以利用我們的試用版，將其轉換為我們的電子商務平台，追加銷售我們的模組，甚至將他們追加銷售為 Falcon Complete 客戶，我們可以將數千美元的交易變成 50,000 美元的交易，利用全套電子商務技術以及我們的內部銷售團隊。這確實提高了我們組織的效率，也反映在了我之前談到的神奇數字等方面。

And your next question comes from Joseph Gallo with Jefferies.

您的下一個問題來自 Jefferies 的 Joseph Gallo。

You've alluded to it and so far the numbers appear to indicate that cyber in your business is resilient. But George, in your convos with customers and Burt in your guidance methodology, is the world a little less rosy than it was a quarter ago? Are you seeing any change in the velocity of deals closing or hesitation from customers? And if you could break that into by geo or deal size, that would be great.

您已經提到了這一點，到目前為止的數據似乎表明您企業的網路攻擊具有彈性。但是喬治，在您與客戶的談話中，以及伯特的指導方法中，世界是否比一個季度前不那麼樂觀了？您是否發現交易完成速度有任何變化或客戶猶豫​​了？如果您可以按地理位置或交易規模進行細分，那就太好了。

Yes, I'll try the first part. No, we haven't seen any slowdown in terms of the willingness to buy security. It continues to be the #1 risk factor for any Board of Directors. Again, when you look at some of the e-crime impact and taking out business, it is not a discretionary spend. It's -- in the hierarchy of corporate needs, it's probably shelter.

是的，我會嘗試第一部分。不，我們沒有看到購買安全的意願有任何放緩。它仍然是任何董事會的首要風險因素。再說一次，當你看到電子犯罪的影響和對業務的影響時，你會發現這並不是一項可自由支配的支出。在企業需求層次中，它可能是庇護所。

So we see that continuing. And in fact, when you look at the current environment, we have a customer saying we want to consolidate more. We want to go in with -- all in with CrowdStrike. We want to get rid of this extra spend that we have in other areas, too many agents. And we can upsize our deals while decreasing the overall security spend by consolidating things like vulnerability management, by consolidating log management capabilities, et cetera. We can put it together and give them a much more effective technology with better outcomes, lower cost and lower management concerns.

因此，我們認為這種情況將會持續下去。事實上，當你觀察當前的環境時，我們會發現有一位客戶說我們希望進行更多的整合。我們希望全心投入 CrowdStrike。我們希望擺脫在其他領域因代理商過多而產生的額外支出。我們可以透過整合漏洞管理、整合日誌管理功能等來擴大交易規模，同時減少整體安全支出。我們可以將它們整合在一起，為他們提供更有效的技術，帶來更好的結果、更低的成本和更少的管理問題。

Yes. And to add, I really don't see any additional discounting coming my way. And when there is an opportunity on the table and there is discounting involved that at a high level, it comes to me, and I really haven't seen any change from the past.

是的。另外，我確實沒有看到任何額外的折扣。當有機會出現並且高層有折扣時，它就會來找我，而且我確實沒有看到與過去相比有任何變化。

And your next question comes from Shaul Eyal with Cowen.

您的下一個問題來自 Cowen 的 Shaul Eyal。

Congrats on a strong start to this fiscal year. My question is actually on the new ARR. Maybe can you just provide us with some color? I know you don't provide like the actual numbers. But what portion of new ARR came from new business, new logos, and what came from the existing base?

恭喜本財年開局良好。我的問題實際上是關於新的 ARR。也許您能為我們提供一些顏色嗎？我知道您沒有提供實際數字。但是，新 ARR 的哪一部分來自新業務、新標識，又有多少來自現有基礎？

Shaul, great to hear your voice. It's a question I often get and I love because at this point, we're still seeing net new ARR coming from both new logo and cross-sell and upsell. And we feel we have a lot of runway in both. We've got a -- we have a tremendous amount of headway in terms of new logos. We've had just number -- we have just under 18,000. You look at one of our competitors like Symantec that had over 300,000 at one point, and we've got a long way to go.

沙烏爾，很高興聽到你的聲音。這是我經常被問到的問題，我很喜歡，因為目前我們仍然看到來自新標誌、交叉銷售和追加銷售的淨新 ARR。我們覺得我們在這兩方面都有很大的發展空間。我們在新的標誌方面取得了巨大的進展。我們剛剛得到的數字是——略低於 18,000。看看我們的競爭對手賽門鐵克，客戶數量一度超過 30 萬，而我們還有很長的路要走。

And then the machine of being able to cross-sell into our existing base is there as well. And so as we continue to add new logos, we have -- we continue to have opportunities to cross-sell, so we're getting it from both sides. And today, I see it both an equal opportunity.

然後，我們還有能夠向現有客戶群進行交叉銷售的機器。因此，隨著我們不斷添加新標識，我們——我們繼續有交叉銷售的機會，所以我們從雙方獲得機會。今天，我認為這是一個平等的機會。

And when we look at things like identity, which is part of the emerging module category, identity for me is the new EDR. A few -- it wasn't that long ago that EDR was something new for folks. And now organizations routinely adopt it, and we see the same sort of buying pattern with identity. If you have advanced endpoint protection using AI, if you add EDR and now you add identity, that's a winning formula. So we see a great opportunity to continue to sell into the installed base identity, and we talked about 30% quarter-over-quarter increase in identity. And we see a long runway. So when we think about EDR, the next iteration of that will be adding identity to it.

當我們研究身份之類的事物時，它是新興模組類別的一部分，對我來說，身份就是新的 EDR。一些——不久之前，EDR 對人們來說還是一個新鮮事。現在組織已經習慣採用它，我們看到了相同類型的身份購買模式。如果您使用 AI 進行進階端點保護，如果您新增 EDR，現在又新增身份，那麼這就是一個成功的秘訣。因此，我們看到了繼續向已安裝的基層身份進行銷售的絕佳機會，我們談到了身份識別的環比增長 30%。我們看到了一條長長的跑道。因此，當我們考慮 EDR 時，下一次迭代將會為其添加身份。

And your next question comes from Fatima Boolani Citigroup.

您的下一個問題來自花旗集團的 Fatima Boolani。

It looks like we lost Fatima again.

看來我們又失去了法蒂瑪。

I'm on. Are you there? Sorry about that. Thanks for being patient with us tonight, just popping around a couple of calls. George, maybe one for you to start. I still get this question from investors with a sense of lingering fear about the business, maybe haven't seen some tailwinds from the -- maybe the sharp growth in endpoint volumes that a lot of corporations realized over the course of the pandemic. And so I'm curious if you can share some data points or anecdotes to help assuage some of the concerns around that front with respect to corporate endpoint volumes sort of moderating from here. And then I have a follow-up, please.

我上啦你在嗎？很抱歉。感謝您今晚的耐心等待，只是打了幾通電話。喬治，也許你可以從這個開始。我仍然會從投資者那裡聽到這個問題，他們對這項業務心存疑慮，也許還沒有看到一些順風——也許是許多公司在疫情期間意識到的端點數量的急劇增長。因此，我很好奇您是否可以分享一些數據點或軼事，以幫助緩解有關企業端點數量從現在開始減少的一些擔憂。然後我還有一個後續問題，請回答。

Sure. As we talked about over the course of the pandemic and prior earnings calls, we, certainly, in the beginning, saw some buying for people that were working at home. But that was short-lived. And I think on the back side, 2 years plus in the pandemic and coming out of it, I think if you look across the growth quarter-over-quarter, again, it's reflective in a strong demand environment and not related to anything that's pandemic. So as we talked about before, digital transformation is happening, security transformation, moving to cloud, those are all long-term sustainable trends. And after pretty much the first quarter or so of the pandemic, there's not much to talk about in terms of corporate endpoints.

當然。正如我們在疫情期間和之前的財報電話會議上所討論的那樣，我們一開始確實看到了一些在家工作的人們的購買行為。但這只是短暫的。我認為，從另一方面來看，經歷了兩年多的疫情以及疫情的結束，如果你看一下季度環比增長，你會發現這反映了強勁的需求環境，而與疫情無關。正如我們之前談到的，數位轉型正在發生，安全轉型、向雲端遷移，這些都是長期可持續的趨勢。在疫情爆發的第一季左右之後，就企業終端而言，已經沒有什麼好談的了。

Next question is from Brad Reback with Stifel.

下一個問題來自 Stifel 的 Brad Reback。

Great. George, obviously, a lot of your high-profile, high-multiple private peers have run into some issues here. Lately, a lot of them were talking about headcount reduction. So maybe 2-part, number one, does it open up M&A opportunities for you? And number two, I know hiring was strong in the quarter, but can it get even better?

偉大的。喬治，顯然，你的許多高調、多位私人同僚都在這裡遇到了一些問題。最近，很多人都在談論裁員。那麼也許分為兩部分，第一，它是否為您帶來了併購機會？第二，我知道本季的招募狀況強勁，但情況還能更好嗎？

Sure. And that's certainly true. We've seen a lot of high-multiple companies go through some layoffs and some challenges in trying to conserve cash. I think from an M&A perspective, we are always looking at companies, and we will buy good companies with good people irrespective of the current environment.

當然。這確實是事實。我們看到許多高倍數公司經歷了裁員和在試圖節省現金時遇到的一些挑戰。我認為從併購的角度來看，我們一直在關注公司，無論當前的環境如何，我們都會收購擁有優秀人才的優秀公司。

Obviously, as we think about what's coming up, multiples compressing in various areas, including the private markets, we certainly will be disciplined as we look at those.

顯然，當我們考慮即將發生的事情時，包括私人市場在內的各個領域的倍數都在壓縮，我們在看待這些問題時肯定會保持紀律。

And then when we think about headcount, we are in a great position to be getting talent as some of these organizations are just forced to cut good people. So we will be opportunistic in both hiring great people as well as looking at potential M&A opportunities now and in the future.

當我們考慮員工人數時，我們處於一個很好的位置來獲得人才，因為其中一些組織被迫裁掉優秀人才。因此，我們將抓住機會聘用優秀人才，並尋找現在和未來的潛在併購機會。

And your next question comes from Gray Powell with BTIG.

您的下一個問題來自 BTIG 的 Gray Powell。

This is Janet Zhang on for Gray Powell. So mine is a broader question on the macro environment. Generally speaking, good companies tend to come out of recession in a better position, while less-established companies might struggle just to survive. So with that in mind, if the economy does get worse, do you see opportunities to expand and potentially accelerate your road map?

我是格雷·鮑威爾 (Gray Powell) 的珍妮特·張 (Janet Zhang)。所以我的問題是關於宏觀環境的一個更廣泛的問題。一般來說，優秀的公司往往能夠以更好的狀態走出衰退，而較不成熟的公司則可能掙扎求生。那麼考慮到這一點，如果經濟確實惡化，您是否看到了擴張並可能加速您的路線圖的機會？

Yes. I'll answer first and then I'll turn it over to Burt. But when we think about where we are today and the success we've had, I think it's one of the areas where security is not going to go away. The threats are going to continue to get worse, and we're going to continue to invest. And that means giving the people that we need, that means looking at module expansion, and that means looking at other opportunities, as we just talked about in the last question, potential M&A opportunities.

是的。我先回答，然後交給伯特。但當我們思考我們今天的狀況和我們所取得的成功時，我認為這是安全不會消失的領域之一。威脅將會持續惡化，而我們將繼續投資。這意味著給予我們所需的人才，意味著考慮模組擴展，意味著尋找其他機會，正如我們在上一個問題中談到的，潛在的併購機會。

So for us, it's really about continuing to hit the gas, and we've been successful. We've seen a lot of our competitors fall by the wayside over the years by being diligent by being innovative and continuing to invest and getting stronger and stronger irrespective of the current climate.

所以對我們來說，關鍵在於繼續加大力度，而且我們已經成功了。多年來，我們看到許多競爭對手透過勤奮、創新和持續投資而逐漸被淘汰，無論當前的環境如何，他們都變得越來越強大。

And certainly, if it gets worse, we think we're in a great position, enterprise software, SaaS, security, long-term contracts, great cash flow. I mean, these are all hallmarks of a very well-run and great execution-type business. Anything to add, Burt?

當然，如果情況變得更糟，我們認為我們處於有利地位，企業軟體、SaaS、安全、長期合約、良好的現金流。我的意思是，這些都是經營良好、執行力極強的企業的標誌。還有什麼要補充的嗎，伯特？

Yes. So it goes back to -- I think it starts with security right now is, let's call it, recession-resilient. We think we're in a great spot to continue to maintain our #1 market share in endpoint. And I think that we are going to continue to invest.

是的。所以，回到正題——我認為現在首先要考慮的是安全性，我們稱之為抗衰退安全性。我們認為我們處於有利地位，可以繼續保持我們在終端市場的第一名的份額。我認為我們將繼續投資。

And really, what does that mean? It means to enhance and gain in market share. In 2019, we had a market share of around 6.3% in endpoint. And today, we're in that 12.6% range from -- this is all IDC. We think there's a real opportunity to increase that. We think by investing in the channel, in people, in go-to-market, we think we have an advantage over everybody else because we're such a well-run company and we've got a lot of opportunity to invest. Our balance sheet and our P&L are allowing us to do that. And we're going to press that advantage. And we're going to go after some great people that have been let go by some of our competitors.

那這到底意味著什麼呢？這意味著提高和獲得市場份額。 2019年，我們在終端市場的佔有率約為6.3%。今天，我們的成長率處於 12.6% 的範圍內——這都是 IDC 的數據。我們認為這是一個真正能夠提高這一水準的機會。我們認為，透過對通路、人才和市場進入的投資，我們認為我們比其他所有人都有優勢，因為我們是一家運作良好的公司，我們有很多投資機會。我們的資產負債表和損益表允許我們這樣做。我們將充分發揮這一優勢。我們將招募一些被我們的競爭對手解僱的優秀人才。

And our last question comes from Josh Tilton with Wolfe Research.

我們的最後一個問題來自 Wolfe Research 的 Josh Tilton。

This is [Patrick] on for Josh. Have you all seen any noticeable changes to the competitive environment and sort of win rates versus SentinelOne and Microsoft? And then also, can you give us any more color on what you see as sort of the total size and the legacy replacement opportunity that remains?

我是 [Patrick]，替 Josh 播報。你們是否都看到了與 SentinelOne 和微軟相比競爭環境和勝率有什麼明顯變化？另外，您能否向我們詳細介紹一下您認為的整體規模以及剩餘的遺留替代機會？

Yes. We haven't seen any change. We continue to win at a very high rate. We've talked about that in the past. It's a great competitive environment for us. We continue to convert. We talked about some of the Microsoft wins.

是的。我們沒有看到任何變化。我們繼續以非常高的速度獲勝。我們過去曾討論過這個問題。對我們來說，這是一個非常好的競爭環境。我們繼續轉變。我們討論了微軟的一些勝利。

Again, what customers are looking for are solutions that solve problems, stopping breaches, deals with some of the headcount problems that they have. They just can't find enough good people and ultimately saves them a lot of time and money by harmonizing their security stack in one platform, which is CrowdStrike.

再次強調，客戶尋求的是能夠解決問題、杜絕違規行為、處理一些員工人數問題的解決方案。他們只是找不到足夠優秀的人才，最終透過在一個平台上協調他們的安全堆疊（即 CrowdStrike）為他們節省了大量的時間和金錢。

So it's still a big market. Burt talked about our market share on the last response. We're looking to aggressively grow that, and there's opportunities for others out there. But we believe we have the best technology, the best platform, the best AI. Testing results prove it as well and more importantly, customer success, the testimonials. And the proof is in the financial results. So -- and we feel confident going into the future that we've got the right platform.

所以它仍然是一個巨大的市場。伯特在最後的回答中談到了我們的市場份額。我們正在積極尋求發展這一領域，也為其他人提供了機會。但我們相信我們擁有最好的技術、最好的平台、最好的人工智慧。測試結果也證明了這一點，更重要的是，客戶的成功和推薦。財務結果就是明證。所以——我們對未來充滿信心，因為我們擁有正確的平台。

And with that, I will pass the call back to George Kurtz for his final remarks.

最後，我將把電話轉回給喬治·庫爾茨，請他做最後的演講。

Great. Well, I'd like to thank everyone for their time today. We feel it was a great quarter, and we look forward to chatting with everyone next quarter. Be safe, and thank you so much.

偉大的。好吧，我想感謝大家今天抽出時間。我們覺得這是一個很棒的季度，我們期待下個季度與大家交談。注意安全，非常感謝。

And this concludes today's conference call. Thank you for participating, and you may now disconnect.

今天的電話會議到此結束。感謝您的參與，您現在可以斷開連接了。